Financial Services Industry Urges 'Network Neutrality' Provisions

FINANCIAL SERVICES INDUSTRY URGES 'NETWORK NEUTRALITY' PROVISIONS
[SOURCE: Congress Daily, AUTHOR: Bill Swindell and Bara Vaida]
Some financial services firms are expressing concern that they could be charged more for offering online banking and brokerage services under House telecommunications legislation without strong "network neutrality" provisions but have yet to mount a large-scale lobbying effort. These firms worry that phone and cable broadband providers could charge them more for offering such popular services under legislation sponsored by House Commerce Chairman Joe Barton that would let providers favor online traffic of their choosing and charge fees for faster service to certain Web sites. Consumer groups are urging that the bill be amended to require that broadband providers give equal access to online sites, a concept known as network neutrality. John Hildreth, a lobbyist for the Credit Union National Association, said that without network neutrality, his members could potentially pay local broadband providers more money to obtain and maintain connections for online banking accounts. "That would result in higher costs to credit unions and their members," Hildreth said. A House GOP aide noted that some financial services groups were lobbying the Financial Services Committee to get involved in the issue before the vote. Some of the firms were concerned that broadband providers would charge them premium fees for online stock trades.
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