INTERNAL CONTROLS: The OCC is expected in early August to issue new guidance on internal controls. The guidance is intended to help bank executives improve in-house auditing procedures, maintain underwriting standards, manage mergers, and deal with technological change.
ELECTRONIC BANKING: The OCC this summer plans to release risk-management guidelines on banking by personal computer. Meanwhile, the Exam Council expects to issue consumer protection guidelines for electronic banking.
LENDING DISCLOSURES: The Fed and the Department of Housing and Urban Development plan by July 22 to issue a legislative proposal detailing how Congress should overhaul the disclosures required by the Truth-in-Lending and Real Estate Settlement Procedures acts. A House Banking subcommittee has scheduled a hearing on the subject for the same day.
MONEY LAUNDERING: Regulators in the next few months are expected to propose long-delayed rules governing how federal financial institutions should 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.
OP-SUB ACTIVITIES: The OCC is expected to act on applications filed by NationsBank Corp. to establish real estate development and lease financing operating subsidiaries. Comments were due in May 1997.
FAIR CREDIT REPORTING: Banking regulators are expected to issue guidance soon to clarify when examiners may conduct reviews for violations of the Fair Credit Reporting Act.