May 19, 2003 News Archive

Governor Bies Remarks on Corporate Governance and Challenges for Internal Auditors
In a speech at the Institute of Internal Auditors Conference in Philadelphia, Governor Susan Schmidt Bies remarked on issues related to corporate governance and the critical role of internal auditors in ensuring that institutions have effective risk assessment and control processes over financial reporting and disclosures.

Consumer Information Available
An updated and expanded guide on consumer vehicle leasing is now available at the Board's web site. The guide is for a closed-end lease and includes a sample leasing form showing information that the dealer or leasing company must give consumers before a lease is signed. A glossary of terms associated with vehicle leasing is also provided.

FinCEN Seeks Comment on Proposal to Require FCMs to Report Suspicious Transactions
The Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (PDF) that would require futures commission merchants (FCMs ) to report suspicious transactions as part of the Treasury's anti-money laundering program. Comments on the proposal are due by July 7, 2003, and may be submitted electronically or mailed to: Office of Chief Counsel, Financial Crimes Enforcement Network, Department of the Treasury, P.O. Box 39, Vienna, Virginia 22186, Attn: NPRM - Suspicious Transactions Reporting - Futures Commission Merchants and Introducing Brokers in Commodities.