Removing Barriers Blog

CUNA Attends Latest Fed Town Hall to Discuss Faster Payments
Posted November 12, 2018 by CUNA Advocacy

CUNA attended the Federal Reserve Board’s latest town hall, held at the Federal Reserve Bank of Minneapolis, to discuss issues surrounding real-time payments. The Fed is currently seeking input through a RFC on potential actions the Federal Reserve can take to support interbank settlement of faster payments.

Friday’s town hall is among a series of town halls being held across the country in each of the Fed’s twelve districts. During these meetings, Fed representatives provide an overview of the conceptual approaches presented in the RFC, answer questions about the potential actions outlined, and facilitate dialogue with other stakeholders. Here is the schedule of upcoming town halls, which are a great opportunity for credit unions to interface directly with Fed staff working on faster payments.

Friday’s discussion covered the likely benefits of a real-time payments system as well as the concerns, such as the increase in potential fraud that goes along with eliminating the delay between clearing and settlement of a transaction. Through our participation on the Fed’s Faster Payments and Secure Payments Task Forces and various letters over the past few years, CUNA has repeatedly expressed to the Fed that we see the increased opportunity of fraud as a major problem with a real-time payment system.

Here you can find more information on the RFC and submit your comments to CUNA. The Fed is accepting comments until December 14.