Eighteen various federal government agencies regulate America’s payments processing industry at any given time, and a broad array of Congressional committees hold numerous industry hearings each year. Each of these regulatory agency and committee discussions have the potential to impact payments processing companies and their clients and customers, requiring close monitoring and engagement.
That is why the American Transaction Processors Coalition deploys the federal government relations team at Whitmer & Worrall (W&W) to monitor and report on these activities, and drive necessary action. The W&W team monitored more than 20 hearings in 2019 and provided ATPC members with updates, reports and recommended next steps.
Examples of Congressional committees that held relevant hearings in 2019, include: Senate Judiciary; Senate Banking; Senate Commerce, Science and Transportation; House Homeland Security; and House Financial Services. Topics covered during these hearings included:
- Examining Legislative Proposals to Protect Consumer Data Privacy
- How Big Corporations and Big Tech Leave Our Data Exposed to Criminals, China, and Other Bad Actors
- Data Ownership: Exploring Implications for Data Privacy Rights and Data Valuation
- The Future of Real-Time Payments
- Promoting Financial Stability: Assessing Threats to the U.S. Financial System
The ATPC doesn’t just cover hearings for its members. They provide detailed reports with analysis that are stored on the ATPC website Member’s Resource section. But perhaps most-importantly, the experts at W&W introduce any committee outcomes and required next steps into the ATPC ecosystem through a standing (member-only) Public Policy Committee that meets via conference call six times annually (and as needed in-between).
Information is the coin of the realm, and the ATPC provides tremendous currency to its members through the hard work of tracking, engaging and driving actions related to Congressional and federal government agency committee work. Take a moment to learn how the ATPC can work for your company.