96-1652. Federal Reserve Payment System Risk Policy  

  • [Federal Register Volume 61, Number 20 (Tuesday, January 30, 1996)]
    [Notices]
    [Pages 3035-3039]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 96-1652]
    
    
    
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    FEDERAL RESERVE SYSTEM
    [Docket No. R-0914]
    
    
    Federal Reserve Payment System Risk Policy
    
    AGENCY: Board of Governors of the Federal Reserve System.
    
    ACTION: Policy statement.
    
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    SUMMARY: The Board has approved modifications to its Fedwire third-
    party access policy that establish additional requirements applicable 
    to third-party access arrangements involving a service provider located 
    outside the United States (``foreign service provider''). On August 9, 
    1995, the Board approved certain interim modifications to its Fedwire 
    third-party access policy to clarify its applicability and to reduce 
    the administrative burden of several provisions. At that time, the 
    Board indicated the Federal Reserve Banks would not approve any new 
    third-party access arrangements involving a foreign service provider, 
    pending a review of the supervisory issues associated with such 
    arrangements. The Board has completed its assessment and has modified 
    its policy to address the conditions under which the Federal Reserve 
    would consider approving foreign service provider arrangements. The 
    revised policy is intended to ensure that the Federal Reserve's 
    oversight of Fedwire is not diminished or inappropriately limited by 
    the conduct of activity outside the United States and that the Federal 
    Reserve's supervisory and examination objectives are met. In addition, 
    the policy provides important safeguards to both depository 
    institutions participating in third-party access arrangements and to 
    the Reserve Banks. Among other things, the policy requires depository 
    institutions to impose prudent controls over Fedwire funds transfers 
    and Fedwire book-entry securities transfers initiated, received, or 
    otherwise processed on their behalf by a third-party service provider.
    
    EFFECTIVE DATE: February 1, 1996.
    
    
    [[Page 3036]]
    
    FOR FURTHER INFORMATION CONTACT: Jeff Stehm, Manager (202/452-2217) or 
    Lisa K. Hoskins, Project Leader (202/452-3437), Fedwire Section, 
    Division of Reserve Bank Operations and Payment Systems; or Howard 
    Amer, Assistant Director (202/452-2958), Division of Banking 
    Supervision and Regulation; for the hearing impaired only: 
    Telecommunications Device for the Deaf, Dorothea Thompson (202/452-
    3544).
    
    SUPPLEMENTARY INFORMATION:
    
    I. Background
    
        Fedwire is the large-value payment and securities settlement 
    mechanism operated by the Federal Reserve Banks. Fedwire provides 
    depository institutions with real-time gross settlement in central bank 
    money of funds transfers and book-entry securities transfers made for 
    their own account or on behalf of their customers. Typically, each 
    depository institution that holds an account at the Federal Reserve 
    processes its own transfers and accesses Fedwire directly. In some 
    cases, however, a depository institution accesses Fedwire through a 
    third-party access arrangement in which a service provider, acting as 
    agent for a depository institution, initiates payments that are posted 
    to the institution's account at the Federal Reserve. Third-party access 
    arrangements are a form of outsourcing.1
    
        \1\Depository institutions use service providers to perform a 
    number of functions, including customer accounting, check and 
    automated clearing house (ACH) processing, and the processing and/or 
    transmission of large-value funds and securities transfers. 
    Depository institutions have increasingly viewed outsourcing 
    arrangements as one way to reduce operating costs.
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        In July 1987, the Board approved a set of conditions under which 
    Fedwire third-party access arrangements could be established, as part 
    of its payment system risk reduction policy (52 FR 29255, August 6, 
    1987). The Board approved modifications to the policy in August 1995 
    that clarified the scope and application of the policy and reduced the 
    administrative burden of several provisions (60 FR 42418, August 15, 
    1995). The scope of the original policy was silent on whether the 
    service provider could be located outside the United States. Such 
    arrangements raise certain supervisory issues, such as the ability of 
    U.S. examiners to access relevant information, conduct on-site reviews 
    of Fedwire operations, and exercise their enforcement authority. As a 
    result, in August the Board broadened the scope of the policy to 
    include third-party access arrangements involving an office of the 
    participant located outside the United States that acts as a service 
    provider, but indicated that new third-party arrangements involving a 
    foreign service provider would not be approved by the Reserve Banks 
    pending an assessment of the relevant supervisory issues.2
    
        \2\The Reserve Banks have not approved any foreign service 
    provider arrangements, although several inquiries have been received 
    during the last few years. In its August 1995 action, the Board 
    required that any existing arrangement involving a foreign office of 
    a Fedwire participant acting as a service provider be reported 
    promptly to the participant's Reserve Bank. No such arrangements 
    have been reported.
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    II. Provision-by-Provision Analysis
    
        The policy establishes conditions that a sending or receiving 
    institution (``the participant'') must meet in order to designate 
    another depository institution or other entity (``the service 
    provider'') to initiate, receive, and/or otherwise process Fedwire 
    funds transfers or Fedwire book-entry securities transfers that are 
    posted to the participant's reserve or clearing account held at the 
    Federal Reserve. These conditions include requirements that the 
    participant have the ability to retain operational control of the 
    credit-granting process, monitor transfer activity conducted on its 
    behalf, and remain responsible for managing its Federal Reserve 
    account. In addition, the participant is expected to comply with all 
    requirements related to Fedwire access generally, such as encryption 
    standards, as well as all applicable state and federal laws and 
    regulations. The policy also requires a participant that uses an 
    unaffiliated service provider to maintain adequate termination backup 
    arrangements so that it can continue Fedwire operations if the third-
    party access arrangement must be terminated.
        The policy also addresses certain supervisory concerns, including 
    requirements for the participant to obtain an affirmative written 
    statement from its primary supervisor(s) indicating that it does not 
    object to the arrangement; the existence of an adequate audit program 
    for the participant to review the arrangement and compliance with the 
    Board's policy; and the requirement that the service provider be 
    subject to examination by the appropriate federal depository 
    institution regulatory agency(ies). Finally, the participant and the 
    service provider(s) must execute an agreement with the relevant Reserve 
    Bank(s) incorporating the policy's conditions.
        The Board has modified the policy to address the conditions that 
    apply to Fedwire third-party access arrangements involving a service 
    provider that is located outside the United States. In particular, 
    foreign service provider arrangements are expected to comply with the 
    same requirements as domestic service provider arrangements as well as 
    meet some additional conditions with regard to information and 
    examination access. Such arrangements will also be subject to review 
    and concurrence by the Directors of the Board's Division of Reserve 
    Bank Operations and Payment Systems and Division of Banking Supervision 
    and Regulation. Taken together, these requirements are intended to 
    ensure that the Federal Reserve's oversight of Fedwire is not 
    diminished or inappropriately limited by the conduct of Fedwire 
    activity outside the United States and that supervisory objectives can 
    be met.3 The following discussion identifies those provisions of 
    the Fedwire third-party access policy that have been revised and 
    discusses how and why they differ from the current policy provisions.
    
        \3\The four primary examination objectives with regard to 
    Fedwire are to 1) minimize systemic risk from payment activities, 2) 
    identify weaknesses in payments operations that could jeopardize the 
    condition of the depository institution, 3) ensure that proper 
    records are available to assist law enforcement authorities pursuing 
    illegal payments activities, and 4) minimize risk of loss to the 
    Federal Reserve from a depository institution's payment activities 
    that may result if a depository institution were to fail while in an 
    overdraft position at the Federal Reserve.
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    A. Scope
    
    Opening Paragraph (Unchanged)
    
        The Board will allow third-party access arrangements whereby a 
    sending or receiving institution (``the participant'') designates 
    another depository institution or other entity (``the service 
    provider'') to initiate, receive, and/or otherwise process Fedwire 
    funds transfers or book-entry securities transfers that are posted 
    to the participant's reserve or clearing account held at the Federal 
    Reserve, provided the following conditions are met:
    
    Revised Footnote #1 to the Opening Paragraph
    
        This policy also applies to third-party access arrangements in 
    which an organization, including an office of the participant, 
    located outside the United States acts as service provider by 
    initiating, receiving, or otherwise processing Fedwire transfers on 
    behalf of the U.S. participant (``foreign service provider'') .
    
    Previous Footnote #1 to the Opening Paragraph
    
        This policy applies to third-party access arrangements in which 
    an office of the participant located outside the United States acts 
    as service provider by initiating, receiving, or otherwise 
    processing Fedwire transfers on behalf of the U.S. participant.
    
        The Board, in approving the August 1995 modifications to the 
    policy, stated that no new third-party access 
    
    [[Page 3037]]
    arrangements involving a foreign service provider would be approved 
    until an assessment of the supervisory issues associated with such 
    arrangements was completed. As a result of that assessment, the revised 
    policy applies to all arrangements where the service provider is 
    located outside the United States. In applying the policy to 
    arrangements involving foreign service providers, however, the Board 
    recognizes that such arrangements should be subject to consultation and 
    coordination with home country supervisors, on-site examination of 
    foreign service providers, and the availability of and access to 
    Fedwire records. To address these issues the Board expects that such 
    arrangements will comply with the policy conditions applicable to 
    domestic service provider arrangements and, in addition, meet the 
    additional requirements applicable to arrangements involving a foreign 
    service provider.
    
    B. Audit Program
    
    Revised Condition (#10)
    
        The participant must have in place an adequate audit program to 
    review the arrangement at least annually to confirm that these 
    requirements are being met. In addition, in the case of an 
    arrangement involving a foreign service provider, both the 
    participant and the foreign service provider must have in place an 
    adequate audit program that addresses Fedwire operations. Audit 
    reports in English must be made available to the Federal Reserve and 
    the participant's primary supervisor(s) in the United States.
    
    Previous Condition (#10)
    
        The participant must have in place an adequate audit program to 
    review the arrangement at least annually to confirm that these 
    requirements are being met.
    
        The revised condition requires that the Fedwire audit program of 
    both the participant and the foreign service provider be an acceptable 
    means to review and assess effectively, at least on an annual basis, 
    the sufficiency of internal and data security controls, credit-granting 
    processes, operational procedures and contingency arrangements, and 
    compliance with applicable U.S. laws and regulations. This requirement 
    is intended to maintain U.S. examiners' abilities to supervise 
    effectively the Fedwire function and to ensure that it is managed in a 
    safe and sound manner.
    
    C. Examination of the Arrangement
    
    Revised Condition (#11)
    
        In the case of a service provider located within the United 
    States, the service provider must be subject to examination by the 
    appropriate federal depository institution regulatory agency(ies). 
    [Footnote: The U.S. federal depository institution regulatory 
    agency(ies) must be able to examine any aspects of the service 
    provider as may be necessary to assess the adequacy of the 
    operations and financial condition of the service provider.]
        In the case of a service provider located outside the United 
    States, the service provider must be subject to the supervision of a 
    home country bank supervisor. In its review of a proposed foreign 
    service provider arrangement, the Federal Reserve will consider the 
    extent to which the service provider's home country supervisor 1) 
    oversees banks on a consolidated basis, 2) is familiar with 
    supervising payment systems activities, 3) is willing to examine the 
    Fedwire operations at the service provider, and 4) has demonstrated 
    a willingness to work closely with U.S. banking authorities in 
    addressing supervisory problems. In addition, the home country 
    supervisor, the participant, and the service provider must agree to 
    permit the participant's primary supervisor(s) to conduct on-site 
    reviews of the Fedwire operations at the foreign service provider. 
    [Footnote: If a participant proposes to conduct its Fedwire 
    processing at a foreign site outside the home country of the service 
    provider, both the home country and host country supervisors would 
    need to permit the participant's primary supervisor(s) to review the 
    Fedwire operations.] The participant and the service provider must 
    agree to make all policies, procedures, and other documentation 
    relating to Fedwire operations, including those related to internal 
    controls and data security requirements, available to the Federal 
    Reserve and the participant's primary supervisor(s) in English.
    
    Previous Condition (#11)
    
        The service provider must be subject to examination by the 
    appropriate federal depository institution regulatory agency(ies). 
    [Footnote: The U.S. federal depository institution regulatory 
    agency(ies) must be able to examine any aspects of the service 
    provider as may be necessary to assess the adequacy of the 
    operations and financial condition of the service provider.]
    
        The revised condition provides the opportunity for the Federal 
    Reserve and the participant's primary supervisor(s) to 1) assess the 
    risks associated with the third-party access arrangement in the context 
    of the service provider's home country's bank supervision program, 2) 
    determine if it would be reasonable for the participant's primary 
    supervisor(s) to depend, to some extent, on the home country supervisor 
    to examine the Fedwire operation at the service provider, and 3) ensure 
    that the participant's primary supervisor(s) has access to relevant 
    Fedwire records. These conditions are intended to maintain U.S. 
    examiners' ability to supervise effectively the Fedwire function and to 
    ensure that it is managed in a safe and sound manner.
        In reviewing the arrangement in the context of the foreign service 
    provider's home country supervision program, the Federal Reserve would 
    carefully consider each of the four criteria contained in this portion 
    of the modified policy. The Federal Reserve, however, will not grant 
    approval to outsource Fedwire absent an affirmative implementing 
    agreement with the home country supervisor.
        The Federal Reserve may also discuss other supervisory issues, such 
    as home country laws and regulations that may limit examination access, 
    with the particular home country supervisor prior to approving an 
    arrangement involving a foreign service provider. With regard to 
    proposals to outsource Fedwire processing to an unaffiliated foreign 
    service provider, and in particular to an organization that is not a 
    depository institution, the Federal Reserve would discuss with the home 
    country supervisor issues related to the level of supervision and 
    examination of the proposed service provider and other issues that 
    could affect the risks associated with such an arrangement.
    
    D. Review and Approval of Proposed Arrangements
    
    Revised Condition (Closing Paragraph)
    
        The participant's Federal Reserve Bank is responsible for 
    approving each proposed Fedwire third-party access arrangement. The 
    Directors of the Board's Division of Reserve Bank Operations and 
    Payment Systems and Division of Banking Supervision and Regulation 
    must concur with a proposed arrangement (1) in which the participant 
    is not affiliated through at least 80 percent common ownership with 
    the service provider and where the participant is owned by one of 
    the 50 largest bank holding companies (based on consolidated 
    assets), or (2) in which the service provider is located outside the 
    United States. Approval of a foreign service provider arrangement 
    would be contingent on a review of both the participant's and the 
    foreign service provider's Fedwire policies, procedures, and 
    operations, which would be conducted by the Federal Reserve prior to 
    the commencement of operations.
    
    Previous Condition (Closing Paragraph)
    
        The Federal Reserve Bank is responsible for approving each 
    proposed Fedwire third-party access arrangement. In a proposed 
    arrangement in which the participant is not affiliated through at 
    least 80 percent common ownership with the service provider and 
    where the participant is owned by one of the 50 largest bank holding 
    companies (based on consolidated assets), the Directors of the 
    Division of Reserve Bank Operations and Payment Systems and the 
    Division of Banking Supervision and Regulation must concur with the 
    arrangement.
    
        The revised condition recognizes the potential risks associated 
    with 
    
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    outsourcing Fedwire operations to a foreign service provider and the 
    need for Board staff review and concurrence with such arrangements. 
    Arrangements involving a foreign service provider warrant careful 
    consideration in order to determine whether the proposed arrangement 
    poses any undue risks and whether adequate supervisory oversight can be 
    maintained. An infrastructure review is appropriate to confirm 
    compliance with the Fedwire third-party access policy and other 
    relevant policies and regulations. The infrastructure review also would 
    permit the Federal Reserve to assess the adequacy of system integrity, 
    controls and contingency arrangements, and would allow it to determine 
    first hand whether information access issues pose unacceptable risks.
    
    III. Effective Date
    
        The revised Fedwire third-party access policy becomes effective 
    February 1, 1996.
    
    IV. Competitive Impact Analysis
    
        The Board assesses the competitive impact of changes that may have 
    a substantial effect on payment system participants. In particular, the 
    Board assesses whether a proposed change would have a direct and 
    material adverse effect on the ability of other service providers to 
    compete effectively with the Federal Reserve Banks in providing similar 
    services and whether such effects are due to legal differences or due 
    to a dominant market position deriving from such legal differences.
        The Federal Reserve Banks' Fedwire funds transfer and book-entry 
    securities transfer services provide real-time gross settlement in 
    central bank money. While these services cannot be duplicated by 
    private-sector service providers, banks can make large-dollar funds 
    transfers through other systems, such as CHIPS, or through 
    correspondent book transfers, although these transactions have 
    attributes that differ from Fedwire transfers. Similarly, there are 
    private-sector securities clearing and/or settlement systems, such as 
    the Government Securities Clearing Corporation and the Participants 
    Trust Company, that facilitate primary and secondary market trades of 
    U.S. Treasury and agency securities. Other transactions involving U.S. 
    government securities may be cleared and settled on the books of banks 
    to the extent that the counterparties are customers of the same bank.
        The Board's third-party access policy places conditions on 
    arrangements in which a Fedwire participant may contract with another 
    organization to initiate, receive, or otherwise process Fedwire 
    transfers. The Board has revised the policy to establish additional 
    conditions applicable to depository institutions wishing to access 
    Fedwire through a foreign service provider to ensure that the Federal 
    Reserve's oversight of Fedwire is not diminished or inappropriately 
    limited by the conduct of activity outside the United States and that 
    the Federal Reserve's supervisory and examination objectives are met. 
    Other large-dollar systems can and do place restrictions on the ability 
    of participants to outsource their operations to foreign service 
    providers. The Board's policy, as revised, does not adversely affect 
    the ability of depository institutions or service providers to compete 
    with the Federal Reserve Banks to provide funds transfer or securities 
    transfer services.
    
    V. Policy Statement
    
        The Board has amended its ``Federal Reserve System Policy Statement 
    on Payments System Risk'' under the heading ``I. Federal Reserve 
    Policy'' by replacing ``G. Fedwire Third-party Access Policy'' with the 
    following:
    
    G. Fedwire Third-Party Access Policy
    
        The Board will allow third-party access arrangements whereby a 
    sending or receiving institution (``the participant'') designates 
    another depository institution or other entity (``the service 
    provider'') to initiate, receive, and/or otherwise process Fedwire 
    funds transfers or book-entry securities transfers that are posted to 
    the participant's reserve or clearing account held at the Federal 
    Reserve, provided the following conditions are met:1
    
        \1\This policy also applies to third-party access arrangements 
    in which an organization, including an office of the participant, 
    located outside the United States acts as service provider by 
    initiating, receiving, or otherwise processing Fedwire transfers on 
    behalf of the U.S. participant (``foreign service provider'').
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        1. The participant retains operational control of the credit-
    granting process by (1) individually authorizing each funds or 
    securities transfer, or (2) establishing individual customer transfer 
    limits and a transfer limit for the participant's own activity, within 
    which the service provider can act. The transfer limit could be a 
    combination of the account balance and established credit limits. For 
    the purposes of this policy, these arrangements are called ``line-of-
    credit arrangements.''
        2. In funds transfer line-of-credit arrangements, the service 
    provider must have procedures in place and the operational ability to 
    ensure that a funds transfer that would exceed the established transfer 
    limit is not permitted without first obtaining the participant's 
    approval. In book-entry securities transfer line-of-credit 
    arrangements, the service provider must have procedures in place and 
    the operational ability to provide the participant with timely 
    notification of an incoming transfer that exceeds the applicable limit 
    and must act upon the participant's instructions to accept or reverse 
    the transfer accordingly.
        3. Transfers will be posted to the participant's reserve or 
    clearing account held at the Federal Reserve, and the participant will 
    remain responsible for managing its Federal Reserve account, with 
    respect to both its intraday and overnight positions. The participant 
    must be able to monitor transfer activity conducted on its behalf.
        4. The participant's board of directors must approve the role and 
    responsibilities of a service provider(s) that is not affiliated with 
    the participant through at least 80 percent common ownership. In line-
    of-credit arrangements, the participant's board of directors must 
    approve the intraday overdraft limit for the activity to be processed 
    by the service provider and the credit limits for any inter-affiliate 
    funds transfers.2
    
        \2\In cases where a U.S. branch of a foreign bank wishes to be a 
    participant in an arrangement subject to this policy, and its board 
    of directors has a more limited role in the bank's management than a 
    U.S. board, the role and responsibilities of the service provider 
    should be reviewed by senior management at the foreign bank's head 
    office that exercises authority over the foreign bank equivalent to 
    the authority exercised by a board of directors over a U.S. 
    depository institution.
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        5. The Board expects all participants to ensure that their Fedwire 
    operations could be resumed in a reasonable period of time in the event 
    of an operating outage, consistent with the requirement to maintain 
    adequate contingency backup capabilities as set forth in the 
    interagency policy (FFIEC SP-5, July 1989). A participant is not 
    relieved of such responsibility because it contracts with a service 
    provider.
        6. In cases where the service provider is not affiliated with the 
    participant through at least 80 percent common ownership, the 
    participant must be able to continue Fedwire operations if the 
    participant is unable to continue its service provider arrangement 
    (e.g., in the event the Reserve Bank or the participant's primary 
    supervisor terminates the service provider arrangement).
        7. The participant must certify that the arrangement is consistent 
    with corporate separateness and does not violate branching 
    restrictions. 
    
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        8. The participant must certify that the specifics of the 
    arrangement will allow the participant to comply with all applicable 
    state and federal laws and regulations governing the participant, 
    including, for example, retaining and making accessible records in 
    accordance with the regulations adopted under the Bank Secrecy Act.
        9. The participant's primary supervisor(s) must affirmatively state 
    in writing that it does not object to the arrangement.
        10. The participant must have in place an adequate audit program to 
    review the arrangement at least annually to confirm that these 
    requirements are being met. In addition, in the case of an arrangement 
    involving a foreign service provider, both the participant and the 
    foreign service provider must have in place an adequate audit program 
    that addresses Fedwire operations. Audit reports in English must be 
    made available to the Federal Reserve and the participant's primary 
    supervisor(s) in the United States.
        11. In the case of a service provider located within the United 
    States, the service provider must be subject to examination by the 
    appropriate federal depository institution regulatory 
    agency(ies).3
    
        \3\The U.S. federal depository institution regulatory 
    agency(ies) must be able to examine any aspects of the service 
    provider as may be necessary to assess the adequacy of the 
    operations and financial condition of the service provider.
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        In the case of a service provider located outside the United 
    States, the service provider must be subject to the supervision of a 
    home country bank supervisor. In its review of a proposed foreign 
    service provider arrangement, the Federal Reserve will consider the 
    extent to which the service provider's home country supervisor (1) 
    oversees banks on a consolidated basis, (2) is familiar with 
    supervising payment systems activities, (3) is willing to examine the 
    Fedwire operations at the service provider, and (4) has demonstrated a 
    willingness to work closely with U.S. banking authorities in addressing 
    supervisory problems. In addition, the home country supervisor, the 
    participant, and the service provider must agree to permit the 
    participant's primary supervisor(s) to conduct on-site reviews of the 
    Fedwire operations at the foreign service provider.4 The 
    participant and the service provider must agree to make all policies, 
    procedures, and other documentation relating to Fedwire operations, 
    including those related to internal controls and data security 
    requirements, available to the Federal Reserve and the participant's 
    primary supervisor(s) in English.
    
        \4\If a participant proposes to conduct its Fedwire processing 
    at a foreign site outside the home country of the service provider, 
    both the home country and host country supervisors would need to 
    permit the participant's primary supervisor(s) to review the Fedwire 
    operations.
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        12. The participant and the service provider(s) must execute an 
    agreement with the relevant Reserve Bank(s) incorporating these 
    conditions.
        The participant's Federal Reserve Bank is responsible for approving 
    each proposed Fedwire third-party access arrangement. The Directors of 
    the Board's Division of Reserve Bank Operations and Payment Systems and 
    Division of Banking Supervision and Regulation must concur with a 
    proposed arrangement (1) in which the participant is not affiliated 
    through at least 80 percent common ownership with the service provider 
    and where the participant is owned by one of the 50 largest bank 
    holding companies (based on consolidated assets), or (2) in which the 
    service provider is located outside the United States. Approval of a 
    foreign service provider arrangement would be conditioned on 
    satisfactory findings of a review of both the participant's and the 
    foreign service provider's Fedwire policies, procedures, and 
    operations, which would be conducted by the Federal Reserve prior to 
    the commencement of operations.
    
        By order of the Board of Governors of the Federal Reserve 
    System, January 24, 1996.
    William W. Wiles,
    Secretary of the Board.
    [FR Doc. 96-1652 Filed 1-29-96; 8:45 am]
    BILLING CODE 6210-01-P
    
    

Document Information

Effective Date:
2/1/1996
Published:
01/30/1996
Department:
Federal Reserve System
Entry Type:
Notice
Action:
Policy statement.
Document Number:
96-1652
Dates:
February 1, 1996.
Pages:
3035-3039 (5 pages)
Docket Numbers:
Docket No. R-0914
PDF File:
96-1652.pdf