R. Kinney Williams - Yennik, Inc.®
R. Kinney Williams
Yennik, Inc.

The Community Banker
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Bank Regulatory News
April 2001

April 30, 2001 - The Office of the Comptroller of the Currency (OCC) today issued guidance advising national banks on measures to prevent identity theft and pretext calling.  
Press release - http://www.occ.treas.gov/ftp/release/2001-41.txt 
AL 2001-4 OCC ADVISORY LETTER http://www.occ.treas.gov/ftp/advisory/2001-4.txt 

April 30, 2001 - The Federal Reserve Board today announced the issuance of supervisory guidance addressing how banking organizations should protect customer information against identity theft.  http://www.federalreserve.gov/boarddocs/press/General/2001/20010430/default.htm 

April 27, 2001 - The Office of Thrift Supervision (OTS) reported today that only 3.5 percent of thrifts were at high risk from a hypothetical 200 basis point fluctuation in interest rates at the end of the fourth quarter. That’s a 42 percent reduction from six percent at the end of the third quarter and eight percent last June.  http://www.ots.treas.gov/docs/77130.html 

April 27, 2001 - The NCUA issues Investment / Asset Liability Management guidelines.  http://www.ncua.gov/ref/Investment/ALM-reviewprocedures.html 

April 27, 2001 - The Office of Thrift Supervision announced today that it approved the charter application of AGE Federal Credit Union in Albany, Ga., to become HeritageBank of the South, a federal thrift.  http://www.ots.treas.gov/docs/77129.html 

April 27, 2001- OCC Bulletin - Uniform Standards for the Electronic Delivery of Disclosures; Regulations M, Z, B, E and DD  http://www.occ.treas.gov/ftp/regs/2001-23a.htm 

April 26, 2001 - FRB - Identify Theft and Pretext Calling - The Gramm-Leach-Bliley Act directs the Board and other federal agencies to ensure that financial institutions have policies, procedures and controls in place to prevent the unauthorized disclosure of customer financial information and to deter and detect fraudulent access to such information.  http://www.federalreserve.gov/BoardDocs/SRLetters/2001/Sr0111.htm 

April 26, 2001 - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in March. No administrative hearings are scheduled for May.  http://www.fdic.gov/news/news/press/2001/pr3001.html 


April 25, 2001 - Financial Trends of Federally Insured Credit Unions January 1 - December 31, 2000.  http://www.ncua.gov/ref/letters/01-CU-05.pdf 

April 24, 2001 - OCC Advises Banks to Ensure Information Systems Security is Maintained - The Office of the Comptroller of the Currency today issued an alert outlining steps that national banks should take to protect and maintain network security.  
Press release http://www.occ.treas.gov/ftp/release/2001-40.txt 
Alert http://www.occ.treas.gov/ftp/alert/2001-4.txt 

April 23, 2001 - Remarks by Julie L. Williams, 1st Senior Deputy Comptroller and Chief Counsel, OCC, Before the American Banker's 2nd Account Aggregation Conference - "The Impact of Aggregation on the Financial Services Industry" http://www.occ.treas.gov/ftp/release/2001-39.txt 

April 20, 2001 - National Credit Union Administration (NCUA) releases Proposed rule which relaxes certain provisions in NCUA’s regulations for advertising and posting notice of nondiscrimination in real estate-related lending.  http://www.ncua.gov/news/proposed_regs/12CFRPart701-31(d)-proposed.html

April 20, 2001 - National Credit Union Administration (NCUA) releases Final Interpretive Ruling and Policy Statement (IRPS) 01-2, “Central Liquidity Facility Advance Policy.”  http://www.ncua.gov/news/proposed_regs/12CFRPart725(CLF-IRPS01-02)-final.html

April 20, 2001 - The NCUA is revising its regulations pertaining to the Community Development Revolving Loan Program For Credit Unions (CDRLP).  http://www.ncua.gov/news/proposed_regs/12CFRPart705-final.html

April 20, 2001 - The Board of Governors of the Federal Reserve System (FRB) has adopted the attached final rule revising the Official Staff Commentary to Regulation E, which implements the Electronic Fund Transfer Act (EFTA). The final rule took effect on March 15, 2001; however, the mandatory compliance date is January 1, 2002.     
Press Release:  http://www.fdic.gov/news/news/financial/2001/fil0133.html          
Final Ruling:  http://www.fdic.gov/news/news/financial/2001/fil0133a.html

April 19, 2001 - The NCUA Board approved final revisions to §705.10, which adds flexibility to how NCUA may deliver technical assistance to credit unions participating in the Community Development Revolving Loan Program (CDRLP).  http://www.ncua.gov/news/board_reports/BAB041901.html

April 19, 2001 - NCUA has scheduled an Information Systems Vendor Conference to be held in Alexandria, VA on August 9, 2001.  The target audience is information systems vendors that provide core share and loan processing systems and/or internet-based banking programs to the credit union community.  http://www.ncua.gov/ref/IST/vendor_conf_announce.html

April 19, 2001 - The U.S. Marshals Service has asked the Federal Deposit Insurance Corporation (FDIC) to alert all U.S. banks about the current 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 another fraud scheme.  http://www.fdic.gov/news/news/financial/2001/fil0132.html

April 18, 2001 - The Federal Open Market Committee decided to lower its target for the federal funds rate by 50 basis points to 4-1/2 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 4 percent.  www.federalreserve.gov/BoardDocs/Press/General/2001/20010418/

April 17, 2001 – FFIEC announced that Donna A. Tanoue, Chairman of the Federal Deposit Insurance Corporation, was elected Chairman of the Federal Financial Institutions Examination Council for a two-year term beginning April 1.  The Council also named OTS Director Ellen Seidman, as its new Vice Chairman.  http://www.ffiec.gov/press/pr041701.htm

April 17, 2001 – The OCC released statement on prohibition against use of Interstate branches primarily for deposit production. Release:  http://www.occ.treas.gov/ftp/bulletin/2001-22.txt  Notice:  http://www.occ.treas.gov/fr/fedregister/66fr18411.htm

April 17, 2001 - According to NCUA Acting Chairman Dennis Dollar, small credit unions are an important agency focus for regulatory empowerment and flexibility.  http://www.ncua.gov/news/press_releases/nr041201.html

April 17, 2001 - The Federal Deposit Insurance Corporation (FDIC) and the other federal financial institution regulatory agencies have jointly issued the Interagency Guidance on Certain Loans Held for Sale. Press Release:  http://www.fdic.gov/news/news/financial/2001/fil0131.html  Guidance:  http://www.fdic.gov/news/news/financial/2001/fil0131a.html

April 16, 2001 - OCC Releases CRA Evaluations For 10 National Banks.  http://www.occ.treas.gov/cra/apr01.htm 

April 16, 2001 - OCC releases bulletin on Regulation E--Electronic Fund Transfer Act and related Final Rules and Staff Interpretation.  
Bulletin:  http://www.occ.treas.gov/ftp/bulletin/2001-21.txt  
Final Rule/Interpretation:  http://www.occ.treas.gov/ftp/regs/2001-21b.txt

April 13, 2001 – NCUA announces that the 5310 Corporate Call Reports available for January 2001.  http://www.ncua.gov/justposted.html

April 12, 2001 – OCC releases update on the Fair Credit Reporting Regulations on Communication of Consumer Information Among Affiliated Institutions which was published in the Federal Register on March 27, 2001.         Press Release:  http://www.occ.treas.gov/ftp/bulletin/2001-20.txt  Notice:  http://www.occ.treas.gov/fr/fedregister/66fr16624.htm

April 12, 2001 – OCC proposed rule would amend the formula the Office of the Comptroller of the Currency uses to assess independent credit card banks.  Press Release:  http://www.occ.treas.gov/ftp/bulletin/2001-19.txt  Notice:  http://www.occ.treas.gov/fr/fedregister/66fr17821.htm

April 12, 2001 – The Federal Reserve Bank of St. Louis reported that in March the producer price index (PPI) for finished goods fell 0.1 percent, as energy prices fell 2.6 percent, the largest decline in 11 months.  http://www.stls.frb.org/fred/data/wkly/cover

April 11, 2001 - NCUA Acting Chairman Dennis Dollar announced that he will appoint J. Kirk Cuevas as Chief of Staff and Counsel to the Chairman.  He also announced that John J. McKechnie III will be appointed as Special Assistant to the Chairman for Congressional Affairs on May 7th.  http://www.ncua.gov/news/press_releases/nr041101.html

April 11, 2001 - The Office of Thrift Supervision (OTS) announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in March 2001.  http://www.ots.treas.gov/docs/77128.html

April 11, 2001 - The Federal Reserve Board is requesting public comment on a proposal that would amend Regulation H (Membership of State Banking Institutions in the Federal Reserve System) to expand the prohibition against deposit production offices to include any branch of a bank controlled by an out-of-state bank holding company.  www.federalreserve.gov/boarddocs/press/boardacts/2001/20010411/

April 11, 2001 - The Federal Reserve Board announced its approval of the proposal by Countrywide Credit Industries, Inc., Calabasas, California to acquire Treasury Bank, Ltd., Washington, D.C.  www.federalreserve.gov/boarddocs/press/bhc/2001/20010411/

April 10, 2001 - St. Louis Fed's Poole says U.S. Current Account Deficit Reflects Healthy, Growing Economy. Press Release:  http://www.stls.frb.org/general/releases/rel01/nr0410.html  Speech:  http://www.stls.frb.org/general/speeches/010410.html

April 10, 2001 - FDIC Reports Year-End 2000 Financial Results For Bank And Thrift Insurance Funds.  http://www.fdic.gov/news/news/press/2001/pr2901.html

April 9, 2001 - The federal bank regulatory agencies issued guidance concerning sound risk management practices for institutions engaged in leveraged financing.  www.federalreserve.gov/BoardDocs/press/general/2001/20010409/default.htm

April 6, 2001 - NCUA Acting Chairman Dennis Dollar told Minnesota credit union leaders that the RegFlex proposed rule could facilitate the NCUA’s development of a more efficient resource allocation plan, while protecting against unnecessary budget increases in future years.  http://www.ncua.gov/news/press_releases/nr040601.html

April 6, 2001 – The OCC announced revisions to the policy of the Office of the Comptroller of the Currency (OCC) in applying the Uniform Rating System for Information Technology (URSIT) to national banks.  http://www.occ.treas.gov/ftp/bulletin/2001-17.txt

April 6, 2001 – The Federal Reserve Board released remarks by Chairman Alan Greenspan on the importance of education in today’s economy from the Community Affairs Research Conference of the Federal Reserve System, Washington, D.C.  www.federalreserve.gov/BoardDocs/Speeches/2001/20010406/default.htm

April 6, 2001 - The Federal Financial Institutions Examination Council (FFIEC) has announced that it will host its Risk Management Planning Seminar for 2001 on October 11 and 12 in San Francisco, California.  The focus will be “Identifying and Managing Technology Risks.”  http://www.fdic.gov/news/news/financial/2001/fil0129.html

April 5, 2001 - Comptroller of the Currency John D. Hawke, Jr. said that the U.S. must find a new method of funding bank supervision. 
Press Release:  http://www.occ.treas.gov/ftp/release/2001-35.txt 
Speech:  http://www.occ.treas.gov/ftp/release/2001-35a.txt

April 5, 2001 – The Federal Reserve Board releases Supervisory Guidance on Complex Wholesale Borrowings.  www.federalreserve.gov/boarddocs/SRLETTERS/2001/sr0108.htm

April 5, 2001 - FDIC Chairman Donna Tanoue released the agency's report on recommendations to reform the federal deposit insurance system.  http://www.fdic.gov/news/news/press/2001/pr2701.html

April 5, 2001 - The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). http://www.fdic.gov/regulations/community/monthly/2001/craapr01.html

April 5, 2001 - Commercial banks have become increasingly reliant on wholesale borrowings obtained from a number of financial intermediaries, including Federal Home Loan Banks, other commercial banks, and securities firms.  www.federalreserve.gov/boarddocs/srletters/2001/sr0108.htm#pagetop

April 5, 2001 – The Federal Reserve Board releases remarks made by Vice Chairman Roger W. Ferguson, Jr. at the Conference on Financial Innovation and Monetary Transmission, Federal Reserve Bank of New York.  www.federalreserve.gov/BoardDocs/Speeches/2001/200104052/default.htm#pagetop

April 4, 2001 – The Federal Reserve Board releases testimony of Chairman Alan Greenspan on Trade policy.  www.federalreserve.gov/BoardDocs/Testimony/2001/200104042/default.htm#pagetop

April 4, 2001 – The OCC releases alert on Fictitious Financial Programs Erroneously Attributed to the Federal Reserve.  The Federal Reserve System of the United States does not support, issue, or supervise any such programs.  http://www.occ.treas.gov/ftp/alert/2001-3.txt

April 4, 2001 – NCUA acting Chairman Dennis Dollar seeks options for faith-based Credit Unions ro provide affordable financial services for communities and underserved areas.  http://www.ncua.gov/news/press_releases/nr040501.html

April 4, 2001 - Comptroller of the Currency John D. Hawke, Jr. told a Congressional panel today that a revised capital proposal for merchant banking investment activities would permit continued investment in small business.  Press Release:  http://www.occ.treas.gov/ftp/release/2001-34.txt Testimony:  http://www.occ.treas.gov/ftp/release/2001-34b.txt

April 4, 2001 – The Federal Reserve Board releases testimony of Governor Laurence H. Meyer on Merchant banking.  www.federalreserve.gov/BoardDocs/Testimony/2001/20010404/default.htm#pagetop

April 3, 2001 - Office of Thrift Supervision Director Ellen Seidman today announced a series of legislative proposals designed to give thrifts the right to conduct some additional activities and take actions comparable to commercial banks.  Press Release:  http://www.ots.treas.gov/docs/77126.html Attachment: http://www.ots.treas.gov/docs/87084.html

April 2, 2001 - The Federal Financial Institutions Examination Council (FFIEC) announces the location and date for its 2001 Risk Management Planning Seminar.  http://www.ffiec.gov/press/pr040201.htm

April 2, 2001 - The National Credit Union Administration announces that Public & Congressional Affairs Director Robert E. Loftus plans to retire July 27, 2001.  http://www.ncua.gov/news/press_releases/pr040201.html

April 2, 2001 – The Federal Reserve Board announced that to date, thirty states have adopted the revised Article 9.  www.federalreserve.gov/boarddocs/srletters/2001/sr0107.htm


PLEASE NOTE:  Some of the above links may not function properly because the regulatory agency has changed the URL.  Please e-mail us at customer_service@yennik.com if we can be of assistance.  

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