99-12404. Electronic Transfer Account

[Federal Register Volume 64, Number 94 (Monday, May 17, 1999)]
[Notices]
[Pages 26814-26815]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-12404]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Fiscal Service


Electronic Transfer Account

AGENCY: Financial Management Service, Fiscal Service, Treasury.

ACTION: Notice of public meeting.

-----------------------------------------------------------------------

SUMMARY: On November 23, 1998, the Department of the Treasury 
(Treasury) published for comment in the Federal Register a notice 
setting forth proposed terms, conditions, and attributes of the 
Electronic Transfer Account (``ETASM''), a Treasury-
designated account to which Federal payments will be made 
electronically, As a next step in the process, Treasury is conducting 
an informational briefing, open to the public, to present an overview 
of the Financial Agency Agreement (``FAA''). The FAA delineates the 
terms and conditions under which a financial institution will operate 
the ETASM and must be entered into with Treasury before such 
services can be provided.

DATES: May 26, 1999. 1:30 p.m. to 3:30 p.m.

ADDRESSES: International Trade Center, Ronald Reagan Building, Polaris 
Room. 1300 Pennsylvania Avenue, N.W., Washington, D.C. 20004. Metro 
stop: Federal Triangle.

FOR FURTHER INFORMATION CONTACT: Persons planning to attend this 
meeting are requested to notify Treasury of their intent by completing 
an Internet webform at http://www.fms.treas.gov/eta/index.html, by 
sending an Internet e-mail to [e-mail] or 
[e-mail], or by calling Martha Thomas-Mitchell 
at [phone] or Matt Helfrich at [phone] by May 24, 1999. 
Persons notifying Treasury by Internet e-mail should include their name 
and telephone number. Organizations should provide the name of the 
organization and the name(s), title(s), and telephone number(s) of the 
person(s) attending on behalf of the organization.

SUPPLEMENTARY INFORMATION: The Debt Collection Improvement Act of 1996 
(the ``Act'') requires, subject to the authority of the Secretary of 
Treasury to grant waivers, that all Federal payments (other than 
payments under the Internal Revenue Code of 1986) made after January 1, 
1999, must be made by electronic funds transfer (``EFT'').
    The Treasury regulation implementing the requirements of the Act, 
31 CFR Part 208, was published on September 25, 1998, and provides, in 
part, that any individual who receives a Federal benefit, wage, salary, 
or

[[Page 26815]]

retirement payment is eligible to open an account called an 
ETASM at any Federally-insured financial institution that 
offers the ETASM. 63 FR 51490. The ETASM is being 
developed to maximize opportunities for individuals receiving Federal 
payments electronically to have access to an account at a reasonable 
cost and with the same consumer protections available to other account 
holders at the same financial institution.
    On November 23, 1998, Treasury published a Notice of Proposed 
ETASM Features in the Federal Register for a 45-day comment 
period. 63 FR 64820. The Notice proposed specific ETASM 
attributes. Treasury also sought comment on whether financial 
institutions should be permitted to offer three additional features, at 
the option of the financial institution and at additional cost, if any, 
to the recipient. Treasury received, and has reviewed, a total of 198 
comment letters from financial institutions, consumer organizations, 
Federal agencies, and others.
    Treasury is conducting this briefing to present an overview of the 
ETASM FAA. Those persons unable to attend the briefing in 
person will be able to obtain a copy of the FAA and any other handouts 
on the EFT website at http://www.fms.treas.gov/eft/eta. The FAA and any 
other handouts will be posted on the website shortly following the 
meeting.
    Treasury will subsequently publish a final notice in the Federal 
Register that describes the prescribed features of the ETASM 
and includes the ETASM FAA.

    Dated: May 12, 1999.
Richard L. Gregg,
Commissioner.
[FR Doc. 99-12404 Filed 5-14-99; 8:45 am]
BILLING CODE 4810-35-M