Press Release Tools E-mail This Press Release Printer-Friendly Format

WASHINGTON, D.C. — America’s Community Bankers has urged the Office of the Comptroller of the Currency to refrain from imposing regulations on banks’ electronic banking activities.

"We suggest that, at this time, regulations would not be practical, particularly ones that impose detailed or specific requirements," ACB said in a letter responding to the OCC’s advance notice of proposed rulemaking. "It is important that national banks and other insured lenders not be restricted in the ability to provide products and services using technology in comparison with their unregulated financial services competitors," ACB said.

ACB urged the agency to continue using advisory letters, interpretations and bulletins to provide banks with guidance on the uses of technology. ACB urged the OCC to apply two broad principles in contemplating guidance or regulations for emerging banking operations:

 – The public and banks will be best served if statutory and regulatory restrictions are kept to a minimum. Prematurely imposing overly restrictive operational standards will impede the development of better financial services.

–  Banks should be permitted to operate within a framework that permits them to effectively compete for market share not only against regulated depositories but also against less-regulated nonbanks that are offering financial and related services to small businesses and customers.

A copy of the comment letter is linked.