Comment period extended on proposal for the Fedwire® Funds Service and the National Settlement Service (NSS) expansion of operating days
June 25, 2024
Background:
On May 3, 2024, the Federal Reserve Board announced (Off-site) in a Federal Register Notice (Off-site) that it is requesting comments on a proposal to expand the operating days of the Fedwire Funds Service and the National Settlement Service (NSS) to include weekends and holidays.
What has changed?
On June 21, 2024, the Federal Reserve Board announced (Off-site) that it will extend until September 6, 2024, the comment period on its proposal.
Proposal Summary:
Currently, both the Fedwire Funds Service and the NSS operate Monday through Friday, excluding holidays. Under the proposal, both services would operate every day of the year. The operating hours each day would remain the same, with the Fedwire Funds Service open 22 hours per day, and the NSS closing 30 minutes earlier, open 21.5 hours per day. Use of the expanded operating days by service participants would be voluntary.
The Board requests comments from across the industry on the proposal, including benefits and potential costs and risks.
How do I submit a comment?
- You may submit comments, identified by Docket No. OP-1831, by online submission, email (see below buttons) or by fax at: (202) 452-3819 or (202) 452-3102. When submitting comments by email or fax, include the docket number in the subject line of the message.
- For information on submitting comments, please visit http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm (Off-site).