Bank Regulatory News
June 2003
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June
30, 2003 - The OCC, the Board of Governors of the Federal Reserve System, the
Federal Deposit Insurance Corporation, and the Office of Thrift Supervision are
requesting comments to identify and eliminate outdated, unnecessary or unduly
burdensome regulations imposed on insured depository institutions pursuant to
Section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of
1996. http://www.fdic.gov/news/news/financial/2003/fil0353.html
June 30, 2003 - The Federal Reserve Board on
Monday announced its approval of a final rule that modifies Regulation Y to
allow bank holding companies engaged in permissible derivatives activities to
transfer title to commodities underlying derivative contracts on an
instantaneous, pass-through basis. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030630/default.htm
June 30, 2003 - The Federal Reserve Board on Monday announced its approval of
the application by The Royal Bank of Scotland Group plc, The Royal Bank of
Scotland plc, RBSG International Holdings Ltd., all in Edinburgh, Scotland, and
Citizens Financial Group, Inc., Providence, Rhode Island, pursuant to section 3
of the Bank Holding Company Act to acquire all the voting shares of Port
Financial Corp., Brighton, Massachusetts, and thereby indirectly acquire
Cambridgeport Bank; and up to 9.9 percent of Cambridge Bancorp, which controls
Cambridge Trust Company, all in Cambridge, Massachusetts. www.federalreserve.gov/boarddocs/press/orders/2003/20030630/default.htm
June 30, 2003 - NCUA - 2002 NCUA Annual
Report - www.ncua.gov/ref/annualrpt/2002AR.pdf
June 30, 2003 -NCUA - Cancellation of
Letter No. 01-CU-18 Control List and Credit Union Notification Form www.ncua.gov/ref/letters/2003/03-CU-10.pdf
____________
June 27, 2003 - NCUA - Central Liquidity Facility - Public Law 95-630 (November
10, 1978) enacted Title III, the Central Liquidity Facility The CLF is a mixed
ownership government corporation created to improve the general financial
stability of credit unions by serving as a liquidity lender to credit unions
experiencing unusual or unexpected liquidity shortfalls. www.ncua.gov/org/orgchart/E&I/CLF.htm
June 27, 2003 - OCC Announces New
Electronic Interpretations and Actions - www.occ.treas.gov/interp/jun03/intjun03.htm
June 26, 2003 - 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. The data
come from the Consolidated Reports of Condition and Income filed quarterly by
banks and from other information in the Board's National Information Center
database. www.federalreserve.gov/releases/mob/default.htm
June 26, 2003 - The Federal Reserve Board on Thursday approved actions by the
Boards of Directors of the Federal Reserve Banks of Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, Minneapolis, and Dallas, decreasing the discount
rate at the banks from 2-1/4 percent to 2 percent, effective immediately. www.federalreserve.gov/boarddocs/press/monetary/2003/20030626/default.htm
June 26, 2003 - Bank management challenges
in a low-interest-rate environment - Governor
Mark W. Olson At the Economic Growth and Regulatory Paperwork
Reduction Act of 1996 Outreach Meeting, St. Louis, Missouri www.federalreserve.gov/boarddocs/speeches/2003/20030626/default.htm
June 26, 2003 - NCUA - Statement of NCUA
Chairman Dollar Before the Subcommittee on Financial Institutions and Consumer
Credit U.S. House of Representatives www.ncua.gov/news/speeches/2003/Dollar03-0626.pdf
June 26, 2003 - Securities Offering
Disclosure Rules: Notice of Proposed Rulemaking - This bulletin
announces publication on May 21 in the Federal Register by the OCC of a notice
of proposed rulemaking: Reporting and Disclosure Requirements for
National Banks With Securities Registered Under the Securities Exchange Act of
1934; Securities Offering Disclosure Rules. www.occ.treas.gov/ftp/bulletin/2003-28.txt
June 25, 2003 - OCC Releases CRA Evaluations For 16 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
May 15, 2003 through June 14, 2003. www.occ.treas.gov/newsrelease.asp?Doc=3NHXB8K8.xml
June 25, 2003 - Changes to the E.2 Statistical Release - Effective with this
issue, the content of the E.2 statistical release has been changed to reflect
the addition of a new item and the elimination of some previously reported
items. www.federalreserve.gov/Releases/E2/Current/default.htm
June 25, 2003 - The Federal Open Market Committee decided today to lower its
target for the federal funds rate by 25 basis points to 1 percent. In a related
action, the Board of Governors approved a 25 basis point reduction in the
discount rate to 2 percent. www.federalreserve.gov/boarddocs/press/monetary/2003/20030625/default.htm
June 25, 2003 - U.S. Department of Treasury FinCEN Advisory 2W - This advisory
letter revises the list of countries detailed in OCC Advisory Letter 2003-4, "U.S.
Department of Treasury FinCEN advisories 16W and 31W," dated May 16, 2003 www.occ.treas.gov/ftp/advisory/2003-5.txt
June 24, 2003 - Suspicious Activity
Report: Revised Form - This bulletin announces a revised form
for filing a Suspicious Activity Report when a national bank, any OCC-licensed
federal branch or agency of a foreign bank detects a known or suspected
violation of federal law. www.occ.treas.gov/ftp/bulletin/2003-27.txt
June 24, 2003 - Office of Thrift Supervision - Financial Management Seminars
July/August 2003 www.ots.treas.gov/docs/48937.html
June 24, 2003 -The Federal Reserve Board on Tuesday announced the issuance of a
consent Order of Assessment of a Civil Money Penalty against the Community First
Bank & Trust, Celina, Ohio, a state member bank. Community First Bank &
Trust, without admitting to any allegations, consented to the issuance of the
Order in connection with its alleged violations of the Board's Regulations
implementing the National Flood Insurance Act.
www.federalreserve.gov/boarddocs/press/Enforcement/2003/200306242/default.htm
June 24, 2003 - The Federal Reserve Board on Tuesday announced the issuance of a
consent Order of Assessment of a Civil Money Penalty against the Centennial Bank
of the West, Fort Collins, Colorado, a state member bank. Centennial Bank of the
West, without admitting to any allegations, consented to the issuance of the
Order in connection with its alleged violations of the Board's Regulations
implementing the National Flood Insurance Act.
www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030624/default.htm
June 24, 2003 - FDIC Makes Public May 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 May. No administrative hearings are scheduled for July. www.fdic.gov/news/news/press/2003/pr6903.html
June 23, 2003 - Economic Growth And
Regulatory Paperwork Reduction Act - The federal financial regulatory agencies
are seeking burden reduction recommendations pursuant to Section 2222 of the
Economic Growth and Regulatory Paperwork Reduction Act of 1996. www.fdic.gov/news/news/financial/2003/fil0353.html
June 23, 2003 - Commercial Real Estate Weakness Likely To Pressure Bank Loan
Portfolios, Says FDIC Report - Bank commercial real estate portfolios are
performing well now, but Federal Deposit Insurance Corporation analysts expect
some weakening going forward due to rising vacancy rates and falling rents in
U.S. commercial real estate markets, according to an FYI report issued today. www.fdic.gov/news/news/press/2003/pr6803.html
____________
June 20, 2003 - New
Research on Chicago's Employment Subcenters in Latest Economic Perspectives
www.chicagofed.org/newsandevents/pressreleases/2003/pr06202003.cfm
June 20, 2003 - Instructions for
Preparation of Consolidated Reports of Condition and Income (FFIEC 031 and 041) www.ffiec.gov/PDF/FFIEC_forms/FFIEC031_041_200306_i.pdf
June 20, 2003 - Basel II Capital Accord Regional
Outreach Meetings - Supervisory staff of the Federal Reserve, the Office
of the Comptroller of the Currency, and the Federal Deposit Insurance
Corporation discussed the U.S. implementation of the proposed Basel Accord with
invited representatives from about seventy-five large banking organizations at
three outreach meetings: May 22 at the Federal Reserve Bank of New York, June 2
at the Federal Reserve Bank of Chicago, and June 3 at the Federal Reserve Bank
of Atlanta. www.federalreserve.gov/generalinfo/basel2/docs2003/default.htm
June 20, 2003 - Articles from the Federal
Reserve Bulletin June 2003
http://www.federalreserve.gov/pubs/bulletin/2003/03bulletin.htm
June 20, 2003 - Central bank talk: Does it
matter and why? - Governor
Donald L. Kohn and Brian P. Sack, Senior Economist Presented at
the Macroeconomics, Monetary Policy, and Financial Stability Conference in honor
of Charles Freedman, Bank of Canada, Ottawa, Canada www.federalreserve.gov/boarddocs/speeches/2003/20030620/default.htm
June 20, 2003 - Unauthorized Banking - Fictitious Internet
Bank:Banquedenationale Bank - Banquedenationale Bank, Inc., located
at:[www.banquedenationale.com] Physical addresses referenced in Hong Kong;
London, England; and New York, NY. www.occ.treas.gov/ftp/alert/2003-10.txt
June 20, 2003 - Revised Compliance Examination Process - The Federal Deposit
Insurance Corporation has revised its process for examining FDIC-supervised
depository institutions to determine their compliance with consumer protection
laws and regulations. The revised process focuses increased attention on an
institution's compliance management system. Examiners will begin to use these
procedures for all examinations for which an on-site review is scheduled to
begin on or after June 30, 2003. www.fdic.gov/news/news/financial/2003/fil0352.html
June 19, 2003 - NCUA - Opinion Letter -
Treatment of Participations with Retained Subordinated Interest-03- www.ncua.gov/ref/opinion_letters/2003_letters/03-0508.htm
June 19, 2003 - NCUA - Opinion Letter - Real Estate Settlement Services as a
Permissible CUSO Activity -03-0538 www.ncua.gov/ref/opinion_letters/2003_letters/03-0538.htm
June 19, 2003 - Expedited Funds Availability Act - Revisions to Routing Numbers
and Check Processing Regions www.occ.treas.gov/ftp/bulletin/2003-26.txt
June 19, 2003 - Remarks by John D. Hawke, Jr. Comptroller of the Currency Before
the Subcommittee on Financial Institutions and Consumer Credit of the Committee
on Financial Services of the United States House of Representatives
www.occ.treas.gov/newsrelease.asp?Doc=1MEIRNM.xml
June 19, 2003 - David C. Cooke Named First Chief Learning Officer And Head Of
FDIC'S Corporate University Federal
Deposit Insurance Corporation Chairman Don Powell announced today the
appointment of David C. Cooke as the agency's first Chief Learning Officer and
head of the agency's new Corporate University. Cooke will assume his new post on
June 30. www.fdic.gov/news/news/press/2003/pr6703.html
June 18, 2003 - Remarks by John D. Hawke, Jr. Comptroller of the Currency Before
the Committee on Banking, Housing, and Urban Affairs United States Senate www.occ.treas.gov/newsrelease.asp?Doc=XFFC9Q9.xml
June 18, 2003 - Household Debt-Service
Burden - The household debt-service burden is an estimate of the ratio of
debt payments to disposable personal income. Debt payments consist of the
estimated required payments on outstanding mortgage and consumer debt www.federalreserve.gov/releases/housedebt/default.htm
June 18, 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
June 18, 2003 - Board Member Matz Urges
Credit Unions to Reach New Members - Participate in Tax Assistance Program
- National Credit Union Administration Board Member Deborah Matz, speaking to
the annual convention of the Louisiana Credit Union League, advised that “Even
in these uncertain economic times there are opportunities to reach new members,
improve service and, above all, stay competitive. One way to increase membership
is to partner with the Internal Revenue Service in offering a program called
Volunteers in Tax Assistance. www.ncua.gov/news/press_releases/2003/NR03-0618.htm
June 18, 2003 - OCC Announces 25 New Enforcement Actions and Five Terminations -
The Office of the Comptroller of the Currency (OCC) today announced 25 new
enforcement actions taken against national banks and individuals currently and
formerly affiliated with national banks and five terminations of existing
enforcement actions. www.occ.treas.gov/newsrelease.asp?Doc=L3D9RVZV.xml
June 18, 2003 - Risk Management Challenges Remain For Banks Amid Record Earnings
- U.S. banks and savings institutions continue to face risk-management
challenges in a number of key areas even as bottom-line earnings of insured
institutions set new records, the FDIC said today. According to the Summer 2003 FDIC
Outlook, the banking and thrift industries' combined net income topped $105
billion in 2002, marking the first time that annual earnings have exceeded the
$100 billion benchmark. www.fdic.gov/news/news/press/2003/pr6603.html
June 18, 2003 - Basel II - Vice Chairman Roger W. Ferguson, Jr. Before the
Committee on Banking, Housing, and Urban Affairs, U.S. Senate www.federalreserve.gov/boarddocs/testimony/2003/20030618/default.htm
June 17, 2003 - Federal Reserve Bank Of
Kansas City Receives Approval To Purchase New Headquarters Site - Thomas
M. Hoenig, president and chief executive officer of the Federal Reserve Bank of
Kansas City, announced today that the Bank has received all necessary approvals
to acquire 15.7-acres referred to as the Trinity Hospital site to house the
Bank’s new regional headquarters. The property extends from the park south of
Liberty Memorial to vacated 30th Street. www.kc.frb.org/pubaffrs/pressrel/pr03-17.htm
June 17, 2003 - Reports of Condition and Income (Call Report) for Second Quarter
2003 - The enclosed materials pertain to the Reports of Condition and Income
(Call Report) for the June 30, 2003, report date. Please complete your second
quarter Call Report, review it for accuracy, and submit the report
electronically as soon as possible. www.fdic.gov/news/news/financial/2003/fil0351.html
June 17, 2003 - FDIC Meeting the Four Key Areas of the President's Management
Agenda www.fdic.gov/news/news/press/2003/pr6503.html
June 17, 2003 - Chairman Donald E. Powell Federal Deposit Insurance Corporation
Remarks Before the Council for Excellence In Government Washington, DC www.fdic.gov/news/news/press/2003/pr6403.html
June 17, 2003 - Industrial Production
And Capacity Utilization - Industrial production edged up 0.1 percent in
May after having fallen 0.6 percent in both March and April. At 109.6 percent of
its 1997 average, industrial output was 0.8 percent lower than its level in May
2002. Manufacturing output, which declined 0.7 percent in April, increased 0.2
percent in May. www.federalreserve.gov/releases/g17/current/default.htm
June 17, 2003 - Regulators Award Contract in First Step to Modernize the
Collection of Bank Data - The Federal Financial Institutions Examination Council
today announced the first step in an interagency effort to modernize and
streamline how federal bank regulators collect, process and distribute quarterly
bank financial reports. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030617/default.htm
www.fdic.gov/news/news/press/2003/pr6303.html
www.occ.treas.gov/jointnewsrelease.asp?Doc=MC6N41QV.xml
June 17, 2003 - Basel II: Some issues for
implementation - Vice
Chairman Roger W. Ferguson, Jr. At the Basel Sessions 2003,
Institute of International Finance, New York, New York www.federalreserve.gov/boarddocs/speeches/2003/20030617/default.htm
June 16, 2003 - The Federal Reserve Board on Monday announced the execution of a
Written Agreement by and between Southern Commercial Bank, St. Louis, Missouri
and the Federal Reserve Bank of St. Louis. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030616/default.htm
June 16, 2003 - NCUA - Rural Housing And
Access Across America - A Credit Union Perspective On Successful Partnership
Initiatives www.ncua.gov/news/speeches/2003/Dollar03-0616.pdf
June 16, 2003 - NCUA Chairman Dollar
Says Credit Unions Adopting Underserved Areas Growing Membership 93% Faster Than
National Average www.ncua.gov/news/press_releases/2003/NR03-0616.htm
June 16, 2003 - Reports
-
UBPR Custom Peer Function - The Federal Financial Institutions
Examination Council has added the Custom Peer function to the Uniform Bank
Performance Report portion of the FFIEC website. This new feature allows
individual banks to be compared with the performance of a user-defined peer
group of banks. www.ffiec.gov/ubpr_memo_20030616.htm
June 16, 2003 - Cuban Asset Control Regulations - Treasury's Office of Foreign
Assets Control has updated its list of approved service providers to Cuba. www.fdic.gov/news/news/financial/2003/fil0350.html
June 16, 2003 - Remarks by Governor
Susan Schmidt Bies Before the Oregon Bankers Association, Independent
Community Banks of Oregon, and Idaho Bankers Association; Sunriver, Oregon www.federalreserve.gov/boarddocs/speeches/2003/20030616/default.htm
___________
June 13, 2003 - NCUA - Matz Believes "Credit Unions Perform Miracles" - Near
the site of the 1980 USA Olympic hockey team's "Miracle on Ice," National Credit
Union Administration (NCUA) Board Member Debbie Matz told New York credit union
leaders today, "I believe in miracles. I believe credit unions perform miracles."
www.ncua.gov/news/press_releases/2003/NR03-0613.htm
June 13, 2003 - Threat Posed by New
Virus (Bugbear.B) This alert is intended to raise awareness of
an Internet virus, Bugbear.B, that recently surfaced as a potentially serious
threat to financial institutions and to prompt banks and bank technology service
providers to take immediate steps to mitigate the threat to their organizations
and customers. www.occ.treas.gov/ftp/alert/2003-09.txt
June 13, 2003 - Community economic
development -Remarks by
Governor Edward M. Gramlich At the Northwest Side Community Development
Corporation's 20th Anniversary Luncheon, Milwaukee, Wisconsin June 13, 2003 www.federalreserve.gov/boarddocs/speeches/2003/20030613/default.htm
June 13, 2003 - The Federal Reserve Board on Friday announced the execution of a
Written Agreement by and between The Marathon Bank, Winchester, Virginia and the
Federal Reserve Bank of Richmond. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030613/default.htm
June 12, 2003 - Debt Cancellation
Agreements and Debt Suspension Agreements: Compliance Date Delay - This
bulletin announces publication by the OCC on June 13, 2003, in the Federal
Register of a notice of delay of compliance date and request for comment for
certain provisions of the final rule governing debt cancellation agreements and
debt suspension agreements in the context of closed-end consumer loan
transactions. www.occ.treas.gov/ftp/bulletin/2003-25.txt
June 12, 2003 - Chicago Fed Names Charles Evans
Research Director and Senior Vice President - The Board of Directors of the
Federal Reserve Bank of Chicago today announced that
Charles L.
Evans has
been promoted to director of research and senior vice president, effective July
1, 2003. www.chicagofed.org/newsandevents/pressreleases/2003/pr06122003.cfm
June 12, 2003 - Chairman Donald E. Powell Federal Deposit Insurance Corporation
Remarks Before The Women In Housing And Finance Washington, Dc June 12, 2003 http://www.fdic.gov/news/news/press/2003/pr6203.html
June 12, 2003 - FDIC Issues Removal And Prohibition Order Against Former Texas
Banker - The Federal Deposit Insurance
Corporation (FDIC) has issued a removal and prohibition order against Robert E.
Holden. www.fdic.gov/news/news/press/2003/pr6103.html
June 12, 2003 - FDIC Issues Removal And Prohibition Order And Civil Money
Penalty Against Former Iowa Banker - The Federal Deposit Insurance Corporation (FDIC) has issued a removal
and prohibition order and imposed a civil money penalty against Charles E.
Moehring, Jr. www.fdic.gov/news/news/press/2003/pr6003.html
June 12, 2003 - FDIC Issues Removal And Prohibition Order And Civil Money
Penalty Against Former Washington State Banker - The Federal Deposit Insurance Corporation (FDIC) has issued a removal
and prohibition order and imposed a civil money penalty against Rory John
O'Flaherty. www.fdic.gov/news/news/press/2003/pr5903.html
June 12, 2003 - FDIC Issues Removal And Prohibition Order And Civil Money
Penalty Against Former Minnesota Banker - The
Federal Deposit Insurance Corporation has issued a removal and prohibition order
and imposed a civil money penalty against James E. Brown www.fdic.gov/news/news/press/2003/pr5803.html
June 12, 2003 - FDIC Issues Enforcement Actions Against Alabama Bankers And
Directors - The Federal Deposit
Insurance Corporation has issued a total of 14 regulatory enforcement actions
against 11 former and current officers and directors of Community Bank of
Blountsville, Blountsville, AL www.fdic.gov/news/news/press/2003/pr5703.html
June 11, 2003 - OCC's Community
Developments Newsletter Focuses on Banks and Affordable Housing in Rural
America - In an article published this week, Comptroller of the Currency John D.
Hawke, Jr. urged national banks to join with government and private sector
partners to attack the problem of insufficient affordable housing in rural
America. www.occ.treas.gov/newsrelease.asp?Doc=GBKC8MI9.xml
Attachment: www.occ.treas.gov/cdd/2003springezine.pdf
June 11, 2003 - NCUA - BugBear.B Worm Vulnerability Alert - This alert is
intended to raise awareness of an Internet worm, BugBear.B, that recently
surfaced as a potential threat specifically targeted to financial institutions
and to prompt credit unions and credit union technology service providers to
take immediate steps to mitigate the threat to their organizations and customers.
http://www.ncua.gov/FBIIC/Security/SA03-0611.pdf
June 11, 2003 - NCUA - The Financial and Banking Information Infrastructure
Committee (FBIIC) Advisory for
Homeland Security Threat Alert Level Severe (Red)
http://www.ncua.gov/FBIIC/Security/FBIIC03-002.doc
June 11, 2003 -NCUA - Melinda Love Named Region VI Director - National Credit
Union Administration Region IV Director Melinda Love has been named director of
the Region VI office succeeding Robert Blatner who retired last month. http://www.ncua.gov/news/press_releases/2003/NR03-0610.htm
June 11, 2003 - Truth in Lending (Regulation Z) - Final Rule This
bulletin announces publication by the Federal Reserve Board of Governors of the
Federal Reserve System on April 3, 2003 of a final rule that adopts revisions to
the official staff commentary to Regulation Z, which implements the Truth in
Lending Act. Banks must comply with this final rule by October 1. http://www.occ.treas.gov/ftp/bulletin/2003-24.txt
June 11, 2003 - Beige Book - Informal
review by the Federal Reserve Banks of current economic conditions in their
Districts http://www.federalreserve.gov/FOMC/BeigeBook/2003/20030611/Default.htm
June 11, 2003 - Soft Hearts, Hard Data:
The Use of Quantitative Analysis in Community Development - Remarks
by Governor Ben S. Bernanke At the 2003 Community Development Policy
Summit, Federal Reserve Bank of Cleveland, Cleveland, Ohio June 11, 2003 http://www.federalreserve.gov/boarddocs/speeches/2003/200306113/default.htm
June 11, 2003 - Uncertain Times:
Economic Challenges Facing the United States and Japan
- Remarks by Vice Chairman Roger
W. Ferguson, Jr. Before the Japan Society, New York, New York June 11,
2003 http://www.federalreserve.gov/boarddocs/speeches/2003/200306112/default.htm
June 11, 2003 - Strengthening Compliance
through Effective Corporate Governance - Remarks
by Governor Susan Schmidt Bies At the American Bankers Association,
Annual Regulatory Compliance Conference, Washington, D.C. June 11, 2003 http://www.federalreserve.gov/boarddocs/speeches/2003/20030611/default.htm
June 10, 2003 - Treatment of
Double-Default and Double-Recovery Effects for Hedged exposures under Pillar I of the Proposed New Basel Capital
Accord - A White Paper by the staff of the Board of Governors of the
Federal Reserve System in support of the forthcoming Advance Notice of Proposed
Rulemaking http://www.federalreserve.gov/GeneralInfo/Basel2/doubledefault.pdf
June 10, 2003 - Loss Characteristics of
Commercial Real Estate Loan Portfolios - A White Paper by the staff of
the Board of Governors of the Federal Reserve System http://www.federalreserve.gov/GeneralInfo/Basel2/cre_060903.pdf
June 10, 2003 - Tentative FOMC meeting schedule for 2004 - The Federal Open
Market Committee on Tuesday announced its tentative meeting schedule for 2004: http://www.federalreserve.gov/boarddocs/press/monetary/2003/20030610/default.htm
June 10, 2003 - Natural gas supply and
demand issues - Testimony of
Chairman Alan Greenspan Before the Committee on Energy and Commerce, U.S.
House of Representatives June 10, 2003 http://www.federalreserve.gov/boarddocs/testimony/2003/20030610/default.htm
June 10, 2003 - Remarks by Julie L.
Williams First Senior Deputy Comptroller of the Currency and Chief Counsel
before the Risk USA 2003 Conference Boston, Massachusetts http://www.occ.treas.gov/newsrelease.asp?Doc=DEA4O8AY.xml
June 10, 2003 - Basel II: Scope of
application in the United States - Vice Chairman Roger W. Ferguson, Jr. Before the
Institute of International Bankers, New York, New York http://www.federalreserve.gov/boarddocs/speeches/2003/200306102/default.htm
June 10, 2003 - Comment on "Good Policies
for Bad Governments: Behavioral Political Economy" by Daniel J. Benjamin and
David I. Laibson - Governor
Donald L. Kohn At the Federal Reserve Bank of Boston's 48th
Economic Conference, Chatham, Massachusetts http://www.federalreserve.gov/boarddocs/speeches/2003/20030610/default.htm
June 9, 2003 - Working Papers - Finance
and Economics Discussion Series 2003-19 through 2003-22 http://www.federalreserve.gov/pubs/feds/2003/index.html
June 9, 2003 - NCUA - Credit Union Financial Trends for the First Quarter of
2003 http://www.ncua.gov/ref/letters/2003/03-CU-09.doc
___________
June 6, 2003 - Rising Farmland Values: Some Implications For Rural America -
Farmland values play a crucial role in the financial condition of U.S. farmers,
with rising land values in recent years helping to stabilize farm balance sheets
amid a depressed agricultural economy. As the largest asset on farm balance
sheets and the biggest source of farm debt, land values have implications for
both farmers and rural communities. www.kc.frb.org/pubaffrs/pressrel/pr03-16.htm
June 6, 2003 - Consumer Credit - Consumer credit rose at a revised annual rate
of 4-1/2 percent in the first quarter and at an annual rate of 7-1/4 percent in
April. Revolving credit moved up at a 2-1/4 percent rate in April, while
nonrevolving credit rose at an 11 percent pace. www.federalreserve.gov/Releases/G19/Current/default.htm
June 6, 2003 - OCC Reports
Derivatives Volume Over $60 Trillion - Derivatives held by U. S. commercial
banks increased $5.3 trillion in the first quarter, to $61.4 trillion, the
Office of the Comptroller of the Currency reported today in its quarterly Bank
Derivatives Report.
News Release: www.occ.treas.gov/newsrelease.asp?Doc=45T3UBNC.xml
Attachment: www.occ.treas.gov/ftp/deriv/dq103.pdf
June 6, 2003 - Specially Designated
Nationals and Blocked Persons - Treasury's Office of Foreign Assets Control has
amended its list of Specially Designated Nationals and Blocked Persons by adding
names to its list of Specially Designated Narcotics Traffickers and by changing
the names of two groups. www.fdic.gov/news/news/financial/2003/fil0347.html
June 6, 2003 - Annual Report to the Congress on Retail Fees and Services of Depository
Institutions www.federalreserve.gov/boarddocs/rptcongress/2003fees.pdf
June 5, 2003 - Annual Report Federal
Reserve Board's 89th Annual Report, 2002 now available online
www.federalreserve.gov/boarddocs/rptcongress/annual02/default.htm
June 5, 2003 - NCUA - New Life Credit Union Sponsored by Sharon Baptist Church
in Philadelphia is Approved for Federal Share Insurance www.ncua.gov/news/press_releases/2003/NR03-0604-2.htm
June 5, 2003 - International Activities
of National Banks; U.S. Activities of Federal Branches and Agencies of Foreign
Banks: Notice of Proposed Rule Making--Rules, Policies, and Procedures for
Corporate Activities; International Banking Activities www.occ.treas.gov/ftp/bulletin/2003-23.txt
June 5, 2003 - 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 2003. www.fdic.gov/news/news/press/2003/pr5603.html
June 4, 2003 - Federal Reserve Bank of
San Francisco names Arizona executive to Advisory Council - www.frbsf.org/news/releases/2003/0604.html
June 4, 2003 - The Federal Reserve
Board announced today that it is seeking nominations for appointments to its
Consumer Advisory Council. www.federalreserve.gov/boarddocs/press/other/2003/200306042/default.htm
June 4, 2003 - The Federal Reserve Board announced today that the Consumer
Advisory Council will hold its next meeting on Thursday, June 26. The meeting
will take place in Dining Room E, Terrace level, in the Board's Martin Building.
The session will begin at 9:00 a.m. and is open to the public. www.federalreserve.gov/boarddocs/press/other/2003/20030604/default.htm
June 4, 2003 - The Federal Reserve Board on Wednesday announced the issuance of
a consent Order of Assessment of a Civil Money Penalty against the Citizens Bank
and Trust Company, Van Buren, Arkansas, a state member bank. Citizens Bank and
Trust Company, without admitting to any allegations, consented to the issuance
of the Order in connection with its alleged violations of the Board's
Regulations implementing the National Flood Insurance Act. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030604/default.htm
June 4, 2003 - NCUA - Faith-Based
Credit Unions Emerge As A Leading Membership Base For New Credit Union Charters
- America's faith-based organizations are chartering new credit unions at a
steady and impressive pace, according to National Credit Union Administration
Board Chairman Dennis Dollar. www.ncua.gov/news/press_releases/2003/NR03-0604.htm
June 4, 2003 - Facilitation of
Non-Commercial Humanitarian Funds Transfers (Iraq) - Treasury's Office of
Foreign Assets Control has made available in the Interpretative Rulings area of
its Web site guidance entitled "Facilitation of non-commercial humanitarian
funds transfers (Iraq)." www.fdic.gov/news/news/financial/2003/fil0346.html
June 4, 2003 - Amended Iraqi Sanctions, Presidential Order to Protect the Development
Fund for Iraq and Foreign Entities Subject to Import Ban - Treasury's Office of
Foreign Assets Control has issued a General License amending the Iraqi Sanctions
Regulations. In addition, the President has issued an Executive Order protecting
the Development Fund for Iran, and two foreign entities have been designated as
being subject to the import ban on the Weapons of Mass Destruction Trade Control
Regulations. www.fdic.gov/news/news/financial/2003/fil0345.html
June 4, 2003 - FDIC-Insured Institutions Report Record Earnings In The First
Quarter - Commercial banks and
savings institutions insured by the Federal Deposit Insurance Corporation (FDIC)
earned a record $29.4 billion in the first quarter of 2003, surpassing their
previous quarterly record by more than $2 billion. The numbers are contained in
the FDIC's Quarterly Banking Profile, which was released today. www.fdic.gov/news/news/press/2003/pr5503.html
June 4, 2003 - Enhancement to the Name Check Process Related to Applications
Reviewed by the Federal Reserve - In connection with its review of various
applications and notices, the Federal Reserve has had a longstanding policy of
conducting name checks with law enforcement and other government authorities on
certain individuals associated with a proposed transaction www.federalreserve.gov/boarddocs/SRLETTERS/2003/sr0310.htm
June 4, 2003 - Interagency Paper on Sound Practices to Strengthen the Resilience
of the U.S. Financial System - The white paper is part of the interagency effort
to improve the resilience of the private-sector clearing and settlement
infrastructure after September 11 and ensure the smooth operation of the
financial system in the event of a wide-scale disruption. www.federalreserve.gov/boarddocs/SRLETTERS/2003/sr0309.htm
June 4, 2003 - Fair Credit Reporting Act - Dolores
S. Smith Director, Division of
Consumer and Community Affairs Before the Subcommittee on Financial
Institutions and Consumer Credit of the House Committee on Financial Services
June 4, 2003 www.federalreserve.gov/boarddocs/testimony/2003/20030604/default.htm
June 3, 2003 - OTS Issues Third Quarter 2003 CRA Examination Schedule - The
Office of Thrift Supervision has issued its schedule of Community Reinvestment
Act examinations during the third quarter of 2003 www.ots.treas.gov/docs/77320.html
June 3, 2003 - Final Patriot Act
Regulations on Customer (Member) Identification - Final Rule - "Customer
Identification Programs for Banks, Savings Associations, Credit Unions and
Certain Non-Federally Regulated Banks." www.ncua.gov/ref/reg_alerts/2003/03-RA-07.pdf
June 3, 2003 - NCUA - Regulation Z - Revisions to the Official Staff Commentary
- The purpose of this regulatory alert is to inform you of the most recent
changes in the official staff commentary on Regulation Z which implements the
Truth in Lending Act. www.ncua.gov/ref/reg_alerts/2003/03-RA-08.pdf
June 3, 2003 - NCUA - Regulation B Amendment Collection of Personal
Characteristics with Nonmortgage Credit - The Federal Reserve Board recently
published final amendments to Regulation B, which implements the Equal Credit
Opportunity Act. http://www.ncua.gov/ref/reg_alerts/2003/03-RA-09.pdf
June 3, 2003 - This bulletin announces publication in the Federal Register on
May 9 of a joint final rule that requires all banks to establish procedures for
verifying the identity of their customers. Banks must comply with this final
rule by October 1. www.occ.treas.gov/fr/fedregister/68fr25090.pdf
June 3, 2003 - Bank Secrecy
Act/Anti-Money Laundering: Final Rule--Customer Identification Programs for
Banks, Savings Associations, and Credit Unions, 6/3/2003
www.occ.treas.gov/ftp/bulletin/2003-22.txt
June 3, 2003 - Remarks
by Julie L. Williams First Senior Deputy Comptroller of the Currency and Chief
Counsel before the Risk Management Association's Retail Risk Management
Conference Chicago, Illinois www.occ.treas.gov/newsrelease.asp?Doc=D6X8O8PD.xml
June 3, 2003 - The March 31, 2003 Uniform Bank Performance Report is now
available online. The online version of the UBPR includes 5 years of continuous
financial history that is restated quarterly to reflect call report amendments
and new analytical tools. http://www.ffiec.gov/press/pr060303.htm
June 3, 2003 - Summary Of Deposits Survey - The annual Summary of Deposits survey and instructions for the period
ending June 30, 2003, will be mailed the week of July 7th to institutions with
more than a main office facility. www.fdic.gov/news/news/financial/2003/fil0344.html
June 3, 2003 - Statements By FDIC Chairman Don Powell And Vice Chairman John
Reich At EGRPRA News Conference www.fdic.gov/news/news/press/2003/pr5303.html
June 3, 2003 - Working Papers
-International Finance Discussion Papers 2003-764 through 2003-766 www.federalreserve.gov/Pubs/IFDP/2003/default.htm
June 3, 2003 - Federal Reserve Act - To provide for the
establishment of Federal reserve banks, to furnish an elastic currency, to
afford means of rediscounting commercial paper, to establish a more effective
supervision of banking in the United States, and for other purposes. www.federalreserve.gov/GeneralInfo/fract/default.htm
June 3, 2003 - The Federal Reserve Board compiles quarterly data on domestically
chartered insured commercial banks that have consolidated assets of $100 million
or more and releases the data about twelve weeks after the end of each quarter.
The data are obtained from the Consolidated Reports of Condition and Income
filed quarterly by banks and from other information in the Board's National
Information Center database. www.federalreserve.gov/Releases/lbr/default.htm
June 3, 2003 - Federal Financial Regulatory Agencies Seek Comment on Interagency
Effort to Reduce Regulatory Burden - The federal financial regulatory agencies
announced today that they will publish a joint notice and request for comments
on a plan to identify and eliminate outdated, unnecessary or unduly burdensome
regulations imposed on insured depository institutions.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2003/20030603/default.htm
Press Release: www.fdic.gov/news/news/press/2003/pr5403.html
Press Release: www.occ.treas.gov/jointnewsrelease.asp?Doc=ASDODN72.xml
Press Release: www.ots.treas.gov/docs/77319.html
Press Release: www.ncua.gov/news/press_releases/2003/joint03-0603.htm
June 2, 2003 - G.5 Foreign Exchange Rates
- The Table Below Shows The Average Rates Of Exchange In May 2003
Together With Comparable Figures For Other Months. 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/g5/current/default.htm
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