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Article: OCC Guidelines on Aggregation Risk.(Brief Article)
- Article from:
- American Banker
- Article date:
- February 26, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Office of the Comptroller of the Currency plans to issue guidelines as early as this week to help national banks manage the risk associated with account aggregation, Comptroller John D. Hawke Jr.announced Friday.
Consumers use aggregation services to track all of their financial accounts on one Web site. Once operated primarily by nonbanks, more and more aggregation services are being run by regulated financial institutions.
In a speech at an electronic commerce conference sponsored by the Federal Reserve Bank of New York, Mr. Hawke said the OCC aggregation guidelines will suggest ways for national banks to "avoid such business catastrophes as ...