Bank Regulatory News
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
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
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
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"
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.”
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).
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.
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.
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/
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.
April 17, 2001 – The OCC released statement on
prohibition against use of Interstate branches primarily for deposit
April 17, 2001 - According to NCUA Acting Chairman
Dennis Dollar, small credit unions are an important agency focus for
regulatory empowerment and flexibility.
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:
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
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.
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
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
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.
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.
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.
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.
April 10, 2001 - St. Louis Fed's Poole says U.S.
Current Account Deficit Reflects Healthy, Growing Economy. Press Release:
April 10, 2001 - FDIC Reports Year-End 2000 Financial
Results For Bank And Thrift Insurance Funds.
April 9, 2001 - The federal bank regulatory agencies
issued guidance concerning sound risk management practices for
institutions engaged in leveraged financing.
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
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
Press Release: http://www.occ.treas.gov/ftp/release/2001-35.txt
April 5, 2001 – The Federal Reserve Board releases
Supervisory Guidance on Complex Wholesale Borrowings.
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).
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.
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.
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
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.
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
4, 2001 – The Federal Reserve Board releases testimony of Governor
Laurence H. Meyer on Merchant banking.
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:
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.
April 2, 2001 – The Federal Reserve Board announced
that to date, thirty states have adopted the revised Article 9.