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Check
Clearing for the 21st Century Act, Pub. L. No. 108-100, enacted October 28,
2003, effective October 28, 2004.
The “Check 21 Act” enables banks to
lawfully convert paper checks to purely electronic formats (which can be
processed, stored, and transported more efficiently) and to generate
substitute paper checks in lieu of the original when requested by
customers or other banks. It
also imposes new requirements on all banks (even those that do not engage
in check truncation). Summary
of Check Clearing for the 21st Century Act.
Servicemembers
Civil Relief Act, Pub. L. No. 108-189,
enacted and effective December 19, 2003. The Act amends the Soldiers’ and
Sailors’ Civil Relief Act of 1940 to provide for temporary suspension of
legal proceedings and financial transactions that may adversely affect the
civil rights of servicemembers during military service. The Act applies to national banks,
as well as other lenders and creditors. Summary
of Servicemembers Civil Relief Act.
Controlling
the Assault of Non-Solicited Pornography and Marketing Act of 2003, Pub. L. No. 108-187, enacted December 16,
2003, effective January 1, 2004. To avoid potential criminal
penalties and civil liability, senders of non-solicited commercial
electronic mail (spam), including national banks, must clearly state the
source and content of non-solicited commercial electronic mail that they
send and honor the requests of recipients not to receive from them
additional non-solicited electronic mail. The “CAN-SPAM Act” contains
various exceptions, including for electronic mail that: a) facilitates, completes, or
confirms a commercial transaction that the recipient has previously agreed
to enter into with the sender; b) notifies a customer of a change relating
to an account; or c) transmits a periodic account statement. Summary
of the “CAN-SPAM Act”.
Fair
and Accurate Credit Transactions Act of 2003, Pub. L. No. 108-159, enacted December 4,
2003. Regulations establishing effective
date must be prescribed by February 4, 2004, and regulations implementing
the Act must be effective no later than 10 months after issuance of final
regulations. The Act
establishes additional rights for consumers to obtain and correct credit
reports and address identity theft and establishes additional requirements
for consumer reporting agencies.
It places requirements on financial institutions that provide
adverse credit information to a consumer reporting agency or are party to
a transaction involving alleged identity theft. In addition, a user of a credit
report is subject to certain prohibitions on extension of credit if a
report contains a fraud alert or alert that the consumer is on active
military duty. The Act
requires users of credit scores, such as national banks, to make
disclosures to consumers and users of consumer credit reports to notify
consumers of less favorable credit terms. It also requires promulgation of
regulations that establish requirements regarding disposal of consumer
information, including by national banks. The Act also extends the period
during which consumers may opt-out of prescreened lists for credit or
insurance marketing solicitations and extends the statute of limitations
for civil liability for violations of the Fair Credit Reporting Act. The Act requires affiliates that
exchange consumer information for market solicitation purposes to a) alert
the consumer of the practice; and b) allow the consumer to prohibit
permanently all solicitation for marketing purposes. The Act contains additional
limitations on the use and sharing of consumer medical information by
creditors, including national banks.
Summary
of the FACT Act of 2003.
Preserving
Independence of Financial Institution Examinations Act of
2003. Pub. L. No. 108-198, enacted and
effective December 19, 2003.
The act amends Federal criminal law to provide that the criminal penalties
that prohibit 1) personnel of a financial institution from offering a loan
or gratuity to a financial institution examiner; and 2) a financial
institution examiner from accepting such a loan or gratuity do not include
credit card accounts or residential mortgage loans that meet certain
requirements. Summary
of the Preserving Independence of Financial Institution Examinations Act
of 2003.
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