The Federal Reserve is initiating a long-term project to upgrade the ACH, check and possibly wire transfer payment systems. As a start, the Federal Reserve published a paper (Payment System Improvement – Public Consultation Paper) and invited comments on what their role should be and how the systems should be improved.

CBA submitted comments generally supporting the Federal Reserve’s initiative and concurring that the Federal Reserve has a key role to play.

Please see CBA’s comment letter attached for more information.