Comments Due to NAFCU: Federal Reserve - Central Bank Digital Currency

Important Regulatory Dates Add to Calendar 2022-03-31 17:00:00 2022-03-31 17:00:00 Comments Due to NAFCU: Federal Reserve - Central Bank Digital Currency NAFCU would like to highlight the following: A potential CBDC would be a liability of the Federal Reserve that should “complement, rather than replace, current forms of money and methods for providing financial services.” The paper summarizes the current state of the domestic payments system and discusses the different types of digital payment methods and assets, including stablecoins and other cryptocurrencies. The Federal Reserve suggests that a CBDC could support faster and cheaper payments (including cross-border payments) and expand consumer access to the financial system. The Federal Reserve does not intend to proceed with issuance of a CBDC without clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law. Comments due to NAFCU: March 31, 2022 Comments due to Federal Reserve: May 20, 2022 Comment now   NAFCU will send comments on behalf of its members to the Federal Reserve by their deadline (May 20, 2022). Location NAFCU digital@nafcu.org America/New_York public

NAFCU would like to highlight the following:

  • A potential CBDC would be a liability of the Federal Reserve that should “complement, rather than replace, current forms of money and methods for providing financial services.”
  • The paper summarizes the current state of the domestic payments system and discusses the different types of digital payment methods and assets, including stablecoins and other cryptocurrencies.
  • The Federal Reserve suggests that a CBDC could support faster and cheaper payments (including cross-border payments) and expand consumer access to the financial system.
  • The Federal Reserve does not intend to proceed with issuance of a CBDC without clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law.

Comments due to NAFCU: March 31, 2022

Comments due to Federal Reserve: May 20, 2022

Comment now  

NAFCU will send comments on behalf of its members to the Federal Reserve by their deadline (May 20, 2022).