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Louisiana Consumer Protection News
Interagency Council Issues Guidance On Electronic Financial Services And Consumer Compliance
WASHINGTON, D.C. -- The Federal Financial Institutions Examination Council (FFIEC) has issued industry guidance on the consumer regulatory implications of emerging electronic banking technologies.
The guidance provides federally insured depository institutions with information on federal consumer protection laws and regulations, and their application to electronic financial service operations. Many of the general principles, requirements, and controls within the current consumer protection regulatory framework apply to financial services conducted electronically. This guidance should help financial institutions to monitor electronic banking operations to ensure that those operations are in compliance with applicable laws, regulations, and policies.
The guidance contains two sections:
"Compliance Regulatory Environment" summarizes relevant sections of the federal consumer protection laws and regulations that address electronic financial services, and includes interim compliance policy guidance with examples of the application of existing consumer laws and regulations.
"The Role of Consumer Compliance in Developing and Implementing Electronic Services" discusses the importance of compliance officer involvement in the design, development, implementation and monitoring of electronic banking operations.
The Federal Reserve Board of Governors recently published proposed rules that may, in the future, result in modifications to certain consumer protection regulations. The FFIEC will issue further guidance, if necessary, to address any significant future changes to federal consumer protection regulations.
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Definition:
Steer clear of “offshore investments.” These are often promoted as a way to avoid taxes. Actually, you are still liable for taxes, and the investments themselves are usually very risky
Closed-End Lease
Definition:
A lease in which you are not responsible for the difference if the actual value of the item at the scheduled end of the lease is less than the residual value, but you may be responsible for excess wear-and-use charges and for other lease requirements.
Implied warranties
Definition:
under state law, consumers are guaranteed certain implied warranties. A “warranty of merchantability” comes automatically with every sale and is the seller’s promise that a product is fit for its ordinary use.
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