Fed review deadline passes with no public report on expanded payment access

# Fed review deadline passes with no public report on expanded payment access

> Evidence tier: B1
> Evidence type: Independent payments trade-media analysis checked against Federal Reserve primary materials
> Source: [PYMNTS](https://www.pymnts.com/legal/bank-regulation/2026/fed-deadline-passes-as-payment-access-debate-continues)
> Published: 2026-09-17
> Captured: 2026-09-18T02:46:55.966Z

## Source summary

PYMNTS reports that the September 16 deadline passed for the Federal Reserve to answer a White House request about direct Reserve Bank payment-account access for uninsured depository institutions and nonbank financial companies. It was not publicly known whether the Fed submitted the requested report, and the executive order did not require publication. The article separately reviews the Fed's OP-1878 proposal for legally eligible institutions, under which a limited Payment Account could access Fedwire Funds, FedNow and the National Settlement Service but not FedACH, intraday credit, discount-window borrowing or interest on balances.

## Why it matters

Direct access could reduce some institutions' reliance on intermediary banks for settlement, but the deadline itself created no new account, eligibility or payment service. Federal Reserve primary materials say legal eligibility is unchanged, individual Reserve Banks still decide applications and expanding eligibility to currently ineligible nonbanks would require Congress. The status of the White House report, any recommendation and any later policy action remain unknown.

## Key numbers

- **White House review period:** 120 days
- **OP-1878 public comments received, as reported:** 100

## Topics and entities

- Industry lane: Payment infrastructure
- Entities: Federal Reserve / U.S. payment access
- Payment infrastructure
- Company intelligence

## Evidence and credibility note

Readable PYMNTS analysis checked against the Federal Reserve's May 20 proposal and supporting memorandum. The report's submission status is not public; the separate Payment Account proposal does not expand legal eligibility and has not created a generally available account.

Date evidence: PYMNTS article metadata and visible byline date identify September 17, 2026

## First-party corroboration

- [https://www.federalreserve.gov/newsevents/pressreleases/other20260520a.htm](/en/items/https://www.federalreserve.gov/newsevents/pressreleases/other20260520a.htm)

## Original-source traceback

[Open the original PYMNTS report](https://www.pymnts.com/legal/bank-regulation/2026/fed-deadline-passes-as-payment-access-debate-continues)

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