Academic journal article ABA Banking Journal

New ".Bank" Internet Domain Coming Soon?

Academic journal article ABA Banking Journal

New ".Bank" Internet Domain Coming Soon?

Article excerpt

Interchange, Consumer Financial Protection Bureau issues, implementation of the Dodd-Frank Act. These are some of the policy priorities ABA has been working on.

But there's a very different type of issue on the horizon that ABA has also been working and that bankers need to know about. And that's the challenge that could come when the governing body for internet domain names begins accepting applications for new domains later this year--including a possible ".bank."

Adoption of a .bank domain name presents both threats and opportunities for banks. That's why last fall I appointed an ABA Dot-Bank Working Group--composed of bankers from large and small institutions--to explore the potential impact and guide ABA advocacy on the issue.

You may be thinking, "Why would any bank that has already invested so much in its '.com' website want to take on another site with a '.bank' extension?" The truth is, most banks don't. But while there's little immediate demand for a .bank domain, there's a clear need to protect .bank and potentially other financial domains from those that would either charge banks excessive prices to protect their brand in the domains or operate financial domains insecurely.

We want to be sure that any entity calling itself a bank is, in fact, a regulated, federally insured depository institution, and that any new websites with a .bank or similar financial domain protect the interests and security of banks and their customers.

With that in mind, ABA persuaded ICANN, the international body governing domain names, to expect financial domains to have higher levels of security than other domains. …

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