Federal Reserve Governor Michele "Miki" Bowman said she has heard from community banks on the need for the Fed to play a central role in faster payments. Testifying before the Senate Banking Committee, Bowman said the agency is actively deliberating whether it should have a role in delivering real-time payments.
ICBA strongly supports a Fed-operated real-time settlement system. In a December comment letter, ICBA said Fed leadership on faster payments would ensure access to financial institutions of all sizes and the customers they serve.
Bowman appeared before the Senate panel for a hearing on her renomination for a full 14-year term as a member of the Fed Board, which ICBA supports. Her testimony on real-time payments comes at the 1:39:00 mark of the online recording of Wednesday's hearing.