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Executive Letter: The Federal Reserve’s FedNow® Service Offers New Payment Options

By Rose Oswald Poels

As you have likely seen, the Federal Reserve’s FedNow® Service is now live, having initially launched in late July with baseline functionality to support account-to-account transfers and bill pay. Through the service, financial institutions are able to instantly transfer money for customers any time of the day and any day of the year, adding greater flexibility for customers.

For those who are not yet familiar with the new service, FedNow Service is the Federal Reserve’s new instant payment infrastructure that allows financial institutions of any size to provide safe and efficient payment services. Customers can send and receive instant payments; recipients have full access to funds immediately. The following is a standard payment flow example from the FedNow Service:

  1. A sender (i.e., an individual or business) initiates a payment by sending a payment message to its Financial Institution (FI) through an end-user interface outside the FedNow Service. The sender’s FI is responsible for screening the payment according to its internal processes and requirements.
  2. The sender’s FI, or its service provider, submits a payment message to the FedNow Service.
  3. The FedNow Service validates the payment message, for example, by verifying that it meets message format specifications.
  4. The FedNow Service sends the contents of the payment message to the receiver’s FI to seek confirmation that it intends to accept the payment message. At this point, the receiver’s FI has the opportunity to confirm, among other things, that it maintains the specified account.
  5. The receiver’s FI sends a positive response to the FedNow Service, confirming that it intends to accept the payment message. Steps 4 and 5 are intended to reduce the number of misdirected payments and resulting exception cases that can occur in high-volume systems.
  6. The FedNow Service debits and credits the designated master accounts of the sender’s and receiver’s FI (or those of their correspondents), respectively.
  7. The FedNow Service sends a payment message forward to the receiver’s FI with an advice of credit and sends an acknowledgement to the sender’s FI that settlement is complete.
  8. Outside of the FedNow Service, the receiver’s FI credits the receiver’s account.* The receiver’s FI makes funds available to the receiver immediately after step 7. This crediting to the receiver’s account as well as the debiting of the sender’s account by their respective financial institutions happens outside the FedNow Service.*

*The FedNow Service processes payments around the clock, every day of the year. However, for accounting and reporting purposes, the FedNow cycle date differs from the calendar date for a period of time (from close until midnight) because it aligns with the Fedwire® Funds Service business day, which generally has a closing time of 7:00:59 p.m. ET. If the Fedwire Funds Service business day is extended, the FedNow cycle date extends along with it. For consistency, the FedNow Service aligns to the same timeframe for weekends and holidays.

For financial institutions that elect to be a receive-only participant, the institution is able to receive customer payments, but may not initiate customer payments, except to return payments using the service. Alternatively, a financial institution may elect to be able to send and receive customer transfers. A financial institution could also elect to participate in the FedNow Service to receive requests for payment via the FedNow Service.

The FedNow Service will also support transfers between participating financial institutions, either on behalf of their respondents or for their own internal purposes. This type of transfer includes settlement services.

In trying to identify future educational offerings and other resources for the WBA membership, I ask that bankers please complete the following short survey regarding use or non-use of the new service. Results will be kept confidential.

Take the Survey

Additional FedNow® Service Resources

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Executive Letter: An Update on Recent Out-of-State Bank Failures

Rose Oswald PoelsBy Rose Oswald Poels

Since the announcement of the failures of Silicon Valley Bank (SVB) in Santa Clara, California and Signature Bank in New York, New York, the Wisconsin Bankers Association (WBA) has been working with the news media as well as federal- and state-level government officials to reassure the public that the banking system overall — and Wisconsin banks in particular — are safe, sound, and resilient.

On Sunday, I issued a special edition of my Executive Letter to share a summary of events as they were unfolding, including the decision of the regulators to protect all depositors affected by the Silicon Valley Bank and Signature Bank failures. On Monday, WBA issued a statement to the news media highlighting important differences between the failed banks and Wisconsin banks. WBA has been working with newspapers, TV stations, and radio stations across the state to put the public at ease in knowing their money is safe in an FDIC-insured bank in Wisconsin.

Resources for Bank Customers

WBA has created a new consumer-facing piece explaining FDIC insurance. The one-page document can be printed out or shared digitally. It contains a high-level overview as well as links (and QR codes) directing readers to FDIC resources: Understanding Deposit Insurance and Deposit Insurance FAQs. WBA’s FDIC insurance resource — along with a range of other materials, including social media graphics for banks — is available in the Consumer Resources Hub.

My previous Executive Letter also contains talking points about how the situations at the failed banks were idiosyncratic and do not reflect the way Wisconsin banks operate. A number of unique factors converged at the same time to trigger the liquidity crisis at Silicon Valley Bank, which would not apply to Wisconsin banks that are not heavily focused on the volatile tech sector. As government officials, banking leaders, and economists have reiterated: Americans should have confidence in our banking system.

The Federal Reserve’s Bank Term Funding Program

The Federal Reserve has launched the Bank Term Funding Program (BTFP) to offer loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging any collateral eligible for purchase by the Federal Reserve Banks in open market operations. The assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating a bank’s need to quickly sell such securities in times of stress.

WBA staff participated in a call on Monday with Nellie Liang, Under Secretary for Domestic Finance at the U.S. Treasury Department and from that call, WBA learned:

  • Bank holding companies are not able to participate in BTFP. Eligible participants include any U.S. federally insured depository institution or U.S. branch or agency of a foreign bank that is eligible for primary credit under the Fed’s discount window.
  • The Federal Reserve is not looking to consider municipal securities as collateral.
  • Banks are not required to first utilize all other available funding options before seeking access to the BTFP.
  • It is not the intention of the Federal Reserve to lengthen the one-year term.
  • At some point in the future, the names of institutions who participate in BTFP will be made public in accordance with Congressional requirements.

The Federal Reserve has made an FAQ and a Terms and Conditions one-pager available regarding the program. It is my understanding the FAQs will be updated, as necessary.

The Federal Reserve announced a free webinar, Wednesday, March 15, 2023, at 1:00 p.m. ET–2:15 p.m. ET regarding the new lending program. The Federal Reserve’s Matthew Malloy, section chief – monetary policy operations and analysis, monetary affairs and Kelley O’Mara, senior counsel – legal division, will lead an Ask the Fed® webinar to provide an overview of the BTFP and address frequently asked questions that have arisen since the program’s launch. Registration for the webinar can be done through the Ask the Fed® website.

The Latest on SVB and Signature Bank Bridge Banks

Moments ago, WBA staff attended a Q&A webinar with FDIC on the status of the two failed banks. The bridge banks Silicon Valley Bridge Bank, N.A. and Signature Bridge Bank, N.A., have assumed the deposits and obligations of the failed banks. FDIC has appointed new CEOs, and their objective is to maximize the value of the entity to attract a buyer as well as minimize cost to the industry. The main theme from FDIC officials was “business as usual” — all deposits (insured & uninsured) have been transferred to the bridge bank, all contracts for services have been transferred, the bridge banks have access to borrow to ensure ample liquidity, they have the same routing number and check stock, and they can operate just as any other open and operating bank.

Our Current Focus

Our immediate priority is to make sure the public knows that the banking system is safe and sound. No taxpayer dollars will be used to repay depositors of the failed banks; longer-term policy questions about the treatment of uninsured deposits are a discussion for a later day. WBA has heard from our membership about the positive steps you are taking through both proactive and responsive conversations with your customers as well as issuing email and social media communications. Thank you for all you are doing to reassure Wisconsinites that our industry remains strong and a source of strength for our economy.

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Banks Advised to Gear Up Now for 2023 Launch of FedNow Instant Payments

By Paul Gores

Banks interested in joining next year’s rollout of the FedNow faster payments service should be preparing for it today, those familiar with the program say.

FedNow, a Federal Reserve payments service similar to The Clearing House’s RTP network, is scheduled to be offered to banks in the U.S. as soon as May of 2023.

According to the Fed, the FedNow Service will facilitate the nationwide reach of instant payment services by financial institutions, regardless of size or geographic location, and do it around the clock, every day of the year.

Businesses and consumers will be able to send and receive instant payments at any time of day via banks and credit unions that use FedNow. Recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments, the Fed says.

“Wisconsin banks have been very innovative over the years, and this is another innovation that’s coming that Wisconsin banks should be looking at and should be adopting when they are ready,” said Todd Koehn, vice president for faster payments solutions at Bankers’ Bank. “It potentially could be a game changer for their customers.”

FedNow currently is conducting a pilot program with more than 100 banks, core processors, and other third-party organizations involved with payments technology.

The U.S. has trailed Europe and some parts of the world in developing an instant payment network. While the privately owned Real Time Payments network, or RTP, is available to American banks, the Fed felt like it needed to play a role to expand the fast-payments realm, experts said.

“All of the market players going back a decade recognized it wasn’t if but when instant payments would come domestically into the market and ecosystem,” said Nick Denning, senior vice president –payments industry relations, for ICBA Bancard. “I think at that time the Fed was trying to determine what role they would play, if any, in instant payments, and ICBA, community banks, and other groups definitely advocated for the Fed to play that operator role to bring more network capabilities to the market.”

Now that the Fed’s faster payment network is getting ready to launch — and will be seeking early adopters — banks that want to participate should be gearing up for it, experts said. To do that, banks should make sure they have an overall payments plan, and begin meeting with their core processor or fintechs that in most cases will be the channel connecting the bank and the new behind-the-scenes FedNow payments “rail.”

“Community banks should be talking to their key technology partners,” said Koehn. “What are their timeframes to get on the rail? How long will it take once they’re on the rail for my bank to join the rail?”

Earlier this year, the Fed disclosed fees for FedNow. But that doesn’t include the cost of the infrastructure needed by a bank to use the network. The overall cost to implement a connection to FedNow is one reason many banks are expected to go through their core processor or a fintech instead of directly to the Fed.

“It’s cheaper to go direct to the Fed, but you’d have to build your own infrastructure and maintain it. And that’s expensive,” Koehn said. “Most community banks will connect through a processor, whether it’s an online banking processor or a core processor.”

According to the Fed, FedNow’s anticipated fees include:

  • A $25 monthly FedNow Service participation fee for each routing transit number (RTN) that enrolls in the service to receive credit transfers.
  • 4.5 cents per credittransfer to be paid by its sender, including returns.
  • A fee of 1 cent for a request for payment (RFP) message to be paid by the requester, including both requests for a new payment or funds to be returned.

A participating financial institution can send an RFP through the FedNow Service to another participating financial institution to request payment of a bill, invoice, or other amount owed by the receiving financial institution’s customer.

The planned FedNow Service’s credit transfer transaction limit will be $500,000.

Brad Northcraft, senior vice president for deposit operations at IncredibleBank, said his bank plans to access FedNow through a payments provider that is part of the financial institution’s core processor.

Northcraft said he thinks a key catalyst for FedNow was for the U.S. to have a system that would bring payments into parity with other countries.

“I think they generally recognized that the payments industry, the velocity of payments, continues to accelerate. I think that was their impetus to really launch FedNow,” he said.

He noted that the introduction of Real Time Payment (RTP) by The Clearing House about five years ago also was a motivation for the Fed to establish its own faster-payments network.

While money moves electronically through ACH, wires and RTP, Koehn said FedNow is meant to augment existing systems, not replace them.

Denning, too, said FedNow will enhance overall payment capabilities.

“To a certain degree, FedNow and RTP network will compete for volume and so forth, but also to a certain degree, complement each other in terms of the robustness of the nation’s payment systems from a resiliency and scope and breadth perspective,” Denning said.

The Fed says surveys show consumers and businesses want faster payments, and that instant payments can help banks better retain their customers.

“Because (with FedNow) I can make a payment on Sunday at 2 a.m. and you’re going to have your payment at 2:01 a.m. — or quicker than that — on Sunday morning, I think it is going to be partially driven by the end user,” Northcraft said.

Koehn said he thinks FedNow is “going to revolutionize community banking because banking has been 5 to 5½ days a week, and FedNow will bring 24-by-7-by-365.”

“And that’s a good thing for community banks when customers are depositing money, and the community bank knows there’s no fraud associated with it,” he said.

Koehn said there are many scenarios in which around-the-clock payments capability could help banks and consumers.

For example, he said, a small manufacturing company might be having trouble attracting and retaining employees because the workers, as is increasingly the case, want to be paid on the same day they do their work, not on traditional paydays every week or two. FedNow could be used to accommodate same-day payroll for the manufacturer.

Or, perhaps, a plumber who made an emergency repair could send an invoice securely over the network, and be paid instantly by the homeowner or business, avoiding the problems of checks that need to be cashed or could bounce.

Banks that don’t have a serious payments strategy need to get going and figure out how FedNow can best help them, those familiar with FedNow say.

“I’ve been in banking for almost four decades. Started in the payments space back in 2011. The mantra back then was whoever controls the payments controls the balances,” Northcraft said.

Denning said banks should be talking to their current third-party providers, whether it’s their core provider or other providers that they leverage for payments or other capabilities, as well as customers.

As part of that process, it’s important to analyze what customers need, Denning said.

“What pain points and challenges do they encounter on a daily basis that I can help solve with some of what we’re doing in payments?” Denning said. “We can offer instant payments, but where the rubber really hits the road is how can we make a difference in people’s lives, how can we help our customers.”

He added: “Connecting those dots on what the providers can do and then what pain points, challenges, opportunities exist within our customer base, that’s where the magic will really happen.”

Gores is a journalist who covered business news for the Milwaukee Journal Sentinel for 20 years.

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Inflation, Global Supply Chains, and Labor Top the List of 2022 Economic Trends to Watch

Minneapolis Fed President Neel Kashkari and Economist Dr. David Kohl Headline Midwest Economic Forecast Forum 

By Cassandra Krause, Wisconsin Bankers Association 

On January 4, the Wisconsin Bankers Association hosted the 2022 Midwest Economic Forecast Forum in partnership with the Illinois Bankers Association, Michigan Bankers Association, Minnesota Bankers Association, Montana Bankers Association, and South Dakota Bankers Association. The event kicked off with a presentation by Minneapolis Federal Reserve Bank President and CEO Neel Kashkari. His presentation was followed by a town hall-style Q & A, moderated by WBA President and CEO Rose Oswald Poels. The conversation included topics such as the conditions in sectors like manufacturing, agriculture, and construction; the Fed’s dual mandate from Congress; supply chains; an influx in bank deposits; and Community Reinvestment Act (CRA) modernization. 

Kashkari on webinar

Minneapolis Fed President Neel Kashkari

 

Wisconsin’s Recovery Slower Than Minnesota’s, But Regional Recovery Mirrors That of the Nation 

Kashkari said that overall, our region looks a lot like the nation, but there are differences. Wisconsin started recovering more quickly than Minnesota did, but then the recovery became slower over the last six months to year. What happens with COVID will continue to matter because workers getting sick will be a disruption to economic activity. 

Kashkari noted that economic recovery since initial COVID-19 shutdowns has been uneven. “On one hand, GDP is fully recovered. . . but different sectors have been affected differently,” said Kashkari. “Many workers have found jobs. . . and while the unemployment rate has come down, we are still about 4–6 million workers short of where we should be, had there been no pandemic.”   

Demand for Labor Has Recovered More Quickly Than Supply  

The labor market was one of the main topics Kashkari responded to in the Q & A. 

“One of the things that I learned before the pandemic was that the vast majority of Americans want to work,” said Kashkari. “Every time businesses told us ‘we’re out of workers,’ as wages started to climb, workers came back in, and that was resoundingly positive for everyone. . . I still believe that’s true.”  

Kashkari commented that people of all income levels have more savings and more options — and there’s still a lot of fear of getting COVID or bringing it home to a vulnerable family member. The demand for labor has come back, but it’s going to take longer for people to feel comfortable coming back into the job market.  

Two Rate Hikes Likely in 2022 

With regard to inflation, Kashkari predicted it will be transitory, though it has been higher and has lasted longer than he had expected. He referred to his essay, titled “Two Opposing Risks,” which was published just prior to his presentation, and said he foresees two interest rate hikes this year. The rate rises may require sacrificing some gains in employment in order to keep inflation under control. 

Role of Banks in Communities Highly Appreciated 

Kashkari highlighted how community banks stepped up powerfully through the Paycheck Protection Program. “[Banks] have managed exceptionally well during the pandemic,” he said, adding that he has nothing but admiration for community banks and the role they served. WBA’s Oswald Poels expressed gratitude on behalf of community bankers for the recognition of their efforts. 

Kohl and Oswald Poels

Dr. David Kohl and Rose Oswald Poels

Economic Mega Trends 2022 and Beyond 

Dr. David Kohl, a highly anticipated speaker at events hosted by WBA and state banking associations around the country, discussed ten global macro-economic mega trend disruptors. The renowned economist and professor emeritus at Virginia Tech also responded to audience questions in a dialog moderated by Oswald Poels. 

Disruptors Present Both Challenges and Opportunities 

Some of the major disruptors Kohl highlighted in his presentation were globalization; environmental, social, and governance (ESG); and technology and automation. He provided a recent historical overview of inflation and provided a watch list for short- and long-term inflation. “Uncertainty concerning inflation, geopolitics, supply and marketing chains creates challenges but also presents opportunities,” said Kohl. “This is true for businesses and individuals with a high business and financial IQ that follow the process and execute a business plan.” 

Global Perspective Key to Success 

Kohl gave an overview of markets around the globe to keep an eye on, including Asia/China and Europe/Russia. “’Think globally, but act locally’ is a theme for success in the decade of the 2020s,” advised Kohl. “Observe economic mega trends from afar and connect the dots to determine how they impact your bank, business, employees, and customers’ lives.”   

Wisdom for Banking 

Like any good educator, Kohl had words of wisdom to share with the audience beyond what can be found in textbooks and data reports. “Success in life and business is about managing the controllables and managing around the uncontrollables,” he explained. “From the board room to business front lines, one cannot manage what happens in Washington, D.C., Beijing, or Brussels, but can attempt to manage around uncontrollable factors using scenario planning. Focus energy and strategy on the controllable elements with tactics that are agile and adaptive given the economic landscape.” 

If you were unable to attend the live broadcast, you can still register to receive access to the recording through January 18, 2022 plus resources provided by Kashkari and Kohl. 

Wisconsin Experts Offer Sector Forecasts 

As an extension of the Midwest Economic Forecast Forum, WBA has compiled eight sector-specific reports from industry experts on what 2022 will hold for Wisconsin. The reports include insights from Rose Oswald Poels, Wisconsin Bankers Association; Robb Kahl, Construction Business Group; Kevin Krentz, Wisconsin Farm Bureau Federation; Brandon Scholz, Wisconsin Grocers Association; Eric Borgerding, Wisconsin Hospital Association; Kurt Bauer, Wisconsin Manufacturers & Commerce; Michael Theo, Wisconsin Realtors Association; and Tom Still, Wisconsin Technology Council. 

To read the full Wisconsin Economic Report, please visit wisbank.com/2022forecast. 

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Omarova Withdraws From OCC Running

President Biden’s top pick for comptroller of the currency, Saule Omarova, withdrew her nomination to lead the Office of the Comptroller of the Currency on Tuesday, December 7, in a letter to the White House. After facing stiff opposition from the banking industry and members of Congress, President Biden has accepted her request and expects to make an announcement at a later date, according to reports.

The Wisconsin Bankers Association had previously signed onto the Independent Community Bankers of America (ICBA)’s letter opposing Omarova’s nomination citing her academic papers and public statements that propose transferring private retail banking functions to the Federal Reserve and fully replacing private bank deposits to “end banking as we know it.”

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Agencies Release Final Computer-Security Incident Notification Requirements Rule

The federal banking agencies (FRB, FDIC, and OCC) have issued their final rule to require banks to notify their primary federal regulatory of any “computer-security incident” that rises to the level of a “notification incident”, as soon as possible and no later than 36 hours after the bank determines that a notification incident has occurred.  

The rule defines a “computer-security incident” as an occurrence that results in actual harm to the confidentiality, integrity, or availability of an information system or the information that the system processes, stores, or transmits.  

“Notification incident” is defined as a computer-security incident that has materially disrupted or degraded, or is reasonably likely to materially disrupt or degrade, a banking organization’s: 

(i) Ability to carry out banking operations, activities, or processes, or deliver banking products  and services to a material portion of its customer base, in the ordinary course of business;  

(ii) Business line(s), including associated operations, services, functions, and support, that upon  failure would result in a material loss of revenue, profit, or franchise value; or  

(iii) Operations, including associated services, functions and support, as applicable, the failure or  discontinuance of which would pose a threat to the financial stability of the United States.  

The final rule is effective April 1, 2022 and has a compliance data of May 1, 2022. The full final rule may be viewed here.

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Midwest Economic Forecast Forum Virtual on January 4

By Kenneth D. Thompson, WBA Board chair, president and CEO of Capitol Bank, Madison

Ken Thompson HeadshotWe are closing out this calendar year with a better understanding of COVID-19 than we had at this time one year ago in 2020, however the ongoing pandemic casts a heightened degree of uncertainty onto predictions for the 2022 economy. As bankers, we are responsible for interpreting economic data and trends that will impact the financial health of our institutions, our customers, and our communities. To support us in this important aspect of our work, the Wisconsin Bankers Association and partners organize the Midwest Economic Forecast Forum annually. This year’s event is set to be an exciting opportunity to hear from nationally renowned experts as they present their perspectives on economic conditions that continue to be susceptible to the risks and challenges posed by the pandemic.

The forum will be held virtually on January 4, 2022 from 10:30 a.m.–noon CT. Individual and group rates will be available, giving banks the opportunity to invite their staff, business customers,
directors, and others to join in on the viewing as part of their group registration.

Headlining the event will be Federal Reserve Bank President Neel Kashkari, who will provide an economic outlook. Kashkari took office as president and chief executive officer of the Federal Reserve Bank of Minneapolis on January 1, 2016. In this role, he serves on the Federal Open Market Committee, bringing the Ninth District’s perspective to monetary policy discussions in Washington, D.C. In addition to his responsibilities as a monetary policymaker, Kashkari oversees all operations of the Bank, including supervision and regulation, treasury services, and
payments services.

Presenting on the topic of “Economic Mega Trends 2022 and Beyond” will be David Kohl, Ph.D., professor emeritus, Virginia Tech. Kohl will cover questions such as: What are the global economic disruptors and power shifts? How will trade, geopolitics, supply chains, climate changes, and weather in extremes impact competitors? How will the stimulus package and Central Bank’s accommodative policy impact strategic positioning? What are some major mega trends on the horizon? What are the lead and lag indicators that need to be on the dashboards of decision makers?

With the level of uncertainty surrounding our economy moving forward, bankers should be especially interested in attending this engaging and informative event. The year ahead will no doubt be affected by excess liquidity in the banking system, supply chain delays/disruptions, labor shortages, and inflation fears. Bankers need to have a keen eye on how these key economic drivers will impact their banks and clientele. I look forward to the discussion on these topics at the Midwest Economic Forecast Forum and hope many of you will join us.

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Juneteenth Gains Federal Holiday Status

Juneteenth National Independence Day, June 19, has been established as the 12th federal holiday. The bill passed unanimously on Tuesday in the U.S. Senate and in a 415-14 vote on Wednesday in the House of Representatives. It was yesterday signed into law by President Joe Biden. It is the first new holiday since Martin Luther King, Jr. Day was signed into law in 1983. Juneteenth became a legal holiday in Wisconsin in 2009 under then-Governor Doyle, and, after the 2020 murder of George Floyd, a number of banks in Wisconsin have closed their lobbies and given employees time off in observance of the holiday. As the June 19 falls on a Saturday this year, most federal employees will observe the holiday today, June 18, however, when a holiday falls on a Saturday, the Fed does not observe it on the Friday before. U.S. stock markets are scheduled to remain open this year. 

On June 19, 1865, approximately two and a half years after the Emancipation Proclamation and two months after Confederates surrendered in April 1865, federal troops arrived in Galveston, Texas to take control of the state and ensure that all enslaved people be freed. Slavery was outlawed across the nation with the ratification of the 15th Amendment six months later. 

Juneteenth events will be taking place around Wisconsin this weekend. Other ways to commemorate Juneteenth include reading and tuning into dialogue surrounding race and equality, supporting Black-owned businesses, and donating to organizations that make a positive impact on Black communities.

In the words of Henry Louis Gates, Jr., “Of all Emancipation Day observances, Juneteenth falls closest to the summer solstice. . . the longest day of the year, when the sun, at its zenith, defies the darkness in every state, including those once shadowed by slavery. By choosing to celebrate the last place in the South that freedom touched — reflecting the mystical glow of history and lore, memory and myth, as Ralph Ellison evoked in his posthumous novel, Juneteenth — we remember the shining promise of emancipation, along with the bloody path America took by delaying it and deferring fulfillment of those simple, unanticipating words in Gen. Granger’s original order No. 3: that ‘This involves an absolute equality of personal rights and rights of property between former masters and slaves.’”

By, Cassie Krause

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