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Philadelphia Fed Names Director for Its New Payment Cards Center

For release: For Immediate Release
Contact: Marilyn Wimp, (215) 574-4197

Peter P. Burns has been named Vice President and Director of the Federal Reserve Bank of Philadelphia's newly established Payment Cards Center. Burns has spent the last four years as the managing director of the Wharton Financial Institutions Center of the University of Pennsylvania. Before joining Wharton, he was an executive with CoreStates Financial Corp. holding a variety of senior positions during his more than 25 years in the bank.

The Payment Cards Center will explore issues involving all types of payment cards, including credit cards, debit cards, smart cards, stored-value cards, along with other emerging payment vehicles.

"Our bank is uniquely suited for this initiative because our district is home to some of the largest issuers of payment cards," said Rick Lang, Executive Vice President, who will oversee the Center.

"We will work with people inside and outside the Reserve Bank to identify how different payment cards affect business, consumers, and the broad economy. We envision research contributions to come from a combination of industry experts, academics, Fed staff, and consumer organizations," Lang said.

The Federal Reserve Bank of Philadelphia serves depository institutions in eastern Pennsylvania, southern New Jersey and Delaware by supplying cash to these banks and thrifts, supervising them, collecting and processing about 4.6 million checks daily, wiring money and securities nationwide, as well as participating in the broader objective of setting monetary policy.

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