In the September 24, 2020 Federal Register Notice (Off-site), the Board of Governors of the Federal Reserve System announced it is amending the implementation date for modifications to the operating hours of the Federal Reserve Banks’ National Settlement Service and Fedwire® Funds Service from March 19, 2021 to March 8, 2021.
The implementation date is being amended to March 8, 2021, to permit the Reserve Banks to test and implement modifications to the National Settlement Service and the Fedwire Funds Service, including changes to the operating hours, before March 19, 2021, which is Nacha’s effective date for implementing changes to support Same Day ACH.
The Federal Reserve Banks will also extend their Discount Window lending operations to 7 p.m. ET, effective March 8, 2021, to align with the new close of the Fedwire Funds Service.
If you have questions, please contact (Off-site) a representative from your respective Reserve Bank Discount Window function for information.
Action Item:
Please note, the Discount Window lending operations will be extended to 7 p.m. ET on March 8.
