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CFPB Director Cordray discussed the need for "transparency, security, and access" in payment systems during the bureau's Credit Union Advisory Council meeting Thursday in Washington.

"We are now seeing companies in the fields of technology and finance that are beginning to develop real-time or near-real-time payment systems for the American economy," Cordray said in opening remarks. "These new systems are aimed at reducing ‘pocket-to-pocket' payment times between consumers and businesses or other entities. The Bureau recently outlined some guiding principles to govern these new systems as they are being developed. We want to ensure that consumer protections are at the forefront."

NAFCU has maintained the government should not dictate payment system changes but instead allow the payments industry to lead the way toward a faster system.

In September, NAFCU-member representatives Gail DeBoer, president and CEO of SAC Federal Credit Union in Papillion, Neb., and Katey Proefke, assistant vice president of compliance for Chevron Federal Credit Union in Oakland, Calif., were named to the council along with six other industry representatives. Four other NAFCU members also serve on the CUAC.

The council has 15 members, all of them from credit unions with $10 billion or less in assets. The council was formed under the Dodd-Frank Act to provide direct feedback to CFPB on its policy development, research, rulemaking and engagement functions.