MONEY LAUNDERING: Regulators are expected to propose in early 1998 long-delayed rules governing how federal financial institutions verify the identity of their customers. Regulators have been working on draft "know- your-customer" rules, which are meant to deter money launderers, since May 1996.
LENDING DISCLOSURES: The Fed and the Department of Housing and Urban Development plan to issue a legislative proposal before the end of March detailing how Congress should combine the disclosures required by the Truth-in-Lending and Real Estate Settlement Procedures acts. The Fed requested recommendations April 2, and comments were due June 30. The Fed's Consumer Advisory Council in October recommended simplifying rate disclosures for homebuyers and tightening limits on fees for home equity loans.
ELECTRONIC BANKING: The OCC plans to issue in January separate guidelines on technology risks and on risk management for Internet banking and other types of electronic banking products. Meanwhile, the Exam Council expects in the first quarter of 1998 to issue consumer protection guidelines for electronic banking.
YEAR 2000: The Exam Council plans in early 1998 to issue instructions on scrutinizing vendors and making sure borrowers and vendors are addressing their own year-2000 problems. Guidelines for testing computer repairs are expected by the end of the first quarter.
OP-SUB ACTIVITIES: The OCC is expected to act during the first half of the year on applications filed by NationsBank Corp. to establish real estate development and lease financing operating subsidiaries. Comments were due more than six months ago.