The Working Group on Non-banks in Retail Payments firmed under the aegis of CPSS is also attempting to understand the challenges and the advantages of non-banks in the payments space.
This set of remarks is followed by a summary by the chairman, in which he lays out what he sees as the Committee’s consensus view for future policy. The voting members of the FOMC then cast their votes on this policy statement and thereby set monetary policy for the next six to seven weeks.