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Top Story Compliance Related

11/30/2001

Top Stories for December 2001

  • OFAC List Updated Again

    OFAC has updated its list to add six new SDGTs to the list of terrorists whose assets must be blocked. Get the details on the BOL OFAC page.
    12/31/01

  • 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. 21), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-111-2001 12/31/01

  • FDIC Issues Interim Guidance Concerning Correspondent Accounts Established or Maintained for Certain Foreign Banking Institutions

    These amendments are intended to make it easier to prevent, detect and prosecute international money laundering and the financing of terrorism. FDIC:FIL-110-2001 12/31/01

  • FDIC Considers New Factor in Bank Merger Act Transactions

    Beginning January 1, 2002, the FDIC, in evaluating and acting on applications filed under section 18 (c) of the Federal Deposit Insurance Act (commonly known as the Bank Merger Act), will expressly consider the anti-money laundering record of each involved insured depository institution in determining the appropriateness of granting consent to the proposed transaction. FDIC:FIL-109-2001 12/31/01

  • OTS Announces 14 November CRA Ratings

    The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in November 2001. OTS 01-88 12/31/01

  • FRB Issues Correction to the Regulatory Capital Standards Rule

    This corrects the Federal Reserve's regulatory text of a final rule published in the Federal Register of November 29, 2001, regarding the capital treatment of recourse, direct credit substitutes, and residual interests in asset securitizations. 66FR67074 (text) 66FR67074 (pdf) 12/31/01

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

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in November. No administrative hearings are scheduled for January 2002. FDIC:PR-95-2001 12/28/01

  • OFAC List Updated

    SDGTs have now also been designated FTOs. BOL OFAC Page 12/27/01

  • Delays in Mail Delivery to FDIC Addressees in Washington, DC

    Since October 22, 2001, mail service provided by the United States Postal Service (USPS) to FDIC addressees in Washington, DC, has been disrupted, causing delays in mail delivery to the FDIC. FDIC:FIL-107-2001 12/24/01

  • FDIC Issues Alert on Fictitious "Certified" Checks are in Circulation

    The checks bear the name Sanborne Trust Company Bank, 2501 3rd Avenue South, Birmingham, AL. A telephone number, 205-250-7151, is printed on the checks as well as "Member FDIC." The Sanborne Trust Company Bank does not exist. FDIC:FIL-108-2001 12/24/01

  • OFAC List Updated

    OFAC has added five new SDGTs to its listing of Specially Designated Nationals and Blocked Persons. BOL OFAC Page 12/21/01

  • FDIC Hold Line in 2002 Budget

    The Board of Directors of the FDIC approved a 2002 budget of $1.1 billion, which is virtually the same level it approved for 2001. FDIC:PR-94-2001 12/21/01

  • OTS Announces Revised Lending Rule To Enhance Thrift Flexibility

    OTS Director James E. Gilleran announced that OTS changed its lending and investment regulations to allow federal savings associations greater flexibility to provide low-cost credit to their customers and to invest in their communities while still operating safely and soundly. OTS 01-87 12/21/01

  • OCC Publishes the Treasury Guidance on the USA PATRIOT Act

    The notice provides interim guidance to financial institutions on how to comply with the requirements of sections 313 and 319(b) of the USA PATRIOT Act of 2001. These anti-money laundering provisions concern the relationship between U.S. financial institutions and foreign banking institutions. OCC:AL 2001-12 12/21/01

  • FRB Issues Asset-Size Exemption Threshold for HMDA

    The Federal Reserve Board announced that the asset-size exemption threshold for depository institutions under Regulation C (Home Mortgage Disclosure) has been increased from $31 million to $32 million. FRB Press Release 12/20/01

  • IRS Announces Retirement Plan limits that are effective on 1/1/02

    The IRS announced the dollar limitations applicable to pension plans that become effective January 1, 2002 under the
    Economic Growth and Tax Relief Act of 2001 (EGTRRA), and cost-of-living adjustments applicable to dollar limitations for pension plans and other items for Tax Year 2002. IRS:Release No: IR-2001-115 12/20/01

  • FDIC Issues Proposed Rule Regarding the Payment of Post-Insolvency Interest

    The purpose of the rule is to establish a single uniform interest rate, calculation method, and payment priority for
    post-insolvency interest. 66FR65144 (text) 66FR65144 (pdf) 12/18/01

  • Uniform Bank Performance Reports Available to Public

    The September 30, 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 12/18/01

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

    The Central Bank of Belize has issued a warning concerning an entity that is not licensed to provide banking and/or financial business in or from within Belize. Any proposed transactions involving Caribbean Building Society should be viewed with extreme caution. FDIC:FIL-105-2001 12/18/01

  • TWO OFAC CHANGES ON DECEMBER 14

    On December 14, 2001, OFAC updated its sanctions list twice, adding new entities whose assets and records are to be blocked each time. The second change was made late in the business day. Full details are available on the BOL OFAC page. 12/17/01

  • Regulators Distribute Call Report for Fourth Quarter 2001

    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, 2002. FDIC:FIL-104-2001 12/17/01

  • OCC Issues Semiannual Assessment

    As earlier reported in the Federal Register, the OCC has established a minimum base amount for the semiannual assessment that is due to be paid by January 31, 2001. OCC 2001-52 Final Rule Correction 12/17/01

  • OCC Announces 6 New Enforcement Actions and 2 Terminations

    The OCC announced 6 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- 103 12/17/01

  • OCC Releases CRA Evaluations For 19 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, 2001. OCC:NR 2001-104 12/17/01

  • FRB Announces New Members of its Thrift Institutions Advisory Council

    The Council is an advisory group made up of twelve representatives from thrift institutions. 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 12/17/01

  • OCC Offers New Guidance on Merchant Processing

    The OCC issued new guidance to help examiners and banks understand and manage the risks associated with the merchant processing business. OCC:NR 2001-102 12/14/01

  • New Interagency Privacy Guidance

    The federal regulatory agencies just issued new staff guidance which is a series of Frequently Asked Questions covering various aspects of the privacy rules, from when financial institutions must delivery notices to how to comply with the exception for disclosures under a joint marketing arrangement with an unrelated financial institution. FRB Press Release,
    OCC:NR 2001-101
    , OCC 2001-51 FDIC-PR-93-2001, FDIC:FIL-106-2001
    NCUA Press Release, FTC Press Release, OTS 01-86 12/13/01

  • FRB Issues Proposed Rule to Reg Z Commentary

    As earlier reported, the proposed update would clarify how creditors that place Truth in Lending Act disclosures on the same document with the credit contract may satisfy the requirement for providing the disclosures in a form the consumer may keep before consummation. 66FR64381 12/13/01

  • FRB Issues a Final Rule that Amends its Regulations Aimed at Curbing Predatory Lending

    The amendments to Regulation Z broaden the scope of loans subject to the protections of the Home Ownership and Equity Protection Act (HOEPA) of 1994 by adjusting the price triggers that determine coverage under the act. FRB Press Release 66FR65604 (text) 66FR65604 (pdf) 12/13/01

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

    To promote consistency and reduce regulatory burden, the OCC, OTS and FDIC have proposed a uniform charter and federal deposit insurance application form. OCC:NR 2001-100, FDIC PR-92-2001 12/13/01

  • Governor Edward W. Kelley, Jr., resigns from FRB<

    Kelley, who has been a member of the Board since May 26, 1987, submitted his letter of resignation to President Bush. In view of his impending departure and in keeping with Board practice, he did not attend the December 11 meeting of the FOMC. FRB Press Release 12/13/01

  • FRB Issues Proposed Revisions Regarding Consumer Credit Disclosures

    The proposed revisions clarify how creditors that place Truth in Lending Act disclosures on the
    same document with the credit contract may satisfy the requirement for providing the disclosures in
    a form the consumer may keep before consummation. FRB Press Release 12/12/01

  • OCC Issues CRA Interagency Examination Procedures

    The Gramm-Leach-Bliley Act imposes disclosure and reporting requirements on national banks and other insured depository institutions with respect to certain agreements related to the Community Reinvestment Act. The OCC's implementing regulation is 12 CFR 35, Disclosure and Reporting of CRA-Related Agreements (CRA Sunshine Regulation). OCC 2001-50 12/12/01

  • Michael J. Zamorski Named FDIC Director of Division of Supervision

    FDIC Chairman Donald E. Powell announced that veteran FDIC official Michael J. Zamorski has been named Director of the Division of Supervision. In this position, he is responsible for overseeing the FDIC's bank supervisory activities and eight Regional Offices.
    FDIC:PR-91-2001 12/12/01

  • FDIC FIL about OFAC Changes

    The FDIC has published FIL-103-2001 to notify banks of the most recent OFAC change where OFAC designated three entities as Specially Designated Global Terrorists. [The OFAC change itself was previously covered on BOL.]
    FDIC:FIL-103-2001 12/12/01

  • FDIC Publishes Call and Thrift Financial Reports

    The September 30, 2001 Call Reports and Thrift Financial Reports are now available. 12/12/01

  • FRB announced that it has revised its Policy Statement on Payments System Risk

    This policy allows certain depository institutions to pledge collateral to the Federal Reserve in order to access additional daylight overdraft capacity above their net debit caps. The revised policy also modifies the net debit cap calculation for U.S.
    branches and agencies of foreign banks. These changes should alleviate liquidity pressures identified during a broad review of the PSR policy. FRB Press Release
    12/12/01

  • FRB eliminate five reprints from the Federal Reserve Bulletin

    The FRB announced that five documents that have regularly been reprinted in the Federal Reserve Bulletin will not appear in the Bulletin after the December 2001 issue. FRB Press Release 12/12/01

  • Fed Lowers Discount Rate

    The Federal Open Market Committee decided to lower its target for the federal funds rate by 25 basis points to 1-3/4 percent. In a related action, the Board of Governors approved a 25 basis point reduction in the discount rate to 1-1/4 percent. FRB Press Release 12/12/01

  • Latest FDIC Consumer News Focuses on FDIC Insurance

    If your bank were to fail, would all your deposits be covered by the FDIC? Here's what you need to know and do to "insure" your money is safe. FDIC Consumer News 12/11/01

  • FDIC, OTS Announce Agreement with Holding Companies of Superior Bank

    Under the terms of the agreement, the Superior holding companies and their owners (the Pritzker and Dworman interests) admit no liability and agree to pay the FDIC $460 million and other consideration. FDIC:PR- 90-2001, OTS 01-84 12/11/01

  • U.S. Banks Generally Well Positioned Entering Recession, According to FDIC Report

    Despite the continuing contraction in the U.S. economy, FDIC-insured institutions remain in generally strong financial shape and will continue to provide credit to finance economic recovery. According to a report released by the FDIC, banks are likely to face
    significantly more difficult economic conditions in the months ahead. FDIC:PR- 89-2001 12/11/01

  • FDIC Reports Third Quarter 2001 Financial Results For Bank and Thrift Insurance Funds

    The FDIC announced that the Bank Insurance Fund (BIF) reported comprehensive income (net income plus current period unrealized gains/losses on available-for-sale securities) of $859 million for the first nine months of 2001, compared to $1.1 billion for
    the same period last year. FDIC:PR-88-2001 12/11/01

  • FDIC Publishes the latest Regional Outlook

    12/11/01

  • Susan Schmidt Bies and Mark W. Olson sworn in as members of the Board of Governors

    Susan Schmidt Bies and Mark W. Olson on Friday took the oath of office as members of the Board of Governors of the Federal Reserve System. The oath was administered by Chairman Alan Greenspan in the Chairman's office. FRB Press Release 12/10/01

  • James E. Gilleran Sworn in as OTS Director

    James E. Gilleran was sworn in as the Director of the Office of Thrift Supervision (OTS), the federal agency that oversees
    the regulation and examination of savings associations. OTS 01-83 12/10/01

  • OCC Reports Derivatives Volume Increases to $51.3 Trillion

    Derivatives held by U.S. commercial banks increased by $3.5 trillion in the third quarter of 2001, to $51.3 trillion, the Office of
    the Comptroller of the Currency reported in its quarterly Bank Derivatives Report. OCC:NR 2001-99 12/10/01

  • Anthrax tests at the FRB

    A preliminary test of mail delivered to a secure, closed mail-handling facility outside the main
    FRB building tested positive for anthrax exposure late Thursday (12/6) afternoon. FRB Press Release 12/10/01

  • OTS Extends Comment Deadline on Authority for Certain Savings and Loan Holding Companies To
    Engage in Financial Activities

    The OTS is extending the comment period for the proposed rule published on November 8, 2001. The proposed rule would clarify what financial activities are authorized for certain savings and loan holding companies after the Gramm-Leach-Bliley Act. This extension will allow interested persons until January 10, 2002 to provide comments on the proposed rule. 66FR63517 12/7/01

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

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in October. No administrative hearings are scheduled for December. FDIC:PR-87-2001 12/7/01

  • 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 2001. FDIC:PR-86-2001 12/7/01

  • Thrift Industry 3rd Quarter Earnings Set Record

    Thrift industry earnings rose by $100 million in the third quarter to a record $2.6 billion, the Office of Thrift Supervision reported. Earnings for the year through the quarter total $7.3 billion and are on pace to break the record earnings of $8.2 billion set in 1999. "This has been the fourth consecutive quarter of earnings growth," said Scott Albinson, OTS's managing director for supervision. "Low interest rates and the strong housing market have been the driving force of the thrift industry over the last year." OTS 01-82 12/7/01

  • OCC Settles Case Against First National Bank of Marin

    The OCC has settled a case against First National Bank of Marin, Las Vegas, in which the bank agreed to cease practices that the OCC alleged are unlawful or unsafe and unsound, and to pay restitution to customers harmed by those practices. Consent Order, Fact Sheet 12/5/01

  • New Harris Poll on Privacy

    There will undoubtedly be a lot of media attention to the new Harris survey on privacy notices. The Harris news release is titled "Privacy Notices Miss the Mark with Consumers" and one of its key findings is that most people find privacy notices too long and complicated. Arm yourself with the facts: l) this survey dealt with privacy notices in general, not financial institution privacy notices specifically; and 2) 70% of respondents agreed that companies "should use the same summary or checklist for their privacy policies". Financial institutions already utilize standardized content. 12/5/01

  • FDIC Issues Guidance on Terrorist Info Requests

    The FDIC has issued a Special Alert to provide guidance for institutions on dealing with the list of FBI's suspected terrorists, as well as with the OFAC list. The guidance helps banks understand the different compliance responsibilities attendant to the two sets of lists. FIL-102-2001 12/5/01

  • Vulnerabilities in I.E. Prompt NIPC Assessment

    The National Infrastructure Protection Center has issued Assessment 01-028 to address vulnerabilities in Microsoft Internet Explorer that are primary means through which several generations of recent mass-mailer computer worms (i.e., LoveLetter, Nimda, Klez, Badtrans.B) propagate. Under certain conditions, any e-mail or Web page with scripting that includes the command "GetObject()" as well as an ActiveX html file can view any file on the user's hard drive. The Assessment contains recommendations on guarding against the vulnerabilities. ASSESSMENT 01-028 12/4/01

  • Regulatory Privacy Workshop Being Held Today

    The Interagency Public Workshop: "Get Noticed: Effective Financial Privacy Notices" is being held today in Washington, D.C. Due to the large volume of registrations, the Workshop had to be moved to a bigger location, and we're told they have a capacity crowd. The agenda includes regulators, representatives of academia and financial institutions, privacy specialists, communications experts, and consumer advocates. Information from the workshop will be available at a later point in time through the FTC Web site in audio, video, transcripts, and a CD-ROM. 12/4/01

  • MORE COMPLIANCE HUMOR

    The latest addition to the BankersOnline.com e-card exchange is a new virtual greeting starring David Dickinson. Drawn straight from a Bankers' Thread post about flood insurance, it features humor only a compliance person could love -- or understand! Check it out now in the Office Humor category of the e-card exchange. And don't miss the "Rambo examiner" card while you're there. 12/4/01

  • America’s Credit Unions Are Adopting Underserved Communities With A Record-Setting 12.5 Million Potential New Members In 2001

    Chairman Dollar Credits NCUA’s Streamlined Process and Regulatory Flexibility Approach With 2001 Numbers Surpassing Year 2000 Numbers By Over 10 Million NCUA Press Release 12/4/01

  • OCC Publishes Its Fees for year 2002

    The purpose of this issuance is to inform all national banks, federal branches and agencies, and District of Columbia banks of fees charged by the OCC for year 2002. Changes are effective January 1, 2002.

  • FDIC Publishes Stats at a Glance

    FDIC-Stats at a Glance provides the latest quarterly and historical data on FDIC-insured institutions, the
    BIF and SAIF insurance funds, and the number of FDIC employees. FDIC Historical Trends, Industry Historical Trends 12/3/01

  • OCC Issues First Quarter 2002 CRA Examination Schedule

    The OCC released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the first quarter of 2002. OCC:NR 2001-98 12/3/01

  • FDIC Reminds Institutions about HMDA and CRA Data Collection Deadlines

    The FDIC would like to remind institutions that Calendar Year 2001 (CY2001) Home Mortgage Disclosure Act (HMDA) and Community Reinvestment Act (CRA) data must be submitted by March 1, 2002. FIL-101-2001 12/3/01

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The FDIC has learned that additional counterfeit cashier's checks drawn on the Exchange Bank, Santa Rosa, California, are in circulation. The latest items bear the routing number of the Valley Bank of Kalispell, Kalispell, Montana. FDIC:FIL-100-2001 12/3/01

  • FDIC Issues First Quarter CRA Examination Schedule

    The FDIC has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the first quarter of 2002. FDIC:PR-84-2001 12/3/01

  • Comptroller Underscores National Bank Efforts to Meet the Financial Services Needs of Native Americans

    Comptroller of the Currency John D. Hawke, Jr. highlighted the accomplishments of national banks in overcoming many of the barriers that have historically limited Native Americans' access to credit and financial services in Indian country. OCC:NR 2001-97 12/3/01

  • NCUA Issues Order of Prohibition

    The NCUA has issued an Order of Prohibition against John Humpage, a former collection manager at Santa Fe Credit Union, Topeka, Kansas. NCUA Press Release 12/3/01

11/14/2001

OFAC Counter Terrorism designations

Treasury has designated three individuals and three entities under its Specially Designated Global Terrorist (SDGT) program, and added their names to the SDN List. Information on the designations has been posted in a BOL OFAC Update.

11/14/2001

Read a Reg pages updated

Today is the effective date for several of the major CFPB mortgage-related amendments to Regulations X and Z. We burned the midnight oil (well, not quite, but it was late) last night to ensure that our Read a Reg pages were current this morning, with all the January 10 changes melded into the rules. At the top of each affected page is a link back to the earlier version of the page with the old verbiage, with then-pending amendments noted. We'll be doing the same job to blend in the interagency HPML and Bureau ECOA Appraisal Rules for January 18. That will leave our Read a Reg pages annotated with further HPML Appraisal Rule amendments effective July 18, 2015, and Regulation X and Z amendments effective August 1, 2015, implementing the Bureau's Integrated RESPA/TILA Loan Estimate and Closing Disclosure Rule.

11/14/2001

Reserve Banks pay $77.7B to Treasury

A press release issued by Federal Reserve Board has announced that preliminary unaudited results indicate that the Reserve Banks provided for payments of approximately $77.7 billion of their estimated 2013 net income to the U.S. Treasury.

11/14/2001

Banks' resolution plans released

The Federal Reserve Board and the FDIC have announced the availability of the public portions of resolution plans for 116 institutions that generally had less than $100 billion in qualifying nonbank assets, which submitted plans for the first time in December 2013, the latest group to file resolution plans with the agencies.

11/14/2001

OFAC Counter Terrorism designations

Treasury has designated three individuals and three entities under its Specially Designated Global Terrorist (SDGT) program, and added their names to the SDN List. Information on the designations has been posted in a BOL OFAC Update.

11/14/2001

Read a Reg pages updated

Today is the effective date for several of the major CFPB mortgage-related amendments to Regulations X and Z. We burned the midnight oil (well, not quite, but it was late) last night to ensure that our Read a Reg pages were current this morning, with all the January 10 changes melded into the rules. At the top of each affected page is a link back to the earlier version of the page with the old verbiage, with then-pending amendments noted. We'll be doing the same job to blend in the interagency HPML and Bureau ECOA Appraisal Rules for January 18. That will leave our Read a Reg pages annotated with further HPML Appraisal Rule amendments effective July 18, 2015, and Regulation X and Z amendments effective August 1, 2015, implementing the Bureau's Integrated RESPA/TILA Loan Estimate and Closing Disclosure Rule.

11/14/2001

Reserve Banks pay $77.7B to Treasury

A press release issued by Federal Reserve Board has announced that preliminary unaudited results indicate that the Reserve Banks provided for payments of approximately $77.7 billion of their estimated 2013 net income to the U.S. Treasury.

10/31/2001

Top Stories for November 2001

http://www.bankersonline.com/topstory/november01.html

  • OTS Announces CRA Examination Schedule for First Quarter 2002

    The OTS published a list of 86 savings associations that are scheduled for Community Reinvestment Act (CRA) examinations during the first quarter of 2002. OTS 01-81 11/30/01

  • FDIC Reports Commercial Banks Earn $17.4 Billion in the Third Quarter, 2001

    Insured commercial banks earned $17.4 billion in the third quarter of 2001, a drop of almost 10 percent
    from third quarter profits the year before, the Federal Deposit Insurance Corporation announced. FDIC:PR-83-2001 11/30/01

  • Regulators issue final rule to change their regulatory capital standards

    The agencies are changing their regulatory capital standards to address the treatment of recourse obligations, residual interests and direct credit substitutes that expose banks, bank holding companies, and thrifts (collectively, banking organizations) primarily to credit risk. The final rule treats recourse obligations and direct credit substitutes more consistently than the agencies' current risk-based capital standards and adds new standards for the treatment of residual interests, including a concentration limit for credit-enhancing interest-only strips. 66FR59613 (text)
    66FR59613 (pdf) FDIC-PR-82-2001, FDIC:FIL-99-2001, FRB Press Release, OCC:NR 2001-96, OCC 2001-49 11/29/01

  • FRB is Proposing to Amend its Risk-based Capital Guidelines

    The FRB is proposing to amend its risk-based capital guidelines to clarify that deferred tax assets in excess of the allowable amount (disallowed deferred tax assets) are included in the items that are deducted from tier 1 capital for the purpose of determining the maximum allowable amount of tier 2 capital that a banking organization may include in qualifying total capital and the maximum allowable amount of term subordinated debt and intermediate-term preferred stock that may be treated as supplementary capital. 66FR59176 text 66FR59176 pdf 11/28/01

  • Treasury Issues Anti-Money Laundering Notice

    The notice provides interim guidance to financial institutions on how to comply with the requirements of sections 313 and 319(b) of the USA PATRIOT Act of 2001. These anti-money laundering provisions concern the relationship between U.S. financial institutions and foreign banking institutions. FRB:SR 01-29 Treasury Notice 11/27/01

  • OCC Releases CRA Evaluations For 21 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of October 15 through November 14, 2001. OCC:NR 2001-95 11/28/01

  • OCC Announces 10 New Enforcement Actions

    The OCC announced 10 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. OCC:NR 2001-94 11/28/01

  • Large credit unions post strong 3rd quarter results

    Federally insured credit unions with assets over $50 million grew a significant 12.81 percent in the first nine months of 2001 while the number of institutions declined slightly, down from 1,558 to 1,547. These institutions represent 15 percent of federally insured credit unions and nearly 83 percent of federally insured credit union assets. NCUA Press Release 11/28/01

  • FDIC Distributes Annual Report Form on Indebtedness of Executive Officers and Principal Shareholders to Correspondent Banks

    The FFIEC 004 report is designed to assist an institution's executive officers and principal shareholders in complying with the federal banking agencies' regulations implementing the Act. FDIC:FIL-98-01 11/27/01

  • FDIC to Broadcast Preliminary Bank Earnings Live on the Web

    The FDIC will announce preliminary third-quarter 2001 earnings for the commercial banking industry on Thursday,
    November 29, at 10:00 a.m. FDIC Live Broadcast 11/27/01

  • NCUA Issues Final Rule on Regulatory Flexibility Program

    The NCUA Board is issuing a final rule that will permit credit unions with advanced levels of net worth and consistently strong supervisory examination ratings to be exempt, in whole or in part, from certain NCUA regulations. The NCUA Board is also issuing a final amendment to the appraisal regulation to increase the dollar threshold from $100,000 to $250,000 for when an appraisal is required. 66FR58656 (text) 66FR58656 (pdf) 11/26/01

  • FRB Publishes Correction to Reg K

    The FRB is adopting correcting amendments to the final rule published in the Federal Register of October 26, 2001, regarding international banking operations and the corresponding delegations of authority. 66FR58655 (text) 66FR58655 (pdf) 11/26/01

  • OTS Announces 20 October CRA Ratings

    The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in October 2001. OTS 01-79 11/26/01

  • OTS Releases October Enforcement Statistics

    The OTS reported that it issued one enforcement order to an institution during the month of October. OTS 01-80 11/26/01

  • FRB Releases Minutes from Discount Rate Meeting

    The FRB released the minutes of its discount rate meetings from September 24 to October 2, 2001. 11/19/01

  • OCC Issues Semiannual Assessment

    The amendment revises the formula to establish a minimum base amount for the semiannual assessment for the first assessment bracket ($0-$2 million) of the assessment schedule. This change will enable the OCC to modestly adjust its assessments to better align with its costs of supervision. 66FR57645 (text) 66FR57645 (pdf) Correction 66FR58786 (text) 66FR58786 (pdf)11/16/01

  • FRB publishes annual adjustment of trigger fee for additional mortgage loan disclosures

    Under the revision to the FRB’s staff commentary to Regulation Z, the dollar amount of the fee-based trigger has been adjusted from $465 for 2001 to $480 for 2002 based on the annual percentage change reflected in the Consumer Price Index that was in effect on June 1, 2001. FRB Press Release
    11/15/01

  • Fed Announces Results of Study of the Payments System

    American consumers and businesses make 80 billion retail payments annually, nearly 50 billion by check and 30 billion by electronic instruments, such as credit cards, debit cards and the Automated Clearing House (ACH), according to the first comprehensive studies of the retail payments system by the Federal Reserve System in more than 20 years. FRB Press Release 11/15/01

  • Agencies Issue Order Against the State Bank of India

    Federal and state banking regulators announced the issuance of a joint Order to Cease and Desist and Order of Assessment of a Civil Money Penalty and Monetary Payment against the State Bank of India, Mumbai, India, and the bank's three branches in New York, New York, its branch in Chicago, Illinois, and its agency in Los Angeles, California. FDIC-PR-81-2001 11/15/01

  • NCUA Issues Order of Prohibition

    The NCUA announced that it has issued an Order of Prohibition against Roslyn Keen, former manager of Millard Fillmore
    Hospital Federal Credit Union in Buffalo, New York. NCUA Press Release 11/15/01

  • NCUA Chairman Addresses 4th Faith-Based Conference

    NCUA Chairman Dennis Dollar told 150 representatives of faith-based credit unions that they have “a bright future and fill an important niche in the credit union community” and encouraged them to consider adopting their surrounding communities as a way to help offer a low-cost alternative to predatory lenders. NCUA Press Release 11/15/01

  • NCUA Chairman Dennis Dollar releases a statement regarding the U.S. Court of Appeals decision

    "The Court of Appeals’ decision issued represents a tremendous victory for NCUA and credit unions, but it is most of all a decisive win for the concept of consumer choice. We believe strongly that our field of membership rules adhered to both the letter and the spirit of the Credit Union Membership Access Act, and we are so pleased that the court overwhelmingly agreed. It is my hope that this unanimous ruling will be the beginning of the end to the nearly two decades of legal conflict pursued by the banking industry on both NCUA and America's credit unions. NCUA Press Release 11/15/01

  • Court Dismisses ABA Challenge to NCUA's Field of Membership Rule

    The United States Court of Appeals dismissed the American Bankers Association suit against NCUA's field of membership regulation issued pursuant to the Credit Union Membership Access Act (CUMAA) November 9, 2001. The court found the ABA's arguments without merit and affirmed the district court's dismissal of the case, except for one claim dismissed as moot and another dismissed as unripe. NCUA Press Release 11/15/01

  • FRB Releases Senior Loan Officer Opinion Survey on Bank Lending Practices

    The October 2001 Senior Loan Officer Opinion Survey on Bank Lending Practices focused on changes in the supply of, and demand for, bank loans to businesses and households over the past three months. The survey included supplementary questions on banks' internal credit risk ratings for business loan customers, loans for the purpose of share buybacks, and liquidity in the secondary market for business loans. 11/14/01

  • FDIC FIL about OFAC Changes

    The FDIC has published FIL-972001 to notify state-chartered nonmember banks about the 11/7 OAC list changes. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-97-2001 11/14/01

  • FRB Issues Advisory on the use of forward equity transactions by banking organizations

    The FRB has determined that shares covered by forward equity arrangements should not be included in the Tier 1 capital of a bank holding company or a state member bank. The amount to be excluded would be equal to the common stock, surplus, and retained earnings associated with the shares. FRB:SR 01-27 11/12/01

  • Chairman Greenspan Designate Representatives to Air Transportation Stabilization Board

    FRB Chairman Alan Greenspan today designated Governor Edward M. Gramlich to serve in his place as the chairman of the Air Transportation Stabilization Board. Treasury Secretary Paul O'Neill designated Under Secretary for Domestic Finance Peter Fisher to serve in his place as a Board member and Transportation Secretary Norman Mineta designated DOT General Counsel Kirk Van Tine to serve in his place as a Board member. FRB Press Release 11/12/01

  • Challenges Faced by Women in Building and Maintaining Assets

    Remarks by Julie L. Williams, First Senior Deputy Comptroller and Chief Counsel, Office of the Comptroller of the Currency
    Before the McAuley Institute’s 7th National Women and Housing Conference OCC:NR 2001- 93 11/12/01

  • NCUA Issues Order of Prohibition

    The NCUA announced that it has issued an Order of Prohibition against Elizabeth A. Maxwell, former manager of Greater Southwest Federal Credit Union in Sugar Land, Texas. NCUA Press Release 11/9/01

  • Thrift Holding Companies May Engage in Activities Approved for Financial Holding Companies, Says OTS

    The OTS published a proposed rule revising its regulations to make clear that all thrift holding companies are authorized under the Gramm-Leach-Bliley Act of 1999 to engage in the same list of financial activities as financial holding companies are permitted by the Federal Reserve Board. Gramm-Leach-Bliley gave financial holding companies new powers to engage in activities that are financial in nature, incidental to a financial activity or complementary to a financial activity. 66FR56488 (text) 66FR56488 (pdf) OTS 01-77 11/8/01

  • FDIC Report Says Risks in Banks' Loan Portfolios and Loan Administration have Increased Slightly

    FDIC examiners have reported increases in risks in banks' loan portfolios and in the way loans are administered, according to the agency's latest Report on Underwriting Practices, which covers the six months ending September 30, 2001. FDIC:PR-80-2001 11/8/01

  • NCUA Chairman Visits New York Credit Unions Recovering from September 11 Attacks

    NCUA Chairman Dennis Dollar received a briefing from leaders of New York credit unions impacted by the tragedy on September 11, as well as NCUA regional staff and representatives of New York state regulatory authorities. NCUA Press Release 11/8/01

  • Terrorist Additions to the OFAC SDN List

    OFAC has added additional entities and individuals to the list of SDGTs. The names have been inserted into all versions of the SDN list and the brochure on Terrorism. OCC:Alert 2001-14 11/7/01

  • FRB Lowers Fed Funds Rate to 2 Percent

    The FOMC decided to lower its target for the federal funds rate by 50 basis points to 2 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 1-1/2 percent. FRB Press Release 11/7/01

  • FDIC Publishes Historical Statistics on Banking

    The Historical Statistics on Banking provides annual statistical information on the banking industry beginning in 1934. These data can be used to identify and analyze long-term trends and to develop benchmarks to evaluate the current condition of the banking and thrift industries. 11/7/01

  • FDIC Issues November 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 August 2001. FDIC:PR-79-2001 11/6/01

  • NCUA Holds Historic Public Budget Briefing Announces 33.5 Staff Reductions In 2002 And Projection Of Planned Budget Decrease in Agency's 2003 Budget

    NCUA held its first open budget briefing with the agency's three-member Board participating with the public in the historic event. The Budget Briefing and Public Forum was announced in September by NCUA Chairman Dennis Dollar as a way to “shed additional light” on the NCUA budget process and allow the credit union industry and interested parties the opportunity to provide views and opinions for the agency's consideration. NCUA Press Release 11/6/01

  • Seidman Recounts OTS Accomplishments In Farewell Address to Thrifts

    In her farewell address to the thrift industry, Office of Thrift Supervision Director Ellen Seidman reviewed her four-year
    tenure, a time of enhanced profitability and stability for both OTS and the thrift industry. She focused on her actions to rebuild OTS, enhance communication between the agency and thrifts, and improve the thrift charter. OTS 01-76 11/6/01

  • Crossing the Bridge to Self-Employment

    A guide to state and federal programs for people who seek to start their own businesses. 11/6/01

  • OTS Outlines Refinements to Mutual Examination Process

    The OTS issued updated guidance on the examination of mutual institutions. OTS 01-75 11/5/01

  • OCC Guidance Cautions National Banks on Third Party Relationships

    The OCC issued guidance on managing the risks that arise when national banks have business relationships with third
    parties. OCC:NR 2001- 92 11/5/01

  • The National Infrastructure Protection Center (NIPC) issued Advisory 01-026 to advise computer users of the increased potential for distributed denial of service (DDoS) attacks. A previous advisory on DDoS attacks had been issued in September, but the NIPC notes that cyber protests and hacktivist activity have increased since the previous advisory (01-021) was issued and the potential for targeting U.S. organizations is higher than in September. 11/5/01

  • Washington Postal Federal Credit Union responds to an onsite crisis

    After two postal workers died from anthrax inhalation at the Brentwood Road Mail Processing Center in northeast Washington, D.C., the facility was shut down Sunday, October 21, 2001. No one can enter the quarantined building for what may be up to 12 weeks. NCUA Press Release 11/2/01

  • OTS Issues Proposed Rule to Clarify its Lending and Investment Regulations

    The OTS proposes to revise and clarify its lending and investment regulations to give savings associations greater flexibility in a changing marketplace. The proposed regulatory amendments are intended to help thrifts take better advantage of the flexibility available under the Home Owners' Loan Act (``HOLA''), to provide low-cost credit to their customers, and to invest in their communities while still operating safely and soundly. 66FR55131 (text),
    66FR55131 (pdf) Correction 66FR59050 11/1/01

  • OCC Issues Correction to Final Rule the would Amend that Percentage of Capital and Surplus a Bank may Loan

    The OCC recently published a final rule amending part 32, the regulation governing the percentage of capital and surplus that a national bank may loan to any one borrower. Inadvertently, six cross-references in the existing regulation were not amended to reflect changes made by the final rule. 66FR55071 (text),
    66FR55071 (pdf), Original Published Final Rule 11/1/01

  • FRB Approves Fee Schedules for Payment Services

    The price level for Federal Reserve priced services in 2002 is projected to increase 2.1 percent from the 2001 level. Because of fee reductions in recent years, the overall price level has risen only 3.5 percent since 1996. FRB Press Release 11/1/01

  • FDIC Approves Sale Of Superior Federal Bank, FSB, Hinsdale, Illinois

    The Board of Directors of the FDIC approved the sale of the branches and deposits of Superior Federal Bank, FSB. The winning bidder is Charter One Bank, FSB, Cleveland, Ohio. FDIC:PR-78-2001 11/1/01

  • Dollar Calls Overhead Transfer Funding Process Both Congressionally Authorized And Historically Successful

    NCUA Chairman Dennis Dollar has called the agency’s funding process in which a portion of the agency’s budget is allocated to the share insurance fund as an “overhead transfer” to cover insurance-related costs “legally strong and proven successful over 30 years of credit union growth and increased financial stability. NCUA Press Release 11/1/01

  • NCUA Issues Order of Prohibition

    The NCUA announced that it has issued an Order of Prohibition against Jill Marie Swatloski, former branch manager of Valley
    Communities Credit Union in Mosinee, Wisconsin. NCUA Press Release 11/1/01

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

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in September. One administrative hearing is scheduled for November. FDIC:PR-77-2001 11/1/01

  • OTS Proposes Revising Lending Rule To Enhance Thrift Flexibility, Clarifies Existing Lending Rule, Starts Pilot Program To Ease Disparities

    The OTS proposed changing its lending and investment regulations to allow thrifts greater flexibility to provide low-cost credit to their customers and to invest in their communities while still operating safely and soundly. OTS also reminded thrifts of the lending and investment flexibility they already have under existing rules and announced a pilot program to alleviate competitive lending disparities for thrifts. OTS 01-74 11/1/01

10/14/2001

FRB Consumer Compliance Handbook updated

The Federal Reserve Board has published the November 2013 update to the Consumer Compliance Handbook. [Full Manual (711-page PDF); Links to sections] A summary of changes was also released.

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