Rescission of Uniform Internal Control Guidelines
for Foreign Exchange Activities
The FDIC and the other federal banking agencies have rescinded
the joint May 22, 1980, Federal Financial Institutions
Examination Council's (FFIEC) "Interagency Policy Statement
Regarding Uniform Guidelines on Internal Control for Foreign
Exchange in Commercial Banks." Attached is the Federal Register
notice of the rescission.
The FFIEC developed the uniform guidelines to provide general
supervisory guidance to insured depository institutions on policy
documentation, internal accounting controls and audit
documentation. The uniform guidelines have become outdated in
light of changes in capital markets, bank foreign exchange and
product line trading activities.
For further information, please contact your DOS regional office.
Nicholas J. Ketcha Jr.
Attachment: Federal Register, Vol. 62, No. 91, May 12, 1997, pp. 25949
Distribution: FDIC-Supervised Banks (Commercial and Savings)
NOTE: Paper copies of FDIC financial institution letters may be
obtained through the FDIC's Public Information Center, 801 17th
Street, N.W., Washington, D.C. 20434 (800-276-6003 or (703) 562-2200).
An electronic version of this press release, with a link to
the Federal Register attachment, is available at the FDIC website,
/banknews -- under Financial Institution