Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
Sen. Josh Hawley 09/20/23
House Financial Services Committee 09/19/23
House Financial Services Committee 07/19/23
House, Senate Leaders 07/14/23
House, Senate 07/11/23
House Financial Services Committee 06/13/23
Senate, House leaders 06/09/23
House Financial Services Committee 05/05/23
House Financial Services Committee 04/19/23
Rep. Tom Emmer 03/08/23
Senate, House 11/17/22
House, Senate 10/11/22
Senate 10/04/22
House 09/27/22
House 09/21/22
Senate 08/31/22
House Financial Services Committee 07/22/22
Senate Judiciary Committee 05/04/22
Senate Judiciary Committee 05/02/22
Sens. Cruz, Braun, Grassley 04/04/22
Rep. Tom Emmer 04/04/22
Congress 07/27/21
116th Congress 10/15/20
U.S. House Task Force on Financial Technology 09/29/20

Letters to Regulators

Title Recipient Date
International Organization of Securities Commissions 07/31/23
BIS Committee on Payments and Market Infrastructures 05/31/23
Securities and Exchange Commission 05/08/23
CFPB 05/02/23
Bureau of the Fiscal Service 04/03/23
Office of Science and Technology Policy 03/03/23
Federal Reserve 02/13/23
Financial Stability Board 12/15/22
Treasury Department 11/04/22
Treasury Department 08/08/22

Testimony

Title Committee Presenter Date
House Subcommittee on Digital Assets, Financial Technology and Inclusion Written Statement 09/13/23
Senate Banking Committee Written Statement 02/13/23
Senate Banking Committee Written Statement 07/28/22
House Financial Services Committee Written statement 05/25/22
Senate Banking Hearing 02/15/22
House Financial Services Committee Written statement 02/08/22
Senate Banking Committee Written Statement 12/14/21
House Financial Services Committee Written statement 12/07/21
HSFC 09/29/20

Payments News

Wholesale CBDC could speed cross-border payments: N.Y. Fed report

May 22, 2023

A wholesale central bank digital currency could enable faster, simultaneous, and safer cross-border payments, according to a new report from the Federal Reserve Bank of New York and the Monetary Authority of Singapore.

Details: Part of the New York Fed’s Project Cedar research on a potential wholesale CBDC, the report:

  • Is not intended to advance any specific policy outcome or signal any imminent decisions about the appropriateness of issuing a CBDC.

  • Instead explores the possibility of using digital ledger technology for cross-border payments using multiple currencies to promote interoperability among financial networks with different designs.

  • Finds that the technology supports interoperability, “atomic” or simultaneous settlement, and near-real-time settlement.

G7 Statements: The Project Cedar report followed the release of a statement from the Group of Seven finance ministers and central bank governors that said CBDCs could have a substantial role in promoting a reliable, stable, and transparent global payment system. In a separate statement, G7 leaders pledged to “continue policy deliberation on digital money.”

ICBA View: ICBA opposes the formation of a U.S. CBDC. In a recent American Banker op-ed, ICBA President and CEO Rebeca Romero Rainey said FedNow will negate the need for a U.S. CBDC by achieving the same policy goals of immediate funds availability without the risks to the banking system.

Customer FAQs: As community bankers field questions about FedNow and CBDCs from consumers confused by misinformation circulating online, ICBA offers frequently asked questions community bankers can use to answer customer queries.