April 22, 2002 News Archive

2002 First Quarter Top Banking Risks Updated
The supervisors' Risk Committee meets every quarter to determine the top banking risks for the next few months and develop appropriate responses. The top banking risks from the March meeting are now available on the left menu under Banking Risks.

Lessons Learned from 9/11 Events and Implications for Business Continuity
The Board released a summary (PDF) of the February 26, 2002 Financial Industry Summit on Business Continuity sponsored by the Board of Governors, the Federal Reserve Bank of New York, the Office of the Comptroller of the Currency, the New York State Banking Department and the Securities and Exchange Commission. The summit provided a forum for discussion(PDF) of emerging business continuity issues following the events of 9/11. The issues discussed were based largely on the discussion paper prepared by staff from the sponsoring agencies. Highlights of the meeting included identifying institutional and financial infrastructure vulnerabilities, business continuity approaches, identifying practices to reduce vulnerabilities, and implementation of crisis management issues.

House Banking Committee Approves Deposit Insurance Legislation
The House Financial Services Committee approved the Deposit Insurance Reform Act of 2002, by an overwhelming bipartisan majority of 52-2. The legislation would reform the deposit insurance system and protect more of Americans' retirement savings. Highlights of the bill are in the press release issued April 17, 2002.

Separately, the Senate announced that it will holding hearings on deposit insurance reform on April 23, 2002.