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

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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.

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


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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