CUNA members can register for free to access a recording of Wednesday’s webinar on the Federal Reserve’s development of faster payments, designed to answer member questions and solicit feedback for CUNA’s comments. The recording will be posted within the next 24-48 hours, and it features a discussion of faster payments as CUNA prepares its comments for the Fed, due Dec. 14.
The webinar featured a summary of the Federal Reserve’s recent request for comment on two possible actions to develop faster payments in the U.S., a look at credit union concerns about the proposals and how stakeholders can provide feedback to CUNA and directly to the Fed.
Specifically, the possible actions by the Fed are:
- The development of a service for real-time interbank settlement of faster payments 24 hours a day, seven days a week, 365 days a year (24x7x365); and
- The creation of a liquidity management tool that would enable transfers between Federal Reserve accounts on a 24x7x365 basis to support services for real-time interbank settlement of faster payments.