Technology and Electronic Service

Summary and Current Events

The OCC, OTS and NCUA, have regulations regarding the providing of electronic or technology-related services to their customers or correspondents. The FRB has promulgated its Regulation E covering electronic fund transfers

Electronic Funds Transfer Act

FFIEC issues FAQs regarding authentication in an Internet banking environment 8.15.06

FAQs

OCC Electronic Banking Guidance Materials

Published Booklets
Links to OCC Advisory Letters, Bulletins and Alerts

OCC Opinions and Letters on Permissible Electronic Banking Activities last updated 5.13.04

FRB - Regulation E - Electronic Fund Transfers

OCC

12 CFR Part 7, Subpart E - Electronic Activities

7.5000 Scope
7.5001 Part of, or incidental to the business of banking
7.5002 Furnishing of products and services
7.5003 Composite authority to engage
7.5004 Sale of excess electronic capacity and by-products
7.5005 National bank acting as digital certification
7.5006 Data processing
7.5007 Correspondent services
7.5008 Location of a national bank
7.5009 Location under 12 USC 85 of national banks
7.5010 Shared electronic space

OCC Interpretations - Specific Activities

Miscellaneous Electronic Services

FDIC - the FDIC has no regulations dealing with the providing of technology or electronic banking services

OTS

FSAs may use, or participate with others to use, electronic means or facilities to perform any function, or provide any product or service, as part of an authorized activity

Electronic means or facilities include, but are not limited to,

ATMs
Automated loan machines ALMs
Personal computers
The Internet
The World Wide Web
Telephones
Other similar electronic devices

12 CFR. § 555.200(a)
Prior to the promulgation of part 555, OTS had specific regulations governing

Data-processing services
Remote service units
Home banking services

See 12 CFR. §§ 545.138, 545.141, and 545.142 1998
The elimination of those regulations did not take away the authority of FSAs to engage in any activities described in those sections 63 Fed Reg 65673 10.30.98

12 CFR Part 555 - Electronic Operations

555.100 What does this part do?

Subpart A - Authority of Federal Savings Associations to Conduct Electronic Operations

555.200 Use or participation with others
555.210 What precautions must I take?

Subpart B - Requirements Applicable to All Savings Associations

555.300 Must I inform OTS before I use electronic means
555.310 How do I notify OTS?

OTS Interpretations - Electronic Operations

NCUA

12 CFR Part 721.3(c) - Electronic Financial Services -
Credit Unions

National Commission on Electronic Funds Transfers

Enabling statute - 12 USC 2401

Consumer-oriented explanation of Electronic Banking from the Federal Trade Commission.

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