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R. Kinney Williams
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Bank Regulatory News
January 2003

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January 31, 2003 - NCUA - Opinion Letter - 02-1246 - Loss Reserves for Member Business Loans (MBLs) Opinion Letter - 02-1246  http://www.ncua.gov/Ref/opinion_letters/2003_letters/02-1246.htm 

January 31, 2003 - NCUA - Opinion Letter - 02-1203 - Payment of Volunteer Official’s Uninsured Medical Expenses

January 31, 2003 - OCC Seeks Comment on Package of Rules Dealing with AHEOA, Fiduciary Activities, Real Estate Lending and Visitorial Powers - The Office of the Comptroller of the Currency proposed regulations today implementing provisions of the American Homeownership and Economic Opportunity Act of 2000 (AHEOA), revising and updating other provisions of its rules, and clarifying its existing rule concerning the agency’s exclusive visitorial powers to examine, supervise and regulate national banks.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=DCRF5FIE.xml
Attachment: www.occ.treas.gov/ftp/eas/ea2003-3.pdf

January 31, 2003 - Peoples National Bank to Pay $175,000 Civil Money Penalty And End Payday Lending Relationship with Advance America - The Office of the Comptroller of the Currency announced today that Advance America, Cash Advance Centers, Inc. and Peoples National Bank, Paris, Texas, have agreed to end their payday lending arrangement and that the bank has agreed to pay $175,000 in civil money penalties.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=B7L2XHHT.xml
Attachment: www.occ.treas.gov/ftp/eas/ea2003-2.pdf
Attachment: http://www.occ.treas.gov/ftp/eas/ea2003-3.pdf

January 31, 2003 - FDIC Debuts Analysis Of State Economic And Banking Information  The Federal Deposit Insurance Corporation (FDIC) today launched a new Internet-only publication, FDIC State Profiles. In an executive summary format, this quarterly publication provides an analysis of state economic and banking trends and aggregate financial data on insured institutions headquartered in all 50 states, Puerto Rico and the U.S. Virgin Islands. www.fdic.gov/news/news/press/2003/pr0603.html

January 31, 2003 - Senior Loan Officer Opinion Survey on Bank Lending Practices - The January 2003 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. In addition, the survey contained a set of supplementary questions that focused on banks' participation in the credit default swap market. www.federalreserve.gov/boarddocs/snloansurvey/200301/default.htm

January 31, 2003 - The Federal Reserve Board on Friday announced the adoption of a final rule implementing several of the reporting, disclosure and corporate governance requirements of the Sarbanes-Oxley Act of 2002 for those state member banks that have a class of securities registered under the Securities Exchange Act of 1934. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030131/default.htm

January 30, 2003 - OTS Says New York Law Doesn’t Apply To Federal Thrifts - The Office of Thrift Supervision announced today that federal law preempts provisions of the New York predatory lending law from applying to federal savings associations and their operating subsidiaries. The New York law imposes various restrictions on loans based upon the annual percentage rate and amount of points and fees charged. www.ots.treas.gov/docs/77304.html

January 30, 2003 - Minutes of the Federal Open Market Committee - A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, December 10, 2002, at 9:00 a.m.  www.federalreserve.gov/fomc/minutes/20021210.htm

January 29, 2003 - Recent Conference Focuses on Midwest Work Force Issues - A recent Chicago Fed conference helped identify the current condition of the Midwest work force and strategies that can help enhance human capital in the region. A summary of that conference is highlighted in the latest edition of the Chicago Fed Letter. www.chicagofed.org/newsandevents/pressreleases/2003/pr01292003II.cfm

January 29, 2003 - Federal Reserve Bank budget document for 2003 www.federalreserve.gov/generalinfo/foia/frbankbudgets.htm

January 29, 2003 - Regional Economic Research Highlighted in the January Chicago Fed Letter  - Recent changes in the format of the Chicago Fed's Beige Book contribution aim to increase its usefulness to policymakers and the public, according to Chicago Fed Economists Rick Kaglic and Mike Munley in the latest Chicago Fed Letter. The authors highlight those changes, which include two new sections, business spending and employment costs/prices, for the Chicago District's Beige Book report. www.chicagofed.org/newsandevents/pressreleases/2003/pr01292003.cfm

January 29, 2003 - NCUA Announces Regional Office Realignment Plan - Agency to Realize Significant Savings from Efficiency Measure -- Closing One Regional Office and Relocating Another - Remaining Five Regions to Be Realigned Accordingly.   www.ncua.gov/news/press_releases/2003/NR03-0129-2.htm

January 29, 2003 - NCUA - Federal government assumes control of Marion County Credit Union - The National Credit Union Administration today assumed control of service and operations at $73.7 million Marion County Credit Union, Ocala, Fla., at the request of the Florida Department of Financial Services, after state officials placed the credit union into conservatorship.  www.ncua.gov/news/press_releases/2003/NR03-0129.htm

January 29, 2003 - Federal Financial Regulators Release Information Security Booklet, First In A Series - The Federal Financial Institutions Examination Council today issued revised guidance for examiners and financial institutions to use in identifying information security risks and evaluating the adequacy of controls and applicable risk management practices of financial institutions. www.ffiec.gov/press/pr012903.htm
OTS:  www.ots.treas.gov/docs/77303.html

January 29, 2003 - FDIC Seeks Comment On Draft Payday Lending Guidance - The Federal Deposit Insurance Corporation has developed guidelines for payday lending. A draft of this guidance, which the FDIC intends to issue on March 31, 2003, is attached. www.fdic.gov/news/news/press/2003/pr0503.html

January 29, 2003 - The Federal Open Market Committee decided today to keep its target for the federal funds rate unchanged at 1-1/4 percent. www.federalreserve.gov/boarddocs/press/monetary/2003/20030129/default.htm

January 28, 2003 - Final Rule - Anti-Money- Laundering Requirements for Foreign Correspondent Banks - The rule, effective immediately, extends the time from December 26, 2002, to March 31, 2003, for obtaining information from each foreign bank for which a covered financial institution maintains a correspondent account.
News Release: www.occ.treas.gov/ftp/bulletin/2003-3.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2003-3a.pdf
Attachment: www.occ.treas.gov/ftp/bulletin/2003-3b.pdf

January 28, 2003 - International Finance Discussion Papers - 2003 IFDPs www.federalreserve.gov/pubs/ifdp/2003/default.htm

January 27, 2003 - NCUA - Credit Union Financial Trends for the Third Quarter of 2002 - Enclosed is a report highlighting credit union financial trends for the third quarter of 2002. We based our analysis on data compiled from the third quarter 2002 call reports submitted by all federally insured credit unions.

January 27, 2003 -Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies.  Following is a list of those companies whose elections to become or be treated as financial holding companies are effective.  The list includes only the top-tier holding company in each organization. www.federalreserve.gov/generalinfo/fhc/default.htm


January 24, 2003 - Cuban Asset Control Regulations - The Department of the Treasury's Office of Foreign Assets Control has updated its list of approved service providers to Cuba. www.fdic.gov/news/news/financial/2003/fil0307.html

January 23, 2003 - NCUA Board Actions Taken December 19, 2002 www.ncua.gov/news/board_reports/BAB02-1219.htm

January 23, 2003 - OCC Announces New Electronic Interpretations and Actions - Interpretive Letters and No-Objection Letters reflect the views of the Comptroller's legal staff. Corporate Decisions, CRA Decisions and Conditional Approvals are from the office of Bank Organization and Structure. www.occ.treas.gov/interp/jan03/intjan03.htm

January 23, 2003 - The Federal Reserve Board on Thursday announced the issuance of an Order of Assessment of a Civil Money Penalty against The Bank of Yellville, Yellville, Arkansas, a state member bank. www.federalreserve.gov/boarddocs/press/enforcement/2003/200301234/default.htm

January 23, 2003 - The Federal Reserve Board on Thursday announced the issuance of an Order of Assessment of a Civil Money Penalty against the Simmons First Bank of Russellville, Russellville, Arkansas, a state member bank. www.federalreserve.gov/boarddocs/press/enforcement/2003/200301233/default.htm

January 23, 2003 - The Federal Reserve Board on Thursday announced the issuance of an Order of Assessment of a Civil Money Penalty against the La Salle State Bank, La Salle, Illinois, a state member bank. www.federalreserve.gov/boarddocs/press/enforcement/2003/200301232/default.htm

January 23, 2003 - The Federal Reserve Board on Thursday announced the issuance of an Order of Assessment of a Civil Money Penalty against the Central State Bank, Calera, Alabama, a state member bank. www.federalreserve.gov/boarddocs/press/enforcement/2003/20030123/default.htm

January 22, 2003 - Economic Growth Increases Slightly in 2003, Consensus Forecast Says  - Economic growth in 2003 will be slightly above the rate in 2002, according to the median forecast of participants at the Chicago Fed's Economic Outlook Symposium summarized in the January special issue of the Chicago Fed Letter. Symposium participants, including researchers from manufacturing, banking, consulting and service firms and academia, predict real gross domestic product for the U.S. economy to grow by 2.7% in 2003. www.chicagofed.org/newsandevents/pressreleases/2003/pr01222003.cfm

January 22, 2003 - OTS Says Georgia Law Doesn't Apply to Federal Thrifts - The Office of Thrift Supervision (OTS) announced today that federal law preempts provisions of the Georgia Fair Lending Act (GFLA) from applying to federal savings associations and their operating subsidiaries. www.ots.treas.gov/docs/77302.html

January 22, 2003 - National Flood Insurance Program Reauthorization - On January 13, 2003, the President signed into law H.R. 11, the “National Flood Insurance Program Reauthorization Act of 2003,” which reauthorizes the National Flood Insurance Program for one year retroactive to December 31, 2002. www.occ.treas.gov/ftp/bulletin/2003-2.txt

January 22, 2003 - OCC Releases CRA Evaluations For 39 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 December 15, 2002 through January 14, 2003. www.occ.treas.gov/newsrelease.asp?Doc=5HJM1WE6.xml

January 22, 2003 - OCC Announces Nine New Enforcement Actions and Three Terminations - The Office of the Comptroller of the Currency today announced nine new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and three terminations of existing enforcement actions. www.occ.treas.gov/newsrelease.asp?Doc=6ZVMT443.xml

January 22, 2003 - Proposals for Comment - The following proposals were recently made available for public comment. Comments may be submitted to the Federal Reserve via the web using the links below. Comments may also be submitted in writing or via electronic mail. www.federalreserve.gov/generalinfo/foia/proposedregs.cfm

January 22, 2003 - Recent Changes in U.S. Family Finances: Evidence from the 1998 and 2001 Survey of Consumer Finances - Data from the Federal Reserve Board's Survey of Consumer Finances show a striking pattern of growth in family income and net worth between 1998 and 2001. www.federalreserve.gov/pubs/bulletin/2003/03bulletin.htm

January 21, 2003 – NCUA Jefferson Community Development Federal Credit Union in Birmingham is first credit union chartered in Alabama since 1996 - The National Credit Union Administration (NCUA) has issued a charter for Jefferson Community Development Federal Credit Union, a faith-based credit union in Birmingham, Ala. www.ncua.gov/news/press_releases/2003/NR03-0116-2.htm

January 21, 2003 - OCC Concludes Case Against First National Bank in Brookings Involving Payday Lending, Unsafe Merchant Processing, and Deceptive Marketing of Credit Cards - The Office of the Comptroller of the Currency has concluded an enforcement action against First National Bank in Brookings requiring the Brookings, S.D. institution to pay restitution to credit card customers harmed by its marketing practices, terminate its payday lending business and stop merchant processing activities through one vendor.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=C4GDHG41.xml
Attachment: www.occ.treas.gov/ftp/eas/ea2003-1.pdf

January 21, 2003 - Previously Blocked Property of the Federal Republic of Yugoslavia  - Treasury's Office of Foreign Assets Control has unblocked certain property and assets owned by FRY www.fdic.gov/news/news/financial/2003/fil0306.html


January 17 2003 - Money Laundering: A Banker's Guide to Avoiding Problems, December 2002 - This booklet, which updates a 1993 publication, discusses how bankers can identify and manage the risks associated with money laundering and terrorist financing. The revision was prompted by the growing sophistication of money launderers, a growing international response to money laundering, changes to anti-money laundering laws, and recent anti-terrorist financing legislation. www.occ.treas.gov/moneylaundering2002.pdf

January 17 2003 - Fourth Quarter 2002 Edition of the FDIC's Letter to Stakeholders - The FDIC issues its third Letter to Stakeholders, a report of the agency's activities in the fourth quarter of 2002. www.fdic.gov/news/news/financial/2003/fil0305.html

January 17 2003 - Industrial Production And Capacity Utilization - Industrial production fell 0.2 percent in December. At 110.6 percent of its 1997 average, output was 2.1 percent above its level in December 2001. www.federalreserve.gov/releases/g17/current/default.htm

January 17 2003 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Metamora Bancorp, Inc., Metamora, Ohio; The Metamora State Bank, Metamora, Ohio; the Federal Reserve Bank of Cleveland; and the Ohio Division of Financial Institutions www.federalreserve.gov/boarddocs/press/Enforcement/2002/20021219/default.htm

January 16 2003 - Conference Features Ways Financial Institutions Cater to the Unbanked - recent Chicago Fed conference showcased ways to offer financial services to the "unbanked," people who don't have bank accounts. Review a summary of the conference in a special edition of the Chicago Fed Letter. www.chicagofed.org/newsandevents/pressreleases/2003/pr01162003.cfm

January 16 2003 - The Federal Reserve Board on Thursday announced the availability of a new booklet designed to help consumers protect themselves against identity theft. www.federalreserve.gov/boarddocs/press/other/2003/20030116/

January 15 2003 - The Federal Reserve Board today received results from further testing conducted by the State of North Carolina, under the guidance of the Centers for Disease Control. It showed no anthrax bacteria present on a sample from a piece of mail which earlier had tested presumptively positive for the bacteria in a private laboratory. www.federalreserve.gov/boarddocs/press/other/2003/20030115/

January 15 2003 - Margaret Koenigs Appointed General Auditor at the Chicago Fed - The Federal Reserve Bank of Chicago today announced that its Board of Directors has approved the appointment of Margaret K. Koenigs as general auditor, effective April 1. In that position, Ms. Koenigs will head the Bank's Audit department when General Auditor Jerome F. John retires. www.chicagofed.org/newsandevents/pressreleases/2003/pr01142003.cfm

January 15 2003 - NCUA Chairman Dennis Dollar announced today that the NCUA Board has voted unanimously to name JoAnn Johnson as the Vice Chair of the Board. The designation is effective immediately. www.ncua.gov/news/press_releases/2003/NR03-0115.htm

January 152003 - San Francisco Fed Names New Leaders To Its Advisory Council - Don "Duff" Willey, president of the Willey Automotive Group, Salt Lake City, Utah, and Thomas E. Cleveland, chairman and chief executive officer of Access Business Finance in Bellevue, Washington, were designated as chairman and vice chairman, respectively, for the Federal Reserve Bank of San Francisco's Advisory Council. www.frbsf.org/news/releases/2003/0114.html

January 15, 2003 - Flood Insurance Authority Reauthorized - The Federal Deposit Insurance Corporation has notified state-chartered nonmember banks that the National Flood Insurance Program was reauthorized on January 13, 2003, retroactive to December 31, 2002. www.fdic.gov/news/news/press/2003/pr0403.html

January 15 2003 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts www.federalreserve.gov/fomc/beigebook/2003/20030115/default.htm

January 14 2003 - NCUA - On Monday, January 13, 2003, the President signed into law H.R. 11, the "National Flood Insurance Program Reauthorization Act of 2003", which retroactively reauthorizes the National Flood Insurance Program as of December 31, 2002, until December 31, 2003.

January 14 2003 - National Credit Union Administration Issues Prohibition Orders Against Credit Union Officials - The National Credit Union Administration has issued Orders of Prohibition against the following individuals www.ncua.gov/news/press_releases/2003/NR03-0110_2.htm

January 14 2003 - Proposed Rule Governing Filing Procedures (Part 303 of the FDIC's Rules and Regulations) - The Federal Deposit Insurance Corporation Board of Directors is requesting public comment on the attached proposed rule clarifying the filing and processing of applications submitted by insured depository institutions. Comments on this proposed rule are due by February 25, 2003. www.fdic.gov/news/news/financial/2003/fil0303.html

January 14, 2003 - FDIC To Demystify Basel Ii Capital Regulation - The Federal Deposit Insurance Corporation will analyze impending changes in international capital regulation that could have a far reaching impact on the financial services industry and the global economy, and publish its findings in a series of papers, the agency announced today. www.fdic.gov/news/news/press/2003/pr0303.html

January 13, 2003 - The Federal Reserve Board today announced its approval of the applications by Royal Bank of Canada, Montreal, Canada, and RBC Centura Banks, Inc., Rocky Mount, North Carolina, under section 3 of the Bank Holding Company Act, to acquire Admiralty Bancorp, Inc., and its wholly owned subsidiary, Admiralty Bank, both in Palm Beach Gardens, Florida. www.federalreserve.gov/boarddocs/press/orders/2003/20030113/default.htm

January 13, 2003 - NCUA - Chairman Dollar Highlights 2002 Accomplishments
And Looks Forward With 2003 Agenda And Challenges www.ncua.gov/news/press_releases/2003/NR03-0113.htm

January 13, 2003 - International Finance Discussion Papers - Firm-Level Access To International Capital Markets: Evidence From Chilean Equities - Sara B. Holland; Francis E. Warnock - High growth, liquid Chilean firms have greater relative weights in U.S. equity portfolios, but the most important determinant of a firm’s portfolio weight is whether it is listed on a U.S. exchange. www.federalreserve.gov/pubs/ifdp/2003/753/default.htm

January 13, 2003 - International Finance Discussion Papers - Uncovered Interest Parity: It Works, But Not For Long - Alain P. Chaboud; Jonathan H. Wright - The failure of uncovered interest parity can be ascribed to the existence of a risk premium. The size of this risk premium may shrink to zero over sufficiently small intervals of time. www.federalreserve.gov/pubs/ifdp/2003/752/default.htm

January 9, 2003 - Adoption of Regulation W Implementing Sections 23A and 23B of the Federal Reserve Act - On December 12, 2002, Regulation W, the rule that comprehensively implements sections 23A and 23B of the Federal Reserve Act, was published in the Federal Register.  The rule is effective April 1, 2003. www.federalreserve.gov/boarddocs/SRLETTERS/2003/sr0302.htm


January 10, 2003 - NCUA - Matz Urges Credit Union Service to Northern Virginia's Immigrant Populations - In a speech before the Northern Virginia Chapter of Credit Unions, National Credit Union Administration (NCUA) Board Member Deborah Matz emphasized opportunities for credit unions to serve Hispanic and Asian populations within the region. www.ncua.gov/news/press_releases/2003/NR03-0110.htm

January 10, 2003 - Adoption of Regulation W Implementing Sections 23A and 23B of the Federal Reserve Act - Sections 23A and 23B and Regulation W limit the risks to a bank from transactions between the bank and its affiliates and limit the ability of a bank to transfer to its affiliates the subsidy arising from the bank's access to the Federal safety net. www.federalreserve.gov/boarddocs/srletters/2003/sr0302.htm

January 9, 2003 - NCUA - America's Credit Unions Adopted Over 23.5 Million
Residents In Underserved Areas As Potential New Members - America's federally-chartered credit unions expanded service into underserved and low-income communities across the United States with a record 23.5 million new potential credit union members added in 2002, according to National Credit Union Administration Chairman Dennis Dollar. www.ncua.gov/news/press_releases/2003/NR03_0108.htm

January 9, 2003 - OCC Proposed Rule Encourages Public Welfare Investments by National Banks - The OCC proposes to amend its regulation governing national bank investments that are designed primarily to promote the public welfare.  National banks and their community partners committed $995 million to public welfare investments in 2001.  In order to encourage additional public welfare investments by national banks, the proposal simplifies the regulation and reduces unnecessary burden associated with these investments.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=W2BOMCYO.xml
Attachment: www.occ.treas.gov/ftp/release/2003-02a.pdf

January 9, 2003 - The Discount Rate - The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility--the discount window. www.federalreserve.gov/monetarypolicy/discountrate.htm

January 8, 2003 - Disciplinary Actions Against Accountants Performing Section 36 Audit Services - The agencies are soliciting public comment on a proposal governing their authority to take disciplinary actions against independent public accountants and accounting firms that perform audit and attestation services required by Section 36 of the Federal Deposit Insurance Act. www.fdic.gov/news/news/financial/2003/fil0301.html

January 8, 2003 - FFIEC Agencies Issue Guidance on Credit Card
Account Management and Loss Allowance Practices - Under the auspices of the Federal Financial Institutions Examination Council, the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision today issued guidance governing account management and loss allowance practices for credit card lending.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2003/20030108/
Press Release: www.federalreserve.gov/boarddocs/srletters/2003/sr0301.htm
Press Release: www.fdic.gov/news/news/press/2003/pr0203.html
Press Release: www.fdic.gov/news/news/financial/2003/fil0302.html
Press Release: www.occ.treas.gov/index.htm
Press Release: www.ots.treas.gov/docs/77301.html
Press Release: www.occ.treas.gov/ftp/release/2003-01.htm
Attachment: www.occ.treas.gov/ftp/bulletin/2003-1a.txt
Attachment: www.occ.treas.gov/ftp/release/2003-01.pdf

January 8, 2003 - Preliminary figures indicate that the Federal Reserve Banks distributed approximately $24.497 billion of their $26.758 billion total income to the U.S. Treasury during 2002. www.federalreserve.gov/boarddocs/press/other/2003/20030108/

January 7, 2003 - Federal Banking Agencies Drop Proposal To Collect Subprime Consumer Lending Program Data - The Federal Financial Institutions Examination Council (Council) announced today that the four federal banking agencies have decided not to proceed with a proposal to collect data on subprime consumer lending programs in the quarterly regulatory reports filed by banks and savings associations. www.ffiec.gov/press/pr010703.htm

January 6, 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

January 6, 2003 - The Federal Reserve Board announced Monday it has approved requests by the twelve Federal Reserve Banks to establish primary and secondary credit rates of 2-1/4 percent and 2-3/4 percent, respectively, effective January 9, 2003.  www.federalreserve.gov/BoardDocs/Press/monetary/2003/20030106/default.htm

January 6, 2003 - Foreign Exchange Rates (Annual) - the table below shows the average rates of exchange in 2002 together with comparable figures for other years. 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/G5A/current/default.htm

January 6, 2003 - The Federal Reserve Board announced Monday it has approved requests by the twelve Federal Reserve Banks to establish primary and secondary credit rates of 2-1/4 percent and 2-3/4 percent, respectively, effective January 9, 2003. www.federalreserve.gov/boarddocs/press/monetary/2003/20030106/default.htm

January 6, 2003 - NCUA - Opinion Letter - Debt Cancellation Programs. www.ncua.gov/Ref/opinion_letters/2002/02-1074.htm

January 6, 2003 - Federal Reserve Bank Of San Francisco Names New Directors To Board - Southern California banker Candace Hunter-Wiest and Seattle attorney David K.Y. Tang were elected to the board of directors of the Federal Reserve Bank of San Francisco for three-year terms beginning January 1, 2003. www.frbsf.org/news/releases/2003/0106.html

January 6 2003 - FDIC Issues January List Of Banks Examined For CRA Compliance - The Federal Deposit Insurance Corporation (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 2002. www.fdic.gov/news/news/press/2003/pr0103.html

January 6, 2003 - The Federal Reserve Board on Monday approved revisions to Subpart D of Regulation K, governing international banking operations. - www.federalreserve.gov/boarddocs/press/bcreg/2003/20030106/default.htm

January 6, 2003 - Conducting Monetary Policy  - Remarks by Governor Edward M. Gramlich - At a joint meeting of the North American Economic and Finance Association and the Allied Social Science Association, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2003/20030104/default.htm

January 3, 2003 - Casinos: Do They Really Help the Economy? - While casinos are often touted as a boon for jobs and tax revenue, residents and legislators in local communities and states should carefully sift through the perceived economic benefits, said an economist at the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2003/01_02_03.html

January 2, 2003 - 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 2003. www.federalreserve.gov/boarddocs/press/other/2003/20030103/

January 2, 2003 - Buy-Sell Agreements between Subchapter S Corporations and National Bank Directors - This advisory letter is intended to refer national banks, especially community national banks, that seek to qualify as Subchapter S corporations for federal tax purposes to an Internal Revenue Service ruling that may be relevant to them. www.occ.treas.gov/ftp/advisory/2003-1.txt

January 2, 2003 - Minority-Owned Banks - The Federal Reserve Board compiles quarterly data on banks that participate in the Department of the Treasury's Minority Bank Deposit Program and releases the data about twelve weeks after the end of each quarter. www.federalreserve.gov/Releases/mob/default.htm


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