March 17, 2003 News Archive

Board Publishes Final Rule on Regulation B
The Board announced that a final rule amending Regulation B, which was approved in February, will be published in the Federal Register shortly. Regulation B implements the Equal Credit Opportunity Act. Among other things, the final rule addresses the collection of applicants' personal characteristics in connection with nonmortgage credit and record retention for prescreened solicitations. The final rule is effective April 15, 2003; however, to allow institutions to make any necessary operational changes, the mandatory compliance date is April 15, 2004.

Board Proposes Amendment to Regulation Y
The Board is seeking public comment on a proposal (PDF) to modify a condition in Regulation Y in order to allow bank holding companies engaged in permissible derivatives activities to transfer title to commodities underlying derivative contracts on an instantaneous, pass-through basis. Comment is requested by April 21, 2003.

Board Proposes Amendment BIS Releases Statistics on External Debt
The Bank for International Settlements (BIS) announced the release of a joint BIS-IMF-OECD-World Bank statistics on external debt of 176 developing and transition countries. The statistics are drawn from creditor and market sources as well as from debtor countries themselves.

Treasury Announces New Executive Office for Terrorist Financing and Financial Crimes
The United States Treasury Department announced the formation of a new Executive Office for Terrorist Financing and Financial Crimes (EOTF/FC) reporting directly to the Deputy Secretary. Juan Zarate, Deputy Assistant Secretary for Terrorist Financing and Financial Crimes, will head the EOTF/FC. The office will provide, among other things, policy guidance for the Financial Crimes Enforcement Network as it works with the financial sector, the law enforcement community and foreign financial intelligence units.