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Top Story Lending Related

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

07/31/2002

Top Stories for August 2002

  • OCC Issues Revised Advisory 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. Advisory Letter AL 2000-4,
    dated May 9, 2000, is rescinded. OCC:AL 2002-6 8/30/02

  • OCC Issues Examiner Handbook on Personal Fiduciary Services



  • The handbook addresses a broad range of fiduciary services that banks provide to individuals, their families and their businesses. Banks provide these services as a trustee, investment adviser or in any capacities where the bank possesses investment discretion on behalf of another. Personal Fiduciary Services OCC:NR 2002- 67 8/30/02

  • Banking Industry Reports Record Earnings



  • Commercial banks had record earnings of $23.4 billion in the second quarter, surpassing the previous record set three months earlier by 7.8 percent, the Federal Deposit Insurance Corporation reported today. A basic yardstick of earnings performance-return on assets (ROA)-rose to 1.41 percent, the second highest level recorded. For the first time in two years, average net interest margins-the difference between the average yield on loans and other investments and the average cost of deposits and other liabilities-at smaller banks increased. Despite problems with commercial and industrial (C&I) loans, banks have seen continued strength in consumer lending. FDIC:PR-92-2002 , Preliminary Bank Earnings Report -- Second Quarter 2002, FYI 8/30/02

  • FDIC Consumer News

    How to protect against a high-cost “predatory” home loan, plus tips on other topics. FDIC Consumer News 8/28/02

  • FDIC Publishes Contact List



  • Telephone, mail contacts in the FDIC; links to other governmental financial agencies.
    Contact Page 8/28/02

  • FDIC and the Association of Military Banks of America Join Forces for Worldwide Promotion of Money Smart Curriculum



  • The FDIC announced that the Association of Military Banks of America (AMBA) has joined its Money Smart Alliance Program. The announcement was made by Donna Gambrell, Deputy Director of the FDIC's Division of Supervision and Consumer Protection (DSC), and by Henry W. Neill, Jr., Executive Vice President of AMBA, at a signing ceremony held at the FDIC's headquarters in Washington, D.C.
    FDIC-PR-91-2002 8/28/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks



  • The FDIC has learned that counterfeit cashier's checks drawn on O'Bannon Bank, Buffalo, Missouri, are in circulation. The counterfeit items bear the routing number 081505702 and the account number 780001. FDIC:FIL-99-2002 8/28/02

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



  • The OSFI of Canada has published "Monthly Warning Advisory" (Issue No. 31), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-98-2002 8/28/02

  • FDIC Issues Alert on Internet Investment Scheme



  • The Canada Deposit Insurance Corporation (CDIC) has issued a news release advising North American investors and depositors of an apparent Internet fraud scheme falsely involving CDIC. FDIC:FIL-97-2002 8/28/02

  • FDIC Issues Alert on Possible Attempted Fraud By Convicted Fugitive



  • The U.S. Marshals Service has again asked the FDIC to alert all U.S. banks about the activities of fugitive John Ruffo, who was convicted in 1998 for his role in defrauding several banks of over $350 million and may now be attempting other fraud schemes. He has used his real name, John Ruffo, in various schemes, but he may also attempt to use an alias. He is believed to have access to large sums of money and may have U. S. bank accounts. FDIC:FIL-96-2002 8/28/02

  • FDIC Issues Alert on Unauthorized Sale of Samoan Banking Licenses



  • The OCC has advised that the Office of the Registrar of International and Foreign Companies, Samoa, has issued a press release announcing that Witherspoon, Seymour & Robinson Incorporated (WSR II C.) is promoting "pre-approved banking licenses" purportedly issued by Samoa. This entity is not a licensed trustee company in Samoa, and only such companies are permitted to submit license applications. FDIC:FIL-95-2002 8/28/02

  • 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-94-2002 8/28/02

  • FDIC Issues Alert on Fictitious Official Checks and Certified Checks



  • The FDIC has learned that fictitious official checks and certified checks are being widely circulated. The checks bear the name Americrest Bank & Trust. Some show the address as Post Office Box 23202, Van Nuys, CA, while others show the address as P. O. Box 2012, Van Nuys, CA 91411. All show the telephone number 818-779-7778. There is no bank in California named Americrest Bank & Trust.
    FDIC:FIL-93-2002 8/28/02

  • Thrift Industry Turns in Another Strong Quarter



  • The OTS reported earnings for the nation’s thrift industry of $2.86 billion in the second quarter of 2002, up 14 percent over the year-ago second quarter. The results were down six percent from the record high in the first quarter of 2002. OTS 02-35 8/27/02

  • OECD Issues Guidelines for the Security of Information Systems and Networks: Towards a Culture of Security



  • The Organization for Economic Cooperation and Development formally has released its Guidelines for the Security of Information Systems and Networks. The Guidelines consist of nine principles that aim to increase public awareness, education, information sharing, and training that can lead to a better understanding of online security and the adoption of best practices. "A Culture of Security" represents a new way of thinking -- one in which everyone using computers and networks like the Internet has a role to play. Press Release 8/26/02

  • FRB releases Discount Rate Meetings Minutes



  • The Federal Reserve Board released the minutes of its discount rate meetings from May 20 to June 24, 2002. FRB Press Release 8/26/02

  • FDIC Issues FIL on Proposed Rule on Customer Identification Program



  • As earlier reported, the regulators issued jointly proposed a rule that would add a new section to the Bank Secrecy Act regulations. The proposed Section 103.121, Customer Identification Programs for Banks, Savings Associations, and Credit Unions, requires that financial institutions implement a written, risk-based customer identification program, maintain information used to verify identities and compare the names of new customers against government lists of known or suspected terrorists or terrorist organizations. The proposed rule will apply to customers seeking to open new accounts. FDIC:FIL-92-2002 8/23/02

  • FinCEN Issues SAR Activity Review



  • This issue of The Review contains information related to potential terrorist financing activity as well as an analysis of SAR filings since September 11, 2001 that referred to terrorism. FinCEN News Release, SAR Activity Review 8/23/02

  • OFAC Makes Comment Letters Public



  • OFAC has published on its Web site copies of comment letters and emails it received in response to its proposal to make civil penalty actions public. The actual regulation on making civil penalty actions public has still not been finalized by OFAC. OFAC 8/22/02

  • OCC Issues Bulletin on Enforcement Action Policy



  • This bulletin makes public Policies & Procedures Manual, dated July 30, 2001, which describes the OCC's policy for taking appropriate enforcement action in response to violations of law, rules, regulations, final agency orders and/or unsafe and
    unsound practices or conditions (Enforcement Action Policy). OCC 2002-38 8/22/02

  • FFIEC Adds September Forms



  • The FFIEC added the September 2002 Instructions for Preparation of the FFIEC 031 and 041 Reporting Forms. 8/22/02

  • 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. Electronic Interpretations and Actions 8/22/02

  • FRB Issues Statement on Payments System Risk Policy



  • The FRB announced that it will not, over the near term, incorporate two policy options into its longer-term Payments System Risk (PSR) policy plan. The FRB will, however, continue to analyze the benefits and potential drawbacks of a two-tiered pricing regime for daylight overdrafts. FRB Press Release 8/21/02

  • OCC Issues Alert on Internet Banking Fraud Scam



  • The Canada Deposit Insurance Corporation (CDIC) has advised North American investors and depositors of an apparent Internet fraud scam falsely involving CDIC. A person or group of persons carrying on business as the Maryland Investments Club is offering investment certificates called "digital investment certificates" for sale over the Internet. OCC:ALERT 2002-10 8/21/02

  • OCC Releases CRA Evaluations For 26 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, 2002. OCC:NR 2002-66 Evaluations 8/21/02

  • 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. 67FR53875 (text) 67FR53875 (pdf) 8/20/02

  • OCC Announces 10 New Enforcement Actions and 3 Terminations



  • The OCC announced 10 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 3 terminations of an existing enforcement action. OCC:NR 2002-65 8/20/02

  • FDIC Issues Alert on Counterfeit Official Checks and Money Orders



  • The FDIC has learned that counterfeit official checks drawn on United California Bank, Los Angeles, California, and counterfeit bank money orders drawn on Warren Five Cents Savings Bank (Warren Bank), Peabody, Massachusetts, are in circulation. FDIC:FIL-91-2002 8/19/02

  • FDIC Issues Alert on Missing Money Orders



  • The FDIC has been informed by Peoples State Bank, Many, Louisiana, that 1,200 of the bank's money orders have been stolen while in transit from the printer to the bank. FDIC:FIL-90-2002
    8/19/02

  • Governor Gramlich to begin treatment for leukemia



  • Federal Reserve Board member Edward M. Gramlich will begin treatment Monday for chronic lymphocytic leukemia (CLL) – a form of leukemia that can be treated successfully. Governor Gramlich will be treated with chemotherapy on an out-patient basis at Georgetown University Medical Center. FRB Press Release 8/19/02

  • OCC Publishes Final Rule of Section 312 of the USA PATRIOT Act



  • As earlier reported in the Federal Register, the interim final rule provides guidance to banks on how to implement section 312, which became effective July 23. OCC 2002-37 8/19/02

  • Ten Largest Thrift Companies



  • The Ten Largest Thrift Companies highlights the performance of the largest thrift companies in the most recently completed quarter. The report is based on earning announcements and other publicly available information and generally is published within 45 days of the completion of a calendar quarter. Ten Largest Thrift Companies, FYI 8/16/02

  • OCC Issues Bulletin on Previously Announced Changes to HMDA



  • The bulletin announces revisions to reporting requirements in Regulation C. Most of the changes become effective January 1, 2004, for data required to be reported by March 1, 2005. However, two changes become effective January 1, 2003, for data required to be reported by March 1, 2004. OCC 2002-36 8/16/02

  • Holiday District Announcement



  • The Federal Reserve Banks will be closed on Monday, September 2, for the Labor Day holiday. Please refer to the instructions listed for information on your local office. Announcement 8/16/02

  • Revisions to Federal Reserve Study Suggest Check Use Peaked in the Mid-1990s



  • An analysis published in the August edition of the Federal Reserve Bulletin compared the
    revised annual check volume in 2000, 42.5 billion, to estimates from two earlier Federal Reserve
    studies that 49.5 billion checks were paid in 1995 and 32.8 billion in 1979. The analysis
    suggested that check use may have peaked during the mid-1990s, though the exact year of the
    peak is unknown. Press Release
    8/15/02

  • Fed Keeps Fed Funds Unchanged



  • The FOMC decided to keep its target for the federal funds rate unchanged at 1 3/4 percent. FRB Press Release
    8/13/02

  • FDIC Publishes Historical Statistics on Banking



  • The Historical Statistics on Banking (HSOB) provides annual statistical information on the banking industry beginning in 1934. These data can be used to identify and analyze long-term trends and to develop benchmarks to evaluate the current condition of the banking and thrift industries. HSOB 8/13/02

  • OCC Publishes Final Rule on Capital Equivalency Deposits



  • As earlier reported in the Federal Register, the OCC is revising certain requirements regarding CED deposit arrangements to increase flexibility for, and reduce burden on, certain Federal branches and agencies. OCC 2002-35 67FR41619 8/13/02

  • FDIC Issues Alert on Counterfeit Official Bank Checks



  • The FDIC has learned that counterfeit cashier's checks drawn on four separate financial institutions are in circulation. The items appear to be widely circulated. FDIC:FIL-89-2002 8/13/02

  • FDIC Distributes FinCEN Advisory



  • In a continuing effort to assist banks in Bank Secrecy Act compliance, anti-money laundering efforts, and prevention and detection of other financial crimes, the Federal Deposit Insurance Corporation (FDIC) forwards to FDIC-supervised banks each issue of FinCEN Advisory. FDIC: FIL-88-2002 8/13/02

  • FDIC Issues Alert for Entities That May Be Conducting Banking Operations Without Authorization



  • The Central Bank of Belize has issued a warning about entities that are not licensed to provide banking and/or financial business in Belize. Any proposed transactions involving Trinity Savings Bank and Goldman & Stein should be viewed with extreme caution. FDIC:FIL-87-2002 8/13/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks



  • The FDIC has learned that counterfeit cashier's checks drawn on Founders Bank, Chesterfield, Missouri, are in circulation.
    FDIC:FIL-86-2002 8/13/02

  • OCC Issues Alert on Unauthorized Sale of Samoan Banking Licenses



  • This issuance informs banks and financial regulators that Witherspoon, Seymour, and Robinson, Incorporated is promoting "pre-approved banking licenses" purportedly issued by the territory of Samoa. This company is not a licensed trustee company in Samoa. OCC:ALERT 2002-9 8/12/02

  • Group on OFAC List Loses Challenge

    The Holy Land Foundation has lost its lawsuit challenging an Executive Order which designated it a terrorist organization subject to OFAC sanctions. In a ruling issued 8/8, U.S. District Judge Kessler held that orders blocking assets "are an important component of U.S. foreign policy, and the president's choice of this tool to combat terrorism is entitled to particular deference." Kessler turned down the injunction sought by the foundation, and rejected arguments that the blocking order violates due process, free speech rights, and the foundation's religious freedom. US Courts
    8/9/02

  • Regulators Extend Comment Period On Draft Credit Card Guidance

    The federal financial institution regulatory agencies announced Thursday
    that they are extending the deadline, to September 23, for comment on
    their draft guidance on account management and loss allowances for credit
    card lending. OCC NR 2002-64,
    OTS 02-34 , FDIC PR-90-2002, FFIEC Press Release , FFIEC Press Release
    8/9/02

  • False Privacy Claims Lead to Settlement

    When a company makes claims about the steps it takes to protect the privacy of customer data, they'd better be true. Microsoft learned that lesson the hard way and, as a result, has settled charges with the FTC regarding the privacy and security of personal information collected from consumers through Microsoft's "Passport" web services. FTC Announcement 8/9/02

  • OTS Changes Mutual-to-Stock Conversion Rules

    The Office of Thrift Supervision is publishing a final rule implementing changes to its mutual-to-stock conversion and mutual holding company regulations. OTS Announcement

    Conversion Application 8/9/02

  • FDIC's FYI Report on 25 Largest Banking Companies

    According to the FDIC, second quarter Net Income dipped slightly and asset quality worsened for the 25 largest banking companies. FDIC FYI ,
    Quarterly Study of the 25 Largest
    8/9/02

  • SEC Proposes Regulation Analyst Certification



  • The proposed regulation would require
    that any research report disseminated by broker or dealer include
    certifications by the research analyst that the views expressed in the
    research report accurately reflect the analyst's personal views, and
    whether the analyst received compensation or other payments in
    connection with his or her specific recommendations or views.
    67FR51510 8/7/02

  • FDIC Issues Special Alert Regarding Fictitious Cashier's Checks In Circulation



  • The Federal Deposit Insurance Corporation (FDIC) has learned that fictitious cashier's checks are in circulation. The checks bear the name Audi Bank N. A., 19 East 54th Street, New York, New York 10022. Audi Bank N. A. does not exist. However, Bank Audi (USA), a legitimate bank, is located at that address. The routing number used on the checks, 021200957, is assigned to the Commerce Bank/North, Ramsey, New Jersey. The account number, 03771407, does not appear to be a valid number.
    FDIC: FIL-85-2002 8/7/02

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



  • The Federal Deposit Insurance Corporation (FDIC) reported that the Bank Insurance Fund's (BIF) reserve ratio fell 1.26 percent from December 31, 2001 to March 31, 2002. The Savings Association Insurance Fund (SAIF) increased to $388 million compared to $33 million for the same period last year. The increase in comprehensive income was due to the fluctuation in the loss reserves for anticipated failures of insured institutions during the first half of 2002 compared to last year. Seven BIF-insured banks failed during the first six months of 2002 with total assets at failure of $2.4 billion. One SAIF-insured thrift failed during the same period with total assets at failure of $50 million.
    FDIC Press Release 8/7/02

  • SEC Issues Supplemental Information on Accelerated Deadline for Insider Transaction Reports



  • The SEC has issued supplemental information about the provision of the Sarbanes-Oxley Act that amends Section 16(a) of the Securities Exchange Act of 1934 to accelerate the due date for officers,' directors' and principal security holders' reports of transactions. The amendment becomes effective Aug. 29, 2002.
    SEC Press Release 8/6/02

  • FBIIC Issues Interim Policy on GETS Card Program



  • The Financial and Banking Information Infrastructure Committee (FBIIC) issued the an interim policy on the sponsorship of private sector entities in the Government Emergency Telecommunications Service (GETS) Card Program. The interim policy states the circumstances under which qualifying private sector financial institutions may request federal sponsorship in the program.
    FDIC: FIL-84-2002 8/6/02

  • OCC Appoints New Deputy Comptroller for Risk Evaluation



  • The Office of the Comptroller of the Currency has appointed
    Kathryn E. Dick as the new Deputy Comptroller for Risk Evaluation.
    Ms. Dick will serve as the Comptroller's principal advisor on systemic risks facing
    the national banking system and will chair the OCC's National Risk Committee, which
    coordinates the agency's risk identification practices.
    NR 2002-63 8/6/02

  • FDIC Issues August 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 May 2002. FDIC Press Release 8/5/02

  • Settlement Agent Inquiry Feature via FedLine for the Web



  • Settlement agents for Federal Reserve banks can now gain access to the National Settlement Service via the Web. Agents will be able to directly monitor their own settlement activity as well as view settlement arrangement profiles for the arrangements for with they act as agent. There will be no change to the process for submitting settlement files. FRB Financial Services Announcement 8/5/02

  • Company that Pitched "Advance-fee" Loans Will Pay $3 Million in Redress as Part of Federal/state Settlement



  • American Savings Discount Club (ASDC) and two individual defendants will establish a redress fund of nearly $3 million, will be subject to a lifetime ban on credit-related telemarketing, and will face a lifetime telemarketing bond of $500,000. FTC Press Release 8/2/02

  • FFIEC Announces the Availability of Data on Mortgage Lending



  • The FFIEC announced the availability of data for the year 2001 regarding mortgage lending transactions at 7,631 financial institutions covered by the Home Mortgage Disclosure Act (HMDA) in metropolitan areas throughout the nation. FFIEC Press Release 8/2/02

  • FFIEC Announces the Availability of Data on Small Business



  • The 2001 CRA data reflect originations and purchases of small business, small farm, and community development loans from 1,912 institutions, including 1,443 commercial banks and 469 savings associations. FFIEC Press Release 8/2/02

  • FDIC Issues Special Alert/Counterfeit Official Bank Checks



  • The FDIC has learned that counterfeit cashier's checks drawn on three separate financial institutions are in circulation. The items appear to be circulating nationwide. FDIC:FIL-83-2002 8/2/02

  • Approval of proposal of Bank of Orange County



  • The Federal Reserve Board announced its approval of the applications by Bank of Orange County, Fountain Valley, California, to merge with Cerritos Valley Bank, Artesia, California, and establish branches at the former locations of Cerritos. FRB Press Release 8/1/02

  • FDIC Publishes Notice of Agency Meeting



  • The meeting will be held in the Board Room on the sixth floor of the FDIC Building located at 550 - 17th Street, N.W., Washington, D. C. on August 6, 2002. Notice 8/1/02

  • TO ACCESS PRIOR TOP STORIES

    To access previous Top Stories (such as the ones from July, for example), use the Top Stories Archive drop-down menu above, or the drop-down menu at the bottom of this page to select the month you wish to review.

07/14/2002

GAO comments on housing programs

The Government Accountability Office (GAO) has issued a report suggesting that more efforts are needed in fair housing controls and toward improved access for non-English speakers in a key government housing program. The Home Affordable Modification Program (HAMP) offshoot, MHA Outreach and Borrower Intake Project, includes a Treasury Department requirement that servicers monitor compliance with fair lending laws, but no assessment has yet been made of the extent to which servicers are meeting that requirement. Also, notwithstanding a 2000 Executive Order and a 2011 Attorney General's memorandum, says the report, Treasury has only recently developed guidelines and procedures for MHA programs relating to improving access for limited English proficiency persons.

07/14/2002

GAO comments on housing programs

The Government Accountability Office (GAO) has issued a report suggesting that more efforts are needed in fair housing controls and toward improved access for non-English speakers in a key government housing program. The Home Affordable Modification Program (HAMP) offshoot, MHA Outreach and Borrower Intake Project, includes a Treasury Department requirement that servicers monitor compliance with fair lending laws, but no assessment has yet been made of the extent to which servicers are meeting that requirement. Also, notwithstanding a 2000 Executive Order and a 2011 Attorney General's memorandum, says the report, Treasury has only recently developed guidelines and procedures for MHA programs relating to improving access for limited English proficiency persons.

06/30/2002

Top Stories for July 2002

  • Treasury Withdraws and Reproposes Bank Deposit Interest Regulations

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

  • OFAC Publishes Interpretative Ruling

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

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

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

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

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

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

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

  • OCC Publishes Bulletin on Customer ID Proposal

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

  • Appeals Court Upholds Financial Privacy Regulations

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

  • Written Agreement with Community First Bank and Trust

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

  • HUD Issues Proposed Rule to RESPA

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

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

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

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

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

  • 2002 National Money Laundering Strategy Roll Out

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

  • Treasury Requests Comments on Suspicious Activity Report Money Services Businesses

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

  • Approval of application of Nordea Bank Finland

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

  • DIT Test Schedule

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

  • FDIC Merger Decisions: Annual Report to Congress

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

  • The Rise of Risk Management: Basel and Beyond

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

  • FDIC Issues Rule on Corporate Debt Collection

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

  • Enhancing Financial Transparency

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

  • FinCEN Announces it is Rescinding an Exemption

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

  • Software Change to the Fedwire Funds Service Message Format

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

  • FBIIC Policy on Sponsorship of GETS Cards

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

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

    The FRB, OCC and FDIC recently issued updated host-state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (Interstate Act). OCC 2002-32, 2002 Host State Loan-to-Deposit Ratios 7/24/02

  • OCC Issues Alert on Unauthorized Banking Entities

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

  • 2001 FDIC Program Performance Report

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

  • OFAC

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

  • Regulators Draft Guidance on Credit Card Lending

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

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

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

  • Customer ID Proposals Published in Federal Register

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

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

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

  • FDIC Issues Alert on Missing Cashiers Checks

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

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

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

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-78 to notify banks of a recent OFAC change where OFAC amended its listing of Specially Designated Nationals. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-78-2002 7/22/02

  • FTC Testifies on Identity Theft and the Impact on Seniors

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

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

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

  • Administrative Actions Against PNC Financial Services Group

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

  • OFAC Comment Deadline Looms

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

  • OCC Issues Examination Procedures for COPPA

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

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

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

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

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

  • OCC Announces New Electronic Interpretations and Actions

    Interpretive Letters and No-Objection Letters reflect the views of the Comptroller's legal staff. Corporate Decisions, CRA Decisions and Conditional Approvals are from the office of Bank Organization and Structure. Electronic Interpretations and Actions 7/18/02

  • OCC Releases CRA Evaluations For National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of June 15 through July 14, 2002. The list contains only national banks and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. OCC:NR 2002-58 7/18/02

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

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

  • OCC Issues Correction to Previously Issued Rule

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

  • OCC Announces New Enforcement Actions and Terminations

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

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

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

  • FBI Studying SSN Misusage for Terrorist Links

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

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

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

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

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

  • FRB's Financial Services Publishes Operating Circular #7

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

  • Service Charge Information via FedLine for the Web

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

  • Account Management Information via FedLine for the Web

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

  • Agenices Request Comment on Changes to the Call Report

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

  • FedACH File Edit Change

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

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

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

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

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

  • Written Agreement with Rurban Financial and State Bank and Trust

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

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

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

  • FTC Calls for Stiffer Penalties for Identity Thieves

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

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

    The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published "Monthly Warning Advisory" (Issue No. 29), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-74-20027/10/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

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

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-76 to notify banks of a recent OFAC change where OFAC amended its listing of Specially Designated Nationals. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-76-2002 7/10/02

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

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

  • Written Agreement with First American Bank

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

  • Orders of Restitution against former directors of Great Eastern Bank

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

  • FOMC Announces 2003 Schedule

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

  • FDIC Issues July List of Banks Examined for CRA Compliance

    The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in April 2002. FDIC:PR-84-2002 7/8/02

  • Opportunities for Former FDIC Employees

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

  • OCC Issues Bulletin on OFAC Proposed Rulemaking

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

  • FFIEC Publishes Call Report Validation Criteria

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

  • OCC Issues Alert on Fictitious Regulatory Agency Issuances

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

  • FDIC Sells Nextbank Owned Credit Card Portfolio

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

  • FFIEC Publishes Statistical Release

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

  • Suspicious Activity Reporting Rule for Broker-Dealers Finalized

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

  • FTC Charges of Violating Debt Collection and Credit Reporting Laws

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

  • FDIC Issues Final Rule on an Agency Reorganization

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

  • FDIC To Market Connecticut Bank of Commerce Assets

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

  • Testing, Testing

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

  • FRB of Philly Enters into Written Agreement with PA Bank

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

  • Money Smart, a training program from the FDIC

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

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

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

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

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

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

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

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

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

  • FDIC is Centralizing the Consumer Affairs Function

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

  • FDIC Issues Alert on Counterfeit Cashier's Checks

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

  • FDIC Issues Alert on Missing Cashier's Checks

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

05/31/2002

Top Stories for June 2002

  • Statement by FTC Chairman Muris Regarding Proposed RESPA Rule Revisions by Housing and Urban Development

    Speaking at the National Press Club in Washington, D.C. , Department of Housing and Urban Development (HUD) Secretary Mel Martinez announced a proposal that would reform the regulatory requirements under the Real Estate Settlement Procedures Act (RESPA) that govern settlement fees paid by home buyers. FTC Press Release 6/28/02

  • OCC Survey Shows Measured Response By Banks to Slowing Economy

    The OCC's eighth annual Survey of Credit Underwriting Practices found that underwriting standards for commercial and retail loans tightened for the second consecutive year in a measured response to a slowing economy and pockets of deteriorating product performance. OCC:NR 2002-56 6/28/02

  • 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 6/28/02

  • FDIC Expands Money Smart Alliance Program

    The FDIC announced that the U.S. Department of Housing and Urban Development, the U.S. Small Business Administration, the United Way of Greater Los Angeles and the CHARO Business Center have joined the FDIC in an effort to raise financial literacy in underserved communities and bring the unbanked into healthy banking relationships through the FDIC's Money Smart financial education program. The announcement was made at a news conference in Los Angeles. FDIC:PR-75-2002 6/28/02

  • FDIC Announces Receivership of Universal Federal Savings Bank, Chicago, Illinois

    Universal Federal Savings Bank, Chicago, Illinois, was closed by the Office of Thrift Supervision (OTS), and the Federal Deposit Insurance Corporation (FDIC) was named receiver. FDIC:PR-76-2002 Statement 6/28/02

  • Fed Leaves Interest Rates Unchanged

    The Federal Open Market Committee decided to keep its target for the federal funds rate unchanged at 1 3/4 percent. FRB Press Release 6/27/02

  • Scam Artists Use Do Not Call Registry to Commit Fraud

    Scam artists capitalizing on the popularity of existing state "Do Not Call" lists and the proposed FTC "Do Not Call" registry have devised yet another method to trick consumers into giving up personal information, such as their Social Security number, bank account number, credit card number or telephone calling card number. FTC Press Release 6/27/02

  • FFIEC Adds June Forms

    The FFIEC added the June 2002 FFIEC 002 Reporting Form and instructions and the June 2002 Instructions for Preparation of the FFIEC 031 and 041 Reporting Forms. 6/27/02

  • Financial Institution Guidelines for Making Same-day Federal Tax payments in EFTPS

    The guidelines provide consolidated information to financial institutions regarding same-day payment methods to remit Federal tax payments for business taxpayers. FRB Financial Services 6/27/02

  • Reg C Changes Published in the Federal Register

    The FRB has published in the Federal Register, its amendments to Regulation C (the HMDA reg) and staff interpretations. There is also a new technical amendment which requires lenders to ask telephone applicants for monitoring information. The technical amendment on telephone applicants is effective for applications taken beginning January 1, 2003. 67FR43217 (text), 67FR43218 (text) 6/27/02

  • FDIC Announces Receivership Of The Connecticut Bank Of Commerce, Stamford, Connecticut

    The Connecticut Bank of Commerce, Stamford, Connecticut, was closed by the Banking Commissioner, Connecticut Department of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. FDIC:PR-74-2002 Closing Information 6/27/02

  • New Money Smart Initiatives Announced at San Antonio Event

    As part of the national rollout of the Federal Deposit Insurance Corporation's (FDIC) Spanish-language version of its highly successful Money Smart financial education program, several new initiatives were announced at a news conference in San Antonio, Texas. FDIC:PR-73-2002 6/27/02

  • FDIC Announces Release of Spanish Language Version of Money Smart Program

    Calling financial education "key to building assets and achieving long-held dreams," FDIC Chairman Don Powell launched the Spanish language version of the FDIC's adult financial education curriculum, Money Smart, at a news conference in Pilsen, a Latino neighborhood in Chicago. FDIC:PR-71-2002 , Speech 6/26/02

  • FDIC Issues Removal and Prohibition Order and a Civil Money Penalty Against a Texas Banker

    The FDIC has issued a removal and prohibition order and a civil money penalty of $2,500 against Vernon Beryl Murdock, Jr., formerly with the Kent County State Bank, Jayton, Texas. FDIC:PR-72-2002 6/26/02

  • Banking agencies issue host state loan-to-deposit ratios

    The FRB, OCC and FDIC iissued the host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios update data released in June 2001. Ratios, FRB Press Release, OCC:NR 2002-55 FDIC:FIL-70-2002, FDIC-PR-70-2002 6/25/02

  • OCC Issues Booklet on Insurance Activities

    The OCC issued a booklet that provides information to national banks and OCC examiners on the risks, controls and supervision of national bank insurance activities. OCC:NR 2002- 54, Booklet 6/25/02

  • Regulation C Changes Become Official

    The FRB has published its amendments to Regulation C (the HMDA reg) and staff interpretations reported on earlier in BOL Top Stories. There is also a new technical amendment which requires lenders to ask telephone applicants for monitoring information.. The technical amendment on telephone applicants is effective for applications taken beginning January 1, 2003. FRB Press Release 6/24/02

  • Regulators Distribute Call Report for Second 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 July 30, 2002. FDIC:FIL-69-2002 6/24/02

  • OTS Announces 81 CRA Exams Secheduled for 3rd Quarter 2002

    The OTS announced that 81 savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the third quarter of 2002. OTS 02-30, Exam Schedule 6/24/02

  • FATF Annual Report for 2001-2002 released

    The Financial Action Task Force on Money Laundering (FATF) issued its thirteenth annual report. The report outlines the main achievements of the FATF in 2001-2002 under the Presidency of Hong Kong, China, including the significant progress that has been made in combating terrorist financing and in the work on non-cooperative countries and territories (NCCTs). FATF Press Release 6/24/02

  • OCC Issues Bulletin on Previously Issued Proposed Rule to Implement a Provision of the USA PATRIOT Act

    Section 312 of the act furthers this goal by requiring U.S. financial institutions to establish due-diligence policies,
    procedures, and controls reasonably designed to detect and report money laundering through correspondent accounts and private banking accounts of non-U.S. persons. Private banking accounts involve accounts of $1 million or more for individuals that are administered by an officer, employee, or agent of a financial institution acting as a liaison between the financial institution and the direct or beneficial owner of the account. OCC 2002-29 6/24/02

  • Bill McPherson Named Deputy Comptroller for Large Banks; Michael Brosnan Appointed Examiner-in-Charge

    The Office of the Comptroller of the Currency announced that James W. (Bill) McPherson has been named Deputy Comptroller for Large Banks. Mr. McPherson, who has served as the Examiner-in-Charge for Bank of America, NA, since January, 1998, will report to Douglas W. Roeder, Senior Deputy Comptroller for Large Banks. OCC:NR 2002-53 6/24/02

  • Federal Reserve Financial Services Issues Memo on Unilateral Repo Adjustments

    As previously announced in Clearing Memorandum #236, Fedwire ® Securities Service participants will be permitted on payment date to unilaterally cancel a preauthorized debit associated with a Repo Claim Adjustment to another Fedwire participant. This will be done by submitting a Unilateral Adjustment Request to the Federal Reserve, with the understanding that the Fedwire participant sending the request has not notified the Fedwire participant counterparty and has no agreement from that counterparty. Clearing Memo #238 6/21/02

  • Fedwire Securities Service Enhanced Functionality

    Under the category of Book-Entry Securities, the Federal Reserve Financial Services has just posted information on repo tracking and interim accounting cash adjustments. Federal Reserve Financial Services 6/21/02

  • Treasury and FRB Announce Plans for Redesigned Notes

    In keeping with their strategy of maintaining the security of Federal Reserve notes by enhancing the design of U.S. currency every seven to ten years, the Department of the Treasury's Bureau of Engraving and Printing (Bureau) and the Federal Reserve Board announced plans to release the next generation of redesigned notes, with improved security features to deter counterfeiting. FRB Press Release 6/21/02

  • FFIEC Updates the June 2002 Validation Criteria for the FFIEC031 and FFIEC041 Call Reports

    Validity Edits: PDF | Word - FINAL, revised June 11, 2002
    Quality & Intraseries Edits: PDF | Word - FINAL, revised June 7, 2002 6/21/02

  • FDIC Money Smart Curriculum Adopted By South Carolina Adult Education Program

    The FDIC and the South Carolina Department of Education's Workplace Resource Center (WRC) today announced the adoption of the FDIC's Money Smart financial education program as the financial literacy curriculum for use in South Carolina's statewide adult education system. FDIC:PR-69-2002 6/21/02

  • OTS Announces 81 CRA Exams Secheduled for 3rd Quarter 2002

    The schedule reflects OTS's implementation of Section 712 of the Gramm-Leach-Bliley Act, which extends the CRA examination cycle from approximately every two years to four or five years for institutions with aggregate assets of not more than $250 million and CRA examination ratings of “Satisfactory” or “Outstanding” respectively. OTS 02-30 6/21/02

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

    The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published "Monthly Warning Advisory" (Issue No. 28), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-67-2002 6/20/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks drawn on eight separate financial institutions are in circulation. It appears these checks may be circulating nationwide. FDIC:FIL-68-2002 6/20/02

  • OCC Issues Final Rule on Capital Equivalency Deposits

    The OCC is revising certain requirements regarding CED deposit arrangements to increase flexibility for, and reduce burden on, certain Federal branches and agencies, based on a supervisory assessment of the risks presented by the particular institution.
    67FR41619 (text) 6/19/02

  • FRB Seeking Nominations for Consumer Advisory Council

    The Council advises the Board on the exercise of its responsibilities under the Consumer Credit Protection Act and on other matters on which the Board seeks advice. The group meets in Washington, D.C., three times a year. FRB Press Release 6/19/02

  • FRB Financial Services Makes Holiday District Announcement

    The Federal Reserve Banks will be closed on Thursday, July 4, for the Fourth of July holiday. Please refer to the instructions for information on your local office. Unless it is listed separately, all of the particular District's offices and branches will follow the same Cash schedule. Holiday District Announcement 6/19/02

  • Banking Industry Performance Remains Strong Despite Lingering Economic Weaknesses

    A report released in the FDIC's Regional Outlook describes recent signs of a consumer-led recovery in the U.S. economy, but cautions that banks remain exposed to lingering economic risks, notably in the area of subprime consumer lending. FDIC:PR-68-2002 6/19/02

  • FDIC Appoints 43 Executives as Part of Upcoming Reorganization

    The reorganization and the appointments, which were made through a competitive selection process, become effective June 30.
    "My vision for a reorganized, refocused, accountable and more proficient FDIC is taking shape," Chairman Powell said today. "With these selections, the FDIC now has in place the management structure and team to put a greater percentage of our resources on the line, where our most critical work gets done." FDIC:PR-67-2002 6/18/02

  • EFT Newsclips

    The Treasury Department's Financial mangement Service has published its Summer 2002 edition of EFT Newsclips. Among the articles we think are noteworthy are a report on the number of banks (nearly 600) who are participating in the Electronic Transfer Account ("ETA") program; beginning 1/1/04, Treasury checks will no longer have personal identification numbers (such as SSNs) on them; more than 100,000 businesses and individuals have signed up for the online EFTPS program; free marketing materials are available to promote EFTPS; the policy for government ACH reclamations has been clarified; and new SSA procedures are being implemented to quickly resolve erroneous reports from financial institutions of the death of Direct Deposit benefit recipients. EFT Newsclips6/18/02

  • OCC Issues Bulletin on Homeownership Counseling: Notice of Statutory Requirement

    This bulletin announces the renewal of a statute requiring all creditors to provide notice of the availability of homeownership counseling to certain first-time mortgage loan applicants and to certain homeowners who are delinquent on their home loans. OCC 2002-27 6/18/02

  • OCC Issues Bulletion on Prohibition Against Use of Interstate Branches Primarily for Deposit Production

    As reported earlier in the Federal Register, the OCC has issued a final rule regarding the prohibition against using interstate
    branches for purposes of "deposit production" found in section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act (Riegle-Neal Act). OCC 2002-28 6/18/02

  • OCC Releases CRA Evaluations For 38 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of May 15 through June 14, 2002. OCC:NR 2002- 51 6/17/02

  • FDIC Issues Several Alerts on Fictitious Checks

    The FDIC has learned that several fictitious cashier's checks are in circulation. The following alerts have been issued: FDIC:FIL-60-2002, FDIC:FIL-61-2002, FDIC:FIL-65-2002 6/17/02

  • FDIC Issues Alert on Stolen Bank Note Security Paper

    The FBI has asked the FDIC to alert all FDIC-supervised banks to the theft of bank note security paper from the Denver County (Colorado) Vital Statistics Office. FDIC:FIL-62-2002 6/17/02

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

    The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published "Monthly Warning Advisory" (Issue No. 27), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-63-2002 6/17/02

  • FDIC Issues FIL on FinCEN Advisory

    The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) published issues 28 through 32 of its FinCEN Advisory in April 2002. FDIC:FIL-64-2002 6/17/02

  • OCC Announces 2 New Enforcement Actions and 1 Termination

    The OCC announced 2 new enforcement actions taken against national banks and 1 termination of an existing enforcement action. OCC:NR 2002-52 6/17/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-66 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-66-2002 6/17/02

  • Settlement Agent Information

    Under the category of Net Settlement, the Federal Reserve Financial Services has just posted information for settlement agents, with operating hours, contacts and forms. Federal Reserve Financial Services 6/14/02

  • FDIC Chairman Announces Money Smart Alliance Program to Promote Financial Education in Underserved Communities

    Speaking before a meeting of the National Association of Affordable Housing Lenders, Powell stressed that financial education — particularly of those who are outside the financial mainstream — is a matter of critical importance both to regulators and the American people as a whole. FDIC:PR-66-2002 6/14/02

  • FFIEC Adds Forms and Call Report Edits

    The FFIEC has added the June 2002 FFIEC 031 Reporting Form and FFIEC 041 Reporting Form , updated the UBPR order form, and posted validation criteria for the FFIEC031 and FFIEC041 Call Reports. FFIEC 6/13/02

  • FDIC Publishes Quarterly Banking Profile - First Quarter 2002

    The Quarterly Banking Profile is a quarterly publication that provides the earliest comprehensive summary of financial results for all FDIC-insured commercial banks and savings institutions. This report card on industry status and performance includes written analyses, graphs, and statistical tables. 6/13/02

  • FDIC Minority Depository Institutions Program

    The FDIC Board adopted a new Policy Statement Regarding Minority Depository Institutions. The new Policy Statement has been updated to reflect changes in certain regulations and to expand the FDIC's Minority Depository Institutions Program. Enhancements to the program include increased communication with Minority Depository Institutions, better coordination with trade associations that represent Minority Depository Institutions, defined roles of a national program coordinator and regional coordinators, and more opportunities for institutions to request technical assistance. 6/13/02

  • FFIEC Updates Reporting Forms

    The FFIEC has updated two Reporting Forms for June 2002 -- FFIEC 031(Consolidated Reports of Condition and Income for A Bank With Domestic and Foreign Offices) and FFIEC 041 (Consolidated Reports of Condition and Income for A Bank With Domestic Offices. FFIEC 031, FFIEC 041 6/12/02

  • FFIEC Reports that the March 31, 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 6/12/02

  • FATF to Publish Annual Report and Report on Non-Cooperative Countries and Territories

    The Financial Action Task Force on Money Laundering (FATF), will issue its thirteenth annual report on its anti-money laundering and anti-terrorist financing activities as well as a new report updating its findings on the non-cooperative countries and territories in the international fight against money laundering. FATF Press Release 6/12/02

  • Chairman Details Progress Made in Implementing The Federal Trade Commission's New Privacy Agenda

    Remarks Presented at the Networked Economy Summit in Reston, Virginia
    Presenting remarks titled "Protecting Consumers' Privacy: Goals and Accomplishments" at the Networked Economy Summit in Reston, Virginia, Federal Trade Commission Chairman Timothy J. Muris said that the FTC has made significant strides in implementing the Privacy Agenda announced last October, and pledged continued diligence to ensure that consumers are protected as the "information economy" grows more complex. FTC Press Release 6/12/02

  • OCC Issues Bulletin on Reg Z Final Rule

    As earlier announced by the Federal Reserve, the revisions clarify how creditors that place Truth in Lending Act disclosures on the same document with the credit contract may satisfy the requirement for providing the disclosures, in a form the consumer may keep, before consummation. OCC 2002-26, Final Rule 6/11/02

  • OFAC

    Yesterdays OFAC change should not affect banks. It has simply issued License Application Guidelines for specific licenses for travel to Cuba to engage in educational exchanges not pursuant to a degree program. OFAC 6/11/02

  • OTS Issues Proposed Rule for Recordkeeping and Confirmation Requirements that Effect Securities Transactions

    The proposal 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. 67FR39886 (text) 6/11/02

  • OTS Proposes Standards for Thrift Broker-Dealer Activities Without SEC Registration

    The OTS is proposing standards for federal savings associations that may now perform certain broker-dealer activities, just like banks, without registering with the Securities and Exchange Commission. OTS 02-29 6/11/02

  • OCC Notes FinCEN's Country Updates

    The OCC has issued AL 2002-5 to advise banks of a revision in the list of countries detailed in a previous OCC Advisory Letter (AL 2002-2). These deal with identification of countries with serious deficiencies in their counter-money-launder systems, as previously identified by FinCEN advisories. OCC: AL 2002-5 6/10/02

  • FR-FMS Account Management Guide Revised

    The Federal Reserve Financial Management Service has revised its account management guide. It is designed as a practical reference to make it easier for financial institutions to manage reserve accounts. Account Management Guide 6/10/02

  • FDIC Points to FATF Guidance

    The FDIC has published FIL-59-2002 to alert banks to guidance on detecting terrorist financing recently published by the Financial Action Task Force on Money Laundering (and previously noted on BOL). FDIC:FIL-59-2002 6/10/02

  • Exception Fax Forms

    The Federal Reserves Financial Services publishes ACH Return Item Exception Fax Form. 6/10/02

  • Virginia Woman Indicted in Scheme to Steal Keystone Assets

    FDIC Inspector General Gaston L. Gianni, Jr., has announced that Norma Faye Canipe of Virginia was indicted on June 5 in the Southern District of West Virginia, Charleston, West Virginia, in connection with a scheme to obtain property and other assets owned by Terry L. Church and her family. Church is the former Vice President of the failed First National Bank of Keystone, Keystone, West Virginia. FDIC:PR-65-2002 6/10/02

  • FedWire Security Services Enchanced Functionality

    The implementation of Repo Tracking and Interim Accounting cash adjustments will not begin in June 2002, as previously announced. However, participants may continue to test Interim Accounting and Repo Tracking in the Depository Institution Testing (DIT) environment. FedLine 6/10/02

  • Fed Announces FedImage Services

    The Federal Reserve announced FedImage Services, an all-new image service for financial institutions, recognizing the increasing role that image-based services are playing in the evolution of the U.S. payments system and the migration toward more electronic payments. FedImage Services 6/10/02

  • FDIC Imposes Civil Money Penalties Against Five Ohio Bankers

    The FDIC has issued civil money penalties totaling $17,000 against five directors and officers of The Monitor Bank, Big Prairie, Ohio. FDIC:PR-64-2002 6/7/02

  • OCC Speeches

    Mark A. Nishan, Chief of Staff, Office of the Comptroller of the Currency, Before a Bankers Outreach Meeting Minneapolis, Minnesota, NR 2002- 50 Remarks by John D. Hawke, Jr., Comptroller of the Currency, Before The Risk Management Association's Capital Management Conference Washington, D.C. , OCC: NR 2002- 49 6/7/02

  • HUD Notice Clarifies Applicability of Homeownership Counseling Requirement

    In Mortgagee Letter 2002-12, the Department of Housing and Urban Development describes the braod scope of the types of loans to which the homeownership counseling notices apply. Mortgagee Letter 2002-12 6/6/02

  • Agencies Amend Rule On Prohibition Against Using Interstate Branches Primarily for Deposit Production

    The Riegle-Neal Interstate Banking and Branching Efficiency Act prohibits any bank from establishing or acquiring a branch outside of its home state primarily for the purpose of deposit production. Section 106 of the Gramm-Leach-Bliley Act expands this prohibition to include any branch of a bank controlled by an out-of-state bank holding company. To conform their regulations to this statutory change, the agencies have amended their rules so that the prohibition against deposit production offices also applies to any bank or branch of a bank controlled by an out-of-state bank holding company. Joint Final Rule FRB Press Release, OCC:NR 2002- 47, FDIC-PR-63-2002, FDIC:FIL-58-2002 67FR38844 (pdf) 67FR38844 (txt) 6/6/02

  • OCC Reports Bank Trading Revenues Over $3 Billion

    Earnings from cash instruments and derivatives trading activities at U.S. commercial banks grew to $3.1 billion in the first quarter 2002, an increase of $492 million from the previous quarter. The notional amount of derivatives grew by $946 billion this quarter to $46.3 trillion. OCC:NR 2002- 48, Bank Derivatives Report 6/6/02

  • FDIC Issues June 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 March 2002. FDIC:PR-62-2002 6/6/02

  • Call and Thrift Financial Reports

    The March 31, 2002, reports are now posted online. 6/5/02

  • FDIC Consumer News

    Tips on banking long distance, saving for retirement and tracing old bank accounts are featured in the latest edition of Consumer News. 6/5/02

  • Makes Public April Enforcement Actions; No Administrative Hearings Scheduled

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in April. No administrative hearings are scheduled for June. FDIC:PR-61-2002 6/5/02

  • FDIC Announces Record Banking Industry Earnings; Returns at Large Banks Climb Most

    Commercial banks had record earnings of $21.7 billion in the first quarter, surpassing the previous quarterly record by 9.6 percent, the Federal Deposit Insurance Corporation reported today. The industry's return on assets (ROA), a basic yardstick of earnings performance, rose to 1.33 percent, the third-highest ever. FDIC:PR-60-2002 6/5/02

  • CAC Schedules Next Meeting

    The Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on Thursday, June 27. 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. FRB Press Release 6/4/02

  • OCC Issues Bulletin on Independent Trust Bank Assessment

    Pursuant to newly revised 12 CFR 8.6(c), the independent trust bank assessment is based on "Fiduciary and Related
    Assets" as reported on Schedule RC-T of FFIEC Forms 031 and 041. OCC 2002-25 6/4/02

  • FDIC Issues Preliminary Bank Earnings Report

    Wider net interest margins at large banks, combined with slow growth in noninterest expenses, helped propel commercial bank profits to a record $21.7 billion in the first quarter. Bank Earnings Report, FYI 6/4/02

  • FinCEN Holds Law Enforcement Seminar on Informal Value Transfer Systems

    A seminar to discuss issues surrounding informal value transfer systems, to include hawala, was held May 29thy at the FinCEN. The seminar was attended by over 50 representatives from the law enforcement community. FinCEN News Release 6/4/02

  • Treasury Department Issues Proposed Regulation Implementing Section 312 of the USA PATRIOT Act

    FinCEN publishes the Due Diligence Anti-Money Laundering Programs for Certain Foreign Accounts Implementing Section 312 of the USA PATRIOT ACT. This was earlier announced on BOL. Proposed Rule 6/4/02

  • "Touring the Board" added to the FRB Web Site

    The site provides information about visiting the Federal Reserve in person and includes a "virtual tour" offering photos of the Board's buildings and art collection, as well as an architectural history of the Board's Eccles Building. FRB Press Release 6/4/02

  • FFIEC Releases UBPR Schedule

    The FFIEC has announced that UBPR's will be available online 30 days after an institution's call report is filed. For the call reports which were due 4/30/02, UBPRs are available online beginning June 5. FFIEC Press Release 6/3/02

  • OFAC Lists Changes

    OFAC has added new entities to its list, removed one entity, and revised the entry for another. BOL OFAC PAGE 6/3/02

  • FATF Releases Public Consultation Paper on the Review of the Forty Recommendations

    The FATF is consulting all interested parties during its review of the Forty Recommendations on money laundering – the global anti-money laundering standard – to ensure that the Recommendations adequately address the changes in money laundering
    techniques and trends, new international developments, and other factors. FATF Press Release 6/3/02

  • FDIC Issues Third 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 third quarter of 2002. FDIC:PR-59-2002 6/3/02

  • OCC Issues Final Rule on Assessment of Fees

    As earlier published in the Federal Register and reported by BOL, the final rule updates section 8.6 to reference the appropriate portion of new forms issued by the Federal Financial Institutions Examination Council (FFIEC), which replace the FFIEC form
    currently referenced in section 8.6(c). OCC: 2002-24 6/3/02

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