The Federal Reserve’s FedNow service is desperately needed and should be implemented as soon as possible, credit union trade groups said.
“The development of FedNow is imperative to the continued success of credit unions, and likely the only way that all credit unions will be able offer Americans of modest means critical financial services in the future,” Lance Noggle, CUNA’s senior director of advocacy and senior counsel for payments and cybersecurity told the Fed, in commenting on the proposal.
“Given strong credit union support for FedNow’s development, NAFCU encourages the Board and the Reserve Banks to expedite delivery and launch at the earliest possible date,” said Andrew Morris, NAFCU’s senior counsel for research and policy.