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Top Stories for May 2001

  • FRB Requests Comment on Proposed Changes to Policy on Payments System Risk

    The FRB is requesting comment on a proposed interim policy statement and a package of short- and long-term proposals pertaining to its Payments System Risk (PSR) policy. In addition, the Board is rescinding the interaffiliate transfer policy. FRB Press Release 5/31/01

  • OCC Bulletin Focuses on Privacy Exam Procedures

    OCC has issued its OCC Bulletin 2001-26 to advise national banks of the privacy exam procedures recently adopted by the federal banking agencies. OCC 2001-26 5/31/01

  • FDIC Issues Alert on Missing/Stolen Official Checks

    The FDIC has been informed by the IndyMac Bank, FSB, Pasadena, California, that 100 of the bank's official checks are missing and presumed stolen from a shipment from the check printer. The missing official checks are numbered 256064500 through and including 256064599. FDIC: FIL-49-2001 5/31/01

  • FDIC Issues Alert on Missing Cashier's Checks

    The FDIC has been informed by the Banco Tejano, Branch of Texline State Bank, Houston, Texas, that 100 of the bank's cashier's checks are missing. The missing checks are numbered 1801 through and including 1900. FDIC:FIL-48-2001 5/31/01

  • FDIC Makes Public March Enforcement Actions

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in April. No administrative hearings are scheduled for June. FDIC:PR-39-2001 5/31/01

  • OFAC Updates Listing of Specially Designated Narcotics Traffickers

    As earlier reported, a new Presidential order affecting the OFAC list was released on May 23, 2001, but it does not add new SDNs to the list or new countries. It is instead directed at prohibiting the direct or indirect importation into the United States of all rough diamonds from Liberia. 66FR29229 (text) 66FR29229 (pdf) 5/30/01

  • Federal Reserve Board announced that it is seeking nominations for appointments to its Consumer Advisory Council

    The Council advises the FRB on the exercise of its responsibilities under the Consumer Credit Protection Act and on other matters on which the Board seeks advice. The group meets in Washington, D.C., three times a year. FRB Press Release 5/30/01

  • Consumer Advisory Council Announces Meeting Date

    The FRB announced that the Consumer Advisory Council will hold its next meeting on Thursday, June 28. FRB Press Release 5/30/01

  • FDIC Issues Alerts on Entities That May Be Conducting Banking Operations in the United States Without Authorization

    The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published a "Monthly Warning Advisory", which contains the name of an entity recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-47-2001 5/30/01

  • FRB Issues Final Rule to Decrease the Basic Discount Rate

    The FRB amended its Regulation A on Extensions of Credit by Federal Reserve Banks to reflect its approval of a decrease in the basic discount rate at each Federal Reserve Bank. The FRB acted on requests submitted by the Boards of Directors of the
    twelve Federal Reserve Banks. 66FR29009 (text) 66FR29009 (pdf) 5/29/01

  • Don't Sweat 5/23 OFAC Change

    A new Presidential order affecting the OFAC list was released on May 23, 2001, but it does not add new SDNs to the list or new countries. It is instead directed at prohibiting the direct or indirect importation into the United States of all rough diamonds from Liberia.OFAC Change 5/24/01

  • OTS Announces 12 April CRA Ratings

    The OTS announced savings associations' Community Reinvestment Act performance evaluation ratings that became available in April 2001. OTS 01-34 5/23/01

  • Comptroller Hawke Tells Bankers that Regulators Must Respond In Measured and Predictable Way to Credit Problems

    Comptroller of the Currency John D. Hawke, Jr. said that the OCC learned from the experience of the late 1980s and early 1990s how important it is to maintain a supervisory approach that is both carefully measured and predictable. OCC:NR 2001-50 , Speech 5/22/01

  • Julie L. Williams Speaks Before the Consumer Bankers Association

    Read her speech on CRA. OCC:NR 2001-49 5/22/01

  • Study of regulations; request for comment

    Pursuant to section 729 of the Gramm-Leach-Bliley Act, the FRB is conducting a study and preparing a report about its banking regulations with respect to the online delivery of financial services. 66FR27912 (text) 66FR27912 (pdf) 5/21/01

  • FDIC Publishes Semiannual Agenda of Regulations

    The FDIC has published its semiannual agenda of regulations in the Federal Register to inform the public of the Corporation's regulatory actions and encourage participation in the rulemaking process. FDIC:PR-38-2001 5/18/01

  • OCC Releases CRA Evaluations for National Banks

    The OCC released a list of Community Reinvestment Act performance evaluations that became public during the period of April 15 through May 14. OCC:NR 2001- 48 5/18/01

  • OCC Announces Enforcement Actions and Terminations

    The OCC announced 10 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 2 terminations of existing enforcement actions. OCC:NR 2001- 47 5/18/01

  • FRB Requests Comment on how Regulations May Be Adapted to Online Banking and Lending

    The FRB is currently reviewing pertinent regulations to assess their suitability for transactions that
    are conducted through the Internet. FRB Press Release 5/18/01

  • Privacy Exam Procedures

    The new exam procedures for consumer financial privacy have been adopted by the federal bank regulatory agencies through the FFIEC. As anticipated, the exam procedures are tailored to institutions' information-sharing practices. The procedures describe how institutions are to be examined for compliance with the privacy regulation. They also include an examination checklist for use in verifying compliance. (Scroll down to page 11 of the pdf document to reach the Exam Objectives.) 5/17/01

  • OFAC Updates Listing of Specially Designated Narcotics Traffickers

    On May 16, 2001, the Office of Foreign Assets Control issued an update to its SDN list and updated its brochure on Terrorism to incorporate new entries. The new entries were added to the list of Specially Designated Nationals after the Secretary of State published the designation of the REAL IRA.OFAC 5/17/01

  • Fed Lowers Interest Rate

    The FOMC at its meeting decided to lower its target for the federal funds rate by 50 basis points to 4 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 3-1/2 percent. FRB Press Release 5/16/01

  • FDIC Issues Alert on Missing/Stolen Cashier's Checks

    The FDIC has been informed by the Bank of Prescott, Prescott, Arkansas, that packages containing 700 of the bank's cashier's checks are missing and presumed stolen from a shipment from the check printer. FDIC:FIL-45-2001 5/16/01

  • OFAC Updates List of Specially Designated Nationals and Blocked Persons

    On April 24, 2001, the Department of the Treasury's OFAC amended its listing of specially designated nationals and blocked persons to include the names of additional Specially Designated Narcotics Traffickers. FDIC:FIL-44-2001 5/16/01

  • FDIC Issues Alert Fictitious Invoices

    The FDIC has learned that a number of financial institutions nationwide are receiving fictitious invoices from International Distributors LTD, P.O. Box 3841-1000, San Jose, Costa Rica, for 12 dozen "Ribbon Black NCR encoding MICR-80." FDIC:FIL-43-2001 5/16/01

  • FDIC Issues Alert on Counterfeit Checks

    The FBI Baltimore, Maryland, office has asked the FDIC to alert all FDIC-supervised banks about the circulation of counterfeit checks drawn on the National Cancer Institute's account at the National Institutes of Health Federal Credit Union in Bethesda, Maryland. In December 2000 and January 2001, at least seven counterfeit checks were fraudulently negotiated. FDIC:FIL-42-2001 5/16/01

  • FDIC Issues Alert on Stolen Western Union Money Orders

    The FDIC has learned that a substantial number of Western Union Money Orders were stolen during a robbery. Many of the stolen items have been deposited to bank accounts in several states. FDIC:FIL-41-2001 5/16/01

  • FRB Announces Availability of Identity Theft: Protect Yourself Video

    The 15-minute video explains how easily someone can obtain your personal financial information and unlawfully use that information to obtain credit or other financial information under your name. Included in the video are interviews with identity theft victims, law enforcement officers and industry representatives. FRB Press Release 5/15/01

  • OCC Updates Large Bank Supervision Guidance

    The OCC issued a revised version of the Large Bank Supervision booklet, updating the guidance and procedures used in
    supervising large and complex mid-sized national banks. OCC:NR 2001- 46 5/15/01

  • FRB Issues Guidance on Securities Activities of State Member Banks

    This guidance addresses issues and questions that have been raised by examiners and other
    supervisory personnel regarding this change to the permissible securities activities of state member banks. FRB:SR 01-13
    5/15/01

  • Electronic Delivery of Consumer Disclosures

    As earlier report in the Federal Register, the FRB published interim final rules establishing uniform standards for the electronic delivery of federally mandated disclosures under five consumer protection regulations. Reg B, Reg E, Reg M, Reg Z, Reg DD
    5/14/01

  • Agencies Remind Bankers of Risks Associated with Reliance on Brokered and Rate-Sensitive Deposits

    The federal bank and thrift regulatory agencies issued an advisory on the risks of brokered and other rate-sensitive deposits. The agencies warn that excessive reliance on these types of funding products without proper risk management safeguards has the potential to weaken an institution's financial condition. OTS 01-33, FDIC:PR-37-2001 OCC:NR 2001-44, FRB Press Release 5/14/01

  • The FRB is proposing a new rule to implement comprehensively sections 23A and 23B of the Federal Reserve Act.

    The proposed rule would combine statutory restrictions on transactions between a bank and its affiliates with numerous existing and proposed Board interpretations and exemptions in an effort to simplify compliance with sections 23A and 23B. 66FR24185 (text) 66FR24185 (pdf) 66FR33649 (correction)5/11/01

  • FRB Issues Final Rule on Applicability of Section 23A of the Federal Reserve Act to the
    Purchase of Securities From Certain Affiliates

    The FRB is adopting an interpretation that would expand the types of asset purchases that are eligible for the exemption in section 23A(d)(6), which exempts the purchase from an affiliate of an asset that has a readily identifiable and publicly available market quotation. 66FR24219 (text) 66FR24219 (pdf) 5/11/01

  • FRB Issues Final Rule on Loans and Extensions of Credit Made by a Member Bank to a Third Party

    The FRB is adopting an interpretation and exemptions from section 23A for certain loans made by an insured depository institution to customers who use the loan proceeds to purchase a security or other asset through an affiliate of the depository institution acting exclusively as a broker or riskless principal in the transaction. 66FR24226 (text) 66FR24226 (pdf) 5/11/01

  • FRB Adopts Interim Rule to Address the Application of Sections 23A and 23B

    The rules require institutions to adopt policies and procedures reasonably designed to monitor, manage, and control credit exposures arising out of the transactions and clarify that the transactions are subject to section 23B. 66FR24230 (text) 66FR24230 (pdf) 5/11/01

  • OCC Publishes the FFIEC Availability of "A Guide to CRA Data Collection and Reporting" available on the Internet

    The FFIEC agencies developed the guide as a resource for financial institutions required to report Community Reinvestment Act (CRA) data. CRA data reports are due annually on March 1. OCC 2001-25 5/11/01

  • FDIC Issues a Guide to Federal Microenterprise Programs

    The publication, Crossing the Bridge to Self-Employment: A Federal Microenterprise Resource Guide, describes various microenterprise programs available through the federal government, and how financial institutions, practitioners and others can access these resources. FDIC:FIL-38-2001 5/10/01

  • FDIC Issues Guidance On Identity Theft And Pretext Calling

    The FDIC issued guidance on measures to prevent identity theft and pretext calling. The guidance reminds financial institutions how to report such activities to regulators using Suspicious Activity Reports (SARs), suggests educating consumers on identity theft and pretext calling, and summarizes relevant federal laws.
    FDIC:PR-36-2001 and FDIC:FIL-39-2001 5/10/01

  • FDIC Report Risky Underwriting Practices Rise at Banks but General Underwriting Risks Show a Slight Decline

    FDIC examiners have reported an increase in the occurrence of risky underwriting practices by banks in both construction and consumer lending but found that the percentage of banks in the high-risk categories for general underwriting practices declined slightly, according to the agency's latest Report on Underwriting Practices. FDIC:PR-35-2001 5/10/01

  • FDIC Reports First Quarter 2001 Financial Results for Bank and Thrift Insurance Funds

    The FDIC announced that the Bank Insurance Fund (BIF) reported comprehensive income (net income plus current period unrealized gains/losses on available-for-sale securities) of $451 million for the first quarter, compared to $325 million for the same period last year. FDIC:PR-34-2001 5/9/01

  • OTS is proposing to amend its regulation on conversions from stock form depository institutions
    to federal stock savings associations

    This proposed rule would clarify that the resulting federal stock savings association in such transactions succeeds to all the rights, property, and obligations of the converting institution. This amendment merely codifies OTS's interpretation of its existing regulation. 66FR23198 (txt) 66FR23198 (pdf) 5/8/01

  • OTS is amending its regulation on conversions from stock from depository institutions to federal stock savings associations

    This direct final rule clarifies that the resulting federal stock savings association in such transactions succeeds to all the rights, property, and obligations of the converting institution. This amendment merely codifies OTS's interpretation of its existing regulation. 66FR23153 (txt) 66FR23153 (pdf) 5/8/01

  • OCC Issues Final Rule to amend its assessment regulation

    The OCC is amending its assessment regulation to clarify that the OCC has authority to charge a national bank when the OCC conducts a special examination of a third party that provides services to the bank. 66FR23151 (txt) 66FR23151 (pdf) 5/8/01

  • FDIC Issues May 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 February 2001. FDIC:PR-33-2001 5/8/01

  • OTS Advises Thrifts on Measures to Reduce Incidents of Identity Theft and Pretext Calling

    The OTS advised thrifts to take steps to prevent the unauthorized disclosure of customer financial information. The agency also called on the financial institutions it supervises to detect and deter fraudulent access to such information. OTS 01-32 5/8/01

  • FDIC Issues Alert on Fictitious Cashier's Checks

    The FDIC has learned that fictitious cashier's checks drawn on "Ferndale Trust & Loan" are in circulation. The address shown on the checks is 22750 Woodward Avenue, Ferndale, MI 48226. The Michigan Division of Financial Institutions has advised that Ferndale Trust & Loan does not exist. FDIC:FIL-37-2001 5/7/01

  • OCC Issues Proposed Rule on Debt Cancellation Contracts and Debt Suspension Agreements

    As earlier reported in the Federal Register, the OCC is requesting comment on a proposed rule that would establish the standards that apply to a national bank's provision of DCCs and DSAs, enhance consumer protections for customers who buy DCCs or DSAs from banks, and ensure that national banks providing DCCs or DSAs do so on a safe and sound basis. OCC 2001-24 5/7/01

  • FDIC Insurance Big Factor in Investment Decisions, Gallup Survey Shows

    More than half of the people who make household financial decisions took federal deposit insurance into account when considering recent investments, a survey conducted by The Gallup Organization reveals. FDIC:PR-31-2001 5/4/01

  • OTS Issued One Enforcement Order In March

    The OTS reported that it issued a prompt corrective action enforcement order March 23 to Life Bank, San Bernadino, Calif. OTS 01-31 5/4/01

  • Basel Committee Report Outlines Risk Management Principles for Electronic Banking

    The Electronic Banking Group of the Basel Committee on Banking Supervision, set forth fourteen risk management principles on electronic banking for financial institutions in a report. OCC:NR 2001- 42 5/4/01

  • FRB Requests Comment on a Proposed New Reg W to Implement Sections 23A and 23B

    Regulation W would unify in one document various Board and staff interpretations issued over the years as well as several new interpretations of the statute. It also would provide several additional exemptions from the statute. The purpose of sections 23A and 23B and Regulation W is to limit a bank's risk of loss in transactions with affiliates and limit a bank's ability to transfer to its affiliates the benefits arising from its access to the federal safety net. FRB Press Release FRB Board Press Release 5/4/01

  • Comptroller Closes Malta National Bank

    The FDIC reports that the OCC closed The Malta National Bank, Malta, Ohio, and appointed the FDIC as receiver. The FDIC, as receiver, entered into an agreement with North Valley Bank, Zanesville, Ohio, to assume all the deposits of the failed bank.
    OCC: NR 2001-43 FDIC: PR-32-2001 5/4/01

  • Missing Cashier's Checks

    The FDIC has been informed by the Hudson City Savings Bank, Paramus, New Jersey, that 200 of the bank's cashier's checks are missing and presumed stolen from a shipment from the check printer. FDIC:FIL-36-2001 5/3/01

  • OCC and FRB Issue Guidance on How to Protect Against ID Theft

    The OCC has issued an advisory letter and the Federal Reserve Board has issued a Supervisory Letter giving institutions under their jurisdiction guidance on how to protect customer information against identity theft and pretext calling. 5/1/01

First published on: 
04/30/2001
Filed under: 
Compliance
Lending
Operations
Security
Technology

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