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Can you summarize 12 CFR 7.1026?
National Bank and Federal Savings Association Powers > National bank and Federal savings association payment system memberships.
Short Summary
This document, part of the Code of Federal Regulations, governs the membership of national banks and Federal savings associations in payment systems. It outlines the definitions related to payment system membership, including the definition of a member and open-ended liability. The document also specifies the notice requirements for joining payment systems and the content of the notice. Safety and soundness procedures are outlined, including risk evaluation, ongoing risk management, and notification requirements for identified risks. The document also highlights safety and soundness considerations for evaluating payment systems and characteristics of a risk management program. Overall, the document provides guidelines and requirements for national banks and Federal savings associations regarding their membership in payment systems.
Whom does it apply to?
National banks and Federal savings associations
What does it govern?
National bank and Federal savings association payment system memberships
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government