February 10, 2003 News Archive

New IT Examination Handbook
The Board announced the issuance of revised guidance for identifying information security risks and evaluating the adequacy of controls and applicable risk management practices of financial institutions. The guidance (PDF) is the first of a series of booklets that would provide updates to the 1996 FFIEC Information Systems Examination Handbook.

January 2003 Senior Loan Officer Survey Results Now Available
The Board released the results of the most recent survey on bank lending practices, including a set of supplementary questions on banks' participation in the credit default swap market. The 30-page report (PDF) indicated that institutions continued to tighten lending standards and terms for commercial and industrial loans and business loan demand was weaker. Institutions also expressed concern about the economic outlook as well as industry-specific problems.

Board Announces Adoption of Final Rule on Disclosure Requirements under the Sarbanes-Oxley Act
The Board announced the adoption of a final rule (PDF) implementing several of the reporting, disclosure and corporate governance requirements imposed by the Sarbanes-Oxley Act of 2002 for state member banks that have a class of securities registered under the Securities Exchange Act of 1934. The final rule is effective April 1, 2003.