Financial Update (April-June 2000)
| 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.
Dec. 13 The FDIC, the Federal Reserve Board, the OCC and the OTS issued a statement addressing the agencies’ approach to asset securitization activities. The statement reminds financial institution management and examiners of fundamental risk management practices that should be in place at institutions that engage in securitization activities. It also reiterates that institutions should establish and implement an adequate and independent audit function to effectively oversee securitization activities. The press release and statement are available at www.fdic.gov/news/news/press/1999/pr9980.html.
Dec. 15 The Federal Reserve Board announced that the exemption threshold for depository institutions that are required to report data under the Home Mortgage Disclosure Act (HMDA) is increased to $30 million. Depository institutions with assets totaling $30 million or less as of Dec. 31, 1999, are not required to collect HMDA data in 2000. The press release and notice are available at www.federalreserve.gov/boarddocs/press/BoardActs/1999/19991215.
Jan. 18 The Federal Financial Institutions Examination Council, on behalf of the OCC, the Federal Reserve Board, the FDIC, the National Credit Union Association and the OTS, issued an advisory letter about the practices of some financial institutions not reporting customer credit lines or high credit balances to credit bureaus. The press release and advisory letter are available at www.ffiec.gov/pr011800.htm.
Jan. 19 The Federal Reserve Board announced approval of an interim rule setting forth procedures for bank holding companies and foreign banks with U.S. offices to elect to be treated as financial holding companies. Financial holding companies may engage in a broad range of securities, insurance and other financial activities under Title I of the Gramm-Leach-Bliley Act, which became effective on March 11, 2000. The press release and notice are available at www.federalreserve.gov/boarddocs/press/BoardActs/2000/20000119.
Feb. 29 The Use and Counterfeiting of United States Currency Abroad, a report released by the Treasury Department and the Federal Reserve Board, indicates that efforts to decrease international counterfeiting of U.S. currency are working. The press release and report are available at www.federalreserve.gov/boarddocs/press/General/2000/200002292.