ICBA Again Testifies in Support of FedNow Decision

Sep 27, 2019
ICBA testified before Congress for a second consecutive day 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 House Financial Services Committee's Task Force on Financial Technology that the Fed is uniquely positioned to provide access to real-time payments because it already provides payments services to nearly 11,000 financial institutions.

ICBA has long supported the Fed’s role in real-time payments, and it offers a Payment Executive Brief outlining how FedNow works and key considerations for community banks.