Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
This page is no longer active. Its content has expired or been rescinded by the FDIC.
Financial Institution Letter

Electronic Financial Services and Consumer Compliance

SUBJECT: Interagency Guidance on Electronic Financial Services and Consumer Compliance

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/financial-institution-letters/ or . For more information, please contact your Division of Compliance and Consumer Affairs regional office.

Carmen J. Sullivan

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).

Last Updated: July 16, 1998