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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