Interview: Brooking’s Aaron Klein on Faster Payments, Consumer Credit & the Fed

In this episode, I had the chance to chat with the Aaron Klein, the Miriam K. Carliner Chair and senior fellow in Economic Studies at the Brookings Institution.

Aaron and I had a wide-ranging discussion on consumer payment and consumer credit regulation and public policy, including:

* Why, despite the existence of The Clearing House RTP and FedNow, U.S. consumers don’t have widespread free or low-cost access to instant payments

* The link between remote deposit capture, plane loads of checks, and 9/11

* Consumer credit and small-dollar lending, including overdrafts, payday loans, and fintech apps such as EarnIn, Dave, and MoneyLion

* Why someone with a bank account would use a check casher

* And much more!

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