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The National Commission on Electronic Fund Transfers (NCEFT) was established by Congress as an "independent instrumentality of the United States"[1] on October 28, 1974.

The Commission's functions were as follows:

The Commission shall conduct a thorough study and investigation and recommend appropriate administrative action and legislation necessary in connection with the possible development of public or private electronic fund transfer systems, taking into account, among other things —
(1) the need to preserve competition among the financial institutions and other business enterprises using such a system;
(2) the need to promote competition among financial institutions and to assure Government regulation and involvement or participation in a system competitive with the private sector be kept to a minimum;
(3) the need to prevent unfair or discriminatory practices by any financial institution or business enterprise using or desiring to use such a system;
(4) the need to afford maximum user and consumer convenience;
(5) the need to afford maximum user and consumer rights to privacy and confidentiality;
(6) the impact of such a system on economic and monetary policy;
(7) the implications of such a system on the availability of credit;
(8) the implications of such a system expanding internationally and into other forms of electronic communications; and
(9) the need to protect the legal rights of users and consumers.[2]

The Commission issued the following reports:

Privacy issues[]

In 1977, the Commission recognized that EFT privacy concerns could be especially strong. NCEFT devoted 19 recommendations to means of protecting privacy.

Only a few of the NCEFT recommendations were reflected in the two EFT-related laws enacted since 1977 — the Electronic Funds Transfer Act of 1978 (and Federal Reserve Regulation E) and the Right to Financial Privacy Act of 1978.


  1. Pub. L. No. 112-123, codified at 12 U.S.C. §§2401 et seq.
  2. Id. §2403.