Federal Reserve Bank of Chicago

"I haven't made up my mind for what should happen in September," Goolsbee said.

Speed stands at the forefront of any real-time payments deployment, but the real staying power in new payments innovation rides on the development philosophy of the platform itself.

The push for faster payments in the U.S. has suffered from the lack of a government mandate, which in other countries resulted in a common, streamlined system. Now it's time for the disparate U.S. platforms to come together.

Consumers who have borrowed from online lenders owe more and have lower credit scores than similarly situated consumers who have not used online lenders, according to a study released Thursday by the Cleveland Fed. The provocative findings seem likely to spark intense debate.