August 27, 2007 News Archive
FDIC Publishes Money-Saving Tips for Consumers
The Federal Deposit Insurance Corporation (FDIC) recently published a collection of practical tips to help consumers save money on loans and credit cards. The advice, in a special edition of the agency's quarterly "FDIC Consumer News," provides 51 cost-saving ideas on such topics as getting the best possible interest rates; avoiding unnecessary fees; and avoiding credit-related rip-offs and scams. The publication includes special tips for credit cards as well as home, auto, student and small-business loans. There also is a section on how people who need a small amount of cash fast may find affordable alternatives to high-cost, non-bank service providers. The publication is available online, and the agency also will provide up to two free paper copies. The FDIC is encouraging financial institutions, government agencies, consumer organizations, educators and the media to help make the tips and information widely available to the public. The publication may be reprinted in whole or in part without advance permission.
SR 07-15: Revised FFIEC BSA/AML Examination Manual Released
In SR 07-15, the Board announced the release of the Federal Financial Institutions Examination Council's 2007 Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The 2007 version clarifies supervisory expectations since the July 2006 update. The sections with significant updates cover: customer due diligence; suspicious activity reporting; foreign correspondent account record keeping and due diligence; revised guidance from the Office of Foreign Assets Control on automated clearing house transactions; foreign correspondent accounts; electronic banking; trade finance; and non-bank financial institutions. Examiners should begin using the new manual for all BSA/AML examinations beginning Sept. 1, 2007.