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| ETA Offers Regulatory Comments |
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The Electronic Transactions Association (ETA) has submitted comments to
the Board of Governors of the Federal Reserve System and to the
President’s Identity Theft Task Force, on unrelated issues.
Responding to a request for comments as part of the Federal Reserve Board’s rulemaking procedure regarding treatment of small transactions pursuant to Regulation E, ETA expressed strong support for the Board's proposal to eliminate the receipt requirement for transactions under $15 and asked the Board to increase the threshold to $25. (Full comment here.) ETA also urged the Federal Identity Theft Task Force to ensure that its recommendations take into account four areas of concern to the payments industry. The association recommended that any legislation: (1) establish a clear breach notification triggering mechanism based on a realistic risk of identity theft; (2) unambiguously preempt conflicting state laws; (3) acknowledge and work in tandem with industry self-regulation efforts; and (4) provide a “safe harbor” for organizations already covered by the Gramm-Leach-Bliley Act. The Federal Identity Theft Task Force was established by President Bush in May 2006 to develop a coordinated strategic plan to combat identity theft.(Full comment here.) |
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