Tech Alert Briefing for 5/18/2007

TECHNOLOGY-RELATED REGULATORY ISSUANCES

This page, created for our May 18, 2007, SPECIAL EDITION of Tech Talk, is a collection of regulatory issuances affecting bank information technology from the second half of 2006 through May 2007. We've also included links to online resources provided by federal financial institution regulators.
Customer Authentication

Here are the "essentials" on what's become known as "multi-factor authentication." How do your authentication schemes measure up?

Original Guidance(FFIEC, 8/8/01)
Revised Guidance(FFIEC, 10/12/05)
FAQ on Revised Guidance(FFIEC, 8/15/06)
Scam alert(OCC, 9/8/06)Identity Theft

Here's the FDIC's summary on how regulators are addressing the scourge of identity theft. You can see how regulators expect your bank to react to ID theft situations, and find a nuumber of links to other important ID theft resources.

FIL 32-2007(FDIC, 4/11/07)
Supervisory Policy(FDIC, 4/11/07)EFTs

The last year has been a particularly active time for amendments, final and proposed, to Reg E.

Reg E amended to cover payroll cards (8/30/06)
Reg E bounced check fee amendment (12/1/06)
Proposed Reg E terminal receipt amendment (12/1/06)
Proposed Reg E e-disclosure amendment (4/30/07)Gift Cards

These cards aren't yet subject to Reg E, but at least two regulators are concerned about bank-issued gift cards.

Guidance(OCC, 8/14/06)
Guidance(OTS, 2/28/07)Spam, Do Not Call & Junk Faxes

Here are an FTC announcement about a "summit" on spam and two regulator's exam procedures on the Do Not Call and Junk Fax rules.

Spam Summit(FTC, 4/18/07)
DNC & Junk Fax Exam Procedures(OCC, 3/30/06)
Exam Handbook Section 1300(OTS, 2/23/06)Resources for Bank Directors

First-time and seasoned bank directors alike will find these links convenient for helpful guidance on their important responsibilities.

Resources for Bank Directors from Kansas Fed(FRB)
Online director training (Insights)(FRB)
Director's Corner (FDIC)Research Data

If banks report it, you'll find it here. Two rich sources of information from quarterly bank regulatory reports and Fed statistical data.

Central Data Repository(OCC/FRB/FDIC, 3/30/07)
Micro Data Reference Manual (MDRM)(FRB)Information Security

The latest regulatory views on bank responses to information security breaches, and the Fed's own plan for such an event.

Updated Info Security Booklet(FFIEC, 7/27/06)
OCC Bulletin(7/267/06)
Incident Response Programs(FDIC, Winter 2006)
Update of FR Circular 1(FRB, 4/1/07 - See Section 6)Fraud

Someone is always out to get you or your customer. Here are some of the latest alerts and updates on fraud schemes.

Payment Processor Sued(FTC, 1/8/07)
Credit Card Scam Closed(FTC, 12/1/06)
QChex Restrained(FTC, 10/3/06)
Emails to banks "from FDIC" (FDIC, 2/22/07)
Consumer Alerts (with links - FDIC)
Bogus Congressional Committee message(OCC, 3/2/07)
Social Security COLA scam email(SSA, 11/7/06)Payments

Updates on the latest ways for consumers to spend money, plus plans to refresh the Fed's data on payment types and volumes.

New Study Announced(FRB, 1/16/07)
Speed Paying & Banking(FDIC Consumer News, Spring 07)