Feds already get money transfer data without warrants. Recently Chase closed my checking account because I use Zelle so often. Chase knows all Zelle records because they partially own Zelle. I would rather have Feds own the data, rather than banks. When banks own data, they make decisions to close people’s bank accounts without any proof of abuse.
Feds already get money transfer data without warrants. Recently Chase closed my checking account because I use Zelle so often. Chase knows all Zelle records because they partially own Zelle. I would rather have Feds own the data, rather than banks. When banks own data, they make decisions to close people’s bank accounts without any proof of abuse.
This is basically just replacing ACH with a faster system.
Like Apple photo scanning was basically just for CSAM detection, right?
What risks does FedNow have that FedACH doesn't have?
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