The Federal Reserve should have an operational role in delivering real-time payments, former FDIC vice chairman Thomas Hoenig and former Fed operations manager Bruce Summers wrote. In a BankThink op-ed, they wrote that this would prevent a monopoly on real-time payments by The Clearing House, serve the public purpose of a final protection against payment breakdowns, and support payment innovations.
ICBA in December expressed strong support for the development of a real-time payment system and urged the Fed to develop and operate the system. In a comment letter, ICBA said Fed leadership on faster payments would ensure access to financial institutions of all sizes and the customers they serve.
Read the Op-Ed
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