Financial Update (October-December 1999)
| he following is a summary of recent Federal Reserve actions or announcements. 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 8 The Federal Reserve Board announced that it decided against proposing specific changes to Regulation CC at this time to reduce the maximum holds banks may place on nonlocal checks. The summary and notice are available at www.federalreserve.gov/boarddocs/press/BoardActs/1999/19990708.
July 15 The Federal Reserve Board announced that because of the century date change it will not require some depository institutions to shift to more frequent and detailed reporting of their deposits in September. Deposit reporting requirements for most institutions will be frozen this year, reducing the need for them to modify their data processing systems as the century date change approaches. In September 2000, the procedures for adjusting institutions' deposit-reporting category will revert to the usual practice. The notice is available at www.federalreserve.gov/boarddocs/press/BoardActs/1999/19990715.
July 15 The FFIEC released a new software product, the 1999 FFIEC Census Data CD-ROM, to help banks and thrifts comply with the Community Reinvestment Act and the Home Mortgage Disclosure Act. Order forms for the product, item number 303, can be found at www.ffiec.gov/hmda/pubinfo.htm.
July 20 The Federal Reserve Board announced a Century Date Change Special Liquidity Facility, a program for lending to depository institutions from Oct. 1, 1999, to April 7, 2000. The notice is available at www.federalreserve.gov/boarddocs/press/BoardActs/1999/19990720.
July 27 The Basel Committee on Banking Supervision has issued four papers providing guidance to banks and banking supervisors on various aspects of credit risk in banking. The papers can be found on the Bank for International Settlements' (BIS) Web site at www.bis.org/press/index.htm. The Basel Committee invites comments by Nov. 30, 1999, on three of the papers. Comments may be submitted to the BIS Web site or mailed to Basel Committee on Banking Supervision, Attention: Mr. William Coen, Bank for International Settlements, CH-4002 Basel, Switzerland.
Aug. 31 The Federal Reserve Board is requesting comment on revised proposals to permit electronic delivery of federally mandated disclosures under five consumer protection regulations: B (Equal Credit Opportunity), E (Electronic Fund Transfers), M (Consumer Leasing), Z (Truth in Lending) and DD (Truth in Savings). Comments are requested by Oct. 29, 1999. The proposed revisions are available at www.federalreserve.gov/boarddocs/press/BoardActs/1999/199909012.
Aug. 31 The Federal Reserve Board published an interim rule to Regulation DD, which implements the Truth in Savings Act. The rule permits depository institutions to deliver disclosures on periodic statements to a consumer's e-mail account or post them on a Web site if the consumer agrees. The interim rule went into effect on Sept. 1, 1999.
Sept. 3 The Federal Reserve Board, the OCC and the FDIC issued the 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. The ratios are available at www.federalreserve.gov/boarddocs/press/General/1999/19990907.