Comptroller of the Currency, Administrator of National Banks Ensuring a Safe and Sound National Banking System for all Americans
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National BankNet


What is BankNet?

Legal and Regulatory:
Archived News Articles

Bank Investment
Bank Secrecy Act/Anti-Money Laundering
Branching
Capital
Compliance, Consumer
Community Development
Consulting & Financial Advice
Corporate Governance & Structure
Derivatives
Enforcement Actions
Ethics
Federal Reserve Board

Investments
Lending
Other Banking Activities
Preemption
Regulations
Research & References
Risk Management
Securities Activities
Speeches and Testimony

Topic

Date

Item

Bank Investment

8/23/2007

Acquisition of Preferred Securities by Bank of America, N.A. from Countrywide, Letter (PDF 882KB).

Bank Secrecy Act/Anti-Money Laundering

08/30/2007

The federal banking agencies recently issued an interagency statement which provides general policy guidance regarding circumstances in which an agency is required to issue a cease-and-desist order to address noncompliance with Bank Secrecy Act (BSA) requirements. OCC Bulletin 2007-36,  interagency statement

Bank Secrecy Act/Anti-Money Laundering

08/30/2007

The guidance clarifies three issues: BSA regulatory requirements as they relate to supporting documentation, what constitutes "supporting documentation," and when legal process is required for supporting documentation disclosure. OCC Bulletin 2007-34, guidance

Bank Secrecy Act/Anti-Money Laundering

08/30/2007

The Department of Treasury, the Department of Justice, and the Department of Homeland Security jointly released the "2007 National Money Laundering Strategy." OCC Bulletin 2007-35, "2007 National Money Laundering Strategy,"

Bank Secrecy Act/Anti-Money Laundering

08/28/2007

The Financial Crimes Enforcement Network (FinCEN), announce the final rule implementing a significant provision of Section 312 of the USA PATRIOT Act. OCC Bulletin 2007-33, final rule, FinCEN

Bank Secrecy Act/Anti-Money Laundering

03/14/2007

Bank Secrecy Act/Anti-Money Laundering: Notification of Revised Suspicious Activity Report by Depository Institutions (SAR-DI), OCC 2007-12

Bank Secrecy Act/Anti-Money Laundering

06/21/2006

OCC Deputy Comptroller Testifies before House Subcommittee on Bank Secrecy Act's Impact upon Money Services Businesses. NR 2006-76, Statement (PDF), Testimony (PDF)

Bank Secrecy Act/Anti-Money Laundering

04/18/2006

Bank Secrecy Act/Anti-Money Laundering: Final Rule: Imposition of Special Measures Against the Commercial Bank of Syria including its subsidiary, the Syrian Lebanese Commercial Bank as a Financial Institution of Primary Money Laundering Concern. OCC 2006-19, ASCII, Final Rule (PDF)

Bank Secrecy Act/Anti-Money Laundering

03/01/2006

Bank Secrecy Act/Anti-Money Laundering: OFAC--Economic Sanctions Enforcement Procedures for Banking Institutions. OCC Bulletin 2006-11, ASCII, Interim Final Rule (PDF), Comment

Top

Bank Secrecy Act/Anti-Money Laundering

03/01/2006

Bank Secrecy Act/Anti-Money Laundering: FinCEN; Final Rule and Proposed Rule for Special Due Diligence Programs for Certain Foreign Accounts. OCC Bulletin 2006-10, Final Rule (PDF 335KB), ASCII, NPRM (PDF), Comment

Bank Secrecy Act/Anti-Money Laundering

01/27/2006

A foreign bank's U.S. branch may disclose a suspicious activity report to its head office; a U.S. bank may disclose the same to controlling companies. OCC Bulletin 2006-4, ASCII Statement (PDF)

Bank Secrecy Act/Anti-Money Laundering

11/01/2005

Comptroller of the Currency John C. Dugan said that the OCC is committed to a process of Bank Secrecy Act and Anti-Money Laundering (BSA/AML) supervision and enforcement that is not only effective, but also measured and fair. NR 2005-108, Remarks (PDF)

Bank Secrecy Act/Anti-Money Laundering

08/17/2005

The Office of the Comptroller of the Currency announced that they have each assessed a $24 million civil money penalty (PDF) against the New York Branch of Arab Bank for violations of the Bank Secrecy Act. NR 2005-80, FINCEN

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Bank Secrecy Act/Anti-Money Laundering

08/08/2005

The federal banking and thrift agencies, along with the Financial Crimes Enforcement Network (FinCEN), announced registration details for a live webcast of the Bank Secrecy Act/Anti-Money Laundering Examination Manual outreach event in New York on August 22.
NR 2005-78

Bank Secrecy Act/Anti-Money Laundering

07/18/2005

The Federal banking and thrift agencies, along with the Financial Crimes Enforcement Network (FinCEN), announce registration details for the upcoming outreach events related to the Bank Secrecy Act/Anti-Money Laundering Examination Manual. NR 2005-70, FFIEC Outreach Fact Sheet. (PDF)

Top

Bank Secrecy Act/Anti-Money Laundering

06/30/2005

The Federal Financial Institutions Examination Council (FFIEC) released the Bank Secrecy Act/Anti-Money Laundering Examination Manual (FFIEC BSA/AML Examination Manual). NR 2005-64

Bank Secrecy Act/Anti-Money Laundering

04/26/2005

Acting Comptroller Julie Williams testified on the implementation of the Bank Secrecy Act in the context of money services businesses (MSBs) before the Senate Banking Committee.

Testimony (PDF)

Oral Statement (PDF)

Bank Secrecy Act/Anti-Money Laundering

04/26/2005

Federal financial regulators voiced concerns in a joint statement (PDF) that banks have misperceptions about the BSA-associated risks of money services businesses. OCC 2005-15 WORD ASCII

Branching

08/10/2005

This letter (PDF) explains that a remote check scanning terminal at a customer's location, which permits the customer to deposit checks electronically, is not a branch within the meaning of the McFadden Act, 12 U.S.C. § 36.

Capital

03/03/2008

Comptroller Dugan tells International Bankers that the Basel II U.S. implementation is on a prudent, deliberate path. News Release 2008-26

Capital

12/07/2007

Implementation of the Advanced Approaches of the Basel II Capital Accord. OCC Bulletin 2007-47, Final Rule (PDF 2.2MB)

Capital

11/01/2007

The Office of the Comptroller of the Currency announced that it has approved a final rule implementing the advanced approaches of the Basel II Capital Accord. News Release 2007-123, Final rule (PDF 756KB), Comments, Preamble (PDF 1.2MB)

Capital

02/28/2007

Supervisory Guidance Related to Basel II Implementation: Proposed Supervisory Guidance, OCC 2007-10

Capital

09/25/2006

Two Notices of Proposed Rulemaking (NPR). The first NPR (Basel II NPR) would implement new risk-based capital requirements for large or internationally active U.S. banking organizations. The second NPR (Market Risk NPR) proposes changes to the current risk-based capital charge for market risk. NPR- Advanced Capital Adequacy Framework (PDF 997KB), NPR-Market Risk, Comment (PDF)

Capital

09/14/2006

Comptroller of the Currency John C. Dugan told a House subcommittee today that the Basel II capital framework is intended not only to align capital requirements more closely to the complex risks inherent in large, internationally active banks, but to require those institutions to substantially improve their risk management systems and controls. NR 2006-96, Testimony (PDF)

Capital

09/05/2006

The federal bank and thrift regulatory agencies announced that they will request public comment on a notice of proposed rulemaking (NPR) that would implement new risk-based capital requirements in the United States for large, internationally active banking organizations. NR 2006-94, Statement, Market Risk, NPR, Advanced Capital Adequacy Framework (PDF)

Capital

06/08/2006

Comptroller of the Currency John C. Dugan discussed the Basel II capital accord in a speech to the Centre for the Study of Financial Innovation. 2006-69, Remarks (PDF)

Capital

03/13/2006

The Comptroller of the Currency, John C. Dugan told a conference of international bankers that the continued safety and soundness of the banking system demands that regulators move away from the simplistic risk-based capital system now in use for internationally active banks to one that substantially enhances risk management and more closely aligns capital with risk. NR 2006-30, Remarks (PDF)

Capital

11/10/2005

Comptroller of the Currency, John C. Dugan told the Senate Banking Committee that the goal of the Basel II Capital Framework and a separate initiative for smaller institutions will substantially enhance safety and soundness. NR 2005-111, Testimony (PDF), Statement (PDF)

Capital

10/20/2005

The four federal banking agencies--the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision-- published an interagency advance notice of proposed rulemaking (ANPR) regarding potential revisions to the existing risk-based capital framework.
NR 2005-103, OCC Bulletin 2005-37, ANPR (PDF)

Capital

01/27/2005

The federal banking and thrift agencies today released an interagency statement on implementation of the Basel II framework and the qualification process for the framework's "advanced approaches." Implementation of Basel II Framework (PDF) - NR 2005-6

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Compliance, Consumer

02/15/2008

The Office of the Comptroller of the Currency promoted awareness of consumer protection resources during National Consumer Protection Week event on Capitol Hill. NR 2008-18

Compliance, Consumer

02/07/2008

OCC Focuses on Low-Income Housing Tax Credit Program Release 2008-10, Community Developments Insights (PDF)

Compliance, Consumer

11/06/2007

Comptroller Dugan supports FACT Act Implementation Rule to help consumers resolve disputes with Financial Institutions NR 2007-124

Compliance, Consumer

10/31/2007

The federal financial institution regulatory agencies and the Federal Trade Commission have sent to the Federal Register for publication final rules on identity theft "red flags" and address discrepancies. News Release 2007-122, Final rules (PDF 756KB), Comments

Compliance, Consumer

08/27/2007

The Federal Reserve Board published, Federal Register, its annual amendment to its Regulation Z Commentary related to the dollar amount that triggers requirements for certain home mortgage loans subject to 12 CFR 226.32. OCC Bulletin 2007-32, final rule (PDF)

Compliance, Consumer

06/13/2007

Comptroller Dugan Tells House Committee that OCC Supervision Plays Critical Role In Ensuring National Bank Compliance with Federal Consumer Protection Standards
NR 2007-57, Statement, Testimony

Compliance, Consumer

05/31/2007

The federal bank, thrift, and credit union regulatory agencies issued final illustrations of consumer information intended to help institutions implement the consumer protection portion of the Interagency Guidance on Nontraditional Mortgage Product Risks.
NR 2007-49

Compliance, Consumer

03/29/2007

The Office of the Comptroller of the Currency, Office of Thrift Supervision, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Federal Trade Commission, Commodity Futures Trading Commission, and Securities and Exchange Commission (the agencies) are requesting comment on a model privacy notice that financial institutions may use to provide disclosures under the Gramm-Leach-Bliley Act (GLBA) and the agencies' implementing regulations. OCC 2007-13, NRP, Comment

Compliance, Consumer

03/31/2006

Federal regulators released Evolution of a Prototype Financial Privacy Notice, a report by Kleimann Communication Group summarizing consumer research commissioned by the regulators as part of their ongoing efforts to develop improved financial privacy notices.
NR 2006-42

Compliance, Consumer

03/30/2006

Chief Counsel and First Senior Deputy Comptroller Julie L. Williams called for more effective "consumer-oriented disclosures in the financial services business" as a vital part of consumer protection in a speech to the 2006 Banking Institute. NR 2006-40, Remarks (PDF)

Top

Compliance, Consumer

03/22/2006

Agencies Seek Public Comment on Issues Related to the Accuracy of Consumer Credit Reports and the Reinvestigation of Disputes. NR 2006-36

Compliance, Consumer

02/17/2006

The federal financial regulatory agencies extended the comment period on the proposed guidance on nontraditional residential mortgage products. NR 2006-21, Proposed Interagency Guidance on Nontraditional Mortgage Products (PDF)

Compliance, Consumer

02/02/2006

The Comptroller of the Currency John C. Dugan said that most bank customers don't find the privacy notices they receive to be especially useful and said an ongoing interagency process to simplify those notices will better serve banks and their customers. NR 2006-8, Remarks (PDF)

Compliance, Consumer

12/01/2005

The Comptroller of the Currency, John C. Dugan made his first major speech before the Consumer Federation of America here in Washington, DC. He spoke about negative amortization and its increasing prominence in retail credit products. NR 2005-117, Speech (PDF)

Top

Compliance, Consumer

08/29/2005

The Office of the Comptroller of the Currency (OCC) published the Summer 2005 edition of the Community Developments newsletter, which provides various perspectives and strategies on how the revised Home Mortgage Disclosure Act (HMDA) reporting requirements could enhance mortgage-lending opportunities for national banks and their customers. NR 2005-84, Newsletter

Compliance, Consumer

08/17/2005

The Office of the Comptroller of the Currency (OCC) released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of July 15, 2005 through August 14, 2005. The list contains only national banks and insured federal branches of foreign banks that have received ratings. NR 2005-81, CRA Evaluations

Compliance, Consumer

06/16/2005

The letter (PDF) concludes that "GAP Addendums" sold by a national bank to borrowers in connection with the bank's motor vehicle loans, in connection with a GAP program administered by an insurance company, are debt cancellation contracts subject to 12 CFR Part 37.

Compliance, Consumer

06/01/2005

The Office of the Comptroller of the Currency (OCC) released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the third quarter of 2005. NR 2005-54, CRA (PDF)

Compliance, Consumer

05/17/2005

Acting Comptroller of the Currency, Julie L. Williams, testified before the Senate Banking Committee and made four key points on the OCC's perspectives concerning the marketing and disclosure practices of the U.S. credit card industry. NR 2005-49, Statement (PDF)

Compliance, Consumer

05/16/2005

This bulletin promotes sound credit risk management practices for financial institutions engaged in home equity lending. NR 2005-48, TEXT, PDF

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Community Development

05/03/2005

Acting Comptroller of the Currency, Julie L. Williams, spoke before the Regional Interagency Committee about the noteworthy progress that strategic partnerships are making in mitigating the effects of foreclosures in cities and communities nationwide. NR 2005-44, Speech (PDF)

Consulting & Financial Advice

02/24/2005

The letter (PDF) concludes that it is permissible for a national bank to provide consulting and advisory services to deposit customers who hire independent messenger or courier services to transport banking items to and from the bank. Includes activities such as helping customer select a courier service, contract administration, and help with dispute resolution. Since the bank will not provide the courier service, this is not a branching activity.

Corporate Governance & Structure

05/10/2007

The OCC has published an interim rule amending 12 CFR 4 to expand the description of banks qualified for the 18-month examination cycle. The OCC invites comments on the interim rule. OCC Bulletin 2007-16, Proposed Rule (PDF), Comment

Corporate Governance & Structure

10/06/2005

The rule (PDF) requires insiders of national banks with equity securities registered with the OCC to file certain beneficial ownership reports electronically.
OCC Bulletin 2005-34

Top

Corporative Governance & Structure

02/23/2005

The letter (PDF) concludes that national bank directors may meet the qualifying shares requirement under 12 U.S.C. Section 72 by purchasing trust preferred stock. This is significant because it offers bank directors a new means of obtaining a financial stake in the bank in addition to purchasing bank stock.

Top

Derivatives

12/28/2007

Office of the Comptroller of the Currency reports the OCC's Quarterly Bank Trading Revenues of $2.3 billion. NR 2007-137, Quarterly Report on Bank Derivatives Activities (PDF)

Derivatives

09/28/2006

Insured commercial banks earned $4.7 billion trading cash instruments and derivative products in the second quarter of 2006, the Office of the Comptroller of the Currency reported in its quarterly Bank Derivatives Report. NR 2006-106, Bank Derivatives Report (PDF 334KB)

Derivatives

02/15/2006

The letter (PDF) concludes that the bank may engage in the transactions it proposes, where the bank's examiner-in-charge is satisfied that the bank has adequate risk management and measurement systems and controls.

Derivatives

09/15/2005

The letter (PDF) states that the Bank, with the approval of its examiner-in-charge, may engage in customer-driven, physically settled emissions derivative transactions and may enter into physical transactions in emission allowances to hedge its risk exposures to the emissions derivative transactions.

Derivatives

09/13/2005

The letter (PDF) concludes that the Bank may engage in customer-driven, perfectly matched, cash-settled derivative transactions provided the Bank's examiner-in-charge is satisfied that the Bank has adequate risk management and measurement systems and controls to conduct the activities on a safe and sound basis.

Derivatives

08/09/2005

The letter (PDF) responds that a Bank may use cash-settled derivatives linked to the S&P 500 Index to hedge the market risk associated with the fees it charges customers as part of its investment advisory activities, provided the trust company establishes, to the satisfaction of its supervisory office, an appropriate risk management and compliance process.

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Derivatives

07/14/2005

The letter (PDF) confirms that the bank, with approval of its examiner-in-charge, may engage in customer-driven equity index derivatives transactions and may use baskets of securities to hedge its risk exposures to the index swaps where the baskets do not exactly match the underlying index, but are designed to replicate the sector and industry weightings and general risks of the index.

Derivatives

06/23/2005

The Comptroller of the Currency reported its quarterly Bank Derivatives Report. Derivatives held by U.S. commercial banks increased by $3.2 trillion in the first quarter of 2005, to $91.1 trillion. NR 2005-62

Derivatives

04/06/2005

This letter (PDF) concludes that the Bank may engage in electricity derivative transactions and hedges, settled in cash and by transitory title transfer, as part of, or incidental to, its existing financial intermediation business in energy-related commodities derivatives, provided the Bank has established an appropriate risk measurement and management process for these activities to which the EIC expresses no supervisory objection.

Disclosure

02/28/2005

The agencies are issuing this advisory to remind all banking organizations that, except in very limited circumstances, they are prohibited by law from disclosing their CAMELS rating and other nonpublic supervisory information to insurers as well as other non-related third parties without permission from their appropriate federal banking agency. Issue Advisory (PDF)
OCC 2005-4 PDF ASCII

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Enforcement Actions

05/15/2008

The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. News Release 2008-54, OCC enforcement actions

Enforcement Actions

03/17/2008

The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Release 2008-31

Enforcement Actions

02/21/2008

The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. News Release 2008-21, OCC Enforcement Actions

Enforcement Actions

01/14/2008

The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. NR 2008-3, Enforcement Actions

Enforcement Actions

12/21/2007

The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-136, Enforcement Actions

Enforcement Actions

11/19/2007

The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-126, Enforcement Actions

Enforcement Actions

09/18/2007

The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-96, Enforcement Actions

Enforcement Actions

08/14/2007

The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-86, Enforcement Actions

Enforcement Actions

07/16/2007

The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-74, Enforcement Actions

Enforcement Actions

06/14/2007

The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-58, Enforcement Actions

Enforcement Actions

05/16/2007

The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-46, Enforcement Actions

Enforcement Actions

04/16/2007

The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-39, Enforcement Actions

Enforcement Actions

03/19/2007

The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-22, Enforcement Actions

Enforcement Actions

02/15/2007

The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-12, Enforcement Actions

Ethics

12/06/2005

The rule implements new post-employment restrictions for Comptroller of the Currency (OCC) senior examiners of national banks. Final Rule (PDF), OCC Bulletin 2005-41, ASCII

Ethics

11/17/2005

The federal bank and thrift regulatory agencies issued final rules to implement a special post-employment restriction on certain senior examiners employed by an agency or Federal Reserve Bank, as required by the Intelligence Reform and Terrorism Prevention Act of 2004. NR 2005-113, Final Rules (PDF)

Ethics

08/30/2005

Proposed rule (PDF) would prevent the senior examiner of a national bank from working for that bank for one year after leaving the OCC. OCC Bulletin 2005-30, ASCII, Comment on proposed rule

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Ethics

08/04/2005

The federal banking regulatory agencies issued proposed rules to implement a special post-employment restriction on certain senior examiners employed by an agency or Federal Reserve Bank.
NR 2005-76, proposed rule (PDF)

Federal Reserve Board

09/01/2005

The Federal Reserve Board published, in the August 9, 2005, Federal Register, its annual amendment to its Regulation Z Commentary related to the dollar amount that triggers requirements for certain home mortgage loans subject to 12 CFR 226.32. OCC Bulletin 2005-31, Requirements (PDF)

Investments

01/20/2006

The letter (PDF) concludes a national trust company may sponsor a closed-end investment fund that will be exempt from registration under the Investment Company Act of 1940. The letter also concludes that the fund's underlying portfolio consists of bank eligible investments, and the particular types of national banks proposed may purchase the described fund shares pursuant to 12 CFR 1.3(h)(2), subject to specific safe and sound banking practices and a 1% aggregate investment limitation. This involves a structured product with exposure to a tranched credit default swap index.

Investments

05/26/2005

The letter (PDF) concludes that national banks may continue to hold a separate account BOLI investment that in turn holds interests in instruments with characteristics of debt securities and a rate of return, a portion of which is linked to equity securities, provided the bank's EIC has no supervisory objection.

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Investments

02/17/2005

The letter (PDF) concludes that fixed rate annuities purchased by a national bank are, in substance, debt obligations of the issuing insurance company. Accordingly, the letter states that the bank had authority to purchase the fixed rate annuities under its authority in 12 U.S.C. § 24(Seventh) to discount and negotiate evidences of debt, subject to certain conditions. The annuities must be fixed rate with no penalties or fees for early surrender of the policies. The bank also should establish internal concentration limits for its combined holdings of fixed rate annuities from all issuers. Finally, the bank is required to comply with Banking Circular 181(Rev.) and OCC Bulletin 2002-19.

Investments

01/07/2005

This letter (PDF) concludes that a national bank may buy and sell, for its own account, exchange-traded units of beneficial interest in gold, subject to demonstration that the bank has the appropriate risk management systems in place to conduct the activity in a safe and sound manner.

Lending 03/24/2008