[Federal Register Volume 62, Number 104 (Friday, May 30, 1997)]
[Notices]
[Pages 29392-29393]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14185]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency
[Docket No. 97-13]


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, 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 additional 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 
second public meeting of the Task Force.

DATES: Requests to participate in the public meeting, indicating the 
topic to be addressed, should be received by June 16, 1997. Each person 
selected to participate should submit a summary of his or her statement 
by July 7, 1997.
    The public meeting will be held on July 17, 1997.
    Comments in response to the specific issues raised in this notice 
must be received by the OCC on or before August 15, 1997.

ADDRESSES: Requests to participate in the July 17, 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, S.W., 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. 97-13, 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. Room 432, Federal Trade Commission headquarters 
building, 6th Street and Pennsylvania Avenue, N.W., Washington D.C.

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

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.
    The Task Force's first public meeting dedicated to Consumer 
Protection and Disclosure, Financial Condition of Issuers and Access 
will be held on June 9. For more information on this meeting please see 
the notice appearing in the April 18, 1997 Federal Register (62 F.R. 
19173).

Request for Comment and Statements at the Second Public Meeting

    The Task Force is hereby requesting written comment on the Privacy 
issues described below, which were not included in the Request for 
Comment in the Notice concerning the June 9 Public Meeting:

Privacy Issues

    (1) What information is generated about users of electronic money 
products and their transactions?
    (2) Who collects, and has access to, that information and what is 
done with it?
    (3) What are customers told about how this information is used?
    (4) What sorts of privacy concerns, if any, have customers raised 
about the collection and use of this information?
    (5) How can these privacy concerns be addressed?
    The Task Force also solicits comment on the following issues, which 
were included in the Request for Comment in the Notice concerning the 
June 9 Public

[[Page 29393]]

Meeting and which are repeated below for your convenience:

Consumer Disclosure and Protections

    (6) 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?
    (7) 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?
    (8) 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

    (9) 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?
    (10) What are electronic money issuers doing to reach and serve 
these types of customers?
    (11) 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

    (12) 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?
    (13) 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?
    (14) 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 should 
submit a request to do so. Persons interested in participating are 
encouraged to state whether they wish to address particular issues 
listed in this notice.
    The Task Force will hold the second public meeting which will 
address all aspects of this notice, on July 17, 1997, from 9:00 a.m. 
until 4:30 p.m. The meeting will be held in Room 432 of the Federal 
Trade Commission headquarter's building, fourth floor, 6th and 
Pennsylvania Avenue, N.W., 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.

    Dated: May 20, 1997.
Eugene A. Ludwig,
Comptroller of the Currency Task Force Chairman.
[FR Doc. 97-14185 Filed 5-29-97; 8:45 am]
BILLING CODE 4810-33-P