Federal Reserve Requests For Comment On Adapting The Board's Regulations To On-line Banking
May 16, 2001
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 through the Internet. The Board plans to consult with other federal banking agencies regarding the report.
The public comment provided 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 required by section 729 of the Gramm-Leach-Bliley Act.
The Board's notice is attached.
Source: Federal Reserve Board