FED WIRE II: The Fed established new closing times for the Fed Wire system, setting a 3:15 p.m. deadline for transfers and a 3:30 p.m. deadline for reversals. Published Aug. 15. Effective Jan. 2.

LENDER LIABILITY: The Environmental Protection Agency limited lender liability for underground storage tanks. Published Sept. 7. Effective Dec. 6.

DERIVATIVES: The banking agencies amended their risk-based capital rules for derivative contracts. The changes include new conversion factors and rules for bilateral netting. Published by the Fed Sept 5. Effective Oct. 1.

SECURITIES HOLDINGS: The OTS finally joins bank agencies in announcing it will not require its institutions to mark available-for-sale securities to market in computing regulatory capital. Published Aug. 15. Effective Oct. 1.

PREMIUM REDUCTION: The FDIC cut bank premiums by 83% to an average of 4.4 cents per $100 of domestic deposits. The action, approved Aug. 8, takes effect with the fourth-quarter payment, which is due Sept. 29. The agency did not cut the premiums paid by thrifts because the Savings Association Insurance Fund has not been recapitalized yet.

On Sept. 5 the FDIC announced the Bank Insurance Fund hit its reserve target of $1.25 for every $100 of insured deposits during the month of May. Thus, the agency plans to return $1.5 billion in overpayments to the industry. The refund will be made Friday through a credit to banks' automated clearing house accounts.

RECOURSE: The Fed and the FDIC lowered the capital requirements on banks selling small-business loans and leases with recourse. Published Aug. 29. Effective Sept. 1.

INTEREST RATE RISK II: The Fed and the FDIC put off a detailed plan to incorporate interest rate risk into capital standards (see column one). Instead, they agreed simply to consider interest rate risk when they examine a bank. The new rule is awaiting action by the OCC before publication. Published Aug. 2 by the Fed. Effective Sept. 1.

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