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Comptroller of the Currency John C. Dugan, at a meeting of the Federal Deposit Insurance Corporation’s Board of Directors late yesterday, made the following statement on the implementation of Section 312 of the FACT Act
The Office of the Comptroller of the Currency announced today it has approved a final rule implementing the advanced approaches of the Basel II Capital Accord.This rule establishes regulatory and supervisory expectations for credit risk, through the Internal Ratings Based Approach (IRB), and operational risk, through the Advanced Measurement Approach (AMA), and articulates enhanced standards for the supervisory review of capital adequacy and public disclosures for the largest U.S. banks.
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. The final rules implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003. The final rules require each financial institution and creditor that holds any consumer account, or other account for which there is a reasonably foreseeable risk of identity theft, to develop and implement an Identity Theft Prevention Program (Program) for combating identity theft
The federal financial regulatory agencies issued final rules today that provide consumers with an opportunity to "opt out" before a financial institution uses information provided by an affiliated company to market its products and services to the consumer. The final rules on affiliate marketing implement section 214 of the Fair and Accurate Credit Transactions Act of 2003, which amends the Fair Credit Reporting Act (FCRA).
NEW ORLEANS, La. – Comptroller of the Currency John C. Dugan said today Federal bank regulators are nearing completion of the supervisory and regulatory framework for Basel II in the United States, with tangible progress to report as it relates to both rulemaking efforts regarding Pillar 1 – minimum capital requirements and Pillar 2 – supervisory review of capital adequacy at individual firms. Equally important, Mr. Dugan indicated that the banks and agencies are moving into a new stage in the Basel process – a stage that focuses on institution-specific implementation efforts and the supervisory scrutiny of those actions.
The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by the wildfires in southern California to close at their discretion.
The federal bank and thrift agencies issued final rules on Friday expanding the range of small institutions eligible for an extended 18-month on-site examination cycle. The final rules allow well-capitalized and well-managed banks and savings associations with up to $500 million in total assets and a composite CAMELS rating of 1 or 2 to qualify for an 18-month (rather than a 12-month) on-site examination cycle.
Fraudulent letters claiming to be from the Office of the Comptroller of the Currency are being sent to U.S. bank customers in an attempt to elicit funds. The Office of the Comptroller of the Currency (OCC) has notified the Federal Deposit Insurance Corporation (FDIC) that fraudulent letters are in circulation that concern the release of funds supposedly under the control of the International Monetary Unit (IMU) of the European Commission in Belgium. The letter is being sent to U.S. bank customers and indicates that in accordance with international monetary policy, monies are being held until the recipient can produce the necessary documents, which include a Money Laundering/Drug Free Clearance Certificate and an Anti-Terrorist Clearance and Capital Transfer Certificate. According to the European Commission's recent warning, victims are directed to pay approximately $25,000 (U.S. dollars) to obtain these bogus documents.
The Office of the Comptroller of the Currency is encouraging national banks to participate in a U.S. Treasury-sponsored exercise that is intended to test the financial sector’s ability to respond to a pandemic like crisis, such as an influenza pandemic. The exercise provides an excellent opportunity for organizations to test their pandemic plans and to identify opportunities for improvement,
This alert is about fraudulent correspondence regarding the release of funds supposedly under the control of the International Monetary Unit (IMU) of European Commission (EC) in Belgium. Correspondence, allegedly issued by the Office of the Comptroller of the Currency (OCC) regarding restricted funds purportedly under the control of the European Commission, is in circulation. The item is a hoax. Attached is a copy of this fraudulent correspondence, which is being sent to United States bank customers in an attempt to elicit funds from them. This letter indicates that, in accordance with international monetary policy, monies are being held until the recipient can produce the necessary documents, which include a Money Laundering/Drug Free Clearance Certificate and an Anti-Terrorist Clearance and Capital Transfer Certificate. According to the European Commission’s recent warning, which can be viewed at EU Warning and is also attached, victims of this fraud are directed to pay approximately $25,000 USD to obtain these bogus documents.
The Office of the Comptroller of the Currency announced the launch of HelpWithMyBank.gov, a new Web site dedicated to providing answers and assistance to national bank customers. "We created HelpWithMyBank.gov with national bank customers in mind," Comptroller of the Currency John C. Dugan said. "Our goal was to build a site that makes it easier for people to get answers and submit concerns about their bank because we are committed to ensuring fair access to financial services and equal treatment for national bank customers." HelpWithMyBank.gov provides answers to common questions based on thousands of calls made to the OCC Customer Assistance Group each year. While targeted to national bank customers, the site answers many questions common to all banking consumers and provides useful information about contacting regulators of institutions other than national banks.
The Office of the Comptroller of the Currency reports fraudulent letters that appear to be faxed by the Federal Deposit Insurance Corporation are circulating to financial institutions worldwide.
The Office of the Comptroller of the Currency will host workshops for national community bank directors at the Arrowwood Conference Center, Alexandria, Minnesota, July 10-12. The workshops provide practical information that expands bank directors' skills and understanding of issues facing their banks.
Comptroller of the Currency John C. Dugan testified before Congress that current credit card disclosure rules should be changed to improve consumers’ ability to make well-informed decisions about the credit cards they choose.
Fraudulent correspondence regarding the release of funds supposedly under the control of Office of the Comptroller of the Currency (OCC) officials.
Comptroller of the Currency John C. Dugan recently established the Enterprise Governance unit to support the Office of the Comptroller of the Currency’s strategic planning, risk management, quality management, assurance testing, and business process improvement efforts.
On December 21, 2006, the Financial Crimes Enforcement Network (FinCEN) and the federal banking agencies announced that the format for the Suspicious Activity Report by Depository Institutions (SAR-DI) was revised. The revisions are the result of their continuing efforts to reduce paperwork and respondent burden. The form was revised and reformatted to standardize suspicious activity reports, enhance the clarity of instructions, allow for joint filing of Suspicious Activity Reports, and to improve the usefulness of the Suspicious Activity Report to law enforcement.
This bulletin is intended to provide guidance to national banks on a number of disclosure and marketing issues presented by gift cards, so that national banks that issue gift cards do so in a manner in which both purchasers and recipients of gift cards are fully informed of the terms and conditions of the product. A gift card is a type of prepaid or stored value card that is designed to be purchased by one consumer (purchaser) and presented as a gift to a second consumer (recipient). The terms and conditions of different gift card products can vary significantly, but gift cards are generally divided into two main categories: retail gift cards and bank-issued gift cards.
Banker Education Announcement This is a reminder about the Office of the Comptroller of the Currency’s workshops for national community bank directors. Our next workshop on credit risk will be held in Cape May, New Jersey at the historic Congress Hall Hotel. Set amidst a sweeping lawn overlooking the Atlantic Ocean, this hotel is a classic in America’s oldest seashore resort town. Workshops cost $65 each. Attendees receive a pre-course reading package, course materials, an OCC telephone seminar CD, other appropriate superviso
OCC: Notification of Delay in the Implementation of Revised Suspicious Activity Report by Deposit Institutions (SAR-DI) Date: May 17, 2007 TO: Chief Executive Officers and Compliance Officers of All National Banks, Federal Branches and Agencies, Department and Division Heads, and All Examining Personnel The attached documents, issued on April 27, 2007, by the Financial Crimes Enforcement Network (FinCEN), announce the delayed implementation of certain revised Suspicious Activity Report (SAR) forms that were scheduled to become effective on June 30, 2007. FinCEN is withdrawing the effective date for the revised SAR forms for depository institutions, casinos and card clubs, insurance companies, and the securities and futures ind
In its decision today in the Watters vs. Wachovia Bank case, the Supreme Court held that federal preemption standards applicable to national banks extend to activities conducted through their operating subsidiaries. Specifically, the Court held that a national bank’s mortgage business, whether conducted by the bank itself or through the bank’s operating subsidiary, is subject to the OCC’s supervision and regulation, and not to state licensing, reporting, and visitorial regimes. We are pleased that the Court’s decision supports the ability of national banks to continue to conduct business activities in their operating subsidiaries as they are now doing.
The Office of the Comptroller of the Currency will host a compliance risk workshop for national community bank directors at the Omni Charlottesville Hotel, Charlottesville, Virginia, May 2. The workshop entitled, "Compliance Risk: What Directors Need to Know," provides practical information that expands bank directors' skills and understanding of issues facing their banks.
The federal bank and thrift agencies on Tuesday requested public comment on proposed interim rules expanding the range of small institutions eligible for an extended 18-month on-site examination cycle. The proposed interim rules allow well-capitalized and well-managed banks and savings associations with up to $500 million in total assets and a composite CAMELS rating of 1 or 2 to qualify for an 18-month (rather than a 12-month) on-site examination cycle. Until recently, only institutions with less than $250 million in total assets could qualify for an extended 18-month on-site examination cycle. The proposed interim rules also revise the provisions governing the on-site examination cycle for the U.S. branches and agencies of foreign banks.
The Financial Crimes Enforcement Network (FinCEN) and the federal banking agencies announced Thursday that the format for the Suspicious Activity Report by Depository Institutions (SAR-DI) has been revised to support a new joint filing initiative, which will reduce the number of duplicate SARs filed for a single suspicious transaction. The revisions are the result of a joint effort by FinCEN and the federal banking agencies.
Eight federal regulators on Wednesday released a notice of proposed rulemaking (NPR) requesting comment on a model privacy form that financial institutions can use for their privacy notices to consumers required by the Gramm-Leach-Bliley Act (GLB Act). The privacy notices must describe an institution's information sharing practices, and, for certain types of sharing, consumers have the right to opt out. The notices must be provided when a consumer first becomes a customer of a financial institution and then annually for as long as the customer relationship lasts. Last October, President Bush signed into law the Financial Services Regulatory Relief Act of 2006, amending the GLB Act to require the agencies to propose a model form that is succinct and comprehensible to consumers, allows consumers easily to compare privacy practices of financial institutions, and uses easily readable type font.
On December 21, 2006, the Financial Crimes Enforcement Network (FinCEN) and the federal banking agencies announced that the format for the Suspicious Activity Report by Depository Institutions (SAR-DI) was revised. The revisions are the result of their continuing efforts to reduce paperwork and respondent burden. The form was revised and reformatted to standardize suspicious activity reports, enhance the clarity of instructions, allow for joint filing of Suspicious Activity Reports, and to improve the usefulness of the Suspicious Activity Report to law enforcement.
This bulletin is intended to provide guidance to national banks on a number of disclosure and marketing issues presented by gift cards, so that national banks that issue gift cards do so in a manner in which both purchasers and recipients of gift cards are fully informed of the terms and conditions of the product. A gift card is a type of prepaid or stored value card that is designed to be purchased by one consumer (purchaser) and presented as a gift to a second consumer (recipient). The terms and conditions of different gift card products can vary significantly, but gift cards are generally divided into two main categories: retail gift cards and bank-issued gift cards.
The Office of the Comptroller of the Currency (OCC) has been informed by the Committee on Financial Services of the U.S. House of Representatives that fraudulent correspondence, including e-mails, referring to the Committee and making use of the Committee’s letterhead is in circulation. The communications inform potential victims that they are due to receive large sums of money from an inheritance, but that they must first pay a large fee through lawyers to the Financial Services Committee in order to verify that the funds are not tied to terrorist financing. The Financial Services Committee does not require any person to obtain what the con-artists are calling a “Clean Bill of Record” for receiving inheritance money.
The Office of the Comptroller of the Currency today announced its schedule of workshops for national community bank directors. This year the OCC has added a workshop for community bank directors entitled "A New Director’s Challenge: Mastering the Basics." This two-day program, scheduled in Washington D.C., April 16-18, is geared primarily to directors with less than three years of experience. The workshop should be particularly valuable to directors of new national banks, many of whom are also new to the industry.
Comptroller of the Currency John C. Dugan told an audience of bank risk managers today that, because their goals are so closely aligned to those of the regulators, the regulations and guidance issued by the agencies can support them in meeting their firms’ objectives. For example, he said, regulators can highlight concerns that are important to risk managers, but which others in the bank might prefer to ignore for competitive reasons. An example is the interagency guidance on non-traditional mortgages, which establishes expectations for prudent underwriting, taking into account some of the unique features and risks these products present.
PURPOSE This bulletin reminds national banks and their technology service providers of the upcoming change in the schedule for Daylight Savings Time. National banks may be exposed to a variety of risks if they do not prepare their systems to reflect this change. BACKGROUND Daylight Savings Time (DST) in the United States will begin earlier and end later in 2007 than in years past. The Energy Policy Act of 2005, signed into law August 2005, moves the beginning of DST from the first Sunday in April to the second Sunday in March. DST will now end the first Sunday in November instead of the last Sunday in October.
PURPOSE AND BACKGROUND This issuance is intended to notify all national banks and national bank examiners that recently the Securities and Exchange Commission (SEC) and the Board of Governors of the Federal Reserve System (Board) jointly issued proposed rules that define the extent to which securities brokerage activities of banks are subject to SEC regulation. The proposed rules, known as "Regulation R," would implement provisions of the Gramm–Leach–Bliley Act of 1999 (GLBA) that set forth certain exemptions for banks from the broker-dealer registration requirements of the Securities Exchange Act of 1934 (Exchange Act). In developing this proposal, the SEC and the Board consulted with the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS).
Many consumers have become victims of scams involving a fraudulent cashier’s check. A cashier's check is a check that is issued by a bank, and sold to its customer or another purchaser, that is a direct obligation of the bank. Cashier's checks are viewed as relatively risk-free instruments and, therefore, are often used as a trusted form of payment to consumers for goods and services. However, cashier's checks lately have become an attractive vehicle for fraud when used for payments to consumers. Although the amount of a cashier's check quickly becomes "available" for withdrawal by the consumer after the consumer deposits the check, these funds do not belong to the consumer if the check proves to be fraudulent.It may take weeks to discover that a cashier’s check is fraudulent.In the meantime, the consumer may have irrevocably wired the funds to a scam artist or otherwise used the funds - only to find out later, when the fraud is detected - that the consumer owes the bank the full amount of the cashier's check that had been deposited.
The Office of the Comptroller of the Currency issued guidance today warning of the risks posed by scams involving fraudulent bank cashier's checks and describing steps national banks should take to protect themselves and their customers. A cashier's check, which is issued by a bank and sold to a consumer or other purchaser, represents a direct obligation of the bank. The guidance was issued in response to a growing incidence of scams involving cashier's checks. In most of these cases, individuals receive a cashier's check and are asked to deposit the check into their account, wait until funds become available and then wire some part of the funds from their account to a third party, often in a foreign country.
The Office of the Comptroller of the Currency (OCC) and the Conference of State Bank Supervisors (CSBS) announced agreement today on procedures for the exchange of consumer complaint information between state banking departments and the OCC. The agreement recognizes that consumers do not always know which regulatory agency - state or federal - supervises their bank, and provides a model Memorandum of Understanding to ensure misdirected complaints are sent to the appropriate agency. The MOU, which is intended to be executed by state banking departments and the OCC on a state-by-state basis, provides a two-way street for the sharing of such complaints, including information on how complaints are resolved.
Comptroller of the Currency John C. Dugan told a Senate committee today that the inadequacies of the current Basel I capital regime for the largest internationally active banks are a matter of great concern to the OCC because the agency supervises the five largest banks in the United States, some of which hold more than $1 trillion in assets, have complex balance sheets, take complex risks, and have complex risk management needs that are fundamentally different from those faced by community and mid-size banks. "The new regime is intended not only to align capital requirements more closely to the complex risks inherent in these largest institutions, but just as important—and this is a total departure from the existing capital framework—it would also require them to substantially improve their risk management systems and controls," Mr. Dugan said in testimony before the Senate Committee on Banking, Housing and Urban Affairs.
The Office of the Comptroller of the Currency was named one of the 50 best places in America to start a career by Business Week magazine. "The Business Week ranking confirms what we've long known: that the OCC is a great place to start - and build - a career," said Comptroller of the Currency John C. Dugan. The OCC ranked 48th on Business Week's list of top employers for new college graduates.
In October 2005, the FFIEC agencies (agencies) issued guidance entitled Authentication in an Internet Banking Environment (guidance) . The guidance focuses on the risks of fraud and identity theft associated with Internet banking activities. The guidance states that financial institutions should perform a risk assessment, identify and strengthen control weaknesses, measure and evaluate customer awareness efforts, and implement any necessary corrective actions. National banks are expected to have achieved conformance with the guidance by year-end 2006. It is anticipated that there will be increased activity by fraudsters to send false communications with the intent of obtaining customer information for the purposes of fraud and identity theft. These communications may attempt to exploit the December 31, 2006, conformance date. For example, communications purporting to be from a national bank could inform customers that, due to the FFIEC guidance, the bank is required to change its security procedures and, as a result, request customers to re-register or provide personal information that would enable the bank to comply with the regulatory requirement.
This bulletin provides guidance for national banks and examiners on managing the risks of automated clearing house (ACH) activity. National banks may be exposed to a variety of risks when originating, receiving, or processing ACH transactions, or outsourcing these activities to a third party. This bulletin outlines the key components of an effective ACH risk management program. Each bank should use this guidance to develop an ACH risk management program that reflects the nature and complexity of the bank's activities. This bulletin supplements guidance on ACH activities contained in the FFIEC IT Examination Handbook on Retail Payment Systems,[1] dated March 2004, and National Automated Clearinghouse Operating Rules[2] and replaces OCC Bulletin 2002-2 (ACH Transactions Involving the Internet).
The federal bank and thrift regulatory agencies announced today 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. The NPR details the agencies' plans for implementing the Basel Committee on Banking Supervision's (BCBS) new capital accord (Basel II) that was issued in 2004. The agencies also will request comment on proposed Basel II supervisory reporting templates. The Federal Reserve Board (Board), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) first adopted risk-based capital standards in 1989. Those standards were based on the Basel Capital Accord that the BCBS originally issued in 1988 (Basel I). For banking organizations that meet qualifying criteria, the Basel II NPR would replace U.S. rules implementing Basel I. The proposed framework would be mandatory for large, internationally active banking organizations and optional for others.
The Office of the Comptroller of the Currency advised national banks today that registration for two conference calls on the revised FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual will close on September 6. The conference calls are sponsored by the five federal banking agencies and the Financial Crimes Enforcement Network (FinCEN). The Office of Foreign Assets Control will also be participating in these calls. The banking industry calls will be held September 13 and 14, 2006. All calls will be from 11:00 a.m. to 12:00 noon (EDT).
The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by severe weather in the northeast to close at their discretion. In issuing the proclamation, Timothy Long, Senior Deputy Comptroller for Mid-Size/Community Bank Supervision, said he expects that only those bank offices directly affected by the severe weather will close. Those offices should make every effort to reopen as quickly as possible to address the banking needs of their customers, he added.
The Office of the Comptroller of the Currency will host workshops for national community bank directors at the Millennium Knickerbocker Hotel, Chicago, on July 25-26. The workshops provide practical information that expands bank directors' skills and understanding of issues facing their banks. This year's workshops cover risk assessment and compliance risk.
Submission for OMB review; joint comment request In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35), FinCEN, OCC, OTS, FDIC, and NCUA (collectively, the "agencies") hereby give notice that they have submitted to the Office of Management and Budget (OMB) requests for review of the information collections described below.
OCC, OTS, FDIC, NCUA, and FinCEN are submitting the Suspicious Activity Report (SAR) information collection to OMB for extension with revision. The Board of Governors fo the Federal Reserve System (the Board) alos participated in this review. However, the Board, under its Paperwork Reduction Act (PRA) delegated authority, will publish a separate final notice and submit its SAR inforamtion collection to OMB.
Let me begin by thanking Andrew Hilton and CSFI for inviting me here this evening. These roundtables provide an excellent forum for the open discussion of the critical issues facing the financial sector today, and I applaud the independent thinking that the CSFI brings to these events.
Tonight I would like to discuss one of the most significant recent developments in the financial sector - the Basel II capital accord - which has certainly generated its fair share of controversy and taken quite a few years to get where we are now. In the U.S., a draft Notice of Proposed Rulemaking has at long last been released. Publications of the proposal will mark the final stage in our consultative process, in which comments are widely solicited, seriously evaluated, and in some cases intensely debated prior to the formulation of final implementing regulations. While this marks an important milestone, I can't help but be reminded of the famous Churchill line about this being not even the beginning of the end, but perhaps the end of the beginning. More prosaically, while much work has been done, much work remains before we have an up-and-running, fully supervised, and fully reliable Basel II risk-based capital regime.
Procedures for Cooperation Between the Federal Financial Institution Regulatory Agencies and the Department of Labor in the Enforcement of the Employee Retirement Income Security Act of 1974 The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency and Office of Thrift Supervision (the federal financial institution regulatory agencies) as part of their supervision of the institutions regulated by them, conduct examinations and perform other functions which occasionally disclose possible violations of the Employee Retirement Income Security Act of 1974 (ERISA). The Department of Labor (DOL) is charged with the administration, interpretation and enforcement of standards of conduct and responsibility of fiduciaries of employee benefit plans under ERISA.
Interagency Advance Notice of Proposed Rulemaking: Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies Under Section 312 of the Fair and Accurate Credit Transactions Act. Summary
The OCC, Board, FDIC, OTS, NCUA, and FTC (the Agencies) request comment to gather information useful for developing the guidelines and regulations required by section 312 of the Fair and Accurate Credit Transactions Act (FACT Act). Pursuant to section 312, the Agencies, acting in consultation and coordination, must: Establish guidelines for use by persons that furnish information to consumer reporting agencies (furnishers) regarding the accuracy and integrity of the consumer information that they furnish to those agencies; and prescribe regulations that require furnishers to establish resonable policies and procedures for implementing the guidelines. Section 312 also requires the Agencies jointly to prescribe regulations that identify the circumstances under which a furnisher shall be required to reinvestigate a dispute concerning the accuracy of information contained in a consumer report on a consumer based on a direct request of the consumer.
The Office of the Comptroller of the Currency will host workshops for national community bank directors at the Westin Great Southern Hotel, Columbus, Ohio, on April 25-26. The workshops provide practical information that expands bank directors' skills and understanding of issues facing their banks. This year's workshops cover risk assessment and compliance risk. Workshops cost $65 each. Attendees receive pre-course reading and course materials, an OCC telephone seminar CD, a community bank supervision handbook, other supervisory material, a continental breakfast and lunch. Workshops are limited to the first 50 registrants and are geared primarily to outside directors of national community banks with assets of less than $1 billion. Management directors may also find the workshop beneficial. For information or to register online, visit http://www.occ.gov/conference.htm
The federal financial institution regulatory agencies and the Federal Trade Commission have jointly issued for comment an Advance Notice of Proposed Rulemaking (ANPR) on section 312 of the Fair and Accurate Credit Transactions Act (FACT Act). Comments are invited for the purpose of developing guidelines and rules to implement section 312. Section 312 requires the agencies to: (1) establish guidelines regarding the accuracy and integrity of information furnished to consumer reporting agencies; and (2) prescribe regulations that require the entities that furnish such information to establish reasonable policies and procedures for implementing the guidelines. Section 312 also requires the agencies to prescribe regulations that identify the circumstances under which an entity that furnishes information to consumer reporting agencies will be required to reinvestigate a dispute concerning the accuracy of information contained in a consumer credit report based on a consumer's direct request.
The "Insider Activities" booklet is one of several booklets in the Comptroller's Handbook that will be published under the theme of corporate governance. This booklet provides guidance on how banks may legally and prudently engage in transactions with insiders and implement risk management processes that provide for the appropriate control and monitoring of insider activities. This booklet also provides guidance on how examiners will review and assess insider activities during the supervisory process.
A bank should engage in safe and sound business and personal transactions with its insiders, consistent with law and regulation. Transactions between a bank its insiders can address legitimate banking needs and serve the interests of both parties. The challenge is to separate legitimate insider financial relationships from those that are, or could become, abusive, imprudent, or preferential. Studies of bank failures have found that insider abuse, including excessive or poor quality loans made, and unjustified fees paid, to directors and officers, is often a contributing factor to the failure. Because of the significant risks that insider activities can pose, activities are subject to strict laws and ethical guidelines.
Purpose The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and Office of Thrift Supervision are issuing this interagency advisory to financial institutions and their technology service providers. This advisory is intended to raise awareness regarding the threat of a pandemic influenza outbreak and its potential impact on the delivery of critical financial services. It further advises financial institutions and their service providers to consider this and similar threats in their event response and contingency strategies. This issuance discusses the National Strategy for Pandemic Influenza (National Strategy) and the roles and responsibilities it outlines for financial institutions.
Comptroller of the Currency John C. Dugan applauded the work of independent banks and said America needs community institutions that are strong enough to help out in times of emergency, but also there in ordinary times to help people achieve their lives' dreams. In a taped speech to the annual convention of the Independent Community Banks of America, Mr. Dugan said that independent banks are at the heart of the OCC’s mission, noting that 90 percent of the institutions supervised by the agency have less than $1 billion in assets. The Comptroller added that it is vital that regulators strike a balance that preserves safety and soundness without sapping the industry’s strength. “Sensible regulation is essential to the industry’s safety and soundness,” he said. “But we have to be careful that the sheer volume of our regulations doesn’t overwhelm you, stifling initiative and chipping away at your ability to compete. Preserving that balance is a challenge I take very seriously.”
The Financial Crimes Enforcement Network (FinCEN) published the attached final rule and proposed rule in the Federal Register on January 4, 2006. The final rule implements the international correspondent banking provisions and the private banking provisions of section 312 of the USA PATRIOT Act. Simultaneously, FinCEN announced a related notice of proposed rulemaking involving one key provision of section 312 that requires enhanced due diligence for correspondent accounts maintained for certain foreign banks. Section 312 of the USA PATRIOT Act requires U.S. financial institutions to perform due diligence and, in some cases, enhanced due diligence, with regard to correspondent accounts established or maintained for foreign financial institutions and private banking accounts established or maintained for non-U.S. persons. The final rule implements the general due diligence requirements pertaining to foreign financial institutions as well as the due diligence and enhanced scrutiny requirements pertaining to private banking accounts. Specifically included in the requirements is the duty to conduct enhanced scrutiny of any private banking account that is maintained for senior foreign political figures, their immediate family members, or persons widely and publicly known to be close associates of such individuals.
On January 12, 2006, the Office of Foreign Assets Control (OFAC) published in the Federal Register, “Economic Sanctions Enforcement Procedures for Banking Institutions,” along with a request for comments. OFAC will follow the published procedures when deciding whether to impose enforcement actions against banking institutions for noncompliance with its regulations. In conjunction with issuing this interim final rule, OFAC has withdrawn the January 29, 2003, proposed rule to the extent it applied to banking institutions. The new enforcement procedures will evaluate a banking institution’s apparent OFAC-related violation in the context of the institution’s overall OFAC compliance program and specific OFAC compliance record. OFAC will not conduct such a review if no apparent violation exists within a banking institution.
On January 11, 2006, the first U.S. government-wide analysis of money laundering, “U.S. Money Laundering Threat Assessment” (MLTA), published by the Treasury Department, was released. The report is the product of an interagency working group of 16 federal agencies, bureaus, and offices. The purpose of the MLTA is to help policy makers, regulators, and the law-enforcement community better understand the landscape of money laundering in the United States and to support strategic planning efforts to combat that activity.
The Office of the Comptroller of the Currency recently announced its 2006 workshop schedule for national community bank directors. The workshops provide practical information that expands bank directors' skills and understanding of issues facing their banks. This year's workshops cover risk assessment, credit risk, and compliance risk. Comptroller of the Currency John C. Dugan said the response to past workshops has been enthusiastic. "Hundreds of directors have attended our workshops, and they have consistently given them high marks," said Mr. Dugan.
Comptroller of the Currency John C. Dugan said today 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. That’s partly because the statutory requirements are complex and mandate a host of very specific disclosures, the Comptroller said. In addition, the regulations implementing the law encourage the use of legal terms in notices. Finally, there was no requirement in the law or regulations for uniformity or consistency among institutions in the way the information is presented. “When you combine these three factors, the result is what we have today: notices with too much information, too many legal terms, and too much variability in presentation from institution to institution,” Mr. Dugan said in a speech to a meeting sponsored by the American Law Institute and the American Bar Association.
The purpose of this bulletin is to provide banks with guidance on how to respond to incidents of Web-site spoofing. The bulletin addresses procedures banks can implement to mitigate the risks to themselves and their customers by detecting and responding to Web-site spoofing. It also identifies the types of information banks can provide to law enforcement authorities to assist in investigating illegal activities. This bulletin expands on OCC Alert 2003-11, “Customer Identity Theft: E-mail-Related Fraud Threats,” September 12, 2003.
The quality of security controls can significantly influence all categories of risk.additional information. Traditionally, examiners and bankers recognize the direct impact on operational/transaction risk from incidents related to fraud, theft, or accidental damage. Many security weaknesses, however, can directly increase exposure in other risk areas. For example, the GLBA introduced additional legal/compliance risk due to the potential for regulatory noncompliance in safeguarding customer information. The potential for legal liability related to customer privacy breaches may present additional risk in the future. Effective application access controls can reduce credit and market risk by imposing risk limits on loan officers or traders. If a trader were to exceed the intended trade authority, the institution may unknowingly assume additional market risk exposure.
The security process is the method an organization uses to implement and achieve its security objectives. The process is designed to identify, measure, manage and control the risks to system and data availability, integrity, and confidentiality, and ensure accountability for system actions. The process includes five areas that serve as the framework for this booklet:
The security process is the method an organization uses to implement and achieve its security objectives. The process is designed to identify, measure, manage and control the risks to system and data availability, integrity, and confidentiality, and ensure accountability for system actions. The process includes five areas that serve as the framework for this booklet:
The Financial Crimes Enforcement Network and the federal banking agencies – the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision – are issuing the attached guidance to notify institutions when a Suspicious Activity Report (SAR) can be shared with a holding company or other controlling company, or with the head office of a U.S. branch or agency of a foreign bank.
WASHINGTON, D.C. (January 13, 2006) – The federal financial regulatory agencies today announced a public service campaign to aid in the financial recovery of victims of last year's hurricanes. Although four months have passed since Hurricanes Katrina and Rita made landfall, some bank customers have not yet been in contact with their lenders. Communication is an essential step in the road to financial recovery. The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration and state financial regulators are encouraging banks, thrifts, and credit unions to continue to work with borrowers affected by the hurricanes. Assistance may include waiving fees, lowering interest rates, extending repayment schedules, or deferring principal or interest for an additional period, where appropriate. For these options to be considered, however, it is essential that the borrower contact his or her lender.
The attached final rule, published in the Federal Register on August 13, 2003, concerns the removal, suspension, and debarment of accountants from performing annual audit and attestation services. The final rule will become effective on October 1. Section 36 of the Federal Deposit Insurance Act (FDIA) requires that each national bank with $500 million or more in total assets submit an annual report on its financial statements and required management assessments to the Comptroller of the Currency (OCC). An independent public accountant must audit these financial statements to determine whether they are presented in accordance with generally accepted accounting principles.
This bulletin amends OCC Bulletin 2004-50, Enforcement Guidance for BSA/AML Program Deficiencies, dated November 10, 2004, by adding a new Appendix A entitled “Process for Taking Administrative Enforcement Actions Against Banks Based on BSA Violations.” The purpose of this new appendix is to ensure that the OCC’s process for taking administrative enforcement actions based on BSA violations is measured, fair, and fully informed. These procedures set forth the general process to be followed in enforcement cases based on BSA violations. They provide only internal OCC guidance. The OCC may deviate from these procedures in certain cases, e.g., cases in which a developing situation in a bank requires immediate action, other unusual or exigent circumstances are present, or intervening developments require a different course of action.
Fight Back: What You Can Do about Identity Theft
If you think your identity has been stolen, here's what to do now: Contact the fraud departments of any one of the three major credit bureaus to place a fraud alert on your credit file. The fraud alert requests creditors to contact you before opening any new accounts or making any changes to your existing accounts. As soon as the credit bureau confirms your fraud alert, the other two credit bureaus will be automatically notified to place fraud alerts. Once the alert is placed, you may order a free copy of your credit report from all three major credit bureaus. The special toll-free numbers for the fraud departments are: Equifax at (800) 525-6285, Experian at (888) 397-3742 and Trans Union at (800) 680-7289. Close the accounts that you know or believe have been tampered with or opened fraudulently. Use the ID Theft Affidavit when disputing new unauthorized accounts.
File a police report. Get a copy of the report to submit to your creditors and others that may require proof of the crime.
This advisory letter informs national banks about two areas of consumer bank fraud—identity theft and pretext calling—and advises them about measures to prevent and detect these types of fraud. The Gramm–Leach–Bliley Act (GLBA), enacted in 1999, directs the federal banking agencies (the Agencies) to ensure that banks have policies, procedures, and controls in place to prevent the unauthorized disclosure of customer financial information and to deter and detect fraudulent access to such information.1 The Agencies recently adopted guidelines for the safeguarding of customer information by financial institutions.2 The advisory letter supplements those guidelines by focusing on the protection of customer information specifically against identity theft and pretext calling. Identity theft is the fraudulent use of an individual’s personal identifying information. Often, identity thieves will use another individual’s personal information such as a social security number, mother’s maiden name, date of birth, or account number to fraudulently open new credit card accounts, charge existing credit card accounts, write checks, open bank accounts or obtain new loans.
This bulletin transmits a small entity compliance guide for the Interagency Guidelines Establishing Information Security Standards (Security Guidelines), jointly drafted by staff of the federal banking agencies, pursuant to the requirements of the Small Business Regulatory Enforcement Fairness Act of 1996. The compliance guide summarizes the obligations of financial institutions to protect customer information and illustrates how certain provisions of the Security Guidelines apply to specific situations.
This advisory letter highlights risks associated with wireless networks and provides guidance for managing those risks. National banks can use this guidance to help in protecting company assets and confidential customer information, achieving service level requirements, maintaining safe and sound practices, and ensuring compliance with regulatory security expectations. BACKGROUND The emergence of wireless networking standards and products that rely upon unlicensed radio frequencies is causing an increasing number of national banks to consider how they might benefit from the technology advancements. National banks can use wireless technologies to build local-area-networks and personal-area- networks with low-cost devices and easy installations. The basic technology components include:
* Systems and devices sharing information (e.g., computers,
workstations, networks);
These examination procedures are derived from the interagency Guidelines Establishing Standards for Safeguarding Customer Information, as mandated by Section 501(b) of the Gramm-Leach-Bliley Act of 1999. The guidelines address standards for developing andimplementing administrative, technical, and physical safeguards to protect the security,confidentiality, and integrity of customer information.
The guidelines require each institution to implement a comprehensive written informationsecurity program that includes administrative, technical, and physical safeguards appropriate tothe size and complexity of the institution and the nature and scope of its activities. While allparts of the institution are not required to implement a uniform set of policies, all elements of theinformation security program must be coordinated.
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision jointly requested comment today on a proposed rule establishing standards for safeguarding confidential customer information. The proposed rule would implement section 501 (b) of the Gramm-Leach-Bliley Act (GLBA).
The law requires the agencies to establish standards for financial institutions relating to administrative, technical and physical safeguards for customer records and information. These safeguards are intended to ensure the security and confidentiality of customer records and information, protect against any anticipated threats or hazards to the security or integrity of these records and protect against unauthorized access to or use of these records or information that would result in substantial harm or inconvenience to a customer.
The federal bank and thrift regulatory agencies have sent to the Federal Register joint guidelines for safeguarding confidential customer information. The guidelines implement section 501(b) of the Gramm-Leach-Bliley Act (GLBA), and will be effective on July 1, 2001.
The GLBA requires the agencies to establish standards for financial institutions relating to administrative, technical and physical safeguards for customer records and information. These safeguards are to ensure the security and confidentiality of customer records and information, protect against any anticipated threats or hazards to the security or integrity of these records, and protect against unauthorized access to or use of these records or information that would result in substantial harm or inconvenience to a customer.
Complete this section’s objectives to assign the information technology (IT)composite rating using as a guide OCC Bulletin 99-3, “Uniform Rating System for Information Technology (URSIT).” The composite URSIT ratingshould reflect:
•The adequacy of the bank’s risk management practices.
In assigning the rating the examiner should consult the EIC, the examinersassigned to review management and audit, and other examining personnel, asappropriate. Although the OCC does not assign URSIT component ratings tothe financial institutions it supervises, risks arising from the areas covered bythe component ratings are considered when assigning the URSIT compositerating.
The purpose of this bulletin is to alert you to the joint-agency issuance of the attached final "Guidelines Establishing Standards for Safeguarding Customer Information" and to highlight provisions of these guidelines. The guidelines are mandated by Section 501 of the Gramm-Leach-Bliley Act of 1999 (GLBA), and are effective July 1, 2001. The guidelines affect all national banks, federal branches and federal agencies of foreign banks, and any subsidiaries of such entities (except brokers, dealers, persons providing insurance, investment companies, and investment advisors).1 The guidelines describe the Office of the Comptroller of the Currency's (OCC's) expectations for the creation, implementation, and maintenance of a comprehensive information security program. BACKGROUND Section 501 of the GLBA requires the OCC and other federal banking agencies to establish appropriate standards for the administrative, technical, and physical safeguards for customers' "nonpublic personal information." The OCC has done so by issuing guidelines that require each national bank to establish an information security program.
A bank's information security program must be designed to ensure the security and confidentiality of customer information, protect against any anticipated threats or hazards to the security or integrity of such information, and protect against unauthorized access to or use of such information that would result in substantial harm or inconvenience to any customer.
The Agencies are jointly issuing final Guidance that interprets the requirements of section 501(b) of the GLBA, 15 U.S.C. 6801, and the Security Guidelines2 to include the development and implementation of a response program to address unauthorized access to, or use of customer information that could result in substantial harm or inconvenience to a customer. The Guidance describes the appropriate elements of a financial institution’s response program, including customer notification procedures. Section 501(b) required the Agencies to establish standards for financial institutions relating to administrative, technical, and physical safeguards to: (1) ensure the security and confidentiality of customer information; (2) protect against any anticipated threats or hazards to the security or integrity of such information; and (3) protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to any customer.
On February 1, 2001, the Agencies issued the Security Guidelines as required by section 501(b) (66 FR 8616). Among other things, the Security Guidelines direct financial institutions to: (1) identify reasonably foreseeable internal and external threats that could result in unauthorized disclosure, misuse, alteration, or destruction of customer information or customer information systems; (2) assess the likelihood and potential damage of these threats, taking into consideration the sensitivity of customer information; and (3) assess the sufficiency of policies, procedures, customer information systems, and other arrangements in place to control risks.
The Federal Financial Institutions Examination Council (FFIEC) has released updated information security guidance in the form of a new Information Security Booklet. The Information Security Booklet is the first in a series of booklets that will completely update and replace the 1996 FFIEC Information Systems Examination Handbook.
Reliance on technology in all aspects of banking by bankers, consumers, and corporations has increased both the potential for, and likely impact of, security threats to national banks. Widespread adoption of effective security processes can help ensure that the banking industry maintains effective safeguards against such threats and, by doing so, helps preserve the public trust. The Information Security Booklet provides a comprehensive security framework for national banks and their technology service providers. The framework focuses on implementing a security risk management process that identifies risks, develops and implements a security strategy, tests key controls, and monitors the risk environment. This framework also stresses the important roles that senior management and boards of directors play in this process by emphasizing their responsibility to recognize security risks in their banks and to assign appropriate roles and responsibilities to their managers and employees.
WASHINGTON -- The Office of the Comptroller of the Currency (OCC) published on its website today its annual notice of fees that incorporates an amendment to the timing of payments of OCC assessments by national banks. The OCC, rather than each national bank, will calculate and draft the semiannual assessment from either the Federal Reserve account or Federal Home Loan Bank account based on the most recent call report. The fee will be due by March 31 and September 30, two months later than the current due date.
Agencies Release Bank Secrecy Act/Anti-Money Laundering Examination Manual The Federal Financial Institutions Examination Council (FFIEC) today released the Bank Secrecy Act/Anti-Money Laundering Examination Manual (FFIEC BSA/AML Examination Manual). The manual’s release marks an important step forward in the effort to ensure the consistent application of the BSA to all banking organizations including commercial banks, savings associations, and credit unions. The FFIEC BSA/AML Examination Manual was developed by the Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and Office of Thrift Supervision (OTS) (collectively referred to as the federal banking agencies) in collaboration with the Financial Crimes Enforcement Network (FinCEN), the delegated administrator of the BSA. In addition, through the Conference of State Bank Supervisors, the state banking agencies played a consultative role. The Office of Foreign Assets Control collaborated on the development of core overview and examination procedures addressing compliance with regulations enforced by OFAC.
The OCC, FRB, FDIC, and OTS are issuing the attached final “Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice.” The guidance was published in the Federal Register on March 29, 2005, and became effective upon publication. The guidance interprets the Interagency Guidelines Establishing Information Security Standards (Security Guidelines)[1] and states that each financial institution should implement a response program to address unauthorized access to customer information maintained by the institution or its service providers. The guidance describes the components that a response program should contain including procedures to notify customers about incidents that involve unauthorized access to sensitive customer information. The guidance provides that, “when a financial institution becomes aware of an incident of unauthorized access to sensitive customer information, the institution should conduct a reasonable investigation to promptly determine the likelihood that the information has been or will be misused. If the institution determines that misuse of its information about a customer has occurred or is reasonably possible, it should notify the affected customer as soon as possible.” However, notice may be delayed if an appropriate law enforcement agency determines that notification will interfere with a criminal investigation and provides the institution with a written request for a delay.
WASHINGTON- Comptroller of the Currency John C. Dugan approved today an advance notice of proposed rule making (ANPR) seeking public comment on a proposal intended to improve risk-based capital rules for U.S. institutions without the expense and complexity of the Basel II framework. The U.S. banking agencies plan to address implementation of the Basel II framework in a separate rulemaking. "Our primary goal is to increase the risk sensitivity of our domestic risk-based capital rules without unduly increasing regulatory burden," Comptroller Dugan said. "This is no small challenge and we cannot easily accomplish that goal without substantial input from the banking industry and other interested parties." Current risk-based capital rules are the same for all banks. The OCC has heard concern voiced by a number of banks and industry groups that banks operating under Basel II might gain a competitive edge over banks that would not be governed by the Basel II framework.
WASHINGTON-Comptroller of the Currency John C. Dugan today said today 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. "The post-9/11 world is profoundly different in many ways from what it used to be, and that is certainly true in the BSA area," Comptroller Dugan said in a speech before a money laundering conference sponsored jointly by the American Bankers Association and the American Bar Association. "Whether we like it or not, the traditional concerns of BSA, that, disrupting the money flow of the drug trade and other illicit activity, have been joined with concerns about combating the financing of terrorism," he said.
The Federal Financial Institutions Examination Council (FFIEC) has issued updated guidance in three booklets on electronic banking (e-banking), information technology (IT) audit, and the FedLine electronic funds transfer application. These booklets are the most recent in a series that will completely update and replace the 1996 FFIEC Information Systems (IS) Examination Handbook. The work programs contained in the booklets represent expanded procedures that examiners can use if appropriate for the risk and complexity of the bank’s operations. The Audit Booklet rescinds chapter 8, and the FedLine Booklet rescinds chapter 19 of the 1996 FFIEC IS Examination Handbook. The E-Banking Booklet replaces the OCC Internet Banking Handbook and OCC Bulletin 98-38, “Technology Risk Management: PC Banking.” This booklet reflects the OCC’s views on the risks specific to e-banking and provides bankers and examiners with guidance on those risks and the risk management issues associated with the delivery of e-banking products and services. Banks face unique risks based on the choices they make when implementing and enhancing their e-banking services. Decisions on network Internet connectivity, outsourcing various system components, and the specific products and services affect the level of risk and the complexity of risk management. Senior management and boards of directors must understand these risks before investing in and expanding their e-banking activities. They need to integrate the e-banking-related controls into their existing strategic plan, information security program, vendor management process, and business continuity plans. Banks must have appropriate controls, testing, and expertise for all internally managed e-banking system components. In addition, banks with outsourced e-banking processes should carefully select and monitor service providers to ensure that appropriate controls exist. The bank can outsource the process or service, but remains responsible for the adequacy of the controls to ensure confidentiality, integrity, and availability.
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) today announced their revised plans for the U.S. implementation of the "International Convergence of Capital Measurement and Capital Standards: A Revised Framework," otherwise known as Basel II. The agencies previously announced on April 29, 2005 that they were delaying issuance of a notice of proposed rulemaking (NPR), pending additional analysis of the quantitative impact study (QIS4) submissions. The agencies intend to move forward with an NPR for domestic implementation of Basel II, but plan to introduce additional prudential safeguards in the NPR to address concerns identified in the analysis of the results of the QIS4 conducted with the industry. The agencies expect that the U.S. Basel II proposal will be available in the first quarter of 2006.
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--today published an interagency advance notice of proposed rulemaking (ANPR) regarding potential revisions to the existing risk-based capital framework. These changes would apply to banks, bank holding companies, and savings associations.
The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision have jointly issued Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice. The guidance interprets the agencies’ customer information security standards and states that financial institutions should implement a response program to address security breaches involving customer information. The response program should include procedures to notify customers about incidents of unauthorized access to customer information that could result in substantial harm or inconvenience to the customer. The guidance provides that, "when a financial institution becomes aware of an incident of unauthorized access to sensitive customer information, the institution should conduct a reasonable investigation to promptly determine the likelihood that the information has been or will be misused."
WASHINGTON -- Comptroller of the Currency John C. Dugan told the Senate Banking Committee today that the goal of the Basel II Capital Framework – and a separate initiative for smaller institutions – will substantially enhance safety and soundness.“Basel II will promote significant advances in risk management that will benefit supervisors and banks alike and substantially enhance safety and soundness,” Mr. Dugan said in testimony before the Senate panel. However, the Basel Framework will inevitably require adjustments to address supervisory concerns, Mr. Dugan said. While the recent Quantitative Impact Study 4 (QIS-4) of the Capital Framework’s impact on large U.S. banks showed widely different results for participating institutions and suggested the possibility of substantial reductions in capital, the Comptroller said it is important now to see how live systems operate in a transition period. “We need to observe live systems in operation – and subject them to rigorous supervisory scrutiny – before we will be able to rely on Basel II for regulatory capital purposes,” he said. To accomplish that, Mr. Dugan said, the upcoming Basel II rulemakings will provide a meaningful transition period during which regulators can observe and scrutinize Basel II systems while strictly limiting, through a system of simple and conservative capital floors, potential reductions in capital requirements.
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