ETA Sends Letter to the OCC Supporting Responsible Innovation in the Federal Banking System
May 27, 2016
The Electronic Transactions Association (“ETA”) hereby respectfully submits its comments in response to the Office of the Comptroller of the Currency’s (“OCC”) white paper on Supporting Responsible Innovation in the Federal Banking System. ETA is the leading trade association for the payments industry, representing over 500 companies that offer electronic transaction processing products and services. ETA’s members include financial institutions, mobile payment service providers, mobile wallet providers and non-bank online lenders that make commercial loans, primarily to small businesses, either directly or in partnership with other lenders. ETA member companies are creating innovative offerings in financial services, revolutionizing the way commerce is conducted with safe, convenient and rewarding payment solutions and lending alternatives. As a result, ETA applauds the OCC’s innovation initiative and its efforts to develop a comprehensive framework to improve its ability to identify and understand trends and innovations in the financial services industry and the evolving needs of consumers of financial services.