US Federal Reserve Board Secure Payments Task Force Seeks Comments From Industry Participants

On October 25, 2016, the Secure Payments Task Force, a 160-member task force convened by the US Federal Reserve Board to advance the safety, security and resiliency of the national payment system, requested comments from payment system industry participants in connection with its efforts to enhance three priority areas: (i) payment identity management; (ii) data protection and (iii) information sharing related to payments risk and fraud. For each of these focus areas, working group members have been meeting to document the current environment, the attributes of a more effective environment, the desired outcomes in each area and the barriers to implementation of recommended solutions.