August 5, 2002 News Archive

James Nelson To Head Bank Supervision and Regulation At The Chicago Fed
On July 29, 2002 the Federal Reserve Bank of Chicago named James W. Nelson senior vice president in charge of Supervision and Regulation.

Board Issues Further Guidance on Implementation of Section 312 of the USA PATRIOT Act
The Board issued additional guidance on the interim final rule issued by the Treasury, which implements section 312 of the USA PATRIOT Act dealing with due diligence for correspondent and private banking accounts. The interim final rule applies to all insured depository institutions, U.S. branches and agencies of foreign banks, and Edge and Agreement corporations.

Board Publishes Legal Interpretations on Permissible Activities
The Board published legal interpretations on activities under Regulation Y and the BHC Act related to the following:

• Provision of insurance claims administration and risk management services
• Provision of third-party administrator services
• Provision of flood zone determination services