Regulatory Roundup: Open for Comment

UNREALIZED GAINS. Proposal by the banking and thrift agencies to let banks count 45% of unrealized equity investment gains as Tier 2 risk-based capital. Expected to be published soon. Comments due 60 days later.

FDIC APPLICATIONS: Proposal by the Federal Deposit Insurance Corp. to speed approvals of mergers, branching locations, deposit insurance coverage, and other activities for healthy financial institutions. Published today. Comments due Jan. 8.

STOCK OPTIONS: Proposal by the FDIC to allow stock options for outside directors and organizers of new banks and thrifts, provided the benefit does not encourage high-risk activities or interfere with the public's ability to buy shares. Published today.. Comments due Jan. 8.

ELECTRONIC BANKING: Proposal by the Office of Thrift Supervision to streamline its electronic banking regulations. Includes provision letting consumers apply for loans and open savings accounts at automated tellers. Published Oct. 3. Comments due Dec. 2.

MORTGAGE DERIVATIVES: Proposal by the Federal Financial Institutions Examination Council to make it easier for banks with strong risk management programs to invest in mortgage derivatives. Published Oct. 3. Comments due Nov. 17.

CALL REPORTS: Request for comment by the exam council on the accuracy, adequacy, and clarity of revised call report instructions. Issued Sept. 30. Comments due Nov. 10.

HOME LOAN MEMBERSHIP: Proposal by the Federal Housing Finance Board to make it easier for rural banks to join the Home Loan Bank System. Expected to be published shortly. Comments due 30 days later.

RECOURSE: Proposal by the banking and thrift agencies to adopt new capital requirements for recourse agreements and similar tools used to sell securitized assets. Under the plan, banks holding the riskiest part of a securitization would face higher capital requirements than those holding less risky sections. Expected to be published shortly. Comments due 90 days later.

ELECTRONIC BENEFITS: Proposal by the Treasury Department to enforce the 1996 congressional mandate that all federal payments except tax refunds be made electronically by Jan. 1, 1999. Under the plan, federally insured financial institutions would bid for exclusive regional contracts to offer all-electronic accounts to recipients of Social Security and other benefits who lack bank accounts. Published Sept. 16. Comments due Dec. 16.

LOAN CHARGEOFFS: Request for comment by the exam council for recommendations on how to revamp consumer credit and home equity chargeoff rules. Published Sept. 12. Comments due Nov. 12.

STATE BANK ACTIVITIES: Proposal by the FDIC to make it easier for state- chartered banks to use new powers granted by state governments. Banks only would submit a notice to the FDIC rather than filing applications. Published Sept. 12. Comments due Dec. 11.

CURRENCY TRANSACTIONS: Proposal by the Financial Crimes Enforcement Network to exempt retail, service, and wholesale businesses from currency transaction reports provided they have been bank customers for a year and frequently make cash transactions involving more than $10,000. Published Sept. 8. Comments due Dec. 8.

DERIVATIVES ACCOUNTING: Proposal by the Financial Accounting Standards Board to require companies to report derivatives at fair-market value on quarterly income statements. Issued Sept. 2. Comments due Oct. 14.

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