April 3, 2006 News Archive

Public Comment Requested on Consumer Credit Report Accuracies and Dispute Reinvestigations
In a press release, the federal financial regulatory agencies and the Federal Trade Commission (FTC) issued for public comment an Advance Notice of Proposed Rulemaking (ANPR) on section 312 of the Fair and Accurate Credit Transactions Act (FACT Act). Comments are due 60 days after publication in the Federal Register.

Basel II Notice of Proposed Rulemaking Issued
In a press release, the federal financial institution regulatory agencies announced a notice of proposed rulemaking (NPR) that would implement Basel II risk-based capital requirements in the U.S. for large, internationally active banking organizations.

FinCEN Releases Guidance on Foreign Bank Recertifications
The Financial Crimes Enforcement Network (FinCEN) recently released guidance clarifying the date on which certain U.S. financial institutions must complete recertifications to comply with regulations relating to correspondent accounts established, maintained, administered or managed in the U.S. for, or on behalf of, foreign financial institutions.