[Federal Register Volume 62, Number 75 (Friday, April 18, 1997)]
[Notices]
[Pages 19173-19174]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-10027]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency
[Docket No. 97-11]


Consumer Electronic Payments Task Force; Public Meeting; Comment 
Request

AGENCIES: Office of the Comptroller of the Currency, Treasury.

ACTION: Notice of public meeting; request for comment.

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SUMMARY: The Consumer Electronic Payments Task Force (Task Force), an 
inter-agency effort initiated by the Secretary of the Treasury, 
consisting of the Office of the Comptroller of the Currency, Federal 
Deposit Insurance Corporation, the Board of Governors of the Federal 
Reserve System, Office of Thrift Supervision, Federal Trade Commission, 
Financial Management Service of the Department of the Treasury, and the 
Federal Reserve Bank of Atlanta, is seeking comment on issues affecting 
consumers raised by emerging electronic money technologies and on non-
regulatory responses to those issues. This notice also sets forth the 
time and other particulars concerning the first public meeting of the 
Task Force.

DATES: Requests to participate in the public meeting, indicating the 
topic to be addressed, must be received by May 9, 1997. Each person 
selected to participate must submit a summary of his or her statement 
by May 30, 1997.
    The public meeting will be held on June 9, 1997.
    Comments in response to this notice, and the public meeting, must 
be received by the OCC on or before July 17, 1997.

ADDRESSES: Requests to participate in the June 9, 1997, public meeting 
and summaries of statements should be addressed to the Consumer 
Electronic Payments Task Force--Public Meetings, Office of the 
Comptroller of the Currency, 250 E Street, SW, Mailstop 8-1, 
Washington, DC 20219.
    Written comments should be sent to Consumer Electronic Payments 
Task Force--Public Meetings, Communications Division, Third Floor, 
Office of the Comptroller of the Currency, 250 E Street, SW, 
Washington, DC 20219, Attn: Docket No. 97-11, or hand delivered on 
business days between 9:00 a.m. and 5:00 p.m. In addition, comments may 
be sent by facsimile transmission to fax number (202) 874-5274 or by 
internet mail to [email protected]. Requests to participate 
and statements may be faxed to (202) 874-5274, or e-mailed to 
[email protected].
    Comments and statements will be available for inspection and 
photocopying at the OCC's Public Reference Room, 250 E Street, SW, 
Washington DC 20219, between 9:00 a.m. and 5:00 p.m. on business days. 
Appointments for inspection of comments or statements can be made by 
calling (202) 874-5043.
    Meeting Location. Auditorium, First Floor, NASA, 300 E St. S.W., 
Washington D.C.

FOR FURTHER INFORMATION CONTACT: Franca Harris, Attorney, Chief 
Counsel's Office, (202) 874-5200; Diane Feeney, Staff Assistant, Chief 
Counsel's Office (202) 874-5200.

[[Page 19174]]

SUPPLEMENTARY INFORMATION:

Background

    The Task Force, established by Secretary of the Treasury Robert E. 
Rubin in the fall of 1996, focuses on consumer issues expected to arise 
from emerging electronic money and payments technology. The Task Force 
is chaired by Eugene A. Ludwig, Comptroller of the Currency, and 
includes Andrew C. Hove, Jr., Vice Chairman, Federal Deposit Insurance 
Corporation; Edward W. Kelley, Jr., Governor, Board of Governors of the 
Federal Reserve System; Nicolas P. Retsinas, Director, Office of Thrift 
Supervision; Robert Pitofsky, Chairman, Federal Trade Commission; 
Russell D. Morris, Commissioner, Financial Management Service; and, 
Jack Guynn, President, Federal Reserve Bank of Atlanta.
    The Task Force's mission is to identify and explore issues 
affecting consumers raised by emerging electronic money technologies 
(such as stored value and smart card and internet based payment 
systems) and to identify innovative responses to those issues, 
consistent with the needs of a developing market. The Task Force's 
objectives include:
    (1) Identifying consumer issues raised by electronic money;
    (2) Evaluating the extent to which consumer issues concerning 
electronic money are addressed by state and federal laws and 
regulations and voluntary industry guidelines; and,
    (3) Identifying innovative, non-regulatory approaches that help the 
electronic money industry address consumer issues.

Request for Comment and Statements at the Public Meeting

    The Task Force is hereby requesting comment on all aspects of this 
notice including, the following specific issues:

Consumer Disclosure and Protections

    (1) Currently, what information is disclosed to customers about 
electronic money products and how and when does the disclosure occur? 
What concerns, if any, arise from the potential different disclosures 
from different types of providers or concerning different types of 
products?
    (2) What information do customers most often seek? What sorts of 
things do customers most often misunderstand about electronic money 
products? Does the disclosed information provided by electronic money 
issuers respond to customer information needs?
    (3) What types of customer complaint or customer problems are the 
most prevalent? What have been the responses of electronic money 
issuers to these problems?

Access to Electronic Money

    (4) What electronic money products are, or are likely to be, most 
useful to the elderly, members of minority groups, disabled persons, 
the poor? What impediments, if any, exist to access by these groups to 
these products or to the development of products that are responsive to 
these needs?
    (5) What are electronic money issuers doing to reach and serve 
these types of customers?
    (6) Do electronic money issuers need additional incentives to reach 
and serve these customers? What role do electronic money issuers and 
the government have in helping to improve access to electronic money 
products?

Financial Condition of Issuers

    (7) If an issuer fails, what is the status of customers holding 
electronic money issued by that entity? What problems, if any, would 
customers face as a result of the failure of, or financial difficulties 
experienced by, an issuer? Do customers believe some types of products 
or issuers to be more secure than others?
    (8) What types of prudential requirements--such as liquidity and 
capital requirements--apply to issuers (both depository and non-
depository institutions)? What types of financial resources and backing 
are used by issuers?
    (9) What information is available to consumers concerning the 
financial condition of, and customer satisfaction with, issuers?

Public Meeting

    Any person desiring to participate in the public meeting must 
submit a request to do so.
    The Task Force will hold the first public meeting which will 
address all aspects of this notice, on June 9, 1997, from 9:00 a.m. 
until 4:30 p.m. The meeting will be held in the NASA Auditorium, which 
is located on the first floor of the NASA building, West Entrance, 300 
E St., SW, Washington, DC. At that meeting one or more members of the 
Task Force, and their senior staffs, will receive oral comments from 
those interested persons scheduled in advance to appear. Participants 
will be permitted to make a brief oral presentation. The Task Force 
will acknowledge receipt of requests to participate and will inform 
participants of scheduling.
    Please notify Franca Harris, OCC, Attorney, Chief Counsel's Office, 
prior to the public meeting if auxiliary aids or services are needed at 
(202) 874-5200.
    The Task Force will hold a second public meeting, focused on 
privacy and other issues, on July 17, 1997. Details concerning the time 
and place of this meeting will appear in a subsequent Federal Register 
notice.

    Dated: April 14, 1997.
Eugene A. Ludwig,
Comptroller of the Currency and Chairman, Consumer Electronic Payments 
Task Force.
[FR Doc. 97-10027 Filed 4-17-97; 8:45 am]
BILLING CODE 4810-33-P