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May 7, 2007

Interagency Statement on Complex Structured Finance Activities  
In SR 07-5, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS), and the Securities and Exchange Commission (SEC) issued an Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities. The statement is supervisory guidance that addresses risk management principles that should assist financial institutions to identify, evaluate, and manage the heightened legal and reputational risks that may arise from their involvement in complex structured finance transactions (CSFTs). Because CSFTs are typically conducted by a limited number of large financial institutions, the statement will not affect or apply to the vast majority of financial institutions, including most small institutions.

FinCEN Delays Use of Revised SARs 
In a press release, the Financial Crimes Enforcement Network (FinCEN) announced a delay in the use of revised Suspicious Activity Reports (SARs) for depository institutions, insurance companies and others. Banks were originally scheduled to start using the revised SARs on June 30. FinCEN asked banks and others to continue to use the current forms until new compliance dates are set.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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