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TO:
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CHIEF EXECUTIVE OFFICER AND COMPLIANCE OFFICER
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SUBJECT:
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Interagency Guidance on Electronic Financial
Services and Consumer Compliance
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The Federal Financial Institutions Examination Council (FFIEC) has issued the attached
Guidance on Electronic Financial Services and Consumer Compliance. The guidance provides
federally insured depository institutions with information on federal consumer protection
laws and regulations, and their application to electronic financial service operations. It
also seeks to promote compliance with the relevant consumer protection laws and regulations.
The guidance contains two sections:
- "Compliance Regulatory Environment," which summarizes relevant
sections of the federal consumer protection laws and regulations
that address electronic financial services, and includes interim
compliance policy guidance with practical examples for applying
existing consumer laws and regulations; and
- "The Role of Consumer Compliance
in Developing and Implementing Electronic Services," which
discusses the importance of compliance officer involvement in
the design, development, implementation and monitoring of
electronic banking operations.
Financial institutions should understand that existing federal
consumer laws and regulations generally apply to advertisements,
transactions and other services conducted electronically. Management
is responsible for monitoring its electronic banking operations to
ensure they comply with applicable laws, regulations and policies.
Management should also take steps to ensure that its institution's
compliance program is modified to account for the type and level of
technology employed by the institution and changes in the
regulations.
The attached interagency document is available on the
Internet via the World Wide Web at /news/news/financial/ or
http://www.ffiec.gov. For
more information, please contact your Division of Compliance
and Consumer Affairs regional office.
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Carmen
J. Sullivan
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Director
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Attachment (40
kb, PDF
help or hard copy)
Distribution: FDIC-Supervised
Institutions (Commercial and
Savings)
Note: Paper copies of FDIC
financial
institution letters may be
obtained through the FDIC's
Public
Information Center, 801 17th
Street, NW, Room 100,
Washington, DC
20434 (800-276-6003 or (703)
562-2200).
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