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ETA releases 2023 federal, state, Canadian priorities

Tuesday, January 24, 2023 — 09:03:19 (EST)

Washington, DC – Jan 24, 2023 – The Electronic Transactions Association (ETA), the global trade association of the payments technology industry, today announces its public policy priorities for 2023.

The digital payments industry is one of the most innovative, dynamic, competitive, and highly regulated industries that exists today, leveraging a sophisticated, interconnected infrastructure to deliver financial products and services that benefit consumers, businesses, and the American economy. These products and services are safe, highly secure, and promote financial inclusion by allowing consumers and small businesses – including low–and–moderate income consumers who have historically not had full access to the financial system –– to conduct their everyday financial transactions.

“As the only payments trade association advocating in DC, the states, and Canada we are pleased to release our policy priorities,” said Jodie Kelley, CEO, Electronic Transactions Association. “From digital assets to privacy, our 2023 priorities demonstrate the breadth and depth of the payments industry.”

ETA supports a policy environment that protects consumers while allowing competition and innovation to thrive, providing increased choice and making financial inclusion a reality. ETA’s policy priorities for 2023 include:

Digital Assets - Digital assets have the potential to change how commerce happens. An appropriate regulatory framework is essential if that potential is to be realized in a manner that protects consumers and fosters continuing innovation. That framework should not be prescriptive but should instead carefully consider the use to which the digital assets are being put and tailor regulation to the risk profile presented.

Specifically, ETA supports public policies that advance the following 5 guiding principles:

• Properly Define Digital Assets
• Tailor Regulations to the Risk Profile of the Participant/Activity
• Ensure Consumer Protection
• Harmonize With Existing Regulatory Frameworks
• Encourage Responsible Innovation

Open Banking – Open banking has transformative potential and, if regulations are implemented appropriately, could facilitate payments and benefit consumers by providing them with more robust information and insight into their finances.

ETA supports open banking policies that are:

• Comprehensive
• Principles–Based
• Utilizes Private Sector Innovation
• Puts Consumers in Control of How Their Data is Shared or Utilized

Privacy - Protecting consumer privacy is a crucial element of maintaining trust in the payments industry. The payments industry has a long history of protecting consumer privacy. The industry also is laser-focused on fighting fraud and is constantly developing and deploying new technologies to detect and deter fraud.

ETA supports privacy laws that are principles–based and harmonized to ensure predictability and consistency for consumers. Critically, privacy laws must also ensure that the industry can continue to use data in order to fight fraud and protect consumers.

Any privacy or data protection standard should include:

• Provisions for permissible uses of data to prevent fraud and protect consumers    
• Reasonable rights to access and request correction or deletion of personally identifiable information   
• Consistent and coordinated government enforcement   

For more details on 2023 legislative and regulatory priorities, please click on the following links.

ETA Federal 2023 Legislative and Regulatory Priorities: electran.org/wp-content/uploads/ETA-2023-Federal-Legislative-and-Regulatory-Priorities-1.pdf

ETA State 2023 Legislative and Regulatory Priorities: electran.org/wp-content/uploads/ETA-2023-State-Legislative-and-Regulatory-Priorities-1.pdf

ETA Canada 2023 Policy Priorities: www.electran.org/wp-content/uploads/ETA-2023-Canada-Legislative-and-Regulatory-Priorities-1.pdf

For media inquiries, contact Scott Talbott, 202.677.7403 or stalbott@electran.org

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 $44 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers. Learn more about ETA at www.electran.org.

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Source: Company press release.