The Federal Deposit Insurance Corp. will hold a public hearing Sept. 12 on stored-value cards, Internet banking, and other electronic payment systems.

The FDIC is looking for input from bankers and consumers on how to regulate new electronic products.

At an open meeting on July 16, the FDIC board proposed excluding most stored-value cards from deposit insurance. The cards would be insured only if the bank held the funds in a customer's account until payment was made. This proposal was published In the Federal Register Aug. 2, and the agency is accepting comments through Oct. 31.

The agency is also expecting comments at next month's hearing, which will be held at its Washington headquarters. The FDIC wants to know what information consumers need about electronic payment systems and what regulators should do to prevent fraud and counterfeiting.

For more information contact Valerie Best, the FDIC's assistant executive secretary, at 202-898-3812.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.