NEWS on Payments

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Powell: Widespread Support for Fed Faster Payments Involvement

Aug 01, 2019
19.07.24_Fed_ad_150pxMore than 90 percent of the 350 respondents to the Federal Reserve's faster payments request for comment said it should build a real-time gross settlement service, Fed Chairman Jerome Powell said.

In a recent letter to senators, Powell said the Fed is "seriously considering" moving forward with the service, citing supportive comments from community banks, merchants, consumer organizations, service providers and fintech companies. He noted that the Treasury Department has also recommended that the Fed get involved to promote more efficient and widespread access.

With a Fed decision on faster payment imminent, ICBA continues urging community bankers to use ICBA’s Be Heard grassroots action center to call and email policymakers in support of Fed involvement.

ICBA this week is also continuing its ad campaign on real-time payments, which has included ads in Politico and The Hill and sponsorship of this week's Politico Morning Money. That follows last week's letter to Powell and op-ed on Medium from ICBA President and CEO Rebeca Romero Rainey.

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