Tax Refund-Related Goods: Risk Management Gu

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Ceos of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested events

Overview

Any office associated with Comptroller regarding the Currency (OCC) is issuing this guidance to outline security and soundness measures that nationwide banking institutions and federal savings associations (collectively, banking institutions) should follow when they provide taxation refund-related services and products. This guidance replaces OCC Bulletin 2010-7 (18, 2010), which transmitted the “OCC Policy Statement on Tax Refund-Related Products, ” but does not supersede or amend any other OCC issuances february.

Note for Community Banks

This guidance relates to all OCC-supervised banks that provide income income tax refund-related services and products.

Highlights

The guidance outlines security and soundness measures banking institutions should follow when they provide income tax refund-related items. Those measures consist of

• Making sure the lender’s board of directors keeps risk that is sound policies, procedures, and techniques to oversee all income tax refund-related items.
• Applying effective interior settings and review requirements to promote and solicitations. (more…)