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eFinancial Enablers Council (eFEC)
The eFinancial Enablers Council (eFEC) consists of senior executives of businesses that supply and support the nation’s Internet banking and payments infrastructure.
Mission
To promote better industry relationships, a favorable legislative and regulatory environment for Internet-related financial activities and industry best practices.
Membership
“Senior and C-level” executives of organizations that provide software and services that enable financial institutions to offer Internet-related services.
Objectives
Give “voice” to the industry segment that provides the infrastructure for Internet banking and payment systems.
Create an environment whereby members may pursue optimum service levels, growth, and profitability while maintaining the highest levels of security, privacy and trust for their products and services industry-wide.
Develop and maintain two-way communication channels with appropriate government agencies and industry leaders in order to optimize the flow of information that directly affects the industry segment represented by eFEC membership.
Current Activities
The Council is setting the stage for the long-term development of a successful marketplace for Internet-related financial services. Current activities focus on three key areas:
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Industry Relations—A network of senior executives to identify and address industry issues of common concern and interest, such as access to core processor systems or online banking security
Legislative & Regulatory —Shape the legislative and regulatory environment as it affects the delivery of financial services. Relevant topics include:
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Dodd-Frank Wall Street Reform Implementation
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Privacy, Security, Authentication
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Regulatory Oversight Relief (including streamlining the examination process)
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Overlap of state and federal laws/regulations/jurisdiction
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USA Patriot Act
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Best Practices—Establishing best practices for this emerging industry, including standards, reporting, rules of conduct, interconnectivity and industry promotion
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The eFinancial Enablers Council exemplifies EFTA’s flexibility to address the changing needs of the electronic payments and commerce industry and the value of a multi-industry perspective on the development of the industry.
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