NAFCU urges Fed to expedite FedNow Service
NAFCU's Andrew Morris shared the association's support of the Federal Reserve Board's decision to move forward with its real-time gross settlement (RTGS) service and urged the board to accelerate its launch and explore improvements to existing settlement capabilities.
Earlier this year, Federal Reserve Governor Lael Brainard announced the central bank's plans to develop its RTGS, the FedNow Service. NAFCU has previously pressed the Fed to play an operational role in efforts to modernize the nation's payment system.
"Given strong credit union support for the Board’s decision to develop the FedNow Service, NAFCU encourages the Board and the Reserve Banks to expedite delivery and seek to launch at the earliest possible date," wrote Morris, NAFCU's senior counsel for research and policy, in response to the proposal. "At the same time, NAFCU supports the Federal Reserve’s desire to make the FedNow Service interoperable with private sector networks to maximize the reach and accessibility of real-time payments.”
In the letter, Morris provided comments on a number of aspects of the service, including:
- account reconciliation;
- request for payment functionality;
- liquidity and credit;
- directory service;
- fraud prevention services;
- enhancements to the Fedwire Funds Service and National Settlement Service (NSS); and
- outreach and education.
Morris also noted the importance of credit unions' access to affordable faster payments capabilities, which could "help attract new members and improve overall satisfaction with services such as online bill pay, peer-to-peer (P2P) payments, and business-to-business payments."
NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt previously discussed the proposal in an op-ed, highlighting the many benefits credit unions could see with FedNow and addressing potential pitfalls.
NAFCU continues to lead on this issue, having served on both the Fed's Faster Payments and Secure Payments Task Forces. Additionally, NAFCU President and CEO Dan Berger previously met with Brainard to encourage the Fed to play an operational role in a future, faster payments system.
NAFCU has also held member meetings with St. Louis Federal Reserve Bank President James Bullard, Boston Federal Reserve Bank President Eric Rosengren, Minneapolis Federal Reserve Bank President Neel Kashkari, Chicago Federal Reserve Bank President Charles Evans, and New York Federal Reserve Bank President John Williams.
Later this month, NAFCU and its Board of Directors next month will meet with Federal Reserve Governor Michelle Bowman to share insights from the association's Annual Report on Credit Unions, including credit unions' role in the economy.
Add to Calendar 2020-07-09 14:00:00 2020-07-09 14:00:00 Cannabis Banking Issues The cannabis industry continues to pose a fascinating mix of competing opportunities and risks – particularly from an anti-money laundering (AML) perspective. Changing societal opinions and business opportunities can conflict with daunting legal landscapes and a spectrum of potential risks. Navigating the AML risks can be particularly difficult. Key Takeaways Review the current status of cannabis and hemp laws: the state vs. federal regimes Discuss recent enforcement actions involving cannabis Understand how to manage the specific AML risks presented to credit unions Walk through possible legislative reform for cannabis and financial services Register Now For On-Demand Access$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until July 9, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Compliance staff Risk staff Audit staff Legal staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. NCBSOs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Review the current status of cannabis and hemp laws: the state vs. federal regimes. Discuss recent enforcement actions involving cannabis. Understand how to manage the specific AML risks presented to credit unions. Walk through possible legislative reform for cannabis and financial services. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCCO, NCRM, NCBSO, CPE
Add to Calendar 2020-07-08 11:00:00 2020-07-08 11:00:00 NAFCU Roadshow: Issues Facing Wisconsin & Illinois Credit Unions During COVID-19 Please join us on Wednesday, July 8 at 11:00 a.m. ET (1:00 p.m. CST) as we host a special webinar for Wisconsin and Illinois-based credit unions. During the webinar, NAFCU President and CEO Dan Berger will discuss what credit unions should expect in the coming months amid the COVID-19 pandemic and what NAFCU is doing to help credit unions during this difficult time. COVID-19 isn’t stopping NAFCU from what we do best; engaging with credit unions. Key Takeaways Review the Small Business Administration’s Paycheck Protection Program; Discuss regulatory relief; Learn more about what’s happening on your behalf in meetings with the NCUA and CFPB; Walk through market specific performance trends; And more! Note: The information in this webinar is tailored to Wisconsin and Illinois-based credit unions. Register Now For On-Demand AccessRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until July 8, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? Wisconsin and Illinois-based credit unions Education Credits This webinar doesn't qualify for any continuing education credits recognized by NAFCU or NASBA. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
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