Bank Regulatory News
November 2001
November 30, 2001 – NCUA - Letter to Credit Unions
01-CU-20 -- Due Diligence Over Third Party Service Providers
www.ncua.gov/ref/letters/01-CU-20.pdf
November 30, 2001 – NCUA - FOIA Appeal Decision 01-1055
www.ncua.gov/ref/FOIA/FOIA-Decisions/01-1055.htm
November 30, 2001 – NCUA - Issues Order of Prohibition against John
Humpage
www.ncua.gov/news/press_releases/pr112801.html
November 30, 2001- 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 first quarter of
2002.
www.fdic.gov/news/news/press/2001/pr8401.html
November 30, 2001 - Counterfeit Cashier's Checks - The Federal
Deposit Insurance Corporation (FDIC) has learned that additional
counterfeit cashier's checks drawn on the Exchange Bank, Santa Rosa,
California, are in circulation. The latest items bear the routing number
of the Valley Bank of Kalispell, Kalispell, Montana.
www.fdic.gov/news/news/financial/2001/fil01100.html
November 30, 2001 - HMDA and CRA Data Collection and Reporting - The
Federal Deposit Insurance Corporation would like to remind institutions
that Calendar Year 2001 (CY2001) Home Mortgage Disclosure Act (HMDA) and
Community Reinvestment Act data must be submitted by March 1, 2002
www.fdic.gov/news/news/financial/2001/fil01101.html
November 30, 2001 - Comptroller Underscores National Bank Efforts to Meet
the Financial Services Needs of Native Americans - Comptroller of the
Currency John D. Hawke, Jr. today highlighted the accomplishments of
national banks in overcoming many of the barriers that have historically
limited Native Americans' access to credit and financial services in
Indian country.
www.occ.treas.gov/ftp/release/2001-97.txt
November 30, 2001 - OCC Issues First 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 first quarter of 2002.
Press Release - www.occ.treas.gov/ftp/release/2001-98.txt
Attachment - www.occ.treas.gov/ftp/release/2001-98a.pdf
November 29, 2001 - Legal
Interpretations - Exemption from section 23A of the Federal Reserve Act
(Relations with Affiliates)--J.P. Morgan Chase
www.federalreserve.gov/boarddocs/legalint/federalreserveact/2001/20011031/
November 29, 2001 - OTS Announces CRA Examination Schedule for First
Quarter 2002 - The Office of Thrift Supervision today published a list of
86 savings associations that are scheduled for Community Reinvestment Act
examinations during the first quarter of 2002.
www.ots.treas.gov/docs/77181.html
November 29, 2001 - Agencies Adopt Recourse, Direct Credit Substitutes and
Residual Interests Final Rule - The federal bank and thrift regulatory
agencies today announced the publication of a final rule that changes
their regulatory capital standards to address the treatment of recourse
obligations, residual interests and direct credit substitutes that expose
banks, bank holding companies, and thrifts (collectively, banking
organizations) to credit risk.
www.federalreserve.gov/boarddocs/press/boardacts/2001/20011129/
November 29, 2001 - Commercial Banks Earn $17.4 Billion In The Third
Quarter, 2001 - The federal bank and thrift regulatory agencies
today announced the publication of a final rule that changes their
regulatory capital standards to address the treatment of recourse
obligations, residual interests and direct credit substitutes that expose
banks, bank holding companies, and thrifts (collectively, banking
organizations) to credit risk
www.federalreserve.gov/boarddocs/press/boardacts/2001/20011129/
November 29, 2001 - Final Rule to Amend the Regulatory Capital Treatment
of Recourse Arrangements, Direct Credit Substitutes, Residual Interests in
Asset Securitizations, and Asset-Backed and Mortgage-Backed Securities -
The Federal Deposit Insurance Corporation (FDIC), 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 adopted the
attached final rule concerning regulatory capital standards.
www.fdic.gov/news/news/financial/2001/fil0199.html
November 29, 2001 - Agencies Adopt Recourse, Direct Credit Substitutes And
Residual Interests Final Rule - The federal bank and thrift regulatory
agencies today announced the publication of a final rule that changes
their regulatory capital standards to address the treatment of recourse
obligations, residual interests and direct credit substitutes that expose
banks, bank holding companies, and thrifts (collectively, banking
organizations) to credit risk.
Press Release - www.occ.treas.gov/ftp/release/2001-96.txt
Attachment - www.occ.treas.gov/ftp/release/2001-96a.pdf
November 28, 2001 - The Federal Reserve Board on Wednesday announced the
issuance of a Cease and Desist Order against the Gulf Bank, Miami,
Florida.
www.federalreserve.gov/boarddocs/press/Enforcement/2001/20011128/default.htm
November 28, 2001 - Updated the FFIEC members to reflect the replacement
of Donna A. Tanoue with Donald E. Powell of the FDIC as the Chairman.
www.ffiec.gov/members.htm
November 27, 2001 – NCUA - Large credit unions post strong 3rd
quarter results - Federally insured credit unions with assets over $50
million grew a significant 12.81 percent in the first nine months of 2001
while the number of institutions declined slightly, down from 1,558 to
1,547.
www.ncua.gov/news/press_releases/pr112701.html
November 27, 2001 - OCC Announces New Electronic Interpretations and
Actions - November 2001 - The OCC's monthly publication Interpretations
and Actions includes
www.occ.treas.gov/interp/monthly.htm
November 26, 2001 - OCC Announces 10 New Enforcement Actions - The Office
of the Comptroller of the Currency today announced 10 new enforcement
actions taken against national banks and individuals currently and
formerly affiliated with national banks.
www.occ.treas.gov/ftp/release/2001-94.txt
http://www.occ.treas.gov/cra/nov01.htm
November 26, 2001 - OCC Releases CRA Evaluations For 21 National Banks -
The Office of the Comptroller of the Currency today released a list of
Community Reinvestment Act (CRA) performance evaluations that became
public during the period of October
15 through November 14, 2001.
http://www.occ.treas.gov/ftp/release/2001-95.txt
November 26, 2001 - The USA PATRIOT Act and the International Money
Laundering Abatement and Anti-Terrorist Financing Act of 2001 - On October 26, 2001,
the President signed into law H.R. 3162, the USA PATRIOT Act (Act),
which contains strong measures to prevent, detect, and prosecute terrorism
and international money laundering. Title III of the Act
is the International Money Laundering Abatement and Anti-Terrorist
Financing Act of 2001.
www.federalreserve.gov/BoardDocs/SRLetters/2001/sr0129.htm
November 26, 2001 - 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.
www.fdic.gov/news/news/financial/2001/fil0198.html
November 21, 2001 - Updated the FFIEC 004 Reporting Form .
www.ffiec.gov/PDF/FFIEC_forms/FFIEC004_20011231.pdf
November 21, 2001 - Board Appeal Decision - 01-CRED-002 - xxxxxxx Credit
Union
www.ncua.gov/ref/Board_Appeals/appeals/01-CRED-002.htm
November 21, 2001 – NCUA - Enclosed
is the Program and Activity Report for the Office of Credit Union
Development (OCUD) for the first half of 2001.
www.ncua.gov/ref/letters/01-CU-17.pdf
November 21, 2001 – NCUA - Revised Recent Final Rule - 12 CFR
Part 722 & 742 - Regulatory Flexibility Program - The NCUA Board is
issuing a final rule that will permit credit unions with advanced levels
of net worth and consistently strong supervisory examination ratings to be
exempt, in whole or in part, from certain NCUA regulations
http://www.ncua.gov/news/proposed_regs/12CFRPart722and742-revisedfinal.html
November 21, 2001 - OTS Releases October Enforcement Statistics - The
Office of Thrift Supervision (OTS) today reported that it issued one
enforcement order to an institution during the month of October.
www.ots.treas.gov/docs/77180.html
_______________
November 21, 2001 - Proposals
for Comment - The following proposals were recently made available
for public comment. Comments may be submitted to the Federal Reserve via
the web using the links below.
www.federalreserve.gov/GeneralInfo/foia/proposedregs.cfm
November 21, 2001 - Securities Underwriting and Dealing Subsidiaries -
A broker-dealer authorized to engage in securities underwriting,
dealing, or market-making may, under certain circumstances, be acquired by
a bank holding company, by a foreign bank subject to the Bank Holding
Company Act, or by a state member bank.
www.federalreserve.gov/GeneralInfo/Subsidiaries/default.htm
November 21, 2001 - OTS Releases October Enforcement Statistics - The
Office of Thrift Supervision (OTS) today reported that it issued one
enforcement order to an institution during the month of October.
www.ots.treas.gov/docs/77180.html
November 21, 2001 – NCUA - Board Appeal Decision - 01-CRED-002 - xxxxxxx
Credit Union
www.ncua.gov/ref/Board_Appeals/appeals/01-CRED-002.htm
November 21, 2001 – NCUA -Letter to Credit Unions 01-CU-17 -- Office of
Credit Union Development Program & Activity Report - Enclosed is the
Program and Activity Report for the Office of Credit Union Development for
the first half of 2001.
www.ncua.gov/ref/letters/01-CU-17.pdf
November 21, 2001 – NCUA - Regulatory Flexibility Program - The NCUA
Board is issuing a final rule that will permit credit unions with advanced
levels of net worth and consistently strong supervisory examination
ratings to be exempt, in whole or in part, from certain NCUA regulations.
www.ncua.gov/news/proposed_regs/12CFRPart722and742-revisedfinal.html
November 20, 2001 - Long Run Economic Prospects "Bright, Unchanged in
Fundamentals," Says St. Louis Fed's Poole - "Our economy is
resilient, both because our people are resilient and because we rely so
greatly on decentralized markets."
www.stls.frb.org/general/releases/rel01/nr1120.html
November 20, 2001 - OTS Issued One Enforcement Order In September - The
Office of Thrift Supervision today reported that it issued one enforcement
order to one individual and terminated another during September.
www.ots.treas.gov/docs/77178.html
November 20, 2001 - OTS Announces 20 October CRA Ratings
- The Office of Thrift Supervision today announced savings
associations' Community Reinvestment Act performance evaluation ratings
that became available in October 2001.
www.ots.treas.gov/docs/77179.html
November 20, 2001 - The Economic Performance of Small Banks, 1985-2000 -
Several trends in the financial industry over the past decade and a half
have potentially threatened the competitiveness of small banks.
www.federalreserve.gov/Pubs/Bulletin/2001/01bulletin.htm
November 19, 2001 - Release
Dates Set For Chicago Fed National Activity Index - The release dates for the Federal
Reserve Bank of Chicago's National Activity Index (CFNAI) have been set
through December 2002, according to Charles L. Evans, vice president and
economic advisor at the Chicago Fed
www.chicagofed.org/newsandevents/pressreleases/2001/pr11192001.cfm
____________
November 16, 2001 - The Federal Reserve Board today
announced the execution of a Written Agreement by and among Cerritos
Valley Bancorp, Artesia, California; the Cerritos Valley Bank, Artesia,
California; and the Federal Reserve Bank of San Francisco.
www.federalreserve.gov/boarddocs/press/Enforcement/2001/20011116/default.htm
November 16, 2001 - Industrial
Production And Capacity Utilization - In October, industrial
production fell 1.1 percent, to 139.3 percent of its 1992 average, and was
6.3 percent below its level a year ago. Manufacturing output decreased 1.2
percent in October, mining output decreased 1.3 percent, and utilities
production rose 0.6 percent.
www.federalreserve.gov/releases/G17/current/
November 16, 2001 - The Federal Reserve Board on Friday released the
minutes of its discount rate meetings from September 24 to October 2,
2001.
www.federalreserve.gov/boarddocs/press/general/2001/20011116/default.htm
November 16, 2001 - Central
Cities' Growth Trends Analyzed - Economic and demographic shifts in
central cities are two issues relating to the growth of these cities that
are highlighted in a special issue of the Federal Reserve Bank of
Chicago's Chicago Fed Letter.
www.chicagofed.org/newsandevents/pressreleases/2001/pr11162001.cfm
November 15, 2001 - The NCUA Board is issuing a final rule that will
permit credit unions with advanced levels of net worth and consistently
strong supervisory examination ratings to be exempt, in whole or in part,
from certain NCUA regulations.
www.ncua.gov/news/proposed_regs/12CFRPart722and742-final.html
November 15, 2001 – NCUA - Legal Opinion Letter 01-0869 -- Re:
Federal Credit Union as Licensed Insurance Agent
www.ncua.gov/ref/opinion_letters/01-0869.html
November 14, 2001 - Federal and state banking regulators today announced
the issuance of a joint Order to Cease and Desist and Order of Assessment
of a Civil Money Penalty and Monetary Payment against the State Bank of
India, Mumbai, India, and the bank’s three branches in New York, New
York, its branch in Chicago, Illinois, and its agency in Los Angeles,
California.
www.federalreserve.gov:80/boarddocs/press/Enforcement/2001/20011114/default.htm
November 14, 2001 - The Federal Reserve Board on Wednesday 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.
www.federalreserve.gov/boarddocs/press/BoardActs/2001/20011114/default.htm
November 14, 2001 - Fed Announces Results of Study of the Payments System First Authoritative Study in 20 Years - New data collected by the
Federal Reserve System suggest check writing in the United States is
steadily giving way to electronic forms of payment as consumers,
businesses, and financial institutions seek to be more efficient and
cost-effective.
www.federalreserve.gov/boarddocs/press/General/2001/20011114/default.htm
November 14, 2001 - The Federal Reserve Board on Wednesday 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.
www.federalreserve.gov/boarddocs/press/boardacts/2001/20011114/default.htm
November 14, 2001 - World Business Cycle Exists, Says Chicago Fed
Researcher - New evidence suggests that a world business cycle
exists, according to the latest issue of the Chicago Fed Letter released
today.
www.chicagofed.org/newsandevents/pressreleases/2001/pr11142001.cfm
November 14, 2001 - The National Credit Union Administration announced
that it has issued an Order of Prohibition against Roslyn Keen, former
manager of Millard Fillmore Hospital Federal Credit Union in Buffalo, New
York.
www.ncua.gov/news/press_releases/pr110901.html
November 13, 2001 - Senior Loan Officer Opinion Survey on Bank Lending
Practices - The October 2001 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/200111/default.htm
November 13, 2001 - Specially Designated Nationals and Blocked Persons On
November 7, 2001, the Department of the Treasury's Office of Foreign
Assets Control amended its listing of specially designated nationals and
blocked persons by adding a significant number of terrorist organizations
and individuals, including certain money transmitters and others in the
United States.
www.fdic.gov/news/news/financial/2001/fil0197.html
November 13, 2001 - Court Dismisses ABA Challenge to NCUA’s Field of Membership Rule - The United States Court of Appeals dismissed the
American Bankers Association suit against NCUA’s field of membership
regulation issued pursuant to the Credit Union Membership Access Act (CUMAA)
November 9, 2001.
www.ncua.gov/news/press_releases/pr111301.html
November 9, 2001- Chairman Greenspan, Secretary O'neill , Secretary Mineta
Designate Representatives To Air Transportation Stabilization Board
www.federalreserve.gov/boarddocs/press/General/2001/20011109/default.htm
__________
November 9, 2001 - The Federal Reserve Board today
announced the execution of a Written Agreement by and between the Bank of
Ephraim, Ephraim, Utah, and the Federal Reserve Bank of San Francisco.
www.federalreserve.gov:80/boarddocs/press/Enforcement/2001/20011109/default.htm
November 9, 2001 - The Federal Reserve Board today announced its approval
of the application by The Royal Bank of Scotland Group plc, The Royal Bank
of Scotland plc, RBSG International Holdings Ltd., all in Edinburgh,
Scotland, and Citizens Financial Group, Inc., Providence, Rhode Island, to
acquire all the voting shares of Citizens Bank of Pennsylvania,
Philadelphia, Pennsylvania, and Citizens Bank, Wilmington, Delaware, both
in formation.
www.federalreserve.gov/boarddocs/press/BHC/2001/20011109/default.htm
November 9, 2001 - The Use of Forward Equity Transactions by Banking
Organizations - Over the past several years, a number of banking
organizations have engaged in
various types of forward transactions relating to the repurchase of
their common stock.
www.federalreserve.gov/BoardDocs/srletters/2001/sr0127.htm
November 9, 2001 - The Federal Reserve Board today announced the execution
of a Written Agreement by and between
the Bank of Ephraim, Ephraim, Utah, and the Federal Reserve Bank of San
Francisco.
www.federalreserve.gov/BoardDocs/Press/Enforcement/2001/20011109/default.htm
November 8, 2001 - The National Credit Union Administration announced that
it has issued an Order of Prohibition against Elizabeth A. Maxwell, former
manager of Greater
Southwest Federal Credit Union in Sugar Land, Texas.
www.ncua.gov/news/press_releases/pr110801.html
November 8, 2001 - Currency and Coin - The Federal Reserve, the nation's
central bank, distributes, processes, and accounts for U.S. currency and
coin in the United States and abroad.
www.federalreserve.gov/PaymentSystems/Coin/default.htm
November 8, 2001 - Minutes of the Federal Open Market Committee October 2,
2001
www.federalreserve.gov/fomc/minutes/20011002.htm
November 8, 2001 - The Office of Foreign Assets Control (OFAC) has added
certain entities and individuals to its list of Specially Designated
Global Terrorists (SDGTs).
Press Release: www.occ.treas.gov/ftp/alert/2001-14.txt
Attachment: www.occ.treas.gov/ftp/alert/2001-14a.pdf
November 7, 2001 - Risks In Banks' Loan Portfolios And Loan Administration
Have Increased Slightly, FDIC Report Says - FDIC examiners have reported
increases in risks in banks' 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 September 30, 2001.
www.fdic.gov/news/news/press/2001/pr8001.html
November 7, 2001 - Thrift Holding Companies May Engage in Activities
Approved for Financial Holding Companies, Says OTS - The Office of Thrift
Supervision will publish a proposed rule in the Thursday, November 8,
issue of the Federal Register revising its regulations to make clear that
all thrift holding companies are authorized under the Gramm-Leach-Bliley
Act of 1999 to engage in the same list of financial activities as
financial holding companies are permitted by the Federal Reserve Board.
Gramm-Leach-Bliley gave financial holding companies new powers to engage
in activities that are financial in nature, incidental to a financial
activity or complementary to a financial activity.
www.ots.treas.gov/docs/77177.html
November 7, 2001 – NCUA -FOIA Appeal Decision 01-1029 -- exemptions 4,
5, & 8
www.ncua.gov/ref/FOIA/FOIA-Decisions/01-1029.html
November 6, 2001 - The Federal Reserve Board announced today the approval
of the application of Jamaica National Building Society, Kingston,
Jamaica, to establish a representative office in Fort Lauderdale, Florida.
www.federalreserve.gov/boarddocs/press/BHC/2001/20011106/default.htm
November 6, 2001 - The Federal Open Market Committee decided today to
lower its target for the federal funds rate by 50 basis points to 2
percent. In a related action, the Board of Governors approved a 50 basis
point reduction in the discount rate to 1-1/2 percent.
www.federalreserve.gov/boarddocs/press/general/2001/20011106/default.htm
November 5, 2001 - Financial Holding Companies - Under the Bank Holding
Company Act, bank holding companies may elect to be financial holding
companies.
www.federalreserve.gov/generalinfo/fhc/default.htm
November 5, 2001 - FDIC Issues November 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.
www.fdic.gov/news/news/press/2001/pr7901.html
November 5, 2001 - Information Technology and Growth in the Twelfth
District - This just-released Economic Letter tracks information
technology (IT) sector growth and slowing
in the Federal Reserve's 12th District, and examines its impact on the
District's economy.
www.frbsf.org/news/releases/2001/011105.html
November 5, 2001 – NCUA - Use of Trade Name Without Words “Federal
Credit Union.”
www.ncua.gov/ref/opinion_letters/01-0936.html
____________
November 2, 2001 - OCC Guidance Cautions National
Banks on Third Party Relationships - The Office of the Comptroller of the
Currency (OCC) today issued guidance on managing the risks that arise when
national banks have business relationships with third parties.
Press Release - www.occ.treas.gov/ftp/release/2001-92.txt
Attachment - www.occ.treas.gov/ftp/bulletin/2001-47.txt
November 2, 2001 - OTS Outlines Refinements to Mutual Examination Process
- The Office of Thrift Supervision (OTS) today issued updated guidance on
the examination of mutual institutions.
www.ots.treas.gov/docs/77175.html
November 1, 2001 - NCUA Holds Historic Public Budget Briefing –
Announces 33.5 Staff Reductions In 2002 And Projection Of Planned
Budget Decrease in Agency’s 2003 Budget
http://www.ncua.gov/news/press_releases/pr110101.html
November 1, 2001 - Testimony of Dolores S. Smith Director,
Division of Consumer and Community Affairs - How
is the credit card industry treating its customers?
www.federalreserve.gov/boarddocs/testimony/2001/20011101/default.htm
November 1, 2001 - Department
of the Treasury's FinCEN Publication, The SAR Activity Review - The
Federal Deposit Insurance Corporation is providing institutions with the
attached copy of The SAR Activity Review, published by the
Department of the Treasury's Financial Crimes Enforcement Network
www.fdic.gov/news/news/financial/2001/fil0196.html
November 1, 2001 - SEC Action Against Robert L.
Bentley, Bentley Financial Services, and Entrust Group - The purpose of
this SR letter is to inform Reserve Banks and state member banks
about an enforcement action that was recently taken by the SEC against
Robert L. Bentley and his companies, Entrust Group and
Bentley Financial Services (collectively, "Bentley").
www.federalreserve.gov/boarddocs/srletters/2001/sr0126.htm
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