March 3, 2003 News Archive

Agencies Issue Advisory on Mortgage Banking Activities
Federal bank and thrift regulatory agencies jointly issued an advisory letter discussing risks related to mortgage banking activities. The advisory highlights concerns and provides guidance regarding mortgage banking activities, primarily in the valuation, accounting, and hedging of mortgage servicing assets. The Board's SR 03-04 provides additional details on the guidance.

Governor Bernanke on Financial Condition Effects on the U.S. Recovery
In a speech delivered at St. Cloud State University in St. Cloud, Minnesota, Fed Governor Ben S. Bernanke remarked on the financial health of households, firms and banks and their role in the developing recovery of the U.S. economy.

Sound Practices for the Management and Supervision of Operational Risk
The Risk Management Group of the Basel Committee on Banking Supervision recently issued a paper (PDF, 98KB) outlining a set of principles that provide a framework for effective operational risk management and supervision.

House Committee Hearings on New Basel Capital Accord
The House Financial Services Subcommittee on Domestic and International Monetary Policy, Trade and Technology, held a February 27th hearing on the new Basel Capital Accord proposal to examine the proposal and its potential effects onthe domestic and international banking system. Fed Vice Chairman Roger Ferguson was among those testifying at the hearing.

Housing Subcommittee Reviews RESPA Reforms
On February 25, the House Financial Services Housing Subcommittee held hearings on HUD's proposal to reform RESPA to simplify the home buying process.