July 29, 2002 News Archive

Top Banking Risks Updated
Every quarter Supervision and Regulation's Risk Committee meets to determine the top banking risks facing Seventh District banks in the upcoming months and develop appropriate supervisory responses. The June Top Banking Risks are now available.

Board Issues Interagency Draft Guidance on Credit Card Lending
The Board issued draft guidance (PDF) on credit card lending and solicited views as to whether the draft provides clear guidance concerning the agencies' expectations in the areas of credit card account management, risk management, and loss allowance practices. Institutions and other parties that choose to respond are asked to provide their views electronically no later than 5:00 p.m. Eastern DST on August 9, 2002 to the FFIEC.

Treasury Issues Interim Final Rule on the Implementation of Section 312 of the USA PATRIOT Act
Treasury and FinCEN announced the issuance of an interim final rule (PDF), effective July 23, 2002, advising financial institutions on how to comply with the statutory provisions of section 312 of the USA PATRIOT Act, pending issuance of the final rule. Section 312 requires U.S. financial institutions to establish due diligence policies, procedures, and controls designed to detect and report money laundering through correspondent and private banking accounts established or maintained for non-U.S. persons.