Date: Wed, 16 Dec 1998 14:01:34 -0800 (PST)
From: jd@scn.org (SCN User)
To: local-computer-activists@scn.org
Subject: Banking with Big Brother
Reply-To: jd@scn.org
Sender: owner-local-computer-activists@scn.org



   FOR IMMEDIATE RELEASE                              Media Contact:
   PR-77-98 (11-13-98)                    David Barr (202) 898-6992

              FDIC PUBLISHES SEMIANNUAL AGENDA OF REGULATIONS

  The Federal Deposit Insurance Corporation (FDIC) has published its
  semiannual agenda of regulations in the Federal Register to inform the
  public of the Corporation's regulatory actions and encourage
  participation in the rulemaking process.

  Many of the actions are the result of the FDIC Board's ongoing efforts
  to reduce the regulatory burden on banks, simplify rules, improve
  efficiency and comply with the Riegle Community Development and
  Regulatory Improvement Act of 1994.

  The agenda contains 26 regulatory actions. Five actions have been
  completed and the rest are in various stages of the rulemaking process.
  Highlights follow.

[....]

  * In October 1998, the Board proposed issuing regulations requiring
  insured nonmember banks to develop and maintain "Know Your Customer"
  programs. The regulations would require each institution to develop a
  program designed to determine the identity of its customers, its
  customers' source of funds, and the normal and expected transactions of
  its customers; monitor account activity for transactions that are
  inconsistent with those normal and expected transactions; and report any
  transactions of its customers that are determined to be suspicious, in
  accordance with the FDIC's existing suspicious activity reporting
  regulations. (12 CFR 326)

  


* * * * * * * * * * * * * *  From the Listowner  * * * * * * * * * * * *
.	To unsubscribe from this list, send a message to:
majordomo@scn.org		In the body of the message, type:
unsubscribe local-computer-activists
END