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The “operational error,” as the Fed described it, impacted multiple services, including its pivotal automated clearinghouse system, which connects depository and related institutions sending electronic credit and debt transfers. There were no initial indications that foul play was suspected.
The outage occurred the same week Fed Chairman Jerome Powell spoke to Capitol Hill legislators about the progress the central bank has made on its consumer-focused payments system and efforts to develop a “digital dollar.” Powell said this will be “an important year” for the program’s development. “It’s going to be a year in which we engage with the public pretty actively,” the central bank leader said during a House committee hearing.
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