ABA has mentioned this in a report developed by the organisation’s emerging payments group, which is comprised of senior executives from community, regional and large banks.
The group urged lawmakers to ensure that consumer protection laws are applicable to every step of the electronic payment process, that all payment system participants maintain controls to protect system integrity and assist in mandated enforcement efforts and that participants in the market play on a level regulatory playing field.
Members of the advisory group include Bank of America, Missouri-based Central Bancompany, Massachusetts-based Eastern Bank, Fifth Third Bank, Oklahoma-based First Bethany Bank and Trust, Ohio-based FirstMerit Bank, Iowa-based Northwest Financial Corp., PNC Financial Services, Regions Financial, U.S. Bank, Georgia-based United Bank, Wells Fargo and Utah-based Zions Bank.
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