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Top Stories for September 2002

  • FRB Publishes Final Rule for Annual Adjustment of Fee-based Trigger for Additional Mortgage Loan Disclosures

    The Federal Reserve Board published its annual adjustment of the dollar amount that triggers additional disclosure requirements under the Truth in Lending Act for mortgage loans that bear rates or fees above a certain amount. FRB Press Release 9/30/02

  • Consumer Advisory Council to meet on October 24, 2002

    The Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on Thursday, October 24. The meeting will take place in Dining Room E, Terrace level, in the Board's Martin Building. FRB Press Release 9/30/02

  • FFIEC Publishes Country Exposure Lending Survey

    Country Exposure Statistical Release 9/30/02

  • North Carolina State Treasurer to Host Conferences Featuring FDIC's Money Smart

    Women in North Carolina will have an opportunity to receive free instruction on personal finance and money management thanks to regional conferences hosted by the State Treasurer's office. The first conference will be held in Greenville on Saturday, September 28, at Faith Assembly of God Church. It begins at 8:30 a.m. and will be using the Money Smart curriculum developed by the Federal Deposit Insurance Corporation (FDIC). FDIC:PR-99-2002 9/27/02

  • FTC Launches Internet Security Initiative

    Federal Trade Commissioner Orson Swindle launched the FTC's new Internet security initiative at the Privacy2002 Conference in Cleveland, Ohio. The Commissioner detailed a "culture of security," in which consumers, educators, and businesses combine forces to change the way society thinks about privacy and security. FTC Press Release 9/27/02

  • Bank Robbery in Nebraska leaves 4 bank employees and 1 customer dead

    Three gunmen opened fire during an early morning bank robbery leaving 5 dead. Police are searching for the suspects, described as Hispanics wearing dark blue clothing. Additional news stories and reports can be found at: Four employees, one customer killed | Deadly Robbery | Five Killed in Neb. Bank Robbery | Five Killed in Bank Robbery in Nebraska (Reuters) 9/27/02

  • Police Detain 3 Men Who May Be the Robbers

    Coverage from the Norfolk Daily News 9/26/02

  • Federal Register Publishes Final Rule Regarding Information Sharing

    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. [This was earlier reported on BOL] 67FR60579 9/26/02

  • FinCEN Issues Final Rule to Implement New Provisions of the BSA

    The final rule would prohibit certain financial institutions from providing correspondent accounts to foreign shell banks. [This was earlier reported on BOL] 67FR60562 9/26/02

  • OTS Says State Housing Creditors Using the Parity Act Must Follow State Prepayment and Late Fee Rules

    The OTS announced that it is removing prepayment and late fee rules from the list of OTS regulations that apply to state housing creditors under the Alternative Mortgage Transaction Parity Act. OTS 02-37 9/26/02

  • Holiday District Announcements

    The Federal Reserve Banks will be closed on Monday, October 14, for the Columbus Day holiday. FR Financial Services 9/26/02

  • OCC Announces District Office Restructuring to Meet Challenges of the Future

    The OCC announced that it is realigning its District Office structure in response to continuing consolidation in the national bank system and to take advantage of advances in technology and changes in the way the OCC manages its nationwide network of examiners and field offices. OCC:NR 2002-77 9/26/02

  • FRB Approval of proposal of Herky Hawk Financial Corporation

    The Federal Reserve Board announced its approval of the application by Herky Hawk Financial Corporation, Monticello, Iowa, to acquire all the voting shares of New Vienna Savings Bank, New Vienna, Iowa; Casey State Bank, Casey, Illinois; and to merge with Biggsville Financial Corporation, and thereby acquire all the voting shares of First State Bank of Biggsville, both in Biggsville, Illinois. FRB Press Release 9/26/02

  • FOMC Leave Interest Rates Unchanged

    The Federal Open Market Committee decided today to keep its target for the federal funds rate unchanged at 1 3/4 percent. FRB Press Release 9/25/02

  • Comptroller Hawke Addresses Independent Bankers Association of Texas

    OCC:NR 2002-76 9/25/02

  • FDIC Issues Alert on Counterfeit Cashier's Checks

    The Federal Deposit Insurance Corporation (FDIC) has learned that counterfeit cashier's checks drawn on four separate financial institutions are in circulation. FDIC: FIL-113-2002 9/24/02

  • FDIC Announces First Advisory Committee on Banking Policy Meeting for November 13

    Stressing his desire for transparency in conducting the business of government, FDIC Chairman Don Powell today announced that the FDIC Advisory Committee on Banking Policy will hold its first meeting on November 13. The meeting, which is open to the public, will be held at the FDIC's Washington headquarters. FDIC:PR-98-2002 9/24/02

  • Warning: New Twist to Nigerian Fraud Scheme

    The perpetrators of Advance Fee Fraud schemes are often very creative and innovative. This scheme is commonly known as "4-1-9" fraud, in reference to the section of the Nigerian penal code that addresses this type of activity. Nigerian nationals, purporting to be officials of their government or banking institutions, will fax or mail letters to individuals and businesses in the United States and other countries. Treasury Press Release 9/23/02

  • OCC Updates Guide to Tribal Ownership of a National Bank

    The OCC released an updated A Guide to Tribal Ownership of a National Bank, an agency publication designed to help Native American tribes explore entry into the national banking system by establishing or acquiring control of a national bank. OCC:NR 2002- 74 ,       Tribal Guide 9/20/02

  • Regulators Distribute Call Report for Third 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 October 30, 2002. FDIC:FIL-112-2002 9/20/02

  • FinCEN™s Guidance on Determining Whether Tribally Owned and Operated Casinos are Eligible for Exemption From CTR Requirements

    FinCEN receives numerous questions from depository institutions regarding the applicability of exemptions from filing Currency Transaction Reports (CTRs) for tribally owned and operated casinos in accordance with the Bank Secrecy Act. FinCEN Press Release 9/20/02

  • Testimony of Dam Terrorist Financing: A Progress Report on Implementation of the USA PATRIOT Act

    Testimony 9/20/02

  • Barry Kolatch Named Deputy Comptroller For Economic Research and Policy Development

    The OCC announced that Barry Kolatch has been appointed Deputy Comptroller for Economic Research
    and Policy Development. Mr. Kolatch, who will start in his new position on September 23, will be responsible for economic and policy analysis and research on the performance of national banks. OCC:NR 2002- 75 9/20/02

  • Banking Industry Has Weathered The Downturn; Commercial Credit Quality Remains A Concern

    The banking industry has performed well in recent years despite increasing loan delinquencies, notably in commercial credits, according to a report released in the FDIC's Regional Outlook. FDIC Chairman Don Powell stated that "the extent of commercial loan deterioration has not reached the levels experienced in the early 1990s, however, this is a situation that we're continuing to watch closely." FDIC:PR-97-2002 9/20/02

  • Survey of Real Estate Trends

    Semiannual summary of observations on developments in local commercial and residential real estate markets. Survey, FYI 9/20/02

  • FTC and Citigroup Announce $215 Million Settlement

    On September 19, 2002, the FTC announced the settlement of charges involving abusive subprime lending practices brought against the Associates First Capital Corporation and Associates Corporation of North America (The Associates).


    The $215 Million settlement is the largest consumer protection settlement in the history of the FTC. The charges against The Associates involved engaging in systematic and widespread deceptive and abusive lending practices. The Associates were acquired by Citigroup in November 2000. The charges only related to the actions of The Associates prior to the acquisition. The allegations involved violations of the FTC Act through lending practices the induced consumers to refinance existing debts into high interest rate home loans and the purchase of high cost credit insurance.


    Over 2,000,000 consumers were impacted by the action of The Associates and will be receiving a portion of the settlement. In addition to the FTC settlement, a proposed class action lawsuit settlement will provide an additional $25 million to consumers whose mortgages loans were "flipped" by The Associates.


    The FTC indicated that consumers will, within the next few weeks, receive a notice in the mail regarding eligibility and participation in the distribution of the settlement funds. It is estimated that the average payout may be $1,000 per consumer.
    Citigroup Press Release - 9/19/02

    9/19/02

  • Treasury Announces Final Rule Regarding Information Sharing Issued

    FinCEN has issued the final rule under Section 314 of the USA Patriot Act. We have summarized the thirty-nine pages for you and highlighted the important sections in "Sharing Information Under the Patriot Act". Treasury Press Release,    BOL Summary 9/19/02

  • Federal Register Publishes Final Rule on Cancellation Contracts and Debt Suspension Agreements

    As earlier report, the OCC is adding a new part 37 to its regulations that addresses debt cancellation contracts (DCCs) and debt suspension agreements (DSAs). 67FR58962 9/19/02

  • FDIC FIL about OFAC FAQ

    As earlier reported, on September 11, 2002, the Department of the Treasury's Office of Foreign Assets Control (OFAC) published on its Web site a series of frequently asked questions (FAQs) concerning OFAC regulations, policies and procedures, including questions from financial institutions. FDIC:FIL-111-2002 9/19/02

  • 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 9/19/02

  • Regional Outlook: 3rd Quarter 2002

    Banking industry has performed well in recent years, notably in commercial credits. Regional Outlook 9/19/02

  • New SAR-MSB Form Available

    MSBs that are money transmitters or issuers, sellers or redeemers of money orders or traveler's checks are required to report suspicious activity by filing the SAR-MSB Form. Form suspicious activity by filing the SAR-MSB Form. Form 9/18/02

  • OCC Rule on Debt Cancellation Contracts and Debt Suspension Agreements Provides New Consumer Protections and Safety and Soundness Standards

    The OCC has adopted a new regulation adding consumer protections and establishing safety and soundness standards for debt cancellation contracts (DCCs) and debt suspension agreements (DSAs). OCC: NR 2002- 73 9/18/02

  • OCC Releases CRA Evaluations For 35 National Banks

    The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of August 15 through September 14, 2002. OCC:NR 2002-72 9/18/02

  • OCC Announces 10 New Enforcement Actions and 1 Termination

    The OCC announced 10 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- 71 9/18/02

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

    The OSFI of Canada has published "Monthly Warning Advisory" (Issue No. 33), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-109-2002 9/17/02

  • FDIC Issues Alert on Counterfeit Official Bank Checks

    The FDIC has learned that counterfeit official bank checks drawn on First Hawaiian Bank, Honolulu, Hawaii, are in circulation. FDIC:FIL-108-2002 9/17/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-94 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-109-2002 9/17/02

  • NCUA Introduces 5300 Call Report Short Form as Some Credit Unions Prepare for More Frequent Reporting

    The NCUA has finalized a new 5300 Call Report Short Form to be used by federally insured credit unions (FICUs) with $10 million or less in assets. The Short Form, with only seven pages, will be used by 54 percent of FICUs as they begin reporting on a quarterly basis at the end of the third quarter of 2002 which concludes September 30. Press Release 9/16/02

  • FRB Issues Interim Rule on Reporting and Disclosure Requirements for State Member Banks With Securities

    The Board has modified its regulations implementing section 12(i) of the Securities Exchange Act of 1934 to reflect the amendments made to section 12(i) by the Sarbanes-Oxley Act of 2002. These amendments vest the Board with the authority to administer and enforce several of the enhanced reporting, disclosure and corporate governance obligations imposed by the Sarbanes-Oxley Act with respect to state member banks that have a class of securities registered under the Securities Exchange Act of 1934. 67FR57938 9/16/02

  • Test Drive FedImageSM Services

    Find out how FedImage Services can drive your competitive advantage as you customize your total image management solution. FedImage 9/16/02

  • OCC Publishes Working Paper on "A Cross-Country Analysis of the Bank Supervisory Framework and Bank Performance"

    This OCC Economics Department working paper discusses the policy issues raised by the structure, scope, and independence of bank supervisors. The paper compares how nations across the world address these issues and whether the way a nation addresses these issues affects the profitability of its banks. Paper 9/16/02

  • Quarterly Banking Profile--2nd Quarter 2002

    This report card on industry status and performance includes written analyses, graphs, and statistical tables. Quarterly Banking Profile, FYI 9/13/02

  • OCC Issues Correction to Assessment Fees

    This final rule makes a technical correction to the final rule that the OCC published on November 16, 2001. That provision sets forth the formula for the semiannual assessment the OCC charges each national bank. 67FR57509 9/12/02

  • FDIC List of Minority Depository Institutions

    Minority Depository Institutions often play a unique role in promoting the economic viability of under-served communities. The FDIC has historically taken steps to preserve and encourage minority ownership of insured financial institutions. On April 9, 2002, the FDIC Board adopted a new Policy Statement Regarding Minority Depository Institutions. Minority Depository Institutions Program 9/12/02

  • Progress in the Financial War on Terrorism

    This issue of FYI summarizes the progress that has been made over the past 12 months in the financial war on terrorism. The FDIC is proud to work closely with the Office of Homeland Security (OHS), the Department of the Treasury, and our fellow state and federal financial regulators to stem the flow of terrorist funds, provide technical assistance to foreign governments, and safeguard the nation's critical banking and finance infrastructure. FYI 9/12/02

  • OFAC Publishes FAQ

    OFAC has published on its website the first installment of answers to questions of general applicability frequently asked by the public. As part of its commitment to regulatory transparency and customer service, the Office is continuing to prepare answers to additional questions that are often asked; additional questions and answers will be posted periodically. FAQ 9/11/02

  • Pricing The Risks of Deposit Insurance

    Papers for a closed September 13 conference cosponsored with the Journal of Financial Services Research. Conference Information 9/11/02

  • FATF calls on all countries to join combat against terrorist financing

    One year after the events of 11th September 2001 in the United States, the Financial Action Task Force (FATF) reaffirms its commitment to be a leader in the international fight against the financing of terrorism. Building on its efforts in the past year, the FATF will continue to take aggressive steps to prevent, detect and ultimately dry up the flow of funds to terrorists. Countering the financing of terrorism is a top priority for the FATF said the new FATF President Jochen Sanio and we are calling upon all countries around the world to join us in this effort. FATF Press Release 9/11/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-107-2002 to notify banks of a recent OFAC change where OFAC has amended its Specially Designated Nationals and Blocked Persons. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-107-2002 9/11/02

  • FDIC-hosted symposium on a new standard for organizations sharing financial data.

    On September 23, an FDIC-sponsored symposium will explore the many ways that Extensible Business Reporting Language (XBRL) can help the financial services industry exchange data. XBRL is a freely licensed standard that uses common terms and definitions. Symposium 9/9/02

  • FDIC Publishes Issue of FYI

    Corporate Earnings Growth Suggests Business Sector Recovery 9/9/02

  • FinCEN Issues Enforcement Action

    Great Eastern Bank of Florida, Miami, Florida 9/9/02

  • FDIC Seeks Comment on Proposed Rule Regarding Insurance for State Banks That Are Chartered as Limited Liability Companies

    As previosuly reported in the Federal Register, the FDIC is requesting public comment on the attached proposed rule clarifying that a state bank that is chartered as a limited liability company (LLC) could be considered eligible for federal deposit insurance. Comments on this proposed rule are due by October 21, 2002. FDIC:FIL-106-2002 9/9/02

  • FDIC Issues September 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 June 2002. FDIC:PR-96-2002 Monthly List of Banks Examined for CRA Compliance
    9/6/02

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

    FFIEC Press Release 9/6/02

  • OCC Issues Guidance on Investment Portfolio Credit Risks

    The guidance alerts banks to the potentially significant credits risks they incur when safekeeping investment portfolio assets with third parties, such as brokers, broker/dealer firms and banks. OCC 2002-39 9/6/02

  • FDIC Issues Alert on Stolen U.S. Savings Bonds

    The East Windsor Township Police Department, Mercer County, New Jersey, has asked the FDIC to alert all U.S. banks to the theft of $100,000 in U.S. Savings Bonds during a residential burglary in East Windsor Township. It is believed the suspects will attempt to redeem the bonds outside the geographical area where the burglary occurred. FDIC:FIL-105-2002 9/6/02

  • OCC Reports Derivatives Volume Tops $50 Trillion

    Derivatives held by U. S. commercial banks increased $3.8 trillion in the second quarter 2002, to $50.1 trillion, the second highest amount ever recorded, the Office of the Comptroller of the Currency reported today in its quarterly Bank Derivatives Report. OCC:NR 2002- 70 Bank Derivatives Report 9/6/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-104-2002 to notify banks of a recent OFAC change where OFAC has amended its Specially Designated Nationals and Blocked Persons. [The OFAC change itself was previously covered on BOL.] FDIC: FIL-104-2002 9/6/02

  • FFIEC Publishes Call Report Validation Criteria

    Updated the Current Validation Criteria: Excel | PDF for the September 2002 Call Reports. 9/5/02

  • Federal Register Publishes Comment Deadline on Draft White Paper on Sound Practices

    The paper discusses the views of the agencies on sound practices based on discussions with industry representatives on how the events surrounding September 11, 2001, have altered business recovery and resumption expectations for purposes of ensuring the resilience of the U.S. financial system and seeks comments on those views. 67FR56835 (text) 9/5/02

  • Accounting Services via FedLine for the Web Demo

    The Accounting Services Demo illustrates the steps a Depository Institution would take to view accounting information services. This service provides real-time access to intra-day account balance; daylight overdraft balance and available funds balance information, as well as information found on your statement of account. Federal Reserve Financial Services 9/4/02

  • FDIC FIL about OFAC Change

    The FDIC has published FIL-103-2002 to notify banks of a recent OFAC change where OFAC removed names from its Specially Designated Nationals. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-103-2002 9/4/02

  • FDIC Issues Special Alert on Counterfeit Cashier's Checks and Altered Cashier's Checks

    The FDIC has learned that counterfeit cashier's checks and altered cashier's checks drawn on Mid City Bank, Inc., Omaha, Nebraska, are in circulation. FDIC:FIL-101-2002 9/4/02

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

    The OSFI of Canada has published "Monthly Warning Advisory" (Issue No. 32), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-100-2002 9/4/02

  • OCC Issues Fourth Quarter 2002 CRA Examination Schedule

    The OCC released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the fourth quarter of 2002. OCC:NR 2002- 69, Schedule 9/4/02

  • OTS Announces 117 CRA Exams Scheduled for 4th Quarter 2002

    The OTS announced that 117 savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the fourth quarter of 2002. OTS 02-36 Schedule 9/4/02

  • Fed Information Services via FedLine for the Web

    You can now access FedACH Information Services on the Internet. This latest service addition to FedLine for the Web® makes it possible for you to use the web to track, research and account for your institution's FedACH activity. Press Release 9/4/02

  • FRB Financial Services Publishes New Accounting Documents

    Operating Circular #1 Account Relationships (PDF) | Agreements and Forms (PDF) 9/4/02

  • FinCEN Announces Survey on Costs of Filing Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) and the Use of the Exemption Process

    On August 23, 2002, FinCEN launched a survey of a statistically valid sample of banks, savings and loans and credit unions to gather information on the costs of filing CTRs and SARs, as well as the use of the exemption process for CTR filings. Sampled institutions were notified via email and faxes that highlighted the importance of the survey and their responses to it in helping to improve the effectiveness of Bank Secrecy Act reporting requirements to the benefit of financial institutions, as well as the federal government™s anti-money laundering efforts. FinCEN Press Release 9/3/02

  • FDIC Issues Fourth 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 fourth quarter of 2002. 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-93-2002 FDIC Issues Fourth Quarter CRA Examination Schedule, FDIC Regional Offices 9/3/02

  • Regulators Issue Draft White Paper on Sound Practices To Strengthen the Resilience of the U.S. Financial System

    The sound practices identified reflect the preliminary conclusions of the FRB, OCC, SEC, and the New York State Banking Department regarding the factors necessary to strengthen the resilience of critical U.S. financial markets in the face of a wide-scale, regional disaster. FRB Press Release, OCC:NR 2002-68, SEC:2002-130 Draft White Paper

  • FDIC'S Money Smart Financial Education Program to Aid Victims of Predatory Lending In East Palo Alto and Menlo Park

    Victims of abusive predatory lending practices in East Palo Alto and Menlo Park may qualify for mortgage payment relief, thanks to an innovative $5 million anti-predatory lending initiative in which the FDIC Money Smart curriculum serves as the financial education component. FDIC:PR-94-2002 9/3/02/li>

  • FDIC Makes Public July Enforcement Actions; No Administrative Hearings Scheduled

    The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in July. No administrative hearings are scheduled for September. FDIC:PR-95-2002 9/3/02

  • September 2002 Call Reports

    Posted the Current Validation Criteria: Excel | PDF for the September 2002 Call Reports 9/3/02

First published on: 
08/31/2002
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