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

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  Bank Regulatory News

April 1998

April 29, 1998 - Acting Comptroller Williams Addresses Bank Merger Issues in House Testimony
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency has undertaken a number of initiatives that will enable it to supervise large institutions such as those that would be created in a series of recently-announced mergers, acting Comptroller Julie L. Williams told a House committee Wednesday.

April 29, 1998 - FDIC PUBLISHES SEMIANNUAL AGENDA OF REGULATIONS
The Federal Deposit Insurance Corporation has published its semiannual agenda of regulations in
the Federal Register to inform the public of the Corporation's regulatory actions and encourage
participation in the rulemaking process.

April 28, 1998 - INVESTMENT ACTIVITIES - FDIC Adopts New Standards for Investment Securities and End-User Derivatives Activities
The Federal Deposit Insurance Corporation (FDIC), in conjunction with other members of the
Federal Financial Institutions Examination Council (FFIEC), has adopted a new "Supervisory Policy Statement on Investment Securities and End-User Derivatives Activities" (1998 Statement). The1998 Statement provides guidance on sound practices for managing the risks of investment activities, with a particular emphasis on market risk (primarily interest rate risk).

April 28, 1998 - FDIC MAKES PUBLIC MARCH 1998 ENFORCEMENT ACTIONS; NO
ADMINISTRATIVE HEARINGS SCHEDULED FOR MAY

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.

April 28, 1998- Acting Comptroller Williams Addresses Issues Raised in Recent Merger Proposals
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency has already begun taking steps to deal with issues raised by the large mergers that have been proposed in recent weeks, acting Comptroller Julie L. Williams said today.

April 28, 1998 - FDIC SIMPLIFIES DEPOSIT INSURANCE RULES
The FDIC Board of Directors today adopted changes that will make it easier to understand the
agency's deposit insurance rules. The changes will benefit consumers and bankers.

FDIC April 23, 1998 - FORMER FDIC EMPLOYEE SENTENCED FOR EMBEZZLING AND LAUNDERING AGENCY FUNDS
Federal Deposit Insurance Corporation (FDIC) Inspector General Gaston L. Gianni, Jr.,
announced today that former FDIC employee Douglas Peklo of Woodbury, CT, was sentenced
in U.S. District Court to five years in prison for accepting $97,000 in bribes and embezzling and
laundering $138,500 in FDIC funds while with the agency.

April 27, 1998 - OCC ANNOUNCES 17 NEW ENFORCEMENT ACTIONS
AND THREE TERMINATIONS

WASHINGTON, DC --The Office of the Comptroller of the Currency today announced 20 enforcement actions taken against national banks.

April 23, 1998 - COMMUNITY REINVESTMENT ACT - HUD's 1998 Adjusted Median Family Income Figures
At the request of financial institutions, the Federal Deposit Insurance Corporation (FDIC) is
providing the attached list of 1998 median family income figures developed by the Department of
Housing and Urban Development (HUD) for each metropolitan statistical area (MSA) and the
statewide portions of nonmetropolitan areas.

April 14, 1998 - TRUTH IN LENDING ACT - Revised Federal Reserve Board Staff Commentary on the Truth in Lending Act
The Board of Governors of the Federal Reserve System (FRB) has approved the attached revisions and updates to the staff commentary for Regulation Z, which implements the Truth in Lending Act. The staff commentary applies and interprets the requirements of Regulation Z.

FDIC - April 9, 1998 - FDIC APPROVES THE ASSUMPTION OF ALL THE DEPOSITS OF OMNIBANK, RIVER ROUGE, MICHIGAN
The Board of Directors of the Federal Deposit Insurance Corporation has approved the
assumption of all the deposits of Omnibank, River Rouge, Michigan, by ShoreBank, Detroit,
Detroit, Michigan, a newly chartered bank subsidiary of Shorebank Detroit Corporation.
Omnibank was closed today by the Michigan Commissioner of the Financial Institutions Bureau,
and the FDIC was named receiver.

FDIC April 10, 1998 - YEAR 2000 TESTING GUIDANCE - Interagency Guidance on Testing for Year 2000 Readiness
The Federal Financial Institutions Examination Council (FFIEC) has issued the attached
guidance for the industry on Year 2000 readiness testing. The statement supplements the
FFIEC's statement "Year 2000 Project Management Awareness," issued May 5, 1997.

FDIC April 9, 1998 - ON-BALANCE SHEET NETTING PROPOSAL
The Basle Committee on Banking Supervision has issued the attached proposal that establishes
principles for the capital treatment of on-balance sheet netting transactions. The proposal differs
from current U.S. Generally Accepted Accounting Principles (GAAP). However, institutions
should continue to follow the GAAP standards for regulatory reporting until notified otherwise.

OCC - April 9, 1998 - OCC Highlights Two Basle Committee Actions
The Office of the Comptroller of the Currency (OCC) advised national banks of two Basle Committee actions which might have an effect on their future risk-based capital calculations.

OCC - April 6, 1998 - Julie L. Williams Becomes Acting Comptroller of the Currency
WASHINGTON, D.C.-- Julie L. Williams became acting Comptroller of the Currency on April 5, succeeding Eugene A. Ludwig who completed a five-year term of office Saturday.

FDIC April 3, 1998 - FDIC MAKES PUBLIC FEBRUARY 1998 ENFORCEMENT ACTIONS;ONE ADMINISTRATIVE HEARING SCHEDULED FOR APRIL
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of
administrative enforcement actions taken against banks and individuals in February. (PR-22-98
issued April 2, 1998, incorrectly identified removal and prohibition orders as terminations of
insurance.) One administrative hearing is scheduled for April.

OCC - April 1, 1998 - OCC Releases Final Rule Clarifying Lending Limits
WASHINGTON, DC --The Office of the Comptroller of the Currency (OCC) published in today's Federal Register a final rule governing lending limits.

FRB - April 1, 1998 - The Federal Reserve Board today amended some model forms in its Regulation B, Equal Credit Opportunity, to reflect changes to disclosures required by recent amendments to the Fair Credit Reporting Act.  Statutory changes require that additional disclosures be given to a consumer who is denied credit based on information from an affiliate or from a consumer reporting agency. The new model forms go into effect on April 30.

OCC - April 1, 1998 - OCC Assesses $438,000 in Money Penalties Against Argentine Group
That Illegally Tried to Control Maryland Bank
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency (OCC) today announced payment of a civil money penalty of $261,000 from Horacio Bernardo Rozenblum of Miami, Florida and Buenos Aires, Argentina. An additional civil money penalty of $177,000 was assessed against an associate of Rozenblum, Salem Eduardo Nazar of Mendoza, Argentina. The penalties were assessed in connection with consent orders agreed to by Rozenblum, Nazar, and the OCC.

FRB Dallas Listing of Bank and Bank Holding Company Application Bulletins

Federal Reserve Board Public Information Actions, Orders, and Other Documents, all FRB districts

FRB Operating Circulars, maintained by the FRB of Chicago

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