Bank Regulatory News
30, 1999 - SAR Software - The Financial Crimes Enforcement Network
(FinCEN) recently informed us that older versions of software used to
report suspicious activity are not Y2K-compliant.
29, 1999 - The Federal Deposit Insurance Corporation (FDIC) today
released a list of orders of administrative enforcement actions taken
against banks and individuals in November. One administrative hearing is
scheduled for January 2000.
27, 1999 - Annual Report of Trust Assets for 1999
The Annual Report of Trust Assets (ARTA) forms and instructions for 1999
will soon be sent to commercial banks, savings banks and savings
associations that have approval to exercise trust powers. Affiliated trust
companies must also complete the report. Institutions completing hard-
copy forms must submit the report by February 15, 2000. Institutions
submitting the annual report via the Internet have until March 15, 2000,
to complete and submit the report.
27, 1999 - Internet Web Site Privacy Survey Report
In cooperation with other federal bank and thrift regulatory agencies, the
Federal Deposit Insurance Corporation (FDIC) conducted a survey of the
Internet privacy policies of insured depository institutions during May
and July of 1999. The survey's purpose was to review the data collection
practices and on-line privacy disclosures of the financial services
23, 1999 - Consumer Confidence in Banking Y2K Preparation Remains
High, Gallup Poll Reports
U.S. bank customers remain confident that their banks are ready for the
Year 2000 according to a new report issued by the Gallup Organization.
Nine out of ten bank customers continue to express confidence in their
1999 - OCC Obtains $200,000 in Fines and $1 Million in Restitution
Goes to Bank
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency (OCC)
today announced that it has settled formal enforcement proceedings against
Richard O. Wheeler, former chairman of the board of Western American
National Bank, Bedford, Texas, and Tom N. Bransford, former president of
1999 - OCC ANNOUNCES 33 NEW ENFORCEMENT ACTIONS
WASHINGTON, DC --The Office of the Comptroller of the Currency (OCC) today
announced 33 new enforcement actions taken against national banks and
individuals currently and formerly affiliated with national banks.
22, 1999 - The FDIC today released preliminary data that showed
commercial banks earned $19.4 billion during the three months from July
through September. Bank earnings were $1.4 billion higher than the
previous quarterly record of $18.0 billion, set in the first quarter of
1999. Profits were up by $4.4 billion (29.1 percent) from a year ago, when
weakness in overseas markets held down industry earnings. For the first
nine months of 1999, banks earned $54.3 billion, an increase of $7.2
billion (15.3 percent) over the same period in 1998.
1999 - Bank Activities and Operations, Investment Securities,
Corporate Activities Description: Final Rule The attached
final rule was published in the Federal Register on November 4, 1999.
The final rule became effective on December 6, 1999.
1999 - OCC RELEASES CRA EVALUATIONS FOR 52 NATIONAL BANKS
WASHINGTON, DC -- The Office of the Comptroller of the Currency (OCC)
today released a list of Community Reinvestment Act (CRA) performance
evaluations that became public during the period of November 15 through
December 14. The list contains only national banks and insured federal
branches of foreign banks that have received ratings. The possible ratings
are outstanding, satisfactory, needs to improve, and substantial
1999 - OCC Adopts Final Changes to Public Welfare Investment Rule
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency (OCC)
today announced the adoption of a final rule amending 12 C.F.R. Part 24,
the agency's regulation governing national bank investments designed
primarily to promote the public welfare. The new rule, which was published
in yesterday's Federal Register, takes effect on January 19, 2000.
20, 1999 - FDIC Revises Regulation Governing Deposit Insurance
Assessments (Part 327 of FDIC's Rules and Regulations)
The Federal Deposit Insurance Corporation (FDIC) Board of Directors has
adopted the attached revisions to the FDIC's regulation governing deposit
insurance assessments. The Board believes the changes will enhance the
present system by allowing institutions with improving capital positions
to benefit from the improvement more quickly, while requiring those whose
capital is falling to pay a higher assessment sooner. The final rule will
take effect on April 1, 2000.
December 20, 1999
- OTS Issues New Compliance Self-Assessment Guide
WASHINGTON, D.C., Dec.20, 1999 – The Office of Thrift Supervision (OTS)
has mailed to each of the more than 1,100 thrift institutions it regulates
an updated guide that is designed to help institutions identify and
understand the primary regulatory requirements and evaluate the
effectiveness of their compliance programs.
20, 1999 - The most recent deposit survey of all insured bank and
savings institution offices is now available at http://www2.fdic.gov/sod
on the Federal Deposit Insurance Corporation's (FDIC) Web site.
1999 - The Federal Reserve Board today announced its approval of the application of
BB&T Corporation, Winston-Salem, North Carolina, to acquire Premier Bancshares, Inc.,
Atlanta, Georgia, and its four wholly owned subsidiary depository institutions.
17, 1999 - Depository institutions that use the Federal Reserve Banks electronic
payment services will benefit from continued price reductions in 2000 under the fee
schedules approved today by the Federal Reserve Board. The effective date of all fees have
been delayed until April 3, 2000, to minimize change during the period surrounding the
rollover to 2000.
16, 1999 - The National Credit Union Administration Board today
unanimously adopted a stance against predatory mortgage lending practices
and dedicated itself to work against such practices in cooperation with
state credit union supervisory authorities.
December 16, 1999 -
Business lending risks are on the rise, analysts at the Federal Deposit Insurance
Corporation (FDIC) reported Thursday. Although low by historical standards, a
doubling of domestic commercial and industrial loan losses at banks during the first half
of 1999 compared to the same period in 1998 is just one sign that credit quality in
commercial and industrial portfolios is deteriorating, the analysts said. Other signs are
slower corporate profit growth and rising corporate bond defaults.
December 15, 1999 - New Factors
Figure in Failures, but Regulators Addressing Them, Says Seidman
WASHINGTON, D.C., Dec. 15, 1999 While Prompt Corrective Action (PCA) is a formidible
tool with which to control risk among banks and thrifts, recent failures suggest
"something else is at work," Director Ellen Seidman of the Office of Thrift
Supervision (OTS) told Washingtons Exchequer Club today.
15, 1999 - The Federal Reserve Board today announced that the exemption threshold for
depository institutions that are required to report data under the Home Mortgage
Disclosure Act (HMDA) is increased to $30 million. Under the revision to the Board's staff
commentary to Regulation C, depository institutions with assets totaling $30 million or
less as of December 31, 1999 are not required to collect HMDA data in 2000.
14, 1999 - The Federal Reserve Board today announced the execution of a Written
Agreement by and between the Arab American Bank, New York, New York, and the Federal
Reserve Bank of New York.
December 14, 1999 -
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a 2000
budget of $1.187 billion, a 2.0 percent decrease ($29 million) from the $1.216 billion
authorized for 1999.
December 14, 1999 -
The Bank Insurance Fund (BIF) reported a comprehensive loss (net loss plus unrealized loss
on available-for-sale securities) of $113 million for the first nine months of 1999. At
September 30, 1999, the fund balance decreased to $29.5 billion, down from $29.6 billion
at year-end 1998. The overall year-to-date decrease in the fund balance was primarily
attributable to recognizing estimated losses of $917 million for the resolution of current
and prior year bank failures. The BIF revenues totaled $1.4 billion for the first nine
months of 1999, including $1.3 billion in interest on investments in U.S. Treasury
obligations and $25 million in deposit insurance assessments.
13, 1999 - The federal banking agencies announced today the termination of the May 21,
1999 Agreement with TransAlliance, L.P., Bellevue, Washington. The Agreement
addressed the Year 2000 readiness of TransAlliance's electronic funds transfer services.
13, 1999 - The four federal banking agencies today issued the attached joint statement
addressing the agencies' supervisory approach to asset securitization activities. The
statement reminds financial institution management and examiners of fundamental risk
management practices that should be in place at institutions that engage in securitization
1999 - The Federal Reserve Board today announced its approval of the proposal of First
Security Corporation, Salt Lake City, Utah, to merge with Zions Bancorporation, Salt Lake
City, Utah ("Zions"), and thereby acquire all of the subsidiary banks and
nonbanking subsidiaries of Zions.
December 10, 1999 - The September 30,
1999, Uniform Bank Performance Report (UBPR) is now being distributed to all insured
commercial banks and Federal Deposit Insurance Corporation - Insured Savings Banks
(FDIC-ISB), and is available for sale to the public. For the most part the formats for the
commercial banks and the FDIC-ISB are identical, however, the FDIC-ISB have their own
unique UBPR peer groupings.
December 10, 1999
- Reports of Condition and Income (Call Report) for Fourth Quarter 1999
The enclosed materials pertain to the Reports of Condition and Income (Call Report) for
the December 31, 1999, report date. Please complete your fourth quarter Call Report and
submit the report electronically as soon as possible. Your completed report must be
received by January 30, 2000, in accordance with the filing requirements discussed below.
No extensions of time for submitting reports are granted.
December 10, 1999 -
The Federal Deposit Insurance Corporation (FDIC) has approved the purchase and assumption
of all the deposits of Golden City Commercial Bank, New York, New York, by Cathay Bank,
Los Angeles, California.
December 10, 1999 -
Regulatory changes approved by the Federal Deposit Insurance Corporation (FDIC) Board of
Directors move the calculation dates to March and September for the capital component of
the semiannual risk classification each insured bank and thrift receives from the FDIC.
9, 1999 - The Federal Reserve Board today announced the reopening and extension of the
comment period on proposals to allow electronic delivery of federally mandated
disclosures. On September 14, 1999, the Board published revised proposals for public
comment under five consumer protection regulations: B (Equal Credit Opportunity), E
(Electronic Fund Transfers), M (Consumer Leasing), Z (Truth in Lending), and DD (Truth in
Savings). Comment is requested by March 3, 2000.
December 8, 1999 -
Notional Amount of Derivatives Hits Record $35.7 Trillion In Third Quarter As Derivatives
Trading Revenue Remains Relatively Steady
WASHINGTON -- The notional amount of derivatives in banks jumped by $2.7 trillion -- 8.2
percent -- in the third quarter to a record $35.7 trillion, the Office of the Comptroller
of the Currency reported today in its quarterly OCC Bank Derivatives Report. That is the
biggest quarterly increase in derivatives activity in a year.
December 7, 1999
- Extended Implementation Period for the Uniform Retail Credit Classification and Account
Management Policy - The Federal Financial Institutions Examination Council (FFIEC), on
behalf of the Federal banking agencies, has extended the implementation deadline for
manual adjustments required in the "Uniform Retail Credit Classification and Account
Management Policy" from June 30, 1999, to December 31, 2000.
December 6, 1999 - The Office of
Thrift Supervision (OTS) today released savings associations' Community Reinvestment Act
(CRA) performance evaluation ratings that became available in November 1999.
6, 1999 - The Federal Reserve Board today announced the termination of the provision
that addressed Year 2000 readiness of the Written Agreement by and among First Utah
Bancorp, the First Utah Bank, and Premier Data Corporation, all of Salt Lake City, Utah,
and the Federal Reserve Bank of San Francisco.
December 6, 1999 -
Commercial and residential real estate markets continued to show improvement during the
late summer and early fall but at a somewhat slower pace than before, according to the
FDIC's latest quarterly Survey of Real Estate Trends. The nationwide poll, which asks
about developments in local real estate markets during the prior three months, was
conducted in late October.
December 6, 1999 -
The FDIC today issued its monthly list of state nonmember banks recently evaluated for
compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings
that the FDIC assigned to institutions in September 1999.
6, 1999 - The Federal Reserve Board today announced the execution of a Written
Agreement by and between the Foxdale Bank, South Elgin, Illinois and the Federal Reserve
Bank of Chicago.
December 3, 1999 - The
Office of the Comptroller of the Currency (OCC) today released its projected schedule of
Community Reinvestment Act (CRA) examinations to be conducted in the first quarter of
December 3, 1999 - OTS ANNOUNCES
CRA EXAMINATION SCHEDULE FOR 1st QUARTER 2000 WASHINGTON, D.C., December 3, 1999 -- The
Office of Thrift Supervision (OTS) today announced the release of a list of savings
associations scheduled for Community Reinvestment Act (CRA) examinations during the first
quarter of 2000.
December 2, 1999 - NATION'S
THRIFT INDUSTRY EARNS $2.09 BILLION IN THIRD QUARTER WASHINGTON, D.C., Dec. 2, 1999 - The
nation's thrift industry continued to perform at near record levels as it earned $2.09
billion in the third quarter of 1999, Director Ellen Seidman of the Office of Thrift
Supervision (OTS) reported today. While earnings and the quality of the majority of thrift
assets remain strong, Director Seidman warned that certain developments, particularly
increased interest rate sensitivity, will be monitored carefully in the coming months.
December 2, 1999 - OCC
ANNOUNCES FIVE NEW ENFORCEMENT ACTIONS
WASHINGTON, DC --The Office of the Comptroller of the Currency (OCC) today announced five
new enforcement actions taken against national banks and individuals currently and
formerly affiliated with national banks.
December 2, 1999 -
Comptroller Discusses Benefits for Consumers in Financial Modernization; Tells Consumer
Conference "Privacy Has Become a Key Competitive Factor"
WASHINGTON, D.C. -- Comptroller of the Currency John D. Hawke said today that banks should
begin competing with each other on the basis of the quality of the privacy protections
they offer consumers.
December 2, 1999 - The
federal financial institution regulatory agencies announced today the termination of the
August 26 agreement with Global Payment Systems LLC, Atlanta, Georgia. The agreement
addressed the Year 2000 readiness of Global's credit-card issuing services offered through
its Westlake, Ohio, facilities. The agreement was terminated because Global Payment
Systems has complied with the terms of the agreement.