#Federal Reserve


The Fed's system that allows banks to send money back and forth is down

The Federal Reserve's system that allows financial institutions to send money back and forth electronically went down Wednesday morning. The "operational error," as the Fed described it, impacted multiple services, including its pivotal automated clearinghouse system, which connects depository and related institutions send electronic credit and debt transfers. There were...
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Ars Technica

Fed glitch shuts down wire transfers, direct deposits, other services

Federal Reserve electronic systems that enable US banks to send each other electronic payments experienced a massive outage on Wednesday afternoon. A Fed statement attributed the outage to an "operational error" but didn't provide much more detail. The Federal Reserve System acts as America's central bank, and it controls much...
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US Central Bank Explains ‘Preconditions’ for a Digital Dollar

“Too many Americans don’t have access to easy payments systems and banking accounts, and I think this is something that a digital dollar, a central bank digital currency, could help with,” she said at a New York Times conference on Monday (while also dismissing Bitcoin as being an inefficient system for payments).

Federal Reserve payment system crashes

The Federal Reserve's system that allows wire money transfers has crashed with intermittent disruptions. Customers, which include banks, brokers and mortgage lenders, may not be able to transfer funds. "A Federal Reserve operational error resulted in disruption of service in several business lines. We are restoring services and are communicating...

Rare Outage Takes Fed Payment Systems Offline

The Federal Reserve suffered a rare outage on Wednesday that shut down key payment services used by banks, businesses and government agencies for several hours. According to The Wall Street Journal, Fed officials “couldn’t immediately recall a similar episode affecting its systems, which had been seen as extremely reliable.”. Among...

Federal Reserve Appoints Pro-Bitcoin Chief Innovation Officer

A pro-bitcoin head of digital assets from TD Ameritrade has been appointed as the Federal Reserve System’s chief innovation officer. This is “a new role in which she will lead efforts to identify, research, enable and advocate for new technologies,” the Fed explained. The Fed’s New Chief Innovation Officer Is...

FACTBOX-Past Federal Reserve chiefs and who appointed them

Feb 22 (Reuters) - Following are the Federal Reserve’s chiefs since its current leadership structure was adopted in 1936:. Eccles, the first head of the U.S. central bank under its current structure, was appointed by Franklin Roosevelt and later reappointed by the Democratic president. He resigned from the position in 1948 but remained a member of the Fed’s Board of Governors - the only modern Fed chief to do so - until 1951.

Federal Reserve Sees Modest Pickup In Hiring This Month

WASHINGTON - The Federal Reserve says there's evidence that hiring has picked up in recent weeks, though the job market remains badly damaged by the pandemic. In its semi-annual monetary policy report released Friday, the Fed said it has been watching job data compiled by payroll processor ADP. The Fed has constructed its own measurement of hiring using the ADP data, and said that gauge has closely matched the government's monthly jobs reports throughout the pandemic.

Federal Reserve Study Shows Minnesota Mothers Were Disproportionately Hit By Pandemic Job Losses

MINNEAPOLIS (WCCO) — It’s no secret the pandemic is tough on parents. But, Minnesota parents — specifically mothers — are taking an extra hard hit. New research by the Minneapolis Federal Reserve shows fathers and mothers were both hit by pandemic job loss. Fathers mostly rebounded but mothers are not re-entering the job force at nearly the same rate.