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FDIC Federal Register Citations


FEDERAL RESERVE BANK OF PHILADELPHIA
CONFERENCE SUMMARY


July 29, 2004


TO: Office of the Executive Secretary

FROM: Richard J. Osterman, Senior Counsel, Legal Division

SUBJECT: Participation in Conference Sponsored by the Federal Reserve Bank of Philadelphia, Prepaid Cards Center, on "Prepaid Cards: How do they function? How are they regulated?

Please include the attached summary of the FDIC's participation in the above captioned conference in the public comment file for the notice of proposed rulemaking "Definition of `Deposit'; Stored Value Cards" 12 CFR Part 303, published in the Federal Register on April 16, 2004, 69 Fed. Reg. 20558.

Attachment
FDIC Staff Participation at Conference Sponsored by the Federal Reserve Bank of Philadelphia, Prepaid Cards Center: "Prepaid Cards: How do they function? How are they regulated?"

FDIC staff participated in a conference sponsored by the Prepaid Cards Center of the Federal Reserve Bank of Philadelphia on June 2 and 3 in Philadelphia on "Prepaid Cards: How do they function? How are they regulated?" Staff addressed the agency's stored value card notice of proposed rulemaking (NPR) as part of a panel discussing legal and regulatory issues facing the prepaid card industry.

The conference included leaders in the prepaid card industry, merchants, banks, processors, academics, and state and federal agencies. The purpose of the conference was "to provide an opportunity for dialog between leaders in the prepaid card industry and policymakers. . . . to increase awareness of how various prepaid-card systems work and the ways in which different state and federal laws can affect them. Such awareness, the Center hopes, can inform the debate over how best to regulate this increasingly popular payment method."

In addition to the keynote speech by the president on Debit Services and Star Systems for First Data Corporation discussing the future of consumer payments, the conference addressed: prepaid card markets and infrastructure; the economics and risks of prepaid cards --gift cards; the economics and risk of prepaid cards-- emerging applications; and, legal and regulatory issues facing the prepaid card industry.

A summary of the conference will be available at the website of the Federal Reserve Bank of Philadelphia at www.phil.frb.org.

   

Last Updated 08/16/2004 regs@fdic.gov

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