Bank Regulatory News
December 2001
December 31, 2001 - NCUA - Legal Opinion Letter 01-1076 -- Re: Second
Mortgage Insurance Product www.ncua.gov/ref/opinion_letters/01-1076.html
December 31, 2001 - NCUA - Semiannual Regulatory Agenda for October 2001 www.ncua.gov/news/proposed_regs/SARegAgendaOct2001.pdf
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December 28, 2001 - The Federal Reserve Board on Friday announced the execution
of a Written Agreement by and among the First State Bank of Warner, Warner,
South Dakota, the Federal Reserve Bank of Minneapolis, and the State of South
Dakota Division of Banking.
www.federalreserve.gov/boarddocs/press/Enforcement/2001/20011228/default.htm
December 28, 2001 - The Federal Reserve Board on Friday released the minutes of
its discount rate meetings from October 15 to November 6, 2001.
www.federalreserve.gov/boarddocs/press/General/2001/20011228/default.htm
December 28, 2001 - Consideration of
a New Factor in Bank Merger Act Transactions - "Anti-Money Laundering
Record" - Beginning
January 1, 2002, the Federal Deposit Insurance Corporation (FDIC), in evaluating
and acting on applications filed under section 18 (c) of the Federal Deposit
Insurance Act (commonly known as the Bank Merger Act), will expressly consider
the anti-money laundering record of each involved insured depository institution
in determining the appropriateness of granting consent to the proposed
transaction. The addition of this new evaluation factor is required by the USA
PATRIOT Act (Pub. L. No. 107-56), signed into law on October 26, 2001.
www.fdic.gov/news/news/financial/2001/fil01109.html
December 28, 2001 - Interim
Guidance Concerning Correspondent Accounts Established or Maintained for Certain
Foreign Banking Institutions - On
October 26, 2001, the President signed into law the USA PATRIOT Act (the Act).
Title III of the Act makes a number of amendments to the anti-money laundering
provisions of the Bank Secrecy Act.
www.fdic.gov/news/news/financial/2001/fil01110.html
December 27, 2001 - 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. The list includes only the top-tier holding
company in each organization.
www.federalreserve.gov/generalinfo/fhc/default.htm
December 27, 2001 - FDIC Makes Public November Enforcement Actions; No
Administrative Hearings Scheduled - The Federal Deposit Insurance Corporation (FDIC) today released a list
of orders of administrative enforcement actions taken against banks and
individuals in November.
www.fdic.gov/news/news/press/2001/pr9501.html
December 27, 2001 - OTS Announces 14 November CRA Ratings - The Office of
Thrift Supervision today announced savings associations' Community Reinvestment
Act (CRA) performance evaluation ratings that became available in November 2001.
www.ots.treas.gov/docs/77188.html
December 27, 2001 – NCUA - Soldiers’ and Sailors’ Civil Relief Act of 1940
- To assist in the fight against terrorism, President Bush recently authorized
the callup of large numbers of military service reservists.
www.ncua.gov/ref/reg_alerts/01-RA-14.pdf
December 26, 2001 - Decker And
McNally Elected To San Francisco Fed -
December 26, 2001 - The Federal Reserve Board today announced its
approval of the notice by The Annapolis Banking and Trust Company, Annapolis, to
operate a mobile branch in Annapolis and Anne Arundel County, all in Maryland.
www.federalreserve.gov/boarddocs/press/BHC/2001/20011226/default.htm
December 26, 2001 - FRB Quarterly
Examination Schedule First
Quarter 2002
www.federalreserve.gov/DCCA/CRA/Exam2002q1.htm
December 21, 2001 - The Federal Reserve Board today announced its approval of
the application by Independence Bancshares, Inc., Independence, Iowa, to acquire
all the voting shares of Fairbank Bancshares Corporation, and thereby acquire
Fairbank Bancshares' subsidiary bank, Fairbank State Bank, both of Fairbank,
Iowa.
www.federalreserve.gov/boarddocs/press/BHC/2001/20011221/default.htm
December 21, 2001 - Proposed Check
Truncation Act - The Federal Reserve Board has proposed that Congress
enact a law that would facilitate check truncation.
www.federalreserve.gov/PaymentSystems/truncation/default.htm
December 21, 2001 - Bacino appointment ends with Congressional
adjournment - With the adjournment of the first session of the 107th
Congress December 20, 2001, the recess appointment of Geoff Bacino to the NCUA
Board comes to an end.
www.ncua.gov/news/press_releases/pr122101.html
December 20, 2001 - FDIC Holds Line In 2002 Budget - The
Board of Directors of the Federal Deposit Insurance Corporation today approved a
2002 budget of $1.1 billion, which is virtually the same level it approved for
2001.
www.fdic.gov/news/news/press/2001/pr9401.html
December 20, 2001 - Frequently Asked Questions for the Privacy Regulation- The
Federal Deposit Insurance Corporation is issuing the attached staff guidance to
help financial institutions comply with Part 332 of the FDIC Rules and
Regulations, "Privacy of Consumer Financial Information."
www.fdic.gov/news/news/financial/2001/fil01106.html
December 20, 2001 - Delays in Mail Delivery to FDIC Addressees in Washington,
DC - Since October 22, 2001, mail service provided by the United States
Postal Service to Federal Deposit
Insurance Corporation addressees in
Washington, DC, has been disrupted, causing delays in mail delivery to the FDIC.
www.fdic.gov/news/news/financial/2001/fil01107.html
December 20, 2001 - Federal Reserve Announces Oklahoma City Branch Board
Appointment - Robert R. Gilbert,
III, president, chief operating officer and director of The F&M Bank &
Trust Company, Tulsa, has been appointed to the board of directors of the
Oklahoma City Branch of the Federal Reserve Bank of Kansas City.
www.kc.frb.org/pubaffrs/pressrel/DirectorsOKC12-01.htm
December 20, 2001 - Gilleran
Announces Revised Lending Rule To Enhance Thrift Flexibility - Office of Thrift
Supervision Director James E. Gilleran today announced that OTS changed its
lending and investment regulations to allow federal savings associations greater
flexibility to provide low-cost credit to their customers and to invest in their
communities while still operating safely and soundly.
www.ots.treas.gov/docs/77187.html
December 20, 2001 - The Federal Reserve Board announced today the approval of
the application of Caixa de Aforros de Vigo, Ourense e Pontevedra, Vigo, Spain,
to establish an agency in Miami, Florida.
www.federalreserve.gov/boarddocs/press/BHC/2001/20011220/default.htm
December 20, 2001 - The Federal Reserve Board today announced its approval of
the proposal by Wells Fargo & Company, San Francisco, California, to acquire
Texas Financial Bancorporation, Inc., Minneapolis, Minnesota, and certain
subsidiaries, and to acquire certain subsidiaries of Marquette Bancshares, Inc.,
Minneapolis, Minnesota, including Marquette Bank, N.A., Rogers, Minnesota.
www.federalreserve.gov/boarddocs/press/BHC/2001/200112202/default.htm
December 19, 2001 - The Federal Reserve Board on Wednesday announced that the
asset-size exemption threshold for depository institutions under Regulation C
(Home Mortgage Disclosure) has been increased from $31 million to $32 million.
www.federalreserve.gov/boarddocs/press/BoardActs/2001/20011219/default.htm
December 17, 2001 - The Federal Reserve Board today announced its approval of
the proposal of SunTrust Bank, Atlanta, Georgia, to acquire the Florida
operations of The Huntington National Bank, Columbus, Ohio, and to establish
branches at the Florida locations of Huntington.
www.federalreserve.gov/boarddocs/press/BHC/2001/20011217/default.htm
December 17, 2001 - The September 30, 2001 Uniform Bank Performance
Report now being distributed to all
insured commercial banks and Federal Deposit Insurance Corporation - Insured
Savings Banks (FDIC-ISB) is now available for sale to the public.
www.ffiec.gov/press/pr121401.htm
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December 14, 2001 - Financial
Holding Companies - Under the Bank Holding Company Act, bank
holding companies may elect to be financial holding companies.
www.federalreserve.gov/generalinfo/fhc/default.htm
December 14, 2001 - Reports of Condition and Income (Call Report) for
Fourth Quarter - The enclosed materials pertain to the Reports of
Condition and Income (Call Report) for the December 31, 2001, report date.
www.fdic.gov/news/news/financial/2001/fil01104.html
December 14, 2001 - The Office of the Comptroller of the Currency today
announced 6 new enforcement actions taken against national banks and
individuals currently and formerly affiliated with national banks and 2
terminations of existing enforcement actions.
http://www.occ.treas.gov/ftp/release/2001-103.txt
December 14, 2001 - OCC
Releases CRA Evaluations For 19 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 November 15 through December 14, 2001.
www.occ.treas.gov/ftp/release/2001-104.PDF
December 13, 2001 -The Federal Reserve Board on Thursday approved actions
by the Boards of Directors of the Federal Reserve Banks of Cleveland,
Richmond, Atlanta, Minneapolis, Kansas City, and Dallas, decreasing the
discount rate at the banks from 1-1/2 percent to 1-1/4 percent, effective
immediately.
www.federalreserve.gov/boarddocs/press/BoardActs/2001/20011213/default.htm
December 13, 2001 - 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, November 6, 2001, at 9:00 a.m.
www.federalreserve.gov/fomc/minutes/20011106.htm
December 13, 2001 - The Office of the Comptroller of the Currency issued
new guidance this week to help examiners and banks understand and manage
the risks associated with the merchant processing business.
Press Release - www.occ.treas.gov/ftp/release/2001-102.txt
Attachment - http://www.occ.treas.gov/handbook/merchproc.pdf
December 12, 2001 - Final rule on amendment to Regulation Z (Truth in
Lending) regarding the Home Ownership and Equity Protection Act (HOEPA)
and predatory lending.
www.federalreserve.gov/boarddocs/press/BoardActs/2001/20011212/default.htm
December 12, 2001 - Privacy of Consumer Financial Information Description:
Small Bank Compliance Guide - The OCC has prepared a "Small Bank
Compliance Guide" to help community banks comply with the rule
implementing the privacy provisions of the Gramm-Leach-Bliley Act.
www.occ.treas.gov/ftp/bulletin/2001-51.txt
Decmber 12, 2001 - Edward W. Kelley, Jr., submitted his resignation
Wednesday as a member of the Board of Governors of the Federal Reserve
System, effective December 31, 2001
www.federalreserve.gov/boarddocs/press/General/2001/20011212/default.htm
December 12, 2001 - Proposals for Comment - Revisions to staff commentary
on Regulation Z (Truth in Lending) regarding consumer credit disclosures
www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
December 12, 2001 - Regulators Propose Common Form for Charter and Federal
Deposit Insurance Applications - To promote consistency and reduce
regulatory burden, the Office of the Comptroller of the Currency, the
Office of Thrift Supervision and the Federal Deposit Insurance Corporation
have proposed a uniform charter and federal deposit insurance application
form.
www.fdic.gov/news/news/press/2001/pr9201.html
December 12, 2001 -Guidance on Financial Privacy - Staff of the federal
agencies that supervise banks, thrifts, and credit unions today issued
guidance to help financial institutions comply with these agencies'
consumer privacy regulations.
www.fdic.gov/news/news/press/2001/pr9301.html
December 12, 2001 - Regulators Propose Common Form for Charter and
Federal Deposit Insurance Applications - To promote consistency and reduce
regulatory burden, the Office of the Comptroller of the Currency, the
Office of Thrift Supervision and the Federal Deposit Insurance Corporation
have proposed a uniform charter and federal deposit insurance application
form.
www.occ.treas.gov/ftp/release/2001-100.txt
December 11, 2001 - The Federal Open Market Committee decided today to
lower its target for the federal funds rate by 25 basis points to 1-3/4
percent. In a related action, the Board of Governors approved a 25 basis
point reduction in the discount rate to 1-1/4 percent.
www.federalreserve.gov/boarddocs/press/general/2001/20011211/default.htm
December 11, 2002 - Communicating with the Federal Reserve Board - Because
paper mail in the Washington area and at the Board of Governors is subject
to delay, please consider using these options when communicating with us:
www.federalreserve.gov/contactus/communicating.htm
December 11, 2001 - The Federal Reserve Board on Tuesday announced that it
has revised its Policy Statement on Payments System Risk (PSR policy).
www.federalreserve.gov/boarddocs/press/boardacts/2001/20011211/default.htm
December 11, 2001 - Michael J. Zamorski Named FDIC Director Of Division Of
Supervision - FDIC Chairman Donald E. Powell announced today that veteran
FDIC official Michael J. Zamorski has been named Director of the Division
of Supervision.
www.fdic.gov/news/news/press/2001/pr9101.html
December 11, 2001 - Specially Designated Nationals and Blocked
Persons - On December 3, 2001, President George W. Bush issued an
Executive Order designating two entities as "Persons Who Threaten
International Stabilization Efforts in the Western Balkans."
www.fdic.gov/news/news/financial/2001/fil01103.html
December 11, 2001 -Community Reinvestment Act Sunshine Regulation -
The Gramm-Leach-Bliley Act (GLBA) imposes disclosure and reporting
requirements on national banks and other insured depository institutions
with respect to certain agreements related to the Community Reinvestment
Act.
www.occ.treas.gov/ftp/bulletin/2001-50.txt
December 11, 2001 - NCUA - October 2001 Regional Director’s Actions
Taken Under Delegation of Authority
www.ncua.gov/ref/delegated/del1001.pdf
December 11, 2001 - NCUA - Update on JoAnn Johnson Nomination to NCUA
Board
www.ncua.gov/news/legislation/107-JohnsonNomination.htm
December 11, 2001 - The Federal Reserve Board on Tuesday announced
that five documents that have regularly been reprinted in the Federal
Reserve Bulletin will not appear in the Bulletin after the December 2001
issue.
www.federalreserve.gov/boarddocs/press/General/2001/200112112/default.htm
December 10, 2001 -FDIC Reports Third Quarter 2001 Financial Results For
Bank And Thrift Insurance Funds - The Federal Deposit Insurance
Corporation today announced that the Bank Insurance Fund (BIF) reported
comprehensive income (net income plus current period unrealized
gains/losses on available-for-sale securities) of $859 million for the
first nine months of 2001, compared to $1.1 billion for the same period
last year.
www.fdic.gov/news/news/press/2001/pr8801.html
December 10, 2001 - U.S. Banks Generally Well Positioned Entering
Recession, According To FDIC Report - Despite the continuing contraction
in the U.S. economy, FDIC-insured institutions remain in generally strong
financial shape and will continue to provide credit to finance economic
recovery.
www.fdic.gov/news/news/press/2001/pr8901.html
December 10, 2001 - FDIC, OTS Announce Agreement With Holding Companies Of
Superior Bank - The Federal Deposit Insurance Corporation and the Office
of Thrift Supervision announced today that they have reached a resolution
with the holding companies of Superior Bank, FSB, Hinsdale, Illinois on
all matters arising out of the operation and failure of Superior
Bank. www.fdic.gov/news/news/press/2001/pr9001.html
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December
7, 2001 - The Federal Reserve Board on Friday published proposed revisions
to the official staff commentary that applies and interprets the
requirements of Regulation Z, which implements the Truth in Lending Act.
www.federalreserve.gov/boarddocs/press/BoardActs/2001/20011207/default.htm
December 7, 2001 - Susan Schmidt Bies and Mark W. Olson on Friday 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
Chairman's office.
www.federalreserve.gov/boarddocs/press/General/2001/20011207/default.htm
December 7, 2001 - OCC Reports Derivatives Volume Increases to $51.3
Trillion - Derivatives held by U.S. commercial banks increased by $3.5
trillion in the third quarter of 2001, to $51.3 trillion, the Office of
the Comptroller of the Currency reported today in its quarterly Bank
Derivatives Report.
Press Release - www.occ.treas.gov/ftp/release/2001-99.txt
Attachment - www.occ.treas.gov/ftp/deriv/dq301.pdf
December 7, 2001 - Financial Sector Structure
Affects Economic Growth - Countries
with mature financial markets show higher industrial output growth,
according to Chicago Fed economist Nicola Cetorelli writing in the latest
issue of the Chicago Fed Letter.
www.chicagofed.org/newsandevents/pressreleases/2001/pr12072001.cfm
December 6, 2001 - A preliminary test of mail delivered to a secure,
closed mail-handling facility outside the main Federal Reserve Board
building tested positive for anthrax exposure late Thursday afternoon.
www.federalreserve.gov/boarddocs/press/General/2001/20011206/default.htm
December 6, 2001 - Risk-Based Capital-Recourse, Direct Credit Substitutes
and Residual Interests - This bulletin transmits the final rule on
Recourse, Direct Credit
Substitutes and Residual Interests in Asset Securitizations that was
published in the Federal Register on November 29.
www.occ.treas.gov/ftp/bulletin/2001-49.txt
December 6, 2001 - Thrift Industry 3rd Quarter Earnings Set Record -
Thrift industry earnings rose by $100 million in the third quarter to a
record $2.6 billion, the Office of Thrift Supervision reported today.
Earnings for the year through the quarter total $7.3 billion and are on
pace to break the record earnings of $8.2 billion set in 1999.
www.ots.treas.gov/docs/77182.html
December 6, 2001 - James E. Gilleran Sworn in as OTS Director - James E.
Gilleran was sworn in today as the Director of the Office of Thrift
Supervision (OTS), the federal agency that oversees the regulation and
examination of savings associations.
www.ots.treas.gov/docs/77183.html
December 4, 2001 - Popular FOIA documents are those that have been the
subject of previous requests and appear to be of broad public interest.
www.occ.treas.gov/foia/foiadocs.htm
December 4, 2001 - The Federal Reserve Board today announced its approval
of the application of BNP Paribas, Paris, France ("BNPP"), to
acquire 55 percent of the voting shares of BancWest Corporation, Honolulu,
Hawaii ("BancWest"), which owns Bank of the West, San Francisco,
California, and First Hawaiian Bank, Honolulu, Hawaii.
www.federalreserve.gov/boarddocs/press/BHC/2001/20011204/default.htm
December 4, 2001 - 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.
www.fdic.gov/news/news/press/2001/pr8501.html
December 4, 2001 - FDIC Issues December List Of Banks Examined For CRA -
The Federal Deposit Insurance Corporation (FDIC) 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 September 2001.
www.fdic.gov/news/news/press/2001/pr8601.html
December 4, 2001 - FDIC Makes Public October 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 October. No administrative hearings are scheduled for
December.
http://www.fdic.gov/news/news/press/2001/pr8701.html
December 4, 2001 - Guidance on Requests for Information Related to
Terrorist Activity - Since the September 11, 2001, tragedy, financial
institutions have received several "Special Alerts" regarding
terrorist activity. Banking organizations were provided with names on the
Federal Bureau of Investigation's suspected terrorist list as well as new
names added to the Department of the Treasury's Office of Foreign Assets
Control Specially Designated Nationals and Blocked Persons list.
www.fdic.gov/news/news/financial/2001/fil01102.html
December 3, 2001 – NCUA - Bacino Places Repeal of Community Action Plan
on December Agenda - NCUA Board member Geoff Bacino has proposed the
repeal of the regulation known as the Community Action Plan.
www.ncua.gov/news/press_releases/nr120301.html
December 3, 2001 – NCUA - Legal Opinion Letter 01-1023 -- Re: Member
Business Loan Participations
www.ncua.gov/ref/opinion_letters/01-1023.html
December 3, 2001 - The Federal Reserve Board on Monday announced the
execution of a Written Agreement by and among the Bank of Little Rock,
Little Rock, Arkansas, the Federal Reserve Bank of St. Louis, and the
Arkansas State Bank Department.
www.federalreserve.gov/boarddocs/press/Enforcement/2001/20011203/default.htm
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December 1, 2001 - Notice of Comptroller of the
Currency Fees for year 2002: Year 2002 Fee Structure
www.occ.treas.gov/ftp/bulletin/2001-48.pdf
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