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Top Stories for November 2002

Moratorium on PATRIOT Act Section 314(a) Requests

The regulatory agencies have issued a joint notice formalizing what we previously told you -- that there is now a moratorium on information requests relating to possible terrorists and money launderers under Section 314(a) of the USA PATRIOT Act. During the moratorium, the government will be working to improve the process for the requests. It also confirms that future requests from the FBI will be processed through the Section 314(a) process, rather than utilizing the former Control List process. Most importantly, if your financial institution has not received any requests from FinCEN via e-mail or facsimile since November 4, 2002, you need to contact your primary federal supervisory agency to be added to FinCEN's contact list. You will need to provide: financial institution name and charter number or other identifier; point of contact name and title, mailing (street number, P.O. box, city, state and zip code) and e-mail addresses; and telephone and facsimile numbers. BOL AML Links, Joint Agency Notice 11/27/02
Electronic Federal Tax Payment System (EFTPS) Users Have Fewer IRS Penalties

According to research conducted by the Internal Revenue Service, businesses that pay their taxes using the Electronic Federal Tax Payment System (EFTPS) have significantly fewer IRS penalties assessed. News Release IR-2002-128 11/27/02
FDIC Issues Notice of Charges Against Certain Former Officers and Directors of the Failed Connecticut Bank of Commerce, Stamford, Connecticut

The FDIC has issued a Notice of Charges seeking to impose civil money penalties (CMPs) totaling $5.25 million against a group of former officers and directors of Connecticut Bank of Commerce, Stamford, Connecticut (CBC). CBC was closed by the Connecticut Banking Commissioner on June 26, 2002, and the FDIC was appointed as receiver. FDIC:PR-125-2002 11/27/02
FDIC Makes Public October Enforcement Actions; No Administrative Hearings Scheduled

The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in October. No administrative hearings are scheduled for December. FDIC:PR-126-2002 11/27/02
Quarterly Banking Profile - Commercial Banking Performance, Third Quarter 2002

FYI Speech 11/27/02
The FDIC/OTS Summary of Deposits (SOD) system has been updated with the June
30, 2002

The Summary of Deposits (SOD) contains deposit data for more than 85,000 branches/offices of FDIC-insured institutions. The FDI) collects deposit balances for commercial and savings banks as of June 30 of each year, and the OTS collects the same data for savings institutions. Summary of Deposits 11/27/02
Rewards for Justice

International terrorism is financed by money sent to terrorist from sources around the world. The U.S. government is offering a reward of up to $5 million for information leading to the dismantling of any system used to finance a terrorist organization and information leading to the arrest or conviction of those who planned or aided in any act of terrorism against U.S. persons or property. Learn more about the Treasury Department's Rewards for Justice program 11/26/02
FinCEN Issues Report on Informal Value Transfer Systems

FinCEN issued its report on Informal Value Transfer Systems (IVTS), including hawala, in its ongoing effort to gain a more complete understanding of the nature of these systems. Hawala, an IVTS, is a method of monetary value transmission that is used in some parts of the world to conduct remittances, most often by individuals who seek to legitimately send money to family members in their country of origin. FinCEN Press Release Report 11/26/02
OTS Issues Interim Rule that Amends its Annual Independent Audit Requirements

This change will make OTS's requirements more consistent with those of the other federal banking agencies and will avoid the potential regulatory burden that could otherwise result from other regulatory action. 67FR70530 (text) 67FR70530 (pdf) Correction 11/25/02
Change in release date for statistical release G.17 "Industrial Production and Capacity Utilization"

The FRB announced that it will publish the annual revision to the G.17 statistical release, Industrial Production and Capacity Utilization, on Thursday, December 5 at 2 p.m. EST. The revision was previously scheduled for release on November 26. FRB Press Release 11/25/02
Order of Prohibition against Eduardo Del Rio

The FRB announced the issuance of an Order of Prohibition against Eduardo Del Rio, a former employee and institution-affiliated party of Deutsche Bank, AG, New York, New York. FRB Press Release 11/25/02
OCC Issues Alert on Illegal References to Bank Affiliation and Bank Supervisor

The OCC is advising banks that Globe Trust Financial, Inc. (Globe) and Pacific Trust Financial (Pacific) are falsely representing on their respective Internet Web sites that they are regulated by the Office of the Comptroller of the Currency (OCC). The OCC does not supervise nor has the OCC issued a banking charter to Globe or Pacific. OCC:Alert 2002-13 11/25/02
Thrift Industry On Pace For Record Year

The OTS reported earnings for the nation's thrift industry of $2.97 billion in the third quarter of 2002, up 14 percent over the year-ago third quarter, and five percent over the second quarter of 2002. The number represents the second most profitable quarter ever for the industry. OTS 02-42 11/25/02
FFIEC Reports that the September 30, 2002 Uniform Bank Performance Report are Online

UBPR reports for individual banks are usually available 30 days after the call report due date. September 30, 2002 UBPR
Call report is due October 30, 2002 UBPR available online December 6, 2002. FRB Press Release 11/25/02
Regulators Propose Revisions to the Reports of Condition and Income (Call Report)

These changes relate to the content of the Call Report itself, the submission deadline for certain banks, and the agencies' process for validating and releasing the data that banks report. FDIC:FIL-126-2002 11/22/02
Banking on Our Future Across America

FDIC Chairman Don Powell and other Administration officials took part in the activities of the final day of Operation HOPE's Banking on Our Future Across America 2002 financial literacy initiative. Press Release 11/22/02
FDIC FIL about OFAC Change

The FDIC has published FIL-127 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-127-2002 11/22/02
Jennifer Kelly Named Deputy Comptroller For Mid-Size Banks

The OCC announced that Jennifer C. Kelly has been named Deputy Comptroller for Mid-Size Banks. In her new assignment, Ms. Kelly will report directly to Timothy W. Long, Senior Deputy Comptroller for Mid-Size/Community Banks. OCC:NR 2002- 90 11/22/02
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. November 2002 11/22/02
FDIC Issues Special Alert on Counterfeit Cashier's Checks

The FDIC has learned that counterfeit cashier's checks drawn on Horizon Bank, Bellingham, Washington and Hudson United Bank, Mahwah, New Jersey, are currently in circulation. FDIC:FIL-123-2002 FDIC:FIL-125-2002 11/21/02
FDIC FIL's about OFAC Change

The FDIC has published FIL-122 and FIL-124 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-124-2002 FDIC:FIL-122-2002 11/21/02
FDIC Issues Final Ruleon Minimum Standards of Integrity and Fitness for an FDIC Contractor

The Federal Deposit Insurance Corporation is issuing this rule which governs conflicts of interest, ethical responsibilities, and use of confidential information by independent contractors seeking to do business with the FDIC. 67FR69990 (text) 67FR69990 (pdf) 11/20/02
OCC Releases CRA Evaluations For 44 National Banks

The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of October 15 through November 14, 2002. The list contains only national banks and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. OCC:NR 2002- 89, Evaluations 11/20/02
OCC Announces 18 New Enforcement Actions and 5 Terminations

The OCC announced 18 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 2002-88 11/20/02
FDIC Chairman Donald E. Powell Remarks at Operation Hope's Banking on Our Future Across America 2002 Closing Ceremony H.D. Woodson High School

Speech FDIC:PR-123-2002 11/20/02
Annual Report on Indebtedness of Executive Officers and Principal Shareholders to Correspondent Banks (FFIEC 004)

The FFIEC 004 report is designed to assist an institution's executive officers and principal shareholders in complying with the federal banking agencies' regulations implementing the Act. FDIC:FIL-121-2002 11/20/02
CRA/HMDA Software Downloads

You can now download the latest version of the CRA and HMDA data entry software from the web.Download Page 11/19/02
Federal Reserve Board Released the Minutes of its Discount Rate Meetings

The Federal Reserve Board released the minutes of its discount rate meetings from September 3 to September 23, 2002. Minutes, 67FR69467 (text) 67FR69467 (pdf) 11/18/02
FedACH Information Services via FedLine for the Web Demo

You can now access FedACH Information Services on the Internet. This latest service addition to FedLine for the WebÂ® makes it possible for you to use the web to track, research and account for your institution's FedACH activity. News Release 11/18/02
FedACH Third Quarter System Quality and Volume Statistics

Chart 11/18/02
Holiday District Announcement

The Federal Reserve Banks will be closed on Thursday, November 28, for Thanksgiving Day. District Chart 11/18/02
Electronic Document-to-Follow (DTF) Service Begins November 18

The Federal Reserve System is pleased to announce that the electronic exchange of documentation supporting adjustment requests, also known as Documents-to-Follow (DTFs), will be implemented on November 18, 2002. DTF 11/18/02
2003 Industry Events

The Federal Reserve attends many industry meetings and conferences throughout the year. Click here for the 2003 events. 11/18/02
FDIC Board Member John M. Reich Becomes Board Vice Chairman

John M. Reich today became Vice Chairman of the Federal Deposit Insurance Corporation Board of Directors. Mr. Reich has served on the FDIC Board since January 16, 2001. FDIC:PR-122-2002 11/18/02
OCC Publishes Correction to Final Rule on Assessment Fees

As previously announced in the Federal Register, the OCC is amending the rules governing national bank assessments. This notice is a correction to the rule. OCC 2002-43, Correction 11/15/02
Twenty-Five Largest Banking Companies: 3rd Quarter 2002

The Twenty-Five Largest Banking Companies highlights the performance of the largest banking companies in the most recently completed quarter. The report is based on earnings announcements and other publicly available information and generally is published within 40 days of the completion of a calendar quarter. Twenty-Five Largest Banking Companies 11/15/02
U.S. Lifts Financial Advisories on Marshall Islands, Niue and Russian Federation

FinCEN notified U.S. financial institutions that, based on the improvements in their counter-money laundering sytems, the U.S. is withdrawing the FinCEN Advisories on Marshall Islands, Niue and Russian Federation Advisory Withdrawal - Issue 20A, Advisory Withdrawal - Issue 22A, Advisory Withdrawal - Issue 25A 11/15/02
Current List of OCC Alerts on Unauthorized Banking

This issuance provides an alphabetical listing of entities identified in previous OCC alerts issued from 1996 to the present. These entities are or have been engaged in unauthorized banking, both offshore and domestic. The list is intended to be an aid in the search for names of such entities. A brief description is included to indicate the nature of the problem. OCC:Alert 2002-12, Semi-Annual Listing 11/15/02
Treausry Publishes Correction to Previously Published USA PATRIOT Act Guidance on Section 352

The previously published document inadvertently omitted a minor change to a cross-reference and a minor change that would avoid listing the affected financial institutions twice in the same section. This correction adds both changes. 67FR68935 (text) 67FR68935 (pdf) 11/14/02
FDIC Announces Steps to Help Rebuild Areas Affected by Recent Tornadoes

The FDIC is encouraging banks to work constructively with borrowers affected by the tornadoes who are experiencing difficulties beyond their control. The FDIC has prepared guidelines stating that extending repayment terms, restructuring existing loans or easing terms for new loans, if done in a manner consistent with sound banking practices, can both contribute to the health of the community and serve the long-term interests of the lending institution. FDIC:FIL-120-2002 Guidelines 11/14/02
FFIEC Publishes Notices and Drafts

FFIEC publishes notices on FFIEC 031, FFIEC 041 and FFIEC 009/009a. Also published are the FFIEC 031 and FFIEC 041 Draft Reporting Form Notices 11/14/02
Bank Accounting Advisory Series

This guidance is the latest entry in the Bank Accounting Advisory Series, which expresses the OCC's current views on accounting topics of interest to national banks. The document answers questions about purchase accounting, loans, sales and servicing of assets, loan origination, leases, investment securities, other assets, computer costs, income taxes, and capital. Bank Accounting Advisory Series 11/13/02
FDIC to Market $42 Million Loan Portfolio from the Failed Bank of Alamo, Alamo, Tennessee

The FDIC has announced that it will immediately market a $42 million loan portfolio from the failed Bank of Alamo, Alamo, Tennessee. The portfolio consists of performing and non-performing consumer, commercial, commercial real estate and agricultural loans. FDIC:PR-121-2002 11/13/02
Perspectives on the U.S. Housing Market

November 15, 2002: Half-day symposium cosponsored with National Capital Chapter, National Association for Business Economics. Perspective 11/13/02
FDIC Approves the Payout of Insured Deposits of Bank of Alamo, Alamo, Tennessee

The FDIC Board of Directors issued an order authorizing the agency to place Bank of Alamo in receivership by exercising its self-appointment powers granted by Congress in 1991. Today, the FDIC closed Bank of Alamo and took possession of the bank in its capacity as receiver. FDIC:PR-120-2002, FDIC Information for The Bank of Alamo 11/11/02
2002 CRA/HMDA Reporter

This newsletter provides information to assist in the collection and reporting of CRA/HMDA data. Reporter 11/8/02
FRB Issues Final Rule to Regulation A that Replace the Existing Adjustment and Extended Credit
Programs

The final rule leaves the existing seasonal credit program essentially unchanged. The final rule is intended to improve the functioning of the discount window and does not indicate a change in the stance of monetary policy. The FRB also is amending the penalty provision of Regulation D, which is calculated based on the discount rate, to conform the calculation of penalties for reserve deficiencies to the new discount rate framework. 67FR67777 11/7/02
FOMC Lowers Fed Funds Rate

The Federal Open Market Committee decided to lower its target for the federal funds rate by 50 basis points to 1 1/4 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 3/4 percent. FRB Press Release, Press Release
11/7/02
Notice of Agency Meeting

The FDIC Board of Directors will meet in open session on November 12, 2002.
Notice 11/7/02
Comptroller Hawke Says Thrift Charter Remains Viable Despite Convergence of Banking and Thrift Industries

Comptroller of the Currency John D. Hawke, Jr. said that while the banking and thrift industries have converged to a great extent,
the thrift charter remains as viable as ever and there is no compelling reason to merge the agencies that supervise national banks and thrifts. OCC:NR 2002-86 11/6/02
OCC Directory Highlights Bank Community Development Investments

The OCC published its annual directory of community development investments made during 2001. The National Bank Community Development Investments, 2001 Directory lists and summarizes all of the national bank investments made under investment authority provided national banks under the National Bank Act and part 24 of the OCC regulations to help revitalize and rebuild communities throughout the country by making investments that support a public welfare purpose. OCC:NR 2002- 87 11/6/02
Chairman Donald E. Powell FDIC Housing Trends and The Economy: Implications for Financial Institutions America's Community Bankers, November 5, 2002, San Francisco, California Financial Institution Letters: 2002 Financial

FDIC:PR-117-2002 11/6/02
FDIC Issues November 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 August 2002. FDIC:PR-118-2002 11/6/02
Connecticut Couple Indicted for Concealing Assets From FDIC

FDIC Inspector General Gaston L. Gianni, Jr., has announced that Gary S. Blonder and Laura Z. Schwartz of West Hartford, CT, were indicted on October 31 by the U.S. Attorney for the District of Connecticut on charges related to concealing assets from the FDIC and making false statements to the U.S. government. FDIC:PR-119-2002 11/6/02
Federal Register Publishes USA PATRIOT Act Guidance on Section 352

As earlier report on BOL, FinCEN is extending the provision in its regulations that temporarily defers, for certain financial institutions, the application of the anti-money laundering program requirements in section 352 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001. 67FR67547 (txt) 11/6/02
FTC Staff Comments on Proposed Amendments to Regulations Implementing RESPA

Comment Stresses Support for HUD's Goal of Simplifying the Mortgage Process and Enhancing Competition, Urges Testing to Ensure Enhanced Consumer Comprehension of Mortgage Process FTC Press Release 11/5/02
Guidance on ACH and OFAC

NACHA has issued an 8-page document to clarify the OFAC compliance obligations of parties to ACH transactions entitled "The ACH Network and OFAC Compliance". 11/5/02
FedLine for the Web Cash Services Demos

11/5/02
Cash Order and Deposit Deadlines

11/5/02
Regulators Request Comment on Revisions to SAR

Regulators are soliciting comments concerning the Suspicious Activity Report, which is being revised to include two new check boxes in Part III, box 35, suspicious activities, for terrorist financing and identify theft and to update the language in the Safe Harbor provision to that contained in the PATRIOT Act. 67FR67239 (text) 67FR67239 (pdf) 11/4/02
Remarks by Chairman Donald E. Powell FDIC The Bankers Club of Chicago, October 31, 2002

FDIC:PR-115-2002 11/4/02
Independent Community Bankers of America Join FDIC's Money Smart Alliance Program

The Independent Community Bankers of America (ICBA) became the newest member of the FDIC's Money Smart Alliance Program. The program, which is designed to increase financial literacy in communities where it is most needed, uses the FDIC's Money Smart financial education curriculum to teach adults the basics of money management. FDIC:PR-116-2002 11/4/02
2004 Preliminary HMDA file formats

The FFIEC has posted the preliminary file specifications for 2004 HMDA data as well as 2004 HMDA edits. 11/1/02
FRB Approves Fee Schedules for Federal Reserve Bank Payment Services

The price level for Federal Reserve priced services will increase less than 1 percent in 2003 from 2002 levels. Because of fee reductions in electronic services in recent years, the overall price level has declined by about 2 percent since 1996. FRB Press Release Notice 11/01/02
FRB Publishes Final Rule Amending Regulation A

The FRB approved a final rule that revises the Federal Reserve's discount window programs, which provide credit to help depository institutions meet temporary liquidity needs. FRB Press Release, Press Release Final Rule 11/01/02
FRB Issues Final Regulation W that Comprehensively Implements Sections 23A and 23B

The purpose of the statute and the rule is to limit a bank's risk of loss in transactions with affiliates and to limit a bank's ability to transfer to its affiliates the benefits arising from its access to the Federal safety net. FRB Press Release 11/01/02
FDIC Organizational Directory

Comprehensive listing of FDIC staff, offices and phone numbers. Directory 11/01/02

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Top Stories for November 2002

Moratorium on PATRIOT Act Section 314(a) Requests

Electronic Federal Tax Payment System (EFTPS) Users Have Fewer IRS Penalties

FDIC Issues Notice of Charges Against Certain Former Officers and Directors of the Failed Connecticut Bank of Commerce, Stamford, Connecticut

FDIC Makes Public October Enforcement Actions; No Administrative Hearings Scheduled

Quarterly Banking Profile - Commercial Banking Performance, Third Quarter 2002

The FDIC/OTS Summary of Deposits (SOD) system has been updated with the June 30, 2002

Rewards for Justice

FinCEN Issues Report on Informal Value Transfer Systems

OTS Issues Interim Rule that Amends its Annual Independent Audit Requirements

Change in release date for statistical release G.17 "Industrial Production and Capacity Utilization"

Order of Prohibition against Eduardo Del Rio

OCC Issues Alert on Illegal References to Bank Affiliation and Bank Supervisor

Thrift Industry On Pace For Record Year

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

Regulators Propose Revisions to the Reports of Condition and Income (Call Report)

Banking on Our Future Across America

FDIC FIL about OFAC Change

Jennifer Kelly Named Deputy Comptroller For Mid-Size Banks

OCC Announces New Electronic Interpretations and Actions

FDIC Issues Special Alert on Counterfeit Cashier's Checks

FDIC FIL's about OFAC Change

FDIC Issues Final Ruleon Minimum Standards of Integrity and Fitness for an FDIC Contractor

OCC Releases CRA Evaluations For 44 National Banks

OCC Announces 18 New Enforcement Actions and 5 Terminations

FDIC Chairman Donald E. Powell Remarks at Operation Hope's Banking on Our Future Across America 2002 Closing Ceremony H.D. Woodson High School

Annual Report on Indebtedness of Executive Officers and Principal Shareholders to Correspondent Banks (FFIEC 004)

CRA/HMDA Software Downloads

Federal Reserve Board Released the Minutes of its Discount Rate Meetings

FedACH Information Services via FedLine for the Web Demo

FedACH Third Quarter System Quality and Volume Statistics

Holiday District Announcement

Electronic Document-to-Follow (DTF) Service Begins November 18

2003 Industry Events

FDIC Board Member John M. Reich Becomes Board Vice Chairman

OCC Publishes Correction to Final Rule on Assessment Fees

Twenty-Five Largest Banking Companies: 3rd Quarter 2002

U.S. Lifts Financial Advisories on Marshall Islands, Niue and Russian Federation

Current List of OCC Alerts on Unauthorized Banking

Treausry Publishes Correction to Previously Published USA PATRIOT Act Guidance on Section 352

FDIC Announces Steps to Help Rebuild Areas Affected by Recent Tornadoes

FFIEC Publishes Notices and Drafts

Bank Accounting Advisory Series

FDIC to Market $42 Million Loan Portfolio from the Failed Bank of Alamo, Alamo, Tennessee

Perspectives on the U.S. Housing Market

FDIC Approves the Payout of Insured Deposits of Bank of Alamo, Alamo, Tennessee

2002 CRA/HMDA Reporter

FRB Issues Final Rule to Regulation A that Replace the Existing Adjustment and Extended Credit Programs

FOMC Lowers Fed Funds Rate

Notice of Agency Meeting

Comptroller Hawke Says Thrift Charter Remains Viable Despite Convergence of Banking and Thrift Industries

OCC Directory Highlights Bank Community Development Investments

Chairman Donald E. Powell FDIC Housing Trends and The Economy: Implications for Financial Institutions America's Community Bankers, November 5, 2002, San Francisco, California Financial Institution Letters: 2002 Financial

FDIC Issues November List of Banks Examined for CRA Compliance

Connecticut Couple Indicted for Concealing Assets From FDIC

Federal Register Publishes USA PATRIOT Act Guidance on Section 352

FTC Staff Comments on Proposed Amendments to Regulations Implementing RESPA

Guidance on ACH and OFAC

Regulators Request Comment on Revisions to SAR

Remarks by Chairman Donald E. Powell FDIC The Bankers Club of Chicago, October 31, 2002

Independent Community Bankers of America Join FDIC's Money Smart Alliance Program

2004 Preliminary HMDA file formats

FRB Approves Fee Schedules for Federal Reserve Bank Payment Services

FRB Publishes Final Rule Amending Regulation A

FRB Issues Final Regulation W that Comprehensively Implements Sections 23A and 23B

FDIC Organizational Directory

Top Story Archives

The FDIC/OTS Summary of Deposits (SOD) system has been updated with the June
30, 2002

FRB Issues Final Rule to Regulation A that Replace the Existing Adjustment and Extended Credit
Programs