ETA Submits Comment Letter to Regulators on Enhanced Cyber Risk Management Standards
2-13-2017
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.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
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