> The quasi-judicial role that financial services play in resolving disputes, often with little regulatory oversight and absolutely no requirement to be neutral

> The quasi-judicial role that financial services play in resolving disputes, often with little regulatory oversight and absolutely no requirement to be neutral or objective, is long overdue for retirement. I would bet that the Fed views this as a feature, not a bug. Regardless of your (and mine or their) beliefs on that matter, I would hope you see why they might choose a measure of progress in payment clearance and disassociate the two goals. I imagine the Fed fully knows it plays the role of a rather strong glue within the broader global financial system, and could just as easily throw on another layer of binding to require irrevocable payments by sheer fiat if they chose, regardless of the technical implementations of bank payment clearance.