Electronic Transfer Account

DEPARTMENT OF THE TREASURY

Fiscal Service

Electronic Transfer Account

AGENCY: Financial Management Service, Fiscal Service, Treasury.

ACTION: Notice of public meeting.

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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 Martha.Thomas-M[email protected] or

Matthew.H[email protected], or by calling Martha Thomas-Mitchell

at (202) 874-6757 or Matt Helfrich at (202) 874-6754 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