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Top Stories for February 2002

  • Treasury Announces Regs on Information Sharing

    The Treasury Department has announced its issuance of a proposed rule and a new interim regulation under the USA PATRIOT Act. The proposed rule would authorize the utilization of the FinCEN's existing communication resources to establish a link between federal law enforcement and financial institutions for the purpose of sharing information concerning accounts and transactions that may involve terrorist activity or money laundering. The interim rule, which will become effective upon publication in the Federal Register

    , will allow certain financial institutions to be able to share information among themselves for the purpose of identifying and reporting suspected terrorism and money laundering once the financial institutions have notified FinCEN that they intend to share such information and that they will take adequate steps to maintain confidentiality. Treasury Announcement 2/28/02

  • Updated Notice: FRB Schedules Next CAC Meeting

    The Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on Thursday, March 14. The meeting will take place in Dining Room E, Terrace level, in the Board's Martin Building. The session will begin at 9:00 a.m. and is open to the public. This notice includes new security clearance procedures and supersedes the release issued February 20, 2002. FRB Press Release 2/28/02

  • OTS Director Gilleran Reports Thrifts Reach Record $10.2 Billion in Earnings in 2001

    “Last year was one of the best in the thrift industry's history,” said OTS Director James E. Gilleran. He noted that net income reached an annual record of $10.2 billion in 2001, up 27 percent from $8 billion the prior year. OTS 02-07 2/28/02

  • FDIC Alert List Altered

    FDIC has notified banks that it has deleted LiborBank from its list of entities that may be conducting banking operations without authorization. FDIC:FIL-16-2002 2/28/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks drawn on Community Bank of the Cumberlands, Jamestown, Tennessee, are in circulation. FDIC:FIL-15-2002 2/28/02

  • FDIC Issues Alert on Stolen Treasurer's Checks

    The FDIC has been informed by the Chittenden Bank, Brattleboro, Vermont, that 1,000 of the bank's treasurer's checks were stolen during a January 31, 2002, robbery of the Berkshire Armored Carrier Facility in Rutland, Vermont. The missing checks are numbered 6153451 through and including 6154450. FDIC:FIL-18-2002 2/28/02

  • FDIC FILs about OFAC Changes

    The FDIC has published FIL-14-2002 and FIL-17-2002 to notify banks of a recent OFAC change where OFAC added additional SDGTs to its Terrorist list. [The OFAC change itself was previously covered on BOL.] 2/28/02

  • FDIC Reports Commercial Loan Losses Continue To Grow

    Bank losses on commercial and industrial loans grew again in the fourth quarter of 2001, while key measures of capital and loan loss reserve adequacy also rose, according to a report issued by the FDIC. FDIC:PR-22-2002 2/28/02

  • OTS Announces 13 January CRA Ratings

    The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in January 2002. OTS 02-06 2/27/02

  • FDIC Announces Sale of Residual Interests and Servicing Rights of Superior Federal Bank, FSB

    The FDIC has announced the sale of the servicing rights for and residual interests in $3.7 billion of securitized subprime mortgage loans from the former Superior Federal Bank, FSB, Hinsdale, Illinois. FDIC:PR-21-2002 2/27/02

  • FFIEC Posts UBPR Schedule for 2002

    UPPR's will be available online 35 days after the call report is filed. FFIEC Memo 2/26/02

  • Preliminary Bank Earnings Report

    On February 28 at 10:00 a.m. (ET) FDIC Chairman Donald Powell will conduct a press briefing on the 4th Quarter 2001 Preliminary Bank Earnings Report. 2/26/02

  • FDIC Notice of Agency Meeting

    The FDIC Board of Directors will meet in open session on March 1, 2002. Agenda 2/26/02

  • ABA Issues Money Laundering Resource Guide

    The American Bankers Association is making available a new resource guide it has developed in response to the USA PATRIOT Act requirements to identify and verify account holders. The 17 page publication, which is available online, contains numerous suggestions that institutions will find helpful in developing their own customer verification procedures. 2/26/02

  • FDIC 2000 Annual Report

    The FDIC submits its Annual Report to the President of the U.S. Senate and the Speaker of the U.S. House of Representatives. 2/25/02

  • OCC Revises the Procedures for National Bank to Appeal Agency Decisions and Actions

    National banks and federal branches and agencies of foreign banks are encouraged to contact the ombudsman to discuss any agency policy, decision, or action that might develop into an appealable matter. OCC 2002-9 2/25/02

  • Jacquelyn Fletcher Appointed Chief Information Officer at the OCC

    The OCC announced the appointment of Jacquelyn Fletcher as the agency's new Chief Information Officer. In her new position, she will supervise the agency's information technology programs, including telecommunications, systems development and technology security policy. OCC:NR 2002-13 2/25/02

  • New Savings Bond University

    The U.S. Treasury's Bureau of the Public Debt has launched a new Web-based application designed to help the financial institutions that serve as U.S. Savings Bonds issuing and paying agents train their personnel who handle savings bond transactions. This free, interactive training is called Savings Bonds University. 2/25/02

  • FDIC Reports Business Credit Flowing Despite Recession

    Business credit is more plentiful in this recession than in any other recessionary episode since the early 1970s, according to an FDIC report released. The report cites a generally lower cost of capital, structural changes in banking and the financial markets, and a different regulatory landscape contributing to the current trend. FDIC:PR-20-2002, Business Credit Flowing Despite Recession 2/22/02

  • FDIC Publishes Bank Trends

    This issue of Bank Trends focuses on Business Credit in 2001: More Available than in Past Recessions. 2/22/02

  • FRB Issues List of Foreign Margin Stocks

    The List of Foreign Margin Stocks (Foreign List) is composed of certain foreign equity securities that qualify as margin securities under Regulation T. 67FR8182 2/22/02

  • Revisions to the Call Report

    The FFIEC has approved a number of revisions to the Reports of Condition and Income (Call Report) for 2002. The FFIEC is providing this advance notification to assist you in planning for these changes. FDIC:FIL-13-2002 2/22/02

  • FRB Says State Member Banks May Engage in Equity Hedging

    Any state member bank that seeks to acquire equity securities to hedge the bank's equity derivative transactions must receive the prior approval of the FRB's Director of Banking Supervision and Regulation. In addition, a state member bank may engage in equity hedging activities only to the extent permitted by state law, and the bank must comply with any applicable state notice or approval requirements. FRB Press Release, Board Statement 2/22/02

  • FFIEC Issues Alert on SNMP Vulnerabilities

    The FFIEC has identified sites that are useful in reviewing recently published information on potentially serious vulnerabilities in the Simple Network Management Protocol (SNMP), a software protocol widely used in internal networks and the Internet. Financial institutions should be aware that these vulnerabilities may be exploited to gain unauthorized access to information systems or to cause denial of service attacks resulting in network disruptions. FFIEC recommends that information security personnel review these or other credible sites and take appropriate steps to implement the mitigation procedures to protect the integrity of information systems and safeguard customer information. FFIEC 2/21/02

  • FRB Schedules Next CAC Meeting

    The Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on Thursday, March 14. FRB Press Release 2/21/02

  • FDIC's Money Smart Program Celebrates First Anniversary by Announcing Roll-Out of Spanish Version

    In the twelve months since, a comprehensive curriculum was developed by the FDIC and implemented in a series of nationwide roll-outs. This year, Money Smart will become even more accessible through a Spanish version and an interactive CD-ROM. FDIC:PR-19-2002 2/21/02

  • OCC Publishes Interpretive Letters

    OCC has now posted on its Web site the Interpretive Letters, CRA decisions, and conditional approvals it issued in February. The ILs are available in both Word and PDF format. 2/20/02

  • OCC Releases CRA Evaluations For 24 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations. OCC:NR 2002-12 2/20/02

  • Treasury Requests Comments on Information Sharing Practices Among Financial Institutions

    The Secretary of the Treasury, in conjunction with the federal functional regulatory agencies and the FTC, is conducting a study of information sharing practices among financial institutions and their affiliates, as required by the Gramm-Leach-Bliley Act of 1999. Survey responses and comments are due April 1. 67FR7213 2/20/02

  • FDIC Establishes an Advisory Committee on Banking Policy

    The Committee will provide advice and recommendations on a broad range of issues relating to the FDIC's mission and activities, including, but not limited to: the delivery of services by the FDIC, its corporate infrastructure, and policy initiatives in the areas of deposit insurance, supervision of financial institutions, resolutions and management of failing and failed institutions, and other issues impacting the financial services industry. 67FR7373 2/19/02

  • Credit union deposits post strong growth in 2001

    Federally insured credit unions are healthy and doing well based on statistics reported by the nation's 9,984 federally insured credit unions at year-end 2001. NUCA Press Release 2/19/02

  • FRB Finalizes Numerous Changes to Reg C & the Commentary

    Highlights of the amendments to Regulation C include required reporting of some loan pricing, reporting that loans are covered by HOEPA, special requirements for mobile home applications, revisions of important definitions, including "preapproval", "refinancing, and "home improvement". Proposal Final Rule 2/15/02

  • Additional Guidance on Signatures Under Regulation B

    The Federal Reserve Bank of Philadelphia has provided its own detailed guidance on the signature requirements of Regulation B. While it deals with the same subject as the recent FDIC guidance, it presents it in a different way and includes a useful flow chart. We've reworked the Philly Fed's flow chart to make it easier to read and more printer-friendly. You'll find our version under "Reg B - Required Signatures" in the Compliance Tools part of the Banker Tools page. 2/15/02

  • FTC Takes New COPPA Enforcement Actions

    For the fitth time, the Federal Trade Commission has exercised its enforcement authority under the Children's Online Privacy Protection Act to obtain a settlement with a company that violated COPPA by collecting personal information children on the company's Web site without obtaining parental consent. FTC Press Release 2/15/02

  • OCC Announces 20 New Enforcement Actions and 5 Terminations

    The OCC announced 20 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 5 terminations of existing enforcement actions. OCC:NR 2002- 11 2/15/02

  • Chairman Powell's Statement on Introduction of Deposit Insurance Reform Legislation

    Chairman Johnson has shown great leadership in developing legislation that will create a stronger, more effective deposit insurance system. FDIC:PR-18-2002 2/15/02

  • Twenty-Five Largest Banking Companies

    The FDIC released a quarterly study of the 25 largest banking companies based on publicly-available data. FDIC:PR-17-2002 2/14/02

  • Comptroller Calls Preemption a Major Advantage of National Bank Charter

    Comptroller of the Currency John D. Hawke, Jr. said that the creation in 1863 of a uniform charter which allows national banks to operate with immunity from many state and local laws has benefited both banks and the nation's consumers. OCC:NR 2001-10 2/13/02

  • FDIC FIL about OFAC Changes

    The FDIC has published FIL-10-2002 to notify banks of a recent OFAC change where OFAC added the Foreign Terrorist Organization (FTO) designation to two Specially Designated Global Terrorists (SDGTs)designated three entities as Specially Designated Global Terrorists. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-10-2002 2/13/02

  • FDIC Issues Alert on Counterfeit Official Bank Checks

    The FDIC has learned that counterfeit official bank checks drawn on four separate financial institutions are in circulation. FDIC:FIL-12-2002 2/13/02

  • FDIC Issues Warning on Entities That May Be Conducting Banking Operations Without Authorization

    The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published "Monthly Warning Advisory" (Issue No. 22), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-11-2002 2/13/02

  • OFAC List Updated

    OFAC has removed a number of names from the SDN list, including some banks. Get the details on the BOL OFAC page. 2/13/02

  • Remarks by John D. Hawke, Jr. Comptroller of the Currency Before the Women in Housing and Finance Washington, D.C

    2/13/02

  • FRB Issues Revisions to Procedures for Processing Applications and Prior Notifications under Regulation K

    The purpose of the FRB letter is to provide a general description of the procedural changes contained in the revised Regulation K. In addition, the letter establishes procedures for processing the new 12-day and 30-day prior notifications and revises existing processing procedures to be more consistent with procedures for other types of applications, including those filed under Regulation Y. New Procedures for Processing Prior Notifications and Applications under Regulation K, General Consent Limits Under Subpart A of Regulation K, FRB:SR 02-3 2/11/02

  • FRB Issues Guidance on Monitoring Compliance with Reg K

    The FRB has revised its reporting requirements with respect to foreign investments made by U.S. banking organizations pursuant to Subpart A of Regulation K. FRB:SR 02-2 2/11/02

  • Keep up with USA PATRIOT Act Developments

    We've created a special section on the BOL Launch Pad to help keep track of the links relating to regulations and other issuances under the USA PATRIOT Act, as well as a copy of the Act itself. 2/11/02

  • FRB Published Revisions to Regulation C

    The FRB published revisions to its Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The Board approved the revisions at its meeting on January 23, 2002. FRB Press Release, Proposed rule, Final rule 2/8/02

  • OCC Closes NextBank and Appoints FDIC Receiver

    NextBank NA, Phoenix, Arizona, was closed by the OCC and the FDIC was appointed receiver. OCC:NR 2002-09 2/8/02

  • FDIC Approves the Payout of Insured Deposits of NextBank, National Association, Phoenix, Arizona

    The Board of Directors of the FDIC approved the payout of the insured deposits of NextBank, National Association, Phoenix, Arizona. The bank was closed by the OCC, and the FDIC was named receiver. FDIC:PR-16-2002 2/8/02

  • FDIC Report Shows Subprime Mortgage Loan Performance Affected by Recession

    The incidence of significant repayment difficulties among subprime mortgage borrowers is increasing, according to the FDIC. FDIC:PR-14-2002 2/8/02

  • Diamonds, anyone?

    Unless you are interested in the importation of rough diamonds from Sierra Leone and Liberia, there's no need for you to be concerned about the latest interim regulations posted by OFAC. They simply deal with the Rough Diamonds (Sierra Leone & Liberia) Sanctions 2/8/02

  • Statement of FDIC Chairman Don Powell

    "I praise the leadership of Chairmen Oxley and Bachus, and Representatives LaFalce, Gillmor, and Ney, and look forward to swift enactment of deposit insurance reform this year. We appreciate Congress' leadership in recognizing the problems and their aggressive schedule to move forward with legislation." FDIC:PR-15-2002 2/8/02

  • Agencies Publish "Privacy Choices for Your Personal Financial Information"

    In conjunction with National Consumer Protection Week, several federal agencies released a guide to help consumers make informed choices about whether to allow their personal financial information to be shared. Privacy Choices for Your Personal Financial Information guides consumers through the choices they face as a result of the privacy provisions of the Gramm-Leach-Bliley Act of 1999. FRB Press Release, OCC:NR 2002-08, OTS 02-05, FDIC-PR-13-2002, FTC Press Release , SEC:2002-21 2/7/02

  • Federal Trade Commission Announces ID Theft Affidavit

    The FTC unveiled a new tool to assist victims of identity theft restore their good names. The ID Theft Affidavit provides a model form that can be used to report information to many companies, simplifying the process of alerting companies where a new account was opened in the victim's name. FTC Press Release 2/7/02

  • OCC Calls Attention to Treasury Proposal

    The OCC has issued Bulletin OCC 2002-6 to call attention to the upcoming comment deadline on the Treasury Department's proposed rule relating to compliance with two anti-money laundering provisions of the USA PATRIOT Act. 2/6/02

  • FDIC Issues February 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 November 2001. FDIC: PR-12-2002 2/6/02

  • FDIC Issues Guidance on Avoiding Violations of the Spousal Signature Provisions of Regulation B

    The FDIC is issuing guidance to assist banks in complying with the spousal signature provisions of the Equal Credit Opportunity Act (ECOA) and Regulation B, 12 C.F.R. Part 202. Among other things, Regulation B prohibits lending policies and practices that discriminate on the basis of marital status. FDIC:FIL-9-2002 2/5/02

  • OCC Issues Final Rule on Capital Treatment of Nonfinancial Equity Investments

    This final rule requires a series of marginal capital charges on equity investments that increase with the level of those investments relative to the bank's Tier 1 capital. OCC: 2002-5 2/5/02

  • FDIC Approves Assumption of the Insured Deposits of the Oakwood Deposit Bank Company, Oakwood, Ohio

    The FDIC has approved the assumption of the insured deposits of The Oakwood Deposit Bank Company, Oakwood, Ohio, by The State Bank and Trust Company, Defiance, Ohio. FDIC:PR-11-2002 2/5/02

  • FDIC Isssues Guidance on Managing Risks Associated With Wireless Networks and Wireless Customer Access

    Financial institutions are actively evaluating and implementing wireless technology as a means to reach customers and reduce the costs of implementing new networks. In light of this fast-developing trend, the FDIC is providing financial institutions with information about the risks associated with wireless technology and suggestions on managing those risks. FDIC:FIL-8-2002 2/4/02

  • FDIC Announces Receivership of the Oakwood Deposit Bank Company, Oakwood, Ohio

    The Oakwood Deposit Bank Company, Oakwood, Ohio, was closed by the Ohio Superintendent of Financial Institutions, and the FDIC was named receiver. FDIC:PR-10-2002 2/4/02

  • SAR Bulletin Describes Terrorist Activities

    The January SAR Bulletin from FinCEN provides synopses of financial transactions that may be associated with criminal fundraising activities. January SAR Bulletin 2/1/02

  • FDIC Reports on Rising Trend of Corporate Bankruptcies

    The outlook for bank credit quality in 2002 rests on whether the current problems of large corporate borrowers filter down to smaller businesses and consumers, the Federal Deposit Insurance Corporation reports. FDIC:PR-7-2002 2/1/02

  • FDIC Helps Launch Fourth Annual National Consumer Protection Week

    The FDIC has joined federal, state and local organizations and national advocacy groups to launch the fourth annual National Consumer Protection Week (NCPW), to be held from February 3-9. FDIC:PR-8-2002 2/1/02

  • FDIC Makes Public December Enforcement Actions; No Administrative Hearings Scheduled

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in December. No administrative hearings are scheduled for February. FDIC:PR-9-2002 2/1/02

  • FDIC Issues Electronic Bulletin on Emerging Issues in Banking and the Economy

    The FDIC has introduced FYI, an electronic bulletin summarizing FDIC analysis of emerging issues in banking and the economy. FYI brings to your desktop current information about the trends that are driving change in the banking industry, plus links to other FDIC publications and data tools. FDIC:FIL-7-2002 2/1/02

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