Federal, Legislation, News, Regulation

ABA urges lawmakers to consider rapidly changing payments industry in regulation

200px-American_Bankers_Association_LogoThe American Bankers Association urged lawmakers in a report last week to consider consumer protections, payment system integrity and competitive equity in designing rules governing the payments industry.

The report was developed by the ABA’s emerging payments group, which is comprised of senior executives from community, regional and large banks.

“Banks—which developed the first credit card in 1958 and have since pioneered technologies like online banking and bill pay, mobile banking, and remote deposit capabilities—continue to push the innovation envelop to improve the banking experience for consumers and businesses,” the advisory group said.

The group urged lawmakers in the report to ensure that consumer protection laws are applicable to every step of the electronic payment process, that all payment system participants maintain robust controls to protect system integrity and assist in mandated enforcement efforts and that participants in the market play on a level regulatory playing field.

Members of the advisory group include Bank of America, Missouri-based Central Bancompany, Massachusetts-based Eastern Bank, Fifth Third Bank, Oklahoma-based First Bethany Bank and Trust, Ohio-based FirstMerit Bank, Iowa-based Northwest Financial Corp., PNC Financial Services, Regions Financial, U.S. Bank, Georgia-based United Bank, Wells Fargo and Utah-based Zions Bank.

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