February 16, 2004 News Archive

Week of February 16, 2004
Upcoming Bank Director Training
The Federal Reserve Bank of Chicago has designed a director training program to address the critical needs and responsibilities of community bank directors. We intend to sponsor one-day seminars throughout the District over the course of the year to offer sessions focused on today's hot topics, filled with practical advice about key business areas including fraud risk, information technology risk, and The USA Patriot Act as it pertains to the Bank Secrecy Act and anti-money laundering regulations. The FDIC and respective State banking departments have been invited to participate as well.

The first two seminars will be held in West Des Moines, Iowa, on April 5th, and Bettendorf, Iowa, on April 6th. Information on dates and locations for upcoming seminars in Wisconsin, Illinois, Indiana and Michigan will be forthcoming. Please contact Federal Reserve Representative Timothy J. Palmersheim at (800) 642-6389 for additional details.

Board Approves Final Rules on Effective Dates of FACT Act Provisions
In a press release, the Board announced its approval of final rules to establish effective dates for all provisions of the Fair and Accurate Transactions Act of 2003 (FACT) that do not have a statutorily prescribed effective date.

Board Web Site Enhanced
As announced in a press release, the Board has improved its web site. Changes include the ability to submit comments on regulatory proposals, plus the development of two special sections, one of which contains all material related to Basel II.

Agencies Seek Comment on Proposed Rulemaking Regarding CRA
In a February 6 press release, the regulatory agencies announced that they have published in the Federal Register a joint interagency notice of proposed rulemaking (NPR) regarding the Community Reinvestment Act (CRA).