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Top Stories for December 2002

  • Quicken Loans Settles Adverse Action Notice Charges

    Quicken Loans Inc., a mortgage lender based in Livonia, Michigan, has agreed to settle Federal Trade Commission charges that it failed to provide "adverse action" notices in violation of the Fair Credit Reporting Act (FCRA). The FTC alleges that Quicken Loans failed to comply with the provisions of the Act that require credit grantors who take adverse action to notify the consumer when the action is based wholly or partly on the consumer's credit report. The interesting twist is that this involves online "preapproved" loan applications. Quicken Loans settlement 12/31/02

  • FDIC Updates E.D.I.E.

    The FDIC has developed a CD ROM version of its Electronic Deposit Insurance Estimator (EDIE) for use by bank employees. This version allows users to enter depositor account information much more quickly than the Internet version, and since it is available in CD-ROM, it does not require a connection to the Internet to operate. The banker version also provides a printable report that financial institution staff can share with bank customers. FDIC:FIL-147-2002 - EDIE 12/31/02

  • HMDA Asset Threshold Remains at $32 Million

    The Federal Register has published a final rule announcing that the HMDA Asset Threshold Remains at $32 Million. The asset size threshold for triggering coverage under HMDA, which is tied to the Consumer Price Index, will remain the same for 2003 -- $32 million. To trigger HMDA coverage, a lender must meet the asset test and have an office in an MSA. [This was previously announced on BOL] 67FR79844 (text) 67FR79844 (pdf) 12/31/02

  • FDIC Seeks Comment on Technical Changes/Corrections

    The FDIC has published a notice of proposed rulemaking and request for comment relating to technical corrections and modifications to clarify existing policies and procedures on filings, Corporate Powers, International Banking, Management Official Interlocks. Text; PDF; 12/27/02

  • FDIC Updates Rules to Reflect Internal Reorganization

    The FDIC has published a final rule amending its regulations governing application,notice and request procedures to reflect changes from an internal reorganization order, which included the consolidation of the Division of Supervision and the Division of Compliance and Consumer Affairs into the Division of Supervision and Consumer Protection. Note that the final rule reflects changes in part 303 as a result of the FDIC internal reorganization and does not affect any regulatory requirement imposed by the FDIC on the public. Text | PDF. It also made corresponding changes to its policy statement on mergers, Text; PDF; and Deposit Insurance Applications, Text; PDF. 12/27/02

  • OCC Publishes Notice of Designation - Designation of Nauru and Ukraine as Primary Money Laundering Concerns

    This bulletin announces the Treasury Department's designation of Nauru and Ukraine as primary money-laundering concerns. Bank Secrecy Act section 5318A authorizes the Secretary of the Treasury to designate a foreign jurisdiction, institution, class of transaction, or type of account as being of "primary money laundering concern," and to impose one or more of five "special measures." OCC 2002-47 Notice of Designation, List of Foreign Banks 12/27/02

  • HMDA Asset Threshold Remains at $32 Million

    The FRB has announced that the asset size threshold for triggering coverage under HMDA, which is tied to the Consumer Price Index, will remain the same for 2003 -- $32 million. To trigger HMDA coverage, a lender must meet the asset test and have an office in an MSA. FRB Press Release 12/26/02

  • Denial of proposal of Illini Corporation

    The Federal Reserve Board announced its denial of the application of Illini Corporation, Springfield, Illinois, to acquire Illinois Community Bancorp, Inc., Effingham, Illinois. FRB Press Release 12/26/02

  • Regional Outlook: 4th Quarter 2002

    Credit losses have continued to increase, particularly on commercial loans to corporate borrowers, during the first three quarters of 2002. Regional Outlook 12/26/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks drawn on Mechanics & Farmers Bank, Durham, North Carolina, Penn Security Bank & Trust Co., Scranton, Pennsylvania and Northrim Bank, Anchorage, Alaska are currently in circulation. FIL-144-2002 12/26/02

  • FDIC Issues Alert on Stolen Cashier's Checks

    The FDIC has learned that a box of cashier's checks, which were stolen during delivery from a third-party printer to the owner of the instruments, Diamond State Bank, Nashville, Arkansas, are currently in circulation. FIL-145-2002 12/26/02

  • Fact Sheet Regarding the Treasury Department's Use of Sanctions Authorized Under Section 311

    Treasury Press Release 12/26/02

  • Banking Industry Performs Strongly As U.S. Economy Slowly Recovers

    Banks posted record earnings in the first nine months of 2002 as the U.S. economy slowly recovered from the recession that began in March 2001. However, according to a report released today in the FDIC's Regional Outlook, credit losses have continued to increase, particularly on commercial loans to corporate borrowers. The FDIC's semiannual review of economic conditions and emerging risks in banking also indicates that a steep yield curve has helped boost net interest income. FDIC:PR -133-2002 12/26/02

  • Realignment of Regional/Area Office and Field Territory Responsibilities

    The FDIC is transitioning certain risk-management responsibilities to the field territory level, streamlining many core risk-management functions. FDIC:FIL-143-2002 12/26/02

  • Banks Play Significant Role in Rural Economic Development

    A new publication issued this week by the OCC highlights the critical role banks play in the economic vitality of rural America through community development corporations and partnerships with government programs. OCC:NR 2002- 97 12/23/02

  • Agencies Release Guidance on Imminent Lapse in FEMA Flood Insurance Authority

    This letter provides guidance to assist national banks in dealing with the period following January 1, 2003, during which the authority of the Federal Emergency Management Agency (FEMA) to issue flood insurance contracts under the National Flood Insurance Program (the NFIP) will lapse. This guidance has been developed in consultation with the other federal supervisory agencies to ensure a consistent approach to this issue. [This was previously announced on BOL] OCC: AL 2002-11 OTS 02-47 FDIC:FIL-142-2002 FDIC:PR-134-2002 12/23/02

  • FATF decides to impose counter-measures on Ukraine; no counter-measures to apply against Nigeria at this time

    Members of the Financial Action Task Force will apply counter-measures1 to Ukraine, in addition to the current application of Recommendation 212. This decision is the result of Ukraine's failure to enact anti-money laundering legislation that meets international standards. FATF Press Release OCC 2002-47 12/23/02

  • OCC Performance and Accountability Report for Fiscal Year 2002

    This report includes OCC management's discussion and analysis, financial discussion and analysis, the independent auditor's report, and financial statements and notes. Report 12/20/02

  • OTS Revises Regulations Governing Affiliate Transactions

    The Home Owners’ Loan Act (HOLA) requires OTS rules to be consistent with Federal Reserve Board rules. Regulation W, issued December 12 by the Federal Reserve Board, is a new comprehensive rule that implements restrictions on affiliate transactions contained in sections 23A and 23B of the Federal Reserve Act, including revisions mandated by the Gramm-Leach-Bliley Act. OTS 02-46 12/20/02

  • Regulators Distribute Call Report for Third Quarter 2002

    Banks should complete your fourth quarter Call Report, review it for accuracy, and submit the report electronically as soon as possible. Except for certain banks with foreign offices, your completed report must be received by January 30, 2003. FDIC:FIL-141-2002 12/20/02

  • Legal Division Honors Program

    This recruitment program provides valuable, challenging employment opportunities to outstanding law school graduates. Honors Program 12/20/02

  • Written Agreement with Metamora Bancorp

    The FRB announced the execution of a Written Agreement by and among Metamora Bancorp, Inc., Metamora, Ohio; The Metamora State Bank, Metamora, Ohio; the Federal Reserve Bank of Cleveland; and the Ohio Division of Financial Institutions. FRB Press Release 12/20/02

  • Saturday Production Test Schedule 2003

    Saturday Production Test Schedule 2003 12/19/02

  • OCC Issues Advisory Letter on Reverse Stock Split Procedures

    The OCC is revising the expedited review procedures for national banks to effect reverse stock splits. The revision is necessary to reflect the repeal of 12 USC 51, minimum capital requirements. OCC:AL 2002-6 12/19/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-140 to notify banks of a recent OFAC change where OFAC amended its listing of Specially Designated Nationals. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-140-2002 12/19/02

  • Agencies Propose Disciplinary Action Rules for Accountants and Accounting Firms Performing Certain Audit Services

    The federal bank and thrift regulatory agencies today invited public comment on proposed rules governing their authority to take disciplinary actions against independent public accountants and accounting firms that perform audit and attestation services required by section 36 of the Federal Deposit Insurance Act. FRB Press Release FDIC-PR-132-2002 OCC:NR 2002-96 OTS 02-45 12/18/02

  • FinCEN Issues Guidance On Interpreting “Frequently” Found In The Criteria For Exempting A Non-Listed Business

    Guidance on Frequency 12/18/02

  • OCC Announces New Electronic Interpretations and Actions

    Interpretive Letters and No-Objection Letters reflect the views of the Comptroller's legal staff. Corporate Decisions, CRA Decisions and Conditional Approvals are from the office of Bank Organization and Structure. December 2002 12/18/02

  • FDIC Approves the Assumption of the Insured Deposits of the Farmers Bank & Trust of Cheneyville, Cheneyville, Louisiana

    The Board of Directors of the FDIC approved the assumption of the insured deposits of The Farmers Bank & Trust of Cheneyville, Cheneyville, Louisiana, by Sabine State Bank and Trust Company, Many, Louisiana. FDIC:PR-131-2002 Press Release 12/18/02

  • OCC Releases CRA Evaluations For 37 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of November 15 through December 14, 2002. OCC:NR 2002-95 12/18/02

  • FRB Issues Proposal to Expand Operating Hours for the On-line Fedwire Funds Service

    Under the proposal, the Fedwire Funds Service would open three and one-half hours earlier than the current opening time of 12:30 a.m. eastern time (ET). The closing time for the service would remain unchanged at 6:30 p.m. ET. The earlier opening time is expected to further the smooth functioning and continued development of the payments system, as well as to improve efficiency and reduce risk in making payments and settlements. FRB Press Release 12/17/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-139 to notify banks of a recent OFAC change where OFAC amended its listing of Specially Designated Nationals. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-139-2002 12/17/02

  • OCC Announces 14 New Enforcement Actions and 5 Terminations

    The OCC announced 14 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 5 terminations of existing enforcement actions. OCC:NR 2002-94 12/16/02

  • OCC Reports Derivatives Volume Grows $3.1 Trillion

    Derivatives held by U. S. commercial banks increased $3.1 trillion in the third quarter, to $53.2 trillion, the
    Office of the Comptroller of the Currency reported in its quarterly Bank Derivatives Report. OCC:NR 2002-93 12/16/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks drawn on Community Bank of the Midwest, Great Bend, Kansas, are currently in circulation. FIL-138-2002 12/16/02

  • FDIC announces a series of steps intended to facilitate the process of rebuilding areas in Guam damaged by Super Typhoon Pongsona.

    Guam has sustained heavy damage to its ports, power and water facilities, a hospital and commercial and residential properties from Super Typhoon Pongsona. As noted in the guidelines, the FDIC is encouraging banks to work constructively with borrowers who are experiencing difficulties due to conditions beyond their control. FDIC:FIL-137-2002 Guidelines 12/13/02

  • FFIEC Publishes Notices and Drafts

    FFIEC publishes FFIEC 002 Initial Federal Register Notice (PDF) and FFIEC 002 Draft Reporting Form (PDF) 12/13/02

  • Appointment of Sandra Pianalto as president of the Federal Reserve Bank of Cleveland

    The Federal Reserve Bank of Cleveland has appointed Sandra Pianalto as the Bank's new president. The announcement was made Thursday by David Hoag, chairman of the Cleveland Bank's board of directors. FRB Press Release 12/13/02

  • Approval of proposal of Bank of Hawaii

    The Federal Reserve Board today announced its approval of the application by Bank of Hawaii, Honolulu, Hawaii, under section 18(c) of the Federal Deposit Insurance Act, to merge with First Savings and Loan Association of America, Dededo, Guam. FRB Press Release 12/13/02

  • Approval of proposal of Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.

    The Federal Reserve Board today announced its approval of the application of Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., Rabobank Nederland, Utrecht, The Netherlands, to become a bank holding company by acquiring VIB Corp, and thereby indirectly acquiring its subsidiary bank, Valley Independent Bank, both in El Centro, California. FRB Press Release 12/13/02

  • Changes to Reg W Published in the Federal Register

    As earlier reported on BOL, Sections 23A and 23B and Regulation W restrict loans by a depository institution to its affiliates, asset purchases by a depository institution from its affiliates, and other transactions between a depository institution and its affiliates. Regulation W unifies in one public document the Board's interpretations of sections 23A and 23B. Final Regulation W will have an effective date of April 1, 2003. The FRB is publishing a final rule that rescinds, as of April 1, 2003, the Board's existing formal interpretations of sections 23A and 23B (which have been incorporated into Regulation W). In addition, the FRB is seeking public comment on a proposed rule that would prevent a depository institution from using an exemption in Regulation W for the purchase of extensions of credit from an affiliate if purchases made under the exemption exceeded 100 percent of the institution's capital. Comment are due January 13, 2003.
    67FR76619 (pdf)..|..67FR76619 (txt) | 67FR76559 (pdf) | 67FR76559 (txt) | 67FR76617 (pdf) | 67FR76617 (txt)
    12/12/02

  • OTS Publishes delay of effective date for Alternative Mortgage Transaction Parity Act

    To rely on AMTPA, certain state chartered housing creditors must comply with regulations issued by the Office of Thrift Supervision (OTS). OTS recently revised its rule identifying the OTS regulations that apply under AMTPA. The effective date is delayed until July 1, 2003. 67FR76304 (pdf) 67FR76304 (text) 12/12/02

  • OTS Issues Final Rule Specifying the Recordkeeping and Confirmation Requirements that Effect Securities Transactions

    Under a rule issued by the SEC, savings associations may perform certain broker-dealer activities without registering with
    the SEC. This final rule affords savings association customers the same protections and disclosures provided to bank customers; ensures that examiners will be able to evaluate a savings association's compliance with securities laws and to assess whether savings associations effect securities transactions safely and soundly; and provides savings associations with formal guidance for effecting securities transactions. 67FR76293 (pdf) 67FR76293 (text) 12/12/02

  • Seven new members named to the Thrift Institutions Advisory Council and new president and vice president named for 2003

    The Council is an advisory group made up of twelve representatives from thrift institutions. The panel was established by the Board in 1980 and includes savings and loan, savings bank, and credit union representatives. The Council meets three times each year with the Board of Governors to discuss developments relating to thrift institutions, the housing industry, mortgage finance, and certain regulatory issues. FRB Press Release 12/12/02

  • Holiday District Announcements Christmas and New Year's

    The Federal Reserve Banks will be closed on Wednesday, December 25, for Christmas and on Wednesday, January 1, for New Year's Day.12/12/02

  • Fed Leaves Rates Unchanged

    The FOMC decided to keep its target for the federal funds rate unchanged at 1-1/4 percent. FRB Press Release12/12/02

  • 2003 Holiday Schedules

    Holiday Schedules 12/12/02

  • Statement of Douglas Roeder, Senior Deputy Comptroller before the Permanent Subcommittee on Investigations

    Statement of Douglas Roeder Senior Deputy Comptroller Office of the Comptroller of the Currency before the Permanent Subcommittee on Investigations of the Committee on Governmental Affairs of the United States Senate. OCC:NR 2002- 92 12/12/02

  • FDIC Publishes Final Rule Implementing Sections of the USA PATRIOT Act That Address Correspondent Accounts for Foreign Shell Banks

    As previously reported on BOL, the final rule would prohibit certain financial institutions from providing correspondent accounts to foreign shell banks. FDIC:FIL-136-2002 12/12/02

  • FDIC Reports Bank Earnings Remained Near Record Levels, While Savings Institutions' Profits Hit a New High in the Third Quarter

    Commercial banks' domestic operations continued to demonstrate earnings strength in the third quarter of 2002, as the industry posted its second-best quarterly net income ever, remaining on pace to set a full-year earnings record. Third-quarter net income of $23.3 billion was slightly below the record $23.4 billion banks earned in the second quarter, but it represented a 34.4-percent improvement from their net income in the third quarter of 2001. FDIC:PR-130-2002 12/12/02

  • Notice of FDIC Agency Meeting

    December 17, 2002 Board Room on the sixth floor of the FDIC Building located at 550 - 17th Street, N.W., Washington, D. C. Announcement 12/12/02

  • Quarterly Banking Profile - Third Quarter 2002

    The Quarterly Banking Profile (QBP) is a quarterly publication that provides the earliest comprehensive summary of financial results for all FDIC-insured commercial banks and savings institutions. Quarterly Banking Profile 12/12/02

  • FFIEC Reports that the September 30, 2002 Uniform Bank Performance Report are Online

    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. FFIEC Press Release 12/12/02

  • Federal Register Publishes Correction to its Annual Independent Audit Requirements

    The OTS published in the Federal Register of November 25, 2002, a document concerning amending its annual independent audit requirements for small, non-public, highly rated savings associations that voluntarily obtain independent audits. Inadvertently, the comment period was incorrectly stated. The correct date is January 27, 2003. 67FR75809 (pdf) 67FR75809 (txt) 12/11/02

  • Federal Reserve Financial Services Reserve Maintenance Manual

    This manual sets out the fundamental rules of reserve calculation and account maintenance for institutions that file the Report of Transaction Accounts, Other Deposits and Vault Cash (FR 2900), either weekly or quarterly. The Reserve Maintenance Manual was completely revised in 1998 to reflect the adoption of a single master account structure and the return to lagged reserve maintenance for weekly FR 2900 reporters. Reserve Maintenance Manual 12/11/02

  • FDIC Pulished FIL on Final Rule Implementing Information-Sharing Section of USA PATRIOT ACT

    As earlier reported on BOL, FinCEN is issuing this final rule to encourage information sharing among financial institutions and Federal government law enforcement agencies for the purpose of identifying, preventing, and deterring money laundering and terrorist activity. FDIC:FIL-135-2002 12/11/02

  • FTC Halts Texas-Based Advance-fee Loan Scheme

    The FTC announced a stipulated final court order settling the case against Antoine Peissel, doing business as The Woodway Group (Woodway), who told consumers they were guaranteed to receive a cash loan or line of credit - but only after paying an up-front $79 fee. FTC Press Release 12/9/02

  • New Consumer Information Pamphlets

    New consumer information pamphlets are available through the Web site of the Federal Reserve Bank of Philadelphia. The seven brochures are: Know Your Depository Institution; What Your Credit Report Says About You; Applying for Credit and Charge Cards; Bank Products: What's Insured and What's Not; Your Credit Rights; How to Establish, Use, and Protect Credit; and Your Credit Rating. New Consumer Information Pamphlets 12/9/02

  • FDIC Issues SSCRA Guidance Reminder

    On December 9, 2002 the FDIC issued a FIL reminding financial institutions of the requirements under the SSCRA and provided a summary of the key provisions of the Act. The FDIC noted, that it is anticipated in light of the frequent call-up of military personnel, financial institutions will receive numerous questions regarding the SSCRA. FDIC:FIL-134-2002 12/9/02

  • Revised Standard Flood Hazard Determination Form

    This bulletin announces and provides the revised Standard Flood Hazard Determination form, "FEMA Form 81-93, Oct 02," which replaces "FEMA Form 81-93, Oct 98." Either form may be used prior to March 1, 2003, when use of the revised form becomes mandatory. OCC 2002-46 Form 12/9/02

  • OTS Delays Effective Date For Parity Act Revisions

    The OTS announced that it is delaying for a period of six months the effective date of a final rule that will remove prepayment and late fee rules from the list of OTS regulations applicable to state housing creditors under the Alternative Mortgage Transaction Parity Act. The final rule, originally scheduled to become effective on January 1, 2003, will now take effect July 1, 2003. OTS 02-44 12/9/02

  • Federal Register Publishes Proposed Revisions to the Official Staff Commentary on Regulation Z

    The proposed update discusses the status of certain credit card-related fees and the rules for replacing an accepted credit card with one or more cards. [This was previously announced on BOL] 67FR742618 (pdf) 67FR742618 (text) 12/9/02

  • FDIC Issues Warning on Entities That May Be Conducting Banking Operations Without Authorization

    The OSFI of Canada has published "Monthly Warning Advisory" (Issue No. 37), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-133-2002 12/6/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks drawn on AmercianWest Bank, Spokane, Washington, and National Bank of Commerce, Memphis, Tennessee, are in circulation. FDIC:FIL-132-2002 12/6/02

  • FDIC Issues December 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 September 2002. FDIC:PR-129-2002 12/6S/02

  • Interagency Advisory on the Accounting Treatment of Accrued Interest Receivable Related to Credit Card Securitizations

    The OCC, FRB, FDIC and OTS are issuing this advisory to clarify the appropriate accounting treatment for banks and thrift institutions (institutions) that securitize credit card receivables and record an asset commonly referred to as Accrued Interest Receivable (AIR). OCC 2002-45 FDIC:FIL-131-2002 Advisory 12/5/02

  • FRB Announces revisions to its policy and procedures for sponsoring private-sector organizations

    The Federal Reserve Board announced revisions to its policy and procedures for sponsoring private-sector organizations under federal programs that provide priority telecommunications services to entities that are important to national security and emergency preparedness. FRB Press Release 12/4/02

  • Four FedACH Distributions Per Day

    Four FedACH Distributions Per Day 12/4/02

  • Premium Plus Products Effective January 2, 2003

    Premium Plus Products Effective January 2, 2003
    12/4/02

  • Comptroller of the Currency Fees for Year 2003

    This bulletin informs all national banks, federal branches and agencies, and District of Columbia banks of fees charged by the Office of the Comptroller of the Currency (OCC) for year 2003. OCC: 2002-44 (doc file) 12/4/02

  • OTS Announces 109 CRA Exams Scheduled for First Quarter 2003

    The OTS announced that 109 savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the first quarter of 2003. OTS 02-43 12/4/02

  • FDIC's 2003 Budget 8 Percent Lower Than 2002

    The Board of Directors of the FDIC approved a 2003 Corporate Operating Budget of $1,070.5 million and a multi-year Investment Budget of $70.4 million. Estimated spending for 2003 will be $1.1 billion, 8 percent lower than the 2002 budget. FDIC:PR-128-2002 12/4/02

  • FDIC Ask for Input on Website

    Website User Questionnaire 12/4/02

  • OCC Issues First Quarter 2003 CRA Examination Schedule

    The OCC released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the first quarter of 2003.OCC:NR 2002- 91 12/3/02

  • FRB Issues Proposed Revisions to the Official Staff Commentary on Regulation Z

    The proposed update discusses the status of certain credit card-related fees and the rules for replacing an accepted credit card with one or more cards. FRB Press Release 12/2/02

  • FinCEN Issues Guidance on Recordkeeping Requirements under 31 C.F.R. §103.29

    FinCEN receives numerous questions concerning compliance with the Bank Secrecy Act (BSA) recordkeeping requirement found in 31 C.F.R. §103.29. This section requires financial institutions to verify a customer's identity and retain records of certain information prior to issuing or selling bank checks and drafts, cashier's checks, money orders and traveler's checks when purchased with currency in amounts between $3,000 and $10,000 inclusive. Press Release 12/2/02

  • FRB Publishes Final Regulation W that comprehensively implements sections 23A and 23B

    Sections 23A and 23B and Regulation W restrict loans by a depository institution to its affiliates, asset purchases by a depository institution from its affiliates, and other transactions between a depository institution and its affiliates. Regulation W unifies in one public document the Board's interpretations of sections 23A and 23B. FRB Press Release 12/2/02

  • OCC Publishes Questions Concerning Applicability and Enforcement of State Laws; Contacts from State Officials

    This advisory letter describes the general principles that determine whether a state law is applicable to a national bank. It also affirms that the OCC's visitorial powers with respect to national banks are exclusive except when federal law makes provision for another regulator to have a role. OCC:AL 2002-9 12/2/02

  • Establishment of private-sector group to recommend steps to mitigate risk in the clearance and settlement of U.S. government securities

    The Federal Reserve Board announced that it has established a private-sector working group to recommend steps to mitigate risks in the clearance and settlement of U.S. government securities. FRB Press Release 12/2/02

  • FDIC Consumer News

    Smart ways to use credit and debit cards, plus how long to keep bank records. FDIC Consumer News 12/2/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks and Stolen Money Orders

    Counterfeit cashier's checks drawn on Baltimore Trust Company, Selbyville, Delaware, and on First State Bank of California, Granada Hills, California, are in circulation. In addition, a lot of 500 money orders issued by Bank of America, Dallas, Texas, has been reported stolen. FDIC:FIL-128-2002 12/2/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-129 to notify banks of a recent OFAC change where OFAC amended its listing of Specially Designated Nationals. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-129-2002 12/2/02

  • FDIC Issues First Quarter 2003 CRA Examination Schedule

    The FDIC has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the first quarter of 2003. This list is published pursuant to revised CRA regulations published in May 1995 that require each Federal bank and thrift regulator to publish a quarterly CRA examination schedule at least 30 days before the beginning of each quarter. FDIC:PR-127-2002 12/2/02

First published on: 
11/30/2002
Filed under: 
Compliance
Lending
Operations
Security
Technology

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