March 03, 2020

FedNow, OMB memo, more on NAFCU Cyber and Payments Committee agenda

CybersecurityNAFCU’s Cybersecurity and Payments Committee today is set to discuss the latest developments on the FedNow service, the CFPB’s trial disclosure sandbox and other industry hot topics.

During the meeting, Committee members will be asked to provide their thoughts on the ability to execute PINless debit transactions and whether or not they are going to join the Federal Reserve’s FedNow network when it is fully developed.

NAFCU has previously urged the Federal Reserve Board to expedite the FedNow service and believes that accessibility to affordable faster payment capabilities will provide many benefits for credit unions.

Additionally, NAFCU has met with the CFPB to talk about its innovation policies and looks forward to continuing the dialogue towards further relief of regulatory burdens for credit unions.

Committee members will also discuss the proposed OMB Memo on regulation for artificial intelligence (AI) applications. Earlier this year the Office of Management and Budget issued a request for comment on a draft Memorandum providing guidance on the development of regulatory/non-regulatory approaches regarding AI. The memo was addressed to the heads of executive departments and agencies. 

The committee will next meet June 2nd.