Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Fed Banks Issue Payment System Improvements Paper, Seek Comment
WASHINGTON (9/17/13)--The Federal Reserve Banks recently conducted payment systems research and recently unveiled its findings in its "Payment System Improvement--Public Consultation Paper."  The Credit Union National Association met with the Fed regarding the study prior to its release. 

The paper is an important undertaking by the Federal Reserve Banks and CUNA is encouraging credit unions to read the report and develop a list of concerns regarding payments to share with CUNA and their state credit union league.  

The Fed Bank white paper notes some potential improvement areas; those areas included faster payments, closed payment communities, and international, mobile, and traditional payment channels.
 
Sandra Pianalto, president of the Cleveland Fed, stated the purpose of the paper is "to share Federal Reserve perspectives on the key gaps and opportunities in the U.S. payment system and identify the desired outcomes that close these gaps and capture these opportunities."
 
The Fed Banks seek comment from credit unions and all payment systems users on those issues, as well as on the role the Fed banks should play in payments. Comments are due by Dec. 13.
 
CUNA will be preparing a Regulatory Comment Call to summarize the Fed paper and to seek input from the credit union system.  CUNA is reviewing the paper with the CUNA Payments Subcommittee, the CUNA Councils, and others.
 
Watch News Now for future developments.


RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
1 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
1 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
4 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
5 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
6 hours ago