Fed Ratifies Electronic Bank Statements

Under an interim rule approved by the Federal Reserve, banks will be able to transmit regular deposit account statements by email or make them available on their Web sites for customers who request electronic delivery. The regulation will most likely go into effect later this month.

The rule is a result of an effort to allow more online dissemination of the disclosures banks are required to make for their customers.

Electronic transfer of legally mandated disclosures could mean big saving for banks with the growing number of online consumers.

To address concerns that the electronic transfers may undercut consumer protection laws, the Federal Reserve also modified broader electronic disclosure proposals it first published in March 1998.

You may like these other stories...

Regulatory compliance, risk management and cost-cutting are the big heartburn issues for finance execs in the C-suite. Yet financial planning and analysis—a key antacid—is insufficient.That's just one of the...
Continuing its efforts to simplify accounting procedures, the FASB has issued a proposed Accounting Standards Update on customer fees paid in a cloud computing arrangement. The newly-proposed update (Intangibles—...
How are you planning? What tools do you use (or fail to use) for forecasting? PlanGuru is a business budgeting, forecasting, and performance review software company based in White Plains, N.Y. AccountingWEB recently spoke...

Already a member? log in here.

Upcoming CPE Webinars

Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.