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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.
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