Bank Regulatory News
September 1998
September
30, 1998 - FDIC'S NEW DEPOSIT INSURANCE ESTIMATOR NOW AVAILABLE ON THE INTERNET
The FDIC today unveiled its new Electronic Deposit Insurance Estimator-"EDIE"-on
its Internet
site, allowing consumers and financial institution employees to quickly check whether a
depositor
with multiple accounts at the same institution has exceeded the $100,000 statutory limit
for
deposit insurance coverage.
September
30, 1998 - Reports of Condition and Income (Call Report) for Third Quarter 1998
The enclosed materials pertain to the Reports of Condition and Income (Call Report) for
September 30, 1998. Please complete your third quarter Call Report as soon as possible and
submit the report electronically. Your completed report must be received by October 30,
1998,
in accordance with the filing requirements discussed below. No extensions of time for
submitting reports are granted.
September 30,
1998 - OCC Encourages National Banks to Work with Customers Affected By Hurricane in
Mississippi, Louisiana, Alabama and Florida
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency (OCC) has outlined
measures to assist national banks and their customers affected by the hurricane in
Mississippi, Louisiana, Alabama and Florida. The OCC regulates national banks.
September
29, 1998 - FDIC MAKES PUBLIC AUGUST 1998 ENFORCEMENT ACTIONS; ONE ADMINISTRATIVE HEARING
SCHEDULED FOR OCTOBER
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of
administrative enforcement actions taken against banks and individuals in August. One
administrative hearing is scheduled for October. The FDIC processed a total of eight
orders in
August. These included three cease-and-desist orders, one removal and prohibition order,
one
civil money penalty, two terminations of cease-and-desist orders, and one order
withdrawing
notice of suspension and prohibition.
September 28,
1998 - OCC ANNOUNCES 12 NEW ENFORCEMENT ACTIONS
WASHINGTON, DC --The Office of the Comptroller of the Currency today announced 12
enforcement actions taken against bankers and national banks. The actions released today
include one formal agreement, five civil money penalties, four removals, one prompt
corrective action directive, and one termination of an existing enforcement action.
September 28,
1998 - Acting Comptroller Julie L. Williams Urges Vigilance in Managing
Consumer Lending
ORLANDO -- Acting Comptroller of the Currency Julie L. Williams urged bankers to exercise
vigilance in managing consumer loan portfolios, warning that retail lending may no longer
be the safe
haven that bankers traditionally have counted on to help weather financial downturns.
September 25,
1998 - The Federal Reserve Board today published a final rule amending Regulation C,
Home Mortgage Disclosure. The rule requires a lender to report dates on the
loan-application register using four digits for the year, rather than two, to bring HMDA
reporting into compliance with Year 2000 data system standards.
September 24,
1998 - The Federal Reserve Board today published a final rule amending Regulation E,
Electronic Fund Transfers, to revise the time periods for investigating errors involving
point-of-sale (POS) debit cards, foreign transactions, and new accounts.
September 22, 1998 - FDIC
REPORTS COMMERCIAL BANKS, SAVINGS INSTITUTIONS POSTED RECORD SECOND QUARTER PROFITS
Commercial banks and thrift institutions broke a string of records during the second
quarter of
1998, but the banking industry's long streak of outstanding financial performance may end
during
the third quarter due to losses expected on trading and international activities, the
Federal
Deposit Insurance Corporation reported today.
September 18,
1998 - Acting Comptroller Williams Provides Details of Deteriorating
Bank Credit Practices
WASHINGTON, D.C. -- Acting Comptroller of the Currency Julie L. Williams provided new and
detailed examples today of the kinds of poorly-underwritten loans that have led the OCC to
warn that banks need to tighten loan underwriting standards.
September 17, 1998 - Acting
Comptroller Cites Testing as Critical Phase in Year 2000
Preparation
Washington, D.C. -- Acting Comptroller of the Currency Julie L. Williams told Congress
today that the nation's banking industry is now entering one of the most critical phases
in its effort to deal with problems associated with the century date change -- the actual
testing of computer systems.
September 17,
1998 - Fourth Annual OCC Underwriting Survey
Bank lending standards eased for the fourth year in a row, according to the annual loan
underwriting survey conducted by the Office of the Comptroller of the Currency. Highlights
of the new survey, which was released today, include the following:
September
14, 1998 - The Federal Reserve Board today announced its approval of the proposal of
Banc One Corporation, Columbus, Ohio, to merge with First Chicago NBD Corporation,
Chicago, Illinois ("First Chicago"). The resulting bank holding company would be
named Bank One Corporation ("New Bank One") and would acquire control of all of
First Chicago's bank, nonbank, and foreign subsidiaries.
September
11, 1998 - BANK SECRECY ACT COMPLIANCE - Revised Currency Transaction Report (IRS Form
4789)
The Internal Revenue Service has revised its Currency Transaction Report (CTR) form that
banks and other financial institutions are required to use to help law enforcement
agencies detect
and investigate money laundering and other illegal activities.
September
11, 1998 - FOREIGN ASSETS CONTROL ACT - Executive Order Blocking Certain Assets
President Clinton has signed an Executive Order, effective August 21, 1998, blocking the
assets
of the following as terrorists who threaten the Middle East peace process: Usama Bin
Muhammad Bin Awad Bin Ladin (a/k/a Usama Bin Ladin); Islamic Army (a/k/a Al-Quaida,
Islamic Salvation Foundation, The Group for the Preservation of the Holy Sites, The
Islamic
Army for the Liberation of the Holy Places, The World Islamic Front for Jihad Against Jews
and
Crusaders); Abu Hafs Al-Masri; Rifa'i Ahmad Taha Musa (a/k/a Abd-Al-Iz, Hai Ahmad
Abd-Al-Wahab); and Abu Yasir a/k/a Muhammad Ali Abd Allah a/k/a Salah Ali Al-Kamel,
a/k/a Rifa'i Ahmad Taha a/k/a Thabit Iz. The names have been added to the Office of
Foreign
Assets Control list of Specially Designated Nationals and Blocked Persons.
September 10, 1998 -
TRUST EXAMINATION MANUAL - Revised FDIC Trust Examination Manual
The Federal Deposit Insurance Corporation (FDIC) recently revised its Trust Examination
Manual, modernizing, simplifying and clarifying materials that FDIC examiners use during
their
examinations of trust activities. The revised manual also provides examiners with relevant
laws
and regulations.
September
8, 1998 - The Federal Reserve Board today announced its approval of the application of
First National Bank Group, Inc., Edinburg, Texas, to acquire up to 51 percent of Nueces
National Bank, Corpus Christi, Texas.
September 3, 1998
- OCC Streamlines Community Bank Exams
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency has issued a new
handbook that will make examinations of national banks with assets of less than $1 billion
more
risk-focused and efficient.
September 3, 1998
- OCC ANNOUNCES 11 NEW ENFORCEMENT ACTIONS
WASHINGTON, DC --The Office of the Comptroller of the Currency today announced 11
enforcement actions taken against bankers, national banks and related entities. The
actions released
today include three formal agreements, three cease and desist orders, four civil money
penalties and one removal.
September 1, 1998 -
CAPITAL STANDARDS - Final Rule Revising the Regulatory Capital Treatment of Unrealized
Gains on Available-for-Sale Equity Securities
The FDIC Board of Directors has approved the attached final rule revising the treatment of
unrealized gains on equity securities under the FDIC's risk-based capital standards. The
rule is
being issued jointly with the rules of the Federal Reserve Board, the Office of the
Comptroller of
the Currency, and the Office of Thrift Supervision.
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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