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The federal financial institution regulatory agencies and the Federal Trade Commission have sent to the Federal Register for publication final rules on identity theft “red flags” and address discrepancies. The final rules implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003. The final rules require each financial institution and creditor that holds any consumer account, or other account for which there is a reasonably foreseeable risk of identity theft, to develop and implement an Identity Theft Prevention Program (Program) for combating identity theft
The federal financial regulatory agencies issued final rules today that provide consumers with an opportunity to "opt out" before a financial institution uses information provided by an affiliated company to market its products and services to the consumer. The final rules on affiliate marketing implement section 214 of the Fair and Accurate Credit Transactions Act of 2003, which amends the Fair Credit Reporting Act (FCRA).
The federal bank and thrift agencies issued final rules on Friday expanding the range of small institutions eligible for an extended 18-month on-site examination cycle. The final rules allow well-capitalized and well-managed banks and savings associations with up to $500 million in total assets and a composite CAMELS rating of 1 or 2 to qualify for an 18-month (rather than a 12-month) on-site examination cycle.
Summary: The Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Illinois that suffered major damage from storms and flooding.
Summary: In an update to FIL-75-2007, the Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in additional areas of Ohio and Wisconsin that are suffering from storms and flooding.
The Federal Financial Institutions Examination Council (FFIEC) today released the revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The revised manual reflects the ongoing commitment of the federal and state banking agencies and the Financial Crimes Enforcement Network (FinCEN) to provide current and consistent guidance on riskbased policies, procedures, and processes for banking organizations to comply with the BSA and safeguard operations from money laundering and terrorist financing. The 2007 version further clarifies supervisory expectations since the July 28, 2006, update. The revisions again draw upon feedback from the banking industry and examination staff.
The Federal Financial Institution Examinations Council (FFIEC) Task Force on Consumer Compliance has approved the attached revised Fair Credit Reporting Act (FCRA) examination procedures, which incorporate the new requirements created by the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The revised FCRA examination procedures have been reorganized into a new format in which similar requirements are grouped into modules for use in risk-focused compliance examinations. This modular format is also designed to assist financial institutions in organizing compliance programs and internal reviews. The revised procedures separate background information from the examination steps, contained in Appendix A. Appendix B lists the statutory and regulatory requirements in the order in which they are addressed in the examination procedures, according to a financial institution's primary federal regulator.
In 2001, NCUA amended 12 CFR Part 748 to fulfill a requirement in Section 501 of the Gramm-Leach-Bliley Act (Pub. L. No. 106-102) (GLBA), in which Congress directed both NCUA and the other Federal Financial Institution Examination Council (FFIEC ) agencies, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision (collectively, the “Banking Agencies”) to establish standards for financial institutions relating to administrative, technical, and physical safeguards to...
This advisory letter highlights issues regarding bank electronic record systems in light of the E-SIGN Act. 15 USC 7001, et seq. The letter provides a basic framework that bank management can use to assess and address key issues posed by electronic record keeping systems. BACKGROUND Federal legislation changed the legal framework for electronic records and will likely result in more banks adopting electronic record retention systems. Banks can implement electronic record retention systems in many ways to support different business processes. Some examples of possible electronic record retention systems are loan file imaging, retention of paperless applications and online agreements, and the use of electronic payment systems.
On January 17, 2001, the banking regulatory agencies adopted guidelines implementing Section 501 of the Gramm-Leach-Bliley Act (GLBA). The guidelines require financial institutions to establish a comprehensive and coordinated information security program, appropriate to the size of the bank and the complexity of its operations.
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