April 5, 2004 News Archive

Iowa Bank Director Training
The Bank Director Training seminar will be held in West Des Moines, Iowa, on April 5th, and Bettendorf, Iowa, on April 6th. The Federal Reserve Bank of Chicago has designed this director training program to address the critical needs and responsibilities of community bank directors. 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 Issues Revisions to Regulation Z
The Board has revised Regulation Z by adding an interpretative rule of construction to clarify that where the word "amount" is used in the regulation to describe disclosure requirements, it refers to a numerical amount.

Revisions to the staff commentary include providing guidance on consumers' exercise of rescission rights for certain home-secured loans. In addition, several technical revisions have been made to the commentary.

The revisions are effective April 1, 2004; mandatory compliance is October 1, 2004.

FFIEC Publishes Third Quarter Country Exposure Report
The Federal Financial Institutions Examination Council (FFIEC) released results of the December 31, 2003 country exposure lending survey, which details transfer risk claims on foreign borrowers held by U.S. banks.