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ATPC Initiates Georgia Delegation Letter to the Consumer Financial Protection Bureau, Secures a "Signature" Success
February 14, 2015
The ATPC recently completed a successful test of its mission by partnering with the Georgia Congressional Delegation on an activity critical to the future of Transaction Alley. On December 23, 2014, the Federal Register published the Consumer Financial Protection Bureau’s (CFPB) “Notice of Proposed Rulemaking” (NPRM) that focused on the prepaid card industry. The ATPC Executive Director, H. West Richards, and Tom Worrall from Whitmer & Worrall began socializing an extension request to the CFPB timeline within offices of the Georgia Delegation on Capitol Hill. Within short order, members supported the creation of a letter to CFPB, from the Georgia Congressional Delegation on behalf of Transaction Alley members, requesting an extension to the existing comment period. The CFPB proposed rule change document checked in at more than 870 pages, requiring more time for an adequate review and response from the industry.
ATPC staff and members participated in more than a dozen meetings on Capitol Hill , ultimately securing signatures of support from thirteen of the Georgia Congressional Delegation’s fourteen members. The signatures are particularly noteworthy because they include 100 percent of Georgia’s Democratic Caucus and the four members of Georgia’s Freshman Class. This was accomplished in one of the most chaotic times on the Congressional calendar.
A special thank you goes to Congressman Tom Price (R-GA), current Chair of the House Budget Committee, for his willingness to champion the ATPC initiative, and helping to ensure this significant success . Congressman Tom Price's office hand-delivered the letter to the CFPB.
Why is this particular milestone significant?
Georgia is tied with Michigan as the sixth largest and most influential Congressional Delegation.
This is the first time a state Congressional Delegation has ever assembled around any sort of “ask” by the Payments industry. While this “ask” was not to change a rule or to advance legislation, it was a real “ask” that required internal consideration of each and every member of the Delegation and their staff.
This was the first Georgia Delegation letter sent to the Obama Administration in 2015, and first in the 114th Congress.
Participation in our letter was the first official signatory act conducted by the freshman class of Georgia's Congressional members in the 114th Congress.
Participation in the letter was the first official signatory act by Georgia's collective Democrat Caucus members in the 114th Congress, some of which have close White House ties.
ATPC has established a springboard of support, not only on the prepaid issue, but other payments-related issues likely to face the 114th Congress down the road.
What did it take to succeed?
Thanks to ATPC’s Capitol Hill fly-ins, the Georgia delegation recognized us, knew our mission and knew our value to the state. In early November, ATPC was the first organization to alert the Delegation on the CFPB issue. And then in early December, ATPC was the first organization to provide the Delegation with hand-delivered updates and information on the CFPB prepaid issue. And the ATPC secured their support in January 2015, after numerous meetings and ongoing dialogue.
The exercise of securing delegation support for the first time since ATPC's inception was equal in importance to the actual request itself. But this was just the first step in a longer battle, and the ATPC will remain engaged on this prepaid issue as things continue to unfold The ATPC is now focused on securing a similar commitment of support
from Georgia’s U.S. Senators.
“This was an important milestone for the industry. It was recognition of the ATPC and serves as symbol of the delegation's resolve to come together on behalf of the industry,” said Congressman Tom Price. “The stage has been set for further support from our members."