Regulatory Roundup: Open for Comment

MONEY LAUNDERING: Proposal by the Federal Reserve Board to require banks to develop "know-your-customer" policies. The rule would require banks to profile customer banking habits and then watch for deviations. Nearly identical rules were proposed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. The Office of Thrift Supervision is expected to issue a separate proposal shortly. To be published simultaneously in the Federal Register. Comments due 60 days after publication.

CAPITAL STANDARDS: Proposal by the National Credit Union Administration to create a prompt corrective action system. To be considered well- capitalized, a credit union would have to have net worth of 7%. Published Oct. 29. Comments due Jan. 27.

YEAR-2000: Under an interim rule, bank and thrift regulators made it easier to force recalcitrant institutions to comply with year-2000 requirements. Published and effective Oct. 15. Comments due Dec. 14.

LOSS RESERVES: The Basel Committee on Banking Supervision on Oct. 14 proposed global standards for loan-loss reserves and loan classifications. The proposal suggested that banks charge off loans when it becomes probable that the borrower will not repay. Comments due March 15.

BUSINESS LOANS: Under an interim rule, the NCUA is capping credit union business lending at the lesser of 1.75 times net worth or 12.25% of total assets. Business loans of less than $50,000 are excluded from the cap. Published and effective Sept. 29. Comments due Nov. 30.

CREDIT UNIONS: Proposal by the NCUA to set parameters on the size of community-based credit unions and to define who is eligible for credit union membership. Published Sept. 14. Comments due Nov. 13.

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