WASHINGTON (11/1/13)--Payment industry stakeholders can learn more about the Federal Reserve Bank's thoughts on the future of the system, and bring their own views to Fed leadership, in a series of upcoming payment system town halls.
The Fed Banks are working to address potential gaps and opportunities in the payments system, including payment speed, closed payment communities, and international, mobile, and traditional payment channels. The Fed is also exploring where it fits in the payment system going forward, and has released a paper on potential payments system changes and improvements to help collect public comment.
"Success in achieving improvements will require collaboration across the industry," Federal Reserve Bank of Cleveland President/CEO and Federal Reserve Banks' Financial Services Policy Committee Chair Sandra Pianalto said.
The town halls are currently scheduled to be held on:
- Nov. 12 at 1 p.m. (ET) at the Federal Reserve Bank of Atlanta;
- Nov. 13 at 1 p.m. (ET) at the Federal Reserve Bank of Cleveland;
- Nov. 14 at 8:30 p.m. (CT) at the Federal Reserve Bank of Chicago;
- Nov. 15 at 8:30 p.m. (PT) at the Federal Reserve Bank of San Francisco;
- Nov. 18 at 8:30 p.m. (ET) at the Federal Reserve Bank of Boston; and
- Nov. 20 at 8:30 p.m. (CT) at the Federal Reserve Bank of Dallas.
Each session is planned to last around three hours.
Interested parties can register for the events at FedPaymentsImprovement.org.
The Credit Union National Association and its Payments Policy Subcommittee met and recently discussed payment system issues with senior Fed Bank staff, and CUNA continues to encourage credit unions to share their views on payments and submit responses to the Fed's payment system improvement initiative by Dec. 13. CUNA has also released a comment call on payment system issues. Comment is due to CUNA by Nov. 18.