Council gave banks permission to use "generally accepted accounting principles" on their call reports. Expected to be published shortly. Effective for the March 1997 call reports. CHECK CLEARING FEES: The Fed approved new fees for check clearing and automated clearing house services. Expected to be published shortly. Effective Jan. 2. FED WIRE II: The Fed established new closing times for the Fed Wire securities system, 3:15 p.m. for transfers and 3:30 p.m. 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. CHECK CLEARING: The Fed adopted technical revisions to Reg CC, which governs the availability of funds and the collection of checks. Published Oct. 3. Effective Nov. 2. RECOURSE: The Comptroller's office lowered capital requirements for small business loans and leases sold with recourse. Published Sept. 13. Effective next Monday. The Fed and the FDIC published similar proposals Aug. 29 that were effective Sept. 1. BANK PREMIUMS: The FDIC is allowing each bank and thrift to choose when to make its first-quarter payment - at the end of December or the beginning of January. The agency also cut the advance notice it gives of premium changes, from 45 days before it sends out invoices to 15 days. Published Sept. 29. Effective Sept. 29. LOAN INCENTIVES: The NCUA is allowing credit unions to pay bonuses to all employees except executives for making loans. Published and effective Oct. 4. APPRAISALS: The NCUA eliminated some paperwork requirements for real estate appraisals. Published Oct. 4. Effective Oct. 1. FAIR-LENDING COMPLIANCE: The Comptroller's office streamlined compliance exams covering fair-lending and other consumer laws for small national banks. Effective Oct. 1.
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