FAQ

1) What is the EFSC?

The Electronic Financial Services Council (EFSC) is the first and only financial services industry trade group that focuses solely on advocating laws and regulations friendly to e-commerce and on removing barriers to the online availability of financial products.

It was formed in 1999 by financial services and technology companies involved in providing online financial products and services.

2)Who are some of the members of the EFSC?

Some of its members include AIG, Fannie Mae, Freddie Mac, GE Mortgage, The Principal Financial Group..

3)What kinds of companies can become members of the EFSC?

The EFSC will welcome any company that is directly or indirectly involved in providing financial services electronically. Current members include companies that provide financial services to consumers, others that provide financial services to other companies, and still others that provide technology solutions for financial services companies.

4)My company already is a member of the [American Banker’s Assn., Mortgage Banker’s Assn., etc.] – what does the EFSC offer that I don’t already get?

Membership in the EFSC would complement your membership in [other group]. Other trade groups deal with e-business issues, but they also have much broader agendas. The EFSC focuses solely on advocating laws and regulations friendly to online financial services.

5)My company already has a government relations group – would the EFSC simply duplicate this?

No – the EFSC’s activities would complement those of your government relations people by providing another set of eyes and ears in Washington, as well as another voice on your behalf. Also, the EFSC could serve as a proxy for issues on which your company may not wish to take a high profile.

6)How much does membership in the EFSC cost?

The EFSC has two levels of membership: sustaining membership and general membership.

  • SUSTAINING MEMBERSHIP: $50,000
  • Sustaining Membership is open to businesses, organizations, or institutions regularly engaged in the business of offering originating, servicing, investing in, or facilitating the delivery of financial products and services (including, but not limited to, mortgage loans, credit cards, other consumer and/or commercial loans, insurance products and securities). Sustaining Members are entitled to a vote, serve on the Board of Directors, and participate in Working Group meetings.
  • GENERAL MEMBERSHIP: $7,500
  • General Membership shall be open to all businesses, organizations and institutions that qualify as members in the Association. Each General Member shall designate a member representative and an alternate representative. This membership category shall be entitled to: (1) Legislative and regulatory updates; (2) participation in the Electronic Financial Forum; (3) right to attend the EFSC Annual Meeting and (4) other benefits of membership as determined by the Board of Directors

Click here for our Membership Application.

7)What do you get for your EFSC membership?

At either membership level, you’re getting a great deal:

  • The services of an organization with a proven track record that is fully devoted to advocating laws and regulations friendly to online financial services.
  • Weekly briefings on key issues and developments from EFSC staff in telephone conference calls.
  • Detailed information on policy issues and trends at the EFSC’s web site (www.efscouncil.org).
  • Conferences on important policy issues. Two recent conferences focused on the electronic signature revolution and the challenges presented by recently enacted federal financial privacy legislation.
  • Opportunities to meet and interact with peers in leading financial services and technology companies through the weekly telephone conference calls, conferences, and twice-yearly organizational meetings.