WASHINGTON (1/18/13)--Every three years the Federal Reserve launches a study to determine the current volume and composition of electronic and check payments in the U.S. and the agency announced Thursday it's that time again.
"This is a study credit unions should be on the lookout for. They can gain insight from the study results on payment trends and methods, as well as additional fraud information. This will help with understanding their members' payment needs," said Mary Dunn, Credit Union National Association senior vice president of regulatory affairs.
"CUNA encourages any credit union to participate if they receive the Fed's survey," Dunn added.
The 2013 Federal Reserve Payments Study will take a three-pronged approach to information collection. Collectively the data is intended to allow the Fed to estimate the annual number, dollar value, and composition of retail noncash payments.
Previous studies have revealed significant changes in the U.S. payments system over time, including a continuing decline in the use of checks and growing use of electronic payments, such as automated clearinghouse, electronic banking transactions, credit cards, debit cards and stored value cards.
The survey will be conducted through the Federal Reserve's Retail Payments Office, located at the Federal Reserve Bank in Atlanta.
CUNA and its Payments Policy Subcommittee will be reviewing the results of the study when they become available, especially trends in electronic payments and the evolving payments landscape.
To read the Fed study announcement, use the resource link below.