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Top Story Lending Related

02/28/2003

Top Stories for March 2003

  • Reg Z Commentary Changes Take Effect April 1

    The Federal Reserve Board issued a final rule revising the official Reg Z commentary.The revisions cover credit card- related fees, replacement of cards, disclosure of private mortgage insurance premiums and the selection of Treasury security yields for determining whether a mortgage loan is covered by Reg Z. The revisions are effective April 1, 2003 and the date for mandatory compliance is October 1, 2003. FRB PR20030328 Final Rule 3/31/03

  • Access to Telecommunications in the Event of Disaster

    Qualifying institutions may seek sponsorship for the Telecommunication Service Priority program. That program would give critical private-sector entities access to telephone service in the event of an emergency. OCC Bulletin 2003-13 3/31/03

  • Online Resource For Financial Research Announced

    The Federal Reserve Board announced the launch of an online resource for researchers, educators, program directors, and others interested in advancing financial education programs. The Financial Education Research Center was developed to promote excellence in financial education by encouraging research and disseminating information. FRB PR20030328 Research Center. 3/31/03

  • Chinese Version Of FDIC's Money Smart Introduced

    FDIC has announced the introduction of a Chinese version of its Money Smart program. Vice Chairman Reich also announced that the program will be available in Korean and Vietnamese later this year. Announcement 3/31/03

  • FFIEC Publishes Country Exposure Release

    The E16 Country Exposure Statistical Release has been published on the FFIEC Web site.FFIEC E16 3/31/03

  • FRB Announces Fifth Third Agreement

    The Federal Reserve Board announced the execution of a Written Agreement by and among Fifth Third Bancorp, Cincinnati, Ohio; the Fifth Third Bank, Cincinnati, Ohio; the Federal Reserve Bank of Cleveland; and the State of Ohio Department of Commerce, Division of Financial Institutions. Written Agreement 3/28/03

  • OCC Announces Decision and Agreements

    The Office of the Comptroller of the Currency announced a Decision regarding a Notice of Change in Bank Control and entering into a Formal Agreement with Household Bank (SB), National Association, Las Vegas, Nevada and the Termination of a Formal Agreement accompanied by the entering into an Operating Agreement with Direct Merchants Credit Card Bank, N.A., Scottsdale, Arizona.Household Change in Control   Household Formal Agreement    Direct Merchants Termination    Direct Merchants Operating Agreement 3/28/03

  • OFAC Adds New Cali Cartel Leaders & Businesses

    The Office of Foreign Assets Control added the names of two Cali Cartel leaders, twenty eight entities and twenty eight individuals to its list of Specially Designated Narcotics Traffickers. The drug cartel businesses added to the list of SDNTs today are all determined to be owned or controlled by Cali Cartel leaders. The information has been placed on the BOL OFAC page. Treasury JS-138 3/28/03

  • Treasury Official Highlights Iraqi Assets Actions

    The keynote address of the Securities Industry Association's Anti-Money Laundering Compliance Conference was delivered by Treasury General Counsel David D. Aufhauser. He reported that, "To date, more than 1,669 countries have pledged to block terrorist assets and, importantly, have agreed to pursue the intermediaries who facilitate the transfer of terrorist funds" and regarding Iraqi assets, "Hundreds of millions of dollars of previously unknown illegal proceeds have been uncovered abroad in a matter of days, and are now subject to seizure." Address 3/28/03

  • Regulators Testify Before Subcommittee

    The Financial Services Regulatory Relief Act of 2003 is in the works. Learn more about it from testimony delivered by Federal Reserve Board Governor Mark W. Olson and Federal Deposit Insurance Corporation General Counsel William F. Kroener, III before the House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services. Olson's Testimony    Kroener's Testimony 3/28/03

  • OTS Urges Equal Thrift Security Law Treatment

    Testifying before the House Financial Services Subcommittee on Financial Institutions, the Office of Thrift Supervision Chief Counsel Carolyn Buck recommended the elimination of disparate treatment between thrifts and banks under the Investment Advisers Act and the Securities Exchange Act of 1934.Counsel Buck's Testimony 3/28/03

  • NCUA Issues Business Lending Rules

    The National Credit Union Administration Board has issued a proposed rule updating member business lending regulations for federally insured credit unions and a final rule revising federal credit union chartering and field of membership rules. Proposed Lending Rule     Revision To Membership Final Rule     Statement of Chairman Dollar    Statement of Vice Chairman Johnson     Statement of Board Member Matz 3/28/03

  • FDIC Announces 12 Enforcement Actions

    The Federal Deposit Insurance Corporation has released a list of twelve enforcement actions taken against banks and individuals in February, 2003. They include two cease-and-desist orders, two removal-and-prohibition orders, five civil money penalty orders, two terminations of cease-and-desist orders, and one termination of a suspension-and-prohibition order.FDIC PR-28-2003 3/27/03

  • NCUA Announces Measures To Fight Brokered CD Fraud

    The National Credit Union Administration announced a plan to increase the agency's oversight and better protect credit unions from brokered CD fraud. The plan involves requiring call report data to contain outstanding balances of brokered CDs, identification of credit unions with high concentrations of brokered CDs, additional guidance regarding due diligence reviews of brokers, the enhancement of AIRES investment work papers and additional training for examiners.NCUA NR03-0326 3/27/03

  • FDIC Warns of Counterfeit Official Check Scam

    The Federal Deposit Insurance Corporation has issued a Special Alert which provides a general outline of a nationwide scam involving counterfeit official checks. Customers and financial institutions have sustained losses from the fraudulent transactions. The scam involves unsuspecting sellers of high dollar items who receive counterfeit official checks as payments for the sale items. The counterfeit checks are payable in amounts that exceed the sale price and the seller is asked to deposit the counterfeit item and remit the excess funds by wire or cashier's check.FDIC SA-17-2003 3/27/03

  • FDIC Chairman Discusses Access To Capital in Emerging Markets

    Federal Deposit Insurance Corporation Chairman Powell spoke to participants at the National Community Investment Fund Annual Network Conference, Washington, D.C. The Chairman noted, " Banks that reach out to establish relationships with consumers participating in fringe financial services may be able to reap the rewards of cultivating new, full-service customers; building relationships that will improve with their economic circumstances." FDIC PR-2003-27 3/27/03

  • FDIC and CSBS Join Forces on Money Smart Program

    The Federal Deposit Insurance Corporation and the Conference of State Bank Supervisors announced that CSBS will promote and distribute the Money Smart financial education curriculum to each of the nation's state banking departments. FDIC MSPR-0006-2003 3/27/03

  • FDIC Issues FYI Regarding Derivatives Risk

    The Federal Deposit Insurance Corporation has issued an electronic bulletin which summarizes the FDIC's analysis of the derivatives risk in commercial banking.FDIC FYI-032603 3/27/03

  • FRB Releases Household Debt-Service Burden Data

    The Federal Reserve Board has issued a statistical release of the household debt-service burden, which is an estimate of the ratio of debt payments to disposable personal income. Federal Reserve 3/27/03

  • Secretary Snow Reacts to Budget Resolution Action

    Treasury Secretary Snow commended the passage of a budget resolution by the Senate, but noted the President's plan is still the best way to create jobs, provide economic security to American workers and families, and grow the economy for our future.Treasury JS135 3/27/03

  • OCC Issues Notice Of Issuance 314a Information Request Guidance

    The Office of the Comptroller has given notice to all national banks of the issuance of a FinCEN guidance regarding 314a Information Requests. The FinCEN notice was previously posted on Top Stories.OCC Alert 2003-6 3/26/03

  • FTC Announces Calendar for Implementation of the National Do Not Call Registry

    The Federal Trade Commission released its schedule for creating and implementing the national do not call registry, which will give consumers a choice about whether to receive most telemarketing calls. Beginning in July, consumers will be able to put their telephone numbers on the national registry, which telemarketers subsequently will be required to access. As of October, it will be illegal for most telemarketers to call a number listed on the registry.FTC News Release 3/26/03

  • FED Releases Quarterly Fedwire Data

    The Federal Reserve Board has released the 4th Quarter 2002 Fedwire and National settlement Services data. Federal Reserve Report 3/26/03

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

    The OSFI of Canada has published "Monthly Warning Advisory" (Issue No. 40 and 41), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:SA-16-2003 3/26/03

  • FDIC FIL about OFAC Change

    The Department of the Treasury's Office of Foreign Assets Control has amended its list of Specially Designated Nationals and Blocked Persons by adding the names of certain members of the Government of Zimbabwe and other related persons. [This was previously announced on BOL] FDIC:FIL-22-2003 3/26/03

  • FDIC and America's Community Bankers to Promote Financial Education Through ACB Member Banks Nationwide

    The FDIC and America's Community Bankers (ACB) announced that the two organizations will promote financial education through ACB's member banks across the country. The announcement was made by Don Powell, Chairman of the FDIC, and Diana Casey Landry, President and CEO of ACB, at a signing ceremony held at the FDIC's headquarters in Washington, DC. FDIC:MS-005-2003 3/26/03

  • FRB Governor Kohn Says Inflation Targeting Is Not Necessary

    In a speech at the National Bureau of Economic Research Conference on Inflation Targeting, Bal Harbour, Florida, Federal Reserve Board Governor Kohn took issue with comments made at the same conference by Marvin Goodfriend, Senior Vice President, Federal Reserve Bank of Richmond, who suggested that the United States would benefit from the adoption of an inflation targeting policy. Kohn stated "the success of U.S. monetary policy has in large part derived from its ability to adapt to changing conditions--a flexibility that likely has benefited from the absence of an inflation target". Kohn's Speech     Goodfriend's Presentation 3/25/03

  • OCC Names Deputy Comptroller For Credit Risk

    The Office of the Comptroller of the Currency announced that Barbara J. Grunkemeyer has been named Deputy Comptroller for Credit Risk. She will serve as the Comptroller's principal advisor on credit risk facing the national banking system. OCC NR2003-25 3/25/03

  • FinCEN Clarifies Section 314(a) Search Issues

    FinCEN has issued a notice to financial institutions regarding the 314(a) search requests that comes as a great relief. The notice states that if a search request extends beyond the general search requirements, an institution is not required to conduct the expanded search at this time if it can not be conducted electronically. It also notes that the programming problem which prohibited the inclusion of all aliases on the consolidated index has been corrected. Future indexes should include all subjects and aliases requested in the individual subject information forms. FinCEN Notice OCC: ALERT 2003-6 3/24/03

  • President Bush Vests Seized Iraqi Assets

    President Bush has issued on Executive Order which vests in the United States all assets of the Iraqi Government previously seized and held by financial institutions. The Secretary of the Treasury is directed to develop rules and regulations to carry out the provisions of the Executive Order. A link to the text of the Executive Order has been placed on the BOL OFAC Page. Executive Order 3/24/03

  • Treasury Adds Cali Cartel Entities to OFAC List

    The Treasury Department's Office of Foreign Assets Control added the names of nine businesses owned or controlled by Cali Cartel leaders and eight individuals to its list of Specially Designated Narcotics Traffickers. The information has been placed on the BOL OFAC page. 3/24/03

  • SEC Proposes Amendment to Sarbanes-Oxley CEO Certification

    The Securities and Exchange Commission has proposed amendments to its rules and forms which require companies provide corporate officer certifications under the Sarbanes-Oxley Act of 2002 as exhibits to periodic reports. SEC NR 2003-39 Proposed Amendments 3/24/03

  • San Francisco Fed and Barnes Banking Company Enter Written Agreement

    The Federal Reserve Bank of San Francisco announced the entering into a written agreement with Barnes Banking Company, Kaysville, Utah. The Bank has agreed to enhance and improve its policies and procedures regarding the Currency and Foreign Transaction Reporting Act, the Bank Secrecy Act and Regulation H.Federal Reserve PR20030321 Written Agreement 3/24/03

  • OCC Unveils Online Applications

    The Office of the Comptroller of the Currency announced a new service utilizing the e-Corp system which will allow national banks to electronically complete and submit branch and relocation applications.OCC NR 2003-24 3/24/03

  • OCC March 2003 Corporate Applications Released

    The Office of the Comptroller of the Currency has released the March 2003 edition of actions taken on corporate applications received by the OCC.OCC Corporate Applications 3/24/03

  • Counterfeit Checks Alert Issued by FDIC

    The Federal Deposit Insurance Corporation has learned that counterfeit trust checks drawn on McAllen National Bank, McAllen, Texas and counterfeit official checks drawn on Astoria Federal Savings and Loan Association, New York, New York are currently in circulation. The information has been added to the BOL Alerts & Counterfeits page FDIC SA-15-2003 3/24/03

  • OFAC Issues Interim Rule to Amend the Cuban Assets Control Regulations

    The Office of Foreign Assets Control of the U.S. Department of the Treasury is amending the Cuban Assets Control Regulations, part 515 of chapter V of 31 CFR, to implement the President's Initiative for a New Cuba and to make certain technical changes and clarifications. 68FR14141 (txt) 68FR14141 (pdf) 3/24/03

  • FTC Halts Internet Mortgage Scam

    The Federal Trade Commission filed charges against 30 Minute Mortgage, Inc. alleging the company utilized a spamming operation that conned consumers into sharing personal financial data. The complaint contends there were violations of the FTC Act, the Truth in Lending Act, the Gramm-Leach-Bliley Act, and the FTC's Privacy Rule. The court is asked to bar the illegal practices permanently and order the return of ill-gotten gains. The assets of the company have been frozen, and it has agreed to halt the alleged deceptive practices until the court issues a final ruling on the FTC's allegations. 3/21/03

  • Six Enforcement Actions Announced By OCC

    The Office of the Comptroller of the Currency announced enforcement actions against Bank of Communications, New York Branch, New York, New York; Surety Bank, National Association, Fort Worth, Texas; Cumberland Valley National Bank & Trust Company, East Bernstadt, Kentucky; First National Bank of Northern Kentucky, Fort Mitchell, Kentucky; First National Bank of Littlefield, Littlefield, Texas; and James T. Lee, Littlefield, Texas. OCC NR2003-22 FTC Press Release Complaint Order 3/21/03

  • U.S. Confiscates $1.74B in Iraqi Assets

    There's nothing about it yet on the OFAC page, but on 3/20/03 President Bush issued an Executive Order confiscating non-diplomatic Iraqi government assets in the United States. The Order authorizes Treasury to marshal the assets, and to use the funds for the benefit and welfare of the Iraqi people. We expect institutions which have blocked assets under the Iraq sanctions program to be ordered to transmit those blocked assets to the federal government. Treasury Press Release 3/21/03

  • OCC Releases 33 CRA Evaluations

    The Office of the Comptroller of the Currency released Community Reinvestment Act evaluations of 33 national banks. Of the 33 evaluations, 4 were outstanding, 28 were satisfactory and 1 was needs to improve. OCC NR2003-23 Evaluations 3/21/03

  • OCC Issues Alert on Fictitious Offshore Bank

    The Office of the Comptroller of the Currency has been notified by the Government of Montserrat and the State of Florida that LionHeart Bank and Trust Company Limited, Fort Lauderdale, Florida has not been issued a license or been authorized to conduct banking business. OCC Alert 3/20/03

  • OTS Guidance on Third Party Arrangements Released

    The Office of Thrift Supervision has issued a Thrift Bulletin on outsourcing relationships. The Bulletin cautions institutions to exercise due diligence prior to entering into third party arrangements and to maintain effective oversight and controls throughout the arrangement. OTS Release 03-10 Thrift Bulletin TB82 3/20/03

  • Proposed OTS Form Reduces Regulatory Burden

    The Office of Thrift Supervision has requested comments on its proposal to replace the current Schedule Consolidated Maturity/Rate with a new form known as a Schedule Risk Exposure Data. The change is intended to reduce the data collection burden on institutions while improving the flexibility and utility of the data collected. Comments are due May 19, 2003.OTS Release 03-11 Proposed RED Form Comment Request 3/20/03

  • FDIC Announces Reorganization of Publications

    The Federal Deposit Insurance Corporation announced that its publications are now organized into three categories - public research, risk analysis and data sources. The FDIC Banking Review, FDIC Outlook and FDIC Quarterly Banking Profile are the featured publications and are available electronically and in hard copy.FDIC PR 26-2003 FDIC Banking Review FDIC Outlook FDIC Quarterly Banking Profile 3/20/03

  • FDIC 2003 Economic Projections Released

    The FDIC Spring 2003 Outlook indicates that banks are recognizing loan losses promptly, taking advantage of the development of an active secondary loan market, and increasing the use of derivative instruments to manage risk in the commercial loan portfolio. FDIC Chairman Powell noted "Strong earnings and capital positions have helped to insulate the banking industry from the more severe effects of corporate sector restructuring."FDIC PR 25-2003 FDIC Spring 2003 Outlook 3/20/03

  • Household International Agrees To SEC Cease-and- Desist Order

    The Securities and Exchange Commission entered a cease-and-desist order finding that Household International Inc. violated the antifraud and reporting provisions of the Securities Exchange Act of 1934 by misrepresenting policies that permitted the restructuring of delinquent loans and resetting the loans to "current".SEC PR2003-35 Order 3/20/03

  • Treasury Reveals Plans to Protect Financial Markets During Hostilities With Iraq

    The Treasury Department has outlined the steps that have been taken to protect the critical financial infrastructure of the United States including: the government's ability to borrow; the government's ability to make payments - including social security payments; the government's ability to raise revenue through the Internal Revenue Service.Treasury Press Release JS-114 3/20/03

  • Fed Funds Rate Remains Unchanged

    The Federal Reserve Board Federal Open Market Committee announced that it had decided to keep the target for the federal funds rate unchanged at 1 ¼ percent.FRB PR2003030318 3/19/03

  • Current Regulatory Issues Discussed in OCC Briefing Paper

    OCC First Senior Deputy Comptroller and Chief Counsel Julie L. Williams presented a briefing paper to Congressional staffers at the Financial Services Regulatory Conference held in Washington, D.C. The paper discussed the history of the Office of the Comptroller of the Currency and the national banking system, as well as a number of current issues in bank regulation, including privacy, national bank preemption and the USA Patriot Act.OCC NR 2003-21   Briefing Paper 3/19/03

  • FDIC 2003 Annual Performance Plan Released

    The Federal Deposit Insurance Corporation issued its 2003 Annual Performance Plan, which implements its strategic goals and objectives by establishing annual performance goals. Annual Performance Plan 3/19/03

  • Improvements Made to 314(a) Request Process

    Financial institutions, and the trade associations that represent them, complained to FinCEN and the Treasury Department about the format in which names were being transmitted from FinCEN for 314(a) search requests. In order to reduce the burdensome nature of the requests, FinCEN has now begun to make the subject names available in a tab-delimited text format that will facilitate electronic searches. Progress! 3/18/03

  • Final Reg B Published in Federal Register

    The final rule amending Regulation B has now been published in the Federal Register. The revisions address when a preapproval must be treated as an application, how to determine when an application is truly joint, how to describe the reasons for adverse action, and more. Text   PDF  3/25/03 correction 3/18/03

  • Regulators Issue Updated Internal Auditing Guidance

    The Federal Reserve, the FDIC, the OCC, and OTS issued revised guidance on the independence of accountants who provide institutions with both external and internal audit services to reflect the provisions of the Sarbanes-Oxley Act. [The policy statement encourages non-public institutions not subject to Section 36, which includes non-public depository institutions with less than $500 million in assets, to refrain from outsourcing internal audit activities to their external auditor. If such an institution decides to use the same firm for both internal and external audit work, however, the audit committee should document its consideration of the independence issues associated with this arrangement.] The InterAgency Policy Statement indicates the need for institutions to maintain strong systems of internal control, including internal controls over financial and regulatory reporting, and high quality internal audit programs. Expanded guidance has been provided on the use of independent reviews of significant internal controls by small institutions that do not have a formal internal audit manager or staff. Joint Agency Press Release     Other agency press releases: OCC; OTS; FDIC; InterAgency Policy Statement

    : FRB; OCC; ; OTS; FDIC; OCC Bulletin; FDIC FIL 3/18/03

  • FRB Publishes List of Financial Holding Companies

    The Federal Reserve Board has released an alphabetical list of bank holding companies that have elected as of March 15, 2003, to become or be treated as financial holding companies under the provisions of the Bank Holding Company Act.List of Financial Holding Companies 3/18/03

  • FRB Issues 2002 Monetary Report to Congress

    The report indicates the most likely economic outlook to be that fundamentals will support a strengthening of economic growth, and inflation pressures are anticipated to remain well contained.2002 Monetary Report 3/18/03

  • FRB Issues March 2003 Statistical Release of Assets

    The Federal Reserve Board has released the March 2003 Table of U. S. Reserve Assets and the Foreign Official Assets held at Federal Reserve Banks.FRB Bulletin 3/18/03

  • NCUA Announces CUs Eligible For Reduced Regulatory Requirements

    The National Credit Union Administration announced 3,650 federal credit unions have been determined to be eligible for RegFlex, a designation created to reduce regulatory burden on strongly-capitalized, well-managed federal credit unions and provides for exemptions from all or part of specific regulations not required by statute and unnecessary for safety and soundness purposes. NCUA NR03-0317 3/18/03

  • NCUA Board Member Encourages Services for Non-Home Owners

    National Credit Union Association Board Member Deborah Matz told the attendees at the Annual Conference of the American Credit Union Mortgage Association that minority members who do not own a home represent marketing opportunities for credit union mortgages. She urged credit unions to provide financial literacy training and affordable mortgage programs to entice new membership.NCUA NR03-0317-2 3/18/03

  • Merrill Lynch Pays SEC $80 Million Enron Settlement

    The SEC announced the charging of Merrill Lynch & Co., Inc. and four former senior executives with fraud which had the purpose and effect of overstating Enron's reported financial results. Simultaneous with the filing of the complaint in U. S. District Court, Houston, Texas, the SEC accepted Merrill Lynch's $80 Million settlement offer. The funds will be paid into a court account and ultimately distributed to Enron fraud victims.SEC NR2003-32   SEC Complaint 3/18/03

  • FRB/Treasury Report on Global Counterfeiting

    The Federal Reserve Board and the Treasury Department issued a joint report to Congress, "The Use and Counterfeiting of United States Currency Abroad, Part II" that details how the combined efforts of the Treasury, United States Secret Service, and Federal Reserve have held the incidence of counterfeiting at relatively low nominal levels. Joint FRB/Treasury Press Release 3/17/03

  • NCUA Chairman Remarkrs on Move Toward CU Taxation

    In a speech before the Utah Credit Union League'
    s annual meeting, NCUA Chairman Dennis Dollar said a nationwide move to tax the retained earnings of credit unions would, if successful, result in reductions in credit union net worth sufficient to require Congress to make significant changes in the federal prompt corrective action (PCA) law. NCUA News Release 3/17/03

  • Philippines Remains on FATF NCCT List

    The Financial Action Task Force against money laundering has decided not to impose further counter-measures to the Philippines. Recently, the country enacted new amendments to its Philippine Anti-MoneyLaundering Act of 2001. The Philippines will remain on the list of non-cooperative countries and territories(NCCTs) until it has effectively implemented its new anti-money laundering legislation. FATF Announcement 3/17/03

  • Cease and Desist Order Announced

    The Federal Reserve Board has issued an Order to Cease and Desist and of Prohibition against Terry Frierson, a former chief executive officer, president, and institution-affiliated party of MSB Shares, Inc., and the Midsouth Bank, Jonesboro, Arkansas. Frierson had allegedly violated Regulation O, engaged in unsafe and unsound practices, and misapplied bank funds. FRB Enforcement 2003)313    Order 3/14/03

  • Substantial Penalty Imposed for Flood Violations

    The Federal Reserve Board announced the issuance of a Civil Money Penalty of $17,150 against First Bank, Creve Coeur, Missouri regarding alleged violations of the National Flood Insurance Act. FRB PR-200303132    Order 3/14/03

  • Reg Y Modification Published in Federal Register

    The Federal Reserve Board requests comment on a proposal to modify Regulation Y to allow bank holding companies engaged in permissible derivatives activities to transfer title to commodities underlying derivative contracts on an instantaneous, pass-through basis. [This was previously announced on BOL] 67FR12316 (txt) 67FR12316 (pdf) 3/14/03

  • Counterfeit Checks Alert Issued by FDIC

    The Federal Deposit Insurance Corporation has learned that counterfeit cashier's checks drawn on Fifth Third Bank, Kentucky, Inc., Louisville, Kentucky and counterfeit checks drawn on Delta Bank, Vidalia, Louisiana, for the account of Community Credit Center, Inc. are currently in circulation. The information has been added to the BOL Alerts & Counterfeits page. FDIC SA-14-2003 3/14/03

  • FDIC Chairman Suggests Organizational Changes

    In remarks made before the "Federal Deposit Insurance Corporation Symposium on The Future of Financial Regulation: Structural Reform or Status Quo?", Chairman Powell supported consideration of regulatory changes to promote efficiency, reduce costs and to better protect public confidence in the financial sector. FDIC PR-22-2003 Remarks 3/14/03

  • FRB International Finance Discussion Papers Released

    The Federal Reserve Board has released the staff working papers regarding the International Finance Discussion Papers series.Working Papers 3/14/03

  • Comptroller Hawke Discusses Basel II Concerns

    In remarks before the Centre for the Study of Financial Innovation, London, England, the Comptroller reviewed his concerns with Basel II and the agreement of the U.S. bank regulators to take steps to simplify the implementation in the United States. The Basel II, approach would be built on three "pillars"- a set of formulas for determining regulatory capital; a set of principles for the exercise of supervisory oversight; and a set of disclosure requirements intended to enhance market discipline. OCC NR 2003-19 Speech 3/14/03

  • Chairman Powell Reacts to Deposit Insurance Reform Legislation Action

    Federal Deposit Insurance Chairman Powell expressed his pleasure at the passage of deposit insurance reform legislation by the House Financial Services Committee. FDIC PR-23-2003 3/14/03

  • OCC Reports Derivatives Volume Grows $2.9 Trillion

    Derivatives held by U. S. commercial banks increased $2.9 trillion in the fourth quarter, to $56.1 trillion, the Office of the Comptroller of the Currency reported today in its quarterly Bank Derivatives Report. OCC:NR 2003-18 Bank Derivatives Report 3/13/03

  • FDIC Announces Money Smart Alliance Partnership with Women in Housing & Finance Foundation

    The FDIC announced that the Women in Housing & Finance Foundation (WHF Foundation) has become the Corporation's newest partner in the Money Smart Alliance Program. FDIC:MS-003-2003 3/13/03

  • OFAC Adds New Provisions to the Iraqi Sanctions Regulations

    These new regulations provide for the establishment of a registration program that would authorize nongovernmental organizations to engage in humanitarian activities in the areas of Iraq not controlled by the Government of Iraq. 68FR11741 (txt) 68FR11741 (pdf) 3/13/03

  • The Latest Word from FinCEN

    Readers can gain clues into what's happening with the CIP rules and how FinCEN views the 314(a) information request process by reading FinCEN Director Sloan's testimony before the Subcommittee on Oversight Investigation of the Committee on Financial Services. He discussed the role of the Financial Crimes Enforcement Network plays in combating money laundering and fighting terrorism financing.Statement 3/12/03

  • Reg Y Modification Proposed

    The Federal Reserve Board requests comment on a proposal to modify Regulation Y to allow bank holding companies engaged in permissible derivatives activities to transfer title to commodities underlying derivative contracts on an instantaneous, pass-through basisComments are requested by April 21, 2003. FRB Press Release 20030311 Proposed Rule 3/12/03

  • OFAC Violations to be Made Public

    Under a new Final Rule published by the U. S. Treasury Department's Office of Foreign Assets Control disclosures of civil money penalties imposed for OFAC violations will be made weekly. The name of the entity involved, the sanctions program involved, a brief description of the violation or alleged violation, a clear indication whether the proceeding resulted in an informal settlement or in the imposition of a penalty, and the amount of the penalty imposed or the amount of the agreed settlement will be disclosed. The rule was published previously in the Federal Register and took effect February 22. 2003. This is the OCC's announcement to national banks of the new rule. OCC Bulletin 2003-10 Final Rule 3/12/03

  • FFIEC Call Report Changes

    The Federal Financial Institutions Examination Council has given notice of a number of revisions to the Reports of Condition and Income (Call Report). The changes are effective March 31, 2003. This FIL from the FDIC, which incorporates the FFIEC issuance, provides a summary of the changes. FIL-18-2003 3/12/03

  • FDIC Issues Counterfeit Checks Check Alert

    The Federal Deposit Insurance Corporation (FDIC) has learned that counterfeit cashier's checks drawn on Center Bank, Los Angeles, California, are currently in circulation. The information has been added to the BOL Alerts & Counterfeit page. FDIC SA-13-2003 3/12/03

  • FinCEN IVTS Advisory Issued

    The Financial Crimes Enforcement Network has issued its Advisory Issue 33 which provides financial institutions information on Informal Value Transfer Systems. FinCEN Advisory 33 3/12/03

  • FFIEC Publishes Draft Call Report Forms

    The FFIEC has published a new draft FFIEC-031 Call Report for banks with foreign and domestic offices and FFIEC-041 for banks with domestic offices only.FFIEC-031      FFIEC- 041 3/11/03

  • NCUA Issues Prohibition Orders

    The National Credit Union Administration has issued Orders of Prohibition against Janice Torricer, Theresa M. Corpuz and Ivy J. Sanchez, former employees of HC&S Federal Credit Union (now Valley Isle Community Federal Credit Union) of Kahului, Hawaii.NCUA News Release NR03-0307 3/11/03

  • NCUA Board Member Reiterates Support for Dual Charters

    National Credit Union Administration Board Member Deborah Matz, addressing the 25th Annual NCUA/National Association of State Credit Union Supervisors State Regulatory Conference, reiterated her support for the dual chartering system.NCUA News Release NR03-0310 3/11/03

  • OFAC Update

    OFAC issued a bulletin regarding a presidential executive order relating to "Persons Undermining Democratic Processes or Institutions in Zimbabwe". As a result, 77 new designations were added to OFAC's SDN list. See the BOL OFAC page for details. 3/11/03

  • Enforcement Actions Terminated

    The Federal Reserve Board announced the termination of eleven enforcement actions. Federal Reserve Press Release 3/10/03

  • FedACH Participation Forms Online

    The Federal Reserve Board has posted its ACH participation agreement and instructions online. Before a financial institution begins to originate or receive FedACH items through the Federal Reserve, an ACH agreement must be completed and signed by an authorized individual at the institution. ACH Agreement Instructions 3/10/03

  • January Consumer Credit Report Released

    The G.19 Consumer Credit Report for January 2003 was released by the Federal Reserve Board. Total consumer credit rose 9 per cent at an annual rate. Federal Reserve Release (pdf) Text 3/10/03

  • Chairman Greenspan Discusses Global Finance

    The Federal Reserve Board Chairman's remarks were presented to attendees at the Banque de France International Symposium on Monetary Policy, Economic Cycle, and Financial Dynamics, Paris, France. Greenspan's Speech 3/10/03

  • FRB Issues Proposed Rule on Transition Rules for Reg C

    In 2002, the FRB revised Regulation C and imposed new data collection requirements with an effective date of January 1, 2004. This proposal would revise the official staff commentary to Regulation C to provide transition rules for applications received before January 1, 2004, on which final action is taken on or after January 1, 2004. 68FR11010 (text) 68FR11010 (pdf) 3/7/03

  • Notice of expiration of exception to BSA requirement published in Federal Register

    FinCEN's notice of the expiration of a conditional exception to a BSA requirement on May 31, 2003 (the so-called Travel Rule) was published in today's Federal Register. The exception permits financial institutions to substitute coded information for the true name and address of a customer in a funds transmittal order. 68FR10965 (text) 68FR10965 (pdf)3/7/03

  • Three Million CMP for BSA Violations Announced

    The Financial Crimes Enforcement Network has announced the assessment of a Three Million civil money penalty against Western Union Financial Services, Inc. Among other violations, it was determined that the company willfully failed to file 662 SARs over a ten month period. FinCEN Assessment 3/7/03

  • Large Commercial Bank Quarterly Reports

    The Federal Reserve Board has released the Fourth Quarter 2002 data on commercial banks having consolidated assets of $100 million or more. The information is complied from the consolidated reports of condition and income filed by the banks.FRB Release      Text 3/7/03

  • Fourth Quarter Z.1 Released

    The Flow of Funds Accounts of the United States for the Fourth Quarter of 2002 has been released by the Federal Reserve Board. The report contains summaries of various financial indicators. FRB Release Z.1 3/7/03

  • Regulatory Restructuring Symposium Announced

    The Federal Deposit Insurance Corporation will sponsor a symposium on the future of financial regulation on Tuesday, March 13, at the National Press Club in Washington, DC. Key experts on financial regulation will discuss how the present system evolved and examine ways in which the complex web of agencies with specialized areas of authority and overlapping jurisdictions might be restructured.FDIC Press Release PR-21-2003 3/7/03

  • Reg B Final Rule Published

    The Federal Reserve Board published on its Web site the text of a final rule amending Regulation B. The final rule makes numerous changes to Regulation B and the Official Staff Commentary, including the well-publicized ones regarding collection of applicants' personal characteristics in connection with nonmortgage credit and record retention for prescreened solicitations. The final rule is effective April 15, 2003, but to allow time for any necessary operational changes, the mandatory compliance date is April 15, 2004. [Previously announced on BOL] FRB Press Release    Final Rule 3/6/03

  • FDIC Issues CRA Exam Report

    The Federal Deposit Insurance Corporation issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in December 2002.FDIC PR-20-2003       List of Banks Examined 3/6/03

  • Sarbanes-Oxley Guidance Issued

    The FDIC has provided guidance to institutions about selected provisions of the Sarbanes-Oxley Act, including the actions the FDIC encourages institutions to take to ensure sound corporate governance. The Act applies to publicly traded institutions.FDIC FIL 17-2003 3/6/03

  • Beige Book Update Published

    The Federal Reserve Board has published the March 2003 edition of the Beige Book which summarizes the current economic conditions in each of the Federal Reserve Districts.Beige Book      March Summary 3/6/03

  • FRB Governor Testifies

    Governor Donald L. Kohn testified regarding the Business Checking Freedom Act of 2003 before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on financial Services.Testimony 3/6/03

  • FDIC Chairman Optimistic on the Economy

    Chairman Donald E. Powell indicated he was optimistic about the economy and expressed his views on corporate governance at the annual conference of the Independent Community Bankers of America in Orlando, Florida.FDIC PR-19-2003 3/6/03

  • FFIEC Uniform Bank Performance Report Online

    The December 31, 2002 Uniform Bank Performance Report (UBPR) is now available on line. The online version of the UBPR includes 5 years of continuous financial history that is restated quarterly to reflect call report amendments and new analytical tools. FFIEC Press Release     UBPR 3/6/03

  • Chairman Greenspan Discusses Home Mortgage Market

    The Federal Reserve Board Chairman's remarks were presented to attendees at the annual convention of the Independent Community Bankers of America in Orlando, Florida. Greenspan's speech 3/5/03

  • Federal Reserve Posts Cash FAQ

    The Cash Section of the Federal Reserve has posted on Federal Reserve Financial Services Web Site a list of Frequently Asked Questions and Answers regarding currency and coin. It addresses such issues as replacing mutilated currency, what portrait appears on various denominations, and where to get uncut sheets of printed bills. Federal Reserve Financial Services 3/5/03

  • Comptroller Hawke Calls for Less Burdensome Disclosures

    In a presentation before the annual convention of the Independent Community Bankers of America, the Comptroller noted that consumers are ill-served by the current system of compliance regulation. He called for the development of a new approach that would be more effective for consumers and less burdensome for banks.OCC News Release     Speech 3/5/03

  • 2002 Earnings Data Released

    Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation earned a combined $105.4 billion during 2002, the first time annual earnings of the industries topped $100 billion. Return on Assets reached a new high of 1.31 percent, surpassing the old record of 1.25 percent reached in 1999.FDIC PR-17-2003 3/5/03

  • FDIC 2001 Annual Report Submitted

    As required by the FDIC Act, the 2001 annual report was submitted to the President and the Speaker of the House of Representatives.FDIC 2001 Annual Report 3/5/03

  • FDIC 4th Quarter 2002 Banking Profile Released

    The Quarterly Banking Profile contains a new combined banking and thrift coverage format.FDIC QBP 3/5/03

  • FinCEN Notice on Expiration of Exception to Travel Rule

    The CIF Exception to the Travel Rule is scheduled to expire on May 31, 2003. FinCEN intends to permit the expiration, but is soliciting comments before it does so. FinCEN Notice 3/5/03

  • Treasury Forms Executive Office for Terrorist Financing and Financial Crimes

    Treasury has announced the formation of a new office to combat domestic and foreign terrorist financing and other financial crimes. The Executive Office for Terrorist Financing and Financial Crimes (EOTF/FC) will focus on reducing the risk that financial systems are being misused by criminals and terrorists. It will also provide policy guidance to both FinCEN and OFAC and will participate in the department's development and implementation of U.S. government policies and regulations in support of the PATRIOT Act.Treasury Press Release 3/4/03

  • Federal Reserve Publishes Reg C Transition Rules

    The FRB is proposing amendments to the official staff commentary of Reg C to provide transition guidance. Comments are requested by April 8, 2003. The transition rules would provide guidance to lenders who are required to collect and report new information under the revision to Reg C on what action to take prior to the January 1, 2004 Reg C effective date. Federal Reserve Release     Proposed Rule and staff comments 3/4/03

  • Second Quarter CRA Examination Schedule Released By OCC

    The OCC has released its schedule of CRA examinations to be conducted in the second quarter of 2003.OCC News Release 3/4/03

  • OTS Releases Second Quarter CRA Examination Schedule

    114 savings associations have been scheduled by the OTS for CRA Examinations during the second Quarter of 2003.OTS Press Release    Exam Schedule 3/4/03

  • FDIC Issues Alert on Counterfeit Official Checks

    FDIC Issues Alert on Counterfeits Counterfeit official checks drawn on First Republic Bank, Los Angeles, California, and payable through Bank of America, Chicago, Illinois; and counterfeit cashier's checks drawn on City Bank, Hawaii, Honolulu, Hawaii; and Frost National Bank, San Antonio, Texas are in circulation. Get the details on the BOL Alerts & Counterfeits page, or in the FDIC Special Alert 3/4/03

  • About Those Tax Protester Arguments

    The IRS has published a document which addresses some of the more common false "legal" arguments made by individuals and groups who oppose compliance with the federal tax laws. Read "The Truth About Frivolous Tax Arguments" to get the scoop. 3/4/03

  • FRB Publishes List of Foreign Margin Stocks

    The List of Foreign Margin Stocks (Foreign List) 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. 68FR8993 (txt) 68FR8993 (pdf) 3/3/03

  • Approval of proposal of The Daiwa Bank, Limited

    The Federal Reserve Board announced the approval of the application of The Daiwa Bank, Limited, Osaka, Japan, to establish a representative office in New York, New York. FRB Press Release 3/3/03

  • Director's Corner

    The FDIC has created a special new area on its Web site containing information of interest to bank directors. The .Director.s Corner. includes items such as Interagency Policy Statements, Supervisory Guidance, and Financial Institution Letters on the topics of Corporate Governance Practices, Auditing and Internal Controls, Accounting Practices and the Allowance for Loan and Lease Losses. Director's Corner 3/3/03

01/31/2003

Top Stories for February 2003

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

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

  • FDIC FIL about OFAC Change

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

  • Comptroller Hawke Discusses Basle Capital Framework in House Testimony

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

  • System Quality and Volume Statistics

    System Quality and Volume Statistics 2/28/03

  • OCC Announces New Electronic Interpretations and Actions

    Interpretive Letters and No-Objection Letters reflect the views of the Comptroller's legal staff. Corporate Decisions, CRA Decisions and Conditional Approvals are from the office of Bank Organization and Structure. February 2003 2/28/03

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

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

  • FDIC Issues Second Quarter 2003 CRA Examination Schedule

    The FDIC has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the second quarter of 2003. This list is published pursuant to revised CRA regulations published in May 1995 that require each Federal bank and thrift regulator to publish a quarterly CRA examination schedule at least 30 days before the beginning of each quarter. AD-1-2003 2/28/03

  • FinCEN Releases Fifth SAR Activity Review

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

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

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

  • FDIC Issues Alert on Counterfeit Official Checks

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

  • FedImage Services

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

  • Comptroller Hawke Urges Senate to Reform FDIC Insurance Fund

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

  • Kay Kowitt Named Deputy Comptroller for Western District

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

  • Gilleran Urges Senate Action on Core Deposit Insurance Reform

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

  • FDIC Consumer News

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

  • Consumer Balance Sheet Roundtable

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

  • Agencies Issue Advisory on Mortgage Banking Activities

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

  • OCC Releases CRA Evaluations For 32 National Banks

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

  • OCC Announces 13 New Enforcement Actions

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

  • Homeland Security Information Update

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

  • Approval of proposal of Mizuho Financial Group, Inc.

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

  • TT&L Reference Guide Published

    Guide 2/25/03

  • OCC Issues Alert on Unauthorized Banking

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

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

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

  • FDIC FIL about OFAC Change

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

  • Amendments to Reg B

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

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

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

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

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

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

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

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

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

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

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

  • File Format for the Upcoming 2003 FFIEC Census

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

  • Careers at FDIC

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

  • FRB Issues Final Rule Amending Regulation B

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

  • Treasury Department Issues Additional USA PATRIOT Act Regulations

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

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

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

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

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

  • Fedwire Securities Service via FedLine for the Web

    FedLine for the Web Services 2/19/03

  • Consumer Advisory Council to Hold Meeting

    The Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on Thursday, March 13. The meeting will take place in Dining Room E, Terrace level, in the Board's Martin Building. The session will begin at 9:00 a.m. and is open to the public. Anyone planning to attend the meeting should, for security purposes, register no later than Tuesday, March 11, by completing the form found on-line at: Form. FRB Press Release 2/18/03

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

    Decision 2/18/03

  • FDIC Names Chief Economist and Chief Accountant

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

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

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

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

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

  • Bogus ID Theft Protection Scam Busted

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

  • Announcement to all Money Services Businesses

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

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

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

  • FDIC Issues Alert on Counterfeit Official Checks

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

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

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

  • FDIC FIL about OFAC Change

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

  • Final Decision and Order of Prohibition against Cynthia Rowe

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

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

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

  • Deceptive Claims of FDIC Insurance Coverage

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

  • USA PATRIOT Act Section 314(a) Information

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

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

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

  • New Information Security Guidance for Examiners and Financial Institutions

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

  • OCC Updates Examination Procedures on Prohibition Against Interstate Deposit Production

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

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

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

  • DOS-Based FedLine

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

  • Electronic Deposit Insurance Estimator

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

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

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

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

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

  • FDIC to Market Southern Pacific Bank Loans

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

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

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

  • NACHA Internet Council Reports on Managing Risks of Internet Payments

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

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

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

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

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

  • SEC Amends Definition of "Dealer" for Banks

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

  • OFAC Publishes Chart

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

  • FATF Plenary to Meet

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

  • OCC Issues Recent Updates on Licensing Manual

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

  • Federal Reserve System Check Operations Restructuring Announcement

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

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

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

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

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

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

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

  • FDIC Issues February List of Banks Examined for CRA Compliance

    The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in November 2002. FDIC:PR-10-2003 2/6/03

  • Written agreement with Premier Financial Bancorp, Inc.

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

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

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

  • Head of Treasury Office of Critical Infrastructure Protection Announced

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

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

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

  • 2003 Guide Information Letter is now available

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

  • FTC Examines Spam Relief

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

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

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

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

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in December. No administrative hearings are scheduled for February. FDIC:PR-7-2003 2/4/03

  • FDIC State Profiles

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

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

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

  • FRB Issues Final Rule to Reg H

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

  • Holiday District Announcements

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

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

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

  • FDIC FIL about OFAC Change

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

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

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

  • FDIC Debuts Analysis of State Economic and Banking Information

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

12/31/2002

Top Stories for January 2003

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

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

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

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

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

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

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

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

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

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

  • FDIC Seeks Comment on Draft Payday Lending Guidance

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

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

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

  • FOMC Statement

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

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

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

  • OFAC Publishes Proposed Rule on Economic Sanctions Enforcement Guidelines

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

  • OCC Transmits Final Rule Regarding Foreign Correspondent Banks

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

  • FRB Issues Changes to Reg H

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

  • Specifications for Magnetic Media Filing

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

  • 2003 Savings Bond Seminar Schedule

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

  • OCC Announces New Electronic Interpretations and Actions

    Interpretive Letters and No-Objection Letters reflect the views of the Comptroller's legal staff. Corporate Decisions, CRA Decisions and Conditional Approvals are from the office of Bank Organization and Structure. January 2003 1/27/03

  • FDIC Issues Special Alert on Counterfeit Cashier's Checks

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

  • FDIC FIL about OFAC Change

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

  • FDIC FIL about OFAC Change

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

  • FTC Releases Top 10 Consumer Complaint Categories in 2002

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

  • Civil Money Penalty against Central State Bank

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

  • Civil Money Penalty against La Salle State Bank

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

  • Civil Money Penalty against Simmons First Bank of Russellville

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

  • Civil Money Penalty against Bank of Yellville

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

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

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

  • FDIC Issues Special Alert on Stolen or Missing Money Orders

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

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

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

  • OCC Announces Nine New Enforcement Actions and Three Terminations

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

  • OCC Releases CRA Evaluations For 39 National Banks

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

  • Fedwire Securities Guide

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

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

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

  • FDIC FIL about OFAC Change

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

  • HOEPA APR Reference Rates for February Released

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

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

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

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

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

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

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

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

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

  • FRB Makes Available "Identity Theft" Booklet

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

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

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

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

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

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

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

  • FTC Issues Consumer Alert on Home Borrowing

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

  • Reauthorization by the Congress of the National Flood Insurance Program

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

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

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

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

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

  • FDIC to Demystify Basel II Capital Regulation

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

  • NFIP Retroactively Reauthorized

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

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

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

  • HUD Issues Proposed Rule to Make Lender Accountability for Appraisals

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

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

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

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

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

  • OCC Proposed Rule Encourages Public Welfare Investments by National Banks

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

  • House Passes Retroactive Flood Insurance Bill

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

  • FRB Issues Final Rule to Reg K - International Lending

    The FRB is amending its regulations relating to international lending by simplifying the discussion concerning the accounting
    for fees on international loans to make the regulation consistent with generally accepted accounting principles (GAAP). 68FR1158 (txt) 68FR1158 (pdf) 1/9/03

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

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

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

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

  • FFIEC Abandons Collection of Subprime Lending Data Plan

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

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

    Guidance 1/8/03

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

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

  • Primary and secondary credit rates established

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

  • Holiday District Announcements

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

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

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

  • FDIC Issues January List of Banks Examined for CRA Compliance

    The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in October 2002. FDIC:PR-1-2003 List 1/7/03

  • Consumer Advisory Council appointments for 2003

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

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

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

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

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

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

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

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

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

11/30/2002

Top Stories for December 2002

  • Quicken Loans Settles Adverse Action Notice Charges

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

  • FDIC Updates E.D.I.E.

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

  • HMDA Asset Threshold Remains at $32 Million

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

  • FDIC Seeks Comment on Technical Changes/Corrections

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

  • FDIC Updates Rules to Reflect Internal Reorganization

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

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

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

  • HMDA Asset Threshold Remains at $32 Million

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

  • Denial of proposal of Illini Corporation

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

  • Regional Outlook: 4th Quarter 2002

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

  • FDIC Issues Alert on Counterfeit Cashier's Checks

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

  • FDIC Issues Alert on Stolen Cashier's Checks

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

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

    Treasury Press Release 12/26/02

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

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

  • Realignment of Regional/Area Office and Field Territory Responsibilities

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

  • Banks Play Significant Role in Rural Economic Development

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

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

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

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

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

  • OCC Performance and Accountability Report for Fiscal Year 2002

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

  • OTS Revises Regulations Governing Affiliate Transactions

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

  • Regulators Distribute Call Report for Third Quarter 2002

    Banks should complete your fourth quarter Call Report, review it for accuracy, and submit the report electronically as soon as possible. Except for certain banks with foreign offices, your completed report must be received by January 30, 2003. FDIC:FIL-141-2002 12/20/02

  • Legal Division Honors Program

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

  • Written Agreement with Metamora Bancorp

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

  • Saturday Production Test Schedule 2003

    Saturday Production Test Schedule 2003 12/19/02

  • OCC Issues Advisory Letter on Reverse Stock Split Procedures

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

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-140 to notify banks of a recent OFAC change where OFAC amended its listing of Specially Designated Nationals. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-140-2002 12/19/02

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

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

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

    Guidance on Frequency 12/18/02

  • OCC Announces New Electronic Interpretations and Actions

    Interpretive Letters and No-Objection Letters reflect the views of the Comptroller's legal staff. Corporate Decisions, CRA Decisions and Conditional Approvals are from the office of Bank Organization and Structure. December 2002 12/18/02

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

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

  • OCC Releases CRA Evaluations For 37 National Banks

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

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

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

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-139 to notify banks of a recent OFAC change where OFAC amended its listing of Specially Designated Nationals. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-139-2002 12/17/02

  • OCC Announces 14 New Enforcement Actions and 5 Terminations

    The OCC announced 14 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 5 terminations of existing enforcement actions. OCC:NR 2002-94 12/16/02

  • OCC Reports Derivatives Volume Grows $3.1 Trillion

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

  • FDIC Issues Alert on Counterfeit Cashier's Checks

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

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

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

  • FFIEC Publishes Notices and Drafts

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

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

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

  • Approval of proposal of Bank of Hawaii

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

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

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

  • Changes to Reg W Published in the Federal Register

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

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

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

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

    Under a rule issued by the SEC, savings associations may perform certain broker-dealer activities without registering with
    the SEC. This final rule affords savings association customers the same protections and disclosures provided to bank customers; ensures that examiners will be able to evaluate a savings association's compliance with securities laws and to assess whether savings associations effect securities transactions safely and soundly; and provides savings associations with formal guidance for effecting securities transactions. 67FR76293 (pdf) 67FR76293 (text) 12/12/02

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

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

  • Holiday District Announcements Christmas and New Year's

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

  • Fed Leaves Rates Unchanged

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

  • 2003 Holiday Schedules

    Holiday Schedules 12/12/02

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

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

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

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

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

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

  • Notice of FDIC Agency Meeting

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

  • Quarterly Banking Profile - Third Quarter 2002

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

  • FFIEC Reports that the September 30, 2002 Uniform Bank Performance Report are Online

    The online version of the UBPR includes 5 years of continuous financial history that is restated quarterly to reflect call report amendments and new analytical tools. FFIEC Press Release 12/12/02

  • Federal Register Publishes Correction to its Annual Independent Audit Requirements

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

  • Federal Reserve Financial Services Reserve Maintenance Manual

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

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

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

  • FTC Halts Texas-Based Advance-fee Loan Scheme

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

  • New Consumer Information Pamphlets

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

  • FDIC Issues SSCRA Guidance Reminder

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

  • Revised Standard Flood Hazard Determination Form

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

  • OTS Delays Effective Date For Parity Act Revisions

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

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

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

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

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

  • FDIC Issues Alert on Counterfeit Cashier's Checks

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

  • FDIC Issues December List of Banks Examined for CRA Compliance

    The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in September 2002. FDIC:PR-129-2002 12/6S/02

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

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

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

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

  • Four FedACH Distributions Per Day

    Four FedACH Distributions Per Day 12/4/02

  • Premium Plus Products Effective January 2, 2003

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

  • Comptroller of the Currency Fees for Year 2003

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

  • OTS Announces 109 CRA Exams Scheduled for First Quarter 2003

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

  • FDIC's 2003 Budget 8 Percent Lower Than 2002

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

  • FDIC Ask for Input on Website

    Website User Questionnaire 12/4/02

  • OCC Issues First Quarter 2003 CRA Examination Schedule

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

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

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

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

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

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

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

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

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

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

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

  • FDIC Consumer News

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

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

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

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-129 to notify banks of a recent OFAC change where OFAC amended its listing of Specially Designated Nationals. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-129-2002 12/2/02

  • FDIC Issues First Quarter 2003 CRA Examination Schedule

    The FDIC has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the first quarter of 2003. This list is published pursuant to revised CRA regulations published in May 1995 that require each Federal bank and thrift regulator to publish a quarterly CRA examination schedule at least 30 days before the beginning of each quarter. FDIC:PR-127-2002 12/2/02

11/14/2002

Over 3M HARP refinances

The Federal Housing Finance Agency (FHFA) has issued a news release to announce that more than 3 million homeowners have now refinanced their mortgages through the Home Affordable Refinance Program (HARP).

11/14/2002

Cordray comments suggest HMDA changes

In prepared remarks for a recent Bureau HMDA press call, CFPB Director Cordray discussed the actions being taken by the Bureau to improve access to information about the residential housing market. But much of the Director's focus was on the possibility of substantial change in the data to be collected under the Home Mortgage Disclosure Act (HMDA) and the methods for submitting the data. A Small Business Review Panel will be convened to receive feedback from industry and consumer groups regarding potential improvements to the HMDA data collection and disclosure process as well new proposed rules, including changes mandated under Dodd-Frank Act.

11/14/2002

Over 3M HARP refinances

The Federal Housing Finance Agency (FHFA) has issued a news release to announce that more than 3 million homeowners have now refinanced their mortgages through the Home Affordable Refinance Program (HARP).

10/31/2002

Top Stories for November 2002

  • Moratorium on PATRIOT Act Section 314(a) Requests

    The regulatory agencies have issued a joint notice formalizing what we previously told you -- that there is now a moratorium on information requests relating to possible terrorists and money launderers under Section 314(a) of the USA PATRIOT Act. During the moratorium, the government will be working to improve the process for the requests. It also confirms that future requests from the FBI will be processed through the Section 314(a) process, rather than utilizing the former Control List process. Most importantly, if your financial institution has not received any requests from FinCEN via e-mail or facsimile since November 4, 2002, you need to contact your primary federal supervisory agency to be added to FinCEN's contact list. You will need to provide: financial institution name and charter number or other identifier; point of contact name and title, mailing (street number, P.O. box, city, state and zip code) and e-mail addresses; and telephone and facsimile numbers. BOL AML Links, Joint Agency Notice 11/27/02

  • Electronic Federal Tax Payment System (EFTPS) Users Have Fewer IRS Penalties

    According to research conducted by the Internal Revenue Service, businesses that pay their taxes using the Electronic Federal Tax Payment System (EFTPS) have significantly fewer IRS penalties assessed. News Release IR-2002-128 11/27/02

  • FDIC Issues Notice of Charges Against Certain Former Officers and Directors of the Failed Connecticut Bank of Commerce, Stamford, Connecticut

    The FDIC has issued a Notice of Charges seeking to impose civil money penalties (CMPs) totaling $5.25 million against a group of former officers and directors of Connecticut Bank of Commerce, Stamford, Connecticut (CBC). CBC was closed by the Connecticut Banking Commissioner on June 26, 2002, and the FDIC was appointed as receiver. FDIC:PR-125-2002 11/27/02

  • 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-126-2002 11/27/02

  • Quarterly Banking Profile - Commercial Banking Performance, Third Quarter 2002

    FYI Speech 11/27/02

  • The FDIC/OTS Summary of Deposits (SOD) system has been updated with the June
    30, 2002

    The Summary of Deposits (SOD) contains deposit data for more than 85,000 branches/offices of FDIC-insured institutions. The FDI) collects deposit balances for commercial and savings banks as of June 30 of each year, and the OTS collects the same data for savings institutions. Summary of Deposits 11/27/02

  • Rewards for Justice

    International terrorism is financed by money sent to terrorist from sources around the world. The U.S. government is offering a reward of up to $5 million for information leading to the dismantling of any system used to finance a terrorist organization and information leading to the arrest or conviction of those who planned or aided in any act of terrorism against U.S. persons or property. Learn more about the Treasury Department's Rewards for Justice program 11/26/02

  • FinCEN Issues Report on Informal Value Transfer Systems

    FinCEN issued its report on Informal Value Transfer Systems (IVTS), including hawala, in its ongoing effort to gain a more complete understanding of the nature of these systems. Hawala, an IVTS, is a method of monetary value transmission that is used in some parts of the world to conduct remittances, most often by individuals who seek to legitimately send money to family members in their country of origin. FinCEN Press Release Report 11/26/02

  • OTS Issues Interim Rule that Amends its Annual Independent Audit Requirements

    This change will make OTS's requirements more consistent with those of the other federal banking agencies and will avoid the potential regulatory burden that could otherwise result from other regulatory action. 67FR70530 (text) 67FR70530 (pdf) Correction 11/25/02

  • Change in release date for statistical release G.17 "Industrial Production and Capacity Utilization"

    The FRB announced that it will publish the annual revision to the G.17 statistical release, Industrial Production and Capacity Utilization, on Thursday, December 5 at 2 p.m. EST. The revision was previously scheduled for release on November 26. FRB Press Release 11/25/02

  • Order of Prohibition against Eduardo Del Rio

    The FRB announced the issuance of an Order of Prohibition against Eduardo Del Rio, a former employee and institution-affiliated party of Deutsche Bank, AG, New York, New York. FRB Press Release 11/25/02

  • OCC Issues Alert on Illegal References to Bank Affiliation and Bank Supervisor

    The OCC is advising banks that Globe Trust Financial, Inc. (Globe) and Pacific Trust Financial (Pacific) are falsely representing on their respective Internet Web sites that they are regulated by the Office of the Comptroller of the Currency (OCC). The OCC does not supervise nor has the OCC issued a banking charter to Globe or Pacific. OCC:Alert 2002-13 11/25/02

  • Thrift Industry On Pace For Record Year

    The OTS reported earnings for the nation's thrift industry of $2.97 billion in the third quarter of 2002, up 14 percent over the year-ago third quarter, and five percent over the second quarter of 2002. The number represents the second most profitable quarter ever for the industry. OTS 02-42 11/25/02

  • FFIEC Reports that the September 30, 2002 Uniform Bank Performance Report are Online

    UBPR reports for individual banks are usually available 30 days after the call report due date. September 30, 2002 UBPR
    Call report is due October 30, 2002 UBPR available online December 6, 2002. FRB Press Release 11/25/02

  • Regulators Propose Revisions to the Reports of Condition and Income (Call Report)

    These changes relate to the content of the Call Report itself, the submission deadline for certain banks, and the agencies' process for validating and releasing the data that banks report. FDIC:FIL-126-2002 11/22/02

  • Banking on Our Future Across America

    FDIC Chairman Don Powell and other Administration officials took part in the activities of the final day of Operation HOPE's Banking on Our Future Across America 2002 financial literacy initiative. Press Release 11/22/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-127 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-127-2002 11/22/02

  • Jennifer Kelly Named Deputy Comptroller For Mid-Size Banks

    The OCC announced that Jennifer C. Kelly has been named Deputy Comptroller for Mid-Size Banks. In her new assignment, Ms. Kelly will report directly to Timothy W. Long, Senior Deputy Comptroller for Mid-Size/Community Banks. OCC:NR 2002- 90 11/22/02

  • 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. November 2002 11/22/02

  • FDIC Issues Special Alert on Counterfeit Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks drawn on Horizon Bank, Bellingham, Washington and Hudson United Bank, Mahwah, New Jersey, are currently in circulation. FDIC:FIL-123-2002 FDIC:FIL-125-2002 11/21/02

  • FDIC FIL's about OFAC Change

    The FDIC has published FIL-122 and FIL-124 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-124-2002 FDIC:FIL-122-2002 11/21/02

  • FDIC Issues Final Ruleon Minimum Standards of Integrity and Fitness for an FDIC Contractor

    The Federal Deposit Insurance Corporation is issuing this rule which governs conflicts of interest, ethical responsibilities, and use of confidential information by independent contractors seeking to do business with the FDIC. 67FR69990 (text) 67FR69990 (pdf) 11/20/02

  • OCC Releases CRA Evaluations For 44 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, 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- 89, Evaluations 11/20/02

  • OCC Announces 18 New Enforcement Actions and 5 Terminations

    The OCC announced 18 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 5 terminations of existing enforcement actions. OCC:NR 2002-88 11/20/02

  • FDIC Chairman Donald E. Powell Remarks at Operation Hope's Banking on Our Future Across America 2002 Closing Ceremony H.D. Woodson High School

    Speech FDIC:PR-123-2002 11/20/02

  • Annual Report on Indebtedness of Executive Officers and Principal Shareholders to Correspondent Banks (FFIEC 004)

    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-121-2002 11/20/02

  • CRA/HMDA Software Downloads

    You can now download the latest version of the CRA and HMDA data entry software from the web.Download Page 11/19/02

  • Federal Reserve Board Released the Minutes of its Discount Rate Meetings

    The Federal Reserve Board released the minutes of its discount rate meetings from September 3 to September 23, 2002. Minutes,     67FR69467 (text) 67FR69467 (pdf) 11/18/02

  • FedACH Information Services via FedLine for the Web Demo

    You can now access FedACH Information Services on the Internet. This latest service addition to FedLine for the Web® makes it possible for you to use the web to track, research and account for your institution's FedACH activity. News Release 11/18/02

  • FedACH Third Quarter System Quality and Volume Statistics

    Chart 11/18/02

  • Holiday District Announcement

    The Federal Reserve Banks will be closed on Thursday, November 28, for Thanksgiving Day. District Chart 11/18/02

  • Electronic Document-to-Follow (DTF) Service Begins November 18

    The Federal Reserve System is pleased to announce that the electronic exchange of documentation supporting adjustment requests, also known as Documents-to-Follow (DTFs), will be implemented on November 18, 2002. DTF 11/18/02

  • 2003 Industry Events

    The Federal Reserve attends many industry meetings and conferences throughout the year. Click here for the 2003 events. 11/18/02

  • FDIC Board Member John M. Reich Becomes Board Vice Chairman

    John M. Reich today became Vice Chairman of the Federal Deposit Insurance Corporation Board of Directors. Mr. Reich has served on the FDIC Board since January 16, 2001. FDIC:PR-122-2002 11/18/02

  • OCC Publishes Correction to Final Rule on Assessment Fees

    As previously announced in the Federal Register, the OCC is amending the rules governing national bank assessments. This notice is a correction to the rule. OCC 2002-43, Correction 11/15/02

  • Twenty-Five Largest Banking Companies: 3rd Quarter 2002

    The Twenty-Five Largest Banking Companies highlights the performance of the largest banking companies in the most recently completed quarter. The report is based on earnings announcements and other publicly available information and generally is published within 40 days of the completion of a calendar quarter. Twenty-Five Largest Banking Companies 11/15/02

  • U.S. Lifts Financial Advisories on Marshall Islands, Niue and Russian Federation

    FinCEN notified U.S. financial institutions that, based on the improvements in their counter-money laundering sytems, the U.S. is withdrawing the FinCEN Advisories on Marshall Islands, Niue and Russian Federation Advisory Withdrawal - Issue 20A, Advisory Withdrawal - Issue 22A, Advisory Withdrawal - Issue 25A 11/15/02

  • Current List of OCC Alerts on Unauthorized Banking

    This issuance provides an alphabetical listing of entities identified in previous OCC alerts issued from 1996 to the present. These entities are or have been engaged in unauthorized banking, both offshore and domestic. The list is intended to be an aid in the search for names of such entities. A brief description is included to indicate the nature of the problem. OCC:Alert 2002-12, Semi-Annual Listing 11/15/02

  • Treausry Publishes Correction to Previously Published USA PATRIOT Act Guidance on Section 352

    The previously published document inadvertently omitted a minor change to a cross-reference and a minor change that would avoid listing the affected financial institutions twice in the same section. This correction adds both changes. 67FR68935 (text) 67FR68935 (pdf) 11/14/02

  • FDIC Announces Steps to Help Rebuild Areas Affected by Recent Tornadoes

    The FDIC is encouraging banks to work constructively with borrowers affected by the tornadoes who are experiencing difficulties beyond their control. The FDIC has prepared guidelines stating that extending repayment terms, restructuring existing loans or easing terms for new loans, if done in a manner consistent with sound banking practices, can both contribute to the health of the community and serve the long-term interests of the lending institution. FDIC:FIL-120-2002 Guidelines 11/14/02

  • FFIEC Publishes Notices and Drafts

    FFIEC publishes notices on FFIEC 031, FFIEC 041 and FFIEC 009/009a. Also published are the FFIEC 031 and FFIEC 041 Draft Reporting Form Notices 11/14/02

  • Bank Accounting Advisory Series

    This guidance is the latest entry in the Bank Accounting Advisory Series, which expresses the OCC's current views on accounting topics of interest to national banks. The document answers questions about purchase accounting, loans, sales and servicing of assets, loan origination, leases, investment securities, other assets, computer costs, income taxes, and capital. Bank Accounting Advisory Series 11/13/02

  • FDIC to Market $42 Million Loan Portfolio from the Failed Bank of Alamo, Alamo, Tennessee

    The FDIC has announced that it will immediately market a $42 million loan portfolio from the failed Bank of Alamo, Alamo, Tennessee. The portfolio consists of performing and non-performing consumer, commercial, commercial real estate and agricultural loans. FDIC:PR-121-2002 11/13/02

  • Perspectives on the U.S. Housing Market

    November 15, 2002: Half-day symposium cosponsored with National Capital Chapter, National Association for Business Economics. Perspective 11/13/02

  • FDIC Approves the Payout of Insured Deposits of Bank of Alamo, Alamo, Tennessee

    The FDIC Board of Directors issued an order authorizing the agency to place Bank of Alamo in receivership by exercising its self-appointment powers granted by Congress in 1991. Today, the FDIC closed Bank of Alamo and took possession of the bank in its capacity as receiver. FDIC:PR-120-2002, FDIC Information for The Bank of Alamo 11/11/02

  • 2002 CRA/HMDA Reporter

    This newsletter provides information to assist in the collection and reporting of CRA/HMDA data. Reporter 11/8/02

  • FRB Issues Final Rule to Regulation A that Replace the Existing Adjustment and Extended Credit
    Programs

    The final rule leaves the existing seasonal credit program essentially unchanged. The final rule is intended to improve the functioning of the discount window and does not indicate a change in the stance of monetary policy. The FRB also is amending the penalty provision of Regulation D, which is calculated based on the discount rate, to conform the calculation of penalties for reserve deficiencies to the new discount rate framework. 67FR67777 11/7/02

  • FOMC Lowers Fed Funds Rate

    The Federal Open Market Committee decided to lower its target for the federal funds rate by 50 basis points to 1 1/4 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 3/4 percent. FRB Press Release, Press Release
    11/7/02

  • Notice of Agency Meeting

    The FDIC Board of Directors will meet in open session on November 12, 2002.
    Notice 11/7/02

  • Comptroller Hawke Says Thrift Charter Remains Viable Despite Convergence of Banking and Thrift Industries

    Comptroller of the Currency John D. Hawke, Jr. said that while the banking and thrift industries have converged to a great extent,
    the thrift charter remains as viable as ever and there is no compelling reason to merge the agencies that supervise national banks and thrifts. OCC:NR 2002-86 11/6/02

  • OCC Directory Highlights Bank Community Development Investments

    The OCC published its annual directory of community development investments made during 2001. The National Bank Community Development Investments, 2001 Directory lists and summarizes all of the national bank investments made under investment authority provided national banks under the National Bank Act and part 24 of the OCC regulations to help revitalize and rebuild communities throughout the country by making investments that support a public welfare purpose. OCC:NR 2002- 87 11/6/02

  • Chairman Donald E. Powell FDIC Housing Trends and The Economy: Implications for Financial Institutions America's Community Bankers, November 5, 2002, San Francisco, California Financial Institution Letters: 2002 Financial

    FDIC:PR-117-2002 11/6/02

  • FDIC Issues November 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 August 2002. FDIC:PR-118-2002 11/6/02

  • Connecticut Couple Indicted for Concealing Assets From FDIC

    FDIC Inspector General Gaston L. Gianni, Jr., has announced that Gary S. Blonder and Laura Z. Schwartz of West Hartford, CT, were indicted on October 31 by the U.S. Attorney for the District of Connecticut on charges related to concealing assets from the FDIC and making false statements to the U.S. government. FDIC:PR-119-2002 11/6/02

  • Federal Register Publishes USA PATRIOT Act Guidance on Section 352

    As earlier report on BOL, FinCEN is extending the provision in its regulations that temporarily defers, for certain financial institutions, the application of the anti-money laundering program requirements in section 352 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001. 67FR67547 (txt) 11/6/02

  • FTC Staff Comments on Proposed Amendments to Regulations Implementing RESPA

    Comment Stresses Support for HUD's Goal of Simplifying the Mortgage Process and Enhancing Competition, Urges Testing to Ensure Enhanced Consumer Comprehension of Mortgage Process FTC Press Release 11/5/02

  • Guidance on ACH and OFAC

    NACHA has issued an 8-page document to clarify the OFAC compliance obligations of parties to ACH transactions entitled "The ACH Network and OFAC Compliance". 11/5/02

  • FedLine for the Web Cash Services Demos

    11/5/02

  • Cash Order and Deposit Deadlines

    11/5/02

  • Regulators Request Comment on Revisions to SAR

    Regulators are soliciting comments concerning the Suspicious Activity Report, which is being revised to include two new check boxes in Part III, box 35, suspicious activities, for terrorist financing and identify theft and to update the language in the Safe Harbor provision to that contained in the PATRIOT Act. 67FR67239 (text) 67FR67239 (pdf) 11/4/02

  • Remarks by Chairman Donald E. Powell FDIC The Bankers Club of Chicago, October 31, 2002

    FDIC:PR-115-2002 11/4/02

  • Independent Community Bankers of America Join FDIC's Money Smart Alliance Program

    The Independent Community Bankers of America (ICBA) became the newest member of the FDIC's Money Smart Alliance Program. The program, which is designed to increase financial literacy in communities where it is most needed, uses the FDIC's Money Smart financial education curriculum to teach adults the basics of money management. FDIC:PR-116-2002 11/4/02

  • 2004 Preliminary HMDA file formats

    The FFIEC has posted the preliminary file specifications for 2004 HMDA data as well as 2004 HMDA edits. 11/1/02

  • FRB Approves Fee Schedules for Federal Reserve Bank Payment Services

    The price level for Federal Reserve priced services will increase less than 1 percent in 2003 from 2002 levels. Because of fee reductions in electronic services in recent years, the overall price level has declined by about 2 percent since 1996. FRB Press Release Notice 11/01/02

  • FRB Publishes Final Rule Amending Regulation A

    The FRB approved a final rule that revises the Federal Reserve's discount window programs, which provide credit to help depository institutions meet temporary liquidity needs. FRB Press Release, Press Release Final Rule 11/01/02

  • FRB Issues Final Regulation W that Comprehensively Implements Sections 23A and 23B

    The purpose of the statute and the rule is to limit a bank's risk of loss in transactions with affiliates and to limit a bank's ability to transfer to its affiliates the benefits arising from its access to the Federal safety net. FRB Press Release 11/01/02

  • FDIC Organizational Directory

    Comprehensive listing of FDIC staff, offices and phone numbers. Directory 11/01/02

10/14/2002

CFPB updates mortgage data tool

The CFPB Blog has announced updates to the Bureau's web-based tool for mortgage statistics for counties and cities. The new features allow a user to choose custom filters, create custom summary tables, download the data, and save and share results. Tools for developers are also provided.

08/31/2002

Top Stories for September 2002

  • FRB Publishes Final Rule for Annual Adjustment of Fee-based Trigger for Additional Mortgage Loan Disclosures

    The Federal Reserve Board published its annual adjustment of the dollar amount that triggers additional disclosure requirements under the Truth in Lending Act for mortgage loans that bear rates or fees above a certain amount. FRB Press Release 9/30/02

  • Consumer Advisory Council to meet on October 24, 2002

    The Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on Thursday, October 24. The meeting will take place in Dining Room E, Terrace level, in the Board's Martin Building. FRB Press Release 9/30/02

  • FFIEC Publishes Country Exposure Lending Survey

    Country Exposure Statistical Release 9/30/02

  • North Carolina State Treasurer to Host Conferences Featuring FDIC's Money Smart

    Women in North Carolina will have an opportunity to receive free instruction on personal finance and money management thanks to regional conferences hosted by the State Treasurer's office. The first conference will be held in Greenville on Saturday, September 28, at Faith Assembly of God Church. It begins at 8:30 a.m. and will be using the Money Smart curriculum developed by the Federal Deposit Insurance Corporation (FDIC). FDIC:PR-99-2002 9/27/02

  • FTC Launches Internet Security Initiative

    Federal Trade Commissioner Orson Swindle launched the FTC's new Internet security initiative at the Privacy2002 Conference in Cleveland, Ohio. The Commissioner detailed a "culture of security," in which consumers, educators, and businesses combine forces to change the way society thinks about privacy and security. FTC Press Release 9/27/02

  • Bank Robbery in Nebraska leaves 4 bank employees and 1 customer dead

    Three gunmen opened fire during an early morning bank robbery leaving 5 dead. Police are searching for the suspects, described as Hispanics wearing dark blue clothing. Additional news stories and reports can be found at: Four employees, one customer killed | Deadly Robbery | Five Killed in Neb. Bank Robbery | Five Killed in Bank Robbery in Nebraska (Reuters) 9/27/02

  • Police Detain 3 Men Who May Be the Robbers

    Coverage from the Norfolk Daily News 9/26/02

  • Federal Register Publishes Final Rule Regarding Information Sharing

    FinCEN is issuing this final rule to encourage information sharing among financial institutions and Federal government law enforcement agencies for the purpose of identifying, preventing, and deterring money laundering and terrorist activity. [This was earlier reported on BOL] 67FR60579 9/26/02

  • FinCEN Issues Final Rule to Implement New Provisions of the BSA

    The final rule would prohibit certain financial institutions from providing correspondent accounts to foreign shell banks. [This was earlier reported on BOL] 67FR60562 9/26/02

  • OTS Says State Housing Creditors Using the Parity Act Must Follow State Prepayment and Late Fee Rules

    The OTS announced that it is removing prepayment and late fee rules from the list of OTS regulations that apply to state housing creditors under the Alternative Mortgage Transaction Parity Act. OTS 02-37 9/26/02

  • Holiday District Announcements

    The Federal Reserve Banks will be closed on Monday, October 14, for the Columbus Day holiday. FR Financial Services 9/26/02

  • OCC Announces District Office Restructuring to Meet Challenges of the Future

    The OCC announced that it is realigning its District Office structure in response to continuing consolidation in the national bank system and to take advantage of advances in technology and changes in the way the OCC manages its nationwide network of examiners and field offices. OCC:NR 2002-77 9/26/02

  • FRB Approval of proposal of Herky Hawk Financial Corporation

    The Federal Reserve Board announced its approval of the application by Herky Hawk Financial Corporation, Monticello, Iowa, to acquire all the voting shares of New Vienna Savings Bank, New Vienna, Iowa; Casey State Bank, Casey, Illinois; and to merge with Biggsville Financial Corporation, and thereby acquire all the voting shares of First State Bank of Biggsville, both in Biggsville, Illinois. FRB Press Release 9/26/02

  • FOMC Leave Interest Rates Unchanged

    The Federal Open Market Committee decided today to keep its target for the federal funds rate unchanged at 1 3/4 percent. FRB Press Release 9/25/02

  • Comptroller Hawke Addresses Independent Bankers Association of Texas

    OCC:NR 2002-76 9/25/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The Federal Deposit Insurance Corporation (FDIC) has learned that counterfeit cashier's checks drawn on four separate financial institutions are in circulation. FDIC: FIL-113-2002 9/24/02

  • FDIC Announces First Advisory Committee on Banking Policy Meeting for November 13

    Stressing his desire for transparency in conducting the business of government, FDIC Chairman Don Powell today announced that the FDIC Advisory Committee on Banking Policy will hold its first meeting on November 13. The meeting, which is open to the public, will be held at the FDIC's Washington headquarters. FDIC:PR-98-2002 9/24/02

  • Warning: New Twist to Nigerian Fraud Scheme

    The perpetrators of Advance Fee Fraud schemes are often very creative and innovative. This scheme is commonly known as "4-1-9" fraud, in reference to the section of the Nigerian penal code that addresses this type of activity. Nigerian nationals, purporting to be officials of their government or banking institutions, will fax or mail letters to individuals and businesses in the United States and other countries. Treasury Press Release 9/23/02

  • OCC Updates Guide to Tribal Ownership of a National Bank

    The OCC released an updated A Guide to Tribal Ownership of a National Bank, an agency publication designed to help Native American tribes explore entry into the national banking system by establishing or acquiring control of a national bank. OCC:NR 2002- 74 ,       Tribal Guide 9/20/02

  • Regulators Distribute Call Report for Third Quarter 2002

    Banks should complete your second quarter Call Report, review it for accuracy, and submit the report electronically as soon as possible. Except for certain banks with foreign offices, your completed report must be received by October 30, 2002. FDIC:FIL-112-2002 9/20/02

  • FinCEN™s Guidance on Determining Whether Tribally Owned and Operated Casinos are Eligible for Exemption From CTR Requirements

    FinCEN receives numerous questions from depository institutions regarding the applicability of exemptions from filing Currency Transaction Reports (CTRs) for tribally owned and operated casinos in accordance with the Bank Secrecy Act. FinCEN Press Release 9/20/02

  • Testimony of Dam Terrorist Financing: A Progress Report on Implementation of the USA PATRIOT Act

    Testimony 9/20/02

  • Barry Kolatch Named Deputy Comptroller For Economic Research and Policy Development

    The OCC announced that Barry Kolatch has been appointed Deputy Comptroller for Economic Research
    and Policy Development. Mr. Kolatch, who will start in his new position on September 23, will be responsible for economic and policy analysis and research on the performance of national banks. OCC:NR 2002- 75 9/20/02

  • Banking Industry Has Weathered The Downturn; Commercial Credit Quality Remains A Concern

    The banking industry has performed well in recent years despite increasing loan delinquencies, notably in commercial credits, according to a report released in the FDIC's Regional Outlook. FDIC Chairman Don Powell stated that "the extent of commercial loan deterioration has not reached the levels experienced in the early 1990s, however, this is a situation that we're continuing to watch closely." FDIC:PR-97-2002 9/20/02

  • Survey of Real Estate Trends

    Semiannual summary of observations on developments in local commercial and residential real estate markets. Survey, FYI 9/20/02

  • FTC and Citigroup Announce $215 Million Settlement

    On September 19, 2002, the FTC announced the settlement of charges involving abusive subprime lending practices brought against the Associates First Capital Corporation and Associates Corporation of North America (The Associates).


    The $215 Million settlement is the largest consumer protection settlement in the history of the FTC. The charges against The Associates involved engaging in systematic and widespread deceptive and abusive lending practices. The Associates were acquired by Citigroup in November 2000. The charges only related to the actions of The Associates prior to the acquisition. The allegations involved violations of the FTC Act through lending practices the induced consumers to refinance existing debts into high interest rate home loans and the purchase of high cost credit insurance.


    Over 2,000,000 consumers were impacted by the action of The Associates and will be receiving a portion of the settlement. In addition to the FTC settlement, a proposed class action lawsuit settlement will provide an additional $25 million to consumers whose mortgages loans were "flipped" by The Associates.


    The FTC indicated that consumers will, within the next few weeks, receive a notice in the mail regarding eligibility and participation in the distribution of the settlement funds. It is estimated that the average payout may be $1,000 per consumer.
    Citigroup Press Release - 9/19/02

    9/19/02

  • Treasury Announces Final Rule Regarding Information Sharing Issued

    FinCEN has issued the final rule under Section 314 of the USA Patriot Act. We have summarized the thirty-nine pages for you and highlighted the important sections in "Sharing Information Under the Patriot Act". Treasury Press Release,    BOL Summary 9/19/02

  • Federal Register Publishes Final Rule on Cancellation Contracts and Debt Suspension Agreements

    As earlier report, the OCC is adding a new part 37 to its regulations that addresses debt cancellation contracts (DCCs) and debt suspension agreements (DSAs). 67FR58962 9/19/02

  • FDIC FIL about OFAC FAQ

    As earlier reported, on September 11, 2002, the Department of the Treasury's Office of Foreign Assets Control (OFAC) published on its Web site a series of frequently asked questions (FAQs) concerning OFAC regulations, policies and procedures, including questions from financial institutions. FDIC:FIL-111-2002 9/19/02

  • 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 9/19/02

  • Regional Outlook: 3rd Quarter 2002

    Banking industry has performed well in recent years, notably in commercial credits. Regional Outlook 9/19/02

  • New SAR-MSB Form Available

    MSBs that are money transmitters or issuers, sellers or redeemers of money orders or traveler's checks are required to report suspicious activity by filing the SAR-MSB Form. Form suspicious activity by filing the SAR-MSB Form. Form 9/18/02

  • OCC Rule on Debt Cancellation Contracts and Debt Suspension Agreements Provides New Consumer Protections and Safety and Soundness Standards

    The OCC has adopted a new regulation adding consumer protections and establishing safety and soundness standards for debt cancellation contracts (DCCs) and debt suspension agreements (DSAs). OCC: NR 2002- 73 9/18/02

  • OCC Releases CRA Evaluations For 35 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of August 15 through September 14, 2002. OCC:NR 2002-72 9/18/02

  • OCC Announces 10 New Enforcement Actions and 1 Termination

    The OCC announced 10 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 2002- 71 9/18/02

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

    The OSFI of Canada has published "Monthly Warning Advisory" (Issue No. 33), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-109-2002 9/17/02

  • FDIC Issues Alert on Counterfeit Official Bank Checks

    The FDIC has learned that counterfeit official bank checks drawn on First Hawaiian Bank, Honolulu, Hawaii, are in circulation. FDIC:FIL-108-2002 9/17/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-94 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-109-2002 9/17/02

  • NCUA Introduces 5300 Call Report Short Form as Some Credit Unions Prepare for More Frequent Reporting

    The NCUA has finalized a new 5300 Call Report Short Form to be used by federally insured credit unions (FICUs) with $10 million or less in assets. The Short Form, with only seven pages, will be used by 54 percent of FICUs as they begin reporting on a quarterly basis at the end of the third quarter of 2002 which concludes September 30. Press Release 9/16/02

  • FRB Issues Interim Rule on Reporting and Disclosure Requirements for State Member Banks With Securities

    The Board has modified its regulations implementing section 12(i) of the Securities Exchange Act of 1934 to reflect the amendments made to section 12(i) by the Sarbanes-Oxley Act of 2002. These amendments vest the Board with the authority to administer and enforce several of the enhanced reporting, disclosure and corporate governance obligations imposed by the Sarbanes-Oxley Act with respect to state member banks that have a class of securities registered under the Securities Exchange Act of 1934. 67FR57938 9/16/02

  • Test Drive FedImageSM Services

    Find out how FedImage Services can drive your competitive advantage as you customize your total image management solution. FedImage 9/16/02

  • OCC Publishes Working Paper on "A Cross-Country Analysis of the Bank Supervisory Framework and Bank Performance"

    This OCC Economics Department working paper discusses the policy issues raised by the structure, scope, and independence of bank supervisors. The paper compares how nations across the world address these issues and whether the way a nation addresses these issues affects the profitability of its banks. Paper 9/16/02

  • Quarterly Banking Profile--2nd Quarter 2002

    This report card on industry status and performance includes written analyses, graphs, and statistical tables. Quarterly Banking Profile, FYI 9/13/02

  • OCC Issues Correction to Assessment Fees

    This final rule makes a technical correction to the final rule that the OCC published on November 16, 2001. That provision sets forth the formula for the semiannual assessment the OCC charges each national bank. 67FR57509 9/12/02

  • FDIC List of Minority Depository Institutions

    Minority Depository Institutions often play a unique role in promoting the economic viability of under-served communities. The FDIC has historically taken steps to preserve and encourage minority ownership of insured financial institutions. On April 9, 2002, the FDIC Board adopted a new Policy Statement Regarding Minority Depository Institutions. Minority Depository Institutions Program 9/12/02

  • Progress in the Financial War on Terrorism

    This issue of FYI summarizes the progress that has been made over the past 12 months in the financial war on terrorism. The FDIC is proud to work closely with the Office of Homeland Security (OHS), the Department of the Treasury, and our fellow state and federal financial regulators to stem the flow of terrorist funds, provide technical assistance to foreign governments, and safeguard the nation's critical banking and finance infrastructure. FYI 9/12/02

  • OFAC Publishes FAQ

    OFAC has published on its website the first installment of answers to questions of general applicability frequently asked by the public. As part of its commitment to regulatory transparency and customer service, the Office is continuing to prepare answers to additional questions that are often asked; additional questions and answers will be posted periodically. FAQ 9/11/02

  • Pricing The Risks of Deposit Insurance

    Papers for a closed September 13 conference cosponsored with the Journal of Financial Services Research. Conference Information 9/11/02

  • FATF calls on all countries to join combat against terrorist financing

    One year after the events of 11th September 2001 in the United States, the Financial Action Task Force (FATF) reaffirms its commitment to be a leader in the international fight against the financing of terrorism. Building on its efforts in the past year, the FATF will continue to take aggressive steps to prevent, detect and ultimately dry up the flow of funds to terrorists. Countering the financing of terrorism is a top priority for the FATF said the new FATF President Jochen Sanio and we are calling upon all countries around the world to join us in this effort. FATF Press Release 9/11/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-107-2002 to notify banks of a recent OFAC change where OFAC has amended its Specially Designated Nationals and Blocked Persons. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-107-2002 9/11/02

  • FDIC-hosted symposium on a new standard for organizations sharing financial data.

    On September 23, an FDIC-sponsored symposium will explore the many ways that Extensible Business Reporting Language (XBRL) can help the financial services industry exchange data. XBRL is a freely licensed standard that uses common terms and definitions. Symposium 9/9/02

  • FDIC Publishes Issue of FYI

    Corporate Earnings Growth Suggests Business Sector Recovery 9/9/02

  • FinCEN Issues Enforcement Action

    Great Eastern Bank of Florida, Miami, Florida 9/9/02

  • FDIC Seeks Comment on Proposed Rule Regarding Insurance for State Banks That Are Chartered as Limited Liability Companies

    As previosuly reported in the Federal Register, the FDIC is requesting public comment on the attached proposed rule clarifying that a state bank that is chartered as a limited liability company (LLC) could be considered eligible for federal deposit insurance. Comments on this proposed rule are due by October 21, 2002. FDIC:FIL-106-2002 9/9/02

  • FDIC Issues September 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 June 2002. FDIC:PR-96-2002 Monthly List of Banks Examined for CRA Compliance
    9/6/02

  • FFIEC Reports that the June 30, 2002 Uniform Bank Performance Report are Online

    FFIEC Press Release 9/6/02

  • OCC Issues Guidance on Investment Portfolio Credit Risks

    The guidance alerts banks to the potentially significant credits risks they incur when safekeeping investment portfolio assets with third parties, such as brokers, broker/dealer firms and banks. OCC 2002-39 9/6/02

  • FDIC Issues Alert on Stolen U.S. Savings Bonds

    The East Windsor Township Police Department, Mercer County, New Jersey, has asked the FDIC to alert all U.S. banks to the theft of $100,000 in U.S. Savings Bonds during a residential burglary in East Windsor Township. It is believed the suspects will attempt to redeem the bonds outside the geographical area where the burglary occurred. FDIC:FIL-105-2002 9/6/02

  • OCC Reports Derivatives Volume Tops $50 Trillion

    Derivatives held by U. S. commercial banks increased $3.8 trillion in the second quarter 2002, to $50.1 trillion, the second highest amount ever recorded, the Office of the Comptroller of the Currency reported today in its quarterly Bank Derivatives Report. OCC:NR 2002- 70 Bank Derivatives Report 9/6/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-104-2002 to notify banks of a recent OFAC change where OFAC has amended its Specially Designated Nationals and Blocked Persons. [The OFAC change itself was previously covered on BOL.] FDIC: FIL-104-2002 9/6/02

  • FFIEC Publishes Call Report Validation Criteria

    Updated the Current Validation Criteria: Excel | PDF for the September 2002 Call Reports. 9/5/02

  • Federal Register Publishes Comment Deadline on Draft White Paper on Sound Practices

    The paper discusses the views of the agencies on sound practices based on discussions with industry representatives on how the events surrounding September 11, 2001, have altered business recovery and resumption expectations for purposes of ensuring the resilience of the U.S. financial system and seeks comments on those views. 67FR56835 (text) 9/5/02

  • Accounting Services via FedLine for the Web Demo

    The Accounting Services Demo illustrates the steps a Depository Institution would take to view accounting information services. This service provides real-time access to intra-day account balance; daylight overdraft balance and available funds balance information, as well as information found on your statement of account. Federal Reserve Financial Services 9/4/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-103-2002 to notify banks of a recent OFAC change where OFAC removed names from its Specially Designated Nationals. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-103-2002 9/4/02

  • FDIC Issues Special Alert on Counterfeit Cashier's Checks and Altered Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks and altered cashier's checks drawn on Mid City Bank, Inc., Omaha, Nebraska, are in circulation. FDIC:FIL-101-2002 9/4/02

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

    The OSFI of Canada has published "Monthly Warning Advisory" (Issue No. 32), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-100-2002 9/4/02

  • OCC Issues Fourth Quarter 2002 CRA Examination Schedule

    The OCC released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the fourth quarter of 2002. OCC:NR 2002- 69, Schedule 9/4/02

  • OTS Announces 117 CRA Exams Scheduled for 4th Quarter 2002

    The OTS announced that 117 savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the fourth quarter of 2002. OTS 02-36 Schedule 9/4/02

  • Fed Information Services via FedLine for the Web

    You can now access FedACH Information Services on the Internet. This latest service addition to FedLine for the Web® makes it possible for you to use the web to track, research and account for your institution's FedACH activity. Press Release 9/4/02

  • FRB Financial Services Publishes New Accounting Documents

    Operating Circular #1 Account Relationships (PDF) | Agreements and Forms (PDF) 9/4/02

  • FinCEN Announces Survey on Costs of Filing Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) and the Use of the Exemption Process

    On August 23, 2002, FinCEN launched a survey of a statistically valid sample of banks, savings and loans and credit unions to gather information on the costs of filing CTRs and SARs, as well as the use of the exemption process for CTR filings. Sampled institutions were notified via email and faxes that highlighted the importance of the survey and their responses to it in helping to improve the effectiveness of Bank Secrecy Act reporting requirements to the benefit of financial institutions, as well as the federal government™s anti-money laundering efforts. FinCEN Press Release 9/3/02

  • FDIC Issues Fourth 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 fourth quarter of 2002. This list is published pursuant to revised CRA regulations published in May 1995 that require each federal bank and thrift regulator to publish a quarterly CRA examination schedule at least 30 days before the beginning of each quarter. FDIC:PR-93-2002 FDIC Issues Fourth Quarter CRA Examination Schedule, FDIC Regional Offices 9/3/02

  • Regulators Issue Draft White Paper on Sound Practices To Strengthen the Resilience of the U.S. Financial System

    The sound practices identified reflect the preliminary conclusions of the FRB, OCC, SEC, and the New York State Banking Department regarding the factors necessary to strengthen the resilience of critical U.S. financial markets in the face of a wide-scale, regional disaster. FRB Press Release, OCC:NR 2002-68, SEC:2002-130 Draft White Paper

  • FDIC'S Money Smart Financial Education Program to Aid Victims of Predatory Lending In East Palo Alto and Menlo Park

    Victims of abusive predatory lending practices in East Palo Alto and Menlo Park may qualify for mortgage payment relief, thanks to an innovative $5 million anti-predatory lending initiative in which the FDIC Money Smart curriculum serves as the financial education component. FDIC:PR-94-2002 9/3/02/li>

  • 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-95-2002 9/3/02

  • September 2002 Call Reports

    Posted the Current Validation Criteria: Excel | PDF for the September 2002 Call Reports 9/3/02

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