Top Stories for May 2002

Unfair or Deceptive Acts or Practices: Applicability of the Federal Trade Commission Act

The federal banking agencies are legally authorized to use enforcement powers under section 8 of the Federal Deposit Insurance Act against violations of this prohibition. FDIC:FIL-57-2002, FRB Press Release 5/31/02

Financial Transparency and Regulatory Policy

Financial transparency is of vital importance to market participants and regulators alike. The FDIC's mission to promote public confidence in the U.S. banking system gives it a shared responsibility for defining the rules of the road in the financial marketplace. To that end, the FDIC is hosting a June 4 symposium entitled Enhancing Financial Transparency where the nation's leading experts from the private and public sectors will address the issue from the perspective of financial analysis, accounting standards, and regulatory policy. FYI 5/31/02

OCC Issues Third Quarter 2002 CRA Examination Schedule

The OCC released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the third quarter of 2002. OCC:NR 2002- 46 5/31/02

FRB Approves proposal of JPMorgan Chase Bank

The Federal Reserve Board announced its approval of the notice by JPMorgan Chase Bank, New York, New York, to establish a branch at the Newport Center, 575 Washington Boulevard, Jersey City, New Jersey. FRB Press Release 5/31/02

OFAC List Changes

OFAC has made a change but it simply consists of an update to its list of authorized service providers under the Cuban Assets Control Regulations. BOL OFAC Page 5/30/02

FinCEN Launches E-Filing System

FinCEN announced that it has begun its pilot testing of the Patriot Act Communications System (PACS).PACS is designed to allow participating financial institutions to quickly and securely file Bank Secrecy Act (BSA)reports over the Internet. FinCEN News Release 5/30/02

OCC Issues Final Rule on Fees Assessment

The OCC is amending its regulation that addresses assessments for independent trust banks. The final rule updates the regulation to reference the appropriate portion of new forms issued by the Federal Financial Institutions Examination Council (FFIEC), which replace the FFIEC form currently referenced in the regulation. 67FR37664 (text), 67FR37664 5/30/02

OTS Reports Record Quarterly Earnings, Profitability for Thrift Industry

The OTS reported record thrift industry quarterly earnings of $3 billion for the first quarter of 2002. OTS 02-27 5/30/02

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

The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published "Monthly Warning Advisory" (Issue No. 26), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-55-2002 5/30/02

Summary of Deposits Survey for June 30, 2002

The annual Summary of Deposits (SOD) survey and instructions for the period ending June 30, 2002, will be mailed on July 8 to institutions with more than a main office facility. FDIC:FIL-56-2002 5/30/02

Mississippi Housing Initiative Adopts FDIC "Money Smart" Program

The FDIC and the Mississippi Housing Initiative (MHI) announced the adoption of the FDIC's "Money Smart" financial education program to supplement the current homeownership curriculum used by MHI's Mississippi Home Buyer Education Center (MHEC) Program. FDIC:PR-58-2002 5/30/02

Court Shuts down Cyberscam Permanently

A U.S. District Court has ordered the perpetrator of an Internet scheme to halt his illegal practices. The defendant employed more than 5,500 copycat Web addresses to divert surfers from their intended Internet destinations to one of his sites, and hold them captive while he pelted their screens with a barrage of adult-oriented ads. FTC Press Release Related BOL Article 5/29/02

FDIC Celebrates National NeighborWorks® Week

June 1 - 8: The FDIC, a Neighborhood Reinvestment Corporation member, celebrates a week of neighborhood change. National NeighborWorks® Week 5/29/02

Interagency Questions and Answers on the Capital Treatment of Recourse, Direct Credit Substitutes, and Residual Interests in Asset Securitizations

The document clarifies several issues arising from the agencies' final rule on the capital treatment of these exposures. FDIC:FIL-54-2002 , OCC 2002-22, OTS CEO Ltr 162, Questions & Answers 5/28/02

FRB Issues Proposed Rule to Restructuring Credit Programs

This proposed restructuring of Federal Reserve credit programs is designed to improve the functioning of the discount window and does not represent a change in the stance of monetary policy. The proposed rule also would reorganize and streamline existing provisions of Regulation A. 67FR36544 5/28/02

Treasury Department Issues Proposed Regulation Implementing Section 312 of the USA PATRIOT Act

The Treasury Department issued a proposed rule implementing Section 312 of the USA PATRIOT Act. Section 312 requires certain U.S. financial institutions to take prescribed anti-money laundering measures with respect to correspondent and private banking accounts that they establish or maintain for non-U.S. persons. Treasury:PO-3125 5/24/02

Interagency Advisory on the Unsafe and Unsound Use of Covenants Tied to Supervisory Actions in Securitization Documents

This advisory alerts both bankers and examiners to the safety and soundness implications of covenants associated with supervisory actions in securitization documents. FDIC:FIL-53-2002, OCC 2002-21, OTS:CEO Ltr 161 5/24/02

Interagency Guidance on Implicit Recourse in Asset Securitizations

The guidance highlights the agencies' fundamental concern that implicit recourse may expose a bank's earnings and capital to potential losses. The guidance sets forth a range of supervisory actions that may be taken against a bank that provides implicit support to its securitizations. FDIC:FIL-52-2002, OCC 2002-20, OTS:CEO Ltr 163 5/24/02

OCC Cautions National Banks on "Yield Chasing"

The OCC issued guidance alerting national banks to the potential risk to future earnings and capital that arises when banks engage in "yield chasing" - taking on higher levels of credit, interest rate and liquidity risk to boost returns on their investment portfolios. OCC:NR 2002- 45 5/24/02

2003 FFIEC Examiner Education Course Catalogue

5/24/02

FDIC Publishes Bank Trends

FYI 5/24/02

FTC Issues Information Safeguards Rule

The FTC has published in the federal register the final rule governing the safeguarding of customer records and information for the financial institutions subject to its jurisdiction. This was previously announced on BOL. 67FR36483 (text) 67FR36483 (pdf) 5/24/02

Account Management Guide

This Guide is designed as a practical reference to make it easier for financial institutions to manage reserve accounts. The Guide assumes a familiarity with accounting practice and provides a detailed discussion of each major aspect of reserve management, together with descriptions and samples of the reports and other information tools available from the Federal Reserve System. Account Management Guide 5/23/02

FFIEC Internet Reporting System

The system now offers the following aggregate reports: List of Banks in Peer Group, Peer Group Data Report, Peer Group Distribution Report, State Average Report, and State Average Distribution Report. Internet Reporting System 5/23/02

Preliminary Bank Earnings Report

At a June 3 press briefing, the FDIC Chairman will summarize the Preliminary Bank Earnings Report for the first quarter 2001. This Report is the earliest comprehensive analysis of the commercial banking industry's performance, based on the quarterly data that banks file with the FDIC. 5/23/02

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-56-2002 5/23/02

FDIC FIL about OFAC Change

The FDIC has published FIL-51-2002 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-51-2002 5/23/02

FDIC Issues Alert/Counterfeit Cashier's Checks

The FDIC has learned that counterfeit cashier's checks drawn on Yukon National Bank, Yukon, Oklahoma, are in circulation. The bank's name is misspelled as "Yunkon National Bank" in the lower left corner of the counterfeit instruments, and the check number, routing number and account number appear to be typewritten and not MICR encoded. FDIC:FIL-50-2002 5/23/02

FDIC Issues Special Alert/Counterfeit South Carolina Driver's Licenses and Identification Cards

The FBI has asked the FDIC to alert all FDIC-supervised banks to the theft of equipment and supplies used to produce driver's licenses and identification cards. The equipment and supplies were stolen from two offices of the South Carolina Department of Public Safety on March 12, 2002, and March 25, 2002. The equipment has been recovered and the suspect has been arrested. However, it is believed that a number of counterfeit South Carolina driver's licenses and identification cards were produced. FDIC:FIL-49-2002 5/23/02

Chairman Powell's Statement on Passage of Deposit Insurance Reform Legislation By House of Representatives

FDIC:PR-57-2002 5/23/02

FDIC and White House Office Sign Agreement Promoting Financial Education in U.S. Asian Communities

Under an agreement the AAPI will support the FDIC's "Money Smart" financial education program and encourage its network of organizations to implement the curriculum in Asian communities. FDIC:PR-55-2002 5/22/02

"Prime Bank" and Other Financial Instrument Fraud Schemes

The FRB alerted financial institutions and the public to the continued proliferation of fraudulent schemes involving financial instruments. FRB Press Release
5/21/02

FDIC Lines Up Policy Leaders for June 4 Symposium on Enhancing Financial Transparency

Lawrence B. Lindsey, Assistant to the President for Economic Policy; Sen. Jon Corzine, (D.-N.J.); Rep. Michael Oxley (R-OH), Chairman of the House Financial Services Committee; and Paul A. Volcker, former Chairman of the Federal Reserve Board, will share their perspectives on financial transparency at a one-day program sponsored by the Federal Deposit Insurance Corporation (FDIC) in Washington, D.C., on June 4, 2002. FDIC:PR-54-2002 5/21/02

Interagency Advisory on the Regulatory Capital Treatment of Accrued Interest Receivable Related to Credit Card Securitizations

The agencies are issuing this advisory to clarify the appropriate risk-based capital treatment for banking organizations (institutions) that securitize credit card receivables and record an on-balance sheet asset commonly referred to as an Accrued Interest Receivable. OCC 2002-17, FDIC:FIL-48-2002, Interagency Advisory on AIR 5/20/02

FRB Issues Proposal to revise Federal Reserve discount window programs

The FRB requested public comment on a proposal to revise the Federal Reserve's discount window programs, which provide credit to help depository institutions meet temporary liquidity needs. Adoption of the proposal would not entail a change in the stance of monetary policy. The Federal Open Market Committee's target for the federal funds rate would not change as a result of this proposal and the level of market rates more generally would be unaffected. FRB Press Release 5/20/02

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. Electronic Interpretations and Actions 5/20/02

OCC Transmits the FATF Terrorist Financing Guide

As earlier reported on BOL, the Financial Action Task Force on Money Laundering has published Guidance for Financial Institutions in Detecting Terrorist Financing. OCC:AL 2002-4 5/20/02

FTC Finally Issues Information Safeguards Rule

The Federal Trade Commission has issued a final rule governing the safeguarding of customer records and information for the financial institutions subject to its jurisdiction. The Rule will be published in the Federal Register shortly. The Rule implements the safeguards provisions of the Gramm-Leach-Bliley Act (GLB Act). FTC Press Release , FTC Business Alert, FTC Final Rule 5/17/02

FTC to Host Public Workshop on Consumer Information Security

The FTC will host a two-day public workshop to explore issues related to the security of consumers' computers and the personal information stored in them or in company databases. FTC Press Release 5/17/02

Regulators Issue Corrected Final Rule for Risk-Based Capital

The final rule amended the Agencies' risk-based capital standards for banks, bank holding companies, and savings associations with regard to the risk weighting of claims on, and claims guaranteed by, qualifying securities firms. This document clarifies the effective date of the rule, corrects errors made in the Supplementary Information section and in the Board's Regulation Y, and makes technical changes to the footnote numbers in the instructions to and text of the FDIC's Part 325. 67FR34991 (text), 67FR34991 (pdf) 5/17/02

OCC Issues Final Rule on Electronic Banking

The OCC published a final rule that will facilitate the use of electronic technologies by national banks, consistent with safety and soundness. OCC:NR 2002- 44, 67FR34992 (text), 67FR34992 (pdf), OCC 2002-23 5/17/02

Consumer's Guide to Direct Payment

A new brochure available from the Federal Reserve Financial Services can help you answer questions a consumer may have about direct deposit. Consumer's Guide to Direct Deposit, Press Release 5/17/02

FRB Publishes Written Agreement with Allied Irish Banks and Allfirst Financial

The Federal Reserve Board, the Maryland Commissioner of Financial Regulation, and the Central Bank of Ireland jointly announced the execution of a Written Agreement by and among Allied Irish Banks, p.l.c., Dublin, Ireland, Allfirst Financial Inc., Baltimore, Maryland, and Allfirst Bank, Baltimore, Maryland. FRB Press Release 5/17/02

FDIC Issues Alert on Information About Fraudulent Bonus Checks For Non-Existent Jobs

On March 28, 2002, the FDIC issued an alert about individuals and banks being victimized by a scheme involving online job applications This is to inform you that the FDIC has received responses to that announcement indicating that more individuals and banks are being victimized by the same scheme, and that checks appearing to be drawn on at least one other bank also are being used. FDIC:FIL-47-2002 5/16/02

OCC Issues Risk Management Guidance for Banks that Use Foreign-Based Third-Party Service Providers

The guidance outlines risk management principles to facilitate sound use of foreign-based providers and to ensure that national banks manage these relationships in a safe and sound manner. It also addresses the need for a national bank to establish such relationships in a way that does not diminish the ability of the OCC to access, in a timely manner, data or information needed to effectively supervise the bank's operations. OCC:NR 2002- 43, OCC 2002-16 5/16/02

OFAC List Changes

OFAC has made a change but it simply consists of an update to its list of authorized service providers under the Cuban Assets Control Regulations. Another change updates "a.k.a." information that has been added to OFAC's SDN list for a number of SDGTs. BOL OFAC Page 5/16/02

FDIC Publishes List of Ten Largest Thrift Companies

The Ten Largest Thrift Companies highlights the performance of the largest thrift companies in the most recently completed quarter. The report is based on earning announcements and other publicly available information and generally is published within 45 days of the completion of a calendar quarter. 5/16/02

NCUA Board Releases Strategic Plan 2003-2008 As the Agency Plans for the Future

The plan builds on the foundation laid in NCUA Strategic Plan 2000-2005, which reflected a need to focus more on positioning NCUA as more forward-looking with a vision that is more responsive to the rapidly changing financial marketplace. NCUA Press Release 5/16/02

OCC Releases CRA Evaluations For 25 National Banks

The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of April 15 through May 14, 2002. OCC:NR 2002-41 5/16/02

OCC Announces 15 New Enforcement Actions and 1 Terminations

The OCC announced 15 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 1 termination of an existing enforcement action. OCC:NR 2002-42 5/16/02

FDIC Issues Interim Rule on Contractor Conflicts of Interest

This rule establishes standards for independent contractors governing contracting prohibitions, conflicts of interest, ethical responsibilities, confidential information, and reportable information. 67FR34591 5/15/02

FDIC FIL about OFAC Change

The FDIC has published FIL-46 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-46-2002 5/15/02

FDIC Issues Final Rule on Payment of Post-insolvency Interest In Receiverships With Surplus
Funds

The final rule establishes a single uniform interest rate, calculation method, and payment priority for post-insolvency interest.
67FR34385 (text) 5/14/02

IRS Warns of Fake W-8 BEN Forms & More

The IRS has issued a warning regarding the use by identity thieves of bogus W-8BEN forms and totally fictitious W-888 and W-9095 forms to gain information from bank customers. The thieves send out correspondence that purports to be from a bank. Warnings had previously been issued by some of the bank regulators on the W-9095 form scam and some ficitious fraud questionnaires. IRS:IR-2002-55 5/10/02

FRB and SEC Publish White Paper on Potential Structural Change in the Settlement of Government Securities

The paper, to be published May 13 in the Federal Register, was developed with a goal of identifying issues and questions that need to be further explored. In releasing the paper, the staffs of the agencies emphasized they have not concluded that any of the approaches discussed represent an improvement over current arrangements or that structural change is necessary. FRB Press Release 5/10/02

Anthrax Tested at the FRB

Mail processed in a secure facility outside the Federal Reserve Board buildings has tested positive for traces of anthrax DNA. FRB Press Release

• Mail Tests Positive for Anthrax DNA at Federal Reserve
• FRB Press Release -- Fed tests positive for Anthrax
• Fed mail shows anthrax

5/10/02

Comptroller Welcomes Growing Consensus that Fee Disparity Problem Must Be Fixed

Basic flaws in the allocation of bank supervision costs are a threat to the independence of bank supervisors and to
the dual banking system, Comptroller of the Currency John D. Hawke Jr. said. OCC:NR 2002-40 5/10/02

OTS Adjusts Capital Requirements For 1-4 Family Mortgages

The OTS announced that it is adjusting its capital requirements to bring them in line with the other federal banking agencies. Under a final rule, a one- to four-family residential first mortgage loan will qualify for 50 percent risk weight capital treatment if the loan is underwritten in accordance with prudent underwriting standards, including standards in the Interagency Guidelines for Real Estate Lending. 67FR31722 (text) 67FR31722 (pdf) OTS 02-26 5/10/02

FFIEC 001 and FFIEC 006 Reporting Forms have been discontinued

FFIEC 001 - Annual Report of Trust Assets | FFIEC 006 - Annual Report of International Fiduciary Activities 5/10/02

Delay of Reg C Amendments Officially Published

It's official. The FRB's final rule that postpones the effective date of the recent amendments to Regulation C (HMDA) from January 1, 2003, to January 1, 2004 has now been published in the Federal Register. (The FRB's informal notice of the delay was announced last week on BankersOnline.com.) 67FR30771 (text) 67FR30771 (pdf) 5/9/02

OCC Issues Alert on Fictitious Bank Correspondence and Fraud Reporting Forms

Some of your customers may be the unwitting subjects of another recently discovered fraud scheme that uses fictitious bank forms and fraudulent bank correspondence. The OCC has provided samples of fictitious documents (addressed to a bank customer) that purport to be from the fraud control department of the customer's bank. OCC:Alert 2002-6

• Fictitious bank correspondence that purports to be from the customer's bank
• Fictitious fraud questionnaire that purports to be from the customer's bank
• Fictitious return envelope that purports to direct contents to a legitimate clearinghouse

5/9/02

Timothy W. Long Appointed Senior Deputy Comptroller for Mid-Size/Community Bank Supervision

Comptroller of the Currency John D. Hawke, Jr. announced the appointment of Timothy W. Long as the agency's new Senior Deputy Comptroller for Mid-Size/Community Bank Supervision. In his new position, he will have responsibility for the supervision of the vast majority of national banks and oversee half the OCC workforce. OCC:NR 2002-39 5/9/02

FDIC Enters into Removal and Prohibition Order and Civil Money Penalty Against an Illinois Banker

The FDIC has issued a removal and prohibition order and imposed a civil money penalty of $25,000 against John C. Bollman, formerly of the Lena State Bank, Lena, Illinois. Mr. Bollman was the former President and Chairman of the Board of the bank. FDIC:PR-53-2002 5/9/02

FDIC Reports First Quarter Net Income Rises Sharply, Sets Record at 25 Largest Banking Companies

Amid signs of resurgence in the U.S. economy, earnings at the 25 largest banking companies grew significantly in the first quarter of 2002 - up $4.8 billion from the fourth quarter of 2001. Net income for the first quarter totaled $16.2 billion, surpassing the $15.8 billion mark set in the first quarter of 2000. FDIC:PR-52-2002 FYI 5/9/02

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

The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published an issue of its "Warning Notice" (Issues No. 23, 24 and 25), which contain the names of entities recently brought to OSFI's attention through inquiries or complaints. FDIC:FIL-44-2002 5/9/02

FDIC Issues Alert on Counterfeit Cashier's Checks

The FDIC has learned that counterfeit cashier's checks drawn on Cambridge Bank, Lake Zurich, Illinois, are in circulation.
FDIC:FIL-45-2002 5/9/02

FDIC Issues FIL on Homeownership Counseling Notification Requirements

The FDIC is advising banks that the VA/FHA Appropriations Act, signed into law on November 26, 2001, reinstates a requirement for creditors to notify delinquent mortgage borrowers of the availability of homeownership counseling. FDIC:FIL-43-2002 5/8/02

FFIEC Updates Forms

The FFIEC has updated the following forms: FFIEC 002, FFIEC 002s, FFIEC 019. 5/8/02

FDIC Reports Year-End 2001 and First Quarter 2002 Financial Results for Its Insurance Funds

The FDIC announced that the Bank Insurance Fund (BIF) reported a comprehensive loss (net loss plus current period unrealized gains/losses on available-for-sale securities) of $536 million for 2001, compared to income of $1.6 billion for the same period last year. FDIC:PR-51-2002 5/8/02

FOMC Leaves Interest Rates Unchanged

The FOMC decided to keep its target for the federal funds rate unchanged at 1 3/4 percent. Press Release 5/8/02

OCC Alerts Banks of Colorado stolen birth and death certificates

On April 9, the City and County of Denver Vital Records Office was robbed of over 2,300 sheets of preprinted security paper that can be used to create birth and death certificates. In addition, the electronic seal machine that produces an embossed seal of the City and County of Denver was stolen. OCC:Alert 2002-5 5/8/02

IRS Warns of Scheme to Steal Identity and Financial Data

The IRS warned of a fraudulent scheme currently circulating that uses fictitious bank correspondence and IRS forms in an attempt to trick taxpayers into disclosing their personal and banking data. The information fraudulently obtained is then used to steal the taxpayer's identity and bank account deposits. Release No: IR-2002-55 5/6/02

FTC Submit Second Annual Report to Congress on the GLBA

In accordance with the reporting provisions of the Gramm-Leach-Bliley Act, the Commission has submitted its second annual report to Congress on the number and disposition of enforcement actions taken pursuant to Section 521 of the Act. Since submission of the first report, the FTC has filed complaints against three defendants allegedly engaged in, or soliciting others to engage in, "pretexting" - obtaining a consumer's financial information from financial institutions under false pretenses. FTC Release 5/6/02

Matz Urges Credit Unions to Look to the Future

NCUA Board Member Deborah Matz urged the Government Affairs Conference of the Michigan Credit Union League to be prepared. Meeting with the Michigan League is part of Matz’ national tour to familiarize herself with the needs of credit unions and learn how NCUA can further serve in the credit union spirit of people helping people. NCUA Press Release 5/6/02

FRB Postpones Effective Date for Recent Reg C Amendments BIG NEWS!

The FRB approved a final rule that postpones the effective date of the recent amendments to Regulation C (Home Mortgage Disclosure Act) from January 1, 2003, to January 1, 2004. The FRB is, however, adopting an interim amendment to Regulation C, effective January 1, 2003, mandating the use of 2000 census data in HMDA reporting. FRB Press Release, Notice 67FR30771 (text) 5/3/02

Treasury Publishes USA PATRIOT Act Report to Congress

The Treasury Department has published a number of reports to Congress that it was required to make under Sections 357 and 361 of the USA PATRIOT Act. 5/3/02

FATF Releases Terrorist Financing Guide

The Financial Action Task Force on Money Laundering has published Guidance for Financial Institutions in Detecting Terrorist Financing. 5/3/02

FedACH System Quality and Volume Statistics Published

The Federal Reserve Financial Services published a chart that provides performance measures for FedACHSM for 2002 (through first quarter). 5/3/02

FDIC Report Risks in Banks' Underwriting Practices, Loan Portfolios and Loan Administration Continue to Increase Slightly

FDIC examiners continue to report slight increases in risks in FDIC-supervised banks' underwriting practices, loan portfolios and in the way loans are administered, according to the agency's latest Report on Underwriting Practices, which covers the six months ending March 31, 2002. FDIC:PR-49-2002 5/3/02

FDIC Issues Alert on Counterfeit Cashier's Checks

The FDIC has learned that counterfeit cashier's checks drawn on the Foster Bank, Chicago, Illinois, are in circulation. FDIC:FIL-42-2002 5/3/02

FDIC Issues Alert on Stolen Birth Certificate and Death Certificate Forms

The FBI has asked the FDIC to alert all FDIC-supervised banks to the theft of official documents from the Denver County (Colorado) Vital Statistics Office on April 9, 2002. FDIC:FIL-41-2002 5/3/02

BOL Adds Special PATRIOT Act Section

BankersOnline has added a new section to the site to bring together articles, resources, tools and links on matters relating to the USA PATRIOT Act, anti-terrorism, anti-money laundering, customer identification, OFAC, Control list issues, and similar subjects. NEW PATRIOT/AML Section 5/2/02

FDIC Posts Notice of Agency Meeting

The FDIC Board of Directors will meet in open session on May 7, 2002. Notice 5/2/02

Forms Used by the FDIC

Forms and instructions used in connection with applications, reports, and other submittals used by the FDIC. 5/2/02

FDIC Seeks Comment on Information Quality Guidelines

The FDIC is requesting comment on in its Information Quality Guidelines, which relate to ensuring and maximizing the quality, objectivity, utility, and integrity of information disseminated to the public by the FDIC. Electronic Public Comment 5/2/02

FIL about OFAC Change

The FDIC has published FIL-40 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-40-2002 5/1/02

OTS Signs Information Sharing Pact With Oregon Insurance Regulator

Oregon became the 45th state during the last two years to sign an information sharing agreement between state insurance regulators and the OTS, and the National Association of Insurance Commissioners (NAIC) announced. OTS 02-24 5/1/02

OTS Releases March Enforcement Statistics

The OTS reported that it issued six enforcement orders to three individuals and three institutions during March 2002. OTS also terminated two orders previously issued to two institutions. OTS 02-25 5/1/02