CUNA Urges Federal Reserve to Play Role in Faster Payments
Posted April 19, 2017 by CUNA Advocacy

CUNA along with the National Association of Federal Credit Unions and Independent Community Bankers Association President sent a letter to the Federal Reserve Board addressing concerns with the future of faster payments.  The letter asks the Fed to serve additional operational roles in the delivery of real-time payments. 

Specifically, we asked the Fed to:

  • Serve as an on-ramp to real-time payments, leveraging its connectivity among financial institutions to provide all financial institutions access to real-time payments;
  • Serve as an operator for real-time payments. This is a role that the Federal Reserve currently serves for checks, automated clearinghouse (ACH) payments, and wire transfers; and
  • Operate a payments directory which could link to financial institutions, as well as to other private sector payments directories.

These potential operating roles are consistent and in accordance with the current Federal Reserve policies on payments system participation and would help to ensure credit union access to the real-time payments system. 

CUNA is in active participant in the Fed’s Faster Payments Task force and will continue to for policies that ensure ongoing credit union access to a real-time payments system that is implemented in the future.

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