NAFCU to Fed: Play an ‘operational role’ in payments

NAFCU’s Dan Berger and Carrie Hunt on Monday attended a meeting with Federal Reserve Bank of Kansas City President and CEO Esther George, and other Fed representatives, to discuss the payments system.

Along with Berger, NAFCU president and CEO, and Hunt, association executive vice president of government affairs and general counsel, representatives from several Federal Reserve Banks were present.

During the meeting, NAFCU reiterated that the Fed should serve an “operational role” in the process of improving real-time payments. The NAFCU representatives also encouraged the Fed to leave the development of rules and standards for real-time payments to private-sector organizations. These issues were also addressed in a joint letter to the Fed in April.

NAFCU is a member of the Secure Payments Task Force and served on the Faster Payments Task Force. The task forces were formed as a part of the Fed’s “Strategies for Improving the U.S. Payment System.”

 

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