Bank Regulatory News
May 2002
May 31, 2002 - FDIC Issues Third Quarter CRA Examination
Schedule - 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 third quarter of 2002. www.fdic.gov/news/news/press/2002/pr5902.html
May 31, 2002 - Assessment of Fees - The Office of the Comptroller of the
Currency published the attached final rule in the Federal Register on May
30. The rule is effective June 1.
Press Release: www.occ.treas.gov/ftp/bulletin/2002-24.txt
Attachment: www.occ.treas.gov/fr/fedregister/67fr37664.pdf
May 31, 2002 - Electricty Industry Leaders Discuss Future
Policy - As Midwest electricity policy
becomes a less regulated and more market-oriented system, it will require
coordinated development of a regional transmission structure by
policymakers, said attendees at a Chicago Fed conference highlighted in
the June special issue of the Chicago Fed Letter. According to
conference participants, developing oversight bodies to guide future
electricity policy is clearly a future challenge for policymakers. www.chicagofed.org/newsandevents/pressreleases/2002/pr05312002.cfm
May 31, 2002 - The Dual
Banking System and the Current Condition of the Banking Industry - Remarks
by Governor Mark W. Olson At the Annual Meeting and Conference of
the Conference of State Bank Supervisors, Salt Lake City,
Utah. www.federalreserve.gov/boarddocs/speeches/2002/20020531/default.htm
May 30, 2002 - The Federal Reserve Board on Thursday released a letter
from Chairman Alan Greenspan to Rep. John J. LaFalce confirming the
application to banks of the prohibition contained in section 5 of the
Federal Trade Commission Act against unfair or deceptive acts or
practices. www.federalreserve.gov/boarddocs/press/bcreg/2002/20020530/default.htm
May 30, 2002 - Guidance On Unfair Or Deceptive Acts Or Practices - The
Federal Trade Commission Act declares that unfair or deceptive trade
practices are illegal. This letter confirms that the Federal Deposit
Insurance Corporation intends to cite state nonmember banks and their
institution-affiliated parties for violations of FTC Act Section 5 and
will take appropriate action pursuant to its authority under Section 8 of
the Federal Deposit Insurance Act when unfair or deceptive trade practices
are discovered. www.fdic.gov/news/news/financial/2002/fil0257.html
May 30, 2002 - OCC Issues Third Quarter 2002 CRA Examination Schedule -
The Office of the Comptroller of the Currency (OCC) today released its
schedule of Community Reinvestment Act (CRA) examinations to be conducted
in the third quarter of 2002.
Press Release: www.occ.treas.gov/ftp/release/2002-46.txt
Attachment: www.occ.treas.gov/ftp/release/2002-46a.pdf
May 30, 2002 - The Federal Reserve Board today announced its approval of
the notice by JPMorgan Chase Bank, New York, New York, to establish a
branch at the Newport Center, 575 Washington Boulevard, Jersey City, New
Jersey. www.federalreserve.gov/boarddocs/press/orders/2002/20020530/default.htm
May 29, 2002 - Mississippi Housing Initiative Adopts FDIC "Money
Smart" Program - The Federal Deposit Insurance Corporation and
the Mississippi Housing Initiative today announced the adoption of the
FDIC's "Money Smart" financial education program to supplement
the current homeownership curriculum used by MHI's Mississippi Home Buyer
Education Center Program. www.fdic.gov/news/news/press/2002/pr5802.html
May 29, 2002 - Summary of Deposits Survey for June 30, 2002 - The
annual Summary of Deposits (SOD) survey and instructions for the period
ending June 30, 2002, will be mailed on July 8 to institutions with more
than a main office facility www.fdic.gov/news/news/financial/2002/fil0256.html
May 29, 2002 - Electronic Banking - The OCC has issued a final rule
governing national banks' ability to conduct business using electronic
technologies.
Press Release: www.occ.treas.gov/ftp/bulletin/2002-23.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2002-23a.pdf
May 29, 2002 - OTS Reports Record Quarterly Earnings, Profitability for
Thrift Industry - The Office of Thrift Supervision today reported record
thrift industry quarterly earnings of $3 billion for the first quarter of
2002. “This marks the sixth consecutive quarter of earnings growth and
the fourth consecutive quarter of record earnings,” said OTS Director
James E. Gilleran. www.ots.treas.gov/docs/77227.html
May 28, 2002 - NCUA - Letter to
Federal Credit Unions 02-FCU-09 -- Risk-Focused Examination Program
www.ncua.gov/ref/letters/02-FCU-09.html
______________
May 24, 2002 - Covenants in Securitization Documents
Linked to Supervisory Actions or Thresholds - Recent examination reviews
of documentation governing securitization transactions have uncovered
covenants that use adverse supervisory actions or the breach of
supervisory thresholds as triggers for early amortization events or the
transfer of servicing. www.federalreserve.gov/boarddocs/srletters/2002/sr0214.htm
May 24, 2002 - Implicit Recourse Provided to Asset Securitizations - Over
the last several months, the Federal Reserve, Office of the Comptroller of
the Currency, Federal Deposit Insurance Corporation, and Office of Thrift
Supervision have become aware of a number of instances in which a banking
organization provided credit support beyond its contractual obligation to
one or more of its securitizations. www.federalreserve.gov/boarddocs/srletters/2002/sr0215.htm
May 24, 2002 - Questions and Answers on the Capital Treatment of Recourse,
Direct Credit Substitutes, and Residual Interests in Asset Securitizations
- On November 29, 2001, the Federal Reserve and the other federal banking
agencies published a final rule on the Capital Treatment of Recourse,
Direct Credit Substitutes, and Residual Interests in Asset Securitizations.
Since the rule became effective on January 1, 2002, the industry
has raised several questions with regard to the appropriate application of
certain aspects of the rule.
Federal Reserve: www.federalreserve.gov/boarddocs/srletters/2002/sr0216.htm
FDIC: http://www.fdic.gov/news/news/financial/2002/fil0254.html
May 24, 2002 - International Comparisons of Productivity Growth: The Role
of Information Technology and Regulatory Practices - While information
technologies (IT) are credited with the recent acceleration in
productivity in the United States, many other industrial countries have
not experienced a pickup in productivity growth. www.federalreserve.gov/pubs/ifdp/2002/727/default.htm
May 24, 2002 - Consent Order - The Comptroller of the Currency of the
United States of America (“Comptroller”), through his National Bank
Examiners, is examining First Consumers National Bank, Beaverton, Oregon (the“Bank”),
and his preliminary findings have been communicated to the Bank. www.occ.treas.gov/ftp/eas/ea2002-40.pdf
May 23, 2002 Interagency Guidance on Implicit Recourse in Asset
Securitizations - The Federal Deposit Insurance Corporation, 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 issued
the attached "Interagency Guidance on Implicit Recourse in Asset
Securitizations." Implicit recourse exists when a bank supports a
securitization above and beyond its contractual obligations.
FDIC Press Release: www.fdic.gov/news/news/financial/2002/fil0252.html
OCC Press Release: www.occ.treas.gov/ftp/bulletin/2002-20.txt
OCC Attachment: www.occ.treas.gov/ftp/bulletin/2002-20a.pdf
May 23, 2002 - Interagency Advisory on the Unsafe and Unsound Use of
Covenants Tied to Supervisory Actions in Securitization Documents - The
Federal Deposit Insurance Corporation, the Office of the Comptroller of
the Currency, the Board of Governors of the Federal Reserve System, and
the Office of Thrift Supervision have jointly issued the attached
"Interagency Advisory on the Unsafe and Unsound Use of Covenants Tied
to Supervisory Actions in Securitization Documents." This advisory
alerts both bankers and examiners to the safety and soundness implications
of covenants associated with supervisory actions in securitization
documents.
FDIC Press Release: www.fdic.gov/news/news/financial/2002/fil0253.html
OCC Press Release: www.occ.treas.gov/ftp/bulletin/2002-21.txt
OCC Attachment: www.occ.treas.gov/ftp/bulletin/2002-21a.pdf
May 23, 2002 - OCC Cautions National Banks on "Yield Chasing" -
The OCC issued guidance today alerting national banks to the potential
risk to future earnings and capital that arises when banks engage in
"yield chasing" - taking on higher levels of credit, interest
rate and liquidity risk to boost returns on their investment
portfolios. www.occ.treas.gov/ftp/release/2002-45.txt
May 23, 2002 - Unsafe and Unsound Investment Portfolio Practices - This
bulletin alerts banks to the potential risk to future earnings and capital
from poor investment decisions made at the current low level of interest
rates. www.occ.treas.gov/ftp/bulletin/2002-19.txt
May 23, 2002 - Capital Treatment of Recourse, Direct Credit Substitutes,
and Residual Interests in Asset Securitizations - The Office of the
Comptroller of the Currency, the Federal Deposit Insurance Corporation,
the Federal Reserve Board, and the Office of Thrift Supervision published
a final rule on the Capital Treatment of Recourse, Direct Credit
Substitutes and Residual Interests in Asset Securitizations in November of
2001.
Press Release: www.occ.treas.gov/ftp/bulletin/2002-22.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2002-22a.pdf
May 23, 2002 - NCUA Chairman Hosts Roundtable Discussion With National
Hispanic Faith-Based Leaders Regarding Credit Union Development
Opportunities www.ncua.gov/news/press_releases/nr051702.html
May 23, 2002 – NCUA - First quarter 2002 data indicates strong growth -
The number and size of federally insured credit unions with assets over
$50 million increased significantly during the past year. www.ncua.gov/news/press_releases/nr052302.html
May 22, 2002 - The European Union's Financial Services Action Plan - Testimony
of Mark W. Olson - Before the Committee on Financial Services, U.S.
House of Representatives www.federalreserve.gov/boarddocs/testimony/2002/20020522/default.htm
May 22, 2002 - FDIC Publishes Semiannual Agenda Of Regulations - The
Federal Deposit Insurance Corporation 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. www.fdic.gov/news/news/press/2002/pr5602.html
May 22, 2002 - Chairman
Powell's Statement On Passage Of Deposit Insurance Reform Legislation By
House Of Representatives www.fdic.gov/news/news/press/2002/pr5702.html
May 22, 2002 - Entities That May Be Conducting Banking Operations in
Canada or the United States Without Authorization - The Federal Bureau
of Investigation (FBI) has asked the Federal Deposit Insurance Corporation
(FDIC) to alert all FDIC-supervised banks to the theft of equipment and
supplies used to produce driver's licenses and identification cards.
www.fdic.gov/news/news/financial/2002/fil0249.html
May 22, 2002 - Counterfeit Cashier's Checks - The Federal Deposit
Insurance Corporation (FDIC) has learned that counterfeit cashier's checks
drawn on Yukon National Bank, Yukon, Oklahoma, are in circulation. www.fdic.gov/news/news/financial/2002/fil0250.html
May 22, 2002 - Specially Designated Nationals and Blocked Persons - On
May 15, 2002, the Department of the Treasury's Office of Foreign Assets
Control (OFAC) amended its list of Specially Designated Nationals and
Blocked Persons by adding updated "a.k.a" information to the
list of Specially Designated Global Terrorists. www.fdic.gov/news/news/financial/2002/fil0251.html
May 22, 2002 - Income Level, Median Family Income - Attached are 1990 U.S.
Census and 2002 Department of Housing and Urban Development (HUD)
estimated median family incomes for metropolitan statistical areas (MSA)
and non-MSA portions of each state Press
Release: www.occ.treas.gov/ftp/bulletin/2002-18.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2002-18a.pdf
May 21, 2002 - The Federal Reserve Board announced today the approval of
the application of Banca Comerciala Romana S.A., Bucharest, Romania, to
establish a representative office in New York, New York. www.federalreserve.gov/boarddocs/press/orders/2002/20020521/default.htm
May 21, 2002 - A Look at the
Banking Industry in 2002 - Remarks
by Governor Mark W. Olson At the 107th Annual Convention of the
Maryland Bankers Association, Palm Beach, Florida www.federalreserve.gov/boarddocs/speeches/2002/20020521/default.htm
May 21, 2002 - Community and
Regional Banks: Increasing Complexity and Risk-Management Needs - Remarks
by Vice Chairman Roger W. Ferguson, Jr. At the 106th Annual
Convention of the North Carolina Bankers Association, White Sulphur
Springs, West Virginia.
www.federalreserve.gov/boarddocs/speeches/2002/200205212/default.htm
May 20, 2002 - The Federal Reserve Board on Monday alerted financial
institutions and the public to the continued proliferation of fraudulent
schemes involving financial instruments.
www.federalreserve.gov/boarddocs/press/bcreg/2002/20020520/default.htm
www.federalreserve.gov/boarddocs/SRLETTERS/2002/sr0213.htm
May 20, 2002 - FDIC Lines Up Policy Leaders For June 4 Symposium On
Enhancing Financial Transparency - Lawrence B. Lindsey, Assistant
to the President for Economic Policy; Sen. Jon Corzine, (D.-N.J.); Rep.
Michael Oxley (R-OH), Chairman of the House Financial Services Committee;
and Paul A. Volcker, former Chairman of the Federal Reserve Board, will
share their perspectives on financial transparency at a one-day program
sponsored by the Federal Deposit Insurance Corporation (FDIC) in
Washington, D.C., on June 4, 2002 www.fdic.gov/news/news/press/2002/pr5402.html
.
May 20, 2002 - FDIC And White House Office Sign Agreement Promoting
Financial Education In U.S. Asian Communities - The Federal Deposit
Insurance Corporation (FDIC) and the Office of the White House Initiative
on Asian Americans and Pacific Islanders (AAPI) announced today a
partnership to promote financial education in Asian communities across
America. www.fdic.gov/news/news/press/2002/pr5502.html
May 20, 2002 - The Federal Reserve Board on Friday released the minutes of
its discount rate meetings from February 4, 2002, to March 18, 2002
www.federalreserve.gov/boarddocs/press/monetary/2002/20020520/default.htm
__________________
May 17, 2002 - The Board of Governors on Friday requested
public comment on a proposal to revise the Federal Reserve's discount
window programs, which provide credit to help depository institutions meet
temporary liquidity needs.
www.federalreserve.gov/boarddocs/press/bcreg/2002/20020517/default.htm
May 17, 2002 - Financing Options
for Small Business - Remarks
by Governor Mark W. Olson At the Small Business Development
Conference, Cleveland, Ohio
www.federalreserve.gov/boarddocs/speeches/2002/20020517/default.htm
May 17, 2002 - Interagency
Advisory on the Regulatory Capital Treatment of Accrued Interest
Receivable Related to Credit Card Securitizations - The
Federal Deposit Insurance Corporation, the Office of the Comptroller of
the Currency, the Board of Governors of the Federal Reserve System, and
the Office of Thrift Supervision are issuing the attached interagency
advisory to clarify the appropriate risk-based capital treatment for
banking organizations that securitize credit card receivables and record
an on-balance sheet asset commonly referred to as Accrued Interest
Receivable
FDIC Press Release: www.fdic.gov/news/news/financial/2002/fil0248.html
OCC Press Release: www.occ.treas.gov/ftp/bulletin/2002-17.txt
OCC Attachment: www.occ.treas.gov/ftp/bulletin/2002-17a.txt
May 17, 2002 - Financial Action Task Force Guidance for Financial
Institutions in Detecting Terrorist Financing - This advisory letter
transmits the Financial Action Task Force's (FATF) "Guidance for
Financial Institutions in Detecting Terrorist Financing," dated April
24, 2002. www.occ.treas.gov/ftp/advisory/2002-4.txt
FATF web site http://www1.oecd.org/fatf/
May 16, 2002 - OCC Issues Final Rule on Electronic Banking - The Office of
the Comptroller of the Currency published a final rule today that will
facilitate the use of electronic technologies by national banks,
consistent with safety and soundness.
Attachment: www.occ.treas.gov/ftp/release/2002-44.txt
Attachment: www.occ.treas.gov/ftp/release/2002-44a.pdf
May 16, 2002 - The Federal Reserve Board on Thursday announced the
issuance of an Order of Prohibition against Edward DeRosa, a former
employee and institution-affiliated party of Rabobank Nederland, New York,
New York.
www.federalreserve.gov/boarddocs/press/Enforcement/2002/200205162/default.htm
May 16, 2002 - The Federal Reserve Board, the Maryland Commissioner of
Financial Regulation, and the Central Bank of Ireland today jointly
announced the execution of a Written Agreement by and among Allied Irish
Banks, p.l.c., Dublin, Ireland, Allfirst Financial Inc., Baltimore,
Maryland, and Allfirst Bank, Baltimore, Maryland.
www.federalreserve.gov/boarddocs/press/Enforcement/2002/20020516/default.htm
May 16, 2002 - NCUA - Regional
Director’s Actions Taken Under Delegation of Authority www.ncua.gov/ref/delegated/del0402.pdf
May 16, 2002 - NCUA - A Summary Of Actions Taken By The NCUA Board
May 16, 2002 - The NCUA Board issued proposed revisions to improve and
simplify the prompt corrective action rule, Part 702, which provides a
tiered system of minimum capital standards for federally insured credit
unions and corresponding remedies to restore net worth. www.ncua.gov/news/board_reports/BAB051602.html
May 16, 2002 - NCUA - Prompt Corrective Action - In 2000, the National
Credit Union Administration (NCUA) adopted a comprehensive system of
prompt corrective action consisting of minimum capital standards for
federally-insured credit unions and corresponding remedies for restoring
net worth.
http://www.ncua.gov/news/proposed_regs/12CFRPart702,741,747-proposed.pdf
May 15, 2002 - Additional Information About Fraudulent Bonus Checks For
Non-Existent Jobs - This is to inform you that the FDIC has received
responses to that announcement indicating that more individuals and banks
are being victimized by the same scheme, and that checks appearing to be
drawn on at least one other bank also are being used. www.fdic.gov/news/news/financial/2002/fil0247.html
May 15, 2002 - OCC Releases CRA Evaluations For 25 National Banks - 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, 2002.
Press Release: http://www.occ.treas.gov/ftp/release/2002-41.txt
Attachment: http://www.occ.treas.gov/cra/may02.htm
May 15, 2002 - OCC Announces 15 New Enforcement Actions and 1 Termination
- The Office of the Comptroller of the Currency today announced 15 new
enforcement actions taken against national banks and individuals currently
and formerly affiliated with national banks and 1 termination of an
existing enforcement action.
Press Release: www.occ.treas.gov/ftp/release/2002-42.txt
May 15, 2002 - OCC Issues Risk Management Guidance for Banks that Use
Foreign-Based Third-Party Service Providers - The Office of the
Comptroller of the Currency today issued guidance to national banks that
use third-party service providers based in foreign countries.
Press Release: www.occ.treas.gov/ftp/release/2002-43.txt
May 15, 2002 - Risk Management Guidance - This bulletin provides guidance
to national banks on managing the risks that may arise from their
outsourcing relationships with foreign-based third-party service
providers.
Press Release: www.occ.treas.gov/ftp/bulletin/2002-16.txt
May 15, 2002 - NCUA Board Releases Strategic Plan 2003-2008 As the Agency
Plans for the Future - The National Credit Union Administration Board
today released the agency’s Strategic Plan 2003-2008 Initial Draft for
public comment, according to NCUA Chairman Dennis Dollar. www.ncua.gov/news/press_releases/nr051502.html
May 15, 2002 - A Guide to Choosing
Absolute Bank Capital Requirements - Resampling implementation of a
stress-scenario approach to estimating portfolio default loss
distributions is proposed as the basis for estimates of the appropriate
absolute level of economic capital allocations for portfolio credit risk.
www.federalreserve.gov/pubs/ifdp/2002/726/default.htm
May 14, 2002 - Specially Designated Nationals and Blocked Persons - On
May 3, 2002, Treasury's Office of Foreign Assets Control (OFAC) amended
its list of Specially Designated Nationals and Blocked Persons by adding
nine names of Specially Designated Global Terrorists. Assets belonging to
these individuals and entities must be blocked immediately. www.fdic.gov/news/news/financial/2002/fil0246.html
May 13, 2002 - NCUA - Member Accounts Insured as Credit Union Closes - The
National Credit Union Administration (NCUA) announced that the agency
placed First Hialeah Community Federal Credit Union of Hialeah, Fla. into
liquidation on May 10, and transferred its member accounts to Government
Employees Credit Union of Florida.
www.ncua.gov/news/press_releases/nr051302.html
May 13, 2002 - 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
__________________
May 10, 2002 - The Federal Reserve Board on Friday
announced the issuance of a Cease and Desist Order against the Bank of the
Orient, San Francisco, California.
www.federalreserve.gov/boarddocs/press/Enforcement/2002/200205102/default.htm
May 10, 2002 - The Federal Reserve Board on Friday announced the issuance
of a Cease and Desist Order against Pedro Cabrera, a former employee of
Banco Mercantil, C.A., S.A.C.A., New York Agency, New York, New York.
www.federalreserve.gov/boarddocs/press/Enforcement/2002/20020510/default.htm
May 10, 2002 - Cyclicality and
Banking Regulation - Remarks
by Chairman Alan Greenspan At the Conference on Bank Structure and
Competition, Federal Reserve Bank of Chicago, Chicago, Illinois
www.federalreserve.gov/boarddocs/speeches/2002/20020510/
May 10, 2002 - Senior Loan Officer
Opinion Survey on Bank Lending Practices - The April 2002 Senior
Loan Officer Opinion Survey on Bank Lending Practices focused on changes
in the supply of and demand for bank loans to businesses and households
over the past three months.
www.federalreserve.gov/BoardDocs/SnLoanSurvey/200205/default.htm
May 9, 2002 - Federal Reserve and SEC Publish White Paper on Potential
Structural Change in the Settlement of Government Securities - The Federal
Reserve Board and Securities and Exchange Commission today announced
release of a "white paper" discussing possible structural
changes in the settlement of government securities and requested public
comment on it.
www.federalreserve.gov/boarddocs/press/other/2002/20020509/default.htm
May 9, 2002 - Mail processed in a secure facility outside the Federal
Reserve Board buildings has tested positive for traces of anthrax DNA
www.federalreserve.gov/boarddocs/press/other/2002/200205092/default.htm
May 9, 2002 - Implications of 9/11
for the Financial Services Sector - Remarks by Vice Chairman Roger W. Ferguson, Jr. At the Conference
on Bank Structure and Competition, Chicago, Illinois
www.federalreserve.gov/BoardDocs/Speeches/2002/20020509/default.htm
May 9, 2002 - Minutes of the
Federal Open Market Committee March
19, 2002 - 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,
March 19, 2002, at 9:00 a.m.
www.federalreserve.gov/fomc/minutes/20020319.htm
May 9, 2002 - Comptroller Welcomes Growing Consensus that Fee
Disparity Problem Must Be Fixed - Basic flaws in the allocation of bank
supervision costs are a threat to the independence of bank supervisors and
to the dual banking system, Comptroller of the Currency John D. Hawke Jr.
said today.
Press Release: www.occ.treas.gov/ftp/release/2002-40.txt
Attachment: www.occ.treas.gov/ftp/release/2002-40a.txt
May 9, 2002 - OTS Adjusts Capital Requirements For 1-4 Family Mortgages -
The Office of Thrift Supervision announced today that it is adjusting its
capital requirements to bring them in line with the other federal banking
agencies. Under a final rule that will be published in tomorrow’s
Federal Register, a one- to four-family residential first mortgage loan
will qualify for 50 percent risk weight capital treatment if the loan is
underwritten in accordance with prudent underwriting standards, including
standards in the Interagency Guidelines for Real Estate Lending.
www.ots.treas.gov/docs/77226.html
May 9, 2002 - NCUA - Predatory Lending - The NCUA Board supports ongoing
efforts regarding the issue of predatory lending practices. Credit
unions are generally recognized to be a part of the solution and not a
part of the problem of predatory lending.
www.ncua.gov/news/legislation/107-PredatoryLending.htm
May 8, 2002 - First Quarter Net Income Rises Sharply, Sets Record At 25
Largest Banking Companies - Amid signs of resurgence in the U.S.
economy, earnings at the 25 largest banking companies grew significantly
in the first quarter of 2002 - up $4.8 billion from the fourth quarter of
2001. Net income for the first quarter totaled $16.2 billion, surpassing
the $15.8 billion mark set in the first quarter of 2000, according to a
report released today by the Federal Deposit Insurance Corporation.
www.fdic.gov/news/news/press/2002/pr5202.html
May 8, 2002 - FDIC Enters Into Removal And Prohibition Order And Civil
Money Penalty Against An Illinois Banker - The Federal Deposit
Insurance Corporation (FDIC) has issued a removal and prohibition order
and imposed a civil money penalty of $25,000 against John C. Bollman,
formerly of the Lena State Bank, Lena, Illinois. Mr. Bollman was the
former President and Chairman of the Board of the bank.
www.fdic.gov/news/news/press/2002/pr5302.html
May 8, 2002 - Entities That May Be Conducting Banking Operations in
Canada or the United States Without Authorization - The Office of the
Superintendent of Financial Institutions (OSFI) of Canada has published
the attached issues of its "Warning Notice" (Issues No. 23, 24
and 25), which contain the names of entities recently brought to OSFI's
attention through inquiries or complaints.
www.fdic.gov/news/news/financial/2002/fil0244.html
May 8, 2002 - Timothy W. Long Appointed Senior Deputy Comptroller for
Mid-Size/Community Bank Supervision - Comptroller of the Currency John D.
Hawke, Jr. today announced the appointment of Timothy W. Long as the
agency's new Senior Deputy Comptroller for Mid-Size/Community Bank
Supervision.
www.occ.treas.gov/ftp/release/2002-39.txt
May 8, 2002 - WARNING - Circulation of Fictitious Bank Correspondence and
Bank Forms - Some of your customers may be the unwitting subjects of
another recently discovered fraud scheme that uses fictitious bank forms
and fraudulent bank correspondence. Attached are samples of fictitious
documents (addressed to a bank customer) that purport to be from the fraud
control department of the customer's bank.
www.occ.treas.gov/ftp/alert/2002-6.txt
Attachment: www.occ.treas.gov/ftp/alert/2002-6a.pdf
Attachment: www.occ.treas.gov/ftp/alert/2002-6b.pdf
Attachment: www.occ.treas.gov/ftp/alert/2002-6c.pdf
May 7, 2002 - FDIC Reports Year-End 2001 And First Quarter 2002 Financial
Results For Its Insurance Funds - The Federal Deposit Insurance
Corporation (FDIC) today announced that the Bank Insurance Fund (BIF)
reported a comprehensive loss (net loss plus current period unrealized
gains/losses on available-for-sale securities) of $536 million for 2001,
compared to income of $1.6 billion for the same period last year.
www.fdic.gov/news/news/press/2002/pr5102.html
May 7, 2002 - Homeownership Counseling Notification Requirements - The
Federal Deposit Insurance Corporation (FDIC) is advising you that the
VA/FHA Appropriations Act, signed into law on November 26, 2001,
reinstates a requirement for creditors to notify delinquent mortgage
borrowers of the availability of homeownership counseling.
www.fdic.gov/news/news/financial/2002/fil0243.html
May 7, 2002 - Stolen Blank Birth and Death Certificate Forms - On April 9,
the City and County of Denver Vital Records Office was robbed of over
2,300 sheets of preprinted security paper that can be used to create birth
and death certificates. In
addition, the electronic seal machine that produces an embossed seal of
the City and County of Denver was stolen.
www.occ.treas.gov/ftp/alert/2002-5.txt
May 7, 2002 - NCUA - 2001 YearEnd Statistics for Federally Insured Credit
Unions is available
http://www.ncua.gov/org/orgchart/ocud/statements.html
May 7, 2002 - The Federal Open Market Committee decided today to keep its
target for the federal funds rate unchanged at 1 3/4 percent.
www.federalreserve.gov/boarddocs/press/monetary/2002/20020507/default.htm
May 6, 2002 - FDIC Issues May 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 February 2002.
www.fdic.gov/news/news/press/2002/pr5002.html
May 2, 2002 - Local Executives Named To Federal Reserve Bank Of Kansas
City's Advisory Council - The Federal Reserve Bank of Kansas City has
named three new members to its Tenth District Economic Advisory Council.
www.kc.frb.org/pubaffrs/pressrel/pr02-09.htm
_________________
May 3, 2002 - Remarks
by Chairman Alan Greenspan - At the 2002 Financial Markets Conference of
the Federal Reserve Bank of Atlanta, Sea Island, Georgia - Stock Options and Related Matters
www.federalreserve.gov/boarddocs/speeches/2002/20020503/
May 3, 2002 - NCUA - Matz Urges Credit Unions to Look to the Future -
National Credit Union Administration Board Member Deborah Matz urged the
Government Affairs Conference of the Michigan Credit Union League today to
be prepared. Meeting with the Michigan League is part of Matz’
national tour to familiarize herself with the needs of credit unions and
learn how NCUA can further serve in the credit union spirit of people
helping people.
www.ncua.gov/news/press_releases/nr050102-2.html
May 2, 2002 - The Federal Reserve Board on Thursday approved a final rule
that postpones the effective date of the recent amendments to Regulation C
(Home Mortgage Disclosure Act) from January 1, 2003, to January 1, 2004
www.federalreserve.gov/boarddocs/press/BoardActs/2002/20020502/
May 2, 2002 - Remarks by Governor Edward
M. Gramlich - At the Financial Literacy Teacher Training Workshop,
University of Illinois at Chicago, Chicago, Illinois
www.federalreserve.gov/boarddocs/speeches/2002/20020502/
May 2, 2002 - Risks In Banks' Underwriting Practices, Loan Portfolios And
Loan Administration Continue To Increase Slightly, FDIC Report Says - FDIC
examiners continue to report slight increases in risks in FDIC-supervised
banks' underwriting practices, loan portfolios and in the way loans are
administered, according to the agency's latest Report on Underwriting Practices,
which covers the six months ending March 31, 2002.
www.fdic.gov/news/news/press/2002/pr4902.html
May 2, 2002 - Stolen Birth Certificate and Death Certificate Forms - The
Federal Bureau of Investigation has asked the Federal Deposit Insurance
Corporation to alert all FDIC-supervised banks to the theft of official
documents from the Denver County (Colorado) Vital Statistics Office on
April 9, 2002.
www.fdic.gov/news/news/financial/2002/fil0241.html
May 2, 2002 - Counterfeit Cashier's
Checks - The Federal Deposit
Insurance Corporation has learned that counterfeit cashier's checks drawn
on the Foster Bank, Chicago, Illinois, are in circulation.
www.fdic.gov/news/news/financial/2002/fil0242.html
May 2, 2002 - NCUA - Matz Shares
Her Message With Small Credit Unions - Board Member Deborah Matz shared her vision of the important role small
credit unions play in the financial community with participants of an NCUA
Region II small credit union workshop held today in Alexandria, Va.
www.ncua.gov/news/press_releases/adv042702.html
May 2, 2002 - NCUA - Member Funds
Insured as Credit Union Closes - Unified Singers Federal Credit Union
Liquidated
www.ncua.gov/news/press_releases/nr050102.html
May 2, 2002 - NCUA - Guidelines For Ensuring The Quality Of Disseminated
Information - NCUA is soliciting comments on proposed guidelines for
ensuring the quality of disseminated information
www.ncua.gov/news/proposed_regs/proposed-guidelines29april02.html
May 1, 2002 - Draft Guidelines for Ensuring and Maximizing the Quality,
Objectivity, Utility, and Integrity of Information Disseminated by the
Federal Reserve - On September 28, 2001, the Office of Management and
Budget issued guidelines requiring federal agencies to develop procedures
for reviewing and substantiating the quality of their information before
it is disseminated to the public.
www.federalreserve.gov/generalinfo/foia/guidelines.htm
|
