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Electronic Code of Federal Regulations

e-CFR data is current as of December 12, 2019

Title 12Chapter I → Part 155

Title 12: Banks and Banking


§155.100   Scope.
§155.200   Use of electronic means and facilities.
§155.210   Requirements for using electronic means and facilities.

Authority: 12 U.S.C. 1462a, 1463, 1464, 5412(b)(2)(B).

Source: 82 FR 8110, Jan. 23, 2017, unless otherwise noted.

§155.100   Scope.

This part describes how a Federal savings association may provide products and services through electronic means and facilities.

§155.200   Use of electronic means and facilities.

(a) General. A Federal savings association may use, or participate with others to use, electronic means or facilities to perform any function, or provide any product or service, as part of an authorized activity. Electronic means or facilities include, but are not limited to, automated teller machines, automated loan machines, personal computers, the internet, telephones, and other similar electronic devices.

(b) Other. To optimize the use of resources, a Federal savings association may market and sell, or participate with others to market and sell, electronic capacities and by-products to third-parties, if the savings association acquired or developed these capacities and by-products in good faith as part of providing financial services.

§155.210   Requirements for using electronic means and facilities.

To use electronic means and facilities under this subpart, a Federal savings association's management must:

(a) Identify, assess, and mitigate potential risks and establish prudent internal controls; and

(b) Implement security measures designed to ensure secure operations. Such measures must be adequate to:

(1) Prevent unauthorized access to the savings association's records and its customers' records;

(2) Prevent financial fraud through the use of electronic means or facilities; and

(3) Comply with applicable security devices requirements of part 168 of this chapter.

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