ICBA kicked off two days of congressional testimony on its strong support for the Federal Reserve’s decision to build a real-time payments system.
Robert A. Steen, chairman and CEO of Bridge Community Bank in Mount Vernon, Iowa, told the Senate Banking Committee that FedNow will ensure competition, choice, universal access and affordability while offering a platform for innovation that is a natural extension of the Fed's current payments role.
ICBA has long supported
the Fed’s role in real-time payments. Steen is set to testify today before the House Financial Services Committee's Task Force on Financial Technology.
Read ICBA Release