Welcome to the June 2026 Innovating Payments Executive Summary.
In this issue: President Donald J. Trump issued the Executive Order, “Restoring Integrity to America’s Financial System,” which directs the Secretary of the Treasury to issue a formal advisory to financial institutions, and in consultation with the Federal Reserve, to propose changes to Bank Secrecy Act regulations.
In other news, the Federal Reserve issued a Request for Comment on a proposal to establish a payment account that certain eligible institutions could use solely for clearing and settling payments — a move that could expand access to Federal Reserve payment infrastructure for non-traditional institutions. In addition, the Fed issued its Economic Well-Being of U.S. Households in 2025 report, which examines the financial circumstances of U.S. adults and their families, and Federal Reserve Financial Services announced the upcoming retirement of Mark Gould, Chief Payments Executive.
Nacha also released Requests for Comment and a Request for Information on a series of Rule proposals designed to enhance the ACH Network.
Meanwhile, a McKinsey article examines how the rise of both gen and agentic AI could disintermediate retail FIs from their customers and outlines three strategic paths they may take in response.
Finally, you can explore the state of payments innovation at NEACH’s 2026 Future of Payments Symposium, which will take place November 2-3, 2026, at Newport Harbor Island Resort in Newport, RI.
Read on to learn more.
Top Headlines
President Trump Issues Executive Order, “Restoring Integrity to America’s Financial System”
On May 19, the White House issued a new Executive Order, entitled, “Restoring Integrity to America’s Financial System.” According to a fact sheet issued by the White House, the Executive Order specifically:
- Directs the Secretary of the Treasury to issue a formal advisory to financial institutions identifying red flags and suspicious activity patterns tied to payroll tax evasion, concealment of true account ownership, off-the-books wage payments and structuring schemes, labor trafficking, and the use of individual taxpayer identification numbers to open accounts or obtain credit without verified legal presence.
- Directs the Secretary of the Treasury, in consultation with Federal financial regulators, to propose changes to Bank Secrecy Act regulations to strengthen customer due diligence requirements and the authority to obtain additional information when warranted, ensuring institutions can identify the true owners of accounts when necessary to assess risks related to unlawful activity.
- Directs the Secretary of the Treasury and Federal financial regulators to consider changes to the Bank Secrecy Act to strengthen customer identification program requirements, including accounting for the risks that foreign consular identification cards pose to the U.S. financial system.
- Directs the Consumer Financial Protection Bureau to consider modifying regulations to clarify that potential deportation and loss of wages are factors that could affect a borrower’s ability to repay a loan under “ability-to-repay” standards.
- Directs Federal financial regulators to issue guidance on managing the credit risks of extending loans and financial services to illegal aliens without work authorization.
To read the full executive order, click here.
Fed Seeks Public Comment on New “Payment Account” Proposal
On May 20, the Federal Reserve issued a press release requesting public comment on a proposal to establish a new “payment account” that legally eligible financial institutions could use solely for clearing and settling payments. The proposal is designed to support innovation by serving the needs of certain eligible institutions while mitigating risks to the Reserve Banks and broader payment system. Building on the prototype the Board outlined in a December 2025 Request for Information, account holders would not have access to intraday credit, the discount window, or interest on balances — and the proposal would not expand legal eligibility for access to Federal Reserve accounts or services.
The comment period closes July 27, 2026.
Read the press release here. Explore the full Request for Comment here.
Other Federal Reserve News
Federal Reserve Board Issues Economic Well-Being of U.S. Households in 2025 Report
In mid-May, the Federal Reserve Board issued its Economic Well-Being of U.S. Households in 2025 report, which examines the financial circumstances of U.S. adults and their families. According to a news release, the report shows that financial well-being was consistent with recent years. Survey results indicate that the labor market remained solid, despite some softening since the previous year's survey. Price increases remained the most common financial concern, though the share of U.S. adults saying it was a major concern declined slightly.
The report draws from the Board's annual Survey of Household Economics and Decisionmaking (SHED), which was fielded in October 2025. It analyzes a wide variety of topics, including financial well-being, employment, income and expenses, and housing.
"As we work to support a strong and vibrant economy, it's critical for the Federal Reserve to understand the economic experiences of families and communities," said Federal Reserve Board Governor Michael S. Barr in the release. "The SHED provides valuable data on how households are dealing with evolving financial opportunities and challenges."
The report, fact sheet, downloadable data, data visualizations, and a video summarizing the report's findings are available here.
Federal Reserve Financial Services Chief Payments Executive Mark Gould to Retire
According to a news release from Federal Reserve Financial Services, Mark Gould, Chief Payments Executive, has announced his retirement. Gould currently oversees the Federal Reserve’s full portfolio of financial services, including cash, retail, wholesale, securities, and instant payment offerings across the United States.
“Mark’s impact on the Federal Reserve System and on the nation’s payments infrastructure has been profound,” said Tom Barkin, president, Federal Reserve Bank of Richmond and chair of the Fed’s Payments Committee, in the release. “His leadership, foresight, and ability to bring people together across disciplines have helped shape a stronger, more innovative, and more resilient payments ecosystem. We are deeply grateful for his service and wish him the very best in his well-deserved retirement.”
Gould will remain in his role while the search for his successor is underway and will remain at the Fed through the end of the year to ensure a smooth and thoughtful transition. More information about the national search for his successor will be announced in the coming months.
For details, read the full release here.
Nacha
Nacha Seeks Comments on Nacha Rules Proposals
On May 15, Nacha announced a series of proposals for industry comment. The first is a Request for Comment (RFC) on a Rules change that would let the U.S. Treasury's Bureau of the Fiscal Service (BFS) participate in the ACH Contact Registry. Second is a Request for Information (RFI) on the definition of the term "Banking Day." Next, Nacha is seeking the industry's input on whether the time frames for Dishonored Returns and Contested or Corrected Dishonored Returns can be shortened to improve the efficiency of the ACH return process. Finally, there's an RFC on a proposal to shorten the timeframe for returns that are typically returned without human decisioning or handling by a Receiving Depository Financial Institutions (RDFI).
The comment period for the ACH Contact Registry RFC closes June 12; the deadline for all other comments is June 26. Complete details can be found on Nacha’s website.
Industry News
McKinsey: How Gen AI Agents Threaten Retail Banks’ Customer Relationships
According to a recent article from McKinsey, as customers increasingly turn to gen AI for financial advice and agentic AI continues to rise, retail banks should consider how to mitigate potential disintermediation.
The article evaluates three paths retail banks could take in response: waiting and watching to be a fast follower; adapting by embracing the shift toward disintermediation; or competing aggressively to preserve direct customer relationships. The authors’ bottom line is clear — regardless of which path a bank chooses, the moment to begin evaluating the opportunity or threat that AI agents pose is now.
To learn more, read the full article here.
NEACH
As you can see by these headlines, the payments landscape is evolving rapidly, from executive orders reshaping compliance expectations to AI agents redefining how banks relate to their customers. Staying ahead has never mattered more. As your strategic partner, NEACH is here to ensure you don’t have to navigate it alone. For instance, check out the latest Wrestling Payments podcast episode which gives a hot take on Fed accounts for non-banks.
If you’re looking for more ways to scale your innovation, mark your calendars for NEACH’s 2026 Future of Payments Symposium, November 2–3, 2026, at Newport Harbor Island Resort in Newport, RI. This annual gathering brings together strategic decision-makers to explore emerging opportunities, evolving risks, and the strategies that drive long-term success. Registration is now open.
NEACH - New England Automated Clearing House Association is a neutral, member-focused advocate. Our role is to give you the intelligence, context, and connections you need to make informed strategic decisions. We bring together industry leaders, policymakers, and innovators so you can evaluate innovation through the lens of your institution’s mission and market strategy. For more information, visit neach.org.