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After bank failures, Powell says Fed improving discount‑window access and modernizing payments; FedNow uptake slow for small banks
Summary
Following recent regional bank failures, Fed Chair Powell told the committee the Fed is modernizing the discount window and working to reduce frictions and stigma that deter banks from using it. He also said adoption of FedNow remains slower among smaller institutions due to technology and vendor dependencies.
Members asked Powell about the Federal Reserve’s emergency liquidity tools after the failures of Silicon Valley Bank and others, and about the rollout of the Fed’s instant payments service, FedNow.
Discount window and liquidity tools
Powell said the Fed worked with institutions after recent bank failures and has been reviewing the discount window to make…
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