Bank Regulatory News
May 2000

May 31, 2000 - OCC ANNOUNCES 23 NEW ENFORCEMENT ACTIONS
WASHINGTON, DC - The Office of the Comptroller of the Currency (OCC) today announced 23 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.

May 31, 2000 - Attached are 1990 U.S. Census and 2000 Department of Housing and Urban Development (HUD) estimated median family incomes for metropolitan statistical areas (MSA) and non-MSA portions of each state. The annual HUD data are used to determine borrower income levels in Community Reinvestment Act (CRA) performance evaluations.

May 31, 2000 - OCC Issues Third Quarter 2000 CRA Examination Schedule
WASHINGTON, D.C. - The Office of the Comptroller of the Currency (OCC) today released its projected schedule of Community Reinvestment Act (CRA) examinations to be conducted in the third quarter of 2000.  List

May 30, 2000 - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in April. One administrative hearing is scheduled for June.

May 30, 2000 - OCC Guidance Focuses on the Risks Of Using Computer-based Financial Models
WASHINGTON -- The Office of the Comptroller of the Currency issued guidance today stressing the importance of regularly validating the computer-based financial models that are used to help with decision-making on a range of important activities at banks.  Attachment

May 26, 2000 - Summary of Deposits Survey for June 30, 2000
The annual Summary of Deposits (SOD) survey and instructions for the period ending June 30, 2000, will be mailed on July 7 to institutions with more than a main office facility.

May 26, 2000 - The Office of Thrift Supervision (OTS) today announced the release of a list of savings associations scheduled for Community Reinvestment Act (CRA) examinations during the third quarter of 2000.

May 25, 2000 - The Federal Deposit Insurance Corporation (FDIC) is providing insured institutions with updated information about deposit insurance assessments. The information pertains to the semiannual assessment period beginning July 1, 2000, and subsequent assessment periods.

May 24, 2000 - Thirteen more states and the District of Columbia have signed information sharing agreements with the Office of Thrift Supervision (OTS), OTS announced today. The additions bring the total number of states signing the pact so far to 16, including the District.

May 25, 2000 - The Office of Thrift Supervision (OTS) reported today that it completed 17 enforcement actions during the months of March and April 2000.

May 24, 2000 - In the first quarter of 2000, the number of federally insured credit unions with assets over $50 million turned in solid, steady growth and saw delinquencies decline to perhaps the lowest level in history according to preliminary balance sheet and income statement data submitted. Since the same reporting period last year, the number of large credit unions grew from 1,454 to 1,506 institutions.

May 24, 2000 - Comptroller Hawke Outlines Program to Combat Predatory Lending  Attachment
WASHINGTON -- Comptroller of the Currency John D. Hawke Jr. told Congress today that the OCC will use the supervisory process to combat predatory and abusive lending at any national banks found to engage in such practices.

May 23, 2000 - The National Credit Union Administration Board announced today that it has issued prohibition orders against three former credit union officials.

May 23, 2000 - The Federal Reserve Board today requested additional comment on deposit deadlines and pricing practices for automated clearing house (ACH) transactions.  Comments are requested by July 25, 2000.

May 19, 2000 - Senior Loan Officer Opinion Survey on Bank Lending Practices
Senior Loan Officer Opinion Survey on Bank Lending Practices (BLPS) focused primarily on changes in the supply of, and demand for, bank loans to businesses and households over the past three months. Supplementary questions addressed the effect of conditions in the high-yield bond market on demand for C&I loans, changes in terms on residential real estate lending over the past two years, the distribution of loan-to-value ratios on home mortgage originations during the last three months, and loans to purchase and carry securities. Loan officers from fifty-seven large domestic banks and twenty-one U.S. branches and agencies of foreign banks participated in the survey. The responses indicate that banks became significantly more cautious lenders over the past three months.

May 19, 2000 - How do predatory lenders fund their operations? Are federally insured depository institutions involved? If so, what steps can and should be taken by responsible lenders, state and local governments, and federal regulators to protect consumers from abusive lending practices?

May 19, 2000 - On April 28, 2000, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision (the agencies) published in the Federal Register an update of "Interagency Questions and Answers Regarding Community Reinvestment" (2000 Interagency Questions and Answers), which is a comprehensive interpretation of the Community Reinvestment Act (CRA). The agencies consider the Interagency Questions and Answers to be the primary vehicle for disseminating guidance interpreting the CRA regulations. This update supersedes all previously published Interagency Questions and Answers.

May 19, 2000 - 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. The list includes only the top-tier holding company in each organization.

May 18, 2000 - The National Credit Union Administration has activated its disaster relief policy to assist credit unions and members in Los Alamos, New Mexico, where homes were destroyed by forest fires in the past week.

May 18, 2000 - The Federal Reserve Board today published proposed amendments to Regulation Z, Truth in Lending, revising the disclosure requirements for credit and charge card solicitations and applications.  Comment is requested by July 18, 2000.

May 18, 2000 - The Federal Reserve Board today announced the issuance of a consent Order against the Korea Exchange Bank, Seoul, Korea, its Los Angeles Agency, and its Chicago, Broadway, New York, and Seattle Branches. 

May 16, 2000 - Community bank and thrift earnings may be more vulnerable to rising interest rates than at any time in the past five years, according to a new report released today by the Federal Deposit Insurance Corporation.

May 16, 2000 - The Federal Open Market Committee voted today to raise its target for the federal funds rate by 50 basis points to 6-1/2 percent. In a related action, the Board of Governors approved a 50 basis point increase in the discount rate to 6 percent.

May 16, 2000 - OCC Issues Guidance on Threat of Intrusions to Bank Computer Systems
WASHINGTON -- The Office of the Comptroller of the Currency today issued updated guidance to national banks on how to prevent, detect and respond to intrusions into their computer systems. Today's guidance supplements an OCC bulletin on cyber- terrorism published last year and an alert on distributed denial of service attacks issued in February.

May 15, 2000 - OCC RELEASES CRA EVALUATIONS FOR 19 NATIONAL BANKS
WASHINGTON, DC -- The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of April 15 through May 14. The list contains only national banks and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to Improve, and substantial noncompliance.

May 15, 2000 - The Federal Deposit Insurance Corporation (FDIC) will join the Bank Administration Institute (BAI) for a second year to co-sponsor a conference on "Community Development Lending and CRA Strategies for Community Banks" from June 19-21, 2000, in Arlington, VA.

May 12, 2000 - OCC Encourages National Banks to Work with Customers Affected By Fires in New Mexico
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency (OCC) has outlined measures to assist national banks and their customers affected by fires in New Mexico. The OCC regulates national banks.

May 10, 2000 - The Federal Deposit Insurance Corporation (FDIC) today reported that the Bank Insurance Fund (BIF) had a comprehensive loss (net income plus unrealized loss on available-for-sale securities) of $198 million for calendar year 1999. At December 31, 1999, the fund balance was $29.4 billion, down from $29.6 billion at year-end 1998, primarily due to unanticipated losses recognized on 1999 bank failures. It was the first annual loss reported by the BIF since 1991. BIF revenues totaled $1.8 billion for the year, including $1.7 billion in interest on investments in U.S. Treasury obligations and $33 million in deposit insurance assessments.

May 10, 2000 - AGENCIES PROPOSE RULE ON DISCLOSURE AND REPORTING OF CRA-RELATED AGREEMENTS  FDIC  OCC
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Office of Thrift Supervision jointly announced today their request for comment on a proposed rule implementing section 711, CRA Sunshine Requirements, of the recently enacted Gramm-Leach-Bliley Act.

May 10, 2000 - AGENCIES APPROVE FINAL REGULATIONS FOR PRIVACY OF CONSUMER FINANCIAL INFORMATION  FDIC  OCC
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision today approved the issuance of final regulations implementing the provisions of the Gramm-Leach-Bliley Act governing the privacy of consumer financial information.

May 10, 2000 - OTS Releases March National CRA Ratings
The Office of Thrift Supervision (OTS) today issued savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in April 2000.

May 9, 2000 - U.S. Treasury Secretary Lawrence H. Summers and U.S. Treasurer Mary Ellen Withrow introduced today the redesigned $10 and $5 bills with improved safety features to curtail counterfeiting of U.S. currency.

May 9, 2000 - This guidance describes expedited review procedures for national banks to effect reverse stock splits.

May 8, 2000 - The Office of Thrift Supervision (OTS) has approved a federal thrift charter for Marsh & McLennan Companies, Inc. (MMC) to form an Internet-only thrift, @Bank, to be located in Framingham, Mass. It will be the eighth Internet bank chartered by OTS.

May 5, 2000 - The FDIC today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in February 2000.

May 4, 2000 - Electronic Commerce, Banking, and Payments - Remarks by Vice Chairman Roger W. Ferguson, Jr. At the 36th Annual Conference on Bank Structure and Competition, Chicago, Illinois

May 4, 2000 - The premiums banks pay for deposit insurance should better reflect the risks they pose, Federal Deposit Insurance Corporation Chairman Donna Tanoue said Thursday.

May 4, 2000 - Remarks by Chairman Alan Greenspan Banking evolution At the 36th Annual Conference on Bank Structure and Competition of the Federal Reserve Bank of Chicago, Chicago, Illinois

May 4, 2000 - OCC Announces New Community Development Resources for Bankers
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency (OCC)has published "Effective Strategies in Community Development Finance and a Community Development Resource Guide," featuring strategies that have helped selected national banks engage in community development (CD) finance, with an annotated compendium of approximately 145 resources providing information on community development programs and tools.

May 3, 2000 - The Federal Deposit Insurance Corporation (FDIC) has published its semiannual agenda of regulations in the Federal Register to inform the public of the Corporation's regulatory actions and encourage participation in the rulemaking process.

May 2, 2000 - OCC ANNOUNCES NINE NEW ENFORCEMENT ACTIONS
WASHINGTON, DC --The Office of the Comptroller of the Currency (OCC) today announced nine new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.

May 2, 2000 - System Bank Watch List Program
This letter implements procedures for assigning state member banks to a Watch List and subsequently monitoring their performance.

May 1, 2000 - The Federal Reserve Board today announced its approval of the notice of The Charles Schwab Corporation, San Francisco, California ("Schwab"), to become a bank holding company by acquiring U.S. Trust Corporation, New York, New York ("US Trust"), and its bank and nonbank subsidiaries, including United States Trust Company of New York, New York, New York.