Bank Regulatory News
March 2003
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March 31, 2003 Denver Businessman To Serve As Chairman Of The Federal
Reserve Bank Of Kansas City - The Board of Governors of the Federal
Reserve System has appointed Richard H. Bard, CEO and founder of Bard
& Co., Denver, Colo., to serve as chairman of the Federal Reserve Bank
of Kansas City effective April 1, 2003. Bard has served as a director and
deputy chairman since January 1, 2002. www.kc.frb.org/pubaffrs/pressrel/pr03-12.htm
March 31, 2003 - NCUA - Edward P. Dupcak Named NCUA Region II Director
- The National Credit Union Administration (NCUA) Board today named
seasoned agency executive Edward P. Dupcak director of the Region II
office in Alexandria, Va., effective April 20, 2003. www.ncua.gov/news/press_releases/2003/NR03-0328.htm
March 31, 2003 - Thrifts Interest Rate Risk Exposure Remains Low - The
Office of Thrift Supervision reported today that only 13 OTS-regulated
thrifts out of 893 - 1.5 percent - were at significant or high risk from
an adverse change in interest rates as of the end of the fourth quarter.
That is down from 19 at the end of the third quarter. www.ots.treas.gov/docs/77313.html
March 31, 2003 - OCC Chief Counsel Julie L. Williams Testifies Before
House Subcommittee - Julie L. Williams, First Senior Deputy Comptroller
and Chief Counsel for the Office of the Comptroller of the Currency,
delivered the attached testimony on the subject of regulatory burden
relief before the Subcommittee on Financial Institutions and Consumer
Credit of the House Committee on Financial Services.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=YSNL70ST.xml
Attachment: www.occ.treas.gov/ftp/release/2003-26a.pdf
March 31, 2003 - Reports of
Condition and Income (Call Report) for First Quarter 2003 - The enclosed
materials pertain to the Reports of Condition and Income (Call Report) for
the March 31, 2003, report date. Please complete your first quarter Call
Report, review it for accuracy, and submit the report electronically as
soon as possible. www.fdic.gov/news/news/financial/2003/fil0323.html
March 31, 2003 - Personal Financial
Education - Resource materials on the web sites of the Federal Reserve
Banks www.federalreserveeducation.org/fined/
____________
March 28, 2003 - Telecommunications Service Priority (TSP) Program -
Attached is the Financial and Banking Information Infrastructure Committee
policy for the sponsorship of critical private sector entities' access to
the Telecommunication Service Priority Program administered by the
National Communications System. This document explains the
circumstances under which qualifying institutions may seek federal
sponsorship for the TSP Program.
Press release: www.occ.treas.gov/ftp/bulletin/2003-13.txt
Attachment: http://www.fbiic.gov/policies.htm
Attachment: http://www.occ.treas.gov/fr/fedregister/67fr72957.pdf
March 28, 2003 - Donald E. Powell, Chairman of the Federal Financial
Institutions Examination Council, announces the appointment of Tamara
Wiseman as Executive Secretary of the Council. Ms. Wiseman most recently
served as the Director for Educational Program Development for the Office
of the Comptroller of Currency. www.ffiec.gov/press/pr032803.htm
March 28, 2003 - The Federal Reserve Board on Friday issued revisions to
the official staff commentary that applies and interprets the requirements
of Regulation Z, which implements the Truth in Lending Act. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030328/default.htm
March 28, 2003 - The Federal Reserve Board on Friday released the minutes
of its discount rate meetings from January 6 to January 27, 2003. www.federalreserve.gov/boarddocs/press/monetary/2003/20030328/default.htm
March 28, 2003 - New Financial Education
Database Now Available Online - The Federal Reserve Bank of Chicago on
Friday announced the launch of an online resource for researchers,
educators, program directors, and others interested in advancing financial
education programs. www.chicagofed.org/newsandevents/pressreleases/2003/pr03282003.cfm
March 28, 2003 - The NCUA Board is amending its chartering and field of
membership manual to update chartering policies and streamline
documentation. These final amendments are in response to NCUA's more than
four years experience with existing chartering and field of membership
policies. www.ncua.gov/news/Proposed_regs/12cfrpart701-IRPS301.pdf
March 28, 2003 - Remarks by Vice Chairman John Reich Federal Deposit
Insurance Corporation at the Introduction of the Chinese-language Version
of Money Smart Chicago, Illinois March 28, 2003 www.fdic.gov/news/news/press/2003/pr2903.html
March 28, 2003 - The Federal Reserve Board on Friday announced the launch
of an online resource for researchers, educators, program directors, and
others interested in advancing financial education programs. The Financial
Education Research Center was developed by the Federal Reserve Bank of
Chicago to promote excellence in financial education by encouraging
research and disseminating information through its repository of research
studies and listing of major financial education programs throughout the
country. www.federalreserve.gov/boarddocs/press/other/2003/20030328/default.htm
March 27, 2003 - Prompt Corrective Action; Corporate Credit Unions; Credit
Union Service Organizations; Member Business Loans - NCUA is proposing to
amend its member business loan regulation by: changing certain
requirements for construction and development loan equity requirements,
personal guarantees by principals, and unsecured MBLs; revising and
clarifying provisions regarding MBL aggregate loan limits, loan-to-value
requirements, loans to credit unions and credit union service
organizations, experience requirements, and MBL documentation
requirements; and simplifying or removing confusing or unnecessary
provisions in the MBL regulation. www.ncua.gov/news/Proposed_regs/723proposed03-27-2003.pdf
March 27, 2003 - NCUA Board Actions Taken March 27, 2003 www.ncua.gov/news/board_reports/BAB03-0327.htm
March 27, 2003 - NCUA - NCUA Adopts Updated Chartering & Membership
Amendments - The NCUA Board today issued a comprehensive revision to
federal credit union chartering and field of membership rules that
standardizes what constitutes a local community after years of experience
reviewing charter applications; offers a new trade, industry and
profession option for single common bond credit unions; and makes other
improvements to the field of membership rules to ensure the federal
charter remains a viable, safe and sound option within the dual credit
union chartering system. www.ncua.gov/news/press_releases/2003/NR03-0327-2.htm
March 27, 2003 - NCUA- Board Issues Proposed Member Business Lending Rule
- The National Credit Union Administration Board issued a proposed rule
updating member business lending regulations for federally insured credit
unions at its monthly Board meeting today. The proposed rule, open for
public comment for a 60-day period, “is designed to increase access to
small business capital for credit union members consistent with the
authority granted by Congress through the Federal Credit Union Act,”
according to NCUA Chairman Dennis Dollar. www.ncua.gov/news/press_releases/2003/NR03-0327.htm
March 27, 2003 - The Office of
the Comptroller of the Currency has issued a Termination of the formal
agreement entered into with Direct Merchants Credit Card Bank, N.A.,
Scottsdale, Arizona dated April 16, 2002. The bank is now subject to an
Operating Agreement dated
March 18, 2003.
http://www.occ.treas.gov/ftp/eas/ea2003-18.pdf
March 27, 2003 - Decision of the
Office of the Comptroller of the Currency (OCC) on the HSBC Holdings plc
Notice of Change in Bank Control with respect to Household Bank (SB),
National Association, Las Vegas, Nevada, March 27, 2003. www.occ.treas.gov/interp/cd03-2.pdf
Attachment: www.occ.treas.gov/ftp/eas/ea2003-17.pdf
March 27, 2003 - The Federal Reserve Board on Thursday announced its
approval of the application of Bancolombia, S.A., Medellin, Colombia, to
establish an agency in Miami, Florida. www.federalreserve.gov/boarddocs/press/orders/2003/20030327/default.htm
March 27, 2003 - NCUA - Statement
of Dennis Dollar on the "Financial Services Regulatory Relief Act of
2003" H.R. 1375 Before the Subcommittee on Financial and Consumer
Credit U.S. House of Representatives. www.ncua.gov/news/speeches/2003/Dollar03-0327.htm
March 27, 2003 - OTS Urges Congress To Give Thrifts Equal Treatment Under
Federal Securities Laws - The Office of Thrift Supervision (OTS) today
asked Congress to eliminate disparate treatment between thrifts and banks
under two federal securities laws. www.ots.treas.gov/docs/77312.html
March 27, 2003 - Financial Services Regulatory Relief Act of 2003 - Testimony
of Governor Mark W. Olson Before the Subcommittee on Financial
Institutions and Consumer Credit of the Committee on Financial Services,
U.S. House of Representatives March 27, 2003 www.federalreserve.gov/boarddocs/testimony/2003/20030327/default.htm
March 27, 2003 - The Federal Reserve Board on Thursday announced the
execution of a Written Agreement by and among Fifth Third Bancorp,
Cincinnati, Ohio; the Fifth Third Bank, Cincinnati, Ohio; the Federal
Reserve Bank of Cleveland; and the State of Ohio Department of Commerce,
Division of Financial Institutions. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030327/default.htm
March 26, 2003 - New NCUA Measures will Strengthen the Protection of
Credit Unions from Brokered CD Fraud - The National Credit Union
Administration (NCUA) will implement new measures designed to strengthen
the agency's oversight and better implement credit union protections
against brokered CD fraud, according to NCUA Chairman Dennis Dollar. www.ncua.gov/news/press_releases/2003/NR03-0326.htm
March 26, 2003 - FDIC Makes Public February Enforcement Actions; No
Administrative Hearings Scheduled www.fdic.gov/news/news/press/2003/pr2803.html
March 26, 2003 - Remarks by Chairman Donald E. Powell Federal Deposit
Insurance Corporation "Depository Institutions in the Lead in
Building Assets in Emerging Markets" National Community Investment
Fund Annual Network Conference Washington, DC March 26, 2003 www.fdic.gov/news/news/press/2003/pr2703.html
March 26, 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
March 25, 2003 - Payment Systems
Quarterly Fedwire data through 2002: Q4 www.federalreserve.gov/paymentsystems/fedwire/quarterly.pdf
March 25, 2003 - NCUA - Statement
of NCUA Chairman Dennis Dollar on Credit Union Service to Soldiers and
Sailors Serving in Operation Iraqi Freedom
http://www.ncua.gov/news/press_releases/2003/Stmt03-0324.htm
March 25 2003 - NCUA Charters Credit Union for Cooperatives in Minnesota -
The National Credit Union Administration (NCUA) issued a charter today for
Northcountry Cooperative Federal Credit Union in Minneapolis, Minnesota.
Members of the Northcountry Cooperative Development Fund, an association
headquartered in Minneapolis and serving members of cooperative groups in
Minnesota, Wisconsin, Michigan, Iowa, Nebraska, Kansas, Indiana, Illinois,
Missouri, Ohio, North Dakota, South Dakota and Montana, will be eligible
to join the new credit union. www.ncua.gov/news/press_releases/2003/NR03-0324.htm
March 25, 2003 - Guidance on 314(a) Information Requests - This alert
transmits guidance issued by U.S. Treasury Department's Financial Crimes
Enforcement Network on March 21, 2003. FinCEN has received a number of
comments from financial institutions regarding the 314(a) system. The attachment provides financial institutions with
additional guidance. www.occ.treas.gov/ftp/alert/2003-6.txt
March 25, 2003 - A Perspective on
Inflation Targeting - Remarks by Governor Ben S. Bernanke At the
Annual Washington Policy Conference of the National Association of
Business Economists, Washington, D.C. http://www.federalreserve.gov/boarddocs/speeches/2003/20030325/default.htm
March 24, 2003 - Barbara J. Grunkemeyer Named Deputy Comptroller for
Credit Risk - The Office of the Comptroller of the Currency announced
today that Barbara J. Grunkemeyer has been named Deputy Comptroller for
Credit Risk. Ms. Grunkemeyer will serve as the Comptroller's principal
advisor on credit risk facing the national banking system and will report
to Wayne Rushton, Senior Deputy Comptroller and Chief National Bank
Examiner. www.occ.treas.gov/newsrelease.asp?Doc=5D8ALYKS.xml
March 24, 2003 - Comments on
Marvin Goodfriend's "Inflation Targeting in the United States?"
- Remarks by Governor
Donald L. Kohn At the National Bureau of Economic Research
Conference on Inflation Targeting, Bal Harbour, Florida January 25, 2003 www.federalreserve.gov/boarddocs/speeches/2003/20030324/default.htm
____________
March 21, 2003 - The Federal Reserve Board on Friday announced the
approval of the application of DEPFA BANK plc, Dublin, Ireland, to
establish an agency in New York, New York. www.federalreserve.gov/boarddocs/press/orders/2003/20030321/default.htm
March 21, 2003 - The Federal Reserve Board on Friday announced the
execution of a Written Agreement by and between Barnes Banking Company,
Kaysville, Utah, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030321/default.htm
March 21, 2003 - NCUA - Wireless
Technology - The purpose of this letter is to provide
important considerations for credit unions that are currently engaged in
or may be considering the use of wireless technology. www.ncua.gov/ref/letters/2003/03-CU-03.htm
March 21, 2003 - OCC Makes Applications Easier for National Banks - The
Office of the Comptroller of the Currency today announced a new national
bank service simplifying the corporate application process. National banks
using the new “e-Corp” system can now electronically complete and
submit branch and relocation applications to the OCC. www.occ.treas.gov/newsrelease.asp?Doc=NAJZZEU.xml
March 20, 2003 - OCC Announces Six New Enforcement Actions and Two
Terminations - The Office of the Comptroller of the Currency today
announced six new enforcement actions taken against national banks and
individuals currently and formerly affiliated with national banks and two
terminations of existing enforcement actions www.occ.treas.gov/newsrelease.asp?Doc=Q1UG9G7H.xml
March 20, 2003 - OCC Releases CRA Evaluations For 33 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 February 15, 2003 through March 14, 2003. www.occ.treas.gov/newsrelease.asp?Doc=6ILIQ6NZ.xml
March 20, 2003 - Minutes of the
Federal Open Market Committee January
28-29, 2003 - A meeting of the Federal Open Market Committee was
held in the offices of the Board of Governors of the Federal Reserve
System in Washington, D.C., on Tuesday, January 28, 2003, at 2:30 p.m. and
continued on Wednesday, January 29, 2003, at 9:00 a.m. www.federalreserve.gov/FOMC/MINUTES/20030129.htm
March 19, 2003 - The Federal Reserve Board on Wednesday announced its
approval of the applications under section 3 of the Bank Holding Company
Act, the Bank Merger Act, and section 9 of the Federal Reserve Act for
SouthTrust Corporation, Birmingham, Alabama, to merge with Founders
Bancshares, and thereby indirectly acquire its subsidiaries, including
Founders Bank, all in Dallas, Texas. www.federalreserve.gov/boarddocs/press/orders/2003/20030319/default.htm
March 19, 2003 - NCUA - FCU
Facilitating City Loan Program www.ncua.gov/ref/opinion_letters/2002/02-1217.htm
March 19, 2003 - OTS Proposes New Form for Collecting Risk Exposure Data -
As part of an on-going effort to comprehensively enhance its interest rate
risk modeling capabilities, the Office of Thrift Supervision is proposing
changes to the data collection method used to measure thrifts’
interest-rate risk exposure. The changes are intended to reduce the data
collection burden on institutions while improving the flexibility and
utility of the data collected for OTS. www.ots.treas.gov/docs/77311.html
March 19, 2003 - OTS Releases Guidance on Third Party Arrangements - The
Office of Thrift Supervision (OTS) today issued general guidance for
savings associations and examiners on outsourcing relationships. www.ots.treas.gov/docs/77310.html
March 19, 2003 - Fictitious Internet Offshore
Bank, Montserrat - The Financial Services Commission of Montserrat
has advised the Office of the Comptroller of the Currency that LionHeart
Bank and Trust Company Limited [http://www.lionheartbank.com]
is not registered in Montserrat. www.occ.treas.gov/ftp/alert/2003-5.txt
March 19, 2003 - FDIC Upgrades Banking Publications - The Federal
Deposit Insurance Corporation today revamped its suite of banking
publications to improve how the agency provides information, data and
analysis to bankers, examiners, policymakers and the public. www.fdic.gov/news/news/press/2003/pr2603.html
March 19, 2003 - Resolving Economic Uncertainties Key To 2003 Outlook For
U.S. Banking Industry - The economic environment for U.S. banks in
2003 will be shaped largely by progress made in resolving sources of
uncertainty that appear to be holding back recovery from the 2001
recession, according to a report in the Spring 2003 FDIC Outlook. www.fdic.gov/news/news/press/2003/pr2503.html
March 18, 2003 - Hampton Elected to St. Louis Fed's Louisville Branch
Board - The Board of Governors of the Federal Reserve System in
Washington, D.C., has appointed Maria Gerwing Hampton, president of The
Housing Partnership, Inc., to fulfill the unexpired portion of a
three-year term on the Louisville Branch board of the Federal Reserve Bank
of St. Louis. www.stlouisfed.org/news/releases/2003/03_17_03.html
March 18, 2003 - The Federal Open Market Committee decided today to keep
its target for the federal funds rate unchanged at 1-1/4 percent. www.federalreserve.gov/boarddocs/press/monetary/2003/20030318/default.htm
March 18, 2003 - NCUA - Regional Directors Actions Taken Under Delegation
of Authority
January: www.ncua.gov/Ref/delegated/Jan03DAR.pdf
February: www.ncua.gov/Ref/delegated/Feb03DAR.pdf
March 18, 2003 - New OCC Paper Examines History Of National Banking System
- And Discusses Current Issues In Bank Regulation - The paper discusses
the history of the Office of the Comptroller of the Currency and the
national banking system, as well as a number of current issues in bank
regulation, including privacy, national bank preemption and the USA
Patriot Act.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=19R4QOLG.xml
Attachment: www.occ.treas.gov/ftp/release/2003-21a.pdf
March 17, 2003 - NCUA - 3,650 Federal Credit Unions Meet RegFlex
Eligibility Requirements - As a result of the data from December 31,
2002 Call Reports and the most recent examination cycles, 3,650 federal
credit unions have been determined to be eligible for RegFlex, a National
Credit Union Administration designation created to reduce regulatory
burden on strongly-capitalized, well-managed federal credit unions. www.ncua.gov/news/press_releases/2003/NR03-0317.htm
March 17, 2003 - Monetary Policy Report to the Congress - The economy of
the United States has suffered a series of blows in the past few years,
including the fall in equity market values that began in 2000, cutbacks in
capital spending in 2001, the horrific terrorist attacks of September 11,
the emergence of disturbing evidence of corporate malfeasance, and an
escalation of geopolitical risks www.federalreserve.gov/Pubs/Bulletin/2003/03bulletin.htm
March 17, 2003 - Financial Holding
Companies - Under the Bank Holding Company Act, bank holding
companies may elect to be financial holding companies. Following is a list
of those companies whose elections to become or be treated as financial
holding companies are effective. www.federalreserve.gov/GeneralInfo/FHC/default.htm
March 17, 2003 - Agencies Issue Updated Policy Statement On Internal
Auditing - The federal banking and thrift regulatory agencies today
revised their guidance on the independence of accountants who provide
institutions with both external and internal audit services to reflect the
provisions of the Sarbanes-Oxley Act of 2002.
FRB Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2003/20030317/default.htm
FDIC Press Release: www.fdic.gov/news/news/press/2003/pr2403.html
FDIC Press Release: www.fdic.gov/news/news/financial/2003/fil0321.html
OTS Press Release: www.ots.treas.gov/docs/77309.html
OCC Press Release: www.occ.treas.gov/ftp/bulletin/2003-12a.txt
OCC Press Release: www.occ.treas.gov/ftp/release/2003-20.htm
OCC Attachment: www.occ.treas.gov/ftp/bulletin/2003-12.doc
OCC Attachment: www.occ.treas.gov/ftp/bulletin/2003-12a.pdf
March 17, 2003 - The Federal Reserve Board on Monday announced the
execution of a Written Agreement by and between Midstate Bancorp, Inc.,
Hinton, Oklahoma and the Federal Reserve Bank of Kansas City.
www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030317/default.htm
__________
March 14, 2003 - Joint Federal Reserve And Treasury Report Highlights
U.S. Efforts To Confront Global Counterfeiting - The Federal Reserve Board
and the Treasury Department today issued a joint report to Congress
stating that procedures to combat international counterfeiting of U.S.
currency are becoming more effective. www.federalreserve.gov/boarddocs/press/other/2003/20030314/default.htm
March 14, 2003 - The Federal Reserve Board on Friday announced its
approval of the application under section 3 of the Bank Holding Company
Act by The Wakashio Bank, Limited, Tokyo, Japan, to become a bank holding
company by merging with its affiliate, Sumitomo Mitsui Banking
Corporation, also in Tokyo, and by acquiring Manufacturers Bank, Los
Angeles, California. www.federalreserve.gov/boarddocs/press/orders/2003/200303142/default.htm
March 14, 2003 - The Federal Reserve Board on Friday announced its
approval of the applications and notices under sections 3 and 4 of the
Bank Holding Company Act by Forest Merger Corporation and FBR TRS
Holdings, Inc. to become bank holding companies by acquiring Friedman,
Billings, Ramsey Group, Inc. all in Arlington, Virginia, and thereby
acquiring FBR National Bank & Trust, Bethesda, Maryland. The proposal
represents a corporate reorganization of FBR Group. www.federalreserve.gov/boarddocs/press/orders/2003/20030314/default.htm
March 14, 2003 - NCUA - Dollar Addresses Potential PCA Ramifications Of
Credit Union Taxation In Utah Speech - NCUA Chairman Tells Utah Credit Union League That Any Nationwide Move
Toward Taxation of Credit Union Net Worth Would Require Major Changes In
PCA Law www.ncua.gov/news/press_releases/2003/NR03-0314.htm
March 14, 2003 - Industrial
Production And Capacity Utilization - Industrial production rose
0.1 percent in February. At 111.1 percent of the 1997 average, output was
1.7 percent above its level in February 2002. A decline of 0.1 percent in
manufacturing production was more than offset by gains at utilities and
mines. www.federalreserve.gov/Releases/G17/Current/default.htm
March 13, 2003 - Community Bank
Performance in the Twenty-first Century - Remarks by Governor Mark W.
Olson At the Conference on "Whither the Community Bank,"
Federal Reserve Bank of Chicago, Chicago, Illinois www.federalreserve.gov/boarddocs/speeches/2003/20030313/default.htm
March 13, 2003 - Remarks by John D. Hawke, Jr. Comptroller of the Currency
Before the Centre for the Study of Financial Innovation London, England
March 13, 2003 www.occ.treas.gov/newsrelease.asp?Doc=NQVKXUW1.xml
March 13, 2003 - Chairman Powell's Statement On Passage Of Deposit
Insurance Reform Legislation By House Financial Services Committee
www.fdic.gov/news/news/press/2003/pr2303.html
March 13, 2003 - Chairman Donald E. Powell Federal Deposit Insurance
Corporation Remarks To An FDIC Symposium On The Future Of Financial
Regulation: Structural Reform Or Status Quo? Washington, DC March 13, 2002
www.fdic.gov/news/news/press/2003/pr2203.html
March 13, 2003 - The Federal Reserve Board on Thursday announced the
issuance of an Order to Cease and Desist and of Prohibition against Terry
Frierson, a former chief executive officer, president, and
institution-affiliated party of MSB Shares, Inc., and the Midsouth Bank,
Jonesboro, Arkansas www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030313/default.htm
March 13, 2003 - The Federal Reserve Board Thursday announced the issuance
of a consent Order of Assessment of a Civil Money Penalty against First
Bank, Creve Coeur, Missouri, a state member bank. www.federalreserve.gov/boarddocs/press/Enforcement/2003/200303132/default.htm
March 12, 2003 - OCC Reports Derivatives Volume Grows $2.9 Trillion -
Derivatives held by U. S. commercial banks increased $2.9 trillion in the
fourth quarter, to $56.1 trillion, the Office of the Comptroller of the
Currency reported today in its quarterly Bank Derivatives Report.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=755QEXX.xml
Attachment: www.occ.treas.gov/ftp/deriv/dq402.pdf
March 11, 2003 - Unforeseen Shock to GSEs Could Bring Crisis To U.S.
Financial Markets: Says St. Louis Fed's Poole - Should Fannie Mae or
Freddie Mac be rocked by a mistake or unforecastable shock, the result,
without strong contingency arrangements, could be a crisis in U.S.
financial markets that would inflict considerable damage on the housing
industry and the U.S. economy. www.stlouisfed.org/news/releases/2003/03_10_03.html
March 11, 2003 - The January Chicago Fed Midwest Manufacturing Index data,
scheduled for release on March 11, has been rescheduled to be published on
April 10. www.chicagofed.org/newsandevents/pressreleases/2003/pr03102003.pdf
March 11, 2003 - A Markov Model of Bank Failure Estimated Using an
Information-Theoretic Approach
- This paper describes the authors' early-warning bank failure
model, which is designed specifically to capture the dynamic process
underlying the transition from financially sound to failure/closure. www.occ.treas.gov/ftp/workpaper/wp2003-1.pdf
March 11, 2003 - Final Rules Governing Availability of Information - The
U. S. Treasury Department's Office of Foreign Assets Control published a
final rule on February 11, 2003, concerning the disclosure of certain
civil penalties information.
Press Release: www.occ.treas.gov/ftp/bulletin/2003-10.txt
Attachment: http://www.occ.treas.gov/fr/fedregister/68fr6820.pdf
March 11, 2003 - Revisions to the Reports of Condition and Income (Call
Report) - The Federal Financial Institutions Examination Council has
approved a number of revisions to the Reports of Condition and Income The
FFIEC is providing this advance notification to assist you in planning for
these changes. www.ffiec.gov/pdf/ffiec_forms/ffiec_031_041_200303_fil.pdf
March 11, 2003 - On February 28, 2003, the Department of the Treasury's
Office of Foreign Assets Control amended its list of Specially Designated
Nationals and Blocked Persons by adding three entities to its list of
Specially Designated Global Terrorists
A detailed list of additional SDGTs is attached. www.fdic.gov/news/news/financial/2003/fil0319.html
March 11, 2003 - The Federal Reserve Board on Tuesday requested public
comment on a proposal to modify a condition in the Board's Regulation Y in
order 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/2003/20030311/default.htm
March 11, 2003 - The Federal Reserve Board today announced its approval of
the applications and notice under the Bank Holding Company Act by M&T
Bank Corporation, Buffalo, New York, to merge with Allfirst Financial
Inc., Baltimore, Maryland, and to indirectly acquire certain nonbanking
subsidiaries of Allfirst. In addition, the Board approved the application
under the Bank Merger Act by Manufacturers & Traders Trust Company,
also in Buffalo, to merge with Allfirst Bank, also in Baltimore. www.federalreserve.gov/boarddocs/press/orders/2003/20030311/default.htm
March 10, 2003 - NCUA - Matz Expresses Concern About Economy, Telling
State Regulators ‘We Must Work Together’ - National Credit Union
Administration Board Member Deborah Matz, addressing the 25th Annual
NCUA/National Association of State Credit Union Supervisors State
Regulatory Conference, reiterated her support for the dual chartering
system. www.ncua.gov/news/press_releases/2003/NR03-0310.htm
March 10, 2003 - Housing in the Macroeconomy - Unforeseen
Shocks to GSEs Could Bring Crisis to U.S. Financial Markets: Says St.
Louis Fed's Poole www.stlouisfed.org/news/speeches/2003/3_10_03.html
March 7, 2003 - The Federal Reserve Board on Friday announced the
termination of the enforcement actions listed below. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030307/default.htm
________
March 7, 2003 - The Federal Reserve Board on Friday announced the
termination of the enforcement actions. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030307/default.htm
March 7, 2003 - NCUA - National Credit Union Administration Issues
Prohibition Order Against Hawaii Credit Union Employees - The National
Credit Union Administration (NCUA) has issued Orders of Prohibition
against Janice Torricer, Theresa M. Corpuz and Ivy J. Sanchez, former
employees of HC&S Federal Credit Union (now Valley Isle Community
Federal Credit Union) of Kahului, Hawaii. www.ncua.gov/news/press_releases/2003/NR03-0307-2.htm
March 7, 2003 - Consumer Credit
- Total consumer credit inched up a revised 0.1 percent at an annual rate
in the fourth quarter of 2002. In
January, total consumer credit rose 9 percent at an annual rate, leaving
this series up 4 percent from a year earlier.
The January increase owes to gains in both revolving and
nonrevolving credit. www.federalreserve.gov/Releases/G19/current/default.htm
March 7, 2003 - Global Finance: Is
It Slowing? - Remarks by Chairman Alan Greenspan
At the Banque de France International Symposium on Monetary Policy,
Economic Cycle, and Financial Dynamics, Paris, France www.federalreserve.gov/boarddocs/speeches/2003/20030307/default.htm
March 6, 2003 - NCUA Seeks to Verify Member Accounts at D. Edward Wells
FCU, All Credit Union Services Continue The National Credit Union
Administration is in the process of verifying the accuracy of accounting
records at D. Edward Wells Federal Credit Union Yesterday, NCUA filed
court papers in the U.S. District Court in Springfield detailing its
reasons for placing the credit union into conservatorship. www.ncua.gov/news/press_releases/2003/NR03-0306.htm
March 6 2003 - FDIC To Hold Symposium On Regulatory Restructuring
- The Federal Deposit Insurance Corporation will sponsor a
symposium on the future of financial regulation on Thursday, March 13, at
the National Press Club in Washington, DC. The Honorable Michael G. Oxley
(R-OH), Chairman of the House Committee on Financial Services, will be the
first guest speaker in the morning. www.fdic.gov/news/news/press/2003/pr2103.html
March 5, 2003 - St. Louis Fed's Poole Cites Disadvantaged Workers'
Progress Over Last 25 Years - Labor market trends over the past 25 years
suggest two main findings, according to William Poole, president of the
Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2003/03_05_03.html
March 5, 2003 - NAFTA's Overall Effect on North America Has Been Positive:
St. Louis Fed Analysis - The North American Free Trade Agreement (NAFTA)
didn't produce the large "sucking sound" of jobs and factories
that some pundits predicted. In fact, between 1993 and 1997, trade exports
overall among the United States, Canada and Mexico increased, based on an
analysis by Howard J. Wall, an economist with the Federal Reserve Bank of
St. Louis. www.stlouisfed.org/news/releases/2003/03_04_03-b.htm
March 5, 2003 - The December 31, 2002 Uniform Bank Performance Report is
now available on line. 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/pr030503.htm
March 5, 2003 - Corporate Governance, Audits, And Reporting Requirements -
The FDIC is providing guidance to institutions about selected provisions
of the Sarbanes-Oxley Act, including the actions the FDIC encourages
institutions to take to ensure sound corporate governance. The guidance
also discusses the applicability of the auditor independence provisions of
the Act and the Securities and Exchange Commission's implementing
regulations to institutions with $500 million or more in total assets www.fdic.gov/news/news/financial/2003/fil0317.html
.
March 5, 2003 - FDIC Issues March 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
December 2002. www.fdic.gov/news/news/press/2003/pr2003.html
March 5, 2003 - FDIC Chairman Announces Corporate Governance
Initiatives - Federal Deposit Insurance Corporation (FDIC) Chairman Don
Powell today announced three corporate governance initiatives to assist
bankers and bank directors www.fdic.gov/news/news/press/2003/pr1803.html
March 5, 2003 - Chairman Donald E. Powell Federal Deposit Insurance
Corporation Remarks To The
Independent Community Bankers Of America Annual Conference Orlando,
Florida March 5, 2003 www.fdic.gov/news/news/press/2003/pr1903.html
March 5, 2003 - Summary of Commentary on Current Economic Conditions by
Federal Reserve District - Commonly known as the Beige
Book, this report is published eight times per year. Each Federal Reserve
Bank gathers anecdotal information on current economic conditions in its
District through reports from Bank and Branch directors and interviews
with key business contacts, economists, market experts, and other sources.
http://www.federalreserve.gov/fomc/beigebook/2003/20030305/default.htm
March 5, 2003 - The Federal Reserve Board on Wednesday announced it is
publishing a final rule amending Regulation B, which implements the Equal
Credit Opportunity Act. The Board approved the final rule at its meeting
on February 19, 2003. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030305/default.htm
March 5, 2003 - Business Checking Freedom Act of 2003, H.R. 758
and H.R. 859 - Testimony of
Governor Donald L. Kohn Before the Subcommittee on Financial
Institutions and Consumer Credit of the Committee on Financial Services,
U.S. House of Representatives www.federalreserve.gov/boarddocs/testimony/2003/20030305/default.htm
March 5, 2003 - The Federal Reserve Board on Wednesday announced the
issuance of a consent Order against Michael Sahlgren, an
institution-affiliated party of the First Western Bank, Cooper City,
Florida, a state member bank. www.federalreserve.gov/boarddocs/press/Enforcement/2003/200303053/default.htm
March 5, 2003 - The Federal Reserve Board on Wednesday announced the
issuance of a consent Order against James C. Agee, an
institution-affiliated party of the First Western Bank, Cooper City,
Florida, a state member bank. www.federalreserve.gov/boarddocs/press/Enforcement/2003/200303052/default.htm
March 5, 2003 - The Federal Reserve Board on Wednesday announced the
issuance of a consent Order against Dale and Betty Skrobot, both former
institution-affiliated parties of the First Western Bank, Cooper City,
Florida, a state member bank. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030305/default.htm
March 4, 2003 - Comptroller Hawke Calls for Study of Compliance Regulation
- And Development of Simpler and Less Burdensome Disclosures - Comptroller
of the Currency John D. Hawke, Jr. said today that consumers are
ill-served by the current system of compliance regulation and called for
“an independent, professional, well-funded research effort” to see if
a new approach could be found that would be more effective for consumers
and less burdensome for banks.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=PQKUZIRR.xml
Attachment: www.occ.treas.gov/ftp/release/2003-17a.pdf
March 4, 2003 - FDIC-Insured Institutions Earn A Record $105.4 Billion In
2002 - Commercial banks and
savings institutions insured by the Federal Deposit Insurance Corporation
earned a combined $105.4 billion during 2002, the first time annual
earnings of the industries topped $100 billion. www.fdic.gov/news/news/press/2003/pr1703.html
March 4 2003 - Remarks by Chairman
Alan Greenspan At the
annual convention of the Independent Community Bankers of America,
Orlando, Florida www.federalreserve.gov/boarddocs/speeches/2003/20030304/default.htm
March 3, 2003 - Proposals for
Comment - The following proposals were recently made available for
public comment. Comments may be submitted to the Federal Reserve via the
web using the links below www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
March 3, 2003 - The Federal Reserve Board on Monday published transition
rules in a proposed amendment to the official staff commentary that
applies and interprets the requirements of Regulation C (Home Mortgage
Disclosure Act). www.federalreserve.gov/boarddocs/press/bcreg/2003/20030303/default.htm
March 3, 2003 - OTS Announces 114 CRA Exams Scheduled For Second Quarter
2003 - The Office of Thrift Supervision
announced today that 114 savings associations are scheduled for
Community Reinvestment Act examinations during the second quarter of 2003.
www.ots.treas.gov/docs/77308.html
March 3, 2003 - Comptroller Hawke Highlights Importance of New Basel
Capital Accord But Says Important Issues Must be Resolved Before OCC Will
Issue Rules - Comptroller of the Currency John D. Hawke, Jr. said today
that the Basel Committee’s work on a new Capital Accord is an extremely
important endeavor that deserves strong support from the industry and bank
regulators.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=MVC9BYJJ.xml
Attachment: www.occ.treas.gov/ftp/release/2003-15a.pdf
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