The Texas Bankers Association, a trade group representing Lone Star State bankers, accused the agency of exceeding its authorities in crafting its rule on collecting data about small business lending activity.

Like Visa CEO Ryan McInerney, Mastercard CEO Michael Miebach spent part of his company's earnings call drawing a competitive distinction between the card network and FedNow.

Financial regulation scholar Mark Flannery said in a new research paper that small banks would be more likely to be negatively impacted.

The rush to onboard millions of business depositors in such a short period can strain bank resources, lead to mistakes, and cause some banks to fall behind in conducting due diligence on risky customers.

Consumers are receiving demand letters on loans they have not had any communication about in at least 10 years, the regulator said.

The agencies warned banks to fix fee programs before they result in penalties.