District Circular Letters
June 13, 2001
BANKING SUPERVISION AND REGULATION:
COMMENT REQUESTED—
ONLINE BANKING SERVICES
To State Member Banks, Bank
Holding Companies, U.S. Branches
and Agencies of Foreign Banks,
and Others Concerned,
in the Twelfth Federal Reserve District
Study of Banking Regulations Regarding the Online Delivery of Financial
Services (Docket R-1105)
The Federal Reserve Board is requesting public comment on how the Board's
regulations may be adapted to online banking and lending.
Comments are due by August 20, 2001.
Section 729 of the Gramm-Leach-Bliley Act of 1999 requires federal banking
regulators to conduct a study of regulations pertaining to the online
delivery of financial services and to submit a report about adapting existing
legislative or regulatory requirements to online banking and lending.
The Board is currently reviewing pertinent regulations to assess their
suitability for transactions that are conducted on the Internet. The Board
plans to consult with other federal banking agencies regarding the report.
Public comment will help the Board assess whether any existing regulations
should be amended to facilitate online banking and how particular statutory
provisions affect the online delivery of financial products and services.
The Board recently requested comment on five interim rules to establish
uniform standards for the electronic delivery of notices to consumers,
namely: Regulations B (Equal Credit Opportunity); E (Electronic Fund Transfers);
M (Consumer Leasing); Z (Truth in Lending); and DD (Truth in Savings).
Any comments submitted in connection with the review of these regulations
will also be considered for the study and report.
Additional Information
All circulars and documents are available on the Internet through the
Federal Reserve Bank of San Francisco's Internet site, at http://www.frbsf.org/banking/letters.
For additional information about the study of online delivery of financial
services, please contact our Banking Supervision and Regulation Department,
at (415) XXX-XXXX.
FEDERAL RESERVE BANK OF SAN FRANCISCO
|
