Transcription of FFIEC Guidance on Electronic Financial Services and ...
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FFIEC Guidance on Electronic Financial Services and ...
1 federal Financial INSTITUTIONS EXAMINATION COUNCILGUIDANCE ON Electronic Financial SERVICESAND CONSUMER COMPLIANCE1 INTRODUCTIONF ederally insured depository institutions are developing or employing new electronictechnologies for delivering Financial products to improve customer service and enhancecompetitive positions. Some of those institutions have asked regulators questions regarding theapplication of existing consumer protection laws and regulations to Electronic product deliverymethods. It is clear from these questions that these institutions are uncertain about theappropriate manner to address Electronic Services under the existing regulatory framework. Accordingly, the Board of Governors of the federal Reserve System, the federal DepositInsurance Corporation, the National Credit Union Administration, the Office of the Comptrollerof the Currency, and the Office of Thrift Supervision (collectively, the Agencies ) are providingfederally insured depository institutions with some basic information and suggested guidancepertaining to federal consumer protection laws and regulations and their appl
pertaining to federal consumer protection laws and regulations and their application to electronic financial service operations. This issuance is intended to assess the implications of some of the emerging electronic technologies for the consumer regulatory environment, to provide institutions with an overview of
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