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Top Story Compliance Related

01/31/2003

Top Stories for February 2003

  • FTC Receives Largest COPPA Civil Penalties to Date in Settlements with Mrs. Fields Cookies and Hershey Foods

    FTC Alleges Companies' Web Sites Violated Children's Online Privacy Protection Act. Mrs. Fields Cookies and Hershey Foods Corporation have each agreed to settle Federal Trade Commission charges that their Web sites violated the Children's Online Privacy Protection Act (COPPA) Rule by collecting personal information from children without first obtaining the proper parental consent. FTC 2/28/03

  • FDIC FIL about OFAC Change

    The Department of the Treasury's Office of Foreign Assets Control has amended its list of Specially Designated Nationals and Blocked Persons. [This was previously announced on BOL] FDIC:FIL-16-2003 2/28/03

  • Comptroller Hawke Discusses Basle Capital Framework in House Testimony

    Comptroller of the Currency John D. Hawke, Jr., told a congressional panel that while the OCC supports the objectives of the proposed Basle II capital framework, it is important that regulators carefully consider industry comments before moving forward.OCC:NR 2003-14    Oral Statement    Testimony 2/28/03

  • System Quality and Volume Statistics

    System Quality and Volume Statistics 2/28/03

  • 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. February 2003 2/28/03

  • Oral Statement of Donald E. Powell, on the New Basel Accord before the Subcommittee on Domestic and International Monetary Policy, Trade

    FDIC:PR-16-2003 2/28/03

  • FDIC Issues Second Quarter 2003 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 2003. This list is published pursuant to revised CRA regulations published in May 1995 that require each Federal bank and thrift regulator to publish a quarterly CRA examination schedule at least 30 days before the beginning of each quarter. AD-1-2003 2/28/03

  • FinCEN Releases Fifth SAR Activity Review

    The Financial Crimes Enforcement Network (FinCEN) continued its examination of terrorist financing methods in the fifth issue of The SAR Activity Review – Trends, Tips and Issues just released. This latest issue of The Review looks at terrorist financing methods through Informal Value Transfer Systems (IVTS) such as hawalas, as well as through non-profit organizations. SAR Review 2/28/03

  • FTC Receives Largest COPPA Civil Penalties to Date in Settlements with Mrs. Fields Cookies and Hershey Foods

    FTC Alleges Companies' Web Sites Violated Children's Online Privacy Protection Act. Mrs. Fields Cookies and Hershey Foods Corporation have each agreed to settle Federal Trade Commission charges that their Web sites violated the Children's Online Privacy Protection Act (COPPA) Rule by collecting personal information from children without first obtaining the proper parental consent. FTC 2/28/03

  • FDIC Issues Alert on Counterfeit Official Checks

    Counterfeit official checks drawn on Allstate Bank, Vernon Hills, Illinois; Community Bank of Lawndale, Chicago, Illinois; and Jackson Federal Bank, Fullerton, California, are in circulation. FDIC:SA-11-2003 2/27/03

  • FedImage Services

    FedImage Services offers you a suite of image products for the capture, archive, retrieval and delivery of check images. FedImage Services provides an image solution that delivers strategic, operational and functional advantages to sustain a competitive advantage. FedImage Services 2/27/03

  • Comptroller Hawke Urges Senate to Reform FDIC Insurance Fund

    Comptroller of the Currency John D. Hawke, Jr., in testimony before the Senate Committee on Banking, Housing and Urban Affairs, said Congress should address a number of flaws in the deposit insurance system, including several introduced in the last two decades. OCC:NR 2003-12 2/27/03

  • Kay Kowitt Named Deputy Comptroller for Western District

    The OCC announced that Kay E. Kowitt has been named Deputy Comptroller for the Western District. In her new assignment, Ms. Kowitt will report directly to Timothy W. Long, Senior Deputy Comptroller for Mid-Size/Community Banks. OCC:NR 2003-13 2/27/03

  • Gilleran Urges Senate Action on Core Deposit Insurance Reform

    Office of Thrift Supervision Director James E. Gilleran urged the Senate Banking Committee to approve a core federal deposit insurance reform bill that would merge the Bank Insurance Fund and the Savings Association Insurance Fund and give the Federal Deposit Insurance Corporation flexibility in setting deposit insurance premiums. OTS 03-07 2/27/03

  • FDIC Consumer News

    Special report on credit reports and credit scores. Consumer News 2/27/03

  • Consumer Balance Sheet Roundtable

    Consumers: How Much Debt Is Too Much? February 28, 2003, symposium. Symposium2/27/03

  • Agencies Issue Advisory on Mortgage Banking Activities

    Federal bank and thrift regulatory agencies jointly issued an advisory letter discussing risks related to mortgage banking activities. The letter highlights concerns and provides guidance regarding mortgage banking activities, primarily in the valuation, accounting, and hedging of mortgage servicing assets. Interagency Advisory     FRB Press Release     SR 03-4     OCC:NR 2003-09     OTS 03-06     FDIC-PR-14-2003     FIL-15-2003 2/26/03

  • OCC Releases CRA Evaluations For 32 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of January 15, 2002 through February 14, 2003. OCC:NR 2003-11     Evaluations 2/26/03

  • OCC Announces 13 New Enforcement Actions

    The OCC announced 13 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. OCC:NR 2003-10 2/26/03

  • Homeland Security Information Update

    Suggested guidance for developing protective measures based on the level of threat condition. FRB Press Release 2/25/03

  • Approval of proposal of Mizuho Financial Group, Inc.

    The Federal Reserve Board announced its approval of the applications and notice under sections 3 and 4 of the Bank Holding Company Act related to the proposal by Mizuho Financial Group, Inc., Tokyo, Japan to become a bank holding company by acquiring Mizuho Holdings, Inc., also in Tokyo, and thereby indirectly acquire the U.S. banking and nonbanking subsidiaries of Mizuho Holdings. FRB Press Release 2/25/03

  • TT&L Reference Guide Published

    Guide 2/25/03

  • OCC Issues Alert on Unauthorized Banking

    This issuance conveys information on First Century Financial (FCF). This entity and its associated Web site: [http://www.firstcenturyfinancial.com] is not authorized to conduct the business of banking in the United States. Additionally, certain companies listed as associated with FCF are not affiliated with the organization, nor have those companies granted FCF permission to reference their names on FCF's Web site. Various sections of this site contain false or misleading information. OCC:ALERT 2003-4 2/25/03

  • FDIC Issues Alerts on Counterfeit Treasurer's Checks, Cashier's Check and Personal Money Orders

    Counterfeit treasurer's checks, cashier's check and personal money orders drawn on Union County Savings Bank, Elizabeth, New Jersey; First National Bank of Gillette, Gillette, Wyoming; and Skagit State Bank, Burlington, Washington, respectively, are in circulation. FDIC:SA-9-2003 2/25/03

  • FDIC FIL about OFAC Change

    The Department of the Treasury's Office of Foreign Assets Control has amended its list of Specially Designated Nationals and Blocked Persons. [This was previously announced on BOL] FDIC:FIL-14-2003 2/25/03

  • Amendments to Reg B

    Read the amendments to Reg B. FRB Press Release 2/24/03

  • FinCEN Issues Proposed Rule on Anti-Money Laundering Programs for Businesses Engaged in Vehicle Sales

    The term ``financial institution'' is defined to include a ``business engaged in vehicle sales, including automobile, airplane,
    and boat sales. FinCEN is issuing this advance notice of proposed rulemaking (ANPRM) to solicit public comments on a wide range of questions pertaining to these requirements, including the money laundering risks that are posed by these businesses, whether these businesses should be subject to these requirements, and if so, how the requirements should be structured. 68FR8568 (txt) 68FR8568 (pdf) 2/24/03

  • FinCEN Issued Proposed Rule to Define "Travel Agent" with respect to the USA PATRIOT Act

    FinCEN is in the process of implementing the requirements delegated to it under the USA PATRIOT Act of 2001, in particular the requirements of the Act that require financial institutions to establish anti-money laundering compliance and customer identification programs. The term ``financial institution'' is defined to include a ``travel agency.'' 68FR8571 (txt) 68FR8571 (pdf) 2/24/03

  • OCC Issues Guidelines to National Banks to Guard Against Abusive Lending Practices

    The OCC issued two releases establishing nationwide guidance to guard against predatory lending practices among institutions it supervises. Concurrently, it published for comment a request for an opinion that a Georgia law concerning predatory lending is preempted insofar as it might apply to national banks. OCC:NR 2003- 08,     Q&A's    
    Advisory Letter 2003-03     Advisory Letter 2003-02     Preemption letter 2/24/03

  • OCC Issues Alert on Counterfeit Financial Instruments: Counterfeit Cashier's Checks

    This issuance is notice that counterfeit cashier's checks of Frost National Bank are being issued nationwide and are also being used to transact a type of overpayment fraud. In this fraud, a "purchaser" of goods asks the seller to remit the amount by which the counterfeit cashier's check overpays for those goods. OCC:ALERT 2003-3 2/24/03

  • FTC to Host Workshops on Role of Technology in Helping Consumers And Businesses Protect Personal Information

    The Federal Trade Commission will host two public one-day workshops to explore the role of technology in helping consumers and businesses protect the privacy of personal information, including the steps taken to keep their information secure. FTC Press Release 2/24/03

  • File Format for the Upcoming 2003 FFIEC Census

    The census file contains the nationwide census data that are used as input to HMDA processing. It is important to note that 1990 census tracts have been used in processing HMDA 1996 data through 2002 data. 2003 Census Tape File Specifications PDF     MS Word 97 2/21/03

  • Careers at FDIC

    Who we are, what we do, where we work. Current job vacancies nationwide. Careers 2/21/03

  • FRB Issues Final Rule Amending Regulation B

    The Final Rule creates an exception which allows creditors to collect previously prohibited personal data from applicants in connection with nonmortgage credit. The creditor must plan to use the information in a self-test for ECOA compliance and must disclose to applicants that providing the information is voluntary, being collected to monitor ECOA compliance, and will not be used in making the credit decision. FRB Press Release 2/20/03

  • Treasury Department Issues Additional USA PATRIOT Act Regulations

    Treasury and FinCEN issued a proposed rule and two advance notices of proposed rulemaking concerning a requirement that additional categories of non-traditional financial institutions establish an anti-money laundering program. The proposed rule covers a broad range of industry segments including those trading in precious metals, including refiners; those trading in loose gemstones; large and small scale manufacturers of jewelry; retail stores that function as a dealer in such items;and on vehicle sellers and travel agents. Press Release 2/20/03

  • Thrifts Earn Record $11.8 Billion In 2002; Thrift Assets Grow To $1 Trillion

    The thrift industry had back-to-back record-setting earnings years, the Office of Thrift Supervision reported.
    “Last year was the best year in thrift industry history,” OTS Director James E. Gilleran said, “with earnings reaching $11.8 billion in 2002, following record earnings of $10.2 billion in 2001.” OTS 03-05 2/20/03

  • FRB Issues an Interpretation Concerning the Underwriting by Foreign Banks of Securities

    The interpretation clarifies that a foreign bank that wishes to engage in such activity must either be a financial holding company or have authority to engage in underwriting activity under section 4(c)(8) of the Bank Holding Company Act. 68FR7898 (txt) 68FR7898 (pdf) 2/19/03

  • Fedwire Securities Service via FedLine for the Web

    FedLine for the Web Services 2/19/03

  • Consumer Advisory Council to Hold Meeting

    The Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on Thursday, March 13. 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. Anyone planning to attend the meeting should, for security purposes, register no later than Tuesday, March 11, by completing the form found on-line at: Form. FRB Press Release 2/18/03

  • Decision of the OCC on the Application to charter Charles Schwab Bank, N.A., Reno, Nevada

    Decision 2/18/03

  • FDIC Names Chief Economist and Chief Accountant

    The FDIC announced that Richard A. Brown of the Division of Insurance and Research (DIR) and Robert F. Storch of the Division of Supervision and Consumer Protection (DSC) have been named the Corporation's Chief Economist and Chief Accountant, respectively.
    FDIC:PR-13-2003 2/18/03

  • FATF withdraws counter-measures with respect to Ukraine and decides on date for counter-measures to Philippines

    As a result of the implementation of significant reforms to its anti-money laundering system, Grenada
    was removed from the Financial Action Task Force (FATF) list of Non-Cooperative Countries and
    Territories (NCCTs). FATF will continue to monitor the implementation of Grenada’s anti-money
    laundering system. FATF Press Release 2/18/03

  • FDIC Adopts Final Rule on Federal Deposit Insurance Eligibility for State Banks Chartered as Limited Liability Companies

    A new amendment to Part 303 of the FDIC's Rules and Regulations clarifies that a state bank that is chartered as a limited liability company could be considered "incorporated" for the purposes of being eligible for federal deposit insurance. FDIC:FIL-13-2003 2/14/03

  • Bogus ID Theft Protection Scam Busted

    A final settlement order entered into this month between the FTC and two telemarketers imposes a comprehensive lifetime telemarketing ban on the two individuals and prohibits them from from a wide range of conduct, including misrepresenting that they are affiliated with a bank, financial institution, VISA, MasterCard, or a consumer protection agency. The brothers allegedly employed large numbers of telemarketers who marketed, among other things, bogus ID theft protection services. FTC Press Release 2/14/03

  • Announcement to all Money Services Businesses

    The suspicious activity reporting (SAR) requirement applicable to the money services businesses (MSBs) industry has been in effect for more than one year. MSBs were advised in October 2002, that a new form had been created specifically for the MSB industry entitled Suspicious Activity Reporting by Money Services Business (Form TD F 90-22.56). The form is now available. Announcement 2/14/03

  • OCC Proposes Amends to Several of its Regulations to Update and Clarify

    Proposed revisions to parts 5 and 7 would implement several sections of the American Homeownership and Economic Opportunity Act of 2000 (AHEOA), which enables national banks to undertake certain corporate organizational changes more efficiently than under previous law, and also provides for more modern corporate governance mechanisms for national banks. [This was previously announced on BOL] OCC 2003-8 2/14/03

  • FDIC Issues Alert on Counterfeit Official Checks

    Counterfeit cashier's and teller's checks, drawn on Southern Bank and Trust Co., Mount Olive, North Carolina, and Hudson River Bank & Trust Co., Hudson, New York, respectively, are in circulation. FDIC:SA-6-2003 2/14/03

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

    The OSFI of Canada has published "Monthly Warning Advisory" (Issue No. 39), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. Two entities, Transamerica Investors Group and Sun Trust Insurance Company of Canada/Sun Trust Financial, are illegally operating as financial institutions. FDIC:SA-7-2003 2/14/03

  • FDIC FIL about OFAC Change

    The Department of the Treasury's Office of Foreign Assets Control has amended its list of Specially Designated Nationals and Blocked Persons. [This was previously announced on BOL] FDIC:FIL-12-2003 2/14/03

  • Final Decision and Order of Prohibition against Cynthia Rowe

    The FRB announced the issuance of a Final Decision and Order of Prohibition against Cynthia Rowe, a former employee of Key Bank, N.A., Cleveland, Ohio. Press Release 2/14/03

  • Final Decision and Order of Prohibition against Marian L. Butler

    The FRB announced the issuance of a Final Decision and Order of Prohibition against Marian L. Butler, a former employee of CoreStates Financial (now First Union), Philadelphia, Pennsylvania. Press Release 2/14/03

  • Deceptive Claims of FDIC Insurance Coverage

    Two entities are falsely representing to potential customers on their respective Web sites that they are insured by the FDIC. In addition, neither entity is licensed or chartered in their respective home countries. FDIC:SA-8-2003 2/14/03

  • USA PATRIOT Act Section 314(a) Information

    USA PATRIOT Act Section 314(a) information requests will resume on Tuesday, February 18, 2003. Information relevant to the operation of the system will be disseminated directly to participating financial institutions prior to that date. Financial institutions should refer questions on system operation to their primary regulator or to FinCEN (Regulatory Help Line 800-949-2732). Press Release
    BOTTOM LINE: Previously, their guidance had said the requests would resume "the week of February 17th". They now have a date certain -- February 18th -- for the first round of requests. Be sure you read the instructions closely to make sure you are doing what is required and in a timely manner. 2/13/03

  • FDIC Issues Final Rule on Insurance of State Banks Chartered as Limited Liability Companies

    The FDIC has adopted a final rule regarding whether and under what circumstances the FDIC will grant deposit insurance to a State bank chartered as a limited liability company (LLC). Pursuant to section 5 of the Federal Deposit Insurance Act (FDI Act) the FDIC may grant deposit insurance only to certain depository institutions. 68FR7301 (txt) 68FR7301 (pdf) 2/13/03

  • New Information Security Guidance for Examiners and Financial Institutions

    The Federal Financial Institutions Examination Council (FFIEC) has issued a booklet with revised guidance for identifying institutions' information security risks and evaluating their risk-management practices. This is the first in a series of updates to the 1996 FFIEC Information Systems Examination Handbook, which will eventually replace the 1996 handbook and comprise the new FFIEC Information Technology (IT) Examination Handbook. [This was earlier announced on BOL] FDIC:FIL-11-2003 2/13/03

  • OCC Updates Examination Procedures on Prohibition Against Interstate Deposit Production

    This bulletin announces the distribution of interagency examination procedures that have been updated to conform to the final rule effective October 1, 2002, which amended regulations implementing section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These updated procedures are to be used when examining banks that have established or acquired interstate branches, or that are controlled by an out-of-state bank holding company. OCC 2003-6 Updated Examination Procedures 2/12/03

  • OCC Publishes Notice that U. S. Treasury to Reinstate USA PATRIOT Act Section 314(a) Information Requests

    On February 6, 2003, FinCEN issued a press release advising financial institutions that 314(a) information requests would be reinstated during the week of February 17, 2003. [This was previously announced on BOL] OCC:SR 03-3 2/12/03

  • DOS-Based FedLine

    The current DOS-based FedLine software provides a common, electronic access method for accessing the Federal Reserve's financial services. This PC-based connection allows customers to process daily transactions, monitor account balances, and receive timely reports. Announcement 2/12/03

  • Electronic Deposit Insurance Estimator

    The FDIC is releasing the new banker version of EDIE in a downloadable format that financial institutions may load directly onto their networks. FDIC:FIL-10-2003 EDIE 2/12/03

  • OFAC Issues Final Rule Concerning the Disclosure of Certain Civil Penalties Information

    OFAC intends to publish information about civil penalties imposed and informal settlements on a weekly basis. If the publication falls on a holiday, or if required by an emergency, publication may be postponed to the following week. 68FR6820 (txt) 68FR6820 (pdf) 2/11/03

  • OCC Requests Comment on Removal, Suspension, and Debarment of Accountants From Performing Audit Services

    This proposal would amend the Agencies' rules to establish rules of practice and procedure for the removal, suspension, and debarment of accountants and their firms from performing section 36 audit services for insured depository institutions. [This was previously announced on BOL] OCC 2003-5 2/11/03

  • FDIC to Market Southern Pacific Bank Loans

    The FDIC announced that it will market a $300 million loan portfolio retained by the FDIC from the failed Southern Pacific Bank, Torrance, California, within the next 60 days. FDIC:PR-12-2003 2/11/03

  • OCC Proposes Amends to Several of its Regulations to Update and Clarify

    The proposed revisions relate to the new authority provided to national banks by the American Homeownership and Economic Opportunity Act of 2000 ( AHEOA) regarding bank reorganization; number of board of directors and their terms; and, mergers with nonblank affiliates. In additon, the proposal clarifies issues regarding the OCC's visitorial powers. Comments must be received by April 8, 2003. 68FR6363 (txt) 68FR6363 (pdf) 2/10/03

  • NACHA Internet Council Reports on Managing Risks of Internet Payments

    The Internet Council has issued two new publications designed to provide financial institutions and merchants with educational resources on managing risk and preventing fraud associated with Internet-initiated payments. Fraud Paper
    Press Release
    2/10/03

  • Regulation K interpretation on foreign banks underwriting securities to be distributed in the United States

    The interpretation clarifies that a banking organization that wishes to engage in underwriting securities that are to be distributed in the United States must be either a financial holding company or have authority to engage in underwriting activity under section 4(c)(8) of the Bank Holding Company Act. Press Release     Interpretation 2/10/03

  • FinCEN Issues Final Rule to Make it a Requirement That Currency Dealers and Exchangers Report Suspicious Transactions

    The amendments require all money services businesses to which the suspicious transaction reporting rule applies to report transactions involving suspected use of the money services business to facilitate criminal activity. 68FR6613 (txt) 68FR6613 (pdf) 2/10/03

  • SEC Amends Definition of "Dealer" for Banks

    The Commission voted to adopt rules amending definitions of terms used in a bank exception to the definition of "dealer" in Section 3(a)(5) of the Securities Exchange Act of 1934, amending an exemption for banks from the definition of dealer for certain de minimis riskless principal transactions, adding a new exemption from broker-dealer registration for certain bank securities lending transactions, and extending an exemption from rescission liability for contracts entered into by banks in a dealer capacity for a transition period until March 31, 2005. SEC:2003-21 2/10/03

  • OFAC Publishes Chart

    OFAC Publishes a chart on Cali Cartel business structure. Chart 2/10/03

  • FATF Plenary to Meet

    The Financial Action Task Force (FATF) will meet in Paris, 11-14 February, to discuss new methods of money laundering and terrorist financing and to review developments in non-cooperative countries and territories. The FATF will also report on its progress to counter the financing of terrorism. Press Release 2/10/03

  • OCC Issues Recent Updates on Licensing Manual

    Two revised booklets of the Comptroller’s Licensing Manual series, "Public Notice and Comment" and "Changes in Directors and Senior Executive Officers" are available on the OCC’s Internet site. Public Notice and Comment's title was changed from “Public Involvement” as it is more descriptive of the contents. These booklets update and replace the previous 1998 version. Public Notice and Comment    Changes in Directors and Senior Executive Officers 2/10/03

  • Federal Reserve System Check Operations Restructuring Announcement

    The Federal Reserve System has announced plans to restructure check processing operations to 32 locations nationwide and check adjustment operations to 12 locations. Letter to our Customers from Reserve Bank First Vice Presidents    Map of Check Processing Changes by District 2/10/03

  • FDIC Approves the Assumption of the Insured Deposits of Southern Pacific Bank, Torrance, California

    The Board of Directors of the FDIC approved the assumption of the insured deposits of Southern Pacific Bank, Torrance, California, by Beal Bank, S.S.B., Plano, Texas. FDIC:PR-11-2003 FDIC Information for Southern Pacific Bank 2/10/03

  • FinCEN to Reinstate USA PATRIOT Act Section 314(a) Information Requests

    The FinCEN will be reinstating information requests associated with section 314(a) of the USA PATRIOT Act during the week of February 17, 2003. Generally, section 314 authorizes law enforcement authorities to communicate with financial institutions about suspected money launderers and terrorists, and financial institutions to communicate amongst themselves about such matters. Read the BOL Summary in "Life After The Moratorium".    FinCEN Press Release    Instructions    FAQ 2/7/03

  • FRB Announce Changes to Increase Efficiency In Check Services as Check Volumes Decline Nationwide

    The Federal Reserve Banks, collectively the nation's largest processor of checks, announced changes to their back office check-processing operations intended to improve operating efficiency while maintaining high-quality check services to depository institutions nationwide. FRB Press Release 2/7/03

  • 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 2002. FDIC:PR-10-2003 2/6/03

  • Written agreement with Premier Financial Bancorp, Inc.

    The Federal Reserve Board announced the execution of a Written Agreement by and between Premier Financial Bancorp, Inc., Huntington, West Virginia, and the Federal Reserve Bank of Cleveland. FRB Press Release 2/6/03

  • OCC Issues Alert on Unauthorized Banking: Allied Boston Bank, Inc., Banking License Denial, Republic of Palau

    This issuance conveys information on the denial of a banking license application to Allied Boston Bank, Inc. Allied has never had a license to practice and/or perform banking and related financial activities. The Financial Institutions Commission of the Republic of Palau further informed the OCC that Allied is in the process of relinquishing its corporate charter. ALERT 2003-1 2/6/03

  • Head of Treasury Office of Critical Infrastructure Protection Announced

    On January 4, 2003 the Treasury Department named Michael A. Dawson as the Deputy Assistant Secretary for Critical Infrastructure Protection and Compliance Policy. He will oversee the efforts of the office to enforce statutes and regulations regarding money laundering, terrorist financing and identity theft. The office will continue to develop and implement policies regarding the security of personal financial information and the sharing of suspicious information under BSA. Treasury Press Release 2/5/03

  • DOD Joins FDIC'S Money Smart Alliance; Will Deploy Financial Education Program at Military Installations Worldwide

    The FDIC and the DOD are joining forces to make basic financial education available to 1.4 million servicemen and women at home and abroad, as well as to their families. Through an agreement announced today, DOD has adopted the FDIC's Money Smart financial education program for use at more than 3,000 military installations around the world. FDIC:MS-002-2003 2/5/03

  • 2003 Guide Information Letter is now available

    This letter supplements A Guide to HMDA Reporting: Getting It Right! In 2002 the Board announced major changes to Regulation C (including its appendices), the Staff Commentary, and the HMDA file specifications and edits. For those changes that took effect on January 1, 2003, this letter supplements the 1998 Guide, which should be used for guidance on collection and reporting of calendar year 2003 HMDA data due March 1, 2004. Most of the changes made in 2002, however, do not take effect until January 1, 2004. An updated version of the Guide will reflect those changes. FFIEC Letter 2/4/03

  • FTC Examines Spam Relief

    The Federal Trade Commission has announced that it will hold a three day public workshop May 2, 2003 to address the proliferation of unsolicited commercial e-mail and to explore the technical, legal, and financial issues associated with it. Financial institution personnel may be interested from a personal standpoint, but also to make sure any "solutions" put into place do not unduly restrict the ability of financial institutions to utilize the Internet to communicate with customers and prospective customers. FTC Press Release 2/4/03

  • Treasury Announces Increase in Funds to Combat Money Laundering and Terrorist Financing

    The Administration is proposing significant increases in funding for Treasury Department programs that work to combat money laundering and terrorist financing around the world. In its fiscal year 2004 budget to be released on Monday, February 3,
    2003, the Administration proposes a $2.1 million increase in funding for Treasury’s Financial Crimes Enforcement Network (FinCEN), and a $4 million increase in funding for Treasury’s technical assistance program under the Office of International Affairs. 2/4/03

  • 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-7-2003 2/4/03

  • FDIC State Profiles

    Banking and economic conditions described for each state. Updated quarterly. State Profiles 2/4/03

  • Pennsylvania Man Indicted on Charges of Making False Statements to The RTC

    FDIC Inspector General Gaston L. Gianni, Jr., has announced that a federal grand jury in Philadelphia has returned an indictment against Gerald L. Katzoff of Morrisville, PA, charging him with four counts of making false statements to the Resolution Trust Corporation (RTC) in violation of 18 U.S.C. § 1014. The FDIC in 1996 became responsible for winding up the affairs of the RTC, which was created by Congress to resolve the savings and loan crisis of the late 1980s and early 1990s. FDIC:PR-9-2003 2/4/03

  • FRB Issues Final Rule to Reg H

    The FRB announced the adoption of a final rule implementing several of the reporting, disclosure and corporate governance requirements of the Sarbanes-Oxley Act of 2002 for those state member banks that have a class of securities registered under the Securities Exchange Act of 1934. [This was previously announced on BOL] FRB Press Release 2/3/03

  • Holiday District Announcements

    The Federal Reserve Banks will be closed on Monday, February 17, 2003, for the Presidents' Day holiday. Announcement 2/3/03

  • Peoples National Bank to Pay $175,000 Civil Money Penalty And End Payday Lending Relationship with Advance America

    The OCC announced that Advance America, Cash Advance Centers, Inc. and Peoples National Bank, Paris, Texas, have agreed to end their payday lending arrangement and that the bank has agreed to pay $175,000 in civil money penalties. OCC:NR 2003 - 06 Consent Form Plan to attend the BOL Learning Connect event "Predatory versus Sub-Prime: Making Good Loans Without Stepping on Grenades" on February 26th 2/3/03

  • FDIC FIL about OFAC Change

    Treasury's Office of Foreign Assets Control (OFAC) has amended its list of Specially Designated Nationals and Blocked Persons. FDIC:FIL-9-2003 [This was previously announced on BOL] 2/3/03

  • OCC Seeks Comment on Package of Rules Dealing with AHEOA, Fiduciary Activities, Real Estate Lending and Visitorial Powers

    The OCC proposed regulations implementing provisions of the American Homeownership and Economic Opportunity Act of 2000 (AHEOA), revising and updating other provisions of its rules, and clarifying its existing rule concerning the agency's exclusive visitorial powers to examine, supervise and regulate national banks. OCC:NR 2003 - 07 2/3/03

  • FDIC Debuts Analysis of State Economic and Banking Information

    The FDIC launched a new Internet-only publication, FDIC State Profiles. In an executive summary format, this quarterly publication provides an analysis of state economic and banking trends and aggregate financial data on insured institutions headquartered in all 50 states, Puerto Rico and the U.S. Virgin Islands. FDIC:PR-6-2003 2/3/03

12/31/2002

Top Stories for January 2003

  • FDIC Issues Alert on Counterfeit Money Orders and Cashier's Checks

    Counterfeit money orders issued by Peoples State Bank of Munising, Munising, Michigan, and counterfeit cashier's checks drawn on Treasury Bank, N.A., Alexandria, Virginia, are in circulation. FDIC:SA-4-2003 1/31/03

  • FDIC Issues Alert on Entities Not Authorized by the Cayman Islands Monetary Authority

    The Cayman Islands Monetary Authority (CIMA) has added two institutions, Trans Ocean Bank and First Cayman Bank, to its list of entities that provide a Cayman Island contact address, but are not licensed or registered to conduct business activities regulated by the CIMA. FDIC:SA-5-2003 1/31/03

  • OTS Says New York Law Doesn't Apply To Federal Thrifts

    The OTS announced that federal law preempts provisions of the New York predatory lending law from applying to federal savings associations and their operating subsidiaries. The New York law imposes various restrictions on loans based upon the annual percentage rate and amount of points and fees charged. OTS 03-04 1/31/03

  • Canadian-Based Defendants to Pay $25,000 for Conducting Credit Card Protection Scheme

    The Federal Trade Commission once again warned consumers to be wary of telemarketers and to "Ditch the Pitch." The agency announced a settlement with Canadian-based defendants, who allegedly defrauded hundreds of consumers by pressuring them over the phone to purchase essentially worthless "credit card protection" insurance for up to $369. FTC Press Release 1/31/03

  • Revised FFIEC guidance for examiners and financial institutions in identifying information security risks

    The FFIEC issued revised guidance for examiners and financial institutions to use in identifying information security risks and evaluating the adequacy of controls and applicable risk management practices of financial institutions. FRB Press Release FFIEC OTS 03-03 1/30/03

  • FDIC Seeks Comment on Draft Payday Lending Guidance

    The FDIC has developed guidelines for payday lending. A draft of this guidance is available. The FDIC intends to issue on March 31, 2003. FDIC:PR-5-2003 FYI 1/30/03

  • The Future of Financial Regulation: Structural Reform or Status Quo?

    A March 13, 2003, symposium – "The Future of Financial Regulation: Structural Reform or Status Quo?" – will evaluate the U.S. financial regulatory system. The symposium will examine the current financial regulatory structure, identify challenges and obstacles to reform, and explore alternatives for the future. Symposium 1/30/03

  • FOMC Statement

    The Federal Open Market Committee decided to keep its target for the federal funds rate unchanged at 1-1/4 percent. FRB Press Release 1/30/03

  • Approval of application of BBVA Bancomer, S.A.

    The Federal Reserve Board announced the approval of the application of BBVA Bancomer, S.A., Mexico City, Mexico, to establish an agency in Houston, Texas. FRB Press Release 1/30/03

  • OFAC Publishes Proposed Rule on Economic Sanctions Enforcement Guidelines

    The Office of Foreign Assets Control of the U.S. Department of the Treasury is publishing for public comment an updated
    version of its internal Economic Sanctions Enforcement Guidelines. 68FR4422 (txt) 68FR4422 (pdf) 1/29/03

  • OCC Transmits Final Rule Regarding Foreign Correspondent Banks

    This bulletin transmits a final rule issued by the Treasury Department amending a previously published rule and extends the time for obtaining information from foreign banks in which a covered financial institution maintains a correspondent account.
    OCC 2003-3 1/29/03

  • FRB Issues Changes to Reg H

    These amendments vest the Board with the authority to administer and enforce several of the enhanced reporting,
    disclosure and corporate governance obligations imposed by the Sarbanes-Oxley Act with respect to state member banks that have a class of securities registered under the Securities Exchange Act of 1934. 68FR4092 (text) 68FR4092 (pdf) 1/28/03

  • Specifications for Magnetic Media Filing

    The purpose of this specification is to provide the requirements and conditions for filing Suspicious Activity Report by Money Services Business (SAR-MSB), Treasury Form TDF 90-22.56 on magnetic media. Specifications 1/28/03

  • 2003 Savings Bond Seminar Schedule

    The Federal Reserve Financial Services published the 2003 Savings Bond Seminar Schedule. Schedule 1/27/03

  • 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. January 2003 1/27/03

  • FDIC Issues Special Alert on Counterfeit Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks drawn on State Bank of Kimball, St. Cloud, Minnesota, are currently in circulation. SA-3-2003 1/27/03

  • FDIC FIL about OFAC Change

    The Department of the Treasury's Office of Foreign Assets Control has updated its list of approved service providers to Cuba. FDIC:FIL-7-2003 [This was previously announced on BOL] 1/27/03

  • FDIC FIL about OFAC Change

    The Department of the Treasury's Office of Foreign Assets Control has amended its list of Specially Designated Nationals and Blocked Persons. FDIC:FIL-8-2003 [This was previously announced on BOL] 1/27/03

  • FTC Releases Top 10 Consumer Complaint Categories in 2002

    The FTC has released its annual report detailing consumer complaints about identity theft and listing the top 10 fraud complaint categories reported by consumers. As in 2000 and 2001, identity theft topped the list, accounting for 43 percent of the complaints lodged in the FTC's Consumer Sentinel database. The number of fraud complaints jumped from 220,000 in 2001 to 380,000 in 2002, and the dollar loss consumers attributed to the fraud they reported grew from $160 million in 2001 to $343 million in 2002. FTC Press Release 1/24/03

  • Civil Money Penalty against Central State Bank

    The Federal Reserve Board announced the issuance of an Order of Assessment of a Civil Money Penalty against the Central State Bank, Calera, Alabama, a state member bank. FRB Press Release 1/24/03

  • Civil Money Penalty against La Salle State Bank

    The Federal Reserve Board announced the issuance of an Order of Assessment of a Civil Money Penalty against the La Salle State Bank, La Salle, Illinois, a state member bank. FRB Press Release 1/24/03

  • Civil Money Penalty against Simmons First Bank of Russellville

    The Federal Reserve Board announced the issuance of an Order of Assessment of a Civil Money Penalty against the Simmons First Bank of Russellville, Russellville, Arkansas, a state member bank. FRB Press Release 1/24/03

  • Civil Money Penalty against Bank of Yellville

    The Federal Reserve Board announced the issuance of an Order of Assessment of a Civil Money Penalty against The Bank of Yellville, Yellville, Arkansas, a state member bank. FRB Press Release 1/24/03

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

    The OSFI of Canada has published "Monthly Warning Advisory" (Issue No. 38), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:SA-2-2003 1/23/03

  • FDIC Issues Special Alert on Stolen or Missing Money Orders

    The FDIC has learned that 1,200 stolen or missing money orders, drawn on Normandy Bank, St. Louis, Missouri, may be in circulation. FDIC:SA-1-2003 1/23/03

  • OTS Says Georgia Law Doesn't Apply to Federal Thrifts

    The OTS announced that federal law preempts provisions of the Georgia Fair Lending Act (GFLA) from applying to federal savings associations and their operating subsidiaries. The GFLA imposes various restrictions on loans based upon the annual percentage rate and amount of points and fees charged. OTS 03-02 1/23/03

  • OCC Announces Nine New Enforcement Actions and Three Terminations

    The OCC announced nine new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and three terminations of existing enforcement actions. OCC:NR 2003-04 1/23/03

  • OCC Releases CRA Evaluations For 39 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of December 15, 2002 through January 14, 2003. The list contains only national banks and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.
    OCC:NR 2003 - 05 1/23/03

  • Fedwire Securities Guide

    This guide provides a brief description, and contact information, of governmental and international agencies issuing book-entry securities through the Federal Reserve Banks. The guide lists each of the agency's products by class code. Guide 1/22/03

  • OCC Concludes Case Against FNB in Brookings Involving Payday Lending, Unsafe Merchant Processing, and Deceptive Marketing of Credit Cards

    The OCC has concluded an enforcement action against First National Bank in Brookings requiring the Brookings, S.D. institution to pay restitution to credit card customers harmed by its marketing practices, terminate its payday lending business and stop merchant processing activities through one vendor. OCC:NR 2003 - 03 Consent Order 1/22/03

  • FDIC FIL about OFAC Change

    Treasury's Office of Foreign Assets Control (OFAC) has unblocked certain property and assets owned by FRY. FDIC:FIL-6-2003 [This was previously announced on BOL] 1/22/03

  • HOEPA APR Reference Rates for February Released

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in February will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. FRB: H.15 Releases 1/21/03

  • Money Laundering: A Banker's Guide to Avoiding Problems, December 2002

    This booklet, which updates a 1993 publication, discusses how bankers can identify and manage the risks associated with money laundering and terrorist financing. The revision was prompted by the growing sophistication of money launderers, a growing international response to money laundering, changes to anti-money laundering laws, and recent anti-terrorist financing legislation.
    Booklet 1/21/03

  • Federal Register publishes Proposed Rule to Make it a Requirement That Mutual Funds Report Suspicious Transactions

    The amendment would require mutual funds to report suspicious transactions to the Department of the Treasury. [This was earlier reported on BOL] 68FR2716 (text) 68FR2716 (pdf) 1/21/03

  • Fourth Quarter 2002 Edition of the FDIC's Letter to Stakeholders

    The FDIC issues its third Letter to Stakeholders, a report of the agency's activities in the fourth quarter of 2002. FDIC:FIL-5-2003 Letter to Stakeholders 1/21/03

  • FinCEN Issues Large Civil Penalty Assessment in Conjunction with Criminal Information

    A criminal information filed at U.S. District Court in the District of Puerto Rico charges Banco Popular with one count of failing to file Suspicious Activity Reports (SARs) in violation of Title 31 USC 5318(g)(1) and 5322(a). Banco Popular waived indictment, agreed to the filing of the information, and accepted and acknowledged responsibility for its behavior in a factual statement accompanying the information. The company will forfeit $21.6 million to the United States to settle any and all civil claims held by the government. FinCEN Press Release 1/17/03

  • FRB Makes Available "Identity Theft" Booklet

    "Identity Theft" was developed by the Federal Reserve Bank of Boston and complements the Bank's 2001 issuance of the video, "Identity Theft: Protect Yourself." Addressed to consumers, the booklet describes the dangers posed by identity thieves, what people can do to protect themselves, and what they should do if they discover their identities have been stolen. FRB Press Release 1/17/03

  • Statement by Chairman Greenspan on the retirement of William J. McDonough, president of the FRB of New York

    I will greatly miss Bill McDonough's counsel and advice. After a decade of exemplary service to the Federal Reserve System, his retirement will leave a pronounced void. FRB Press Release 1/17/03

  • Further Test Shows No Anthrax Presence on Sample from Mail to FRB

    The FRB received results from further testing conducted by the State of North Carolina, under the guidance of the Centers for Disease Control. It showed no anthrax bacteria present on a sample from a piece of mail which earlier had tested presumptively positive for the bacteria in a private laboratory. FRB Press Release 1/17/03

  • FinCEN Waiver from Civil Money Penalties for Failure to Timely File Report of Foreign Bank and Financial Accounts

    This serves notice that the Director of the Financial Crimes Enforcement Network (FinCEN) has granted a waiver from civil money penalties for violations of the Bank Secrecy Act, 31 U.S.C. 5314, and its implementing regulation, 31 C.F.R. Part 103.24, to persons who enter into settlement and comply with the terms and conditions of the Offshore Voluntary Compliance Initiative, as provided by the Internal Revenue Service, U.S. Department of the Treasury. FinCEN Notice 1/16/03

  • FTC Issues Consumer Alert on Home Borrowing

    The Federal Trade Commission has issued a revised alert to consumers warning about the dangers of predatory lending. Titled "Need a Loan? Think Twice About Using Your Home as Collateral," the alert points out pitfalls of home borrowing, talks about laws (such as HOEPA) that may provide rights to the consumer, and provides tips for those seeking a loan. PDF version of alert,    HTML version,     FTC Announcement 1/15/03

  • Reauthorization by the Congress of the National Flood Insurance Program

    The FRB informed state member banks of the reauthorization of the National Flood Insurance Program (NFIP) by the Congress, retroactive to December 31, 2002. FRB Press Release, FDIC:PR-4-2003 FDIC:FIL-4-2003 OCC 2003-2 1/15/03

  • The FDIC is seeking public comment on certain proposed changes to Part 303 of the FDIC's Rules and Regulations

    The FDIC is requesting public comment on a proposed rule clarifying the filing and processing of applications submitted by insured depository institutions. Comments on this proposed rule are due by February 25, 2003. FDIC:FIL-3-2003 1/15/03

  • FinCEN Issues Proposed Rule to Make it a Requirement That Mutual Funds Report Suspicious Transactions

    The amendment would require mutual funds to report suspicious transactions to the Department of the Treasury. FinCEN Press Release 1/15/03

  • FDIC to Demystify Basel II Capital Regulation

    The FDIC will analyze impending changes in international capital regulation that could have a far reaching impact on the financial services industry and the global economy, and publish its findings in a series of papers. FDIC:PR-3-2003 FYI 1/15/03

  • NFIP Retroactively Reauthorized

    H.R. 11, the "National Flood Insurance Program Reauthorization Act of 2003" was signed into law by President George W. Bush. It retroactively reauthorizes the National Flood Insurance Program until December 31, 2003, effectively ending the untenable position many lenders found themselves in after the program lapsed 1/1/03. White House Press Release 1/14/03

  • Adoption of Regulation W Implementing Sections 23A and 23B of the Federal Reserve Act

    On December 12, 2002, Regulation W, the rule that comprehensively implements sections 23A and 23B of the Federal Reserve Act, was published in the Federal Register.1 The rule is effective April 1, 2003. SR 03-2 gives a summary of significant issues addressed in the rule. FRB: SR 03-2 1/14/03

  • HUD Issues Proposed Rule to Make Lender Accountability for Appraisals

    This proposed rule clarifies and strengthens HUD's regulations concerning the responsibilities of lenders approved by the Federal Housing Administration (FHA) in the selection of appraisers to perform appraisals on properties that will be the security for FHA insured mortgages. 68FR1765 (text) 68FR1765 (pdf) 1/14/03

  • FRB Issues Final Rule to Reg A to Reflect Interest Rate Change

    The FRB is publishing final amendments to Regulation A to reflect its approval of the initial interest rates for extensions of primary and secondary credit. 68FR1793 (text) 68FR1793 (pdf) 1/14/03

  • Approval of proposal of Royal Bank of Canada and RBC Centura Banks, Inc.

    The Federal Reserve Board today announced its approval of the applications by Royal Bank of Canada, Montreal, Canada, and RBC Centura Banks, Inc., Rocky Mount, North Carolina, under section 3 of the Bank Holding Company Act, to acquire Admiralty Bancorp, Inc., and its wholly owned subsidiary, Admiralty Bank, both in Palm Beach Gardens, Florida. FRB Press Release 1/14/03

  • OCC Proposed Rule Encourages Public Welfare Investments by National Banks

    The OCC proposes to amend its regulation governing national bank investments that are designed primarily to promote the public welfare. National banks and their community partners committed $995 million to public welfare investments in 2001. In order to encourage additional public welfare investments by national banks, the proposal simplifies the regulation and reduces unnecessary burden associated with these investments.
    NR 2003-02 68FR1394 (txt) 68FR1394 (pdf) 1/10/03

  • House Passes Retroactive Flood Insurance Bill

    On January 8, 2003, the House of Representatives passed H.R.11, the National Flood Insurance Reauthorization Act of 2003. The Act extends the Flood Insurance program through Dec. 31, 2003 and makes the effective date for the extension retroactive to December 31, 2002. The legislation now moves to the Senate. News Release H.R.11 1/9/03

  • FRB Issues Final Rule to Reg K - International Lending

    The FRB is amending 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). 68FR1158 (txt) 68FR1158 (pdf) 1/9/03

  • Regulators Issue Account Management and Loss Allowance Guidance for Credit Card Lending

    Banking supervisory agencies have jointly issued "Account Management and Loss Allowance Guidance for Credit Card Lending." The guidance is to ensure that financial institutions conduct credit card lending in a safe and sound manner by establishing sound account management, risk management, and loss allowance management practices. This guidance is effective immediately. OCC 2003-1 Guidance FDIC-PR-02-2003 1/9/03

  • Reserve Bank income and expense data and transfers to the Treasury for 2002

    Preliminary figures indicate that the Federal Reserve Banks distributed approximately $24.497 billion of their $26.758 billion total income to the U.S. Treasury during 2002. FRB Press Release 1/9/03

  • FFIEC Abandons Collection of Subprime Lending Data Plan

    On January 7, 2003 the FFIEC announced the proposed plan to collect subprime lending information from quarterly regulatory reports was being dropped. The data will continue to be gathered in the examination process, which will remain the focal point of the regulatory supervision of subprime consumer lending activities. FFIEC Press Release 1/8/03

  • FinCEN Offers Guidance on Definition of Check Casher and BSA Requirements

    Guidance 1/8/03

  • Regulators Request Comment on Removal, Suspension, and Debarment of Accountants From Performing
    Audit Services

    This proposal would amend the Agencies' rules to establish rules of practice and procedure for the removal, suspension, and debarment of accountants and their firms from performing section 36 audit services for insured depository institutions.
    68FR1115 (text) 68FR1115 (pdf) FDIC:FIL-1-2003, FRB Press Release, OTS 03-01 OCC: 2003-1
    1/8/03

  • Primary and secondary credit rates established

    The Federal Reserve Board announced it has approved requests by the twelve Federal Reserve Banks to establish primary and secondary credit rates of 2-1/4 percent and 2-3/4 percent, respectively, effective January 9, 2003. FRB Press Release 1/8/03

  • Holiday District Announcements

    The Federal Reserve Banks will be closed on Monday, January 20, 2003, for the Martin Luther King, Jr. holiday. Announcement 1/8/03

  • FRB Approves Revisions to Subpart D of Regulation K, Governing International Banking Operations

    The final rule will reduce the regulatory burden on banking institutions engaged in international lending by simplifying the requirements concerning accounting for fees on international loans to make the regulation consistent with generally accepted accounting principles (GAAP). FRB Press Release, Final Rule 1/7/03

  • FDIC Issues January 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 October 2002. FDIC:PR-1-2003 List 1/7/03

  • Consumer Advisory Council appointments for 2003

    The Federal Reserve Board named ten new members to its Consumer Advisory Council for three-year terms and designated a new Chair and Vice Chair of the Council for 2003. FRB Press Release 1/6/03

  • OCC Issues Buy-Sell Agreements between Subchapter S Corporations and National Bank Directors

    This advisory letter is intended to refer national banks, especially community national banks, that seek to qualify as Subchapter S corporations for federal tax purposes to an Internal Revenue Service ruling that may be relevant to them. OCC:AL 2003-1 1/2/03

  • FDIC Issues Final Rule on Governing Filing Procedures and Delegations of Authority

    The FDIC Board of Directors has revised the agency's regulation and related policy statements that govern the filing and processing of applications submitted by insured depository institutions. FDIC:FIL-146-2002 1/2/03

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

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in November. One administrative hearing is scheduled for January 2003. FDIC:PR-135-2002 1/2/03

  • Treasury, SEC and Federal Reserve Submit USA PATRIOT Act Report on Investment Companies to Congress

    The Treasury Department, the Securities and Exchange Commission, and the Board of Governors of the Federal Reserve System today released a report to Congress under the USA PATRIOT Act containing recommendations for applying anti-money laundering controls to investment companies. PO-3721 Treasury Press Release 1/2/03

12/14/2002

Afghan heroin trafficker and organization tagged

Treasury announced the designation of Afghan national Lahore Jan under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for his significant role in international narcotics trafficking. Lahore Jan is a known narcotics trafficker in Jalalabad, Afghanistan. He is involved in moving money for the Taliban and other narcotics traffickers using his hawala, a value transfer system, called the Lahore Jan Shanwari Exchange. His name and that of the transfer system have been added to the SDN list with the SDNTK designation. For additional details see our BOL OFAC Update.

12/14/2002

Webinar on FRB community bank risk-based supervision program

The Federal Reserve Board of Governors has issued an invitation to a webinar on the Community Bank Risk-Focused Consumer Compliance Supervision Program. The "Outlook Live" presentation will take place Thursday, March 6, 2014, from 1:00 pm - 2:00 pm Eastern Time. Online registration for the program is required.

12/14/2002

Yellen delivers Monetary Policy Report to Congress

Chairman Yellen presented the Federal Reserve Board's semiannual Monetary Policy Report to Congress and testified before the House Committee on Financial Affairs. She reviewed the current economic situation and outlook, monetary policy, and an update of the agency's progress on regulatory reforms and supervisory actions to strengthen the financial system. She emphasized she expects a great deal of continuity in the FOMC's approach to monetary policy.

12/14/2002

CFPB Consumer Advisory Board meeting

The Bureau has issued an invitation to attend a meeting of its Consumer Advisory Board (CAB) to be held at 10:00 a.m. ET on February 27 in Washington D.C. The event is open to the public but an email RSVP is required. Director Cordray will offer remarks, and the Consumer Advisory Board will listen to consumer groups, community and industry representatives, and members of the public. An agenda for the meeting was also provided. The two-hour session is the only portion of the full two-day CAB meeting scheduled for February 26–27 that will be open to the public.

12/14/2002

Webinar on FRB community bank risk-based supervision program

The Federal Reserve Board of Governors has issued an invitation to a webinar on the Community Bank Risk-Focused Consumer Compliance Supervision Program. The "Outlook Live" presentation will take place Thursday, March 6, 2014, from 1:00 pm - 2:00 pm Eastern Time. Online registration for the program is required.

12/14/2002

Yellen delivers Monetary Policy Report to Congress

Chairman Yellen presented the Federal Reserve Board's semiannual Monetary Policy Report to Congress and testified before the House Committee on Financial Affairs. She reviewed the current economic situation and outlook, monetary policy, and an update of the agency's progress on regulatory reforms and supervisory actions to strengthen the financial system. She emphasized she expects a great deal of continuity in the FOMC's approach to monetary policy.

11/30/2002

Top Stories for December 2002

  • Quicken Loans Settles Adverse Action Notice Charges

    Quicken Loans Inc., a mortgage lender based in Livonia, Michigan, has agreed to settle Federal Trade Commission charges that it failed to provide "adverse action" notices in violation of the Fair Credit Reporting Act (FCRA). The FTC alleges that Quicken Loans failed to comply with the provisions of the Act that require credit grantors who take adverse action to notify the consumer when the action is based wholly or partly on the consumer's credit report. The interesting twist is that this involves online "preapproved" loan applications. Quicken Loans settlement 12/31/02

  • FDIC Updates E.D.I.E.

    The FDIC has developed a CD ROM version of its Electronic Deposit Insurance Estimator (EDIE) for use by bank employees. This version allows users to enter depositor account information much more quickly than the Internet version, and since it is available in CD-ROM, it does not require a connection to the Internet to operate. The banker version also provides a printable report that financial institution staff can share with bank customers. FDIC:FIL-147-2002 - EDIE 12/31/02

  • HMDA Asset Threshold Remains at $32 Million

    The Federal Register has published a final rule announcing that the HMDA Asset Threshold Remains at $32 Million. The asset size threshold for triggering coverage under HMDA, which is tied to the Consumer Price Index, will remain the same for 2003 -- $32 million. To trigger HMDA coverage, a lender must meet the asset test and have an office in an MSA. [This was previously announced on BOL] 67FR79844 (text) 67FR79844 (pdf) 12/31/02

  • FDIC Seeks Comment on Technical Changes/Corrections

    The FDIC has published a notice of proposed rulemaking and request for comment relating to technical corrections and modifications to clarify existing policies and procedures on filings, Corporate Powers, International Banking, Management Official Interlocks. Text; PDF; 12/27/02

  • FDIC Updates Rules to Reflect Internal Reorganization

    The FDIC has published a final rule amending its regulations governing application,notice and request procedures to reflect changes from an internal reorganization order, which included the consolidation of the Division of Supervision and the Division of Compliance and Consumer Affairs into the Division of Supervision and Consumer Protection. Note that the final rule reflects changes in part 303 as a result of the FDIC internal reorganization and does not affect any regulatory requirement imposed by the FDIC on the public. Text | PDF. It also made corresponding changes to its policy statement on mergers, Text; PDF; and Deposit Insurance Applications, Text; PDF. 12/27/02

  • OCC Publishes Notice of Designation - Designation of Nauru and Ukraine as Primary Money Laundering Concerns

    This bulletin announces the Treasury Department's designation of Nauru and Ukraine as primary money-laundering concerns. Bank Secrecy Act section 5318A authorizes the Secretary of the Treasury to designate a foreign jurisdiction, institution, class of transaction, or type of account as being of "primary money laundering concern," and to impose one or more of five "special measures." OCC 2002-47 Notice of Designation, List of Foreign Banks 12/27/02

  • HMDA Asset Threshold Remains at $32 Million

    The FRB has announced that the asset size threshold for triggering coverage under HMDA, which is tied to the Consumer Price Index, will remain the same for 2003 -- $32 million. To trigger HMDA coverage, a lender must meet the asset test and have an office in an MSA. FRB Press Release 12/26/02

  • Denial of proposal of Illini Corporation

    The Federal Reserve Board announced its denial of the application of Illini Corporation, Springfield, Illinois, to acquire Illinois Community Bancorp, Inc., Effingham, Illinois. FRB Press Release 12/26/02

  • Regional Outlook: 4th Quarter 2002

    Credit losses have continued to increase, particularly on commercial loans to corporate borrowers, during the first three quarters of 2002. Regional Outlook 12/26/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks drawn on Mechanics & Farmers Bank, Durham, North Carolina, Penn Security Bank & Trust Co., Scranton, Pennsylvania and Northrim Bank, Anchorage, Alaska are currently in circulation. FIL-144-2002 12/26/02

  • FDIC Issues Alert on Stolen Cashier's Checks

    The FDIC has learned that a box of cashier's checks, which were stolen during delivery from a third-party printer to the owner of the instruments, Diamond State Bank, Nashville, Arkansas, are currently in circulation. FIL-145-2002 12/26/02

  • Fact Sheet Regarding the Treasury Department's Use of Sanctions Authorized Under Section 311

    Treasury Press Release 12/26/02

  • Banking Industry Performs Strongly As U.S. Economy Slowly Recovers

    Banks posted record earnings in the first nine months of 2002 as the U.S. economy slowly recovered from the recession that began in March 2001. However, according to a report released today in the FDIC's Regional Outlook, credit losses have continued to increase, particularly on commercial loans to corporate borrowers. The FDIC's semiannual review of economic conditions and emerging risks in banking also indicates that a steep yield curve has helped boost net interest income. FDIC:PR -133-2002 12/26/02

  • Realignment of Regional/Area Office and Field Territory Responsibilities

    The FDIC is transitioning certain risk-management responsibilities to the field territory level, streamlining many core risk-management functions. FDIC:FIL-143-2002 12/26/02

  • Banks Play Significant Role in Rural Economic Development

    A new publication issued this week by the OCC highlights the critical role banks play in the economic vitality of rural America through community development corporations and partnerships with government programs. OCC:NR 2002- 97 12/23/02

  • Agencies Release Guidance on Imminent Lapse in FEMA Flood Insurance Authority

    This letter provides guidance to assist national banks in dealing with the period following January 1, 2003, during which the authority of the Federal Emergency Management Agency (FEMA) to issue flood insurance contracts under the National Flood Insurance Program (the NFIP) will lapse. This guidance has been developed in consultation with the other federal supervisory agencies to ensure a consistent approach to this issue. [This was previously announced on BOL] OCC: AL 2002-11 OTS 02-47 FDIC:FIL-142-2002 FDIC:PR-134-2002 12/23/02

  • FATF decides to impose counter-measures on Ukraine; no counter-measures to apply against Nigeria at this time

    Members of the Financial Action Task Force will apply counter-measures1 to Ukraine, in addition to the current application of Recommendation 212. This decision is the result of Ukraine's failure to enact anti-money laundering legislation that meets international standards. FATF Press Release OCC 2002-47 12/23/02

  • OCC Performance and Accountability Report for Fiscal Year 2002

    This report includes OCC management's discussion and analysis, financial discussion and analysis, the independent auditor's report, and financial statements and notes. Report 12/20/02

  • OTS Revises Regulations Governing Affiliate Transactions

    The Home Owners’ Loan Act (HOLA) requires OTS rules to be consistent with Federal Reserve Board rules. Regulation W, issued December 12 by the Federal Reserve Board, is a new comprehensive rule that implements restrictions on affiliate transactions contained in sections 23A and 23B of the Federal Reserve Act, including revisions mandated by the Gramm-Leach-Bliley Act. OTS 02-46 12/20/02

  • Regulators Distribute Call Report for Third Quarter 2002

    Banks should complete your fourth 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 January 30, 2003. FDIC:FIL-141-2002 12/20/02

  • Legal Division Honors Program

    This recruitment program provides valuable, challenging employment opportunities to outstanding law school graduates. Honors Program 12/20/02

  • Written Agreement with Metamora Bancorp

    The FRB announced the execution of a Written Agreement by and among Metamora Bancorp, Inc., Metamora, Ohio; The Metamora State Bank, Metamora, Ohio; the Federal Reserve Bank of Cleveland; and the Ohio Division of Financial Institutions. FRB Press Release 12/20/02

  • Saturday Production Test Schedule 2003

    Saturday Production Test Schedule 2003 12/19/02

  • OCC Issues Advisory Letter on Reverse Stock Split Procedures

    The OCC is revising the expedited review procedures for national banks to effect reverse stock splits. The revision is necessary to reflect the repeal of 12 USC 51, minimum capital requirements. OCC:AL 2002-6 12/19/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-140 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-140-2002 12/19/02

  • Agencies Propose Disciplinary Action Rules for Accountants and Accounting Firms Performing Certain Audit Services

    The federal bank and thrift regulatory agencies today invited public comment on proposed rules governing their authority to take disciplinary actions against independent public accountants and accounting firms that perform audit and attestation services required by section 36 of the Federal Deposit Insurance Act. FRB Press Release FDIC-PR-132-2002 OCC:NR 2002-96 OTS 02-45 12/18/02

  • FinCEN Issues Guidance On Interpreting “Frequently” Found In The Criteria For Exempting A Non-Listed Business

    Guidance on Frequency 12/18/02

  • 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. December 2002 12/18/02

  • FDIC Approves the Assumption of the Insured Deposits of the Farmers Bank & Trust of Cheneyville, Cheneyville, Louisiana

    The Board of Directors of the FDIC approved the assumption of the insured deposits of The Farmers Bank & Trust of Cheneyville, Cheneyville, Louisiana, by Sabine State Bank and Trust Company, Many, Louisiana. FDIC:PR-131-2002 Press Release 12/18/02

  • OCC Releases CRA Evaluations For 37 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of November 15 through December 14, 2002. OCC:NR 2002-95 12/18/02

  • FRB Issues Proposal to Expand Operating Hours for the On-line Fedwire Funds Service

    Under the proposal, the Fedwire Funds Service would open three and one-half hours earlier than the current opening time of 12:30 a.m. eastern time (ET). The closing time for the service would remain unchanged at 6:30 p.m. ET. The earlier opening time is expected to further the smooth functioning and continued development of the payments system, as well as to improve efficiency and reduce risk in making payments and settlements. FRB Press Release 12/17/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-139 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-139-2002 12/17/02

  • OCC Announces 14 New Enforcement Actions and 5 Terminations

    The OCC announced 14 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 2002-94 12/16/02

  • OCC Reports Derivatives Volume Grows $3.1 Trillion

    Derivatives held by U. S. commercial banks increased $3.1 trillion in the third quarter, to $53.2 trillion, the
    Office of the Comptroller of the Currency reported in its quarterly Bank Derivatives Report. OCC:NR 2002-93 12/16/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks drawn on Community Bank of the Midwest, Great Bend, Kansas, are currently in circulation. FIL-138-2002 12/16/02

  • FDIC announces a series of steps intended to facilitate the process of rebuilding areas in Guam damaged by Super Typhoon Pongsona.

    Guam has sustained heavy damage to its ports, power and water facilities, a hospital and commercial and residential properties from Super Typhoon Pongsona. As noted in the guidelines, the FDIC is encouraging banks to work constructively with borrowers who are experiencing difficulties due to conditions beyond their control. FDIC:FIL-137-2002 Guidelines 12/13/02

  • FFIEC Publishes Notices and Drafts

    FFIEC publishes FFIEC 002 Initial Federal Register Notice (PDF) and FFIEC 002 Draft Reporting Form (PDF) 12/13/02

  • Appointment of Sandra Pianalto as president of the Federal Reserve Bank of Cleveland

    The Federal Reserve Bank of Cleveland has appointed Sandra Pianalto as the Bank's new president. The announcement was made Thursday by David Hoag, chairman of the Cleveland Bank's board of directors. FRB Press Release 12/13/02

  • Approval of proposal of Bank of Hawaii

    The Federal Reserve Board today announced its approval of the application by Bank of Hawaii, Honolulu, Hawaii, under section 18(c) of the Federal Deposit Insurance Act, to merge with First Savings and Loan Association of America, Dededo, Guam. FRB Press Release 12/13/02

  • Approval of proposal of Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.

    The Federal Reserve Board today announced its approval of the application of Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., Rabobank Nederland, Utrecht, The Netherlands, to become a bank holding company by acquiring VIB Corp, and thereby indirectly acquiring its subsidiary bank, Valley Independent Bank, both in El Centro, California. FRB Press Release 12/13/02

  • Changes to Reg W Published in the Federal Register

    As earlier reported on BOL, Sections 23A and 23B and Regulation W restrict loans by a depository institution to its affiliates, asset purchases by a depository institution from its affiliates, and other transactions between a depository institution and its affiliates. Regulation W unifies in one public document the Board's interpretations of sections 23A and 23B. Final Regulation W will have an effective date of April 1, 2003. The FRB is publishing a final rule that rescinds, as of April 1, 2003, the Board's existing formal interpretations of sections 23A and 23B (which have been incorporated into Regulation W). In addition, the FRB is seeking public comment on a proposed rule that would prevent a depository institution from using an exemption in Regulation W for the purchase of extensions of credit from an affiliate if purchases made under the exemption exceeded 100 percent of the institution's capital. Comment are due January 13, 2003.
    67FR76619 (pdf)..|..67FR76619 (txt) | 67FR76559 (pdf) | 67FR76559 (txt) | 67FR76617 (pdf) | 67FR76617 (txt)
    12/12/02

  • OTS Publishes delay of effective date for Alternative Mortgage Transaction Parity Act

    To rely on AMTPA, certain state chartered housing creditors must comply with regulations issued by the Office of Thrift Supervision (OTS). OTS recently revised its rule identifying the OTS regulations that apply under AMTPA. The effective date is delayed until July 1, 2003. 67FR76304 (pdf) 67FR76304 (text) 12/12/02

  • OTS Issues Final Rule Specifying the Recordkeeping and Confirmation Requirements that Effect Securities Transactions

    Under a rule issued by the SEC, savings associations may perform certain broker-dealer activities without registering with
    the SEC. This final rule 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. 67FR76293 (pdf) 67FR76293 (text) 12/12/02

  • Seven new members named to the Thrift Institutions Advisory Council and new president and vice president named for 2003

    The Council is an advisory group made up of twelve representatives from thrift institutions. The panel was established by the Board in 1980 and includes savings and loan, savings bank, and credit union representatives. The Council meets three times each year with the Board of Governors to discuss developments relating to thrift institutions, the housing industry, mortgage finance, and certain regulatory issues. FRB Press Release 12/12/02

  • Holiday District Announcements Christmas and New Year's

    The Federal Reserve Banks will be closed on Wednesday, December 25, for Christmas and on Wednesday, January 1, for New Year's Day.12/12/02

  • Fed Leaves Rates Unchanged

    The FOMC decided to keep its target for the federal funds rate unchanged at 1-1/4 percent. FRB Press Release12/12/02

  • 2003 Holiday Schedules

    Holiday Schedules 12/12/02

  • Statement of Douglas Roeder, Senior Deputy Comptroller before the Permanent Subcommittee on Investigations

    Statement of Douglas Roeder Senior Deputy Comptroller Office of the Comptroller of the Currency before the Permanent Subcommittee on Investigations of the Committee on Governmental Affairs of the United States Senate. OCC:NR 2002- 92 12/12/02

  • FDIC Publishes Final Rule Implementing Sections of the USA PATRIOT Act That Address Correspondent Accounts for Foreign Shell Banks

    As previously reported on BOL, the final rule would prohibit certain financial institutions from providing correspondent accounts to foreign shell banks. FDIC:FIL-136-2002 12/12/02

  • FDIC Reports Bank Earnings Remained Near Record Levels, While Savings Institutions' Profits Hit a New High in the Third Quarter

    Commercial banks' domestic operations continued to demonstrate earnings strength in the third quarter of 2002, as the industry posted its second-best quarterly net income ever, remaining on pace to set a full-year earnings record. Third-quarter net income of $23.3 billion was slightly below the record $23.4 billion banks earned in the second quarter, but it represented a 34.4-percent improvement from their net income in the third quarter of 2001. FDIC:PR-130-2002 12/12/02

  • Notice of FDIC Agency Meeting

    December 17, 2002 Board Room on the sixth floor of the FDIC Building located at 550 - 17th Street, N.W., Washington, D. C. Announcement 12/12/02

  • Quarterly Banking Profile - Third Quarter 2002

    The Quarterly Banking Profile (QBP) is a quarterly publication that provides the earliest comprehensive summary of financial results for all FDIC-insured commercial banks and savings institutions. Quarterly Banking Profile 12/12/02

  • FFIEC Reports that the September 30, 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 12/12/02

  • Federal Register Publishes Correction to its Annual Independent Audit Requirements

    The OTS published in the Federal Register of November 25, 2002, a document concerning amending its annual independent audit requirements for small, non-public, highly rated savings associations that voluntarily obtain independent audits. Inadvertently, the comment period was incorrectly stated. The correct date is January 27, 2003. 67FR75809 (pdf) 67FR75809 (txt) 12/11/02

  • Federal Reserve Financial Services Reserve Maintenance Manual

    This manual sets out the fundamental rules of reserve calculation and account maintenance for institutions that file the Report of Transaction Accounts, Other Deposits and Vault Cash (FR 2900), either weekly or quarterly. The Reserve Maintenance Manual was completely revised in 1998 to reflect the adoption of a single master account structure and the return to lagged reserve maintenance for weekly FR 2900 reporters. Reserve Maintenance Manual 12/11/02

  • FDIC Pulished FIL on Final Rule Implementing Information-Sharing Section of USA PATRIOT ACT

    As earlier reported on BOL, FinCEN is issuing this final rule to encourage information sharing among financial institutions and Federal government law enforcement agencies for the purpose of identifying, preventing, and deterring money laundering and terrorist activity. FDIC:FIL-135-2002 12/11/02

  • FTC Halts Texas-Based Advance-fee Loan Scheme

    The FTC announced a stipulated final court order settling the case against Antoine Peissel, doing business as The Woodway Group (Woodway), who told consumers they were guaranteed to receive a cash loan or line of credit - but only after paying an up-front $79 fee. FTC Press Release 12/9/02

  • New Consumer Information Pamphlets

    New consumer information pamphlets are available through the Web site of the Federal Reserve Bank of Philadelphia. The seven brochures are: Know Your Depository Institution; What Your Credit Report Says About You; Applying for Credit and Charge Cards; Bank Products: What's Insured and What's Not; Your Credit Rights; How to Establish, Use, and Protect Credit; and Your Credit Rating. New Consumer Information Pamphlets 12/9/02

  • FDIC Issues SSCRA Guidance Reminder

    On December 9, 2002 the FDIC issued a FIL reminding financial institutions of the requirements under the SSCRA and provided a summary of the key provisions of the Act. The FDIC noted, that it is anticipated in light of the frequent call-up of military personnel, financial institutions will receive numerous questions regarding the SSCRA. FDIC:FIL-134-2002 12/9/02

  • Revised Standard Flood Hazard Determination Form

    This bulletin announces and provides the revised Standard Flood Hazard Determination form, "FEMA Form 81-93, Oct 02," which replaces "FEMA Form 81-93, Oct 98." Either form may be used prior to March 1, 2003, when use of the revised form becomes mandatory. OCC 2002-46 Form 12/9/02

  • OTS Delays Effective Date For Parity Act Revisions

    The OTS announced that it is delaying for a period of six months the effective date of a final rule that will remove prepayment and late fee rules from the list of OTS regulations applicable to state housing creditors under the Alternative Mortgage Transaction Parity Act. The final rule, originally scheduled to become effective on January 1, 2003, will now take effect July 1, 2003. OTS 02-44 12/9/02

  • Federal Register Publishes Proposed Revisions to the Official Staff Commentary on Regulation Z

    The proposed update discusses the status of certain credit card-related fees and the rules for replacing an accepted credit card with one or more cards. [This was previously announced on BOL] 67FR742618 (pdf) 67FR742618 (text) 12/9/02

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

    The OSFI of Canada has published "Monthly Warning Advisory" (Issue No. 37), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-133-2002 12/6/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks drawn on AmercianWest Bank, Spokane, Washington, and National Bank of Commerce, Memphis, Tennessee, are in circulation. FDIC:FIL-132-2002 12/6/02

  • FDIC Issues December 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 September 2002. FDIC:PR-129-2002 12/6S/02

  • Interagency Advisory on the Accounting Treatment of Accrued Interest Receivable Related to Credit Card Securitizations

    The OCC, FRB, FDIC and OTS are issuing this advisory to clarify the appropriate accounting treatment for banks and thrift institutions (institutions) that securitize credit card receivables and record an asset commonly referred to as Accrued Interest Receivable (AIR). OCC 2002-45 FDIC:FIL-131-2002 Advisory 12/5/02

  • FRB Announces revisions to its policy and procedures for sponsoring private-sector organizations

    The Federal Reserve Board announced revisions to its policy and procedures for sponsoring private-sector organizations under federal programs that provide priority telecommunications services to entities that are important to national security and emergency preparedness. FRB Press Release 12/4/02

  • Four FedACH Distributions Per Day

    Four FedACH Distributions Per Day 12/4/02

  • Premium Plus Products Effective January 2, 2003

    Premium Plus Products Effective January 2, 2003
    12/4/02

  • Comptroller of the Currency Fees for Year 2003

    This bulletin informs all national banks, federal branches and agencies, and District of Columbia banks of fees charged by the Office of the Comptroller of the Currency (OCC) for year 2003. OCC: 2002-44 (doc file) 12/4/02

  • OTS Announces 109 CRA Exams Scheduled for First Quarter 2003

    The OTS announced that 109 savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the first quarter of 2003. OTS 02-43 12/4/02

  • FDIC's 2003 Budget 8 Percent Lower Than 2002

    The Board of Directors of the FDIC approved a 2003 Corporate Operating Budget of $1,070.5 million and a multi-year Investment Budget of $70.4 million. Estimated spending for 2003 will be $1.1 billion, 8 percent lower than the 2002 budget. FDIC:PR-128-2002 12/4/02

  • FDIC Ask for Input on Website

    Website User Questionnaire 12/4/02

  • OCC Issues First Quarter 2003 CRA Examination Schedule

    The OCC released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the first quarter of 2003.OCC:NR 2002- 91 12/3/02

  • FRB Issues Proposed Revisions to the Official Staff Commentary on Regulation Z

    The proposed update discusses the status of certain credit card-related fees and the rules for replacing an accepted credit card with one or more cards. FRB Press Release 12/2/02

  • FinCEN Issues Guidance on Recordkeeping Requirements under 31 C.F.R. §103.29

    FinCEN receives numerous questions concerning compliance with the Bank Secrecy Act (BSA) recordkeeping requirement found in 31 C.F.R. §103.29. This section requires financial institutions to verify a customer's identity and retain records of certain information prior to issuing or selling bank checks and drafts, cashier's checks, money orders and traveler's checks when purchased with currency in amounts between $3,000 and $10,000 inclusive. Press Release 12/2/02

  • FRB Publishes Final Regulation W that comprehensively implements sections 23A and 23B

    Sections 23A and 23B and Regulation W restrict loans by a depository institution to its affiliates, asset purchases by a depository institution from its affiliates, and other transactions between a depository institution and its affiliates. Regulation W unifies in one public document the Board's interpretations of sections 23A and 23B. FRB Press Release 12/2/02

  • OCC Publishes Questions Concerning Applicability and Enforcement of State Laws; Contacts from State Officials

    This advisory letter describes the general principles that determine whether a state law is applicable to a national bank. It also affirms that the OCC's visitorial powers with respect to national banks are exclusive except when federal law makes provision for another regulator to have a role. OCC:AL 2002-9 12/2/02

  • Establishment of private-sector group to recommend steps to mitigate risk in the clearance and settlement of U.S. government securities

    The Federal Reserve Board announced that it has established a private-sector working group to recommend steps to mitigate risks in the clearance and settlement of U.S. government securities. FRB Press Release 12/2/02

  • FDIC Consumer News

    Smart ways to use credit and debit cards, plus how long to keep bank records. FDIC Consumer News 12/2/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks and Stolen Money Orders

    Counterfeit cashier's checks drawn on Baltimore Trust Company, Selbyville, Delaware, and on First State Bank of California, Granada Hills, California, are in circulation. In addition, a lot of 500 money orders issued by Bank of America, Dallas, Texas, has been reported stolen. FDIC:FIL-128-2002 12/2/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-129 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-129-2002 12/2/02

  • FDIC Issues First Quarter 2003 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 first quarter of 2003. This list is published pursuant to revised CRA regulations published in May 1995 that require each Federal bank and thrift regulator to publish a quarterly CRA examination schedule at least 30 days before the beginning of each quarter. FDIC:PR-127-2002 12/2/02

11/14/2002

CFPB tax tips

A Bureau Blog article, "Getting a grip on income tax season," provides solutions for filing tax returns, with tips on where to get free help, preparing one's own return, whether filing is even required, and how to handle a refund. The article also identifies organizations that provide services to taxpayers.

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