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Top Story Compliance Related

03/14/2002

NCUA updates share insurance booklet

The NCUA has released an updated Your Insured Funds booklet, which provides consumers and credit unions with the latest share insurance coverage information in a new, easy-to-read format.

03/14/2002

E-Payment routing directory terms of use

Federal Reserve Financial Services has issued a reminder of a new requirement for users to agree to terms of use before they can access the E-Payments Routing Directory.

03/14/2002

FDIC enforcement actions

A list of 54 orders for administrative enforcement actions taken against banks and individuals in December 2013 has been released by the FDIC.

03/14/2002

FHC data updated

The Federal Reserve has released the list of bank holding companies that have elected as of January 31, 2014, to become or be treated as financial holding companies.

03/14/2002

G.20 Finance Companies report

The Federal Reserve Board has released the January 31, 2014, G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report, which includes data through November 2013.

03/14/2002

Idaho bank closed

The FDIC has announced the closing of Syringa Bank, Boise, Idaho. All of the bank's deposits were assumed by Sunwest Bank, Irving, California. The closing was the first of an FDIC-insured institution in Idaho since April 24, 2009.

03/14/2002

NCUA prohibition orders

Five orders have been issued by the NCUA prohibiting designated individuals from participating in the affairs of any federally insured financial institution.

03/14/2002

NCUA updates share insurance booklet

The NCUA has released an updated Your Insured Funds booklet, which provides consumers and credit unions with the latest share insurance coverage information in a new, easy-to-read format.

02/28/2002

Top Stories for March 2002

  • Fraudulent Bonus Checks For Non-Existent Jobs

    In FIL-30-2002 the FDIC tells of individuals and banks being victimized by a convoluted scheme involving online job applications and checks for "signing bonuses". 3/29/02

  • FTC to Announce Formation of NetForce

    On April 2 the FTC will have a press conference to announce the formation of an International NetForce to target deceptive spam and Internet fraud. Details about the press conference. 3/29/02

  • FTC Extends Comment Deadline on Changes to Telemarketing Sales Rule

    The Federal Trade Commission announced it has extended the public comment period for proposed changes to its Telemarketing Sales Rule until April 15, 2002 3/29/02

  • Michigan Bank Fails; FDIC Approves Payout

    The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of New Century Bank, Shelby Township, MI. The bank was closed today by the Michigan Commissioner of the Office of Financial and Insurance Services, and the FDIC was named receiver. PR-38-2002   Bank Closing Info 3/29/02

  • FDIC Report Evaluates Mortgage Lending Changes

    A report released in the FDIC's Regional Outlook evaluates changes in mortgage lending during the economic expansion of the 1990s, and the possibility that weaker home price growth could bring difficulties to home borrowers and their lenders. The report concludes that the risk of significant downward correction in house prices is not geographically widespread, but that some previously booming locations are exhibiting heightened home price risk. PR-37-2002   FDIC's FYI 3/29/02

  • The Importance of Managing Outsourcers

    A jury awarded a bank consultant a judgment of $276 million against a bank March 27, 2002 in a case where the consultant reportedly developed online loan application software for the bank and the bank subsequently formed its own subsidiary that allegedly used many of the consultant's methods. By utilizing its own company, the bank allegedly cut the consultant out of the processing fee he would have earned on each online loan application. Look at the news report on the case and consider your own outsourcing arrangements and precautions you should be taking now to avoid future disputes. 3/28/02

  • SEC Obtains Emergency Court Orders to Shut Down a Prime Bank Scheme

    The Securities and Exchange Commission obtained emergency court orders to shut down a nationwide, $98 million prime bank scheme and recover victims%™ money. The complaint alleges a team of "facilitators" falsely claimed to investors that their money would be used in Europe to trade financial instruments with top 25% or top 50% banks in a program sponsored by the Federal Reserve and global organizations. However, neither the financial instruments touted by RDI nor the markets on which they purportedly trade exist. SEC Press Release 3/28/02

  • FATF Issues Guidance Notes for Recommendations

    The Financial Action Task Force (FATF) on Money Laundering has issued guidance notes for its special recommendations on Terrorist Financing and the Self-Assessment Questionnaire. FATF Guidance Notes 3/27/02

  • GLBA Pretexting Case Settled

    Information brokers who allegedly using deception to obtain consumers' confidential financial information have agreed to give up their ill-gotten gains as part of a settlement of Federal Trade Commission charges that their practices violated federal law. The settlements also bars the operators from obtaining or hiring others to obtain consumers' financial information through illegal means or by hiring or contracting with others who use illegal methods to obtain consumers' financial information. The scheme involved the use of Web sites. FTC Release 3/27/02

  • Counterfeit Personal Money Orders in Circulation

    FDIC has issued FIL-28-2002 to alert banks that counterfeit personal money orders payable through Bank One, NA, Columbus, Ohio, and Bank of the Bluegrass & Trust Co., Lexington, Kentucky, are in circulation. The account numbers used on the counterfeit items are not the account numbers used by either bank for money orders. Attached for your information are copies of some of the counterfeit instruments. They were received as payment on credit card accounts in an attempt to fraudulently increase credit lines. This information was brought to the attention of FDIC by The New Millennium Bank, New Brunswick, New Jersey. 3/27/02

  • FDIC Publicizes Recent OFAC Changes

    In FIL-26-2002 and FIL-27-2002, the FDIC informs state-chartered nonmember banks of the March 11 and March 15 changes made to the OFAC list (which were previously reported on Top Stories). 3/27/02

  • Comptroller Hawke Spotlights Benefit of Regulator Independence

    Comptroller of the Currency John D. Hawke, Jr. said today that the banking industry's good health -- and its ability to support the economy as it emerges from economic difficulties -- owes in part to the independence of the bank regulatory agencies. NR 2002-31   Text of Speech(doc file) 3/26/02

  • 2002 Annual Performance Plan

    The FDIC's Annual Performance Plan implements the FDIC's strategic goals and objectives by establishing annual performance goals. 3/25/02

  • OCC Chief Counsel Julie L. Williams Urges Banks to be Vigilant In Avoiding Unfair and Deceptive Marketing Practices

    New guidance issued by the OCC will help banks maintain high-quality customer service, said Julie L. Williams, the OCC's First Senior Deputy Comptroller and Chief Counsel. The advisory letter on unfair or deceptive acts or practices "is part of our effort to identify potentially problematic practices and provide guidance to national banks on how to avoid them," Ms. Williams said in a speech before a compliance conference sponsored by the Maryland and Delaware banking associations. OCC:NR 2002- 30, Speech 3/25/02

  • Reminder of Reg H Prior Approval Requirement for Biz Plan Changes

    The Federal Reserve has issued SR 02-9 to remind state-chartered member banks of the Regulation H requirement that they obtain prior approval of the FRB before making any significant change in business plans. SR 02-9 3/22/02

  • OTS Summarizes PATRIOT Act

    A summary of the USA PATRIOT Act has been prepared by the staff of the Office of Thrift Supervision. The 11 page PDF document summaries the provisions which are applicable to thrift operations. OTS PATRIOT Act Summary 3/21/02

  • The Yield Spread Premium Soap Opera Continues

    The 8th Circuit Court of Appeals on March 21, 2002, reversed the class certification in the case of Glover v. Standard Federal Bank and Heartland Mortgage. Previously, the district court had created a nationwide class all individuals who obtained a mortgage financed by Standard Federal and brokered by any mortgage broker. The 8th circuit accepts the loan-specific liability test promulgated by HUD, which recognizes that yield spread premiums may legitimately be used as way to finance closing costs. The court therefore holds that a loan-specific analysis is required in order to determine whether the payment of a yield spread premium is based upon services rendered or an illegal referral. Class certification is therefore impracticable. Individual plaintiffs can still sue on an individual basis, but the certification of all the borrowers as a class in this case was improper. Glover v. Standard Federal Bank 3/22/02

  • FDIC Reports Weakened U.S. Office Markets Could Decline Further

    The demand for U.S. commercial office space deteriorated significantly in 2001 and conditions could weaken further in some key metro areas in 2002, according to a report released by the FDIC. FDIC:PR-35-2002 3/22/02

  • FRB Releases Consumer Guide to Electronic Check Conversions

    The Federal Reserve Board has published a guide to help consumers better understand their rights and responsibilities with regard to electronic check conversion transactions. "When is Your Check Not a Check? Electronic Check Conversion," discusses what electronic check conversion is, how consumers can tell if their check will be electronically converted, some of the differences between a regular check transaction and electronic check conversion, consumers' rights in an electronic check conversion transaction, and what consumers can do if they have problems with such transactions. FRB Press Release Electronic Check Conversion Guide     PDF Version of Guide 3/22/02

  • FRB Governor Susan S. Bies Speaks on Community Bank Challenges

    In a speech to the Ohio Bankers Day Conference, Ohio Department of Commerce, FRB Governor Susan S. Bies addressed financial performance of U.S. banks, in particular, of community banks; the improvements that banks large and small are making in measuring and managing risk; and finally, the responsibilities of directors and senior managers in corporate governance. Speech 3/22/02

  • FRB Supervisory Letter on Section 327 Implementation

    The FRB has issued SR 02-8 relating to implementation of Section 327 of the USA PATRIOT Act in the applications process. Section 327 of the USA Patriot Act amends the Bank Holding Company Act to require the Federal Reserve to consider the effectiveness of an applicant company in combating money laundering activities, when it acts on an application filed under section 3 of the Bank Holding Company Act or when it acts on an application under the Bank Merger Act. SR 02-8 3/22/02

  • Major Predatory Lending Settlement

    The FTC has announced the terms of their largest settlement in a subprime lending case. We've pulled together highlights from the FTC's press conference. Access our article Predatory Lending Practices Result in Large Settlement

    , as well as the FTC press release. 3/22/02

  • FTC Testimony on Identity Theft

    The FTC told the Senate Judiciary Committee's Subcommittee on Technology, Terrorism, and Government Information that while there is good reason for consumers to be concerned about falling victim to identity theft, there are "real and positive steps" that can be taken to reduce the incidence of this crime and alleviate the harm to consumers. FTC Press Release 3/21/02

  • OTS Will Examine for USA PATRIOT Act Compliance

    OTS and the thrift industry have been working together and along with law enforcement agencies to cut the purse strings of terrorists,% said Director James E. Gilleran. The USA Patriot Act enhanced our ability to cut off the financing of terrorism by strengthening the tools we have to prevent, detect and prosecute international money laundering.% OTS 02-13 3/21/02

  • Verifying Customer Identification

    Proposed regulations are expected from Treasury on minimum standards for verifying customer identification under Section 326 of the USA PATRIOT Act. Until then, when verifying identity, keep in mind the ease with which a social security number may have been compromised and look for any evidence that may indicate a SSN is being fraudulently used. The Social Security Act requires state motor vehicle agencies (MVAs) to collect SSNs on drivers license applicants (although it does not require the number to be displayed on the license). A new GAO report mentions deficiencies in MVA protection of social security data. (See p. 14-18 of the GAO Report). Look also at whether similar deficiencies in protecting customer information might exist at your own institution. 3/21/02

  • Latest FDIC Survey Finds Continued Slowing In Real Estate Markets

    The latest results of the FDIC's Survey of Real Estate Trends indicated continued deterioration in the nation's property markets during the second half of 2001. Reports of somewhat worsening conditions were significantly higher compared to six months ago for all property markets but were most prevalent for the commercial markets. FDIC:PR-30-2002 3/21/02

  • Interagency Statement Regarding Arthur Andersen

    The federal financial institutions supervisory agencies announced that the financial institutions they supervise should follow the guidance issued by the U.S. Securities and Exchange Commission with respect to auditing and accounting work performed by Arthur Andersen LLP. FRB Press Release, OCC:NR 2002-29, FDIC-PR-33-2002 , OTS 02-14 3/20/02

  • OCC Releases CRA Evaluations For 29 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of February 15 through March 14, 2002. The list contains only national banks and insured federal branches of foreign banks that have received ratings. OCC:NR 2002-28 3/20/02

  • OCC Announces 11 New Enforcement Actions and 1 Terminations

    The OCC announced 11 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 1 termination of an existing enforcement action. OCC:NR 2002- 27 3/20/02

  • Fed Leaves Interest Rate Unchanged

    The FOMC decided to keep its target for the federal funds rate unchanged at 1-3/4 percent. FRB Press Release 3/20/02

  • OCC Files Notice of Charges Against People's National Bank of Paris, Texas

    The OCC filed a notice of charges against People's National Bank, Paris, Texas, alleging that the bank engaged in unsafe and unsound practices in connection with its high-risk, subprime payday lending operation. OCC:NR 2002- 26 3/19/02

  • NCUA Issues Final Rule Concerning Financial and Statistical Reports

    NCUA is revising its rule concerning financial and statistical reports to require all federally-insured credit unions to file
    quarterly Financial and Statistical Reports with NCUA. Currently, only federally-insured credit unions with assets over $50 million must file these reports quarterly. All other federally-insured credit unions are required to file these reports semi-annually. 67FR12459 (text) 3/19/02

  • FFIEC Updates Draft Reporting Forms

    The FFIEC has updated two Draft Reporting Forms for March 2002 -- FFIEC 031(Consolidated Reports of Condition and Income for A Bank With Domestic and Foreign Offices) and FFIEC 041 (Consolidated Reports of Condition and Income for A Bank With Domestic Offices Only). 3/19/02

  • OFAC Updates SDN list and OFAC's Terrorism brochure

    OFAC's SDN list and OFAC's Terrorism brochure have been updated to include the information released on Friday, March 15th. OFAC Update 3/19/02

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

    The Massachusetts Bankers Association had asked the OCC for an opinion on whether three provisions of a Massachusetts law relating to the sale of insurance by banks apply to national banks. NR 2002-25 3/19/02

  • Comptroller Urges Industry to Adapt Technology To Give Low-Income Americans Greater Access to Banking Services

    Low-income Americans constitute a large and potentially important market for financial services providers, and technology gives banks a means to serve that market in a cost-effective way, Comptroller of the Currency John D. Hawke Jr. said. OCC:NR 2002-24, Speech 3/19/02

  • FDIC FIL about OFAC Changes

    The FDIC has published FIL-25 to notify banks of a recent OFAC change where OFAC amended its listing of Specially Designated Nationals and Blocked Persons by removing the a Specially Designated Narcotics Trafficker. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-25-2002 3/19/02

  • FFIEC Reports that the December 31, 2001 Uniform Bank Performance Report are Online

    The online version of the UBPR includes 5 years of continuous financial history that is restated quarterly to reflect call report amendments and new analytical tools. FFIEC Press Release 3/18/02

  • OCC Issues Alert on Suspicious Transactions

    The OCC has been advised by TCF National Bank, Minneapolis, MN, that certain "confirmation of funds" letters, issued from the bank's Arlington Heights Road branch office, were issued without the authority of the bank. OCC:Alert 2002-13/18/02

  • OCC Issues Unauthorized Banking Alert

    The OCC has not granted a national bank charter to this entity and the District of Columbia has not granted permission for it to operate a banking business. This entity is not associated with Chase Manhattan Bank of New York or any of Chase Manhattan Bank of New York's subsidiaries or affiliates. OCC:Alert 2002-2 3/18/02

  • Treasury Conducts Study of Information Sharing Practices Among Financial Institutions and Their Affiliates

    The Secretary of the Treasury, in conjunction with the federal functional regulatory agencies and the Federal Trade Commission is conducting a study of information sharing by financial institutions. The study is required by section 508 of the Gramm-Leach-Bliley Act of 1999. OCC 2002-113/18/02

  • FRB Issues Supervisory Letter on Section 314 of the USA PATRIOT Act

    The SR letter describes a new, immediately effective regulation concerning the sharing of information about terrorist financing and money laundering among financial institutions that was issued by the U.S. Department of the Treasury, through its Financial Crimes Enforcement Network (FinCEN). The FinCEN rule was issued pursuant to section 314(b) of the USA Patriot Act on March 4, 2001. All banking organizations supervised by the Federal Reserve should take whatever steps are necessary to ensure that the appropriate staff learns about its provisions. (The proposal and interim rule were earlier reported on Top Stories when announced and when published.) FRB:SR 02-6 3/18/02

  • Treasury Issues Final Rule to Amend the Treasury Tax and Loan Program

    The rule provides the Secretary greater flexibility to adjust the rate of interest charged on funds loaned through the existing TT&L investment option. 67FR11573 (text) 67FR11573 (pdf) 3/15/02

  • FDIC Issues FIL on Section 314 of the USA PATRIOT Act

    The FDIC has issued FIL-24-2002 to alert banks to the Treasury Department's proposed rule and interim rule on Information Sharing promulgated under Section 314(b) of the USA PATRIOT Act. (The proposal and interim rule were earlier reported on Top Stories when announced and when published.) FDIC:FIL-24-2002 3/15/02

  • FDIC Publishes Consumer News

    This issue features a story on Weathering a financial storm: how to protect yourself and your family. FDIC Consumer News 3/15/02

  • Comptroller Hawke Says Industry Still Faces Challenges, But Emerged from Difficulties of 2001 in Good Condition

    Julie L. Williams, Chief Counsel and First Senior Deputy Comptroller for the Office of the Comptroller of the Currency, told a House Financial Services subcommittee that the OCC strongly supports provisions in pending legislation that would eliminate unnecessary regulatory burden on banks. OCC:NR 2002-23, Oral Statement, Testimony 3/15/02

  • FDIC Report Shows Insurance Funds Erode In 2001

    Growth of insured deposits and recent increases in the reserves for future losses contributed to a decline in the reserve ratios of the deposit insurance funds in 2001, the Federal Deposit Insurance Corporation (FDIC) reported in the Quarterly Banking Profile. FDIC:PR-32-2002 , FYI 3/14/02

  • OTS Director Gilleran Outlines Policy Prescriptions at ACB Conference

    OTS Director James Gilleran highlighted several important policy initiatives facing the thrift industry in remarks before America's Community Bankers in Washington. OTS 02-12 3/14/02

  • NCUA Chairman to Testify Before U.S. House of Representatives

    NCUA Chairman Dennis Dollar will testify before a U.S. House of Representatives subcommittee regarding the Financial Services Regulatory Relief Act of 2002, a bill to be introduced. He is scheduled to testify with other federal financial regulators on Thursday, March 14, 2002, at 9:30 a.m. NCUA Press Release 3/13/02

  • Federal Banking Regulatory Agencies Jointly Issue Statement on Sound Country Risk Management Practices

    The FDIC, FRB, and OCC have recently agreed on a joint statement addressing "Sound Risk Management Practices" for country risk. The statement describes the elements of an effective country risk management process. FDIC:FIL-23-2002, OCC 2002-10, FDIC:FIL-23-2002, FRB Press Release 3/12/02

  • Regulators Issue Common Form for Charter and Federal Deposit Insurance Applications

    Effective immediately, the "Interagency Charter and Federal Deposit Insurance Application" form will be used to apply for a national bank or federal savings association charter and for federal deposit insurance. OCC:NR 2002-22, OTS 02-11, FDIC-PR-31-2002 3/12/02

  • Interagency Loan Data Request to Improve the Bank Examination Process

    The federal bank supervisory agencies and the CSBS announced an interagency effort to improve the efficiency of the examination process by standardizing the request for electronic loan information. This information is used primarily to conduct community and mid-size bank safety and soundness examinations and is currently provided in a variety of formats that can be time consuming and costly for regulators, banks and service providers to administer. OCC:NR 2002-21, FDIC-PR-29-2002, FRB Press Release 3/12/02

  • Bank Auditing in the Wake of Enron

    FDIC Chairman Don Powell believes financial institution regulators should consider strengthening the ground rules governing bank auditing and accounting. In his most recent speech, he mentions possible reforms and details the authority regulators already have to address auditing conflicts of interest, to mandate the retention of auditing documents, and to enhance sanctions imposed on auditors. FDIC Speech, FDIC:PR-30-2002 , FYI 3/12/02

  • FDIC FIL about OFAC Changes

    The FDIC has published FIL-22 to notify banks of a recent OFAC change where OFAC amended its listing of Specially Designated Nationals and Blocked Persons. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-22-2002 3/8/02

  • The FDIC Reports The Effects Of The U.S. Economic Slowdown

    Houston's banks could face a challenging 2002, according to a report released by the FDIC. The latest edition of FYI is the first of a series of profiles that will highlight regional issues facing U.S. banks. FDIC:PR-28-2002
    3/8/02

  • Comptroller Hawke Says Industry Still Faces Challenges, But Emerged from Difficulties of 2001 in Good Condition

    Comptroller of the Currency John D. Hawke, Jr. told bankers that the industry emerged from the difficult months of 2001 in far better shape than anyone could have anticipated, but reminded them that many challenges lie ahead. OCC:NR 2002-20, Comptroller's Speech 3/8/02

  • OCC Reports Derivatives Volume Falls Below $50 Trillion

    U.S. commercial banks saw earnings from cash instruments and derivatives activities drop $805 million, to $2.65 billion, in the fourth quarter of 2001. OCC:NR 2002-19 Bank Derivatives Report 3/8/02

  • OTS Posts 4th Quarter Thrift Industry Data

    The report covers earnings and a range of financial and other data collected from the thrift industry for the period October 1 through December 31, 2001. OTS 02-10 3/7/02

  • OCC and ABA Cosponsor Community and Economic Development Conference

    The OCC and ABA will co-sponsor the 2002 National Community and Economic Development Conference titled "Grow Markets....Grow Profits" in Baltimore, Maryland on March 17-19. OCC:NR 2002-18 3/7/02

  • FFIEC Releases UBPR Schedule

    The FFIEC has announced that UBPR's will be available online 35 days after an institution's call report is filed. For the call reports which were due 1/31/02, UBPRs are available online beginning March 6. Online UBPR Schedule 2002 Hints For Using The Online UBPR 3/6/02

  • NCUA to Participate in HUD Project Focusing on the Colonias Gateway Initiative

    The NCUA will join the United States Department of Housing and Urban Development for a workshop focusing on housing and economic development issues in the Colonias region of the southwestern United States. NCUA Press Release 3/6/02

  • FDIC Issues Alert on Counterfeit Official Bank Checks

    The FDIC has learned that counterfeit cashier's checks drawn on Greenfield Banking Company, Greenfield, Indiana, are in circulation. FDIC:FIL-21-2002 3/6/02

  • FDIC FIL about OFAC Changes

    The FDIC has published FIL-20 to notify banks of a recent OFAC change where OFAC amended its listing of Specially Designated Nationals and Blocked Persons. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-20-2002 3/6/02

  • 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 2001. FDIC:PR-27-2002 3/6/02

  • OTS Releases January Enforcement Statistics

    The OTS reported that it issued three enforcement orders to two individuals and one institution during the month of January, 2002. OTS also terminated four orders previously issued to three institutions. OTS 02-09 3/5/02

  • OTS Announces 93 CRA Exams Scheduled for 2nd Quarter 2002

    The OTS announced that 93 savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the second quarter of 2002. OTS 02-08 3/5/02

  • OCC Reduces Regulatory Burden for Well-Managed Federal Branches

    The OCC announced that it is implementing more flexible capital equivalency requirements for federal branches of foreign banks to reduce costs for institutions that present low levels of risk. OCC:NR 2002-16 3/5/02

  • FRB Issues Supervisory Letter on Capital Rules for Nonfinancial Equity Investments

    As previouly reported in the Federal Register, this rule establishes special minimum regulatory capital requirements for equity investments in nonfinancial companies. This advisory summarizes the key provisions of the new capital rule and attaches the text of the interagency preamble and the rules promulgated by the FRB for state member banks and bank holding companies. FRB Press Release, Jan. 2002 Joint Press Release 3/5/02

  • Comptroller Hawke Says Good Progress is Being Made on Capital Accord

    Comptroller of the Currency John D. Hawke, Jr. said that the Basel Committee on Bank Supervision is making good progress toward developing a new capital accord to replace the international agreement that was put in place in 1988, although a number of thorny issues remain to be worked out. OCC: NR 2002-17, Speech 3/5/02

  • FinCEN Issues Interim and Proposed Rule on Information Sharing in the Federal Register

    As earlier reported, the proposed rule would authorize the utilization of the FinCEN's existing communication resources to establish a link between federal law enforcement and financial institutions for the purpose of sharing information concerning accounts and transactions that may involve terrorist activity or money laundering. The interim rule will allow certain financial institutions to be able to share information among themselves for the purpose of identifying and reporting suspected terrorism and money laundering once the financial institutions have notified FinCEN that they intend to share such information and that they will take adequate steps to maintain confidentiality. Interim Rule, Proposed Rule 3/4/02

  • Call and Thrift Financial Reports

    December 31, 2001, Call Reports and Thrift Financial Reports are now available. 3/4/02

  • FDIC Issues Second Quarter CRA Examination Schedule

    The FDIC has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the second quarter of 2002. FDIC:PR-25-2002 3/4/02

  • OCC Closes Net First National Bank and Appoints FDIC Receiver

    Net First National Bank, Boca Raton, Florida, was closed by the OCC and the FDIC was appointed receiver. OCC:NR 2002-15 FDIC Approves the Assumption of the Insured Deposits of Net First National Bank, Boca Raton, Florida FDIC:PR-26-2002
    3/4/02

  • TO ACCESS PRIOR TOP STORIES

    To access previous Top Stories (such as the ones from February, for example), use the Top Stories Archive drop-down menu above, or the drop-down menu at the bottom of this page to select the month you wish to review.

  • FinCEN Requests Comment on the Exempt Person Form

    FinCEN invites all interested parties to comment on its continuing collection of information through its %˜%˜Designation of Exempt Person%™%™ form that is used by banks and other depository institutions to designate their eligible customers as exempt from the requirement to report transactions in currency over $10,000. 3/1/02

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

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in January. No administrative hearings are scheduled for March. FDIC:PR-24-2002 3/1/02

  • FDIC Announces Loan Problems Grow Even as Commercial Bank Earnings Break Records

    Commercial banks earned a record $74.6 billion in 2001, up $3.5 billion from the record $71.1 billion in industry earnings in 1999, the FDIC reported. FDIC:PR-23-2002 , The FDIC Preliminary Bank Earnings Report Fourth Quarter, 2001
    3/1/02

  • OCC Issues Second Quarter 2002 CRA Examination Schedule

    The OCC released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the second quarter of 2002. OCC:NR 2002-14 3/1/02

  • Treasury Announces Regs on Information Sharing

    The Treasury Department has announced its issuance of a proposed rule and a new interim regulation under the USA PATRIOT Act. The proposed rule would authorize the utilization of the FinCEN's existing communication resources to establish a link between federal law enforcement and financial institutions for the purpose of sharing information concerning accounts and transactions that may involve terrorist activity or money laundering. The interim rule, which will become effective upon publication in the Federal Register, will allow certain financial institutions to be able to share information among themselves for the purpose of identifying and reporting suspected terrorism and money laundering once the financial institutions have notified FinCEN that they intend to share such information and that they will take adequate steps to maintain confidentiality. Treasury Announcement 2/28/02

01/31/2002

Top Stories for February 2002

  • Treasury Announces Regs on Information Sharing

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

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

  • Updated Notice: FRB Schedules Next CAC Meeting

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

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

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

  • FDIC Alert List Altered

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

  • FDIC Issues Alert on Counterfeit Cashier's Checks

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

  • FDIC Issues Alert on Stolen Treasurer's Checks

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

  • FDIC FILs about OFAC Changes

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

  • FDIC Reports Commercial Loan Losses Continue To Grow

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

  • OTS Announces 13 January CRA Ratings

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

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

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

  • FFIEC Posts UBPR Schedule for 2002

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

  • Preliminary Bank Earnings Report

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

  • FDIC Notice of Agency Meeting

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

  • ABA Issues Money Laundering Resource Guide

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

  • FDIC 2000 Annual Report

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

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

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

  • Jacquelyn Fletcher Appointed Chief Information Officer at the OCC

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

  • New Savings Bond University

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

  • FDIC Reports Business Credit Flowing Despite Recession

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

  • FDIC Publishes Bank Trends

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

  • FRB Issues List of Foreign Margin Stocks

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

  • Revisions to the Call Report

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

  • FRB Says State Member Banks May Engage in Equity Hedging

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

  • FFIEC Issues Alert on SNMP Vulnerabilities

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

  • FRB Schedules Next CAC Meeting

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

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

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

  • OCC Publishes Interpretive Letters

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

  • OCC Releases CRA Evaluations For 24 National Banks

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

  • Treasury Requests Comments on Information Sharing Practices Among Financial Institutions

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

  • FDIC Establishes an Advisory Committee on Banking Policy

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

  • Credit union deposits post strong growth in 2001

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

  • FRB Finalizes Numerous Changes to Reg C & the Commentary

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

  • Additional Guidance on Signatures Under Regulation B

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

  • FTC Takes New COPPA Enforcement Actions

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

  • OCC Announces 20 New Enforcement Actions and 5 Terminations

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

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

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

  • Twenty-Five Largest Banking Companies

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

  • Comptroller Calls Preemption a Major Advantage of National Bank Charter

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

  • FDIC FIL about OFAC Changes

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

  • FDIC Issues Alert on Counterfeit Official Bank Checks

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

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

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

  • OFAC List Updated

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

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

    2/13/02

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

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

  • FRB Issues Guidance on Monitoring Compliance with Reg K

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

  • Keep up with USA PATRIOT Act Developments

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

  • FRB Published Revisions to Regulation C

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

  • OCC Closes NextBank and Appoints FDIC Receiver

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

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

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

  • FDIC Report Shows Subprime Mortgage Loan Performance Affected by Recession

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

  • Diamonds, anyone?

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

  • Statement of FDIC Chairman Don Powell

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

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

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

  • Federal Trade Commission Announces ID Theft Affidavit

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

  • OCC Calls Attention to Treasury Proposal

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

  • FDIC Issues February List of Banks Examined for CRA Compliance

    The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in November 2001. FDIC: PR-12-2002 2/6/02

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

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

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

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

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

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

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

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

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

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

  • SAR Bulletin Describes Terrorist Activities

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

  • FDIC Reports on Rising Trend of Corporate Bankruptcies

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

  • FDIC Helps Launch Fourth Annual National Consumer Protection Week

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

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

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

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

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

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