Throughout the coronavirus pandemic, banks have driven “unprecedented speed and efficiency” in delivering COVID-19 relief, including the CARES Act economic impact payments and Paycheck Protection Program forgivable loans, ABA said today. “Many of these innovations, including remote account opening, remote check deposit and real-time payments continue to evolve to ensure a more inclusive, accessible, and secure banking ecosystem,” the association added in a statement for the record for a House Financial Services Committee hearing today.
With this track record—“significantly more efficient than past stimulus payments”—ABA argued that recent proposals to create consumer accounts at Federal Reserve banks backed by digital dollars is not the answer. “A disruptive federalization of the banking system introduces serious risks to monetary policy, financial stability, credit availability, and financial inclusion,” ABA added. “There is important work already underway to ensure all Americans have access to both basic and innovative banking services, including real-time payments.”