The American Bankers Association has released a report for policymakers on the rapidly evolving payments marketplace. The document identifies three areas for consideration: consumer protections, payment system integrity and competitive equity.

The report encourages policymakers to ensure that consumer protection laws apply to all participants in the electronic payment process, including new nonbank participants; that all participants maintain robust bank-like controls that protect the integrity of the payment system and assist with law enforcement efforts; and that all participants play on a level regulatory playing field.

The report was developed by ABA's Emerging Payments Advisory Group, which is comprised of senior executives from community, regional and large banks. The group met earlier this year to discuss the need for government policies that promote competitive solutions and recognize the important role banks play in developing and delivering safe, convenient forms of payment.

"Banks — which developed the first credit card in 1958 and have since pioneered technologies like online banking and bill pay, mobile banking, and remote deposit capabilities — continue to push the innovation envelope to improve the banking experience for consumers and businesses," the advisory group said.

Members of the advisory group represent the diverse membership of ABA in terms of asset size, charter and location. The 13 banks participating in the group are: 

• Bank of America, Charlotte, N.C.;
• Central Bancompany, Jefferson City, Mo.;
• Eastern Bank, Lynn, Mass;
• Fifth Third Bank, Cincinnati;
• First Bethany Bank and Trust, Bethany, Okla.;
• FirstMerit Bank, Akron, Ohio;
• Northwest Financial Corp., Arnolds Park, Iowa;
• PNC Financial Services Group Inc., Pittsburgh;
• Regions Financial, Birmingham, Ala.;
• U.S. Bank, Minneapolis;
• United Bank, Zebulon, Ga.;
• Wells Fargo, San Francisco; and
• Zions Bank, Salt Lake City.

Download the complete report, "The Changing Face of the Payments System: A Policymaker's Guide to Important Issues".

Read more about regulatory issues.