Bank Regulatory News

June 2004

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June 30, 2004 - The Federal Financial Institutions Examination Council is pleased to announce its State Liaison Committee's selection of Richard C. Houseworth as their Chairman. www.ffiec.gov/press/pr063004.htm 

June 30, 2004 - 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/2004/pr7204.html 

June 30, 2004 - The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 1-1/4 percent. www.federalreserve.gov/boarddocs/press/monetary/2004/20040630/default.htm 

June 30, 2004 -Supervision of State-Chartered Banks - The supervisory staffs of the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Conference of State Bank Supervisors have developed the attached recommended practices to assist in continued implementation of the principles and goals of the Nationwide State and Federal Supervisory Agreement adopted in 1996 and to enhance the overall state-federal coordinated supervision of state-chartered banks. www.federalreserve.gov/boarddocs/srletters/2004/sr0412.htm 

June 30, 2004 - Businesses, Banks, and Cash-Handling Equipment Manufacturers Get Final Alert To Prepare For New $50 Note - The newly redesigned Series 2004 $50 notes, featuring subtle background colors of blue and red, images of a waving American flag and a small metallic silver-blue star, will be issued beginning on September 28, the U.S. government announced today. www.federalreserve.gov/boarddocs/press/other/2004/20040630/default.htm 

June 29, 2004 - Light Rail: Boon or Boondoggle? - Light-rail transit systems have become commonplace in many American cities in the past several decades, but an economic analysis from the Federal Reserve Bank of St. Louis suggests that the costs of light-rail transit may outweigh its benefits. www.stlouisfed.org/news/releases/2004/06_29_04.htm 

June 29, 2004 - NCUA to host Access Across America Economic Empowerment Summit in Milwaukee July 20-21st - The free day and half summit will focus on initiatives to create economic empowerment in communities across America and the federal resources available to credit unions. Credit unions in Wisconsin, Illinois, Michigan and Minnesota are invited to attend this first such event in the Midwest.
www.ncua.gov/news/press_releases/2004/NR04-0628.htm 

June 29, 2004 - FDIC Launches Supervisory Insights Journal - The Federal Deposit Insurance Corporation today released the inaugural issue of its new publication Supervisory Insights. The journal provides a forum for discussing how bank regulation and policy are put into practice in the field, sharing best practices, and communicating about the emerging issues that bank supervisors are facing. www.fdic.gov/news/news/press/2004/pr7104.html 

June 29, 2004 - Implications of Alternative Operational Risk Modeling Techniques - Quantification of operational risk has received increased attention with the inclusion of an explicit capital charge for operational risk under the new Basle proposal. The proposal provides significant flexibility for banks to use internal models to estimate their operational risk, and the associated capital needed for unexpected losses. www.bos.frb.org/bankinfo/oprisk/pderjj604.pdf 

June 29, 2004 - The Federal Reserve Board on Tuesday announced the appointment of Scott G. Alvarez as its General Counsel, effective July 1, 2004. www.federalreserve.gov/boarddocs/press/other/2004/20040629/default.htm 

June 26, 2004 - Banking Agencies Announce Publication of Revised Capital Framework and Describe U.S. Implementation Efforts - The Basel Committee on Banking Supervision today released its document "International Convergence of Capital Measurement and Capital Standards: A Revised Framework." The Framework represents the outcome of the work of the Basel Committee, with active participation by the U.S. banking and thrift agencies, over recent years to secure international convergence on revisions to regulations and standards governing the capital adequacy of internationally active banking organizations.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2004/20040626/default.htm 
Press Release: www.occ.treas.gov/ftp/release/2004-52.htm 
Attachment: www.occ.treas.gov/ftp/release/2004-52a.pdf 
Press Release: www.fdic.gov/news/news/press/2004/pr7004.html 
Press Release: www.ots.treas.gov/docs/7/77424.html 

June 25, 2004 - FDIC Approves the Assumption of the Insured Deposits of Bank of Ephraim, Ephraim, Utah - The Board of Directors of the Federal Deposit Insurance Corporation today approved the assumption of the insured deposits of Bank of Ephraim, Ephraim, Utah, by Far West Bank, Provo, Utah.
www.fdic.gov/news/news/press/2004/pr6904.html 

June 23, 2004 - Roar Of The Dragon: The Asian Upside For U.S. Agriculture - Mark Drabenstott, vice president and director of the Center for the Study of Rural America, and Nancy Novack, an associate economist at the Center, explore the issue in the latest edition of The Main Street Economist. The Main Street is published by The Center, which is based at the Federal Reserve Bank of Kansas City. www.kc.frb.org/pubaffrs/pressrel/pr04-05.htm 
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June 25, 2004 - NCUA - Matz Elected Vice Chair of Neighborhood Reinvestment Corporation Board - National Credit Union Administration Board Member Debbie Matz was elected today as the Vice Chair of the Neighborhood Reinvestment Corporation Board. www.ncua.gov/news/press_releases/2004/NR04-0625.htm 

June 25, 2004 - Cuban Asset Control Regulations - The Department of the Treasury's Office of Foreign Assets Control has updated its Cuban Assets Control Regulations. www.fdic.gov/news/news/financial/2004/fil7504.html 

June 25, 2004 - Proposed Changes to FDIC Assessment Certified Statement Rule - The FDIC is seeking comment on proposed changes to its assessment certified statement rule (12 CFR Part 327). Under the proposed changes, correct certified statements would not be signed and returned to the FDIC, and insured institutions would obtain assessment invoices online through FDICconnect. www.fdic.gov/news/news/financial/2004/fil7404.html 

June 25, 2004 - The Information Content of Forward and Futures Prices: Market Expectations and the Price of Risk - Forward and futures rates are frequently used as measures of market expectations. In this paper we apply standard forecast efficiency tests, and some newer exact sign and rank tests, to a wide range of forward and futures rates, and in this way test whether these are in fact rational expectations of future actual prices.  www.federalreserve.gov/pubs/ifdp/2004/808/ifdp808.pdf 

June 25, 2004 -The Federal Open Market Committee on Friday announced its tentative meeting schedule for 2005: www.federalreserve.gov/boarddocs/press/monetary/2004/20040625/default.htm 

June 24, 2004 - NCUA - A Summary of Actions Taken at NCUA Board Meetings www.ncua.gov/NCUABoard/board_reports/board_reports.html 

June 24, 2004 - NCUA proposes to permit more SBA lending through credit unions - The National Credit Union Administration Board issued a proposal today to amend the agency's member business loan rule to enable credit unions to participate more fully in Small Business Administration guaranteed loan programs.
Press Release: www.ncua.gov/news/press_releases/2004/NR04-0624.htm 
Attachment: www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-723.pdf 

June 24, 2004 - OCC Releases CRA Evaluations For 34 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, 2004 through June 14, 2004.
www.occ.treas.gov/scripts/newsrelease.aspx?Doc=DWCFDXNH.xml 

June 24, 2004 - Request for Comment on proposal to implement affiliate marketing notice and opt-out provisions of Fair Credit Reporting Act - The Federal Reserve Board, on June 8, 2004, voted to seek comment on a proposed rule under the Fair Credit Reporting Act The proposed rule would implement the affiliate marketing notice and opt out provisions of the FCRA.
Press Release: www.occ.treas.gov/fr/fedregister/NPR06242004.pdf 
Press Release: www.federalreserve.gov/boarddocs/press/foiadocs/2004/20040624/default.pdf 
Press Release: www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-717-20.pdf 

June 24, 2004 - Working Papers - Finance and Economics Discussion Series 2004-36 - Understanding the Risk of Synthetic CDOs www.federalreserve.gov/pubs/feds/2004/200436/200436abs.html 

June 24, 2004 - NCUA - Corporate Credit Union Guidance Letter - Bank Secrecy Act Compliance - The purpose of this letter is to provide guidance to corporate credit unions regarding their responsibilities for Bank Secrecy Act compliance, particularly when engaging in wire transfer activities on behalf of their natural person credit union members. www.ncua.gov/CorporateCU/CorpLetters/2004/2004-02.pdf 

June 24, 2004 - Governor Edward M. Gramlich - Reducing Budget Deficits At the Concord Coalition Budget and Fiscal Policy Conference, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2004/20040624/default.htm 

June 23, 2004 - NCUA - Technical Assistance Grant Conference Call Scheduled For July 6 - The National Credit Union Administration announced today that a conference call scheduled on the agency's Technical Assistance Grant initiatives will be held on Tuesday, July 6, at 3:00pm EST. www.ncua.gov/news/press_releases/2004/NR04-0623.pdf 

June 23, 2004 - The Federal Financial Institutions Examination Council is announcing the formation of an interagency working group that will enhance coordination of Bank Secrecy Act /Anti-Money Laundering training and awareness. The coordination will include improving communication between the Federal banking agencies and the Financial Crimes Enforcement Network
Press Release www.ffiec.gov/press/pr062304.htm 
Press Release: www.ots.treas.gov/docs/7/77423.html 

June 23, 2004 - Former Hamilton Bank Senior Executives Indicted for Defrauding Investors and Bank and Securities Regulators - FDIC Inspector General Gaston L. Gianni, Jr., has announced that a federal grand jury in Miami, Florida, returned a 42-count indictment for conspiracy, wire fraud, securities fraud, false filings with the Securities and Exchange Commission, false statements to accountants, obstruction of an examination of a financial institution, and making false statements to the Office of the Comptroller of the Currency against three former senior executive officers of Hamilton Bancorp and Hamilton Bank. www.fdic.gov/news/news/press/2004/pr6804.html 

June 22, 2004 - NCUA - Statement of Chairman JoAnn Johnson to the U.S. Senate on Regulatory Reform Proposals www.ncua.gov/news/speeches/2004/Johnson04-0622Testimony.pdf 

June 22, 2004 - OCC Chief Counsel Julie L. Williams Tells Senate Banking Committee That Unnecessary Regulatory Burden Hurts Both Banks and Consumers - OCC Chief Counsel Julie L. Williams told a Senate panel today that unnecessary regulatory burden has significant adverse consequences for both banks and their customers.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=XFKICXO5.xml 
Attachment: www.occ.treas.gov/ftp/release/2004-50a.pdf 

June 22, 2004 - FDIC Vice Chairman John M. Reich Recommends Legislative Changes to Reduce Regulatory Burden - FDIC Vice Chairman John M. Reich testified before the Senate Banking Committee today and outlined proposals to revise several statutes governing the banking industry. www.fdic.gov/news/news/press/2004/pr6704.html 

June 22, 2004 - The Federal Reserve Board has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth, Fifth, and Eighth Districts. www.federalreserve.gov/boarddocs/press/bcreg/2004/200406222/default.htm 

June 22, 2004 - The Federal Reserve Board on Tuesday withdrew proposed revisions to Regulation B (Equal Credit Opportunity), Regulation E (Electronic Fund Transfers), Regulation M (Consumer Leasing), Regulation Z (Truth in Lending), and Regulation DD (Truth in Savings). The proposed revisions, published in December 2003, sought to define more specifically the standard for providing "clear and conspicuous" disclosures, and to provide a more uniform standard among the Board's regulations. www.federalreserve.gov/boarddocs/press/bcreg/2004/20040622/default.htm 

June 22, 2004 - Governor Susan Schmidt Bies - Trends in Risk Management and Corporate Governance At the Financial Managers Society Finance and Accounting Forum for Financial Institutions, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2004/20040622/default.htm 

June 22, 2004 - Governor Donald L. Kohn - Regulatory reform proposals Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate www.federalreserve.gov/boarddocs/testimony/2004/20040622/default.htm 

June 21, 2004 - Governor Ben S. Bernanke - Euro at Five: Ready for a Global Role? At the European Economics and Financial Center Conference, Paris, France Governor Ben S. Bernanke presented identical remarks at the Institute for International Economics Conference, Washington, D.C., February 26, 2004 www.federalreserve.gov/boarddocs/speeches/2004/200402262/default.htm 

June 21, 2004 - This advisory letter highlights issues regarding bank electronic record systems in light of the E-SIGN Act. 15 USC 7001, et seq. The letter provides a basic framework that bank management can use to assess and address key issues posed by electronic record keeping systems. www.occ.treas.gov/ftp/advisory/2004-9.txt 

June 21, 2004 - Alan Greenspan Saturday evening took the oath of office as Chairman of the Board of Governors of the Federal Reserve System for a fifth four-year term commencing on June 20, 2004. www.federalreserve.gov/boarddocs/press/other/2004/20040621/default.htm 
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June 18, 2004 - This advisory letter provides information about certain provisions of the Servicemembers Civil Relief Act that are most likely to affect national banks. This act, signed into law on December 19, 2003, replaced the Soldiers' and Sailors' Civil Relief Act of 1940. www.occ.treas.gov/ftp/advisory/2004-8.txt 

June 18, 2004 - The Federal Reserve Board on Friday announced the approval of the application of Hypothekenbank in Essen AG, Essen, Germany, to establish a representative office in New York, New York. www.federalreserve.gov/boarddocs/press/orders/2004/20040618/default.htm 

June 18, 2004 - OCC Reports Derivatives Volume Surpasses $76 Trillion - Derivatives held by U. S. commercial banks increased $5.4 trillion in the first quarter, or 7.7%, to $76.5 trillion, the Office of the Comptroller of the Currency reported today in its quarterly Bank Derivatives Report.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=W4FDL0YE.xml 
Attachment: www.occ.treas.gov/ftp/deriv/dq104.pdf 

June 18, 2004 - Agencies Extend Comment Period on Statement Concerning Complex Structured Finance Activities - Five federal agencies today agreed to extend for 30 days the comment period on the proposed Interagency Statement on Sound Practices Concerning Complex Structured Finance Activities published in the Federal Register on May 19, 2004.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2004/20040618/default.htm 
Press Release: www.fdic.gov/news/news/press/2004/pr6604.html 
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=5TSPXSU0.xml 
Press Release: www.ots.treas.gov/docs/77422.html 

June 17, 2004 - Notice of Proposed Rulemaking - Proper Disposal of Consumer Information
Press Release: www.occ.treas.gov/ftp/bulletin/2004-28.txt 
Attachment: www.occ.treas.gov/fr/fedregister/69fr31913.pdf 

June 17, 2004 - The Federal Reserve Board announced Thursday that it is seeking nominations for appointments to its Consumer Advisory Council. Eleven new members will be appointed to serve three-year terms beginning in January 2005. www.federalreserve.gov/boarddocs/press/other/2004/200406172/default.htm 

June 17, 2004 - Jeffrey M. Lacker has been appointed President of the Federal Reserve Bank of Richmond, effective August 1, 2004. He succeeds J. Alfred Broaddus, Jr., who in November announced his intention to retire. www.federalreserve.gov/boarddocs/press/other/2004/20040617/default.htm 

June 17, 2004 - The Federal Reserve Board on Thursday announced the issuance of a Final Decision and Order of Prohibition against Stephanie Edmond, a former employee of First Tennessee Bank, NA, Memphis, Tennessee, as well as Bank of America, NA, Charlotte, North Carolina. www.federalreserve.gov/boarddocs/press/Enforcement/2004/20040617/default.htm 

June 17, 2004 - Notice of Proposed Rulemaking on Disposal of Consumer Information - The federal bank and thrift regulators are inviting public comment on the attached interagency proposal to amend the customer information security guidelines to require financial institutions to properly dispose of consumer information. www.fdic.gov/news/news/financial/2004/fil7304.html

June 16, 2004 - The Federal Reserve Board on Wednesday announced its approval of the proposal by Regions Financial Corporation, Birmingham, Alabama, to merge with Union Planters Corporation, and thereby indirectly acquire Union Planters Bank, National Association, both in Memphis, and Union Planters Bank of the Lakeway Area, Morristown, all in Tennessee. www.federalreserve.gov/boarddocs/press/orders/2004/20040616/default.htm 

June 16, 2004 - NCUA - Opinion Letter 02-0737 - Authority of FCU Board of Directors to Approve Loans - www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2002/02-0737.htm 

June 16, 2004 - NCUA - Felony Charges Filed in Credit Union Scam - The National Credit Union Administration has been notified by Canadian authorities that two men have been arrested in Ontario as suspects in a multi-million dollar boiler-room scam involving phony U.S. credit unions. www.ncua.gov/news/press_releases/2004/NR04-0616.htm 

June 16, 2004 - Bank Secrecy Act/Anti-Money Laundering: Designation of Commercial Bank of Syria as a Financial Institution of Primary Money Laundering Concern; Proposed Rule Imposing Special Measures Against Commercial Bank of Syria
Press Release: www.occ.treas.gov/ftp/bulletin/2004-27.txt 
Attachment: www.occ.treas.gov/fr/fedregister/69fr28098.pdf

June 16, 2004 - OCC Announces 21 Enforcement Actions and Four Terminations - The Office of the Comptroller of the Currency today announced 21 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and four terminations of existing enforcement actions. www.occ.treas.gov/ftp/release/2004-47.htm

June 16, 2004 - FDIC Warns about Fraudulent Request for Information - The Federal Deposit Insurance Corporation (FDIC) has received notifications from several foreign financial institutions regarding a fax request that appears to have been sent by the FDIC. The fraudulent letter indicates that the FDIC has introduced new money laundering and anti-terrorism measures for foreign financial institutions and requests information on bank accounts and investments maintained in the U.S., Canada and the United Kingdom. www.fdic.gov/news/news/press/2004/pr6504.html 

June 16, 2004 - FDIC Inspector General Commends Samuel M. Holland On Being Named 2004 Service To America Finalist - Federal Deposit Insurance Corporation Inspector General Gaston L. Gianni, Jr. today announced that Samuel M. Holland, Assistant Inspector General for Investigations in the FDIC Office of Inspector General's headquarters office in Washington, D.C., has been named a finalist for the 2004 Service to America Medals - a national awards program that honors the outstanding accomplishments of America's public servants. Mr. Holland is a finalist in the Justice and Law Enforcement medal category. www.fdic.gov/news/news/press/2004/pr6404.html 

June 16, 2004 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts - Reports from the Federal Reserve Banks indicate that economy activity in April and May continued to expand across the nation. Manufacturing activity continued to rise in most districts, with several districts describing the increases as broad-based. www.federalreserve.gov/fomc/BeigeBook/2004/20040616/default.htm 

June 16, 2004 - Banking Accounts for Foreign Governments, Embassies, and Political Figures - The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Office of Thrift Supervision, and National Credit Union Administration, in coordination with the U.S. Department of the Treasury's Financial Crimes Enforcement Network have issued the attached interagency advisory concerning the embassy banking business and related banking matters.
Press Release: www.federalreserve.gov/boarddocs/srletters/2004/sr0410.htm 
Press Release: www.federalreserve.gov/boarddocs/SRLETTERS/2004/sr0410.htm 
Press Release: www.fdic.gov/news/news/financial/2004/fil7204.html 
Press Release: www.occ.treas.gov/ftp/bulletin/2004-26.txt 
Attachment: www.occ.treas.gov/ftp/bulletin/2004-26a.pdf 
Attachment: www.occ.treas.gov/ftp/bulletin/2004-26b.pdf 

June 16, 2004 - Federal Reserve Banks Announce Strategy to Meet Evolving Demands of Payment System - The Federal Reserve Banks today announced a strategy to accommodate the evolution of the nation's payments system from paper check processing to electronic processing, a development driven by a significant broad-based change in user preference. www.federalreserve.gov/boarddocs/press/other/2004/20040616/default.htm 

June 16, 2004 - Industrial Production And Capacity Utilization - Industrial production advanced 1.1 percent in May after having risen 0.8 percent in April. At 116.9 percent of its 1997 average, output was 6.3 percent higher than its level in May 2003. Manufacturing output increased 0.9 percent in May and was just 0.3 percent below the peak reached in June 2000. Output at utilities increased 3.3 percent, a gain reflecting unseasonably warm weather, while production at mines edged down 0.4 percent. Capacity utilization for total industry increased to 77.8 percent, a rate that is 3.7 percentage points above its value in May 2003 but still 3.3 percentage points below its 1972-2003 average. www.federalreserve.gov/Releases/G17/Current/default.htm

June 15, 2004 - Chicago Fed President on Inflation Forecasting - The June 15 edition of The Wall Street Journal editorial page featured an opinion piece by Chicago Fed President Michael Moskow on inflation forecasting. www.chicagofed.org/news_and_conferences/news/2004_06_15_wall_street_jounal_publishes
_oped_by_michael_moskow.cfm

June 15, 2004 - NCUA - Hogue Named Associate Region V Director - Twenty year National Credit Union Administration employee John S. Hogue has been selected to serve as associate regional director of Operations in Tempe, Arizona, effective June 21, 2004. As ARDO, Hogue is responsible for managing the regional office divisions of supervision, insurance, special actions and management services. www.ncua.gov/news/press_releases/2004/NR04-0615.htm

June 15, 2004 - OCC Chief Counsel Julie L. Williams Calls For - Greater Cooperation to Combat Predatory Lending - Julie L. Williams, Chief Counsel and First Senior Deputy Comptroller for the Office of the Comptroller of the Currency, urged community groups, financial institutions and federal and state regulators to form new partnerships to provide housing finance to underserved communities and combat abusive and predatory lending practices.
www.occ.treas.gov/scripts/newsrelease.aspx?Doc=IURU656D.xml 

June 15, 2004 - New Rules and Reference Materials for HMDA Data Collection During 2004: Federal Reserve Board Regulation C, which implements the Home Mortgage Disclosure Act, has been revised in several ways that affect applications or loans on which final action is taken on or after January 1, 2004. These revisions apply to HMDA data collected for calendar year 2004, which must be submitted by March 1, 2005. www.fdic.gov/news/news/financial/2004/fil7104.html 

June 15, 2004 - SR Letter 04-09 - Revised Uniform Agreement on the Classification of Assets and Appraisal of Securities Held by Banks and Thrifts
News Release: www.federalreserve.gov/boarddocs/srletters/2004/sr0409.htm 
News Release: www.occ.treas.gov/ftp/bulletin/2004-25.txt 
Attachment: www.occ.treas.gov/ftp/bulletin/2004-25a.pdf 

June 15, 2004 - Working Papers - Finance and Economics Discussion Series - 2004-32 through 2004-35 www.federalreserve.gov/pubs/feds/2004/index.html 

June 15, 2004 - Governor Mark W. Olson - Economic Outlook - At the annual meeting of the Charlotte Regional Partnership, Charlotte, North Carolina www.federalreserve.gov/boarddocs/speeches/2004/20040615/default.htm 

June 15, 2004 - NCUA - Opinion Letter 04-0404 - Marketing of VISA Cards to Merchants www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2004/04-0404.htm 

June 15, 2004 - Guidance on the Uniform Classification of Assets and Appraisal of Securities Held by Banks and Thrifts - The federal bank and thrift regulatory agencies are jointly issuing the "Uniform Agreement on the Classification of Assets and Appraisal of Securities Held by Banks and Thrifts." This replaces the policy of the same title last revised in 1979. Substantive changes are in the appraisal of securities portion of the policy. These changes reflect current accounting guidance and clarify existing examination policies. www.fdic.gov/news/news/financial/2004/fil7004.html 

June 15, 2004 - Bank Merger Activity in the United States, 1994-2003 - Mergers and acquisitions have significantly changed the U.S. banking industry over the past quarter century. This study examines patterns in the 3,517 mergers consummated among commercial banks and thrift institutions (savings banks, savings and loan associations, and industrial banks) during the ten years from 1994 to 2003. www.federalreserve.gov/pubs/staffstudies/2000-present/176sum.htm 

June 15, 2004 - Chairman Alan Greenspan - Nomination hearing - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate www.federalreserve.gov/boarddocs/testimony/2004/20040615/default.htm 

June 14, 2004 - Unique website offers reporters a wealth of information and interactive tool for data analysis - Federal Reserve Bank of San Francisco Debuts New Website: "Center for the Study of Innovation and Productivity" www.frbsf.org/news/releases/2004/0614.html 

June 14, 2004 - The Federal Reserve Board on Monday announced its approval of the application filed by J. P. Morgan Chase & Co., New York, New York, to merge with Bank One Corporation, Chicago, Illinois, and to acquire Bank One's subsidiary banks, including its lead subsidiary bank, Bank One, National Association, also in Chicago. www.federalreserve.gov/boarddocs/press/orders/2004/20040614/default.htm 

June 14, 2004 - NCUA Grants $80,000 for Federation to Train Community Development Credit Unions - To extend credit union services to more low-income members, the National Credit Union Administration has approved an $80,000 technical assistance grant for the National Federation of Community Development Credit Unions' CDCU Institute. www.ncua.gov/news/press_releases/2004/NR04-0614.htm 
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June 10, 2004 - NCUA Board Member Keynotes Federation's 30th Anniversary Meeting - Matz Urges Community Development Credit Unions to Invest in Their Future.  www.ncua.gov/news/press_releases/2004/NR04-0610.htm 

June 10, 2004 - OTS Updates Appeals Process For Supervisory Decisions - The Office of Thrift Supervision announced today that it has updated its appeals process guidance that applies to holding companies and individuals affected by an OTS supervisory decision, as well as to savings associations.  www.ots.treas.gov/docs/77421.html 

June 10, 2004 - Statistical Release Z.1 Flow of Funds at www.federalreserve.gov/Releases/z1/Current/default.htm 

June 10, 2004 - The Federal Reserve Board began the latest Survey of Small Business Finances this month, the fourth in a series since 1988 aimed at increasing policymakers' understanding of how economic and regulatory changes affect small firms' access to credit. www.federalreserve.gov/boarddocs/press/other/2004/20040610/default.htm 

June 10, 2004 - Governor Mark W. Olson - Regulatory Update: Banking Industry, Insurance, and Securities Activities At the Bank Insurance and Securities Association Legislative, Regulatory, and Compliance Seminar, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2004/20040610/default.htm 

June 10, 2004 - Interagency Advisory - Federal Court Reaffirms Protections for Financial Institutions Filing Suspicious Activity Reports - The Department of the Treasury's Financial Crimes Enforcement Network and the five federal financial institution supervisory agencies have jointly issued findings from a recent court case reaffirming the Safe Harbor status for Suspicious Activity Reports www.fdic.gov/news/news/financial/2004/fil6704.html 

June 9, 2004 - Federal Reserve Bulletin - All articles, legal developments, and announcements from the Spring 2004 issue.  www.federalreserve.gov/pubs/bulletin/2004/04springbulletin.htm 

June 8, 2004 - NCUA Issues Cease and Desist Order against Northeast Arkansas Federal Credit Union.  www.ncua.gov/news/press_releases/2004/NR04-0608.htm 

June 8, 2004 - Statistical Release - Corporate Medium-Term Notes - Medium-term notes outstanding at the end of 2003 totaled $556 billion, up from $516 billion in 2002. The growth mirrored that of corporate bonds, and the ratio of MTNs outstanding to the sum of MTNs and bonds outstanding held steady at 12 percent. www.federalreserve.gov/releases/medterm/default.htm 

June 8, 2004 - The Federal Reserve Board on Tuesday issued amendments to Regulation V, which implements the Fair Credit Reporting Act (FCRA), that would add model notices for financial institutions to use if they furnish negative information to consumer reporting agencies. The amendments also provide guidance to financial institutions regarding the use of the model notices. www.federalreserve.gov/boarddocs/press/bcreg/2004/200406082/default.htm 

June 8, 2004 - The Federal Reserve Board on Tuesday announced its approval of the application and notice filed by National City Corporation, Cleveland, Ohio, to acquire Provident Financial Group, Inc., and its subsidiary bank, The Provident Bank ("Provident Bank"), both in Cincinnati, Ohio. www.federalreserve.gov/boarddocs/press/orders/2004/20040608/default.htm 

June 8, 2004 - Chairman Alan Greenspan Central Bank panel discussion: economic developments At the International Monetary Conference, London, England.  www.federalreserve.gov/boarddocs/speeches/2004/20040608/default.htm 

June 8, 2004 - OTS Lists 113 CRA Exams Scheduled For Third Quarter 2004 - The Office of Thrift Supervision announced today that 113 savings associations are scheduled for Community Reinvestment Act examinations during the second quarter of 2004.   www.ots.treas.gov/docs/77418.html 

June 8, 2004 - New Guidance for Examiners, Financial Institutions and Technology Service Providers on Development and Acquisition of Information Systems - The Federal Financial Institutions Examination Council has issued a booklet with guidance on evaluating development and acquisition activities. www.fdic.gov/news/news/financial/2004/fil6404.html 

June 8, 2004 - Agencies Propose Rules on Disposal of Consumer Information - The federal bank and thrift regulatory agencies today invited public comment on an interagency proposal to require financial institutions to adopt measures for properly disposing of consumer information derived from credit reports.
Press Release:  www.fdic.gov/news/news/press/2004/pr6304.html   
Press Release:  www.occ.treas.gov/ftp/release/2004-45.htm 
Attachment: www.occ.treas.gov/ftp/release/2004-45a.pdf 
Press Release: www.ots.treas.gov/docs/77419.html 

June 8, 2004 - Agencies Propose Rules on Disposal of Consumer Information - The federal bank and thrift regulatory agencies today invited public comment on an interagency proposal to require financial institutions to adopt measures for properly disposing of consumer information derived from credit reports. www.federalreserve.gov/boarddocs/press/bcreg/2004/20040608/default.htm 

June 8, 2004 - Chairman Alan Greenspan Central Bank panel discussion: economic developments At the International Monetary Conference, London, England.  www.federalreserve.gov/boarddocs/speeches/2004/20040608/default.htm

June 7, 2004 - FDIC Enhances Failed Bank Data On Its Web Site - The Federal Deposit Insurance Corporation today announced that it has added to its Web site balance sheet summaries on all failed banks that have been placed in FDIC receivership since October 2000.   www.fdic.gov/news/news/press/2004/pr6204.html 

June 7, 2004 - The Federal Reserve Board on Monday announced its approval of the application by Mountain Home Bancshares, Inc., Mountain Home, to acquire Pocahontas Bankstock, Inc., Pocahontas, both in Arkansas. www.federalreserve.gov/boarddocs/press/orders/2004/20040607/default.htm 

June 7, 2004 - 2004 Automotive Outlook Symposium The news release that summarizes the median forecast of participants at the eleventh annual Automotive Outlook Symposium, held June 3-4, 2004 in Detroit is now available. www.chicagofed.org/news_and_conferences/news/2004_06_07_automotive_outlook_symposium.cfm 

June 7, 2004 - Financial Institution Regulatory Agencies Seek Comment on Interagency Guidance on Overdraft Protection - The FDIC and the other financial institution regulatory agencies are soliciting comment on guidance on certain overdraft protection programs.  www.fdic.gov/news/news/financial/2004/fil6304.html 

June 7, 2004 - Guidance on Developing an Effective Computer Virus Protection Program - The FDIC is issuing guidance to financial institutions about the importance of maintaining an effective computer virus protection program. The guidance provides information on the risks associated with computer viruses and how these risks can be mitigated. www.fdic.gov/news/news/financial/2004/fil6204.html 

June 7, 2004 - 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 2004. www.fdic.gov/news/news/press/2004/pr6104.html 

June 7, 2004 - Financial Holding Companies As of June 4, 2004 Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies.  www.federalreserve.gov/GeneralInfo/FHC/default.htm 
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June 4, 2004 - Bank Secrecy Act/Anti-Money Laundering: Guidance on Money Services Business Customers - This advisory letter provides guidance to national banks that provide banking services to money services businesses MSBs provide services such as money orders, traveler's checks, money transmission, check cashing, currency exchange, and stored value. National banks should perform careful due diligence of the accounts of MSBs to control money laundering and reputation risks. www.occ.treas.gov/ftp/advisory/2004-7.txt 

June 4, 2004 - The Federal Reserve Board on Friday proposed amending Regulation J, which governs Reserve Banks' collection of checks and other cash items, to cover the entire range of check processing services that the Reserve Banks plan to offer once the Check Clearing for the 21st Century Act takes effect on October 28, 2004.
www.federalreserve.gov/boarddocs/press/bcreg/2004/20040604/default.htm 

June 4, 2004 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Utah Bancshares, Ephraim, Utah; the Bank of Ephraim, Ephraim, Utah; the Utah State Department of Financial Institutions, Salt Lake City, Utah; and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/boarddocs/press/Enforcement/2004/20040603/default.htm 

June 4, 2004 - Governor Donald L. Kohn The Outlook for Inflation National Economists Club luncheon meeting, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2004/20040604/default.htm 

June 4, 2004 - Statistical Release Charge-Off and Delinquency Rates on Loans at Commercial Banks www.federalreserve.gov/releases/chargeoff/ 

June 3, 2004 - NCUA - Chairman JoAnn M. Johnson Statement on "Enforcement of the Bank Secrecy Act" Before the Committee on Banking, HOusing and Urban Affairs United States Senate - www.ncua.gov/news/speeches/2004/JohnsonStatement05-2004.pdf

June 3, 2004 - Comptroller Hawke Directs Review of Agency's Handling - Of Bank Secrecy Act Compliance at Riggs Bank N.A. - Comptroller of the Currency John D. Hawke, Jr. told a Senate panel today that he has ordered the OCC's Quality Management Division to conduct a top-to-bottom review of the agency's handling of Bank Secrecy Act compliance at Riggs Bank N.A. and to report back to him in 90 days.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=E3AUFIXG.xml
Attachment: www.occ.treas.gov/ftp/release/2004-43b.pdf 
Attachment: www.occ.treas.gov/ftp/release/2004-43a.pdf 

June 3, 2004 - Governor Susan Schmidt Bies - IASB reform International Accounting Standards Committee Foundation Meeting, New York, New York www.federalreserve.gov/boarddocs/speeches/2004/20040603/default.htm 

June 3, 2004 - Governor Susan Schmidt Bies - Bank Secrecy Act enforcement Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate. 
www.federalreserve.gov/boarddocs/testimony/2004/20040603/default.htm 

June 2, 2004 - NCUA - SEC proposal would benefit credit unions - After lengthy discussions with the National Credit Union Administration (NCUA), the Securities and Exchange Commission today issued a proposal that would enable credit unions to enlist a registered broker-dealer to sell securities onsite at the credit union or through the credit union's website and earn a commission without registering with the SEC. www.ncua.gov/news/press_releases/2004/NR04-0602.htm 

June 2, 2004 - OCC Testifies on Challenges Faced in Combating Money Laundering - Daniel P. Stipano, Deputy Chief Counsel for the Office of the Comptroller of the Currency, testified today before the House Financial Services Subcommittee on Oversight and Investigations on the challenges that the OCC and other financial regulatory agencies face in combating money laundering.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=D1R8KGD9.xml
Attachment: www.occ.treas.gov/ftp/release/2004-42b.pdf 
Attachment: www.occ.treas.gov/ftp/release/2004-42a.pdf 

June 2, 2004 - Working Papers Finance and Economics Discussion Series 2004-23 through 2004-31 www.federalreserve.gov/Pubs/FEDS/2004/index.html 

June 2, 2004 - Thomas C. Baxter, Jr. Executive Vice President and General Counsel Federal Reserve Bank of New York Risk management and regulatory failure at Riggs Bank and UBS Before the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House of Representatives www.newyorkfed.org/newsevents/speeches/2004/bax040602.html 

June 2, 2004 - Summary of Deposits Survey for June 30, 2004 - All FDIC-insured institutions with branch offices that file Call Reports are required to submit their annual Summary of Deposits surveys as of June 30. Institutions filing paper surveys must submit them to the FDIC by July 30, 2004; electronic filers have until August 15, 2004. www.fdic.gov/news/news/financial/2004/fil6104.html 

June 1, 2004 - Latest Economic Perspectives Looks at Labor Markets, Creative Destruction - Local markets with more concentrated alcohol sales display more creative destruction, concludes research in the latest issue of Economic Perspectives. www.chicagofed.org/news_and_conferences/news/2004_06_01_economic_perspectives_looks_at_job_market.cfm 

June 1, 2004 - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act examinations to be conducted in the third quarter of 2004.
www.occ.treas.gov/scripts/newsrelease.aspx?Doc=VZET389R.xml 

June 1, 2004 - The Board of Governors of the Federal Reserve on Tuesday that the Consumer Advisory Council will hold its next meeting on Thursday, June 24. The meeting will take place in Dining Room E, Terrace level, in the Board's Martin Building.  www.federalreserve.gov/boarddocs/press/other/2004/20040601/default.htm 

June 1, 2004 - The March 31, 2004 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.  www.ffiec.gov/press/pr060104.htm 

June 1, 2004 - Written agreement with CIB Marine Bancshares - www.federalreserve.gov/boarddocs/press/Enforcement/2004/20040601/default.htm 

June 1, 2004 - Termination of enforcement agreement with The Marathon Bank - The Federal Reserve Board on Friday announced the termination of the enforcement action listed below. The Federal Reserve's enforcement action web site reports the terminations as they occur. www.federalreserve.gov/boarddocs/press/Enforcement/2004/200406012/default.htm