Top Story Compliance Related

• Latest FDIC Consumer News Offers Tips for Safe Shopping Over the Internet

  The latest edition of FDIC Consumer News offers practical guidance on how to become a smarter, safer user of financial services. 8/31/01

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

  The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in July. No administrative hearings are scheduled for September. FDIC:PR-58-2001 8/31/01

• OCC Summary of Community Development Investments Underscores the Impact of Local Partnership Efforts

  The OCC released a directory summarizing all Part 24 national bank investments made during 2000. Part 24 investments are
  investments that support community development, that are made pursuant to Part 24 of the OCC's regulations. OCC:NR 2001-73 8/31/01

• FRB Issues Final Rule to Decrease the Basic Discount Rate

  The FRB has amended its Regulation A, Extensions of Credit by Federal Reserve Banks to reflect its approval
  of a decrease in the basic discount rate at each Federal Reserve Bank. The Board acted on requests submitted by the Boards of Directors of the twelve Federal Reserve Banks. 66FR45752 (text) 66FR45752 (pdf) 8/30/01

• Donald E. Powell Sworn in as 18th FDIC Chairman

  "I've spent my entire professional career as a banker and look forward to working with the dedicated and
  trusted people of the FDIC," said Chairman Powell. "This is an exciting time in the banking industry, and I
  am honored to be able to have a hand in shaping the issues that lie ahead." FDIC:PR-57-2001 8/30/01

• FDIC Distributes the FFIEC CD-ROM on Financial Privacy and Information

  The CD-ROM, developed by the FFIEC, contains reference and training materials on consumer financial privacy. The CD-ROM may be used to help your staff:

  • understand the Gramm-Leach-Bliley Act privacy provisions,
  • implement effective policies and practices to maintain compliance with the new privacy rule, and
  • protect the security and confidentiality of customer information.
    FDIC:FIL-73-2001 8/29/01

• FDIC Distributes FinCEN SAR Bulletin

  The SAR Bulletin, published by FinCEN is part of a series of overviews of trends and patterns in money laundering derived from the Suspicious Activity Report (SAR) database that can help financial institutions prevent and detect financial crime. FDIC:FIL-72-2001 8/29/01

• FDIC Publishes OSFI Monthly Warning Advisory

  The Office of the Superintendent of Financial Institutions of Canada has published a "Monthly Warning Advisory", which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-71-2001 8/29/01

• FDIC Seeks Comment on Study of Banking Regulations Regarding the Online Delivery of Banking Services

  As previously reported in the Federal Register, the FDIC has issued "Request for Comment on Study of Banking Regulations Regarding the Online Delivery of Banking Services." Section 729 of the Gramm-Leach-Bliley Act requires the FDIC to review its regulations regarding the delivery of financial services and report recommendations to Congress for adapting existing requirements to online banking and lending. FDIC:FIL-70-2001 8/29/01

• FDIC Web Page Allows Users to Search for Unclaimed Funds from Failed Banks

  The FDIC may be holding unclaimed funds in one of two ways: either as unclaimed insured deposits or as undeliverable dividend checks. The new Web page provides depositors of failed institutions who did not claim their funds previously, or whose dividend checks were returned to the FDIC as undeliverable, an opportunity to claim their funds. FDIC:PR-56-2001 8/28/01

• OTS Announces 46 CRA Exams Scheduled for 4th Quarter 2001

  The OTS announced that 46 savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the fourth quarter of 2001. OTS 01-56 8/28/01

• As Growth Trust Activities Increases, OTS Focuses on Risk-Based Exams

  The OTS has released its updated Trust and Asset Management Handbook, designed to assist OTS examiners in planning and conducting examinations of trust and asset management products and services provided by savings associations. OTS 01-54 8/28/01

• OCC Offers Bank Directors Seminar

  This one-day workshop will allow directors to interact with senior OCC staff experienced in the risk assessment process through a
  combination of lectures, discussions and exercises. Banker Education 8/27/01

• FDIC Publishes FFIEC Guidance on Authenticating Identity of Online Customers

  This guidance focuses on the risk-management controls necessary to authenticate the identity of customers accessing electronic financial services. It also addresses the verification of new customers and the authentication of existing customers. The guidance applies to both retail and commercial customers. FDIC:FIL-69-2001 8/27/01

• FDIC Issues InfoSec Exam Procedures

  The FDIC's examination procedures for customer information security are now available to help both examiners and financial institutions understand compliance expectations in this area. FDIC:FIL-68-2001 8/27/01

• FRB Publishes List of Foreign Margin Stocks

  The List of Foreign Margin Stocks is composed of certain foreign equity securities that qualify as margin securities
  under Regulation T. The Foreign List is published twice a year by the Board. 66FR44525 8/24/01

• OTS Publishes Thrift Industry Interest Rate Risk Measures Newsletter

  First Quarter 2001 Newsletter contains the most recent industry statistics for several measures of interest rate risk (IRR): the Post-Shock Net Portfolio Value (NPV) Ratio, the Interest Rate Sensitivity Measure, the Pre-Shock NPV Ratio, and the Change in NPV Ratio. 8/24/01

• FFIEC Financial Privacy InfoBase Available on Web

  It is now possible to access the FFIEC Financial Privacy InfoBase online. This interactive training resource allows you to customize your view of the information, looking at it in alphabetical order, by agency, by document type, or in chronological order. Download the Flash plug-in and hook up your speakers, because in addition to documents, there are multimedia presentations. 8/24/01

• OTS Distributes Financial Privacy Infobase CD-ROM

  This CD contains a variety of both print materials and audio-visual training segments on the Privacy of Consumer Financial Information (“the privacy rule”), section 305 of the Gramm-Leach-Bliley Act. OTS CEO Ltr 144 8/23/01

• OTS Announces July CRA Ratings

  The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in July 2001. OTS 01-55 8/23/01

• HUD Issues Final Rule to Govern payments on Ginnie Mae

  The rule requires that payments on Ginnie Mae MBS due to Depositories be made in immediately available funds and supersedes any current provisions allowing those payments to be made by check. Payments to other security holders may be made by check or other means provided the check is received by the security holder not later than the applicable payment date specified in the Ginnie Mae Mortgage-Backed Securities Guide. 66FR44257 (text) 66FR44257 (pdf) 8/22/01

• Regulators Respond to Insurance Consumer Protection Rules Questions

  Regulators responded to questions submitted by ABA and ABIA relating to the insurance consumer protection rules implementing section 305 of the Gramm-Leach-Bliley Act. Letter 8/22/01

• FRB Lowers Interest Rate

  The FOMC decided to lower its target for the federal funds rate by 25 basis points to 3-1/2 percent. In a related action, the Board of Governors approved a 25 basis point reduction in the discount rate to 3 percent. FRB Press Release FRB Press Release, FRB Press Release 8/22/01

• FDIC Appoints CEO and Selects Financial Advisor for Superior Federal, FSB, Hinsdale, Illinois

  The Board of Directors of the FDIC announced that John D. Broderick has been appointed president and chief executive officer of Superior Federal, FSB, Hinsdale, Illinois (New Superior). FDIC: PR-55-2001 8/21/01

• FRB to purchase office building in Washington, DC

  The FRB announced it has contracted to purchase from Mack-Cali Realty Corporation of Cranford, N.J., an eight-story, 173,390 square-foot* office building located at 1709 New York Avenue, N.W., Washington, D.C., for $67 million. FRB Press Release 8/21/01

• OCC Releases CRA Evaluations For 20 National Banks

  The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of July 15 through August 14. OCC:NR 2001-71 8/17/01

• Gale Cincotta a "National Treasure," Says Comptroller Hawke

  Comptroller of the Currency John D. Hawke, Jr. issued a statement regarding community activist Gale Cincotta, who passed away on August 15. OCC:NR 2001-72 8/17/01

• FRB Final Rule on Subs Published in Federal Register

  The final rule of the Federal Reserve Board implementing the financial subsidiary provisions of the Gramm-Leach-Bliley Act for state member banks has now been published in the Federal Register. GLBA authorizes state member banks that comply with the requirements of the rule to control, or hold an
  interest in, a financial subsidiary which may conduct certain financial activities that are not permissible for the parent bank to conduct directly. The final rule is substantially similar to the interim rule that the Board adopted in March 2000. The effective date of the final rule is September 17, 2001. 66 FR 42929 [text] 66 FR 42929 [PDF] 8/16/01

• NCUA Mid-year Statistics - Assets, deposits and investments surge at midyear 2001

  Expanding rapidly, federally insured credit union assets grew 8.9 percent, while savings grew nearly 10 percent and the amount of money placed in investments grew 11.4 percent in the first six months of 2001, according to midyear call report data. NCUA Press Release 8/16/01

• Dollar AIMs For Minimum 4% NCUA Staff Reduction As Agency Begins Work On 2002 Budget

  NCUA Acting Chairman Dennis Dollar told a group of agency department directors today that he will propose a minimum four percent (4%) NCUA staff reduction to be accomplished in the 2002 and 2003 budget cycles. NCUA Press Release 8/16/01

• OCC Distributes CRA: Income Level, Median Family Income

  OCC Distributes 1990 U.S. Census and 2001 Department of Housing and Urban Development (HUD) estimated median
  family incomes for metropolitan statistical areas (MSA) and non-MSA portions of each state. OCC 2001-40 8/16/01

• FRB Publishes FFIEC Guidance on Authentication

  The federal banking agencies recently issued guidance for examiners and banking organizations. The guidance addresses authentication in an electronic banking environment. FRB:SR 01-20 8/16/01

• FDIC Issues Alert on Counterfeit Cashier's Checks

  The FDIC has learned that counterfeit cashier's checks drawn on Atlantic Bank, New York, New York, are in circulation. The counterfeit items bear no resemblance to the legitimate checks. The address of 211 W. 53rd Street, New York, New York, does not match any Atlantic Bank branch location. FDIC:FIL-67-2001
  8/15/01

• OCC Announces New Enforcement Actions and Termination

  The OCC announced 6 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 1 termination of an existing enforcement action. OCC:NR 2001- 70 8/15/01

• FDIC Publishes FRB Notice on Lifting Mandatory Compliance Date for Interim Rules Amending Regulations B, E, M, Z, and DD

  As earlier reported in Federal Register, the FRB announced it had lifted the October 1, 2001, mandatory compliance date for interim rules governing the electronic delivery of certain consumer disclosures. FDIC:FIL-66-2001 8/14/01

• OCC Publishes Alert on Fraud Prevention Regarding the Issuance of Tax Relief Treasury Checks

  OCC:Alert 2001-7 8/14/01

• FRB adopts final rule implementing the financial subsidiary provisions of the GLB Act for state member banks

  The final rule is substantially similar to the interim rule that the Board adopted last year and issued for comment. The rule continues to allow qualifying state member banks to use a streamlined notice procedure to establish a financial subsidiary.
  FRB Press Release 8/14/01

• FRB Revises Reports of Examination of Community Banking Organizations

  Developments in technology, the expansion of financial services, and a risk-focused approach to examinations necessitate increased flexibility in structuring and organizing the content of reports of examination. The FRB has collaborated on the development of guidance on the format of reports of examination for community banking organizations. FRB:SR 01-19 8/14/01

• OCC Releases First Quarter Edition of Quarterly Journal

  The June 2001 issue of the Quarterly Journal, Vol. 20, No. 2 (for first quarter 2001), is now available on-line. 8/13/01

• FFIEC Guidance on Authenticating Identity of Online Customers

  The FFIEC has released a guidance document, "Authentication in an Electronic Banking Environment", to address the verification of new customers and the authentication of existing customers in electronic banking. It provides guidance on the risks and risk management controls which are necessary for proper identity authentication, and applies to both retail and commercial customers. FFIEC Press Release     Guidance Document 8/9/01

• Comptroller Highlights Opportunities in Ethnically-Diverse Market

  In the lead article of OCC’s summer 2001 community affairs newsletter, Comptroller of the Currency John D. Hawke, Jr. underscores the opportunities for national banks to meet the fast-growing needs of an ethnically-diverse financial services market. OCC 2001-69 8/9/01

• Federal Register Publication of E-Regs Delay

  The previously announced push back of the compliance deadline for the e-regs has now been made official with publication in the Federal Register. 66 FR 41439 [text] 66 FR 41439 [PDF] 8/8/01

• OCC Integrates Canary Early Warning Process into Community Bank Supervision Booklet

  The Office of the Comptroller has revised its 1998 "Community Bank Supervision" booklet in the
  Comptroller's Handbook, to integrate the Canary early warning process (a risk level assessment) into community bank supervision and makes the assessment of a community bank's information technology part
  of its safety and soundness examination. Community Bank Supervision Booklet 8/7/01

• FRB Publishes Spanish Version of Complaint Brochure

  The Federal Reserve Board has published a Spanish version of its brochure for consumers, "How to File a Consumer Complaint About a Bank". The brochure covers the kinds of complaints the Federal Reserve System investigates and information needed from consumers in order to assist in an investigation. The brochure also provides information about major consumer protection laws and lists the other federal regulatory agencies and the types of financial institutions they supervise. FRB PR 8/7/01

• FDIC Issues August List of Banks Examined For CRA Compliance

  The Federal Deposit Insurance Corporation (FDIC) today 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 May 2001. 8/6/01

• FRB Lifts Compliance Deadline on E-regs

  The Federal Reserve has issued a press release announcing the lifting of the October 1, 2001 mandatory compliance date for interim rules governing the electronic delivery of certain consumer disclosures that amended Regs B, E, M, Z and DD.
  Based on the comments received, the Board is considering adjustments to the rules
  to provide additional flexibility. The Board is, therefore, lifting the
  October 1, 2001 compliance date for the interim rules. Once permanent
  final rules are issued, the Board expects to afford institutions a reasonable
  period of time to comply with those rules.
  FRB Notice 8/3/01

• Regulators Issue Advance Notice of Proposed Rulemaking Regarding CRA

  As earlier reported in the Federal Register, this advance notice of proposed rulemaking (ANPR) seeks public comment on a wide range of questions as part of the review. The regulators also welcome comments discussing other aspects of the CRA regulations and suggesting ways to improve the efficacy of the regulations. FDIC:FIL-65-2001 8/3/01

• OTS Issued Five Enforcement Orders In June

  The OTS reported that it issued five enforcement orders to three individuals and one institution during June. OTS 01-53 8/3/01

• FDIC & OCC Publish FFIEC CRA Q & A s

  As earlier reported in the Federal Register, the FFIEC sent out an update of "Interagency Questions and Answers
  Regarding Community Reinvestment", which is a comprehensive interpretation of the Community Reinvestment Act
  regulations. OCC 2001-39 FDIC:FIL-64-2001 8/3/01

• Statement of Ellen Broadman Before The Subcommittee On Capital Markets, Insurance And Government Sponsored Enterprises

  OCC discusses the Securities and Exchange Commission’s Interim Final Rules
  Testimony OCC:NR 2001- 68 8/3/01

• OTS Approves AIG Acquisition of American General Bank

  The OTS announced the approval of the application from American International Group, Inc. (AIG), New York, N.Y., the savings and loan holding company of AIG Federal Savings Bank (AIG Bank), Wilmington, Del., to acquire control of American General Corporation (American General), Houston, Texas, and American General Finance, Inc. (AGFI), a wholly-owned subsidiary of American General
  and parent savings and loan holding company of American General Bank, FSB (American General Bank), Midvale, Utah, and to merge American General Bank into AIG Bank. OTS 01-52 8/2/01

• OCC Distributes New Form for National Bank Community Development Investments

  The new form provides a convenient method for national banks to self-certify or to request prior approval of a community development investment. OCC 2001-38 8/2/01

• OCC Releases the FFIEC Guidance "Authentication in an Electronic Banking Environment"

  This interagency guidance reviews the risks and risk management features of a number of existing and emerging authentication
  tools. These tools are necessary to initially verify the identity of new customers and to authenticate existing customers that access electronic banking services. OCC:AL 2001-8 8/1/01

The Federal Reserve Board has released the December 2013 Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS). The quarterly survey provides information about the availability and terms of credit in securities financing and over-the counter (OTC) derivatives markets.

The Federal Reserve Board has released the December 2013 Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS). The quarterly survey provides information about the availability and terms of credit in securities financing and over-the counter (OTC) derivatives markets.

• FDIC Releases Broker Deposit Web Page

  The FDIC launched a Web page that can make it quicker and easier for deposit brokers to submit the information that enables the FDIC to make deposit insurance determinations for brokered deposits held at FDIC-insured financial institutions.
  FDIC:PR-53-2001 7/31/01

• FFIEC Distributes Uniform Bank Performance Report

  The March 31, 2001 Uniform Bank Performance Report (UBPR) now being distributed to all insured commercial banks and Federal Deposit Insurance Corporation - Insured Savings Banks (FDIC-ISB) is now available for sale to the public. FFIEC Press Release 7/30/01

• OTS Closes Superior Bank FSB; Hinsdale, Ill. Thrift is Insolvent

  The OTS closed Superior Bank FSB, Hinsdale, Ill., and appointed the FDIC as receiver. OTS 01-51, FDIC:PR-52-2001 7/30/01

• FRB Vice Chairman Roger W. Ferguson, Jr., sworn in to a new term on the Board

  Vice Chairman Roger W. Ferguson, Jr., this morning took the oath of office to a new term on the Board of Governors of the Federal Reserve System. FRB Press Release 7/30/01

• Data Available from FFIEC

  The FFIEC announced the availability of data on small business, small farm, and community development lending reported by commercial banks and thrifts. FFIEC Press Release 7/27/01

• FFIEC Makes Available Year 2000 Mortgage Data

  The FFIEC announced the availability of data for the year 2000 regarding mortgage lending transactions at 7,713 financial institutions covered by the Home Mortgage Disclosure Act (HMDA) in metropolitan statistical areas (MSAs) throughout the nation. FFIEC Press Release 7/27/01

• OTS Director Seidman Urges Support For Broad-Based Deposit Insurance Reform

  OTS Director Ellen Seidman told the House Financial Institutions subcommittee that Congress should undertake a comprehensive reform of the nation’s deposit insurance system, building on the work of the FDIC. OTS 01-50 7/27/01

• Possible Fraud Associated with the Issuance of Tax Relief Treasury Checks

  The Tax Relief Act has directed the U.S. Department of Treasury to issue tax credit payment to taxpayers. This event could act as a catalyst for mail theft of these checks and the subsequent forgery or alteration of payment amount. OCC:Alert 2001-6, Secret Service memorandum: Tax Relief Checks Fraud Prevention dated July 25, 2001 and updated on August 6th. 7/27/01

• Comptroller Hawke Urges Congress to Address Unfair Treatment of National Banks in Deposit Insurance System

  Comptroller of the Currency John D. Hawke, Jr. urged a House Financial Services subcommittee to address an inequity in the deposit insurance system that requires national banks to pay a large share of the cost of supervising state-chartered institutions. OCC:NR 2001-67 Statement, Testimony 7/27/01

• FDIC Distributes the FFIEC Policy Statement on Allowance for Loan and Lease Losses
  Methodologies and Documentation for Banks and Savings Institutions

  This Policy Statement is intended to provide guidance on the design and implementation of ALLL methodologies and supporting documentation practices. FDIC:FIL-63-2001 7/26/01

• OCC Distributes the FFIEC Policy Statement on Allowance for Loan and Lease Losses
  Methodologies and Documentation for Banks and Savings Institutions

  The Policy Statement, developed in consultation with the Securities and Exchange Commission (SEC) staff, provides guidance on the design and implementation of ALLL methodologies and supporting documentation practices. OCC 2001-37 7/24/01

• OCC Issues Examination Procedures for the Information Security Guidelines

  This OCC bulletin transmits examination procedures for reviewing a national bank's compliance with "Guidelines Establishing Standards for Safeguarding Customer Information". OCC 2001-35 7/24/01

• OTS Approves Full-Service Thrift Charter for Allstate Corp.

  The OTS announced that it has approved an application from The Allstate Corporation for a full-service thrift charter for its subsidiary, Allstate Bank, Northbrook, Ill. Allstate, the nation’s largest publicly-held personal-lines insurance carrier,
  originally opened the bank in 1998 as a limited-purpose thrift, offering cash management and trust services to Allstate customers. OTS 01-49 7/23/01

• FDIC Makes Public June Enforcement Actions

  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-51-2001 7/20/01

• OCC Releases CRA Evaluations for 17 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. The list contains only national banks and insured federal branches of foreign banks that have received ratings. OCC:NR 2001-65 7/20/01

• Joint Review of CRA Rule and Request for Comments

  The FDIC, OCC, FRB, and OTS are beginning a review of their Community Reinvestment Act (CRA) regulations. This advance notice of proposed rulemaking (ANPR) seeks public comment on a wide range of questions as part of the review. The regulators also welcome comments discussing other aspects of the CRA regulations and suggesting ways to improve the efficacy of the regulations. Comments must be received by October 17, 2001. 66FR37602 text 66FR37602 pdf, FRB Press Release, OCC:NR 2001-66e, OCC 2001-41 OTS 01-48, FDIC-PR-50-2001 7/19/01

• OTS Adopts Final Rule to Repeal the Percentage Liquidity Requirement

  The OTS is adopting as final an interim rule that removed the regulation that required a savings association to maintain an average daily balance of liquid assets of at least four percent of its liquidity base, and retained a provision requiring a savings association to maintain sufficient liquidity to ensure its safe and sound operation. 66FR37406 text 66FR37406 pdf 7/18/01

• OTS Issues Final Rule Amending the Regulation on Stock Form Depository Institution Conversion to Federal Stock Association

  The final rule clarifies that the resulting federal stock savings association in such transactions succeeds to all the rights, property, and obligations of the converting institution. OTS did not receive any comments in response to either the
  direct final rule or the related notice of proposed rulemaking. 66FR37407 text 66FR37407 pdf 7/18/01

• FOMC Publishes Meeting Schedule

  The Federal Open Market Committee announced its tentative meeting schedule for 2002. FRB Press Release 7/17/01

• FDIC Requests Comment on Study of Banking Regulations Regarding the Online Delivery of Banking Services

  The FDIC is reviewing its regulations regarding the delivery of financial services. The purpose of this review is to identify
  changes or additions to its regulations that would facilitate the use of new technologies by financial institutions. This Request for Comment solicits comment on issues arising from the electronic delivery of financial products and services. 66FR37029 (text) 66FR37029 (pdf) 7/17/01

• OTS Issued Three Enforcement Orders in May

  The OTS reported that it issued three enforcement orders and terminated two others during May 2001. OTS 01-47 7/16/01

• FDIC FIL 62-2001 Highlights June OFAC Change

  The FDIC's FIL 62-2001 simply informs banks of the change to the OFAC list made on June 27, 2001. FDIC:FIL-62-2001 7/16/01

• OTS Posts Revised CRA Questions and Answers

  The OTS issued a revised Interagency Questions and Answers Regarding Community Reinvestment publication that replaces the version published in April 2000. OTS 01-46 7/13/01

• OCC Announces 10 New Enforcement Actions and 2 Terminations

  The OCC announced 10 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 2 terminations of existing enforcement actions. OCC:NR 2001-64 7/13/01

• FFIEC Updates CRA Q&As

  The FFIEC has issued amended and updated Interagency questions and answers relating to the Community Reinvestment Act. Updated Interagency CRA Q&As. The new Q&As, which were effective July 11, 2001, supplement and amend the previous Interagency Questions and Answers Regarding Community Reinvestment. 7/12/01

• OFAC Issues Interim Rule/Request for Comments

  The Office of Foreign Assets Control has issued an Interim Rule and Request for Comments to implement the Trade Sanctions Reform and Export Enhancement Act of 2000, Title IX of Public Law 106-387. These regulations amend the licensing provisions of the Cuban Assets Control Regulations, the Sudanese Sanctions Regulations, the Libyan Sanctions Regulations, and the Iranian Transactions Regulations as they relate to the exportation and reexportation from the U.S. or by U.S. persons of agricultural commodities, medicine, or medical devices to Cuba, Sudan, Libya, and Iran. These regulations also Threeamend the Cuban Assets Control Regulations with respect to Cuba travel-related transactions. The effective date of the Interim Rule is July 26, 2001. 7/12/01

• FDIC Issues Guidance on the Permissible Use of Consumer Reports

  FDIC has issued its FDIC:FIL-61-2001 to provide guidance regarding recent developments with the FTC's reconsideration of parts of its staff opinion letter (Tatelbaum opinion) on the use of consumer reports in situations where financial institutions were extending credit to a closely held business and were requesting the personal guarantee of the principal of that business. As noted in previous Top Stories reports, the reconsideration came after the regulators, including FDIC, sent a letter to the FTC on May 31, 2001, asking that the FTC staff reconsider the Tatelbaum opinion. FDIC:FIL-61-2001 7/12/01

• OCC Issues Final Rule on Authority and Standards to Conduct Multi-state Trust Operations

  As earlier reported in the Federal Register, the rule states a national bank authorized to engage in fiduciary
  activities may act in a fiduciary capacity in any state that permits its own in-state fiduciaries to act in that
  capacity, including at trust offices. OCC 2001-33 7/11/01

• FRB Issues the FFIEC Interagency Policy Statement on ALLL

  The interagency policy statement clarifies the agencies' expectations on documentation that supports the ALLL methodology. Additionally, the statement emphasizes the need for appropriate ALLL policies and procedures, which should include an effective loan review system. The guidance also provides examples of appropriate supporting documentation as well as illustrations on how to implement this guidance. FRB:SR 01-17
  7/11/01

• OCC Alerts Banks to FCRA Development

  In its AL 2001-6, the OCC advises national banks of a new development relating to how the FTC's informal interpretive letter dated July 26, 2000, on the application of the Fair Credit Reporting Act ("FCRA") to business loan transactions will be applied.
  OCC:AL 2001-6 7/11/01

• OTS Announces Nine June CRA Ratings

  The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in June 2001. OTS 01-44 7/10/01

• FDIC Circulates Information about Canadian Lottery Telemarketing Fraud

  The Royal Canadian Mounted Police has again asked the FDIC to circulate to FDIC-supervised institutions an alert about a Canadian lottery telemarketing fraud. FDIC:FIL-60-2001 7/9/01

• FFIEC Issued a Policy Statement on Allowance for Loan and Lease Losses

  The Policy Statement, developed in consultation with the Securities and Exchange Commission (SEC) staff, provides guidance on the design and implementation of ALLL methodologies and supporting documentation practices. FFIEC Press Release 7/9/01

• FinCEN Issues Advisories

  FinCEN has issued advisories for transactions involving the Bahamas, Cayman Islands, Liechtenstein and Panama. FinCEN Advisories 7/9/01

• FRB Issues Final Rule to Amend Reg A

  The FRB amended Regulation A, Extensions of Credit by Federal Reserve Banks to reflect its approval of a decrease in the basic discount rate at each Federal Reserve Bank. 66FR35529 (text) 66FR35529 (pdf) 7/6/01

• 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 2001. FDIC:PR-49-2001 7/6/01

• Ellen Seidman Announces Her Resignation As Director of the OTS

  Ellen Seidman announced that she has submitted her resignation to President Bush as Director of the OTS, effective upon the confirmation and appointment of her replacement. OTS 01-43 7/6/01

• OCC Issues Final Rule to Amend the Assessment Rule

  As earlier reported in the June 1st Federal Register, the OCC is amending the formula it uses to assess independent credit card banks. This rule was effective July 1st. OCC 2001-32 7/6/01

• FRB Rescinded its Policy Governing Third-Party Access to the Fedwire System

  The FRB recently rescinded its policy governing third-party access to the Fedwire system. As a result, the Supervisory letter
  revokes previously issued supervisory guidance on Fedwire Third Party Access Policy (SR letter 95-48) and Fedwire Third-Party
  Access Policy - Foreign Service Provider (SR letter 96-07). FRB:SR 01-16 7/6/01

• OCC Issues Guidance on Internet Web Linking

  The OCC issued guidance on the risks that arise when national banks establish Web links to the Web sites of other
  companies that allow bank customers to purchase products and services from the linked companies. OCC:NR 2001-63 7/5/01

• FDIC Summary of Deposits Survey for June 30, 2001 Sent to Banks

  The annual Summary of Deposits (SOD) survey and instructions for the period ending June 30, 2001, will be mailed on July 6 to institutions with more than a main office facility. Unit banks, those banks that do not have any branches, do not participate in this survey. FDIC:FIL-59-200 7/3/01

• FDIC's Financial Education Curriculum Money Smart is Now Available

  The FDIC and the DOL announced a joint initiative on January 19, 2001, called Money Smart to help banks and One Stop Career Centers deliver financial education in their communities. The Money Smart curriculum has been completed and is now available to banks and One Stop Centers free of charge. FDIC:FIL-58-2001
  7/3/01

• FDIC Seek Comments on Draft 2001-2006 Strategic Plan

  The FDIC is seeking comments from FDIC-supervised institutions on its draft strategic plan covering the six-year period 2001 through 2006. Comments are due by July 31, 2001. FDIC:FIL-57-2001 7/3/01

• Thrift Industry Interest Rate Risk Falls to Lowest Point in Two Years

  The OTS reported that only 20 thrifts, or 2.1 percent, were at high risk from a hypothetical 200 basis point shift in interest rates as of the end of the first quarter. That is down from 3.5 percent at the end of the fourth quarter. OTS 01-42 7/3/01

• Regulators Issue Letter to SEC Concerning New Rules on Broker-Dealer Exemptions

  The FRB, OCC and FDIC are joining together to write a letter to the Securities and Exchange Commission (SEC) concerning the SEC’s interim final rules to implement provisions of the Gramm-Leach-Bliley Act that provide specific exemptions from the broker and dealer definitions that permit banks to continue providing trust and fiduciary, and other specified traditional banking products and services. FRB Press Release, OCC 2001-30 7/3/01

• OCC Issues Proposed Rule to Facilitate National Banks' Ability to Conduct Business using Electronic Technologies

  This proposal groups together new and revised regulations addressing: National banks' exercise of their Federally authorized powers through electronic means; the location, for purposes of the Federal banking laws, of a national bank that engages in electronic activities; and the disclosures required when a national bank provides its customers with access to other service providers through hyperlinks in the bank's website or other shared electronic ``space.'' 66FR34855 (text) 66FR34855 OCC:NR 2001-60 OCC 2001-36 7/2/01

• OCC Publishes Final Rule Regarding the Authority and Standards for National Banks to Conduct Multi-state Trust Operations

  The purpose of these changes is to provide enhanced guidance to national banks engaging in fiduciary activities.
  66FR34792 (text) 66FR34792 OCC:NR 2001-62 7/2/01

• OCC Issues Final Rule Governing Investment Securities, Bank Activities and Operations

  The revisions to the investment securities regulations incorporate the authority to underwrite, deal in, and purchase certain municipal bonds that is provided to well capitalized national banks by the Gramm-Leach-Bliley Act. 66FR34784 (text) 66FR34784 Correction OCC: NR 2001-61 OCC 2001-34 7/2/01

• FDIC Makes Public May Enforcement Actions

  The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in May. No administrative hearings are scheduled for July. FDIC:PR-48-2001 7/2/01

• OTS Announces May CRA Ratings

  The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in May 2001. OTS 01-41 7/2/01

The Federal Housing Finance Authority (FHFA) has announced its recoveries have reached nearly $8 billion through settlements with seven financial institutions that sold private-label securities (PLS) to Fannie Mae and Freddie Mac between 2005 and 2007. In 2011, the FHFA initiated litigation against 18 financial institutions involving allegations of securities law violations and, in some instances, fraud in the sale of private-label securities (PLS) to Fannie Mae and Freddie Mac.

In a presentation at the annual meeting of the American Economic Association in Philadelphia, Ben Bernanke reflected on his eight-year term as Chairman of the Federal Reserve Board of Governors. His remarks covered the Federal Reserve's commitment to transparency and accountability; financial stability and financial reform; monetary policy; and the prospects for the U.S. and global economies.

The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Five of the 102 banks listed received an Outstanding (O) rating and three received a Needs to Improve (NI) rating.

The NMLS has announced that its Call Center has a new toll-free number - 855-NMLS-123 (855-665-7123).

The Federal Reserve Board has published in today's Federal Register [79 FR 615] its proposed rule to amend Regulation A (12 CFR Part 201—Extensions of Credit by Federal Reserve Banks) to implement provisions of the Dodd-Frank Act that amend the emergency lending authority of the Federal Reserve Banks under section 13(3) of the Federal Reserve Act, and require the Board, in consultation with the Secretary of the Treasury, to establish by regulation certain policies and procedures with respect to emergency lending under that section.

The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Five of the 102 banks listed received an Outstanding (O) rating and three received a Needs to Improve (NI) rating.