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The Federal Reserve is still looking at result of its payments system improvements project, the backdrop for a two-day payments symposium at the Chicago Federal Reserve Bank that concludes today.

Late last year, the Fed released a white paper on how to improve the payments system, with emphasis on getting payments to same-day settlement across the board. NAFCU has urged the Fed to let the payments industry determine how the system will evolve and not to assume for itself the role of setting that direction.

NAFCU continues to work with the Fed and trade groups and will remain engaged as the initiative moves forward. Last winter, NAFCU urged continued dialogue rather than Federal Reserve intervention in payments system matters.

The Fed Financial Services Policy Committee said the Fed would use the research conclusions and feedback to prepare a roadmap for payments system improvements to be shared in the coming months.

Angela Meyster, NAFCU's senior regulatory affairs counsel, is attending this week's event in Chicago.