R. Kinney Williams - Yennik, Inc.
R. Kinney Williams
Yennik, Inc.

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Bank Regulatory News
November
1998

November 30, 1998 - OCTOBER FDIC SURVEY FINDS LEVELING OFF OF REAL ESTATE EXPANSION
The ongoing expansion in the nation's residential and commercial real estate markets may have
lost some momentum, according to the FDIC's latest quarterly Survey of Real Estate Trends.
Although the poll showed fewer reports of improvements in local markets, this does not signal a
downturn. Instead, the results indicated that residential and commercial conditions for the three
months ending in October were largely unchanged from previous favorable reports.

November 30, 1998 - FDIC REPORT NOTES SLIGHT INCREASE IN RISK WITH BANKS' LOAN UNDERWRITING PRACTICES
FDIC examiners reported a slight increase in the risk associated with loan underwriting practices
at FDIC-supervised banks during the six months ending September 30, 1998, compared to the
previous six-month period ending March 31, 1998.

November 27, 1998 - OCC ANNOUNCES FOUR NEW ENFORCEMENT ACTIONS AND TWO TERMINATIONS WASHINGTON, DC -- The Office of the Comptroller of the Currency today announced four new enforcement actions taken against bankers and national banks and two terminations. The actions released today include one formal agreement, two cease and desist orders, one order for restitution and two terminations of existing enforcement actions.

November 24, 1998 - INTERCORPORATE INCOME TAXES - Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure
The FDIC Board of Directors has approved the attached revision to the FDIC's policy
statement on income taxes of holding companies' bank subsidiaries. The revised policy statement
is being issued on an interagency basis with the Federal Reserve Board, the Office of the
Comptroller of the Currency, and the Office of Thrift Supervision.

November 24, 1998 - The Federal Reserve Board today announced a decrease from $47.8 million to $46.5 million in the net transaction accounts to which a 3 percent reserve requirement will apply in 1999. This adjustment is known as the low reserve tranche adjustment.

November 24, 1998 - JOINT PRESS RELEASE - The Securities and Exchange Commission, Federal Deposit Insurance Corporation, Federal Reserve Board, Office of the Comptroller of the Currency and Office of Thrift Supervision have jointly issued the attached statement on the allowance for loan losses of depository institutions.

November 18, 1998 - Acting Comptroller Urges Banks to Excel at Customer Service; Stresses Importance to the Future of the Banking Business
WASHINGTON, D.C. -- Acting Comptroller of the Currency Julie L. Williams highlighted customer service as a fundamental challenge facing the banking industry today and urged bankers to make outstanding service a hallmark of their industry's relationship to consumers.

November 18, 1998 - BANK SECRECY ACT COMPLIANCE - FinCEN Advisory
Attached is a copy of the Department of the Treasury's October 1998 issue of FinCEN
Advisory, published by the department's Financial Crimes Enforcement Network (FinCEN).

November 16, 1998 - BANK SECRECY ACT COMPLIANCE - New Currency Transaction Reporting Exemption Rule
The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has
announced a final rule that represents the second part of its effort to significantly reduce the
number of times depository institutions must report large currency transactions. The rule further
simplifies the way banks can exempt large currency transactions by retail and other businesses
from the reporting requirements.

November 13, 1998 - FDIC PUBLISHES SEMIANNUAL AGENDA OF REGULATIONS
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.

November 10, 1998 - FRB ST. LOUIS - Susan S. Elliott, chairman and chief executive officer of Systems Service Enterprises, Inc., has been appointed chairman of the board of directors of the Federal Reserve Bank of St. Louis for 1999 by the Federal Reserve Board. Charles W. Mueller, chairman, president and chief executive officer of Ameren Corporation, has been appointed
deputy chairman.

November 5, 1998 - The Federal Financial Institutions Examination Council will be relocating. Effective November 9th, 1998, the new office address will be:  2000 K Street, NW Suite 310 (3rd Floor) Washington, DC 20006 Telephone Number: 202/872-7500 Fax Number: 202/872-7501

November 5, 1998 - TRUST ASSETS - Trust Survey Transmission via the Internet
The Federal Deposit Insurance Corporation (FDIC), as collection agent for the Federal Financial Institutions Examination Council's (FFIEC) 1998 Annual Report of Trust Assets (ARTA), is pleased to announce that all institutions with trust powers may opt to submit the 1998 ARTA via the Internet. Institutions wishing to file the report in hard copy may still do so.

November 5, 1998 - FDIC STREAMLINES APPLICATION PROCEDURES FOR STATE-CHARTERED BANK SUBSIDIARIES
The Federal Deposit Insurance Corporation Board of Directors today adopted a revised regulation and streamlined procedures designed to expedite the processing of applications filed by well-managed, well capitalized banks and savings associations that want to sell real estate, underwrite securities or engage in a variety of other activities.

November 5, 1998 - FDIC REPORTS STRONG THIRD QUARTER EARNINGS FOR BANK AND THRIFT INSURANCE FUNDS
The Bank Insurance Fund (BIF) earned $808 million for the first nine months of 1998, according to an FDIC management report on the Corporation's unaudited financial statements. The Savings Association Insurance Fund (SAIF) earned $363 million for the same period.

November 4, 1998 - REGULATORS SEEK OMB'S APPROVAL OF COMMON FORM FOR MERGER APPLICATIONS
To promote consistency and reduce regulatory burden, the Office of the Comptroller of the Currency (OCC), Office of Thrift Supervision (OTS), and Federal Deposit Insurance Corporation (FDIC) submitted a uniform bank merger application form to the Office of Management and Budget (OMB) for review. If approved, the new Interagency Bank Merger Act Application form would be used by institutions seeking approvals to merge, consolidate, or otherwise combine. Today the agencies published a notice in the Federal Register announcing the submission for OMB review and inviting any comment on the new form.

November 4, 1998 - The Federal Reserve Board today announced continued price reductions in fees for electronic payment services provided to depository institutions by the Federal Reserve
Banks. Most of the new fees become effective January 4, 1999.

November 3, 1998 - The Federal Reserve Board today announced plans for providing an enhanced settlement service to depository institutions. The enhanced service combines and improves selected features from the Reserve Banks' existing net settlement services.

FRB Dallas Listing of Bank and Bank Holding Company Application Bulletins

Federal Reserve Board Public Information Actions, Orders, and Other Documents, all FRB districts

FRB Operating Circulars, maintained by the FRB of Chicago

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