Financial Update (July-September 1998)
he 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) 521-8474. Please give the docket number or circular letter number (if applicable) when calling to request a copy. The date on the circular letter may not be the same as the Federal Reserve Board announcement.
April 23 The FFIEC issued its 1998 Supervisory Policy Statement on Investment Securities and End-User Derivatives Activities. The statement is effective May 26, 1998.
April 24 The Federal Reserve Board published a revised list of over-the-counter (OTC) market stocks that meet the margin criteria in Regulation T (OTC List) and a revised list of foreign equity securities that meet the margin criteria in Regulation T (Foreign List). The lists are effective May 11, 1998, and supersede the previous lists effective Feb. 9, 1998.
May 26 The Federal Reserve Board announced that a Windows version of the Federal Reserve Regulatory Service (FRRS) is now available on CD-ROM for use on personal computers. Annual subscription fees are $300 for a stand-alone PC, $300 for a network with one concurrent user, $750 for a network with a maximum of 10 concurrent users and $3,000 for a maximum of 100 concurrent users. Subscribers outside the United States should add an additional $50 to cover air mail costs. Orders should be sent to Publication Services, Mail Stop 127, Board of Governors of the Federal Reserve System, 20th and C Street, N.W., Washington, D.C. 20551. All subscription requests must be accompanied by a check or money order payable to the Board of Governors of the Federal Reserve System or charged to VISA, MasterCard or American Express. Charge customers only may fax their orders to (202)728-5886.
May 29 The Federal Reserve Board issued a final report prepared by the System Task Force on Internal Credit Risk Models. The full report is available upon request from Publication Services, Mail Stop 127, Board of Governors of the Federal Reserve System, 20th and C Street, N.W., Washington, D.C. 20551 or on the Board's World-Wide Web site at http://www.federalreserve.gov/boarddocs/creditrisk.
June 5 The Federal Reserve Board requested comments on whether the last fifteen minutes of the Fedwire funds transfer system's operating day (from 6:15 p.m. to 6:30 p.m. ET) should be restricted to funds transfers sent and received by depository institutions for their own account. Comments are due to the Board on or before Aug. 12, 1998. Refer to docket number R-1014.
June 19 The Federal Reserve Board announced a revised policy statement on privately operated multilateral settlement systems. The statement updates and integrates the Board's risk-management policies for privately operated large-dollar multilateral netting systems and private small-dollar clearing and settlement systems into a single, comprehensive policy statement. A copy of the revised statement is available on the Board's World-Wide Web site at http://www.federalreserve.gov/boarddocs/press/BoardActs/.
July 6 The FFIEC is seeking comment on a proposal regarding retail credit classifications policies. Comment is due to the FFIEC by Sept. 4, 1998. Comments should be sent to Executive Secretary, FFIEC, 2100 Pennsylvania Ave., N.W., Suite 200, Washington, D.C. 20037. Comments may also be faxed to (202) 634-6556.
July 6 The FFIEC issued an updated work program for conducting Year 2000 examinations in all federally supervised banks, savings associations and credit unions, as well as service providers and certain software vendors supporting these financial institutions.
July 7 The Federal Reserve Board issued final amendments to Regulation H (Membership of State Banking Institutions in the Federal Reserve System). The amendments also serve to eliminate a number of interpretations found elsewhere. The amended regulation replaces the existing regulation in its entirety, except for the appendixes, which remain unchanged. The Board also rescinded Regulation P (Minimum Security Devices and Procedures for Federal Reserve Banks and State Member Banks) and incorporated its rules into revised Regulation H. All of these changes are effective Oct. 1, 1998.