December 12, 2005 News Archive

Guidance on Response Programs for Unauthorized Access to Customer Info
This joint SR/CA Letter establishes the Federal Reserve's expectations for financial institutions and supervisory personnel with respect to the Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice, which became effective upon publication in the Federal Register on March 29, 2005.

Governor Bies Repeats Support for Basel II
In a speech in Geneva, Governor Bies reiterated the United States' commitment to implement the Basel II capital accord, despite a recent decision to alter the timetable for implementation. The timetable has been delayed because a recent quantitative study of the potential effects of Basel II (QIS 4) showed that the new accord could lead to a larger drop in industry capital than expected and could put smaller U.S. banks at a competitive disadvantage.