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From its inception nearly five years ago, the Payment Cards Center has followed a policy of reaching out to the broad set of stakeholders in the consumer payments and credit arena. We greatly value the interactive dialogue and resulting input as we work to build a program agenda that reflects the range of relevant perspectives. This operating principle is central to the PCC’s mission “to provide meaningful insights into developments in the payment cards industry that are relevant not only to the Federal Reserve, but also to the industry, other businesses, academia, policymakers, and the public at large.”
Among these constituencies, industry participants provide special value in ensuring that the PCC’s activities are grounded in market realities. In addition to regular dialogue with industry experts at our conferences and workshops, the PCC also convenes semiannual meetings with a group of industry advisors. In addition to seeking advice and counsel on our ongoing agenda, a good portion of these meetings involves an informal discussion of what our advisors judge to be emerging issues that might affect the industry and the broader consumer finance sector of the banking system. The insights gained from these discussions provide invaluable input as we consider directions for future initiatives.
Importantly, our advisors represent a range of industry perspectives, and individually, they bring a broad base of business experience and expertise to the table. In addition to executives from major credit card issuers, our advisors include leaders in payment services to community banks, debit and ATM processing, merchant acquiring, and payments consultancy.