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Can you summarize 12 CFR Part 155?
COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY > ELECTRONIC OPERATIONS OF FEDERAL SAVINGS ASSOCIATIONS
Short Summary
The provided legal document content governs the electronic operations of Federal savings associations. It allows Federal savings associations to use electronic means or facilities to perform functions and provide products or services as part of authorized activities. The electronic means or facilities include automated teller machines, automated loan machines, personal computers, the internet, telephones, and other similar electronic devices. Federal savings associations are also allowed to market and sell electronic capacities and by-products to third parties if acquired or developed in good faith as part of providing financial services. To use electronic means and facilities, Federal savings association’s management must identify, assess, and mitigate potential risks, establish prudent internal controls, and implement security measures to ensure secure operations. These security measures should prevent unauthorized access to the savings association’s records and its customers’ records, prevent financial fraud through electronic means or facilities, and comply with applicable security devices requirements. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Federal savings associations
What does it govern?
Electronic operations of Federal savings associations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
U.S. Federal Government