Guidance for Electronic Disclosures: When?

The universe of Internet bankers - actually their compliance managers - has been eagerly awaiting the final rules of electronic disclosures. At ACB's recent compliance conference, Adrienne Hurt, Assistant Director for the FRB's Division of Consumer and Community Affairs, advised the audience that the FRB is making progress on these rules.

The biggest concern raised by comments is the impact of state laws. Hurt stated that the FRB expects to issue a second proposal that will include model disclosures for providing a safe harbor from state laws. Look for this proposal in November. The proposal should have a 60 day comment period. Hurt gave February 1999 as the current target date for a final rule.

Copyright © 1998 Compliance Action. Originally appeared in Compliance Action, Vol. 3, No. 13 & 14, 10/98