Payments Politics & Policy Year in Review
Today’s world of technological advances and data breaches have made the electronic payments industry a major area of focus for policymakers. As the world’s largest payments industry trade association, ETA has created a single industry voice, heard in Washington, D.C., in U.S. state capitals and throughout international governing bodies, because having a voice in politics is crucial for businesses of all sizes.
ETA is the leading organization advocating for the payments community. At a time of unprecedented change in the payments industry, ETA’s government relations efforts are enormously important to our industry. Federal, state, and international policymakers have a huge impact on how we do business. And this influence is only growing stronger.
With 2015 drawing to a close, here are the highlights of ETA’s representation of its members before federal and state policy makers this past year.
- With support of ETA, bills strengthening the payments industry’s ability to prevent and respond to data breaches moved forward in Congress. ETA anticipates the President signing these bills in law in early 2016.
- With ETA’s help, two new Congressional Caucuses were created during 2015- one in the House and one in the Senate. ETA and its members briefed both on how the industry is making electronic payments faster and more secure.
- ETA regularly holds educational briefings for Hill and regulator staff, and 2015 was no exception. We held meetingsfocusing on various issues including how the industry works, money transmitter laws, marketplace lending, and EMV migration.
- Regulators, like the CFPB, have the ability to shape the landscape for the payments industry. ETA filed 10 comment letters, expressing the payments industry’s views on various topics such as fraud alerts, overtime rules, prepaid cards, arbitration clauses, and more.
- States are looking to understand the modern payments industry to be a possible source of tax revenue, to act as the enforcement arm of existing laws, and to ensure their citizens’ payments aresecure. ETA is active in many states, working to promote good ideas and defeat bad ones.
- During 2015, ETA regularly organized and participated in events to showcase its members’ expertise. For example, ETA leadership and staff regularly testified before Congress and spoke during industry events. We evenheld our first D.C. fly-in, where over 50 ETA member company executives met with 40 Members of Congressand regulatorsto discuss the EMV migration, as well as the industry’s support for legislation that helps us defend against cyberattacks.
- Sign up to participate in one of ETA’s many Councils: http://www.electran.org/about/call-for-2016-committees-councils/
- Click here to participate in our grassroots efforts: http://voiceofpayments.org/
- Learn more about the ETAPolitical Action Committee (ETAPAC), which is an important tool to help advance the industry’s policy goals in Washington D.C.: http://www.electran.org/ETAPAC/
For more information about ETA’s policy efforts, please contact Scott Talbott, Senior Vice President, Government Affairs at ETA at [email protected] or 800.695.5509.