Better web access, paid for by banks, could go a long way toward moving the unbanked into the mainstream. It was one of many ideas batted around at a recent a conference on the role fintech can play in promoting financial inclusion.
The Federal Reserve had ordered improvements in compliance, board oversight, risk management, capital planning and liquidity risk management that spanned multiple subsidiaries.
The central bank is taking a lead role in trying to combat the longstanding problem. A broad study by the Fed aims to measure the extent of payments fraud and to foster more collaboration in thwarting it.
The announcement comes after a Federal Reserve Board task force issued a report in September that said it would further examine options for modernizing the U.S. payments system.
In the new role, Kenneth Montgomery will lead the Fed’s efforts to reduce fraud risk and improve the security and resiliency of the U.S. payments system
