Bank Regulatory News
January 1999
January 29, 1999 -
FEDERAL INCOME TAXES - Interest Accruals on Short-term Consumer Loans - "Rule of
78s" Method
The FDIC would like to bring to banks' attention an Internal Revenue Service (IRS)
requirement
for recognizing interest income on "short-term consumer loans" for federal
income tax purposes.
January 28, 1999 -
SPECIAL ALERT - "Safe and Sound Bank and Thrift Rating System" on Bank Rate
Monitor's Internet Site
The Federal Deposit Insurance Corporation (FDIC) would like to alleviate potential
confusion
over the Bank Rate Monitor's "Safe and Sound Bank and Thrift Rating System"
accessible on its
Internet site.
January 28, 1999 - OCC
Highlights Basle Report on Highly Leveraged Institutions
WASHINGTON, DC -- The Office of the Comptroller of the Currency (OCC) advised national
banks today that the Basle Committee on Banking Supervision has issued a new report that
includes risk management guidelines for banks to consider in their relationships with
highly
leveraged institutions (HLIs). The Basle Committee is made up of representatives of
central banks and supervisory authorities of the Group of Ten countries and Luxembourg.
January 28, 1999 - National
Bank Examinations of Agricultural Loan Portfolios Will be Guided by OCC Handbook
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency (OCC) issued a new
examination handbook that creates a single reference for bankers and examiners on OCC
policies and procedures for national bank management of risks associated with agricultural
lending.
January 28, 1999 - Remarks by
Julie L. Williams, Chief Counsel, Office of the Comptroller of the Currency before the
Third Annual Race and Relations Conference, The Louisville and Jefferson County Human
Relations Commission, Louisville, Kentucky
January
26, 1999 - The Federal Reserve Board today announced the issuance of an Order of Removal
and Prohibition against John H. Ahn, a former director and institution-affiliated
party of the Hanmi Bank, Los Angeles, California.
January 25, 1999 - OCC
Encourages National Banks to Work with Customers Affected By Storms in Arkansas and
Tennessee
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency (OCC) has outlined
measures to assist national banks and their customers affected by the severe storms,
tornadoes and high winds in Arkansas and Tennessee. The OCC regulates national banks.
January 25, 1999 - OCC Issues New
Derivatives Risk Management Guidance
WASHINGTON, DC--The Office of the Comptroller of the Currency (OCC) today issued new risk
management guidance on derivatives and other bank trading activities. The guidance applies
to a broad range of activities, including bank transactions with hedge funds and other
highly leveraged
institutions, and will aid examiners in identifying design weaknesses in bank risk
management systems.
January 22, 1999 -
NATIONAL CONSUMER PROTECTION WEEK - National Consumer Protection Week
Fraud promoters pose a significant threat to consumers and the economy. With consumer
fraud
on the rise, the Federal Deposit Insurance Corporation (FDIC) has joined the Federal Trade
Commission (FTC), other federal, state and local organizations, and national advocacy
groups in
launching the first annual National Consumer Protection Week (NCPW) from February 1
through 6, 1999.
January 21, 1999 - OCC
ANNOUNCES 11 NEW ENFORCEMENT ACTIONS AND THREE TERMINATIONS OF EXISTING ACTIONS
WASHINGTON, DC --The Office of the Comptroller of the Currency (OCC) today announced 11
new enforcement actions taken against national banks and three terminations of existing
actions. The actions released today include three formal agreements, one civil money
penalty and restitution by order of the Comptroller of the Currency, one prohibition by
order of the Federal Reserve Board, six civil money penalties, and three terminations of
existing enforcement actions.
January 21, 1999 -
BANK REPORTS - Revisions to the Reports of Condition and Income
(Call Report) for 1999
The Federal Financial Institutions Examination Council (FFIEC) has approved a limited
number
of revisions to the Reports of Condition and Income (Call Report) for 1999. Most of the
revisions are instructional. The FFIEC is providing this advance notification to assist
you in
planning for these changes. These changes will be submitted to the U.S. Office of
Management
and Budget, which must approve them before they can become final.
January
21, 1999 - The Federal Reserve Board today announced the joint issuance with the Office of
the Comptroller of the Currency of a consent Order of Prohibition against Bob L. Sellers,
a
former officer, director and shareholder of First National Summit Bankshares, Crested
Butte, Colorado, a former bank holding company, and a former officer and director of First
National Summit Bank, Crested Butte, Colorado, a former national bank.
January 14, 1999 -
BANK REPORTS AND CAPITAL STANDARDS - Regulatory Reporting and Capital Guidance on the
Financial Accounting Standards Board's Statement No. 133 - Derivatives and Hedging
On December 29, 1998, the four federal banking agencies issued the attached joint press
release providing interim regulatory reporting and capital guidance on the Financial
Accounting
Standards Board's Statement of Financial Accounting Standards No. 133, "Accounting
for
Derivative Instruments and Hedging Activities" (FAS 133).
January 11, 1999 -
HOME MORTGAGE DISCLOSURE ACT - HMDA Data Reporting
The Federal Deposit Insurance Corporation (FDIC) would like to remind institutions that
their
Calendar Year 1998 (CY98) Home Mortgage Disclosure Act (HMDA) data is due by March
1, 1999.
January 11, 1999 -
The Federal Reserve Board today announced its approval of the applications of Union
Planters Corporation and Union Planters Holding Corporation, both in Memphis,
Tennessee, to acquire First Mutual Bancorp, Inc., and thereby acquire its wholly owned
subsidiary, First Mutual Bank, S.B., both in Decatur, Illinois.
January 7, 1999 -
SECURITIZATIONS AND PARTICIPATIONS - Proposed Policy Statement on the Treatment of
Securitizations and Loan Participations After Appointment of the FDIC as Conservator or
Receiver
The FDIC Board of Directors is seeking comment of the attached proposed "Statement of
Policy Regarding the Treatment of Securitizations and Loan Participations Following
Appointment of the FDIC as Conservator or Receiver." The proposed policy statement
responds to certain legal and accounting issues affecting asset-backed securitizations and
loan
participations entered into by insured depository institutions. The FDIC will accept
comments on
the proposal through March 1, 1999.
January 5, 1999 - The Federal Financial
Institutions Examination Council (FFIEC) today announced the release of core
Interagency Fair Lending Examination Procedures (with
Appendix) which establish a uniform set of procedures to be used by each of the FFIEC
member agencies in their examinations for compliance with the broad, nondiscriminatory
requirements of the Equal Credit Opportunity Act and the Fair Housing Act. (Also covers
Internet sites)
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