Financial Update (January-March 2001)
| 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. 19 The Federal Reserve Board ruled that acting as a “finder” is an activity permissible for a financial holding company. The Board’s final rule provides that a finder may act through any means to bring together buyers and sellers of products and services for transactions that the parties themselves negotiate and consummate. The rule, approved by the Board on Dec. 13, is effective 30 days after publication in the Federal Register. The press release and notice are available at www.federalreserve.gov/boarddocs/press/boardacts/2000/200012192.
Dec. 20 The Federal Reserve Board announced that the exemption threshold for depository institutions that are required to report data under the Home Mortgage Disclosure Act is increased to $31 million. The press release and notice are available at www.federalreserve.gov/boarddocs/press/boardacts/2000/20001220.
Dec. 21 The Federal Reserve Board proposed revisions to the methods used for calculating the private-sector adjustment factor and net income on clearing balances. The Board requested comments by April 6, 2001. Comments should refer to Docket No. R-1095 and should be addressed to Ms. Jennifer Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th St. and Constitution Ave., N.W., Washington, D.C. 20551, or e-mailed to email@example.com. The press release and notice are available at www.federalreserve.gov/boarddocs/press/boardacts/2000/200012212.
Dec. 21 The Federal Reserve Board, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the Office of Thrift Supervision approved the issuance of final regulations implementing the Community Reinvestment Act (CRA) Sunshine Requirements of the Federal Deposit Insurance Act (FDIA), which were recently enacted by the Gramm-Leach-Bliley Act. The FDIA establishes annual reporting and public disclosure requirements for certain written agreements that are entered into between insured depository institutions or their affiliates and nongovernmental entities or persons and that are made pursuant to, or in connection with, the fulfillment of the CRA. The regulations become effective April 1, 2001. The release and regulations are available at www.federalreserve.gov/boarddocs/press/boardacts/2000/200012214.
Dec. 21 The Federal Reserve Board approved a final rule setting procedures for domestic bank holding companies and foreign banking organizations to qualify as financial holding companies. The rule, effective 30 days after publication in the Federal Register, also lists financial activities permissible for financial holding companies under the Gramm-Leach-Bliley Act. The press release and notice are available at www.federalreserve.gov/boarddocs/press/boardacts/2000/200012213.
Dec. 21 The Federal Reserve Board approved an interim rule defining three categories of activities listed in section 4(k)(5) of the Bank Holding Company Act as financial in nature or incidental to a financial activity. The interim rule became effective on Jan. 2, 2001. The press release is available at www.federalreserve.gov/boarddocs/press/boardacts/2000/20001221.
Dec. 27 The Federal Reserve Board is seeking public comment on a proposal to permit financial holding companies to act as real estate brokers and managers. The rule would determine that real estate brokerage and management services are financial in nature or incidental to financial activity and are therefore permissible for financial holding companies. Comments were due by March 2, 2001. Comments should refer to Docket No. R-1091 and should be addressed to Ms. Jennifer Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th St. and Constitution Ave., N.W., Washington, D.C. 20551, or e-mailed to firstname.lastname@example.org. The press release and notice are available at www.federalreserve.gov/boarddocs/press/boardacts/2000/20001227.