The National Commission on Electronic Fund Transfers (NCEFT) was established by Congress as an "independent instrumentality of the United States" 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 transfersystems, taking into account, among other things —
(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;