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The Federal Reserve, which held a two-day payments symposium last week in Chicago, is expected to produce a roadmap for payments system improvements in the next few months.

NAFCU Senior Regulatory Affairs Counsel Angela Meyster attended the symposium, which was held at the Federal Reserve Bank of Chicago and focused on the results of its payment system improvement project.

The Fed put out a white paper last year on how to improve the payments system, with an emphasis on getting payments to same-day settlement across the board. NAFCU responded with a comment letter urging the Fed to allow the payments industry to determine how the system will evolve and not assume the role of setting its direction.

In January, NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt wrote an editorial in CUInsight advocating letting industry lead the way in payments system reform, citing concerns about cybersecurity and fraud.

"A one-size-fits-all approach, as we have seen with the tsunami of regulation since the financial crisis, can be a dangerous approach to use," Hunt wrote. "Industry trial and error – as well as consumer input – is more likely to show the best way forward, rather than assuming all transactions should be sped up. Moving forward without fully considering potential unintended consequences could very well hurt consumers more than help them."

NAFCU continues to work with the Fed and trade groups and will remain engaged as the initiative moves forward, and will keep members updated on the potential impact of the roadmap on the credit union industry.