R. Kinney Williams - Yennik, Inc.
R. Kinney Williams
Yennik, Inc.

The Community Banker
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Bank Regulatory News

December 2003

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December 31, 2003 - Steps to Help Rebuild Areas in California Affected by Major Earthquakes - The Federal Deposit Insurance Corporation has announced steps to facilitate the rebuilding process in areas of California damaged by recent earthquakes. www.fdic.gov/news/news/financial/2003/fil03100.html

December 31, 2003 - Country Exposure Statistical Release and Country Exposure Information Report  
Release by country:  www.ffiec.gov/PDF/E16/E16_200309.pdf
Release by banks:  www.ffiec.gov/PDF/E16/009a_200309.pdf

December 31, 2003 - FDIC Makes Public November 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 November. No administrative hearings are scheduled for January. www.fdic.gov/news/news/press/2003/pr13203.html

December30, 2003 - Proposals for Comment - Privacy Act of 1974
- Amendment of three systems of records: Payroll and Leave, Biographical File of Reserve Bank Officers, and Federal Reserve System Bank Supervision Staff Qualifications 
http://www.federalreserve.gov/boarddocs/press/foiadocs/2003/20031218/default.pdf 

December 30, 2003 - FDIC Issues Removal And Prohibition Order And Civil Money Penalty Against Former Indiana Banker - The Federal Deposit Insurance Corporation issued a removal and prohibition order and imposed a $5,000 civil money penalty against Kenneth Keith Fox.  The FDICs action is based on allegations that Fox, as chief lending officer, withheld and misrepresented information to the banks loan committee.  www.fdic.gov/news/news/press/2003/pr13103.html

December 29, 2003 - Release Dates For The Federal Reserve Bank Of Kansas City's Monthly Manufacturing Survey - The Federal Reserve Bank of Kansas City announces the 2004 release dates for its survey covering manufacturing activity in the Tenth Federal Reserve District. www.kc.frb.org/pubaffrs/pressrel/pr03-32.htm

December 29, 2003 - Framework for Assessing Consumer Compliance Risk at Bank Holding Companies - Changes in the banking and financial services industry have highlighted the importance of incorporating an assessment of consumer compliance risk in the evaluation of a banking organization's overall risk profile. To address these changes, the Federal Reserve is enhancing its bank holding company supervision program to ensure that examiners are focusing appropriately on consumer compliance risk-related matters across the broad range of a bank holding company's activities. www.federalreserve.gov/boarddocs/srletters/2003/sr0322.htm

December 29, 2003 - California banker and Idaho consultant are re-elected to San Francisco Federal Reserve Bank Board - Member banks in the Twelfth Federal Reserve District have re-elected California banker Richard Hartnack and consultant Barbara Wilson to the board of directors of the Federal Reserve Bank of San Francisco for three-year terms beginning January 1, 2004. http://www.frbsf.org/news/releases/2003/1229.html

December 29, 2003 - Working Papers - International Finance Discussion Papers
2003-785 through 2003-790   www.federalreserve.gov/pubs/ifdp/2003/

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December 24, 2003 - NCUA - Opinion Letter - 03-0947 - Insurance Coverage for Revocable Trust Account www.ncua.gov/ref/opinion_letters/2003_letters/03-0947.htm

December 24, 2003 - Payment Systems - The Payments System in Transition - As the U.S. payments system relies increasingly on electronic payments, payments system stakeholders face strategic opportunities and challenges in developing new services and in providing for an efficient clearing and settlement infrastructure. www.federalreserve.gov/events/conferences/paysymp/default.htm

December 24, 2003 -Recent Developments in Business Lending by Commercial Banks - After growing rapidly during much of the 1990s, the real value of commercial and industrial (C&I) loans at domestic commercial banks and at U.S. branches and agencies of foreign banks has fallen 19 percent since the beginning of 2001. www.federalreserve.gov/pubs/bulletin/2003/1203lead.pdf

December 24, 2003 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among Combanc, Delphos, Ohio; The Commercial Bank, Delphos, Ohio; the Ohio Division of Financial Institutions, Columbus, Ohio; and the Federal Reserve Bank of Cleveland. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20031224/default.htm

December 23, 2003 - Small Re-Elected, Yarnell Elected to St. Louis Fed Board - Bradley W. Small, president and chief executive officer of The Farmers and Merchants National Bank in Nashville, Ill., has been re-elected to a three-year term on the board of directors of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2003/12_22_03.htm

December 23, 2003 -Federal Regulators Seek Public Comment on Ways to Improve Privacy Notices - Eight federal regulators today announced an advance notice of proposed rulemaking  requesting public comment on ways to improve the privacy notices financial institutions provide to consumers under the Gramm-Leach-Bliley Act .
Press Release: www.fdic.gov/news/news/press/2003/pr13003.html
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2003/20031223/default.htm
Press Release: www.ncua.gov/news/press_releases/2003/JR03-1223.pdf
Press Release: www.ots.treas.gov/docs/77340.html
Press Release: www.occ.treas.gov/ftp/release/2003-104.htm
Attachment: www.occ.treas.gov/ftp/release/2003-104a.pdf
Attachment: www.occ.treas.gov/ftp/release/2003-104b.pdf
Attachment: www.occ.treas.gov/ftp/release/2003-104c.pdf
Attachment: www.occ.treas.gov/ftp/release/2003-104d.pdf
Attachment: www.occ.treas.gov/ftp/release/2003-104e.pdf

December 22, 2003 - The Federal Reserve Board on Monday approved a proposed rule to amend Regulation CC and its commentary to implement the Check Clearing for the 21st Century Act (Check 21 Act). The Check 21 Act was enacted on October 28, 2003, and becomes effective on October 28, 2004. www.federalreserve.gov/boarddocs/press/bcreg/2003/20031222/default.htm

December 22, 2003 - The Federal Reserve Board on Monday announced that public meetings will be held in Boston, Massachusetts, and San Francisco, California, on the proposal by Bank of America Corporation, Charlotte, North Carolina, to merge with FleetBoston Financial Corporation, Boston, Massachusetts. www.federalreserve.gov/boarddocs/press/orders/2003/20031222/default.htm

December 22, 2003 - Bank Enterprise Awards Application Period for 2003 - Qualified Activities Closes February 25, 2004 - The Community Development Financial Institutions Fund will award $8 million in financial incentives in 2004 through its Bank Enterprise Award Program to certain eligible FDIC-insured institutions that apply for consideration.  www.fdic.gov/news/news/financial/2003/fil0398.html

December 22, 2003 - Structure and Share Data for U.S. Offices of Foreign Banks - Structure and share data are collected as of the end of the month for March, June, September, and December and generally are released four months after the as-of month. www.federalreserve.gov/Releases/Iba/default.htm

December 22, 2003 - The GSE Implicit Subsidy and Value of Government Ambiguity - The housing-related government-sponsored enterprises Fannie Mae and Freddie Mac have an ambiguous relationship with the federal government. Most purchasers of the GSEs' debt securities believe that this debt is implicitly backed by the U.S. government despite the lack of a legal basis for such a belief. In this paper, I estimate how much GSE shareholders gain from this ambiguous government relationship. www.federalreserve.gov/pubs/feds/2003/200364/200364abs.html

December 22, 2003 - OSFI and Federal Reserve Board Announce Agreement with CIBC - The Office of the Superintendent of Financial Institutions  Canada and the Board of Governors of the Federal Reserve System in the United States today announced they have reached an agreement with the Canadian Imperial Bank of Commerce The agreement is part of coordinated actions between OSFI and U.S. regulatory and enforcement authorities related to CIBC's involvement in certain structured finance transactions with the Enron Corporation, Houston, Texas.  www.federalreserve.gov/boarddocs/press/Enforcement/2003/20031222/default.htm

December 18, 2003 - Burma and Two Burmese Banks Are Considered "Primary Money Laundering Concerns" - On November 18, 2003, the Department of the Treasury announced the designation of Burma and two Burmese banks to be of "primary money laundering concern" under Section 311 of the USA PATRIOT Act. Treasury, acting through the Financial Crimes Enforcement Network, is issuing a proposed rule to impose special measures against Burma and the two Burmese financial institutions. www.fdic.gov/news/news/financial/2003/fil0397.html

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December 19, 2003 - The Federal Reserve Board on Friday announced its approval of the notice filed pursuant to section 4 of the Bank Holding Company Act by The Royal Bank of Scotland Group plc, The Royal Bank of Scotland plc, RBSG International Holdings Ltd., all in Edinburgh, Scotland, and Citizens Financial Group, Inc., Providence, Rhode Island, to acquire all the voting shares of Thistle Group Holdings, Co. and thereby indirectly acquire all the voting shares of Roxborough-Manayunk Bank, both in Philadelphia, Pennsylvania. www.federalreserve.gov/boarddocs/press/orders/2003/20031219/default.htm

December 19, 2003 - NCUA - Share Insurance and Appendix - NCUA is amending its share insurance rules to simplify and clarify them and provide parity with the deposit insurance rules of the Federal Deposit Insurance Corporation. www.ncua.gov/news/proposed_regs/Final745ShareInsurance.pdf

December 19, 2003 - NCUA - Interagency Proposal to Consider Alternative Forms of Privacy Notices under the Gramm-Leach-Bliley Act - The OCC, OTS, Board, FDIC, NCUA, FTC, CFTC, and SEC are requesting comment on whether the Agencies should consider amending the regulations that implement sections 502 and 503 of the Gramm-Leach-Bliley Act  to allow or require financial institutions to provide alternative types of privacy notices, such as a short privacy notice, that would be easier for consumers to understand. www.ncua.gov/news/proposed_regs/Proposed12CFRPart716.pdf

December 19, 2003 - OCC Issues Final Rule on Federal Branches and Agencies of Foreign Banks - The Office of the Comptroller of the Currency today published a final rule to streamline and simplify regulations that apply to federal branches and agencies of foreign banks. The final rule reduces unnecessary regulatory burdens on national banks engaging in international activities, consistent with safety and soundness.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=TWCSVP5W.xml
Attachment: www.occ.treas.gov/fr/fedregister/OCCParts5%2028%20final%20rule.pdf

December 19, 2003 - Burma and Two Burmese Banks Are Considered "Primary Money Laundering Concerns" - The Department of the Treasury has designated Burma and two Burmese banks to be of primary money laundering concern and has issued proposed countermeasures. www.fdic.gov/news/news/financial/2003/fil0397.html

December 19, 2003 - The Federal Reserve Board on Friday 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/2003/20031219/default.htm

December 18, 2003 - The Federal Reserve Board on Thursday released the minutes of its discount rate meetings from September 29 through October 27, 2003. www.federalreserve.gov/BoardDocs/Press/monetary/2003/20031218/default.htm

December 18, 2003 - Electronic Filing Of Branch Applications - On December 19, 2003, the FDIC will begin accepting online applications for branch openings, branch relocations, and main office relocations from FDIC-supervised institutions using the Electronic Branch Application  - a new Internet-based application within the FDICconnect Business Center. www.fdic.gov/news/news/financial/2003/fil0396.html

December 18, 2003 - NCUA - Change Proposed by Matz Would Protect Members' Share Insurance in Mergers - Credit unions will soon receive guidance on how to prevent members from losing share insurance, thanks to language inserted into a final rule today by National Credit Union Administration Board Member Debbie Matz.  www.ncua.gov/news/press_releases/2003/Stmt03-1218.htm

December 18, 2003 - Rules, Policies, and Procedures for Corporate Activities; Bank Activities and Operations; and Real Estate Lending and Appraisals - The final rule amends 12 CFR parts 3, 5, 6, 7, 9, 28, and 34 of its regulations.  The final rule will become effective on January 16, 2004.
Press Release: www.occ.treas.gov/ftp/bulletin/2003-47.txt
Attachment: www.occ.treas.gov/fr/fedregister/68fr70122.pdf

December 18, 2003 - Bank Secrecy Act/Anti-Money Laundering - The Financial Crimes Enforcement Network has modified the Currency Transaction Report, IRS Form 4789, to facilitate the recording of the movement and exchange of foreign currency in excess of $10,000. www.occ.treas.gov/ftp/bulletin/2003-48.txt

December 18, 2003 - FDIC Issues Removal And Prohibition Order Against Former Illinois Banker  - The Federal Deposit Insurance Corporation in November issued a removal and prohibition order against Moon Shik Shin. www.fdic.gov/news/news/press/2003/pr12903.html

December 18, 2003 - FDIC Issues Removal And Prohibition Order Against A Former Louisiana Banker - The Federal Deposit Insurance Corporation in October issued a removal and prohibition order against James W. Thibodaux, Jr. www.fdic.gov/news/news/press/2003/pr12803.html

December 18, 2003 - FDIC Issues Removal And Prohibition Order And Civil Money Penalty Against Former Kentucky Banker - The Federal Deposit Insurance Corporation in November issued a removal and prohibition order and imposed a $2,500 civil money penalty against Barry S. Armstrong. www.fdic.gov/news/news/press/2003/pr12703.html

December 18, 2003 - The Federal Reserve Board on Thursday announced the issuance of several enforcement actions involving Credit Lyonnais, S.A., a large French bank with several U.S. offices. The actions relate primarily to Credit Lyonnais's participation in the rehabilitation of the Executive Life Insurance Co. of California, which was declared insolvent in 1991.  www.federalreserve.gov/boarddocs/press/Enforcement/2003/20031218/default.htm

December 17, 2003 - NCUA - Opinion Letter 03-0964 - Individual Taxpayer Identification and Matricula Consular Numbers for Credit Reporting Purposes www.ncua.gov/ref/opinion_letters/2003_letters/03-0964.htm

December 17, 2003 - NCUA Chairman Dennis Dollar Attends Bill Signing For American Dream Downpayment Act of 2003; Says Many Americans Are A Significant Step Closer To Realizing Their Dream Of Owning Their Home www.ncua.gov/news/press_releases/2003/Stmt03-1216.htm

December 17, 2003 - Letter from Comptroller of the Currency John D. Hawke, Jr. to Senator Paul S. Sarbanes explaining the OCC's position on preemption. www.occ.treas.gov/foia/SarbanesPreemptionletter.pdf

December 17, 2003 - OCC Issues Final Rule Allowing National Banks To Make Organizational Changes More Efficiently - The Office of the Comptroller of the Currency today published a final rule implementing sections of the American Homeownership and Economic Opportunity Act of 2000 that will enable national banks to make some organizational changes more efficiently.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=G89CZHW.xml
Attachment: www.occ.treas.gov/ftp/release/2003-102a.pdf

December 17, 2003 - Minority Owned Banks as of September 30, 2003 www.federalreserve.gov/releases/mob/current/default.htm

December 16, 2003 - OCC Announces New Electronic Interpretations and Actions - December 2003 Corporate Activites   www.occ.treas.gov/interp/dec03/intdec03.htm

December 16, 2003 - Federal Reserve Statistical Release - E.2 Survey Of Terms Of Business Lending, November 3-7, 2003 www.federalreserve.gov/Releases/E2/Current/default.htm

December 16, 2003 - OCC Releases CRA Evaluations For 40 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, 2003 through December 14, 2003. www.occ.treas.gov/newsrelease.asp?Doc=HDQELDH4.xml

December 16, 2003 - OCC Announces 15 New Enforcement Actions and One Termination - The Office of the Comptroller of the Currency today announced 15 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and one termination of an existing enforcement action. www.occ.treas.gov/NewsRelease.asp?Doc=SIMIHHMZ.xml

December 16, 2003 - The Federal Reserve Board on Tuesday requested comment on interim final rules and proposed rules to establish effective dates for certain provisions of the Fair and Accurate Transactions Act of 2003 including provisions that preempt state laws that regulate areas governed by the Fair Credit Reporting Act. www.federalreserve.gov/boarddocs/press/bcreg/2003/20031216/default.htm

December 16, 2003 - Industrial Production And Capacity Utilization - Statistical Release G.17 Industrial Production  www.federalreserve.gov/Releases/G17/Current/default.htm

December 15, 2003 - The Federal Reserve Board on Monday announced its approval of the application and notice by Central Pacific Financial Corp. to acquire CB Bancshares, Inc. and City Bank, all in Honolulu, Hawaii. www.federalreserve.gov/boarddocs/press/orders/2003/20031215/default.htm

December 15, 2003 - Comptroller Hawke Restates U.S. Commitment to Basel Capital Process But Warns that Many Complex and Difficult Issues Must Still be Resolved - Comptroller of the Currency John D. Hawke, Jr. said today that while the U.S. remains committed to completing work on the Basel II capital accord by mid-2004, many complex issues must still be worked out before the agreement can be implemented.
Press Release: www.occ.treas.gov/NewsRelease.asp?Doc=DVWLJZB1.xml
Attachment: www.occ.treas.gov/ftp/release/2003-99a.pdf

________________

December 12, 2003 - FDIC Issues Removal And Prohibition Orders Against Two Former Iowa Bankers - The Federal Deposit Insurance Corporation in October issued removal and prohibition orders against Darin L. Thierer and Donn K. Thierer. www.fdic.gov/news/news/press/2003/pr12603.html

December 12, 2003 - FDIC Issues Removal And Prohibition Order And Civil Money Penalty Against Former Georgia Banker - The Federal Deposit Insurance Corporation in October issued a removal and prohibition order and imposed a $19,236.97 civil money penalty against Carolyn N. Mills. www.fdic.gov/news/news/press/2003/pr12503.html

December 12, 2003 - FDIC Issues Removal And Prohibition Order Against Former Missouri Banker - The Federal Deposit Insurance Corporation in October issued a removal and prohibition order against Sharon C. Miles. www.fdic.gov/news/news/press/2003/pr12403.html

December 12, 2003 - FDIC Issues Removal And Prohibition Order Against Former Minnesota Banker -  The Federal Deposit Insurance Corporation in October issued a removal and prohibition order against Keith G. Eitreim. www.fdic.gov/news/news/press/2003/pr12303.html

December 12, 2003 - FDIC Issues Removal And Prohibition Order Against Former California Banker - The Federal Deposit Insurance Corporation in September issued a removal and prohibition order against Joyce R. Touchette. www.fdic.gov/news/news/press/2003/pr12203.html

December 12, 2003 - OCC Reports Derivatives Volume Tops $67 Trillion - Derivatives held by U. S. commercial banks increased $1.3 trillion in the third quarter, to $67.1 trillion, the Office of the Comptroller of the Currency reported today in its quarterly Bank Derivatives Report.
Press Release: www.occ.treas.gov/NewsRelease.asp?Doc=XQ1BI3O1.xml
Attachment: www.occ.treas.gov/ftp/deriv/dq303.pdf

December 11, 2003 - NCUA - Matz Highlights New Ideas for the Future - NCUA Board Member Encourages Credit Union Directors to Reach Out http://www.ncua.gov/news/press_releases/2003/NR03-1211.htm

December 11, 2003 - General Policies and Procedures Comptroller's Licensing Manual http://www.occ.treas.gov/corpbook/group1/public/pdf/gpp.pdf

December 11, 2003 - Subordinated Debt  - Comptroller's Licensing Manual http://www.occ.treas.gov/corpbook/group3/public/pdf/subdebt.pdf

December 11, 2003 - Minutes of the Federal Open Market Committee
October 28, 2003 www.federalreserve.gov/FOMC/MINUTES/20031028.htm

December 11, 2003 - Community Development Investments - Community development investments are designed to create new opportunities--primarily related to affordable housing, small businesses, and jobs--that specifically benefit lower-income neighborhoods and populations. www.federalreserve.gov/CommunityAffairs/cdi/default.htm

December 11, 2003 - Capitalism and the role of globalization - Chairman Alan Greenspan Before the World Affairs Council of Greater Dallas, Dallas, Texas www.federalreserve.gov/boarddocs/speeches/2003/20031211/default.htm

December 10, 2003 - Bank Secrecy Act/Anti-Money Laundering - Designation of Burma as Primary Money Laundering Concern; Proposed Rules Imposing Special Measures Against the Country of Burma and Myanmar Mayflower Bank and Asia Wealth Bank Press Release: www.occ.treas.gov/ftp/bulletin/2003-46.txt
Attachment: www.occ.treas.gov/fr/fedregister/68FR66299.pdf
Attachment: www.occ.treas.gov/fr/fedregister/68FR66305.pdf

December 10, 2003 - Calculating and Using Second Order Accurate Solutions of Discrete Time Dynamic Equilibrium Models - We describe an algorithm for calculating second order approximations to the solutions to nonlinear stochastic rational expectations models. The paper also explains methods for using such an approximate solution to generate forecasts, simulated time paths for the model, and evaluations of expected welfare differences across different versions of a model. http://www.federalreserve.gov/Pubs/FEDS/2003/200361/200361pap.pdf

December 10, 2003 - FRB - Asset Prices and Rents in a GE Model with Imperfect This paper analyses the general equilibrium effects on asset valuation and capital accumulation of an exogenous drop in the rate of return required by investors in a model of production with imperfectly competitive product markets. http://www.federalreserve.gov/Pubs/FEDS/2003/200360/200360pap.pdf

December 10, 2003 - Risk Management of Wireless Networks - This advisory letter highlights risks associated with wireless networks and provides guidance for managing those risks. National banks can use this guidance to help in protecting company assets and confidential customer information, achieving service level requirements, maintaining safe and sound practices, and ensuring compliance with regulatory security expectations. www.occ.treas.gov/ftp/advisory/2003-10.txt

December 10, 2003 - Thomas J. Curry Confirmed as member of FDIC Board of Directors - The United States Senate last night confirmed Thomas J. Curry, Commissioner of Banks for the Massachusetts Division of Banks, to be a member of the Board of Directors of the Federal Deposit Insurance Corporation for a six-year term.
www.fdic.gov/news/news/press/2003/pr12103.html

December 9, 2003 - Insured U.S.-Chartered Commercial Banks That Have Consolidated Assets of $300 Million or More, Ranked by Consolidated Assets as September 30, 2003 www.federalreserve.gov/releases/lbr/current/default.htm

December 9, 2003 - The Federal Open Market Committee decided today to keep its target for the federal funds rate at 1 percent. The Committee continues to believe that an accommodative stance of monetary policy, coupled with robust underlying growth in productivity, is providing important ongoing support to economic activity. www.federalreserve.gov/boarddocs/press/monetary/2003/20031209/default.htm

December 9, 2003 - FDIC Says Recent Volatility In Long-Term Interest Rates May Continue - The FDIC today said that several related factors have contributed to an upward trend in the volatility of long-term U.S. interest rates, and that these factors could cause continued volatility going forward. According to a report released today in the Winter 2003 FDIC Outlook, concerns about deflation, mortgage-related hedging activity, dependence on foreign capital and a rising federal budget deficit have all played a role in recent interest rate movements. www.fdic.gov/news/news/press/2003/pr12003.html

December 8, 2003 - The FDIC Announces the Availability of FDICconnect - The FDIC is announcing the nationwide availability of FDICconnect, a secure Web site developed to facilitate electronic communication with FDIC- insured depository institutions. FDICconnect offers a variety of electronic business transactions for institutions that will significantly improve operating efficiencies. FDIC-insured institutions are encouraged to register for FDICconnect beginning immediately. www.fdic.gov/news/news/financial/2003/fil0393.html

December 5, 2003 - The Federal Deposit Insurance Corporation (FDIC) has issued an order imposing civil money penalties on three people previously associated with Savanna State Bank, Savanna, Illinois, Thomson State Bank, Thomson, Illinois, or both. www.fdic.gov/news/news/press/2003/pr11903.html

December 5, 2003 - The Federal Deposit Insurance Corporation (FDIC) has issued a removal and prohibition order and imposed a $10,000. civil money penalty against Christopher D. Williams. www.fdic.gov/news/news/press/2003/pr11803.html

December 5, 2003 - The Federal Deposit Insurance Corporation (FDIC) has issued a removal and prohibition order and imposed a $75,000 civil money penalty against Jerry Givens. www.fdic.gov/news/news/press/2003/pr11703.html

December 5, 2003 - The Federal Deposit Insurance Corporation (FDIC) has issued a removal and prohibition order against Jeffrey H. Otis. www.fdic.gov/news/news/press/2003/pr11603.html

December 5, 2003 - The Federal Deposit Insurance Corporation (FDIC) has issued a removal and prohibition order and imposed a $5,000. civil money penalty against Aida S. Moreno. www.fdic.gov/news/news/press/2003/pr11503.html

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December 5, 2003 - Unauthorized Banking - The Office of the Comptroller of the Currency has received information that Effex Bank NA; Effex Bank Ltd; Effexbank Bank, Ltd; or, Effexbank International Bank Limited may be operating a banking business without authorization.   www.occ.treas.gov/ftp/alert/2003-14.txt

December 5, 2003 - Statistical Release G.19 Consumer Credit - In October, consumer credit rose at an annual rate of 1/2 percent, down from a 10-1/2 percent pace in September; revolving credit posted a modest gain while nonrevolving credit fell slightly. www.federalreserve.gov/Releases/G19/Current/default.htm

December 5, 2003 - OCC Chief Counsel Julie L. Williams Addresses Consumer Federation of America - Julie L. Williams, First Senior Deputy Comptroller and Chief Counsel for the Office of the Comptroller of the Currency, addressed the Consumer Federation of America's annual financial services conference today.
Press Release: www.occ.treas.gov/NewsRelease.asp?Doc=CGRTPUBW.xml
Attachment: www.occ.treas.gov/ftp/release/2003-97a.pdf

December 5, 2003 - 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. www.fdic.gov/news/news/press/2003/pr11403.html

December 5, 2003 - FDIC Launches New Center For Financial Research - The Center will sponsor research on key issues and developments affecting the banking industry, the role of banks and other financial services firms in the economy, risk management issues, regulatory policy and related topics of importance to the FDIC's mission of promoting financial stability in the American economy. www.fdic.gov/news/news/press/2003/pr11303.html

December 4, 2003 - The Federal Reserve Board on Thursday announced its approval of the applications under section 3 of the Bank Holding Company Act by the Desjardins Group, Montreal, Canada; Federation des caisses Desjardins du Quebec, Levis, Canada; La Caisse centrale Desjardins du Quebec, Montreal, Canada; and Desjardins FSB Holdings, Inc., Wilmington, Delaware, to become bank holding companies through the conversion of their existing thrift, Desjardins Federal Savings Bank, Hallandale, Florida, to a national bank that would operate as Desjardins Bank, N.A., also in Hallandale.  www.federalreserve.gov/boarddocs/press/orders/2003/20031204/default.htm

December 4, 2003 - The Federal Reserve Board on Thursday announced its approval of a final rule that expands the ability of all bank holding companies, including financial holding companies, to process, store and transmit nonfinancial data in connection with their financial data processing, storage and transmission activities. www.federalreserve.gov/boarddocs/press/bcreg/2003/20031204/default.htm

December 3, 2003 -  Is Midwest manufacturing at a crossroads? - A recent Chicago Fed conference assessed the challenges facing U.S. manufacturing and how the sector is adapting to an increasingly competitive global marketplace.  www.chicagofed.org/newsandevents/pressreleases/2003/pr12032003.cfm

December 3, 2003 - NCUA - Free PALS Workshop Scheduled for March 25, 2004 in San Francisco - In response to popular demand, National Credit Union Administration Board Member Debbie Matz and Vice Chair JoAnn Johnson have scheduled a second free workshop on member business lending, to be held in San Francisco on March 25. The workshop will present a dynamic lineup of speakers who will share ideas about how federal and state credit unions can safely make more member business loans. www.ncua.gov/news/press_releases/2003/NR03-1203.htm

December 3, 2003 - OTS Lists 81 CRA Exams Scheduled For First Quarter 2004 - The Office of Thrift Supervision announced today that 81 savings associations are scheduled for Community Reinvestment Act examinations during the first quarter of 2004. www.ots.treas.gov/docs/77339.html

December 3, 2003 - FDIC-Insured Institutions Report Record Earnings In The Third Quarter - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation earned a record $30.4 billion in the third quarter of 2003, marking the third time in a row that earnings set a new high. www.fdic.gov/news/news/press/2003/pr11203.html

December 3, 2003 - The SAR Activity Review - The Department of the Treasury's Financial Crimes Enforcement Network has published the latest edition of its semiannual publication, The SAR Activity Review www.fdic.gov/news/news/financial/2003/fil0392.html

December 3, 2003 - 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 2003. www.fdic.gov/news/news/press/2003/pr11103.html

December 2, 2003 - NCUA - Opinion Letter 03-0855 - Louisiana Statute Governing Inactive Accounts - You have asked if federal credit unions may rely on a Louisiana statute that permits a credit union domiciled in the state to credit share accounts under $100 to a reserve for inactive accounts after it has been unable to contact the member for a period of two years. www.ncua.gov/ref/opinion_letters/2003_letters/03-0855.htm

December 2, 2003 - Jeffrey A. Brown Named Senior Deputy Comptroller, Economics and International; Thomas R. Bloom to Become Senior Deputy Comptroller for Management and CFO - Comptroller of the Currency John D. Hawke, Jr. announced today he has named Jeffrey A. Brown to be Senior Deputy Comptroller for International and Economic Affairs and Thomas R. Bloom to be Senior Deputy Comptroller, Office of Management, and Chief Financial Officer. www.occ.treas.gov/newsrelease.asp?Doc=BRJ467VC.xml

December 2, 2003 - FDIC Board Approves Level 2004 Budget - The Board of Directors of the Federal Deposit Insurance Corporation today approved a $1.1 billion Corporate Operating Budget for 2004, slightly below the 2003 budget. When combined with anticipated investment spending of $115 million in 2004 for multi-year investment projects previously approved by the Board, total 2004 spending is expected to total approximately $1.2 billion. www.fdic.gov/news/news/press/2003/pr11003.html

December 2, 2003 - Concerns and Considerations for the Practical Implementation of the New Basel Accord - Remarks by Vice Chairman Roger W. Ferguson, Jr. At the ICBI Risk Management 2003 Conference, Geneva, Switzerland December 2, 2003 www.federalreserve.gov/boarddocs/speeches/2003/20031202/default.htm

December 2, 2003 - The September 30, 2003 Uniform Bank Performance Report is now available online. 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/pr120203.htm

December 1, 2003 - Federal Reserve Bank Announces New Directors For Kansas City Board - The Federal Reserve Bank of Kansas City announces the results of the recent elections for two positions on the Bank's board of directors. www.kc.frb.org/pubaffrs/pressrel/pr03-31.htm

December 1, 2003 - OCC Issues First Quarter 2004 CRA Examination Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act examinations to be conducted in the first quarter of 2004.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=8IQHSUPH.xml
Attachment: www.occ.treas.gov/cra/craq104.pdf 

December 1, 2003 - The Federal Reserve Board on Monday announced the names of four new members of its Thrift Institutions Advisory Council and designated a new President and Vice President of the Council for 2004. www.federalreserve.gov/boarddocs/press/other/2003/20031201/default.htm

December 1, 2003 - Michael E. Bartell Named FDIC'S Chief Information Officer - Federal Deposit Insurance Corporation Chairman Donald Powell announced the appointment of Michael E. Bartell as the FDIC's Chief Information Officer www.fdic.gov/news/news/press/2003/pr10903.html

December 1, 2003 - Securities Underwriting and Dealing Subsidiaries - A broker-dealer authorized to engage in securities underwriting, dealing, or market-making may, under certain circumstances, be acquired by a bank holding company, by a foreign bank subject to the Bank Holding Company Act, or by a state member bank. www.federalreserve.gov/GeneralInfo/Subsidiaries/default.htm

December 1, 2003 - Statistical Release G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In November 2003 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/

December 1, 2003 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among the Putnam County Bank, Hurricane, West Virginia; the West Virginia Division of Banking, Charlestown, West Virginia; and the Federal Reserve Bank of Richmond.  www.federalreserve.gov/boarddocs/press/Enforcement/2003/20031201/default.htm

 

PLEASE NOTE:  Some of the above links may not function properly because the regulatory agency has changed the URL.  Please e-mail us at examiner@yennik.com if we can be of assistance.  

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