FedNow Goes Live! Centralized Cryptocurrency

[Thread]

It's aged poor Damon like 50 years & 50lbs.

[Nbadan]

It's only a matter of time before every bank starts using FEDNOW, it cheaper, its faster, but like Crypto, it does not offer the same like of protections like Paypal.. Once you sent the money with FEDNow, there is no oppsieee....some banks are now forcing customers to convert their accounts without much option

[Nbadan]

So while they are advertising the FedNow program as a new system that will make payments and wire transfers much quicker and much more convenient, it is also a mass data collection system for the Fed to begin storing private bank information.

Will this include all the personal details of account holders in private banks?

Yes, apparently it does, based on “Operating Circular 1 (OC 1)“, a do ent on the Federal Reserve website under “Rules and Regulations Resources.”

In that do ent, Section 6.0 deals with “FEDERAL RESERVE BANK RESPONSE PROGRAM FOR UNAUTHORIZED ACCESS TO SENSITIVE CONSUMER INFORMATION OBTAINED IN THE COURSE OF PROVIDING FINANCIAL SERVICES.”

Section 6.1, “THE RESERVE BANK’S POSSESSION AND USE OF CONSUMER INFORMATION” states:

The Reserve Banks do not hold accounts for individuals and do not provide Reserve Bank services to individuals. In the course of providing Financial Services to Depository Ins utions and other authorized users of Reserve Bank services, the Reserve Banks obtain, store, and transmit information that includes Sensitive Consumer Information.

Under the general supervision of the Board of Governors, the Reserve Banks have implemented information security measures designed to protect the security and confidentiality of nonpublic personal information obtained by them, to protect against any anticipated threats or hazards to the security or integrity of such information, and to protect against unauthorized access to or use or reuse of such information that could result in substantial harm or inconvenience to a Depository Ins ution’s customer.

In other words, the Fed needs all of your “Sensitive” information to protect you from hackers.

What is that “Sensitive Consumer Information”?

Section 6.2 defines that:

Sensitive Consumer Information means a consumer’s name, address or telephone number, in conjunction with the consumer’s social security number, driver’s license number, account number, credit or debit card number, or a personal identification number or password that would permit access to the consumer’s account, if the Reserve Bank or any other party that holds Sensitive Consumer Information as an agent of the Reserve Bank obtains such information in the course of providing Financial Services. (Source.)

How convenient. So when they are ready to roll out CBDCs and establish an account for you, they will already know everything about you and be able to open an account for you at the Federal Reserve, even if you choose not to participate, if your bank was already participating in the FedNow program.

This will save months, if not years, in trying to collect this data in order to implement CBDCs.

It still remains to be seen how many financial ins utions decide to participate in FedNow, since it is voluntary. The U.S. Treasury is already part of the program, so if someone wants their tax returns instantaneously, the FedNow service will be very attractive.

Visa and Mastercard are also already part of FedNow. Banks will undoubtedly be pressured to participate for fear of being left out of the advantages of “Instant Payments.”

This appears to be the beginning of the end for “private banking” in the U.S., no fooling.