February 11, 2019

Let Fed know interest in joining payments working group

moneyThe Fed is launching two groups among industry stakeholders in March to help improve payments security. Credit union personnel interested in participating in the Federal Reserve's Fraud Definitions Work Group should submit an expression of interest form to the agency by Thursday.

NAFCU continues to engaged with the Fed regarding its work to make the payments system faster and more secure and has met with Fed staff to discuss the strategy for achieving more secure payments. The association in December shared how credit unions could benefit from faster payments services

The Fraud Definitions Work Group will be comprised of 20 to 30 industry participants selected by the Fed who have in-depth expertise in areas such as fraud prevention, payments risk mitigation, and ACH, wire and check operations, including customer servicing aspects.

Additional information on the work group is available here; the interest form is available here and is due Thursday.

In addition, the Fed is also launching a Fed Definitions Community Interest Group. This group will be comprised of industry stakeholders who are interested in following and providing input on the efforts of the Fraud Definitions Work Group, as well as those who are not selected for the work group. This group of stakeholders will receive regular updates on the work group's progress with the opportunity to provide feedback on work group deliverables.

Those interested in joining this group can create a FedPayments Improvement Community profile and select "ACH, Wire and Check Fraud Definitions" as a topic of interest.

Applicants will be notified of their work group or interest group designation by mid-March.