Regulatory News for Financial Institutions in the Seventh Federal Reserve District

January 31, 2008

2008-1
Communication of Examination/Inspection Findings
In SR 08-1 / CA 08-1, issued on Jan. 24, the Board announced measures to improve the consistency and clarity of written communications with banking organizations about examinations. The letter provides details surrounding the Board's decision to start using standardized terminology to differentiate among: matters requiring immediate attention (MRIAs), matters requiring attention (MRAs)and observations. Though the Chicago Fed-specific nomenclature "Required Actions" and "Expected Actions" will no longer be used, the definitions for MRIAs and MRAs are not significantly different. Per the letter, the new terminology must be incorporated into written communication of examination and inspection findings for all examinations beginning on or after April 1.