Regulatory Roundup: Recent Actions

TRUTH-IN-LENDING: The Fed adjusted the trigger for additional mortgage disclosure to the greater of $435 in points and fees or 8% of the loan amount. Published Feb. 9. Effective Jan. 1.

ELECTRONIC BANKING: The Office of the Comptroller of the Currency issued risk-management guidelines on technology Feb. 4 that advise senior executives and directors of national banks to closely monitor their technology initiatives, impose internal controls, and scrutinize outside vendors.

CHANGING CHARTERS: The NCUA dropped a requirement that employer-based credit unions show community support in order to convert to community charters. The agency also delayed until Feb. 25 a vote on a plan to impose Community Reinvestment Act-like requirements on community-based credit unions. Published Jan. 29. Effective March 1.

MONEY TRANSMISSIONS: The Financial Crimes Enforcement Network gave banks a three-month extension to April 1 to comply with new record-keeping requirements on wire transfers of $3,000 or more. It also said banks could send less detailed information about the senders of these wire transfers, provided the data can be retrieved later from bank files. Published and effective Jan. 26.

YEAR 2000: The OCC said in a Jan. 23 advisory letter that it will review national banks' preparations for the year-2000 computer problem before approving requests for mergers. Separately, the Securities and Exchange Commission issued guidelines Jan. 12 that publicly traded banks and other companies have to disclose cost estimates for fixing possible year-2000 computer problems and details of corrective plans.

CALL REPORTS: The banking and thrift agencies on Jan. 15 streamlined reporting requirements in the 1998 call reports on preferred deposits, securitized auto loans, and some trading activities. Regulators withdrew proposals to add reporting mandates on transactions between affiliates and volatile mortgage-backed securities.