Financial Update (April-June 1997)
The following is a summary of recent Federal Reserve actions. To obtain a copy of any of these announcements, contact the Atlanta Fed Service Department at (404) 498-8474. Please give the docket number or circular letter number (if applicable) when calling to request a copy.
On March 13, the Federal Reserve Board issued a final rule amending Regulation H (membership of state banking institutions in the Federal Reserve System). The amendment applies to the recordkeeping and confirmation of certain securities transactions made by state member banks. Circular letter: 107-97.
On March 24, the Federal Reserve Board issued its final standard practice rules regarding transactions in government securities by depository institutions. Similar rules are being adopted by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. The final rule became effective July 1, 1997. Circular letter: 522-97.
On March 26, the Board announced a final amendment to Regulation O, loans to executive officers of member banks, that limits how much and on what terms a bank may lend to its insiders and insiders of its affiliates. The final rule became effective April 1, 1997. Circular letter: 108-97.
On April 1, the Board issued a revised version of the official staff commentary to Regulation M, which implements the Consumer Leasing Act. The revised commentary became effective April 1, 1997, but compliance is optional until Oct. 1, 1997. Circular letter: 528-97.
The Office of Foreign Assets Control (OFAC) has published a notice regarding an Executive Order blocking assets of narcotics traffickers and a listing of specially designated individuals and entities, updated as of April 17, 1997. Circular letter: 110-97.
On May 1, the Board announced further reductions in Reserve Banks' automated clearinghouse (ACH) fees. The new ACH fee schedule became effective May 1, 1997. The Board also adopted guidelines for the use of volume-based fee structures for Reserve Bank payment services effective March 25, 1997. Circular letter: 525-97.