January 18, 2001
OCC Issues Corporate Manual on Internet Banking
WASHINGTON, D.C. — The Office of the Comptroller of the Currency (OCC) today released "The Internet and the National Bank Charter" booklet of the Comptroller's Corporate Manual. The booklet is the last of four booklets that consolidate policies, procedures, and practices applicable to organizations and institutions seeking entry into the national banking system.
The Internet booklet provides comprehensive guidance to an organizing or investing group proposing to charter or acquire a national bank, or convert another type of institution to a national bank, using the Internet as a primary or alternative delivery channel.
The booklet discusses the policies and procedures involved in granting a national bank charter, and it emphasizes policy issues and supervisory concerns to be addressed by banks using an Internet platform. For example, an applicant should explain how it will handle: (1) strategic risk, such as contingency funding for capital and liquidity to address unexpected events; (2) transaction risk, such as customer verification and authentication, and business resumption contingency planning; and (3) compliance risk, such as privacy and confidentiality requirements. The booklet also provides guidance on risks presented when banks offer a narrow range of products and services or target a narrow market.
The Manual describes how national banks and others submit corporate filings; how the public may comment on them; and how OCC personnel review and analyze them. It contains policies, procedures, sample filing forms, sample documents, and reference materials pertaining to those activities.
All of the Corporate Manual booklets, including sample forms, are available through the OCC's Internet site, www.occ.treas.gov. To order additional copies of the manual, write to Comptroller of the Currency, P.O. Box 70004, Chicago, IL 60673-0004. A check for $90, payable to the Comptroller of the Currency, must accompany each request for the complete set. Individual booklets may be purchased for $15 each by writing to the same address.