Comment Letter: FedNow System Must Protect Consumers

Woodstock Institute recently signed on to a letter led by the National Consumer Law Center (NCLC) to the Federal Reserve Board of Governors regarding the Fed’s new person-to-person payment system, FedNow. As consumers have quickly adopted other payment apps, scammers have used the opportunity to defraud consumers as well. The FedNow system must only launch when it is safe for consumers to use and includes robust protections from fraud and mistakes.