May 20, 2019 – The U.S. Faster Payments Council (FPC) today released the results of its first member election for its Board of Directors. Newly designated representatives include the following individuals representing the FPC’s six membership segments:
| Business End-Users
· John Drechny, Merchant Advisory Group (1-year term) · Reed Luhtanen, Walmart Inc. (3-year term) · Perry Starr, Target Corporation (2-year term)
Consumer Organizations · Cathy Mansfield, National Consumer Law Center (2-year term) · Adam Rust, Reinvestment Partners (3-year term)
Financial Institutions · Michael Bilski, North American Banking Company (3-year term) · Roy DeCicco, JPMorgan (1-year term)* · Mark Keeling, The Bankers Bank (2-year term) · Robert L. Palmer, Community Bankers Association of Ohio (1-year term)
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Other
· Susan Doyle, EPCOR (3-year term) · Jim Kaitz, Association for Financial Professionals (1-year term)* · Steve Kenneally, American Bankers Association (2-year term) · Jane Larimer, Nacha (1-year term)
Payment Network Operators · Matt Friend , Visa (3-year term) · Andrea Gilman, Mastercard (2-year term) · Steve Ledford, The Clearing House (1-year term)
Technology Providers · Kevin Christensen, SHAZAM (2-year term) · Gene Neyer, Icon Solutions (1-year term) · Deborah Phillips, Jack Henry & Associates Inc. (3-year term) · Pat Thelen, Ripple (1-year term)* |
*At-large member
“The new FPC Board represents the industry inclusiveness that is critical to the work of the organization,” says Kevin Christensen, acting FPC executive director and interim Board chairman. “Our job is to convene industry stakeholders to chart a path to ubiquitous faster payments, and these newly elected leaders will be instrumental in achieving that vision. The level of FPC member commitment is unparalleled, and with this passion comes action: We will achieve universal faster payments.”
As outlined in the FPC bylaws, the Board is comprised of up to 21 voting members representing the voting membership segments, and each voting segment is allocated three seats; seat allocations that are not filled are left vacant. In addition, three at-large seats exist for the three voting segments with the largest number of members, but no membership segment may have more than four seats. Within each segment, the composition of the directors reflects the diversity of their segments.
In this inaugural election, FPC members voted in a Board that benefits both from continuity and fresh perspectives: 65 percent of this new leadership draws on the experiences of the interim Board, while the other 35 percent represent new FPC directors. Board members will be serving staggered-length terms. Term lengths were determined by number of votes, with the longest terms assigned to those with the largest member support. In addition, Board officer positions were recommended by the Nominating Committee and will be confirmed at the first FPC Board Meeting on May 30.
“As we assemble this new group of industry leaders, we’d like to extend a special thank you to the interim Board,” remarks Christensen. “Without the tireless efforts of those individuals, we wouldn’t be where we are today: holding our first member meeting, unveiling new initiatives and spearheading progress toward ubiquitous faster payments. This group helped set the stage, and now, our newly elected Board will take us into the future.”
The FPC Board is accountable to the members for setting strategic direction and ensuring processes, activities and recommendations are consistent with the fundamental principles of the organization. In addition, the Board is responsible for ensuring the views of segments with fewer members are heard during deliberations at the Board, committee and work group levels.
The Board’s near-term objectives include formalizing the organization’s strategic direction and establishing foundational structure. With the help of the Executive Search Committee, one of the Board’s most immediate tasks will be to confirm the FPC’s first executive director. This announcement is expected by early summer 2019.
About the U.S. Faster Payments Council (FPC)
The FPC is a new industry-led membership organization whose mission is to facilitate a world class payment system where Americans can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. By design, the FPC encourages a diverse range of perspectives and is open to all stakeholders in the U.S. payment system. Guided by principles of fairness, inclusiveness, flexibility and transparency, the FPC will use collaborative, problem-solving approaches to resolve the issues that are inhibiting broad faster payments adoption in this country. For more information, please visit FasterPaymentsCouncil.org.