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NAFCU today will meet with the Federal Reserve to go over next steps in advancing payments security. NAFCU served on the Fed's related task force and has ensured that the credit union perspective on any advancements in the payments system is taken into account.
 
The Fed today is expected to deliver an update on its multi-faceted approach to advance security and its aim to further define ACH and wire fraud, and mitigate synthetic identity and remote payments fraud.
 
NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt and Regulatory Affairs Counsel Andrew Morris will be part of today's meeting. More of these efforts will be discussed at the FedPayments Improvement Forum, Oct. 3-4 in Chicago.
 
NAFCU continues to work closely with the Fed to help realize the goal of developing a faster and more secure payments system. Since the Fed's Secure Payments Task Force has concluded, NAFCU is now a part of the FedPayments Improvement Community, which was created to allow stakeholders to engage in the Fed's ongoing payments improvement initiatives.
 
The association maintains that the financial services industry should lead the charge toward a faster, more secure payment system through innovation – but has recommended that the Fed play an operational role in a future faster payments system. NAFCU has also urged the Fed to stay away from a "one size fits all" approach to the payment system's future. It will continue to represent the credit union industry's best interests in this process.