Bank Regulatory Agencies

Bank Regulatory News
March 2001

March 30, 2001 - The Federal Reserve announced that a Joint Central Bank Research Conference on Risk Measurement and Systemic Risk will be held on March 7-8, 2002, at the Bank for International Settlements (BIS) in Basel, Switzerland. www.federalreserve.gov/boarddocs/press/General/2001/20010330/default.htm

March 28, 2001 - NCUA Chairman Dennis Dollar met with Phillip G. Elliott, chief executive officer of the National Credit Union Association, Inc., the second largest credit union trade association in the nation of Australia. http://www.ncua.gov/news/press_releases/nr032801.html

March 28, 2001 - FDIC releases materials pertaining to the Reports of Condition and Income (Call Report) for the March 31, 2001, report date. http://www.fdic.gov/news/news/financial/2001/fil0124.html

March 28, 2001 – The Federal Reserve Board released remarks by Governor Laurence H. Meyer during The 2001 Homer Jones Memorial Lecture, at Washington University, St. Louis, Missouri. www.federalreserve.gov/BoardDocs/Speeches/2001/20010328/default.htm

March 27, 2001 – In a joint press release, Agencies clarify Guidance on the Accounting and Reporting for Loans Held for Sale. www.federalreserve.gov/boarddocs/press/General/2001/20010327/default.htm

March 27, 2001 – The FDIC releases Guidance on the Timing and Preparation of Privacy Notices to Conform to Fair Credit Reporting Act Requirements. Press Release:http://www.fdic.gov/news/news/financial/2001/fil0126.html Notice: http://www.fdic.gov/news/news/financial/2001/fil0126a.html

March 27, 2001 – The Federal Reserve Board released remarks by Chairman Alan Greenspan on “The challenge of measuring and modeling a dynamic economy at the Washington Economic Policy Conference of the National Association for Business Economics, Washington, D.C. www.federalreserve.gov/BoardDocs/Speeches/2001/20010327/default.htm#pagetop

March 26, 2001 - The Federal Reserve conducted a supplementary Senior Loan Officer Opinion Survey on Bank Lending Practices in early March to assess changes in lending conditions since the beginning of the year. www.federalreserve.gov/BoardDocs/SnLoanSurvey/200103/default.htm

March 26, 2001 - The Federal Reserve Board announced its approval of the application of Franklin Resources, Inc., San Mateo, California, to become a bank holding company by acquiring Fiduciary Trust Company International, New York, New York. www.federalreserve.gov/boarddocs/press/BHC/2001/200103262/default.htm

March 26, 2001 - The Federal Reserve Board announced its approval of the applications of Bank Hapoalim, B.M., and Zohar Hashemesh Le'Hashkaot Ltd., both of Tel Aviv, Israel; Hapoalim U.S.A. Holding Company, Inc., New York, New York; Arison Holdings (1998) Ltd., Tel Aviv, Israel; and Israel Salt Industries Ltd., Atlit, Israel, to become bank holding companies by acquiring Signature Bank, New York, New York. www.federalreserve.gov/boarddocs/press/BHC/2001/20010326/default.htm

March 23, 2001 - The Federal Reserve has long supported meaningful public disclosure by banking and financial organizations with the objective of enhancing market discipline and fostering stable financial markets. Public disclosure and market discipline are important complements to bank supervision and regulation. www.federalreserve.gov/boarddocs/SRLETTERS/2001/sr0106.htm#pagetop

March 23, 2001 - OTS announces location for filing CRA-related agreements. http://www.ots.treas.gov/docs/77123.html

March 23, 2001 - The Federal Reserve Board issued supervisory guidance that encourages large banking organizations to enhance their public disclosures by using the recommendations of the Working Group on Public Disclosure. www.federalreserve.gov/boarddocs/press/General/2001/20010323/default.htm

March 23, 2001 – The Federal Reserve Board released remarks by Governor Edward M. Gramlich regarding “Tackling Predatory Lending: Regulation and Education.” www.federalreserve.gov/BoardDocs/Speeches/2001/20010323/default.htm

March 23, 2001 - NCUA Conversations with America Schedule. http://www.ncua.gov/news/conversations/ncuatalks.html

March 23, 2001 - The Board of Governors of the Federal Reserve System published in the Federal Register the attached final rule amending Regulation E, which implements the Electronic Fund Transfer Act (EFTA). The rule took effect on March 9, 2001. However, compliance with the amendments is not mandatory until October 1, 2001. http://www.fdic.gov/news/news/financial/2001/fil0125.html

March 22, 2001 - The Federal Reserve Board announced procedures for the filing of documents required by the CRA Sunshine Requirements of the Federal Deposit Insurance Act (CRA Sunshine Requirements), which were enacted by the Gramm-Leach-Bliley Act of 1999. www.federalreserve.gov/BoardDocs/Press/BoardActs/2001/20010322/default.htm

March 22, 2001 - The Federal Reserve Board announced that it has revised its brochure When Your Home Is on the Line: What You Should Know about Home Equity Lines of Credit. www.federalreserve.gov/boarddocs/press/General/2001/20010322/default.htm

March 21, 2001 - According to the Federal Deposit Insurance Corporation (FDIC), continuing increases in problem commercial loans are focusing a spotlight on declining conditions in business lending. http://www.fdic.gov/news/news/press/2001/pr2301.html

March 21, 2001 – The Federal Reserve Board released the Annual Report on the Freedom of Information Act for Fiscal Year 2000. www.federalreserve.gov/generalinfo/foia/fomc_anrpt_2000.htm

March 20, 2001 – The National Credit Union Administration provides its Equal Employment Opportunity Policy Statement. http://www.ncua.gov/org/eeo_policy.htm

March 20, 2001 - The Federal Open Market Committee at its meeting today decided to lower its target for the federal funds rate by 50 basis points to 5 percent. www.federalreserve.gov/boarddocs/press/General/2001/20010320/default.htm

March 19, 2001 - The Federal Reserve Bank of St. Louis will coordinate the provision of financial services on behalf of the Federal Reserve System to the largest user of those services - the U.S. Treasury Department. http://www.stls.frb.org/general/releases/rel01/nr0319.html

March 16, 2001 - The Federal Reserve Board announced the execution of a Written Agreement by and between USABancShares.com, Inc., Philadelphia, Pennsylvania, and the Federal Reserve Bank of Philadelphia. www.federalreserve.gov/BoardDocs/Press/enforcement/2001/20010316/

March 15, 2001 – The Federal Reserve Board releases the Monetary Policy Report to the Congress. www.federalreserve.gov/pubs/bulletin/2001/01bulletin.htm#pagetop

March 15, 2001 - Office of Thrift Supervision Director Ellen Seidman announces Staff Paper that finds Real Estate Lending less risky than Capital Rules suggest. http://www.ots.treas.gov/docs/77121.html

March 15, 2001 - OTS to simplify certain Capital Requirements and revise Liquidity Standards. http://www.ots.treas.gov/docs/77120.html

March 15, 2001 - OCC Releases CRA Evaluations for 15 National Banks. http://www.occ.treas.gov/cra/mar01.htm

March 14, 2001 - 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. www.federalreserve.gov/Releases/lbr/lrg_bnk_lst.txt

March 14, 2001 - The Federal Reserve Board today announced its approval of the proposal of Mitsubishi Tokyo Financial Group, Inc., Tokyo, Japan ("MTFG"), to become a bank holding company. www.federalreserve.gov/boarddocs/press/BHC/2001/20010314/default.htm

March 14, 2001 – The OCC announced that Federal banking agencies have stated that any final Fair Credit Reporting Act rule will not require depository institutions to revise Gramm Leach Bliley Act privacy notices prepared in reliance on existing FCRA law and delivered to consumers before next January. http://www.occ.treas.gov/ftp/release/2001-30.txt

March 14, 2001 - The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision have jointly approved and issued guidelines establishing standards for safeguarding customer information as required by the Gramm-Leach-Bliley Act (GLBA). Press Release: http://www.fdic.gov/news/news/financial/2001/fil0122.html Guidelines: http://www.fdic.gov/news/news/financial/2001/fil0122a.html

March 14, 2001 - The federal banking regulatory agencies approved a joint rulemaking that extends the effective date of consumer protection rules for the sale of insurance products by depository institutions on their premises, or on their behalf. The new effective date will be October 1, 2001, rather than the original effective date of April 1, 2001. http://www.fdic.gov/news/news/press/2001/pr2101.html

March 13, 2001 – The NCUA released the CU/NCUSIF Quick Facts as of December 31, 2000. http://www.ncua.gov/news/quick_facts/quick_facts.html

March 13, 2001 - The NCUA Board is amending its chartering and field of membership manual to make two changes to ease the burden on applicants for community charters, expansions or conversions. http://www.ncua.gov/news/proposed_regs/12CFRPart701-final.html

March 13, 2001 - The Federal Reserve Board published revisions to the Regulation E (Electronic Fund Transfers) Official Staff Commentary, which applies and interprets the requirements of the regulation. The effective date is March 15, 2001 with the mandatory compliance date set at January 1, 2002. www.federalreserve.gov/BoardDocs/Press/boardacts/2001/20010313/

March 13, 2001 - The Federal Reserve Board announced its approval of the applications of Friedman, Billings, Ramsey Group, Inc.; FBR Bancorp, Inc.; Money Management Associates, Inc.; and Money Management Associates (LP), Inc., all of Arlington, Virginia, and Money Management Associates, L.P., Bethesda, Maryland, to become bank holding companies by acquiring FBR National Bank, Bethesda, Maryland. www.federalreserve.gov/boarddocs/press/BHC/2001/20010313/default.htm

March 12, 2001 - NCUA Acting Chairman Dennis Dollar told state and federal regulators that President Bush’s proposed tax cut plan provides credit unions with “an excellent opportunity to emphasize the value of savings and paying down debt while improving their liquidity position at the same time.” http://www.ncua.gov/news/press_releases/pr031201.html

March 12, 2001 - The Federal Reserve Board announced its approval of the applications and notices of Fifth Third Bancorp, ("Fifth Third") and Fifth Third Financial Corporation ("FTFC"), both in Cincinnati, Ohio, to acquire Old Kent Financial Corporation, Grand Rapids. www.federalreserve.gov/boarddocs/press/BHC/2001/20010312/default.htm

March 9, 2001 - The NCUA Board is proposing a new rule that would permit credit unions with advanced levels of net worth and consistently strong supervisory examination ratings to be exempt, in whole or in part, from certain NCUA regulations that are not specifically required by statute. http://www.ncua.gov/news/proposed_regs/12CFRPart722and742-proposed.html

March 9, 2001 - OCC reports Trading Revenues remain consistent as derivatives volume reaches record level. http://www.occ.treas.gov/ftp/release/2001-28.txt

March 9, 2001 - The FFIEC announced that The December 31, 2000 Uniform Bank Performance Report (UBPR) now being distributed to all insured commercial banks and Federal Deposit Insurance Corporation - Insured Savings Banks (FDIC-ISB) is now available for sale to the public. http://www.ffiec.gov/press/pr030901.htm

March 9, 2001 - OCC has advised that two entities may be conducting banking business in the United States without authorization. http://www.fdic.gov/news/news/financial/2001/fil0121.html

March 9, 2001 - FDIC's Survey of Real Estate Trends indicated that conditions generally remained favorable in the nation's real estate markets during the second half of 2000 but there was some deterioration, especially involving single-family homes and local retail properties. http://www.fdic.gov/news/news/press/2001/pr2001.html

March 9, 2001 – The Federal Reserve Board released remarks by Vice Chairman Roger W. Ferguson, Jr., on Understanding Financial Consolidation. www.federalreserve.gov/BoardDocs/Speeches/2001/20010309/default.htm

March 8, 2001 - The National Credit Union Administration voted to waive an insurance premium for 2001 and pay a 3 percent dividend of $99.5 million to the nation's 10,316 federally insured credit unions. http://www.ncua.gov/news/press_releases/pr030801.html

March 8, 2001 - The NCUA released a summary of actions taken by the NCUA Board during the March 8, 2001 meeting. http://www.ncua.gov/news/board_reports/BAB030801.html

March 8, 2001 - OCC Comptroller Hawke says Bankers and Regulators are better prepared to deal with challenging economy. http://www.occ.treas.gov/ftp/release/2001-26a.txt

March 8, 2001 - The Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on Thursday, March 22, 2001, open to public observation. www.federalreserve.gov/boarddocs/press/General/2001/200103085/default.htm

March 8, 2001 - The Federal Reserve Board announced new Internet resources for Spanish-speaking consumers. Keys to Vehicle Leasing: A Consumer Guide can be found at www.federalreserve.gov/pubs/leasing/guide_spanish.htm. A Brochure about Shopping for and Negotiating the Best Mortgage is located at www.federalreserve.gov/boarddocs/press/General/2001/20010308/default.htm.

March 7, 2001 - OTS reports near record Thrift earnings in 2000; industry Mortgage Originations top $200 Billion. http://www.ots.treas.gov/docs/77116.html

March 7, 2001 - The Appraisal Standards Board (ASB) of The Appraisal Foundation recently released the Appraisal Standards Statement No.10, "Assignments for Use by a Federally Insured Depository Institution in a Federally Related Transaction." Press Release: http://www.fdic.gov/news/news/financial/2001/fil0120.html Attachment: http://www.appraisalfoundation.org/uspap2001/smt10.htm

March 7, 2001 – The Federal Reserve released remarks by Chairman Alan Greenspan before the Independent Community Bankers of America on Banking supervision. www.federalreserve.gov/BoardDocs/Speeches/2001/20010307/default.htm

March 7, 2001 - FDIC Chairman Donna Tanoue previewed the deposit insurance reform recommendations the agency plans to issue at the end of this month. http://www.fdic.gov/news/news/press/2001/pr1901.html

March 7, 2001 – The Federal Deposit Insurance Corporation reported annual profits of the commercial banking industry fell in the year 2000, snapping an eight-year streak of annual earnings records. http://www.fdic.gov/news/news/press/2001/pr1801.html

March 7, 2001 - The Federal Reserve announced that a majority of Federal Reserve Districts reported sluggish to modest economic growth in February, while others generally reported mixed conditions. www.federalreserve.gov/Fomc/BeigeBook/2001/20010307/default.htm#pagetop

March 6, 2001 - Virginia has become the first state in the nation to adopt a new act creating a uniform commercial contract law for computer software, data, and online contracts. UCITA will become effective in Virginia July 1, 2001. http://www.nccusl.org/pressreleases/pr3-15-00.htm

March 6, 2001 - The Office of Thrift Supervision (OTS) announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in February 2001. http://www.ots.treas.gov/docs/77114.html

March 5, 2001 - The Federal Reserve Board announced its approval of the application of Société Générale, Paris, France, to establish an agency in Greenwich, Connecticut. http://www.federalreserve.gov/boarddocs/press/BHC/2001/20010305/default.htm

March 5, 2001 - The Federal Deposit Insurance Corporation (FDIC) issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). http://www.fdic.gov/regulations/community/monthly/2001/cramar01.html

March 5, 2001 - NCUA Chairman Dennis Dollar has selected Nicholas N. Owens as special assistant to the chairman for public affairs. http://www.ncua.gov/news/press_releases/pr030501.html

March 5, 2001 - The Federal Reserve Board released remarks by Governor Laurence H. Meyer who states that Pillar 2 of the New Basel Capital Proposal plays a larger role by giving banks more incentives to invest in better information systems and controls, and looking closely to see that their processes work. www.federalreserve.gov/BoardDocs/Speeches/2001/20010305/default.htm

March 5, 2001 - Comptroller of the Currency John D. Hawke, Jr. outlines the Global Challenges of Internet Banking. http://www.occ.treas.gov/ftp/release/2001-23.txt

March 2, 2001 - The Office of the Comptroller of the Currency (OCC) issued a bulletin that outlines the risks involved in the offering of account aggregation services by national banks and the management controls that are needed in connection with such services. http://www.occ.treas.gov/ftp/release/2001-22.txt

March 2, 2001 - The Office of Thrift Supervision (OTS) issued rules designed to make application processing easier to understand and more predictable for both applicants and the agency. http://www.ots.treas.gov/docs/77113.html

March 2, 2001 - The Federal Reserve released a list of bank holding companies whose elections to become or be treated as financial holding companies are effective. http://www.federalreserve.gov/GeneralInfo/FHC/default.htm

March 2, 2001 – The Federal Reserve Board published the testimony of Chairman Alan Greenspan on current fiscal issues before the Committee on the Budget and the U.S. House of Representatives. www.federalreserve.gov/boarddocs/Testimony/2001/20010302/default.htm

March 1, 2001 - Comptroller Hawke Praises Community Development Lenders. http://www.occ.treas.gov/ftp/release/2001-20a.txt

March 1, 2001 - The Federal Deposit Insurance Corporation (FDIC) is requesting public comment on a proposed rule governing the regulatory capital treatment for equity investments in nonfinancial companies held by FDIC-supervised banks. http://www.fdic.gov/news/news/financial/2001/fil0119.html Attachment http://www.fdic.gov/news/news/financial/2001/fil0119a.html

March 1, 2001 - The Federal Reserve Board published a final rule amending Regulation E (Electronic Fund Transfers) to implement provisions of the Gramm-Leach-Bliley Act (GLBA) requiring disclosure of automated teller machine (ATM) fees. www.federalreserve.gov/BoardDocs/Press/boardacts/2001/20010301/default.htm

March 1, 2001 - The Federal Deposit Insurance Corporation (FDIC) has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the second quarter of 2001. Press Release http://www.fdic.gov/news/news/press/2001/pr1501.html; Attachment http://www.fdic.gov/regulations/community/exam/q2cra01.html; Attachment http://www.fdic.gov/news/news/press/2001/pr1501a.html