WASHINGTON - Federal Reserve Board Governor Susan M. Phillips said yesterday that the Fed is developing a "supervisory letter" that will advise banks and bank examiners bout what risk management practices and controls banks should adopt for derivatives activities.

In a related matter, Phillips told reporters that she has some concerns about Rep. Jim Leach's call for legislation to establish an interagency group that would be charged with developing uniform standards for derivatives products .

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.