Removing Barriers Blog

Federal Reserve Task Force Releases Final Paper on the Future of Faster Payments
Posted July 21,2017 by CUNA Advocacy

Today, the Federal Reserve’s Faster Payments Task Force released its final paper on the future of payments in the U.S. The Task Force, of which CUNA is a member, has been working on the paper since 2015. 

Part One of the Faster Payments Task Force Final Report, published in January 2017, provides an overview of the Faster Payments Task Force objectives and processes, a description of the U.S. payments landscape, and the benefits of faster payments. Part Two of the Final Report, published today, provides insights from the submitted solution proposals, reflects on several foundational issues that are important to address, and presents the task force’s goals and recommendations for implementing faster payments in the United States. 

While the release of the second half of the report officially concludes the work of the Faster Payments Task Force, CUNA continues to be involved as a member of the Federal Reserve’s Secure Payments Task Force, which focuses on security issues associated with faster payments.