Bank Regulatory News
June 2002
June 28, 2002 - FDIC Approves Assumption Of The Insured
Deposits And Certain Assets Of The Connecticut Bank Of Commerce, Stamford,
Connecticut - The
Federal Deposit Insurance Corporation (FDIC) has approved the assumption
of the insured deposits of The Connecticut Bank Of Commerce, Stamford,
Connecticut, by Hudson United Bank, Mahwah, New Jersey. www.fdic.gov/news/news/press/2002/pr8002.html
June 28, 2002 - The Federal Reserve Board today announced
the execution of a Written Agreement by and between the Madison Bank, Blue
Bell, Pennsylvania and the Federal Reserve Bank of Philadelphia. www.federalreserve.gov/boarddocs/press/Enforcement/2002/20020628/default.htm
June 28, 2002 - FDIC Chairman Appoints Cottrell L. Webster As Agency's
Ombudsman - Federal Deposit Insurance Corporation Chairman Don Powell
today announced the appointment of Cottrell L. Webster to the post of
Ombudsman. Webster replaces Ronald F. Bieker, who will become the agency's
Regional Director in Kansas City. Webster now serves as Director of the
Division of Supervision's Memphis Regional Office. www.fdic.gov/news/news/press/2002/pr7802.html
June 28, 2002 - FDIC Makes Public May Enforcement Actions; One
Administrative Hearing Scheduled -
The Federal Deposit Insurance
Corporation today released a list of orders of administrative enforcement
actions taken against banks and individuals in May. One administrative
hearing is scheduled for July. www.fdic.gov/news/news/press/2002/pr7902.html
June 28, 2002 - National Consumer Response Center - The Federal Deposit Insurance Corporation is pleased to announce that
it is centralizing its consumer affairs function with the establishment of
the National Consumer Response Center within the Division of Supervision
and Consumer Protection. This move will improve efficiency and enhance
service to consumers needing assistance. www.fdic.gov/news/news/financial/2002/fil0273.html
June 28, 2002 - FDIC Announces Receivership Of Universal Federal
Savings Bank, Chicago, Illinois -
Universal Federal Savings Bank,
Chicago, Illinois, was closed today by the Office of Thrift Supervision
and the Federal Deposit Insurance Corporation (FDIC) was named receiver. www.fdic.gov/news/news/press/2002/pr7602.html
June 28, 2002 - The Federal Deposit Insurance Corporation (FDIC) has approved the assumption of the insured deposits of Universal Federal Savings Bank, Chicago, Illinois by Chicago Community Bank, Chicago, Illinois.
http://www.fdic.gov/news/news/press/2002/pr8102.html
June 28, 2002 - NCUA - Owen Cole Named Associate Director in Region II -
The National Credit Union Administration executive director today
announced the selection of J. Owen Cole Jr. to the position of Region II
associate regional director of Operations
For several months, Cole has been serving as acting ARDO managing
the day-to-day operations of Supervision, Insurance, Special Actions, and
Management Services for the Capital region. www.ncua.gov/news/press_releases/adv02-0628.html
June 27, 2002 - OCC Survey Shows Measured Response By Banks to Slowing
Economy - The OCC’s eighth annual Survey of Credit Underwriting
Practices found that underwriting standards for commercial and retail
loans tightened for the second consecutive year in a measured response to
a slowing economy and pockets of deteriorating product performance.
Press Release - www.occ.treas.gov/ftp/release/2002-56.txt
Attachment - www.occ.treas.gov/cusurvey/scup2002.pdf
June 27, 2002 - OCC Announces New Electronic Interpretations and Actions -
June 2002 - 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/jun02/intjun02.htm
June 27, 2002 - NCUA - FDIC’S “Money Smart” Financial Education
Curriculum Now Available In Spanish Version - Over one million people will
learn the basics of financial education through an initiative of the
Federal Deposit Insurance Corporation’s Money Smart, financial
literacy program and today the FDIC unveiled it new Spanish language
version available to consumers. www.ncua.gov/news/press_releases/nr02-0625.html
June 27, 2002 - NCUA - Office of Foreign Assets Control Specially
Designated Narcotics Traffickers Added to List - The Department of the
Treasury’s Office of Foreign Asset Control frequently amends its listing
of Specially Designated Narcotics Traffickers www.ncua.gov/ref/reg_alerts/02-RA-05.html
June 27, 2002 - NCUA - Allowance for Loan and Lease Losses - The NCUA has
issued the attached Interpretive Ruling and Policy Statement on Allowance
for Loan and Lease Losses Methodologies and Documentation for Credit
Unions. www.ncua.gov/ref/letters/02-CU-09.html
June 27, 2002 - FDIC Expands Money Smart Alliance Program - The
Federal Deposit Insurance Corporation (FDIC) announced today that the U.S.
Department of Housing and Urban Development, the U.S. Small Business
Administration, the United Way of Greater Los Angeles and the CHARO
Business Center have joined the FDIC in an effort to raise financial
literacy in underserved communities and bring the unbanked into healthy
banking relationships through the FDIC's Money Smart financial
education program. www.fdic.gov/news/news/press/2002/pr7502.html
June 27, 2002 - 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,
May 7, 2002, at 9:00 a.m. www.federalreserve.gov/fomc/minutes/20020507.htm
June 26, 2002 - FDIC Announces Receivership Of The Connecticut Bank Of
Commerce, Stamford, Connecticut - The Connecticut Bank of Commerce,
Stamford, Connecticut, was closed today by the Banking Commissioner,
Connecticut Department of Banking, and the Federal Deposit Insurance
Corporation was named receiver. www.fdic.gov/news/news/press/2002/pr7402.html
June 26, 2002 - New Money Smart Initiatives Announced At San
Antonio Event - As
part of the national rollout of the Federal Deposit Insurance
Corporation's (FDIC) Spanish-language version of its highly successful Money
Smart financial education program, several new initiatives were
announced today at a news conference in San Antonio, Texas. - www.fdic.gov/news/news/press/2002/pr7302.html
June 26, 2002 - 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 (see the text of the proposal for contact details). www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
June 26, 2002 - The Federal Open Market Committee decided today to keep
its target for the federal funds rate unchanged at 1 3/4 percent.
www.federalreserve.gov/boarddocs/press/monetary/2002/20020626/default.htm
June 25, 2002 - FDIC Announces Release Of Spanish Language Version Of
Money Smart Program - Calling
financial education "key to building assets and achieving long-held
dreams," Federal Deposit Insurance Corporation Chairman Don Powell
today launched the Spanish language version of the FDIC's adult financial
education curriculum, Money Smart, at a news conference in Pilsen,
a Latino neighborhood in Chicago. www.fdic.gov/news/news/press/2002/pr7102.html
June 25, 2002 - FDIC Issues Removal And Prohibition Order And A Civil
Money Penalty Against A Texas Banker - The Federal Deposit Insurance
Corporation (FDIC) has issued a removal and prohibition order and a civil
money penalty of $2,500 against Vernon Beryl Murdock, Jr., formerly with
the Kent County State Bank, Jayton, Texas. www.fdic.gov/news/news/press/2002/pr7202.html
June 25, 2002 - NCUA Issues Order of Prohibition - The National Credit
Union Administration announced today that it has issued an Order of
Prohibition against Veronica L. Damiano, former loan officer of
Southeastern Arizona Federal Credit Union in Douglas, Arizona. www.ncua.gov/news/press_releases/nr02-0430-4.html
June 25, 2002 - NCUA Issues Order of Prohibition - The National Credit
Union Administration announced today that it has issued an Order of
Prohibition against Douglas R. Packer, the former chief executive officer
of Southeastern Arizona Federal Credit Union in Douglas, Arizona.
www.ncua.gov/news/press_releases/nr02-0430-3.html
June 25, 2002 - NCUA Issues Order of Prohibition The National Credit Union
Administration announced today that it has issued an Order of Prohibition
against Carol V. Godlock, former institution-affiliated party of Veteran's
Administration Hospital Philidelphia Federal Credit Union in Philidelphia,
Penn. www.ncua.gov/news/press_releases/nr02-0430-2.html
June 25, 2002 - NCUA Issues Order of Prohibition - The National Credit
Union Administration (NCUA) announced today that it has issued an Order of
Prohibition against Chenay Deshon Fuller, former teller at the Alcon
Employees’ Federal Credit Union in Fort Worth, Texas. www.ncua.gov/news/press_releases/nr02-0430-1.html
June 25, 2002 - NCUA - 12 CFR Parts 703 and 704 - Investment and Deposit
Activities; Corporate Credit Unions - NCUA is issuing proposed revisions
to the rule governing corporate credit unions (corporates). The
major revisions to the rule are in the areas of capital, credit
concentration limits and services. www.ncua.gov/news/proposed_regs/12CFRParts703and704-proposed.htm
June 25, 2002 - NCUA - Aggregate Limits on Member Business Loans - Can a
credit union may use the outstanding loan balance for an MBL, rather than
the original amount, to determine if subsequent business purpose loans to
the same member are MBLs.? www.ncua.gov/ref/opinion_letters/2002/02-0384.html
June 25, 2002 - NCUA - Application of the Fixed Asset Rule to Data
Processing Contracts - Can a multi-year contract for data processing must
be considered a lease and, therefore, included as a fixed asset for
purposes of our fixed asset rule that limits federal credit union (FCU)
ownership of fixed assets.
www.ncua.gov/ref/opinion_letters/2002/02-0460.html
June 25, 2002 - NCUA - Legal Opinion Letter 02-0305 - Participation
Interest in Personal Property Leasing
www.ncua.gov/ref/opinion_letters/2002/02-0305.html
June 25, 2002 - NCUA - Legal Opinion Letter 02-0277 - Registration of
CUSOs Involved in Third-Party Brokerage Arrangements www.ncua.gov/ref/opinion_letters/2002/02-0277.html
June 25, 2002 - NCUA - Legal Opinion Letter 02-0503 - Credit Union Service
Organization Conversion From A Corporation To A Limited Liability Company
www.ncua.gov/ref/opinion_letters/2002/02-0503.html
June 25, 2002 - NCUA - Legal Opinion Letter 02-0471 - Scheduling, Notice
and Recording of FCU Board of Directors Meetings - www.ncua.gov/ref/opinion_letters/2002/02-0471.html
June 25, 2002 - NCUA - Legal Opinion Letter 02-0504a -- Guaranteeing
Deposits www.ncua.gov/ref/opinion_letters/2002/02-0504a.html
June 25, 2002 - NCUA - Legal Opinion Letter 02-0412 - Electronic Voting on
a Proposal to Convert to Nonfederal Insurance
- www.ncua.gov/ref/opinion_letters/2002/02-0412.html
June 24, 2002 - Great Lakes Border Region Faces
Challenges - The
events of September 11 have posed a huge challenge for the economy of the
Great Lakes and its dependency on the movement of people and goods across
the border between the U.S. and Canada. A recent Chicago Fed conference
held in Detroit discussed the two countries' close business relationship
and the need for policies that enhance security without hampering trade. www.chicagofed.org/newsandevents/pressreleases/2002/pr06242002.cfm
June 24, 2002 - The Federal Reserve Board today announced its approval of
the application by Royal Bank of Canada, Montreal, Canada, and RBC Centura
Banks, Inc., Rocky Mount, North Carolina, under sections 4(c)(8) and 4(j)
of the Bank Holding Company Act, to acquire Eagle Bancshares, Inc., and
its wholly owned subsidiary, Tucker Federal Bank, both in Tucker, Georgia.
www.federalreserve.gov/boarddocs/press/orders/2002/20020624/default.htm
June 24, 2002 - Banking agencies issue host state loan-to-deposit ratios -
The Board of Governors of the Federal Reserve System, the Federal Deposit
Insurance Corporation, and the Office of the Comptroller of the Currency
today issued the host state loan-to-deposit ratios that the banking
agencies will use to determine compliance with section 109 of the Riegle-Neal
Interstate Banking and Branching Efficiency Act of 1994. www.federalreserve.gov/boarddocs/press/bcreg/2002/20020624/default.htm
June 24, 2002 - Banking Agencies Issue Host State Loan-to-Deposit Ratios -
The Board of Governors of the Federal Reserve System, the Federal Deposit
Insurance Corporation, and the Office of the Comptroller of the Currency
today issued the host state loan-to-deposit ratios that the banking
agencies will use to determine compliance with section 109 of the Riegle-Neal
Interstate Banking and Branching Efficiency Act of 1994.
Press Release - www.fdic.gov/news/news/press/2002/pr7002.html
Press Release - www.fdic.gov/news/news/financial/2002/fil0270.html
Press Release - www.occ.treas.gov/ftp/release/2002-55.txt
Attachment - www.occ.treas.gov/ftp/release/2002-55a.pdf
June 24, 2002 - OCC Issues Booklet on Insurance Activities - The Office of
the Comptroller of the Currency today issued a booklet that provides
information to national banks and OCC examiners on the risks, controls and
supervision of national bank insurance activities.
Press Release -www.occ.treas.gov/ftp/release/2002-54.txt
Attachment - www.occ.treas.gov/handbook/insactfinal.pdf
June 24, 2002 - NCUA - Individual Development Accounts - President George
W. Bush has asked Congress to enact legislation that follows through on
his goal to seek ways for the Federal government to work more closely with
civic, social, charitable, and religious groups to jointly address the
needs of low-income Americans and distressed neighborhoods. www.ncua.gov/news/legislation/107-ida.htm
_____________
June 21, 2002 - Notice of Proposed
Rulemaking--Due-Diligence Anti-Money Laundering Programs for Certain Foreign
Accounts - This bulletin transmits a notice of proposed rulemaking published by
the U.S. Treasury Department and the Financial Crimes Enforcement Network on May
30 to implement a provision of the USA PATRIOT Act.
Press Release: www.occ.treas.gov/ftp/bulletin/2002-29.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2002-29a.pdf
June 21, 2002 - Bill McPherson Named Deputy Comptroller for Large Banks; Michael
Brosnan Appointed Examiner-in-Charge - The Office of the Comptroller of the
Currency announced today that James W. (Bill) McPherson has been named Deputy
Comptroller for Large Banks. Mr.
McPherson, who has served as the Examiner-in-Charge for Bank of America, NA,
since January, 1998, will report to Douglas W. Roeder, Senior Deputy Comptroller
for Large Banks. www.occ.treas.gov/ftp/release/2002-53.txt
June 21, 2002 - Reports of Condition and Income (Call Report) for Second Quarter
2002 - The enclosed materials pertain to the Reports of Condition and Income
(Call Report) for the June 30, 2002, report date. www.fdic.gov/news/news/financial/2002/fil0269.html
June 21, 2002 - The Federal Reserve Board on Friday published revisions to its
Regulation C, which implements the Home Mortgage Disclosure Act
www.federalreserve.gov/boarddocs/press/bcreg/2002/20020621/default.htm
June 21, 2002 - The Federal Reserve Board announced today the approval of the
application of Landesbank Schleswig-Holstein Girozentrale, Kiel, Germany, to
establish a branch in New York, New York. www.federalreserve.gov/boarddocs/press/orders/2002/200206212/default.htm
June 21, 2002 - The Federal Reserve Board announced today the approval of the
application of Hamburgische Landesbank Girozentrale, Hamburg, Germany, to
establish a representative office in New York, New York. www.federalreserve.gov/boarddocs/press/orders/2002/20020621/default.htm
June 21, 2002 - NCUA - Regional
Director’s Actions TakenUnder Delegation of Authority http://www.ncua.gov/ref/delegated/del0502.pdf
June 21, 2002 - NCUA - Member
Deposits in Other Financial Institutions - Legal Opinion Letter 02-0221 http://www.ncua.gov/ref/opinion_letters/2002/02-0221.html
June 20, 2002 - U.S. Treasury And Federal Reserve Announce Plans For Redesigned
Notes - In keeping with their strategy of maintaining the security of Federal
Reserve notes by enhancing the design of U.S. currency every seven to ten years,
the Department of the Treasury's Bureau of Engraving and Printing (Bureau) and
the Federal Reserve Board today announced plans to release the next generation
of redesigned notes, with improved security features to deter counterfeiting. www.federalreserve.gov/boarddocs/press/other/2002/20020620/default.htm
June 20, 2002- FDIC Money Smart Curriculum Adopted By South Carolina
Adult Education Program -
The Federal Deposit Insurance Corporation and the South Carolina Department of
Education's Workplace Resource Center today announced the adoption of the FDIC's
Money Smart financial education program as the financial literacy
curriculum for use in South Carolina's statewide adult education system. www.fdic.gov/news/news/press/2002/pr6902.html
June 20, 2002 - OTS Announces 81 CRA Exams Scheduled for 3rd Quarter 2002 - The
Office of Thrift Supervision (OTS) announced that 81 savings associations are
scheduled for Community Reinvestment Act (CRA) examinations during the third
quarter of 2002. www.ots.treas.gov/docs/77230.html
June 20, 2002 - Federal Reserve Bank Of Chicago
Unveils Plans For New Detroit Branch Office - The Federal Reserve Bank of
Chicago (FRBC) today unveiled plans for its new 260,000-square-foot Detroit
branch office in Forest Park near the Eastern Market. www.chicagofed.org/newsandevents/pressreleases/2002/pr06202002.cfm
June 19, 2002 - Entities That May Be Conducting Banking Operations in
Canada or the United States Without Authorization - The Office of the
Superintendent of Financial Institutions of Canada has published the attached
issue of its "Warning Notice" (Issue No. 28), which contains the names
of entities recently brought to OSFI's attention through inquiries or
complaints. www.fdic.gov/news/news/financial/2002/fil0267.html
June 18, 2002 - Profits and Balance Sheet Developments at U.S. Commercial Banks
in 2001 - Despite the economic slowdown, the profitability of the U.S.
commercial banking industry remained high in 2001. www.federalreserve.gov/pubs/bulletin/2002/02bulletin.htm
June 18, 2002 - Banking Industry Performance Remains Strong Despite Lingering
Economic Weaknesses - A report released today in the FDIC's Regional
Outlook describes recent signs of a consumer-led recovery in the U.S.
economy, but cautions that banks remain exposed to lingering economic risks,
notably in the area of subprime consumer lending. www.fdic.gov/news/news/press/2002/pr6802.html
June 18, 2002 - Can Regional Colleges Make a Difference in Rural America? - In
college towns across America, a mutual dependence exists between colleges and
their communities. In recent years, colleges have started taking on larger roles
in the economic development of their regions - but in doing so, must face
challenges beyond those faced by some colleges and universities. www.kc.frb.org/pubaffrs/pressrel/pr02-12.htm
June 17, 2002 - The Federal Reserve Board announced on Monday that it is seeking
nominations for appointments to its Consumer Advisory Council - The Council
advises the Board on the exercise of its responsibilities under the Consumer
Credit Protection Act and on other matters on which the Board seeks advice. The
group meets in Washington, D.C., three times a year. www.federalreserve.gov/boarddocs/press/orders/2002/20020617/default.htm
June 17, 2002 - FDIC Appoints 43 Executives As Part Of Upcoming Reorganization
- The FDIC has appointed 43 executives to key leadership positions as
part of a major reorganization and streamlining of operations announced by
Chairman Donald E. Powell in February. The reorganization and the appointments,
which were made through a competitive selection process, become effective June
30. www.fdic.gov/news/news/press/2002/pr6702.html
June 17, 2002 - Prohibition Against Use of Interstate Branches Primarily for
Deposit Production - The attached final rule implements changes to Office of the
Comptroller of the Currency regulations regarding the prohibition against using
interstate branches for purposes of "deposit production" found in
section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act.
Press Release - www.occ.treas.gov/ftp/bulletin/2002-28.txt
Attachment - www.occ.treas.gov/fr/fedregister/67fr38844.pdf
June 17, 2002 - Homeownership Counseling -
As a result of amendments to the National Housing Act that became effective
November 26, 2001, all creditors must provide notice of the availability of
homeownership counseling to certain first-time mortgage loan applicants and to
certain homeowners who are delinquent on their home loans. www.occ.treas.gov/ftp/bulletin/2002-27.txt
June 17, 2002 - NCUA Chairman Says President’s Call To Expand Minority
Homeownership Opportunities Has Potential For Credit Union Participation -
President Bush’s announcement today of a comprehensive agenda to help increase
the number of minority homeowners by at least 5.5 million before the end of the
decade is a "tremendous opportunity for America’s credit unions,"
according to the chief regulator of the nation’s federally chartered credit
unions.
www.ncua.gov/news/press_releases/nr02-0617.html
_______________
June 14, 2002 - OCC Announces 2 New Enforcement Actions
and 1 Termination - The Office of the Comptroller of the Currency (OCC)
today announced 2 new enforcement actions taken against national banks and
1 termination of an existing enforcement action. www.occ.treas.gov/ftp/release/2002-52.txt
June 14, 2002 - OCC Releases CRA Evaluations For 38 National Banks - The Office of the Comptroller of the
Currency (OCC) today released a list of Community Reinvestment Act (CRA)
performance evaluations that became public during the period of May 15 through June
14, 2002. www.occ.treas.gov/ftp/release/2002-51.txt
June 14, 2002 - NCUA - This section of the website contains the NCUA
Board’s most recent version of the Federal Credit Union Bylaws, which
has been in effect since October 14, 1999, as well as previous versions of
bylaws and bylaw amendments www.ncua.gov/ref/bylaws/fcubylaws.html
June 14, 2002 - Specially Designated Nationals and Blocked Persons - On
May 31, 2002, the Department of the Treasury's Office of Foreign Assets
Control (OFAC) amended its list of Specially Designated Nationals and
Blocked Persons by adding seven names, removing one name, and changing
information on one name on its list of Specially Designated Narcotics
Traffickers. Attached is a copy of the OFAC bulletin announcing the
changes. www.fdic.gov/news/news/financial/2002/fil0266.html
June 14, 2002 - FinCEN Advisory - The Department of the Treasury's
Financial Crimes Enforcement Network (FinCEN) published issues 28 through
32 of its FinCEN Advisory in April 2002. Copies are attached for
your information. www.fdic.gov/news/news/financial/2002/fil0264.html
June 14, 2002 - Stolen Bank Note Security Paper - The Federal Bureau of
Investigation (FBI) has asked the Federal Deposit Insurance Corporation
(FDIC) to alert all FDIC-supervised banks to the theft of bank note
security paper from the Denver County (Colorado) Vital Statistics Office. www.fdic.gov/news/news/financial/2002/fil0262.html
June 13, 2002 - FDIC Chairman Announces Money Smart Alliance Program To
Promote Financial Education In Underserved Communities Assets - FDIC
Chairman Don Powell today announced the formation of an alliance program
designed to increase financial literacy in communities where it is most
needed. www.fdic.gov/news/news/press/2002/pr6602.html
June 13, 2002 - NCUA - Dollar Calls Bi-Partisan Support For Reg Relief
Bill Positive Development For Credit Unions - NCUA Chairman Dennis Dollar
told over 1,000 credit union leaders here today that the strong
bi-partisan support for the regulatory relief measure approved by the
House Committee on Financial Services last week is “a positive
development for America’s credit unions.” www.ncua.gov/news/press_releases/nr02-0612.html
June 12, 2002 - Call Report - Validation Criteria - The Call Report
Agencies (FRB, OCC, FDIC) have been collaborating on a series of
strategies to achieve efficiencies in the processing of Call Report data. www.ffiec.gov/call_vcnotice.htm
June 12, 2002 -Posted validation criteria for the FFIEC031 and FFIEC041
Call Reports www.ffiec.gov/PDF/FFIEC_forms/FFIEC031_041Vedits_200206.pdf
www.ffiec.gov/PDF/FFIEC_forms/FFIEC031_041Vedits_200203.pdf
June 11, 2002 - NCUA - Anti-Money Laundering Programs Interim Final Rule
Published by FinCEN - NCUA provides this Regulatory Alert to notify you of
a recent interim final rule published by the Financial Crimes Enforcement
Network, an agency of the Department of the Treasury. www.ncua.gov/ref/reg_alerts/02-RA-04.html
June 11, 2002 - NCUA Chairman Dennis Dollar’s Statement
Regarding HR 3951, the “Financial Services Regulatory Relief
Act” www.ncua.gov/news/press_releases/nr02-0610.html
June 11, 2002 - Bank Performance
and Corporate Governance - Remarks
by Governor Susan S. Bies At the 112th Annual Meeting of the
Tennessee Bankers Association, Hot Springs, Virginia www.federalreserve.gov/boarddocs/speeches/2002/20020611/default.htm
June 10, 2002 - OTS Proposes Standards for Thrift Broker-Dealer Activities
Without SEC Registration - The Office of Thrift Supervision is proposing
standards for federal savings associations that may now perform certain
broker-dealer activities, just like banks, without registering with the
Securities and Exchange Commission. http://www.ots.treas.gov/docs/77229.html
June 10, 2002 - NCUA -Allowance For Loan and Lease Losses Methodologies
and Documentation for Federally-Insured Credit Unions - federal banking
agencies recently issued a final policy statement intended to clarify the
banking agencies’ expectations regarding methodologies and documentation
support for the ALLL. http://www.ncua.gov/ref/IRPS/IRPS02-3.html
June 10, 2002 - Truth in Lending (Regulation Z) - The Federal Reserve
Board (Board) published, on April 9, a final rule adopting revisions to
the official staff commentary to Regulation Z, which implements the Truth
in Lending Act.
Press Release: www.occ.treas.gov/ftp/bulletin/2002-26.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2002-26a.pdf
June 10, 2002 - Fedwire and Net
Settlement - The Federal Reserve provides the Fedwire funds
transfer service and the Fedwire custodial and transfer service for
securities. The Federal Reserve also provides a net settlement service. www.federalreserve.gov/paymentsystems/fedwire/default.htm
June 10, 2002 - The Federal Reserve Board today announced the termination
of the following enforcement action: www.federalreserve.gov/boarddocs/press/Enforcement/2002/20020610/default.htm
_________________
June 7, 2002 - Virginia Woman Indicted In Scheme To Steal
Keystone Assets - Federal Deposit Insurance Corporation (FDIC) Inspector
General Gaston L. Gianni, Jr., has announced that Norma Faye Canipe of
Virginia was indicted on June 5 in the Southern District of West Virginia,
Charleston, West Virginia, in connection with a scheme to obtain property
and other assets owned by Terry L. Church and her family www.fdic.gov/news/news/press/2002/pr6502.html
June 7, 2002 - Guidance for Financial Institutions in Detecting Terrorist
Financing - The Financial Action Task Force on Money Laundering issued the
attached guidance on April 24, 2002, to assist financial institutions in
detecting terrorist financing. The guidance will help ensure that
financial institutions do not unwittingly hide or move terrorist funds. www.fdic.gov/news/news/financial/2002/fil0259.html
June 7, 2002 - U.S. Department of Treasury FinCEN Advisories 28 through 32
- This advisory letter revises the list of countries detailed in OCC
Advisory Letter (AL) 2002-2, "U.S. Department of Treasury FinCEN
advisories 11A and 21A," dated February 27, 2002 (see also AL 2001-7
and AL 2000-8).
www.occ.treas.gov/ftp/advisory/2002-5.txt
June 7, 2002 - NCUA Holds Plan for the Future Summit - The NCUA Board and
entire corps of NCUA executives met at agency headquarters June 4 and 5,
2002, for a two-day strategic planning summit to define concepts and ideas
that will be used as a basis in developing the agency’s 2003-2008
strategic plan. www.ncua.gov/news/press_releases/nr02-0607.html
June 7, 2002 - NCUA supports expanding IDA accounts - The NCUA Board sent
the Senate Finance Committee Members a letter this week expressing its
support for expanding personal savings by endorsing provisions in the
pending CARE Act (S. 1924), which would allow all credit unions to
sponsor individual development accounts. www.ncua.gov/news/press_releases/nr02-0607-2.html
June 6, 2002 - FDIC Imposes Civil Money Penalties Against Five Ohio
Bankers - The Federal Deposit Insurance Corporation (FDIC) has issued
civil money penalties totaling $17,000 against five directors and officers
of The Monitor Bank, Big Prairie, Ohio. www.fdic.gov/news/news/press/2002/pr6402.html
June 6, 2002 - NCUA - National Credit Union Administration
Board Member Deborah Matz met with Small Business Administration
Administrator Hector Barreto here yesterday to encourage the SBA to return
to its prior policy of permitting all credit unions, regardless of their
field of membership, to be eligible to participate in SBA’s loan
guarantee program. www.ncua.gov/news/press_releases/nr02-0605.html
June 6, 2002 - Commercial Bank Examination Manual - Presents examination
objectives and procedures that Federal Reserve System examiners follow in
evaluating the safety and soundness of state member banks. It is intended
as guidance to Federal Reserve supervisory personnel in planning and
conducting bank examinations and is to be used in concert with other
supervisory guidance and manuals www.federalreserve.gov/boarddocs/supmanual/default.htm#cbem
June 5, 2002 - OCC Reports Bank Trading Revenues Over $3 Billion -
Earnings from cash instruments and derivatives trading activities at U.S.
commercial banks grew to $3.1 billion in the first quarter 2002, an
increase of $492 million from the previous quarter.
Press Release: www.occ.treas.gov/ftp/release/2002-48.txt
Attachment: www.occ.treas.gov/ftp/deriv/dq102.pdf
June 5, 2002 - NCUA Releases "Is a credit union right for me?"
Brochure About Credit Unions in English and Spanish www.ncua.gov/news/press_releases/nr02-0604-2.html
June 5, 2002 - FDIC Issues June 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. The list covers evaluation ratings that the
FDIC assigned to institutions in March 2002. www.fdic.gov/news/news/press/2002/pr6202.html
June 5, 2002 - Agencies Amend Rule On Prohibition Against Using Interstate
Branches Primarily For Deposit Production
- The Federal Deposit Insurance Corporation, the Board of Governors
of the Federal Reserve System, and the Office of the Comptroller of the
Currency today issued final regulations amending their rules that
currently prohibit interstate branches from being used primarily for
deposit production.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2002/20020605/default.htm
Press Release: www.fdic.gov/news/news/press/2002/pr6302.html
Press Release: www.occ.treas.gov/ftp/release/2002-47.txt
Attachment: www.occ.treas.gov/ftp/release/2002-47a.pdf
Press Release: www.fdic.gov/news/news/financial/2002/fil0258.html
June 4, 2002 - FDIC Makes Public April Enforcement Actions; No
Administrative Hearings Scheduled - The Federal Deposit Insurance
Corporation today released a list of orders of administrative enforcement
actions taken against banks and individuals in April. No administrative
hearings are scheduled for June. www.fdic.gov/news/news/press/2002/pr6102.html
June 4, 2002 - The Federal Reserve Board today announced its approval of
the application by Westamerica Bank, San Rafael, under section 18(c) of
the Federal Deposit Insurance Act, to merge with Kerman State Bank,
Kerman, both in California. www.federalreserve.gov/boarddocs/press/orders/2002/20020604/default.htm
June 3, 2002 - Community Banks Face Future
Challenges - Although
community banks are not expected to disappear entirely, their numbers are
likely to continue to shrink, and those that survive may not look like
traditional community banks, according to the June edition of the Chicago
Fed Letter. www.chicagofed.org/newsandevents/pressreleases/2002/pr06032002.cfm
June 3, 2002 - 2002
Economy to Experience Faster Expansion Rate, Then Pick Up Further in 2003
- In 2002, the nation’s
economic growth will expand at a faster rate, inflation will moderate, the
unemployment rate will rise, and sales of autos and light trucks will
slow, according to the median forecast of participants at the Federal
Reserve Bank of Chicago’s Auto Outlook Symposium. projected to be
somewhat sharper than the rise in the 10-year Treasury rate.A summary of
the ninth annual Auto Outlook Symposium www.chicagofed.org/newsandevents/pressreleases/2002/auto_synopsis02.pdf
June 3, 2002 - House Prices Higher in Chicago's City Center, Latest
Research in Economic Perspectives Shows - The
latest issue of Economic Perspectives released recently by the Chicago Fed
highlights recent research. www.chicagofed.org/newsandevents/pressreleases/2002/pr06032002II.cfm
June 3, 2002 - The Federal Reserve Board on Monday launched a new addition
to the Board's web site, Touring the Board. The site provides
information about visiting the Federal Reserve in person and includes a
"virtual tour" offering photos of the Board's buildings and art
collection, as well as an architectural history of the Board's Eccles
Building. www.federalreserve.gov/boarddocs/press/other/2002/200206032/default.htm
June 3, 2002 - FDIC Announces Record Banking Industry Earnings; Returns At
Large Banks Climb Most - Commercial banks had record earnings of $21.7
billion in the first quarter, surpassing the previous quarterly record by
9.6 percent, the Federal Deposit Insurance Corporation reported today. The
industry's return on assets, a basic yardstick of earnings performance,
rose to 1.33 percent, the third-highest ever. www.fdic.gov/news/news/press/2002/pr6002.html
June 3, 2002 -NCUA - Chairman Dollar Calls Financial Performance Strong
But Encourages Ongoing ‘Diligent Management’ As Deposit Growth continues
- Federal-insured credit unions with over $50 million in assets showed a
continued increase in deposits during the first quarter of 2002, according
to newly-compiled call report data released today by NCUA Chairman Dennis
Dollar. www.ncua.gov/news/press_releases/nr060302.html
June 3, 2002 - Deposit Insurance Reform - On February 12, House Financial
Services Committee member Spencer Bachus (R-LA) introduced legislation (HR
3717), the Federal Deposit Insurance Reform Act of 2002. www.ncua.gov/news/legislation/107-depositinsurancereform.htm
June 1, 2002 - Year 2002 Fee Structure Supplement - The purpose of this
issuance is to supplement OCC Bulletin 2001-48, "Notice of
Comptroller of the Currency Fees for Year 2002." www.occ.treas.gov/ftp/bulletin/2002-25.txt
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