International Bank Group's New Chief Eyes Fed Wire

Article excerpt

The U.S. Council on International Banking, a trade association representing 370 domestic and international banks, has named Vincent Maulella its chairman for 1995.

Mr. Maulella, who is a vice president in Chemical Banking Corp.'s Geoserve unit, succeeds Susan Fedele, vice president of CoreStates Financial Corp.

As chairman, Mr. Maulella, 52. will help formulate the organization's policy positions. He will also select committee chairmen who will look for solutions to technical problems confronting the industry.

In its 70th year. Mr. Maulella said, the council is pursuing a mission to "provide a forum for members to discuss operational issues that affect the members and to standardize the procedures to ensure a safe and efficient functioning of the marketplace."

The efforts Mr. Maulella expects to oversee in the coming year include pushing to have its members' voices heard as regulations covering letters of credit are refined and studying the potential impact of extended Fed Wire funds transfer operating hours.

For the last five years, the council has worked with the National Conference of Commissioners on Uniform State Law on revising and drafting uniform commercial code provisions, which are sets of standardized state laws governing financial contracts.

The council will continue to advise on drafting the final rules for Article 5. which deals with letters of credit. A new draft of the rules has been in the works for more than three years and will probably go to states for approval sometime in 1995.

Mr. Maulella said the council will also study the effect of recent interstate banking regulation on the coming expansion of Fed Wire operating hours.

Fed Wire, a high-speed funds transfer network that links the Federal Reserve banks with member institutions and the Treasury, currently operates on a 10-hour day but will expand its hours to 18 in the fourth quarter of 1997.

The council will look at how such changes might affect bank operations, such as end-of-day account settlement.

"The point is [the changes] will have an impact," Mr. …