Top Story Lending Related

The Consumer Financial Protection Bureau has posted a CFPB Blog article and released a USAToday.com opinion editorial by Director Cordray explaining what the new CFPB mortgage rules mean to consumers who are shopping for a home loan and while they own their homes.

The FHFA has announced agency direction to Fannie Mae and Freddie Mac to delay the previously announced plans to increase the base guarantee fee for all mortgages by 10 basis points, update the up-front fee grid, and eliminate the up-front 25 basis point adverse market fee that has been assessed on all mortgages. Those changes had been scheduled for implementation in March and April 2014. FHFA said it would give at least 120 days' notice before implementing any changes.

The FHFA has announced agency direction to Fannie Mae and Freddie Mac to delay the previously announced plans to increase the base guarantee fee for all mortgages by 10 basis points, update the up-front fee grid, and eliminate the up-front 25 basis point adverse market fee that has been assessed on all mortgages. Those changes had been scheduled for implementation in March and April 2014. FHFA said it would give at least 120 days' notice before implementing any changes.

• FDIC Issues FIL on Insurance Q&As

  FDIC FIL-84-2001 informs state nonmember banks about the Interagency responses to questions on the insurance consumer protection rules. The questions and answers, which we wrote about previously in Top Stories, were issued August 17, 2001. They can now be accessed in html format on BankersOnline.com. FDIC: FIL-84-2001 9/28/01

• Executive Order Targeting Terrorist Assets

  As earlier reported, President George W. Bush issued an Executive Order targeting terrorists. As a result, a number of new names have been added to Treasury's Office of Foreign Assets Control (OFAC) Specially Designated Nationals and Blocked Persons list. FDIC:FIL-85-2001 9/28/01

• FDIC Publishes OSFI Monthly Warning Advisory

  The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published "Monthly Warning Advisory" (Issue No. 19), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-86-2001 9/28/01

• OTS Announces 14 August CRA Ratings

  The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in August 2001. OTS 01-65 9/28/01

• Federal Reserve Board launches interactive web site for students, educators, and the general public

  This site offers students, educators and the general public an introduction to the workings of the Federal Reserve System. FRB Press Release 9/28/01

• FRB of Boston Releases Guide On Check Imaging

  Federal Reserve Bank of Boston released a guide entitled "A Framework for Exchanging Image Returns ," (pdf version) to help banks handle the technical, operational, and legal issues involved in exchanging check images. 9/27/01

• FRB Extends Comment Deadline on Payments System Risk Issues

  The FRB has extended the deadline for its request for comment on the potential longer-term direction of its payments system
  risk policy. The new deadline is November 16, 2001. 66FR49385 (text) 66FR49385 (pdf) 9/27/01

• FRB Issues Final Rule to Change the Discount Rate

  The FRB has amended its Regulation A, Extensions of Credit by Federal Reserve Banks to reflect its approval of a decrease in the basic discount rate at each Federal Reserve Bank. 66FR49098 (text) 66FR49098 (pdf) 9/26/01

• OCC Issues Final Rule on Operating Subsidiaries of Federal Branches and Agencies

  The OCC is amending its regulations to provide that a Federal branch or agency may establish, acquire, or maintain an operating subsidiary in generally the same manner that a national bank may acquire or establish an operating subsidiary. 66FR49093 (text) 66FR49093 (pdf) Correction 9/26/01

• NCUA Assists FBI Investigation In Correspondence With The Nation's Credit Unions

  NCUA Chairman Dennis Dollar issued a NCUA Letter to Credit Unions upon receiving a formal request for assistance by the Federal Bureau of Investigation (FBI). NCUA Press Release 9/26/01

• Community Bank, Covina, CA - Missing Official Checks

  The FDIC has been informed by the Community Bank, Covina, California, that 300 of the bank's official checks are missing and presumed stolen from a shipment from the check printer. FDIC:FIL-83-2001 9/26/01

• Ventura Savings Bank - Fictitious Checks in Circulation

  The FDIC has learned that fictitious "official" checks and "certified" checks are in circulation. The checks bear the name Ventura Savings Bank, 1010 Huntcliff Blvd., Roswell, GA 33050. "MEMBER FDIC" is also printed on the checks. FDIC:FIL-82-2001 9/26/01

• Terrorist Additions to the OFAC SDN List

  As earlier reported by BOL, the president has issued a new Executive Order targeting terrorists, and a number of new names have been added to OFAC's Specially Designated Nationals List. Click here to access the summary. OCC:Alert 2001-9 9/26/01

• OCC Issues Proposed Rule to Set Forth the Formula for the Semiannual Assessment

  The amendment would revise the formula to establish a minimum base amount for the semiannual assessment for the first assessment bracket ($0-$2 million) of the assessment schedule. 66FR48983 (text) 66FR48983 (pdf) 9/25/01

• OTS Updates Locations for Filing CRA-Related Agreements

  In accordance with the joint rule titled “Disclosure and Reporting of CRA-Related Agreements,” the OTS has announced that all parties filing CRA-Related agreements or annual reports with OTS should mail paper copies to CRA Sunshine, c/o Dissemination Branch, Office of Thrift Supervision, 1700 G St., N.W., Washington, D.C. 20552 or may now file electronic versions at crasunshine@ots.treas.gov. OTS 01-63 9/25/01

• Interagency-sponsored public workshop on Gramm-Leach-Bliley Act privacy notices set for Dec. 4th

  The workshop will provide a forum to identify successful GLB Act privacy notices, discuss strategies for communicating complex information, and encourage industry self-regulatory efforts and consumer and business education. The workshop will bring together financial institutions, consumer and privacy groups, experts on readability and consumer communication, and others to discuss the issues through moderated panel discussions. Interagency Press Release, OTS, FTC , OCC:NR 2001-84, FDIC-PR-69-2001, NCUA Press Release 9/25/01

• NCUA Chairman Urges "Diligent Management" In America's Credit Unions As Nation Faces Economic Uncertainty
  

  Agency Chief Says Credit Unions “Well Positioned But Not Immune”. NCUA Chairman Dennis Dollar urged credit unions
  to provide “diligent management” as the nation faces a period of economic uncertainty and signs of a downturn. NCUA Press Release 9/24/01

• Credit Unions can make Charitable Contributions

  Credit unions are stepping forward to assist families, businesses and fellow credit unions affected by last week's tragic events by using their authority to make charitable contributions and donations. NCUA Press Release 9/24/01

• Institution Directory

  The FDIC's Institution Directory (ID) and Statistics on Depository Institutions (SDI) have been updated to reflect June 30, 2001 financial information. FDIC Institution Directory 9/24/01

• FDIC Issues Summaries of the Principal Requirements of the National Flood Insurance Act

  Flood hazard determinations must be performed before the closing of loans secured by buildings or
  mobile homes, including loans secured by commercial real estate. Lenders must document the
  determination using the Standard Flood Hazard Determination Form provided by the Federal Emergency
  Management Agency (FEMA) and retain that form for the life of the loan. FDIC:FIL-81-2001 Summary 9/24/01

• Regulators Distribute Call Report for Third Quarter 2001

  Banks should complete your third 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, 2001, in accordance with the filing requirements discussed below. FDIC:FIL-80-2001 9/24/01

• FDIC Reports Second Quarter 2001 Financial Results for Bank and Thrift Insurance Funds

  The FDIC announced that the Bank Insurance Fund (BIF) reported comprehensive income (net income plus current period unrealized gains/losses on available-for-sale securities) of $706 million for the first six months of 2001, compared to $366 million for
  the same period last year. FDIC:PR-68-2001 9/24/01

• FRB Extends Deadline for Public Comment on Policy on Payment System Risk

  As a result of the September 11 terrorist attacks, some organizations with an interest in the potential longer-term policy direction of the Board's payments system risk policy have had to devote significant resources to ensuring the continued smooth functioning of the payments system and financial markets. The Board has extended the original October 1 comment deadline to
  provide these organizations with adequate time to analyze the issues raised in the notice and to incorporate their perspectives on recent financial market experiences. FRB Press Release 9/24/01

• Treasury Releases 2001 Money Laundering Strategy

  The Administration's 2001 Money Laundering Strategy is now available on the Treasury Department web site.
  9/21/01

• NCUA Lifts Mandatory Compliance Date Electronic Delivery of Disclosures Required by TISA

  Once a permanent final rule is issued, NCUA will afford credit unions a reasonable period of time to comply with the rule. 66FR48206 (text) 66FR48206 (pdf) 9/19/01

• NCUA Issues Final Rule on Nondiscrimination in Real Estate-Related Lending

  The rule provides a federal credit union (FCU) with flexibility in how it gives notice when advertising and allows an FCU to display either the NCUA lobby poster or a similar poster prepared by the United States Department of Housing and Urban Development. 66FR48205 (text) 66FR48205 (pdf) 9/19/01

• NCUA Chairman Dennis Dollar Statement Regarding JoAnn Johnson

  President George W. Bush has announced that he intends to nominate JoAnn Johnson of Iowa to serve on the National Credit Union Administration Board. NCUA Press Release 9/19/01

• FBI Request for Records Search by Banking Organizations

  The Federal Bureau of Investigation has provided the FRB and the other federal financial institutions supervisory
  agencies with a public list of the names of alleged subjects under investigation by the FBI in connection with the World Trade
  Center and Pentagon attacks, and asked all domestic and foreign banking organizations operating in the United States to check
  their records for any relationships or transactions with the named individuals. FRB:SR 01-22, FDIC:FIL-79-2001, OCC:2001-8 9/19/01

• FDIC Ribbon-Cutting Ceremony in Chicago Launches Nationwide Money Smart Program

  The FDIC held a ribbon-cutting ceremony at the Pilsen One-Stop Center in Chicago, Illinois to launch its Money Smart financial education program. FDIC:PR-67-2001 9/19/01

• Dennis Dollar Designated NCUA Chairman

  President George W. Bush announced that he has designated NCUA Board Member Dennis Dollar as the agency's Chairman. NCUA Press Release 9/18/01

• FRB Decreasing the Discount Rate

  The FRB approved actions by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Atlanta and Kansas City, decreasing the discount rate at the bank from 3 percent to 2-1/2 percent, effective immediately. FRB Press Release 9/18/01

• Federal Open Market Committee Lowers Target for the Federal Funds Rate

  The Federal Open Market Committee decided today to lower its target for the federal funds rate by 50 basis points to 3 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 2-1/2 percent. The Federal Reserve will continue to supply unusually large volumes of liquidity to the financial markets, as needed, until more normal market functioning is restored. Federal Reserve Press Release 9/17/01

• FFIEC Distirbutes the June 30, 2001 Uniform Bank Performance Report

  The June 30, 2001 Uniform Bank Performance Report (UBPR) now being distributed to all insured commercial banks and Federal Deposit
  Insurance Corporation - Insured Savings Banks (FDIC-ISB) is now available for sale to the public. FFIEC Press Release 9/17/01

• OCC Transmits Insurance Q& As

  OCC 2001-43 simply informs national banks about the interagency Q&As issued previously that relate to consumer sales of insurance and the Q&As themselves are transmitted to national banks as an attachment to OCC 2001-43. 9/17/01

• NCUA Disaster Assistance Activated for New York City and Arlington, Va. Credit Unions

  The NCUA activated its disaster relief policy to assist credit unions and their members in New York City and Arlington County, Va., following the destruction of the Twin Towers yesterday in New York City and the damage to the Pentagon in Arlington, Va. NUCA Press Release 9/17/01

• NCUA Acting-Chairman Dennis Dollar Statement

  9/17/01

• FDIC Publishes OSFI Monthly Warning Advisory

  The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published a "Monthly Warning Advisory" (Issue No. 18), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-78-2001 9/17/01

• OTS Reports That Thrift Industry Has Been Operating Normally in Wake of Crisis

  The OTS reported that the thrift industry has been operating normally and that the industry has taken steps to assist customers affected by events related to the September 11 terrorist attacks. OTS 01-61
  9/17/01

• OCC and ABA Postpone Conference on Community and Economic Development

  The OCC and ABA announced that the 2001 National Community and Economic Development Conference scheduled for September 17-19 in Baltimore Maryland has been postponed due to the national tragedy of September 11 and the uncertainty of U.S. airline service.
  OCC:NR 2001-83 9/17/01

• OCC Announces 19 New Enforcement Actions and 5 Terminations

  The OCC announced 19 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 2001- 81 9/17/01

• Swap arrangement between the Federal Reserve and the Bank of England
  

  The Federal Reserve and the Bank of England have agreed to establish a temporary swap facility
  in order to facilitate the functioning of financial markets and provide liquidity in U.S. dollars. FRB Press Release 9/17/01

• Federal Reserve encourages banks to work with customers affected by disaster

  The Federal Reserve encourages state member banks and bank holding companies to work with customers who directly or indirectly have been affected by the events of September 11. FRB Press Release 9/17/01

• Federal Reserve and Bank of Canada augment swap facility

  The Federal Reserve and the Bank of Canada have agreed to a temporary augmentation of their existing swap facility in order to facilitate the functioning of financial markets and provide liquidity in U.S. dollars. FRB Press Release 9/17/01

• Swap arrangement between the Federal Reserve and the European Central Bank

  In order to facilitate the functioning of financial markets and provide liquidity in dollars, the Federal
  Reserve and the European Central Bank have agreed on a swap arrangement. FRB Press Release 9/17/01

• Joint Interagency Statement

  Market responses in the aftermath of the tragic events of September 11 could lead to temporary balance
  sheet growth at some banking organizations, including thrifts. This growth could occur if, for example,
  during this period corporate borrowers make unusual draws on their existing lines of credit or request new
  lines in response to a perceived need for extra liquidity, or if a banking organization were to receive
  unusually large deposit inflows. Absent other factors, increases in extensions of credit or large deposit
  inflows would likely result in an increase in total assets. FDIC-PR-66-2001, FRB Press Release, OCC NR 2001-82 , OTS 01-62 9/17/01

• National Infrastructure Protection Center (NIPC) Issues Advisory for Increased Cyber Awareness

  The National Infrastructure Protection Center (NIPC) expects to see an upswing in incidents as a result of the tragic events of September 11, 2001. ADVISORY 01-020 9/14/01

• OCC Releases CRA Evaluations For 13 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. OCC:NR 2001- 80 9/14/01

• Swap arrangement between the Federal Reserve and the European Central Bank

  In order to facilitate the functioning of financial markets and provide liquidity in dollars, the Federal
  Reserve and the European Central Bank have agreed on a swap arrangement. FRB Press Release 9/14/01

• Supervisory Flexibility Due to September 11 Disasters

  The FDIC has issued supervisory guidance that it issued to its examiners relating to the tragic events of September 11, 2001.
  FDIC:FIL-77-2001 9/14/01

• OTS Asks Thrifts to Assist Customers Affected by Terrorist Attacks

  The OTS announced steps thrifts can take to assist customers affected by events related to Tuesday's terrorist attacks in New York City and Washington, DC. OTS 01-60 9/13/01

• OCC Encourages National Banks to Work With Customers Affected by Terrorist Attacks

  The OCC is encouraging national banks to work with customers affected by Tuesday's terrorist attacks in
  New York and Washington. OCC:NR 2001- 79 9/13/01

• OTS Outlines Reasons for Superior Bank Failure and Suggests Remedies

  OTS Director Ellen Seidman detailed the history of the failed Superior Bank for the Senate Banking Committee. “I sincerely believe that this failure was the responsibility of those who owned and managed the institution and related parties,” Ms. Seidman said. However, she stressed that investigations into the failure are still underway by OTS, FDIC, Treasury Inspector General and the General Accounting Office. OTS 01-59 9/13/01

• OTS Issued Eight Enforcement Orders in July

  The OTS reported that it issued eight enforcement orders to three individuals and four institutions and terminated three others during July. OTS 01-58 9/13/01

• OCC Allows National Bank Offices Affected by Emergency to Close

  The OCC issued a proclamation allowing national bank offices affected by the emergency situation to close at their discretion. OCC:NR 2001-78 9/12/01

• Federal Reserve System is open and operating.

  The Federal Reserve System is open and operating. The discount window is available to meet liquidity needs. FRB Press Release 9/12/01

• FDIC Issues Alert on Counterfeit Cashier's Checks

  The FDIC has learned that counterfeit cashier's checks drawn on the Interamerica Bank, Albuquerque, New Mexico, are in circulation. FDIC:FIL-76-2001 9/11/01

• OCC and ABA Co-Sponsor Community and Economic Development Conference

  The OCC and the ABA will co-sponsor the 2001 National Community and Economic Development Conference titled "Grow Markets....Grow Profits" in Baltimore, Maryland on September 17-19. OCC:NR 2001-77 9/11/01

• NCUA Chief Tells Texas Credit Unions Agency's Streamlined Approach to Adopting Underserved Areas May Open Doors for Greater Expansion into Hispanic Communities

  The nation's federal credit unions have added over 18 million potential members in 2001 and NCUA's streamlined process has helped create this expansion says NCUA Acting Chairman Dennis Dollar. He says these additions will extend low-cost financial services to many underserved Americans and open additional doors for credit unions in “meeting member needs from all walks of life.” NCUA Press Release 9/10/01

• OCC Issues Advisory Letter about obligations under the EFTA and Regulation E

  The OCC wishes to ensure that national banks fully comply with the EFTA's error resolution requirements and that they conduct adequate investigations of claims of unauthorized transactions. The purpose of this advisory letter is to assist banks in
  addressing the compliance and reputation risks of inadequate investigations under Regulation E. OCC:AL 2001-9 9/10/01

• Sinclair National Bank Closed by the OCC and FDIC Appointed Receiver

  Sinclair National Bank, Gravette, Arkansas, was closed by the OCC and the FDIC was appointed receiver. FDIC:PR-63-2001 , OCC:NR 2001-76 9/10/01

• Agricultural Loans Affected by the Drought Oregon and Northern California

  The FDIC is encouraging banks to work constructively with agricultural borrowers affected by the severe drought in the Klamath Basin of Southern Oregon and Northern California. FDIC:FIL-75-2001 9/10/01

• Latest FDIC Survey Finds Some Weakening In Real Estate Markets

  The latest results of the FDIC's Survey of Real Estate Trends indicated somewhat weaker conditions in the nation's real estate markets, particularly for local offices. Although reports of stability continued to dominate, the survey results indicate some deterioration in real estate markets. FDIC: PR-62-2001 9/10/01

• OCC Reports "More Normal" Derivatives Trading Revenue for Banks

  U.S. commercial banks earned $2.8 billion from cash instruments and derivatives activities in the second quarter of 2001, down from the $4.0 billion record revenue of the first quarter. The notional amount of derivatives in insured commercial bank portfolios increased by $3.9 trillion in the first quarter, to $47.8 trillion. OCC:NR 2001- 75 9/10/01

• Thrift Industry Earnings Set Quarterly Record

  Thrift industry earnings rose sharply during the second quarter of 2001 to a record $2.5 billion, the OTS reported. OTS Director Ellen Seidman attributed the strong earnings to continued strength in the housing market coupled with low mortgage interest rates. OTS 01-57 9/7/01

• FDIC Distributes HUD's 2001 Adjusted Median Family Income Figures

  The FDIC distributed the 2001 median family income figures developed by the Department of Housing and Urban Development (HUD) for each metropolitan statistical area (MSA) and the statewide portions of nonmetropolitan areas. FDIC:FIL-74-2001 9/6/01

• Commercial Banks Earn Almost $20 Billion In Second Quarter, 2001

  Insured commercial banks earned $19.2 billion in the second quarter of 2001, the Federal Deposit Insurance Corporation announced. FDIC:PR-61-2001 9/6/01

• 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 2001. FDIC:PR-60-2001 9/6/01

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

  As earlier reported in the Federal Register, this final rule establishes a three-year pilot program that creates new
  special lending limits for 1-4 family residential real estate loans and loans to small businesses. Eligible national banks with main offices located in states that have a lending limit available for residential real estate, small business or unsecured loans that is higher than the current Federal limit may apply to take part in the pilot program. OCC 2001-42 9/6/01

• OCC Issues Fourth Quarter 2001 CRA Examination Schedule

  The OCC released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the fourth quarter of 2001. OCC:NR 2001- 74 9/6/01

• 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 2001. FDIC:PR-59-2001 9/4/01

The CFPB has announced the release of additional resources for consumers regarding the new protections provided by the Bureau's mortgage rules. The new materials include sample letters that consumers can send to their mortgage servicers, mortgage tips, answers to questions, consumer tools, and fact sheets. Print copies of the materials are available in seven languages.

The CFPB has announced the release of additional resources for consumers regarding the new protections provided by the Bureau's mortgage rules. The new materials include sample letters that consumers can send to their mortgage servicers, mortgage tips, answers to questions, consumer tools, and fact sheets. Print copies of the materials are available in seven languages.

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

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

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

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

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

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

• FRB Issues Final Rule to Decrease the Basic Discount Rate

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

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

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

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

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

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

• FDIC Distributes FinCEN SAR Bulletin

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

• FDIC Publishes OSFI Monthly Warning Advisory

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

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

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

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

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

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

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

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

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

• OCC Offers Bank Directors Seminar

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

• FDIC Publishes FFIEC Guidance on Authenticating Identity of Online Customers

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

• FDIC Issues InfoSec Exam Procedures

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

• FRB Publishes List of Foreign Margin Stocks

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

• OTS Publishes Thrift Industry Interest Rate Risk Measures Newsletter

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

• FFIEC Financial Privacy InfoBase Available on Web

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

• OTS Distributes Financial Privacy Infobase CD-ROM

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

• OTS Announces July CRA Ratings

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

• HUD Issues Final Rule to Govern payments on Ginnie Mae

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

• Regulators Respond to Insurance Consumer Protection Rules Questions

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

• FRB Lowers Interest Rate

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

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

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

• FRB to purchase office building in Washington, DC

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

• OCC Releases CRA Evaluations For 20 National Banks

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

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

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

• FRB Final Rule on Subs Published in Federal Register

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

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

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

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

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

• OCC Distributes CRA: Income Level, Median Family Income

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

• FRB Publishes FFIEC Guidance on Authentication

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

• FDIC Issues Alert on Counterfeit Cashier's Checks

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

• OCC Announces New Enforcement Actions and Termination

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

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

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

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

  OCC:Alert 2001-7 8/14/01

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

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

• FRB Revises Reports of Examination of Community Banking Organizations

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

• OCC Releases First Quarter Edition of Quarterly Journal

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

• FFIEC Guidance on Authenticating Identity of Online Customers

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

• Comptroller Highlights Opportunities in Ethnically-Diverse Market

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

• Federal Register Publication of E-Regs Delay

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

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

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

• FRB Publishes Spanish Version of Complaint Brochure

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

• FDIC Issues August List of Banks Examined For CRA Compliance

  The Federal Deposit Insurance Corporation (FDIC) today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in May 2001. 8/6/01

• FRB Lifts Compliance Deadline on E-regs

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

• Regulators Issue Advance Notice of Proposed Rulemaking Regarding CRA

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

• OTS Issued Five Enforcement Orders In June

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

• FDIC & OCC Publish FFIEC CRA Q & A s

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

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

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

• OTS Approves AIG Acquisition of American General Bank

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

• OCC Distributes New Form for National Bank Community Development Investments

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

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

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

The Bureau has announced the release of an Ability-to-Repay: Fact vs. Fiction Guide intended to help dispel some of the most common misconceptions about what the rule actually means for consumers.

• FDIC Releases Broker Deposit Web Page

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

• FFIEC Distributes Uniform Bank Performance Report

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

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

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

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

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

• Data Available from FFIEC

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

• FFIEC Makes Available Year 2000 Mortgage Data

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

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

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

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

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

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

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

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

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

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

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

• OCC Issues Examination Procedures for the Information Security Guidelines

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

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

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

• FDIC Makes Public June Enforcement Actions

  The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in June. No administrative hearings are scheduled for August. FDIC:PR-51-2001 7/20/01

• OCC Releases CRA Evaluations for 17 National Banks

  The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of June 15 through July 14. The list contains only national banks and insured federal branches of foreign banks that have received ratings. OCC:NR 2001-65 7/20/01

• Joint Review of CRA Rule and Request for Comments

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

• OTS Adopts Final Rule to Repeal the Percentage Liquidity Requirement

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

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

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

• FOMC Publishes Meeting Schedule

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

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

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

• OTS Issued Three Enforcement Orders in May

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

• FDIC FIL 62-2001 Highlights June OFAC Change

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

• OTS Posts Revised CRA Questions and Answers

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

• OCC Announces 10 New Enforcement Actions and 2 Terminations

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

• FFIEC Updates CRA Q&As

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

• OFAC Issues Interim Rule/Request for Comments

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

• FDIC Issues Guidance on the Permissible Use of Consumer Reports

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

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

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

• FRB Issues the FFIEC Interagency Policy Statement on ALLL

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

• OCC Alerts Banks to FCRA Development

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

• OTS Announces Nine June CRA Ratings

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

• FDIC Circulates Information about Canadian Lottery Telemarketing Fraud

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

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

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

• FinCEN Issues Advisories

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

• FRB Issues Final Rule to Amend Reg A

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

• FDIC Issues July List of Banks Examined For CRA Compliance

  The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in April 2001. FDIC:PR-49-2001 7/6/01

• Ellen Seidman Announces Her Resignation As Director of the OTS

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

• OCC Issues Final Rule to Amend the Assessment Rule

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

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

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

• OCC Issues Guidance on Internet Web Linking

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

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

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

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

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

• FDIC Seek Comments on Draft 2001-2006 Strategic Plan

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

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

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

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

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

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

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

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

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

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

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

• FDIC Makes Public May Enforcement Actions

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

• OTS Announces May CRA Ratings

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

A reminder has been posted on the Bureau Blog of the January 10, 2014, effective date for the new mortgage rules. On that date, the CFPB will host “Protecting homeowners: New tools for empowering consumers and advocates,” a training program on the new servicing rule for housing counselors, legal aid attorneys, and other advocates.