Fed issues payment system improvements paper
The Federal Reserve Banks (Fed) recently conducted payment systems research and recently unveiled its findings in its "Payment System Improvement--Public Consultation Paper." The Credit Union National Association (CUNA) met with the Fed regarding the study prior to its release.
The paper is an important undertaking by the Fed 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 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 seeks comment from credit unions and all payment systems users on those issues, as well as on the role the Fed should play in payments. Comments are due by December 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.