Bank Regulatory News
May 2003
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May 31, 2003 - Some Thoughts on Monetary
Policy in Japan - Remarks by
Governor Ben S. Bernanke Before the Japan Society of Monetary Economics,
Tokyo, Japan May 31, 2003 - www.federalreserve.gov/boarddocs/speeches/2003/20030531/default.htm
_________
May 30, 2003 - The Federal Reserve Board on Friday announced the approval of the
application of HSH Nordbank Aktiengesellschaft of Hamburg and Kiel, Germany, to
establish a branch in New York, New York. www.federalreserve.gov/boarddocs/press/orders/2003/20030530/default.htm
May 30, 2003 - Restoring our confidence in bank controls and financial
statements - Governor Susan
Schmidt Bies Before the Conference of State Bank
Supervisors www.federalreserve.gov/boarddocs/speeches/2003/20030530/default.htm
May 30, 2003 - OCC Issues Third Quarter 2003 CRA Examination Schedule - The
Office of the Comptroller of the Currency today released its schedule of
Community Reinvestment Act examinations to be conducted in the third quarter of
2003.
News Release: www.occ.treas.gov/newsrelease.asp?Doc=2EL08XYX.xml
Attachment: www.occ.treas.gov/ftp/release/2003-42a.xls
May 30, 2003 - OCC - Chief of Staff Mark A. Nishan Address Urban Financial
Services Coalition
News Release: www.occ.treas.gov/newsrelease.asp?Doc=X37SN8Y7.xml
Attachment: www.occ.treas.gov/ftp/release/2003-41a.pdf
May 30, 2003 - Donald E. Powell Chairman Federal Deposit Insurance Corporation
The ILC Debate: Regulatory And Supervisory Issues Remarks Before The
Conference Of State Bank Supervisors May 30, 2003 Asheville, NC www.fdic.gov/news/news/press/2003/pr5203.html
May 30, 2003 - FDIC Chairman Powell Addresses Concerns About Expanded Powers For
Industrial Loan Companies - Federal
Deposit Insurance Corp. Chairman Don Powell today addressed concerns that
legislation to expand the authority of Industrial Loan Companies would result in
unfair competition and unsafe practices. At issue is legislation that would
allow ILCs, which typically are limited-purpose lending institutions owned by
commercial firms, to be equal with banks when it comes to powers such as
interstate branching and paying interest on business checking accounts.
http://www.fdic.gov/news/news/press/2003/pr5103.html
May 29, 2003 - NCUA Chairman Dollar Says Risk-Based PCA An "Idea Worthy Of
Serious Consideration" - National Credit
Union Administration Board Chairman Dennis Dollar told a group of credit union
leaders here today that legislation is needed to "improve the one-size-fits-all
PCA law" that he says inhibits proper credit union business planning because it "fails
to properly reward solid risk management decisions and penalizes planned and
balanced credit union growth." www.ncua.gov/news/press_releases/2003/NR03-0529.htm
May 29, 2003 - Application of Recent Corporate Governance Initiatives to
Non-Public Banking Organizations - On May 6, 2003, the Office of the Comptroller
of the Currency, the Office of Thrift Supervision, and the Board of Governors of
the Federal Reserve System jointly issued the attached Interagency Statement on
the Application of Recent Corporate Governance Initiatives to Non-Public Banking
Organizations. www.occ.treas.gov/ftp/bulletin/2003-21.txt
May 29, 2003 - Revisions to the Suspicious Activity Report Form - In 1985, the
Federal Reserve, along with the other federal financial institution regulatory
agencies, issued procedures to be used by banks and other financial institutions
operating in the United States to report known or suspected criminal
activities to the appropriate law enforcement authorities and bank supervisors. www.federalreserve.gov/BoardDocs/srletters/2003/sr0312.htm
May 29, 2003 - Enhancement to the Name Check Process Related to Applications
Reviewed by the Federal Reserve - In connection with its review of various
applications and notices, the Federal Reserve has had a longstanding policy of
conducting name checks with law enforcement and other government authorities on
certain individuals associated with a proposed transaction. www.federalreserve.gov/BoardDocs/srletters/2003/sr0310.htm
May 29, 2003 - Interagency Paper on Sound Practices to Strengthen the Resilience
of the U.S. Financial System - The Federal Reserve Board, U.S. Securities and
Exchange Commission, and Office of the Comptroller of the Currency have
published the attached Interagency Paper on Sound Practices to Strengthen the
Resilience of the U.S. Financial System www.federalreserve.gov/BoardDocs/srletters/2003/sr0309.htm
May 29, 2003 - The Federal Reserve Board on Thursday announced the execution of
a Written Agreement by and between Brickyard Bancorp, Inc., Lincolnwood,
Illinois, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/boarddocs/press/Enforcement/2003/200305292/default.htm
May 29, 2003 - The Federal Reserve Board on Thursday announced the execution of
a Written Agreement by and among the NAB Bank, Chicago, Illinois, the Federal
Reserve Bank of Chicago, and the State of Illinois Office of Banks and Real
Estate. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030529/default.htm
May 29, 2003 - Computer Software Patch Management - The FDIC is providing
guidance to financial institutions about the importance of maintaining an
effective computer software patch management program. This guidance provides
institutions with background information on the risks associated with software
vulnerabilities and how they can be mitigated through an effective patch
management program. www.fdic.gov/news/news/financial/2003/fil0343.html
May 29, 2003 - FDIC Makes Public April Enforcement Actions; No Administrative
Hearings Scheduled - The
Federal Deposit Insurance Corporation (FDIC) today released a list of orders of
administrative enforcement actions taken against banks and individuals in April.
No administrative hearings are scheduled for June. www.fdic.gov/news/news/press/2003/pr5003.html
May 28, 2003 - NCUA - Opinion Letter -
Applicability of the District of Columbia (D.C.) Home Loan Protection Act of
2002 to FCU's - 03-0165 - www.ncua.gov/ref/opinion_letters/2003_letters/03-0165.pdf
May 28, 2003 - Financial Holding
Companies As of May 23, 2003 - 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 28, 2003 - Charge-Off and Delinquency
Rates on Loans at Commercial Banks - These data are compiled from the
quarterly FFIEC Consolidated Reports of Condition and Income. www.federalreserve.gov/Releases/ChargeOff/default.htm
May 28, 2003 - The Federal Reserve Board on Wednesday announced that it is
seeking public comment on a proposal to amend Regulation K to require Edge and
Agreement corporations and U.S. branches, agencies, and other offices of foreign
banks supervised by the Board to establish and maintain procedures reasonably
designed to ensure and monitor compliance with the Bank Secrecy Act and related
regulations. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030528/default.htm
May 27, 2003 - NCUA - Strong savings and asset growth continues - The nation's
9,602 federally insured credit unions posted over 5 percent growth in assets and
shares in the first three months of 2003 according to preliminary call report
data. www.ncua.gov/news/press_releases/2003/NR03-0527.htm
May 27, 2003 - Basel II
Capital Accord Documents
Relating to U.S. Implementation of Basel II, May 2003 - These documents
provide information about U.S. implementation of the proposed Basel Accord
revisions (Basel II). They were developed by the Federal Reserve, the Office of
the Comptroller of the Currency, and the Federal Deposit Insurance Corporation,
which are working closely together on U.S. implementation of Basel II. www.federalreserve.gov/GeneralInfo/basel2/default.htm
May 27, 2003 - Final Rule on Customer Identification Programs - The Department
of the Treasury and the federal banking, thrift and credit union regulatory
agencies have jointly issued a final rule to implement Section 326 of the USA
PATRIOT Act. This section requires financial institutions to implement a
customer identification program to verify the identity of customers opening new
accounts. www.fdic.gov/news/news/financial/2003/fil0342.html
______________
May 23, 2003 - NCUA - Payable-on-Death Accounts - www.ncua.gov/ref/opinion_letters/2003_letters/03-0413.htm
May 23, 2003 - NCUA - Permissibility of Self-Funded Short-Term Disability Plan -
www.ncua.gov/ref/opinion_letters/2003_letters/03-0356.htm
May 23, 2003 - NCUA - Permissible
Activities For Credit Union Service Organizations (CUSOs);03-0315
www.ncua.gov/ref/opinion_letters/2003_letters/03-0105.htm
May 23, 2003 - Equal Credit opportunity (Regulation B)- The Board of Governors
of the Federal Reserve System published, on March 18, 2003, a final rule
amending Regulation B, which implements the Equal Credit Opportunity Act and the
related official staff commentary. www.occ.treas.gov/ftp/bulletin/2003-20.txt
May 23, 2003 - Agency Information Collection Activities Proposal to extend for
three years, without revision, the following currently approved information
collection: Country Exposure Report for U.S. Branches and Agencies of Foreign
Banks www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
May 23, 2003 - The Federal Reserve Board on Friday requested comment on a
proposal to modify the method for imputing priced-service income from clearing
balance investments. Federal Reserve Banks impute this income when setting fees
and measuring actual cost recovery each year. www.federalreserve.gov/boarddocs/press/other/2003/20030523/default.htm
May 23, 2003 -The Federal Reserve Board on Friday announced the publication of
transition rules to provide lenders with guidance on collecting and reporting
information when an application for a home mortgage loan is received before--and
final action is taken after--January 1, 2004. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030523/default.htm
May 23, 2003 - NCUA - New Tax Exempt
Letter for Federal Credit Unions is available. - This Letter of Exemption
may be completed by a federal credit union and used to inform government
officials and private businesses about the tax exempt status of federal credit
unions. www.ncua.gov/ref/Tax_Exempt/TaxExempt.htm
May 23, 2003 - OCC Enters into Agreements with Law Firm and Attorney That
Represented First National Bank of Keystone - The Office of the Comptroller of
the Currency announced today that it has entered into agreements with the law
firm that represented the failed First National Bank of Keystone, Keystone, West
Virginia, and with one of the firm's partners. In signing the agreements, Kutak
Rock, LLP agreed to take certain actions with respect to the firm's
representation of insured depository institutions, and Kutak Rock partner
Michael T. Lambert agreed not to provide legal services to insured depository
institutions.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=1FN1ASZH.xml
Attachment: www.occ.treas.gov/ftp/eas/ea2003-46.pdf
May 22, 2003 - OCC Releases
CRA Evaluations For 37
National Banks www.occ.treas.gov/newsrelease.asp?Doc=X44MET7W.xml
May 22, 2003 - FFIEC Information Technology Examination Handbook - The
Federal Financial Institutions Examination Council has issued two booklets -
one, with revised guidance for evaluating risk-management processes to ensure
the availability of critical financial services, and the other covering the
supervision and examination of services performed for financial institutions by
technology service providers. The booklets are the second and third in a series
of updates, which will eventually replace the 1996 FFIEC Information Systems
Examination Handbook and comprise the new FFIEC Information Technology
Examination Handbook. www.fdic.gov/news/news/financial/2003/fil0340.html
May 22, 2003 - Federal Reserve and Treasury Host Meeting to Discuss Credit
Management - Federal Reserve Board Governor Edward M. Gramlich and Treasury
Assistant Secretary for Financial Institutions Wayne A. Abernathy on Thursday
convened a panel discussion on credit management with representatives of
financial services organizations and companies. Treasury Deputy Assistant
Secretary for Financial Education Judy Chapa moderated the discussion. www.federalreserve.gov/boarddocs/press/other/2003/20030522/default.htm
May 22, 2003 - Banking Agencies Issue Host State Loan-to-Deposit Ratios - The
Board of Governors of the Federal Reserve System, the Federal Deposit Insurance
Corporation, and the Office of the Comptroller of the Currency today issued the
host state loan-to-deposit ratios that the banking agencies will use to
determine compliance with section 109 of the Riegle-Neal Interstate Banking and
Branching Efficiency Act of 1994. These ratios update data released on June 24,
2002.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2003/20030522/default.htm
Press Release: www.fdic.gov/news/news/press/2003/pr4903.html
Press Release www.fdic.gov/news/news/financial/2003/fil0341.html
Press Release: www.occ.treas.gov/jointnewsrelease.asp?Doc=CQDQ0GTI.xml
Attachment: www.occ.treas.gov/ftp/release/2003-39a.pdf
Press Release: www.occ.treas.gov/ftp/bulletin/2003-19.txt
May 22, 2003 - Assessing Prospects for
Economic Growth in the United States - Remarks by Governor Mark W. Olson Before the Chambers of Commerce
of Bloomington, Eden Prairie, and Edina Bloomington, Minnesota May 22, 2003 www.federalreserve.gov/boarddocs/speeches/2003/20030522/default.htm
May 21, 2003 - The Federal Reserve Board on Wednesday announced it will expand
the operating hours for the online Fedwire® Funds Service. www.federalreserve.gov/boarddocs/press/other/2003/20030521/default.htm
May 21, 2003 - Business Continuity Planning and Supervision of Technology
Service Providers Booklets - The Federal Financial Institutions Examination
Council has issued updated guidance in two booklets, one on business continuity
planning, and the other on FFIEC supervision of technology service providers
These booklets are the second and third in a series that will completely update
and replace the 1996 FFIEC Information Systems Examination Handbook.
Press release www.occ.treas.gov/ftp/bulletin/2003-18.txt
Attachment http://www.ffiec.gov/press/pr052003.htm
Press release www.ots.treas.gov/docs/77318.html
Press release www.ncua.gov/news/press_releases/2003/FFIEC03-0520.htm
May 21, 2003 - Early retirement a "disturbing characteristic" of
employment trends: St. Louis Fed's Poole - Early
retirement is a "disturbing characteristic" of employment trends in
recent decades, according to William Poole, president of the Federal Reserve
Bank of St. Louis. www.stlouisfed.org/news/releases/2003/05_19_03.html
May 21, 2003 - The economic outlook -
Testimony of Chairman Alan
Greenspan Before the Joint Economic Committee, U.S. Congress May 21, 2003
www.federalreserve.gov/boarddocs/testimony/2003/20030521/default.htm
May 20, 2003 - Revocation of
Designation of Ukraine as Primary Money-Laundering Concern; Proposed Rule
Imposing Special Measures Against the Country of Nauru, dated May 20, 2003
www.occ.treas.gov/ftp/bulletin/2003-17.txt
May 20, 2003 - The Federal Reserve Board on Tuesday announced a series of
amendments to Appendix A of Regulation CC that the Board will make later in 2003
through the end of 2004 to reflect the restructuring of the Federal Reserve's
check processing operations. Appendix A provides a routing number guide that
helps depository institutions determine the maximum permissible hold periods for
most deposited checks. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030520/default.htm
May 20, 2003 - NCUA - Western Massachusetts Telephone Workers Credit Union Now
Serves D. Edward Wells Federal Credit Union Members - The National Credit Union
Administration announced today that the agency has placed D. Edward Wells
Federal Credit Union of Springfield, Massachusetts, into liquidation and
transferred member share accounts to Western Massachusetts Telephone Workers
Credit Union, also of Springfield. www.ncua.gov/news/press_releases/2003/NR03-0520.htm
May 20, 2003 - Thrifts Enjoy Another Record Quarter, Earning $3.3 Billion - The
Office of Thrift Supervision announced today that in the first quarter of 2003
the nation's thrift industry set records for net income, profitability, equity
capital and mortgage refinancing volume. www.ots.treas.gov/docs/77317.html
May 20, 2003 - Treasury's Office of Foreign Assets Control has issued guidelines
for license applications to engage in travel-related transactions involving
Cuba. - On April 29, 2003, the Department of the Treasury's Office of Foreign
Assets Control made available in the "Cuba Guidelines and Information"
area of its Web site the attached Comprehensive Guidelines for License
Applications to Engage in Travel-Related Transactions Involving Cuba. www.fdic.gov/news/news/financial/2003/fil0337.html
May 20, 2003 - General Licenses Issued Under Iraqi Sanctions and Termination of
Emergency in Unita - On May 7, 2003, the Department of the Treasury's Office of
Foreign Assets Control issued a series of general licenses under the Iraqi
sanctions regulations, including several impacting remittances and other banking
services. A copy of the general licenses and an overview of the Iraqi Sanctions
Regulations - Title 31 Part 575 of the U. S. Code of Federal Regulations are
attached. www.fdic.gov/news/news/financial/2003/fil0339.html
May 20, 2003 - Treasury's Office of Foreign Assets Control has amended its list
of Specially Designated Nationals and Blocked Persons by adding new names,
amending the listing for one entry and removing all "Unita" entries
www.fdic.gov/news/news/financial/2003/fil0338.html
.
May 19, 2003 - OCC Announces Nine New Enforcement Actions and Four Terminations
- The Office of the Comptroller of the Currency today announced nine new
enforcement actions taken against national banks and individuals currently and
formerly affiliated with national banks and four terminations of existing
enforcement actions. www.occ.treas.gov/newsrelease.asp?Doc=VHV0E6TM.xml
May 19, 2003 - Blocked Property and Assets of Transporting, LLC - On May 2,
2003, the Department of the Treasury's Office of Foreign Assets Control issued
at statement indicating that all property and interests in property of
TRANSPORTING, LLC, wherever located, have been blocked pending investigation
pursuant to the Narcotics Trafficking Sanctions Regulations, 31 C.F.R. Part 536,
and Section 203 of the International Emergency Economic Powers Act, as amended,
50 U.S.C. 1702. www.fdic.gov/news/news/financial/2003/fil0334.html
May 19, 2003 - Systemwide financial education initiative announced - Federal
Reserve Board Chairman Alan Greenspan will stress the benefits of economic and
financial education in a public service announcement and during a visit to a
Washington, D.C., school. The events are part of a broad initiative throughout
the Federal Reserve System to provide consumers with more resources for making
smart financial decisions. www.federalreserve.gov/boarddocs/press/other/2003/20030519/default.htm
May 19, 2003 - Expectations - Commencement
address by Vice Chairman Roger W. Ferguson, Jr. At the Olin School of
Business, Washington University in St. Louis, St. Louis, Missouri May 16, 2003 www.federalreserve.gov/boarddocs/speeches/2003/20030516/default.htm
_____________
May 16, 2003 - U.S. Department of
Treasury FinCEN Advisories 16W and 31W - This advisory letter revises the
list of countries detailed in OCC Advisory Letter (AL) 2002-10, "U.S. Department
of Treasury FinCEN advisories 20A, 22A, and 25A," dated December 9, 2002 (see
also AL 2002-7, AL 2002-5, AL 2002-2, AL 2001-7, and AL 2000-8).
www.occ.treas.gov/ftp/advisory/2003-4.pdf
May 15, 2003 - Job Access for Inner-City Workers
Examined - It's hard for inner-city workers, particularly minorities, to find
work close to home, according to research presented in April at a Chicago Fed
conference attended by more than 90 academics and policy leaders. www.chicagofed.org/newsandevents/pressreleases/2003/pr05152003.cfm
May 15, 2003 - NCUA to Offer Workshop for Credit Unions on Service to Latino
Community - The workshop, entitled "Making the Latino Connection: A PALS
Workshop for Credit Unions," offers credit union representatives an opportunity
to share ideas and methods for serving members of the Latino community within
their fields of membership. www.ncua.gov/news/press_releases/2003/NR03-0515.htm
May 15, 2003 - NCUA - Updated Chartering
and Field of Membership Manual, IRPS 03-1 - www.ncua.gov/ref/charter_manual/charter_manual.html
May 15, 2003 - NCUA - Updated FOMIA
Application is now available - This FOM Internet Application is for use
by NCUA member credit unions only, not the general public. This system can be
used for adding associational and/or occupational groups of 2,999 potential
members or less as well as the non-natural person corporate account associated
with that group. www.ncua.gov/org/NCUAgovLink.htm
May 15, 2003 - Industrial Production And
Capacity Utilization - Industrial production fell 0.5 percent in both
April and March. At 109.7 percent of its 1997 average, output in April was 0.4
percent lower than its level in April 2002. Manufacturing output decreased 0.6
percent in April and was 1.9 percent below the recent high recorded in August
2002. Output at utilities ticked up 0.1 percent, and production in mining
climbed 0.4 percent. Capacity utilization for total industry dropped to 74.4
percent, a rate nearly 0.5 percentage point below that of March and almost 7
percentage points below its 1972-2002 average. www.federalreserve.gov/releases/g17/current/default.htm
May 14, 2003 - New Research Looks at Manufacturing Employment - Although
weakness in the manufacturing sector has clearly contributed to recent cutbacks
in employment, manufacturing job growth has been stagnant for much of the last
half century, according to research by Chicago Fed Senior Economist and Economic
Advisor William Strauss and Research Intern Scott Walster in the June special
issue of Chicago Fed Letter. www.chicagofed.org/newsandevents/pressreleases/2003/pr05142003.cfm
May 14, 2003 Chief Counsel Julie L. Williams Provides Historical Perspective On
Issues Facing the National Banking System
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=YZISD9QN.xml
Attachment: www.occ.treas.gov/ftp/release/2003-36a.pdf
May 14, 2003 - NCUA Disaster Assistance Activated For Tornadoes In Alabama,
Kansas, Missouri, Oklahoma And Tennessee - The National Credit Union
Administration has activated its disaster relief policy to assist credit unions
and members in counties eligible for aid in Alabama, Kansas, Missouri, Oklahoma
and Tennessee, where offices and homes were destroyed by multiple tornadoes in
the last two weeks. www.ncua.gov/news/press_releases/2003/NR03-0514-2.htm
May 14, 2003 - Bank Enterprise Awards
Are Being Offered to Eligible FDIC-Insured Institutions Making Grants,
Investments and Deposits in and Loans to Community Development Financial
Institutions - The Community Development Financial Institutions Fund is offering
monetary incentives through its Bank Enterprise Award Program to certain
eligible FDIC-insured institutions that comply with the program's requirements
and submit an application for consideration. Applications are due on June 23,
2003. www.fdic.gov/news/news/financial/2003/fil0333.html
May 14, 2003 - U.S. Unveils New $20 Note With Background Colors The New
Color of Money: Safer, Smarter, More Secure. - U.S. government officials
today unveiled a new $20 note design with enhanced security features and subtle
background colors. The new design is part of an ongoing effort to stay ahead of
the counterfeiting of U.S. currency. www.federalreserve.gov/boarddocs/press/other/2003/20030514/default.htm
May 13, 2003 - Fraudulent Cashier's and
Official Checks of Financial Institutions Used in Internet Purchases of Goods
- This issuance notifies national banks of schemes to defraud consumers
in connection with legitimate sales of goods, primarily over the Internet. If
one of the described instruments is presented to you, hold it and call your
local FBI office. www.occ.treas.gov/ftp/alert/2003-8.txt
May 13, 2003 - The Federal Reserve Board on Tuesday announced its approval of
the application and notice by BB&T Corporation, Winston-Salem, North
Carolina, to merge with First Virginia Banks, Inc., Falls Church, Virginia, and
thereby acquire its banking and nonbanking subsidiaries. www.federalreserve.gov/boarddocs/press/orders/2003/20030513/default.htm
May 13, 2003 - Remarks by Chairman Alan
Greenspan Redesigned U.S. $20 note At the Bureau of Engraving
and Printing, Washington, D.C. May 13, 2003 www.federalreserve.gov/boarddocs/speeches/2003/20030513/default.htm
May 13, 2003 - The Federal Reserve Board today announced the termination of the
following enforcement action: U.S. Trust Corporation and the United States Trust
Company of New York New York, New York Cease and Desist Order dated July 11,
2001-- terminated May 13, 2003 www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030513/default.htm
May 12, 2003 - Community Banking Conference Summarized in Recent Chicago Fed
Letter - The number and market share of community banks in the U.S. continue
to decline despite their advantages at generating local market information,
building personal financial relationships, and lending to small businesses,
according to the participants at a conference held recently by the Federal
Reserve Bank of Chicago. www.chicagofed.org/newsandevents/pressreleases/2003/pr05122003.cfm
May 12, 2003 - Customer Identification
Programs for banks, savings associations and credit unions - www.ncua.gov/news/proposed_regs/31CFRPart103-FinalRule.pdf
May 12, 2003 - FDIC Approves The Assumption Of The Insured Deposits Of The First
National Bank Of Blanchardville, Blanchardville, Wisconsin
- The Federal Deposit Insurance
Corporation (FDIC) has approved the assumption of the insured deposits of the
First National Bank of Blanchardville, Blanchardville, Wisconsin, by The Park
Bank, Madison, Wisconsin. www.fdic.gov/news/news/press/2003/pr4803.html
________________________
May 9, 2003 - NCUA - Michael J. McKenna named NCUA Deputy
Executive Director - Senior Staff Attorney Michael J. McKenna has been selected
to serve as NCUA's deputy executive director responsible for assisting the
executive director administer the day-to-day operations of the agency's entire
staff effective May 15, 2003. www.ncua.gov/news/press_releases/2003/NR03-0508.htm
May 9, 2003 - OTS Helps Prepare Thrifts to Comply with Patriot Act Rules - The
Office of Thrift Supervision today issued a checklist for thrifts to use to help
them comply with the provisions of new Patriot Act rules dealing with customer
identification programs that were published by the Treasury Department in the
May 9, 2003, issue of the Federal Register. Customer identification programs
must comply with the new rule by October 1, 2003
Press release: www.ots.treas.gov/docs/77316.html
Checklist: http://www.ots.treas.gov/docs/48931.pdf
May 9, 2003 - FDIC Announces Receivership Of First National Bank Of
Blanchardville, Blanchardville, Wisconsin -
The First National Bank of
Blanchardville, Blanchardville, Wisconsin, was closed today by the Office of the
Comptroller of the Currency and the Federal Deposit Insurance Corporation was
named receiver. www.fdic.gov/news/news/press/2003/pr4703.html
www.occ.treas.gov/newsrelease.asp?Doc=JRUDKEJP.xml
May 9, 2003 - Senior Loan Officer Opinion Survey on Bank Lending Practices - The
April 2003 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. In addition, the survey contained two
sets of supplementary questions that focused on the reasons for recent changes
in the credit quality of business and commercial real estate loans, as well as
changes in lending terms for commercial real estate loans. www.federalreserve.gov/BoardDocs/snloansurvey/200305/default.htm
May 8, 2003 - Articles from the Federal
Reserve Bulletin May 2003 www.federalreserve.gov/pubs/bulletin/2003/03bulletin.htm#may
May 8, 2003 - The OCC has updated two
annual publications: "Significant Precedents," a compilation of precedential
legal determinations, corporate licensing decisions and community development
investments permitted by the OCC in 2002, and "Activities Permissible for a
National Bank," a cumulative compilation of significant precedents to
date.
Significant Precedents: www.occ.treas.gov/sigpre.pdf
Activities Permissible for a National Bank: www.occ.treas.gov/corpapps/BankAct.pdf
May 8, 2003 - Changes to Part 5 - Interim Rule - Electronic Filings The interim
rule amends 12 CFR 5.2 to expressly provide that the OCC may permit national
banks to make any class of filings electronically and refers national banks to
the Comptroller's Licensing Manual to find information about the filings that
are available for electronic submission.
Press release: www.occ.treas.gov/ftp/bulletin/2003-16.txt
Attachment: http://www.occ.treas.gov/fr/fedregister/68fr17890.pdf
May 8, 2003 - Minutes of the Federal
Open Market Committee March 18, 2003 www.federalreserve.gov/fomc/minutes/20030318.htm
May 8, 2003 - Remarks by Chairman Alan
Greenspan Corporate governance At the 2003 Conference on Bank
Structure and Competition, Chicago, Illinois www.federalreserve.gov/boarddocs/speeches/2003/20030508/default.htm
May 7, 2003 - Statement Of Chairman Donald Powell Following The
FDIC Board Of Directors Meeting May 7, 2003
http://www.fdic.gov/news/news/press/2003/pr4603.html
May 7, 2003 - FDIC Reports First Quarter 2003 Financial Results For Bank And
Thrift Insurance Funds - The Federal Deposit Insurance Corporation today
announced that the Bank Insurance Fund reported comprehensive income (net income
plus current period unrealized gains/losses on available-for-sale securities) of
$332 million for the three months ending March 31, 2003, compared to $258
million for the same period last year. www.fdic.gov/news/news/press/2003/pr4503.html
May 7, 2003 - Proposal for Comment -
Agency Information Collection Activities Proposal to extend for three years
without revision the following currently approved information collection:
Foreign Branch Report of Condition www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
May 7, 2003 - Corporate Governance - Remarks
by Governor Susan Schmidt Bies At the Institute of Internal Auditors Conference,
Philadelphia, Pennsylvania May 7, 2003 - www.federalreserve.gov/boarddocs/speeches/2003/20030507/default.htm
May 6, 2003 - The OCC, OTS, and FRB
jointly issued an Interagency Statement on the Application of Recent Corporate
Governance Initiatives to Non-Public Banking Organizations. The interagency
statement was prepared in response to questions the agencies have received
concerning whether they intend to require banking organizations that are not
public companies to comply with the provisions of the Sarbanes-Oxley Act or the
proposed NYSE and NASDAQ listing standards. www.occ.treas.gov/ftp/release/SarbanesOxley-InteragencyStatement.pdf
May 6, 2003 - The OCC has entered into
consent orders dated April 11, 2003 with National Bank of the Great Lakes,
Elmhurst, Illinois and Saks Incorporated, a Tennessee Corporation, Birmingham,
Alabama.
National Bank of the Great Lakes: www.occ.treas.gov/ftp/eas/ea2003-38.pdf
Saks Incorporated: www.occ.treas.gov/ftp/eas/ea2003-40.pdf
May 6, 2003 - Regulatory Relief - The Federal Deposit Insurance Corporation has
announced a series of steps intended to facilitate the process of rebuilding in
areas damaged by recent tornadoes. www.fdic.gov/news/news/financial/2003/fil0332.html
May 6, 2003 - FDIC Issues Removal And Prohibition Order And Civil Money Penalty
Against Former Iowa Banker - The Federal Deposit Insurance Corporation has
issued a removal and prohibition order and imposed a civil money penalty against
Daniel J. Schmitt.
www.fdic.gov/news/news/press/2003/pr4403.html
May 6, 2003 - FDIC Imposes Civil Money Penalty Against Illinois Banker - The
Federal Deposit Insurance Corporation (FDIC) has imposed a civil money penalty
against Robert G. Hershenhorn. www.fdic.gov/news/news/press/2003/pr4303.html
May 6, 2003 - 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 2003. www.fdic.gov/news/news/press/2003/pr4203.html
May 6, 2003 - The Federal Open Market Committee decided to keep its target for
the federal funds rate unchanged at 1-1/4 percent. www.federalreserve.gov/boarddocs/press/monetary/2003/20030506/default.htm
May 5, 2003 - Consumer Information - Web
site providing information on consumer vehicle leasing updated and expanded www.federalreserve.gov/pubs/leasing/
May 5, 2003 - NCUA - Letter to Federal Credit Unions - Credit Union Development
Initiatives; 03-FCU-04 www.ncua.gov/ref/letters/2003/03-FCU-04.pdf
May 5, 2003 - NCUA - Credit Union Charter Conversion Approved - Golden West
Credit Union in Ogden, UT Completes Conversion to FCU - www.ncua.gov/news/press_releases/2003/NR03-0505.htm
May 5, 2003 - Worthless Sight Drafts, Bills of Exchange, Due Bills and
Redemption Certificates - OCC Alert 99-10, dated August 6, 1999, warned about
the circulation of worthless instruments entitled "Sight Draft."
These items falsely state that they are payable through the U.S. Treasury
and continue to be presented for payment at banks and other businesses
throughout the United States. www.occ.treas.gov/ftp/alert/2003-7.txt
May 5, 2003 - George Scalise Named Chairman And Sheila Harris Named Deputy Chairman
Of The Federal Reserve Bank Of San Francisco - The Federal Reserve Board of
Governors in Washington D.C. has designated George Scalise, President of the
Semiconductor Industry Association, as Chairman of the Board and Sheila Harris,
Director of Arizona's Department of Housing, as Deputy Chairman of the Federal
Reserve Bank of San Francisco, effective May 1. www.frbsf.org/news/releases/2003/0505_1.html
May 5, 2003 - Unveiling of the redesigned $20 bill, which will be released in
late 2003 - www.stlouisfed.org/news/releases/2003/05_05_03.htm
May 5, 2003 - Statement on Application of Recent Corporate Governance
Initiatives to Non-Public Banking Organizations - The Federal Reserve Board, the
Office of the Comptroller of the Currency, and the Office of Thrift Supervision
(the agencies) issued the attached Statement on Application of Recent
Corporate Governance Initiatives to Non-Public Banking Organizations on May 5, 2003. www.federalreserve.gov/boarddocs/srletters/2003/sr0308.htm
May 5, 2003 - Regulators Announce
Termination of Enforcement Orders Against Daiwa Bank - Federal
and state banking regulators on Monday announced the termination of two
enforcement orders issued in 1995 against Daiwa Bank, Limited, of Osaka, Japan. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030505/default.htm
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May 2, 2003 - NCUA - Credit
Union Charter Conversion Approved - Mountain America Credit Union in Salt
Lake City, UT Completes Conversion to FCU www.ncua.gov/news/press_releases/2003/NR03-0502-2.htm
May 2, 2003 - NCUA - Matz Announces Creation of Small Credit Union Working
Group - National Credit Union Administration (NCUA) Board Member Debbie
Matz today announced the creation of an internal working group to focus on
small credit union issues. “Small credit unions, those under $10
million, are the icons of the credit union movement; they are what many
people think of when they think of credit unions. They also
represent over 50 percent of all federally insured credit unions. www.ncua.gov/news/press_releases/2003/NR03-0502.htm
May 2, 2003 - Foreign Branch
Report of Condition FFIEC
030 www.ffiec.gov/PDF/FFIEC_forms/FFIEC030_200106_inst.pdf
May 2, 2003 - Chairman Donald E. Powell Federal Deposit Insurance
Corporation Remarks Prepared For Delivery To The Nebraska Bankers
Association May 2, 2003 www.fdic.gov/news/news/press/2003/pr4003.html
May 1, 2003 - NCUA - America First
Credit Union in Ogden, Utah Completes Conversion To Federal Credit Union
Charter - The National Credit Union Administration Region VI
office today announced that it has approved the charter conversion of
America First Credit Union of Ogden, Utah from a Utah state credit union
charter to a federal charter under the statutes of the Federal Credit
Union Act and all applicable NCUA rules and regulations. www.ncua.gov/news/press_releases/2003/NR03-0501.htm
May 1, 2003 - The Federal Reserve Board on Thursday announced the
execution of a Written Agreement by and among The First State Bank of West
Manchester, West Manchester, Ohio, the Federal Reserve Bank of Cleveland,
and the Ohio Division of Financial Institutions. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030501/default.htm
May 1, 2003 - Regional Growth in Worker Quality
Discussed in Chicago Fed Letter
- The Midwest will have to attract more workers with post-secondary
education to continue to be near the national average of labor quality,
conclude Chicago Fed Economic Advisor Daniel Aaronson and Vice President
Daniel Sullivan in the latest Chicago Fed Letter. www.chicagofed.org/newsandevents/pressreleases/2003/pr05012003.cfm
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