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

The Community Banker
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Bank Regulatory News
October 2003

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October 31, 2003 - Check Clearing for the 21st Century Act - The Check Clearing for the 21st Century Act was signed into law on October 28, 2003, and will become effective on October 28, 2004. Check 21 is designed to foster innovation in the payments system and to enhance its efficiency by reducing some of the legal impediments to check truncation. www.federalreserve.gov/paymentsystems/truncation/default.htm

October 30, 2003 - Office of Thrift Supervision Joins the FDIC's Interagency Electronic Filing System for Beneficial Ownership Reports - The Office of Thrift Supervision is joining the Federal Deposit Insurance Corporation's interagency electronic filing system for reports of beneficial ownership by directors, officers and principal shareholders (insiders) of savings associations that have equity securities registered with OTS pursuant to the Securities Exchange Act of 1934. www.ots.treas.gov/docs/77336.html

October 30, 2003 - Proposed Treatment of Expected and Unexpected Losses Under the New Basel Capital Accord - The federal bank and thrift agencies on Thursday issued the attached statement regarding the Basel Committee on Banking Supervision's request for comment on a modification to its proposed international capital standards. 
Press Release:  www.federalreserve.gov/boarddocs/press/bcreg/2003/20031030/default.htm
Press Release: www.fdic.gov/news/news/press/2003/pr10303.html
Press Release: www.ots.treas.gov/docs/77337.html
Press Release: http://www.occ.treas.gov/jointNewsRelease.asp?Doc=5YTOS4Y8.xml 
Attachment: www.occ.treas.gov/ftp/bulletin/2003-44a.pdf

October 30, 2003 - The Federal Reserve Board on Thursday announced its approval of the application by JPMorgan Chase Bank, New York, New York, to acquire certain trust deposits from Bank One, National Association (Ohio), Bank One Trust Company, National Association, both in Columbus, Ohio, and Bank One, National Association (Chicago), Chicago, Illinois. www.federalreserve.gov/boarddocs/press/orders/2003/20031030/default.htm

October 29, 2003 - Steps to Help Rebuild Areas in California Affected by Major Fires - The Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to facilitate the rebuilding process in areas of California damaged by recent fires. www.fdic.gov/news/news/financial/2003/fil0386.html

October 29, 2003 -SAR Activity Review - By the Numbers, the statistical portion of the SAR Activity Review was released this week by FinCEN. The Review provides statistics on SAR filings and guidance to financial institutions on filing SARs. This year, for the first time, the statistical portion of the Review is being issued separately from the guidance portion. The Review is published twice yearly by a subcommittee of the Bank Secrecy Act (BSA) Advisory Group, which is a high-level task force established by Congress to coordinate BSA-related matters. www.fincen.gov/bythenumtoc.pdf
 
October 29, 2003 - Remarks by Chairman Alan Greenspan At the Federal Reserve Payments System Development Committee 2003 Conference, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2003/20031029/default.htm

October 28, 2003 - NW Preferred Federal Credit Union Granted First "TIP" Charter By NCUA Under New FOM Rules - 63-year-old single sponsor occupational credit union to diversify membership base to include those in insurance industry in its service area.  www.ncua.gov/news/press_releases/2003/NR03-1028-3.htm

October 28, 2003 - OCC Guidance Will Assist Banks In Corporate Governance - The Office of the Comptroller of the Currency announced today the availability of publications that will assist bank directors in complying with new corporate governance standards and in identifying information in board reports that may signal existing or potential problems.
Press Release: www.occ.treas.gov/NewsRelease.asp?Doc=HDQINTSC.xml
Attachment:  http://www.occ.treas.gov/rf_book.pdf 
Attachment: http://www.occ.treas.gov/rf_book.pdf

October 28, 2003 - Roger W. Ferguson, Jr., on Tuesday took the oath of office for a second four-year term as Vice Chairman of the Board of Governors of the Federal Reserve System. www.federalreserve.gov/boarddocs/press/other/2003/20031028/default.htm

October 28, 2003 - The Federal Open Market Committee decided today to keep its target for the federal funds rate at 1 percent. www.federalreserve.gov/boarddocs/press/monetary/2003/20031028/default.htm

October 28, 2003 - NCUA Places College Heights Credit Union into Conservatorship - The National Credit Union Administration (NCUA) has placed $3.9 million College Heights Credit Union, Fayetteville, N.C., into conservatorship based upon the financial condition of the credit union.  www.ncua.gov/news/press_releases/2003/NR03-1028-2.htm

October 28, 2003 - Independent Appraisal and Evaluation Functions - The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the National Credit Union Administration are jointly issuing the attached statement to address concerns identified during examinations about the independence of the collateral valuation process.
Press Release: www.fdic.gov/news/news/financial/2003/fil0384.html
Press Release: www.federalreserve.gov/boarddocs/srletters/2003/sr0318.htm
Press Release: www.occ.treas.gov/ftp/advisory/2003-9.txt
Attachment: www.occ.treas.gov/ftp/advisory/2003-9a.pdf

October 28, 2003 - OCC Allows National Bank Offices Affected by California Wildfires to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by the wildfires in Southern California to close at their discretion.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=ZGVWIHB0.xml 
Attachment: www.occ.treas.gov/ftp/release/2003-85a.pdf

October 27, 2003 - FFIEC Information Technology Examination Handbook - The Federal Financial Institutions Examination Council has issued three booklets with guidance on: evaluating electronic banking activities; IT audits; and the FedLine electronic funds transfer application. The booklets are the fourth, fifth and sixth 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/fil0383.html

October 27, 2003 - FDIC Makes Public September Enforcement Actions; No Administrative Hearings Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in September. No administrative hearings are scheduled for November. www.fdic.gov/news/news/press/2003/pr10203.html 

October 24, 2003 - Latest Research Examines U.S. Trade with China - China's rapid economic growth has benefited U.S. consumers while challenging domestic producers to lower costs to remain competitive, according to research featured in the November issue of Chicago Fed Letter. www.chicagofed.org/newsandevents/pressreleases/2003/pr10242003.cfm

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October 24, 2003 - Financing Minority Businesses - The purpose of this advisory letter is to identify ways in which national banks can satisfy the financing needs of minority business entrepreneurs, consistent with safe and sound banking practices, and to describe risk mitigation techniques useful in this line of business. www.occ.treas.gov/ftp/advisory/2003-8.txt

October 24, 2003 - Ann F. Jaedicke Named Deputy Comptroller for Compliance - Ann F. Jaedicke has been named Deputy Comptroller for Compliance, succeeding David G. Hammaker, who plans to retire from the OCC on November 30. www.occ.treas.gov/NewsRelease.asp?Doc=CR67A3BO.xml

October 24, 2003 - Governor Ben S. Bernanke - Remarks - At the Federal Reserve Bank of Dallas Conference on the Legacy of Milton and Rose Friedman's Free to Choose, Dallas, Texas www.federalreserve.gov/boarddocs/speeches/2003/20031024/default.htm

October 23, 2003 - NCUA - Report for October 23, 2003 NCUA Board Meeting - A Summary of Actions Taken at NCUA Board Meetings www.ncua.gov/news/board_reports/board_reports.html

October 23, 2003 - NCUA - Final Rule - Freedom of Information Act - Guidance on Response Programs for Unauthorized Access to Member Information and Member Notice www.ncua.gov/news/proposed_regs/Proposed12CFRPart748.pdf

October 23, 2003 - New OCC Paper Describes Benefits of the Dual Banking System - The Office of the Comptroller of the Currency has published a new paper on the dual banking system that discusses the important roles played by both state and nationally chartered banks in maintaining the health and vitality of the U.S. banking system as a whole.
Press Release: www.occ.treas.gov/NewsRelease.asp?Doc=F3Z0014C.xml
Attachment: www.occ.treas.gov/ftp/release/2003-83a.pdf
Attachment: www.occ.treas.gov/ftp/release/2003-83b.pdf

October 23, 2003 - NCUA Chairman Informs Credit Unions Of Grants For The Corporation For National And Community Service's Next Generation Of National Service Organizations - National Credit Union Administration Chairman Dennis Dollar announced today that $4 million is available from the Corporation for National and Community Service, which oversees AmeriCorp, for Next Generation Grants, and will be made to eligible non-profit organizations. www.ncua.gov/news/press_releases/2003/NR03-1022-2.htm

October 23, 2003 - NCUA - National Credit Union Administration Board Chairman Dennis Dollar announced today that the NCUA will participate in the White House Conference on Faith-Based and Community Initiatives on Wednesday, October 29, in Memphis, Tennessee. www.ncua.gov/news/press_releases/2003/NR03-1022.htm

October 23, 2003 - Comptroller Of The Currency Bank Accounting Advisory Series September 2003 - This edition of the Bank Accounting Advisory Series expresses the Office of the Chief Accountant's current views on accounting topics of interest to national banks. Banks prepare their Consolidated Reports of Condition and Income (call reports) using generally accepted accounting principles. www.occ.treas.gov/ba092003.pdf 

October 23, 2003 - The Federal Reserve Board on Thursday announced modifications to the method for imputing priced-service income from clearing balance investments. The Board approved these modifications at an open meeting on October 22, 2003. www.federalreserve.gov/boarddocs/press/other/2003/20031023/default.htm

October 22, 2003 - The Federal Reserve Board on Wednesday approved fee schedules for Federal Reserve Bank priced services, effective January 2, 2004. www.federalreserve.gov/boarddocs/press/other/2003/20031022/default.htm

October 22, 2003 - Recent Changes to a Measure of U.S. Household Debt Service - Karen Dynan, Kathleen Johnson, Karen Pence - Changes in levels of aggregate household debt in the United States may contain information about the current state of the nation's economy and may affect its future direction. A commonly used measure of household indebtedness is the household debt service ratio (formerly known as the household debt service burden), published since 1980 by the Board of Governors of the Federal Reserve System. www.federalreserve.gov/pubs/bulletin/2003/03bulletin.htm#oct

October 21, 2003 - OCC Announces New Electronic Interpretations and Actions - Corporate Applications  www.occ.treas.gov/interp/oct03/intoct03.htm

October 21, 2003 - OCC Releases CRA Evaluations For 33 National Banks - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act performance evaluations that became public during the period of September 15, 2003 through October 14, 2003. www.occ.treas.gov/NewsRelease.asp?Doc=HTTA9OE.xml

October 21, 2003 - Productive Capacity, Product Varieties, and the Elasticities Approach to the Trade Balance Joseph E. Gagnon - Most macroeconomic models imply that faster output growth tends to lower a country's trade balance by raising its imports with little change to its exports. www.federalreserve.gov/pubs/ifdp/2003/781/default.htm

October 21, 2003 - The Effect of Exchange Rate Fluctuations on Multinationals' Returns - This paper examines if the type of exchange rate used or size of the movement in the exchange rate matters in estimating exchange-rate exposure of U.S. nonfinancial multinationals. www.federalreserve.gov/pubs/ifdp/2003/782/default.htm

October 21, 2003 - Market Power and Inflation - This paper examines the extent to which a decline in market power could have contributed to the general decline in inflation rates experienced in developed countries during the 1990s.  www.federalreserve.gov/pubs/ifdp/2003/783/default.htm

October 20, 2003 - New Bank Secrecy Act Examination Procedures Relating to the USA PATRIOT Act - The USA PATRIOT Act established new and enhanced measures to prevent, detect and prosecute money laundering and terrorism. 
Press Release: www.federalreserve.gov/boarddocs/srletters/2003/sr0317.htm
Press release:  www.occ.treas.gov/ftp/bulletin/2003-43.txt
Attachment:  http://www.occ.treas.gov/ftp/bulletin/2003-43a.pdf

October 20, 2003 - Power outages and the financial system - Testimony of Governor Mark W. Olson Before the Subcommittee on Oversight and Investigations of the Committee on Financial Services, U.S. House of Representatives  www.federalreserve.gov/boarddocs/testimony/2003/20031020/default.htm

October 20, 2003 - NCUA - Opinion Letter 03-0821 - Field of Membership Issues for Department of Homeland Security www.ncua.gov/ref/opinion_letters/2003_letters/03-0821.htm

October 20, 2003 - NCUA Board Member Matz Recommends Diversifying Membership and Assets - Credit unions that diversify their memberships and assets are better positioned to manage risk, National Credit Union Administration Board Member Debbie Matz advocated in a speech to Mid-States Corporate Federal Credit Union's Economic Forum. www.ncua.gov/news/press_releases/2003/NR03-1020.htm

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October 17, 2003 - Bank Secrecy Act Examination Procedures - The Federal Deposit Insurance Corporation has revised its examination procedures to include reviewing compliance with new sections of the Bank Secrecy Act required by the USA PATRIOT Act of 2001. www.fdic.gov/news/news/financial/2003/fil0379.html

October 17, 2003 - NCUA - Credit Unions Learn How to Make Business Loans Safely - Before comprehensive amendments take effect in credit unions' federal member business loan regulation later this month, more than 200 credit union representatives gathered in the nation's capital on International Credit Union Day to hear how to safely make business loans to their members.  www.ncua.gov/news/press_releases/2003/NR03-1017-2.htm

October 17, 2003 - NCUA - Dollar Calls Financial Literacy The "Vital Link" Between Credit Union Access and Breaking "Vicious" Payday Lending Cycle - National Credit Union Administration Chairman Dennis Dollar told a group of credit union and community leaders here today that financial literacy programs should a priority at all credit unions, but particularly at credit unions serving low-income communities because they "provide the vital link between access to lower-cost financial services and the breaking of the vicious payday lending cycle in many low-income neighborhoods." www.ncua.gov/news/press_releases/2003/NR03-1017.htm

October 16, 2003 - OCC Announces 13 New Enforcement Actions and Three Terminations - The Office of the Comptroller of the Currency (OCC) today announced 13 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and three terminations of existing enforcement actions. www.occ.treas.gov/NewsRelease.asp?Doc=KMS6B9JQ.xml

October 16, 2003 - The Federal Reserve Board on Thursday announced its approval of the application by Wells Fargo & Company, San Francisco, California, pursuant to section 3 of the Bank Holding Company Act to acquire all the voting shares of Two Rivers Corporation and thereby acquire its subsidiary, Bank of Grand Junction, both in Grand Junction, Colorado. www.federalreserve.gov/boarddocs/press/orders/2003/200310162/default.htm

October 16, 2003 - The Federal Reserve Board on Thursday announced its approval of the application by Wells Fargo & Company, San Francisco, California, pursuant to section 3 of the Bank Holding Company Act to acquire all the voting shares of Pacific Northwest Bancorp and thereby acquire its subsidiary, Pacific Northwest Bank, both in Seattle, Washington. www.federalreserve.gov/boarddocs/press/orders/2003/20031016/default.htm

October 16, 2003 - Industrial Production And Capacity Utilization - Industrial production rose 0.4 percent in September after having edged down 0.1 percent in August. For the third quarter, total industrial production increased at an annual rate of 3.3 percent. Manufacturing output, led by an increase in motor vehicle production, climbed 0.7 percent in September and rose at an annual rate of 2.9 percent in the third quarter. The output at utilities fell back 2.2 percent in September, and the output at mines was unchanged.  www.federalreserve.gov/Releases/G17/Current/default.htm

October 15, 2003 - The Federal Reserve Bank of New York today named Timothy F. Geithner to serve as the Bank's new President and CEO. His appointment by the New York Fed's Board of Directors was approved by the Federal Reserve Board of Governors and announced by Mr. Peter Peterson, chair of the New York Fed's Board of Directors and of the search committee that selected Mr. Geithner. www.federalreserve.gov/boarddocs/press/other/2003/20031015/default.htm

October 15, 2003 - The Asset-Correlation Parameter in Basel II for Mortgages on Single-Family Residences - This paper summarizes empirical research undertaken by Federal Reserve Board staff in support of the asset-correlation assumption implicit in the regulatory capital formula for mortgages on single-family residences (structures with up to four living units) in the proposed New Basel Capital Accord www.federalreserve.gov/generalinfo/basel2/docs2003/asset-correlation.pdf

October 15, 2003 - The Federal Reserve Board on Wednesday announced the issuance of a Final Decision and Orders of Prohibition against Gene Ulrich and Susan Diehl McCarthy, former Senior Vice President and Vice President, respectively, of Six Rivers National Bank, Eureka, California. www.federalreserve.gov/boarddocs/press/Enforcement/2003/200310152/default.htm

October 15, 2003 - NCUA - Dollar Says Community Credit Unions "Part Of The Solution" To Extending Financial Services To More Low-Income Americans - NCUA Chairman Calls Upon Community Credit Unions To Document Their Successes Which He Says Are Key To Access Across America Success www.ncua.gov/news/press_releases/2003/NR03-1015.htm

October 15, 2003 - FDIC'S Money Smart Wins Service To America Award - The Federal Deposit Insurance Corporation's Money Smart financial education program has been awarded a Service to America Medal by the Partnership for Public Service, it was announced today. www.fdic.gov/news/news/press/2003/pr10103.html

October 15, 2003 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts www.federalreserve.gov/FOMC/BeigeBook/2003/20031015/Default.htm

October 15, 2003 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among the First American Bank, Carpentersville, Illinois; the Illinois Office of Banks and Real Estate; and the Federal Reserve Bank of Chicago. http://www.federalreserve.gov/boarddocs/press/Enforcement/2003/20031015/default.htm
October 14, 2003 - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies.
www.federalreserve.gov/boarddocs/press/Enforcement/2003/20031015/default.htm

October 14, 2003 - NCUA - Credit Unions Build Affordable Housing Partnerships - NCUA Leaders Encourage Nationwide Consideration of New Hampshire Model with Genesis at PALS Workshop - Seen as Consistent With Access Across America Goals www.ncua.gov/news/press_releases/2003/NR03-1014.htm

October 14, 2003 - FOMC Must Focus on Longer-Run Forces To Promote Path of Balanced Growth: St. Louis Fed's Poole At some point in the economy's recovery from the 1990-91 recession, usually dated 1995, the economy's plodding long-term productivity growth rate increased to about 2 1/2 percent. www.stlouisfed.org/news/releases/2003/10_14_03.html

October 14, 2003 - Statement on his renomination as Vice Chairman of the Board - Testimony of Vice Chairman Roger W. Ferguson, Jr. Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate October 14, 2003 www.federalreserve.gov/boarddocs/testimony/2003/20031014/default.htm

October 14, 2003 - Statement on his renomination to the Board - Testimony of Governor Ben S. Bernanke Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate October 14, 2003 www.federalreserve.gov/boarddocs/testimony/2003/200310142/default.htm

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October 10, 2003 - The Federal Reserve Board on Friday announced the appointment of the chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2004. www.federalreserve.gov/boarddocs/press/other/2003/20031010/default.htm

October 10, 2003 - Third Quarter 2003 Edition of the FDIC's Letter to Stakeholders - The FDIC issues its sixth Letter to Stakeholders, a report of the agency's activities for the third quarter of 2003. www.fdic.gov/news/news/financial/2003/fil0377.html

October 10, 2003 - Interim Rule and Notice of Proposed Rulemaking - Request for Comments - This bulletin transmits both an interagency interim final rule on asset-backed commercial paper programs and an interagency notice of proposed rulemaking on asset-backed commercial paper programs and securitizations with early amortization features.
Press Release: www.occ.treas.gov/ftp/bulletin/2003-42.txt
Attachment: www.occ.treas.gov/ftp/bulletin/68fr56530.pdf
Attachment: www.occ.treas.gov/ftp/bulletin/68fr56568.pdf

October 10, 2003 - NCUA - Holds 3rd Annual Budget Briefing And Public Forum - Projected 2004 Agency Budget Growth Modest at 2.99% www.ncua.gov/news/press_releases/2003/NR03-1010.htm

October 9, 2003 - OCC Chief of Staff Addresses Midwest National Bank Conference - Mark A Nishan, Chief of Staff for the Office of the Comptroller of the Currency, addressed the Midwest National Bank Conference in St. Louis, Missouri today.
Press Release: www.occ.treas.gov/NewsRelease.asp?Doc=KDCMDKR2.xml
Attachment: www.occ.treas.gov/ftp/release/2003-80a.pdf

October 9, 2003 - More Secure, Colorful $20 Bill Makes Its Debut
Banks Begin Distributing Newly Redesigned Currency Today - The most secure currency in U.S. history was introduced into the economy today, as a newly redesigned, colorful $20 bill was issued by the Federal Reserve System.  www.federalreserve.gov/BoardDocs/Press/Other/2003/20031009/default.htm

October 9, 2003 - An update on the predatory lending issue - Governor Edward M. Gramlich At the Texas Association of Bank Counsel 27th Annual Convention, South Padre Island, Texas www.federalreserve.gov/boarddocs/speeches/2003/20031009/default.htm

October 8, 2003 - NCUA - PALS Workshop Agenda Released on Alternatives to Predatory Lending - Credit union officials from across America will gather in Dallas on Jan. 26 to share best practices for offering alternatives to predatory financial practices. www.ncua.gov/news/press_releases/2003/NR03-1008.htm

October 8, 2003 - Community Developments Analysis Paper, "Payroll Cards: An Innovative Product for Reaching the Unbanked and Underbanked"  - This paper provides an overview of payroll cards and examines their potential use by financial institutions to attract nearly 10 million unbanked households into the financial mainstream. The payroll card, a prepaid debit card offered by an employer to employees in place of a check to distribute wages, enables employees to withdraw their wages in cash at an ATM or purchase goods and services. www.occ.treas.gov/cdd/payrollcards.pdf

October 8, 2003 - Remarks - Vice Chairman Roger W. Ferguson, Jr. At the opening of the New England Economic Adventure at the Federal Reserve Bank of Boston www.federalreserve.gov/boarddocs/speeches/2003/200310083/default.htm

October 8, 2003 - The future of financial services - Revisited - Vice Chairman Roger W. Ferguson, Jr. At the Future of Financial Services Conference, University of Massachusetts, Boston, Massachusetts www.federalreserve.gov/boarddocs/speeches/2003/200310082/default.htm

October 8, 2003 - Comments on the current state of the economy - Governor Susan Schmidt Bies At the Annual Economic Outlook Conference, Middle Tennessee State University, Murfreesboro, Tennessee www.federalreserve.gov/boarddocs/speeches/2003/20031008/default.htm

October 7, 2003 - C
onsumer Credit - Beginning with the October release (of August data), the monthly G.19 consumer credit statistics incorporate student loans extended by the federal government and by SLM Holding Corporation (SLM), the parent company of Sallie Mae. www.federalreserve.gov/Releases/G19/Current/default.htm

October 7, 2003 - OTS Issues Final Regulations Governing Affiliate Transactions - The Office of Thrift Supervision today issued a final rule revising its regulations governing transactions between thrifts and their affiliates. The final rule reflects public comments on an interim final rule published by OTS in the December 20, 2002, issue of the Federal Register. www.ots.treas.gov/docs/77334.html

October 7, 2003 - FDIC Issues October 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/2003/pr10003.html

October 7, 2003 - Federal Agencies Publish Consumer Brochure on Predatory Lending - The federal Interagency Task Force on Fair Lending has published a new brochure that alerts consumers to potential borrowing pitfalls, including high-cost home loans, and provides tips for getting the best financing deal possible. The brochure, Putting Your Home on the Loan Line Is Risky Business, warns that regardless of whether a home equity loan is for a home repair, bill consolidation or some other purpose, it is important to shop around.
Press Release: www.federalreserve.gov/boarddocs/press/other/2003/20031007/default.htm
Press Release: www.fdic.gov/news/news/press/2003/pr9903.html
Press Release: www.ncua.gov/news/press_releases/2003/JR03-1007.htm
Press Release: www.occ.treas.gov/ftp/release/2003-79.htm
Attachment: www.occ.treas.gov/homeloan.htm
Attachment: www.occ.treas.gov/worksheet.htm

October 6, 2003 - NCUA Charters Missouri Credit Union - The National Credit Union Administration issued a charter for Cornerstone National Insurance Federal Credit Union in Columbia, Mo. on September 26. This is the first federal credit union chartered in Missouri in more than 14 years. www.ncua.gov/news/press_releases/2003/NR03-1006.htm

October 3, 2003 - The Federal Reserve Board on Friday announced the move to a quarterly publication schedule for the Federal Reserve Bulletin and the creation of a new monthly statistical supplement. www.federalreserve.gov/boarddocs/press/other/2003/20031003/default.htm

October 3, 2003 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and among the First Charter Bank, Charlotte, North Carolina; the Office of the North Carolina Commissioner of Banks, Raleigh, North Carolina; and the Federal Reserve Bank of Richmond. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20031003/default.htm

October 2, 2003 - Debt Elimination Schemes using Fictitious or Worthless Bonds, Due Bills and Bills of Exchange - Please be advised that worthless instruments entitled  "Bond for Discharge of Debt," "Bill of Exchange," "Due Bill," "Redemption Certificate," or other similarly titled documents continue to be presented to financial institutions, mortgage companies, credit card issuers, and retail establishments throughout the United States in an effort to eliminate legitimate debts. www.occ.treas.gov/ftp/alert/2003-12.txt

October 2, 2003 - Revocation of Banking License, First Federal Banking Corporation, Republic of Palau - The Financial Institutions Commission, Republic of Palau, has advised the Office of the Comptroller of the Currency that it revoked First Federal Banking Corporation's (First) banking license on September 26, 2003. www.occ.treas.gov/ftp/alert/2003-13.txt

October 2, 2003 - FFIEC Information Technology Examination Handbook - The Federal Financial Institutions Examination Council has issued updated guidance in three booklets on electronic banking, information technology audit, and the FedLine electronic funds transfer application. 
Press Release: www.occ.treas.gov/ftp/bulletin/2003-41.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2003-41a.pdf
Attachment: www.ffiec.gov/ffiecinfobase//index.html
Attachment: www.ffiec.gov/ffiecinfobase/html_pages/it_01.html#ebank

October 2, 2003 - FDIC Names Judy Chapa Senior Advisor To Target Hispanics On Financial Education - The Federal Deposit Insurance Corporation today announced that Judy Chapa, former Deputy Assistant Secretary for the Treasury Department's Office of Financial Education, has joined the FDIC Money Smart team as Senior Advisor for Financial Education Outreach to Hispanic Populations in the United States. www.fdic.gov/news/news/press/2003/pr9803.html

October 2, 2003 - The Federal Reserve Board announced today that the Consumer Advisory Council will hold its next meeting on Thursday, October 23. The meeting will take place in Dining Room E, Terrace level, in the Board's Martin Building. The session will begin at 9:00 a.m. and is open to the public. www.federalreserve.gov/boarddocs/press/other/2003/20031002/default.htm

October 2, 2003 -
Monetary Policy and the Stock Market: Some Empirical Results - Remarks by Governor Ben S. Bernanke At the Fall 2003 Banking and Finance Lecture, Widener University, Chester, Pennsylvania October 2, 2003 www.federalreserve.gov/boarddocs/speeches/2003/20031002/default.htm

October 2, 2003 - FDIC Issues Enforcement Action Against Pennsylvania Bank Trustees - The Federal Deposit Insurance Corporation has imposed civil money penalties on seven current trustees of United-American Savings Bank, Pittsburgh, PA. www.fdic.gov/news/news/press/2003/pr9703.html

October 2, 2003 - FDIC Issues Removal And Prohibition Order And Civil Money Penalty Against Former New York Banker - The Federal Deposit Insurance Corporation has issued a removal and prohibition order and imposed a civil money penalty against Joseph D. Bellanca. www.fdic.gov/news/news/press/2003/pr9603.html

October 2, 2003 - FDIC Issues Removal And Prohibition Order And Civil Money Penalty Against Former West Virginia Banker - The Federal Deposit Insurance Corporation has issued a removal and prohibition order and imposed a civil money penalty against Jimmy D. Morris. www.fdic.gov/news/news/press/2003/pr9503.html

October 2, 2003 - FDIC Issues Removal And Prohibition Order Against Former North Carolina Banker - The Federal Deposit Insurance Corporation has issued a removal and prohibition order against Herbert A. Gardner, Jr. www.fdic.gov/news/news/press/2003/pr9403.html

October 1, 2003 - The Federal Reserve Board on Wednesday announced the annual adjustments in the amount of net transaction accounts used in the calculation of reserve requirements and the cutoff level used to determine the detail and frequency of deposit reporting. www.federalreserve.gov/boarddocs/press/bcreg/2003/20031001/default.htm

October 1, 2003 - NCUA -
Opinion Letter 03-0929 - Fidelity Bond Removal's Effect on Director's Service www.ncua.gov/ref/opinion_letters/2003_letters/03-0929.htm

October 1, 2003 - NCUA - National Credit Union Administration Issues Prohibition Orders The National Credit Union Administration has issued Orders of Prohibition against the following individuals: www.ncua.gov/news/press_releases/2003/NR03-1001.htm

October 1, 2003 - NCUA - Credit Unions to Share Alternatives to Predatory Financial Practices - National Credit Union Administration Board Member Debbie Matz announced today that the agency will conduct a workshop for credit unions on Jan. 26, 2004 in Dallas as part of the Board member's Partnering and Leadership Successes initiative. www.ncua.gov/news/press_releases/2003/NR03-0930.htm

October 1, 2003 - Capital Standards - Federal Banking and Thrift Regulatory Agencies Issue Rulemakings Advancing Risk-Sensitive Capital Requirements for Sponsors of Asset-Backed Commercial Paper Programs Affected by "Financial Accounting Standards Board Interpretation No. 46, Consolidation of Variable Interest Entities," and Issuers of Consumer Securitizations With Early Amortization Provisions www.fdic.gov/news/news/financial/2003/fil0374.html

October 1, 2003 - FDIC Makes Public August Enforcement Actions; No Administrative Hearings Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in August. No administrative hearings are scheduled for October www.fdic.gov/news/news/press/2003/pr9303.html

October 1, 2003 - Federal Reserve Statistical Release - E.2 Survey Of Terms Of Business Lending, August 4-8, 2003 www.federalreserve.gov/releases/e2/Current/

October 1, 2003 -
Maintaining Price Stability  - Remarks by Governor Edward M. Gramlich Before the Economic Club of Toronto, Toronto, Canada October 1, 2003 www.federalreserve.gov/boarddocs/speeches/2003/20031001/default.htm

 

PLEASE NOTE:  Some of the above links may not function properly because the regulatory agency has changed the URL.  Please e-mail us at examiner@yennik.com if we can be of assistance.  

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