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R. Kinney Williams
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Bank Regulatory News

January 2004

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January 30, 2004 - FDIC Joins In Effort To Promote Financial Literacy During National Consumer Protection Week - The Federal Deposit Insurance Corporation will be joining other federal, state and local agencies as well as national consumer organizations to launch the sixth annual National Consumer Protection Week, February 1-7, 2004. www.fdic.gov/news/news/press/2004/pr0804.html

January 30, 2004 -
FDIC Makes Public December Enforcement Actions; No Administrative Hearings Scheduled - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in December. No administrative hearings are scheduled for February. www.fdic.gov/news/news/press/2004/pr0704.html

January 30, 2004 -
Working Papers - International Finance Discussion Papers

January 30, 2004 -
Annual Report on the Freedom of Information Act for Fiscal Year 2003 - The following information is submitted to the U.S. Department of Justice by the Federal Open Market Committee of the Federal Reserve System in accordance with the requirements of the Freedom of Information Act (5 U.S.C. § 552), as amended. www.federalreserve.gov/GeneralInfo/FOIA/fomc_anrpt_2003.htm

January 30, 2004 - The Federal Reserve Board announced Friday that it has established a private-sector Working Group on NewBank Implementation to further develop the concept of a dormant bank that would be available for activation, if necessary, to clear and settle U.S. government securities.  www.federalreserve.gov/boarddocs/press/other/2004/20040130/

January 30, 2004 - The Federal Reserve Board on Friday announced its approval of the notice pursuant to section 4 of the Bank Holding Company Act by J. P. Morgan Chase & Co., New York, New York, to acquire all the voting shares of Chase FSB, Newark, Delaware, a de novo federal savings bank. www.federalreserve.gov/boarddocs/press/orders/2004/20040130/default.htm

January 30, 2004 - National Credit Union Administration Annual Freedom of Information Act Report for Fiscal Year 2003 www.ncua.gov/ref/Foia/2003FOIAReport.pdf

January 29, 2004 - National Credit Union Administration Issues Prohibition Orders - The National Credit Union Administration (NCUA) has issued Orders of Prohibition against the following individuals

January 29, 2004 - OCC Announces New Electronic Interpretations and Actions - January  www.occ.treas.gov/interp/jan04/intjan04.htm

January 29, 2004 -
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 9, 2003, at 9:00 a.m.  www.federalreserve.gov/fomc/minutes/20031209.htm

January 29, 2004 -
Working Papers Finance and Economics Discussion Series
2004-01 through 2004-03 - Finance and Economics Discussion Series

January 28, 2004 - NCUA -
Credit Unions Share Alternatives to Predatory Lending at PALS Workshop - More than 200 credit union officials learned about innovative ways to save consumers from paying predatory lenders usurious interest rates, during the latest Partnering and Leadership Successes workshop put together by National Credit Union Administration Board Member Debbie Matz. www.ncua.gov/news/press_releases/2004/NR04-0128.htm

January 28, 2004 - Fictitious proposals regarding the release of funds under the control of federal bank regulatory authorities. - The Office of the Comptroller of the Currency continues to receive fictitious documents that claim to be issued by the OCC and falsely state that international payments are being held by the OCC. www.occ.treas.gov/ftp/alert/2004-3.txt

January 28, 2004 - OCC First Senior Deputy Comptroller Julie L. Williams Tells House Panel New Regulations Grounded in Federal Law, Court Precedent and Constitution - Julie L. Williams, First Senior Deputy Comptroller and Chief Counsel for the Office of the Comptroller of the Currency, told a House panel today that new regulations regarding preemption and the OCC's exclusive visitorial powers to regulate and supervise national banks are firmly grounded in Federal law, judicial precedent and the U.S. Constitution.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=EZQS7L0H.xml
Attachment: www.occ.treas.gov/ftp/release/2004-8testimony.pdf
Attachment: www.occ.treas.gov/ftp/release/2004-8oralstatement.pdf

January 28, 2004 - OCC Releases CRA Evaluations For 33 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, 2003 through January 14, 2004. www.occ.treas.gov/scripts/newsrelease.aspx?Doc=O31F5KG1.xml

January 28, 2004 - Debt Elimination Scams - Board staff has become aware of various illegal schemes being offered to the public that purport to eliminate outstanding debt through the use of specially prepared documents. The organizers of these schemes concoct specious legal documents based on the borrower's debt, which are then presented to the borrower's bank, mortgage company, finance company, or other lending institution in an attempt to satisfy the debt. The scams are reminiscent of the tax protesters' tax evasion schemes seen throughout the 1990s. www.federalreserve.gov/boarddocs/srletters/2004/sr0403.htm

January 28, 2004 - The Federal Open Market Committee decided today to keep its target for the federal funds rate at 1 percent.

January 28, 2004 - Back to basics: the SF Fed posts monetary policy primer - The Federal Reserve Bank of San Francisco has updated and expanded its Q&A reference on monetary policy. This booklet (available online) is an easy-to-understand reference for reporters, academics, business people, students and anyone interested in knowing about how and why the Fed conducts the nation's monetary policy.

January 27, 2004 - The Federal Reserve Board on Tuesday announced its approval of the notice under section 4 of the Bank Holding Company Act by UBS AG, Zurich, Switzerland, to engage in physical commodity trading activities on a limited basis as an activity that is complementary to the financial activity of engaging regularly as principal in commodity derivatives.

January 27, 2004 - NCUA - Change 6 to the NCUA Rules and Regulations is Available

January 26, 2004 - Chicago Fed Wins Regional 'Building of the Year' - The Federal Reserve Bank of Chicago building is one of 10 buildings nationwide that have been recognized as "The Office Building of the Year" (TOBY) by the Building Owners & Managers Association International.

January 26, 2004 - NCUA Vice Chair JoAnn Johnson Emphasizes the Importance of Succession Planning in America's Credit Unions - National Credit Union Administration Vice Chair JoAnn Johnson encouraged credit union leaders in Washington to focus attention on succession planning and leadership development of their credit unions.

January 26, 2004 - Chairman Alan Greenspan - Economic flexibility Before the HM Treasury Enterprise Conference, London, England

January 26, 2004 - NCUA - Upcoming Speaking Engagements for Vice Chair JoAnn Johnson


January 23, 2004 - FDIC And FBI Investigating Fraudulent Emails - At approximately 12:00 p.m. (EST) on January 23, 2004, FDIC Consumer Call Centers in Kansas City, Missouri, and Washington, D.C., began receiving a large number of complaints by consumers who received an email that has the appearance of being sent from the FDIC. The email informs the recipient that Department of Homeland Security Director Tom Ridge has advised the FDIC to suspend all deposit insurance on the recipient's bank account due to suspected violations of the USA PATRIOT Act. www.fdic.gov/news/news/press/2004/pr0604.html

January 23, 2004 - Fictitious e-mails to financial institution customers, fraudulently claiming to be from the OCC and FDIC in an attempt to obtain sensitive personal and bank account information.  http://www.occ.treas.gov/ftp/alert/2004-2.txt

January 23, 2004 - Non-conforming Loans Due to Collateral Shortfalls - This advisory letter offers guidance to national banks on compliance with legal lending limits related to declines in the collateral value of cattle as a result of public perception of the recent Mad Cow disease issue in the U.S. This decline, which could lead to temporary collateral shortfalls, has been a systemic phenomenon and is not a result of action by a particular bank or borrower. The OCC, therefore, is advising its examiners to treat such noncompliance as an "extraordinary circumstance" for the next 180 days. www.occ.treas.gov/ftp/advisory/2004-1.txt

January 22, 2004 - NCUA Board Actions Taken January 22, 2004.

January 22, 2004 - NCUA - Investment In Exchangeable Collateralized Mortgage Obligations - Please note that the following rule is the version that was approved by the NCUA Board.  The official version is published in the Federal Register approximately one week after Board approval.

January 22, 2004 - NCUA - Statement Of NCUA Chairman Dennis Dollar Regarding Passage Of The FY 2004 Omnibus Appropriations Bill  - Today the United States Senate passed the conference report for the Consolidated Appropriations Act FY 2004. The legislation includes $1.2 million for the Community Development Revolving Loan Fund ($1 million for grants, $200,000 loans and $1.5 billion borrowing authority for the NCUA's Central Liquidity Facility). 

January 22, 2004 - Community Developments Newsletter Outlines Bank Strategies to Assist Small Businesses - The Office of the Comptroller of the Currency today published the Community Developments newsletter focusing on bank support for small businesses through innovative investments, loans, and technical assistance.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=RVRE107D.xml
Attachment: www.occ.treas.gov/cdd/CD_winter03/cd_header.html

January 22, 2004 - San Francisco Fed Launches FedVille, an Online Educational Resource for Kids 9-12  - This colorful new online educational resource was just launched by the Federal Reserve Bank of San Francisco in support of the Fed System's ongoing personal financial education initiative. http://www.frbsf.org/news/releases/2004/0122.html

January 22, 2004 - Recommendations Sought to Reduce Regulatory Burden From Lending-Related Consumer Protection Rules - The banking agencies are seeking comment on ways to reduce regulatory burden from consumer protection rules. We would like to hear about any lending-related consumer protection rules that you believe are outdated, unnecessary or unduly burdensome. This request is the second in a series of requests for comment on regulatory burden issues. Comments and/or suggestions on these particular rules are due to the agencies by April 20, 2004.
Press Release: www.fdic.gov/news/news/financial/2004/FIL1004.html

January 22, 2004 - The Federal Reserve Board on Thursday released the minutes of its discount rate meetings from September 29 through October 27, 2003. www.federalreserve.gov/boarddocs/press/monetary/2003/20031218/default.htm

January 22, 2004 - NCUA Vice Chair JoAnn Johnson's Statement Regarding the President's State of the Union Address - National Credit Union Administration Vice Chair JoAnn Johnson released the following statement regarding the President's State of the Union Address and his outlook on economic growth in America www.ncua.gov/news/press_releases/2004/NR04-0121.htm

January 21, 2004 - The Board of Governors of the Federal Reserve on Wednesday agreed to seek comment on an interagency proposal to revise regulations that implement the Community Reinvestment Act www.federalreserve.gov/boarddocs/press/bcreg/2004/20040121/default.htm

January 20, 2004 - OCC Announces 15 New Enforcement Actions and One Termination - The Office of the Comptroller of the Currency today announced 15 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and one termination of an existing enforcement action. www.occ.treas.gov/scripts/newsrelease.aspx?Doc=2004_6.xml

January 20, 2004 - Matz Posts PALS Workshop Presentations on NCUA Website - Credit union officials seeking more information about member business loans or reaching out to Latinos can now access innovative presentations on the website of National Credit Union Administration Board Member Debbie Matz.

January 20, 2004 - Comptroller Hawke Voices Support for Inter-Agency Proposal to Amend the Community Reinvestment Regulations - The Comptroller of the Currency John D. Hawke, Jr. issued the following statement today regarding the FDIC's vote to issue for public comment a set of proposed amendments to the inter-agency regulations that implement the Community Reinvestment Act: www.occ.treas.gov/scripts/NewsRelease.aspx?Doc=NFZ2HHO.xml

January 20, 2004 - FDIC Approves Notice of Proposed Rulemaking Regarding the Community Reinvestment Act of 1977 - The Federal Deposit Insurance Corporation today announced approval of a joint interagency notice of proposed rulemaking regarding the Community Reinvestment Act. The CRA directs the federal bank and thrift regulatory agencies to assess a financial institution's record of meeting the credit needs of its entire community, and to consider that record when acting on certain applications for deposit facilities. www.fdic.gov/news/news/press/2004/pr0504.html


January 16, 2004 - NCUA - Chairman Dollar Announces NCUA's Access Across America 2003 Record-Setting Total - America's Credit Unions Adopted Over 25.1 Million Residents In Underserved Areas As Potential New Members www.ncua.gov/news/press_releases/2004/NR04-0115.htm

January 16, 2004 - The "Business Combinations" booklet of the Comptroller's Licensing Manual has been revised (replacing the April 1998 version) to incorporate recent regulatory and policy changes, such as a bank's combination with a nonbank subsidiary or affiliate, transactions with affiliates, and anti-money laundering effectiveness.  www.occ.treas.gov/corpbook/group2/public/pdf/bizcombo.pdf

January 16 2004 - Public Meeting Transcripts - The Federal Reserve Board conducted the following meetings to collect information on factors it is required to consider, under the Bank Holding Company Act, to decide proposed mergers and acquisitions involving bank holding companies. The factors are the effects of the proposal on the financial and managerial resources and future prospects of the companies and banks involved in the proposal, competition in the relevant markets, and the convenience and needs of the communities to be served.  www.federalreserve.gov/events/publicmeeting/

January 16, 2004 - The Federal Reserve Board on Friday announced the approval of an application by Gjensidige NOR Sparebank ASA, Oslo, Norway, to establish a branch in New York, New York. www.federalreserve.gov/boarddocs/press/orders/2004/20040116/default.htm

January 16, 2004 - Industrial Production And Capacity Utilization - Industrial production rose 0.1 percent in December after an upwardly revised increase of 1.0 percent in November; for the fourth quarter as a whole, production advanced at an annual rate of 6.2 percent. www.federalreserve.gov/Releases/G17/Current/default.htm

January 15 2004 - OCC Sponsors Credit Rating and Scoring Models Conference - The OCC's Risk Analysis Division is sponsoring a conference "Credit Rating and Scoring Models: Advances in Theory and Application," to be held May 17-19, 2004. The conference will bring together technical experts from financial institutions, regulatory authorities, academia, and the model vendor community -- all specialists in retail or commercial risk rating model design, data collection, use and performance evaluation -- to discuss areas of common interest. www.occ.treas.gov/crsm.htm

January 15, 2004 - Reporting and Disclosure Requirements for National Banks with Securities Registered Under the Securities and Exchange Act of 1934; Securities Offering Disclosure Rules: Final Rule
Press Release www.occ.treas.gov/ftp/bulletin/2004-7.txt
Attachment: www.occ.treas.gov/fr/fedregister/68fr68489.pdf

January 15, 2004 - Privacy of Consumer Financial Information - Eight federal regulators are soliciting comment on ways to improve the privacy notices financial institutions provide to consumers under the Gramm-Leach-Bliley Act Comments are due by March 29, 2004. www.fdic.gov/news/news/financial/2004/FIL0804.html

January 15 2004 - FDIC Expands Fair Lending Examination Specialist Program Nationwide - The Federal Deposit Insurance Corporation today announced that it has expanded its fair lending examination program nationwide by appointing examination specialists in each of its six regions. www.fdic.gov/news/news/press/2004/pr0404.html

January 14, 2004 - NCUA - Decision and Order on Appeal - This matter comes before the National Credit Union Administration Board on appeal from APP Federal Credit Union. 

January 14 2004 - Letter To Stakeholders - The FDIC issues its seventh Letter to Stakeholders, a report of the agency's activities for the fourth quarter of 2003. www.fdic.gov/news/news/financial/2004/FIL0704.html

January 14, 2004 - Frequently Asked Questions Relating to Customer Identification Program Rules Issued Pursuant to the USA PATRIOT Act.  www.federalreserve.gov/boarddocs/srletters/2004/sr0402.htm

January 14, 2004 - Beige Book Informal review by the Federal Reserve Banks of current economic conditions in their Districts www.federalreserve.gov/fomc/beigebook/2004/20040114/default.htm

January 14 2004 - Paper by Governor Ben S. Bernanke and Vincent R. Reinhart, Director, Division of Monetary Affairs Presented at the International Center for Monetary and Banking Studies Lecture, Geneva, Switzerland January 14, 2004 www.federalreserve.gov/BoardDocs/Speeches/2004/200401033/default.htm

January 13, 2004 - Preemption and Visitorial Powers - The Office of the Comptroller of the Currency published the attached final rules in the Federal Register on January 13, 2004.  The final rules amend 12 CFR parts 7 and 34.  The final rules will become effective on February 12, 2004.  Generally, the rule provides that state laws do not apply to national banks if they obstruct, impair, or condition a national bank’s exercise of its federally authorized lending, deposit-taking, and other powers.
Press Release: www.occ.treas.gov/ftp/bulletin/2004-6.txt
Attachment: www.occ.treas.gov/fr/fedregister/69fr1904.pdf
Attachment: www.occ.treas.gov/fr/fedregister/69fr1895.pdf

January 13, 2004 - OCC Releases First Quarter Edition of Quarterly Journal on the Web and in Print - This issue reports on the condition of commercial banks, as well as recent licensing decisions, mergers, interpretive letters, speeches and testimony, and financial performance of national banks for the period. www.occ.treas.gov/qj/qj.htm

January 13 2004 - Spousal Signature Provisions of Regulation B - The FDIC is issuing guidance to assist financial institutions in complying with the complex marital status and spousal signature provisions of Regulation B. Those provisions significantly affect critical steps in the lending process, including underwriting, asset valuation, collateral selection and document preparation. www.fdic.gov/news/news/financial/2004/FIL0604.html

January 13, 2004 - Advance Notice of Proposed Rulemaking - The Comptroller of the Currency, along with the Office of Thrift Supervision, Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration, Federal Trade Commission, Commodity Futures Trading Commission, and the Securities Exchange Commission, has issued an interagency advance notice of proposed rulemaking (ANPR) requesting public comment on ways to improve the privacy notices that financial institutions provide to consumers under the Gramm-Leach-Bliley Act  
Press Release: www.occ.treas.gov/ftp/bulletin/2004-4.txt
Attachment: www.occ.treas.gov/fr/fedregister/68fr75164.pdf

January 13, 2004 - Fundamental Change in Asset Composition of a Bank - The Comptroller of the Currency has issued a notice of proposed  rulemaking that would require a national bank to obtain the approval of the OCC before the following two types of fundamental changes in the composition of the bank's assets occurs: (1) selling or otherwise disposing of all, or substantially all, of its assets to become a "stripped" or dormant bank charter, or, (2) after having "stripped" the charter of assets, subsequently purchasing or otherwise acquiring assets. 
Press Release: www.occ.treas.gov/ftp/bulletin/2004-5.txt
Attachment: www.occ.treas.gov/fr/fedregister/69fr892.pdf

January 13, 2004 - OCC Sending Bank Examiners to Assist Iraqi Bank Officials - The Office of the Comptroller of the Currency is sending a team of examiners to assist Iraqi officials in developing and establishing an independent and internationally recognized bank supervision department. The bank examiners will support the overall reconstruction efforts of the Coalition Provisional Authority in Iraq. www.occ.treas.gov/scripts/NewsRelease.aspx?Doc=6T9AKJYL.xml

January 13, 2004 - FDIC Simplifies The Insurance Rules For Living Trust Accounts - The FDIC Board of Directors voted today to simplify the insurance rules for deposits held in connection with a living trust, an increasingly popular estate-planning tool. www.fdic.gov/news/news/press/2004/pr0304.html 

January 13, 2004 - Remarks by Chairman Alan Greenspan Before the Bundesbank Lecture 2004, Berlin, Germany January 13, 2004

January 12, 2004 - NCUA - Dollar Appoints Johnson To Serve On Financial Literacy And Education Commission - Vice-Chair to Represent NCUA on New Commission Created by FACT Act to Promote and Coordinate Financial Literacy Initiatives by Federal Agencies www.ncua.gov/news/press_releases/2004/NR04-0112.htm

January 12, 2004 - The Federal Reserve Board on Monday announced the launch of a new informational resource designed to help community economic developers evaluate development proposals. The new resource tool complements two additional Board products that also seek to promote community development activities.  www.federalreserve.gov/boarddocs/press/other/2004/20040112/


January 9, 2004 - Statistical Release E.15 Agricultural Finance Databook  www.federalreserve.gov/releases/e15/default_2003.htm

January 9, 2004 - The Federal Reserve Board on Friday named nine new members to its Consumer Advisory Council for three-year terms and designated a new Chair and Vice Chair of the Council for 2004 www.federalreserve.gov/boarddocs/press/other/2004/20040109/

January 9, 2004 - Licensing Manual Update, December 2003 - The revised "Branches and Relocations" booklet of the Comptroller's Licensing Manual series is available on the OCC's Internet site. This booklet updates and replaces the previous 2002 version. The revisions incorporate recent policy and procedure changes regarding the bank's ability to file a branch or relocation application or notice electronically using e-Corp. The revisions also include a modified discussion about opening temporary branches in disaster areas.  www.occ.treas.gov/corpbook/group2/public/pdf/branches.pdf
January 9, 2004 - Amendments to Regulation B - The FDIC has issued the attached summary of Federal Reserve Board amendments to Regulation B and the Official Staff Interpretations of the regulation. Compliance becomes mandatory on April 15, 2004.  www.fdic.gov/news/news/financial/2004/FIL0504.html

January 9, 2004 - Guidance on Customer Identification Programs - The federal banking, thrift, and credit union regulatory agencies, the Financial Crimes Enforcement Network and the Department of Treasury have jointly issued interpretive guidance on the application of the "Customer Identification Programs for Banks, Savings Associations, and Credit Unions" regulation.  www.fdic.gov/news/news/financial/2004/FIL0404.html

January 9, 2004 - Data on Funds Service, Securities Service, and National Settlement Service - Annual and quarterly data are available on Fedwire transfers of funds and book-entry securities and on National Settlement Service transactions. The average daily volume and average daily value of transfers are based on the number of business days in each period. www.federalreserve.gov/paymentsystems/fedwire/wirequarterly.htm

January 9, 2004 - The Federal Reserve Board on Friday announced the issuance of an Order of Prohibition and Order to Cease and Desist against Scott Smolinski, a former vice president of the James Monroe Bank, Arlington, Virginia.  www.federalreserve.gov/boarddocs/press/Enforcement/2004/20040109/default.htm

January 8, 2004 NCUA - Registration Opens for PALS Workshop on Member Business Lending - Credit union leaders may now register for the free member business lending workshop to be offered by the National Credit Union Administration March 25 in San Francisco. www.ncua.gov/news/press_releases/2004/NR04-0108.htm

January 8, 2004 - Frequently Asked Questions: Final Customer Identification Program Rule - On May 9, 2003, the Comptroller of the Currency, Federal Reserve Board, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network, Office of Thrift Supervision, National Credit Union Administration, and the Treasury Department published a joint final rule, 31 CFR 103.121, titled "Customer Identification Programs for Banks, Savings Associations, Credit Unions and Certain Non-Federally Regulated Banks," at 68 FR 25090.  This final rule implements section 326 of the USA PATRIOT Act of 2001 and requires banks, savings associations, credit unions, and certain nonfederally regulated banks to have a customer identification program.  
Press Release: www.occ.treas.gov/ftp/bulletin/2004-3.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2004-3a.pdf

January 8, 2004 - The Federal Reserve Board on Thursday released figures that indicate the Federal Reserve Banks distributed approximately $21.997 billion of their $23.792 billion total income to the U.S. Treasury during 2003.  www.federalreserve.gov/boarddocs/press/other/2004/20040108/

January 8, 2004 - The Federal Reserve Board on Thursday announced the issuance, together with the Commission Bancaire, the regulator of French banks, of a consent enforcement action against Credit Lyonnais, S.A., a large French bank, and Credit Agricole, S.A., its parent company.  www.federalreserve.gov/boarddocs/press/Enforcement/2004/20040108/default.htm

January 8, 2004 - General License Issued Under Iranian Sanctions - Effective December 26, 2003, the Department of the Treasury's Office of Foreign Assets Control (OFAC) issued General License Number 1, which authorizes a 90-day period for people living in the United States to make donations of funds to nongovernmental organizations for the direct support of humanitarian relief and reconstruction activities being undertaken as a result of the earthquake in Bam, Iran. A copy of the General License is attached. www.fdic.gov/news/news/financial/2004/FIL0304.html

January 8, 2004 - Governor Donald L. Kohn The United States in the World Economy - At the Federal Reserve Bank of Atlanta's Public Policy Dinner, Atlanta, Georgia. www.federalreserve.gov/boarddocs/speeches/2004/20040107/default.htm

January 7, 2004 - NCUA - Letter to Credit Unions 03-CU-18 - Credit Union Financial Trends for the Third Quarter of 2003 - a report highlighting credit union financial trends for the third quarter of 2003. We based our analysis on data compiled from the third quarter 2003 call reports submitted by all federally insured credit unions. We are providing this information to keep you informed of current conditions and trends in the credit union industry. www.ncua.gov/ref/letters/2003/03-CU-18.pdf

January 7, 2004 - OCC Issues Final Rules on National Bank Preemption and Visitorial Powers; Includes Strong Standard to Keep Predatory Lending out of National Banks - The Office of the Comptroller of the Currency issued two final rules today that reflect the federal character of the national banking system. The regulations enhance the ability of national banks to plan their activities with predictability and to operate efficiently, subject to effective and efficient supervision.
Press Release: www.occ.treas.gov/NewsRelease.asp?Doc=ZN9I8H7T.xml 
Attachment: www.occ.treas.gov/newrules.htm

January 7, 2004 - The Federal Reserve Board on Wednesday released the report of the private-sector Working Group on Government Securities Clearance and Settlement and endorsed its recommendations. www.federalreserve.gov/boarddocs/press/other/2004/20040107/

January 7, 2004 - NCUA - In October of 2003, the U.S. General Accounting Office issued a report on the financial condition of the credit union industry, changes in the National Credit Union Administration's examination and supervision processes, and other issues related to NCUA and credit unions. www.ncua.gov/news/press_releases/2004/GAOResponseDec2003.pdf

January 6, 2004 - NCUA - Statement by NCUA Executive Director, J. Leonard Skiles regarding the December 29, 2003 Decision and Order by the Federal Labor Relations Authority - On January 2, 2004, NCUA received the decision of the Federal Labor Relations Authority, issued by the Regional Director, regarding the issues raised in the representational hearing held in June and July 2003. While the Regional Director determined that certain NCUA employees were management officials or were engaged in personnel work requiring that they be excluded from the bargaining unit, he found that the Agency's credit union examiners should be included in the bargaining unit. www.ncua.gov/news/press_releases/2004/MA04-0106.htm

January 5, 2004 - FDIC Issues January List of Banks Examined For CRA Compliance - The Federal Deposit Insurance Corporation today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. www.fdic.gov/news/news/press/2004/pr0204.html

January 5, 2004 - Policy Statement Issued on Financial Institutions Providing Financial Support to Advised Investment Funds - The federal banking and thrift supervisory agencies issued a policy statement today alerting financial institutions to the safety and soundness and legal issues involved in providing financial support to investment funds advised by the institution or its subsidiaries or affiliates.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2004/20040105/default.htm
Press Release: www.fdic.gov/news/news/press/2004/pr0104.html
Press Release: www.fdic.gov/news/news/financial/2004/FIL0104.html
Press Release: www.ots.treas.gov/docs/77341.html
Press Release: www.federalreserve.gov/boarddocs/srletters/2004/sr0401.htm
Press Release: www.occ.treas.gov/JointNewsRelease.asp?Doc=641EX55X.xml
Attachment: www.occ.treas.gov/ftp/release/2004-2a.pdf

January 4, 2004 - Vice Chairman Roger W. Ferguson, Jr. - Lessons from Past Productivity Booms At the Meetings of the American Economic Association, San Diego, California www.federalreserve.gov/boarddocs/speeches/2004/200401042/default.htm

January 4, 2004 - Governor Ben S. Bernanke - Monetary Policy and the Economic Outlook: 2004 At the Meetings of the American Economic Association, San Diego, California www.federalreserve.gov/boarddocs/speeches/2004/20040104/default.htm

January 3, 2004 - Governor Ben S. Bernanke and Vincent R. Reinhart, Director, Division of Monetary Affairs - Conducting Monetary Policy at Very Low Short-Term Interest Rates At the Meetings of the American Economic Association, San Diego, California www.federalreserve.gov/boarddocs/speeches/2004/200401033/default.htm

January 3, 2004 - Governor Ben S. Bernanke - Fedspeak - At the Meetings of the American Economic Association, San Diego, California  www.federalreserve.gov/boarddocs/speeches/2004/200401032/default.htm

January 3, 2004 - Chairman Alan Greenspan - Risk and Uncertainty in Monetary Policy - At the Meetings of the American Economic Association, San Diego, California  www.federalreserve.gov/boarddocs/speeches/2004/20040103/default.htm


January 2, 2004 - OCC Issues Final Rule Authorizing Electronic Filing of Corporate Applications - The Office of the Comptroller of the Currency today published a final rule that permits national banks to file any class of corporate applications electronically. The OCC seeks to minimize regulatory burden and to achieve greater efficiencies, including cost savings, through increased use of electronic technology.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=5RDD6VKI.xml
Attachment: www.occ.treas.gov/fr/fedregister/12CFRPt5ElectronicFilingsFinalRule.pdf

January 2, 2004 - Statistical Release G.5A Foreign Exchange Rates (Annual) The Table Below Shows The Average Rates Of Exchange In 2003 Together With Comparable Figures For Other Years. www.federalreserve.gov/Releases/G5A/Current/default.htm


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