Tax Refund-Related Goods: Risk Management Gu

Tax Refund-Related Goods: Risk Management Gu

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Chief Executive Officers of all of the National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties

Summary

Any office of this Comptroller for the Currency (OCC) is issuing this guidance to describe security and soundness measures that nationwide banking institutions and federal cost cost savings associations (collectively, banking institutions) should follow when they provide taxation products that are refund-related. 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 banking institutions that offer income income tax refund-related items.

Shows

The guidance outlines security and soundness measures banks should follow when they provide taxation products that are refund-related. Those measures consist of

  • Making certain the lender’s board of directors keeps sound danger administration policies, procedures, and techniques to oversee all taxation refund-related items.
  • Applying effective controls that are internal review criteria to promote and solicitations.
  • Supplying appropriate disclosures that explain material areas of the merchandise to consumers. Continue reading “Tax Refund-Related Goods: Risk Management Gu”