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Last Updated: 11/28/2022

The New Face of Retail Payments: Markets, Strategies and Regulations

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Eleventh Annual Payments Conference

The Federal Reserve Bank of Chicago held its annual payments conference on May 19-20, 2011, titled The New Face of Retail Payments: Markets, Strategies and Regulations. During this two-day event, we focused on the following questions: 

  • How will consumers fare in the new payments market?
  • How will financial institutions alter their business models in response to regulation and legislation?
  • What will the retail payments market look like in the future?
Michael S. Barr
Professor of Law, University of Michigan Law School

 Michael S. Barr is Professor of Law at the University of Michigan Law School, where he teaches financial regulation and international finance, among other courses. He was on leave 2009-2010 serving as the U.S. Department of the Treasury's Assistant Secretary for Financial Institutions, and was a key architect of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as the Administration’s housing finance policies. He is also a senior fellow at the Center for American Progress and at the Brookings Institution. Barr conducts large-scale empirical research regarding financial services and writes about a wide range of issues in financial regulation. Recent books include Building Inclusive Financial Systems (Brookings Press 2007, with Kumar & Litan) and Insufficient Funds (Russell Sage 2009, with Blank). Barr previously served as U.S. Treasury Secretary Robert E. Rubin's Special Assistant, as Deputy Assistant Secretary of the Treasury, as Special Advisor to President William J. Clinton and as special advisor and counselor on the policy planning staff at the State Department. He was a law clerk to U.S. Supreme Court Justice David H. Souter and Judge Pierre N. Leval of the Southern District of New York. He received his J.D. from Yale Law School, an M. Phil in International Relations from Magdalen College, Oxford University, as a Rhodes Scholar and his B.A., summa cum laude, with honors in history, from Yale University.

Thursday, 05/19/11
8:30 AM
Continental Breakfast
9:30 AM
Gordon Werkema, First Vice President and Chief Operating Officer, Federal Reserve Bank of Chicago
9:45 AM
Richard Oliver, Executive Vice President, Federal Reserve Bank of Atlanta
10:30 AM
Reaching New Markets
  • In what ways have consumers’ payment options expanded or contracted recently?
  • How will underbanked consumers respond to the new payments landscape?
  • What retail payment products are most attractive to emerging markets?
Katy Jacob, Business Economist, Federal Reserve Bank of Chicago
Yazmin Osaki, Special Assistant to the Deputy to the Vice Chairman, Federal Deposit Insurance Corporation
Andy Rowe, Savings and Payments Products Executive, Bank of America
Tim Murphy, Chief Product Officer, MasterCard Worldwide
Melissa Koide, Policy Director, The Center for Financial Services Innovation
12:00 PM
12:30 PM
Introduction to Keynote
Katy Jacob, Business Economist, Payments, Federal Reserve Bank of Chicago
12:45 PM
Keynote Address
Michael S Barr, Professor of Law, University of Michigan Law School
1:30 PM
Going Back to Basics
  • Given recent events, what trends do we see regarding cash payments? 
  • In what ways can paper-based payments be made more efficient? 
  • How are merchants altering their services to reach credit-strapped customers?
Ruth Judson, Economist, Board of Governors of the Federal Reserve System
Lisa Greco, President, AppleTree Credit Union
Susan Ehrlich, President, Sears Financial Services, Sears Holdings Corporation
John Drechny, Senior Director of Payment Services, Wal-Mart
3:00 PM
3:30 PM
Riding the Rails
  • In what ways are card networks and ACH networks competing with each other?
  • How will changes in the marketplace affect consumers’ use of payment vehicles?
  • What innovations are taking place at the network or bank level to address consumers’ needs?
Bob Hunt, Vice President and Director, Payment Cards Center, Federal Reserve Bank of Philadelphia
Joe Hurley, Vice President, Global Business Development, Discover
Neil Platt, Senior Vice President and General Manager, U.S. Banking, CashEdge
Will Sowell, Chief Operating Officer, Green Dot Corporation
Eric Reese, General Manager, Business Development, Chicago Transit Authority
5:00 PM
Friday, 05/20/11
7:45 AM
Continental Breakfast
8:40 AM
Daniel G Sullivan, Executive Vice President and Director of Research, Federal Reserve Bank of Chicago
8:45 AM
Developing New Models
  • How will nonbank firms influence the payment landscape?
  • In what ways are traditional institutions using technology to develop new business models?
  • What security issues do newer payment methods entail?
Paul Tomasofsky, President, Secure Remote Payment Council
Paul Rasori, Senior Vice President, Verifone
Laura Chambers, Senior Director, PayPal Mobile
Bill Gajda, Head of Global Mobile Product, Visa Inc.
Erin McCune, Partner, Glenbrook Partners
10:30 AM
10:45 AM
Looking Ahead
  • What are potential barriers and opportunities for future payment innovations?
  • How will the role of non-traditional payment providers evolve?
  • What is the future direction of retail payments in the U.S. given the current regulatory environment?
Sujit Chakravorti, Senior Vice President and Chief Economist, The Clearing House
Tim Willi, Managing Director, Wells Fargo
Allen Fishbein, Assistant Director, Consumer Education and Research, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System
Duncan Douglass, Partner, Alston & Bird
Emery Kobor, Assistant Director, Strategic Policy Office of Terrorist Financing and Financial Crimes, United States Department of the Treasury
12:30 PM





Last Updated: 05/24/11

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