National Bank and Federal Savings Association Digital Activities, 40827-40831 [2020-13083]
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Federal Register / Vol. 85, No. 130 / Tuesday, July 7, 2020 / Proposed Rules
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§ 7.3000 National bank and Federal
savings association banking hours and
closings.
(a) Banking hours. The board of
directors of a national bank or Federal
savings association, or an equivalent
person or committee of a Federal branch
or agency, should review its hours of
operations for customers and,
independently of any other bank,
savings association, or Federal branch or
agency, take appropriate action to
establish a schedule of operating hours
for customers.
(b) Emergency closings declared by
the Comptroller. Pursuant to 12 U.S.C.
95(b)(1) and 1463(a)(1)(A), the
Comptroller of the Currency
(Comptroller), may declare any day a
legal holiday if emergency conditions
exist. That day is a legal holiday for
national banks, Federal savings
associations, and Federal branches or
agencies in the affected geographic area
(i.e., throughout the United States, in a
State, or in part of a State), and national
banks, Federal savings associations, and
Federal branches and agencies may
temporarily limit or suspend operations
at their affected offices, unless the
Comptroller by written order directs
otherwise. Emergency conditions may
be caused by acts of nature or of man
and may include natural and other
disasters, public health or safety
emergencies, civil and municipal
emergencies, and cyber threats or other
unauthorized intrusions (e.g., severe
flooding, a pandemic, terrorism, a cyberattack on bank systems, or a power
emergency declared by a local power
company or government requesting that
businesses in the affected area close).
The Comptroller may issue a
proclamation authorizing the emergency
closing in anticipation of the emergency
condition, at the time of the emergency
condition, or soon thereafter. In the
absence of a Comptroller declaration of
a bank holiday, a national bank, Federal
savings associations, or Federal branch
or agency may choose to temporarily
close offices in response to an
emergency condition. The national
bank, Federal savings associations, or
Federal branch or agency should notify
the OCC of such temporary closure as
soon as feasible.
(c) Emergency and ceremonial
closings declared by a State or State
official. In the event a State or a legally
authorized State official declares any
day to be a legal holiday for emergency
or ceremonial reasons in that State or
part of the State, that same day is a legal
holiday for national banks, Federal
savings associations, and Federal
branches or agencies or their offices in
the affected geographic area. National
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banks, Federal savings associations, and
Federal branches or agencies or their
affected offices may close their affected
offices or remain open on such a Statedesignated holiday, unless the
Comptroller by written order directs
otherwise.
(d) Liability. A national bank, Federal
savings association, or Federal branch or
agency should assure that all liabilities
or other obligations under the
applicable law due to its closing are
satisfied.
(e) Definition. For the purpose of this
subpart, the term ‘‘State’’ means any of
the several States, the District of
Columbia, the Commonwealth of Puerto
Rico, the Northern Mariana Islands,
Guam, the Virgin Islands, American
Samoa, the Trust Territory of the Pacific
Islands, or any other territory or
possession of the United States.
§ 7.3001
[Amended]
42. Amend § 7.3001 by:
a. In paragraph (a)(1), removing the
words ‘‘Lease excess space’’ and adding
in its place the words ‘‘Consistent with
§ 7.1024 of this title, lease excess
space’’;
■ b. In paragraph (c) introductory text,
removing the word ‘‘shall’’ and adding
in its place the word ‘‘must’’; and
■ c. In paragraph (c)(3), removing the
word ‘‘state’’ and adding in its place the
word ‘‘State’’.
■
■
§§ 7.4003 through 7.4005
■
[Removed]
43. Remove §§ 7.4003 through 7.4005.
§ 7.4010
[Amended]
44. Amend the section heading for
§ 7.4010 by removing the word ‘‘state’’
and adding in its place the word
‘‘State’’.
■
§ 7.5001
■
[Removed]
45. Remove § 7.5001.
PART 145—FEDERAL SAVINGS
ASSOCIATIONS—OPERATIONS
46. The authority citation for part 145
continues to read as follows:
■
Authority: 12 U.S.C. 1462a, 1463, 1464,
1828, 5412(b)(2)(B).
§ 145.121
■
[Removed]
47. Remove § 145.121.
PART 160—LENDING AND
INVESTMENT
48. The authority citation for part 160
continues to read as follows:
■
Authority: 12 U.S.C. 1462a, 1463, 1464,
1467a, 1701j–3, 1828, 3803, 3806,
5412(b)(2)(B); 42 U.S.C. 4106.
§ 160.50
■
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[Removed]
49. Remove § 160.50.
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§ 160.120
■
40827
[Removed]
50. Remove § 160.120.
Brian P. Brooks,
Acting Comptroller of the Currency.
[FR Doc. 2020–12435 Filed 7–6–20; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Parts 7 and 155
[Docket ID OCC–2019–0028]
RIN 1557–AE74
National Bank and Federal Savings
Association Digital Activities
Office of the Comptroller of the
Currency.
ACTION: Advance notice of proposed
rulemaking.
AGENCY:
The Office of the Comptroller
of the Currency (OCC) is interested in
making sure it is aware of and
understands the evolution of financial
services, so it ensures the federal
banking system continues to serve
consumers, businesses, and
communities effectively. Further,
national banks and Federal savings
associations (banks) must have a
regulatory and supervisory framework
that enables banks to adapt to rapidly
changing trends and technology
developments in the financial
marketplace to meet customers’
evolving needs while continuing to
operate in a safe and sound manner. The
Office of the Comptroller of the
Currency (OCC) is reviewing its
regulations on bank digital activities to
ensure that its regulations continue to
evolve with developments in the
industry. This advance notice of
proposed rulemaking (ANPR) solicits
public input as part of this review.
DATES: Comments must be received by
August 3, 2020.
ADDRESSES: Commenters are encouraged
to submit comments through the Federal
eRulemaking Portal or email, if possible.
Please use the title ‘‘National Bank and
Federal Savings Association Digital
Activities’’ to facilitate the organization
and distribution of the comments. You
may submit comments by any of the
following methods:
• Federal eRulemaking Portal—
Regulations.gov Classic or
Regulations.gov Beta: Regulations.gov
Classic: Go to https://
www.regulations.gov/. Enter ‘‘Docket ID
OCC–2019–0028’’ in the Search Box and
SUMMARY:
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Federal Register / Vol. 85, No. 130 / Tuesday, July 7, 2020 / Proposed Rules
click ‘‘Search.’’ Click on ‘‘Comment
Now’’ to submit public comments. For
help with submitting effective
comments please click on ‘‘View
Commenter’s Checklist.’’ Click on the
‘‘Help’’ tab on the Regulations.gov home
page to get information on using
Regulations.gov, including instructions
for submitting public comments.
Regulations.gov Beta: Go to https://
beta.regulations.gov/ or click ‘‘Visit
New Regulations.gov Site’’ from the
Regulations.gov Classic homepage.
Enter ‘‘Docket ID OCC–2019–0028’’ in
the Search Box and click ‘‘Search.’’
Public comments can be submitted via
the ‘‘Comment’’ box below the
displayed document information or by
clicking on the document title and then
clicking the ‘‘Comment’’ box on the topleft side of the screen. For help with
submitting effective comments please
click on ‘‘Commenter’s Checklist.’’ For
assistance with the Regulations.gov Beta
site, please call (877) 378–5457 (toll
free) or (703) 454–9859 Monday–Friday,
9 a.m.–5p.m. ET or email regulations@
erulemakinghelpdesk.com.
• Email: regs.comments@
occ.treas.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, Office
of the Comptroller of the Currency, 400
7th Street SW, Suite 3E–218,
Washington, DC 20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 465–4326.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘Docket
ID OCC–2019–0028’’ in your comment.
In general, the OCC will enter all
comments received into the docket and
publish the comments on the
Regulations.gov website without
change, including any business or
personal information provided such as
name and address information, email
addresses, or phone numbers.
Comments received, including
attachments and other supporting
materials, are part of the public record
and subject to public disclosure. Do not
include any information in your
comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
You may review comments and other
related materials that pertain to this
rulemaking action by any of the
following methods:
• Viewing Comments Electronically—
Regulations.gov Classic or
Regulations.gov Beta:
Regulations.gov Classic: Go to https://
www.regulations.gov/. Enter ‘‘Docket ID
OCC–2019–0028’’ in the Search box and
click ‘‘Search.’’ Click on ‘‘Open Docket
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Folder’’ on the right side of the screen.
Comments and supporting materials can
be viewed and filtered by clicking on
‘‘View all documents and comments in
this docket’’ and then using the filtering
tools on the left side of the screen. Click
on the ‘‘Help’’ tab on the
Regulations.gov home page to get
information on using Regulations.gov.
The docket may be viewed after the
close of the comment period in the same
manner as during the comment period.
Regulations.gov Beta: Go to https://
beta.regulations.gov/ or click ‘‘Visit
New Regulations.gov Site’’ from the
Regulations.gov Classic homepage.
Enter ‘‘Docket ID OCC–2019–0028’’ in
the Search Box and click ‘‘Search.’’
Click on the ‘‘Comments’’ tab.
Comments can be viewed and filtered
by clicking on the ‘‘Sort By’’ drop-down
on the right side of the screen or the
‘‘Refine Results’’ options on the left side
of the screen. Supporting materials can
be viewed by clicking on the
‘‘Documents’’ tab and filtered by
clicking on the ‘‘Sort By’’ drop-down on
the right side of the screen or the
‘‘Refine Results’’ options on the left side
of the screen.’’ For assistance with the
Regulations.gov Beta site, please call
(877) 378–5457 (toll free) or (703) 454–
9859 Monday–Friday, 9 a.m.–5 p.m. ET
or email regulations@
erulemakinghelpdesk.com.
The docket may be viewed after the
close of the comment period in the same
manner as during the comment period.
• Viewing Comments Personally: You
may personally inspect comments at the
OCC, 400 7th Street SW, Washington,
DC 20219. For security reasons, the OCC
requires that visitors make an
appointment to inspect comments. You
may do so by calling (202) 649–6700 or,
for persons who are deaf or hearing
impaired, TTY, (202) 649–5597. Upon
arrival, visitors will be required to
present valid government-issued photo
identification and submit to security
screening in order to inspect comments.
FOR FURTHER INFORMATION CONTACT: Beth
Knickerbocker, Chief Innovation Officer,
Office of Innovation, (202) 649–5200;
Karen McSweeney, Special Counsel;
Jason Almonte, Special Counsel;
Matthew Tynan, Counsel; or Sarah
Turney, Senior Attorney, Chief
Counsel’s Office, (202) 649–5490, for
persons who are deaf or hearing
impaired, TTY, (202) 649–5597, Office
of the Comptroller of the Currency, 400
7th Street SW, Washington, DC 20219.
SUPPLEMENTARY INFORMATION:
I. Introduction
Over the past two decades,
technological advances have
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transformed the financial industry,
including the channels through which
products and services are delivered and
the nature of the products and services
themselves. Fewer than fifteen years
ago, smart phones with slide-out
keyboards and limited touchscreen
capability were newsworthy.1 Today, 49
percent of Americans bank on their
phones,2 and 85 percent of American
millennials use mobile banking.3
The first person-to-person (P2P)
platform for money transfer services was
established in 1998.4 Today, there are
countless P2P payment options, and
many Americans regularly use P2P to
transfer funds.5 In 2003, Congress
authorized digital copies of checks to be
made and electronically processed.6
Today, remote deposit capture is the
norm for many consumers.7 The first
cryptocurrency was created in 2009;
there are now over 1,000 rival
cryptocurrencies,8 and approximately
eight percent of Americans own
cryptocurrency.9 Today, artificial
intelligence (AI) and machine learning,
biometrics, cloud computing, big data
and data analytics, and distributed
ledger and blockchain technology are
1 Charles Arthur, The history of smartphones:
Timeline, The Guardian (Jan. 24, 2012, 3:00 p.m.),
https://www.theguardian.com/technology/2012/jan/
24/smartphones-timeline.
2 Tech’s raid on the banks; Banking and
technology, The Economist (May 4, 2019), https://
link.gale.com/apps/doc/A584205036/
AONE?u=wash94865&sid=AONE&xid=0023c2e4.
3 Irving Wladawsky-Berger, The Digital
Revolution Comes for Banking, The Wall Street
Journal (June 28, 2019), https://blogs.wsj.com/cio/
2019/06/28/the-digital-revolution-comes-forbanking/.
4 Elizabeth Judd, Timeline: 180 years of banking
technology, Independent Banker (Oct. 31, 2017),
https://independentbanker.org/2017/10/timeline180-years-of-banking-technology/.
5 Id. See also Tom Groenfeldt, Real-Time Personto-Person Payments Are On The Rise In The U.S.
Forbes (Feb. 8, 2019, 7:00 p.m.), https://
www.forbes.com/sites/tomgroenfeldt/2019/02/08/
real-time-person-to-person-payments-are-on-therise-in-the-u-s-aite/#fcb030d609d0; Jill Cornfield,
Instant payment apps grow up. They’re not just for
millennials anymore, CNBC (July 14, 2018), https://
www.cnbc.com/2018/07/12/instant-payment-isgrowing-up-its-not-just-for-millennialsanymore.html.
6 Check Clearing for the 21st Century Act, Public
Law 108–100, 117 Stat. 1177 (2003).
7 Colleen Morrison, Protect your bank from
remote deposit capture risks, Independent Banker
(Sept. 1, 2019), https://independentbanker.org/
2019/09/protect-your-bank-from-remote-depositcapture-risks/.
8 Bernard Marr, A Short History of Bitcoin and
Crypto Currency Everyone Should Read, Forbes
(Dec. 6, 2017, 12:28 a.m.), https://www.forbes.com/
sites/bernardmarr/2017/12/06/a-short-history-ofbitcoin-and-crypto-currency-everyone-should-read/
#328e28a63f27.
9 Annie Nova, Just 8 percent of Americans are
invested in cryptocurrencies, survey says, CNBC
(March 16, 2018, 11:48 a.m.), https://
www.cnbc.com/2018/03/16/why-just-8-percent-ofamericans-are-invested-in-cryptocurrencies-.html.
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used commonly or are emerging in the
banking sector. Even the language used
to describe these innovations is
evolving, with the term ‘‘digital’’ now
commonly used to encompass
electronic, mobile, and other online
activities.
These technological developments
have led to a wide range of new banking
products and services delivered through
innovative and more efficient channels
in response to evolving customer
preferences. Back-office banking
operations have experienced significant
changes as well. AI and machine
learning play an increasing role, for
example, in fraud identification,
transaction monitoring, and loan
underwriting and monitoring. And
technology is fueling advances in
payments. In addition, technological
innovations are helping banks comply
with the complex regulatory framework
and enhance cybersecurity to more
effectively protect bank and customer
data and privacy. More and more banks,
of all sizes and types, are entering into
relationships with technology
companies that enable banks and the
technology companies to establish new
delivery channels and business
practices and develop new products to
meet the needs of consumers,
businesses, and communities. These
relationships facilitate banks’ ability to
reach new customers, better serve
existing customers, and take advantage
of cost efficiencies, which help them to
remain competitive in a changing
industry.
Along with the opportunities
presented by these technological
changes, there are new challenges and
risks. Banks should adjust their business
models and practices to a new financial
marketplace and changing customer
demands. Banks are in an environment
where they compete with non-bank
entities that offer products and services
that historically have only been offered
by banks, while ensuring that their
activities are consistent with the
authority provided by a banking charter
and safe and sound banking practices.
Banks also must comply with applicable
laws and regulations, including those
focused on consumer protection and
Bank Secrecy Act/anti-money
laundering (BSA/AML) compliance.
And, importantly, advanced persistent
threats require banks to pay constant
and close attention to increasing
cybersecurity risks.
Notwithstanding these challenges, the
Federal banking system is well
acquainted with and well positioned for
change, which has been a hallmark of
this system since its inception. The
OCC’s support of responsible innovation
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throughout its history has helped
facilitate the successful evolution of the
industry. The OCC has long understood
that the banking business is not frozen
in time and agrees with the statement
made over forty years ago by the U.S.
Court of Appeals for the Ninth Circuit:
‘‘the powers of national banks must be
construed so as to permit the use of new
ways of conducting the very old
business of banking.’’ 10 Accordingly,
the OCC has sought to regulate banking
in ways that allow for the responsible
creation or adoption of technological
advances and to establish a regulatory
and supervisory framework that allows
banking to evolve, while ensuring that
safety and soundness and the fair
treatment of customers is preserved.
II. Existing Regulatory Framework
For almost twenty years, OCC
regulations have specifically addressed
national banks’ digital activities. The
agency initially issued regulations in
1996 that addressed data processing
activities.11 In 2000, it published an
ANPR seeking public comment on how
to revise its regulations to further
facilitate national banks’ use of
developing technology, noting that
‘‘rapid developments in new
technologies are causing banks to
reevaluate existing delivery channels
and business practices and to develop
new products and services in order to
reach new customers, better serve
existing customers, and take advantage
of cost efficiencies.’’ 12 The comments
submitted in response to that ANPR
formed the basis of a final rule issued
in 2002 and updated in 2008.13 Today,
these regulations, at 12 CFR part 7,
subpart E, address (1) electronic
activities that are part of or incidental to
the business of banking; 14 (2) furnishing
of products and services by electronic
10 M & M Leasing Corp. v. Seattle First Nat. Bank,
563 F.2d 1377, 1382 (9th Cir. 1977), cert. denied,
436 U.S. 956 (1978).
11 61 FR 4849 (Feb. 9, 1996).
12 65 FR 4895 (Feb. 2, 2000).
13 67 FR 34992 (May 17, 2002) and 73 FR 22216
(Apr. 24, 2008).
14 This provision, at 12 CFR 7.5001, identifies the
criteria that the OCC uses to determine whether an
electronic activity is authorized for national banks
as part of, or incidental to, the business of banking
under 12 U.S.C. 24(Seventh) or other statutory
authority. While this section details those criteria
in the context of electronic activities, the OCC uses
the criteria to determine whether any activity is part
of or incidental to the business of banking. To
confirm the broader applicability of the criteria
listed in § 7.5001, the OCC is proposing in a
separate rulemaking to remove the word
‘‘electronic’’ from this section and move it to part
7, subpart A, as new § 7.1027. These proposed
changes would better organize OCC rules and
clarify that the criteria of this section may apply to
any potential national bank activity, not just those
that are electronic in nature. There would be no
substantive effect as a result of this change.
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means and facilities; (3) engaging in an
electronic activity that is comprised of
several component activities (composite
authority); (4) the sale of excess
electronic capacity and by-products; (5)
acting as digital certification authority;
(6) data processing; (7) correspondent
services; (8) the location of a national
bank conducting electronic activities;
(9) the location under 12 U.S.C. 85 of
national banks operating exclusively
through the internet; and (10) shared
electronic space. Separate regulations at
12 CFR part 155 address (1) Federal
savings associations’ use of electronic
means and facilities generally and (2)
requirements for Federal savings
associations using electronic means and
facilities. The regulations in part 155
were initially issued in 1998 and
substantively updated in 2001 and again
in 2017.15
Over this same period, the OCC has
responded on a case-by-case basis to
industry requests for approval to engage
in innovative, technology-driven
banking activities. Such approvals in
the 1990s covered internet applications
(e.g., transactional websites, commercial
website hosting services, a virtual mall,
an electronic marketplace for nonfinancial products, and internet access
services), electronic payment systems
activities (e.g., electronic bill payment
and presentment services, stored value
systems, electronic data interchange
services, and prepaid alternate media
such as stamps and prepaid phone
cards), and other technology-based
services (e.g., digital certification
authority services and electronic
correspondent banking services).16 More
recently, the OCC issued a preliminary
conditional approval for a full-service
national bank with a nationwide
footprint that proposes to offer banking
products through mobile, online, and
phone-based banking channels.17 The
OCC also approved a request for
confirmation that a national bank may
participate as a funding participant in a
real-time payment system for small
dollar, irrevocable payment services.18
In 2015, the OCC launched an
initiative to better understand the role of
innovation in financial services and to
determine what actions the agency
could take in response to this dynamic
environment. The OCC subsequently
implemented a ‘‘responsible
innovation’’ framework designed to
15 63 FR 65673 (Nov. 30, 1998), 66 FR 12993
(Mar. 2, 2001), and 82 FR 8082 (Jan 23, 2017).
16 Specific citations for these approvals are in
OCC’s 2000 ANPR. See supra note 12, at 4895–96,
fns. 4–6.
17 Conditional Approval No. 1205 (Aug. 31,
2018).
18 Interpretive Letter No. 1157 (Nov. 12, 2017).
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ensure that national banks and Federal
savings associations have a regulatory
structure that is receptive to innovation
and that the agency’s supervisory
approach appropriately accounts for the
opportunities and risks of changing
business models and new products,
services, and processes.19
The OCC also established a dedicated
Office of Innovation that serves as a
central point of contact for interested
parties and a clearinghouse for
innovation-related matters. This Office
works to increase OCC awareness and
understanding of industry trends and
issues, such as the use of AI and
machine learning, payment
developments, the evolution of lending,
and relationships between banks and
technology companies. The Office of
Innovation also assists both OCCsupervised banks and nonbanks with
understanding the agency’s expectations
regarding safe and sound operations,
fair access to financial services, and fair
treatment of customers.
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III. Regulatory Review
As part of its on-going efforts to
remain responsive to the evolution of
the Federal banking system, the OCC is
undertaking a comprehensive review of
12 CFR part 7, subpart E, and part 155.20
The goals of this review are to evaluate
whether these regulations effectively
take into account the ongoing evolution
of the financial services industry,
promote economic growth and
opportunity and ensure that banks
operate in a safe and sound manner,
provide fair access to financial services,
treat customers fairly, and comply with
applicable laws and regulations.
As part of this review, the OCC invites
the public, including members of the
financial service and technology sectors
and consumer groups, to share their
experiences and ideas. Based on the
comments received, the OCC may
propose specific revisions to its rules,
on which it would again seek public
comment. It should be noted that certain
principles guide the OCC’s approach to
19 OCC, Recommendations and Decisions for
Implementing a Responsible Innovation Framework
(2016), https://www.occ.treas.gov/topics/
supervision-and-examination/responsibleinnovation/comments/recommendations-decisionsfor-implementing-a-responsible-innovationframework.pdf.
20 As a companion to this ANPR, the OCC is
separately issuing a Notice of Proposed
Rulemaking, published elsewhere in this issue of
the Federal Register as a separate document, that
proposes amendments to subparts A through D of
Part 7 that would clarify and codify recent OCC
interpretations, integrate certain regulations for
national banks and Federal savings associations,
and update or eliminate outdated regulatory
requirements that no longer reflect the modern
financial system.
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its regulatory framework in the context
of technology and innovation. First, any
regulation adopted should be
technology-neutral, so that products,
services, and processes can evolve
regardless of the changes in technology
that enables them. Second, any
regulation should facilitate appropriate
levels of consumer protection and
privacy, including features that ensure
transparency and informed consent.
Finally, regulations on digital activities
should be principle-based, rather than
prescriptive, to enable effective
management of evolving risks and to
reduce the potential that the regulations
quickly become outdated.
IV. Issues for Comment
The public is invited to respond to the
following questions and offer comments
or suggestions on any other banking
issues related to digital activities, use of
technology, or innovation. The OCC is
not seeking comment on its authority to
issue a special purpose national bank
charter.
1. Considering the financial industry’s
evolution, are the OCC’s legal standards
in part 7, subpart E, and part 155
sufficiently flexible and clear? Should
the standards be revised to better reflect
developments in the broader financial
services industry? If so, how?
2. Do any of the legal standards in
part 7, subpart E, or part 155 create
unnecessary hurdles or burdens to the
use of technological advances or
innovation in banking?
3. Are there digital banking activities
or issues related to digital banking
activities that the OCC does not address
in part 7, subpart E, or part 155 that the
OCC should address? If so, what are
these activities or issues, and why and
how should the OCC address them?
a. Are there digital finders’ activities
(i.e., activities that bring together buyers
and sellers of financial and nonfinancial
products and services) in which
financial services companies engage or
banks wish to engage that are not
included or sufficiently addressed 12
CFR part 7, subpart E, or part 155? If so,
what are they?
b. Is there software that a bank
produces, markets, or sells (or wishes to
produce, market, or sell) that is not
within the current scope of, or
sufficiently addressed in, 12 CFR part 7,
subpart E, or part 155? If so, what type
of software?
c. Does the term ‘‘software,’’ as used
in 12 CFR 7.5006, exclude a similar
product or service that should be
included in this section? If so, what is
the similar product or service, and why
should it be included?
PO 00000
Frm 00038
Fmt 4701
Sfmt 4702
d. Are there digital activities that
banks offer, or wish to offer, as
correspondent services to its affiliates or
other financial institutions that are not
included or sufficiently addressed in 12
CFR part 7, subpart E, or in part 155?
If so, what are they?
4. What types of activities related to
cryptocurrencies or cryptoassets are
financial services companies or bank
customers engaged? To what extent does
customer engagement in crypto-related
activities impact banks and the banking
industry? What are the barriers or
obstacles, if any, to further adoption of
crypto-related activities in the banking
industry? Are there specific activities
that should be addressed in regulatory
guidance, including regulations?
5. How is distributed ledger
technology used, or potentially used, in
banking activities (e.g., identity
verification, credit underwriting or
monitoring, payments processing, trade
finance, and records management)? Are
there specific matters on this topic that
should be clarified in regulatory
guidance, including regulations?
6. How are AI techniques, including
machine learning, used or potentially
used in activities related to banking
(e.g., credit underwriting or monitoring,
transaction monitoring, anti-money
laundering or fraud detection, customer
identification and due diligence
processes, trading and hedging
activities, forecasting, and marketing)?
Are there ways the banking industry
could be, but is not, using AI because of
issues such as regulatory complexity,
lack of transparency, audit and audit
trail complexities, or other regulatory
barriers? Are there specific ways these
issues could be addressed by the OCC?
Should the OCC provide regulatory
guidance on this use, including by
issuing regulations?
7. What new payments technologies
and processes should the OCC be aware
of and what are the potential
implications of these technologies and
processes for the banking industry? How
are new payments technologies and
processes facilitated or hindered by
existing regulatory frameworks?
8. What new or innovative tools do
financial services companies use to
comply with applicable regulations and
supervisory expectations (i.e.,
‘‘regtech’’)? How does the OCC’s
regulatory approach enable or hinder
advancements in this area?
9. Are there issues unique to smaller
institutions regarding the use and
implementation of innovative products,
services, or processes that the OCC
should consider?
E:\FR\FM\07JYP2.SGM
07JYP2
Federal Register / Vol. 85, No. 130 / Tuesday, July 7, 2020 / Proposed Rules
10. What other changes to the
development and delivery of banking
products and services for consumers,
businesses and communities should the
OCC be aware of and consider?
11. Are there issues the OCC should
consider in light of changes in the
banking system that have occurred in
response to the COVID–19 pandemic,
such as social distancing?
Brian P. Brooks,
Acting Comptroller of the Currency.
[FR Doc. 2020–13083 Filed 7–6–20; 8:45 am]
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Agencies
[Federal Register Volume 85, Number 130 (Tuesday, July 7, 2020)]
[Proposed Rules]
[Pages 40827-40831]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-13083]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Parts 7 and 155
[Docket ID OCC-2019-0028]
RIN 1557-AE74
National Bank and Federal Savings Association Digital Activities
AGENCY: Office of the Comptroller of the Currency.
ACTION: Advance notice of proposed rulemaking.
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SUMMARY: The Office of the Comptroller of the Currency (OCC) is
interested in making sure it is aware of and understands the evolution
of financial services, so it ensures the federal banking system
continues to serve consumers, businesses, and communities effectively.
Further, national banks and Federal savings associations (banks) must
have a regulatory and supervisory framework that enables banks to adapt
to rapidly changing trends and technology developments in the financial
marketplace to meet customers' evolving needs while continuing to
operate in a safe and sound manner. The Office of the Comptroller of
the Currency (OCC) is reviewing its regulations on bank digital
activities to ensure that its regulations continue to evolve with
developments in the industry. This advance notice of proposed
rulemaking (ANPR) solicits public input as part of this review.
DATES: Comments must be received by August 3, 2020.
ADDRESSES: Commenters are encouraged to submit comments through the
Federal eRulemaking Portal or email, if possible. Please use the title
``National Bank and Federal Savings Association Digital Activities'' to
facilitate the organization and distribution of the comments. You may
submit comments by any of the following methods:
Federal eRulemaking Portal--Regulations.gov Classic or
Regulations.gov Beta: Regulations.gov Classic: Go to https://www.regulations.gov/. Enter ``Docket ID OCC-2019-0028'' in the Search
Box and
[[Page 40828]]
click ``Search.'' Click on ``Comment Now'' to submit public comments.
For help with submitting effective comments please click on ``View
Commenter's Checklist.'' Click on the ``Help'' tab on the
Regulations.gov home page to get information on using Regulations.gov,
including instructions for submitting public comments.
Regulations.gov Beta: Go to https://beta.regulations.gov/ or click
``Visit New Regulations.gov Site'' from the Regulations.gov Classic
homepage. Enter ``Docket ID OCC-2019-0028'' in the Search Box and click
``Search.'' Public comments can be submitted via the ``Comment'' box
below the displayed document information or by clicking on the document
title and then clicking the ``Comment'' box on the top-left side of the
screen. For help with submitting effective comments please click on
``Commenter's Checklist.'' For assistance with the Regulations.gov Beta
site, please call (877) 378-5457 (toll free) or (703) 454-9859 Monday-
Friday, 9 a.m.-5p.m. ET or email [email protected].
Email: [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, 400 7th Street
SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``Docket ID OCC-2019-0028'' in your comment. In general, the OCC will
enter all comments received into the docket and publish the comments on
the Regulations.gov website without change, including any business or
personal information provided such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
You may review comments and other related materials that pertain to
this rulemaking action by any of the following methods:
Viewing Comments Electronically--Regulations.gov Classic
or Regulations.gov Beta:
Regulations.gov Classic: Go to https://www.regulations.gov/. Enter
``Docket ID OCC-2019-0028'' in the Search box and click ``Search.''
Click on ``Open Docket Folder'' on the right side of the screen.
Comments and supporting materials can be viewed and filtered by
clicking on ``View all documents and comments in this docket'' and then
using the filtering tools on the left side of the screen. Click on the
``Help'' tab on the Regulations.gov home page to get information on
using Regulations.gov. The docket may be viewed after the close of the
comment period in the same manner as during the comment period.
Regulations.gov Beta: Go to https://beta.regulations.gov/ or click
``Visit New Regulations.gov Site'' from the Regulations.gov Classic
homepage. Enter ``Docket ID OCC-2019-0028'' in the Search Box and click
``Search.'' Click on the ``Comments'' tab. Comments can be viewed and
filtered by clicking on the ``Sort By'' drop-down on the right side of
the screen or the ``Refine Results'' options on the left side of the
screen. Supporting materials can be viewed by clicking on the
``Documents'' tab and filtered by clicking on the ``Sort By'' drop-down
on the right side of the screen or the ``Refine Results'' options on
the left side of the screen.'' For assistance with the Regulations.gov
Beta site, please call (877) 378-5457 (toll free) or (703) 454-9859
Monday-Friday, 9 a.m.-5 p.m. ET or email
[email protected].
The docket may be viewed after the close of the comment period in
the same manner as during the comment period.
Viewing Comments Personally: You may personally inspect
comments at the OCC, 400 7th Street SW, Washington, DC 20219. For
security reasons, the OCC requires that visitors make an appointment to
inspect comments. You may do so by calling (202) 649-6700 or, for
persons who are deaf or hearing impaired, TTY, (202) 649-5597. Upon
arrival, visitors will be required to present valid government-issued
photo identification and submit to security screening in order to
inspect comments.
FOR FURTHER INFORMATION CONTACT: Beth Knickerbocker, Chief Innovation
Officer, Office of Innovation, (202) 649-5200; Karen McSweeney, Special
Counsel; Jason Almonte, Special Counsel; Matthew Tynan, Counsel; or
Sarah Turney, Senior Attorney, Chief Counsel's Office, (202) 649-5490,
for persons who are deaf or hearing impaired, TTY, (202) 649-5597,
Office of the Comptroller of the Currency, 400 7th Street SW,
Washington, DC 20219.
SUPPLEMENTARY INFORMATION:
I. Introduction
Over the past two decades, technological advances have transformed
the financial industry, including the channels through which products
and services are delivered and the nature of the products and services
themselves. Fewer than fifteen years ago, smart phones with slide-out
keyboards and limited touchscreen capability were newsworthy.\1\ Today,
49 percent of Americans bank on their phones,\2\ and 85 percent of
American millennials use mobile banking.\3\
---------------------------------------------------------------------------
\1\ Charles Arthur, The history of smartphones: Timeline, The
Guardian (Jan. 24, 2012, 3:00 p.m.), https://www.theguardian.com/technology/2012/jan/24/smartphones-timeline.
\2\ Tech's raid on the banks; Banking and technology, The
Economist (May 4, 2019), https://link.gale.com/apps/doc/A584205036/AONE?u=wash94865&sid=AONE&xid=0023c2e4.
\3\ Irving Wladawsky-Berger, The Digital Revolution Comes for
Banking, The Wall Street Journal (June 28, 2019), https://blogs.wsj.com/cio/2019/06/28/the-digital-revolution-comes-for-banking/.
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The first person-to-person (P2P) platform for money transfer
services was established in 1998.\4\ Today, there are countless P2P
payment options, and many Americans regularly use P2P to transfer
funds.\5\ In 2003, Congress authorized digital copies of checks to be
made and electronically processed.\6\ Today, remote deposit capture is
the norm for many consumers.\7\ The first cryptocurrency was created in
2009; there are now over 1,000 rival cryptocurrencies,\8\ and
approximately eight percent of Americans own cryptocurrency.\9\ Today,
artificial intelligence (AI) and machine learning, biometrics, cloud
computing, big data and data analytics, and distributed ledger and
blockchain technology are
[[Page 40829]]
used commonly or are emerging in the banking sector. Even the language
used to describe these innovations is evolving, with the term
``digital'' now commonly used to encompass electronic, mobile, and
other online activities.
---------------------------------------------------------------------------
\4\ Elizabeth Judd, Timeline: 180 years of banking technology,
Independent Banker (Oct. 31, 2017), https://independentbanker.org/2017/10/timeline-180-years-of-banking-technology/.
\5\ Id. See also Tom Groenfeldt, Real-Time Person-to-Person
Payments Are On The Rise In The U.S. Forbes (Feb. 8, 2019, 7:00
p.m.), https://www.forbes.com/sites/tomgroenfeldt/2019/02/08/real-time-person-to-person-payments-are-on-the-rise-in-the-u-s-aite/#fcb030d609d0; Jill Cornfield, Instant payment apps grow up. They're
not just for millennials anymore, CNBC (July 14, 2018), https://www.cnbc.com/2018/07/12/instant-payment-is-growing-up-its-not-just-for-millennials-anymore.html.
\6\ Check Clearing for the 21st Century Act, Public Law 108-100,
117 Stat. 1177 (2003).
\7\ Colleen Morrison, Protect your bank from remote deposit
capture risks, Independent Banker (Sept. 1, 2019), https://independentbanker.org/2019/09/protect-your-bank-from-remote-deposit-capture-risks/.
\8\ Bernard Marr, A Short History of Bitcoin and Crypto Currency
Everyone Should Read, Forbes (Dec. 6, 2017, 12:28 a.m.), https://www.forbes.com/sites/bernardmarr/2017/12/06/a-short-history-of-bitcoin-and-crypto-currency-everyone-should-read/#328e28a63f27.
\9\ Annie Nova, Just 8 percent of Americans are invested in
cryptocurrencies, survey says, CNBC (March 16, 2018, 11:48 a.m.),
https://www.cnbc.com/2018/03/16/why-just-8-percent-of-americans-are-invested-in-cryptocurrencies-.html.
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These technological developments have led to a wide range of new
banking products and services delivered through innovative and more
efficient channels in response to evolving customer preferences. Back-
office banking operations have experienced significant changes as well.
AI and machine learning play an increasing role, for example, in fraud
identification, transaction monitoring, and loan underwriting and
monitoring. And technology is fueling advances in payments. In
addition, technological innovations are helping banks comply with the
complex regulatory framework and enhance cybersecurity to more
effectively protect bank and customer data and privacy. More and more
banks, of all sizes and types, are entering into relationships with
technology companies that enable banks and the technology companies to
establish new delivery channels and business practices and develop new
products to meet the needs of consumers, businesses, and communities.
These relationships facilitate banks' ability to reach new customers,
better serve existing customers, and take advantage of cost
efficiencies, which help them to remain competitive in a changing
industry.
Along with the opportunities presented by these technological
changes, there are new challenges and risks. Banks should adjust their
business models and practices to a new financial marketplace and
changing customer demands. Banks are in an environment where they
compete with non-bank entities that offer products and services that
historically have only been offered by banks, while ensuring that their
activities are consistent with the authority provided by a banking
charter and safe and sound banking practices. Banks also must comply
with applicable laws and regulations, including those focused on
consumer protection and Bank Secrecy Act/anti-money laundering (BSA/
AML) compliance. And, importantly, advanced persistent threats require
banks to pay constant and close attention to increasing cybersecurity
risks.
Notwithstanding these challenges, the Federal banking system is
well acquainted with and well positioned for change, which has been a
hallmark of this system since its inception. The OCC's support of
responsible innovation throughout its history has helped facilitate the
successful evolution of the industry. The OCC has long understood that
the banking business is not frozen in time and agrees with the
statement made over forty years ago by the U.S. Court of Appeals for
the Ninth Circuit: ``the powers of national banks must be construed so
as to permit the use of new ways of conducting the very old business of
banking.'' \10\ Accordingly, the OCC has sought to regulate banking in
ways that allow for the responsible creation or adoption of
technological advances and to establish a regulatory and supervisory
framework that allows banking to evolve, while ensuring that safety and
soundness and the fair treatment of customers is preserved.
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\10\ M & M Leasing Corp. v. Seattle First Nat. Bank, 563 F.2d
1377, 1382 (9th Cir. 1977), cert. denied, 436 U.S. 956 (1978).
---------------------------------------------------------------------------
II. Existing Regulatory Framework
For almost twenty years, OCC regulations have specifically
addressed national banks' digital activities. The agency initially
issued regulations in 1996 that addressed data processing
activities.\11\ In 2000, it published an ANPR seeking public comment on
how to revise its regulations to further facilitate national banks' use
of developing technology, noting that ``rapid developments in new
technologies are causing banks to reevaluate existing delivery channels
and business practices and to develop new products and services in
order to reach new customers, better serve existing customers, and take
advantage of cost efficiencies.'' \12\ The comments submitted in
response to that ANPR formed the basis of a final rule issued in 2002
and updated in 2008.\13\ Today, these regulations, at 12 CFR part 7,
subpart E, address (1) electronic activities that are part of or
incidental to the business of banking; \14\ (2) furnishing of products
and services by electronic means and facilities; (3) engaging in an
electronic activity that is comprised of several component activities
(composite authority); (4) the sale of excess electronic capacity and
by-products; (5) acting as digital certification authority; (6) data
processing; (7) correspondent services; (8) the location of a national
bank conducting electronic activities; (9) the location under 12 U.S.C.
85 of national banks operating exclusively through the internet; and
(10) shared electronic space. Separate regulations at 12 CFR part 155
address (1) Federal savings associations' use of electronic means and
facilities generally and (2) requirements for Federal savings
associations using electronic means and facilities. The regulations in
part 155 were initially issued in 1998 and substantively updated in
2001 and again in 2017.\15\
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\11\ 61 FR 4849 (Feb. 9, 1996).
\12\ 65 FR 4895 (Feb. 2, 2000).
\13\ 67 FR 34992 (May 17, 2002) and 73 FR 22216 (Apr. 24, 2008).
\14\ This provision, at 12 CFR 7.5001, identifies the criteria
that the OCC uses to determine whether an electronic activity is
authorized for national banks as part of, or incidental to, the
business of banking under 12 U.S.C. 24(Seventh) or other statutory
authority. While this section details those criteria in the context
of electronic activities, the OCC uses the criteria to determine
whether any activity is part of or incidental to the business of
banking. To confirm the broader applicability of the criteria listed
in Sec. 7.5001, the OCC is proposing in a separate rulemaking to
remove the word ``electronic'' from this section and move it to part
7, subpart A, as new Sec. 7.1027. These proposed changes would
better organize OCC rules and clarify that the criteria of this
section may apply to any potential national bank activity, not just
those that are electronic in nature. There would be no substantive
effect as a result of this change.
\15\ 63 FR 65673 (Nov. 30, 1998), 66 FR 12993 (Mar. 2, 2001),
and 82 FR 8082 (Jan 23, 2017).
---------------------------------------------------------------------------
Over this same period, the OCC has responded on a case-by-case
basis to industry requests for approval to engage in innovative,
technology-driven banking activities. Such approvals in the 1990s
covered internet applications (e.g., transactional websites, commercial
website hosting services, a virtual mall, an electronic marketplace for
non-financial products, and internet access services), electronic
payment systems activities (e.g., electronic bill payment and
presentment services, stored value systems, electronic data interchange
services, and prepaid alternate media such as stamps and prepaid phone
cards), and other technology-based services (e.g., digital
certification authority services and electronic correspondent banking
services).\16\ More recently, the OCC issued a preliminary conditional
approval for a full-service national bank with a nationwide footprint
that proposes to offer banking products through mobile, online, and
phone-based banking channels.\17\ The OCC also approved a request for
confirmation that a national bank may participate as a funding
participant in a real-time payment system for small dollar, irrevocable
payment services.\18\
---------------------------------------------------------------------------
\16\ Specific citations for these approvals are in OCC's 2000
ANPR. See supra note 12, at 4895-96, fns. 4-6.
\17\ Conditional Approval No. 1205 (Aug. 31, 2018).
\18\ Interpretive Letter No. 1157 (Nov. 12, 2017).
---------------------------------------------------------------------------
In 2015, the OCC launched an initiative to better understand the
role of innovation in financial services and to determine what actions
the agency could take in response to this dynamic environment. The OCC
subsequently implemented a ``responsible innovation'' framework
designed to
[[Page 40830]]
ensure that national banks and Federal savings associations have a
regulatory structure that is receptive to innovation and that the
agency's supervisory approach appropriately accounts for the
opportunities and risks of changing business models and new products,
services, and processes.\19\
---------------------------------------------------------------------------
\19\ OCC, Recommendations and Decisions for Implementing a
Responsible Innovation Framework (2016), https://www.occ.treas.gov/topics/supervision-and-examination/responsible-innovation/comments/recommendations-decisions-for-implementing-a-responsible-innovation-framework.pdf.
---------------------------------------------------------------------------
The OCC also established a dedicated Office of Innovation that
serves as a central point of contact for interested parties and a
clearinghouse for innovation-related matters. This Office works to
increase OCC awareness and understanding of industry trends and issues,
such as the use of AI and machine learning, payment developments, the
evolution of lending, and relationships between banks and technology
companies. The Office of Innovation also assists both OCC-supervised
banks and nonbanks with understanding the agency's expectations
regarding safe and sound operations, fair access to financial services,
and fair treatment of customers.
III. Regulatory Review
As part of its on-going efforts to remain responsive to the
evolution of the Federal banking system, the OCC is undertaking a
comprehensive review of 12 CFR part 7, subpart E, and part 155.\20\ The
goals of this review are to evaluate whether these regulations
effectively take into account the ongoing evolution of the financial
services industry, promote economic growth and opportunity and ensure
that banks operate in a safe and sound manner, provide fair access to
financial services, treat customers fairly, and comply with applicable
laws and regulations.
---------------------------------------------------------------------------
\20\ As a companion to this ANPR, the OCC is separately issuing
a Notice of Proposed Rulemaking, published elsewhere in this issue
of the Federal Register as a separate document, that proposes
amendments to subparts A through D of Part 7 that would clarify and
codify recent OCC interpretations, integrate certain regulations for
national banks and Federal savings associations, and update or
eliminate outdated regulatory requirements that no longer reflect
the modern financial system.
---------------------------------------------------------------------------
As part of this review, the OCC invites the public, including
members of the financial service and technology sectors and consumer
groups, to share their experiences and ideas. Based on the comments
received, the OCC may propose specific revisions to its rules, on which
it would again seek public comment. It should be noted that certain
principles guide the OCC's approach to its regulatory framework in the
context of technology and innovation. First, any regulation adopted
should be technology-neutral, so that products, services, and processes
can evolve regardless of the changes in technology that enables them.
Second, any regulation should facilitate appropriate levels of consumer
protection and privacy, including features that ensure transparency and
informed consent. Finally, regulations on digital activities should be
principle-based, rather than prescriptive, to enable effective
management of evolving risks and to reduce the potential that the
regulations quickly become outdated.
IV. Issues for Comment
The public is invited to respond to the following questions and
offer comments or suggestions on any other banking issues related to
digital activities, use of technology, or innovation. The OCC is not
seeking comment on its authority to issue a special purpose national
bank charter.
1. Considering the financial industry's evolution, are the OCC's
legal standards in part 7, subpart E, and part 155 sufficiently
flexible and clear? Should the standards be revised to better reflect
developments in the broader financial services industry? If so, how?
2. Do any of the legal standards in part 7, subpart E, or part 155
create unnecessary hurdles or burdens to the use of technological
advances or innovation in banking?
3. Are there digital banking activities or issues related to
digital banking activities that the OCC does not address in part 7,
subpart E, or part 155 that the OCC should address? If so, what are
these activities or issues, and why and how should the OCC address
them?
a. Are there digital finders' activities (i.e., activities that
bring together buyers and sellers of financial and nonfinancial
products and services) in which financial services companies engage or
banks wish to engage that are not included or sufficiently addressed 12
CFR part 7, subpart E, or part 155? If so, what are they?
b. Is there software that a bank produces, markets, or sells (or
wishes to produce, market, or sell) that is not within the current
scope of, or sufficiently addressed in, 12 CFR part 7, subpart E, or
part 155? If so, what type of software?
c. Does the term ``software,'' as used in 12 CFR 7.5006, exclude a
similar product or service that should be included in this section? If
so, what is the similar product or service, and why should it be
included?
d. Are there digital activities that banks offer, or wish to offer,
as correspondent services to its affiliates or other financial
institutions that are not included or sufficiently addressed in 12 CFR
part 7, subpart E, or in part 155? If so, what are they?
4. What types of activities related to cryptocurrencies or
cryptoassets are financial services companies or bank customers
engaged? To what extent does customer engagement in crypto-related
activities impact banks and the banking industry? What are the barriers
or obstacles, if any, to further adoption of crypto-related activities
in the banking industry? Are there specific activities that should be
addressed in regulatory guidance, including regulations?
5. How is distributed ledger technology used, or potentially used,
in banking activities (e.g., identity verification, credit underwriting
or monitoring, payments processing, trade finance, and records
management)? Are there specific matters on this topic that should be
clarified in regulatory guidance, including regulations?
6. How are AI techniques, including machine learning, used or
potentially used in activities related to banking (e.g., credit
underwriting or monitoring, transaction monitoring, anti-money
laundering or fraud detection, customer identification and due
diligence processes, trading and hedging activities, forecasting, and
marketing)? Are there ways the banking industry could be, but is not,
using AI because of issues such as regulatory complexity, lack of
transparency, audit and audit trail complexities, or other regulatory
barriers? Are there specific ways these issues could be addressed by
the OCC? Should the OCC provide regulatory guidance on this use,
including by issuing regulations?
7. What new payments technologies and processes should the OCC be
aware of and what are the potential implications of these technologies
and processes for the banking industry? How are new payments
technologies and processes facilitated or hindered by existing
regulatory frameworks?
8. What new or innovative tools do financial services companies use
to comply with applicable regulations and supervisory expectations
(i.e., ``regtech'')? How does the OCC's regulatory approach enable or
hinder advancements in this area?
9. Are there issues unique to smaller institutions regarding the
use and implementation of innovative products, services, or processes
that the OCC should consider?
[[Page 40831]]
10. What other changes to the development and delivery of banking
products and services for consumers, businesses and communities should
the OCC be aware of and consider?
11. Are there issues the OCC should consider in light of changes in
the banking system that have occurred in response to the COVID-19
pandemic, such as social distancing?
Brian P. Brooks,
Acting Comptroller of the Currency.
[FR Doc. 2020-13083 Filed 7-6-20; 8:45 am]
BILLING CODE 4810-33-P