Bank Regulatory News
January 2000

January 31, 2000 - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in December 1999. One administrative hearing is scheduled for February 2000.

January 31, 2000 - OTS Releases November Enforcement Statistics
WASHINGTON, D.C., Jan., 31, 2000 -- The Office of Thrift Supervision (OTS) reported today that it completed four enforcement action in November 1999.  This brought to 51 the number of enforcement actions by OTS since January 1, 1999.

January 27, 2000 - OCC ANNOUNCES 18 NEW ENFORCEMENT ACTIONS
WASHINGTON, DC --The Office of the Comptroller of the Currency (OCC) today announced 18 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.

January 21, 2000 -  Identifying and Compensating for Missing Data in Credit Bureau Reports
The Federal Financial Institutions Examination Council (FFIEC) has issued the attached advisory concerning the practice of some lenders of not reporting selected customer credit information to consumer reporting agencies (credit bureaus). Specifically, certain large credit card issuers are no longer reporting customer credit lines or high credit balances, or both. In addition, some lenders, as a general practice, do not report any loan information on subprime borrowers, including payment records.

January 19, 2000 - The Federal Reserve Board today announced the issuance of an Order of Assessment of a Civil Money Penalty against Charles A. Drummond, a former president, chief executive officer and director, and an institution-affiliated party of the Professional Bank, Denver, Colorado.

January 19, 2000 - The Federal Reserve Board today announced the issuance of a consent Order against Solomon King, an institution-affiliated party of the First Western Bank, Cooper City, Florida, a state member bank.

January 19, 2000 - The Federal Reserve Board today announced the issuance of an Order of Prohibition against Christopher J. Woods, a former assistant vice president and institution-affiliated party of the Midwest Bank and Trust Company, Elmwood Park, Illinois.

January 19, 2000 - OTS APPROVES SOUTHWEST SECURITIES’ PURCHASE OF ARLINGTON, TEXAS, THRIFT
WASHINGTON, D.C., Jan. 19, 2000 – Southwest Securities Group, Inc., a Dallas-based brokerage and financial services firm, received approval of the Office of Thrift Supervision (OTS) to acquire First Savings Bank, an Arlington, Texas, federal thrift, and its holding company, ASBI Holdings, Inc. in a stock transaction.

January 19, 2000 - OCC Proposes Streamlined Approach for National Banks To Engage in New Activities through Financial Subsidiaries
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency will publish in tomorrow's Federal Register a proposed rule implementing the financial subsidiary provisions of the Gramm-Leach-Bliley Act (GLBA).

January 19, 2000 - The Federal Reserve Board today announced its approval of an interim rule setting forth procedures for bank holding companies and foreign banks with U.S. offices to elect to be treated as financial holding companies. Financial holding companies may engage in a broad range of securities, insurance, and other financial activities under Title I of the Gramm-Leach-Bliley Act, which becomes effective on March 11, 2000.

January 19, 2000 -The Federal Open Market Committee (FOMC) announced today that it approved modifications to its disclosure procedures at its December 21 meeting.  These modifications, which will take effect as of the February FOMC meeting, are designed to enhance communication to the public.

January 14, 2000 - The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) has approved the assumption of the insured deposits of Hartford-Carlisle Savings Bank, Carlisle, Iowa, by Citizens Bank, Carlisle, Iowa, a newly chartered subsidiary of Spectrum Bancorp, Omaha, Nebraska.

January 13, 2000 - OTS UPDATES COMPLIANCE ACTIVITIES HANDBOOK
WASHINGTON, D.C., Jan. 13, 2000 – The Office of Thrift Supervision (OTS) has begun shipping to the thrift institutions it regulates and to its examiner staff copies of the updated Compliance Activities Handbook that incorporates interagency fair lending examination procedures adopted in 1999 and other material reflecting recent statutory and regulatory changes.

January 12, 2000 - The Fair Credit Reporting Act (FCRA) was substantially revised in 1996, effective September 30, 1997. It was again amended in 1997, 1998, and 1999. The Federal Financial Institutions Examination Council has approved uniform examination procedures to verify compliance with the act. A copy of the examination procedures is attached.

January 12, 2000 - Insured Financial Institutions Operating Normally Following Century Date Change
WASHINGTON, D.C. -- On the first day of the Year 2000, the nation's banks, thrifts and credit unions are conducting business as usual, federal regulators said. No significant disruptions resulting from the century date change have been detected, the regulators added.

January 12, 2000 - FDIC Chairman Donna Tanoue today announced the appointments of Mitchell L. Glassman as the Director of the Corporation's Division of Resolutions and Receiverships (DRR) and Ronald F. Bieker as the Corporation's Ombudsman.

January 11, 2000 - OTS Approves E*Trade's Acquisition of Telebank
WASHINGTON, D.C., Jan. 11, 2000 – E*TRADE Group, Inc., the Menlo Park, Calif., on-line brokerage firm, has received the approval of the Office of Thrift Supervision (OTS) to acquire Telebanc Financial Corporation and its $3.9 billion asset branchless thrift, Telebank. OTS attached a number of conditions to the approval.

January 11, 2000 - New Edition of "Your Insured Deposit" Booklet Available in Spanish 
The Federal Deposit Insurance Corporation (FDIC) is pleased to announce its new edition of "Your Insured Deposit" in Spanish. The booklet was revised to reflect the April 1, 1999, amendments to the deposit insurance regulations on joint accounts and "payable-on-death" (POD or trust) accounts.

January 10, 2000 - OTS Releases December National CRA Ratings
WASHINGTON, D.C., Jan. 10, 2000 -- The Office of Thrift Supervision (OTS) today released savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in December 1999.

January 6, 2000 - Preliminary figures indicate that operating income of the Federal Reserve Banks amounted to $29.347 billion during 1999. Net income before payment of dividends, additions to surplus, and payments to the Treasury totaled $26.255 billion. About $25.400 billion of this net income was distributed to the U.S. Treasury during 1999.

January 6, 2000 - The Federal Reserve Board today announced fee schedules for priced services and electronic connections, as well as the private sector adjustment factor (PSAF) used in setting the fees.

January 5, 2000 - The FDIC today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in October 1999.

January 5, 2000 - OTS Releases September Enforcement Statistics
WASHINGTON, D.C., January 5, 2000 -- The Office of Thrift Supervision (OTS) reported today that it completed four enforcement actions in September 1999.

January 5, 2000 - The Federal Reserve Board today named seven new members to its Consumer Advisory Council for three-year terms and designated a new Chair and Vice Chair of the Council for 2000.

January 4, 2000 - Remarks of the President and Alan Greenspan in announcement of renomination of Alan Greenspan as chairman of the Federal Reserve Board. 

January 1, 2000 - Insured Financial Institutions Operating Normally Following Century Date Change
WASHINGTON, D.C. -- On the first day of the Year 2000, the nation’s banks, thrifts and credit unions are conducting business as usual, federal regulators said. No significant disruptions resulting from the century date change have been detected, the regulators added.