August 28, 2006 News Archive

Board Approves Reg. E Final Rule; Requests Comments on Interim Final Rule offsite link
In a press release, the Board announced its approval of a final rule to provide that payroll card accounts are covered by Regulation E, which implements the Electronic Funds Transfer Act. July 1, 2007, is the effective date. In a separate action, the Board requested public comment on an interim final rule to provide additional clarification regarding Reg. E's coverage of insufficient funds fees collection and consumer notice requirements. The Board requests comments within 30 days after publication in the Federal Register, which is expected shortly.

FFIEC BSA/AML Examination Manual Conference Calls offsite link
The Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), Office of Thrift Supervision (OTS), and the Financial Crimes Enforcement Network (FinCEN) are hosting two nationwide conference calls on Sept. 13 and 14 regarding the release of the revised 2006 FFIEC BSA/AML Examination Manual for the banking industry. The Office of Foreign Assets Control will also participate in these calls. Each one-hour teleconference will provide an overview of significant revisions and updates to the manual and conclude with a question and answer session. These calls are open to all banking organizations. Registration Information (PDF) offsite link

Federal Preemption of State Bank Regulation: A Conference Panel Summary
The Chicago Fed's 42nd Annual Conference on Bank Structure and Competition, which took place May 17-19, 2006, included a panel on federal preemption of state banking regulation. The latest Chicago Fed Letter is a summary of the panel discussion. (PDF,61KB)