NEWS on Payments

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Op-Ed: Fed Must Stop Faster Payments Monopoly

Jul 24, 2019
rebeca_romero_rainey-2018_150pxA Fed-operated real-time settlement system is needed to ensure universal access and to promote future payments innovations, ICBA President and CEO Rebeca Romero Rainey wrote in a new op-ed on Medium.

Despite the megabank pushback against competition in real-time payments, Romero Rainey wrote, the Fed is uniquely positioned to provide universal access because all banks have access to a settlement account with it.

With the Fed nearing its decision on whether to take a lead role in faster payments, ICBA is strongly urging community bankers to contact policymakers using its Be Heard grassroots action center.

Contact the Fed and Congress