CUNA supports the Federal Reserve developing a real-time payments network, it wrote to the Fed’s board of governors Friday. CUNA sent its comment letter in response to a Fed call for comments on its faster payments proposal.
“We encourage the Fed to move forward as soon as possible on the development of a real-time payments rail and liquidity management tools. Quick action by the Fed will help credit unions plan for the future as they explore offering real-time payments to members,” the letter reads. “Furthermore, looming decisions by the Fed are likely to adversely impact the nascent market by slowing development.”
Other CUNA recommendations addressed in the letter include: