Business and Consumer Payments Advisory Council

The Business and Consumer Payments Advisory Council (BACPAC) was established in 2009 by the Federal Reserve Bank of Richmond to collect and exchange information with merchants on consumer to business payments. This unique collaboration enables the Federal Reserve Bank of Richmond to analyze consumer payment patterns and to identify and understand emerging payment trends and risks.

The Council has regional advisory groups in Charlotte, Richmond and Baltimore that meet twice each year in the spring and the fall. Each regional council has approximately 20 business representatives from a diverse mix of companies including large national chains, smaller regional companies and specialty businesses.

Attendees benefit from the exchange of viewpoints and perspectives of forward-thinking business leaders; by learning of issues confronting their counterparts and the solutions applied; and by establishing open lines of communication with the Federal Reserve Bank of Richmond. Volunteer council members also provide anecdotal and statistical sales and related consumer payments data for their business. In addition, members are encouraged to supply feedback on topics such as currency, counterfeiting trends, fraud, payments technology and other consumer payment issues.