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Basel II Comments Sought
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Federal regulatory agencies published in the Federal
Register for public comment a proposed rule to implement an alternative
risk-based capital framework based largely upon the Basel II
Standardized Approach. The proposal would be available to all but the
largest and most complex banks, which would be covered by the Advanced
Approach, and produce risk-based capital requirements that are more
risk-sensitive than Basel I. ICBA remains concerned about competitive
inequities that would result from a dual framework. The FDIC will
accept comments on the proposed rule through Oct. 27.
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Safety and Soundness Survey Still
Available
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ICBA's Survey on FDIC Deposit Insurance
is still available for members to give feedback on how community banks
and their customers are responding to events that have raised the
public profile of the safety and security of deposits. Members are
encouraged to give their input with this quick survey.
Through its Safety of Community Bank
Deposits online resource center and other efforts, ICBA has been
the leader in promoting the benefits of community banking amid
sometimes inaccurate and inflammatory news reports. ICBA is offering
community bankers news releases, posters, newspaper ads, brochures and
other communication materials they can use to help spread the word that
community banks are safe, common-sense institutions.
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Survey Shows Red Flag Readiness
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ICBA's 2008 Community Bank Technology Survey shows that
community banks are prepared to fully implement federal "identity
theft red flag" requirements by the Nov. 1 deadline. More than 95
percent of the community banks polled are ready or will be ready by the
deadline. In addition, 70 percent are training their entire staff to
comply with the new rules; 68 percent are legally binding their service
providers to ensure their bank is in compliance with the rules; and 35
percent plan to audit their service providers to ensure customer data
is protected.
Red flag rules require financial institutions to implement policies and
procedures that protect consumer bank accounts and credit cards from
identity theft. Read ICBA Release.
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IAT Transaction Deadline Extended
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NACHA extended the effective
date of the International ACH Transaction rules, and formats, which
affect all community banks, to Sept. 18, 2009. ICBA strongly encourages
all community banks to have production software implemented by March
20, 2009, the original effective date, and to use the six-month
extension for additional process documentation; testing with ACH
Operators; and customer education, training and testing.
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Consumer Prices Up Sharply
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Inflation rose 0.8 percent in June, its largest monthly
jump since 1981, according to a Commerce Department report. On a year-over-year
basis, prices were up 4.1 percent, up from 3.5 percent in May. Personal
incomes were up 0.1 percent.
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