Electronic Conduit Services [Banks & Banking] Law and Legal Definition

Pursuant to 12 USCS § 5481 (11) [Title 12. Banks and Banking; Chapter 53. Wall Street Reform and Consumer Protection; Bureau of Consumer Financial Protection], the term electronic conduit services--

“ (A) means the provision, by a person, of electronic data transmission, routing, intermediate or transient storage, or connections to a telecommunications system or network; and

(B) does not include a person that provides electronic conduit services if, when providing such services, the person--

(i) selects or modifies the content of the electronic data;

(ii) transmits, routes, stores, or provides connections for electronic data, including financial data, in a manner that such financial data is differentiated from other types of data of the same form that such person transmits, routes, or stores, or with respect to which, provides connections; or

(iii) is a payee, payor, correspondent, or similar party to a payment transaction with a consumer.”