CBAI Draws National Attention for Supporting the Federal Reserve in Payments System Improvements

The Community Bankers Association of Illinois (CBAI) and CBAI Payments Task Force Chairman, Mark Field (Chairman and President of Liberty Bank in Liberty, IL) were highlighted in a January 29th Forbes article for strongly supporting the Federal Reserve’s proposal to operate a real time payments system.

Chairman Field challenged the notion that the largest banks in the country should own and control the payments system. CBAI concurred with Field and stated the Fed is uniquely situated to provide open and fair access to the payments system for all community banks regardless of size, charter type or location; and cautioned that a payments system that disadvantages community banks will have a devastating impact on the nation’s consumers, small business and agriculture. Read Forbes Article.