The Federal Financial Institutions Examination Council (FFIEC), of which the National Credit Union Administration is a member, has issued the attached Guidance on Electronic Financial Services and Consumer Compliance. The guidance provides federally insured institutions with information on federal consumer protection laws and regulations, and their application to electronic financial service operations.
If you offer, or contemplate offering, electronic financial services such as home computer account access, stored value cards, electronic loan applications, etc., please review the attached guidance.
The Federal Reserve Board of Governors (Fed) recently published proposed rules that may, in the future, result in modifications to certain consumer protection regulations. However, in the interim, this guidance is provided to assist compliance with existing rules and regulations until the Fed acts to implement those modifications that specifically address electronic services.
We hope that you find this guidance helpful.
Norman E. D’Amours