ABA Statement for the Record: "What’s in Your Digital Wallet? A Review of Recent Trends in Mobile Banking and Payments."

The American Bankers Association (ABA) appreciates the opportunity to submit a statement for the record for the hearing titled “What’s in Your Digital Wallet? A Review of Recent Trends in Mobile Banking and Payments.”

Today, the U.S. dollar is largely digital. American companies lead the world in creating the technologies that underpin digital payments, but there are risks to our continued leadership. It is important that Congress remain vigilant and deliberate in its policymaking to ensure that our regulatory environment supports innovation rather than overregulating or replacing private sector innovators. From damaging card “routing” requirements currently proposed by the Federal Reserve Board in a redesigned Regulation II to failing to ensure consistent consumer protections and data security standards, bad policy can undermine the potential for a fairer, more efficient payment system.

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