Top Stories for June 2002

Statement by FTC Chairman Muris Regarding Proposed RESPA Rule Revisions by Housing and Urban Development

Speaking at the National Press Club in Washington, D.C. , Department of Housing and Urban Development (HUD) Secretary Mel Martinez announced a proposal that would reform the regulatory requirements under the Real Estate Settlement Procedures Act (RESPA) that govern settlement fees paid by home buyers. FTC Press Release 6/28/02

OCC Survey Shows Measured Response By Banks to Slowing Economy

The OCC's eighth annual Survey of Credit Underwriting Practices found that underwriting standards for commercial and retail loans tightened for the second consecutive year in a measured response to a slowing economy and pockets of deteriorating product performance. OCC:NR 2002-56 6/28/02

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 6/28/02

FDIC Expands Money Smart Alliance Program

The FDIC announced that the U.S. Department of Housing and Urban Development, the U.S. Small Business Administration, the United Way of Greater Los Angeles and the CHARO Business Center have joined the FDIC in an effort to raise financial literacy in underserved communities and bring the unbanked into healthy banking relationships through the FDIC's Money Smart financial education program. The announcement was made at a news conference in Los Angeles. FDIC:PR-75-2002 6/28/02

FDIC Announces Receivership of Universal Federal Savings Bank, Chicago, Illinois

Universal Federal Savings Bank, Chicago, Illinois, was closed by the Office of Thrift Supervision (OTS), and the Federal Deposit Insurance Corporation (FDIC) was named receiver. FDIC:PR-76-2002 Statement 6/28/02

Fed Leaves Interest Rates Unchanged

The Federal Open Market Committee decided to keep its target for the federal funds rate unchanged at 1 3/4 percent. FRB Press Release 6/27/02

Scam Artists Use Do Not Call Registry to Commit Fraud

Scam artists capitalizing on the popularity of existing state "Do Not Call" lists and the proposed FTC "Do Not Call" registry have devised yet another method to trick consumers into giving up personal information, such as their Social Security number, bank account number, credit card number or telephone calling card number. FTC Press Release 6/27/02

FFIEC Adds June Forms

The FFIEC added the June 2002 FFIEC 002 Reporting Form and instructions and the June 2002 Instructions for Preparation of the FFIEC 031 and 041 Reporting Forms. 6/27/02

Financial Institution Guidelines for Making Same-day Federal Tax payments in EFTPS

The guidelines provide consolidated information to financial institutions regarding same-day payment methods to remit Federal tax payments for business taxpayers. FRB Financial Services 6/27/02

Reg C Changes Published in the Federal Register

The FRB has published in the Federal Register, its amendments to Regulation C (the HMDA reg) and staff interpretations. There is also a new technical amendment which requires lenders to ask telephone applicants for monitoring information. The technical amendment on telephone applicants is effective for applications taken beginning January 1, 2003. 67FR43217 (text), 67FR43218 (text) 6/27/02

FDIC Announces Receivership Of The Connecticut Bank Of Commerce, Stamford, Connecticut

The Connecticut Bank of Commerce, Stamford, Connecticut, was closed by the Banking Commissioner, Connecticut Department of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. FDIC:PR-74-2002 Closing Information 6/27/02

New Money Smart Initiatives Announced at San Antonio Event

As part of the national rollout of the Federal Deposit Insurance Corporation's (FDIC) Spanish-language version of its highly successful Money Smart financial education program, several new initiatives were announced at a news conference in San Antonio, Texas. FDIC:PR-73-2002 6/27/02

FDIC Announces Release of Spanish Language Version of Money Smart Program

Calling financial education "key to building assets and achieving long-held dreams," FDIC Chairman Don Powell launched the Spanish language version of the FDIC's adult financial education curriculum, Money Smart, at a news conference in Pilsen, a Latino neighborhood in Chicago. FDIC:PR-71-2002 , Speech 6/26/02

FDIC Issues Removal and Prohibition Order and a Civil Money Penalty Against a Texas Banker

The FDIC has issued a removal and prohibition order and a civil money penalty of $2,500 against Vernon Beryl Murdock, Jr., formerly with the Kent County State Bank, Jayton, Texas. FDIC:PR-72-2002 6/26/02

Banking agencies issue host state loan-to-deposit ratios

The FRB, OCC and FDIC iissued the host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios update data released in June 2001. Ratios, FRB Press Release, OCC:NR 2002-55 FDIC:FIL-70-2002, FDIC-PR-70-2002 6/25/02

OCC Issues Booklet on Insurance Activities

The OCC issued a booklet that provides information to national banks and OCC examiners on the risks, controls and supervision of national bank insurance activities. OCC:NR 2002- 54, Booklet 6/25/02

Regulation C Changes Become Official

The FRB has published its amendments to Regulation C (the HMDA reg) and staff interpretations reported on earlier in BOL Top Stories. There is also a new technical amendment which requires lenders to ask telephone applicants for monitoring information.. The technical amendment on telephone applicants is effective for applications taken beginning January 1, 2003. FRB Press Release 6/24/02

Regulators Distribute Call Report for Second Quarter 2002

Banks should complete your second 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 July 30, 2002. FDIC:FIL-69-2002 6/24/02

OTS Announces 81 CRA Exams Secheduled for 3rd Quarter 2002

The OTS announced that 81 savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the third quarter of 2002. OTS 02-30, Exam Schedule 6/24/02

FATF Annual Report for 2001-2002 released

The Financial Action Task Force on Money Laundering (FATF) issued its thirteenth annual report. The report outlines the main achievements of the FATF in 2001-2002 under the Presidency of Hong Kong, China, including the significant progress that has been made in combating terrorist financing and in the work on non-cooperative countries and territories (NCCTs). FATF Press Release 6/24/02

OCC Issues Bulletin on Previously Issued Proposed Rule to Implement a Provision of the USA PATRIOT Act

Section 312 of the act furthers this goal by requiring U.S. financial institutions to establish due-diligence policies,
procedures, and controls reasonably designed to detect and report money laundering through correspondent accounts and private banking accounts of non-U.S. persons. Private banking accounts involve accounts of $1 million or more for individuals that are administered by an officer, employee, or agent of a financial institution acting as a liaison between the financial institution and the direct or beneficial owner of the account. OCC 2002-29 6/24/02

Bill McPherson Named Deputy Comptroller for Large Banks; Michael Brosnan Appointed Examiner-in-Charge

The Office of the Comptroller of the Currency announced that James W. (Bill) McPherson has been named Deputy Comptroller for Large Banks. Mr. McPherson, who has served as the Examiner-in-Charge for Bank of America, NA, since January, 1998, will report to Douglas W. Roeder, Senior Deputy Comptroller for Large Banks. OCC:NR 2002-53 6/24/02

Federal Reserve Financial Services Issues Memo on Unilateral Repo Adjustments

As previously announced in Clearing Memorandum #236, Fedwire ® Securities Service participants will be permitted on payment date to unilaterally cancel a preauthorized debit associated with a Repo Claim Adjustment to another Fedwire participant. This will be done by submitting a Unilateral Adjustment Request to the Federal Reserve, with the understanding that the Fedwire participant sending the request has not notified the Fedwire participant counterparty and has no agreement from that counterparty. Clearing Memo #238 6/21/02

Fedwire Securities Service Enhanced Functionality

Under the category of Book-Entry Securities, the Federal Reserve Financial Services has just posted information on repo tracking and interim accounting cash adjustments. Federal Reserve Financial Services 6/21/02

Treasury and FRB Announce Plans for Redesigned Notes

In keeping with their strategy of maintaining the security of Federal Reserve notes by enhancing the design of U.S. currency every seven to ten years, the Department of the Treasury's Bureau of Engraving and Printing (Bureau) and the Federal Reserve Board announced plans to release the next generation of redesigned notes, with improved security features to deter counterfeiting. FRB Press Release 6/21/02

FFIEC Updates the June 2002 Validation Criteria for the FFIEC031 and FFIEC041 Call Reports

Validity Edits: PDF | Word - FINAL, revised June 11, 2002
Quality & Intraseries Edits: PDF | Word - FINAL, revised June 7, 2002 6/21/02

FDIC Money Smart Curriculum Adopted By South Carolina Adult Education Program

The FDIC and the South Carolina Department of Education's Workplace Resource Center (WRC) today announced the adoption of the FDIC's Money Smart financial education program as the financial literacy curriculum for use in South Carolina's statewide adult education system. FDIC:PR-69-2002 6/21/02

OTS Announces 81 CRA Exams Secheduled for 3rd Quarter 2002

The schedule reflects OTS's implementation of Section 712 of the Gramm-Leach-Bliley Act, which extends the CRA examination cycle from approximately every two years to four or five years for institutions with aggregate assets of not more than $250 million and CRA examination ratings of “Satisfactory” or “Outstanding” respectively. OTS 02-30 6/21/02

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. 28), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-67-2002 6/20/02

FDIC Issues Alert on Counterfeit Cashier's Checks

The FDIC has learned that counterfeit cashier's checks drawn on eight separate financial institutions are in circulation. It appears these checks may be circulating nationwide. FDIC:FIL-68-2002 6/20/02

OCC Issues Final Rule on Capital Equivalency Deposits

The OCC is revising certain requirements regarding CED deposit arrangements to increase flexibility for, and reduce burden on, certain Federal branches and agencies, based on a supervisory assessment of the risks presented by the particular institution.
67FR41619 (text) 6/19/02

FRB Seeking Nominations for Consumer Advisory Council

The Council advises the Board 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 6/19/02

FRB Financial Services Makes Holiday District Announcement

The Federal Reserve Banks will be closed on Thursday, July 4, for the Fourth of July holiday. Please refer to the instructions for information on your local office. Unless it is listed separately, all of the particular District's offices and branches will follow the same Cash schedule. Holiday District Announcement 6/19/02

Banking Industry Performance Remains Strong Despite Lingering Economic Weaknesses

A report released in the FDIC's Regional Outlook describes recent signs of a consumer-led recovery in the U.S. economy, but cautions that banks remain exposed to lingering economic risks, notably in the area of subprime consumer lending. FDIC:PR-68-2002 6/19/02

FDIC Appoints 43 Executives as Part of Upcoming Reorganization

The reorganization and the appointments, which were made through a competitive selection process, become effective June 30.
"My vision for a reorganized, refocused, accountable and more proficient FDIC is taking shape," Chairman Powell said today. "With these selections, the FDIC now has in place the management structure and team to put a greater percentage of our resources on the line, where our most critical work gets done." FDIC:PR-67-2002 6/18/02

EFT Newsclips

The Treasury Department's Financial mangement Service has published its Summer 2002 edition of EFT Newsclips. Among the articles we think are noteworthy are a report on the number of banks (nearly 600) who are participating in the Electronic Transfer Account ("ETA") program; beginning 1/1/04, Treasury checks will no longer have personal identification numbers (such as SSNs) on them; more than 100,000 businesses and individuals have signed up for the online EFTPS program; free marketing materials are available to promote EFTPS; the policy for government ACH reclamations has been clarified; and new SSA procedures are being implemented to quickly resolve erroneous reports from financial institutions of the death of Direct Deposit benefit recipients. EFT Newsclips6/18/02

OCC Issues Bulletin on Homeownership Counseling: Notice of Statutory Requirement

This bulletin announces the renewal of a statute requiring all creditors to provide notice of the availability of homeownership counseling to certain first-time mortgage loan applicants and to certain homeowners who are delinquent on their home loans. OCC 2002-27 6/18/02

OCC Issues Bulletion on Prohibition Against Use of Interstate Branches Primarily for Deposit Production

As reported earlier in the Federal Register, the OCC has issued a final rule regarding the prohibition against using interstate
branches for purposes of "deposit production" found in section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act (Riegle-Neal Act). OCC 2002-28 6/18/02

OCC Releases CRA Evaluations For 38 National Banks

The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of May 15 through June 14, 2002. OCC:NR 2002- 51 6/17/02

FDIC Issues Several Alerts on Fictitious Checks

The FDIC has learned that several fictitious cashier's checks are in circulation. The following alerts have been issued: FDIC:FIL-60-2002, FDIC:FIL-61-2002, FDIC:FIL-65-2002 6/17/02

FDIC Issues Alert on Stolen Bank Note Security Paper

The FBI has asked the FDIC to alert all FDIC-supervised banks to the theft of bank note security paper from the Denver County (Colorado) Vital Statistics Office. FDIC:FIL-62-2002 6/17/02

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. 27), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-63-2002 6/17/02

FDIC Issues FIL on FinCEN Advisory

The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) published issues 28 through 32 of its FinCEN Advisory in April 2002. FDIC:FIL-64-2002 6/17/02

OCC Announces 2 New Enforcement Actions and 1 Termination

The OCC announced 2 new enforcement actions taken against national banks and 1 termination of an existing enforcement action. OCC:NR 2002-52 6/17/02

FDIC FIL about OFAC Change

The FDIC has published FIL-66 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-66-2002 6/17/02

Settlement Agent Information

Under the category of Net Settlement, the Federal Reserve Financial Services has just posted information for settlement agents, with operating hours, contacts and forms. Federal Reserve Financial Services 6/14/02

FDIC Chairman Announces Money Smart Alliance Program to Promote Financial Education in Underserved Communities

Speaking before a meeting of the National Association of Affordable Housing Lenders, Powell stressed that financial education — particularly of those who are outside the financial mainstream — is a matter of critical importance both to regulators and the American people as a whole. FDIC:PR-66-2002 6/14/02

FFIEC Adds Forms and Call Report Edits

The FFIEC has added the June 2002 FFIEC 031 Reporting Form and FFIEC 041 Reporting Form , updated the UBPR order form, and posted validation criteria for the FFIEC031 and FFIEC041 Call Reports. FFIEC 6/13/02

FDIC Publishes Quarterly Banking Profile - First Quarter 2002

The Quarterly Banking Profile is a quarterly publication that provides the earliest comprehensive summary of financial results for all FDIC-insured commercial banks and savings institutions. This report card on industry status and performance includes written analyses, graphs, and statistical tables. 6/13/02

FDIC Minority Depository Institutions Program

The FDIC Board adopted a new Policy Statement Regarding Minority Depository Institutions. The new Policy Statement has been updated to reflect changes in certain regulations and to expand the FDIC's Minority Depository Institutions Program. Enhancements to the program include increased communication with Minority Depository Institutions, better coordination with trade associations that represent Minority Depository Institutions, defined roles of a national program coordinator and regional coordinators, and more opportunities for institutions to request technical assistance. 6/13/02

FFIEC Updates Reporting Forms

The FFIEC has updated two Reporting Forms for June 2002 -- FFIEC 031(Consolidated Reports of Condition and Income for A Bank With Domestic and Foreign Offices) and FFIEC 041 (Consolidated Reports of Condition and Income for A Bank With Domestic Offices. FFIEC 031, FFIEC 041 6/12/02

FFIEC Reports that the March 31, 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 6/12/02

FATF to Publish Annual Report and Report on Non-Cooperative Countries and Territories

The Financial Action Task Force on Money Laundering (FATF), will issue its thirteenth annual report on its anti-money laundering and anti-terrorist financing activities as well as a new report updating its findings on the non-cooperative countries and territories in the international fight against money laundering. FATF Press Release 6/12/02

Chairman Details Progress Made in Implementing The Federal Trade Commission's New Privacy Agenda

Remarks Presented at the Networked Economy Summit in Reston, Virginia
Presenting remarks titled "Protecting Consumers' Privacy: Goals and Accomplishments" at the Networked Economy Summit in Reston, Virginia, Federal Trade Commission Chairman Timothy J. Muris said that the FTC has made significant strides in implementing the Privacy Agenda announced last October, and pledged continued diligence to ensure that consumers are protected as the "information economy" grows more complex. FTC Press Release 6/12/02

OCC Issues Bulletin on Reg Z Final Rule

As earlier announced by the Federal Reserve, the revisions clarify how creditors that place Truth in Lending Act disclosures on the same document with the credit contract may satisfy the requirement for providing the disclosures, in a form the consumer may keep, before consummation. OCC 2002-26, Final Rule 6/11/02

OFAC

Yesterdays OFAC change should not affect banks. It has simply issued License Application Guidelines for specific licenses for travel to Cuba to engage in educational exchanges not pursuant to a degree program. OFAC 6/11/02

OTS Issues Proposed Rule for Recordkeeping and Confirmation Requirements that Effect Securities Transactions

The proposal 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. 67FR39886 (text) 6/11/02

OTS Proposes Standards for Thrift Broker-Dealer Activities Without SEC Registration

The OTS is proposing standards for federal savings associations that may now perform certain broker-dealer activities, just like banks, without registering with the Securities and Exchange Commission. OTS 02-29 6/11/02

OCC Notes FinCEN's Country Updates

The OCC has issued AL 2002-5 to advise banks of a revision in the list of countries detailed in a previous OCC Advisory Letter (AL 2002-2). These deal with identification of countries with serious deficiencies in their counter-money-launder systems, as previously identified by FinCEN advisories. OCC: AL 2002-5 6/10/02

FR-FMS Account Management Guide Revised

The Federal Reserve Financial Management Service has revised its account management guide. It is designed as a practical reference to make it easier for financial institutions to manage reserve accounts. Account Management Guide 6/10/02

FDIC Points to FATF Guidance

The FDIC has published FIL-59-2002 to alert banks to guidance on detecting terrorist financing recently published by the Financial Action Task Force on Money Laundering (and previously noted on BOL). FDIC:FIL-59-2002 6/10/02

Exception Fax Forms

The Federal Reserves Financial Services publishes ACH Return Item Exception Fax Form. 6/10/02

Virginia Woman Indicted in Scheme to Steal Keystone Assets

FDIC Inspector General Gaston L. Gianni, Jr., has announced that Norma Faye Canipe of Virginia was indicted on June 5 in the Southern District of West Virginia, Charleston, West Virginia, in connection with a scheme to obtain property and other assets owned by Terry L. Church and her family. Church is the former Vice President of the failed First National Bank of Keystone, Keystone, West Virginia. FDIC:PR-65-2002 6/10/02

FedWire Security Services Enchanced Functionality

The implementation of Repo Tracking and Interim Accounting cash adjustments will not begin in June 2002, as previously announced. However, participants may continue to test Interim Accounting and Repo Tracking in the Depository Institution Testing (DIT) environment. FedLine 6/10/02

Fed Announces FedImage Services

The Federal Reserve announced FedImage Services, an all-new image service for financial institutions, recognizing the increasing role that image-based services are playing in the evolution of the U.S. payments system and the migration toward more electronic payments. FedImage Services 6/10/02

FDIC Imposes Civil Money Penalties Against Five Ohio Bankers

The FDIC has issued civil money penalties totaling $17,000 against five directors and officers of The Monitor Bank, Big Prairie, Ohio. FDIC:PR-64-2002 6/7/02

OCC Speeches

Mark A. Nishan, Chief of Staff, Office of the Comptroller of the Currency, Before a Bankers Outreach Meeting Minneapolis, Minnesota, NR 2002- 50 Remarks by John D. Hawke, Jr., Comptroller of the Currency, Before The Risk Management Association's Capital Management Conference Washington, D.C. , OCC: NR 2002- 49 6/7/02

HUD Notice Clarifies Applicability of Homeownership Counseling Requirement

In Mortgagee Letter 2002-12, the Department of Housing and Urban Development describes the braod scope of the types of loans to which the homeownership counseling notices apply. Mortgagee Letter 2002-12 6/6/02

Agencies Amend Rule On Prohibition Against Using Interstate Branches Primarily for Deposit Production

The Riegle-Neal Interstate Banking and Branching Efficiency Act prohibits any bank from establishing or acquiring a branch outside of its home state primarily for the purpose of deposit production. Section 106 of the Gramm-Leach-Bliley Act expands this prohibition to include any branch of a bank controlled by an out-of-state bank holding company. To conform their regulations to this statutory change, the agencies have amended their rules so that the prohibition against deposit production offices also applies to any bank or branch of a bank controlled by an out-of-state bank holding company. Joint Final Rule FRB Press Release, OCC:NR 2002- 47, FDIC-PR-63-2002, FDIC:FIL-58-2002 67FR38844 (pdf) 67FR38844 (txt) 6/6/02

OCC Reports Bank Trading Revenues Over $3 Billion

Earnings from cash instruments and derivatives trading activities at U.S. commercial banks grew to $3.1 billion in the first quarter 2002, an increase of $492 million from the previous quarter. The notional amount of derivatives grew by $946 billion this quarter to $46.3 trillion. OCC:NR 2002- 48, Bank Derivatives Report 6/6/02

FDIC Issues June 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 March 2002. FDIC:PR-62-2002 6/6/02

Call and Thrift Financial Reports

The March 31, 2002, reports are now posted online. 6/5/02

FDIC Consumer News

Tips on banking long distance, saving for retirement and tracing old bank accounts are featured in the latest edition of Consumer News. 6/5/02

Makes Public April Enforcement Actions; No Administrative Hearings Scheduled

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-61-2002 6/5/02

FDIC Announces Record Banking Industry Earnings; Returns at Large Banks Climb Most

Commercial banks had record earnings of $21.7 billion in the first quarter, surpassing the previous quarterly record by 9.6 percent, the Federal Deposit Insurance Corporation reported today. The industry's return on assets (ROA), a basic yardstick of earnings performance, rose to 1.33 percent, the third-highest ever. FDIC:PR-60-2002 6/5/02

CAC Schedules Next Meeting

The Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on Thursday, June 27. The meeting will take place in Dining Room E, Terrace level, in the Board's Martin Building. The session will begin at 9:00 a.m. and is open to the public. FRB Press Release 6/4/02

OCC Issues Bulletin on Independent Trust Bank Assessment

Pursuant to newly revised 12 CFR 8.6(c), the independent trust bank assessment is based on "Fiduciary and Related
Assets" as reported on Schedule RC-T of FFIEC Forms 031 and 041. OCC 2002-25 6/4/02

FDIC Issues Preliminary Bank Earnings Report

Wider net interest margins at large banks, combined with slow growth in noninterest expenses, helped propel commercial bank profits to a record $21.7 billion in the first quarter. Bank Earnings Report, FYI 6/4/02

FinCEN Holds Law Enforcement Seminar on Informal Value Transfer Systems

A seminar to discuss issues surrounding informal value transfer systems, to include hawala, was held May 29thy at the FinCEN. The seminar was attended by over 50 representatives from the law enforcement community. FinCEN News Release 6/4/02

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

FinCEN publishes the Due Diligence Anti-Money Laundering Programs for Certain Foreign Accounts Implementing Section 312 of the USA PATRIOT ACT. This was earlier announced on BOL. Proposed Rule 6/4/02

"Touring the Board" added to the FRB Web Site

The site provides information about visiting the Federal Reserve in person and includes a "virtual tour" offering photos of the Board's buildings and art collection, as well as an architectural history of the Board's Eccles Building. FRB Press Release 6/4/02

FFIEC Releases UBPR Schedule

The FFIEC has announced that UBPR's will be available online 30 days after an institution's call report is filed. For the call reports which were due 4/30/02, UBPRs are available online beginning June 5. FFIEC Press Release 6/3/02

OFAC Lists Changes

OFAC has added new entities to its list, removed one entity, and revised the entry for another. BOL OFAC PAGE 6/3/02

FATF Releases Public Consultation Paper on the Review of the Forty Recommendations

The FATF is consulting all interested parties during its review of the Forty Recommendations on money laundering – the global anti-money laundering standard – to ensure that the Recommendations adequately address the changes in money laundering
techniques and trends, new international developments, and other factors. FATF Press Release 6/3/02

FDIC Issues Third Quarter 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 third quarter of 2002. FDIC:PR-59-2002 6/3/02

OCC Issues Final Rule on Assessment of Fees

As earlier published in the Federal Register and reported by BOL, the final rule updates section 8.6 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 section 8.6(c). OCC: 2002-24 6/3/02

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