Bank Regulatory News
June 2000
June
30, 2000 - The Federal Reserve Board today announced its approval of
the application of Compass Bancshares, Inc., Birmingham, Alabama,
("Compass") to acquire Founders Bancorp, Inc., and thereby
acquire Founders Bank of Arizona ("Founders Bank"), both of
Scottsdale, Arizona. The Board also approved the application of Compass's
lead subsidiary bank, Compass Bank, Birmingham, Alabama, to merge with
Founders Bank and to retain and operate branches at the current locations
of Founders Bank's offices.
June 29,
2000 - The Federal Deposit Insurance Corporation (FDIC) today sent
bankers an alert about potential problems identified in brokered deposit
arrangements with San Clemente Securities, Inc. (SCS), San Clemente,
California.
June
29, 2000 - FFIEC Revises Uniform Retail Credit Classification and
Account Management Policy
The Federal Financial Institutions Examination Council (FFIEC) has revised
the Uniform Retail Credit Classification and Account Management Policy
issued in 1999. The policy provides guidance to institutions when they
classify or write off delinquent retail loans and lines of credit.
June 28,
2000 - Providian to Cease Unfair Practices, Pay Consumers Minimum of
$300 Million Under Settlement with OCC and San Francisco District Attorney
WASHINGTON -- The Office of the Comptroller of the Currency has entered
into a settlement with Providian National Bank that directs the bank to
cease a number of unfair and deceptive practices and to pay at least $300
million to consumers harmed by those practices. At the same time, the San
Francisco District Attorney entered into a similar agreement with
Providian's parent, Providian Financial Corp.
June
28, 2000 - The Federal Open Market Committee at its meeting today
decided to maintain the existing stance of monetary policy, keeping its
target for the federal funds rate at 6-1/2 percent.
June
26, 2000 - NCUA Issues Prohibition Orders-The National Credit Union
Administration Board announced today that it has issued Prohibition Orders
against two former credit union employees.
June 26,
2000 - The attached
proposed Guidelines establishing standards for safeguarding customer
information were published in the Federal Register on June 26, 2000.
Comments are due August 25, 2000. The Office of the Comptroller of
the Currency (OCC) is requesting comment on the proposed Guidelines, which
were published jointly with the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, and the Office of
Thrift Supervision. The Guidelines implement Section 501(b) of the Gramm
Leach Bliley Act and require each bank to establish an information
security program tailored to its size and the nature and scope of its
operations.
June
26, 2000 - Revised Review Procedures for Reports Required under
Section 36 of the Federal Deposit Insurance Act (FDI Act)
Section 36 of the FDI Act and the FDIC's implementing regulations require
all state member banks and other insured depository institutions with $500
million or more in total assets to 1) obtain annual independent audits, 2)
submit certain management reports to their regulatory agencies, and 3)
establish audit committees of their board of directors comprised of
independent directors.
June 26,
2000 - FDIC Chairman Donna Tanoue today announced the appointment of
five senior officials in the Corporation's Division of Compliance and
Consumer Affairs.
June
26, 2000 - The Federal Reserve Board today announced its denial of the
notice of Northern Star Financial, Inc., Mankato, Minnesota, to acquire
First Federal Holding Company of Morris, Inc., and thereby acquire First
Federal Savings Bank, both of Morris, Minnesota.
June
23, 2000 - The Federal Reserve Board today announced the execution of
a Written Agreement by and among Banco Bilbao Vizcaya Argentaria, S.A.,
Madrid, Spain; Banco Bilbao Vizcaya, S.A. Miami Agency, Miami, Florida;
Banco Bilbao Vizcaya, S.A. New York Branch, New York, New York; the
Federal Reserve Bank of Atlanta; the Federal Reserve Bank of New York; the
New York State Banking Department; and the State of Florida Department of
Banking and Finance.
June 23, 2000 -
A group of nearly 50 investors has received approval from the Office of
Thrift Supervision (OTS) to organize a new federal stock thrift
institution in the Bridgeview, Ill., suburb of Chicago, catering to the
Arab-American community that makes up the neighborhood. The thrift, United
Trust and Federal Savings Bank, is the sixth charter action by OTS this
week.
June
23, 2000 - The Federal Reserve Board today published proposed
revisions to the Regulation E (Electronic Fund Transfers) Official Staff
Commentary, which applies and interprets the requirements of the
regulation. Comments are due by August 31, 2000.
June
22, 2000 - The Federal Reserve Board today issued examination guidance
identifying sound practices for equity investment and merchant banking.
June
21, 2000 - HUD's 2000 Adjusted Median Family Income Figures
In response to requests from financial institutions, attached is a listing
of year 2000 median family income figures developed by the Department of
Housing and Urban Development (HUD) for each metropolitan statistical area
(MSA) and the statewide portions of nonmetropolitan areas.
June 21,
2000 - Changes in the U.S. economy during the current, record-long
expansion may be increasing financial and market risks for the banking
industry, according to a report by analysts at the Federal Deposit
Insurance Corporation (FDIC).
June 21, 2000 -
The Office of Thrift Supervision (OTS) has approved the acquisition of a
California thrift by IndyMac Mortgage Holdings, Inc., Pasadena, Calif.
June
21, 2000 - AGENCIES PROPOSE STANDARDS FOR CUSTOMER INFORMATION
SECURITY
The Board of Governors of the Federal Reserve System, the Federal Deposit
Insurance Corporation, the Office of the Comptroller of the Currency, and
the Office of Thrift Supervision jointly requested comment today on a
proposed rule establishing standards for safeguarding confidential
customer information. The proposed rule would implement section 501 (b) of
the Gramm-Leach-Bliley Act (GLBA). Comments will be accepted until
August 25, 2000. FDIC
OCC
June
21, 2000 - The Federal Reserve Board today announced its approval of
the application of Wells Fargo & Company, San Francisco, California,
to acquire National Bancorp of Alaska and its subsidiary bank, National
Bank of Alaska, both of Anchorage, Alaska.
June 20,
2000 - Uniform Retail Credit Classification and Account Management
Policy Description: Policy Implementation
On June 12, 2000 the Federal Financial Institutions Examination Council
published in the Federal Register a final notice that revised the Uniform
Retail Credit Classification and Account Management Policy originally
published in the Federal Register on February 10, 1999. The Office of the
Comptroller of the Currency is adopting the revised policy and will apply
it to all national banks and their operating subsidiaries. OCC Bulletin
99-13 is hereby rescinded.
June
20, 2000 - Alan Greenspan this afternoon took the oath of office as
Chairman of the Board of Governors of the Federal Reserve System for a
fourth four-year term commencing today. The oath was administered in Dr.
Greenspan's office by Vice Chairman Roger W. Ferguson, Jr.
June
19, 2000 - The Federal Reserve Board today announced its approval of
the application by National Commerce Bancorporation, Memphis, Tennessee,
to merge with CCB Financial Corporation, and thereby acquire Central
Carolina Bank and Trust Company ("CCB Bank"), both of Durham,
North Carolina.
June 19,
2000 - Gains on equity investments helped lift commercial banks' net
income to a new record in the first quarter of 2000, according to
preliminary data released today by the FDIC. Industry earnings of $19.5
billion were $125 million greater than the previous quarterly record set
in the third quarter of 1999, and were $1.6 billion (8.8 percent) higher
than in the first quarter of 1999. But, the FDIC noted that banks'
earnings are becoming increasingly dependent on favorable economic and
financial conditions.
June
19, 2000 - AGENCIES ISSUE REVISED SUSPICIOUS ACTIVITY REPORT FORM (SAR)
The five federal financial institutions supervisory agencies -- the Board
of Governors of the Federal Reserve System, the Federal Deposit Insurance
Corporation, the National Credit Union Administration, the Office of the
Comptroller of the Currency and the Office of Thrift Supervision ,
together with the Financial Crimes Enforcement Network (FinCEN) -- today
issued a newly revised Suspicious Activity Report (SAR) form.
June 19, 2000 -
The thrift industry grew by four new institutions today as the Office of
Thrift Supervision (OTS) announced it has approved federal thrift charters
for three start-up savings banks and a converting California-chartered
industrial loan company.
June
16, 2000 - On June 1, 2000, the U.S. Department of the Treasury's
Office of Foreign Assets Control (OFAC) updated its listing of specially
designated nationals and blocked persons to include the names of
significant foreign narcotics traffickers identified by President Clinton
pursuant to the Foreign Narcotics Kingpin Designation Act.
June 16, 2000 -
OTS RELEASES MAY NATIONAL CRA RATINGS
WASHINGTON, D.C., June 15, 2000 -- The Office of Thrift Supervision (OTS)
today issued savings associations' Community Reinvestment Act (CRA)
performance evaluation ratings that became available in May 2000.
June
15, 2000 - The enclosed materials pertain to the Reports of Condition
and Income (Call Report) for the June 30, 2000, report date. Please
complete your second quarter Call Report, review it for accuracy, and
submit the report electronically as soon as possible. Your completed
report must be received by July 30, 2000, in accordance with the filing
requirements discussed below. No extensions of time for submitting reports
are granted.
June 14,
2000 - OCC ADDS NEW LINK ON CORPORATE APPLICATIONS TO WEB SITE
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency (OCC)
has added a new site to its Internet page to provide user-friendly
information on corporate applications. The site reflects suggestions
obtained by the OCC from bank consultants and individuals who represented
organizers on specific OCC corporate applications.
June
14, 2000 - The Federal Reserve Board today announced the issuance of
an Order of Prohibition against Lawrence Michaelessi, a former employee
and institution-affiliated party of the Rochester Branch of The Bank of
New York, New York, New York.
June 14,
2000 - Federal Deposit Insurance Corporation Chairman Donna Tanoue
spoke out against banks renting out their charters to nonbank payday
lenders to facilitate high-cost lending.
June
14, 2000 - The Federal Reserve Board today announced its approval of
the application of The Chase Manhattan Bank, New York, New York, to merge
with Chase Bank of Texas, Houston, Texas, and to retain and operate
branches.
June
12, 2000 - Revised Uniform Retail Credit Classification and Account
Management Policy
The Federal Financial Institutions Examination Council has issued a
revised Uniform Retail Credit Classification and Account Management Policy
(revised policy) that supersedes the policy issued on February 10, 1999
(February 1999 policy).
June 9, 2000 -
OTS Approves Thrift Charter for American Express
WASHINGTON, D.C., June 9, 2000 – The Office of Thrift Supervision (OTS)
has granted a federal thrift charter to American Express Company (AMEX).
The savings bank, to be known as American Express Personal Trust Services,
will operate as a special purpose financial institution that will provide
trust and trust related services.
June 9,
2000 - FRB Quarterly Examination Schedule Third Quarter 2000
June 7, 2000 -
U.S. Thrift Industry Earns $2.23 Billion in First Quarter
WASHINGTON, D.C., June 7, 2000 – The nation’s thrift industry earned
$2.23 billion in the first quarter of 2000, compared with the previous
quarter’s $1.97 billion and $2.06 billion a year ago, Director Ellen
Seidman of the Office of Thrift Supervision (OTS) reported today.
June
7, 2000 - Proposed Revisions to the Reports of Condition and Income
for 2001
The Federal Deposit Insurance Corporation (FDIC), the Federal Reserve
Board (Board), and the Office of the Comptroller of the Currency (OCC) are
requesting comment on proposed revisions to the Reports of Condition and
Income (Call Reports) that would take effect March 31, 2001. The proposed
changes, which have been approved by the Federal Financial Institutions
Examination Council (FFIEC), are intended to make the content of the Call
Report more relevant to the agencies in today's evolving financial
services environment.
June 6, 2000
- Trading Revenue Rises to Record $3.8 Billion At U.S. Commercial Banks in
1st Quarter
WASHINGTON -- Trading revenue at U.S. commercial banks rose 55 percent
during the first quarter to a record $3.8 billion. The biggest jump came
in revenue from trading interest rate related positions which went from
$772 million to $1.7 billion during the quarter, according to the Office
of the Comptroller of the Currency’s Bank Derivatives Report for the
First Quarter of 2000. Report
June 5,
2000 - The FDIC 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 March 2000.
June 5,
2000 - Examiners say that the overall potential risk associated with
current underwriting practices at FDIC-supervised banks decreased
slightly. However, examiners also report that risky underwriting practices
for agricultural, construction and commercial real estate lending remain
causes for concern, according to the agency's latest Report on
Underwriting Practices, which covers the six months ending March 31, 2000.
June
5, 2000 - Final Rule on the Privacy of Consumers' Financial
Information
The Federal Deposit Insurance Corporation (FDIC), the Board of Governors
of the Federal Reserve System, the Office of the Comptroller of the
Currency, and the Office of Thrift Supervision have jointly adopted the
attached final rule on the privacy of consumers' financial information.
The rule takes effect on November 13, 2000, but financial institutions
have until July 1, 2001, to be in mandatory compliance with the
regulation.
June 5, 2000
- Remarks by Julie L. Williams, First Senior Deputy Comptroller and Chief
Counsel, Office of the Comptroller of the Currency about predatory lending.
June 5, 2000 -
OTS Will Not Change Thrift Financial Report This Year
WASHINGTON, D.C., June 5, 2000 - The Office of Thrift Supervision (OTS)
said today it will not make any changes to the Thrift Financial Report (TFR)
this year and will hold off until 2001 collecting additional data. The TFR
is filed quarterly on a calendar basis by OTS-regulated institutions and
reports their financial condition.
June 2,
2000 - Monument National Bank, Ridgecrest, California, was closed by
the Office of the Comptroller of the Currency (OCC) and the Federal
Deposit Insurance Corporation (FDIC) was appointed receiver. The FDIC
entered into an agreement with Israel Discount Bank of New York to assume
all the deposits of the failed bank. OCC
June
1, 2000 - Proposed Rule on the Disclosure and Reporting of Community
Reinvestment Act-Related Agreements
The Federal Deposit Insurance Corporation (FDIC), the Board of Governors
of the Federal Reserve System, the Office of the Comptroller of the
Currency, and the Office of Thrift Supervision have jointly proposed the
attached rule on the disclosure and reporting of certain agreements made
in connection with the Community Reinvestment Act of 1977 (CRA). This
regulation is required by §711 of the Gramm-Leach-Bliley Act (GLBA).
Comments on the rule are due by July 21, 2000.
June 1, 2000
- Attached
is a series of questions and answers (Qs & As) prepared by the
Department of Housing and Urban Development Office of General Counsel. The
Qs & As were prepared in response to questions received from the
Massachusetts Bankers Association relating to the HUD-1 settlement
statement.
June 1,
2000 - The Federal Deposit Insurance Corporation (FDIC) has issued the
public list of institutions that it has scheduled for a Community
Reinvestment Act (CRA) examination during the third quarter of 2000. This
list is published pursuant to revised CRA regulations published in May
1995 that require each Federal bank and thrift regulator to publish a
quarterly CRA examination schedule at least 30 days before the beginning
of each quarter.
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