Federal Reserve Banks to Host Town Halls on Improving the U.S. Payment System

Cleveland, OH, October 22, 2013 — The Federal Reserve Banks are encouraging payment industry stakeholders to register for one of six "Payment System Improvement Town Halls." The Town Halls will provide an opportunity for stakeholders to learn more about the recently released "Payment System Improvement – Public Consultation Paper" and discuss their views with Federal Reserve Bank leaders and diverse payments industry participants. The interactive format will engage participants from all facets of the payment industry and spark input and ideas for U.S. payment system improvement. 

November 12                    1:00 - 4:00 pm ET                     Federal Reserve Bank of Atlanta

November 13                    1:00 - 4:00 pm ET                     Federal Reserve Bank of Cleveland

November 14                    8:30 - 11:30 am CT                   Federal Reserve Bank of Chicago

November 15                    8:30 - 11:30 am PT                   Federal Reserve Bank of San Francisco

November 18                    8:30 - 11:30 am ET                   Federal Reserve Bank of Boston

November 20                    8:30 - 11:30 am CT                   Federal Reserve Bank of Dallas

Advance registration is required.  Interested industry stakeholders are invited to register for one of these events at FedPaymentsImprovement.org.

In addition to the events listed above, leaders from the Federal Reserve Banks have been actively seeking feedback and input from stakeholders from across the country through roundtable discussions, conferences, industry forums and meetings to help ensure the broadest range of viewpoints are shared during this collaborative process. 

The public consultation paper shares Federal Reserve perspectives on the key gaps and opportunities in the U.S. payment system and identifies five desired outcomes to be achieved within 10 years to address the gaps and opportunities. The Federal Reserve Banks are seeking the input of payment system participants and end users on gaps, opportunities and desired outcomes articulated in this paper; potential strategies and tactics to shape the future of the U.S. payment system; and the Reserve Banks' role in implementing these strategies and tactics. The consultation paper is available at FedPaymentsImprovement.org. Responses may be submitted via the online survey or email link on the website until December 13, 2013. All written responses will be made public and may be viewed on the website. 

"Success in achieving improvements will require collaboration across the industry," commented Sandra Pianalto, president and CEO of the Federal Reserve Bank of Cleveland and chair of the Federal Reserve Banks' Financial Services Policy Committee. "We look forward to receiving additional feedback on this consultation paper as we jointly explore the most promising ideas for U.S. payment system improvements."

More information about Federal Reserve Financial Services can be found at FRBservices.org.

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The Financial Services Policy Committee is responsible for the overall direction of financial services and related support functions for the Federal Reserve Banks, as well as for providing Federal Reserve leadership in dealing with the evolving U.S. payment system. The FSPC is composed of three Reserve Bank presidents and two Reserve Bank first vice presidents.