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[RRE]Electronic Financial Services Update

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Date: Thu, 15 Jul 1999 19:46:35 -0700 From: John Muller Subject: Electronic Financial Services Update

Privacy developments once again lead off the monthly roundup of new and previously-overlooked links in electronic financial services and electronic commerce law, policy and protocols. Previous updates are available at the Web site of the American Bar Association Joint Subcommittee on Electronic Financial Services, http://www.abanet.org/buslaw/efss/whatsnew.html

A. FINANCIAL PRIVACY AND CONSUMER PROTECTION

H.R. 10 on financial modernization passes House of Representatives (with Title V on financial privacy, Section 351 on confidentiality of health and medical information, Section 171 on ATM fee disclosure and Section 195 mandating a study on adapting existing banking laws to online transactions)

FTC Report on Self-regulation and Privacy Online recommends no legislation at this time http://www.ftc.gov/opa/1999/9907/report1999.htm

House Commerce Committee Telecommunications, Trade and Consumer Protection Subcommittee July 13 hearing - Current status of privacy protections for online consumers http://www.house.gov/commerce/

House Banking Committee Financial Institutions Subcommittee will hold hearings on financial privacy July 20-21 http://www.house.gov/banking/71399rou.htm

U.S. Bancorp and State of Minnesota settle lawsuit over transfer of customer information http://www.ag.state.mn.us/home/files/news/pr_usbank_07011999.html

Joint release on the EU-US data protection dialogue http://europa.eu.int/comm/dg15/en/media/dataprot/news/239.htm

Direct Marketing Association "Privacy Promise" requirement for members http://www.the-dma.org/texis/scripts/news/newspaper/+mr+em5-0wBm+emE7vwwwr/d isplayArticle.html

Mary Clare Fitzgerald "Electronic Commerce - Policing only the 'Submarginal fringe'" http://192.41.52.91/electron/submarginal.html

Privacy and American Business http://www.pandab.org

B. ONLINE BANKING AND PAYMENTS

Electronic Financial Services Council (advocacy group founded by Microsoft, Intuit, Countrywide and GE Capital) http://www.efscouncil.com/

OCC approves formation of online bank by Canadian Imperial Bank of Commerce, which will market its services primarily through retail store kiosks http://www.occ.treas.gov/interp/jul99/ca313.pdf

Financial Services Technology Consortium projects under formation - draft paper on Moving ATMs to the Internet and description of the FAST (Financial Agent Secured Transactions) concept http://www.fstc.org/projects/fast/index.html

MasterCard announces introduction of rules for Internet casinos (an interesting example of how the payments system may get entangled with the issue of the validity of online transactions) http://www.mastercard.com/about/press/990709a.html

Federal Reserve Bank of New York Current Issues in Economics and Finance, Vol. 5 No. 8, Cecchetti, "The Future of Financial Intermediation and Regulation" http://www.ny.frb.org/rmaghome/curr_iss/ci5-8.html

Federal Reserve Bank of New York Economic Policy Review, Vol.5 No. 2 Radecki, "Banks' Payments-driven Revenues" http://www.ny.frb.org/rmaghome/econ_pol/799rad.htm

Jane Kaufman Winn, draft "Electronic Chattel Paper under Article 9: Updating the Concept of Embodied Rights for Electronic Commerce" http://www.smu.edu/~jwinn/winnecp.htm

PriceWaterhouseCoopers - Summary of Report on Creating Tomorrow's Retail Bank http://www.pricewaterhousecoopers.com/gx/eng/ins-sol/spec-int/tlrb/index.html

Financial Crimes Enforcement Center issues SAR Bulletin on use of ATMs for money laundering http://www.treas.gov/fincen/sarbul1.html

Accredited Standards Committee X12 Finance Subcommittee (X12F) (develops EDI transaction sets for financial transactions) http://www.disa.org/x12/x12f/

C. INFORMATION SECURITY/RISK MANAGEMENT/ELECTRONIC AUTHENTICATION

Senate Commerce Committee approves S. 761, the Third Millennium Electronic Commerce Act (formerly the Millennium Digital Commerce Act) http://www.senate.gov/~commerce/press/106-83.htm http://www.civics.com/content/s761-markup.htm Memo from NCCUSL Legislative Director John McCabe on mark-up of S. 761 http://www.webcom.com/legaled/ETAForum/docs/7699jm.html

FDIC guidance, Risk Assessment Tools and Practices for Information Systems Security http://www.fdic.gov/banknews/fils/1999/fil9968.html

CNET News story on Banking Industry Technology Secretariat security lab http://www.news.com/News/Item/0,4,36923,00.html

Identrus announces pilot of Business-to-Business trust network http://www.identrus.com/news.html

Ernst & Young 1998 Global Information Security Survey http://www.ey.com/aabs/isaas/gis/

Materials from joint OECD-private sector workshop on electronic authentication, June 2-4, 1999 http://www.oecd.org/dsti/sti/it/secur/act/wksp-auth.htm

International Organization for Standardization/International Electrotechnical Commission Joint Technology Committee 1 (JTC1) http://www.jtc1.org/ JTC1 Subcommittee 27 - Security Techniques http://www.iso.ch/liste/JTC1SC27.html

United States Postal Service Information Based Indicia Program for online generation of postage http://www.usps.gov/ibip/

US Postal Service pilot Post Electronic Courier Service (PostECS) for secure electronic delivery http://www.usps.gov/postecs/ UPS Complaint that PostECS service has not been property authorized http://www.prc.gov/wsdocs/C99-1/C99-1.html

D. SECURITIES TRADING, OFFERINGS AND SETTLEMENT

Senate Banking Committee Chairman and members submit recommendations for inclusion in forthcoming Securities Markets Enhancement Act (including provisions regarding online investing) http://www.senate.gov/~banking/docs/reports/smea.htm

SEC announces formation of Working Group on After-hours Trading http://www.sec.gov/offices/marketr/aftrhrs3.htm

U.S. District Court for the District of Columbia issues decision in Taucher v. Born. The court holds on First Amendment grounds that the requirement to register as Commodities Trading Advisors is unconstitutional as applied to plaintiffs, who publish online information and analysis on commodities trading http://www.ij.org/cftc/

SEC issues no-action letter to Wit Capital that should facilitate individual investor participation in IPOs http://www.witcapital.com/press/pr_33.html

International Organization for Standardization May 1999 press release on new securities message standards http://www.iso.ch/presse/safeguar.htm

E. GENERAL ELECTRONIC COMMERCE

Department of Commerce report, The Emerging Digital Economy II http://www.ecommerce.gov/ede/

1st draft of "Standard for Internet Commerce" best practices released for comment. The Standard was developed by a group of experts sponsored by ZD Net and others http://www.gii.com/standard/index.html

Nine Internet industry leaders form NetCoalition for public policy advocacy http://www.netcoalition.com/

Ernst & Young study on loss of sales tax revenues from Internet commerce, "The Sky is not Falling" http://www.ey.com/ecommerce/sky.asp

OECD Workshop on Business-to-Business electronic commerce, June 17th http://www.oecd.org/dsti/sti/it/ec/act/oslo_workshop.htm

Papers from the Second Berlin Internet Economics Workshop, including papers on electronic money, pricing and auctions http://www.berlecon.de/iew2/program.html

Asia Pacific Economic Cooperation E-commerce steering group http://www.ecommerce.gov/apec/

Federal Reserve Bank of New York Current Issues in Economics and Finance, Vol.5 No.10, Wenninger, "Business-to-Business Electronic Commerce" http://www.ny.frb.org/rmaghome/curr_iss/ci5-10.html

House and Senate pass H.R. 775, the Y2K Act, expected to be signed by the President shortly

E-conomy project conference papers http://e-conomy.berkeley.edu/events/deip/program.html

F. UNIFORM LAW

Drafts of UCC Article 2, Uniform Electronic Transactions Act, Uniform Computer Information Transactions Act (UCITA) and Uniform Money Services Business Act for the upcoming Annual Meeting of the National Conference of Commissioners on Uniform State Law, July 23-30, Denver, Colorado http://www.law.upenn.edu/bll/ulc/anmeet99.htm

Memo from the Reporters on interplay of revised UCC Article 2 and UCITA re sales of goods containing computer programs http://www.law.upenn.edu/bll/ulc/ucita/2103mfin.htm

Commentary on UCITA http://www.2bguide.com/whatsnew.html

G. ONLINE GOVERNMENT SERVICES AND PROCUREMENT

Public announcement of Electronic Transfer Account (ETA) for federal government benefit recipients http://www.fms.treas.gov/eta/

Electronic Processes Initiatives Committee, "Electronic Purchasing and Payment in the Federal Government" http://policyworks.gov/org/main/me/epic/opendocs.htm

John Muller johnmuller@earthlink.net jmuller@brobeck.com "The ladder of law has no top and no bottom" ```

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