Bank Regulatory News
November 2000
November
30, 2000 - The federal banking agencies recently issued the attached
supplemental guidance on the risk management of outsourced technology
services. FFIEC
November
30, 2000 - The Federal Reserve Board today announced the execution of
a Written Agreement by and among CSB Bancorp, Inc., Millersburg, Ohio; The
Commercial and Savings Bank of Millersburg, Millersburg, Ohio; the Federal
Reserve Bank of Cleveland; and the Ohio Division of Financial
Institutions.
November
30, 2000 - 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.
November 30,
2000 - OCC Proposes Operating Subsidiaries For Federal Branches And
Agencies of Foreign Banks
WASHINGTON -- The Office of the Comptroller of the Currency (OCC) is
proposing a new rule that would permit a U.S. Federal branch or agency of
a foreign bank to establish an operating subsidiary.
November 30,
2000 - OCC Proposes Rules To Ease Burdens Of Banks Operating
Multi-State Trust Operations
WASHINGTON -- The Office of the Comptroller of the Currency announced
today that it is proposing a new rule that would allow a national bank to
act in a fiduciary capacity in any state that permits its own institutions
to engage in such activities.
November
30, 2000 - The Federal Deposit Insurance Corporation today announced
that it would not disapprove acquisitions of two banks, Hurley State Bank,
Hurley, South Dakota; and Associates Capital Bank, Inc., Salt Lake City,
Utah; by Citigroup, Inc., New York, New York. OCC
November 30,
2000 - OCC Announces Assessment Schedule for 2001
WASHINGTON -- The Office of the Comptroller of the Currency announced
today that its assessment schedule for 2001 will reflect a reinstatement
of the inflation adjustment that was suspended six years ago. The 2
percent inflation adjustment will apply only to the first $20 billion of a
bank's assets.
November 29, 2000
- OTS Announces CRA Examination Schedule for 1st Quarter 2001
WASHINGTON, D.C., Nov. 29, 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 first quarter
of 2001.
November
29, 2000 - Annual Report on Indebtedness of Executive Officers and
Principal Shareholders to Correspondent Banks (FFIEC 004)
Enclosed is a copy of the Federal Financial Institutions Examination
Council (FFIEC) 004 report that may be used to comply with the reporting
requirements of Title VIII of the Financial Institutions Regulatory and
Interest Rate Control Act of 1978. The Act requires the executive officers
and principal shareholders of each bank to submit an annual report to
their board of directors on their indebtedness, and that of their related
interests, to correspondent banks. Section 306(j) of the Federal Deposit
Insurance Corporation Improvement Act of 1991 imposes these same
requirements on savings associations. Reports for calendar year 2000
should be submitted to your board of directors by January 31, 2001.
November
29, 2000 - The FDIC, together with the other federal regulators of
banks, thrifts and credit unions, issued the attached joint guidance on
managing the risk exposure an institution faces when it uses outside firms
for technology. OCC
November
29, 2000 - The Federal Reserve Board today requested comment on
proposed revisions to its Regulation C, which implements the Home Mortgage
Disclosure Act (HMDA). Comment is requested by March 9, 2001.
November
28, 2000 - The 1,505 federally insured credit unions with assets over
$50 million posted continued growth through the first nine months of 2000
according to call report data.
November
27, 2000 - The Federal Deposit Insurance Corporation (FDIC) today
released a list of orders of administrative enforcement actions taken
against banks and individuals in October. No administrative hearings are
scheduled for December
November 27,
2000 - Agencies Urge Banks and Thrifts to Evaluate Risks with Vendors
Engaged In Practices Viewed as Abusive To Consumers OTS
WASHINGTON--The Office of the Comptroller of the Currency (OCC) and Office
of Thrift Supervision (OTS) today alerted national banks and federal
thrifts that the agencies have significant safety and soundness,
compliance and consumer protection concerns with banks and thrifts
entering into contractual arrangements with vendors to fund so-called “title
loans” and “payday loans.”
November 22, 2000
- OTS Sets Schedule for Implementing Changes to Thrift Financial Report
The Office of Thrift Supervision (OTS) said today it will phase in
proposed changes to the Thrift Financial Report (TFR) in response to
thrift industry requests for more time to implement the changes. OTS will
delay collecting information on subprime and high loan-to-value (LTV)
lending until September 2001, but will begin collecting consolidated
financial data on savings and loan holding companies it regulates starting
with the March 2001 TFR.
November
21, 2000 - The Federal Reserve Board today published its annual
adjustment of the dollar amount that triggers additional disclosure
requirements under the Truth in Lending Act for mortgage loans that bear
rates or fees above a certain amount.
November
20, 2000 - The Federal Reserve Board today announced the execution of
a Written Agreement by and among Guaranty Financial Corporation,
Charlottesville, Virginia; the Guaranty Bank, Charlottesville, Virginia;
the Federal Reserve Bank of Richmond; and the Bureau of Financial
Institutions of the Commonwealth of Virginia.
November
20, 2000 - The Federal Reserve Board today announced the issuance of a
Cease and Desist Order against the United Central Bank, Garland, Texas.
November
20, 2000 - The Federal Reserve Board today announced the termination
of the following enforcement action: The Asahi Bank, Ltd., New York Branch
Cease and Desist Order dated February 13, 1997--terminated October 11,
2000
November
17, 2000 - Attached is a copy of The SAR Activity Review published by
the U.S. Department of the Treasury's Financial Crimes Enforcement Network
(FinCEN). This is the first edition of The SAR Activity Review, which will
be published semiannually. The publication will provide feedback to
financial institutions about suspicious activity reported to FinCEN by the
institutions.
November
17, 2000 - The National Credit Union Administration (NCUA) has
terminated the Letter of Understanding and Agreement (LUA) issued to
Toledo Urban Federal Credit Union, Toledo, Ohio.
November 17, 2000
- OTS Grants Federal Thrift Charter to Independent Insurance Agents
The Independent Insurance Agents of America Inc. (IIAA), Alexandria, Va.,
and four companies that will share ownership received approval from the
Office of Thrift Supervision (OTS) to organize a new federal thrift
institution. The full-service thrift to be named InsurBanc, FSB will be
located in Farmington, Conn. and operate initially in Connecticut,
Massachusetts and New Jersey.
November 17, 2000
- OTS Releases September Enforcement Statistics
The Office of Thrift Supervision (OTS) reported today that it completed
seven enforcement actions during the month of September 2000.
November
16, 2000 - The Federal Reserve Board today announced the annual
adjustments in the amount of net transaction accounts used in the
calculation of reserve requirements and the cutoff levels used to
determine the detail and frequency of deposit reporting.
November 16,
2000 - OCC RELEASES CRA EVALUATIONS FOR 48 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 October 15 through November 14.
November
16, 2000 - The National Credit Union Administration announced
that it has issued an Order of Prohibition against Janell Kay Smith,
former employee of Food Industries Credit Union, located in Springfield,
Oregon.
November
16, 2000 - The National Credit Union Administration announced that it
has issued an Order of Prohibition against James E. Chittick, Sr., former
Chairman of the Board of Grand Terrace Federal Credit Union, located in
Grand Terrace, California.
November
15, 2000 - The Federal Open Market Committee at its meeting today
decided to maintain the existing stance of monetary policy, keeping its
target for the federal funds rate at 6-1/2 percent.
November 14,
2000 - OCC ANNOUNCES 6 NEW ENFORCEMENT ACTIONS
WASHINGTON, DC -- The Office of the Comptroller of the Currency (OCC)
today announced 6 new enforcement actions taken against national banks and
individuals currently and formerly affiliated with national banks.
November
14, 2000 - Rising risk levels in booming markets that are vulnerable
to an economic downturn, particularly commercial real estate, are of
growing concern, FDIC Chairman Donna Tanoue said Tuesday in a speech to
the Risk Management Association in Nashville.
November
13, 2000 - The National Credit Union Administration announced that it
has issued an Order of Prohibition against Terry Hacker, former loan
manager of Hawaii Federal Credit Union, located in Honolulu, Hawaii.
November
9, 2000 - Attached
is the second Bank Technology Bulletin issued by the Federal Deposit
Insurance Corporation's Bank Technology Group. The subject of this
bulletin is Internet domain names. The bulletins highlight current issues
of concern to the banking industry.
November 9, 2000
- OTS Releases August and October National CRA Ratings
The Office of Thrift Supervision (OTS) today issued savings associations'
Community Reinvestment Act (CRA) performance evaluation ratings that
became available in August and October 2000. The September ratings
were issued on October 5, 2000 and are available on the OTS web site.
November
8, 2000 - The Federal Financial Institutions Examination Council
(FFIEC) has approved revisions to the reporting requirements for the
Reports of Condition and Income (Call Report) for 2001. These revisions
will become final upon approval by the U.S. Office of Management and
Budget.
November
8, 2000 - The Federal Reserve Board today approved fee schedules for
Federal Reserve Bank payment services, effective January 2,
2001.
November
7, 2000 - The Federal Reserve Board today announced the issuance of an
Order of Prohibition against George J. Peterson, the former chairman of
the board and chief executive officer and institution-affiliated party of
Foxdale Bancorp, Inc., and the Foxdale Bank, both of South Elgin,
Illinois.
November
7, 2000 - The Federal Deposit Insurance Corporation (FDIC) today
announced that the Bank Insurance Fund (BIF) reported comprehensive income
(net income plus unrealized gain on available-for-sale securities) of
$1.141 billion for the first nine months of 2000.
November
6, 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 August 2000.
November
3, 2000 - AGENCIES CONSIDER A SIMPLIFIED CAPITAL FRAMEWORK FOR
NON-COMPLEX INSTITUTIONS FDIC
OCC OTS
The federal bank and thrift regulatory agencies today requested public
comment on an advance notice of proposed rulemaking that considers the
establishment of a simplified regulatory capital framework for non-complex
institutions. The advance notice was published in today's Federal
Register. Comments are due February 1, 2001, to the Office of the
Comptroller of the Currency, the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, or the Office of Thrift
Supervision.
November
2, 2000 - Notice of Consumer Consent Requirements Applicable to the
Electronic Delivery of Consumer Disclosures
The Electronic Signatures in Global and National Commerce Act (E-Sign
Act), signed into law on June 30, 2000, provides a general rule of
validity for electronic records and signatures for transactions in or
affecting interstate or foreign commerce. Subject to certain exceptions,
the law's effective date is October 1, 2000, with record retention
requirements effective beginning March 1, 2001.
November 2, 2000 -
Revisions to the Reports of Condition and Income (Call Report) for 2001
The Federal Financial Institutions Examination Council (FFIEC) today
announced that it has approved revisions to the reporting requirements for
the Reports of Condition and Income (Call Report) for 2001. Call Reports
are filed quarterly with the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation (FDIC), and the Office
of the Comptroller of the Currency by all insured commercial banks and
FDIC-supervised savings banks. The Call Report includes a balance sheet,
income statement, and supporting schedules providing additional
information on bank assets, liabilities, off-balance sheet activities, and
regulatory capital.
November 1, 2000 -
The OCC is providing, for public comment, a draft of its strategic plan.
Certain high-level aspects of this strategic plan have already been
summarized in the strategic plan of the Department of the Treasury, which
was sent to Congress on September 29th. This strategic plan will help
guide the operations of the OCC, and may be adjusted through interim
adjustments in annual performance plans sent to Congress.
November 1, 2000
- OTS Releases September Enforcement Statistics
The Office of Thrift Supervision (OTS) reported today that it completed
seven enforcement actions during the month of September 2000.
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