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Top Stories for July 2001

  • FDIC Releases Broker Deposit Web Page

    The FDIC launched a Web page that can make it quicker and easier for deposit brokers to submit the information that enables the FDIC to make deposit insurance determinations for brokered deposits held at FDIC-insured financial institutions.
    FDIC:PR-53-2001 7/31/01

  • FFIEC Distributes Uniform Bank Performance Report

    The March 31, 2001 Uniform Bank Performance Report (UBPR) now being distributed to all insured commercial banks and Federal Deposit Insurance Corporation - Insured Savings Banks (FDIC-ISB) is now available for sale to the public. FFIEC Press Release 7/30/01

  • OTS Closes Superior Bank FSB; Hinsdale, Ill. Thrift is Insolvent

    The OTS closed Superior Bank FSB, Hinsdale, Ill., and appointed the FDIC as receiver. OTS 01-51, FDIC:PR-52-2001 7/30/01

  • FRB Vice Chairman Roger W. Ferguson, Jr., sworn in to a new term on the Board

    Vice Chairman Roger W. Ferguson, Jr., this morning took the oath of office to a new term on the Board of Governors of the Federal Reserve System. FRB Press Release 7/30/01

  • Data Available from FFIEC

    The FFIEC announced the availability of data on small business, small farm, and community development lending reported by commercial banks and thrifts. FFIEC Press Release 7/27/01

  • FFIEC Makes Available Year 2000 Mortgage Data

    The FFIEC announced the availability of data for the year 2000 regarding mortgage lending transactions at 7,713 financial institutions covered by the Home Mortgage Disclosure Act (HMDA) in metropolitan statistical areas (MSAs) throughout the nation. FFIEC Press Release 7/27/01

  • OTS Director Seidman Urges Support For Broad-Based Deposit Insurance Reform

    OTS Director Ellen Seidman told the House Financial Institutions subcommittee that Congress should undertake a comprehensive reform of the nation’s deposit insurance system, building on the work of the FDIC. OTS 01-50 7/27/01

  • Possible Fraud Associated with the Issuance of Tax Relief Treasury Checks

    The Tax Relief Act has directed the U.S. Department of Treasury to issue tax credit payment to taxpayers. This event could act as a catalyst for mail theft of these checks and the subsequent forgery or alteration of payment amount. OCC:Alert 2001-6, Secret Service memorandum: Tax Relief Checks Fraud Prevention dated July 25, 2001 and updated on August 6th. 7/27/01

  • Comptroller Hawke Urges Congress to Address Unfair Treatment of National Banks in Deposit Insurance System

    Comptroller of the Currency John D. Hawke, Jr. urged a House Financial Services subcommittee to address an inequity in the deposit insurance system that requires national banks to pay a large share of the cost of supervising state-chartered institutions. OCC:NR 2001-67 Statement, Testimony 7/27/01

  • FDIC Distributes the FFIEC Policy Statement on Allowance for Loan and Lease Losses
    Methodologies and Documentation for Banks and Savings Institutions

    This Policy Statement is intended to provide guidance on the design and implementation of ALLL methodologies and supporting documentation practices. FDIC:FIL-63-2001 7/26/01

  • OCC Distributes the FFIEC Policy Statement on Allowance for Loan and Lease Losses
    Methodologies and Documentation for Banks and Savings Institutions

    The Policy Statement, developed in consultation with the Securities and Exchange Commission (SEC) staff, provides guidance on the design and implementation of ALLL methodologies and supporting documentation practices. OCC 2001-37 7/24/01

  • OCC Issues Examination Procedures for the Information Security Guidelines

    This OCC bulletin transmits examination procedures for reviewing a national bank's compliance with "Guidelines Establishing Standards for Safeguarding Customer Information". OCC 2001-35 7/24/01

  • OTS Approves Full-Service Thrift Charter for Allstate Corp.

    The OTS announced that it has approved an application from The Allstate Corporation for a full-service thrift charter for its subsidiary, Allstate Bank, Northbrook, Ill. Allstate, the nation’s largest publicly-held personal-lines insurance carrier,
    originally opened the bank in 1998 as a limited-purpose thrift, offering cash management and trust services to Allstate customers. OTS 01-49 7/23/01

  • FDIC Makes Public June Enforcement Actions

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in June. No administrative hearings are scheduled for August. FDIC:PR-51-2001 7/20/01

  • OCC Releases CRA Evaluations for 17 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of June 15 through July 14. The list contains only national banks and insured federal branches of foreign banks that have received ratings. OCC:NR 2001-65 7/20/01

  • Joint Review of CRA Rule and Request for Comments

    The FDIC, OCC, FRB, and OTS are beginning a review of their Community Reinvestment Act (CRA) regulations. This advance notice of proposed rulemaking (ANPR) seeks public comment on a wide range of questions as part of the review. The regulators also welcome comments discussing other aspects of the CRA regulations and suggesting ways to improve the efficacy of the regulations. Comments must be received by October 17, 2001. 66FR37602 text 66FR37602 pdf, FRB Press Release, OCC:NR 2001-66e, OCC 2001-41 OTS 01-48, FDIC-PR-50-2001 7/19/01

  • OTS Adopts Final Rule to Repeal the Percentage Liquidity Requirement

    The OTS is adopting as final an interim rule that removed the regulation that required a savings association to maintain an average daily balance of liquid assets of at least four percent of its liquidity base, and retained a provision requiring a savings association to maintain sufficient liquidity to ensure its safe and sound operation. 66FR37406 text 66FR37406 pdf 7/18/01

  • OTS Issues Final Rule Amending the Regulation on Stock Form Depository Institution Conversion to Federal Stock Association

    The final rule clarifies that the resulting federal stock savings association in such transactions succeeds to all the rights, property, and obligations of the converting institution. OTS did not receive any comments in response to either the
    direct final rule or the related notice of proposed rulemaking. 66FR37407 text 66FR37407 pdf 7/18/01

  • FOMC Publishes Meeting Schedule

    The Federal Open Market Committee announced its tentative meeting schedule for 2002. FRB Press Release 7/17/01

  • FDIC Requests Comment on Study of Banking Regulations Regarding the Online Delivery of Banking Services

    The FDIC is reviewing its regulations regarding the delivery of financial services. The purpose of this review is to identify
    changes or additions to its regulations that would facilitate the use of new technologies by financial institutions. This Request for Comment solicits comment on issues arising from the electronic delivery of financial products and services. 66FR37029 (text) 66FR37029 (pdf) 7/17/01

  • OTS Issued Three Enforcement Orders in May

    The OTS reported that it issued three enforcement orders and terminated two others during May 2001. OTS 01-47 7/16/01

  • FDIC FIL 62-2001 Highlights June OFAC Change

    The FDIC's FIL 62-2001 simply informs banks of the change to the OFAC list made on June 27, 2001. FDIC:FIL-62-2001 7/16/01

  • OTS Posts Revised CRA Questions and Answers

    The OTS issued a revised Interagency Questions and Answers Regarding Community Reinvestment publication that replaces the version published in April 2000. OTS 01-46 7/13/01

  • OCC Announces 10 New Enforcement Actions and 2 Terminations

    The OCC announced 10 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 2 terminations of existing enforcement actions. OCC:NR 2001-64 7/13/01

  • FFIEC Updates CRA Q&As

    The FFIEC has issued amended and updated Interagency questions and answers relating to the Community Reinvestment Act. Updated Interagency CRA Q&As. The new Q&As, which were effective July 11, 2001, supplement and amend the previous Interagency Questions and Answers Regarding Community Reinvestment. 7/12/01

  • OFAC Issues Interim Rule/Request for Comments

    The Office of Foreign Assets Control has issued an Interim Rule and Request for Comments to implement the Trade Sanctions Reform and Export Enhancement Act of 2000, Title IX of Public Law 106-387. These regulations amend the licensing provisions of the Cuban Assets Control Regulations, the Sudanese Sanctions Regulations, the Libyan Sanctions Regulations, and the Iranian Transactions Regulations as they relate to the exportation and reexportation from the U.S. or by U.S. persons of agricultural commodities, medicine, or medical devices to Cuba, Sudan, Libya, and Iran. These regulations also Threeamend the Cuban Assets Control Regulations with respect to Cuba travel-related transactions. The effective date of the Interim Rule is July 26, 2001. 7/12/01

  • FDIC Issues Guidance on the Permissible Use of Consumer Reports

    FDIC has issued its FDIC:FIL-61-2001 to provide guidance regarding recent developments with the FTC's reconsideration of parts of its staff opinion letter (Tatelbaum opinion) on the use of consumer reports in situations where financial institutions were extending credit to a closely held business and were requesting the personal guarantee of the principal of that business. As noted in previous Top Stories reports, the reconsideration came after the regulators, including FDIC, sent a letter to the FTC on May 31, 2001, asking that the FTC staff reconsider the Tatelbaum opinion. FDIC:FIL-61-2001 7/12/01

  • OCC Issues Final Rule on Authority and Standards to Conduct Multi-state Trust Operations

    As earlier reported in the Federal Register, the rule states a national bank authorized to engage in fiduciary
    activities may act in a fiduciary capacity in any state that permits its own in-state fiduciaries to act in that
    capacity, including at trust offices. OCC 2001-33 7/11/01

  • FRB Issues the FFIEC Interagency Policy Statement on ALLL

    The interagency policy statement clarifies the agencies' expectations on documentation that supports the ALLL methodology. Additionally, the statement emphasizes the need for appropriate ALLL policies and procedures, which should include an effective loan review system. The guidance also provides examples of appropriate supporting documentation as well as illustrations on how to implement this guidance. FRB:SR 01-17
    7/11/01

  • OCC Alerts Banks to FCRA Development

    In its AL 2001-6, the OCC advises national banks of a new development relating to how the FTC's informal interpretive letter dated July 26, 2000, on the application of the Fair Credit Reporting Act ("FCRA") to business loan transactions will be applied.
    OCC:AL 2001-6 7/11/01

  • OTS Announces Nine June CRA Ratings

    The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in June 2001. OTS 01-44 7/10/01

  • FDIC Circulates Information about Canadian Lottery Telemarketing Fraud

    The Royal Canadian Mounted Police has again asked the FDIC to circulate to FDIC-supervised institutions an alert about a Canadian lottery telemarketing fraud. FDIC:FIL-60-2001 7/9/01

  • FFIEC Issued a Policy Statement on Allowance for Loan and Lease Losses

    The Policy Statement, developed in consultation with the Securities and Exchange Commission (SEC) staff, provides guidance on the design and implementation of ALLL methodologies and supporting documentation practices. FFIEC Press Release 7/9/01

  • FinCEN Issues Advisories

    FinCEN has issued advisories for transactions involving the Bahamas, Cayman Islands, Liechtenstein and Panama. FinCEN Advisories 7/9/01

  • FRB Issues Final Rule to Amend Reg A

    The FRB amended Regulation A, Extensions of Credit by Federal Reserve Banks to reflect its approval of a decrease in the basic discount rate at each Federal Reserve Bank. 66FR35529 (text) 66FR35529 (pdf) 7/6/01

  • FDIC Issues July List of Banks Examined For CRA Compliance

    The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in April 2001. FDIC:PR-49-2001 7/6/01

  • Ellen Seidman Announces Her Resignation As Director of the OTS

    Ellen Seidman announced that she has submitted her resignation to President Bush as Director of the OTS, effective upon the confirmation and appointment of her replacement. OTS 01-43 7/6/01

  • OCC Issues Final Rule to Amend the Assessment Rule

    As earlier reported in the June 1st Federal Register, the OCC is amending the formula it uses to assess independent credit card banks. This rule was effective July 1st. OCC 2001-32 7/6/01

  • FRB Rescinded its Policy Governing Third-Party Access to the Fedwire System

    The FRB recently rescinded its policy governing third-party access to the Fedwire system. As a result, the Supervisory letter
    revokes previously issued supervisory guidance on Fedwire Third Party Access Policy (SR letter 95-48) and Fedwire Third-Party
    Access Policy - Foreign Service Provider (SR letter 96-07). FRB:SR 01-16 7/6/01

  • OCC Issues Guidance on Internet Web Linking

    The OCC issued guidance on the risks that arise when national banks establish Web links to the Web sites of other
    companies that allow bank customers to purchase products and services from the linked companies. OCC:NR 2001-63 7/5/01

  • FDIC Summary of Deposits Survey for June 30, 2001 Sent to Banks

    The annual Summary of Deposits (SOD) survey and instructions for the period ending June 30, 2001, will be mailed on July 6 to institutions with more than a main office facility. Unit banks, those banks that do not have any branches, do not participate in this survey. FDIC:FIL-59-200 7/3/01

  • FDIC's Financial Education Curriculum Money Smart is Now Available

    The FDIC and the DOL announced a joint initiative on January 19, 2001, called Money Smart to help banks and One Stop Career Centers deliver financial education in their communities. The Money Smart curriculum has been completed and is now available to banks and One Stop Centers free of charge. FDIC:FIL-58-2001
    7/3/01

  • FDIC Seek Comments on Draft 2001-2006 Strategic Plan

    The FDIC is seeking comments from FDIC-supervised institutions on its draft strategic plan covering the six-year period 2001 through 2006. Comments are due by July 31, 2001. FDIC:FIL-57-2001 7/3/01

  • Thrift Industry Interest Rate Risk Falls to Lowest Point in Two Years

    The OTS reported that only 20 thrifts, or 2.1 percent, were at high risk from a hypothetical 200 basis point shift in interest rates as of the end of the first quarter. That is down from 3.5 percent at the end of the fourth quarter. OTS 01-42 7/3/01

  • Regulators Issue Letter to SEC Concerning New Rules on Broker-Dealer Exemptions

    The FRB, OCC and FDIC are joining together to write a letter to the Securities and Exchange Commission (SEC) concerning the SEC’s interim final rules to implement provisions of the Gramm-Leach-Bliley Act that provide specific exemptions from the broker and dealer definitions that permit banks to continue providing trust and fiduciary, and other specified traditional banking products and services. FRB Press Release, OCC 2001-30 7/3/01

  • OCC Issues Proposed Rule to Facilitate National Banks' Ability to Conduct Business using Electronic Technologies

    This proposal groups together new and revised regulations addressing: National banks' exercise of their Federally authorized powers through electronic means; the location, for purposes of the Federal banking laws, of a national bank that engages in electronic activities; and the disclosures required when a national bank provides its customers with access to other service providers through hyperlinks in the bank's website or other shared electronic ``space.'' 66FR34855 (text) 66FR34855 OCC:NR 2001-60 OCC 2001-36 7/2/01

  • OCC Publishes Final Rule Regarding the Authority and Standards for National Banks to Conduct Multi-state Trust Operations

    The purpose of these changes is to provide enhanced guidance to national banks engaging in fiduciary activities.
    66FR34792 (text) 66FR34792 OCC:NR 2001-62 7/2/01

  • OCC Issues Final Rule Governing Investment Securities, Bank Activities and Operations

    The revisions to the investment securities regulations incorporate the authority to underwrite, deal in, and purchase certain municipal bonds that is provided to well capitalized national banks by the Gramm-Leach-Bliley Act. 66FR34784 (text) 66FR34784 Correction OCC: NR 2001-61 OCC 2001-34 7/2/01

  • FDIC Makes Public May Enforcement Actions

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in May. No administrative hearings are scheduled for July. FDIC:PR-48-2001 7/2/01

  • OTS Announces May CRA Ratings

    The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in May 2001. OTS 01-41 7/2/01

First published on: 
06/30/2001
Filed under: 
Compliance
Lending
Operations
Security
Technology

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