NEWS on Payments

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Bowman to community banks: Stay engaged on FedNow

Feb 28, 2020

The Federal Reserve should empower community banks to engage in responsible innovation and is doing so with the FedNow real-time payments platform, Fed Governor Michelle “Miki” Bowman said. Speaking at the Atlanta Fed, Bowman said community bankers were vital advocates for FedNow and encouraged them to continue engaging the agency as it develops the service.

ICBA led a years-long campaign on behalf of Fed involvement in real-time payments and will continue working with the Fed as it develops and implements FedNow. In a November comment letter, ICBA called on the Fed to introduce the service as quickly as possible to maximize adoption among community banks.