Financial Update (October-December 1998)

Masthead

Cover Story

Credit Unions

Guynn Speech

Treasury Securities on the Internet

New Quarters and $20 Bills

EFT 99

DEPARTMENTS

Year 2000

Did You Know?

Data Bank

The Docket

The Docket

T 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) 498-8474. 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.


July 17 The Federal Reserve Board and the Department of Housing and Urban Development published a report on legislative recommendations to Congress on how to simplify and improve consumer disclosures under the Truth in Lending Act and the Real Estate Settlement Procedures Act. To obtain a copy of the report contact the Board's Publication Services at (202) 452-3244. A copy of the report is also available on the Board's World Wide Web site at http://www.federalreserve.gov.

July 24 The Federal Reserve Board published a revised list of over-the-counter market stocks that meet the margin criteria in Regulation T (OTC List) and a complete edition of the list of foreign equity securities that meet the margin criteria in Regulation T (Foreign List). The lists are effective Aug. 10, 1998, and supersede the previous lists effective May 11, 1998.
Circular letter 303-98

July 27 The Federal Reserve Board issued an interim rule amending Regulation DD (Truth in Savings) regarding the disclosure of the annual percentage yield (APY). The rule permits institutions to disclose an APY equal to the contract interest rate for time accounts with maturities greater than one year that do not compound but that require interest distributions at least annually. The rule went into effect on Aug. 28, 1998.
Circular letter 530-98

Aug. 4 The Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS) issued a final rule amending capital adequacy standards for banks, bank holding companies and savings associations to address the regulatory capital treatment of servicing assets on both mortgage assets and financial assets other than mortgages (nonmortgages). The final rule went into effect Oct. 1, 1998.
Circular letter 106-98

Aug. 13 The Federal Reserve Board, the OCC and the FDIC have issued host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.
Circular letter 108-98

Aug. 25 The Federal Reserve Board, along with the OCC and the FDIC, issued an interim rule and requested public comment on a proposal to expand the examination frequency cycle for certain U.S. branches and agencies of foreign banks. The interim rule went into effect on Aug. 28, 1998. Comments are requested by Oct. 27, 1998.
Circular letter 532-98

Aug. 26 The Federal Reserve Board, the OCC, the FDIC and the OTS have amended their respective risk-based capital standards for banks, bank holding companies and thrifts regarding the capital treatment of unrealized holding gains on certain equity securities. The final rule went into effect on Oct. 1, 1998.
Circular letter 531-98

Aug. 28 The Federal Financial Institutions Examin-ation Council (FFIEC) now has a Community Reinvestment Act (CRA) database with ratings available online at http://www.ffiec.gov/cracf/crarating/main.cfm. The database provides the latest CRA ratings from all four regulatory agencies: the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision and the National Credit Union Administration. It also allows users to perform searches for an institution's CRA rating, regulatory agency identification number, bank name, regulatory agency, city, state, examination method, examination period and asset range.