Powell talks faster payments with Senate panel
Federal Reserve Chairman Jerome Powell – during testimony Thursday before the Senate Banking Committee – answered questions about the development of a real-time payments system. NAFCU has worked to ensure credit unions' perspective on a safer, faster payments system is considered as the Fed and other stakeholders work on the issue.
Powell was delivering the agency's semiannual Monetary Policy Report; he testified before the House Financial Services Committee Wednesday.
Responding to questions from Sen. Chris Van Hollen, D-Md., Powell indicated that the Fed is currently reviewing comments on its proposal to develop a 24/7/365 real-time gross settlement (RTGS) service. Powell also noted the support of the proposal from small financial institutions; NAFCU in December shared how credit unions could benefit from faster payments services and has encouraged the Fed to play an operational role in a future, faster payments system.
Senate Banking Committee Chairman Mike Crapo, R-Idaho, also asked about data collection practices and efforts to ensure consumers have privacy and control over their data. Powell acknowledged the importance of this and said more work needs to be done on the issue. NAFCU's Cybersecurity and Payments Committee recently received an update on the Fed's work to identify and mitigate payments fraud risk from The Federal Reserve Bank of Chicago's Tim Boike, and also discussed consumer privacy legislation.
In addition, Powell provided economic updates to the committee and shared what trends the Federal Open Market Committee (FOMC) is watching as it sets monetary policy. NAFCU Chief Economist and Vice President of Research Curt Long expects the FOMC to cut rates later this month.
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Add to Calendar 2019-08-22 14:00:00 2019-08-22 14:00:00 2019 NAFCU–BFB Gallagher Executive Compensation and Benefits Survey For more than a decade, the annual NAFCU–BFB Gallagher Executive Compensation and Benefits Survey has served as one of the leading sources of executive pay. Each year, credit unions across the country, in all asset sizes, are surveyed on compensation and benefits for the CEO and top four executive direct reports. The results help credit unions make informed decisions and document their due diligence. Join the lead researcher for a look at this year’s trends and how to interpret the data. BFB’s executive benefits consultant will help you put the data into action. The survey also includes covered expenses and budget data for board expenses. Learn about: How to interpret the salary data tables Nonqualified benefit plan usage Volunteer expenses Executive demographics by asset size Key takeaways from the report Web NAFCU email@example.com America/New_York public
Add to Calendar 2019-08-21 14:00:00 2019-08-21 14:00:00 Small-Dollar Lending: Meeting Your Members' Needs Watch the Webinar On-Demand About the Webinar According to leading economic indicators in June 2019, the US economy is doing well. It has steady growth, low unemployment, and little inflation. Yet, nearly 4 out of every 10 Americans said they wouldn’t be able to scrape together the cash to meet a $400 emergency expense. What are the economic forces at work contributing to this anomaly? And how can your credit union help? Research has demonstrated that consumers would prefer to obtain short-term credit from YOU, their local credit union, and regulatory agencies such as the CFPB and NCUA as well as numerous consumer advocacy organizations are encouraging credit unions to provide responsible small-dollar loans to their members. Historically, the two biggest impediments for credit unions to offer affordable short-term loans were complex regulatory requirements and operational obstacles: time, cost, and technology. In this webinar, Christopher Leonard, CEO of Velocity Solutions, explains that these obstacles are no longer in your way! By leveraging digital, turnkey loan platforms, credit unions can provide much-needed liquidity to their members—responsibly, affordably, and compliantly. Christopher will discuss what to look for in partnering with a FinTech provider, and what types of features your members want from a small-dollar loan product. Key Takeaways: A startling percentage of American consumers are cash poor – why? Regulatory agencies are looking to community financial institutions to provide responsible short-term credit to these consumers. The impediments that have prevented credit unions from providing small-dollar loans to their members in the past are no longer obstacles! How to get started in choosing a FinTech provider and loan platform. Web NAFCU firstname.lastname@example.org America/New_York public
Velocity Solutions, LLC
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