September 23, 2002 News Archive

Board Seeks Comments on Proposed Revisions to FR Y-9 Reports
In an effort to reduce the paperwork involved in information collection, the Federal Reserve has proposed a new form (FR Y-9ES) for Bank Holding Companies (BHCs) that are Employee Stock Ownership Plans (ESOPs). The new form will replace the FR Y-9LP and the FR Y-9SP. The proposed FRY-9ES form would be collected as of December 31 and submitted to the Federal Reserve by July 31. Comments (PDF) must be submitted on or before September 30, 2002.

Consumer Privacy Update: Do Not Call Lists
Information on state and federal "No Call" laws will help limit your exposure to unwanted sales calls and telephone solicitors. Find out the details on the current federal law and the status of state laws in the Seventh District that includes Iowa, Illinois, Wisconsin, Indiana and Michigan. This article also provides information on the steps you can take to decrease your junk mail.

Treasury Issues Anti-Terrorism Rules
In a September 18, 2002 press release, the Treasury Department announced three final and two proposed rules under the USA Patriot Act that put into effect various anti-terrorism provisions of the Act. The final rule implementing Sections 313 and 319(b) aims to prevent money laundering and terrorist financing through correspondent accounts maintained by U.S. banks and broker-dealers in securities. The final rule under Section 314 establishes procedures to encourage information sharing between governmental authorities and financial institutions, and among financial institutions themselves. Two proposed rules under Section 352 require insurance companies and investment companies not registered with SEC to establish anti-money laundering programs. A final rule issued under the Bank Secrecy Act requires all U.S. casinos and card clubs with gross revenues of more than $1 million to file Suspicious Activity Reports.