March 22, 2004 News Archive

Board Requests Comment on HMDA Data Collection Format
Recent revisions to Regulation C--the regulation that implements HMDA--requiring financial institutions to report new data have prompted the Board to propose the addition of new disclosure tables. In addition, the proposal includes revisions to some of the existing tables and the deletion of one set of tables.

Comments must be received by May 10, 2004.

Greenspan on Community Banking
In a recent speech, Chairman Greenspan told community bankers, "The competitive environment for banks, especially community banks, will continue to intensify. Both history and current behavior suggest, however, that community banks can innovate and meet these competitive challenges."

Possible Role for Federal Regulators in Setting Federal Insurance Standards
At the spring quarterly meeting of the National Association of Insurance Commissioners (NAIC), Rep. Mike Oxley, R-Ohio, outlined the role of federal officials in a new regulatory scheme that may emerge from next month's deliberations in Congress over imposition of federal insurance standards to jumpstart the regulatory standardization process.

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.