Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Top Stories for April 2001
-
OTS Issues Proposed Rule to Amend Assessment Rule
The OTS is proposing to amend its assessments rule to more accurately reflect the increased costs of supervising 3-, 4-, and 5-rated institutions. 66FR21288 (4/30/01)
-
OTS Reports Interest Rate Risk Reduction For Thrift Industry in 4th Quarter
The OTS reported that only 3.5 percent of thrifts were at high risk from a hypothetical 200
basis point fluctuation in interest rates at the end of the fourth quarter. That’s a 42 percent reduction from six percent at the end of the third quarter and eight percent last June. OTS 01-30 (4/30/01) -
OTS Approves Charter Switch From Credit Union to Thrift
The OTS announced that it approved the charter application of AGE Federal Credit Union in Albany, Ga., to become HeritageBank of the South, a federal thrift. OTS 01-29 (4/30/01)
-
NCUA Issues Proposed rule that relaxes certain provisions in NCUA's regulations
This proposed rule relaxes certain provisions in NCUA's regulations for advertising and posting notice of nondiscrimination in
real estate-related lending. Currently, the regulations provide that a federal credit union (FCU) must include notice of nondiscrimination through use of a particular logotype and specified language. The proposed rule will provide an FCU with more flexibility in how it gives notice when advertising. 66FR20945 (text) 66FR20945 (pdf) (4/30/01) -
NCUA Issues Final Rule to Revise its Regulations pertaining to the Community Development Revolving Loan Program For Credit Unions
The NCUA is revising its regulations pertaining to the Community Development Revolving Loan Program For Credit Unions (CDRLP)
to make more flexible the manner in which NCUA may deliver technical assistance to participating credit unions. This revision reflects the broad authority granted to NCUA by the Federal Credit Union Act (Act) in this context. 66FR20901 (text) 66FR20901 (pdf) (4/30/01) -
FDIC Makes Public March Enforcement Actions
The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in March. No administrative hearings are scheduled for May. FDIC:PR-30-2001 (4/27/01)
-
OFAC Updates Listing of Specially Designated Narcotics Traffickers
OFAC (4/25/01)
-
OCC Advises Banks to Ensure Information Systems Security is Maintained
The OCC issued an alert outlining steps that national banks should take to protect and maintain network security. OCC:NR 2001-40 (4/25/01)
-
OCC, Julie L. Williams Speaks at ABA Conference on Account Aggregation Services
Technology innovations, such as aggregation, make possible today the creation, transfer and manipulation of information in ways we didn't even dream of 10 years ago. Because the financial industry is fundamentally information-based and driven, advances in technology have had and will continue to have a profound affect on financial services and particularly on the evolution of the banking business. Aggregation services are a perfect illustration of both the promise and the new challenges that technology present for the banking industry. OCC:NR 2001-39 (4/24/01)
-
Regflex Approach Begins Long-Term Process for NCUA Rule and Regulation Evaluation
The innovative risk-based approach for the RegFlex proposed rule is the first major step in an expected long-term strategic process for NCUA to evaluate current and future rules and regulations, NCUA Acting Chairman Dennis Dollar said. NCUA Press Release (4/23/01)
-
NCUA donates computers nationwide and joins the Adopt-A-School Program in Alexandria
The NCUA donated over 1,000 computers to nonprofit organizations in recent years, and the Alexandria office has officially
adopted a local elementary school where agency volunteers tutor students. NCUA Press Release (4/23/01) -
FDIC Issues Proposed Rule to Amend the Deposit Production Offices Prohibition
As earlier report, in the Federal Register, this proposal amends the regulatory prohibition against branches being used as deposit production offices to include any bank or branch of a bank controlled by an out-of-State bank holding company, including a bank consisting only of a main office. FDIC:FIL-34-2001 (4/23/01)
-
FDIC Publishes the FRB's Final Rule Revising Reg E Commentary
The FRB has adopted a final rule revising the Official Staff Commentary to Regulation E, which implements the Electronic Fund Transfer Act (EFTA). The final rule took effect on March 15, 2001; however, the mandatory compliance date is January 1, 2002. FDIC:FIL-33-2001 (4/23/01)
-
FDIC Issues Alert on Possible Attempted Fraud By Convicted Fugitive
The U.S. Marshals Service has asked the FDIC to alert all U.S. banks about the current activities of fugitive John Ruffo, who was convicted in 1998 for his role in defrauding several banks of over $350 million and may now be attempting another fraud scheme. FIL-32-2001 (4/20/01)
-
FRB Issues Interagency Guidance on Leveraged Financing
The FRB, along with the other federal banking agencies, issued guidance concerning sound risk management practices for institutions engaged in leveraged financing. FRB:SR 01-9 (4/20/01)
-
FDIC Proposes Rule on Applicants for Deposit Insurance
The FDIC is proposing to codify into a regulation a requirement previously interpreted in a General Counsel Opinion that an applicant for deposit insurance must be "engaged in the business of
receiving deposits other than trust funds". The requirement was first
interpreted in General Counsel Opinion No. 12, which was published by
the FDIC in March of 2000. 66FR20102 (text) 66FR20102 (pdf) (4/19/01) -
Donna A. Tanoue elected Chairman of the FFIEC
Donna A. Tanoue, Chairman of the FDIC, was elected Chairman of the FFIEC for a two-year term beginning April 1. Chairman Tanoue succeeds Dr. Laurence H. Meyer, member of the Board of Governors of the Federal Reserve System. FFIEC Press Release (4/19/01)
-
OCC Issues Proposed Rule to Amend the Deposit Production Offices Prohibition
As earlier reported in the Federal Register, this proposal amends the regulatory prohibition against branches being used as deposit production offices to include any bank or branch of a bank controlled by an out-of-State bank holding company, including a bank consisting only of a main office. OCC 2001-22 (4/19/01)
-
OCC Announces 4 New Enforcement Actions
The OCC announced 4 new enforcement actions taken against national banks and individuals currently and
formerly affiliated with national banks. OCC:NR 2001- 38 (4/19/01) -
FRB Cuts Interest Rate by 50 Basis Points
The FOMC decided to lower its target for the federal funds rate by 50 basis points to 4-1/2 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 4 percent. FRB Press Release (4/19/01)
-
OCC Issues Proposed Rule to Address Debt Cancellation Contracts and Debt Suspension Agreements
The purposes of the customer protections set forth in the proposed rule are to facilitate customers' informed choice about whether to purchase DCCs and DSAs, based on an understanding of the costs, benefits, and limitations of the products and to discourage inappropriate or abusive sales practices. 66FR19901 (text) 66FR19901 (pdf) (4/18/01)
-
OCC Publishes the FRB's Revisions to Reg E
As earlier reported in the Federal Register, the FRB published a final rule amending Regulation E, which implements the Electronic Fund Transfer Act (EFTA). The rule took effect on March 9, 2001. However, compliance with the amendments is not mandatory until October 1, 2001. OCC 2001-21 (4/18/01)
-
FRB Issues Final Rule Regarding Access to Personal Information Under the Privacy Act
In accordance with the Privacy Act, the FRB is amending its Rules Regarding Access to Personal Information under the Privacy Act regarding monitoring of individuals who may pose a possible threat to the safety of Board members. 66FR19717(text), 66FR19717 (pdf) Notice Correction(4/17/01)
-
FDIC Issues Alert on Stolen Credit Cards
The FDIC has been informed by the USAA Federal Savings Bank, San Antonio, Texas, that a number of the bank's credit cards have been stolen from the mail in the upper New England area. FDIC:FIL-30-2001 (4/17/01)
-
OCC Releases CRA Evaluations for 10 National Banks
The OCC released a list of Community Reinvestment Act performance evaluations that became public during the period of March 15 through April 14. OCC:NR 2001-37 (4/17/01)
-
FRB Issues Final Rule to Adopt Technical Amendments to the Financial Holding Company Provision of Reg Y
The restored provisions were adopted in December 2000, and inadvertently deleted from the Code of Federal Regulations. 66FR19081(text), 66FR19081 (pdf) (4/16/01)
-
OCC Publishes Update on Status of Proposed FCRA Rule
OCC has published its OCC-2001-20 to describe the status of the Notice of Proposed Rulemaking previously published by the banking agencies on October 20, 2000 (FCRA rule), to implement the
provisions of the Fair Credit Reporting Act (FCRA). OCC 2001-20 (4/16/01) -
OCC Issues Proposed Rule to Amend the Formula it Uses to Assess Independent Credit Card Banks
As earlier reported in the Federal Register, the rule as proposed would amend the formula the OCC uses to assess
independent credit card banks. OCC 2001-19 (4/13/01) -
OTS Announces 13 March CRA Ratings
The OTS announced savings associations' CRA performance evaluation ratings that became available in March 2001.
OTS 01-28 (4/12/01) -
FRB Issues Proposed Rule to Amend the Deposit Production Offices Prohibition
As earlier reported in the Federal Register, the FRB is requesting public comment on a proposal that would amend Regulation H to expand the prohibition against deposit production offices to include any branch of a bank controlled by an out-of-state bank holding company. FRB Press Release (4/12/01)
-
FDIC Reports Year-End 2000 Financial Results For Bank And Thrift Insurance Funds
The FDIC announced that the Bank Insurance Fund reported comprehensive income (net income plus current period unrealized gains/losses on available-for-sale securities) of $1.6 billion for the 12 months ending December 31, 2000, compared to a
loss of $198 million for the same period last year. Consequently, the fund balance increased to $31.0 billion at December 31, 2000. FDIC-PR-29-2001 (4/11/01) -
Agencies Issue Risk Management Practices for Leveraged Financing
The federal bank regulatory agencies today issued guidance concerning sound risk management practices for institutions engaged in leveraged financing. FRB Press Release, OCC: NR 2001-36, OTS 01-27 FDIC-PR-28-2001 (4/10/01)
-
NCUA Acting Chairman Says Risk-Based Regulatory Approach Can Keep Agency Budget From Unnecessary Growth
NCUA Acting Chairman Dennis Dollar told Minnesota credit union leaders that the RegFlex proposed rule could facilitate the NCUA’s
development of a more efficient resource allocation plan, while protecting against unnecessary budget increases in future years.
NCUA Press Release (4/10/01) -
OCC, FRB and FDIC Issues Proposed Rule to Amend the Deposit Production Offices Prohibition
This proposal amends the regulatory prohibition against branches being used as deposit production offices to include any bank or branch of a bank controlled by an out-of-State bank holding company, including a bank consisting only of a main office.
66FR18411 (4/9/01) -
Comptroller Hawke Urges New Look at Funding Bank Supervision
Comptroller of the Currency John D. Hawke, Jr. said that the U.S. must find a new method of funding bank supervision -- one that
strengthens both state and federal supervisory agencies and ensures that they have the resources they need to do their jobs.
OCC: NR 2001-35 (4/9/01) -
Counterfeit Cashier's Checks
The FDIC has learned that counterfeit cashier's checks drawn on the Exchange Bank, Santa Rosa, California, are in circulation. Circulation of the items seems to be widespread. FDIC:FIL-28-2001 (4/9/01)
-
FRB Issues Final Rule Amending the Basic Discount Rate
The FRB has amended its Regulation A on Extensions of Credit by Federal Reserve Banks to reflect its approval of a decrease in the basic discount rate at each Federal Reserve Bank. The Board acted on requests submitted by the Boards of Directors of the
twelve Federal Reserve Banks. 66FR18185 (4/6/01) -
NCUA Acting Chairman Dennis Dollar Seeks Options for Faith-Based Credit Unions to Provide Affordable Financial Services for Communities, Underserved Areas
NCUA Acting Chairman Dennis Dollar announced that he is reviewing the options and opportunities to promote the enhancement of the charter and field of membership for the nation’s nearly 500 faith-based credit unions to serve their respective communities in providing affordable financial services especially in designated underserved areas. NCUA Press Release (4/6/01)
-
Sale of Performing/Non-performing Loans
The Dallas Field Operations Branch of the FDIC is offering to sell Loan Sale Packages located throughout the United States. (4/6/01)
-
FRB Issues Guidance on Complex Wholesale Borrowings
Over the past several years, commercial banks have become increasingly reliant on wholesale borrowings obtained
from a number of financial intermediaries, including Federal Home Loan Banks, other commercial banks, and securities firms.
These borrowings frequently have attractive features and pricing, and can, if properly assessed and prudently managed, enhance a
bank's funding options and assist in controlling interest rate and liquidity risks. FRB Press Release (4/6/01) -
FDIC Issues Recommendations for Reform of Deposit Insurance
FDIC Chairman Donna Tanoue released the agency's report on recommendations to reform the federal deposit insurance system, saying that the plan would enhance the safety and soundness of the banking industry and ensure that deposit insurance remains the anchor of public confidence in the banking system. FDIC: PR-27-2001 (4/6/01)
-
FDIC Issues April List of Banks Examined for CRA Compliance
The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the CRA. The list covers evaluation ratings that the FDIC assigned to institutions in January 2001. FDIC:PR-26-2001 (4/6/01)
-
FFIEC Announces Risk Management Planning Seminar for 2001
Identifying and Managing Technology Risks, San Francisco, CA, October 11 - 12, 2001 FFIEC Press Release (4/5/01)
-
OCC Issues Alert on Fraudulent Investment Programs
The OCC urges all institutions to be wary of proposals to leverage investment portfolios through some type of secondary market activity. The programs are allegedly managed by or under the supervision of the Federal Reserve but this is not the case. The Federal Reserve does not support, issue or supervise any such programs. OCC:Alert 2001-3 (4/5/01)
-
Comptroller Hawke Tells Congress that New Capital Proposal Would Permit Continued Investment in Small Business
Comptroller of the Currency John D. Hawke, Jr. told a Congressional panel that a revised capital proposal for merchant
banking investment activities would permit continued investment in small business while preserving bank safety and soundness.
OCC:NR 2001-34, Statement, Testimony (4/5/01) -
FRB is Adopting an Interim Final Rule amending Reg DD to Establish Uniform Standards for Electronic Delivery of Disclosures
The rule provides guidance on the timing and delivery of electronic disclosures to ensure that applicants have adequate opportunity to access and retain required information. 66FR17795 (4/4/01)
-
FRB is Adopting an Interim Final Rule amending Reg B to Establish Uniform Standards for Electronic Delivery of Disclosures
The rule provides guidance on the timing and delivery of electronic disclosures to ensure that applicants have adequate opportunity to access and retain required information. 66FR17779 (4/4/01)
-
FRB is Adopting an Interim Final Rule amending Reg E to Establish Uniform Standards for Electronic Delivery of Disclosures
The rule provides guidance on the timing and delivery of electronic disclosures to ensure consumers have adequate opportunity to access and retain information when shopping for electronic fund transfer services. 66FR17786 (4/4/01)
-
OCC Issues Proposed Rule to Amend the Formula it Uses to Assess Independent Credit Card Banks
A national bank is considered independent for purposes of this proposal if it engages primarily in credit card operations and is not affiliated with a full-service national bank. Under the revised assessment structure, all credit card banks would continue to be assessed based on balance sheet assets. Independent credit card banks would pay an additional assessment component based on the ``receivables attributable'' to credit card accounts owned by the bank. This additional assessment is intended to result in payment by these banks of a more appropriate share of the OCC's expenses than under the current book-asset assessment structure.
66FR17821 (4/4/01) -
OTS Director Seidman Proposes Enhancing Thrift Charter, Questions Fairness Of Bank Supervision Charges
OTS Director Ellen Seidman announced a series of legislative proposals designed to give thrifts the right to conduct some additional activities and take actions comparable to commercial banks. OTS 01-26 (4/4/01)
-
Missing Cashier's Checks
The FDIC has been informed by the Bank of Old Monroe, Old Monroe, Missouri, that a number of the bank's cashier's checks are missing and presumed stolen from a shipment from the check printer. FDIC: FIL-27-2001 (4/4/01)
-
FDIC Issues Final Rule to Repeal Section 29A of the FDI Act
As part of the Financial Regulatory Relief and Economic Efficiency Act of 2000, Congress repealed section 29A of the Federal
Deposit Insurance Act (``FDI Act''). Section 29A imposed certain requirements on deposit brokers and authorized the FDIC to issue
implementing regulations. 66FR17621 (4/3/01) -
PACA Director Bob Loftus to Retire
The NCUA announted that Public & Congressional Affairs Director Robert E. Loftus plans to retire July 27, 2001. Mr. Loftus is the first director of NCUA’s Office of Public & Congressional Affairs, formed in 1985 when the offices of Public Affairs and Congressional Affairs were combined.
NCUA Press Release (4/3/01) -
NCUA Chairman Meets with Australian Credit Union Leader; Discusses Regulations, Market Issues
NCUA Chairman Dennis Dollar met with Phillip G. Elliott, chief executive officer of the National Credit Union Association,
Inc., the second largest credit union trade association in the nation of Australia. Mr. Dollar and Mr. Elliott discussed credit union issues in both Australia and the United States, including the 1999 restructuring of Australia’s financial regulatory laws.
NCUA Press Release (4/3/01) -
FDIC Mails First Quarter Call Report Information
Reports of Condition and Income (Call Report) for First Quarter 2001 are due by April 30, 2001.
FDIC:FIL-24-2001 (4/2/01) -
FDIC Makes Public February 2001 Enforcement Actions; No Administrative Hearings Scheduled
The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in February 2001. FDIC:PR-25-2001 (4/2/01)
-
OTS Issued Six Enforcement Orders in February
The OTS reported that it issued six enforcement orders to five individuals, entities, or institutions during February 2001.
OTS 01-25 (4/2/01)
print
share