May 10, 2004 News Archive

Board of Governors Issues Proposed Rule on Trust Preferred Securities
The Board of Governors has issued a proposed rule on trust preferred securities (TPS). Public comments on this rule must be received no later than July 11, 2004.

Governor Bies on Financial Innovation and Effective Risk Management
In her remarks to the Financial Services Institute 2004, Governor Bies discussed specific areas of financial innovation--complex structured finance transactions and credit risk transfer--and the necessity of an effective enterprise-wide risk management program for such innovations.

FinCEN Undertakes Project to Improve BSA Information Collection System
Speaking before the Senate Banking Committee last week, the Financial Crimes Enforcement Network (FinCEN) Director William J. Fox detailed a $6 million project aimed at improving the system for accessing information collected under the Bank Secrecy Act. The new system, called BSA Direct, will give FinCEN data mining capabilities, allow networking with other organizations and improve monitoring for compliance. Until the new system is operational, Fox said the Detroit Computing Center will provide periodic exception reports on financial institutions that have a Bank Secrecy Act form filing volume that varies from normal patterns.

Community Bank Director Training - Announcement