Regulatory Roundup: Open for Comment

HOME LOAN BANK MEMBERSHIP: Proposal by the Federal Housing Finance Board to loosen membership restrictions on rural banks that do not hold enough housing-related assets to join the system under current rules. Expected to be published shortly. Comments due 30 days later.

RECOURSE: Proposal by the Federal Reserve Board and Office of the Comptroller of the Currency to adopt new capital requirements for recourse agreements and similar tools used to sell securitized assets. Under the plan, banks holding the riskiest part of a securitization would face higher capital requirements than those holding less risky sections. The Federal Deposit Insurance Corp. and Office of Thrift Supervision are expected to propose an identical plan shortly. Expected to be published shortly. Comments due 60 days later.

STATE BANK ACTIVITIES: Proposal by the FDIC to make it easier for state- chartered banks to use new powers granted by state governments. Banks only would submit a notice with the FDIC rather than filing applications. Expected to be published Sept. 12. Comments expected to be due Dec. 11.

CURRENCY TRANSACTIONS I: Proposal by the Financial Crimes Enforcement Network to exempt retail, service, and wholesale businesses from currency transaction reports provided they have been bank customers for a year and frequently make cash transactions involving more than $10,000. Published Monday. Comments due Dec. 8.

DERIVATIVES ACCOUNTING: Proposal by the Financial Accounting Standards Board to require companies to report derivatives at fair market value on quarterly income statements. Issued Sept. 2. Comments due Oct. 14.

RESERVE ACCOUNTS: Proposal by the Fed to allow foreign banks either to keep all their reserves in a single account or to keep separate accounts at Fed banks in each district where they operate. Published Aug. 8. Comments due Friday.

SERVICING ASSETS: Proposal by the banking and thrift agencies to double- to 100% of Tier I capital-the cap on the amount of mortgage servicing assets that may count toward capital requirements. Servicing assets exceeding that limit would be deducted from Tier I capital. Published Aug. 4. Comments due Oct. 3.

BUSINESS LOANS: Proposal by the National Credit Union Administration to double to $100,000 the maximum amount that credit unions may lend to businesses without triggering restrictive commercial lending rules. Published Aug. 1. Comments due Sept. 30.

CONVICTS: Proposal by the FDIC to bar people convicted of criminal offenses from owning the largest block of shares in an institution. Published July 24. Comments due Sept. 22.

TRUST ACTIVITIES: Proposal by the OTS to update rules governing federal thrift trust activities. Published July 23. Comments due Sept. 22.

BANK SUBSIDIARIES: Proposal by the Fed to apply capital restrictions on bank operating subsidiaries. Published July 15. Comments due Oct. 3.

FOREIGN BRANCHES: Proposal by the FDIC to exempt well-run, well- capitalized institutions from filing applications to open foreign branches or make foreign investments. The plan also would allow FDIC-regulated banks to invest and trade in government securities of countries in which they do not have a branch. Published July 15. Comments due Sept. 15.

MONEY LAUNDERING: Proposal by the Treasury Department to bring check cashers and other money transmitters under money laundering rules. Published May 21. Comments due Sept. 30.

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