Comments Requested by August 20, 2001
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
In a May 16 press release, the Board of Governors of the Federal Reserve System requested comments on whether any of its regulations should be amended or removed in order to facilitate online banking.
This review is being conducted pursuant to section 729 of the Gramm-Leach-Bliley Act, which requires federal banking regulators to conduct a study of regulations pertaining to the online delivery of financial services. In addition, the Board noted in its press release that any comments it receives in connection with rules for the electronic delivery of notices to consumers (see our Circular No. 11338, dated April 12, 2001) will also be considered in this study.