WASHINGTON—The Federal Reserve this week was told it should serve and “operational role” in the process of improving real-time payments by NAFCU's Dan Berger and Carrie Hunt.
Berger and Hunt 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’s president and CEO, and Hunt, association executive vice president of government affairs and general counsel, representatives from several Federal Reserve Banks were present.
The request by NAFCU is one the trade association has previously made. 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 by NAFCU 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."
Representatives from CUNA and the Independent Community Bankers of America are also present for this week’s meeting at the Fed's headquarters in Washington.