Louisville Gears Up for Check Standardization

In April, Louisville will be the first office in the Eighth District to move to Check Standardization, a project that will convert check processing platforms at each of the Federal Reserve's 45 sites to a standard, centrally managed platform. Conversions at the three remaining District offices will occur throughout the spring and summer.

Check Standardization is a Federal Reserve infrastructure change that will be largely transparent to financial institutions. However, bankers will notice a few changes—primarily on some printed outputs—after their local Fed office converts.

Eighth District Announces Changes to Boards of Directors

The Federal Reserve Bank of St. Louis has announced the following new board members:

• Lewis F. Mallory Jr., chairman and CEO of National Bank of Commerce in Starkville, Miss., elected to a three-year term at the St. Louis board.
• David H. Brooks, chairman and CEO of Stock Yards Bank & Trust Co., appointed to a three-year term at the Louisville Branch board.
• Cornelius A. Martin, president and CEO of Martin Management Group in Bowling Green, Ky., appointed to a three-year term at the Louisville Branch board.
• Thomas W. Smith, president and CEO of Ephraim McDowell Health in Danville, Ky., appointed to fill the unexpired portion of a three-year term at the Louisville Branch board.
• Tom A. Wright, chairman, president and CEO of Enterprise National Bank in Memphis, Tenn., appointed to fill the unexpired portion of a three-year term at the Memphis Branch board.

Out For Comment

The following is a Federal Reserve System proposal currently out for comment:

On Jan. 23, the Federal Reserve System's Board of Governors approved regulatory changes intended to improve the quality and consistency of Home Mortgage Disclosure Act (HMDA) data. The amendments take effect for data collection beginning Jan.1, 2003.

The Board is requesting public comment on the proposal to set the thresholds for reporting the annual percentage rate on first-lien and subordinate-lien loans. The Board also seeks comment on requiring lenders to ask telephone applicants their race, ethnicity and sex. Also adopted were a number of clarifying and technical changes, in addition to reorganizing Regulation C to make it easier to use.

Federal Register notices are located at: www.federalreserve.gov/boarddocs/press/boardacts/2002

Direct all comments to: Jennifer Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th St. and Constitution Ave., N.W., Washington, D.C. 20551.