Comments due February 19
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The following is from a statement issued by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has published for comment proposed amendments to its Regulation E, Electronic Fund Transfers, to carry out statutory amendments to the Electronic Fund Transfer Act.
Comment is requested by February 19, 1997.
The proposed amendments to the regulation exempt certain "needs-tested" electronic benefit transfer (EBT) programs established or administered by state or local government agencies, such as the food stamp program, from requirements of the Electronic Fund Transfer Act. The modified regulatory requirements that the Board established in its 1994 rulemaking would continue to apply to federally administered EBT programs and state and local employment-related EBT programs, such as state pension programs.
Generally, EBT programs involve the issuance of access cards and personal identification numbers to recipients of government benefits so that they can obtain their benefits through automated teller machines and point-of-sale terminals.
The Board's official notice of the proposed rule, as published in the Federal Register of January 22, 1997 is available as a (pdf) file. Comments thereon should be submitted by February 19, 1997 and may be sent to the Board, as specified in the notice, or to this Bank's Compliance Examinations Department.