OCC Approves Expanded Electronic Activities
The OCC approved expanding the permissible data processing activities of national banks to include personal and business "safekeeping" of financial and nonfinancial information. In Conditional Approval No. 479, the OCC permitted an operating subsidiary of a bank to provide a personal and business vault service allowing individuals and businesses secure web based documents storage and retrieval of documents and/or files containing personal information or valuable confidential trade or business information.
The personal information, referred to as the "personal vault," would be comparable to information that individuals could store in their physical safe deposit box: personal financial data, important business documents (both electronic and scanned "analog" files), wills, trusts, birth, wedding and death certificates, deeds of trust, and insurance policies, as well as personal "keep sake" documents such as children’s drawings, report cards,
