WASHINGTON (8/3/15)--The Federal Reserve has named a Faster Payments Strategy Leader to identify effective approaches for implementing safe and ubiquitous faster payments capability. Sean Rodriguez, senior vice president of the Chicago Fed, will chair the agency’s Federal Reserve Task Force.
CUNA advocacy staff met with Rodriguez last week to discuss the Fed’s work on faster payments. CUNA’s Luke Martone, senior director of advocacy, is a member of the task force, and has participated in several calls, as well as a meeting in Chicago. Lance Noggle, senior director of advocacy at CUNA, is part of the Secure Payments Task Force.
The task force is comprised of more than 300 payments system stakeholders, including several from the credit union community, interested in improving the speed of authorization, clearing, settlement and notification of various types of personal and business payments.
CUNA has been in contact with the Fed in recent months regarding faster payments.
In July CUNA commented on the agency’s same-day automated clearing house proposal, expressing concerns about the effect of implementations on credit unions, particularly smaller ones.
CUNA’s Payments Subcommittee also engaged with the Fed earlier this year regarding the agency’s paper covering strategies to improve the U.S. payment system.