Illustration: Rebecca Zisser/Axios

The Fed is developing its own real-time payments and settlement service and reviewing 200 comment letters submitted late last year about the proposal, Fed governor Lael Brainard said in a speech Wednesday.

What's happening: Central banks around the world have been working to issue digital currencies amid a decline in the use of cash and an increase in dependence on commercial banks for payments. Private companies like Facebook and its Libra cryptocurrency also have spurred central banks into action.

Why it matters: "Today, it can take a few days to get access to your funds," Brainard said in her speech. "A real-time retail payments infrastructure would ensure the funds are available immediately — to pay utility bills or split the rent with roommates, or for small business owners to pay their suppliers."

  • "Immediate access to funds could be especially important for households on fixed incomes or living paycheck to paycheck when waiting days for the funds to be available to pay a bill can mean overdraft fees or late fees that can compound."
  • "To make this possible, it is vital to invest in real-time retail payments infrastructure with national reach."

The big picture: The private sector already is amassing holdings of the public's money that is larger than many banks, she said, highlighting Paypal, Walmart and Starbucks as companies that currently hold billions of dollars of their customers' money on various cards and accounts.

The last word: "Although various federal and state laws establish protections for users, issuers of nonbank money are not regulated to the same extent as banks, the value stored in these systems is not insured directly by the FDIC, and consumers may be at risk that the issuer will not be able to honor its liabilities."

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Court allows North Carolina mail-in ballots deadline extension

An absentee ballot election worker stuffs ballot applications at the Mecklenburg County Board of Elections office in Charlotte, North Carolina, in September. Photo: Logan Cyrus/AFP via Getty Images

North Carolina can accept absentee ballots that are postmarked Nov. 3 on Election Day until Nov. 12, a federal appeals court decided Tuesday in a 12-3 majority ruling.

Why it matters: The 4th Circuit Court of Appeals' ruling against state and national Republican leaders settles a lawsuit brought by a group representing retirees, and it could see scores of additional votes counted in the key battleground state.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting — McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots — University of Michigan students ordered to shelter-in-place.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.

Report: Goldman to settle DOJ probe into Malaysia's 1MDB for over $2B

Illustration: Lazaro Gamio/Axios

Goldman Sachs has agreed with the Department of Justice to pay over $2 billion for the bank's role in Malaysia's multi-billion dollar scandal at state fund 1MDB, Bloomberg first reported.

Why it matters: The settlement, expected to be announced within days, would allow Goldman Sachs to avoid a criminal conviction in the U.S. over the bribery and money laundering scandal that saw three of its former bankers banned for life from the banking industry by the Federal Reserve Board.