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Top Story Compliance Related

07/14/2002

Curry and Gruenberg on Dodd-Frank

Comptroller Curry presented a statement and written testimony and Chairman Gruenberg provided a statement before the U.S. Senate Committee on Banking, Housing and Urban Affairs. Messrs Curry and Gruenberg discussed what their respective agencies are doing to improve the security of consumer financial information held by the institutions they supervise, to implement provisions of the Dodd-Frank Act.

07/14/2002

Foreign Sanctions Evaders list

The Foreign Sanctions Evaders List (FSE List) has been introduced by OFAC to identify foreign persons sanctioned under Executive Order (E.O.) 13608, "Prohibiting Certain Transactions With and Suspending Entry Into the United States of Foreign Sanctions Evaders With Respect to Iran and Syria." The persons sanctioned will be identified with the program tags [FSE-IR] and [FSE-SY]. The FSE List will be available in almost all of the same file formats as the SDN List. The initial FSE List contains four individuals and nine entities. Information regarding the designations has been posted in a BOL OFAC Update.

07/14/2002

Treasury targets networks linked to Iran

Treasury has announced actions targeting a diverse set of 9 entities and 12 individuals located around the world for evading U.S. sanctions
against Iran, aiding Iranian nuclear and missile proliferation, and supporting terrorism. The entities and individuals are located in Turkey, Spain, Germany, Georgia, Afghanistan, Iran, the United Arab Emirates, and Liechtenstein. Information regarding the designations has been posted in a BOL OFAC Update.

06/30/2002

Top Stories for July 2002

  • Treasury Withdraws and Reproposes Bank Deposit Interest Regulations

    The Treasury Department withdrew January 2001 proposed regulations that would have required reporting to the IRS for bank deposit interest paid to all nonresident alien individuals and issued new proposed regulations that will require reporting on a more limited basis. Treasury PO-3301 Bank Deposit Interest Regulations 7/31/02

  • OFAC Publishes Interpretative Ruling

    The Office of Foreign Assets Control has published an interpretative ruling on computerized reservation systems (Cuba travel). Interpretative Ruling 7/31/02

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

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in June. No administrative hearings are scheduled for August. FDIC:PR-87-2002 7/31/02

  • FDIC Issues Amended Statement of Policy on Bank Merger Act Transactions

    The FDIC has amended its Statement of Policy on Bank Merger Transactions to incorporate a statutory change made by the USA PATRIOT Act. FDIC:FIL-82-2002, Notice 7/31/02

  • Hispanic Banking Forum Encourages Banks to Reach Growing Hispanic Population in Chicago Region

    The OCC, FRB of Chicago and the FDIC will co-sponsor a Hispanic Banking Forum in Chicago, Illinois on July 31. OCC:NR 2002-62 7/31/02

  • OCC Publishes Bulletin on Customer ID Proposal

    As earlier reported in the Federal Register, this bulletin transmits a notice of proposed rule making jointly published by the U.S. Treasury Department, through the Financial Crimes Enforcement Network (FinCEN), the federal banking agencies, and the National Credit Union Administration on July 23. OCC 2002-34 7/31/02

  • Appeals Court Upholds Financial Privacy Regulations

    Trans Union May Not Sell Consumers' Personally Identifiable Financial Information without their Consent. The United States Court of Appeals for the District of Columbia Circuit has affirmed a lower court decision upholding regulations enacted by the Federal Trade Commission and six other federal agencies to implement the privacy provisions of the Gramm-Leach-Bliley Act (GLBA). FTC Press Release 7/30/02

  • Written Agreement with Community First Bank and Trust

    The Federal Reserve Board announced the execution of a Written Agreement by and among the Community First Bank and Trust, Celina, Ohio, the Federal Reserve Bank of Cleveland, and the Ohio Division of Financial Institutions. FRB Press Release 7/30/02

  • HUD Issues Proposed Rule to RESPA

    HUD is issuing a proposed rule under RESPA, to simplify and improve the process of obtaining home mortgages and reduce settlement costs for consumers. 67FR49133 7/29/02

  • OCC is Revising the Expedited Review Procedures for National Banks to Effect Reverse Stock Splits

    This advisory letter updates existing guidance to reflect the repeal of 12 USC 51 on minimal capital requirements. OCC:AL 2002-6 7/29/02

  • Regulators Issue Proposed Collection of Data on Subprime Consumer Lending Programs

    As earlier reported in the fderal register, the FDIC, FRB, and the OCC are requesting comment on the addition of a proposed new schedule to the Reports of Condition and Income (Call Report) that would collect data on consumer loans in subprime lending programs. FDIC:FIL-81-2002, FFIEC 7/29/02

  • 2002 National Money Laundering Strategy Roll Out

    The release of the 2002 National Money Laundering Strategy into a world that changed dramatically as a result of the villainous terrorist attacks on September 11, 2001. The Strategy directs the government's resources against money launderers and those who finance terrorist activities and individuals. It is a good plan and a critical mission. Press Release 2002 Money Laundering Strategy 7/26/02

  • Treasury Requests Comments on Suspicious Activity Report Money Services Businesses

    It is anticipated that the form will be final and available for use on October 1, 2002. Until that time, Money Services Businesses are to continue to use the Bank SAR form, Form TD F 90–22.47. 67FR48704 7/26/02

  • Approval of application of Nordea Bank Finland

    The Federal Reserve Board announced the approval of the application of Nordea Bank Finland Plc, Helsinki, Finland, to establish a branch in New York, New York and acquire ownership of a commercial lending company, American Scandinavian Banking Corp., New York, New York. FRB Press Release 7/26/02

  • DIT Test Schedule

    Federal Reserves Financial Services publishes the DIT Test Schedule 7/26/02

  • FDIC Merger Decisions: Annual Report to Congress

    Approval of bank absorptions when the resulting bank is a state nonmember bank. Report 7/26/02

  • The Rise of Risk Management: Basel and Beyond

    FDIC hosts a symposium on risk management and the new Basel Capital Accord. Symposium Description 7/26/02

  • FDIC Issues Rule on Corporate Debt Collection

    The regulation sets forth the procedures the FDIC will follow in collecting debts owed to the United States. These procedures include collection of debts through administrative offset, salary offset, administrative wage garnishment and tax refund offset. 67FR48525 (text) 7/25/02

  • Enhancing Financial Transparency

    In response to the recent wave of corporate accounting controversies that has shaken investor confidence in U.S. financial markets, the FDIC gathered prominent policymakers, academic experts, and business and accounting professionals on June 4, 2002 to participate in a daylong symposium addressing transparency issues. This issue of FYI and an accompanying Bank Trends report summarize the comments provided by participants in the June FDIC symposium. FYI 7/25/02

  • FinCEN Announces it is Rescinding an Exemption

    FinCEN is announcing that it is rescinding an exemption from the provisions of the Bank Secrecy Act regulations granted in 1972 to persons required to register as brokers or dealers in securities (``broker-dealers'') solely to permit the sale of variable annuities contracts issued by life insurance companies. 67FR48388 (text) 7/24/02

  • Software Change to the Fedwire Funds Service Message Format

    A number of changes were made to the Fedwire Funds Service message format to facilitate mapping from a SWIFT MT103 to Fedwire . One of these changes was to add a second optional element to Business Function Code field tag {3600} to map to the SWIFT field 26T, Transaction Type Code. This second optional element of the Business Function Code {3600} is intended to be present only when the first element, Business Function Code, is CTR. Software Change and Clarification of Field {3600} 7/24/02

  • FBIIC Policy on Sponsorship of GETS Cards

    In order to provide guidance to financial organizations seeking sponsorship for NCS services, the Financial and Banking Information Infrastructure Committee (FBIIC) is developing a series of policies on the sponsorship of priority telecommunications access for private sector entities through the NCS. OCC 2002-33 FBIIC GETS Process 7/24/02

  • Prohibition Against Interstate Deposit Production: Annual Loan-to-Deposit Ratios

    The FRB, OCC and FDIC recently issued updated 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 (Interstate Act). OCC 2002-32, 2002 Host State Loan-to-Deposit Ratios 7/24/02

  • OCC Issues Alert on Unauthorized Banking Entities

    This issuance alerts banks and financial regulators that Trinity Savings Bank and Goldman & Stein are not authorized to conduct banking or financial business in Belize. Neither entity has been authorized by the OCC to conduct banking in the United States. ALERT 2002-8 7/24/02

  • 2001 FDIC Program Performance Report

    The Report compares actual performance to the goals established in the FDIC's 2001 Annual Performance Plan. 7/24/02

  • OFAC

    The Office of Foreign Assets Control has issued guidance on transshipments to Iran. Guidance7/24/02

  • Regulators Draft Guidance on Credit Card Lending

    Under the auspices of the FFIEC, the OCC, FRB, FDIC and OTS have developed account management and loss allowance guidance for credit card lending. FRB Press Release, OCC:NR 2002-61, OTS 02-32, FDIC-PR-86-2002, FFIEC Press Release , Guidance 7/23/02

  • FDIC Issues Proposed Rule on State Banks Chartered as Limited Liability Companies

    The FDIC proposes to issue a regulation that would clarify that a bank that is chartered as an LLC under State law would be considered to be ``incorporated'' under State law if it meets certain criteria. 67FR48054 (text) 67FR48054 (pdf) 7/23/02

  • Customer ID Proposals Published in Federal Register

    The proposed rules on customer identification and verification have now been published in the Federal Register. Written comments must be submitted within 45 days from today. 67FR48289 (text), 67FR48289 (pdf)7/23/02

  • Treasury Issues Guidance on the USA PATRIOT Act, Pending Issuance of Final Rule

    The Department of the Treasury and FinCEN issued an interim rule advising financial institutions on how to comply with the statutory provisions of section 312 of the USA PATRIOT Act, pending issuance of the final rule that will be published by October 25, 2002. PO-3270 7/22/02

  • FDIC Issues Alert on Missing Cashiers Checks

    The FDIC has been informed by Bank of America, Dallas, Texas, that 1,000 of the bank's cashier's checks have been stolen while in transit from the check printer to the bank. The bank's routing number is 114000019, and the account number is 001641003748. FDIC:FIL-80-2002 7/22/02

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

    The OSFI of Canada has published "Monthly Warning Advisory" (Issue No. 30), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-79-2002 7/22/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-78 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-78-2002 7/22/02

  • FTC Testifies on Identity Theft and the Impact on Seniors

    The FTC told the U.S. Senate Special Committee on Aging that about 10 percent of consumers who called the agency to report that they are victims of identity theft are age 60 or older. FTC Press Release 7/19/02

  • OCC Unveils New Version of Web-based Manual To Ease Access to Updated Application Requirements

    The OCC announced that the first six booklets in the Comptroller's Licensing Manual are now available on the OCC's Internet site. OCC:NR 2002- 60 Licensing Manual 7/19/02

  • Administrative Actions Against PNC Financial Services Group

    The Board of Governors of the Federal Reserve System and the U.S. Securities and Exchange Commission jointly announced the issuance of administrative actions addressing bank supervisory and securities law-related matters against The PNC Financial Services Group, Inc., Pittsburgh, Pennsylvania, a bank holding company. FRB Press Release 7/19/02

  • OFAC Comment Deadline Looms

    July 19 is the deadline for submitting comments on OFAC's proposal to make information public on OFAC civil penalty actions Don't miss the opportunity to tell them what you think! OFAC Civil Penalties Proposal How to Write a Comment Letter 7/18/02

  • OCC Issues Examination Procedures for COPPA

    Financial institutions are subject to COPPA if they operate a Web site(s) or online service(s) (or portion thereof) directed to children, or have actual knowledge that they are collecting or maintaining personal information from a child online. OCC 2002-31 Examination Procedures 7/18/02

  • Treasury Department and Social Security Administration Announce Plans to Develop ID Verification System to Help Fight Identity Fraud

    The Treasury Department and the Social Security Administration (SSA) announced an agreement to develop and implement a system by which financial institutions may access a database to verify the authenticity of Social Security Numbers provided by customers at account opening. PO-3264 7/18/02

  • Treasury and Federal Financial Regulators Issue Patriot Act Regulations on Customer Identification

    The Department of the Treasury and seven federal financial regulators issued proposed rules that would require certain financial institutions to establish minimum procedures for identifying and verifying the identity of customers seeking to open new financial accounts. Written comments on the proposed rules may be submitted within 45 days of their publication in the Federal Register. FRB Press Release, FDIC: PR-85-2002, NCUA Press Release, SEC Press Release, OCC:NR 2002-59 , OTS 02-31 7/18/02

  • 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. Electronic Interpretations and Actions 7/18/02

  • OCC Releases CRA Evaluations For National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of June 15 through July 14, 2002. 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 2002-58 7/18/02

  • THE WAIT IS OVER -- Proposed Rules on Customer ID Just Issued

    The proposed rules on customer identification and verification, required by Section 326 of the USA PATRIOT Act have now been issued by the various regulatory agencies. Proposed Rules on Customer ID Just Issued 7/17/02

  • OCC Issues Correction to Previously Issued Rule

    On June 6, 2002, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC published a final rule in the Federal Register that amended each Agency's regulation governing deposit production offices. Today they issued a document that corrects a typographical error in the OCC's regulation. 67FR46842 7/17/02

  • OCC Announces New Enforcement Actions and Terminations

    The OCC announced 11 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 3 terminations of an existing enforcement action. OCC:NR 2002- 57 7/17/02

  • NCUA Submits Comment to SEC Supporting Credit Union Ability to Offer Sweep Accounts

    The NCUA announced that it has issued a letter to the SEC in response to the SEC's request for comment on the Notice of Application of Evangelical Christian Credit Union (ECCU) for Exemptive Relief (SEC File No. S7-12-01). In the letter, NCUA Chairman Dennis Dollar stated, We support exemptive relief for ECCU and for all federally-insured credit unions to permit them to offer sweep account services without registration to all their members on the same terms and conditions as banks and thrifts.” NCUA Press Release 7/17/02

  • FBI Studying SSN Misusage for Terrorist Links

    The FBI has reported to Congress that it is undertaking a multi-phase data mining project that seeks to identify potential terrorist related individuals through Social Security Number misusage analysis. The report was in connection with a Congressional hearing on identity theft. FBI Statement to Congress on ID Theft 7/16/02

  • Regulators are Hosting an Inter-agency Information Technology Security Conference

    The Regulators are hosting an inter-agency information technology security conference October 15 – 17, 2002 at the Hilton DFW Lakes Executive Center in Grapevine, Texas. OTS Press Release 7/16/02

  • RESPA Proposed Rule to Simplify and Improve the Process Of Obtaining Mortgages to Reduce Settlement Costs to Consumers

    HUD submitted to Congress a draft of its proposed rule to reform the Real Estate Settlement Procedures Act ("RESPA"). Congress has 15 days from the date of submission to review this draft proposal before HUD can publish it in the Federal Register for public comment. The draft proposed rule has three major parts. First, the proposal clarifies disclosure rules applicable to transactions involving mortgage brokers. Second, the proposed rule amends the good faith estimate disclosure ("GFE") to increase clarity and make it more useful to consumers. Third, the draft proposal creates a system of guaranteed cost disclosures pursuant to a safe harbor under Section 8 of RESPA. Press Release (Word doc) 7/15/02

  • FRB's Financial Services Publishes Operating Circular #7

    The Operating Circular sets forth the terms under which the Federal Reserve Bank of (City) maintains Securities Accounts and effects Transfers of Book-Entry Securities for Participants. By maintaining a Securities Account, a Participant agrees to all theprovisions of this Circular, as amended from time to time. Operating Circular #7 7/15/02

  • Service Charge Information via FedLine for the Web

    FedLine for the Web provides Internet access to many of the Federal Reserve's financial services. These services can be accessed from most Internet-connected PCs within your institution, eliminating the need for a dedicated FedLine terminal with proprietary Federal Reserve software. Initially, only select services will be available on FedLine for the Web, but the Federal Reserve will continue to develop and introduce new Web-based services to support your business environment. Service Charge Information 7/15/02

  • Account Management Information via FedLine for the Web

    FedLine for the Web provides Internet access to many of the Federal Reserve's financial services. These services can be accessed from most Internet-connected PCs within your institution, eliminating the need for a dedicated FedLine terminal with proprietary Federal Reserve software. Initially, only select services will be available on FedLine for the Web, but the Federal Reserve will continue to develop and introduce new Web-based services to support your business environment. Account Management Information 7/15/02

  • Agenices Request Comment on Changes to the Call Report

    The FFIEC, of which the agencies are members, has approved the agencies' publication for public comment of proposed revisions to the Consolidated Reports of Condition and Income (Call Report) for banks and the Thrift Financial Report (TFR) for savings associations, which are currently approved collections of information. 67FR46250 7/12/02

  • FedACH File Edit Change

    A change to FedACH edit procedures will align the stale date and duplicate file parameters. Beginning July 29, 2002, the stale date edit will check for file creation dates that are older than four days. Previously the stale date edit looked for files that were over five days old. FRB Financial Services 7/12/02

  • New Quarterly Letter to FDIC Stakeholders to Communicate Significant Agency Activities

    The Letter to Stakeholders will be published at the end of each calendar quarter. It will appear in both electronic and hard-copy forms. This is just one of many tools we are using to communicate significant activities at the FDIC. FDIC:FIL-77-2002, Letter to Stakeholders FYI 7/11/02

  • Minutes of Board discount rate meetings, April 1, 2002, to May 6, 2002

    The Federal Reserve Board released the minutes of its discount rate meetings from April 1 to May 6, 2002. FRB Press Release 7/11/02

  • Written Agreement with Rurban Financial and State Bank and Trust

    The Federal Reserve Board announced the execution of a Written Agreement by and among Rurban Financial Corp., Defiance, Ohio; The State Bank and Trust Company, Defiance, Ohio; the Federal Reserve Bank of Cleveland; and the Ohio Division of Financial Institutions. FRB Press Release 7/11/02

  • U.S. Lifts Financial Advisories on Israel, Lebanon and St. Kitts & Nevis

    FinCEN notified U.S. financial institutions that, based on the improvements in their anti-money laundering regimes and on the FATF action, the U.S. is withdrawing the FinCEN Advisories on Israel, Lebanon, and St. Kitts & Nevis. Treasury Press Release FinCEN Advisory #26A FinCEN Advisory #18A, FinCEN Advisory #17A, Financial Action Task Force (FATF) 7/10/02

  • FTC Calls for Stiffer Penalties for Identity Thieves

    The Federal Trade Commission testified that it supports a Senate bill to increase penalties for identity thieves who use stolen identities to commit certain federal crimes. FTC Press Release 7/10/02

  • 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. 29), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-74-20027/10/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks drawn on four separate financial institutions are in circulation. FDIC:FIL-75-2002 7/10/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-76 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-76-2002 7/10/02

  • Federal Reserves Financial Services Publishes the Summary of Billing Service Changes

    The survey results identified a need to improve the Summary Statement of Service Charges. Specifically, customers indicated they had trouble interpreting the Billing statement and reconciling their monthly charges. Summary of Billing Service Changes 7/9/02

  • Written Agreement with First American Bank

    The Federal Reserve Board announced the execution of a Written Agreement by and among First American Bancorp, Inc., Stonewall, Oklahoma, the First American Bank, Stonewall, Oklahoma, the Federal Reserve Bank of Kansas City, and the Oklahoma State Banking Department. FRB Press Release 7/9/02

  • Orders of Restitution against former directors of Great Eastern Bank

    The Federal Reserve Board announced the issuance of Orders of Restitution against William Chiang, Paul Lee, Joseph C.C. Kuo, Lih Yuh Kuo, and Ching-Tseh Yao, all former directors of the Great Eastern Bank, Flushing, New York. FRB Press Release 7/9/02

  • FOMC Announces 2003 Schedule

    The Federal Open Market Committee announced its tentative meeting schedule for 2003 FRB Press Release 7/8/02

  • FDIC Issues July 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 April 2002. FDIC:PR-84-2002 7/8/02

  • Opportunities for Former FDIC Employees

    The FDIC is collecting the names of former employees who may be interested in working on projects, including foreign technical assistance projects, when needed by federal government agencies, international organizations, or private organizations seeking persons knowledgeable about banking and financial issues. These projects vary in nature, scope and duration. Employment Opportunity 7/5/02

  • OCC Issues Bulletin on OFAC Proposed Rulemaking

    The OCC bulletin transmits a notice of proposed rulemaking published by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) on June 19 concerning the availability of information. This notice was previously announced on BOL. OCC 2002-30 7/5/02

  • FFIEC Publishes Call Report Validation Criteria

    Added March 31, 2002 Call Report Validation Criteria Edits Expressed in Boolean Logic: PDF | Excel - FINAL, revised July 1, 2002 7/5/02

  • OCC Issues Alert on Fictitious Regulatory Agency Issuances

    This issuance alerts banks and financial regulators to the distribution from an unknown source by e-mail, fax, or regular mail of fictitious regulatory agency issuances that contain proposals involving claims to certain international payments reportedly held by the OCC. The names and signatures on these documents are not those of real OCC officials. OCC:Alert 2002-7 7/3/02

  • FDIC Sells Nextbank Owned Credit Card Portfolio

    The FDIC has announced the sale of the owned credit card portfolio from the former NextBank, National Association, Phoenix, Arizona (NextBank). NextBank was closed on February 7, 2002, by the Office of the Comptroller of the Currency and the FDIC was named receiver. FDIC:PR-83-2002 7/3/02

  • FFIEC Publishes Statistical Release

    March 31, 2002 E16 Country Exposure Statistical Release 7/3/02

  • Suspicious Activity Reporting Rule for Broker-Dealers Finalized

    In a continuing effort to expand the coverage of suspicious activity reporting to all potentially vulnerable sectors of the financial services industry, the Financial Crimes Enforcement Network announced a new rule requiring brokers and dealers in securities to report suspicious activity. FinCEN Press Release7/2/02

  • FTC Charges of Violating Debt Collection and Credit Reporting Laws

    Canoga Park, California-based D.C. Credit Services, Inc. and company co-owner, David Cohen, have agreed to pay a $300,000 civil penalty as part of a settlement of Federal Trade Commission charges that they violated the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA). In addition to requiring the civil penalty, the consent decree to settle the charges would permanently ban defendant David Cohen from engaging in debt collection activity. FTC Press Release 7/2/02

  • FDIC Issues Final Rule on an Agency Reorganization

    On June 30, 2002, the FDIC, through an internal organizational order, merged the Division of Supervision and the Division of
    Compliance and Consumer Affairs and as a result of the merger, changed the name of the ``Division of Supervision'' and ``Division of Compliance and Consumer Affairs'' to the ``Division of Supervision and Consumer Protection'' (DSC). 67FR44351 (text) 7/2/02

  • FDIC To Market Connecticut Bank of Commerce Assets

    The FDIC announced that it will market a $248 million loan portfolio from the failed Connecticut Bank of Commerce, Stamford, Connecticut, whose offices were located in several Connecticut cities and New York, New York, within the next 45 days. FDIC:PR-82-2002 7/2/02

  • Testing, Testing

    Is it a subliminal message from the regulators emphasizing the importance of testing your compliance program and testing your information security measures, or is it simply a reflection of the fact that some Internet technology simply isn't ready for prime time? Start your day with a chuckle by viewing an FDIC Webcast on "Enhancing Financial Transparency". You'll see that even the regulators can get befuddled by technology. (And once you get past the humorous opening part, the Webcast really is excellent.) 7/1/02

  • FRB of Philly Enters into Written Agreement with PA Bank

    The latest bank to bite the BSA dust is a Pennsylvania bank which entered into a written agreement with the Federal Reserve Bank of Philadelphia June 20, 2002. The Agreement requires the bank to conduct a comprehensive review of BSA compliance controls and procedures and identification and reporting of suspicious activity and make a written report of what it finds to the reserve bank, plus a lot more. You'll want to read the order. FRB Press Release 7/1/02

  • Money Smart, a training program from the FDIC

    The FDIC recognizes the importance of financial education, particularly for people with little or no banking experience. That 's why they created Money Smart, a training program to help adults outside the financial mainstream enhance their money skills and create positive banking relationships. Money Smart 7/1/02

  • FDIC Approves Assumption of the Insured Deposits and Certain Assets of the Universal Federal Savings Bank, Chicago, Illinois

    The FDIC has approved the assumption of the insured deposits of Universal Federal Savings Bank, Chicago, Illinois by Chicago Community Bank, Chicago, Illinois. FDIC:PR-81-2002, Spanish Version 7/1/02

  • FDIC Approves Assumption of The Insured Deposits and Certain Assets of The Connecticut Bank of Commerce, Stamford, Connecticut

    The FDIC has approved the assumption of the insured deposits of The Connecticut Bank Of Commerce, Stamford, Connecticut, by Hudson United Bank, Mahwah, New Jersey. FDIC:PR-80-2002 7/1/02

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

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in May. One administrative hearing is scheduled for July. FDIC:PR-79-2002 7/1/02

  • FDIC Chairman Appoints Cottrell L. Webster As Agency's Ombudsman

    FDIC Chairman Don Powell today announced the appointment of Cottrell L. Webster to the post of Ombudsman. Webster replaces Ronald F. Bieker, who will become the agency's Regional Director in Kansas City. Webster now serves as Director of the Division of Supervision's Memphis Regional Office. FDIC:PR-78-2002 7/1/02

  • FDIC is Centralizing the Consumer Affairs Function

    The FDIC is pleased to announce that it is centralizing its consumer affairs function with the establishment of the National Consumer Response Center (CRC) within the Division of Supervision and Consumer Protection. This move will improve efficiency and enhance service to consumers needing assistance. The CRC will become operational on July 1, 2002. FDIC:FIL-73-2002 7/1/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks drawn on Guaranty Bank of California, Los Angeles, California, are in circulation. The routing number is 122235902. It appears the checks may be circulating nationwide. FDIC:FIL-72-2002 7/1/02

  • FDIC Issues Alert on Missing Cashier's Checks

    The FDIC has been informed by Bank West of Nevada, Las Vegas, Nevada, that 284 of the bank's cashier's checks are missing and may have been stolen. The bank's routing number is 122401778. FDIC:FIL-71-2002 7/1/02

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.

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.

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