ETA Submits Comment Letter to Regulators on Enhanced Cyber Risk Management Standards

Today, the Electronic Transactions Association (ETA) submitted a comment letter to the Board of Governors of the Federal Reserve, the OCC, and the FDIC regarding proposed enhanced cyber risk management standards for supervised entities and their service providers.

ETA supports efforts to strengthen cybersecurity within the country’s financial system. Given that ETA is the only trade association at the intersection of payments and FinTech, our member companies uniquely understand that the protection of customer information and the security of our nation’s financial systems are vital both to our economy and national security. The payments technology industry is committed to using technology and industry-driven solutions to protect new financial products and services, including devices, cloud services, and beyond.

ETA emphasizes in its comment letter that any regulatory framework should promote innovation in the industry and avoid duplicative regulations that could stifle growth in the U.S. FinTech space.

This letter follows comments ETA submitted recently in support of the OCC’s announcement that it will consider applications for special purpose national bank charters from FinTech companies.