To avoid an environment where community banks are left behind by larger institutions in the real-time payment process, the Independent Community Bankers of America (ICBA) urged the Federal Reserve to carve out a real-time gross settlement (RTGS) role in delivering real-time payments.
The organization’s letter coincided with the introduction of legislation seeking to require the Fed to implement its own real-time payments system, in part, to enable small institutions and entrepreneurs to compete on a more even playing field.
Find out what points she called out in her letter.