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To: long-gone who wrote (73216)	7/10/2001 7:18:34 PM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 116757

yeah.. the fix is in. but it won't work.

To: long-gone who wrote (73216)	7/11/2001 7:52:22 AM
From: long-gone	Read Replies (1) \| Respond to of 116757

Agencies release proposed rules for enacting banking-overhaul law The proposed rules give banks the roadmap they've been seeking, according to bank consultant Mark Olson. Friday, January 21, 2000 Bloomberg News WASHINGTON -- The Federal Reserve and the U.S. Treasury Department have issued draft rules that, for the first time, tell banks how they can combine with insurers and securities firms under a banking overhaul enacted last year. The Office of the Comptroller of the Currency, a division of the Treasury, yesterday proposed rules to let national banks sell insurance and securities through subsidiaries. The Federal Reserve Wednesday issued regulations permitting bank holding companies to affiliate with insurers and securities firms. Both agencies want to have final rules in place by March 11, when financial mergers become legal under the sweeping new law. The proposed rules give banks the roadmap they've been seeking, said bank consultant Mark Olson. He said he expects a wave of mergers as banks race to broaden their services. "We're going to see some action, now that we have clarification of where the new rules will be,'' Olson said. That doesn't mean financial companies will take a shotgun approach, buying up businesses they've never been in before, according to Olson, who's working with Ernst & Young, his former employer, on a book about strategies for banks under the new law. "For banks that have a clear sense of their own strategic directions, they can then pursue some of those things with fewer inhibitions,'' Olson said. The overhaul "uncomplicated a lot of opportunities, but it didn't create a lot of new ones.'' The regulations don't create new authority for mergers. Instead, they tell banks how they can structure themselves to combine insurance and securities functions. The OCC's rule establishes a novel type of financial subsidiary, in which national banks can own insurance and securities brokerages or engage in other businesses deemed "financial in nature.'' Bank of America Corp., the biggest U.S. bank, filed the first application with the OCC to create such a unit last month. Banks must be certified by the agency to own such a subsidiary, then give notice when they acquire or start a business within that unit. The OCC's proposed rules are open for public comment until Feb. 14. The agency said it plans to issue its final rules by March 11 -- matching the law's 120-day waiting period before new mergers can occur. Fed officials said they would try to rule by March 13 on any application filed by Feb. 15. The Fed's interim regulations are in force immediately, but remain subject to revision. Public comment will be accepted until March 27. "The Fed acted very quickly, and responsibly, by having these regulations out early enough for companies to be ready to go on the effective date of the law,'' said Rich Whiting, executive director of the Financial Services Roundtable. Whiting said one provision of the Fed regulations may draw protests from the financial-services industry. The law requires that banks, when they form new holding companies, must be managerially and fiscally sound and have a satisfactory community-lending record, Whiting said. The Fed said it may retain the authority to strip a company of the new powers if it later lacks the experience or financial resources to take on a new business, he said. dispatch.com