STATE INSURANCE LAW: The OCC is expected within the next two months to preempt a Rhode Island law that interferes with national banks' ability to sell insurance.
FOREIGN BANKS: Proposed changes in Regulation K remain on hold. Nearly a year late, the changes are not expected to be adopted before Congress adjourns in October.
The proposal would relax limits on 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 make it easier for foreign banks to expand their operations here. Observers believe the Fed is holding up action until Congress completes work on financial modernization legislation.
MONEY LAUNDERING: The often-delayed know-your-customer rules have been pushed back again. Agencies now are hoping to release a proposal by yearend. The regulation is expected to require banks to take specific steps to verify the identity of each customer. Regulators have been working on draft rules since May 1996.
OP-SUB UNDERWRITING: Request by the OCC for comment on an application filed by Zions First National Bank to underwrite municipal revenue bonds through an operating subsidiary. Published April 18. Comments were due May 19.
OP-SUB DEVELOPMENT: Request by the OCC for comment on applications filed by NationsBank Corp. to establish real estate development and lease financing operating subsidiaries. Published April 4. Comments were due May 5.
DISCLOSURES: Request by the Federal Reserve for recommendations on how Congress should combine the disclosures required by the Truth-in-Lending and Real Estate Settlement Procedures acts. Published April 2. Comments were due June 30.