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Banker's Toolbox Announces — ACQUISITION OF LOAN LOSS RESERVE POWERHOUSE, MAINSTREET TECHNOLOGIES
Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)

Top Story Compliance Related

04/30/2001

Top Stories for May 2001

  • FRB Requests Comment on Proposed Changes to Policy on Payments System Risk

    The FRB is requesting comment on a proposed interim policy statement and a package of short- and long-term proposals pertaining to its Payments System Risk (PSR) policy. In addition, the Board is rescinding the interaffiliate transfer policy. FRB Press Release 5/31/01

  • OCC Bulletin Focuses on Privacy Exam Procedures

    OCC has issued its OCC Bulletin 2001-26 to advise national banks of the privacy exam procedures recently adopted by the federal banking agencies. OCC 2001-26 5/31/01

  • FDIC Issues Alert on Missing/Stolen Official Checks

    The FDIC has been informed by the IndyMac Bank, FSB, Pasadena, California, that 100 of the bank's official checks are missing and presumed stolen from a shipment from the check printer. The missing official checks are numbered 256064500 through and including 256064599. FDIC: FIL-49-2001 5/31/01

  • FDIC Issues Alert on Missing Cashier's Checks

    The FDIC has been informed by the Banco Tejano, Branch of Texline State Bank, Houston, Texas, that 100 of the bank's cashier's checks are missing. The missing checks are numbered 1801 through and including 1900. FDIC:FIL-48-2001 5/31/01

  • FDIC Makes Public March Enforcement Actions

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in April. No administrative hearings are scheduled for June. FDIC:PR-39-2001 5/31/01

  • OFAC Updates Listing of Specially Designated Narcotics Traffickers

    As earlier reported, a new Presidential order affecting the OFAC list was released on May 23, 2001, but it does not add new SDNs to the list or new countries. It is instead directed at prohibiting the direct or indirect importation into the United States of all rough diamonds from Liberia. 66FR29229 (text) 66FR29229 (pdf) 5/30/01

  • Federal Reserve Board announced that it is seeking nominations for appointments to its Consumer Advisory Council

    The Council advises the FRB on the exercise of its responsibilities under the Consumer Credit Protection Act and on other matters on which the Board seeks advice. The group meets in Washington, D.C., three times a year. FRB Press Release 5/30/01

  • Consumer Advisory Council Announces Meeting Date

    The FRB announced that the Consumer Advisory Council will hold its next meeting on Thursday, June 28. FRB Press Release 5/30/01

  • FDIC Issues Alerts on Entities That May Be Conducting Banking Operations in the United States Without Authorization

    The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published a "Monthly Warning Advisory", which contains the name of an entity recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-47-2001 5/30/01

  • FRB Issues Final Rule to Decrease the Basic Discount Rate

    The FRB 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 FRB acted on requests submitted by the Boards of Directors of the
    twelve Federal Reserve Banks. 66FR29009 (text) 66FR29009 (pdf) 5/29/01

  • Don't Sweat 5/23 OFAC Change

    A new Presidential order affecting the OFAC list was released on May 23, 2001, but it does not add new SDNs to the list or new countries. It is instead directed at prohibiting the direct or indirect importation into the United States of all rough diamonds from Liberia.OFAC Change 5/24/01

  • OTS Announces 12 April CRA Ratings

    The OTS announced savings associations' Community Reinvestment Act performance evaluation ratings that became available in April 2001. OTS 01-34 5/23/01

  • Comptroller Hawke Tells Bankers that Regulators Must Respond In Measured and Predictable Way to Credit Problems

    Comptroller of the Currency John D. Hawke, Jr. said that the OCC learned from the experience of the late 1980s and early 1990s how important it is to maintain a supervisory approach that is both carefully measured and predictable. OCC:NR 2001-50 , Speech 5/22/01

  • Julie L. Williams Speaks Before the Consumer Bankers Association

    Read her speech on CRA. OCC:NR 2001-49 5/22/01

  • Study of regulations; request for comment

    Pursuant to section 729 of the Gramm-Leach-Bliley Act, the FRB is conducting a study and preparing a report about its banking regulations with respect to the online delivery of financial services. 66FR27912 (text) 66FR27912 (pdf) 5/21/01

  • FDIC Publishes Semiannual Agenda of Regulations

    The FDIC has published its semiannual agenda of regulations in the Federal Register to inform the public of the Corporation's regulatory actions and encourage participation in the rulemaking process. FDIC:PR-38-2001 5/18/01

  • OCC Releases CRA Evaluations for National Banks

    The OCC released a list of Community Reinvestment Act performance evaluations that became public during the period of April 15 through May 14. OCC:NR 2001- 48 5/18/01

  • OCC Announces Enforcement Actions and 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- 47 5/18/01

  • FRB Requests Comment on how Regulations May Be Adapted to Online Banking and Lending

    The FRB is currently reviewing pertinent regulations to assess their suitability for transactions that
    are conducted through the Internet. FRB Press Release 5/18/01

  • Privacy Exam Procedures

    The new exam procedures for consumer financial privacy have been adopted by the federal bank regulatory agencies through the FFIEC. As anticipated, the exam procedures are tailored to institutions' information-sharing practices. The procedures describe how institutions are to be examined for compliance with the privacy regulation. They also include an examination checklist for use in verifying compliance. (Scroll down to page 11 of the pdf document to reach the Exam Objectives.) 5/17/01

  • OFAC Updates Listing of Specially Designated Narcotics Traffickers

    On May 16, 2001, the Office of Foreign Assets Control issued an update to its SDN list and updated its brochure on Terrorism to incorporate new entries. The new entries were added to the list of Specially Designated Nationals after the Secretary of State published the designation of the REAL IRA.OFAC 5/17/01

  • Fed Lowers Interest Rate

    The FOMC at its meeting decided to lower its target for the federal funds rate by 50 basis points to 4 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 3-1/2 percent. FRB Press Release 5/16/01

  • FDIC Issues Alert on Missing/Stolen Cashier's Checks

    The FDIC has been informed by the Bank of Prescott, Prescott, Arkansas, that packages containing 700 of the bank's cashier's checks are missing and presumed stolen from a shipment from the check printer. FDIC:FIL-45-2001 5/16/01

  • OFAC Updates List of Specially Designated Nationals and Blocked Persons

    On April 24, 2001, the Department of the Treasury's OFAC amended its listing of specially designated nationals and blocked persons to include the names of additional Specially Designated Narcotics Traffickers. FDIC:FIL-44-2001 5/16/01

  • FDIC Issues Alert Fictitious Invoices

    The FDIC has learned that a number of financial institutions nationwide are receiving fictitious invoices from International Distributors LTD, P.O. Box 3841-1000, San Jose, Costa Rica, for 12 dozen "Ribbon Black NCR encoding MICR-80." FDIC:FIL-43-2001 5/16/01

  • FDIC Issues Alert on Counterfeit Checks

    The FBI Baltimore, Maryland, office has asked the FDIC to alert all FDIC-supervised banks about the circulation of counterfeit checks drawn on the National Cancer Institute's account at the National Institutes of Health Federal Credit Union in Bethesda, Maryland. In December 2000 and January 2001, at least seven counterfeit checks were fraudulently negotiated. FDIC:FIL-42-2001 5/16/01

  • FDIC Issues Alert on Stolen Western Union Money Orders

    The FDIC has learned that a substantial number of Western Union Money Orders were stolen during a robbery. Many of the stolen items have been deposited to bank accounts in several states. FDIC:FIL-41-2001 5/16/01

  • FRB Announces Availability of Identity Theft: Protect Yourself Video

    The 15-minute video explains how easily someone can obtain your personal financial information and unlawfully use that information to obtain credit or other financial information under your name. Included in the video are interviews with identity theft victims, law enforcement officers and industry representatives. FRB Press Release 5/15/01

  • OCC Updates Large Bank Supervision Guidance

    The OCC issued a revised version of the Large Bank Supervision booklet, updating the guidance and procedures used in
    supervising large and complex mid-sized national banks. OCC:NR 2001- 46 5/15/01

  • FRB Issues Guidance on Securities Activities of State Member Banks

    This guidance addresses issues and questions that have been raised by examiners and other
    supervisory personnel regarding this change to the permissible securities activities of state member banks. FRB:SR 01-13
    5/15/01

  • Electronic Delivery of Consumer Disclosures

    As earlier report in the Federal Register, the FRB published interim final rules establishing uniform standards for the electronic delivery of federally mandated disclosures under five consumer protection regulations. Reg B, Reg E, Reg M, Reg Z, Reg DD
    5/14/01

  • Agencies Remind Bankers of Risks Associated with Reliance on Brokered and Rate-Sensitive Deposits

    The federal bank and thrift regulatory agencies issued an advisory on the risks of brokered and other rate-sensitive deposits. The agencies warn that excessive reliance on these types of funding products without proper risk management safeguards has the potential to weaken an institution's financial condition. OTS 01-33, FDIC:PR-37-2001 OCC:NR 2001-44, FRB Press Release 5/14/01

  • The FRB is proposing a new rule to implement comprehensively sections 23A and 23B of the Federal Reserve Act.

    The proposed rule would combine statutory restrictions on transactions between a bank and its affiliates with numerous existing and proposed Board interpretations and exemptions in an effort to simplify compliance with sections 23A and 23B. 66FR24185 (text) 66FR24185 (pdf) 66FR33649 (correction)5/11/01

  • FRB Issues Final Rule on Applicability of Section 23A of the Federal Reserve Act to the
    Purchase of Securities From Certain Affiliates

    The FRB is adopting an interpretation that would expand the types of asset purchases that are eligible for the exemption in section 23A(d)(6), which exempts the purchase from an affiliate of an asset that has a readily identifiable and publicly available market quotation. 66FR24219 (text) 66FR24219 (pdf) 5/11/01

  • FRB Issues Final Rule on Loans and Extensions of Credit Made by a Member Bank to a Third Party

    The FRB is adopting an interpretation and exemptions from section 23A for certain loans made by an insured depository institution to customers who use the loan proceeds to purchase a security or other asset through an affiliate of the depository institution acting exclusively as a broker or riskless principal in the transaction. 66FR24226 (text) 66FR24226 (pdf) 5/11/01

  • FRB Adopts Interim Rule to Address the Application of Sections 23A and 23B

    The rules require institutions to adopt policies and procedures reasonably designed to monitor, manage, and control credit exposures arising out of the transactions and clarify that the transactions are subject to section 23B. 66FR24230 (text) 66FR24230 (pdf) 5/11/01

  • OCC Publishes the FFIEC Availability of "A Guide to CRA Data Collection and Reporting" available on the Internet

    The FFIEC agencies developed the guide as a resource for financial institutions required to report Community Reinvestment Act (CRA) data. CRA data reports are due annually on March 1. OCC 2001-25 5/11/01

  • FDIC Issues a Guide to Federal Microenterprise Programs

    The publication, Crossing the Bridge to Self-Employment: A Federal Microenterprise Resource Guide, describes various microenterprise programs available through the federal government, and how financial institutions, practitioners and others can access these resources. FDIC:FIL-38-2001 5/10/01

  • FDIC Issues Guidance On Identity Theft And Pretext Calling

    The FDIC issued guidance on measures to prevent identity theft and pretext calling. The guidance reminds financial institutions how to report such activities to regulators using Suspicious Activity Reports (SARs), suggests educating consumers on identity theft and pretext calling, and summarizes relevant federal laws.
    FDIC:PR-36-2001 and FDIC:FIL-39-2001 5/10/01

  • FDIC Report Risky Underwriting Practices Rise at Banks but General Underwriting Risks Show a Slight Decline

    FDIC examiners have reported an increase in the occurrence of risky underwriting practices by banks in both construction and consumer lending but found that the percentage of banks in the high-risk categories for general underwriting practices declined slightly, according to the agency's latest Report on Underwriting Practices. FDIC:PR-35-2001 5/10/01

  • FDIC Reports First Quarter 2001 Financial Results for Bank and Thrift Insurance Funds

    The FDIC announced that the Bank Insurance Fund (BIF) reported comprehensive income (net income plus current period unrealized gains/losses on available-for-sale securities) of $451 million for the first quarter, compared to $325 million for the same period last year. FDIC:PR-34-2001 5/9/01

  • OTS is proposing to amend its regulation on conversions from stock form depository institutions
    to federal stock savings associations

    This proposed rule would clarify that the resulting federal stock savings association in such transactions succeeds to all the rights, property, and obligations of the converting institution. This amendment merely codifies OTS's interpretation of its existing regulation. 66FR23198 (txt) 66FR23198 (pdf) 5/8/01

  • OTS is amending its regulation on conversions from stock from depository institutions to federal stock savings associations

    This direct 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. This amendment merely codifies OTS's interpretation of its existing regulation. 66FR23153 (txt) 66FR23153 (pdf) 5/8/01

  • OCC Issues Final Rule to amend its assessment regulation

    The OCC is amending its assessment regulation to clarify that the OCC has authority to charge a national bank when the OCC conducts a special examination of a third party that provides services to the bank. 66FR23151 (txt) 66FR23151 (pdf) 5/8/01

  • FDIC Issues May 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 February 2001. FDIC:PR-33-2001 5/8/01

  • OTS Advises Thrifts on Measures to Reduce Incidents of Identity Theft and Pretext Calling

    The OTS advised thrifts to take steps to prevent the unauthorized disclosure of customer financial information. The agency also called on the financial institutions it supervises to detect and deter fraudulent access to such information. OTS 01-32 5/8/01

  • FDIC Issues Alert on Fictitious Cashier's Checks

    The FDIC has learned that fictitious cashier's checks drawn on "Ferndale Trust & Loan" are in circulation. The address shown on the checks is 22750 Woodward Avenue, Ferndale, MI 48226. The Michigan Division of Financial Institutions has advised that Ferndale Trust & Loan does not exist. FDIC:FIL-37-2001 5/7/01

  • OCC Issues Proposed Rule on Debt Cancellation Contracts and Debt Suspension Agreements

    As earlier reported in the Federal Register, the OCC is requesting comment on a proposed rule that would establish the standards that apply to a national bank's provision of DCCs and DSAs, enhance consumer protections for customers who buy DCCs or DSAs from banks, and ensure that national banks providing DCCs or DSAs do so on a safe and sound basis. OCC 2001-24 5/7/01

  • FDIC Insurance Big Factor in Investment Decisions, Gallup Survey Shows

    More than half of the people who make household financial decisions took federal deposit insurance into account when considering recent investments, a survey conducted by The Gallup Organization reveals. FDIC:PR-31-2001 5/4/01

  • OTS Issued One Enforcement Order In March

    The OTS reported that it issued a prompt corrective action enforcement order March 23 to Life Bank, San Bernadino, Calif. OTS 01-31 5/4/01

  • Basel Committee Report Outlines Risk Management Principles for Electronic Banking

    The Electronic Banking Group of the Basel Committee on Banking Supervision, set forth fourteen risk management principles on electronic banking for financial institutions in a report. OCC:NR 2001- 42 5/4/01

  • FRB Requests Comment on a Proposed New Reg W to Implement Sections 23A and 23B

    Regulation W would unify in one document various Board and staff interpretations issued over the years as well as several new interpretations of the statute. It also would provide several additional exemptions from the statute. The purpose of sections 23A and 23B and Regulation W is to limit a bank's risk of loss in transactions with affiliates and limit a bank's ability to transfer to its affiliates the benefits arising from its access to the federal safety net. FRB Press Release FRB Board Press Release 5/4/01

  • Comptroller Closes Malta National Bank

    The FDIC reports that the OCC closed The Malta National Bank, Malta, Ohio, and appointed the FDIC as receiver. The FDIC, as receiver, entered into an agreement with North Valley Bank, Zanesville, Ohio, to assume all the deposits of the failed bank.
    OCC: NR 2001-43 FDIC: PR-32-2001 5/4/01

  • Missing Cashier's Checks

    The FDIC has been informed by the Hudson City Savings Bank, Paramus, New Jersey, that 200 of the bank's cashier's checks are missing and presumed stolen from a shipment from the check printer. FDIC:FIL-36-2001 5/3/01

  • OCC and FRB Issue Guidance on How to Protect Against ID Theft

    The OCC has issued an advisory letter and the Federal Reserve Board has issued a Supervisory Letter giving institutions under their jurisdiction guidance on how to protect customer information against identity theft and pretext calling. 5/1/01

04/14/2001

2014 NMLS renewal period ends

The NMLS has announced the closing of Renewal Period for 2014 and the beginning of the Reactivation Period. Information on reactivation is posted on the NMLS's Renew/Reactivate page.

04/14/2001

FDIC technical assistance videos

The FDIC has released four new technical assistance videos in its third installment of videos to provide useful information to bank directors, officers, and employees on regulatory issues and proposed regulatory changes. The videos cover the following topics:

  • Municipal securities—supervisory expectations, investment policies, and basic and expanded pre-purchase analysis and on-going monitoring of municipal securities
  • ALLL (allowance for loan and lease losses)—overview of applicable interagency policy statements, discusses pertinent accounting standards, reviews measuring impairment and estimating credit losses, and illustrates an effective loss migration analysis
  • TDR (troubled debt restructuring)—how to identify a TDR, the related accounting and regulatory treatment, and the multiple note concept
  • Managing fair lending risk—summarizes the fair lending laws, discusses the concepts of disparate treatment and disparate impact, and reviews fair lending risk indicators, mitigation strategies, and the components of an effective compliance management system


04/14/2001

FDIC technical assistance videos

The FDIC has released four new technical assistance videos in its third installment of videos to provide useful information to bank directors, officers, and employees on regulatory issues and proposed regulatory changes. The videos cover the following topics:

  • Municipal securities—supervisory expectations, investment policies, and basic and expanded pre-purchase analysis and on-going monitoring of municipal securities
  • ALLL (allowance for loan and lease losses)—overview of applicable interagency policy statements, discusses pertinent accounting standards, reviews measuring impairment and estimating credit losses, and illustrates an effective loss migration analysis
  • TDR (troubled debt restructuring)—how to identify a TDR, the related accounting and regulatory treatment, and the multiple note concept
  • Managing fair lending risk—summarizes the fair lending laws, discusses the concepts of disparate treatment and disparate impact, and reviews fair lending risk indicators, mitigation strategies, and the components of an effective compliance management system


03/31/2001

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)

03/14/2001

Bureau asks for mortgage closing 'pain points'

The Consumer Financial Protection Bureau has published in today's Federal Register a request for information on key consumer “pain points” associated with mortgage closing and how those pain points might be addressed by market innovations and technology. The request marks the beginning of the next phase of the Bureau's Know Before You Owe initiative, which will attempt to identify ways to improve the mortgage closing process for consumers. Comments are due by February 7, 2014.

03/14/2001

FRB posts Section 19 prohibition letters

The Federal Reserve Board has released seven Section 19 letters issued during December 2013. The recipients are prohibited from becoming or continuing as an institution-affiliated party with respect to any insured depository institutions, including, but not limited to, any bank, savings association or credit union, and their holding companies, as well as Edge corporations and Agreement corporations. Scroll down on the linked page for the links to the letters.

03/14/2001

FRB posts Section 19 prohibition letters

The Federal Reserve Board has released seven Section 19 letters issued during December 2013. The recipients are prohibited from becoming or continuing as an institution-affiliated party with respect to any insured depository institutions, including, but not limited to, any bank, savings association or credit union, and their holding companies, as well as Edge corporations and Agreement corporations. Scroll down on the linked page for the links to the letters.

02/28/2001

Top Stories for March 2001

  • FRB Issues Interim Rule to Establish Uniform Standards for Electronic Delivery of Mandated Disclosures Under the Consumer Regs

    Under the rules, financial institutions, creditors, lessors, and others may deliver disclosures electronically if they obtain consumers' consent in accordance with the requirements of the Electronic Signatures in Global and National Commerce Act (the "E-Sign Act"), enacted in June 2000. Reg M Interim Rule, Reg Z Interim Rule, FRB Press Release (3/30/01)

  • OCC Publishes the FFIEC Statement on Article 9 Revisions

    National banks and their legal counsel should consider carefully the changes in state law brought about by revised Article 9 in order to ensure the attachment and perfection of their existing and future security interests. OCC 2001-16 FFIEC Statement (3/29/01)

  • Agencies Clarify Guidance on the Accounting and Reporting for Loans Held for Sale

    The federal financial institution regulatory agencies issued guidance to institutions and examiners about the appropriate accounting and reporting treatment for certain loans that are sold directly from the loan portfolio or transferred to a held-for-sale account. FRB Press Release, OCC 2001-15, OTS 01-24 FDIC: PR-24-2001 (3/28/01)

  • Agencies Publish Proposed Regulation Implementing the Provisions of the Fair Credit Reporting Act

    As earlier reported by the agencies, they have published for comment proposed regulations implementing the provisions of the Fair Credit Reporting Act (FCRA) that permit institutions to communicate consumer information to their affiliates (affiliate information sharing) without incurring the obligations of consumer reporting agencies. 66FR16624 (3/27/01)

  • FRB Issues Final Rule Amending Regulation 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. FDIC:FIL-25-2001 (3/26/01)

  • Regulators Issue Supervisory Guidance to Enhance Puplic Disclosures

    A private sector working group recommended several specific practices that would enhance disclosure by large banking organizations. These include quarterly disclosure of some market risk information that is now disclosed annually and enhanced quarterly disclosures about credit concentrations and credit quality of portfolios. FRB Press Release OCC 2001-14 - Guidance (3/26/01)

  • FRB Announces Procedures for Filing of Documents Required by the CRA Sunshine Requirements

    The new CRA Sunshine provisions require nongovernmental entities or persons (NGEPs) and insured depository institutions or affiliates that are parties to certain written agreements that are in fulfillment of the Community Reinvestment Act (CRA) to (1) make the agreement available to the public and the relevant bank or thrift supervisory agency, and (2) file an annual report about the agreement with the relevant supervisory agency. FRB Press Release (3/23/01)

  • FRB Revised its Brochure: When Your Home Is on the Line: What You Should Know about Home Equity Lines of Credit.

    Regulation Z, which implements the Truth in Lending Act, requires creditors to provide the brochure, or a suitable substitute, to consumers when an application form is provided for a home equity line of credit. FRB Press Release Brochure (3/23/01)

  • FDIC Report Evaluates Prospects for Commercial Credit Quality

    Continuing increases in problem commercial loans are focusing a spotlight on declining conditions in business lending, according to the FDIC. On September 30, 2000, commercial banks reported noncurrent commercial loans of 1.52 percent of total commercial loans, the highest level in the past six years. FDIC:PR-23-2001 (3/22/01)

  • FOMC Lowers Federal Funds by 50 Basis Points

    The FOMC decided to lower its target for the federal funds rate by 50 basis points to 5 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 4-1/2 percent. FRB Press Release (3/21/01)

  • NCUA Issues Interim Final Rule on Membership Manual

    The NCUA Board is amending its chartering and field of membership manual to make two changes to ease the burden on applicants for community charters, expansions or conversions. First, applicants need not submit documentation to establish a community area that is the same as one the NCUA has previously determined to be a well-defined local community, neighborhood or rural district. Second, the Board is deleting the category of common characteristics and background of residents from the examples of acceptable documentation because it has proven to generate documentation of limited relevance. 66FR15619 (3/20/01)

  • Agencies Extend Effective Date on Bank Insurance Rules

    As earlier reported by each agency, the effective date of consumer protection rules for the sale of insurance products by depository institutions on their premises has been changed. The new effective date will be October 1, 2001, rather than the original effective date of April 1, 2001. 66FR15345 (pdf) (3/19/01)

  • OCC Releases CRA Evaluations for 15 National Banks

    The OCC released a list of Community Reinvestment Act performance evaluations that became public during the period of February 15 through March 14. OCC:NR 2001-32 (3/19/01)

  • OTS Issued Three Enforcement Orders In January

    The OTS reported that it issued three enforcement orders during January 2001, one instituting a civil money penalty and two terminating previously issued cease and desist orders. OTS 01-22 (3/19/01)

  • FRB Publishes Final Rule Revising Reg E Commentary

    The Rule provides guidance regarding electronic check conversion transactions, computer-initiated bill payments, authorization of recurring debits from a customers accounts and telephone-initiated transfers. 66FR15187 (3/16/01)

  • Director Seidman Announces Staff Paper That Finds Real Estate Lending Less Risky
    Than Capital Rules Suggest

    OTS Director Ellen Seidman announced the preliminary findings of an OTS economist’s working paper that concludes that the 1988 Basel Capital Accord risk weights do not accurately track the historical credit experience of U.S. loan portfolios and suggests that residential mortgage and other real estate secured loans may be relatively overburdened by the current standards. OTS 01-21 (3/16/01)

  • NCUA Issues Proposed Rule on Regulatory Flexibility Program

    The NCUA Board is proposing a new rule that would permit credit unions with advanced levels of net worth and consistently strong
    supervisory examination ratings to be exempt, in whole or in part, from certain NCUA regulations that are not specifically required by statute. The NCUA Board is also proposing an amendment to the appraisal regulation to increase the dollar threshold from $100,000 to $250,000 for when an appraisal is required. 66FR15055 (3/16/01)

  • OTS Would Simplify Certain Capital Requirements And Revise Liquidity Standards

    The OTS proposed a rule change to reduce certain capital burdens and separately issued an interim final rule that would conform to recent changes in the law by eliminating a four percent liquidity requirement and replacing it with a general requirement that thrift institutions maintain sufficient liquidity. OTS 01-20 (3/15/01)

  • Agencies Will Allow Privacy Notices Under Existing Fair Credit Reporting Act

    Federal banking agencies announced that any final Fair Credit Reporting Act rule will not require depository institutions to
    revise Gramm Leach Bliley Act privacy notices prepared in reliance on existing FCRA law and delivered to consumers before next January.FDIC-PR-22-2001, FRB Press Release, OCC: NR 2001-30, OTS 01-19, FDIC-PR-22-2001 (3/15/01)

  • FIL Released on February's InfoSec Guidelines

    Nearly a month and a half after the guidelines were published in the Federal Register, FDIC has released an FIL alerting institutions to the guidelines. FIL-22-2001 (3/15/01)

  • OCC Announces 5 New Enforcement Actions

    The OCC announced 5 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. OCC:NR 2001- 31 (3/15/01)

  • Agencies Extend Effective Date on Bank Insurance Rules

    The federal banking regulatory agencies approved a joint rulemaking that extends the effective date of consumer protection rules for the sale of insurance products by depository institutions on their premises, or on their behalf. The new effective date will be October 1, 2001, rather than the original effective date of April 1, 2001. FDIC-PR-21-2001, FRB Press Release, OCC: NR 2001-29, OTS 01-18 (3/14/01)

  • FRB Publishes Revisions to Reg E Commentary

    The revisions provide guidance on electronic check conversion transactions when a consumer authorizes the use of a check to capture information for initiating an electronic debit from the consumer’s account. FRB Press Release (3/14/01)

  • President's Tax Cut Plan Count Benefit Credit Union's Liquidity

    NCUA Acting Chairman Dennis Dollar told state and federal regulators today that President Bush’s proposed tax cut plan provides credit unions with “an excellent opportunity to emphasize the value of savings and paying down debt while improving their liquidity position at the same time. NCUA Press Release (3/13/01)

  • Uniform Bank Performance Report is Available

    The December 31, 2000 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. For the most part, the formats for the commercial banks and the FDIC-ISB are identical; however, the FDIC-ISB has its own unique UBPR peer groupings. FFIEC Press Release (3/12/01)

  • Latest FDIC Survey Finds Real Estate Slowing

    The latest results of the FDIC's Survey of Real Estate Trends indicated that conditions generally remained favorable in the nation's real estate markets during the second half of 2000 but there was some deterioration, especially involving single-family homes and local retail properties. FDIC:PR-20-2001 (3/12/01)

  • OTS Announces 14 February CRA Ratings

    The OTS announced savings associations' CRA performance evaluation ratings that became available in February 2001. OTS 01-14 (3/12/01)

  • OCC Reports Trading Revenues Remain Consistent As Derivatives Volume Reaches Record Level

    U.S. commercial banks earned $2.7 billion from trading activities during the fourth quarter 2000, off slightly from the revenue earned a quarter earlier. Trading revenue is earned from cash instruments and off-balance sheet derivative instruments. OCC: NR 2001-28 Report (3/12/01)

  • Regulators Publish Correction to Disclose and Reporting CRA Rule

    Regulators make correction to the previously published final rule, concerning the disclosure
    and reporting of certain agreements related to the CRA. 66FR14071 (3/9/01)

  • Federally insured credit unions will receive $99.5 million

    The NCUA voted to waive an insurance premium for 2001 and pay a 3 percent dividend of $99.5 million to the nation’s 10,316 federally insured credit unions. The dividend returns the National Credit Union Share Insurance Fund (NCUSIF) to the Board approved 1.3 percent normal operating level for calendar year 2000. NCUA Press Release (3/9/01)

  • FDIC Publishes Consumer News

    The latest edition of the FDIC’s quarterly newsletter for consumers features a "how-to" guide to
    understanding and using new rights to financial privacy. Other stories address such topics as what the FDIC’s insurance rules say if you manage deposits for a friend or relative.
    FDIC Consumer News (3/9/01)

  • Comptroller Hawke Says Bankers and Regulators Better Prepared to
    Deal with Challenging Economy

    Comptroller of the Currency John D. Hawke, Jr. said that bankers and regulators both learned from the problems of the early 1990s and are far better prepared to deal with a challenging economic
    environment today as a result. OCC:NR 2001- 26 (3/9/01)

  • Interagency Task Force Publishes Spanish-Language Consumer Brochure about Shopping for and Negotiating the Best Mortgage

    The federal Interagency Task Force on Fair Lending has published a Spanish-language version of its popular brochure for consumers, Looking for the Best Mortgage: Shop, Compare, Negotiate. FRB Press Release, OCC: NR 2001-27, FTC, OTS (3/9/01)

  • CAC Schedules Next Meeting

    The Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on Thursday, March 22. FRB Press Release (3/9/01)

  • FDIC Chairman Tanoe Gives Preview of Deposit Insurance Reform

    FDIC Chairman Donna Tanoue previewed the deposit insurance reform recommendations the agency plans to issue at the end of this month. FDIC:PR-19-2001 (3/8/01)

  • FDIC Issues Statement on Appraisal Standards

    The Appraisal Standards Board (ASB) of The Appraisal Foundation recently released Appraisal Standards Statement No.10, "Assignments for Use by a Federally Insured Depository Institution in a Federally Related Transaction." The statement was issued in response to indications that some appraisers are not following Uniform Standards of Professional Appraisal Practice (USPAP) for federally related transactions. FDIC: FIL-20-2001 (3/8/01)

  • FDIC Releases Preliminary Fourth Quarter and Year-End Earnings for Commercial Banks

    Annual profits of the commercial banking industry fell in the year 2000, snapping an eight-year streak of annual earnings records, the Federal Deposit Insurance Corporation reported. FDIC:PR-18-2001 (3/8/01)

  • OTS Reports Near Record Thrift Earnings in 2000; Industry Mortgage Originations Top
    $200 Billion

    The nation’s thrift industry recorded net income of $8 billion in 2000, down only $200 million from
    the record set in 1999, the OTS reported. In its fourth quarter Thrift Industry Financial Condition Report, the OTS said that earnings were $1.91 billion during the fourth quarter, up from $1.84 billion in the third quarter, a 3.8 percent hike. OTS 01-16 (3/8/01)

  • Nicholas Owens Joins NCUA's Public Affairs Team

    NCUA Chairman Dennis Dollar has selected Nicholas N. Owens as special assistant to the chairman for public affairs. NCUA Press Release (3/7/01)

  • OTS Supports Oxley Information Sharing Initiative Targeted at Financial Services
    Industry Wrongdoers

    The OTS supported Financial Services Committee Chairman Michael Oxley’s (R-Ohio) initiative to have the major financial services regulators share information about people and entities in the financial services industry that have committed crimes or engaged in other pertinent wrongdoing.
    OTS 01-15 (3/7/01)

  • Comptroller Hawke Outlines the Global Challenges of Internet Banking

    Comptroller of the Currency John D. Hawke, Jr. addressed the cross-border and international challenges of Internet banking for bankers and bank supervisors in a speech to the Institute of International
    Bankers. OCC:NR 2001- 23
    (3/7/01)

  • Comptroller Hawke Outlines the Challenges of Reaching the Unbanked

    Comptroller of the Currency John D. Hawke, Jr. outlined the challenges of bringing banking services to the unbanked in a speech to the National Community Reinvestment Coalition. OCC: NR 2001-24 (3/7/01)

  • FRB Issues Revisions to Reg E

    The revisions implement amendments to the act contained in the Gramm-Leach-Bliley Act that require the disclosure of certain fees associated with automated teller machine transactions. The amendments require ATM operators that impose a fee for providing electronic fund transfer services to post a notice in a prominent and conspicuous location on or at the ATM. 66FR13409 FDIC: FIL-25-2001 (3/6/01)

  • SEC Issues Proposed Rule Regarding the Electronic Signatures in Global and National Commerce Act of 2000

    The SEC announces several upcoming rulemaking activities regarding recordkeeping requirements under the federal securities laws consistent with the Electronic Signatures in Global and National Commerce Act of 2000. The action delays the effective date of certain provisions in the Act that may affect certain recordkeeping requirements under the federal securities laws. SEC: 33-7955 (3/6/01)

  • FDIC Issues March 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 December 2000. FDIC:PR-17-2001 (3/6/01)

  • OCC Issued Proposed Capital Rule for Nonfinancial Equity Investments

    As earlier reported in the Federal Register, the OCC has issued a proposed rule on the regulatory capital treatment of nonfinancial equity investments. OCC 2001-13 (3/6/01)

  • Roger W. Ferguson, Nominated to Full term on FRB Board

    Federal Reserve Board member Roger W. Ferguson, Jr. issued the following statement: "I am pleased that President Bush has announced his intention to nominate me to a full term on the Federal Reserve Board. My experience on the Board has been enormously gratifying. I'm delighted to have the opportunity to continue my work with Chairman Greenspan and our colleagues on the Board." FRB Press Release (3/6/01)

  • Former FDIC Employee Pleads Guilty to Identity Fraud Scheme

    FDIC Inspector General Gaston L. Gianni, Jr., announced that former FDIC employee Theresa A. Hill of Seat Pleasant, MD, pled guilty on March 1 to conspiracy in connection with an identity fraud scheme. FDIC: PR-16-2001 (3/5/01)

  • OTS Makes Application Processing Easier

    The OTS issued rules designed to make application processing easier to understand and more predictable for both applicants and the agency. OTS 01-13 (3/5/01)

  • OTS Announces CRA Examination Schedule for 2nd Quarter 2001

    The OTS announced that 43 savings associations are scheduled for CRA examinations during the second quarter of 2001. OTS-01-12 (3/5/01)

  • OCC Issues Second Quarter 2001 CRA Examination Schedule

    The OCC released its schedule of CRA examinations to be conducted in the second quarter of 2001.
    OCC:NR 2000- 21 (3/5/01)

  • OCC Issues Guidance on Bank-Provided Aggregation Services

    The OCC issued a bulletin that outlines the risks involved in the offering of account aggregation services by national banks and the management controls that are needed in connection with such services.
    OCC:NR 2001- 22 (3/5/01)

  • FRB Publishes Final Rule to Implement Provisions of GLBA Requiring Disclosure of ATM Fees

    The GLBA amended the Electronic Fund Transfer Act by requiring disclosure of fees imposed by ATM operators (sometimes referred to as "surcharges"). Many ATM operators that impose such fees already disclose information about the fee to satisfy existing Regulation E and ATM interchange network requirements. FRB Press Release Board's Notice (3/5/01)

  • Comptroller Hawke Praises Community Development Lenders

    Comptroller of the Currency John D. Hawke, Jr. said that community development organizations, through hard work and resourcefulness, have passed a critical turning point that ensures their future success in both good economic times and bad. OCC: NR 2001-20 Speech (3/2/01)

  • FDIC Issued Proposed Capital Rule for Nonfinancial Equity Investments

    As earlier reported in the Federal Register, the FDIC is requesting public comment on a proposed rule governing the regulatory capital treatment for equity investments in nonfinancial companies held by FDIC-supervised banks. FDIC:FIL-19-2001 (3/2/01)

  • FDIC Issues Second Quarter CRA Examination Schedule

    The FDIC has issued the public list of institutions that it has scheduled for a CRA examination during the second quarter of 2001. FDIC:PR-15-2001 (3/2/01)

  • FDIC Spotlights FFIEC Statement on Revised Article 9

    The FFIEC has issued a statement concerning a major revision to Article 9 of the UCC and its effect on financial institutions. Article 9 governs transactions involving the granting of credit secured by personal property. FIL-18-2001 (3/1/01)

  • FRB is Integrating the Examination Frequency for Trust and Transfer Agency Examinations with Safety and Soundness Exams

    The frequency and scope of examination coverage of fiduciary activities at banking organizations supervised by the FRB should be based on the guidelines provided by the FRB. Supervisory risk profiles, risk assessments, and supervisory plans should also reflect fiduciary activities. FRB: SR 01-5 (3/1/01)

01/31/2001

Top Stories for February 2001

  • FDIC Makes Public January 2001 Enforcement Actions

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in January 2001. No administrative hearings are scheduled for March 2001. FDIC:PR-14-2001 (2/28/01)

  • OCC Updates The Permissible Bank Activities Guide

    (2/28/01)

  • OCC Publishes Guide to Aid in Identification of Problem Banks

    The OCC published a guide intended to help examiners identify problem banks and assist in their rehabilitation or resolution. OCC:NR 2001-19 (2/28/01)

  • FRB and Treasury Extend Comment Period on Reg Y

    As earlier report, the FRB and Treasury published for public comment a joint proposal that would permit financial holding companies and financial subsidiaries of national banks to engage in real estate brokerage and real estate management. The Agencies are extending the comment period on the proposal to May 1, 2001. 66FR12440 (2/27/01)

  • OTS Publishes the Community Liaison

    (2/27/01)

  • FDIC's Bank Technology Group Appoint Five Agency Veterans to Key Posts

    The Bank Technology Group ensures the FDIC uses a corporate-wide, integrated approach in monitoring and managing risks associated with emerging bank technologies as the risks relate to consumers and to the FDIC's insurance and supervisory functions. Areas of focus include electronic commerce activities such as Internet banking and Internet payments, enabling technologies, and related policy implications. FDIC:PR-13-2001 (2/27/01)

  • Comptroller Hawke Notes Promise, Risks of Internet Banking

    Comptroller of the Currency John D. Hawke, Jr., said that while the OCC’s goal in the area of Internet banking is to encourage innovation, the new technology poses special risks and challenges for regulators. OCC:NR 2001-18 (2/26/01)

  • NCUA proposes to revise its regulation establishing standards for vital record preservation

    The proposal clarifies that a credit union may preserve records in electronic form, as authorized by the Electronic Signatures in Global and National Commerce Act. 66FR11239 (2/23/01)

  • NCUA is Adopting a Rule Clarifying Repayment Fees

    The NCUA is adopting a rule clarifying that as conservator or liquidating agent of a federally-insured credit union, the NCUA Board (Board) will honor a claim for prepayment fees by a Federal Home Loan Bank under the circumstances set forth in the rule. 66FR11229 (2/23/01)

  • FFIEC Publishes Final Money Laundering Report

    Financial Action Task Force on Money Laundering Report on Money Launder Typologies for 2000-2001 (2/23/01)

  • OCC Issues Alerts on Entities That May Be Conducting Banking Operations in the
    United States Without Authorization

    The OCC has learned that the British Bank of Commerce, a.k.a. British Bank of Trade & Commerce, 499 Park Avenue, Ste 621, New York, NY 10022 may be operating a banking business in the United States without authorization. OCC: 2001-2 (2/23/01)

  • Credit unions show marked loan growth in 2000

    Lending grew 11 percent and shares grew 6.3 percent in 2000 according to preliminary data compiled from yearend call reports submitted by the nations 10,316 federally insured credit unions. NCUA Press Release (2/23/01)

  • NCUA Issues Proposed Rule Concerning FCU Investments in and Loas to CUSOs
    The first proposed change clarifies that the list of permissible activities in the CUSO regulation is intended to establish broad categories of permissible activities. The second proposed change adds a
    federally-chartered corporation to the category of permissible structures for CUSOs.
    66 FR 11125 (2/22/01)

  • FRB Amends Reg T

    The List of Foreign Margin Stocks is composed of certain foreign equity securities that qualify as margin securities under Regulation T. The Foreign List is published twice a year by the FRB.
    66 FR 11101 (2/22/01)

  • OCC Issues Alerts on Entities That May Be Conducting Banking Operations in the
    United States Without Authorization

    The OCC has learned that the Chase (Trust) Bank, 365 Madison Avenue, New York, NY 10002, may be operating a banking business in the United States without authorization. OCC: 2001-1 (2/22/01)

  • OCC Publishes Guidance on Foreign Official Corruption

    The Treasury, OCC, FDIC, OTS and FRB issued guidance to help U.S. financial
    institutions avoid transactions that may involve the proceeds of foreign official corruption. OCC 2001-9 (2/22/01)

  • FRB Raises Exemption Threshold

    The FRB has raised the asset size exemption threshold to $31 million for depository institutions
    that are required to report data under HMDA. The previous exemption level was $30 million. OCC 2001-10
    (2/22/01)

  • FRB and Treasury Extend Comment Period on Real Estate Activities Proposal

    The FRB and the Department of the Treasury announced an extension of the deadline, through May 1, 2001, on their request for comment on whether real estate brokerage and real estate management are activities that are financial in nature or incidental to a financial activity and therefore permissible for financial holding companies and financial subsidiaries of national banks. Joint Press Release (2/22/01)

  • FDIC Issues Deposit Broker Notification

    The FDIC informed banks that due to Congress's repeal of Section 29A of the FDIA - through enactment of the Financial Regulatory Relief and Economic Efficiency Act of 2000 - deposit brokers are no longer required to notify the FDIC that they are acting as deposit brokers or that they have stopped acting as deposit brokers. December 27, 2000, was the effective date of the legislation. FDIC:FIL-16-2001 (2/21/01)

  • OCC Releases CRA Evaluations for 9 National Banks

    The OCC released a list of CRA performance evaluations that became public during the period of
    January 15 through February 14. OCC:NR 2001-17 (2/19/01)

  • OCC Announces New Enforcement Actions

    The OCC announced 9 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. OCC: NR 2001-16 (2/19/01)

  • FDIC Issues Alerts on Entities That May Be Conducting Banking Operations in the United States Without Authorization

    The FDIC has learned that the American Republic Bank, Indianapolis, Indiana may be operating
    a banking business in the United States illegally or without authorization. FDIC:FIL-15-2001 (2/19/01)

  • Len Skiles Named NCUA Executive Director

    The NCUA Board named veteran decision-maker James Leonard Skiles executive director of the NCUA. As executive director, Skiles will be responsible for the day-to-day operation of the 1000-person federal agency. NCUA Press Release
    (2/16/01)

  • Basel Committee on Banking Supervision Seeks Comment on Consultative Paper on Customer Due Diligence for Banks

    As reported in January, the paper is part of the Basel Committee's ongoing effort to strengthen risk-management procedures in banks throughout the world. As set forth in the paper, key elements for customer due diligence policies and procedures include customer acceptance, customer identification, ongoing monitoring of high-risk accounts and risk management. The paper is available on the Bank for International Settlements' Web site.FDIC:FIL-13-2001 (2/16/01)

  • The FDIC would like to remind institutions that Calendar Year 2000 HMDA data is due by March 1, 2001.

    The FDIC has again contracted with the FRB in Washington, DC, to collect and process CY2000 HMDA data from those FDIC-supervised institutions that have a HMDA-reporting obligation. FDIC:FIL-14-2001 (2/16/01)

  • OCC Issues Procedures on Reverse Stock Split

    This advisory dated 05/10/2000 was updated to reflect the addition of Minnesota to the list of states for which the OCC has approved reverse stock splits conducted under state corporate governance procedures. OCC:AL 2000-4 (2/15/01)

  • FDIC Issues Alert on Entities That May Be Conducting Banking Operations in Canada or the US Without Authorization

    The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published the
    "Monthly Warning Advisory" (Issue No. 10), which contains the names of entities recently brought to
    OSFI's attention through an inquiry or complaint. FDIC:FIL-12-2001 (2/15/01)

  • Regulators Request Comment on Proposed Rule that would Establish Minimum Capital Requirements

    The proposed capital treatment would apply symmetrically to equity investments of banks and bank holding
    companies. 66FR10212 (2/14/01)

  • FRB amends Reg A to reflect the decrease in the 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. 66FR9907 (2/13/01)

  • President Bush Appoints Dennis Dollar to Chair the NCUA Board

    Mr. Dollar has been the single Republican member of the NCUA Board since October 9, 1997.
    During his tenure, Mr. Dollar has supported the expansion of credit union services to more
    Americans and has championed a move toward greater regulatory flexibility for credit unions with
    sound safety records. NCUA Press Release (2/13/01)

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

    The entities were incorporated in the state of Indiana; however, the actual location of their operations is unknown. The State of Indiana Department of Financial Institutions has not issued a banking license to these entities, and they are not authorized to conduct a banking business in the state.
    FDIC:FIL-11-2001 (2/9/01)

  • Basel Committee on Banking Supervision Published a Paper Entitled "Customer Due Diligence for Banks

    The committee's paper provides guidance to banks and bank supervisors on customer due diligence. The paper particularly focuses on basic standards for customer acceptance, identification, and dealing with high-risk accounts; the role of supervisors; and customer due diligence in a cross-border context. OCC 2001-7 (2/9/01)

  • OCC Offers New Guidance on Liquidity Risk

    The Liquidity handbook emphasizes the importance of understanding the inherent risks associated with reduced asset liquidity, increased wholesale funding dependence, growing funding concentrations, and higher exposures to rollover risk. OCC:PR 2001-15 (2/9/01)

  • IRS Extends Time Regarding Mandatory Use of Revised W-9

    The IRS has extended the deadline for the mandatory use of the revised W-9 Form until June 30, 2001. Payors must use the revised form for all new solicitations after that date. The revision requires a payee to certify that he or she is a U. S. person. Additional information regarding the extension will be contained an Internal Revenue Bulletin on February 20, 2001. IRS Notice (2/8/01)

  • FDIC Issues Final rule Implementing the Program Fraud Civil Remedies

    The final rule establishes administrative procedures to impose statutorily authorized civil penalties against any person who makes, submits, or presents a false, fictitious, or fraudulent statement or claim to the FDIC in connection with FDIC employment matters, FDIC contracting activities, and the FDIC
    Asset Purchaser Certification Program. 66FR9187 (2/7/01)

  • NCUA Chairwoman Moves to Assist Communications, Legislative Efforts

    Newly appointed Chairwoman Yolanda Townsend Wheat recently hired four new staffers to assist with the communications and congressional affairs operations at the NCUA. NCUA Press Release (2/7/01)

  • OTS Grants Federal Thrift Charter to National Advisors Holdings, Inc.

    The National Advisors Holdings, Inc., Overland Park, Kansas received approval from the OTS to organize a federal savings bank to be known as National Advisors Trust Company, FSB (NATCO). The thrift will be located in Overland Park, Kansas and will operate as a nationwide provider of trust products and services. NATCO will not accept deposits or make loans. OTS 01-10 (2/6/01)

  • OTS Releases January National CRA Ratings

    The OTS issued savings associations' Community Reinvestment Act performance evaluation ratings that became available in January 2001. OTS 01-11
    (2/6/01)

  • Comptroller Hawke Outlines E-Banking Challenges Facing International Bank Supervisors

    Comptroller of the Currency John D. Hawke, Jr. underscored the need for international cooperation in the supervision of electronic banking in a speech to the annual International Monetary Seminar sponsored by the Banque de France, Paris. OCC:NR 2001-14 (2/6/01)

  • 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 CRA. The list covers evaluation ratings that the FDIC assigned to institutions in November 2000.
    FDIC: PR-12-2001 (2/6/01)

  • FDIC Approves Assumption of all Deposits of First Alliance Bank & Trust Co.

    The Board of Directors of the FDIC has approved the assumption of all the deposits of First Alliance Bank & Trust Company, Manchester, New Hampshire, by Southern New Hampshire Bank & Trust Company, Salem, New Hampshire. FDIC: PR-11-2001 (2/5/01)

  • FDIC Helps Launch Third Annual National Consumer Protection Week

    Joining forces with federal, state and local organizations, the FDIC will help launch the third annual National Consumer Protection Week (NCPW), taking place February 5 - 10. The event will focus on predatory lending and other abusive lending practices, and highlight nationwide consumer protection and education efforts in these areas. FDIC: PR-10-2001 (2/5/01)

  • OCC Issues Advisory on Internet-Initiated ACH Debits/ACH Risks

    The advisory alerts national bank management and boards of directors to specific Automated Clearing
    House (ACH) risks and emphasizes the importance of sound ACH risk management practices. In particular,
    this advisory describes a recently approved amendment to the operating rules of the National Automated
    Clearing House Association. OCC:AL 2001-3 (2/5/01)

  • FRB Issued Final Rule to Amend Reg H

    The FRB issued a final rule that provides a national or state member bank meets the alternative criteria if the bank has a current long-term issuer credit rating from a nationally recognized statistical rating organization that is within the three highest investment grade rating categories used by the organization. 66FR8748
    (2/2/01)

  • FDIC Issues Final Rule on the Disclosure and Reporting of CRA-Related Agreements

    As earlier reported in the Federal Register, the FDIC, FRB, OCC and OTS approved final regulations implementing the CRA Sunshine Requirements of the Federal Deposit Insurance Act (FDIA), which were enacted by the Gramm-Leach-Bliley Act. FIL-10-2001 (2/2/01)

  • OTS Approves MONY's Acquisition of The Advest Group, Inc.

    The MONY Group Inc., New York, N.Y., and its subsidiary, MONY Acquisition Corp., received approval from the OTS to acquire AGI and Advest Bank and Trust Company (the Savings Bank), Hartford, Connecticut. OTS 01-09 (2/2/01)

  • Technology Enhances Banks' Ability to Segment Banking Business, Play to Strengths

    In a financial world increasingly influenced by technology, one key to a
    bank's success may be its ability to segment products and services into component parts that can
    then be marketed separately, said Julie L. Williams, First Senior Deputy Comptroller and Chief
    Counsel. OCC:NR 2001-13 Remarks by Julie L. Williams (2/2/01)

  • Agencies Publish Final Rule on Standards for Safekeeping Customer Information

    The OCC, FRB, FDIC, OTS published final Guidelines establishing standards for safeguarding customer information that implement sections 501 and 505(b) of the Gramm-Leach-Bliley Act. 66FR8615 (2/1/01)

  • NCUA Issues Order of Prohibition

    The NCUA announced that it has issued Prohibition Orders against San Clemente Securities Inc., a brokerage firm located in San Clemente, California. NCUA Press Release (2/1/01)

  • Comptroller Highlights National Bank Commitment to Community Development Investments

    Comptroller of the Currency John D. Hawke, Jr. praised national bank community development investments for supporting neighborhood revitalization efforts across the country. Part 24 of the OCC’s regulations authorizes national banks to make investments that are designed primarily to promote the public welfare. OCC:NR 2001-11 (2/1/01)

  • Regulators Jointly Issue Expanded Examination Guidance for Subprime Lending Programs

    The FRB, OCC, FDIC and OTS, has developed expanded examination guidance on subprime lending.
    The purpose of the expanded guidance is to strengthen the Agencies' supervision of institutions with subprime lending programs. The guidance is directed primarily to those institutions that have subprime lending programs that equal or exceed 25 percent of tier 1 regulatory capital. Joint Press Release (2/1/01)

  • FOMC Lowers its Target for Federal Funds

    The FOMC at its meeting decided to lower its target for the federal funds rate by 50 basis points to 5-1/2 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 5 percent. FRB Press Release (2/1/01)

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