Federal Reserve Policy Statement on Payment System Risk

As amended effective February 6, 2023^*

9-1000

INTRODUCTION
RISKS IN PAYMENT, CLEARING, SETTLEMENT, AND RECORDING SYSTEMS
I. RISK MANAGEMENT FOR FINANCIAL MARKET INFRASTRUCTURES
II. FEDERAL RESERVE INTRADAY CREDIT POLICIES
III. POLICY ON OVERNIGHT OVERDRAFTS
APPENDIX—CPSS-IOSCO PRINCIPLES FOR FINANCIAL MARKET INFRASTRUCTURES

The Board adopted changes to the Federal Reserve Policy on Payment System Risk to increase access to intraday credit, support the FedNow Service, and simplify the Federal Reserve Policy on Overnight Overdrafts (see 87 Fed. Reg. 75,254 (December 8, 2022)). The changes related to the FedNow Service and the Overnight Overdrafts policy will become effective when Reserve Banks begin processing live transactions for FedNow Service participants (expected in 2023).