CUNA joined with other trade associations Thursday to write to Federal Reserve leadership outlining concerns with the Fed’s Secure Payments Task Force. The Task Force was established to provide a forum for stakeholder collaboration and to advise the Federal Reserve on matters related to payments security.
“We are concerned that the efforts of the task force have been marred by an expanding scope, technical misstatements or misunderstandings, and procedural difficulties,” the letter reads, adding that the concerns have led to reduced industry confidence in the materials produced by the task force.
Specifically, the concerns are:
- Scope has expanded from core payments security issues to peripheral issues, non-security-related issues, and product-specific technologies and the utilization of those technologies outside their intended contexts;
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