Monday, January 24, 2005

Electronic Financial Services Subcommittee Agenda

At the Winter Working Meeting we intend to follow-up on the lively open forum that we had at last year’s Fort Lauderdale meeting to discuss developments of interest throughout the area of electronic financial services. The discussion at the Fort Lauderdale meeting spurred the Getting Paid in the 21st Century program that was presented at 2004 Annual Meeting. We look forward to this portion of the program as an opportunity to exchange knowledge and ideas and inquiries on what’s new and what’s going to happen next in the areas of law, regulation, litigation, technology and product development, as well as an opportunity to identify and launch new projects.

The EFS program will also spotlight several areas which have been the focus of significant activity during the last year.

Check 21

The implementation of Check 21 is a major milestone in the move from paper to an electronic world. Sarah Jane Hughes will lead a discussion of the issues that Check 21 raises for depository institutions, merchants and consumers. We will consider whether the Subcommittee should pursue Check 21 related projects, such as consumer education materials.

Gift Cards

Both open and closed system gift cards continue to grow in popularity and to attract increasing attention in the legislative, regulatory and judicial arenas. EFS Subcommittee members Judith Rinearson and Chris Woods just published an article on the merchant perspective on gift cards titled “Beware Strangers Bearing Gift Cards” in the November/December issue of the Business Law Today [No Link Available Yet]. Judie will discuss recent developments in this area.

Stored Value Card Regulation

A major development in the federal regulation of stored value cards is pending with proposed regulations issued by two federal banking regulatory agencies. We will consider the FDIC’s proposal to clarify the deposit insurance treatment of stored value cards as well as the Federal Reserve Board’s proposal to apply Regulation E to payroll cards. We will also discuss the OCC’s guidance on payroll cards.

Robert Ledig
202 639-7016
ledigro <@>

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