CUNA continued its efforts to achieve faster payments last week, participating in a 2-day meeting of the Federal Reserve’s Faster Payments Task Force in Atlanta. The task force released the first part of its final report in January, and last week’s meeting discussed the forthcoming second half of the report.
The first part of the final report details the current landscape and challenges regarding development of a faster payments system in the U.S.
The second part, scheduled to be published in mid-2017, will cover the assessment of faster payments solution proposals, challenges and opportunities for achieving faster payments in the U.S.
It will also address and the task force’s recommendations and suggestions for industry action.
CUNA has been a member of the task force since its inception in 2015, actively involved to ensure the perspective of credit unions is adequately represented among the membership of financial institutions, associations, fintech firms, consumer groups, and government representatives.
CUNA is also a member of the Federal Reserve’s Secure Payments Task Force, which focuses on security issues associated with faster payments.