Bank Regulatory News
29, 2000 - The Federal Deposit Insurance Corporation (FDIC) has
approved the purchase and assumption of the insured deposits of The Bank
of Falkner, Falkner, Mississippi, by Citizens Bank & Savings Company,
28, 2000 - The Federal Reserve Board today published a final rule
amending Regulation Z, which implements the Truth in Lending Act, to
revise the disclosure requirements for credit and charge card
solicitations and applications.
28, 2000 - Comptroller Promotes Leadership Role for National Banks In
Areas Lacking Adequate Access to Financial Services
WASHINGTON--The Comptroller of the Currency John D. Hawke, Jr. today
encouraged national banks to take a leadership role in bringing retail
financial services to underserved areas.
28, 2000 - This bulletin highlights the critical need for national
trust banks (NTBs) to maintain adequate liquidity and capital and for
examiners to assess these matters through the supervisory process.
28, 2000 - Community banks and thrifts would be eligible for simpler, less burdensome capital rules under an
interagency proposal to be released for comment next month, Federal Deposit Insurance Corporation
Chairman Donna Tanoue announced today.
27, 2000 - The Federal Reserve Board today announced the execution of
a Written Agreement by and among Olathe Bancorporation, Inc., Olathe
Colorado; the Olathe State Bank, Olathe, Colorado; the Federal Reserve
Bank of Kansas City; and the Colorado Division of Banking.
27, 2000 - AGENCIES PROPOSE REVISION OF CAPITAL RULES FOR THE
TREATMENT OF RESIDUAL INTERESTS FDIC
The Office of the Comptroller of the Currency, the Board of Governors of
the Federal Reserve System, the Federal Deposit Insurance Corporation, and
the Office of Thrift Supervision today requested public comment on
proposed revisions to their capital rules for residual interests in asset
securitizations or other transfers of financial assets. The proposed rule
was published in today’s Federal Register. Comments are due
December 26, 2000.
27, 2000 - The Federal Reserve Board today announced its approval of
the application of FleetBoston Financial Corporation, Boston,
Massachusetts ("Fleet"), to acquire up to 9 percent of the
voting shares of North Fork Bancorporation, Inc., Melville ("North
Fork"), and its subsidiaries North Fork Bank, Mattituck, both in New
York, and Superior Savings of New England, N.A., Branford, Connecticut.
27, 2000 - The Federal Reserve Board today announced its approval of
the notice by North Fork Bancorporation, Inc., Melville, New York, to
acquire at least 50.1 percent of the voting shares of Dime Bancorp, Inc.,
New York, New York.
26, 2000 - Analysts at the Federal Deposit Insurance Corporation today
added Denver, Fort Worth, Jacksonville, Sacramento, and Seattle to a list
of metropolitan areas at risk of overbuilding, expanding their list of
cities at risk to 13.
September 25, 2000
- OTS Approves Thrift's Plan To Offer Banking Services In 25 Safeway
WASHINGTON, D.C., Sept. 25, 2000 – Amicus, a federal savings bank in
Cicero, Ill., has received approval from the Office of Thrift Supervision
(OTS) to establish 25 agency offices in Safeway supermarkets in California
and Colorado that will offer a variety of retail banking services and
products. The offices will operate under the name Safeway Select Bank.
25, 2000 - The Federal Deposit Insurance Corporation today announced
the publication of "Tips for Safe Banking Over the Internet," a
new brochure intended to help consumers better understand their rights and
responsibilities when banking over the Internet. The brochure was produced
in collaboration with the Federal Reserve Bank of New York, the Office of
the Comptroller of the Currency, and the Office of Thrift Supervision.
22, 2000 - OCC Proposes Pilot Program Adjusting Certain Lending Limits
For Many Community National Banks
WASHINGTON -- The Office of the Comptroller of the Currency announced
today a proposal to implement a pilot program that would provide
well-capitalized and well-managed national banks additional flexibility to
make residential and small business loans.
22, 2000 - The Federal Reserve Board today announced the execution of
a Written Agreement by and among the Consolidated Bank and Trust Company,
Richmond, Virginia; the Federal Reserve Bank of Richmond; and the Bureau
of Financial Institutions of the Commonwealth of Virginia.
22, 2000 - The Federal Deposit Insurance Corporation (FDIC) today
released a list of orders of administrative enforcement actions taken
against banks and individuals in August. No administrative hearings are
scheduled for October.
21, 2000 - OCC ANNOUNCES 4 NEW ENFORCEMENT ACTIONS
WASHINGTON, DC --The Office of the Comptroller of the Currency (OCC) today
announced 4 new enforcement actions taken against national banks and
individuals currently and formerly affiliated with national banks.
21, 2000 - Commercial bank earnings during the second quarter dropped
13.2 percent from the year before, falling to the lowest quarterly total
since the second quarter of 1997, according to preliminary data from the
20, 2000 - The Level of Risk in Bank Portfolios Continues to Rise, OCC
Reports in Annual
WASHINGTON -- The OCC's sixth annual Survey of Credit Underwriting
Practices found that the level of credit risk embedded in bank portfolios
continues to rise and that loan standards for very large syndicated loans
have eased. The survey also found that standards for home equity lending
have eased for the sixth consecutive year.
19, 2000 - The Federal Reserve Board today announced the appointment
of Chairmen and Deputy Chairmen of the 12 Federal Reserve Banks for 2001.
19, 2000 - The National Credit Union Administration announced that it
has issued an Order of Prohibition against a former credit union
operations manager. Susan E. Hall, former operations manager of the
Campbell Soup Federal Credit Union, located in Sacramento, CA., signed the
order prohibiting her from any further participation in the operation of
any federal financial institution without admitting fault to avoid the
time and expense of litigation.
19, 2000 - Nigerian Advance Fee Schemes
Nigerian Advance Fee Schemes have been around for a number of years and
continue to proliferate. The Central Bank of Nigeria has issued a number
of press releases warning the public against involvement in the schemes
(sometimes also known as "4-1-9" fraud after the Nigerian penal
code section that addresses fraud schemes).
September 18, 2000
- OTS to Employ 'Check-Up' to Help Boost Thrifts' Privacy Compliance
Although financial institutions don’t have to be in full compliance with
the privacy provisions of the Gramm-Leach-Bliley Act until July 1, 2001,
the Office of Thrift Supervision (OTS) is wasting no time in its efforts
to make certain the thrift industry implements and tests its systems and
procedures in the interim so it can be fully compliant by that date.
September 18, 2000
- Regional Broker DADCO Receives Thrift Charter for Trust Activities
DADCO, a regional financial services organization based in Great Falls,
Mont., has been granted a federal thrift charter by the Office of Thrift
Supervision (OTS), and will consolidate two state-chartered trust
companies into the new thrift named Davidson Trust Company.
17, 2000 - Comptroller Hawke Tells Bankers OCC is Using Technology To
Improve Bank Supervision and Reduce Regulatory Burden
WASHINGTON -- Comptroller of the Currency John D. Hawke, Jr. told bankers
today that the OCC is using technology in innovative ways to reduce the
burdens and maximize the benefits of supervision. Attachment
17, 2000 - OCC Gives Bank Directors Guidance To Maintain Safe and
The Office of the Comptroller of the Currency announced today the
availability of a toolkit to help bank directors perform their oversight
17, 2000 - National Banknet An Exclusive Web Service for National
National Banknet is an exclusive Web service for national banks operated
by the Office of the Comptroller of the Currency. It goes beyond standard
Internet services. The OCC site enhances the private exchange of
information between the agency and the banks it charters and provides
products to assist these banks.
15, 2000 - The latest results from the FDIC's Survey of Real Estate
Trends showed continuing favorable views of local residential and
commercial real estate markets. The nationwide poll, which was conducted
in July, asked about developments in real estate markets during the first
six months of 2000. For the most part, respondents characterized supply
and demand in markets as in balance. But, where market imbalances were
observed, reports of tight supply generally outnumbered those of excess
15, 2000 - The enclosed materials pertain to the Reports of Condition
and Income (Call Report) for the September 30, 2000, report date. Please
complete your third quarter Call Report, review it for accuracy, and
submit the report electronically as soon as possible. Your completed
report must be received by October 30, 2000, in accordance with the filing
requirements discussed below. No extensions of time for submitting reports
14, 2000 - The Basel Committee on Banking Supervision has issued two
papers providing guidance on credit risk in banking. The papers are part
of the committee's ongoing effort to strengthen procedures for risk
management in banks.
13, 2000 - The NCUA Board has selected Special Actions Director
Michael J. Villemure as associate regional director of Operations in
Region II and Supervisory Examiner Elizabeth A. Whitehead as associate
regional director of Programs in Region I.
September 12, 2000
- U.S. Thrift Industry Earns $2 Billion in Second Quarter
WASHINGTON, D.C., Sept. 12, 2000 – The nation’s thrift industry earned
$2.0 billion in the second quarter of 2000, compared with the previous
quarter’s $2.2 billion and $2.1 billion a year ago, Director Ellen
Seidman of the Office of Thrift Supervision (OTS) reported today.
11, 2000 - The federal deposit insurance system turned 67 years old in
June, and it has served our country well. As the banking business changes,
however, we want to ensure that our system remains the world's best. The
FDIC is reviewing ways to improve the deposit insurance program and we
would like your comments. As part of our review, we have prepared the
enclosed options paper.
11, 2000 - OCC Responds to Chairman Leach's Questions
About Bank Holdings of Securities for Hedge Purposes
8, 2000 - The OCC issues Privacy Laws and Regulations handbook
September 8, 2000
- OTS Approves Multi-Step Application, Including Unique Stock Acquisition
WASHINGTON, D.C., Sept. 8, 2000 – The Office of Thrift Supervision (OTS)
has approved a multiple-step charter transaction that includes a
precedent-setting feature in which a newly created Wisconsin-based mutual
holding company will set up a subsidiary stock holding company that will
issue stock to acquire another Wisconsin thrift.
7, 2000 - Proposed Policy Statement on Allowance for Loan and Lease
Losses (ALLL) Methodologies and Documentation for Banks and Savings
The four federal banking agencies, under the auspices of the Federal
Financial Institutions Examination Council (FFIEC), have proposed the
attached "Policy Statement on Allowance for Loan and Lease Losses
(ALLL) Methodologies and Documentation for Banks and Savings
Institutions." The four banking agencies -- the Federal Deposit
Insurance Corporation (FDIC), the Federal Reserve Board, the Office of the
Comptroller of the Currency (OCC), and the Office of Thrift Supervision
(OTS) -- are seeking comment on this FFIEC proposal.
7, 2000 - The Basel Committee on Banking Supervision has issued a
paper providing guidance on managing the settlement risk arising from
foreign exchange transactions. The paper is part of the committee's
ongoing effort to strengthen procedures for risk management in
7, 2000 - A Federal Reserve System committee today outlined a series
of cooperative steps the Federal Reserve and the private sector can take
to remove barriers to the development of electronic check presentment in
the United States.
2000- Trading Revenue Remains Above $3 Billion, OCC Reports; Quarterly
Derivatives Volume at Record Level - U.S. commercial banks earned $3.03
billion from trading activities in the three months ending June 30. Attachment
5, 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 June 2000.
1, 2000 - 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 fourth quarter of 2000. This
list is published pursuant to revised CRA regulations published in May
1995 that require each Federal bank and thrift regulator to publish a
quarterly CRA examination schedule at least 30 days before the beginning
of each quarter.
2000 - OCC Issues Fourth Quarter 2000 CRA Examination Schedule Attachment
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency today
released its projected schedule of Community Reinvestment Act (CRA)
examinations to be conducted in the fourth quarter of 2000.