Answer by Andy Zavoina:In that there is no requirement to have a website, there are few requirements imposed when you have one, that do not apply otherwise. That is, if you advertise loans or deposits, the advertisements must be correct just as though they were on paper.
Certainly there are more issues unique to websites, but as to required disclosures, under federal laws, it is pretty simple: there aren't any. State laws may impose some requirements.
Answer by Jim Bedsole:There may be certain requirements. For example, I know that NASDAQ requires listed companies to have a code of conduct applicable to directors, officers, and employees, and that code of conduct must be publicly available. Sarbanes-Oxley has a similar provision requiring a code of ethics and SEC regulations implement that. There may be other corporate governance documents that should be publicly available as well, such as your audit committee charter, corporate governance standards, etc. The corporate website is a good place to make these available.
Also, if your company has received TARP assistance, the new TARP Standards for Executive Compensation and Governance require adoption of a "Luxury and Excessive Expenditures Policy" meeting specific requirements by the later of 90 days after receiving assistance or September 15, 2009. These rules specifically state that if the company maintains a website, this policy must be included on the website. There may be other requirements. You should probably consult with your corporate legal counsel regarding them.
First published on BankersOnline.com 8/17/09