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ICBA Briefs Hill Staff on Fed Role in Faster Payments

Jul 10, 2019
190709_Cary_crop_200ICBA briefed House Financial Services Committee staff on why the Federal Reserve should have a leadership role in faster payments.

Appearing before committee staff on Capitol Hill, ICBA First Vice President of Payments and Technology Policy Cary Whaley said Fed involvement in faster payments would provide safety, integrity, continuity and equitable access to all financial institutions.

ICBA also detailed the issue in a one-pager for congressional staff.

ICBA is leading the push to support the Fed's operation of a Real-Time Gross Settlement service. In a recent letter to Fed Chairman Jerome Powell, ICBA President and CEO Rebeca Romero Rainey and ICBA Chairman Preston Kennedy said only the Fed can ensure ubiquity and equal access to real-time settlement.

Kennedy advocated Fed involvement in real-time payments in a recent American Banker op-ed, as did ICBA in a December comment letter. Whaley broke down the issue for community bankers in a recent Main Street Matters blog post.