Bank Regulatory Agencies

Bank Regulatory News
December 2002

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December 31, 2002 - FDIC Makes Public November Enforcement Actions;
One Administrative Hearing Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in November. One administrative hearing is scheduled for January 2003. www.fdic.gov/news/news/press/2002/pr13502.html

December 31, 2002 - The Future of Retail Electronic Payments Systems: Industry Interviews and Analysis -Electronic payments have become a prominent feature of the U.S. economic landscape, as consumers, businesses, and governments have increasingly used electronic instruments to make retail payments. Survey research by the Federal Reserve published in 2002, for example, indicates that the use of debit and credit cards and automatic deposit and withdrawal (via the automated clearinghouse) grew fivefold from 1979 to 2000 and that the use of paper checks for payments probably peaked in the mid-1990s. www.federalreserve.gov/Pubs/StaffStudies/2000-present/175sum.htm

December 30, 2002 - New Version of EDIE -- the Electronic Deposit Insurance Estimator -- for Use by Financial Institution Employees - The FDIC is releasing a new, CD-ROM version of its interactive insurance calculator to help bankers provide accurate information to customers. www.fdic.gov/news/news/financial/2002/FIL02147.html

December 30, 2002 - Final Rule Governing Filing Procedures and Delegations of Authority, and Revised Policy Statements on Merger Transactions and Applications for Deposit Insurance (Part 303 of the FDIC's Rules and Regulations) www.fdic.gov/news/news/financial/2002/FIL02146.html

December 30, 2002 - Finance and Economics Discussion Series - Finance and Economics Discussion Series 2002-56 through 2002-59 www.federalreserve.gov/whatsnew.htm

December 30, 2002 - International Finance Discussion Papers - International Finance Discussion Papers 2002-743 through 2002-751 www.federalreserve.gov/whatsnew.htm

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December 27, 2002 - Latest Chicago Fed Letter Summarizes Annual Banking Conference - The Chicago Fed recently released a special issue of its Chicago Fed Letter summarizing the Bank's 38th Annual Conference on Bank Structure and Competition. Held in Chicago in May and titled "Financial Market Behavior and Appropriate Regulation over the Business Cycle." www.chicagofed.org/newsandevents/pressreleases/2002/pr12272002.cfm

December 26, 2002 - Bank Secrecy Act/Anti-Money Laundering - This bulletin transmits a notice of designation of Nauru and Ukraine as Primary Money Laundering Concerns. www.occ.treas.gov/ftp/bulletin/2002-47.txt

December 24, 2002 -Suspicious Activity Report Filing Requirements for Nonbank Subsidiaries of Bank Holding Companies and State Member Banks - This SR letter describes compliance with the Board's Suspicious Activity Report filing requirements for certain nonbank subsidiaries of bank holding companies and state member banks. www.federalreserve.gov/BoardDocs/SRLetters/2002/SR0224.htm

December 24, 2002 - The Federal Reserve Board on Tuesday published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C (Home Mortgage Disclosure). www.federalreserve.gov/boarddocs/press/bcreg/2002/20021224/default.htm

December 23, 2002 - NCUA - e-Commerce Guide for Credit Unions - The guide offers information to assist credit unions engaging in, or considering, e-Commerce activities (electronic delivery of financial services via the Internet). Credit unions can use this information as a guide to aid in the planning, contracting, delivery, and support of e-Commerce activities. www.ncua.gov/Ref/letters/02-CU-17.htm

December 23, 2002 - Realignment of Regional/Area Office and Field Territory Responsibilities - Consistent with the Federal Deposit Insurance Corporation's broad corporate goal of more effectively supervising and serving a rapidly changing banking industry, the Division of Supervision and Consumer Protection is transitioning certain risk-management functions to the field territory level. www.fdic.gov/news/news/financial/2002/FIL02143.html

December 23, 2002 - FDIC, Other Agencies Issue Guidance On Imminent Lapse In Fema Flood Insurance Authority - The Federal Deposit Insurance Corporation (FDIC) has issued, in cooperation with other federal financial institution regulators, guidance to assist borrowers and lenders in dealing with the lapse in federal flood insurance authority on January 1, 2003. www.fdic.gov/news/news/press/2002/pr13402.html

December 23, 2002 - Banking Industry Performs Strongly As U.S. Economy Slowly Recovers - Banks posted record earnings in the first nine months of 2002 as the U.S. economy slowly recovered from the recession that began in March 2001. However, according to a report released today in the FDIC's Regional Outlook, credit losses have continued to increase, particularly on commercial loans to corporate borrowers. www.fdic.gov/news/news/press/2002/pr13302.html

December 23, 2002 - The Federal Reserve Board on Monday announced the issuance of interagency guidance to assist borrowers and lenders in dealing with issues that may arise during a lapse in federal flood insurance authority that will begin January 1, 2003. www.federalreserve.gov/boarddocs/press/bcreg/2002/20021223/default.htm

December 23, 2002 - The Federal Reserve Board today announced its denial of the application of Illini Corporation, Springfield, Illinois, to acquire Illinois Community Bancorp, Inc., Effingham, Illinois. www.federalreserve.gov/boarddocs/press/orders/2002/20021223/default.htm

December 23, 2002 - The Federal Reserve Board on Monday released the minutes of its discount rate meetings from October 7 to November 6, 2002. www.federalreserve.gov/boarddocs/press/monetary/2002/20021223/default.htm

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December 20, 2002 - OTS Revises Regulations Governing Affiliate Transactions - The Office of Thrift Supervision (OTS) announced today that it is revising its regulations governing transactions between thrifts and their affiliates. www.ots.treas.gov/docs/77246.html

December 20, 2002 - Lapse of FEMA Authority to Issue Flood Insurance Contracts - This letter provides guidance to assist national banks in dealing with the period following January 1, 2003, during which the authority of the Federal Emergency Management Agency to issue flood insurance contracts under the National Flood Insurance Program will lapse. www.occ.treas.gov/ftp/advisory/2002-11.txt
www.ots.treas.gov/docs/77247.html
www.ncua.gov/news/press_releases/2002/NR02_1220.htm

December 20, 2002 - Banks Play Significant Role in Rural Economic Development - A new publication issued this week by the Office of the Comptroller of the Currency highlights the critical role banks play in the economic vitality of rural America through community development corporations and partnerships with government programs. www.occ.treas.gov/ftp/release/2002-97.txt

December 20, 2002 - U.S. Economy "Fundamentally Sound," Outlook Positive for 2003-04, Says St. Louis Fed's Poole www.stlouisfed.org/news/releases/2002/12_20_02.html

December 20, 2002 - Proposals for Comment - The following proposals were recently made available for public comment. Comments may be submitted to the Federal Reserve via the web using the links below. Comments may also be submitted in writing or via electronic mail. www.federalreserve.gov/generalinfo/foia/proposedregs.cfm

December 20, 2002 - Alternative Instruments for Open Market and Discount Window Operations - Papers prepared by the staff of the Federal Reserve System in late 2000 to inform the Federal Open Market Committee of the possibilities for the use of assets other than Treasury securities in the implementation of monetary policy. www.federalreserve.gov/boarddocs/surveys/soma/alt_instrmnts.pdf

December 19, 2002 - Remarks by Chairman Alan Greenspan Before the Economic Club of New York, New York City www.federalreserve.gov/boarddocs/speeches/2002/20021219/default.htm

December 19, 2002 - Leaders Of Area Research Institutions Inaugurate New Census Research Center - The leaders of a consortium of five area research institutions today inaugurated the opening of a Census Research Data Center (RDC), dedicated to providing Chicago-area social scientists restricted access to relatively untapped census data. www.chicagofed.org/newsandevents/pressreleases/2002/pr12192002.cfm

December 19, 2002 - NCUA - Proposed Rule on Investment and Deposit Activities http://www.ncua.gov/news/Proposed_regs/Prop_12CFR_Parts_703_742.pdf

December 19, 2002 - NCUA Must Strengthen Examinations, Matz Says - Asks for Report within 60 Days - National Credit Union Administration Board Member Deborah Matz today called on agency executives to propose changes in examination procedures to prevent threats to credit union safety and soundness represented by unregistered broker-dealers. www.ncua.gov/news/press_releases/2002/NR02_1219.htm

December 19, 2002 - OTS Revises Regulations Governing Affiliate Transactions - The Office of Thrift Supervision announced today that it is revising its regulations governing transactions between thrifts and their affiliates. www.ots.treas.gov/docs/77246.html

December 19, 2002 - OCC Performance and Accountability Report for Fiscal Year 2002 - This report includes OCC management's discussion and analysis, financial discussion and analysis, the independent auditor's report, and financial statements and notes. www.occ.treas.gov/pafy02.pdf

December 19, 2002 - Federal Reserve Bank of SF Names New Advisory Council Members - Los Angeles community developer Roberto Barragan and Fresno agriculturalist Manuel F. Cunha, Jr. have been appointed to the Advisory Council of the Federal Reserve Bank of San Francisco. Members of the Advisory Council are from diverse industries and regions, and provide the Federal Reserve System with important grassroots information regarding the District's nine-state economy. www.frbsf.org/news/releases/2002/1219.html

December 19, 2002 - Reports of Condition and Income for Fourth Quarter 2002 - The enclosed materials pertain to the Reports of Condition and Income for the December 31, 2002, report date. Please complete your fourth quarter Call Report, review it for accuracy, and submit the report electronically as soon as possible. Except for certain banks with foreign offices, your completed report must be received by January 30, 2003, in accordance with the filing requirements discussed below. www.fdic.gov/news/news/financial/2002/FIL02141.html

December 19, 2002 - Research Staff and Resources - Economic research at the Federal Reserve Board is conducted primarily within the Division of Research and Statistics, the Division of Monetary Affairs, and the Division of International Finance. Together, the three divisions have approximately 450 staff members, about half of whom are Ph.D. economists. The Division of Reserve Bank Operations and Payment Systems also conducts economic research and employs Ph.D. economists. www.federalreserve.gov/research/default.htm

December 19, 2002 - Mortgage Refinancing in 2001 and Early 2002 - Glenn Canner, Karen Dynan, and Wayne Passmore Over the past ten years, millions of homeowners have taken advantage of lower mortgage interest rates and higher home values and have refinanced their mortgage loans. www.federalreserve.gov/pubs/bulletin/2002/02bulletin.htm#dec

December 19, 2002 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Metamora Bancorp, Inc., Metamora, Ohio; The Metamora State Bank, Metamora, Ohio; the Federal Reserve Bank of Cleveland; and the Ohio Division of Financial Institutions www.federalreserve.gov/boarddocs/press/Enforcement/2002/20021219/default.htm

December 18, 2002 - NCUA - James Appointed Deputy Director of NCUA Office of Examination &Insurance - NCUA Executive Director J. Leonard Skiles announced today the appointment of Region II Director Tawana Y. James to the position of Deputy Director of the Office of Examination and Insurance (E & I) at NCUAs headquarters in Alexandria. www.ncua.gov/news/press_releases/2002/NR02_1218.htm

December 18, 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

December 17, 2002 - FDIC Approves The Assumption Of The Insured Deposits Of The Farmers Bank & Trust Of Cheneyville, Louisiana - The Board of Directors of the Federal Deposit Insurance Corporation today approved the assumption of the insured deposits of The Farmers Bank & Trust of Cheneyville, Cheneyville, Louisiana, by Sabine State Bank and Trust Company, Many, Louisiana. www.fdic.gov/news/news/press/2002/pr13102.html

December 17, 2002 - Agencies Propose Disciplinary Action Rules for Accountants and Accounting Firms Performing Certain Audit Services - The federal bank and thrift regulatory agencies today invited public comment on proposed rules governing their authority to take disciplinary actions against independent public accountants and accounting firms that perform audit and attestation services required by section 36 of the Federal Deposit Insurance Act. Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2002/20021217/default.htm
Press Release: www.fdic.gov/news/news/press/2002/pr13202.html
Press Release: www.ots.treas.gov/docs/77245.html
Press Release: www.occ.treas.gov/ftp/release/2002-96.txt
Attachment: www.occ.treas.gov/ftp/release/2002-96a.pdf

December 17, 2002 - OCC Releases CRA Evaluations For 37 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, 2002. www.occ.treas.gov/ftp/release/2002-95.txt

December 17, 2002 - International Finance Discussion Papers - 2002 IFDPs - www.federalreserve.gov/pubs/ifdp/2002/default.htm

December 17, 2002 - Industrial Production And Capacity Utilization - Industrial production rose 0.1 percent in November after a revised drop of 0.6 percent in October. At 110.8 percent of its 1997 average, output was 1.8 percent above its level in November 2001. www.federalreserve.gov/Releases/G17/Current/default.htm

December 16, 2002 - New Research Examines IDA Programs, Featured in Latest Chicago Fed Letter - The latest Chicago Fed Letter describes how Midwest banks and credit unions participate in Individual Development Account (IDA) programs, a savings vehicle that gives lower-income people a direct incentive to accumulate money to help purchase a home, pay tuition or capitalize a business. www.chicagofed.org/newsandevents/pressreleases/2002/pr12162002.cfm

December 16, 2002 - Economic Growth Increases Slightly in 2003, Consensus Forecast Says - Economic growth in 2003 will be slightly above the rate in 2002, while the unemployment rate will be unchanged and inflation will be higher next year, according to the median forecast of participants at the Federal Reserve Bank of Chicagos Economic Outlook Symposium www.chicagofed.org/newsandevents/pressreleases/2002/2003_econ_outlook_symp.pdf

December 16, 2002 - Household Debt-Service Burden - The household debt-service burden is an estimate of the ratio of debt payments to disposable personal income. Debt payments consist of the estimated required payments on outstanding mortgage and consumer debt. www.federalreserve.gov/releases/housedebt/

December 16, 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. http://www.federalreserve.gov/generalinfo/fhc/

December 16, 2002 - The Federal Reserve Board on Monday requested comment on a proposal to expand the operating hours for the on-line FedwireŽ Funds Service. Under the proposal, the Fedwire Funds Service would open three and one-half hours earlier than the current opening time of 12:30 a.m. eastern time (ET). The closing time for the service would remain unchanged at 6:30 p.m. ET. www.federalreserve.gov/boarddocs/press/other/2002/20021216/default.htm

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December 13, 2002 - OCC Reports Derivatives Volume Grows $3.1 Trillion - Derivatives held by U. S. commercial banks increased $3.1 trillion in the third quarter, to $53.2 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/2002-93.txt
Attachment: www.occ.treas.gov/ftp/deriv/dq302.pdf

December 13, 2002 - OCC Announces 14 New Enforcement Actions and 5 Terminations - The Office of the Comptroller of the Currency today announced 14 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 5 terminations of existing enforcement actions. www.occ.treas.gov/ftp/release/2002-94.txt

December 13, 2002 - Release Dates For The Federal Reserve Bank Of Kansas City's Monthly Manufacturing Survey - The Federal Reserve Bank of Kansas City announces the 2003 release dates for its survey covering manufacturing activity in the Tenth Federal Reserve District. www.kc.frb.org/pubaffrs/pressrel/pr02-24.htm

December 13, 2002 - The Importance of Market Structure Remarks by Governor Mark W. Olson Before the Annual Conference of the Central Bank of Chile Santiago, Chile December 13, 2002 www.federalreserve.gov/boarddocs/speeches/2002/200212132/default.htm

December 13, 2002 - Credit Availability for Small Business Remarks by Governor Susan S. Bies Before local business owners, Federal Reserve Bank of New York, Buffalo Branch, Buffalo, New York December 13, 2002 www.federalreserve.gov/boarddocs/speeches/2002/20021213/default.htm

December 12, 2002 - The Federal Reserve Board today announced its approval of the application by Bank of Hawaii, Honolulu, Hawaii, under section 18(c) of the Federal Deposit Insurance Act, to merge with First Savings and Loan Association of America, Dededo, Guam. www.federalreserve.gov/boarddocs/press/orders/2002/200212122/default.htm

December 12, 2002 -States Face Difficulties Financing Infrastructure, Latest Chicago Fed Letter Shows -Investments in infrastructure such as roads, water systems, energy and telecommunications may suffer because significant declines in expected revenues are forcing states to make dramatic budget cuts, according to participants at a recent Chicago Fed conference. www.chicagofed.org/newsandevents/pressreleases/2002/pr12122002.cfm

December 12, 2002 -E.2 Survey of Terms of Business Lending - These data are collected during the middle month of each quarter and are released in the middle of the succeeding month. The exact date and time of the release may be obtained by calling 202-452-3206. http://www.federalreserve.gov/Releases/E2/Current/e2.pdf

December 12, 2002 -Minutes of the Federal Open Market Committee November 6, 2002 - 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 Wednesday, November 6, 2002, at 9:00 a.m. www.federalreserve.gov/fomc/minutes/20021106.htm

December 12, 2002 -The Federal Reserve Bank of Cleveland has appointed Sandra Pianalto as the Bank's new president. The announcement was made Thursday by David Hoag, chairman of the Cleveland Bank's board of directors. www.federalreserve.gov/boarddocs/press/other/2002/20021212/default.htm

December 12, 2002 - The Federal Reserve Board today announced its approval of the application of Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., Rabobank Nederland, Utrecht, The Netherlands, to become a bank holding company by acquiring VIB Corp, and thereby indirectly acquiring its subsidiary bank, Valley Independent Bank, both in El Centro, California. www.federalreserve.gov/boarddocs/press/orders/2002/20021212/default.htm

December 11, 2002 - NCUA Chairman Tells CUES Directors Conference That Field of Membership Diversification Is Necessary For Effective Credit Union Risk Management www.ncua.gov/news/press_releases/2002/NR02_1211.htm

December 11, 2002 - Statement of Douglas Roeder Senior Deputy Comptroller Office of the Comptroller of the Currency before the Permanent Subcommittee on Investigations of the Committee on Governmental Affairs of the United States Senate December 11, 2002 www.occ.treas.gov/ftp/release/2002-92.txt

December 11, 2002 - Final Rule Implementing Sections of the USA PATRIOT Act That Address Correspondent Accounts for Foreign Shell Banks - The U.S. Department of the Treasury issued the attached final rule on September 26, 2002, to implement Sections 313(a) and 319(b) of the USA PATRIOT Act. The rule adds sections 103.177 and 103.185 to the Bank Secrecy Act regulations. www.fdic.gov/news/news/financial/2002/FIL02136.html

December 11, 2002 - FDIC Reports Bank Earnings Remained Near Record Levels, While Savings Institutions' Profits Hit A New High In The Third Quarter - Commercial banks' domestic operations continued to demonstrate earnings strength in the third quarter of 2002, as the industry posted its second-best quarterly net income ever, remaining on pace to set a full-year earnings record. Third-quarter net income of $23.3 billion was slightly below the record $23.4 billion banks earned in the second quarter, but it represented a 34.4-percent improvement from their net income in the third quarter of 2001. www.fdic.gov/news/news/press/2002/pr13002.html

December 11, 2002 - The Federal Reserve Board on Wednesday announced the names of seven new members of its Thrift Institutions Advisory Council and designated a new President and Vice President of the Council for 2003. www.federalreserve.gov/boarddocs/press/other/2002/20021211/default.htm

December 11, 2002 - Richard Spillenkothen -Director, Division of Banking Supervision and Regulation Oversight of investment banks' response to the lessons of Enron Before the Permanent Subcommittee on Investigations of the Committee on Governmental Affairs, U.S. Senate www.federalreserve.gov/boarddocs/testimony/2002/20021211/default.htm

December 10, 2002 - NCUA - Three Board Appeal Decisions; 02-INS-001, 02-INS-002, 02-INS-003 http://www.ncua.gov/Ref/board_appeals/BoardAppeals.html

December 10, 2002 - NCUA - NCUA Board Member Stresses League Leadership, Service - Congratulating state credit union league presidents for their vision and challenging them to implement additional creative new programs, National Credit Union Administration Board Member Deborah Matz today addressed the American Association of Credit Union Leagues. www.ncua.gov/news/press_releases/2002/NR02_1206.htm

December 10, 2002 - The September 30, 2002 Uniform Bank Performance Report (UBPR) is now available on line. The online version of the UBPR includes 5 years of continuous financial history that is restated quarterly to reflect call report amendments and new analytical tools. www.ffiec.gov/press/pr121002.htm

December 10, 2002 - Final Rule Implementing Information-Sharing Section of USA PATRIOT ACT - The Department of the Treasury has issued a final rule to implement Section 314 of the USA PATRIOT Act. This section addresses the sharing of information on suspected money laundering or terrorist financing between law enforcement and banks, and among financial institutions. www.fdic.gov/news/news/financial/2002/FIL02135.html

December 9, 2002 - Large Commercial Banks - The Federal Reserve Board compiles quarterly data on domestically chartered insured commercial banks that have consolidated assets of $100 million or more and releases the data about twelve weeks after the end of each quarter. www.federalreserve.gov/Releases/lbr/default.htm

December 9, 2002 - The Federal Open Market Committee decided today to keep its target for the federal funds rate unchanged at 1-1/4 percent. www.federalreserve.gov/boarddocs/press/monetary/2002/20021210/default.htm

December 9, 2002 - U.S. Department of Treasury FinCEN Advisories 20A, 22A, and 25A - This advisory letter revises the list of countries detailed in OCC Advisory Letter (AL) 2002-7, U.S. Department of Treasury FinCEN advisories 17A, 18A, and 26A, dated October 10, 2002. www.occ.treas.gov/ftp/advisory/2002-10.txt

December 9, 2002 - The Federal Deposit Insurance Corporation reminds financial institutions of requirements of the Soldiers' and Sailors' Civil Relief Act.- In light of the frequent call-up of U.S. military reserve personnel and substantial military enlistment activity, the Federal Deposit Insurance Corporation would like to remind financial institutions of requirements under the Soldiers' and Sailors' Civil Relief Act of 1940. The intent of the law is to allow service members to devote their full attention to defense of the nation, with a minimum of distraction from financial or other legal burdens. www.fdic.gov/news/news/financial/2002/FIL02134.html

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December 6, 2002 - OTS Delays Effective Date For Parity Act Revisions - The Office of Thrift Supervision announced today that it is delaying for a period of six months the effective date of a final rule that will remove prepayment and late fee rules from the list of OTS regulations applicable to state housing creditors under the Alternative Mortgage Transaction Parity Act. The final rule, originally scheduled to become effective on January 1, 2003, will now take effect July 1, 2003. www.ots.treas.gov/docs/77244.html

December 6, 2002 - Flood Disaster Protection Act - Attached is a copy of the revised Standard Flood Hazard Determination form, FEMA Form 81-93, Oct 02, which replaces FEMA Form 81-93, Oct 98. Either form may be used prior to March 1, 2003, when use of the revised form becomes mandatory.
Press Release - www.occ.treas.gov/ftp/bulletin/2002-46.txt
Standard Flood Hazard Determination Form and Instructions - http://www.fema.gov/nfip/sfhdform.htm

December 5, 2002 - NCUA - 2003 NCUA Board Meeting Schedule www.ncua.gov/news/board_calendar/board_calendar2003.html

December 5, 2002 - NCUA - Updated Schedule Of Conversations With America - To stimulate conversation between the American public and NCUA, the agency will post "NCUA Conversations with America," a list of upcoming public events, meetings, and forums where people are encouraged to voice their opinion to NCUA board members or officials about how the agency can improve its service to credit unions and the American public. www.ncua.gov/news/conversations/ncuatalks.html

December 5, 2002 - FDIC Issues December 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 September 2002. www.fdic.gov/news/news/press/2002/pr12902.html

December 5, 2002 - Industrial Production and Capacity Utilization - The Federal Reserve has revised the index of industrial production and the related measures of capacity and capacity utilization. The primary feature of the historical revision is the reclassification of production and capacity indexes for individual industries from the Standard Industrial Classification, or SIC, to the North American Industry Classification System, or NAICS, back to 1972. www.federalreserve.gov/releases/g17/revisions/current/default_rev.htm

December 4, 2002 - Proposals for Comment - The following proposals were recently made available for public comment. Comments may be submitted to the Federal Reserve via the web using the links below. Comments may also be submitted in writing or via electronic mail (see the text of the proposal for contact details). Please be sure to include the name of the proposal and the docket number (if any). www.federalreserve.gov/generalinfo/foia/proposedregs.cfm

December 4, 2002 - Interagency Advisory on Accounting for Accrued Interest Receivable Related to Credit Card Securitizations - The Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision today issued the "Interagency Advisory on the Accounting Treatment of Accrued Interest Receivable Related to Credit Card Securitizations."
Press Release: www.federalreserve.gov/BoardDocs/SRLetters/2002/sr0222.htm
Press Release: www.fdic.gov/news/news/financial/2002/FIL02131.html
Press Release: www.occ.treas.gov/ftp/bulletin/2002-45.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2002-45a.pdf

December 3, 2002 - OTS Announces 109 CRA Exams Scheduled For First Quarter 2003 - The Office of Thrift Supervision (OTS) announced today that 109 savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the first quarter of 2003. www.ots.treas.gov/docs/77243.html

December 3, 2002 - OCC 2002-44, Notice of Comptroller of the Currency Fees for Year 2003: Year 2003 Fee Structure - This bulletin informs all national banks, federal branches and agencies, and District of Columbia banks of fees charged by the Office of the Comptroller of the Currency (OCC) for year 2003. Changes are effective January 1, 2003. http://www.occ.treas.gov/ftp/bulletin/2002-44.pdf
http://www.occ.treas.gov/pubs1.htm
http://www.occ.treas.gov/assess.htm
http://www.occ.treas.gov/fees.htm

December 3, 2002 - FDIC'S 2003 Budget 8 Percent Lower Than 2002 The Board of Directors of the Federal Deposit Insurance Corporation today approved a 2003 Corporate Operating Budget of $1,070.5 million and a multi-year Investment Budget of $70.4 million. Estimated spending for 2003 will be $1.1 billion, 8 percent lower than the 2002 budget. www.fdic.gov/news/news/press/2002/pr12802.html

December 3, 2002 - The Federal Reserve Board on Tuesday announced revisions to its policy and procedures for sponsoring private-sector organizations under federal programs that provide priority telecommunications services to entities that are important to national security and emergency preparedness. www.federalreserve.gov/boarddocs/press/other/2002/20021203/default.htm

December 2, 2002 - OCC Issues First Quarter 2003 CRA Examination Schedule - The OCC encourages public comment on the national banks scheduled to be examined under the CRA, and suggests that comments be submitted to the institutions themselves at the mailing address listed on the schedule, or to the appropriate OCC supervisory office prior to (or as early as possible during) the month in which the exam is scheduled.
Press Release: www.occ.treas.gov/ftp/release/2002-91.txt
Attachment: www.occ.treas.gov/cra/craq103.pdf

December 2, 2002 - The Federal Reserve Board on Tuesday announced that it has revised its Policy Statement on Payments System Risk (PSR policy).
Press Release: www.federalreserve.gov/boarddocs/press/boardacts/2001/20011211/default.htm

December 2, 2002 - Fedwire and Net Settlement - The Federal Reserve provides the Fedwire funds transfer service and the Fedwire custodial and transfer service for securities. The Federal Reserve also provides a net settlement service. http://www.federalreserve.gov/paymentsystems/fedwire/default.htm