Bank Regulatory News
September 2002
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September 30, 2002 - FDIC Approves The Payout Of Insured
Deposits Of Amtrade International Bank, Atlanta, Georgia - The Board of
Directors of the Federal Deposit Insurance Corporation approved the payout
of the insured deposits of AmTrade International Bank, Atlanta, Georgia.
The bank was closed today by the state's Commissioner of Banking and
Finance, and the FDIC was named receiver. www.fdic.gov/news/news/press/2002/pr10002.html
September 30, 2002 - The Federal Reserve Board on Monday announced the
issuance of a Cease and Desist Order against Broadstreet, Inc., Atlanta,
Georgia, a bank holding company, and Broadstreet’s subsidiary bank, the
AmTrade International Bank of Georgia, Atlanta, Georgia. www.federalreserve.gov/boarddocs/press/Enforcement/2002/20020930/default.htm
September 30, 2002 - NCUA - FOIA
Appeal Decision 02-0908 - Your FOIA appeal, letters dated August 30, 2002
and September 3, 2002 www.ncua.gov/ref/FOIA/FOIA-Decisions/02-0908R.htm
_____________
September 27, 2002 - The Federal Reserve Board announced
on Friday that the Consumer Advisory Council will hold its next meeting on
Thursday, October 24. The meeting will take place in Dining Room E,
Terrace level, in the Board's Martin Building. www.federalreserve.gov/boarddocs/press/other/2002/20020927/default.htm
September 27, 2002 - The Federal Reserve Board on Friday 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/bcreg/2002/20020927/default.htm
September 27, 2002 - NCUA - Legal
Opinion Letter 02-0725 - Federal Credit Union as a Finder of Mortgage
Loans www.ncua.gov/ref/opinion_letters/2002/02-0725.html
September 26, 2002 - NCUA Letter
to Credit Unions - Detection of Terrorist Financing - Credit unions
must remain vigilant to ensure they do not unwittingly hide or move
terrorist funds. The Financial Action Task Force on Money Laundering
issued the enclosed guidance on April 24, 2002, to assist financial
institutions in detecting terrorist financing. www.ncua.gov/ref/letters/02-CU-14.html
September 26, 2002 - North Carolina State Treasurer To Host Conferences -
Featuring FDIC'S Money Smart - Women in North Carolina will have an opportunity to receive free
instruction on personal finance and money management thanks to regional
conferences hosted by the State Treasurer's office. The first conference
will be held in Greenville on Saturday, September 28, at Faith Assembly of
God Church. www.fdic.gov/news/news/press/2002/pr9902.html
September 26, 2002 - Minutes of the Federal Open Market Committee August
13, 2002 - A meeting of the Federal Open Market Committee was held
in the offices of the Board of Governors of the Federal Reserve System in
Washington, D.C., on Tuesday, August 13, 2002
www.federalreserve.gov/fomc/minutes/20020813.htm
September 25, 2002 - OTS Says State Housing Creditors Using the Parity Act
Must Follow State Prepayment and Late Fee Rules - The Office of Thrift
Supervision announced today that it is removing prepayment and late fee
rules from the list of OTS regulations that apply to state housing
creditors under the Alternative Mortgage Transaction Parity Act. www.ots.treas.gov/docs/77237.html
September 25, 2002 - OCC Announces District Office Restructuring to Meet
Challenges of the Future - The Office of the Comptroller of the Currency
announced today that it is realigning its District Office structure in
response to continuing consolidation in the national bank system and to
take advantage of advances in technology and changes in the way the OCC
manages its nationwide network of examiners and field offices. www.occ.treas.gov/ftp/release/2002-77.txt
September 25, 2002 - Remarks by
Chairman Alan Greenspan At Lancaster House, London, U.K. - World
Finance and Risk Management www.federalreserve.gov/BoardDocs/Speeches/2002/200209253/default.htm
September 25, 2002 - Remarks by
Chairman Alan Greenspan - Before the Society of Business
Economists, London, U.K. September 25, 2002
- Regulation, Innovation,
and Wealth Creation www.federalreserve.gov/BoardDocs/Speeches/2002/200209252/default.htm
September 25, 2002 - Testimony of
Vice Chairman Roger W. Ferguson, Jr - The proposed Check
Clearing for the 21st Century Act www.federalreserve.gov/Boarddocs/Testimony/2002/20020925/default.htm
.
September 25, 2002 - Remarks by
Chairman Alan Greenspan - At the opening of the new HM Treasury
Building, London, U.K. September 25, 2002 www.federalreserve.gov/Boarddocs/Speeches/2002/20020925/default.htm
September 25, 2002 - The Federal Reserve Board today announced its
approval of the application by Herky Hawk Financial Corporation,
Monticello, Iowa, to acquire all the voting shares of New Vienna Savings
Bank, New Vienna, Iowa; Casey State Bank, Casey, Illinois; and to merge
with Biggsville Financial Corporation, and thereby acquire all the voting
shares of First State Bank of Biggsville, both in Biggsville, Illinois.
www.federalreserve.gov/boarddocs/press/orders/2002/20020925/default.htm
September 25, 2002 - NCUA - Legal
Opinion Letter 02-0851 - Process for Converting from Federal to Private
Share Insurance www.ncua.gov/ref/opinion_letters/2002/02-0851.html
September 25, 2002 - NCUA - Legal
Opinion Letter 02-0649 - Applicability of Georgia Fair Lending Act to
Federal Credit Unions www.ncua.gov/ref/opinion_letters/2002/02-0649.html
September 25, 2002 - NCUA - Legal
Opinion Letter 02-0837 - Amending Federal Credit Union (FCU) Bylaws to
Permit Director Voting by E-mail www.ncua.gov/ref/opinion_letters/2002/02-0837.html
September 25, 2002 - NCUA - Letter
to Federal Credit Unions 02-FCU-12 -- Partnership Opportunities with the
Corporation for National and Community Service www.ncua.gov/ref/letters/02-FCU-12.html
September 25, 2002 - NCUA - Proposed
Rule - 12 CFR Part 701.19 - Benefits for employees of Federal Credit
Unions www.ncua.gov/news/proposed_regs/12CFRPart701-19-proposed-091902.html
September 25, 2002 - NCUA - Proposed
Rule - 12 CFR Part 740 - Accuracy of Advertising and Notice of Insured
Status www.ncua.gov/news/proposed_regs/12CFRPart740advertising-proposed.html
September 24, 2002 - FOMC statement - The Federal Open Market Committee
decided today to keep its target for the federal funds rate unchanged at 1
3/4 percent. www.federalreserve.gov/boarddocs/press/monetary/2002/20020924/default.htm
September 24, 2002 - NCUA - Statement
of Chairman Dennis Dollar on the
GAO Study of NCUA and Related
Credit Union Issues http://www.ncua.gov/news/press_releases/adv02-0920.html
September 24, 2002 - NCUC - Matz
Challenges Credit Unions: Strengthen Political, Legislative Roles www.ncua.gov/news/press_releases/nr02-0924.html
September 24, 2002 - NCUA - The National Credit Union
Administration is proposing a regulation on the requirements for
federally-insured credit unions that wish to branch outside the United
States. The proposed rule requires a credit union to develop a
business plan and receive foreign government and NCUA approval before
establishing a branch outside the United States. www.ncua.gov/news/proposed_regs/12CFRPart741foreignbranching-proposed.html
September 23, 2002- Remarks by John D. Hawke, Jr. Comptroller of the
Currency Before the Independent Bankers Association of Texas San Antonio,
Texas September 23, 2002 www.occ.treas.gov/ftp/release/2002-76.txt
September 23, 2002 - FDIC Announces First Advisory Committee On Banking
Policy Meeting For November 13 - Stressing his desire for transparency in
conducting the business of government, FDIC Chairman Don Powell today
announced that the FDIC Advisory Committee on Banking Policy will hold its
first meeting on November 13. www.fdic.gov/news/news/press/2002/pr9802.html
September 23, 2002 - Financial
Holding Companies - Under the Bank Holding Company Act, bank
holding companies may elect to be financial holding companies.
Following is a list of those companies whose elections to become or be
treated as financial holding companies are effective. www.federalreserve.gov/Generalinfo/Fhc/
_____________
September 20, 2002 - E.2
Survey of Terms of Business Lending - These data are collected during the
middle month of each quarter and are released in the middle of the succeeding
month. The exact date and time of the release may be obtained by calling
202-452-3206 http://www.federalreserve.gov/Releases/E2/current/e2.pdf
September 20, 2002 - NCUA - Matz
Celebrates Achievements of Texas Credit Unions; Challenges Them to Do More
www.ncua.gov/news/press_releases/nr02-0920.html
September 20, 2002 - NCUA - OFAC Changes to the Specially Designated Nationals
and Blocked Persons List - On September 6, 2002, the Department of the
Treasury’s Office of Foreign Assets Control amended its list of Specially
Designated Nationals and Blocked Persons We have enclosed these amendments so
you may review your credit union’s accounts for any matching records. www.ncua.gov/ref/reg_alerts/02-RA-10.html
September 19, 2002 - OCC Updates Guide to Tribal Ownership of a National Bank -
The Office of the Comptroller of the Currency today released an updated A Guide
to Tribal Ownership of a National Bank, an agency publication designed to help
Native American tribes explore entry into the national banking system by
establishing or acquiring control of a national bank.
Press Release: www.occ.treas.gov/ftp/release/2002-74.txt
Attachment: www.occ.treas.gov/corpbook/tribal/tribalp.pdf
September 19, 2002 - Barry Kolatch Named Deputy Comptroller For Economic
Research and Policy Development - The Office of the Comptroller of the Currency
announced today that Barry Kolatch has been appointed Deputy Comptroller for
Economic Research and Policy Development. www.occ.treas.gov/ftp/release/2002-75.txt
September 19, 2002 - Reports of Condition and Income (Call Report) for Third
Quarter 2002 - The enclosed materials pertain to the Reports of Condition and
Income (Call Report) for the September 30, 2002, report date. www.fdic.gov/news/news/financial/2002/FIL02112.html
September 19, 2002 - Banking Industry Has Weathered The Downturn; Commercial
Credit Quality Remains A Concern - The banking industry has performed well in
recent years despite increasing loan delinquencies, notably in commercial
credits, according to a report released in the FDIC's Regional Outlook.
FDIC Chairman Don Powell stated that "the extent of commercial loan
deterioration has not reached the levels experienced in the early 1990s,
however, this is a situation that we're continuing to watch closely." www.fdic.gov/news/news/press/2002/pr9702.html
September 19, 2002 - Household
Debt-Service Burden - The household debt-service burden is an estimate of
the ratio of debt payments to disposable personal income. Debt payments consist
of the estimated required payments on outstanding mortgage and consumer debt. www.federalreserve.gov/Releases/Housedebt/default.htm
September 19, 2002 - NCUA Invites Participant Feedback at Its Second Annual
Budget Briefing and Public Forum Scheduled For November 7 - The National Credit
Union Administration will hold its second annual Budget Briefing and Public
Forum to inform the public of the development of the agency’s 2003 budget and
to receive input from the agency’s stakeholders. www.ncua.gov/news/press_releases/nr02-0919.html
September 18, 2002 - Foreign Assets Control Act - Frequently Asked Questions - On September 11, 2002, the Department of
the Treasury's Office of Foreign Assets Control published on its Web site a series of frequently asked
questions concerning OFAC regulations, policies and procedures, including
questions from financial institutions. www.fdic.gov/news/news/financial/2002/FIL02111.html
September 17, 2002 - OCC Announces 10 New Enforcement Actions and 1 Termination
- The Office of the Comptroller of the Currency (OCC) today announced 10 new
enforcement actions taken against national banks and individuals currently and
formerly affiliated with national banks and 1 termination of an existing
enforcement action. www.occ.treas.gov/ftp/release/2002-71.txt
September 17, 2002 - OCC Releases CRA Evaluations For 35 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
August 15 through September
14, 2002. The list contains only national banks and insured federal ranches of
foreign banks that have received ratings. www.occ.treas.gov/ftp/release/2002-72.txt
September 17, 2002 - OCC Rule on Debt Cancellation Contracts and Debt Suspension
Agreements Provides New Consumer Protections and Safety and Soundness Standards
- The Office of the Comptroller of the Currency has adopted a new regulation
adding consumer protections and establishing safety and soundness standards for
debt cancellation contracts (DCCs) and debt suspension agreements.
Press Release: www.occ.treas.gov/ftp/release/2002-73.txt
Attachment: www.occ.treas.gov/ftp/release/2002-73.pdf
September 16, 2002 - Specially Designated Nationals and Blocked Persons - On
September 6, 2002, the Department of the Treasury's Office of Foreign Assets
Control amended its list of Specially Designated Nationals and Blocked Persons
by adding the following name to its list of Specially Designated Global
Terrorists: www.fdic.gov/news/news/financial/2002/FIL02110.html
September 13, 2002 - Large Commercial
Banks - The Federal Reserve Board compiles quarterly data on domestically
chartered insured commercial banks that have consolidated assets of $100 million
or more and releases the data about twelve weeks after the end of each quarter. www.federalreserve.gov/Releases/Lbr/default.htm
_______________
September 13, 2002 - Large
Commercial Banks - The Federal Reserve Board compiles quarterly
data on domestically chartered insured commercial banks that have
consolidated assets of $100 million or more and releases the data about
twelve weeks after the end of each quarter. www.federalreserve.gov/Releases/Lbr/default.htm
September 12, 2002 - Working
Paper 2002-2, "A Cross-Country Analysis of the Bank Supervisory
Framework and Bank Performance," James R. Barth, Daniel E. Nolle,
Triphon Phumiwasana, and Glenn Yago. - This OCC Economics
Department working paper discusses the policy issues raised by the
structure, scope, and independence of bank supervisors. www.occ.treas.gov/ftp/workpaper/wp2002-2.pdf
September 12, 2002 - NCUA
Introduces 5300 Call Report "Short Form" as Some Credit Unions Prepare for
More Frequent Reporting - The National Credit Union Administration
has finalized a new 5300 Call Report "Short Form" to be used by federally
insured credit unions with $10 million or less in assets.
www.ncua.gov/news/press_releases/nr02-0912-1.html
September 12, 2002 - Testimony of
Chairman Alan Greenspan - Current fiscal issues - Before the
Committee on the Budget, U.S. House of Representatives September 12, 2002 www.federalreserve.gov/boarddocs/testimony/2002/20020912/default.htm
September 12, 2002 - 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
September 11, 2002 - Finance and
Economics Discussion Series - 2002
FEDS papers - www.federalreserve.gov/Pubs/Feds/2002/index.html
September 11, 2002 - Beige Book -
Informal review by the Federal Reserve Banks of current economic
conditions in their Districts - www.federalreserve.gov/FOMC/BeigeBook/2002/20020911/Default.htm
September 10, 2002 - Charge-Off and
Delinquency Rates on Loans at Commercial Banks - These data are
compiled from the quarterly Federal Financial Institutions Examination
Council Consolidated Reports of Condition and Income. Data for each
calendar quarter become available approximately sixty days after the end
of the quarter. www.federalreserve.gov/Releases/ChargeOff/default.htm
September 9, 2002 - NCUA - Regional
Director’s Actions Taken Under Delegation of Authority - www.ncua.gov/ref/delegated/del0702.pdf
September 9, 2002 - NCUA - Matz to NASCUS: Proceed Carefull -
National Credit Union Administration Board Member Deborah Matz addressed
state credit union regulators here last night at the National Association
of State Credit Union Supervisors annual
meeting. Matz reiterated her support for the dual-chartering system
while raising concerns about the current climate. www.ncua.gov/news/press_releases/nr02-0909.html
September 9, 2002 - FRB - Retail Fees of Depository Institutions,
1997-2001 - www.federalreserve.gov/Pubs/Bulletin/2002/0902lead.pdf
____________
September 6, 2002 - FDIC Seeks Comment on Proposed Rule
Regarding Insurance for State Banks That Are Chartered as Limited
Liability Companies - The Federal Deposit Insurance Corporation is
requesting public comment on the attached proposed rule clarifying that a
state bank that is chartered as a limited liability company could be
considered eligible for federal deposit insurance. Comments on this
proposed rule are due by October 21, 2002. www.fdic.gov/news/news/financial/2002/FIL02106.html
September 6, 2002 - NCUA - 3,582 Federal Credit Unions Earn RegFlex
Eligibility - As of the June 30 call reports evaluated by NCUA, 3,582
federal credit unions have earned the RegFlex designation ratified last
year by the NCUA Board in an attempt to significantly reduce unnecessary
regulatory burden for well-capitalized, efficiently operating credit
unions. www.ncua.gov/news/press_releases/nr02-0906-1.html
September 6, 2002 - NCUA - “Access Across America” Workshop Showcases
Available Government Programs to the Credit Union Community - One hundred
and twenty attendees representing 45 credit unions from six states, league
and trade organizations, community officials and congressional staff
members took part in NCUA’s three-day “Access Across America”
workshop in El Paso focusing on the resources available for credit unions
serving or wishing to serve people in financially underserved areas. www.ncua.gov/news/press_releases/nr02-0906-3.html
September 5, 2002 - Investment Portfolio Credit Risks: Safekeeping
Arrangements - The following guidance alerts banks to the potentially
significant credits risks they incur when safekeeping investment portfolio
assets with third parties, such as brokers, broker/dealer firms and banks.
www.occ.treas.gov/ftp/bulletin/2002-39.txt
September 5, 2002 - OCC Reports Derivatives Volume Tops $50 Trillion -
Derivatives held by U. S. commercial banks increased $3.8 trillion in the
second quarter 2002, to $50.1 trillion, the second highest amount ever
recorded, the Office of the Comptroller of the Currency reported today in
its quarterly Bank Derivatives Report.
Press Release: www.occ.treas.gov/ftp/release/2002-70.txt
Attachment: www.occ.treas.gov/ftp/deriv/dq202.pdf
September 5, 2002 - The June 30, 2002 Uniform Bank Performance Report is
now available . The online version of the UBPR includes 5 years of
continuous financial history that is restated quarterly to reflect call
report amendments and new analytical tools. www.ffiec.gov/press/pr090502.htm
September 5, 2002 - Stolen U.S. Savings Bonds - The East Windsor
Township Police Department, Mercer County, New Jersey, has asked the
Federal Deposit Insurance Corporation
to alert all U.S. banks to the theft of $100,000 in U.S. Savings
Bonds during a residential burglary in East Windsor Township.
www.fdic.gov/news/news/financial/2002/FIL02105.html
September 5, 2002 - FDIC Issues September 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 The list covers evaluation ratings
that the FDIC assigned to institutions in June 2002. www.fdic.gov/news/news/press/2002/pr9602.html
September 4, 2002 - NCUA's Office of Human Resources is seeking proposals
from companies which can provide medical examinations, at agency cost,
nationally (including US Territories) to agency employees who meet age and
tenure criteria. http://www.ncua.gov/news/RFP/NCUA-02-R-0005.pdf
September 3, 2002 - OCC Issues Fourth Quarter 2002 CRA Examination
Schedule - The Office of the Comptroller of the Currency today released
its schedule of Community
Reinvestment Act examinations to be conducted in the fourth quarter of
2002.
Press Release: www.occ.treas.gov/ftp/release/2002-69.txt
Attachment: www.occ.treas.gov/cra/craq402.pdf
September 3, 2002 - OTS Announces 117 CRA Exams Scheduled For 4th Quarter
2002 - The Office of Thrift Supervision (OTS) announced today that 117
savings associations are scheduled for Community Reinvestment Act
examinations during the fourth quarter of 2002. www.ots.treas.gov/docs/77236.html
September 3, 2002 - Counterfeit Cashier's Checks and Altered Cashier's
Checks - The Federal Deposit Insurance Corporation (FDIC) has learned that
counterfeit cashier's checks and altered cashier's checks drawn on Mid
City Bank, Inc., Omaha, Nebraska, are in circulation. www.fdic.gov/news/news/financial/2002/FIL02101.html
September 3, 2002 - Suspicious Activity Reports - Attached is a copy of
the fourth issue of The SAR Activity Review, published by the
Department of the Treasury's Financial Crimes Enforcement Network. The
SAR Activity Review, published semiannually, provides feedback to
financial institutions about suspicious activity reported to FinCEN by the
institutions. www.fdic.gov/news/news/financial/2002/FIL02102.html
September 3, 2002 - Specially Designated Nationals and Blocked Persons -
On August 27, 2002, the Department of the Treasury's Office of Foreign
Assets Control amended its list of Specially Designated Nationals and
Blocked Persons by removing six names from its list of Specially
Designated Global Terrorists. www.fdic.gov/news/news/financial/2002/FIL02103.html
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