August 2, 2004 News Archive

Board Releases Final Amendments to Regulation CC to Implement Check 21 Act
In a press release, the Board announced final amendments to Regulation CC and its commentary. The amendments 1) set forth the requirements of Check 21 that apply to banks; 2) provide a model disclosure and model notices relating to substitute checks; and 3) set forth bank indorsement and identification requirements for substitute checks.

March 31, 2004 De Novo Data Available
The March 2004 peer data has been updated on the De Novo Banks page, which also contains de novo forms, resources and regulatory guidelines.

Proposed Rulemaking to Streamline Foreign Banking Rules
In a letter to international banking institutions, the FDIC requested comment on proposed new rules to govern the international banking of insure, state nonmember banks and insured U.S. branches of foreign banks. Among other things, the rules would expand the availability of general consent for foreign branching and investments in certain circumstances and address whether grandfathered U.S. branches may be transferred . The FDIC also is proposing to replace the five percent fixed-asset pledge percentage with a risk-based asset pledge that would consider such factors as asset maintenance and the supervisory rating for each insured branch of a foreign bank.

The deadline for comments is September 17.

Hardcopy Distribution of Regulatory Update to be Discontinued
In light of the electronic communication channels now available, the Federal Reserve Bank of Chicago will discontinue the hardcopy distribution of Regulatory Update in September.

To prepare for this, all current recipients of Regulatory Update in hardcopy are encouraged to take advantage of the Federal Reserve Bank of Chicago's free electronic subscription service. This service will send an e-mail directly to users when new issues of Regulatory Update have been posted to the website.