Regulatory AlertsGuidance to Encourage Financial Institutions' Youth Savings Programs and Address Related Frequently Asked Questions
The Federal Reserve, FDIC, NCUA, OCC, and FinCEN issued guidance to encourage insured depository institutions to develop youth savings programs that expand financial capability and promote economic inclusion. The document clarifies existing legal and regulatory frameworks to remove perceived barriers for establishing school-based savings initiatives and addresses related operational questions. It explicitly states that the guidance does not impose new compliance or examination mandates on financial institutions or examiners.
Share