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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ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.