NAFCU statement in response to CFPB’s announcement on guiding principles on faster payment networks
WASHINGTON, DC (July 9, 2015) — National Association of Federal Credit Unions (NAFCU) Regulatory Affairs Counsel Kavitha Subramanian issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) announcement concerning guiding principles on faster payment networks.
“NAFCU firmly believes that the payments industry must determine the best way to adopt a ubiquitous faster payment system that provides cost-effective and fair access for financial institutions of all sizes,” said Subramanian. “While NAFCU appreciates the CFPB’s recognition of private sector advancements on new faster payment solutions, NAFCU strongly urges the CFPB to engage with other federal regulators focusing on faster payment issues – such as the Federal Reserve – to ensure there are no duplicative regulatory burdens for credit unions to comply with. NAFCU has been very involved with the Federal Reserve’s efforts thus far in gathering industry stakeholders and input on how to improve the U.S. payments system.”
The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.