The Department of the Treasury has designated Commercial Bank of Syria, including its subsidiary, Syrian Lebanese Commercial Bank, as a financial institution of primary money laundering concern and has issued the attached final rule restricting domestic financial institutions' banking relationships with this entity. ...
An interagency notice of proposed rulemaking (NPR) that would implement Basel II risk-based capital requirements in the United States for large, internationally active banking organizations was made public Thursday by the Federal Reserve Board.
The proposed rule would require the largest internationally active...
National Credit Union Administration (NCUA) Chairman JoAnn Johnson announced the extension of the application deadline for the Community Development Revolving Loan Fund’s (CDRLF) disaster relief grants from March 31, 2006 to September 30, 2006. Qualifying credit unions in areas affected by the Gulf Coast...
The Homeland Security Presidential Directive HSPD-12 called for a common identification standard to be adopted governing the interoperable use of identity credentials to allow physical and logical access to Federal government locations and systems. The Personal Identity Verification (PIV) of Federal Employees and...
The Office of Thrift Supervision (OTS) is encouraging savings institutions to take advantage of a new Treasury Department program to educate their customers on identity theft prevention and remedies.
The program, available to institutions on a DVD, entitled Identity Theft: Outsmarting the Crooks, informs consumers...
The federal financial institution regulatory agencies and the Federal Trade Commission have jointly issued for comment an Advance Notice of Proposed Rulemaking (ANPR) on section 312 of the Fair and Accurate Credit Transactions Act (FACT Act). Comments are invited for the purpose of developing guidelines and rules to...
A draft agenda for the April public hearings on the proposed Wal-Mart Bank's application for federal deposit insurance is now available on the FDIC's Web site, www.fdic.gov. The agenda includes the names of parties who are currently scheduled to give oral presentations, as well as the speaking times and the locations...
The Office of the Comptroller of the Currency will host workshops for national community bank directors at the Westin Great Southern Hotel, Columbus, Ohio, on April 25-26.
The workshops provide practical information that expands bank directors' skills and understanding of issues facing their banks. This year's...
Rich Spillenkothen, the director of the Division of Banking Supervision and Regulation, will retire on June 30 after thirty years of service with the Federal Reserve Board, including nearly fifteen years as the director of the division.
"Rich has led the Board’s supervision program during periods of...
The "Insider Activities" booklet is one of several booklets in the Comptroller's Handbook that will be published under the theme of corporate governance. This booklet provides guidance on how banks may legally and prudently engage in transactions with insiders and implement risk management processes that provide for...
During the second half of 2005, OO staff spoke with 791 financial industry representatives through visits and telephone calls, industry-sponsored conferences and FDIC events. Approximately 82 percent reported overall satisfaction with the FDIC's regulatory process, three percent were dissatisfied, and the remaining 15...
For many years, GAO has reported that ineffective information security is a widespread problem that has potentially devastating consequences. in its reports to COngress since 1997, GAO has identified information security as a governmentwide high-risk issue - most recently in January 2005.
Concerned with accounts...
Purpose
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance
Corporation, the Office of the Comptroller of the Currency, and Office of Thrift
Supervision are issuing this interagency advisory to financial institutions and their technology service providers.
This advisory is...
The Federal Reserve Board on Wednesday announced its approval of a final rule to amend Regulation K to require Edge and Agreement corporations and U.S. branches, agencies, and other offices of foreign banks supervised by the Board to establish and maintain procedures reasonably designed to ensure and monitor...
Sites have been selected for the FDIC's April public hearings on the proposed Wal-Mart Bank's application for federal deposit insurance, the FDIC announced today.
The first hearing, scheduled for Monday and Tuesday, April 10 and 11, will be held at the FDIC's Virginia Square auditorium (Building C), located at 3501...
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