Fed Names Team to Create Faster Payments Governance Framework

The Federal Reserve today announced the members of its Governance Framework Formation Team, an initiative created by the Faster Payments Task Force and outlined in the task force’s final report, which was released earlier this year. The 27 members will work together to develop — with the help of public input — an initial faster payments governance framework that will help support the overarching goal of real-time payment ubiquity by 2020.

Team members include ABA VP Steve Kenneally, as well as individuals from five ABA member banks, including U.S. Bank, Wells Fargo, The Bankers Bank in Oklahoma City, Okla., Commerce Bank in Kansas City, Mo., and Bankers’ Bank in Madison, Wis.