Leadership of the National Association of Federally Insured Credit Unions (NAFCU) met with Federal Reserve Bank of Kansas City President and CEO Esther George this week to share their recommendations to improve the U.S. payment system.
In the meeting George, Dan Berger, NAFCU president and CEO, and Carrie Hunt, executive vice president of government affairs and general counsel said the Fed should serve an “operational role” in the process of improving real-time payments.
They also encouraged the Fed to leave the development of rules and standards for real-time payments to private-sector organizations.
George heads up the Federal Reserve Boards payments improvement initiative.
Also in attendance at the meeting at the Fed’s headquarters in Washington were representatives from the Credit Union National Association (CUNA), the Independent Community Bankers of America, and several people from the Federal Reserve.
Last week, the Federal Reserve appointed Kenneth Montgomery as its new payments security strategy leader. Montgomery is charged with leading the Federal Reserve’s effort to advance the safety and reduce fraud risk in the U.S. payment system. Among his responsibilities, he will chair the Secure Payments Task Force, which is made up of approximately 200 industry stakeholders. NAFCU is a member of the Secure Payments Task Force.