CUNA attended Friday’s Faster Payments Town Hall meeting in Minneapolis, part of the Federal Reserve’s series of town halls on the topic. The Fed is currently seeking comments on potential actions it can take to support interbank settlement of faster payments through Dec. 14.
CUNA, through participation on Fed’s Faster Payments and Secure Payments Task Forces and various letters over the past few years, has repeatedly expressed to the Fed that the increased opportunity of fraud is a major problem with a real-time payment system.
Last Friday’s discussion covered the likely benefits of a real-time payments system as well as the concerns, such as the increase in potential fraud that goes along with eliminating the delay between clearing and settlement of a transaction.
The event was part of 12 such meetings the Fed is hosting around the country, designed to provide an overview of the conceptual approaches presented in the RFC, answer questions about the potential actions outlined, and facilitate dialogue with other stakeholders.
There are three more town halls on the schedule (all times are local):
Additional details on Friday’s meeting can be found on CUNA’s Removing Barriers Blog.