In its comment letter to the FCC, IBAT supported the American Bankers Association’s petition by requesting that the FCC exempt four categories of messages sent by financial institutions from the Telephone Consumer Protection Act of 1991 that autodialed messages, text messages and prerecorded messages placed on landline phones be sent with prior consent.
Briefly, the four categories are:
- fraud/identity theft,
- security breaches,
- steps to prevent or remedy security breaches, and
- actions needed to arrange for receipt pending money transfers.
As explained in the letter, exempting banks from these four categories will reduce burdens on banks, increase consumer protections and reduce privacy and security risks.