Newsroom

Four members of the House Financial Services Committee have formed the bipartisan Congressional Payments Technology Caucus, which will explore new payments industry technologies and discuss issues of data security.

Reps. Lynn Westmoreland, R-Ga., Randy Neugebauer, R-Texas, David Scott, D-Ga., and Kyrsten Sinema, D-Ariz., said in statement they had a "strong interest in educating fellow members and the public on consumer protection when it comes to electronic payments."

Earlier this week, the Federal Reserve invited 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. The task forces, the Faster Payments Task Force and Secure Payments Task Force, 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.

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. 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.