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Top Story Compliance Related

06/14/2002

OFAC counter terrorism designations

Treasury has targeted the financial and support networks of the Haqqani Network leadership by designating Saidullah Jan, Yahya Haqqani, and Muhammad Omar Zadran as Specially Designated Global Terrorists (SDGTs) under Executive Order (E.O.) 13224. All three are being designated for acting for or on behalf of the Haqqani Network while Muhammad Omar Zadran is also being designated for acting for or on behalf of the Taliban. Information regarding the designations has been posted in a BOL OFAC Update.

06/14/2002

Securities firm fined $8M for AML and SAR violations

A news release from the Financial Industry Regulatory Authority (FINRA) has announced the assessment of an $8 million fine against New York-based Brown Brothers Harriman & Co. (BBH) for substantial anti-money laundering (AML) compliance failures and other related violations. The fine, the largest levied by FINRA for AML violations, resulted from a failure to have an adequate anti-money laundering program in place to monitor and detect suspicious penny stock transactions; failing to sufficiently investigate potentially suspicious penny stock activity brought to the firm's attention; the failure to file SARs; and the lack of an adequate supervisory system to prevent the distribution of unregistered securities. As part of the FINRA action, BBH's former Global AML Compliance Officer Harold Crawford was also fined $25,000 and suspended for a month.

06/14/2002

New FEMA community suspensions

The Federal Emergency Management Agency (FEMA) has published a final rule [79 FR 7087] identifying communities in Indiana, Kentucky , New York and Pennsylvania where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on March 3, 2014, because of noncompliance with the floodplain management requirements of the program.

06/14/2002

OFAC counter terrorism designations

Treasury has targeted the financial and support networks of the Haqqani Network leadership by designating Saidullah Jan, Yahya Haqqani, and Muhammad Omar Zadran as Specially Designated Global Terrorists (SDGTs) under Executive Order (E.O.) 13224. All three are being designated for acting for or on behalf of the Haqqani Network while Muhammad Omar Zadran is also being designated for acting for or on behalf of the Taliban. Information regarding the designations has been posted in a BOL OFAC Update.

06/14/2002

Securities firm fined $8M for AML and SAR violations

A news release from the Financial Industry Regulatory Authority (FINRA) has announced the assessment of an $8 million fine against New York-based Brown Brothers Harriman & Co. (BBH) for substantial anti-money laundering (AML) compliance failures and other related violations. The fine, the largest levied by FINRA for AML violations, resulted from a failure to have an adequate anti-money laundering program in place to monitor and detect suspicious penny stock transactions; failing to sufficiently investigate potentially suspicious penny stock activity brought to the firm's attention; the failure to file SARs; and the lack of an adequate supervisory system to prevent the distribution of unregistered securities. As part of the FINRA action, BBH's former Global AML Compliance Officer Harold Crawford was also fined $25,000 and suspended for a month.

05/31/2002

Top Stories for June 2002

  • Statement by FTC Chairman Muris Regarding Proposed RESPA Rule Revisions by Housing and Urban Development

    Speaking at the National Press Club in Washington, D.C. , Department of Housing and Urban Development (HUD) Secretary Mel Martinez announced a proposal that would reform the regulatory requirements under the Real Estate Settlement Procedures Act (RESPA) that govern settlement fees paid by home buyers. FTC Press Release 6/28/02

  • OCC Survey Shows Measured Response By Banks to Slowing Economy

    The OCC's eighth annual Survey of Credit Underwriting Practices found that underwriting standards for commercial and retail loans tightened for the second consecutive year in a measured response to a slowing economy and pockets of deteriorating product performance. OCC:NR 2002-56 6/28/02

  • OCC Announces New Electronic Interpretations and Actions

    Interpretive Letters and No-Objection Letters reflect the views of the Comptroller's legal staff. Corporate Decisions, CRA Decisions and Conditional Approvals are from the office of Bank Organization and Structure. Electronic Interpretations and Actions 6/28/02

  • FDIC Expands Money Smart Alliance Program

    The FDIC announced that the U.S. Department of Housing and Urban Development, the U.S. Small Business Administration, the United Way of Greater Los Angeles and the CHARO Business Center have joined the FDIC in an effort to raise financial literacy in underserved communities and bring the unbanked into healthy banking relationships through the FDIC's Money Smart financial education program. The announcement was made at a news conference in Los Angeles. FDIC:PR-75-2002 6/28/02

  • FDIC Announces Receivership of Universal Federal Savings Bank, Chicago, Illinois

    Universal Federal Savings Bank, Chicago, Illinois, was closed by the Office of Thrift Supervision (OTS), and the Federal Deposit Insurance Corporation (FDIC) was named receiver. FDIC:PR-76-2002 Statement 6/28/02

  • Fed Leaves Interest Rates Unchanged

    The Federal Open Market Committee decided to keep its target for the federal funds rate unchanged at 1 3/4 percent. FRB Press Release 6/27/02

  • Scam Artists Use Do Not Call Registry to Commit Fraud

    Scam artists capitalizing on the popularity of existing state "Do Not Call" lists and the proposed FTC "Do Not Call" registry have devised yet another method to trick consumers into giving up personal information, such as their Social Security number, bank account number, credit card number or telephone calling card number. FTC Press Release 6/27/02

  • FFIEC Adds June Forms

    The FFIEC added the June 2002 FFIEC 002 Reporting Form and instructions and the June 2002 Instructions for Preparation of the FFIEC 031 and 041 Reporting Forms. 6/27/02

  • Financial Institution Guidelines for Making Same-day Federal Tax payments in EFTPS

    The guidelines provide consolidated information to financial institutions regarding same-day payment methods to remit Federal tax payments for business taxpayers. FRB Financial Services 6/27/02

  • Reg C Changes Published in the Federal Register

    The FRB has published in the Federal Register, its amendments to Regulation C (the HMDA reg) and staff interpretations. There is also a new technical amendment which requires lenders to ask telephone applicants for monitoring information. The technical amendment on telephone applicants is effective for applications taken beginning January 1, 2003. 67FR43217 (text), 67FR43218 (text) 6/27/02

  • FDIC Announces Receivership Of The Connecticut Bank Of Commerce, Stamford, Connecticut

    The Connecticut Bank of Commerce, Stamford, Connecticut, was closed by the Banking Commissioner, Connecticut Department of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. FDIC:PR-74-2002 Closing Information 6/27/02

  • New Money Smart Initiatives Announced at San Antonio Event

    As part of the national rollout of the Federal Deposit Insurance Corporation's (FDIC) Spanish-language version of its highly successful Money Smart financial education program, several new initiatives were announced at a news conference in San Antonio, Texas. FDIC:PR-73-2002 6/27/02

  • FDIC Announces Release of Spanish Language Version of Money Smart Program

    Calling financial education "key to building assets and achieving long-held dreams," FDIC Chairman Don Powell launched the Spanish language version of the FDIC's adult financial education curriculum, Money Smart, at a news conference in Pilsen, a Latino neighborhood in Chicago. FDIC:PR-71-2002 , Speech 6/26/02

  • FDIC Issues Removal and Prohibition Order and a Civil Money Penalty Against a Texas Banker

    The FDIC has issued a removal and prohibition order and a civil money penalty of $2,500 against Vernon Beryl Murdock, Jr., formerly with the Kent County State Bank, Jayton, Texas. FDIC:PR-72-2002 6/26/02

  • Banking agencies issue host state loan-to-deposit ratios

    The FRB, OCC and FDIC iissued the host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios update data released in June 2001. Ratios, FRB Press Release, OCC:NR 2002-55 FDIC:FIL-70-2002, FDIC-PR-70-2002 6/25/02

  • OCC Issues Booklet on Insurance Activities

    The OCC issued a booklet that provides information to national banks and OCC examiners on the risks, controls and supervision of national bank insurance activities. OCC:NR 2002- 54, Booklet 6/25/02

  • Regulation C Changes Become Official

    The FRB has published its amendments to Regulation C (the HMDA reg) and staff interpretations reported on earlier in BOL Top Stories. There is also a new technical amendment which requires lenders to ask telephone applicants for monitoring information.. The technical amendment on telephone applicants is effective for applications taken beginning January 1, 2003. FRB Press Release 6/24/02

  • Regulators Distribute Call Report for Second Quarter 2002

    Banks should complete your second quarter Call Report, review it for accuracy, and submit the report electronically as soon as possible. Except for certain banks with foreign offices, your completed report must be received by July 30, 2002. FDIC:FIL-69-2002 6/24/02

  • OTS Announces 81 CRA Exams Secheduled for 3rd Quarter 2002

    The OTS announced that 81 savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the third quarter of 2002. OTS 02-30, Exam Schedule 6/24/02

  • FATF Annual Report for 2001-2002 released

    The Financial Action Task Force on Money Laundering (FATF) issued its thirteenth annual report. The report outlines the main achievements of the FATF in 2001-2002 under the Presidency of Hong Kong, China, including the significant progress that has been made in combating terrorist financing and in the work on non-cooperative countries and territories (NCCTs). FATF Press Release 6/24/02

  • OCC Issues Bulletin on Previously Issued Proposed Rule to Implement a Provision of the USA PATRIOT Act

    Section 312 of the act furthers this goal by requiring U.S. financial institutions to establish due-diligence policies,
    procedures, and controls reasonably designed to detect and report money laundering through correspondent accounts and private banking accounts of non-U.S. persons. Private banking accounts involve accounts of $1 million or more for individuals that are administered by an officer, employee, or agent of a financial institution acting as a liaison between the financial institution and the direct or beneficial owner of the account. OCC 2002-29 6/24/02

  • Bill McPherson Named Deputy Comptroller for Large Banks; Michael Brosnan Appointed Examiner-in-Charge

    The Office of the Comptroller of the Currency announced that James W. (Bill) McPherson has been named Deputy Comptroller for Large Banks. Mr. McPherson, who has served as the Examiner-in-Charge for Bank of America, NA, since January, 1998, will report to Douglas W. Roeder, Senior Deputy Comptroller for Large Banks. OCC:NR 2002-53 6/24/02

  • Federal Reserve Financial Services Issues Memo on Unilateral Repo Adjustments

    As previously announced in Clearing Memorandum #236, Fedwire ® Securities Service participants will be permitted on payment date to unilaterally cancel a preauthorized debit associated with a Repo Claim Adjustment to another Fedwire participant. This will be done by submitting a Unilateral Adjustment Request to the Federal Reserve, with the understanding that the Fedwire participant sending the request has not notified the Fedwire participant counterparty and has no agreement from that counterparty. Clearing Memo #238 6/21/02

  • Fedwire Securities Service Enhanced Functionality

    Under the category of Book-Entry Securities, the Federal Reserve Financial Services has just posted information on repo tracking and interim accounting cash adjustments. Federal Reserve Financial Services 6/21/02

  • Treasury and FRB Announce Plans for Redesigned Notes

    In keeping with their strategy of maintaining the security of Federal Reserve notes by enhancing the design of U.S. currency every seven to ten years, the Department of the Treasury's Bureau of Engraving and Printing (Bureau) and the Federal Reserve Board announced plans to release the next generation of redesigned notes, with improved security features to deter counterfeiting. FRB Press Release 6/21/02

  • FFIEC Updates the June 2002 Validation Criteria for the FFIEC031 and FFIEC041 Call Reports

    Validity Edits: PDF | Word - FINAL, revised June 11, 2002
    Quality & Intraseries Edits: PDF | Word - FINAL, revised June 7, 2002 6/21/02

  • FDIC Money Smart Curriculum Adopted By South Carolina Adult Education Program

    The FDIC and the South Carolina Department of Education's Workplace Resource Center (WRC) today announced the adoption of the FDIC's Money Smart financial education program as the financial literacy curriculum for use in South Carolina's statewide adult education system. FDIC:PR-69-2002 6/21/02

  • OTS Announces 81 CRA Exams Secheduled for 3rd Quarter 2002

    The schedule reflects OTS's implementation of Section 712 of the Gramm-Leach-Bliley Act, which extends the CRA examination cycle from approximately every two years to four or five years for institutions with aggregate assets of not more than $250 million and CRA examination ratings of “Satisfactory” or “Outstanding” respectively. OTS 02-30 6/21/02

  • 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. 28), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-67-2002 6/20/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks drawn on eight separate financial institutions are in circulation. It appears these checks may be circulating nationwide. FDIC:FIL-68-2002 6/20/02

  • OCC Issues Final Rule on Capital Equivalency Deposits

    The OCC is revising certain requirements regarding CED deposit arrangements to increase flexibility for, and reduce burden on, certain Federal branches and agencies, based on a supervisory assessment of the risks presented by the particular institution.
    67FR41619 (text) 6/19/02

  • FRB Seeking Nominations for Consumer Advisory Council

    The Council advises the Board on the exercise of its responsibilities under the Consumer Credit Protection Act and on other matters on which the Board seeks advice. The group meets in Washington, D.C., three times a year. FRB Press Release 6/19/02

  • FRB Financial Services Makes Holiday District Announcement

    The Federal Reserve Banks will be closed on Thursday, July 4, for the Fourth of July holiday. Please refer to the instructions for information on your local office. Unless it is listed separately, all of the particular District's offices and branches will follow the same Cash schedule. Holiday District Announcement 6/19/02

  • Banking Industry Performance Remains Strong Despite Lingering Economic Weaknesses

    A report released in the FDIC's Regional Outlook describes recent signs of a consumer-led recovery in the U.S. economy, but cautions that banks remain exposed to lingering economic risks, notably in the area of subprime consumer lending. FDIC:PR-68-2002 6/19/02

  • FDIC Appoints 43 Executives as Part of Upcoming Reorganization

    The reorganization and the appointments, which were made through a competitive selection process, become effective June 30.
    "My vision for a reorganized, refocused, accountable and more proficient FDIC is taking shape," Chairman Powell said today. "With these selections, the FDIC now has in place the management structure and team to put a greater percentage of our resources on the line, where our most critical work gets done." FDIC:PR-67-2002 6/18/02

  • EFT Newsclips

    The Treasury Department's Financial mangement Service has published its Summer 2002 edition of EFT Newsclips. Among the articles we think are noteworthy are a report on the number of banks (nearly 600) who are participating in the Electronic Transfer Account ("ETA") program; beginning 1/1/04, Treasury checks will no longer have personal identification numbers (such as SSNs) on them; more than 100,000 businesses and individuals have signed up for the online EFTPS program; free marketing materials are available to promote EFTPS; the policy for government ACH reclamations has been clarified; and new SSA procedures are being implemented to quickly resolve erroneous reports from financial institutions of the death of Direct Deposit benefit recipients. EFT Newsclips6/18/02

  • OCC Issues Bulletin on Homeownership Counseling: Notice of Statutory Requirement

    This bulletin announces the renewal of a statute requiring all creditors to provide notice of the availability of homeownership counseling to certain first-time mortgage loan applicants and to certain homeowners who are delinquent on their home loans. OCC 2002-27 6/18/02

  • OCC Issues Bulletion on Prohibition Against Use of Interstate Branches Primarily for Deposit Production

    As reported earlier in the Federal Register, the OCC has issued a final rule regarding the prohibition against using interstate
    branches for purposes of "deposit production" found in section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act (Riegle-Neal Act). OCC 2002-28 6/18/02

  • OCC Releases CRA Evaluations For 38 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of May 15 through June 14, 2002. OCC:NR 2002- 51 6/17/02

  • FDIC Issues Several Alerts on Fictitious Checks

    The FDIC has learned that several fictitious cashier's checks are in circulation. The following alerts have been issued: FDIC:FIL-60-2002, FDIC:FIL-61-2002, FDIC:FIL-65-2002 6/17/02

  • FDIC Issues Alert on Stolen Bank Note Security Paper

    The FBI has asked the FDIC to alert all FDIC-supervised banks to the theft of bank note security paper from the Denver County (Colorado) Vital Statistics Office. FDIC:FIL-62-2002 6/17/02

  • 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. 27), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-63-2002 6/17/02

  • FDIC Issues FIL on FinCEN Advisory

    The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) published issues 28 through 32 of its FinCEN Advisory in April 2002. FDIC:FIL-64-2002 6/17/02

  • OCC Announces 2 New Enforcement Actions and 1 Termination

    The OCC announced 2 new enforcement actions taken against national banks and 1 termination of an existing enforcement action. OCC:NR 2002-52 6/17/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-66 to notify banks of a recent OFAC change where OFAC amended its listing of Specially Designated Nationals. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-66-2002 6/17/02

  • Settlement Agent Information

    Under the category of Net Settlement, the Federal Reserve Financial Services has just posted information for settlement agents, with operating hours, contacts and forms. Federal Reserve Financial Services 6/14/02

  • FDIC Chairman Announces Money Smart Alliance Program to Promote Financial Education in Underserved Communities

    Speaking before a meeting of the National Association of Affordable Housing Lenders, Powell stressed that financial education — particularly of those who are outside the financial mainstream — is a matter of critical importance both to regulators and the American people as a whole. FDIC:PR-66-2002 6/14/02

  • FFIEC Adds Forms and Call Report Edits

    The FFIEC has added the June 2002 FFIEC 031 Reporting Form and FFIEC 041 Reporting Form , updated the UBPR order form, and posted validation criteria for the FFIEC031 and FFIEC041 Call Reports. FFIEC 6/13/02

  • FDIC Publishes Quarterly Banking Profile - First Quarter 2002

    The Quarterly Banking Profile is a quarterly publication that provides the earliest comprehensive summary of financial results for all FDIC-insured commercial banks and savings institutions. This report card on industry status and performance includes written analyses, graphs, and statistical tables. 6/13/02

  • FDIC Minority Depository Institutions Program

    The FDIC Board adopted a new Policy Statement Regarding Minority Depository Institutions. The new Policy Statement has been updated to reflect changes in certain regulations and to expand the FDIC's Minority Depository Institutions Program. Enhancements to the program include increased communication with Minority Depository Institutions, better coordination with trade associations that represent Minority Depository Institutions, defined roles of a national program coordinator and regional coordinators, and more opportunities for institutions to request technical assistance. 6/13/02

  • FFIEC Updates Reporting Forms

    The FFIEC has updated two Reporting Forms for June 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. FFIEC 031, FFIEC 041 6/12/02

  • FFIEC Reports that the March 31, 2002 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 6/12/02

  • FATF to Publish Annual Report and Report on Non-Cooperative Countries and Territories

    The Financial Action Task Force on Money Laundering (FATF), will issue its thirteenth annual report on its anti-money laundering and anti-terrorist financing activities as well as a new report updating its findings on the non-cooperative countries and territories in the international fight against money laundering. FATF Press Release 6/12/02

  • Chairman Details Progress Made in Implementing The Federal Trade Commission's New Privacy Agenda

    Remarks Presented at the Networked Economy Summit in Reston, Virginia
    Presenting remarks titled "Protecting Consumers' Privacy: Goals and Accomplishments" at the Networked Economy Summit in Reston, Virginia, Federal Trade Commission Chairman Timothy J. Muris said that the FTC has made significant strides in implementing the Privacy Agenda announced last October, and pledged continued diligence to ensure that consumers are protected as the "information economy" grows more complex. FTC Press Release 6/12/02

  • OCC Issues Bulletin on Reg Z Final Rule

    As earlier announced by the Federal Reserve, the revisions clarify how creditors that place Truth in Lending Act disclosures on the same document with the credit contract may satisfy the requirement for providing the disclosures, in a form the consumer may keep, before consummation. OCC 2002-26, Final Rule 6/11/02

  • OFAC

    Yesterdays OFAC change should not affect banks. It has simply issued License Application Guidelines for specific licenses for travel to Cuba to engage in educational exchanges not pursuant to a degree program. OFAC 6/11/02

  • OTS Issues Proposed Rule for Recordkeeping and Confirmation Requirements that Effect Securities Transactions

    The proposal affords savings association customers the same protections and disclosures provided to bank customers; ensures that examiners will be able to evaluate a savings association's compliance with securities laws and to assess whether savings associations effect securities transactions safely and soundly; and provides savings associations with formal guidance for effecting securities transactions. 67FR39886 (text) 6/11/02

  • OTS Proposes Standards for Thrift Broker-Dealer Activities Without SEC Registration

    The OTS is proposing standards for federal savings associations that may now perform certain broker-dealer activities, just like banks, without registering with the Securities and Exchange Commission. OTS 02-29 6/11/02

  • OCC Notes FinCEN's Country Updates

    The OCC has issued AL 2002-5 to advise banks of a revision in the list of countries detailed in a previous OCC Advisory Letter (AL 2002-2). These deal with identification of countries with serious deficiencies in their counter-money-launder systems, as previously identified by FinCEN advisories. OCC: AL 2002-5 6/10/02

  • FR-FMS Account Management Guide Revised

    The Federal Reserve Financial Management Service has revised its account management guide. It is designed as a practical reference to make it easier for financial institutions to manage reserve accounts. Account Management Guide 6/10/02

  • FDIC Points to FATF Guidance

    The FDIC has published FIL-59-2002 to alert banks to guidance on detecting terrorist financing recently published by the Financial Action Task Force on Money Laundering (and previously noted on BOL). FDIC:FIL-59-2002 6/10/02

  • Exception Fax Forms

    The Federal Reserves Financial Services publishes ACH Return Item Exception Fax Form. 6/10/02

  • Virginia Woman Indicted in Scheme to Steal Keystone Assets

    FDIC Inspector General Gaston L. Gianni, Jr., has announced that Norma Faye Canipe of Virginia was indicted on June 5 in the Southern District of West Virginia, Charleston, West Virginia, in connection with a scheme to obtain property and other assets owned by Terry L. Church and her family. Church is the former Vice President of the failed First National Bank of Keystone, Keystone, West Virginia. FDIC:PR-65-2002 6/10/02

  • FedWire Security Services Enchanced Functionality

    The implementation of Repo Tracking and Interim Accounting cash adjustments will not begin in June 2002, as previously announced. However, participants may continue to test Interim Accounting and Repo Tracking in the Depository Institution Testing (DIT) environment. FedLine 6/10/02

  • Fed Announces FedImage Services

    The Federal Reserve announced FedImage Services, an all-new image service for financial institutions, recognizing the increasing role that image-based services are playing in the evolution of the U.S. payments system and the migration toward more electronic payments. FedImage Services 6/10/02

  • FDIC Imposes Civil Money Penalties Against Five Ohio Bankers

    The FDIC has issued civil money penalties totaling $17,000 against five directors and officers of The Monitor Bank, Big Prairie, Ohio. FDIC:PR-64-2002 6/7/02

  • OCC Speeches

    Mark A. Nishan, Chief of Staff, Office of the Comptroller of the Currency, Before a Bankers Outreach Meeting Minneapolis, Minnesota, NR 2002- 50 Remarks by John D. Hawke, Jr., Comptroller of the Currency, Before The Risk Management Association's Capital Management Conference Washington, D.C. , OCC: NR 2002- 49 6/7/02

  • HUD Notice Clarifies Applicability of Homeownership Counseling Requirement

    In Mortgagee Letter 2002-12, the Department of Housing and Urban Development describes the braod scope of the types of loans to which the homeownership counseling notices apply. Mortgagee Letter 2002-12 6/6/02

  • Agencies Amend Rule On Prohibition Against Using Interstate Branches Primarily for Deposit Production

    The Riegle-Neal Interstate Banking and Branching Efficiency Act prohibits any bank from establishing or acquiring a branch outside of its home state primarily for the purpose of deposit production. Section 106 of the Gramm-Leach-Bliley Act expands this prohibition to include any branch of a bank controlled by an out-of-state bank holding company. To conform their regulations to this statutory change, the agencies have amended their rules so that the prohibition against deposit production offices also applies to any bank or branch of a bank controlled by an out-of-state bank holding company. Joint Final Rule FRB Press Release, OCC:NR 2002- 47, FDIC-PR-63-2002, FDIC:FIL-58-2002 67FR38844 (pdf) 67FR38844 (txt) 6/6/02

  • OCC Reports Bank Trading Revenues Over $3 Billion

    Earnings from cash instruments and derivatives trading activities at U.S. commercial banks grew to $3.1 billion in the first quarter 2002, an increase of $492 million from the previous quarter. The notional amount of derivatives grew by $946 billion this quarter to $46.3 trillion. OCC:NR 2002- 48, Bank Derivatives Report 6/6/02

  • FDIC Issues June 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 March 2002. FDIC:PR-62-2002 6/6/02

  • Call and Thrift Financial Reports

    The March 31, 2002, reports are now posted online. 6/5/02

  • FDIC Consumer News

    Tips on banking long distance, saving for retirement and tracing old bank accounts are featured in the latest edition of Consumer News. 6/5/02

  • Makes Public April Enforcement Actions; No Administrative Hearings Scheduled

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in April. No administrative hearings are scheduled for June. FDIC:PR-61-2002 6/5/02

  • FDIC Announces Record Banking Industry Earnings; Returns at Large Banks Climb Most

    Commercial banks had record earnings of $21.7 billion in the first quarter, surpassing the previous quarterly record by 9.6 percent, the Federal Deposit Insurance Corporation reported today. The industry's return on assets (ROA), a basic yardstick of earnings performance, rose to 1.33 percent, the third-highest ever. FDIC:PR-60-2002 6/5/02

  • CAC Schedules Next Meeting

    The Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on Thursday, June 27. 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. FRB Press Release 6/4/02

  • OCC Issues Bulletin on Independent Trust Bank Assessment

    Pursuant to newly revised 12 CFR 8.6(c), the independent trust bank assessment is based on "Fiduciary and Related
    Assets" as reported on Schedule RC-T of FFIEC Forms 031 and 041. OCC 2002-25 6/4/02

  • FDIC Issues Preliminary Bank Earnings Report

    Wider net interest margins at large banks, combined with slow growth in noninterest expenses, helped propel commercial bank profits to a record $21.7 billion in the first quarter. Bank Earnings Report, FYI 6/4/02

  • FinCEN Holds Law Enforcement Seminar on Informal Value Transfer Systems

    A seminar to discuss issues surrounding informal value transfer systems, to include hawala, was held May 29thy at the FinCEN. The seminar was attended by over 50 representatives from the law enforcement community. FinCEN News Release 6/4/02

  • Treasury Department Issues Proposed Regulation Implementing Section 312 of the USA PATRIOT Act

    FinCEN publishes the Due Diligence Anti-Money Laundering Programs for Certain Foreign Accounts Implementing Section 312 of the USA PATRIOT ACT. This was earlier announced on BOL. Proposed Rule 6/4/02

  • "Touring the Board" added to the FRB Web Site

    The site provides information about visiting the Federal Reserve in person and includes a "virtual tour" offering photos of the Board's buildings and art collection, as well as an architectural history of the Board's Eccles Building. FRB Press Release 6/4/02

  • FFIEC Releases UBPR Schedule

    The FFIEC has announced that UBPR's will be available online 30 days after an institution's call report is filed. For the call reports which were due 4/30/02, UBPRs are available online beginning June 5. FFIEC Press Release 6/3/02

  • OFAC Lists Changes

    OFAC has added new entities to its list, removed one entity, and revised the entry for another. BOL OFAC PAGE 6/3/02

  • FATF Releases Public Consultation Paper on the Review of the Forty Recommendations

    The FATF is consulting all interested parties during its review of the Forty Recommendations on money laundering – the global anti-money laundering standard – to ensure that the Recommendations adequately address the changes in money laundering
    techniques and trends, new international developments, and other factors. FATF Press Release 6/3/02

  • FDIC Issues Third 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 third quarter of 2002. FDIC:PR-59-2002 6/3/02

  • OCC Issues Final Rule on Assessment of Fees

    As earlier published in the Federal Register and reported by BOL, the final rule updates section 8.6 to reference the appropriate portion of new forms issued by the Federal Financial Institutions Examination Council (FFIEC), which replace the FFIEC form
    currently referenced in section 8.6(c). OCC: 2002-24 6/3/02

  • TO ACCESS PRIOR TOP STORIES

    To access previous Top Stories (such as the ones from May, 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.

05/14/2002

CRA ratings

The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Of the 99 institutions listed, four garnered "outstanding" ratings, and one received a "needs to improve."

05/14/2002

Industry thanked for response to payment system paper

The Financial Services Policy Committee of the Conference of Presidents of the Federal Reserve System has issued a press release thanking payment system participants for their feedback to the Reserve Banks' September 2013 consultation paper, "Payment System Improvement – Public Consultation Paper." Responses were received from individual financial institutions, businesses, payment networks and processors, software vendors, payment innovators, consultants, and consumers, as well as from trade groups representing financial institution and business members. The Reserve Banks also announced they are exploring the need for faster retail payments and for identifying gaps and opportunities related to payment system security. Updates on the payments system improvements efforts can be seen at FedPaymentsImprovement.org.

05/14/2002

NCUA free webinar

A free webinar, "Field of Membership Strategies for Federal Credit Unions," will be hosted by NCUA on Wednesday, February 19, 2014, at 2 p.m. ET. The following topics will be covered:

  • Determining when expansions make sense strategically
  • Advantages of each type of federal charter
  • Policy requirements for various expansion options

Online registration is required in advance of the program.

05/14/2002

CRA ratings

The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Of the 99 institutions listed, four garnered "outstanding" ratings, and one received a "needs to improve."

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