March 31, 2003 News Archive

FinCEN Issues Clarification of USA PATRIOT Act Section 314(a) Searches
The Financial Crimes Enforcement Network issued a notice (PDF) to all financial institutions that the expanded electronic search is not required at this time, if banks are unable to conduct a record search beyond the general search requirements for 314(a).

Governor Olson Testified on Regulatory Relief Legislation
Board Governor Mark W. Olson testified before the House Financial Services Subcommittee on H.R. 1375, the Financial Services Regulatory Relief Act of 2003. The texts of Governor Olson's testimony (PDF) as well as testimony from other regulators are available at the House Committee's web site.

House Committee Introduces Regulatory Relief Bill
The House Financial Services Committee announced the introduction of a bill titled "Financial Services Regulatory Relief Act," that would repeal outdated and ineffective regulations dealing with banks, thrifts, and credit unions. The legislation would also enable institutions to concentrate on combating money laundering, terrorist financing and other financial crimes in a more effective manner without sacrificing proper public oversight.