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The Federal Reserve is inviting interested stakeholders to register to participate in two task forces on improving U.S. payment systems. NAFCU is encouraging credit unions to register to represent the industry.

In January, the Fed released a plan for improving the payments system, with the key focus on five strategies to create a faster, more efficient and more secure system.

Now, the Fed is creating two task forces, the Faster Payments Task Force and Secure Payments Task Force, which will "pursue improvements to the U.S. payment system," according to Kansas City Fed President Esther George.

NAFCU encourages member credit unions who wish to register for either task force to contact Director of Regulatory Affairs Alicia Nealon (anealon@nafcu.org) for more information.

NAFCU has urged the Fed to allow the payments industry to determine how the system will evolve and cautions the Fed against adopting a "one size fits all" to any changes to the payments system.