One Republican lawmaker went so far as to suggest that Congress should try to block the central bank's effort, but Democrats said FedNow will promote competition in real-time payments.
Democratic lawmakers and consumer advocates say the remedies offered to consumers by firms like Capital One and Equifax are too difficult to access and not particularly helpful.
The lawmakers, including Sens. Sherrod Brown and Elizabeth Warren, sent the bank a letter focusing on customers' difficulty enrolling in credit monitoring and identity protection services.
Senate Banking Committee members feel urgency to pass a bill dealing with Fannie Mae and Freddie Mac, but the same obstacles that have stalled congressional action for years remain.
With officials putting finishing touches on presidentially directed reports on the future of the housing finance system, the Senate Banking Committee announced a hearing to examine the issue.
Sen. Thom Tillis of North Carolina called for the panel to hold a hearing on what he termed the danger that the Federal Reserve will meddle in the 2020 presidential election.
When lawmakers return from their August recess, there are a host of unresolved financial policy issues — from marijuana banking to anti-money-laundering rule — to greet them.
