MARKET RISK: The Fed approved a rule Wednesday requiring banks with large securities and foreign exchange portfolios to use an internal model to calculate the amount of capital they must hold against swings in the market. The FDIC and OCC are expected to approve the rule next week. Expected to be published shortly. Effective Jan. 1, 1998.

FHLB DIRECTORS: The Federal Housing Finance Board authorized the 12 Home Loan banks to set the salaries of their directors. Expected to be published shortly. Effective Jan. 1.

AUDIT CONTRACTS: The NCUA approved a rule requiring all credit unions to force outside auditors to sign contracts specifying what services they are providing to the institution. Expected to be published shortly. Effective Dec. 31.

INTERLOCKS II: Bank and thrift regulators approved a rule allowing institutions with assets less than $20 million to share managers with affiliated institutions of more than $20 million in assets. Published Aug. 2. Effective Oct. 1.

SMALL BANK EXAMS: The OCC revamped risk-based exams for national banks with less than $1 billion of assets. Rather than scrutinize a small bank's risks and risk-management techniques, OCC examiners will focus on performance. Released April 29. Effective Sept. 30.

FHLB MEMBERSHIP: The Federal Housing Finance Board adopted a rule giving the 12 Federal Home Loan banks authority to approve applications for membership in the system. Expected to be published shortly. Effective 30 days later.

RECORD KEEPING: The Fed raised the amount it pays banks for photocopies of a customer's records under the Right to Financial Privacy Act. Published June 12. Effective July 12.

FOREIGN BANKS: The OCC abolished a requirement that foreign banks seeking to open federally chartered U.S. banks submit a separate application to the agency; instead, a bank may use the same form it submits to the Fed. Published May 2. Effective July 1.

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