July 22, 2002 News Archive

Proposed Interagency Regulations on Customer Identification
The Board issued a joint agency press release proposing rules to implement Section 326 of the USA PATRIOT Act. The rules would require certain financial institutions to establish minimum procedures for identifying and verifying the identity of customers seeking to open new financial accounts.

Basel Committee Reaches Agreement on New Capital Accord Issues
The Basel Committee on Banking Supervision announced that it reached an agreement on issues related to standardised and internal ratings-based approaches to credit risk that would be part of the New Capital Accord. The final version of the new accord will be issued in the fourth quarter of 2003.

Senate Passes Accounting Reform Bill
The Senate passed, by a unanimous vote, the Public Company Accounting Reform and Investor Protection Act of 2002 (S. 2673). The bill would create an independent board to oversee auditors of public companies, restrict consulting services accounting firms could offer, tighten disclosure requirements, and establish safeguards to ensure financial analysts' independence. Senator Paul S. Sarbanes, Chairman of the Senate Banking, Housing and Urban Affairs Committee, remarked in a press release that the bill could be on the President's desk before the August recess.