In brief
- Fintech trade groups back a proposal for limited Fed payment access for non-bank firms.
- Banks warn the plan could raise run risk and aid stablecoin or crypto-linked models.
- The proposal revives disputes over who should access the Fed’s core payment infrastructure.
Financial technology trade groups, led by the American Fintech Council, are urging the Federal Reserve to move forward with a plan that would give certain non-bank financial firms direct access to U.S. payment rails.
“A well-designed payment account can expand competition and responsible innovation in payments without introducing new risk,” Phil Goldfeder, CEO of the American Fintech Council, said in a statement on Monday.
A payment account is a limited Federal…
Feb 10 2026
