March 6, 2006 News Archive

Board Approves Final Rule Expanding Small Bank Holding Company Definition
In a press release, the Board announced the approval of a final rule that expands the definition of a small bank holding company (BHC) under the Board's Small Bank Holding Company Policy Statement and the Board's risk-based and leverage capital guidelines for bank holding companies.

FinCEN, Regulators Propose SAR Burden Reduction
The Financial Crimes Enforcement Network (FinCEN) and federal financial regulators published a proposal on Feb. 17 to reduce the burden on banks filing Suspicious Activity Reports (SAR) by standardizing the SARs with the reports filed by other financial institutions. (PDF)

FFIEC Approves Revised FCRA Examination Procedures
In a letter to financial institutions, the Federal Financial Institution Examinations Council (FFIEC) Task Force on Consumer Compliance announced revised Fair Credit Reporting Act (FCRA) examination procedures, which incorporate the new requirements created by the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).