Growin' Up Gregory

In this month's edition of Independent Banker, ICBA Chairman, Preston Kennedy shared his top three concerns facing community banks. The Federal Reserve's role in real-time payments. Housing finance reform. Credit union poaching of community banks. Below, allow me to interpret this from banker talk into a more understandable and applicable version of how it may affect your financial life. First, from CFO.com - "In a long-awaited move to speed up the U.S. payment system, the Federal Reserve has announced it will develop a real-time service that would eventually link more than 10,000 banks and credit unions across the country." It appears that for the next 4-5 years, small banks won't be playing on a level field with the big boys as there will likely be a tiered system of payment processing from the Fed. This won't affect most people's daily activities as transactions continue to increase in speed.  Just realize that the smaller companies and com...