April 24, 2017
Dear Chairman Crapo and Ranking Member Brown:
Thank you for the opportunity to submit proposals to promote economic growth and improve participation in the economy. The Electronic Transactions Association (“ETA”) is the leading trade association for the payments industry, representing over 500 companies that offer electronic transaction processing products and services. ETA’s members include financial institutions, mobile payment service providers, mobile wallet providers, and non-bank online lenders that make commercial loans, primarily to small businesses, either directly or in partnership with other lenders. ETA member companies are creating innovative offerings in financial services, revolutionizing the way commerce is conducted with safe, convenient, and rewarding payment solutions and lending alternatives. ETA members are at the forefront of economic development by increasing participation in and access to financial services for both consumers and small businesses. As a result, ETA supports a positive regulatory environment for financial innovation and has outlined several proposals below to achieve that goal.