Through three decades—including five Administrations in Washington, numerous mergers and acquisitions, and countless technological advances, EFTA has been one constant in an ever changing field.
For 30 years, EFTA has provided leadership, education, and representation for companies and organizations involved in electronic payments. The Association continues to foster its close relationships with regulators and legislators, representing the industry on a host of issues. These include:
Fraud & Risk in the Payments System. EFTA has developed a close working relationship with the Payment Card Center of the Federal Reserve Bank of Philadelphia. Together we have co-sponsored several meetings on a wide variety of topics in the payments arena. In 2006 EFTA and the Center continued their comprehensive examination of one of the biggest and most timely issues in the payments business today, fraud & risk in the payment system.
Prepaid Products. In 2006 EFTA continued to play a leading role in guiding the development of the rapidly growing prepaid card segment. EFTA serves as a credible partner with the Federal Reserve Board, the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the U.S. Treasury providing guidance and written commentary as they consider various regulatory initiatives that will maintain the dynamic quality of emerging prepaid products. Because of its relationships with these agencies, EFTA members have had the opportunity to meet directly with regulators and other Executive Agency officials to provide objective industry information and analysis on myriad prepaid issues and products.
Interchange Fees. EFTA continues to monitor public sector activities regarding interchange practices. EFTA seeks market-based solutions on interchange, rather than government imposed price controls. EFTA has attended Congressional hearings and has actively participated in industry coalition efforts in this area.
Legislative & Regulatory Council. EFTA’s recently formed Legislative & Regulatory Council serves as an early warning system for members on legislative and regulatory issues that can impact your bottom line. The Council’s efforts to date have focused on issues such as prepaid cards, privacy and data security, interchange, and internet gambling.
Government Electronic Payments. EFTA’s EBT Council is the industry’s longest-standing trade group promoting sound business practices and public policy for government payment systems. In 2006 the council released its long-awaited White Paper on state payment practices, the first comprehensive survey on this topic. The Council also worked with the Departments of Health and Human Services and Agriculture on the the most effective use of payment cards during catastrophic disasters.
EFTA also brings its members together with a wide variety of speakers to create a dialogue on the important issues facing the electronic industry. Following is a list of some of the speakers who have met with EFTA groups over the last year.
• Peter Burns, Vice President & Director, Payment Cards Center, Federal Reserve Bank of Philadelphia
• Julia Cheney, Industry Specialist, Payment Card Center, Federal Reserve Bank of Philadelphia
• Robert Gordon, Senior Counsel, House Financial Services Committee
• Jonathan Gould, Counsel to Committee, Senate Banking Committee
• Charles Klingman, Deputy Director for Critical Infrastructure Protection & Compliance Policy, U.S. Department of Treasury
• Carter McDowell, Chief Counsel & Policy Advisor, House Committee on Financial Services
• Dr. Charles Plosser, President, Federal Reserve Bank of Philadelphia
• Stuart Pratt, President & CEO, Consumer Data Industry Association
• Bruce Summers, Director, Federal Reserve Information Technology
• Orson Swindle, Hunton & Williams Former Commissioner, Federal Trade Commission
• Ky Tran-Trong, Senior Attorney, Division of Consumer & Community Affairs, Federal Reserve Board
• Joel Winston, Associate Director, Division of Financial Practices, Bureau of Consumer Protection, Federal Trade Commission