Bank Regulatory News

April 2004

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April 30, 2004 - NCUA - President Bush To Designate NCUA Vice Chair JoAnn Johnson As NCUA Board Chairman www.ncua.gov/news/press_releases/2004/NR04-0430-2.htm

April 30, 2004 - FDIC Makes Public March 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. www.fdic.gov/news/news/press/2004/pr4804.html

April 30, 2004 - The Federal Reserve Board on Friday announced the termination of the enforcement actions listed below. www.federalreserve.gov/boarddocs/press/Enforcement/2004/200404302/default.htm

April 30, 2004 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and among Cache Valley Banking Company, Logan, Utah; the Cache Valley Bank, Logan, Utah; the Utah State Department of Financial Institutions, Salt Lake City, Utah; and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/boarddocs/press/Enforcement/2004/20040430/default.htm

April 30, 2004 - OCC Announces New Electronic Interpretations and Actions - April 2004.   www.occ.treas.gov/interp/apr04/intapr04.htm

April 29, 2004 - FDIC Takes Disciplinary Action Against Former Kansas Banker - The Federal Deposit Insurance Corporation reached agreement on a civil money penalty with Roger A. Flax. www.fdic.gov/news/news/press/2004/pr4704.html

April 29, 2004 - FDIC Issues Removal And Prohibition Order Against Former Illinois Banker - The Federal Deposit Insurance Corporation issued a removal and prohibition order against Jong Koo Kim, a former director of The Foster Bank, Chicago, IL. www.fdic.gov/news/news/press/2004/pr4604.html

April 29, 2004 - FDIC Issues Removal and Prohibition Order and Civil Money Penalty Against Former Arkansas Banker  - The Federal Deposit Insurance Corporation issued a removal and prohibition order and imposed a $50,000 civil money penalty against Frank G. Wallace, the former president and a director of First State Bank, Parkin, AR. www.fdic.gov/news/news/press/2004/pr4504.html

April 29, 2004 - Statistical Release - G.20 Finance Companies www.federalreserve.gov/releases/G20/Current/default.htm

April 29, 2004 - Proposals for Comment Agency Information Collection Activities Proposal to approve the extension for three years, without revision of the following report: Investment in Bank Premises Notification www.federalreserve.gov/generalinfo/foia/proposedregs.cfm

April 28, 2004 - National Credit Union Administration Issues Prohibition Orders - The National Credit Union Administration has issued Orders of Prohibition against the following individuals www.ncua.gov/news/press_releases/2004/NR04-0428-3.htm

April 28, 2004 - NCUA Vice Chair Johnson Touts  Access Across America Cooperative Partnerships and Calls for More Disclosure Guidelines in Credit Union Conversions - In an address to the National Cooperative Business Association's Cooperative Conference, National Credit Union Administration Vice Chair JoAnn Johnson highlighted the NCUA's successful Access Across America federal partnership opportunities and detailed the disclosure requirements for America's credit unions considering a conversion to a mutual savings bank. www.ncua.gov/news/press_releases/2004/NR04-0428-2.htm

April 28, 2004 - NCUA - People's Alliance Federal Credit Union to Serve Members of Brooklyn Ecumenical Federal Credit Union - The National Credit Union Administration has announced the agency placed Brooklyn Ecumenical Federal Credit Union of Brooklyn, N.Y. into liquidation and authorized the purchase and assumption of its assets and shares by People's Alliance Federal Credit Union of Hauppauge, N.Y. www.ncua.gov/news/press_releases/2004/NR04-0428.htm

April 28, 2004 - Secured Credit Cards - Through its examination and other supervisory activities, the OCC has identified a number of issues presented by certain secured credit card programs, including credit, compliance, and reputation risks and the potential for inappropriate treatment of customers. www.occ.treas.gov/ftp/advisory/2004-4.txt

April 28, 2004 - Regulatory Capital - Asset-Backed Commercial Paper Programs - Interim Final Rule This bulletin transmits an interagency interim final rule on asset-backed commercial paper programs published in the Federal Register on April 26.
Press Release: www.occ.treas.gov/ftp/bulletin/2004-17.txt
Attachment: www.occ.treas.gov/fr/fedregister/69fr22382.pdf

April 28, 2004 - Notice of Proposed Rulemaking Regarding Medical Privacy  - The FDIC and other financial institution regulatory agencies are soliciting comment on proposed rules that implement section 411 of the Fair and Accurate Credit Transactions Act of 2003 www.fdic.gov/news/news/financial/2004/fil4704.html

April 28, 2004 - Public Meeting Regarding J. P. Morgan Chase & Company, and Bank One Corporation Held on Friday, April 23, 2004, at the Federal Reserve Bank of Chicago www.federalreserve.gov/events/publicmeeting/20040423/default.htm

April 28, 2004 - Jeffrey Marquardt - Associate Director, Reserve Bank Operations and Payment Systems Federal Reserve's activities in currency design and coin distribution Before the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology, Committee on Financial Services, U.S. House of Representatives www.federalreserve.gov/boarddocs/testimony/2004/20040428/default.htm

April 28, 2004 - Statement by NCUA Executive Director, J. Leonard Skiles on the Federal Labor Relations Authority Decision  - By a 2 to 1 decision issued April 26, 2004, the Federal Labor Relations Authority denied the National Credit Union Administration's application for review of the regional director's determination that NCUA examiners do not meet the statutory definition of “management officials.” Thus examiners are not exempt from the bargaining unit of NCUA employees. www.ncua.gov/news/press_releases/2004/MA04-0427.htm

April 28, 2004 - OCC Announces 16 New Enforcement Actions and Four Terminations - The Office of the Comptroller of the Currency today announced 16 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and four terminations of existing enforcement actions. www.occ.treas.gov/ftp/release/2004-33.htm

April 27, 2004 - NCUA Vice Chair JoAnn Johnson Participates In Financial Literacy Initiative at Virginia school - As part of National Financial Literacy Month, National Credit Union Administration Board Vice Chair JoAnn Johnson participated today by reading to students at Jefferson-Houston Elementary School. www.ncua.gov/news/press_releases/2004/NR04-0427.htm

April 28, 2004 - NCUA Encourages Regions to Allow Credit Unions to Fund SBA 504 Loans - National Credit Union Administration (NCUA) Board Member Debbie Matz, the NCUA Board's liaison to the Small Business Administration, enthusiastically supports a move to encourage the agency's Regional Directors to use their authority to help credit unions fund business loans under SBA's 504 loan program. www.ncua.gov/news/press_releases/2004/NR04-0427-2.htm

April 27, 2004 - General Counsel Virgil Mattingly will retire on June 30 after 30 years of service with the Federal Reserve Board, including 25 years as a member of the Board's official staff. www.federalreserve.gov/boarddocs/press/other/2004/20040427/default.htm

April 27, 2004 - Governor Susan Schmidt Bies  Innovation in Financial Markets and Banking Relationships At the Financial Executives International 2004 Summit, San Diego, California www.federalreserve.gov/boarddocs/speeches/2004/200404272/default.htm

April 27, 2004 - Chairman Alan Greenspan Energy Before the Center for Strategic & International Studies, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2004/20040427/default.htm

April 26, 2004 - Working Papers - Finance and Economics Discussion Series 2004-17 through 2004-22  www.federalreserve.gov/pubs/feds/2004/index.html

April 26, 2004 - NCUA - Opinion Letter - 04-0353 - Funeral Home as Permissible CUSO Activity 
www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2004/04-0353.htm

April 26, 2004 - NCUA - Opinion Letter - 04-0139 - No-Interest Loans to Nonprofit Community Organization www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2004/04-0139.htm

April 26, 2004 - Extension of Interim Final Rule Applicable to Sponsors of Asset-Backed Commercial Paper  Programs Affected by "Financial Accounting Standards Board Interpretation No. 46, Consolidation of Variable Interest Entities" www.fdic.gov/news/news/financial/2004/fil4604.html

April 26, 2004 - New Practice on Providing Certificates of Deposit Insurance for Display - Beginning June 1, 2004, the FDIC will no longer automatically provide original certificates of deposit insurance for display at an insured institution's offices. Instead, the FDIC will provide only one original certificate to an institution when it is granted insurance. www.fdic.gov/news/news/financial/2004/fil4504.html

April 26, 2004 - Proposed Rule on Determining When Funds Underlying Stored Value Cards Qualify as "Deposits" - The FDIC is seeking public comment on when funds underlying stored value cards qualify as "deposits" under the Federal Deposit Insurance Act. Under the proposed regulation, funds placed at an insured depository institution by a sponsoring company would qualify as "deposits." Funds collected from cardholders in exchange for stored value cards issued by an insured depository institution (and not issued by a sponsoring company) also would qualify as "deposits" if the depository institution maintains accounts or subaccounts for the individual cardholders. www.fdic.gov/news/news/financial/2004/fil4404.html

April 26, 2004 - Regulations - Revised page linking to a Government Printing Office site that regularly incorporates amendments - www.federalreserve.gov/Regulations/default.htm

April 26, 2004 - U.S. Unveils New $50 Note With Background Colors - U.S. government officials from the Department of the Treasury, the Federal Reserve and the United States Secret Service, today unveiled the new $50 note design with enhanced security features, and subtle background colors of blue and red, and images of a waving American flag and a small metallic silver-blue star. www.federalreserve.gov/boarddocs/press/other/2004/20040426/default.htm

April 26, 2004 - Governor Susan Schmidt Bies  Current Issues in Corporate Governance At the Bank Administration Institute's Fiduciary Risk Management Conference 2004, Las Vegas, Nevada www.federalreserve.gov/boarddocs/speeches/2004/200404262/default.htm

April 26, 2004 - Governor Mark W. Olson  - Preview of the Redesigned Series 2004 U.S. $50 Note At the Bureau of Engraving and Printing's Western Currency Facility, Fort Worth, Texas www.federalreserve.gov/boarddocs/speeches/2004/20040426/default.htm
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April 23, 2004 -  U.S. Department of Treasury FinCEN Advisories 29W and 30W - This advisory letter revises the list of countries detailed in OCC Advisory Letter (AL) 2003-6, "U.S. Department of Treasury FinCEN Advisory 27W," dated July 29, 2003. www.occ.treas.gov/ftp/advisory/2004-3.txt

April 23, 2004 - International Finance Discussion Papers - Price-level Determinacy, Lower Bounds on the Nominal Interest Rate, and Liquidity Traps Ragna Alstadheim; Dale W. Henderson www.federalreserve.gov/Pubs/IFDP/2004/795/default.htm

April 23, 2004 - Agencies Issue Proposed Rule on Use of Medical Information for Credit Eligibility = The federal bank, thrift and credit union regulatory agencies today issued for publication in the Federal Register a proposed rule under the Fair Credit Reporting Act that would incorporate the statutory prohibition on obtaining or using medical information in connection with credit eligibility determinations and, as required by the statute, create certain exceptions to be applied in limited circumstances.
Press Release www.federalreserve.gov/boarddocs/press/bcreg/2004/20040423/default.htm
Press Release: www.fdic.gov/news/news/press/2004/pr4404.html
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=7A1E4A0V.xml
Attachment: www.occ.treas.gov/ftp/release/2004-32a.pdf
Press Release: www.ots.treas.gov/docs/77412.html
Press Release: www.ncua.gov/news/press_releases/2004/JR04-0423.pdf

April 23, 2004 - Governor Ben S. Bernanke The economic outlook and monetary policys At the World Economy Laboratory Spring Conference, Washington, D.C. Governor Ben S. Bernanke presented identical remarks at the Bond Market Association Annual Meeting, New York, New York, on April 22, 2004  
www.federalreserve.gov/boarddocs/speeches/2004/200404232/default.htm

April 23, 2004 - Speech by Vice Chairman Roger W. Ferguson, Jr. - Global Imbalances http://www.federalreserve.gov/BoardDocs/Speeches/2004/20040423/default.htm

April 22, 2004 - NCUA - Matz Suggests Partnerships to Make More Affordable Mortgages - National Credit Union Administration Board Member Debbie Matz, invited by Fannie Mae's Credit Union Advisory Council to discuss the virtues of partnership, encouraged credit union leaders to "partner with organizations that can help you offer affordable mortgages to first-time homebuyers. These potential homebuyers can benefit the most from credit union services." www.ncua.gov/news/press_releases/2004/NR04-0422.htm

April 22, 2004 - OCC Releases CRA Evaluations For 52 National Banks - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act performance evaluations that became public during the period of March 15, 2004 through April 14, 2004 www.occ.treas.gov/scripts/newsrelease.aspx?Doc=AQYSN5MJ.xml

April 22, 2004 - FDIC Warns About Fraudulent E-Mails - The Federal Deposit Insurance Corporation has received complaints from consumers who received an e-mail that appears to have been sent by the FDIC. The fraudulent e-mail indicates that the FDIC has collaborated with credit card providers to provide a new service for those who wish to secure their credit cards against fraud and to be part of a secure online transaction network. www.fdic.gov/news/news/press/2004/pr4304.html

April 22, 2004 - FOMC Transcripts - Transcripts for 1979 and 1980 FOMC meetings - Procedures adopted by the FOMC provide for the public release of transcripts for an entire year with a five-year lag. By contrast, minutes of each meeting are issued a few days after the next regularly scheduled meeting (a lag averaging about six weeks), and a statement pertaining to the Committee's policy decisions is issued shortly after the conclusion of each meeting. www.federalreserve.gov/fomc/transcripts/default.htm

April 22, 2004 - Governor Ben S. Bernanke  The economic outlook and monetary policy
At the Bond Market Association Annual Meeting, New York, New York www.federalreserve.gov/boarddocs/speeches/2004/200404222/default.htm

April 22, 2004 - Governor Susan Schmidt Bies The Economic Outlook and Financial Health of Bank Customers At the Economic Growth and Regulatory Paperwork Reduction Act Banker Outreach Meeting, Nashville, Tennessee www.federalreserve.gov/boarddocs/speeches/2004/20040422/default.htm

April 21, 2004 - FDIC Issues Two New Publications Explaining Deposit Insurance Coverage - The FDIC has issued two new publications to help explain federal deposit insurance coverage to bank customers. One brochure, Insuring Your Deposits, answers basic questions that most individuals and families have about their FDIC insurance coverage. The other publication, Your Insured Deposits - FDIC's Guide to Deposit Insurance Coverage, is a comprehensive guide to the deposit insurance rules primarily for individuals with large-dollar or complex accounts, as well as businesses and organizations. www.fdic.gov/news/news/press/2004/pr4204.html

April 21, 2004 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts www.federalreserve.gov/FOMC/BeigeBook/2004/20040421/Default.htm

April 21, 2004 - Public Meeting Regarding J. P. Morgan Chase & Company, and Bank One Corporation Held on Thursday, April 15, 2004, at the Federal Reserve Bank of New York www.federalreserve.gov/events/publicmeeting/20040415/default.htm

April 21, 2004 - The Federal Reserve Board on Wednesday requested comment on proposed revisions to Part II of its Policy Statement on Payments System Risk, which addresses risk management in payments and securities settlement systems. www.federalreserve.gov/boarddocs/press/bcreg/2004/20040421/default.htm

April 21, 2004 - NCUA- Grant Funds Available for VITA Program Participants - The National Credit Union Administration announces today that the agency has $75,000 in Technical Assistance Grant funds available for low-income designated credit unions that wish to participate in the 2004-2005 Internal Revenue Service's Volunteer Income Tax Assistance Program. www.ncua.gov/news/press_releases/2004/NR04-0421.htm
 
April 21, 2004 - Chairman Alan Greenspan - The economic outlook Before the Joint Economic Committee, U.S. Senate www.federalreserve.gov/boarddocs/testimony/2004/20040421/default.htm

April 20, 2004 - Statement Of The Honorable Dennis Dollar Chairman National Credit Union Administration Fiscal Year 2005 Budget Request
www.ncua.gov/news/speeches/2004/FY2005SenateVAHUDTestimony.pdf

April 20, 2004 - NCUA - NCUA Chairman Testifies about the Credit Union Industry on Capitol Hill - Joining Fed Chairman Alan Greenspan, FDIC Chairman Don Powell and others, National Credit Union Administration Chairman Dennis Dollar testified here today before the U.S. Senate Committee on Banking, Housing and Urban Affairs. Today's hearing on "An Examination of the Current Condition of the Banking and Credit Union Industry" brought the country's chief financial regulators before the 21-member Senate committee.
Press Release www.ncua.gov/news/press_releases/2004/NR04-0420-3.htm
Attachment: www.ncua.gov/news/speeches/2004/April20FinalTestimony.pdf

April 20, 2004 - OTS Chief Counsel Carolyn Buck Announces Retirement; John Bowman Named As Successor - Carolyn J. Buck announced today her intention to retire from the Office of Thrift Supervision effective May 29, 2004, after over 30 years of government service, including the past 11 years as Chief Counsel of OTS. In this position, Buck has management responsibility for the legal staff at OTS, including those in the four OTS regions. www.ots.treas.gov/docs/77411.html

April 20, 2004 - Comptroller Hawke Tells Senate Banking Committee That National Banking System is in Strong Condition - By virtually every measure, the national banking system is in strong condition, Comptroller of the Currency John D. Hawke, Jr. said in testimony today before the Senate Banking Committee.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=5U5KDZ0G.xml
Attachment: www.occ.treas.gov/ftp/release/2004-30a.pdf
Attachment: www.occ.treas.gov/ftp/release/2004-30b.pdf

April 20, 2004 - Chairman Alan Greenspan - The state of the banking industry Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate www.federalreserve.gov/boarddocs/testimony/2004/20040420/default.htm

April 20, 2004 - NCUA - Dallas Educators Federal Credit Union Service Uninterrupted While Conserved - The National Credit Union Administration (NCUA) has placed Dallas Educators Federal Credit Union into conservatorship based on significant record-keeping issues and the financial condition of the credit union. Conservatorship - which transfers management of the credit union to NCUA - is employed to protect the assets of a troubled credit union with the goal of restoring the institution to a strong financial position and, ultimately, returning it to the control of its members. www.ncua.gov/news/press_releases/2004/NR04-0420-2.htm

April 20, 2004 - NCUA - Keynote Speakers Join PALS Workshop to Help Credit Unions Make More Mortgages - Two new keynote speakers will share inspiring ideas to reach first-time homebuyers, as part of National Credit Union Administration Board Member Debbie Matz's free Partnering and Leadership Success workshop on June 2 in Boston. www.ncua.gov/news/press_releases/2004/NR04-0420.htm

April 19, 2004 - Reports to the Congress - Annual Report: Budget Review, 2004 Covers budgeted expenses of the Reserve Banks for 2004, the 2004 phase of the Board's current two-year (2004-05) budget, and income and expenses for 2002 and 2003. Also describes the budgeting process for the Board and Banks and shows trends in expenses and employment. www.federalreserve.gov/boarddocs/rptcongress/br04.pdf
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April 16, 2004 - NCUA - Matz Encourages Credit Unions to "Take Care of Business" - Speaking to the Alabama Credit Union League Annual Meeting with the theme of "Taking Care of Business," NCUA Board Member Debbie Matz encouraged credit union leaders to consider offering member business loans, Small Business Administration loans, and other services to help small businesses thrive. www.ncua.gov/news/press_releases/2004/NR04-0416.htm

April 16, 2004 - Paul H. Kupiec Named Associate Director of FDIC's Division of Insurance and Research and Co-Director of FDIC Center for Financial Research - Federal Deposit Insurance Corporation Chairman Don Powell has announced the appointment of Paul H. Kupiec as Associate Director of the FDIC's Division of Insurance and Research and Co-Director of the FDIC Center for Financial Research His appointment is effective on Monday, April 19, 2004. www.fdic.gov/news/news/press/2004/pr4104.html

April 16, 2004 - Industrial Production And Capacity Utilization - Industrial production fell 0.2 percent in March after two months of large gains. www.federalreserve.gov/releases/G17/Current/default.htm

April 16, 2004 - Governor Ben S. Bernanke - Financial Access for Immigrants: The Case of Remittances At the Financial Access for Immigrants: Learning from Diverse Perspectives conference, Federal Reserve Bank of Chicago, Chicago, Illinois www.federalreserve.gov/boarddocs/speeches/2004/200404162/default.htm

April 16, 2004 - Chairman Alan Greenspan - Capitalizing reputation At the 2004 Financial Markets Conference of the Federal Reserve Bank of Atlanta, Sea Island, Georgia www.federalreserve.gov/boarddocs/speeches/2004/20040416/default.htm

April 15, 2004 - NCUA - Summary of Actions Taken at the April 15, 2004 Board Meeting  www.ncua.gov/news/board_reports/board_reports.html

April 15, 2004 - Annual Report on Operating Subsidiaries - The attached notice of proposed rulemaking which would amend 12 CFR part 5.34, the Office of the Comptroller of the Currency's rule governing activities, application, or notice requirements for national banks engaging in activities through an operating subsidiary, was published in the Federal Register on March 25, 2004.
Press Release: www.occ.treas.gov/ftp/bulletin/2004-16.txt
Attachment: www.occ.treas.gov/fr/fedregister/69fr15260.pdf

April 15, 2004 - Governor Ben S. Bernanke What Policymakers Can Learn from Asset Prices Before The Investment Analysts Society of Chicago, Chicago, Illinois www.federalreserve.gov/boarddocs/speeches/2004/20040415/default.htm

April 15, 2004 - The Federal Reserve Board on Wednesday announced the termination of the enforcement action Community First Bank and Trust, Celina, Ohio Written Agreement dated July 25, 2002 Terminated February 4, 2004 www.federalreserve.gov/boarddocs/press/Enforcement/2004/20040415/default.htm

April 15, 2004 - The revised "Charters" booklet of the Comptroller's Licensing Manual series is available on the OCC's Internet site. The revisions incorporate many regulatory and policy changes since the November 2002 version. www.occ.treas.gov/corpbook/group4/public/pdf/charters.pdf

April 15, 2004 - OCC Releases Second Quarter Edition of Quarterly Journal on the Web - This issue features the condition of commercial banks, as well as mergers, interpretive letters, speeches and testimony, corporate structure changes, and financial performance of national banks.  www.occ.treas.gov/qj/qj.htm

April 14, 2004 - NCUA - The Corporate Examiner's Guide provides guidance to National Credit Union Administration examiners for performing examinations and supervision of corporate credit unions. www.ncua.gov/ref/corpexguide/corpexguide.html

April 14, 2004 - NCUA - Fair Credit Reporting Medical Information Regulations - On December 4, 2003, the President signed into law the FACT Act, which amends the FCRA. Pub. L. 108-159, 117 Stat. 1952. In general, the FACT Act contains provisions designed to enhance the ability of consumers to combat identity theft, increase the accuracy of consumer reports, and allow consumers to exercise greater control regarding the type and amount of marketing solicitations they receive. Section 411 of the FACT Act limits the ability of creditors to obtain or use, of consumer reporting agencies to disclose, and of affiliates to share medical information. www.ncua.gov/news/proposed_regs/Proposed717.pdf

April 14, 2004 - The Federal Reserve Board on April 6, 2004, voted to seek comment on a proposed rule under the Fair Credit Reporting Act that would create exemptions for obtaining, using, and sharing medical information. The Federal Deposit Insurance Corporation and the National Credit Union Administration have also approved the proposed rule for publication. Action by the Office of the Comptroller of the Currency and Office of Thrift Supervision is pending. www.federalreserve.gov/boarddocs/press/foiadocs/2004/20040413/default.pdf

April 13, 2004 - Home Mortgage Disclosure Act Updated Examination Procedures - The Board of Governors of the Federal Reserve System substantially amended its Regulation C, which implements the Home Mortgage Disclosure Act in early 2003.  The changes became effective on January 1, 2004.
Press Release: www.occ.treas.gov/ftp/bulletin/2004-15.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2004-15a.pdf

April 13, 2004 - Marquette High Earns First Place in District "Fed Challenge - A team of students from Marquette High School in Chesterfield, Mo., beat out teams from Little Rock and Memphis to win the District "Fed Challenge," an economics competition sponsored by the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2004/04_08_04.htm

April 13, 2004 - NCUA - Matz Challenges D.C.-Area Credit Unions to Serve as Nation's Model - National Credit Union Administration Board Member Debbie Matz last night challenged credit union leaders from the Washington, D.C. area to "reach everyone in this diverse community and become the standard by which other credit unions are judged." www.ncua.gov/news/press_releases/2004/NR04-0413.htm

April 13, 2004 - Federal agencies publish Spanish-language version of consumer brochure on predatory lending - The federal Interagency Task Force on Fair Lending has published a Spanish-language version of a brochure that alerts consumers to potential borrowing pitfalls, including high-cost home loans, and provides tips for getting the best financing deal possible.
Press Release: www.federalreserve.gov/boarddocs/press/other/2004/20040413/default.htm
Press Release: www.fdic.gov/news/news/press/2004/pr4004.html
Press Release: www.occ.treas.gov/ftp/release/HKWNVIA8.htm
Attachment: www.federalreserve.gov/pubs/riskyhomeloans/riskyspanish.htm
Press Release: www.ncua.gov/news/press_releases/2004/JR04-0413-E.pdf
Press Release: www.ots.treas.gov/docs/77409.html

April 12, 2004 - Dr. Janet L. Yellen has been appointed President & Chief Executive Officer of the Federal Reserve Bank of San Francisco, according to an announcement by George M. Scalise, Chairman of the San Francisco Fed's Board of Directors.
Press Release: www.federalreserve.gov/boarddocs/press/other/2004/20040412/default.htm
Press Release: www.frbsf.org/news/releases/2004/0412.html

April 12, 2004 - NCUA - Controlling the Assault of Non-Solicited Pornography and Marketing Act - The purpose of this letter is to inform Credit Unions that the sending of information by electronic mail, including marketing information initiated by the credit union or a third party, may trigger compliance requirements recently established by the Controlling the Assault of Non-Solicited Pornography and Marketing Act.  www.ncua.gov/ref/reg_alerts/2004/04-RA-07.pdf

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April 9, 2004 - NCUA - Guidelines for technical assistance funding programs are available - The Office of Credit Union Development is responsible for the administration of several programs designed to establish, strengthen, and improve the operation of small and low-income designated credit unions.  www.ncua.gov/org/orgchart/ocud/programs.html

April 9, 2004 - The Federal Reserve Board on Friday announced amendments to Appendix A of Regulation CC, effective June 26, 2004, that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth and Fifth Districts.  www.federalreserve.gov/boarddocs/press/bcreg/2004/20040409/default.htm

April 9, 2004 - Import Ban for Entities Subject to Weapons of Mass Destruction Trade Control Regulations - The Department of the Treasury's Office of Foreign Assets Control has reported that several foreign entities are no longer subject to the import ban of the Weapons of Mass Destruction Trade Control Regulations. www.fdic.gov/news/news/financial/2004/fil3904.html

April 9, 2004 - Chairman Don Powell to Appear on PBS's "Moneywise with Kelvin Boston" - Federal Deposit Insurance Corporation Chairman Don Powell will appear tomorrow on "Moneywise with Kelvin Boston," which airs on public television stations across the country. Chairman Powell will discuss the array of financial services and products offered by banks and how consumers can best use them. He will also talk about the importance of financial literacy, including the FDIC's Money Smart initiative.  www.fdic.gov/news/news/press/2004/pr3904.html

April 8, 2004 - First Quarter 2004 Edition of the FDIC's Letter to Stakeholders - The Federal Deposit Insurance Corporation is pleased to issue its eighth Letter to Stakeholders. The letter reports on our priorities and activities for the first quarter of 2004.  www.fdic.gov/news/news/financial/2004/fil3804.html

April 8, 2004 - Vice Chairman Roger W. Ferguson, Jr. - Macroeconomic Outlook and Uncertainties At the Twelfth District Community Leaders Luncheon, Federal Reserve Bank of San Francisco, San Francisco, California.  www.federalreserve.gov/boarddocs/speeches/2004/20040408/default.htm

April 7, 2004 - New Grant Initiatives for Credit Unions to Stimulate Economic Development in Low-Income Communities - Low-Income Credit Unions Encouraged to Apply for New TAG Grant Programs.  www.ncua.gov/news/press_releases/2004/NR04-0407.htm

April 7, 2004 - SF Federal Reserve President to Deliver Economic Outlook at St. Mary's College - "The U.S. and Regional Economic Outlook: A Monetary Policymaker's Perspective."  www.frbsf.org/news/releases/2004/0407.html

April 7, 2004 - Comptroller Hawke Tells Senate Panel of Overarching Considerations for Preemption and Visitorial Powers Rules - Comptroller of the Currency John D. Hawke, Jr. told a Senate panel today that there are a few overarching considerations as background for discussion of the OCC's recently issued rules on preemption and visitorial powers.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=HG0SKPAH.xml
Attachment: www.occ.treas.gov/ftp/release/2004-28a.pdf
Attachment: www.occ.treas.gov/ftp/release/2004-28b.pdf

April 7, 2004 - FDIC Issues Warning About Fraudulent E-mails - The FDIC has received complaints from consumers who received an e-mail that appears to have been sent by the FDIC. The e-mail is purportedly from security at fdic.com and the subject is fraud report. www.fdic.gov/news/news/press/2004/pr3804.html

April 7, 2004 - Minority Owned Banks as of December 31, 2003.  www.federalreserve.gov/releases/mob/current/default.htm

April 7, 2004 - Consumer credit rose at an annual rate of 2-1/2 percent in February following a 9-1/2 percent increase in January. www.federalreserve.gov/releases/g19/current/default.htm

April 7, 2004 - The Federal Reserve Board on Wednesday issued proposed amendments to Regulation V, which implements the Fair Credit Reporting Act The amendments would add a model form for financial institutions to use if they furnish negative information to consumer reporting agencies.  www.federalreserve.gov/boarddocs/press/bcreg/2004/20040407/default.htm

April 7, 2004 - The Federal Reserve Board on Wednesday announced the termination of the enforcement action of Fifth Third Bancorp and Fifth Third Bank, Cincinnati, Ohio Written Agreement dated March 26, 2003 Terminated April 6, 2004.  www.federalreserve.gov/boarddocs/press/Enforcement/2004/20040407/default.htm

April 7, 2004 - NCUA - Letter to Credit Unions - 04-CU-04 - Investment Safekeeping Due Diligence.  www.ncua.gov/ref/letters/2004/04-CU-04.pdf

April 6, 2004 - FOMC Commitment to Price Stability "Not in Doubt," Says St. Louis Fed's Poole The Federal Open Market Committee, the Federal Reserve's monetary policymaking body, hasn't defined "price stability" numerically. Just the same, its commitment to price stability is solid. www.stlouisfed.org/news/releases/2004/04_06_04.html

April 5, 2004 - OTS Proposes New Form For Collecting Risk Exposure Data - As part of an on-going effort to comprehensively enhance its interest rate risk modeling capabilities, the Office of Thrift Supervision is introducing a new form for collecting data used to measure thrifts' interest-rate risk exposure. www.ots.treas.gov/docs/77408.html

April 5, 2004 - Mark Levonian Named Deputy Comptroller for Modeling and Analysis - Mark Levonian has been named Deputy Comptroller for Modeling and Analysis, a new position at the Office of the Comptroller of the Currency.  www.occ.treas.gov/scripts/newsrelease.aspx?Doc=H8IG11NJ.xml

April 5, 2004 - FDIC Issues April List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.  www.fdic.gov/news/news/press/2004/pr3704.html

April 5, 2004 - The Federal Reserve Board on Monday announced its approval of the applications filed under the Bank Holding Company Act by Manulife Financial Corporation, Toronto, Canada, to become a bank holding company and acquire John Hancock Financial Services, Inc., Boston, Massachusetts.  www.federalreserve.gov/boarddocs/press/orders/2004/20040405/default.htm

April 2, 2004 - How Do Data Revisions Affect The Evaluation And Conduct Of Monetary Policy? - Many economic data series are revised as more comprehensive information becomes available, leaving policymakers to make decisions based on data they know are noisy or imprecise. Revisions to data series also complicate the evaluation of historical policy actions as actions taken based on data available at the time may differ considerably from recommendations based on revised data. www.kc.frb.org/pubaffrs/pressrel/pr04-02.htm

April 2, 2004 - Economic Policy Implications Of World Demographic Change - Global demographic shifts over the next 50 years will affect the world economy in many ways. Although some changes may be beneficial, others may create economic challenges for policymakers to address. www.kc.frb.org/pubaffrs/pressrel/pr04-03.htm

April 2, 2004 - Will The Farm Rebound Lead A Rural Recovery? - For rural America, the economic headlines of 2003 were mostly positive. Low crop supplies, strong demand, and high prices underpinned strong gains in farm income while the job losses and factory closures eased in rural communities. Will 2004 see the rural economy build on last year's gains? www.kc.frb.org/pubaffrs/pressrel/pr04-04.htm

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April 1, 2004 - Governor Donald L. Kohn Monetary Policy and Imbalances At the Banking and Finance Lecture Series, Widener University, Chester, Pennsylvania www.federalreserve.gov/boarddocs/speeches/2004/200404012/default.htm

April 1, 2004 - Comptroller Hawke Tells House Panel National Banks Are in Sound Condition - Comptroller of the Currency John D. Hawke, Jr. told a House panel today that the national banking system is in excellent health and that national banks are continuing to play their traditional role of providing investment capital to America's businesses and communities.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=NFBQ8WDP.xml
Attachment: www.occ.treas.gov/ftp/release/2004-26a.pdf
Attachment: www.occ.treas.gov/ftp/release/2004-26b.pdf

April 1, 2004 - Statistical Release G.5 Foreign Exchange Rates (Monthly) THE Table Below Shows The Average Rates Of Exchange In March 2004 Together With Comparable Figures For Other Months. Averages Are Based On Daily Noon Buying  Rates For Cable Transfers In New York City Certified For Customs Purposes By  The Federal Reserve Bank Of New York. www.federalreserve.gov/Releases/G5/Current/default.htm

April 1, 2004 - Governor Ben S. Bernanke Financial education and Jump$tart survey At the Jump$tart Coalition for Personal Financial Literacy and Federal Reserve Board joint news conference, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2004/20040401/default.htm