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Federal Reserve Staff Discuss Faster Payments Solutions with CUNA
Friday, April 8, 2016 6:35 AM

Staff from the Federal Reserve visited the Credit Union National Association’s Washington, DC, office Thursday to discuss its payments initiatives. CUNA, via its advocacy efforts and its Payments Subcommittee, is a consistent advocate for a modern, secure payments system.

CUNA also is a member of both the Federal Reserve’s Faster Payments and Secure Payments task forces.

The Fed recently released a progress report on its efforts to enhance the speed, efficiency and security of the U.S. payments system.

CUNA was involved throughout the process of adopting the same-day automated clearinghouse (ACH) rule, both from NACHA-The Electronic Payments Association, and when the Fed proposed to adopt NACHA’s standard.

CUNA’s payments efforts also include supporting cybersecurity efforts and legislative solutions to ensure a secure payments system.

CUNA is in favor of a strict data breach notification standard, as well as increased standards for merchants, standards comparable to the ones credit unions and other financial institutions are subject to under the Gramm-Leach-Bliley Act.