ICBA has briefed House Financial Services Committee staff on why the Federal Reserve should have a leadership role in faster payments. ICBA First Vice President of Payments and Technology Policy Cary Whaley told committee staff on Capitol Hill that Fed involvement in faster payments would provide safety, integrity, continuity and equitable access to all financial institutions.
ICBA also detailed the issue in a one-pager for congressional staff. ICBA is leading the push to support the Fed’s operation of a Real-Time Gross Settlement service. ICBA President & CEO Rebeca Romero Rainey and ICBA Chairman Preston Kennedy wrote to Fed Chairman Powell to note that only the Fed can ensure ubiquity and equal access to real-time settlement.