Financial Update (October-December 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.
June 12 The Federal Financial Institutions Examination Council — on behalf of the Federal Reserve Board, the Federal Deposit Insurance Corp. (FDIC), the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) — issued a revised policy to guide institutions when they classify or write off delinquent retail loans and lines of credit. The Uniform Retail Credit Classification and Account Management Policy, published in the Federal Register, revises the policy that was issued on Feb. 10, 1999. The revision provides banks and thrifts additional flexibility in working with borrowers who are experiencing temporary problems in repaying their consumer loans, including open-end accounts such as credit card balances, and closed-end loans that have fixed maturities such as installment loans. The press release and notice are available at www.ffiec.gov/pr061200.htm.
June 19 The Federal Reserve Board, the FDIC, the National Credit Union Administration, the OCC and the OTS, together with the Financial Crimes Enforcement Network (FinCEN), issued a revised Suspicious Activity Report (SAR) Form. Financial institutions and organizations that are currently required to report suspicious activity pursuant to existing regulations of the federal financial institutions supervisory agencies and FinCEN may use the new SAR form to make these reports. Financial institutions and organizations may continue to use the existing form while their procedures and systems are updated. After Dec. 31, 2000, however, only the new SAR form will be accepted. The press release, guidance and form are available at www.federalreserve.gov/boarddocs/press/general/2000/20000619.
June 22 The Federal Reserve Board issued examination guidance identifying sound practices for equity investment and merchant banking. The guidance codifies and supplements existing supervisory practices. The press release and supervisory letter are available at www.federalreserve.gov/boarddocs/press/general/2000/20000622.
Aug. 2 The Federal Reserve Board today announced a new computer-based resource and brochure designed to help consumers learn more about vehicle leasing. The brochure Keys to Vehicle Leasing: A Consumer Guide is available in English and Spanish from the Federal Reserve Board’s Publications Services, Mail Stop 127, Washington, D.C. 20551; the first 100 copies are free. The computer program and brochure are available on the Board’s Web site at www.federalreserve.gov/pubs/leasing.
Aug. 25 The Federal Reserve Board announced today that wireless personal digital assistants can be used to read items on the Board’s public Web site. The application files for Palm OS-compatible personal digital assistants and Windows CE-compatible personal digital assistants can be found on the Board’s Web site at www.federalreserve.gov/wireless/a>.