NAFCU Regulatory Affairs Counsel James Akin Wednesday wrote to the Federal Reserve in response to its proposed amendments and modifications to Regulation J pertaining to the release of the FedNow service to offer support for the development of the service.
“For credit unions, access to affordable faster payments capabilities will help attract new members and improve overall satisfaction with services such as online bill pay, peer-to-peer (P2P) payments, and business-to-business payments (B2B),” wrote Akin. “Real-time capabilities provided through the Reserve Banks will help meet demand for faster payments and encourage a competitive market for real time payments.”
In addition, Akin shared with the Fed several recommendations which include:
- the establishment of appropriate controls to address persistent levels of fraud;
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