Regulatory Alerts2015-02-24
Guidance to Encourage Financial Institutions’ Youth Savings Programs and Address Related Frequently Asked Questions
The Federal Reserve, FDIC, NCUA, OCC, and FinCEN issued joint guidance to encourage financial institutions to develop youth savings programs and clarify regulatory uncertainties. The document addresses legal questions regarding minor account opening, Consumer Identification Program requirements, and branch application exemptions for school-based initiatives. It also confirms that such programs may receive Community Reinvestment Act consideration when targeted at low- and moderate-income students.
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