CFE Fund Comment Letter to the Federal Reserve on Faster Payments

The CFE Fund submitted a comment letter to the Board of Governors of the Federal Reserve System in response to their request for public comments on the need for new infrastructure that can enable ubiquitous, nationwide access to safe and efficient faster payments. Speaking from the CFE Fund’s programming and research experience working with nearly 70 mayors across the country, particularly in regard to those that are unbanked, this comment letter calls out the lack of real-time payment and settlement systems as one of the top barriers discouraging people from connecting into the stability of the financial mainstream, and urges a real time payment system.