In addition to the growing array of image services provided by the Reserve Banks, the Fed is also leading efforts to develop industry standards for the exchange of check images. Another example of current Fed innovation is in the ACH arena. The Federal Reserve will soon provide financial EDI translation capability available to all banks that receive ACH transactions through our Fedline software.
This Bill aims to establish a framework to carry out the resolution of certain categories of financial service providers in distress, to provide deposit insurance to consumers of certain categories of financial services and for designation of Systemically Important Financial Institutions by the Central Government for resolution.