Bank Regulatory News
February 2001

February 28, 2001 - The Federal Reserve Board announced that in order to better integrate the supervisory assessment of banking organizations' fiduciary activities into the overall safety and soundness supervision process, the Federal Reserve is integrating the examination frequency mandates for trust and transfer agency examinations with safety and soundness examinations. www.federalreserve.gov/boarddocs/SrLetters/2001/sr0105.htm 

February 28, 2001 - The Federal Financial Institutions Examination Council (FFIEC) has issued the statement concerning a major revision to Article 9 of the Uniform Commercial Code (UCC) and its effect on financial institutions. http://www.fdic.gov/news/news/financial/2001/fil0118a.html 

February 27, 2001 - The NCUA 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.  http://www.ncua.gov/news/conversations/ncuatalks.html

February 26, 2001 - The Federal Reserve Board announced its approval of the notice by Great Southern Bancorp, Inc., to acquire up to 20 percent of the voting shares of Guaranty Federal Bancshares, Inc., both in Springfield, Missouri.  www.federalreserve.gov/boarddocs/press/BHC/2001/200102262/default.htm

February 26, 2001 - The Federal Reserve Board announced its approval of the application by The Charles Schwab Corporation, San Francisco, California, to acquire Resource Companies, Inc. ("Resource"), and thereby acquire Resource's subsidiary bank, Resource Trust Company, both in Minneapolis, Minnesota.  www.federalreserve.gov/boarddocs/press/BHC/2001/20010226/default.htm

February 26, 2001 - The Federal Deposit Insurance Corporation (FDIC) has named five agency veterans to key positions within its Bank Technology Group (BTG).  http://www.fdic.gov/news/news/press/2001/pr1301.html

February 23, 2001 – The Federal Reserve Board released the list of companies whose elections to become or be treated as financial holding companies are effective. www.federalreserve.gov/GeneralInfo/FHC/default.htm

February 23, 2001 - Comptroller Hawke Notes Promise, Risks of Internet Banking.  http://www.occ.treas.gov/ftp/release/2001-18a.txt

February 22, 2001 – The NCUA announced that credit unions show marked loan growth in 2000 according to preliminary data compiled from year end call reports submitted by the nations 10,316 federally insured credit unions.  http://www.ncua.gov/news/press_releases/pr022201.html

February 22, 2001 – OCC announces "CRA Sunshine: Disclosure and Reporting of CRA-Related Agreements" joint final rule is effective April 1, 2001.  http://www.occ.treas.gov/fr/fedregister/66fr2051.htm

February 21, 2001 -  The Federal Reserve Board and the Department of the Treasury announced an extension of the deadline, through May 1, 2001, on their request for comment on whether real estate brokerage and real estate management are activities that are financial in nature or incidental to a financial activity and therefore permissible for financial holding companies and financial subsidiaries of national banks.  www.federalreserve.gov/BoardDocs/Press/BoardActs/2001/20010221/default.htm

February 20, 2001 - The Board of Governors of the Federal Reserve System (the Board) has raised the asset size exemption threshold to $31 million for depository institutions that are required to report data under the Home Mortgage Disclosure Act (HMDA).  For the Final Rule, go to http://www.occ.treas.gov/ftp/regs/2001-10a.txt

February 20, 2001 – The Federal Reserve releases remarks by Governor Edward M. Gramlich, before the International Bond Congress, London, U.K., on the productivity growth spurt in the United States.  http://www.federalreserve.gov/boarddocs/speeches/2001/20010220/default.htm#table

February 16, 2001 - OCC announces new enforcement actions taken.  http://www.occ.treas.gov/enforce/feb01.htm

February 16, 2001 - The Federal Deposit Insurance Corporation (FDIC) is informing you that deposit brokers are no longer required to notify the FDIC that they are acting as deposit brokers or that they have stopped acting as deposit brokers.  http://www.fdic.gov/news/news/financial/2001/fil0116.html

February 15, 2001 – The Federal Reserve released the summary of Industrial  Production and Utilization.  www.federalreserve.gov/Releases/G17/Current/default.htm

February 15, 2001 – The Federal Reserve released remarks made by Governor Laurence H. Meyer on Implementing the Gramm-Leach-Bliley Act: One Year Later.  www.federalreserve.gov/boarddocs/speeches/2001/20010215/

February 15, 2001 - Len Skiles Named NCUA Executive Director.  http://www.ncua.gov/news/press_releases/pr021501.html

February 15, 2001 - NCUA proposes to revise its regulation establishing standards for vital record preservation.  http://www.ncua.gov/news/proposed_regs/12CFRPart749-proposed.html

February 15, 2001 – NCUA releases a summary of actions taken by NCUA Board.  http://www.ncua.gov/news/board_reports/BAB021501.html

February 15, 2001 - NCUA proposes two changes to its rule concerning federal credit union (FCU) investments in and loans to credit union service organizations (CUSOs). http://www.ncua.gov/news/proposed_regs/12CFRPart712-proposed.html

February 15, 2001 - OCC Releases CRA Evaluations for 9 National Banks.  http://www.occ.treas.gov/cra/feb01.htm

February 15, 2001 – OCC releases Guidelines Establishing Standards for Safeguarding Customer Information.  http://www.occ.treas.gov/fr/fedregister/66fr8616.htm

February 15, 2001 - Federal Reserve Bank of St. Louis President, William Poole, addresses Economic Forecasts and Monetary Policy.  http://www.stls.frb.org/general/speeches/010215.html

February 15, 2001 - The Federal Deposit Insurance Corporation (FDIC) would like to remind institutions that Calendar Year 2000 (CY2000) Home Mortgage Disclosure Act (HMDA) data is due by March 1, 2001.  http://www.fdic.gov/news/news/financial/2001/fil0114.html

February 15, 2001 – FDIC announced that the Basel Committee on Banking Supervision (Basel Committee) is seeking comment on its consultative paper entitled Customer Due Diligence for Banks, issued on January 31, 2001. http://www.fdic.gov/news/news/financial/2001/fil0113.html

February 14, 2001 – The Federal Reserve released remarks by Vice Chairman Roger W. Ferguson, Jr. at the Owen Graduate School of Management, Vanderbilt University, Nashville, Tennessee on E-Commerce.  http://www.federalreserve.gov/boarddocs/speeches/2001/20010214/

February 13, 2001 - The Federal Reserve released data on 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

February 13, 2001 - Testimony of Chairman Alan Greenspan Federal Reserve Board's semiannual Monetary Policy Report to the Congress before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate.  Testimony: http://www.federalreserve.gov/boarddocs/hh/2001/February/Testimony.htm   Monetary Report: http://www.federalreserve.gov/boarddocs/hh/2001/February/FullReport.txt 

February 12, 2001 - The Federal Reserve Board today announced its approval of the proposal by Firstar Corporation, Milwaukee, Wisconsin, to merge with U.S. Bancorp, Minneapolis, Minnesota, and thereby acquire all the subsidiary banks of U.S. Bancorp, including U.S. Bank National Association, also of Minneapolis.  http://www.federalreserve.gov/boarddocs/press/BHC/2001/200102124/default.htm

February 12, 2001 - The Federal Reserve Board today announced its approval of the application of FleetBoston Financial Corporation, Boston, Massachusetts, to merge with Summit Bancorp., Princeton, New Jersey.  http://www.federalreserve.gov/boarddocs/press/BHC/2001/200102123/default.htm

February 12, 2001 - The Federal Reserve Board today announced its approval of the application by Lea M. McMullan Trust and Citizens Union Bancorp of Shelbyville, Inc., both of Shelbyville, Kentucky, to acquire all the outstanding voting shares of Dupont State Bank, Dupont, Indiana.  http://www.federalreserve.gov/boarddocs/press/BHC/2001/200102122/default.htm

February 12, 2001 -  The Federal Reserve Board today announced its approval of the application of MetLife, Inc., New York, New York, to acquire Grand Bank, N.A., Kingston, New Jersey.  http://www.federalreserve.gov/boarddocs/press/BHC/2001/20010212/default.htm

February 9, 2001 – NCUA announced President George W. Bush has named NCUA Board Member Dennis Dollar Acting Chairman of the NCUA Board, effective February 8, 2001.  http://www.ncua.gov/news/press_releases/pr020901.html

February 8, 2001 – NCUA General Counsel, Eric Richard, addresses questions regarding the application of the Fair Credit Reporting Act (FCRA) to consumer privacy notices.  http://www.ncua.gov/ref/opinion_letters/01-0210.html

February 8, 2001 - The Office of the Comptroller of the Currency issued new guidance to help examiners and banks understand and manage liquidity risk.  http://www.occ.treas.gov/ftp/release/2001-15.txt

February 8, 2001 - The NCUA, based upon information reported to it, is of the opinion that grounds exist to initiate an administrative prohibition / civil money penalty proceeding against Cooke B. Christopher.  http://www.ncua.gov/ref/administrative_orders/00-12-01-VI.htm

February 8, 2001 - The NCUA, based upon information reported to it, is of the opinion that grounds exist to initiate an administrative prohibition / civil money penalty proceeding against San Clemente Financial Group Securities, Inc.  http://www.ncua.gov/ref/administrative_orders/00-12-02-VI.htm

February 8, 2001 - The NCUA, based upon information reported to it, is of the opinion that grounds exist to initiate an administrative prohibition / civil money penalty proceeding against Thomas H. Sunderland.  http://www.ncua.gov/ref/administrative_orders/00-12-03-VI.htm

February 8, 2001 - The Federal Deposit Insurance Corporation (FDIC) has learned that the following entities may be operating banking businesses in the United States illegally or without authorization.  http://www.fdic.gov/news/news/financial/2001/fil0111.html

February 7, 2001 – A Federal Reserve Statistical Release indicates consumer credit grew at a 2-1/2 percent annual rate in December, down from an 11 percent rate in November.  http://www.federalreserve.gov/Releases/G19/Current/

February 6, 2001 – The NCUA announced that newly appointed Chairwoman Yolanda Townsend Wheat recently hired four new staffers to assist with the communications and congressional affairs operations at the NCUA.  http://www.ncua.gov/news/press_releases/pr020601.html

February 6, 2001 - In this latest Economic Letter, San Francisco Federal Reserve Bank Senior Economist Mary Daly examines recent trends in natural gas prices, including why prices are rising, the higher natural gas prices in California. http://www.frbsf.org/publications/economics/letter/2001/el2001-04.html  

February 6, 2001 - Gwatney Appointed, Neelly Re-Appointed to St. Louis Fed's Memphis Branch Board; Johnson Re-Elected to St. Louis Fed Board of Directors.  http://www.stls.frb.org/general/releases/rel01/nr0206.html

February 5, 2001 - The Federal Reserve Board announced its approval of applications by Allfirst Bank, Baltimore, Maryland, to establish branches at Central Avenue & Campus Way South, Largo, Maryland; and Broadcast Square Center, Broadcast Road & Papermill Road, Reading, Pennsylvania.  www.federalreserve.gov/boarddocs/press/BHC/2001/20010205/

February 5, 2001 – NCUA Associate General Counsel, Sheila A. Albin, replies to whether your federal credit union (FCU) may fund nonmember mortgage loans that are processed by your credit union service organization (CUSO).  http://www.ncua.gov/ref/opinion_letters/00-1221.html

February 5, 2001 - Comptroller Hawke Outlines E-Banking Challenges Facing International Bank Supervisors.  http://www.occ.treas.gov/ftp/release/2001-14a.txt

February 5, 2001 - The Federal Reserve Board announced its approval of the application by Prosperity Bancshares, Inc., Houston, Texas, to merge with Commercial Bancshares, Inc., Houston, Texas (“Commercial”), and thereby acquire Heritage Bancshares, Inc., Wilmington, Delaware.  www.federalreserve.gov/boarddocs/press/BHC/2001/200102052/

February 5, 2001 - The Federal Reserve Board announced its approval of the proposal of UFJ Holdings, Inc., Osaka, Japan ("UFJ"), to become a bank holding company by acquiring indirectly Sanwa Bank California, San Francisco, California, the U.S. banking subsidiary of The Sanwa Bank, Limited, Osaka, Japan ("Sanwa"). http://www.federalreserve.gov/boarddocs/press/BHC/2001/200102053/ 

February 5, 2001 - The Office of Thrift Supervision (OTS) issued savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in January 2001. http://www.ots.treas.gov/docs/77111.html 

February 5, 2001 - OTS Grants Federal Thrift Charter to National Advisors Holdings, Inc. Overland Park, Kansas.  http://www.ots.treas.gov/docs/77110.html

February 5, 2001 - The Federal Deposit Insurance Corporation (FDIC) issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA).  http://www.fdic.gov/regulations/community/monthly/2001/crafeb01.html

February 2, 2001 - The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) has approved the assumption of all the deposits of First Alliance Bank & Trust Company, Manchester, New Hampshire, by Southern New Hampshire Bank & Trust Company, Salem, New Hampshire.  http://www.fdic.gov/news/news/press/2001/pr1101.html

February 2, 2001 – The Federal Reserve Board releases list of bank holding companies that have elected to be financial holding companies.  http://www.federalreserve.gov/generalinfo/fhc/default.htm

February 2, 2001 – FDIC helps launch third annual National Consumer Protection Week.  http://www.fdic.gov/news/news/press/2001/pr1001.html

February 2, 2001 – The Federal Reserve Bank of St. Louis released that Louisville Branch of St. Louis Fed Announces 2001 Board Changes.  http://www.stls.frb.org/general/releases/rel01/nr0202.html

February 2, 2001 – The Federal Reserve Board releases the January 2001 Senior Loan Officer Opinion Survey on Bank Lending Practices focused on changes in the supply of and demand for bank loans to businesses and households over the past three months.  www.federalreserve.gov/boarddocs/snloansurvey/200102/default.htm

February 1, 2001 - Board of Governors of the Federal Reserve System released the Annual Report on the Freedom of Information Act for Fiscal Year 2000.  www.federalreserve.gov/generalinfo/foia/anrpt_2000.htm

February 1, 2001 - FDIC releases  the Final Rule on the Disclosure and Reporting of Community Reinvestment Act-Related Agreements.  http://www.fdic.gov/news/news/financial/2001/fil0110.html

February 1, 2001 – The Federal Reserve Bank of St. Louis announced Todd J. Purdy has joined the Little Rock Branch of the Federal Reserve Bank of St. Louis as assistant vice president.  http://www.stls.frb.org/general/releases/rel01/nr0201.html

February 1, 2001 - The Office of the Comptroller of the Currency before the 6th Annual Institute on the Emerging Law of Cyberbanking and Electronic Commerce in Washington, DC.  http://www.occ.treas.gov/ftp/release/2001-13a.txt

February 1, 2001 - First Senior Deputy Comptroller Julie L. Williams states that technology enhances a banks' ability to segment banking business and play to strengths, http://www.occ.treas.gov/ftp/release/2001-13.txt

February 1, 2001 - OCC Advisory Letter alerts national bank management and boards of directors to specific Automated Clearing House (ACH) risks and emphasizes the importance of sound ACH risk management practices.  http://www.occ.treas.gov/ftp/advisory/2001-3.txt

February 1, 2001 - OTS Approves Money's Acquisition of the Advest Group, Inc., (AGI).  http://www.ots.treas.gov/docs/77109.html