AFREF and 6 organizations sent a letter to the Federal Reserve Board expressing support for the development of the FedNow Service, the FRB’s real time payments system, and urging the Fed to build sufficient consumer protections into the system so that consumers and small businesses can safely use the system.
AFREF joined our colleagues in sending a letter to the Federal Reserve urging the inclusion of essential consumer protections in the rules and design of the FedNow service, the Federal Reserve’s real time payment system.
Letter to Regulators: AFR Ed Fund and Demand Progress Ed Fund urge the Federal Reserve Board to enact strong consumer protections into their FedNow system
The development of a real-time, ubiquitous payment system is an especially complex, expensive undertaking. Because of the scale of the endeavor, and its potential to impact the American public as a whole, we firmly believe the Board is the appropriate entity to establish a universal 21st century payments system.
Joint Letter: Letter to Federal Reserve Emphasizing Need for Strong Consumer Protections in Real Time Payment Systems
Coalition letter urging the Federal Reserve to build in strong consumer protections into the design of its new real-time payment system