Banking


The federal reserve board of governors adopts a rule that revises official staff commentary on regulation E, which implements the Electronic Funds Transfer Act. The new rule provides compliance guidance on electronic check conversion transactions, computer-initiated bill payments and electronic authorizations of recurring debits from a consumer’s bank account ( www.fdic.gov/news/news/financial/2001/fil0133.html ).

A senior official of the Office of the Comptroller of the Currency stresses the need for banks to carefully manage the privacy-protection activities of third-party service providers to whom they entrust nonpublic customer information ( www.occ.treas.gov/ftp/re lease/2001-39.txt ).

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VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.