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| You Are Here: HOME : Publications : CB Fall 2008 | ![[Economic Data]](/images_common/fred.gif){kind=small} |
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Fed Emergency Contact System To Be Deployed in Arkansas District Banks Face Tough Times but Outperform U.S. Peers Continuity and Community Interact at the St. Louis Fed Fed Establishes New Mortgage Rules for All Lenders Bank Failures Give Lessons in Missed Basics What Can Be Done about the Widening Income Gap? Central Banker Online-Only Content
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ToolsNew Rules Coming in 2009 for Fed ACH International TransactionsBy March 20, 2009, all international transactions made via the ACH network will be required to use the IAT (International ACH Transaction) SEC (Securities and Exchange Commission) code. It’s a new rule that applies to all ACH participants. The rule will simplify the process of identifying international transactions by requiring that IAT entries include specific data elements defined by the Bank Secrecy Act’s travel rule. The change will make it easier for depository financial institutions to comply with U.S. laws, such as requirements by the Office of Foreign Assets Control (OFAC). It will also define new parties to the IAT entry and enhance processing efficiencies for all ACH participants. Read more at www.frbservices.org, including preparation instructions. Check Out “Exploring Innovation” ResourcesEarlier this year, the St. Louis Fed held receptions, seminars and tours in Arkansas, Kentucky, Mississippi, Missouri and Tennessee related to exploring innovation in community development. The Fed held Innovation in Community Development Week in April to raise awareness of financial possibilities and honor those who search for new ways to improve life in low- to moderate-income areas. Many of the articles and resources used for the week’s events are available at the Exploring Innovation web site. Next year’s Exploring Innovation Week is scheduled for April 22–29. |
