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 ).
