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Top Stories for March 2001

  • FRB Issues Interim Rule to Establish Uniform Standards for Electronic Delivery of Mandated Disclosures Under the Consumer Regs

    Under the rules, financial institutions, creditors, lessors, and others may deliver disclosures electronically if they obtain consumers' consent in accordance with the requirements of the Electronic Signatures in Global and National Commerce Act (the "E-Sign Act"), enacted in June 2000. Reg M Interim Rule, Reg Z Interim Rule, FRB Press Release (3/30/01)

  • OCC Publishes the FFIEC Statement on Article 9 Revisions

    National banks and their legal counsel should consider carefully the changes in state law brought about by revised Article 9 in order to ensure the attachment and perfection of their existing and future security interests. OCC 2001-16 FFIEC Statement (3/29/01)

  • Agencies Clarify Guidance on the Accounting and Reporting for Loans Held for Sale

    The federal financial institution regulatory agencies issued guidance to institutions and examiners about the appropriate accounting and reporting treatment for certain loans that are sold directly from the loan portfolio or transferred to a held-for-sale account. FRB Press Release, OCC 2001-15, OTS 01-24 FDIC: PR-24-2001 (3/28/01)

  • Agencies Publish Proposed Regulation Implementing the Provisions of the Fair Credit Reporting Act

    As earlier reported by the agencies, they have published for comment proposed regulations implementing the provisions of the Fair Credit Reporting Act (FCRA) that permit institutions to communicate consumer information to their affiliates (affiliate information sharing) without incurring the obligations of consumer reporting agencies. 66FR16624 (3/27/01)

  • FRB Issues Final Rule Amending Regulation E

    As earlier reported in the Federal Register, the FRB published a final rule amending Regulation E, which implements the Electronic Fund Transfer Act (EFTA). The rule took effect on March 9, 2001. However, compliance with the amendments is not mandatory until October 1, 2001. FDIC:FIL-25-2001 (3/26/01)

  • Regulators Issue Supervisory Guidance to Enhance Puplic Disclosures

    A private sector working group recommended several specific practices that would enhance disclosure by large banking organizations. These include quarterly disclosure of some market risk information that is now disclosed annually and enhanced quarterly disclosures about credit concentrations and credit quality of portfolios. FRB Press Release OCC 2001-14 - Guidance (3/26/01)

  • FRB Announces Procedures for Filing of Documents Required by the CRA Sunshine Requirements

    The new CRA Sunshine provisions require nongovernmental entities or persons (NGEPs) and insured depository institutions or affiliates that are parties to certain written agreements that are in fulfillment of the Community Reinvestment Act (CRA) to (1) make the agreement available to the public and the relevant bank or thrift supervisory agency, and (2) file an annual report about the agreement with the relevant supervisory agency. FRB Press Release (3/23/01)

  • FRB Revised its Brochure: When Your Home Is on the Line: What You Should Know about Home Equity Lines of Credit.

    Regulation Z, which implements the Truth in Lending Act, requires creditors to provide the brochure, or a suitable substitute, to consumers when an application form is provided for a home equity line of credit. FRB Press Release Brochure (3/23/01)

  • FDIC Report Evaluates Prospects for Commercial Credit Quality

    Continuing increases in problem commercial loans are focusing a spotlight on declining conditions in business lending, according to the FDIC. On September 30, 2000, commercial banks reported noncurrent commercial loans of 1.52 percent of total commercial loans, the highest level in the past six years. FDIC:PR-23-2001 (3/22/01)

  • FOMC Lowers Federal Funds by 50 Basis Points

    The FOMC decided to lower its target for the federal funds rate by 50 basis points to 5 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 4-1/2 percent. FRB Press Release (3/21/01)

  • NCUA Issues Interim Final Rule on Membership Manual

    The NCUA Board is amending its chartering and field of membership manual to make two changes to ease the burden on applicants for community charters, expansions or conversions. First, applicants need not submit documentation to establish a community area that is the same as one the NCUA has previously determined to be a well-defined local community, neighborhood or rural district. Second, the Board is deleting the category of common characteristics and background of residents from the examples of acceptable documentation because it has proven to generate documentation of limited relevance. 66FR15619 (3/20/01)

  • Agencies Extend Effective Date on Bank Insurance Rules

    As earlier reported by each agency, the effective date of consumer protection rules for the sale of insurance products by depository institutions on their premises has been changed. The new effective date will be October 1, 2001, rather than the original effective date of April 1, 2001. 66FR15345 (pdf) (3/19/01)

  • OCC Releases CRA Evaluations for 15 National Banks

    The OCC released a list of Community Reinvestment Act performance evaluations that became public during the period of February 15 through March 14. OCC:NR 2001-32 (3/19/01)

  • OTS Issued Three Enforcement Orders In January

    The OTS reported that it issued three enforcement orders during January 2001, one instituting a civil money penalty and two terminating previously issued cease and desist orders. OTS 01-22 (3/19/01)

  • FRB Publishes Final Rule Revising Reg E Commentary

    The Rule provides guidance regarding electronic check conversion transactions, computer-initiated bill payments, authorization of recurring debits from a customers accounts and telephone-initiated transfers. 66FR15187 (3/16/01)

  • Director Seidman Announces Staff Paper That Finds Real Estate Lending Less Risky
    Than Capital Rules Suggest

    OTS Director Ellen Seidman announced the preliminary findings of an OTS economist’s working paper that concludes that the 1988 Basel Capital Accord risk weights do not accurately track the historical credit experience of U.S. loan portfolios and suggests that residential mortgage and other real estate secured loans may be relatively overburdened by the current standards. OTS 01-21 (3/16/01)

  • NCUA Issues Proposed Rule on Regulatory Flexibility Program

    The NCUA Board is proposing a new rule that would permit credit unions with advanced levels of net worth and consistently strong
    supervisory examination ratings to be exempt, in whole or in part, from certain NCUA regulations that are not specifically required by statute. The NCUA Board is also proposing an amendment to the appraisal regulation to increase the dollar threshold from $100,000 to $250,000 for when an appraisal is required. 66FR15055 (3/16/01)

  • OTS Would Simplify Certain Capital Requirements And Revise Liquidity Standards

    The OTS proposed a rule change to reduce certain capital burdens and separately issued an interim final rule that would conform to recent changes in the law by eliminating a four percent liquidity requirement and replacing it with a general requirement that thrift institutions maintain sufficient liquidity. OTS 01-20 (3/15/01)

  • Agencies Will Allow Privacy Notices Under Existing Fair Credit Reporting Act

    Federal banking agencies announced that any final Fair Credit Reporting Act rule will not require depository institutions to
    revise Gramm Leach Bliley Act privacy notices prepared in reliance on existing FCRA law and delivered to consumers before next January.FDIC-PR-22-2001, FRB Press Release, OCC: NR 2001-30, OTS 01-19, FDIC-PR-22-2001 (3/15/01)

  • FIL Released on February's InfoSec Guidelines

    Nearly a month and a half after the guidelines were published in the Federal Register, FDIC has released an FIL alerting institutions to the guidelines. FIL-22-2001 (3/15/01)

  • OCC Announces 5 New Enforcement Actions

    The OCC announced 5 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. OCC:NR 2001- 31 (3/15/01)

  • Agencies Extend Effective Date on Bank Insurance Rules

    The federal banking regulatory agencies approved a joint rulemaking that extends the effective date of consumer protection rules for the sale of insurance products by depository institutions on their premises, or on their behalf. The new effective date will be October 1, 2001, rather than the original effective date of April 1, 2001. FDIC-PR-21-2001, FRB Press Release, OCC: NR 2001-29, OTS 01-18 (3/14/01)

  • FRB Publishes Revisions to Reg E Commentary

    The revisions provide guidance on electronic check conversion transactions when a consumer authorizes the use of a check to capture information for initiating an electronic debit from the consumer’s account. FRB Press Release (3/14/01)

  • President's Tax Cut Plan Count Benefit Credit Union's Liquidity

    NCUA Acting Chairman Dennis Dollar told state and federal regulators today that President Bush’s proposed tax cut plan provides credit unions with “an excellent opportunity to emphasize the value of savings and paying down debt while improving their liquidity position at the same time. NCUA Press Release (3/13/01)

  • Uniform Bank Performance Report is Available

    The December 31, 2000 Uniform Bank Performance Report (UBPR) now being distributed to all insured commercial banks and Federal Deposit Insurance Corporation - Insured Savings Banks (FDIC-ISB) is now available for sale to the public. For the most part, the formats for the commercial banks and the FDIC-ISB are identical; however, the FDIC-ISB has its own unique UBPR peer groupings. FFIEC Press Release (3/12/01)

  • Latest FDIC Survey Finds Real Estate Slowing

    The latest results of the FDIC's Survey of Real Estate Trends indicated that conditions generally remained favorable in the nation's real estate markets during the second half of 2000 but there was some deterioration, especially involving single-family homes and local retail properties. FDIC:PR-20-2001 (3/12/01)

  • OTS Announces 14 February CRA Ratings

    The OTS announced savings associations' CRA performance evaluation ratings that became available in February 2001. OTS 01-14 (3/12/01)

  • OCC Reports Trading Revenues Remain Consistent As Derivatives Volume Reaches Record Level

    U.S. commercial banks earned $2.7 billion from trading activities during the fourth quarter 2000, off slightly from the revenue earned a quarter earlier. Trading revenue is earned from cash instruments and off-balance sheet derivative instruments. OCC: NR 2001-28 Report (3/12/01)

  • Regulators Publish Correction to Disclose and Reporting CRA Rule

    Regulators make correction to the previously published final rule, concerning the disclosure
    and reporting of certain agreements related to the CRA. 66FR14071 (3/9/01)

  • Federally insured credit unions will receive $99.5 million

    The NCUA voted to waive an insurance premium for 2001 and pay a 3 percent dividend of $99.5 million to the nation’s 10,316 federally insured credit unions. The dividend returns the National Credit Union Share Insurance Fund (NCUSIF) to the Board approved 1.3 percent normal operating level for calendar year 2000. NCUA Press Release (3/9/01)

  • FDIC Publishes Consumer News

    The latest edition of the FDIC’s quarterly newsletter for consumers features a "how-to" guide to
    understanding and using new rights to financial privacy. Other stories address such topics as what the FDIC’s insurance rules say if you manage deposits for a friend or relative.
    FDIC Consumer News (3/9/01)

  • Comptroller Hawke Says Bankers and Regulators Better Prepared to
    Deal with Challenging Economy

    Comptroller of the Currency John D. Hawke, Jr. said that bankers and regulators both learned from the problems of the early 1990s and are far better prepared to deal with a challenging economic
    environment today as a result. OCC:NR 2001- 26 (3/9/01)

  • Interagency Task Force Publishes Spanish-Language Consumer Brochure about Shopping for and Negotiating the Best Mortgage

    The federal Interagency Task Force on Fair Lending has published a Spanish-language version of its popular brochure for consumers, Looking for the Best Mortgage: Shop, Compare, Negotiate. FRB Press Release, OCC: NR 2001-27, FTC, OTS (3/9/01)

  • CAC Schedules Next Meeting

    The Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on Thursday, March 22. FRB Press Release (3/9/01)

  • FDIC Chairman Tanoe Gives Preview of Deposit Insurance Reform

    FDIC Chairman Donna Tanoue previewed the deposit insurance reform recommendations the agency plans to issue at the end of this month. FDIC:PR-19-2001 (3/8/01)

  • FDIC Issues Statement on Appraisal Standards

    The Appraisal Standards Board (ASB) of The Appraisal Foundation recently released Appraisal Standards Statement No.10, "Assignments for Use by a Federally Insured Depository Institution in a Federally Related Transaction." The statement was issued in response to indications that some appraisers are not following Uniform Standards of Professional Appraisal Practice (USPAP) for federally related transactions. FDIC: FIL-20-2001 (3/8/01)

  • FDIC Releases Preliminary Fourth Quarter and Year-End Earnings for Commercial Banks

    Annual profits of the commercial banking industry fell in the year 2000, snapping an eight-year streak of annual earnings records, the Federal Deposit Insurance Corporation reported. FDIC:PR-18-2001 (3/8/01)

  • OTS Reports Near Record Thrift Earnings in 2000; Industry Mortgage Originations Top
    $200 Billion

    The nation’s thrift industry recorded net income of $8 billion in 2000, down only $200 million from
    the record set in 1999, the OTS reported. In its fourth quarter Thrift Industry Financial Condition Report, the OTS said that earnings were $1.91 billion during the fourth quarter, up from $1.84 billion in the third quarter, a 3.8 percent hike. OTS 01-16 (3/8/01)

  • Nicholas Owens Joins NCUA's Public Affairs Team

    NCUA Chairman Dennis Dollar has selected Nicholas N. Owens as special assistant to the chairman for public affairs. NCUA Press Release (3/7/01)

  • OTS Supports Oxley Information Sharing Initiative Targeted at Financial Services
    Industry Wrongdoers

    The OTS supported Financial Services Committee Chairman Michael Oxley’s (R-Ohio) initiative to have the major financial services regulators share information about people and entities in the financial services industry that have committed crimes or engaged in other pertinent wrongdoing.
    OTS 01-15 (3/7/01)

  • Comptroller Hawke Outlines the Global Challenges of Internet Banking

    Comptroller of the Currency John D. Hawke, Jr. addressed the cross-border and international challenges of Internet banking for bankers and bank supervisors in a speech to the Institute of International
    Bankers. OCC:NR 2001- 23
    (3/7/01)

  • Comptroller Hawke Outlines the Challenges of Reaching the Unbanked

    Comptroller of the Currency John D. Hawke, Jr. outlined the challenges of bringing banking services to the unbanked in a speech to the National Community Reinvestment Coalition. OCC: NR 2001-24 (3/7/01)

  • FRB Issues Revisions to Reg E

    The revisions implement amendments to the act contained in the Gramm-Leach-Bliley Act that require the disclosure of certain fees associated with automated teller machine transactions. The amendments require ATM operators that impose a fee for providing electronic fund transfer services to post a notice in a prominent and conspicuous location on or at the ATM. 66FR13409 FDIC: FIL-25-2001 (3/6/01)

  • SEC Issues Proposed Rule Regarding the Electronic Signatures in Global and National Commerce Act of 2000

    The SEC announces several upcoming rulemaking activities regarding recordkeeping requirements under the federal securities laws consistent with the Electronic Signatures in Global and National Commerce Act of 2000. The action delays the effective date of certain provisions in the Act that may affect certain recordkeeping requirements under the federal securities laws. SEC: 33-7955 (3/6/01)

  • FDIC Issues March List of Banks Examined for CRA Compliance

    The FDIC 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 December 2000. FDIC:PR-17-2001 (3/6/01)

  • OCC Issued Proposed Capital Rule for Nonfinancial Equity Investments

    As earlier reported in the Federal Register, the OCC has issued a proposed rule on the regulatory capital treatment of nonfinancial equity investments. OCC 2001-13 (3/6/01)

  • Roger W. Ferguson, Nominated to Full term on FRB Board

    Federal Reserve Board member Roger W. Ferguson, Jr. issued the following statement: "I am pleased that President Bush has announced his intention to nominate me to a full term on the Federal Reserve Board. My experience on the Board has been enormously gratifying. I'm delighted to have the opportunity to continue my work with Chairman Greenspan and our colleagues on the Board." FRB Press Release (3/6/01)

  • Former FDIC Employee Pleads Guilty to Identity Fraud Scheme

    FDIC Inspector General Gaston L. Gianni, Jr., announced that former FDIC employee Theresa A. Hill of Seat Pleasant, MD, pled guilty on March 1 to conspiracy in connection with an identity fraud scheme. FDIC: PR-16-2001 (3/5/01)

  • OTS Makes Application Processing Easier

    The OTS issued rules designed to make application processing easier to understand and more predictable for both applicants and the agency. OTS 01-13 (3/5/01)

  • OTS Announces CRA Examination Schedule for 2nd Quarter 2001

    The OTS announced that 43 savings associations are scheduled for CRA examinations during the second quarter of 2001. OTS-01-12 (3/5/01)

  • OCC Issues Second Quarter 2001 CRA Examination Schedule

    The OCC released its schedule of CRA examinations to be conducted in the second quarter of 2001.
    OCC:NR 2000- 21 (3/5/01)

  • OCC Issues Guidance on Bank-Provided Aggregation Services

    The OCC issued a bulletin that outlines the risks involved in the offering of account aggregation services by national banks and the management controls that are needed in connection with such services.
    OCC:NR 2001- 22 (3/5/01)

  • FRB Publishes Final Rule to Implement Provisions of GLBA Requiring Disclosure of ATM Fees

    The GLBA amended the Electronic Fund Transfer Act by requiring disclosure of fees imposed by ATM operators (sometimes referred to as "surcharges"). Many ATM operators that impose such fees already disclose information about the fee to satisfy existing Regulation E and ATM interchange network requirements. FRB Press Release Board's Notice (3/5/01)

  • Comptroller Hawke Praises Community Development Lenders

    Comptroller of the Currency John D. Hawke, Jr. said that community development organizations, through hard work and resourcefulness, have passed a critical turning point that ensures their future success in both good economic times and bad. OCC: NR 2001-20 Speech (3/2/01)

  • FDIC Issued Proposed Capital Rule for Nonfinancial Equity Investments

    As earlier reported in the Federal Register, the FDIC is requesting public comment on a proposed rule governing the regulatory capital treatment for equity investments in nonfinancial companies held by FDIC-supervised banks. FDIC:FIL-19-2001 (3/2/01)

  • FDIC Issues Second Quarter CRA Examination Schedule

    The FDIC has issued the public list of institutions that it has scheduled for a CRA examination during the second quarter of 2001. FDIC:PR-15-2001 (3/2/01)

  • FDIC Spotlights FFIEC Statement on Revised Article 9

    The FFIEC has issued a statement concerning a major revision to Article 9 of the UCC and its effect on financial institutions. Article 9 governs transactions involving the granting of credit secured by personal property. FIL-18-2001 (3/1/01)

  • FRB is Integrating the Examination Frequency for Trust and Transfer Agency Examinations with Safety and Soundness Exams

    The frequency and scope of examination coverage of fiduciary activities at banking organizations supervised by the FRB should be based on the guidelines provided by the FRB. Supervisory risk profiles, risk assessments, and supervisory plans should also reflect fiduciary activities. FRB: SR 01-5 (3/1/01)

First published on: 
02/28/2001
Filed under: 
Compliance
Lending
Operations
Security
Technology

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