WASHINGTON (4/8/16)--Staff from the Federal Reserve visited the Credit Union National Association’s (CUNA) Washington, D.C., office Thursday to discuss its payments initiatives. CUNA, via its advocacy efforts and its Payments Subcommittee, is a consistent advocate for a modern, secure payments system.
CUNA also is a member of both the Federal Reserve’s Faster Payments and Secure Payments task forces.
The Fed recently released a progress report on its efforts to enhance the speed, efficiency and security of the U.S. payments system.
CUNA was involved throughout the process of adopting the same-day automated clearinghouse (ACH) rule, both from NACHA-The Electronic Payments Association, and when the Fed proposed to adopt NACHA’s standard.
CUNA’s payments efforts also include supporting cybersecurity efforts and legislative solutions to ensure a secure payments system.
CUNA is in favor of a strict data breach notification standard, as well as increased standards for merchants, standards comparable to the ones credit unions and other financial institutions are subject to under the Gramm-Leach-Bliley Act.