A high-level Federal Reserve committee will begin consultations with bankers Friday on the central bank's future role in the retail payment system.

The panel, led by Fed Vice Chairman Alice M. Rivlin, is putting five options out for discussion. Bankers and other payment-system providers have been invited to two sessions in St. Louis, the first in a month-long series as part of a review project Ms. Rivlin is spearheading.

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