Bank Regulatory News
January 2001

January 31, 2001- The National Credit Union Administration announced that it has issued Prohibition Orders against San Clemente Securities Inc., a brokerage firm located in San Clemente, California, Cooke B. Christopher and Thomas H. Sunderland, the firm’s Chief Executive Officer and Executive Vice President.  http://www.ncua.gov/news/press_releases/pr013101.html

January 31, 2001 - Comptroller Highlights National Bank Commitment to Community Development Investments.  http://www.occ.treas.gov/ftp/release/2001-11.txt

January 31, 2001 - The Federal Reserve Banks offer a wide range of payment services to banks and other depository institutions. These services include distributing and receiving the nation's currency and coin, collecting checks, and electronically transferring funds among banks, such as through Fed-wire and the automated clearinghouse.  www.federalreserve.gov/paymentsystems/pricing/default.htm

January 31, 2001 - The federal banking regulatory agencies issued expanded guidance intended to strengthen the examination and supervision of institutions with significant sub-prime lending programs.                                      Press Release: www.federalreserve.gov/boarddocs/press/boardacts/2001/20010131/                                      Letter: www.federalreserve.gov/boarddocs/srletters/2001/sr0104.htm 

January 31, 2001 - The Federal Reserve Board announced the execution of a Written Agreement by and among the New Century Bank, Southfield, Michigan, the Federal Reserve Bank of Chicago, and the Office of Financial and Insurance Services, Lansing, Michigan.  www.federalreserve.gov/boarddocs/press/enforcement/2001/20010131/default.htm

January 31, 2001 - The Federal Reserve Board announced the execution of a Written Agreement by and between the Valley Independent Bank, El Centro, California, and the Federal Reserve Bank of San Francisco.  www.federalreserve.gov/boarddocs/press/enforcement/2001/200101312/default.htm 

January 31, 2001 - FOMC statement and Board approval of discount rate requests of the Federal Reserve Banks of New York, Philadelphia, Cleveland, Atlanta, Chicago, Minneapolis, Dallas, and San Francisco, effective immediately, and of the Federal Reserve Bank of St. Louis, effective February 1, 2001.  www.federalreserve.gov/boarddocs/press/General/2001/20010131/default.htm  

January 31, 2001 - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in December 2000.  www.fdic.gov/news/news/press/2001/pr0801.html

January 30, 2001 - The Federal Deposit Insurance Corporation (FDIC) has been informed by the GreenPoint Bank, Brooklyn, New York, that a number of the bank's cashier's checks and money orders have been stolen from one of its branches.  http://www.fdic.gov/news/news/financial/2001/fil0108.html

January 29, 2001 - OCC Proposes Updates and Revisions to Regulations                                                        Press Release: http://www.occ.treas.gov/ftp/release/2001-10.txt                                                                         Notice: http://www.occ.treas.gov/fr/fedregister/66fr8178.htm 

January 29, 2001 - The National Credit Union Administration’s newest Board member, Geoff Bacino, hit the ground running in his new post.  http://www.ncua.gov/news/press_releases/pr012901.html

January 26, 2001 – NCUA responds to question regarding Consumer Protection from Unauthorized Electronic Fund Transfers under the Electronic Fund Transfer Act and Regulation E.  http://www.ncua.gov/ref/opinion_letters/00-1144.html

January 25, 2001 - NCUA responds to question regarding Interest Rate Limits and Transaction Fees on Credit Card Cash Advances. http://www.ncua.gov/ref/opinion_letters/00-1217.html 

January 19, 2001 - The Federal Deposit Insurance Corporation (FDIC) and the Department of Labor announced a joint initiative, called Money Smart , which offers basic financial education for the first time to people taking part in Welfare-to-Work and Workforce Investment Act programs nationwide.  http://www.fdic.gov/news/news/press/2001/pr0601.html 

January 18, 2001 - St. Louis Fed reports that in December, the consumer price index (CPI) rose 0.2 percent, or 2.1 percent at an annual rate.  http://www.stls.frb.org/fred/data/wkly/cover 

January 18, 2001 -  St. Louis Fed's Poole:  Coping With Risks Is Key To Monetary Policy Success.  http://www.stls.frb.org/general/releases/rel01/nr0118.html 

January 18, 2001 - The Federal Reserve Board and the Office of the Comptroller of the Currency announced proposed new rules governing the regulatory capital treatment for equity investments in nonfinancial companies held by banks, bank holding companies and financial holding companies.  www.federalreserve.gov/BoardDocs/Press/BoardActs/2001/20010118/default.htm 

January 18, 2001 - OCC Issues Corporate Manual on Internet Banking.  http://www.occ.treas.gov/ftp/release/2001-6.txt 

January 18, 2001 - Preliminary figures indicate that the Federal Reserve Banks distributed approximately $25.3 billion of their $34.0 billion total income to the Treasury during 2000.  www.federalreserve.gov/boarddocs/press/General/2001/20010118/default.htm 

January 18, 2001 - The NCUA Board issued a final rule amending Part 748 to require credit unions to establish written policies that safeguard member information and adding Appendix A to implement guidelines for credit unions to consider when developing or revising their information security program.  http://www.ncua.gov/news/board_reports/BAB011801.html 

January 17, 2001 - The National Credit Union Administration announced that it has issued an Order of Prohibition against Linas Eitmanas, former Chief Executive Officer of Four-Sixteen Federal Credit Union in North Brunswick, New Jersey.  http://www.ncua.gov/news/press_releases/pr011701d.html   

January 17, 2001 - The National Credit Union Administration announced that it has issued an Order of Prohibition against Ginger Anderson, former manager of TPEA Number 5 Credit Union located in Del Rio, Texas.  http://www.ncua.gov/news/press_releases/pr011701c.html 

January 17, 2001 - The National Credit Union Administration announced that it has issued an Order of Prohibition against Karen L. Ravenell, former employee of VF Credit Association Federal Credit Union in Greensboro, North Carolina.  http://www.ncua.gov/news/press_releases/pr011701b.html 

January 17, 2001 - The National Credit Union Administration announced that it has issued an Order of Prohibition against Lynda Williams, former manager of Corry Jamestown Credit Union located in Corry, Pennsylvania.  http://www.ncua.gov/news/press_releases/pr011701a.html 

January 17, 2001 - The FFIEC has made available updated FFIEC031 and FFIEC041 Call Report Forms for March 2001.  http://www.ffiec.gov/ffiec_report_forms.htm 

January 17, 2001 - OCC Provides Guidance to National Banks on Financial Literacy Programs.  http://www.occ.treas.gov/ftp/release/2001-5.txt 

January 17, 2001 - OTS Director Seidman Offers a Flexible Approach to Holding Company Supervision.  http://www.ots.treas.gov/docs/77103.html 

January 17, 2001 - Agencies Adopt Guidelines for Customer Information Security.  www.federalreserve.gov/BoardDocs/Press/BoardActs/2001/20010117/default.htm 

January 17, 2001 - Reports from Federal Reserve Districts indicate that economic growth slowed in December, easing labor shortages somewhat and limiting price pressures for finished goods and services.  www.federalreserve.gov/FOMC/BeigeBook/2001/20010117/Default.htm 

January 16, 2001 - Member banks in the Twelfth Federal Reserve District have elected California banker Richard C. Hartnack to the board of directors of the Federal Reserve Bank of San Francisco for a three-year term beginning January 12, 2001.  http://www.frbsf.org/frbsf/newsand/releases/2000/010116.html 

January 16, 2001 - OCC Advisory Letter on Financial Literacy.  http://www.occ.treas.gov/ftp/advisory/2001-1.txt 

January 16, 2001 - The Federal Reserve Board disseminated guidance designed to assist financial institutions in applying enhanced scrutiny to transactions that may involve the proceeds of foreign official corruption.  www.federalreserve.gov/boarddocs/press/General/2001/200101162/default.htm 

January 16, 2001 - The Basel Committee on Banking Supervision issued a proposal for a New Basel Capital Accord that, once finalized, will replace the current 1988 Accord.  www.federalreserve.gov/boarddocs/press/General/2001/20010116/default.htm 

January 12, 2001 - The Financial Crimes Enforcement Network (FinCEN) has recently published answers to frequently asked Bank Secrecy Act (BSA) questions. Several Suspicious Activity Report (SAR) issues also are addressed.  http://www.fdic.gov/news/news/financial/2001/fil0104a.html 

January 12, 2001 - The Federal Reserve Board announced the execution of a Written Agreement by and between Maryland Permanent Capital Corporation, Owings Mills, Maryland, and the Federal Reserve Bank of Richmond.  www.federalreserve.gov/boarddocs/press/Enforcement/2001/20010112/DEFAULT.HTM 

January 11, 2001 - The Financial Crimes Enforcement Network (FinCEN) has recently published answers to frequently asked Bank Secrecy Act (BSA) questions.  http://www.fdic.gov/news/news/financial/2001/fil0104a.html 

January 11, 2001 - The OCC, Board of Governors of the Federal Reserve System and U.S. Securities and Exchange Commission released recommendations for enhanced and more frequent public disclosure of financial information by banking and securities organizations.  www.federalreserve.gov/boarddocs/press/General/2001/20010111/default.htm 

January 11, 2001 - National Credit Union Administration - Privacy Act of 1974; Revisions of Systems of Records.  http://www.ncua.gov/ref/FOIA/RevisionsSysRecord.html 

January 10, 2001 - The Federal Deposit Insurance Corporation (FDIC) has begun issuing an Abbreviated Small Bank Report of Examination for well-managed institutions.  http://www.fdic.gov/news/news/financial/2001/fil0102.html 

January 10, 2001 - The Federal Deposit Insurance Corporation's (FDIC) Board of Directors has revised the agency's regulation governing the activities of insured state banks.  http://www.fdic.gov/news/news/financial/2001/fil0101.html 

January 9, 2001 - President Bill Clinton named Yolanda Townsend Wheat Chairman of the NCUA Board.  http://www.ncua.gov/news/press_releases/pr010901.html 

January 8, 2001 - The Office of Thrift Supervision (OTS) issued savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in December 2000.  http://www.ots.treas.gov/docs/771001.html 

January 5, 2001 - OCC made available the attached notice of proposed rulemaking (NPRM) and advanced notice of proposed rulemaking (ANPR), both of which concern fiduciary activities of national banks, were published in the Federal Register on December 5 , 2000. Comments on the NPRM and ANPR are due February 5, 2001.  http://www.occ.treas.gov/ftp/bulletin/2001-1.txt  Attachment:  http://www.occ.treas.gov/ftp/regs/2001-1a.txt 

January 5, 2001 - The Federal Reserve Board named ten new members to its Consumer Advisory Council for three-year terms and designated a new Chair and Vice Chair of the Council for 2001.  www.federalreserve.gov/BoardDocs/Press/BoardActs/2001/20010105/default.htm 

January 5, 2001 - The Board of Governors of the Federal Reserve System in Washington, D.C., appointed Charles W. Mueller Chairman of the Board of directors of the Federal Reserve Bank of St. Louis for 2001.  http://www.stls.frb.org/general/releases/rel01/nr0105.html 

January 5, 2001 - The Federal Reserve has had a longstanding practice of applying its capital adequacy standards to the top tier U.S. bank holding company (BHC) owned by a foreign banking organization. The Federal Reserve is modifying this practice in light of provisions in the Gramm-Leach-Bliley Act that permit a foreign bank to be a financial holding company (FHC).  www.federalreserve.gov/boarddocs/SRLETTERS/2001/sr0101.htm 

January 5, 2001 - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies.  http://www.federalreserve.gov/Generalinfo/FHC/default.htm 

January 5, 2001 - The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA).  http://www.fdic.gov/news/news/press/2001/pr0101.html 

January 4, 2001 - OCC Advisory Letter List: Advisory Letter 2000-4, Reverse Stock Split Procedures, dated 05/10/2000 was updated to reflect the addition of New York and Texas to the list of states for which the OCC has approved reverse stock splits conducted under state corporate governance procedures.  http://www.occ.treas.gov/ftp/advisory/2000-4.txt 

January 4, 2001 - The Federal Reserve Board has published an interim rule defining three categories of activities listed in section 4(k)(5) of the Bank Holding Company Act as financial in nature or incidental to a financial activity.  www.federalreserve.gov/BoardDocs/Press/BoardActs/2001/20010104/default.htm 

January 4, 2001 - Completing action initiated previously, the Board of Governors approved a discount rate of 5-1/2 percent, acting on requests submitted by the Boards of Directors of all twelve Reserve Banks.  www.federalreserve.gov/boarddocs/press/General/2001/20010104/default.htm 

January 3, 2001 - The Federal Open Market Committee decided to lower its target for the federal funds rate by 50 basis points to 6 percent.  www.federalreserve.gov/BoardDocs/Press/General/2001/20010103/default.htm 

January 2, 2001 - NCUA Hot News is the latest Treasury-bill rates from the U.S. Treasury Department auction window.  http://www.ncua.gov/news/hot_news/hot_news.html#0102 

January 2, 2001 - President Clinton Appoints Geoff Bacino to the NCUA Board.  http://www.ncua.gov/news/press_releases/pr010201.html 

January 1, 2001 - The Board of Governors of the Federal Reserve System and the Secretary of the Treasury approved a joint final rule governing the merchant banking activities of financial holding companies.  www.federalreserve.gov/BoardDocs/Press/BoardActs/2001/20010110/default.htm