WASHINGTON - The Federal Reserve Board began soliciting public comments Wednesday on how to update existing regulations to fit the new demands of online banking.
The Gramm-Leach-Bliley Act of 1999 requires the federal banking regulators to review regulations affecting online banking services and to report to Congress on any needed legislative or regulatory changes.
"The public comment provided will help the Board assess whether any existing regulations should be amended to facilitate online banking and how particular statutory provisions affect the online delivery of financial products and services," a Fed statement read.
The Fed will work with the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Office of Thrift Supervision on the report, which it must submit to Congress by Nov. 12. Public comments are due Aug. 20.