§ 524-802a

524.802A Electronic activities of state bank. 1. A state bank may conduct in electronic form any activities that are expressly authorized for state banks under any provision of this chapter, including in sections 524.801, 524.802, and524.804, and activities that are the functional equivalent of any activities expressly authorizedfor state banks under this chapter. A state bank may perform, provide, or deliver throughelectronic means any activity, function, product, or service it is authorized to perform by anyprovision of this chapter and must comply with all applicable laws and regulations. 2. Subject to the prior approval of the superintendent, a state bank may, beginning on July 1, 2021, engage in new or innovative electronic activities that are part of the businessof banking. When determining whether a state bank is authorized to engage in a new orinnovative electronic activity that is not traditionally offered by banks via electronic means,the superintendent shall consider whether the activity is expressly authorized for state banksunder this chapter, whether the activity is the functional equivalent of any activity authorizedfor state banks, whether the activity is a logical

the activity is expressly authorized for state banksunder this chapter, whether the activity is the functional equivalent of any activity authorizedfor state banks, whether the activity is a logical extension of any activity authorized for statebanks, whether the state bank has the expertise necessary to understand and manage theactivity, and whether the activity presents risks similar to those state banks already assume. 3. A state bank that engages in any new or innovative electronic activities must conduct these activities in a safe and sound manner and must maintain adequate systems to identify,measure, monitor, and control the risks associated with its electronic activities. These systems must include policies, procedures, internal controls, and management informationsystems governing the electronic activities of the state bank and may be tailored to thespecific risks presented by the electronic activities of the state bank. A state bank engaging innew or innovative electronic activities must also maintain adequate and effective informationsecurity infrastructure and controls. 4.

electronic activities of the state bank. A state bank engaging innew or innovative electronic activities must also maintain adequate and effective informationsecurity infrastructure and controls. 4. The superintendent may adopt rules pursuant to chapter 17A to implement the provisions of this section, including but not limited to application procedures, identifyingthe systems, processes, and technologies a state bank must maintain in order to engagein certain new or innovative electronic activities, and determining that additional new orinnovative electronic activities are authorized for state banks without prior approval. 2022 Acts, ch 1062, §73 Sat Dec 23 01:17:00 2023 Iowa Code 2024, Section 524.802A (1, 0)