You're really underselling it. They're replying to the Fed as if their cease-and-desist letter were no more than some sort of internet argument on Reddit or something. Here's a sample, to encourage folks to read the article and have a good hearty chuckle themselves:

> > “The Federal Reserve has extensively used and promoted the FEDNOW mark and has built up substantial goodwill in this invaluable asset. Financial institutions and consumers associate the FEDNOW mark with the Federal Reserve and its services.”

> An interesting point. For starters, what goodwill has the Federal Reserve built up? Have you seen the state of the working class today? Perhaps you have already forgotten how Fed policy directly led to mismanaged bond portfolios in regional banks across the country, such as Silicon Valley Bank, Signature, Silvergate or First Republic? Perhaps you have already forgotten about the historic inflation rates seen throughout the U.S. since government-imposed lockdowns all but forced the Treasury’s hand to stimulate the economy to the tune of trillions of dollars?

> There is no goodwill, Mr. Murphy. And certainly not substantial goodwill either.

Edit to add: there is an actual legal reply by an actual lawyer, to which you can assign your own value.