December 15, 2003 News Archive

Seventh District Mass Layoff Notices Decline in the Third Quarter of 2003
The employment outlook in the Seventh District appears to be improving slightly, based on the current decline in the number of mass layoff notices filed in the District. According to the Bureau of Labor Statistics' definition of mass layoffs, 179 total mass layoff notices were filed in the Seventh District with notice dates or effective dates occurring in the third quarter of 2003.

Basel Committee Releases Consultative Paper
The Basel Committee on Banking Supervision released a Consultative Document titled "The Compliance Function in Banks." Compliance risk management is becoming more formalized and is emerging as a distinct risk management discipline. The Document explains that compliance with laws, rules, and standards contributes to a bank's reputation with its customers and market.