Bank Activities Arranged by Type of Financial Institution Credit Reporting Payment Services -Regulations and Guidance Cash Management National banks may provide cash management services OCC Interpretive Letter No 756 , reprinted in [1996-1997 Transfer Binder] Fed Banking L Rep (CCH) 181-120 11.05.96 Cash [more...]
News and Current Events Legislation introduced by Senator Clinton to amend Bank Holding Company Act so as to bar financial holding companies and national banks from engaging, directly or indirectly in real estate brokerage or real estate management activities 3.01.07 See Comment by Pepper Hamilton LLP See also [more...]
Summary Topics of recent interest OCC "concerned" about negative amortization of consumer loan products, particularly credit card balances 12.01.05 OCC criticizes consumer credit card disclosures and calls for new approach to consumer disclosures for financial products and services 5.17.05 OCC issues "Guidance Relevant to Disclosures and [more...]
News and Current Events Legislation introduced in Senate to allow consumers to prevent unauthorized access to their credit reports - S.806 3.07.07 Summary Fair Credit Reporting Act FCRA Applicability to Financial Institutions Although the enforcement of the FCRA is not the direct responsibility of the federal banking agencies (the [more...]
Interagency Policy Statement on Screening by Banks and the Fair Credit Reporting Act Screening (also known as prescreening) is a process by which a consumer reporting agency (credit bureau) compiles or edits a list of consumers meeting specific credit-granting criteria provided by a bank. The list goes to the bank or a third party acting [more...]
Summary, Commentary and Guidance A national bank that wishes to commence fiduciary powers or to exercise fiduciary powers in another state must obtain approval from the OCC See the " Fiduciary Powers " booklet of the Comptroller's Licensing Manual for a detailed discussion of the agency's policies and procedures [more...]
Summary Much prior banking law on the subject of insurance was changed with the passage of the Gramm Leach Bliley Act GLBA . It is recommended that the GLBA topic page be consulted in conjunction with this page [more...]
Financial Institutions Major Statutes Affecting Financial Institution Powers Federal Reserve Act Created the Federal Reserve System National Bank Act Created national banks Home Owners' Loan Act Allowed the chartering of federal savings institutions National Credit Union Act Allowed the chartering of federal credit unions [more...]
Overview Implements portions of Gramm-Leach-Bliley Act Regulations and Interpretations by Agency OCC 12 CFR Part 1 - Investment Securities 1.1 Authority, purpose, and scope 1.2 Definitions 1.3 Limitations on dealing in, [more...]
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 [more...]
Overview Sections 23A and 23B of the Federal Reserve Act, codified at 12 USC 371c and 371c-1 respectively, tightly circumscribe transactions between member banks and their affiliates Section 18(j) of the FDIA makes 23A and B applicable to insured state nonmember banks 12 USC 1828(j) Section 11(a) of the HOLA makes 23A and B, with a few [more...]