October 28, 2002 News Archive

De Novo Banks Page Revised
June 2002 peer data (PDF,104KB) has been added to the recently revised De Novo Banks page, which now also contains de novo forms, resources and regulatory guidelines.

FinCEN Issues Final Rules Implementing Provisions of the USA PATRIOT Act
The Financial Crimes Enforcement Network (FinCEN) published the final rule (PDF) implementing section 314 of the USA PATRIOT Act. The two-part rule facilitates the exchange of information (1) between government and financial institutions and (2) among financial institutions. The final rule is effective September 26, 2002. FinCEN also published the final rule (PDF) that implements sections 313 and 319(b) of the USA PATRIOT Act. This particular rule establishes requirements concerning correspondent accounts of foreign banks and it becomes effective October 28, 2002.

BIS Releases Third Quantitative Impact Survey
The Basel Committee on Banking Supervision launched a comprehensive field test for banks on the proposals for revising the 1988 Capital Accord. The field test, referred to as the third quantitative impact survey or QIS 3, focuses on the proposed minimum capital requirements under pillar one of the New Basel Capital Accord. The Committee subsequently published an updated list of frequently asked questions (PDF) raised by supervisors and banks related to the impact survey.

International Conference of Banking Supervisors Endorses Customer Due Diligence for Banks
Banking regulators from around the world pledged support for the Basel Committee on Banking Supervision's report on Customer Due Diligence for Banks. According to a BIS press release, participants from nearly 120 countries at a September 2002 conference held in Cape Town, South Africa, committed to promote adoption of the report's principles for big banks that they supervise.

SEC Proposes Rules on Disclosures Implementing Certain Sections of the Sarbanes-Oxley Act
In a recent press release, the Securities and Exchange Commission issued for public comment proposed rules related to Sections 404, 406 and 407 of the Sarbanes-Oxley Act that would require public companies to disclose information about internal control reports, company codes of ethics and audit committee financial experts. The proposed rule changes also address Section 303 provisions that would prohibit actions designed to improperly influence auditors.