MONEY LAUNDERING: Proposal by the Federal Reserve Board to help banks spot illegal activity by customers. The flexible "know-your-customer" rule would require banks to profile customer banking habits and then watch for deviations. Nearly identical rules are expected in the next few weeks from the Office of the Comptroller of the Currency and the Office of Thrift Supervision. To be published jointly in the Federal Register. Comments due 60 days after publication.
BUSINESS LOANS: Under an interim final rule, the National Credit Union Administration voted to cap credit union business lending at the lesser of 1.75 times net worth or 12.25% of total assets. Business loans for less than $50,000 are excluded from the cap. Published and effective Sept. 29. Comments due Nov. 30.