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Top Story Compliance Related


Top Stories for November 2001

  • OTS Announces CRA Examination Schedule for First Quarter 2002

    The OTS published a list of 86 savings associations that are scheduled for Community Reinvestment Act (CRA) examinations during the first quarter of 2002. OTS 01-81 11/30/01

  • FDIC Reports Commercial Banks Earn $17.4 Billion in the Third Quarter, 2001

    Insured commercial banks earned $17.4 billion in the third quarter of 2001, a drop of almost 10 percent
    from third quarter profits the year before, the Federal Deposit Insurance Corporation announced. FDIC:PR-83-2001 11/30/01

  • Regulators issue final rule to change their regulatory capital standards

    The agencies are changing their regulatory capital standards to address the treatment of recourse obligations, residual interests and direct credit substitutes that expose banks, bank holding companies, and thrifts (collectively, banking organizations) primarily to credit risk. The final rule treats recourse obligations and direct credit substitutes more consistently than the agencies' current risk-based capital standards and adds new standards for the treatment of residual interests, including a concentration limit for credit-enhancing interest-only strips. 66FR59613 (text)
    66FR59613 (pdf) FDIC-PR-82-2001, FDIC:FIL-99-2001, FRB Press Release, OCC:NR 2001-96, OCC 2001-49 11/29/01

  • FRB is Proposing to Amend its Risk-based Capital Guidelines

    The FRB is proposing to amend its risk-based capital guidelines to clarify that deferred tax assets in excess of the allowable amount (disallowed deferred tax assets) are included in the items that are deducted from tier 1 capital for the purpose of determining the maximum allowable amount of tier 2 capital that a banking organization may include in qualifying total capital and the maximum allowable amount of term subordinated debt and intermediate-term preferred stock that may be treated as supplementary capital. 66FR59176 text 66FR59176 pdf 11/28/01

  • Treasury Issues Anti-Money Laundering Notice

    The notice provides interim guidance to financial institutions on how to comply with the requirements of sections 313 and 319(b) of the USA PATRIOT Act of 2001. These anti-money laundering provisions concern the relationship between U.S. financial institutions and foreign banking institutions. FRB:SR 01-29 Treasury Notice 11/27/01

  • OCC Releases CRA Evaluations For 21 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of October 15 through November 14, 2001. OCC:NR 2001-95 11/28/01

  • OCC Announces 10 New Enforcement Actions

    The OCC announced 10 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. OCC:NR 2001-94 11/28/01

  • Large credit unions post strong 3rd quarter results

    Federally insured credit unions with assets over $50 million grew a significant 12.81 percent in the first nine months of 2001 while the number of institutions declined slightly, down from 1,558 to 1,547. These institutions represent 15 percent of federally insured credit unions and nearly 83 percent of federally insured credit union assets. NCUA Press Release 11/28/01

  • FDIC Distributes Annual Report Form on Indebtedness of Executive Officers and Principal Shareholders to Correspondent Banks

    The FFIEC 004 report is designed to assist an institution's executive officers and principal shareholders in complying with the federal banking agencies' regulations implementing the Act. FDIC:FIL-98-01 11/27/01

  • FDIC to Broadcast Preliminary Bank Earnings Live on the Web

    The FDIC will announce preliminary third-quarter 2001 earnings for the commercial banking industry on Thursday,
    November 29, at 10:00 a.m. FDIC Live Broadcast 11/27/01

  • NCUA Issues Final Rule on Regulatory Flexibility Program

    The NCUA Board is issuing a final rule that will 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. The NCUA Board is also issuing a final amendment to the appraisal regulation to increase the dollar threshold from $100,000 to $250,000 for when an appraisal is required. 66FR58656 (text) 66FR58656 (pdf) 11/26/01

  • FRB Publishes Correction to Reg K

    The FRB is adopting correcting amendments to the final rule published in the Federal Register of October 26, 2001, regarding international banking operations and the corresponding delegations of authority. 66FR58655 (text) 66FR58655 (pdf) 11/26/01

  • OTS Announces 20 October CRA Ratings

    The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in October 2001. OTS 01-79 11/26/01

  • OTS Releases October Enforcement Statistics

    The OTS reported that it issued one enforcement order to an institution during the month of October. OTS 01-80 11/26/01

  • FRB Releases Minutes from Discount Rate Meeting

    The FRB released the minutes of its discount rate meetings from September 24 to October 2, 2001. 11/19/01

  • OCC Issues Semiannual Assessment

    The amendment revises the formula to establish a minimum base amount for the semiannual assessment for the first assessment bracket ($0-$2 million) of the assessment schedule. This change will enable the OCC to modestly adjust its assessments to better align with its costs of supervision. 66FR57645 (text) 66FR57645 (pdf) Correction 66FR58786 (text) 66FR58786 (pdf)11/16/01

  • FRB publishes annual adjustment of trigger fee for additional mortgage loan disclosures

    Under the revision to the FRB’s staff commentary to Regulation Z, the dollar amount of the fee-based trigger has been adjusted from $465 for 2001 to $480 for 2002 based on the annual percentage change reflected in the Consumer Price Index that was in effect on June 1, 2001. FRB Press Release

  • Fed Announces Results of Study of the Payments System

    American consumers and businesses make 80 billion retail payments annually, nearly 50 billion by check and 30 billion by electronic instruments, such as credit cards, debit cards and the Automated Clearing House (ACH), according to the first comprehensive studies of the retail payments system by the Federal Reserve System in more than 20 years. FRB Press Release 11/15/01

  • Agencies Issue Order Against the State Bank of India

    Federal and state banking regulators announced the issuance of a joint Order to Cease and Desist and Order of Assessment of a Civil Money Penalty and Monetary Payment against the State Bank of India, Mumbai, India, and the bank's three branches in New York, New York, its branch in Chicago, Illinois, and its agency in Los Angeles, California. FDIC-PR-81-2001 11/15/01

  • NCUA Issues Order of Prohibition

    The NCUA announced that it has issued an Order of Prohibition against Roslyn Keen, former manager of Millard Fillmore
    Hospital Federal Credit Union in Buffalo, New York. NCUA Press Release 11/15/01

  • NCUA Chairman Addresses 4th Faith-Based Conference

    NCUA Chairman Dennis Dollar told 150 representatives of faith-based credit unions that they have “a bright future and fill an important niche in the credit union community” and encouraged them to consider adopting their surrounding communities as a way to help offer a low-cost alternative to predatory lenders. NCUA Press Release 11/15/01

  • NCUA Chairman Dennis Dollar releases a statement regarding the U.S. Court of Appeals decision

    "The Court of Appeals’ decision issued represents a tremendous victory for NCUA and credit unions, but it is most of all a decisive win for the concept of consumer choice. We believe strongly that our field of membership rules adhered to both the letter and the spirit of the Credit Union Membership Access Act, and we are so pleased that the court overwhelmingly agreed. It is my hope that this unanimous ruling will be the beginning of the end to the nearly two decades of legal conflict pursued by the banking industry on both NCUA and America's credit unions. NCUA Press Release 11/15/01

  • Court Dismisses ABA Challenge to NCUA's Field of Membership Rule

    The United States Court of Appeals dismissed the American Bankers Association suit against NCUA's field of membership regulation issued pursuant to the Credit Union Membership Access Act (CUMAA) November 9, 2001. The court found the ABA's arguments without merit and affirmed the district court's dismissal of the case, except for one claim dismissed as moot and another dismissed as unripe. NCUA Press Release 11/15/01

  • FRB Releases Senior Loan Officer Opinion Survey on Bank Lending Practices

    The October 2001 Senior Loan Officer Opinion Survey on Bank Lending Practices focused on changes in the supply of, and demand for, bank loans to businesses and households over the past three months. The survey included supplementary questions on banks' internal credit risk ratings for business loan customers, loans for the purpose of share buybacks, and liquidity in the secondary market for business loans. 11/14/01

  • FDIC FIL about OFAC Changes

    The FDIC has published FIL-972001 to notify state-chartered nonmember banks about the 11/7 OAC list changes. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-97-2001 11/14/01

  • FRB Issues Advisory on the use of forward equity transactions by banking organizations

    The FRB has determined that shares covered by forward equity arrangements should not be included in the Tier 1 capital of a bank holding company or a state member bank. The amount to be excluded would be equal to the common stock, surplus, and retained earnings associated with the shares. FRB:SR 01-27 11/12/01

  • Chairman Greenspan Designate Representatives to Air Transportation Stabilization Board

    FRB Chairman Alan Greenspan today designated Governor Edward M. Gramlich to serve in his place as the chairman of the Air Transportation Stabilization Board. Treasury Secretary Paul O'Neill designated Under Secretary for Domestic Finance Peter Fisher to serve in his place as a Board member and Transportation Secretary Norman Mineta designated DOT General Counsel Kirk Van Tine to serve in his place as a Board member. FRB Press Release 11/12/01

  • Challenges Faced by Women in Building and Maintaining Assets

    Remarks by Julie L. Williams, First Senior Deputy Comptroller and Chief Counsel, Office of the Comptroller of the Currency
    Before the McAuley Institute’s 7th National Women and Housing Conference OCC:NR 2001- 93 11/12/01

  • NCUA Issues Order of Prohibition

    The NCUA announced that it has issued an Order of Prohibition against Elizabeth A. Maxwell, former manager of Greater Southwest Federal Credit Union in Sugar Land, Texas. NCUA Press Release 11/9/01

  • Thrift Holding Companies May Engage in Activities Approved for Financial Holding Companies, Says OTS

    The OTS published a proposed rule revising its regulations to make clear that all thrift holding companies are authorized under the Gramm-Leach-Bliley Act of 1999 to engage in the same list of financial activities as financial holding companies are permitted by the Federal Reserve Board. Gramm-Leach-Bliley gave financial holding companies new powers to engage in activities that are financial in nature, incidental to a financial activity or complementary to a financial activity. 66FR56488 (text) 66FR56488 (pdf) OTS 01-77 11/8/01

  • FDIC Report Says Risks in Banks' Loan Portfolios and Loan Administration have Increased Slightly

    FDIC examiners have reported increases in risks in banks' loan portfolios and in the way loans are administered, according to the agency's latest Report on Underwriting Practices, which covers the six months ending September 30, 2001. FDIC:PR-80-2001 11/8/01

  • NCUA Chairman Visits New York Credit Unions Recovering from September 11 Attacks

    NCUA Chairman Dennis Dollar received a briefing from leaders of New York credit unions impacted by the tragedy on September 11, as well as NCUA regional staff and representatives of New York state regulatory authorities. NCUA Press Release 11/8/01

  • Terrorist Additions to the OFAC SDN List

    OFAC has added additional entities and individuals to the list of SDGTs. The names have been inserted into all versions of the SDN list and the brochure on Terrorism. OCC:Alert 2001-14 11/7/01

  • FRB Lowers Fed Funds Rate to 2 Percent

    The FOMC decided to lower its target for the federal funds rate by 50 basis points to 2 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 1-1/2 percent. FRB Press Release 11/7/01

  • FDIC Publishes Historical Statistics on Banking

    The Historical Statistics on Banking provides annual statistical information on the banking industry beginning in 1934. These data can be used to identify and analyze long-term trends and to develop benchmarks to evaluate the current condition of the banking and thrift industries. 11/7/01

  • FDIC Issues November 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 August 2001. FDIC:PR-79-2001 11/6/01

  • NCUA Holds Historic Public Budget Briefing Announces 33.5 Staff Reductions In 2002 And Projection Of Planned Budget Decrease in Agency's 2003 Budget

    NCUA held its first open budget briefing with the agency's three-member Board participating with the public in the historic event. The Budget Briefing and Public Forum was announced in September by NCUA Chairman Dennis Dollar as a way to “shed additional light” on the NCUA budget process and allow the credit union industry and interested parties the opportunity to provide views and opinions for the agency's consideration. NCUA Press Release 11/6/01

  • Seidman Recounts OTS Accomplishments In Farewell Address to Thrifts

    In her farewell address to the thrift industry, Office of Thrift Supervision Director Ellen Seidman reviewed her four-year
    tenure, a time of enhanced profitability and stability for both OTS and the thrift industry. She focused on her actions to rebuild OTS, enhance communication between the agency and thrifts, and improve the thrift charter. OTS 01-76 11/6/01

  • Crossing the Bridge to Self-Employment

    A guide to state and federal programs for people who seek to start their own businesses. 11/6/01

  • OTS Outlines Refinements to Mutual Examination Process

    The OTS issued updated guidance on the examination of mutual institutions. OTS 01-75 11/5/01

  • OCC Guidance Cautions National Banks on Third Party Relationships

    The OCC issued guidance on managing the risks that arise when national banks have business relationships with third
    parties. OCC:NR 2001- 92 11/5/01

  • The National Infrastructure Protection Center (NIPC) issued Advisory 01-026 to advise computer users of the increased potential for distributed denial of service (DDoS) attacks. A previous advisory on DDoS attacks had been issued in September, but the NIPC notes that cyber protests and hacktivist activity have increased since the previous advisory (01-021) was issued and the potential for targeting U.S. organizations is higher than in September. 11/5/01

  • Washington Postal Federal Credit Union responds to an onsite crisis

    After two postal workers died from anthrax inhalation at the Brentwood Road Mail Processing Center in northeast Washington, D.C., the facility was shut down Sunday, October 21, 2001. No one can enter the quarantined building for what may be up to 12 weeks. NCUA Press Release 11/2/01

  • OTS Issues Proposed Rule to Clarify its Lending and Investment Regulations

    The OTS proposes to revise and clarify its lending and investment regulations to give savings associations greater flexibility in a changing marketplace. The proposed regulatory amendments are intended to help thrifts take better advantage of the flexibility available under the Home Owners' Loan Act (``HOLA''), to provide low-cost credit to their customers, and to invest in their communities while still operating safely and soundly. 66FR55131 (text),
    66FR55131 (pdf) Correction 66FR59050 11/1/01

  • OCC Issues Correction to Final Rule the would Amend that Percentage of Capital and Surplus a Bank may Loan

    The OCC recently published a final rule amending part 32, the regulation governing the percentage of capital and surplus that a national bank may loan to any one borrower. Inadvertently, six cross-references in the existing regulation were not amended to reflect changes made by the final rule. 66FR55071 (text),
    66FR55071 (pdf), Original Published Final Rule 11/1/01

  • FRB Approves Fee Schedules for Payment Services

    The price level for Federal Reserve priced services in 2002 is projected to increase 2.1 percent from the 2001 level. Because of fee reductions in recent years, the overall price level has risen only 3.5 percent since 1996. FRB Press Release 11/1/01

  • FDIC Approves Sale Of Superior Federal Bank, FSB, Hinsdale, Illinois

    The Board of Directors of the FDIC approved the sale of the branches and deposits of Superior Federal Bank, FSB. The winning bidder is Charter One Bank, FSB, Cleveland, Ohio. FDIC:PR-78-2001 11/1/01

  • Dollar Calls Overhead Transfer Funding Process Both Congressionally Authorized And Historically Successful

    NCUA Chairman Dennis Dollar has called the agency’s funding process in which a portion of the agency’s budget is allocated to the share insurance fund as an “overhead transfer” to cover insurance-related costs “legally strong and proven successful over 30 years of credit union growth and increased financial stability. NCUA Press Release 11/1/01

  • NCUA Issues Order of Prohibition

    The NCUA announced that it has issued an Order of Prohibition against Jill Marie Swatloski, former branch manager of Valley
    Communities Credit Union in Mosinee, Wisconsin. NCUA Press Release 11/1/01

  • FDIC Makes Public September Enforcement Actions; One Administrative Hearing Scheduled

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in September. One administrative hearing is scheduled for November. FDIC:PR-77-2001 11/1/01

  • OTS Proposes Revising Lending Rule To Enhance Thrift Flexibility, Clarifies Existing Lending Rule, Starts Pilot Program To Ease Disparities

    The OTS proposed changing its lending and investment regulations to allow thrifts greater flexibility to provide low-cost credit to their customers and to invest in their communities while still operating safely and soundly. OTS also reminded thrifts of the lending and investment flexibility they already have under existing rules and announced a pilot program to alleviate competitive lending disparities for thrifts. OTS 01-74 11/1/01


FRB Consumer Compliance Handbook updated

The Federal Reserve Board has published the November 2013 update to the Consumer Compliance Handbook. [Full Manual (711-page PDF); Links to sections] A summary of changes was also released.


January FedFocus

Federal Reserve Bank Services has posted the January 2014 issue of FedFocus, which features the results of the 2013 Federal Reserve Payments Study. Other articles discuss the FedTransaction Analyzer tool, the continuation of the America the Beautiful quarters program, business continuity, and new check adjustment webinars.


FRB Consumer Compliance Handbook updated

The Federal Reserve Board has published the November 2013 update to the Consumer Compliance Handbook. [Full Manual (711-page PDF); Links to sections] A summary of changes was also released.


January FedFocus

Federal Reserve Bank Services has posted the January 2014 issue of FedFocus, which features the results of the 2013 Federal Reserve Payments Study. Other articles discuss the FedTransaction Analyzer tool, the continuation of the America the Beautiful quarters program, business continuity, and new check adjustment webinars.


Top Stories for October 2001

  • Joint Agency Release on SEC Action Against Robert L. Bentley, Entrust
    Group and Bentley Financial Services, Inc.

    The joint release notifies all financial institutions that the Securities and Exchange Commission has filed suit against the above-named defendants for suspected securities fraud and has obtained a Temporary Restraining Order to freeze the defendants' assets and appoint a receiver to take control over the defendants' assets until further order of the court. OCC:AL 2001-11 FDIC:FIL-95-2001, NCUA Press Release, FRB:SR 01-26 10/31/01

  • FDIC Issues Final Rule Clarifying the Meaning of Engaged In The Business of Receiving Deposits Other Than Trust Funds

    This final rule amends the FDIC's regulations covering filing procedures and delegations of authority, to clarify the meaning of the phrase ``engaged in the business of receiving deposits other than trust funds'' in the Federal Deposit Insurance Act. Under the rule, an insured depository institution must maintain one or more non-trust deposit accounts in the aggregate amount of $500,000 in order to be "engaged in the business of receiving deposits other than trust funds". 66FR54645 (text) 66FR54645 (pdf) 10/30/01

  • NCUA makes presentation to Financial Accounting Standards Board

    The NCUA staff participated with other credit union and financial organizations in presenting formal comments to the Financial Accounting Standards Board (FASB) regarding their September 1999 exposure draft “Combinations of Non-stock Depository Institutions. NCUA Press Release 10/30/01

  • Dollar Has NCUA Staff Working To Develop “Cost Equity Formula” For Overhead Transfer Rate

    NCUA Chairman Dennis Dollar announced during remarks at the Founders Federal Credit Union annual planning conference that NCUA was working to develop a “cost equity formula” to make its overhead transfer process even œmore efficient and equitable. NCUA Press Release 10/30/01

  • FDIC Issues Alert on Fictitious Checks

    The FDIC has learned that fictitious "certified" checks are in circulation. The checks bear the name Sanborne Savings & Trust Company, P.O. Box 1475, Birmingham, AL 35233. FDIC:FIL-94-2001 10/30/01

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

    The OCC has informed the FDIC that the Ministry of Administration, Republic of Palau, has revoked the corporate charter for an entity called First Pacific Development Bank, Ltd., effective August 27, 2001. Proposed transactions involving this entity should be viewed with extreme caution. FDIC:FIL-93-2001 10/30/01

  • FTC Seeks Comment on Amending Children's Internet Privacy Rule

    The FTC is seeking public comment on a proposal to extend for two years the period during which Web sites directed to children can use an e-mail message from the parent, coupled with additional steps, to obtain verifiable parental consent for the collection of personal information from children. FTC Press Release, Proposal 66FR54963 (text) 66FR54963 (pdf) 10/29/01

  • FDIC Publishes 2000 Program Performance Report

    The 2000 Program Performance Report compares actual performance to the goals established in the FDIC's 2000 Annual Performance Plan. 10/29/01

  • FDIC Publishes 2001 - 2006 Strategic Plan


  • OTS Publishes Thrift Bulletin on Lending Limit Pilot Program

    FIRREA revised the lending limits to one borrower for savings associations to parallel those applicable to national banks. Savings associations are now generally allowed to lend no more than 15 percent of their unimpaired capital and surplus to one borrower. TB 79 10/29/01

  • FRB Release Board Meeting Minutes

    The FRB released the minutes of its discount rate meetings from May 21, 2001 to September 17, 2001. FRB Press Release 10/29/01

  • U.S. Postal Service Mail Delivery to the OCC

    The OCC, along with other agencies and businesses in Washington, D.C., has not received mail from the U.S. Postal Service for the last three days, while the Postal Service deals with the anthrax crisis. If you need immediate assistance or information from the OCC, you may want to call, e-mail, or fax your request. 10/26/01

  • OCC Issues General Information on SSCRA

    As a result of the recent activation of military reserves, the OCC has received inquiries about the Soldiers' and Sailors' Civil Relief Act of 1940, 50 USC App. 501 et seq. This advisory is issued to provide general information about certain provisions of the act that may affect national banks. OCC:AL 2001-10 10/26/01

  • FRB Issues Proposed Rule to Amend Regulations Relating to International Lending

    The FRB is seeking public comment on a proposal to amend its regulations relating to international lending by simplifying the discussion concerning the accounting for fees on international loans to make the regulation consistent with generally accepted accounting principles (GAAP). 66FR54399 (text) 66FR54399 (pdf) 10/26/01

  • FRB Issues Final Rule to Amend Reg K

    Consistent with section 303 of the Riegle Community Development and Regulatory Improvement Act of 1994 (the Regulatory
    Improvement Act), the Federal Reserve Act, and the International Banking Act of 1978 (the IBA), the Board has reviewed Regulation K, which governs international banking operations, and is amending subparts A, B, and C. 66FR54345 (text) 66FR54345 (pdf) Correction: 66FR58655 (text) 66FR58655 (pdf)10/26/01

  • OTS Names Sonja White Director of Examination Policy

    The OTS announced that Sonja White has been appointed to the position of Director, Examination Policy. Ms. White replaces Duane Thorkildsen, who was named Deputy Director of OTS’s Dallas regional office in June. OTS 01-73 10/26/01

  • FDIC Publishes Analysis on "How the Banking Industry Has Responded to Crisis"

    How commercial banks have faced crises; their current preparations to expand credit, provide depositors a refuge, sustain profitability. How the Banking Industry Has Responded to Crisis 10/26/01


    "Dark Clouds and Silver Linings -- How the Postal Service Problems May Affect You"



    (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism) was approved by Senate on October 25, 2001. It had previously been passed by the House and may be on the President's desk for signature as early as Friday. The Act contains, in Title III, the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001.

    The intent of International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 is to increase the strength of United States measures to prevent, detect, and prosecute international money laundering and the financing of terrorism and to ensure that banking transactions and financial relationships do not contravene provisions of the US Code or the Federal Deposit Insurance Act.

    The Secretary of Treasury is given broad discretion to take measures tailored to particular money laundering problems presented by foreign institutions and international transactions and to provide guidance to domestic financial institutions on international transactions.

    The Act clarifies the terms of the safe harbor from civil liability for filing SARs and strengthens the authority of the Secretary of the Treasury to issue geographic targeting orders.

    In addition, the Act ensures that all appropriate elements of the financial services industry are subject to requirements to report potential money laundering transactions and jurisdictional disputes do not hinder the examination of compliance by financial institutions with the reporting requirements.

    The Act strengthens measures to prevent the use of the US financial system for personal gain and facilitates the repatriation of any stolen assets to the citizens of the countries to whom such assets belong. USA PATRIOT ACT

  • NCUA Receives Independent Study of Overhead Transfer, Dollar Says Study Backs Agency Approach

    NCUA Chairman Dennis Dollar told a group of community credit union leaders that NCUA has received its long awaited independent
    third-party study of its overhead transfer process and that the “agency came out very well.” NCUA Press Release 10/25/01

  • SEC Charges Robert L. Bentley, Bentley Financial Services, Inc. and Entrust Group with Securities Fraud

    NCUA has been notified that the Securities and Exchange Commission charged Robert L. Bentley, Bentley Financial Services, Inc., (“BFS”) and Entrust Group (“EG”), Paoli, Penn., with securities fraud for selling securities misrepresented as insured certificates of deposit (CDs) to hundreds of financial institutions. BFS is a CD broker and EG acts as the custodian for CDs placed through BFS. NCUA Press Release 10/25/01

  • OCC Releases Second Quarter Edition of Quarterly Journal

    The September 2001 issue of the Quarterly Journal, Vol. 20, No. 3 (for second quarter 2001), is now available on-line. This issue features the latest "Condition and Performance of Commercial Banks," and data on status of the corporate structure of the national banking system. In addition are the regularly featured speeches and congressional testimony of the agency's executives as well as the legal interpretations of the quarter, the financial performance tables for commercial and national banks based on the latest call-report data for the quarter, and recent corporate decisions. Quarterly Journal 10/24/01

  • FDIC Issues FIL on Yugoslavian OFAC Sanctions

    The FDIC has published FIL 92-2001 to notify state-chartered nonmember banks about the 10/3 change that amended OFAC regulations concerning Yugoslavia. [The OFAC change itself was previously covered on BOL.]
    FDIC:FIL-92-2001 10/24/01

  • FDIC Publishes OSFI Monthly Warning Advisory

    The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published "Monthly Warning Advisory" (Issue No. 20), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL:91-2001 10/24/01

  • FTC Launches Telemarketing Fraud Site

    The Federal Trade Commission says telemarketing fraud bilks American consumers out of billions of dollars each year. To provide information to help consumers protect themselves, and guidance for businesses to help them comply with the Telemarketing Sales Rule, the FTC has launched a new Web page "Telemarketing Fraud - Ditch the Pitch". 10/23/01

  • FDIC Issues Alert on Counterfeit Official Bank Checks

    The FDIC has learned that counterfeit checks have been drawn on four separate banks and are in circulation. FDIC:FIL-89-2001 10/23/01

  • FDIC FIL about OFAC Changes

    The FDIC has published FIL-90-2001 to notify state-chartered nonmember banks about the 10/5 OFAC list changes. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-90-2001 10/23/01

  • FDIC Spreads Word about Executive Order

    The FDIC issued FDIC Issues FIL-88-2001 to inform banks under its jurisdiction about the President's Executive Order on Targeting Terrorists. [The Executive Order itself was previously covered on BOL.] FDIC: FIL-88-2001 10/23/01

  • FinCEN Releases New SAR Trends/Tips

    The latest issue of the SAR Activity Review is hot off the press. The Highlighted Trend for this issue of the SAR Activity Review is Computer Intrusion, but full statistics. Other notable trends include the use of money transmitters as a money laundering vehicle; use of Traveler's Checks to disguise identities; and more Nigerian letters. FDIC:FIL-96-2001 10/22/01

  • OTS' Latest Quarterly Review of Interest Rate Risk Addresses Confusion over Structured Advances

    The OTS has just published an article addressing the, at times, confusing area of Federal Home Loan Bank (FHLB) advances.
    OTS 01-72 10/22/01

  • HUD Position on Yield Spread Premiums

    HUD has issued Statement of Policy 2001-1 to clarify its position on yield spread premiums under RESPA in light of two recent court cases. 66FR53051 (text) 66FR53051 (pdf) 10/19/01

  • FRB Announces Annual Adjustments for Reserve Calculations and Deposit Reporting

    The FRB announced the annual adjustments in the amount of net transaction accounts used in the calculation of reserve requirements and the cutoff level used to determine the detail and frequency of deposit reporting. FRB Press Release 10/19/01

  • Country Risk Management Booklet Online

    The "Country Risk Management" booklet, discusses country risk -- the risk that economic, social, and political conditions and events in a foreign country will adversely affect an institution’s financial interests. It describes the elements of the country risk management process and provides risk-focused examination procedures. 10/19/01

  • Veteran NCUA Manager Named Region V Associate Regional Director of Operations

    The National Credit Union Administration Board has selected C. Keith Morton to direct operations for the NCUA regional office in Austin, Texas. NCUA Press Release 10/19/01

  • New NIPC Report on Infrastructure Threat

    The National Infrastructure Protection Center has issued a new report "Cyber Protests: The Threat to the U.S.Information Infrastructure". NIPC notes that pro-active network defense and security management are imperative to the prevention of more serious damage to infrastructure assets. 10/18/01

  • FRB Issues Final Rule to Reflect the Change in the Discount Rate

    The FRB has amended its Regulation A, Extensions of Credit by Federal Reserve Banks to reflect its approval of a decrease in the basic discount rate at each Federal Reserve Bank. The Board acted on requests submitted by the Boards of Directors of the twelve Federal Reserve Banks. 66FR52850 (text) 66FR52850 (pdf) 10/18/01

  • OCC Releases CRA Evaluations For 19 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of September 15 through October 14. OCC:NR 2001-91 10/18/01

  • FRB Requests Comment on Proposed Revisions to Subpart D of Regulation K

    The proposal is intended to reduce the regulatory burden on banking institutions engaged in international lending by making the requirements concerning accounting for fees on international loans consistent with generally accepted accounting principles (GAAP).
    FRB Press Release 10/18/01

  • FRB Approves Comprehensive Revisions to Regulation K

    The final rule will expand permissible activities abroad for U.S. banking organizations and reducing associated regulatory burdens. It also reduces regulatory burden on foreign banks operating in the United States by streamlining the application and notice processes. FRB Press Release 10/18/01

  • Statement of FDIC Director John Reich on Failure of Superior Bank

    FDIC Statement 10/18/01

  • Statement of FDIC Chairman on Deposit Insurance Reform

    FDIC Statement 10/18/01

  • FDIC Agency Meeting

    The FDIC Board of Directors will meet in open session on October 23, 2001. Meeting Notice 10/18/01

  • OCC Announces 6 New Enforcement Actions and 6 Terminations

    The OCC announced 6 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 6 terminations of existing enforcement actions. OCC:NR 2001- 90 10/18/01

  • OTS Details Actions Responding to Attack and Superior Bank

    In the resumption of a Senate Banking Committee hearing on Superior Bank that was postponed shortly after it began on
    September 11, OTS Director Ellen Seidman announced that OTS has issued 27 subpoenas in the Superior case. She reported that agency officials have also had extensive discussions with investigators from the General Accounting Office, and Treasury and FDIC inspector generals. OTS 01-71 10/17/01

  • On October 12th Terrorist Additions were Added to the OFAC SDN List

    As earlier reported on BOL, OFAC has added the names of 39 terrorists to its list of Specially Designated Global Terrorists (SDGTs). OCC:Alert 2001-13 10/17/01

  • Address Change for CRA and HMDA Data Submissions

    The FFIEC has issued a memo which indicates that due to heightened security concerns, they are changing the mailing addresses for all CRA and HMDA data submissions effective immediately. Because this change may delay receipt of the submissions to the regulators, they strongly encourage all CRA and HMDA data reporters to submit data via email. Consult the memo for complete new address information. FFIEC Memo 10/16/01

  • Business Continuity and Security Program Info

    The OCC has rounded up links to a number of issuances related to business continuity plans and security programs to help banks and servicers that are reviewing their business continuity plans and security programs following the terrorist attacks. Institutions of all charters will find these issuances helpful. OCC links 10/15/01

  • FRB Allows Banking Organizations some Flexibility in Calculating Capital Ratios for the Third Quarter

    In the aftermath of the September 11 attacks on the World Trade Center, a number of banking organizations have experienced delays in the clearing and settlement of their capital market transactions, such as repurchase and reverse repurchase transactions, securities lending and borrowing transactions, and securities sales. The delays may expose institutions to short-term credit risks they typically do not have when the clearing and settlement systems are operating normally. These credit risk exposures are often greatly mitigated because they are collateralized, in many cases by cash or government securities. FRB:SR 01-24 10/16/01

  • FRB Issues Guidelines for Using External Experts on Examinations, Inspections, and Other Bank Supervision

    The use of an external expert to meet resource needs is permissible provided the appropriate safeguards are in place to ensure that the Reserve Bank and supervised financial institutions sufficiently are protected from any misuse of information or conflict of interest, and further provided that there are established practices to ensure that an external expert will comply with applicable laws and policies. FRB:SR 01-25 10/16/01

  • Comptroller of the Currency speaks to the New York State Department of Banking

    Speech 10/16/01

  • Your Insured Deposit Booklet

    Korean and Chinese versions of Your Insured Deposit booklet now available. 10/15/01

  • OTS Announces 14 September CRA Ratings

    The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in September 2001. OTS 01-70 10/15/01

  • Charter for First Pacific Development Bank, Ltd. Revoke

    The OCC has been advised by the Ministry of Administration, Republic of Palau, that the corporate charter for First Pacific
    Development Bank, Ltd. has been revoked. OCC:2001-12 10/15/01

  • OFAC Again Updates

    On October 12, OFAC made changes for the fifth time in less than a month. Today's change added new names and aliases of 39 terrorists to the list of SDGTs. Their assets must be blocked immediately. The SDN material has been revised and the Terrorism brochure has been updated. For details on all the new names and aliases, go to the BOL OFAC page. 10/12/01

  • OTS Issued Three Enforcement Orders In August

    The OTS reported that it issued three enforcement orders to one individual and two institutions during August. OTS 01-69 10/12/01

  • FRB Announces Modifications to the Method for Calculating PSAF

    The PSAF (private sector adjustment factor) imputes the costs that would have been incurred and profits that would have been
    earned if the Reserve Banks' priced services were provided by a private firm. The revised method will be used to determine the 2002 PSAF and fees for Federal Reserve priced services. FRB Press Release 10/11/01

  • NIPC Warns Banks About Hackers

    The NIPC has issued a new warning to financial institutions after it has continued to observe hacking activity targeting the e-commerce or e-finance/banking industry. They point to third-party service providers that employ weak security practices as a particular target of the hackers. NIPC ADVISORY 01-023 10/11/01

  • Joint Agency Request Relating to Information Pertaining to the Terrorist Attacks

    The OCC requests your participation in a system to facilitate cooperation with law enforcement authorities in their ongoing
    investigation of terrorist activity. OCC:NR 2001-88 Interagency Letter on the Terrorist Attacks, BOL Cooperating with Law Enforcement 10/8/01

  • FDIC Issues October 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 July 2001. FDIC:PR-75-2001 10/8/01

  • OCC Supports Efforts of National Banks to Aid in Recovery Efforts

    National banks that support recovery efforts in communities affected by the September 11 terrorist attacks will receive credit under the Community Reinvestment Act, the Office of the Comptroller of the Currency announced. OCC:NR 2001-88 10/8/01

  • Interagency data show increase in adversely classified syndicated bank loans

    The 2001 Shared National Credit (SNC)1 review indicates continued deterioration in the quality of syndicated bank loans, consistent with general economic, sectoral, and credit market trends, according to data released Friday by three federal bank regulatory agencies. FRB Joint Press Release, OCC Press Release, FDIC-PR-74-2001 10/8/01

  • FTC Unveils Aggressive Privacy Agenda

    In announcing an aggressive pro-consumer privacy agenda, the Federal Trade Commission chairman stated his intention to increase privacy protection resources by 50 percent. The agency revealed a detailed new enforcement plan that will involve initiatives ranging from the creation of a national do-not-call list to greater enforcement of the Fair Credit Reporting Act. Privacy Agenda Overview 10/5/01

  • OFAC Again Updates Descriptors

    Late on 10/3/01, OFAC updated, for the second time, the descriptor information on the 27 terrorist-related individuals and entities
    previously added to the OFAC list. In some instances, the updates consist of additional aliases. In other instances, there is simply an alternate date of birth. In addition, it appears that new names not previously listed are found at the end of the
    update. Consult the SDN List and the SDN Changes List for full details of the designations. 10/5/01

  • NCUA Chairman Dennis Dollar Takes To The Air; Urges Americans To "Fly And Shop" Again

    It was Dollar's first official travel by air since the events of September 11. He was accompanied to the Open Forum by his Chief of Staff Kirk Cuevas, Special Assistant for Public Affairs Nicholas Owens and Executive Secretary Lynn Calderwood. During the Open Forum, Chairman Dollar told the credit unions leaders that "we all need to be flying again and headed to the malls." NCUA Press Release 10/5/01

  • Dollar Says Economic Downturn Emphasizes Need For Quarterly Call Reports

    NCUA Chairman Dennis Dollar told a group of Tennessee and Kentucky credit union leaders that the nation’s present economic downturn, made worse by the unexpected events of September 11, “points out once again that significant changes in the nation’s economy can happen suddenly and without warning.” NCUA Press Release 10/5/01

  • FDIC Program Encourages Banks to Make Loans to Those Affected by the September 11 Attacks

    To support rebuilding in New York and Washington after the terrorist attacks of September 11, the FDIC will give the banks it supervises credit under a federal law designed to promote community development when they lend for reconstruction, the agency announced. FDIC: PR-73-2001 10/5/01

  • FRB Approves Discount Rate Request

    The FRB approved action by the Board of Directors of the Federal Reserve Bank of Minneapolis and Philadelphia, decreasing the discount rate at the bank from 2-1/2 percent to 2 percent. FRB Press Release, FRB Press Release 10/5/01

  • OFAC Special Alert

    A second update was made to the OFAC list on 10/3/01 in the late afternoon. OFAC has published updated descriptor information on the names included in the annex to Executive Order 13224 which was issued by the President with effective date of 12:01am Monday, September 24. The SDN List and the SDN Changes List contain full details of the designations. OFAC is expecting to update the "Terrorism" brochure sometime on 10/04/2001. More OFAC information is available from our OFAC Sanctions Matrix. 10/4/01

  • OCC Concludes that GLBA and Barnett Decision Show Parts of West Virginia Law do not Apply to National Banks

    The OCC concluded in an opinion that will be published in the Federal Register that some provisions of a West Virginia
    insurance law would be preempted under the Gramm-Leach-Bliley Act (GLBA) and therefore would not apply to national banks. OCC:NR 2001- 86 Preemption Opinion 10/4/01

  • OCC Issues Final Rule on Operating Subsidiaries of Federal Branches and Agencies

    As earlier reported in the Federal Register, the OCC is amending parts 5 and 28 of its regulations to clarify that a federal branch or agency may establish, acquire, or maintain an operating subsidiary in generally the same manner that a national bank may acquire or establish an operating subsidiary. OCC 2001-46 10/4/01

  • Massachusetts Attorney Pleads Guilty to Wrongfully Converting Government Funds to Personal Use; Fined $100,000

    FDIC Inspector General Gaston L. Gianni, Jr., has announced that attorney Michael J. Harrington of Beverly, MA, pled guilty on September 20, 2001, in U.S. District Court, Boston, MA, to wrongfully converting to his personal use $226,771 in money and funds of the Hawthorne Hotel, Salem, MA. Harrington was ordered to pay a $100,000 fine. FDIC:PR-72-2001 10/4/01

  • Seidman Bids Community Groups and Financial Institutions to Look Beyond CRA

    In her last speech to community groups, OTS Director Ellen Seidman called on them and their financial institution partners to further the spirit of the Community Reinvestment Act by moving beyond it. OTS 01-67 10/4/01

  • OFAC Special Alert

    OFAC has published in the Federal Register an amendment to its Yugoslav regulations. Certain blocked FRYK funds transfers can
    be returned to remitters. Others must go forward into blocked accounts at U.S. banks that are the primary holders of those
    accounts. NFA debt is unblocked; other debt needs to be specifically licensed. Yugoslav Summary 10/3/01

  • FDIC Report Analyzes Effects of Slowing Economy on Demand for U.S. Office Space

    A slowing economy contributed to softening in some U.S. office markets during the first half of 2001.
    According to a report released by the FDIC, a combination of trends - a drop in demand for office space and an uptick in construction activity in some markets - has led to a slackening of office market conditions. FDIC:PR-71-2001 10/3/01

  • FOMC Lower its Target for the Federal Funds Rate

    The FOMC decided to lower its target for the federal funds rate by 50 basis points to 2-1/2 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 2 percent. FRB Press Release 10/3/01

  • OCC Announces Realignment of Technology and Compliance Units

    The OCC announced that Grace E. Dailey has been named Deputy Comptroller for Large Banks. The OCC also announced a reorganization involving the realignment of several units and the creation of two new positions. OCC:NR 2001- 85 10/2/01

  • FTC to Unveil Aggressive Privacy Agenda

    The FTC announced that it will unveil an aggressive new privacy agenda on October 4, 2001 to increase protection of consumer privacy in the marketplace by focusing on: telemarketing, spam, ID theft, and pretexting, as well as enforcement under the Fair Credit Reporting Act, the Children's Online Privacy Protection Act (COPPA), the Gramm-Leach-Bliley Act and the Telemarketing Sales Rule. BOL will feature a full report on the anticipated impact of this agenda soon after it is released. FTC Press Release 10/2/01

  • Help for 20 Worst Threats

    The FBI announced on 10/1/01 that it had teamed up with the computer industry to create a list of the 20 worst threats that have emerged on the Internet and to offer fixes for them in order to encourage users and companies to patch identified vulnerabilities before the next virus appears. The list addresses software bugs in Unix and Microsoft Windows operating systems, and common mistakes, such as inadequate passwords or failure to perform appropriate back-ups. The list and the fixes are available on the Web site of the non-profit Sans Institute, and the Top 20 scanner can be obtained for free by sending an email to the Center for Internet Security, using instructions found on the Sans Institute Web site.

  • FRB appointment of chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2002

    Each Reserve Bank has a board of directors of nine members. The Board of Governors in Washington appoints three of these directors and designates one of its appointees as chairman and a second as deputy chairman. FRB Press Release 10/1/01

  • FinCEN Hotline/Reporting Suspicious Transactions Relating to the Recent Terrorist Attacks

    National banks are required to report information concerning known or suspected criminal law violations relating to the recent terrorist attacks to law enforcement authorities by filing Suspicious Activity Reports (SARs) as expeditiously as possible.
    FinCEN Notice , OCC:Alert 2001-10, FDIC:FIL-87-2001, FRB Press Release 10/1/01

  • OTS Reminds Thrifts About Law Providing Financial Relief to U.S. Military Personnel

    The OTS reminded thrifts about provisions of the Soldiers and Sailors Civil Relief Act of 1940 that affect certain financial liabilities of military personnel, including in particular military reservists called to active duty, and new members of the armed
    forces. OTS 01-66 10/1/01

  • Consumer Advisory Council to hold meeting, open to the public, on October 25 at the Federal Reserve Board

    The meeting will take place in Dining Room E, Terrace level, in the Board's Martin Building. The session will begin at 8:45 a.m. and is open to the public. FRB Press Release 10/1/01

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

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in August. No administrative hearings are scheduled for October. FDIC:PR-70-2001 10/1/01

  • Dollar Announces Historic Open NCUA Budget Briefing and Public Forum –

    NCUA Chairman Dennis Dollar announced that the National Credit Union Administration (NCUA) has scheduled an open Budget Briefing and Public Forum on NCUA’s 2002 budget for November 1, 2001, at the NCUA’s Central Office in Alexandria, VA. NCUA Press Release 10/1/01


Fed schedules TDF offering

The Federal Reserve Board has announced a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility (TDF) will be conducted on January 13, 2014. Twenty-eight-day term deposits with an interest rate of 0.26 percent and a maximum tender amount of $1,250,000,000 will be offered.


FOMC minutes

The minutes of the December 17–18, 2013, meeting of the Federal Open Market Committee have been released by the Federal Reserve Board.


G.19 Consumer Credit report

The Federal Reserve has released the November 2013 G.19 Consumer Credit Outstanding and Terms of Credit report.


Matz and Cordray to host meeting

NCUA Director Matz and CFPB Director Cordray will host a free town hall meeting on February 12, beginning at 3 pm ET. During the webinar, participants will be able to pose questions about any topic relating to the credit union industry or the work of CFPB. Online registration is required.


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