Sen. Fetterman calls on Federal Reserve to speed up direct deposit access

Pennsylvania U.S. Sen. John Fetterman is calling on the Federal Reserve to expedite access to funds from direct deposits. The senator wrote a letter to Federal Reserve Board Chairman Kevin Warsh, urging faster check clearing. “Despite advancements in technology, the hold times for banks haven’t been updated,” Fetterman said. He added that slow access to checks creates financial difficulties for families and small businesses and said the Federal Reserve needs to update regulations to keep pace with technology.