NCJ Number
54157
Date Published
1976
Length
745 pages
Annotation
TESTIMONY WAS PRESENTED TO A 1976 PUBLIC HEARING HELD BY THE NATIONAL COMMISSION ON ELECTRIC FUND TRANSFERS (EFT) TO DISSEMINATE FACTS AND OPINIONS ABOUT CONSUMER ISSUES IN EFT.
Abstract
WITNESSES TESTIFYING AT THE HEARING INCLUDED THE SPECIAL ASSISTANT TO THE PRESIDENT FOR CONSUMER AFFAIRS, BANK AND SAVINGS AND LOAN ASSOCIATION REPRESENTATIVES, A REPRESENTATIVE OF THE INDEPENDENT BANKERS ASSOCIATION OF AMERICA, AND PERSONS INVOLVED WITH VARIOUS OTHER ORGANIZATIONS (NATIONAL AUTOMATED CLEARINGHOUSE ASSOCIATION, NATIONAL CONSUMER LAW CENTER, NATIONAL RETAIL MERCHANTS ASSOCIATION, CONSUMER FEDERATION OF AMERICA, BANK STATIONERS ASSOCIATION, UNIVERSITIES, AND A CREDIT UNION). SOME OF THE IMPORTANT CONSUMER ISSUES RAISED IN THE COURSE OF TESTIMONY CONCERNED PRIVACY, SECURITY, ACCESS, CONSUMER RIGHTS, LIABILITY, RECEIPTS, AND STOP PAYMENTS. A DISTINCTION WAS MADE BETWEEN PRIVACY, WHICH REFERS TO RIGHTS OF INDIVIDUALS VIS-A-VIS RECORD SYSTEMS, AND CONFIDENTIALITY WHICH IMPLIES THAT DATA MUST BE PROTECTED AND CONFINED TO USE BY AUTHORIZED PERSONNEL. CONSIDERATION WAS GIVEN TO COMPUTER ABUSE AND COMPUTER SECURITY, LEGAL PROTECTION FOR EFT, DISPUTE RESOLUTION AND CONSUMER REMEDIES, AND COST AND REGULATORY ASPECTS OF PRESERVING CONSUMER RIGHTS, AND ELIMINATING FRAUD IN EFT. THE IMPORTANCE OF CONSUMER CHOICE IN THE USE OF EFT WAS STRESSED. CONSUMER PROTECTION AND CONSUMER ORIENTED LEGISLATION WITH REGARD TO FINANCIAL INSTITUTIONS IN GENERAL AND EFT IN PARTICULAR WERE THE OVERALL FOCUS OF TESTIMONY. (DEP)