Electronic Banking: Enhancing Federal Oversight of Internet Banking Activities

Pursuant to a congressional request, GAO discussed the regulatory efforts to identify and mitigate risks to U.S. depository institutions' operations introduced by the growth in the use of Internet banking systems, focusing on: (1) the risks posed by Internet banking and the extent of any industrywide Internet banking problems; (2) how the five U.S. financial regulators track institutions' plans to provide Internet banking services; (3) how regulators have begun to examine Internet banking activities; and (4) the extent to which regulators have examined firms providing Internet banking support services to institutions.