Bank Regulatory News
August 2002
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August 30, 2002 - Regulators Issue Draft White Paper on
Sound Practices To Strengthen the Resilience of the U.S. Financial System
- Four financial services regulatory agencies today issued a "Draft
White Paper on Sound Practices to Strengthen the Resilience of the U.S.
Financial System." www.federalreserve.gov/boarddocs/press/bcreg/2002/20020830/default.htm
August 30, 2002 - Remarks by
Chairman Alan Greenspan - At a symposium sponsored by the Federal
Reserve Bank of Kansas City, Jackson Hole, Wyoming
www.federalreserve.gov/boarddocs/speeches/2002/20020830/default.htm
August 30, 2002 - FDIC Issues Fourth Quarter CRA Examination Schedule -
The Federal Deposit Insurance Corporation has issued the public list of
institutions that it has scheduled for a Community Reinvestment Act
examination during the fourth quarter of 2002. www.fdic.gov/news/news/press/2002/pr9302.html
August 30, 2002 - 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. www.fdic.gov/news/news/press/2002/pr9402.html
August 30, 2002 - FDIC Makes Public July Enforcement Actions; No
Administrative Hearings Scheduled - The Federal Deposit Insurance
Corporation today released a list of orders of administrative enforcement
actions taken against banks and individuals in July. No administrative
hearings are scheduled for September. www.fdic.gov/news/news/press/2002/pr9502.html
August 30, 2002 - Regulators Issue Draft White Paper on Sound Practices To
Strengthen the Resilience of the U.S. Financial System - Four financial
services regulatory agencies today issued a "Draft White Paper on
Sound Practices to Strengthen the Resilience of the U.S. Financial
System."
Press Release: www.occ.treas.gov/ftp/release/2002-68.txt
Attachment: www.occ.treas.gov/ftp/release/2002-68.pdf
August 29, 2002 - OCC Issues Examiner Handbook on Personal Fiduciary
Services - The Office of the Comptroller of the Currency today issued a
new handbook for examiners on personal fiduciary services. www.occ.treas.gov/ftp/release/2002-67.txt
August 29, 2002 - 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. www.occ.treas.gov/ftp/advisory/2002-6.txt
August 29, 2002 - 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 rose to 1.41 percent,
the second highest level recorded. www.fdic.gov/news/news/press/2002/pr9202.html
August 27, 2002 - FDIC And The Association Of Military Banks Of America
Join Forces For Worldwide Promotion Of Money Smart Curriculum - The
Federal Deposit Insurance Corporation (FDIC) today announced that the
Association of Military Banks of America (AMBA) has joined its Money
Smart Alliance Program. www.fdic.gov/news/news/press/2002/pr9102.html
August 27, 2002 - Entities That May Be Conducting Banking Operations in
Canada or the United States Without Authorization - The Office of the
Superintendent of Financial Institutions of Canada has published the
attached issue of its "Warning Notice" (Issue No. 31), which
contains the names of entities recently brought to OSFI's attention
through inquiries or complaints. www.fdic.gov/news/news/financial/2002/FIL0298.html
August 27, 2002 - Maryland Investments Club - 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. www.fdic.gov/news/news/financial/2002/FIL0297.html
August 27, 2002 - Possible Attempted Fraud By Convicted Fugitive - The
U.S. Marshals Service has again asked the Federal Deposit Insurance
Corporation (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. www.fdic.gov/news/news/financial/2002/FIL0296.html
August 27, 2002 - Unauthorized Sale of Samoan Banking Licenses - The
Office of the Comptroller of the Currency (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. www.fdic.gov/news/news/financial/2002/FIL0295.html
August 26, 2002 - Low Inflation, Higher Productivity Continue to Highlight
U.S. Economy, Says St. Louis Fed's Poole - The basic health of our economy
in recent years, and most probably for years to come, is substantially
better than it used to be. Inflation is low and steady, and expected to
remain so. Productivity growth is up, and expected to remain so. www.stlouisfed.org/news/releases/2002/08_26_02.html
August 26, 2002 - Thrift Industry Turns in Another Strong Quarter - The
Office of Thrift Supervision (OTS) today 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.
www.ots.treas.gov/docs/77235.html
__________
August 23, 2002 - The Federal Reserve Board on Friday
released the minutes of its discount rate meetings from May 20 to June 24,
2002. www.federalreserve.gov/boarddocs/press/monetary/2002/20020823/default.htm
August 22, 2002 - Proposed Rule on
Customer Identification Program - On July 23, 2002, the U.S. Department of
the Treasury, through the Financial Crimes Enforcement Network, the
Federal Deposit Insurance Corporation, the Board of Governors of the
Federal Reserve System, the Office of the Comptroller of the Currency, the
Office of Thrift Supervision, and the National Credit Union Administration
jointly proposed a rule that would add a new section to the Bank Secrecy
Act regulations. www.fdic.gov/news/news/financial/2002/FIL0292.html
August 21, 2002 - Enforcement Action Policy - This bulletin makes public
Policies & Procedures Manual 5310-3, 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).
Press release - www.occ.treas.gov/ftp/bulletin/2002-38.txt
Revised policy - http://www.occ.treas.gov/ftp/ppm/ppm-5310-3.pdf
August 21, 2002 - Financial Industry Experts
Explore Asset Price Bubbles - Difficulties
in identifying asset price bubbles were discussed by attendees at a recent
conference cosponsored by the World Bank and the Chicago Fed and
highlighted in the September special issue of the Chicago Fed Letter.
Participants analyzed asset bubbles and explored ways that central banks
and other monetary authorities might help ease their effects on economies.
www.chicagofed.org/newsandevents/pressreleases/2002/pr08212002.cfm
August 21, 2002 - NCUA - The 2002 NCUA Credit Union Directory is available
in PDF and delimited text format www.ncua.gov/data/directory/cudir.html
August 20, 2002 - OCC Releases CRA Evaluations For 26 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
July 15 through August
14, 2002.
Press release - www.occ.treas.gov/ftp/release/2002-66.txt
Attachment - http://www.occ.treas.gov/cra/aug02.htm
August 20, 2002 - Fictitious Digital Investment Certificates - The Canada
Deposit Insurance Corporation has advised North American investors and
depositors of an apparent Internet fraud scam falsely involving CDIC.
Press Release: www.occ.treas.gov/ftp/alert/2002-10.txt
Attachment: www.occ.treas.gov/ftp/alert/2002-10a.txt
August 20, 2002 - Financial
Holding Companies - Under the Bank Holding Company Act, bank
holding companies may elect to be financial holding companies.
Following is a list of those companies whose elections to become or be
treated as financial holding companies are effective. www.federalreserve.gov/GeneralInfo/FHC/default.htm
August 20, 2002 - Board statement on Payments System Risk policy - The
Federal Reserve Board announced on Tuesday that it will not, over the near
term, incorporate two policy options into its longer-term Payments System
Risk policy plan. The Board will, however, continue to analyze the
benefits and potential drawbacks of a two-tiered pricing regime for
daylight overdrafts. www.federalreserve.gov/boarddocs/press/bcreg/2002/20020820/default.htm
August 20, 2002 - Chicago Fed National Activity
Index Tests Well as Economic Indicator, Latest Research in Economic
Perspectives Shows - www.chicagofed.org/newsandevents/pressreleases/2002/pr08202002.cfm
August 19, 2002 - NCUA - United States Treasurer Rosario Marin To Speak At
NCUA’s “Access Across America” Workshop in El Paso, Texas -
September 4 www.ncua.gov/news/press_releases/nr02-0819.html
August 19, 2002 - Senior Loan
Officer Opinion Survey on Bank Lending Practices - The August 2002
Senior Loan Officer Opinion Survey on Bank Lending Practices focused on
changes in the supply of and demand for bank loans to businesses and
households over the past three months. In addition, the survey contained
three sets of supplementary questions. www.federalreserve.gov/boarddocs/SnLoanSurvey/200208/default.htm
August 19, 2002 - OCC Announces 10 New Enforcement Actions and 3
Terminations - The Office of the Comptroller of the Currency today
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. www.occ.treas.gov/ftp/release/2002-65.txt
_____________
August 16, 2002 - Comments for the Draft Account Management
and Loss Allowance Guidance for Credit Card Lending - On July 22, 2002, the
Federal Financial Institutions Examination Council (Agencies) released draft
account management and loss allowance guidance for credit card lending to allow
the opportunity for review by the industry. www.ffiec.gov/press/pr081602.htm
August 16, 2002 - Interim Final Rule - Special Due- Diligence Programs for
Certain Foreign Accounts - This bulletin transmits an interim final rule
published by the U.S. Treasury Department and the Financial Crimes Enforcement
Network on July 23. The attached interim final rule provides guidance for banks
to comply with section 312 of the USA PATRIOT Act.
Press Release: www.occ.treas.gov/ftp/bulletin/2002-37.txt
Attachment: www.occ.treas.gov/fr/fedregister/67fr48348.pdf
August 16, 2002 - NCUA - Credit unions post strong six month growth - The
nation’s federally insured credit unions posted strong asset and savings
growth in the first six months of 2002 as money flowed into credit union savings
accounts and net income saw a significant gain according to the mid-year 2002
call report data submitted. www.ncua.gov/news/press_releases/nr02-0816.html
August 15, 2002 - Income Inequality Substantial Among
Families Over Time, September Chicago Fed Letter Shows - Families that are unable to access
credit may not optimally invest in their children's schooling, and therefore
have less opportunity to increase their child's chances of higher levels of
lifetime income, according to Chicago Fed Economist Bhash Mazumder writing in
the September issue of Chicago Fed Letter. www.chicagofed.org/newsandevents/pressreleases/2002/pr08152002.cfm
August 16, 2002 - 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. www.federalreserve.gov/boarddocs/press/other/2002/20020816/default.htm
August 15, 2002 - Minutes of the Federal
Open Market Committee - A meeting
of the Federal Open Market Committee was held in the offices of the Board of
Governors of the Federal Reserve System in Washington, D.C., on Tuesday, June
25, 2002, at 2:30 p.m. and continued on Wednesday, June 26, 2002, at 9:00 a.m.
www.federalreserve.gov/fomc/minutes/20020626.htm
August 15, 2002 - OCC 2002-36, Home
Mortgage Disclosure Act: Revisions to Reporting Requirements, August 15, 2002 - This
bulletin announces revisions to reporting requirements in Regulation C (12 CFR
203), the implementing regulation for the Home Mortgage Disclosure Act, 12 USC
2801 et seq.
Press Release: http://www.occ.treas.gov/ftp/bulletin/2002-36.txt
Attachment: www.occ.treas.gov/fr/fedregister/67fr7222.pdf
Attachment: www.occ.treas.gov/fr/fedregister/67fr30771.pdf
Attachment: www.occ.treas.gov/fr/fedregister/67fr43217.pdf
Attachment: www.occ.treas.gov/fr/fedregister/67fr43218.pdf
August 13, 2002 - The Federal Reserve Board announced today the approval of the
application of Banca di Roma, S.p.A., Rome, Italy, to establish branches in New
York, New York, and Chicago, Illinois, and an agency in San Francisco,
California. www.federalreserve.gov/boarddocs/press/orders/2002/20020813/default.htm
August 13, 2002 - High Household Debt May Not Curtail Consumption - The current high level of
household debt may not signal an imminent curtailment of consumption, according
to Chicago Fed Economist François Velde in the September special issue of the
Chicago Fed Letter. www.chicagofed.org/newsandevents/pressreleases/2002/pr08132002.cfm
August 13, 2002 - NCUA - User's Guide
for NCUA's Financial Performance Report (NCUA 8008 - Revised June 2002) www.ncua.gov/ref/fpr_guide/fprguide.pdf
August 13, 2002 - The Federal Open Market Committee decided today to keep its
target for the federal funds rate unchanged at 1 3/4 percent. www.federalreserve.gov/boarddocs/press/monetary/2002/20020813/default.htm
August 12, 2002 - 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 forwards to FDIC-supervised banks each issue of FinCEN
Advisory, published by the Department of the Treasury's Financial Crimes
Enforcement Network. www.fdic.gov/news/news/financial/2002/FIL0288.html
August 12, 2002 - Federal Financial Institution 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. www.ffiec.gov/press/pr080802.htm
August 12, 2002 - International Banking Activities Capital Equivalency Deposits
- The attached final rule implements changes to Office of the Comptroller of the
Currency (OCC) regulations regarding the capital equivalency deposits required
of foreign banks with federal branches and agencies.
Press Release - www.occ.treas.gov/ftp/bulletin/2002-35.txt
Attachment - www.occ.treas.gov/fr/fedregister/67fr41619.pdf
August 12, 2002 NCUA - The Access Across America - Colonias Initiative Workshop
offers opportunities for credit unions located in Texas/California/Arizona/New
Mexico that plan to or currently provide services to the “Colonias” www.ncua.gov/news/press_releases/flyer02-0812-ElPaso.pdf
August 7, 2002 - After the tragic loss of human life and massive property
destruction of the September 11 terrorist attacks, consumer confidence was
surprisingly resilient. www.kc.frb.org/pubaffrs/pressrel/pr02-14.htm
August 7, 2002 - The New Power Of Regions: A Policy Focus For Rural America -
U.S. rural policy should encourage more regional partnering among rural
businesses, communities and governments. That was the conclusion reached by
policy experts and rural leaders attending the third annual rural policy
conference "The New Power of Regions: A Policy Focus for Rural
America," which was held in Kansas City earlier this year. www.kc.frb.org/pubaffrs/pressrel/pr02-16.htm
__________
August 8, 2002 - Federal Financial Institution 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. www.federalreserve.gov/boarddocs/press/bcreg/2002/20020808/default.htm
www.fdic.gov/news/news/press/2002/pr9002.html,
www.ots.treas.gov/docs/77234.html
www.occ.treas.gov/ftp/release/2002-64.txt
OCC Attachment www.occ.treas.gov/ftp/release/2002-64a.pdf
August 7, 2002 - Electronic Payment Usage
Grows, Latest Chicago Fed Letters Shows - During
the past two years, electronic consumer-to-consumer (C2C) payments have
attracted the attention of the payments and banking sectors, according to
Chicago Fed Senior Analyst Tim McHugh in the August edition of the Chicago
Fed Letter. McHugh explores the recent growth of online person-to person
payments, the problems and opportunities faced by payment providers, and
the future opportunity for these payments.
www.chicagofed.org/newsandevents/pressreleases/2002/pr08072002.cfm
August 7, 2002 - FDIC Reports Second Quarter 2002 Financial Results For
Bank And Thrift Insurance Funds - The
Federal Deposit Insurance Corporation today announced that the Bank
Insurance Fund reported comprehensive income (net income plus current
period unrealized gains/losses on available-for-sale securities) of $748
million for the first six months of 2002, compared to $706 million for the
same period last year. www.fdic.gov/news/news/press/2002/pr8902.html
August 6, 2002 - Financial and Banking Information Infrastructure
Committee's Interim Policy on the Sponsorship of Private Sector Financial
Institutions in the GETS Card Program - On July 22, 2002, the Financial
and Banking Information Infrastructure Committee, a standing committee of
the President's Critical Infrastructure Protection Board, issued the
attached interim policy on the sponsorship of private sector entities in
the Government Emergency Telecommunications Service Card Program. www.fdic.gov/news/news/financial/2002/fil0284.html
August 6, 2002 - Kathy Dick Named Deputy Comptroller for Risk valuation -
The Office of the Comptroller of the Currency announced today that Kathryn
(Kathy) E. Dick has been appointed Deputy Comptroller for Risk Evaluation.
www.occ.treas.gov/ftp/release/2002-63.txt
August 5, 2002 - Donald L. Kohn and Ben S. Bernanke on Monday took the
oath of office as members of the Board of Governors of the Federal Reserve
System. The oath was administered by Chairman Alan Greenspan in the Board
Room. www.federalreserve.gov/boarddocs/press/other/2002/20020805/
August 5, 2002 - FDIC Issues August 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 . The list
covers evaluation ratings that the FDIC assigned to institutions in May
2002. www.fdic.gov/news/news/press/2002/pr8802.html
August 5, 2002 - Working Through Accounting Problems Will Leave United
States in Much Stronger Position: St. Louis Fed's Poole - William Poole,
Federal Reserve Bank of St. Louis president, said the U.S. "will come
out the other side of our current experience with accounting
irregularities in a much stronger position than when we entered it." www.stls.frb.org/general/releases/rel02/nr0804.html
______
August
1, 2002 - The Federal Financial Institutions Examination Council today
announced the availability of data on small business, small farm, and
community development lending reported by commercial banks and thrifts. www.ffiec.gov/hmcrpr/cra080102.htm
August 1, 2002 - The Federal Financial Institutions Examination Council
(FFIEC) today 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. www.ffiec.gov/hmcrpr/hm080102.htm
August 1, 2002 - NCUA
Rules and Regulations - November 2001 with Change 1 and 2 is available www.ncua.gov/ref/rules_and_regs/NCUA_rules_regs.pdf
August 1, 2002 - NCUA - Media
Advisory NCUA Chairman Dennis Dollar to Host Open Forum for Credit Unions
in New York, New York
www.ncua.gov/indexnews.html
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