June 17, 2002 News Archive

NEW...Operational Risk Page
The Operational Risk Team of the Federal Reserve Bank of Chicago is now sharing their knowledge of Operational Risk. In addition to conducting Operational Risk regulatory examinations of community, regional, and large complex banking organizations, the Team serves as a subject resource for the financial industry.

Governor Olson Remarks on the Dual Banking System and the Current Condition of the Banking Industry
In a speech delivered at the recent Conference of State Bank Supervisors in Salt Lake City, Utah, Fed Governor Mark W. Olson remarked on the importance of the dual banking system and shared some observations on the condition of banks in the United States. He also commented on the expanded role of the Federal Reserve as the umbrella regulator of bank and financial holding companies.

Treasury Issues Proposed Regulation Implementing Section 312 of USA PATRIOT Act
The Treasury Department and FinCEN issued a proposed rule(PDF) implementing Section 312 of the USA PATRIOT Act. Section 312 requires U.S. financial institutions to establish due diligence policies, procedures, and controls designed to detect and report money laundering through correspondent accounts and private banking accounts that they establish or maintain for non-U.S. persons.