The Arizona Banker - Jan/Feb 2013 - page 6

6
111 West Monroe, Suite 440
Phoenix, Arizona 85003
Phone: (602) 258-1200 • Fax: (602) 258-8980
AzBA BOARD OF DIRECTORS
2012-2013
Lynne Herndon, Chairman
City President
BBVA Compass Bank
Mike Thorell, Chairman-Elect
President
Pinnacle Bank
Benito Almanza, Vice-Chair
Arizona President
Bank of America
James Lundy, Immediate Past
Chairman
CEO
Alliance Bank of Arizona
Toby Day
Arizona President
Arizona Business Bank
Gail Grace
President & CEO
Sunrise Bank of Arizona
Stephen Johnson
President, Arizona
M&I Bank
Chuck Luhtala
President
Canyon Community Bank
Brian Riley
President & CEO
Mohave State Bank
Joseph Stewart
Chairman & CEO, Arizona
JPMorgan Chase Bank, N.A.
Gerrit Van Huisstede
Regional President
Wells Fargo Bank
Candace Wiest
President & CEO
West Valley NaƟonal Bank
AzBA STAFF
Paul Hickman
President & CEO
Stacey Langford
Vice President, Member Services
Jan Arredondo
Director, AdministraƟon
Debra Kline
MarkeƟng & CommunicaƟons Coordinator
Federal Reserve Banks Announce
New Study to
Examine Nation’s
Payments Usage
T
H
E FEDERAL RESERVE’S RETAIL PAYMENTS OFFICE (RPO), LOCATED AT THE
FEDERAL RESERVE BANK IN ATLANTA, ANNOUNCED PLANS TO CONDUCT A
NEW STUDY TO DETERMINE THE CURRENT VOLUME AND COMPOSITION OF
ELECTRONIC AND CHECK PAYMENTS IN THE UNITED STATES. THIS TRIENNIAL
study continues the research conducted by the Federal Reserve in 2001, 2004,
2007, and 2010.
“While the Federal Reserve’s 2013 Payments Study will continue to build upon
trend information gathered in previous studies, this year’s study casts a broader
net across the evolving payments landscape,” said Jim McKee, RPO senior vice
president and the study’s executive sponsor. “The 2013 study will provide ad-
ditional data on electronic payment methods, cash deposit and withdrawal
information and, for the first time, limited third-party fraud information, in an
effort to provide the industry with further insight on emerging trends.”
The 2013 Federal Reserve Payments Study consists of three survey efforts com-
missioned to estimate the annual number, dollar value and composition of retail
noncash payments in the United States. Together, the survey efforts will provide
aggregate estimates and current trends in the use of payment instruments by U.S.
consumers and businesses. Previous studies have revealed significant changes in
the U.S. payments system over time, including a continuing decline in the use of
checks and growing use of electronic payments, such as automated clearinghouse,
electronic banking transactions, credit cards, debit cards and stored value cards.
The Federal Reserve will work with the Global Concepts office of McKinsey &
Company and Blueflame Consulting, LLC to conduct this research study. Prelimi-
nary results should be released by late 2013.
“The industry-wide participation in past studies has been extensive, appreci-
ated and necessary in allowing us to continue to offer meaningful results,” McKee
said. “We hope to continue to garner robust industry support in this mutually
beneficial effort.”
More information about Federal Reserve Financial Services can be found at
This site also contains links to the four previous Payments
Studies.
Z
The Financial Services Policy Committee (FSPC) is responsible for the overall direction of financial services
and related support functions for the Federal Reserve Banks, as well as for providing Federal Reserve lead-
ership in dealing with the evolving U.S. payments system. The FSPC is composed of three Reserve Bank
presidents and two Reserve Bank first vice presidents. Under FSPC oversight, the Retail Payments Office
was established to direct the retail payments activities of the Federal Reserve Banks. With its main focus
on the Check and Automated Clearing House functions, the RPO works with Reserve Banks to undertake
comprehensive and far-reaching initiatives to improve the payments system.
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