FOREIGN BANKS: Although four months behind schedule, the Fed is expected shortly to propose a major overhaul of its rules governing foreign banks. The proposal would relax rules limiting the amount of income foreign banks may earn outside the United States from insurance and securities activities. It also would eliminate scores of duplicative filing requirements, and it would make it easier for foreign banks to expand their operations here. Release of the rule has been delayed several times as Fed officials worked on changing Regulation Y and the section 20 rules.

MONEY LAUNDERING: The Fed is expected to unveil a proposed know-your- customer rule this summer. The regulation would require banks to take specific steps to verify the identity of each customer. Regulators have been working on draft rules since May 1996.

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