Katherine Romano Schnack

Jul 28, 2023 | jdsupra.com | Katherine Romano Schnack

The Federal Reserve launched its new real-time payments service, FedNow®, on July 20, 2023. This new instant payment rail settles consumer and business transactions through financial institutions’ Federal Reserve accounts. One stated goal of FedNow® since its earliest planning stages is to make instant payments ubiquitous—accessible to everyone, everywhere in the United States. The Federal Reserve has made a concerted effort to include smaller financial institutions in FedNow® to reach this goal.

Jul 20, 2023 | businesslawtoday.org | Taylor Bennington |McGlinchey Stafford PLLC |Katherine Romano Schnack |McGlinchey Stafford

CURRENT MONTH (July 2023)Federal Agencies Issue Joint Policy Statement for Commercial Real Estate Loan WorkoutsBy Taylor Bennington, McGlinchey Stafford PLLC On June 29, 2023, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and National Credit Union Administration (the agencies) jointly issued a final policy statement on prudent commercial real estate (CRE) loan accommodations and workouts.