CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Real-time payments will help CUs provide services, improve access
Policy & Issues

Real-time payments will help CUs provide services, improve access

September 25, 2019

Real-time payments will help credit unions provide necessary financial services to their members and improve access to funds, CUNA wrote to the Senate Banking Committee Wednesday for the record of its faster payments hearing.

The letter notes that CUNA and its members strongly support the Federal Reserve’s decision to develop and operate a real-time payments network, and also support efforts of The Clearing House (TCH) to develop its own real-time payments network.

“Credit unions exist to help their members but cannot do it alone. Credit unions rely on networks of key vendors to provide service to members and no current vendor is more critical than the Federal Reserve… We think the efforts by the Federal Reserve Board and the TCH will help to bring real-time payments to consumers, who will benefit from the innovation and clarity of a faster payment system,” the letter reads.

CUNA believes that, from a pre public policy standpoint, having multiple real-time payments networks will ensure a more robust banking system, allowing for better protections against cyberattacks and technical glitches, as well as the innovation that comes from competition.

“CUNA looks forward to continuing to work with Federal Reserve Board leadership and staff on FedNow and will continue to support TCH’s efforts as well,” the letter reads. “Nonetheless, the development of FedNow is imperative to the continued success of credit unions and community banks and is likely the only way that all credit unions will be able offer Americans of modest means critical financial services in the future.”

The letter also notes that the Federal Reserve is the only vendor that works with nearly all credit unions ands has the bandwidth and expertise to provide services to the entire financial services sector.

Credit Union Magazine - Winter 2020

Winter 2020

Credit Union Magazine’s Winter 2020 edition features CUNA’s 2021 lending outlook, CEO insights on adjusting to the pandemic, and board recruitment strategies.
Digital Edition •  Subscribe

Trending

  • Allowing capitalization of interest is consumer-friendly option

  • Todd Harper appointed NCUA Chairman

  • Compliance: NCUA, agencies issue FAQs on SAR, other AML requirements

Tweets by CUNA_News

Polls

Will you ask employees to receive the coronavirus vaccine?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors