Top Story Lending Related

The CFPB has announced the release of additional resources for consumers regarding the new protections provided by the Bureau's mortgage rules. The new materials include sample letters that consumers can send to their mortgage servicers, mortgage tips, answers to questions, consumer tools, and fact sheets. Print copies of the materials are available in seven languages.

The CFPB has announced the release of additional resources for consumers regarding the new protections provided by the Bureau's mortgage rules. The new materials include sample letters that consumers can send to their mortgage servicers, mortgage tips, answers to questions, consumer tools, and fact sheets. Print copies of the materials are available in seven languages.

• Latest FDIC Consumer News Offers Tips for Safe Shopping Over the Internet

  The latest edition of FDIC Consumer News offers practical guidance on how to become a smarter, safer user of financial services. 8/31/01

• 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-58-2001 8/31/01

• OCC Summary of Community Development Investments Underscores the Impact of Local Partnership Efforts

  The OCC released a directory summarizing all Part 24 national bank investments made during 2000. Part 24 investments are
  investments that support community development, that are made pursuant to Part 24 of the OCC's regulations. OCC:NR 2001-73 8/31/01

• FRB Issues Final Rule to Decrease the Basic Discount Rate

  The FRB has amended its Regulation A, Extensions of Credit by Federal Reserve Banks to reflect its approval
  of a decrease in the basic discount rate at each Federal Reserve Bank. The Board acted on requests submitted by the Boards of Directors of the twelve Federal Reserve Banks. 66FR45752 (text) 66FR45752 (pdf) 8/30/01

• Donald E. Powell Sworn in as 18th FDIC Chairman

  "I've spent my entire professional career as a banker and look forward to working with the dedicated and
  trusted people of the FDIC," said Chairman Powell. "This is an exciting time in the banking industry, and I
  am honored to be able to have a hand in shaping the issues that lie ahead." FDIC:PR-57-2001 8/30/01

• FDIC Distributes the FFIEC CD-ROM on Financial Privacy and Information

  The CD-ROM, developed by the FFIEC, contains reference and training materials on consumer financial privacy. The CD-ROM may be used to help your staff:

  • understand the Gramm-Leach-Bliley Act privacy provisions,
  • implement effective policies and practices to maintain compliance with the new privacy rule, and
  • protect the security and confidentiality of customer information.
    FDIC:FIL-73-2001 8/29/01

• FDIC Distributes FinCEN SAR Bulletin

  The SAR Bulletin, published by FinCEN is part of a series of overviews of trends and patterns in money laundering derived from the Suspicious Activity Report (SAR) database that can help financial institutions prevent and detect financial crime. FDIC:FIL-72-2001 8/29/01

• FDIC Publishes OSFI Monthly Warning Advisory

  The Office of the Superintendent of Financial Institutions of Canada has published a "Monthly Warning Advisory", which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-71-2001 8/29/01

• FDIC Seeks Comment on Study of Banking Regulations Regarding the Online Delivery of Banking Services

  As previously reported in the Federal Register, the FDIC has issued "Request for Comment on Study of Banking Regulations Regarding the Online Delivery of Banking Services." Section 729 of the Gramm-Leach-Bliley Act requires the FDIC to review its regulations regarding the delivery of financial services and report recommendations to Congress for adapting existing requirements to online banking and lending. FDIC:FIL-70-2001 8/29/01

• FDIC Web Page Allows Users to Search for Unclaimed Funds from Failed Banks

  The FDIC may be holding unclaimed funds in one of two ways: either as unclaimed insured deposits or as undeliverable dividend checks. The new Web page provides depositors of failed institutions who did not claim their funds previously, or whose dividend checks were returned to the FDIC as undeliverable, an opportunity to claim their funds. FDIC:PR-56-2001 8/28/01

• OTS Announces 46 CRA Exams Scheduled for 4th Quarter 2001

  The OTS announced that 46 savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the fourth quarter of 2001. OTS 01-56 8/28/01

• As Growth Trust Activities Increases, OTS Focuses on Risk-Based Exams

  The OTS has released its updated Trust and Asset Management Handbook, designed to assist OTS examiners in planning and conducting examinations of trust and asset management products and services provided by savings associations. OTS 01-54 8/28/01

• OCC Offers Bank Directors Seminar

  This one-day workshop will allow directors to interact with senior OCC staff experienced in the risk assessment process through a
  combination of lectures, discussions and exercises. Banker Education 8/27/01

• FDIC Publishes FFIEC Guidance on Authenticating Identity of Online Customers

  This guidance focuses on the risk-management controls necessary to authenticate the identity of customers accessing electronic financial services. It also addresses the verification of new customers and the authentication of existing customers. The guidance applies to both retail and commercial customers. FDIC:FIL-69-2001 8/27/01

• FDIC Issues InfoSec Exam Procedures

  The FDIC's examination procedures for customer information security are now available to help both examiners and financial institutions understand compliance expectations in this area. FDIC:FIL-68-2001 8/27/01

• FRB Publishes List of Foreign Margin Stocks

  The List of Foreign Margin Stocks is composed of certain foreign equity securities that qualify as margin securities
  under Regulation T. The Foreign List is published twice a year by the Board. 66FR44525 8/24/01

• OTS Publishes Thrift Industry Interest Rate Risk Measures Newsletter

  First Quarter 2001 Newsletter contains the most recent industry statistics for several measures of interest rate risk (IRR): the Post-Shock Net Portfolio Value (NPV) Ratio, the Interest Rate Sensitivity Measure, the Pre-Shock NPV Ratio, and the Change in NPV Ratio. 8/24/01

• FFIEC Financial Privacy InfoBase Available on Web

  It is now possible to access the FFIEC Financial Privacy InfoBase online. This interactive training resource allows you to customize your view of the information, looking at it in alphabetical order, by agency, by document type, or in chronological order. Download the Flash plug-in and hook up your speakers, because in addition to documents, there are multimedia presentations. 8/24/01

• OTS Distributes Financial Privacy Infobase CD-ROM

  This CD contains a variety of both print materials and audio-visual training segments on the Privacy of Consumer Financial Information (“the privacy rule”), section 305 of the Gramm-Leach-Bliley Act. OTS CEO Ltr 144 8/23/01

• OTS Announces July CRA Ratings

  The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in July 2001. OTS 01-55 8/23/01

• HUD Issues Final Rule to Govern payments on Ginnie Mae

  The rule requires that payments on Ginnie Mae MBS due to Depositories be made in immediately available funds and supersedes any current provisions allowing those payments to be made by check. Payments to other security holders may be made by check or other means provided the check is received by the security holder not later than the applicable payment date specified in the Ginnie Mae Mortgage-Backed Securities Guide. 66FR44257 (text) 66FR44257 (pdf) 8/22/01

• Regulators Respond to Insurance Consumer Protection Rules Questions

  Regulators responded to questions submitted by ABA and ABIA relating to the insurance consumer protection rules implementing section 305 of the Gramm-Leach-Bliley Act. Letter 8/22/01

• FRB Lowers Interest Rate

  The FOMC decided to lower its target for the federal funds rate by 25 basis points to 3-1/2 percent. In a related action, the Board of Governors approved a 25 basis point reduction in the discount rate to 3 percent. FRB Press Release FRB Press Release, FRB Press Release 8/22/01

• FDIC Appoints CEO and Selects Financial Advisor for Superior Federal, FSB, Hinsdale, Illinois

  The Board of Directors of the FDIC announced that John D. Broderick has been appointed president and chief executive officer of Superior Federal, FSB, Hinsdale, Illinois (New Superior). FDIC: PR-55-2001 8/21/01

• FRB to purchase office building in Washington, DC

  The FRB announced it has contracted to purchase from Mack-Cali Realty Corporation of Cranford, N.J., an eight-story, 173,390 square-foot* office building located at 1709 New York Avenue, N.W., Washington, D.C., for $67 million. FRB Press Release 8/21/01

• OCC Releases CRA Evaluations For 20 National Banks

  The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of July 15 through August 14. OCC:NR 2001-71 8/17/01

• Gale Cincotta a "National Treasure," Says Comptroller Hawke

  Comptroller of the Currency John D. Hawke, Jr. issued a statement regarding community activist Gale Cincotta, who passed away on August 15. OCC:NR 2001-72 8/17/01

• FRB Final Rule on Subs Published in Federal Register

  The final rule of the Federal Reserve Board implementing the financial subsidiary provisions of the Gramm-Leach-Bliley Act for state member banks has now been published in the Federal Register. GLBA authorizes state member banks that comply with the requirements of the rule to control, or hold an
  interest in, a financial subsidiary which may conduct certain financial activities that are not permissible for the parent bank to conduct directly. The final rule is substantially similar to the interim rule that the Board adopted in March 2000. The effective date of the final rule is September 17, 2001. 66 FR 42929 [text] 66 FR 42929 [PDF] 8/16/01

• NCUA Mid-year Statistics - Assets, deposits and investments surge at midyear 2001

  Expanding rapidly, federally insured credit union assets grew 8.9 percent, while savings grew nearly 10 percent and the amount of money placed in investments grew 11.4 percent in the first six months of 2001, according to midyear call report data. NCUA Press Release 8/16/01

• Dollar AIMs For Minimum 4% NCUA Staff Reduction As Agency Begins Work On 2002 Budget

  NCUA Acting Chairman Dennis Dollar told a group of agency department directors today that he will propose a minimum four percent (4%) NCUA staff reduction to be accomplished in the 2002 and 2003 budget cycles. NCUA Press Release 8/16/01

• OCC Distributes CRA: Income Level, Median Family Income

  OCC Distributes 1990 U.S. Census and 2001 Department of Housing and Urban Development (HUD) estimated median
  family incomes for metropolitan statistical areas (MSA) and non-MSA portions of each state. OCC 2001-40 8/16/01

• FRB Publishes FFIEC Guidance on Authentication

  The federal banking agencies recently issued guidance for examiners and banking organizations. The guidance addresses authentication in an electronic banking environment. FRB:SR 01-20 8/16/01

• FDIC Issues Alert on Counterfeit Cashier's Checks

  The FDIC has learned that counterfeit cashier's checks drawn on Atlantic Bank, New York, New York, are in circulation. The counterfeit items bear no resemblance to the legitimate checks. The address of 211 W. 53rd Street, New York, New York, does not match any Atlantic Bank branch location. FDIC:FIL-67-2001
  8/15/01

• OCC Announces New Enforcement Actions and Termination

  The OCC announced 6 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 2001- 70 8/15/01

• FDIC Publishes FRB Notice on Lifting Mandatory Compliance Date for Interim Rules Amending Regulations B, E, M, Z, and DD

  As earlier reported in Federal Register, the FRB announced it had lifted the October 1, 2001, mandatory compliance date for interim rules governing the electronic delivery of certain consumer disclosures. FDIC:FIL-66-2001 8/14/01

• OCC Publishes Alert on Fraud Prevention Regarding the Issuance of Tax Relief Treasury Checks

  OCC:Alert 2001-7 8/14/01

• FRB adopts final rule implementing the financial subsidiary provisions of the GLB Act for state member banks

  The final rule is substantially similar to the interim rule that the Board adopted last year and issued for comment. The rule continues to allow qualifying state member banks to use a streamlined notice procedure to establish a financial subsidiary.
  FRB Press Release 8/14/01

• FRB Revises Reports of Examination of Community Banking Organizations

  Developments in technology, the expansion of financial services, and a risk-focused approach to examinations necessitate increased flexibility in structuring and organizing the content of reports of examination. The FRB has collaborated on the development of guidance on the format of reports of examination for community banking organizations. FRB:SR 01-19 8/14/01

• OCC Releases First Quarter Edition of Quarterly Journal

  The June 2001 issue of the Quarterly Journal, Vol. 20, No. 2 (for first quarter 2001), is now available on-line. 8/13/01

• FFIEC Guidance on Authenticating Identity of Online Customers

  The FFIEC has released a guidance document, "Authentication in an Electronic Banking Environment", to address the verification of new customers and the authentication of existing customers in electronic banking. It provides guidance on the risks and risk management controls which are necessary for proper identity authentication, and applies to both retail and commercial customers. FFIEC Press Release     Guidance Document 8/9/01

• Comptroller Highlights Opportunities in Ethnically-Diverse Market

  In the lead article of OCC’s summer 2001 community affairs newsletter, Comptroller of the Currency John D. Hawke, Jr. underscores the opportunities for national banks to meet the fast-growing needs of an ethnically-diverse financial services market. OCC 2001-69 8/9/01

• Federal Register Publication of E-Regs Delay

  The previously announced push back of the compliance deadline for the e-regs has now been made official with publication in the Federal Register. 66 FR 41439 [text] 66 FR 41439 [PDF] 8/8/01

• OCC Integrates Canary Early Warning Process into Community Bank Supervision Booklet

  The Office of the Comptroller has revised its 1998 "Community Bank Supervision" booklet in the
  Comptroller's Handbook, to integrate the Canary early warning process (a risk level assessment) into community bank supervision and makes the assessment of a community bank's information technology part
  of its safety and soundness examination. Community Bank Supervision Booklet 8/7/01

• FRB Publishes Spanish Version of Complaint Brochure

  The Federal Reserve Board has published a Spanish version of its brochure for consumers, "How to File a Consumer Complaint About a Bank". The brochure covers the kinds of complaints the Federal Reserve System investigates and information needed from consumers in order to assist in an investigation. The brochure also provides information about major consumer protection laws and lists the other federal regulatory agencies and the types of financial institutions they supervise. FRB PR 8/7/01

• FDIC Issues August List of Banks Examined For CRA Compliance

  The Federal Deposit Insurance Corporation (FDIC) today 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 May 2001. 8/6/01

• FRB Lifts Compliance Deadline on E-regs

  The Federal Reserve has issued a press release announcing the lifting of the October 1, 2001 mandatory compliance date for interim rules governing the electronic delivery of certain consumer disclosures that amended Regs B, E, M, Z and DD.
  Based on the comments received, the Board is considering adjustments to the rules
  to provide additional flexibility. The Board is, therefore, lifting the
  October 1, 2001 compliance date for the interim rules. Once permanent
  final rules are issued, the Board expects to afford institutions a reasonable
  period of time to comply with those rules.
  FRB Notice 8/3/01

• Regulators Issue Advance Notice of Proposed Rulemaking Regarding CRA

  As earlier reported in the Federal Register, this advance notice of proposed rulemaking (ANPR) seeks public comment on a wide range of questions as part of the review. The regulators also welcome comments discussing other aspects of the CRA regulations and suggesting ways to improve the efficacy of the regulations. FDIC:FIL-65-2001 8/3/01

• OTS Issued Five Enforcement Orders In June

  The OTS reported that it issued five enforcement orders to three individuals and one institution during June. OTS 01-53 8/3/01

• FDIC & OCC Publish FFIEC CRA Q & A s

  As earlier reported in the Federal Register, the FFIEC sent out an update of "Interagency Questions and Answers
  Regarding Community Reinvestment", which is a comprehensive interpretation of the Community Reinvestment Act
  regulations. OCC 2001-39 FDIC:FIL-64-2001 8/3/01

• Statement of Ellen Broadman Before The Subcommittee On Capital Markets, Insurance And Government Sponsored Enterprises

  OCC discusses the Securities and Exchange Commission’s Interim Final Rules
  Testimony OCC:NR 2001- 68 8/3/01

• OTS Approves AIG Acquisition of American General Bank

  The OTS announced the approval of the application from American International Group, Inc. (AIG), New York, N.Y., the savings and loan holding company of AIG Federal Savings Bank (AIG Bank), Wilmington, Del., to acquire control of American General Corporation (American General), Houston, Texas, and American General Finance, Inc. (AGFI), a wholly-owned subsidiary of American General
  and parent savings and loan holding company of American General Bank, FSB (American General Bank), Midvale, Utah, and to merge American General Bank into AIG Bank. OTS 01-52 8/2/01

• OCC Distributes New Form for National Bank Community Development Investments

  The new form provides a convenient method for national banks to self-certify or to request prior approval of a community development investment. OCC 2001-38 8/2/01

• OCC Releases the FFIEC Guidance "Authentication in an Electronic Banking Environment"

  This interagency guidance reviews the risks and risk management features of a number of existing and emerging authentication
  tools. These tools are necessary to initially verify the identity of new customers and to authenticate existing customers that access electronic banking services. OCC:AL 2001-8 8/1/01

The Bureau has announced the release of an Ability-to-Repay: Fact vs. Fiction Guide intended to help dispel some of the most common misconceptions about what the rule actually means for consumers.

• FDIC Releases Broker Deposit Web Page

  The FDIC launched a Web page that can make it quicker and easier for deposit brokers to submit the information that enables the FDIC to make deposit insurance determinations for brokered deposits held at FDIC-insured financial institutions.
  FDIC:PR-53-2001 7/31/01

• FFIEC Distributes Uniform Bank Performance Report

  The March 31, 2001 Uniform Bank Performance Report (UBPR) now being distributed to all insured commercial banks and Federal Deposit Insurance Corporation - Insured Savings Banks (FDIC-ISB) is now available for sale to the public. FFIEC Press Release 7/30/01

• OTS Closes Superior Bank FSB; Hinsdale, Ill. Thrift is Insolvent

  The OTS closed Superior Bank FSB, Hinsdale, Ill., and appointed the FDIC as receiver. OTS 01-51, FDIC:PR-52-2001 7/30/01

• FRB Vice Chairman Roger W. Ferguson, Jr., sworn in to a new term on the Board

  Vice Chairman Roger W. Ferguson, Jr., this morning took the oath of office to a new term on the Board of Governors of the Federal Reserve System. FRB Press Release 7/30/01

• Data Available from FFIEC

  The FFIEC announced the availability of data on small business, small farm, and community development lending reported by commercial banks and thrifts. FFIEC Press Release 7/27/01

• FFIEC Makes Available Year 2000 Mortgage Data

  The FFIEC announced the availability of data for the year 2000 regarding mortgage lending transactions at 7,713 financial institutions covered by the Home Mortgage Disclosure Act (HMDA) in metropolitan statistical areas (MSAs) throughout the nation. FFIEC Press Release 7/27/01

• OTS Director Seidman Urges Support For Broad-Based Deposit Insurance Reform

  OTS Director Ellen Seidman told the House Financial Institutions subcommittee that Congress should undertake a comprehensive reform of the nation’s deposit insurance system, building on the work of the FDIC. OTS 01-50 7/27/01

• Possible Fraud Associated with the Issuance of Tax Relief Treasury Checks

  The Tax Relief Act has directed the U.S. Department of Treasury to issue tax credit payment to taxpayers. This event could act as a catalyst for mail theft of these checks and the subsequent forgery or alteration of payment amount. OCC:Alert 2001-6, Secret Service memorandum: Tax Relief Checks Fraud Prevention dated July 25, 2001 and updated on August 6th. 7/27/01

• Comptroller Hawke Urges Congress to Address Unfair Treatment of National Banks in Deposit Insurance System

  Comptroller of the Currency John D. Hawke, Jr. urged a House Financial Services subcommittee to address an inequity in the deposit insurance system that requires national banks to pay a large share of the cost of supervising state-chartered institutions. OCC:NR 2001-67 Statement, Testimony 7/27/01

• FDIC Distributes the FFIEC Policy Statement on Allowance for Loan and Lease Losses
  Methodologies and Documentation for Banks and Savings Institutions

  This Policy Statement is intended to provide guidance on the design and implementation of ALLL methodologies and supporting documentation practices. FDIC:FIL-63-2001 7/26/01

• OCC Distributes the FFIEC Policy Statement on Allowance for Loan and Lease Losses
  Methodologies and Documentation for Banks and Savings Institutions

  The Policy Statement, developed in consultation with the Securities and Exchange Commission (SEC) staff, provides guidance on the design and implementation of ALLL methodologies and supporting documentation practices. OCC 2001-37 7/24/01

• OCC Issues Examination Procedures for the Information Security Guidelines

  This OCC bulletin transmits examination procedures for reviewing a national bank's compliance with "Guidelines Establishing Standards for Safeguarding Customer Information". OCC 2001-35 7/24/01

• OTS Approves Full-Service Thrift Charter for Allstate Corp.

  The OTS announced that it has approved an application from The Allstate Corporation for a full-service thrift charter for its subsidiary, Allstate Bank, Northbrook, Ill. Allstate, the nation’s largest publicly-held personal-lines insurance carrier,
  originally opened the bank in 1998 as a limited-purpose thrift, offering cash management and trust services to Allstate customers. OTS 01-49 7/23/01

• FDIC Makes Public June Enforcement Actions

  The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in June. No administrative hearings are scheduled for August. FDIC:PR-51-2001 7/20/01

• OCC Releases CRA Evaluations for 17 National Banks

  The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of June 15 through July 14. The list contains only national banks and insured federal branches of foreign banks that have received ratings. OCC:NR 2001-65 7/20/01

• Joint Review of CRA Rule and Request for Comments

  The FDIC, OCC, FRB, and OTS are beginning a review of their Community Reinvestment Act (CRA) regulations. This advance notice of proposed rulemaking (ANPR) seeks public comment on a wide range of questions as part of the review. The regulators also welcome comments discussing other aspects of the CRA regulations and suggesting ways to improve the efficacy of the regulations. Comments must be received by October 17, 2001. 66FR37602 text 66FR37602 pdf, FRB Press Release, OCC:NR 2001-66e, OCC 2001-41 OTS 01-48, FDIC-PR-50-2001 7/19/01

• OTS Adopts Final Rule to Repeal the Percentage Liquidity Requirement

  The OTS is adopting as final an interim rule that removed the regulation that required a savings association to maintain an average daily balance of liquid assets of at least four percent of its liquidity base, and retained a provision requiring a savings association to maintain sufficient liquidity to ensure its safe and sound operation. 66FR37406 text 66FR37406 pdf 7/18/01

• OTS Issues Final Rule Amending the Regulation on Stock Form Depository Institution Conversion to Federal Stock Association

  The final rule clarifies that the resulting federal stock savings association in such transactions succeeds to all the rights, property, and obligations of the converting institution. OTS did not receive any comments in response to either the
  direct final rule or the related notice of proposed rulemaking. 66FR37407 text 66FR37407 pdf 7/18/01

• FOMC Publishes Meeting Schedule

  The Federal Open Market Committee announced its tentative meeting schedule for 2002. FRB Press Release 7/17/01

• FDIC Requests Comment on Study of Banking Regulations Regarding the Online Delivery of Banking Services

  The FDIC is reviewing its regulations regarding the delivery of financial services. The purpose of this review is to identify
  changes or additions to its regulations that would facilitate the use of new technologies by financial institutions. This Request for Comment solicits comment on issues arising from the electronic delivery of financial products and services. 66FR37029 (text) 66FR37029 (pdf) 7/17/01

• OTS Issued Three Enforcement Orders in May

  The OTS reported that it issued three enforcement orders and terminated two others during May 2001. OTS 01-47 7/16/01

• FDIC FIL 62-2001 Highlights June OFAC Change

  The FDIC's FIL 62-2001 simply informs banks of the change to the OFAC list made on June 27, 2001. FDIC:FIL-62-2001 7/16/01

• OTS Posts Revised CRA Questions and Answers

  The OTS issued a revised Interagency Questions and Answers Regarding Community Reinvestment publication that replaces the version published in April 2000. OTS 01-46 7/13/01

• OCC Announces 10 New Enforcement Actions and 2 Terminations

  The OCC announced 10 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 2 terminations of existing enforcement actions. OCC:NR 2001-64 7/13/01

• FFIEC Updates CRA Q&As

  The FFIEC has issued amended and updated Interagency questions and answers relating to the Community Reinvestment Act. Updated Interagency CRA Q&As. The new Q&As, which were effective July 11, 2001, supplement and amend the previous Interagency Questions and Answers Regarding Community Reinvestment. 7/12/01

• OFAC Issues Interim Rule/Request for Comments

  The Office of Foreign Assets Control has issued an Interim Rule and Request for Comments to implement the Trade Sanctions Reform and Export Enhancement Act of 2000, Title IX of Public Law 106-387. These regulations amend the licensing provisions of the Cuban Assets Control Regulations, the Sudanese Sanctions Regulations, the Libyan Sanctions Regulations, and the Iranian Transactions Regulations as they relate to the exportation and reexportation from the U.S. or by U.S. persons of agricultural commodities, medicine, or medical devices to Cuba, Sudan, Libya, and Iran. These regulations also Threeamend the Cuban Assets Control Regulations with respect to Cuba travel-related transactions. The effective date of the Interim Rule is July 26, 2001. 7/12/01

• FDIC Issues Guidance on the Permissible Use of Consumer Reports

  FDIC has issued its FDIC:FIL-61-2001 to provide guidance regarding recent developments with the FTC's reconsideration of parts of its staff opinion letter (Tatelbaum opinion) on the use of consumer reports in situations where financial institutions were extending credit to a closely held business and were requesting the personal guarantee of the principal of that business. As noted in previous Top Stories reports, the reconsideration came after the regulators, including FDIC, sent a letter to the FTC on May 31, 2001, asking that the FTC staff reconsider the Tatelbaum opinion. FDIC:FIL-61-2001 7/12/01

• OCC Issues Final Rule on Authority and Standards to Conduct Multi-state Trust Operations

  As earlier reported in the Federal Register, the rule states a national bank authorized to engage in fiduciary
  activities may act in a fiduciary capacity in any state that permits its own in-state fiduciaries to act in that
  capacity, including at trust offices. OCC 2001-33 7/11/01

• FRB Issues the FFIEC Interagency Policy Statement on ALLL

  The interagency policy statement clarifies the agencies' expectations on documentation that supports the ALLL methodology. Additionally, the statement emphasizes the need for appropriate ALLL policies and procedures, which should include an effective loan review system. The guidance also provides examples of appropriate supporting documentation as well as illustrations on how to implement this guidance. FRB:SR 01-17
  7/11/01

• OCC Alerts Banks to FCRA Development

  In its AL 2001-6, the OCC advises national banks of a new development relating to how the FTC's informal interpretive letter dated July 26, 2000, on the application of the Fair Credit Reporting Act ("FCRA") to business loan transactions will be applied.
  OCC:AL 2001-6 7/11/01

• OTS Announces Nine June CRA Ratings

  The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in June 2001. OTS 01-44 7/10/01

• FDIC Circulates Information about Canadian Lottery Telemarketing Fraud

  The Royal Canadian Mounted Police has again asked the FDIC to circulate to FDIC-supervised institutions an alert about a Canadian lottery telemarketing fraud. FDIC:FIL-60-2001 7/9/01

• FFIEC Issued a Policy Statement on Allowance for Loan and Lease Losses

  The Policy Statement, developed in consultation with the Securities and Exchange Commission (SEC) staff, provides guidance on the design and implementation of ALLL methodologies and supporting documentation practices. FFIEC Press Release 7/9/01

• FinCEN Issues Advisories

  FinCEN has issued advisories for transactions involving the Bahamas, Cayman Islands, Liechtenstein and Panama. FinCEN Advisories 7/9/01

• FRB Issues Final Rule to Amend Reg A

  The FRB amended Regulation A, Extensions of Credit by Federal Reserve Banks to reflect its approval of a decrease in the basic discount rate at each Federal Reserve Bank. 66FR35529 (text) 66FR35529 (pdf) 7/6/01

• FDIC Issues July 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 April 2001. FDIC:PR-49-2001 7/6/01

• Ellen Seidman Announces Her Resignation As Director of the OTS

  Ellen Seidman announced that she has submitted her resignation to President Bush as Director of the OTS, effective upon the confirmation and appointment of her replacement. OTS 01-43 7/6/01

• OCC Issues Final Rule to Amend the Assessment Rule

  As earlier reported in the June 1st Federal Register, the OCC is amending the formula it uses to assess independent credit card banks. This rule was effective July 1st. OCC 2001-32 7/6/01

• FRB Rescinded its Policy Governing Third-Party Access to the Fedwire System

  The FRB recently rescinded its policy governing third-party access to the Fedwire system. As a result, the Supervisory letter
  revokes previously issued supervisory guidance on Fedwire Third Party Access Policy (SR letter 95-48) and Fedwire Third-Party
  Access Policy - Foreign Service Provider (SR letter 96-07). FRB:SR 01-16 7/6/01

• OCC Issues Guidance on Internet Web Linking

  The OCC issued guidance on the risks that arise when national banks establish Web links to the Web sites of other
  companies that allow bank customers to purchase products and services from the linked companies. OCC:NR 2001-63 7/5/01

• FDIC Summary of Deposits Survey for June 30, 2001 Sent to Banks

  The annual Summary of Deposits (SOD) survey and instructions for the period ending June 30, 2001, will be mailed on July 6 to institutions with more than a main office facility. Unit banks, those banks that do not have any branches, do not participate in this survey. FDIC:FIL-59-200 7/3/01

• FDIC's Financial Education Curriculum Money Smart is Now Available

  The FDIC and the DOL announced a joint initiative on January 19, 2001, called Money Smart to help banks and One Stop Career Centers deliver financial education in their communities. The Money Smart curriculum has been completed and is now available to banks and One Stop Centers free of charge. FDIC:FIL-58-2001
  7/3/01

• FDIC Seek Comments on Draft 2001-2006 Strategic Plan

  The FDIC is seeking comments from FDIC-supervised institutions on its draft strategic plan covering the six-year period 2001 through 2006. Comments are due by July 31, 2001. FDIC:FIL-57-2001 7/3/01

• Thrift Industry Interest Rate Risk Falls to Lowest Point in Two Years

  The OTS reported that only 20 thrifts, or 2.1 percent, were at high risk from a hypothetical 200 basis point shift in interest rates as of the end of the first quarter. That is down from 3.5 percent at the end of the fourth quarter. OTS 01-42 7/3/01

• Regulators Issue Letter to SEC Concerning New Rules on Broker-Dealer Exemptions

  The FRB, OCC and FDIC are joining together to write a letter to the Securities and Exchange Commission (SEC) concerning the SEC’s interim final rules to implement provisions of the Gramm-Leach-Bliley Act that provide specific exemptions from the broker and dealer definitions that permit banks to continue providing trust and fiduciary, and other specified traditional banking products and services. FRB Press Release, OCC 2001-30 7/3/01

• OCC Issues Proposed Rule to Facilitate National Banks' Ability to Conduct Business using Electronic Technologies

  This proposal groups together new and revised regulations addressing: National banks' exercise of their Federally authorized powers through electronic means; the location, for purposes of the Federal banking laws, of a national bank that engages in electronic activities; and the disclosures required when a national bank provides its customers with access to other service providers through hyperlinks in the bank's website or other shared electronic ``space.'' 66FR34855 (text) 66FR34855 OCC:NR 2001-60 OCC 2001-36 7/2/01

• OCC Publishes Final Rule Regarding the Authority and Standards for National Banks to Conduct Multi-state Trust Operations

  The purpose of these changes is to provide enhanced guidance to national banks engaging in fiduciary activities.
  66FR34792 (text) 66FR34792 OCC:NR 2001-62 7/2/01

• OCC Issues Final Rule Governing Investment Securities, Bank Activities and Operations

  The revisions to the investment securities regulations incorporate the authority to underwrite, deal in, and purchase certain municipal bonds that is provided to well capitalized national banks by the Gramm-Leach-Bliley Act. 66FR34784 (text) 66FR34784 Correction OCC: NR 2001-61 OCC 2001-34 7/2/01

• FDIC Makes Public May Enforcement Actions

  The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in May. No administrative hearings are scheduled for July. FDIC:PR-48-2001 7/2/01

• OTS Announces May CRA Ratings

  The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in May 2001. OTS 01-41 7/2/01

A reminder has been posted on the Bureau Blog of the January 10, 2014, effective date for the new mortgage rules. On that date, the CFPB will host “Protecting homeowners: New tools for empowering consumers and advocates,” a training program on the new servicing rule for housing counselors, legal aid attorneys, and other advocates.

A reminder has been posted on the Bureau Blog of the January 10, 2014, effective date for the new mortgage rules. On that date, the CFPB will host “Protecting homeowners: New tools for empowering consumers and advocates,” a training program on the new servicing rule for housing counselors, legal aid attorneys, and other advocates.

• Banking Agencies Issue Host State Loan-to-Deposit Ratios

  The FRB, FDIC and OCC issued 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. FRB Joint Press Release, OCC 2001-29, FDIC-PR-47-2001 FDIC:FIL-56-2001 6/29/01

• OFAC CORRECTS ERRORS IN DOWNLOADABLE FILES

  At 1:30 p.m. yesterday, OFAC corrected errors in the downloadable delimited .zip and .exe files it makes available on its Web site. Earlier yesterday, as noted in yesterday's special BOL OFAC alert, the Office of Foreign Assets Control updated the OFAC list to add 35 new specially designated nationals who are believed to threaten stabilization efforts in the Western Balkans. The errors in the downloadable files related to those earlier changes and affect only those people who downloaded the files within the few hours between when the list changed and when the delimited file errors were discovered and corrected by OFAC.6/28/01

• Comptroller Views Underwriting Tightening Rational Response to Previous Lending Excesses

  The OCC's seventh annual Survey of Credit Underwriting Practices found that underwriting standards for commercial and retail loans tightened during the 12-month period ending March 31, 2001. OCC:NR 2001-59 6/28/01

• FOMC Lowers Target for Federal Funds by 25 Basis Points

  The FOMC at its meeting decided to lower its target for the federal funds rate by 25 basis points to 3-3/4 percent. In a related action, the Board of Governors approved a 25 basis point reduction in the discount rate to 3-1/4 percent. FRB Press Release 6/28/01

• OFAC List Updated with New SDNs

  The Office of Foreign Assets Control has updated its SDN list June 27, 2001, in light of a new Executive Order from President Bush blocking property of persons "who threaten international stabilization efforts in the Western Balkans." The names of 35 new Specially Designated Nationals (SDNs) have been added to the list. Get the details. 6/27/01

• Douglas W. Roeder Appointed Senior Deputy Comptroller for Large Banks

  Comptroller of the Currency John D. Hawke, Jr. announced that Douglas W. Roeder has been appointed Senior Deputy Comptroller for Large Banks. In this newly established position, Mr. Roeder will be responsible for examinations and supervision activities in the largest national banks and for overseeing operations in the OCC's London office. OCC:NR 2001-58 6/26/01

• FDIC Press Briefing on Wednesday, June 27, at 9:30 a.m.

  At a press briefing on Wednesday, June 27, at 9:30 a.m., FDIC staff analysts will provide details on first-quarter 2001 earnings for the commercial banking and thrift industries. 6/26/01

• FRB Issues Correction to Proposed Regulation W Rule

  This Proposed Rule seeks comment on whether the Board should exempt extensions of credit by a bank to any person that are secured by shares of a mutual fund for which the bank or an affiliate of the bank acts as investment adviser. 66FR33649 (text) 66FR33649 (pdf) 6/25/01

• FDIC Reports On Banking Industry Readiness

  U.S. banks generally are well positioned to deal with difficulties if the economy continues to slow, the
  FDIC reported. FDIC:PR-46-2001 6/25/01

• Regulators Mail Second Quarter Call Report Information

  Reports of Condition and Income (Call Report) for Second Quarter 2001 aree due by July 30, 2001. FDIC:FIL-55-2001 6/25/01

• NCUA amends Truth in Savings Act (TISA)

  NCUA is amending the Truth in Savings Act (TISA) to address electronic
  advertisements. These amendments conform to the Electronic Signatures
  in Global and National Commerce Act (E-Sign Act). This rule is effective
  June 21, 2001, however the mandatory compliance date is October 1, 2001
  to allow time for any necessary operational changes. NCUA: 66FR33159 6/21/01

• NCUA proposes amendments to various rules

  The NCUA Board is proposing amendments to various rules to make technical corrections and add and revise certain definitions. Comments must be received on or before August 20, 2001. NCUA: 66FR33211 6/21/01

• OTS increases costs of supervising 3-, 4-, and 5-rated institutions

  The Office of Thrift Supervision (OTS) is amending its assessments rule to more accurately reflect the increased costs of
  supervising 3-, 4-, and 5-rated institutions. As amended, OTS will compute the condition component of a savings association's assessment at 50 percent of the size component for 3-rated institutions, and 100 percent of the size component for 4- and 5-rated institutions. The new rates will be effective July 23, 2001. OTS: 66FR33157 6/21/01

• OTS Issued Two Enforcement Orders In April

  The OTS reported that it issued a cease and desist order and civil money penalty both dated April 17, to Dennis M. Ware, former employee of Banco Popular, Newark, New Jersey. OTS 01-40 6/21/01

• OTS and Thrifts Strong and Prepared, Director Seidman Tells Senate

  The nation's thrift industry and its primary regulator, the Office of Thrift Supervision, are “strong and prepared to meet the challenges ahead,” OTS Director Ellen Seidman testified at a Senate Banking Committee oversight hearing on the condition of the U.S. financial system. OTS 01-39 6/21/01

• Comptroller Cites Industry Trends that Give Cause for Concern

  Comptroller of the Currency John D. Hawke, Jr. told a Senate panel that while banks are far better prepared to deal with a slowing economy than they were at the onset of the last economic downturn in 1990, there are trends in the industry that give cause for concern. OCC: NR 2001-57, Speech 6/21/01

• OCC Announces New Enforcement Actions

  The OCC announced 9 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 2001- 56 6/21/01

• Identity Theft Highlighted in SAR Activity Review

  There has been a dramatic increase in the number of incidents of identity theft reported by banks on suspicious activity reports (SARs). This finding is reported in the second issue of the SAR Activity Review – Trends, Tips and Issues, a collaborative report being released today which provides feedback to the financial, law enforcement and regulatory communities based on analysis of the SAR data. FinCEN News 6/19/01

• FDIC Takes Steps to Help Rebuild Areas Affected by Tropical Storm Allison

  The FDIC has announced a series of steps intended to facilitate the process of rebuilding in Houston and surrounding communities damaged by the storm. The FDIC has issued guidelines encouraging banks to work constructively with borrowers who are experiencing difficulties due to conditions beyond their control. FDIC:FIL-54-2001 6/19/01

• OCC Reports Record Derivatives Trading Revenue for Banks

  U.S. commercial banks earned a record $4 billion from cash instruments and derivatives activities in the first quarter of 2001, an increase of $1.2 billion over the fourth quarter of 2000. The notional amount of derivatives in insured commercial bank portfolios increased by $3.4 trillion in the first quarter, to $43.9 trillion. OCC:NR 2001-54 6/19/01

• OCC Releases CRA Evaluations for 18 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. 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 2001-55 6/19/01

• FDIC Circulates Fictitious Regulatory Agency Issuances

  The OCC has asked the FDIC to circulate information to FDIC-supervised institutions about fictitious documents that contain
  proposals suggesting that individuals can claim certain international payments reportedly being held by the OCC. FDIC:FIL-52-2001 6/14/01

• Donna Tanoue Announces her Resignation as Chairman of the FDIC

  Donna Tanoue announced that she has submitted her resignation as Chairman of the FDIC, effective July 11, 2001.FDIC:PR-45-2001, OTS 01-38 6/13/01

• OCC Encourages National Banks to Work with Customers Affected by Floods in Houston Area

  The OCC has outlined measures to assist national banks and their customers affected by the floods in the Houston area.
  The OCC recognizes that the effects of natural disasters on individuals and businesses are often temporary, and that prudent efforts to adjust or alter terms on existing loans in areas affected by the disasters and related problems should not be subject to bank examiner criticism. OCC:NR 2001- 53 6/12/01

• FRB Announces New Appointments

  Appointments of Donald Kohn as Advisor to the Board for Monetary Policy in the Office of Board Members, Vincent Reinhart as Director of the Division of Monetary Affairs, and Brian Madigan as Deputy Director of the Division of Monetary Affairs, all
  effective July 2, 2001. FRB Press Release 6/12/01

• NACHA Approves E-Sign For ACH Debits

  The Electronic Payments Association has approved an E-Sign provision for the NACHA Operating Rules that govern the Automated Clearing House Network. Under the new rule, any electronic signature that complies with the Electronic Signatures in Global and National Commerce Act will be deemed to comply with NACHA's requirements for "similarly authenticating" a consumer ACH debit authorization. NACHA News Release 6/12/01

• OTS Requests Comment on Study of Banking Regulations Regarding the Online Delivery of Financial Services

  Pursuant to section 729 of the Gramm-Leach-Bliley Act (GLBA), OTS and the other federal banking agencies are studying their
  regulations on the delivery of financial services. The purpose of the study is to report findings and conclusions to Congress, together with recommendations for appropriate legislative or regulatory action to adapt existing requirements to online banking and lending. 64FR31186 (text), 64FR31186 (pdf) 6/11/01

• OCC Issues Final Rule to Amend the Percentage of Capital and Surplus a Bank may Loan

  This final rule establishes a three-year pilot program that creates new special lending limits for 1-4 family residential real estate loans and loans to small businesses. Eligible national banks with main offices located in states that have a lending limit available for residential real estate, small business or unsecured loans that is higher than the current Federal limit may apply to take part in the pilot program. OCC:NR 2001-52 Final Rule 6/11/01

• OTS Reports Highest Quarterly Earnings Since March 2000; 1-4 Family Mortgage Originations Near Record Level

  Earnings for the nation’s thrift industry jumped 12 percent in the first quarter of 2001 to $2.16 billion, the OTS reported. In its First Quarter 2001 Thrift Industry Data Report, OTS said that earnings were the highest since the first quarter of 2000 when they stood at $2.23 billion. OTS 01-37 6/8/01

• FDIC Reports Commercial Banks Report Record Quarterly Earnings

  Commercial banking industry profits rebounded in the first quarter of 2001 to a record $19.9 billion, up from $17.7 billion in the fourth quarter of 2000, the Federal Deposit Insurance Corporation announced. FDIC:PR-44-2001 6/8/01

• FDIC Spotlights OFAC Change

  FDIC has issued its FIL-51-2001 to notify nonmember banks of the May 16, 2001 changes to the OFAC list. FDIC:FIL-51-2001 6/7/01

• FinCEN Issues Bulletin on Suspicious Activity Related to Phone Card Businesses

  A review of SARs filed with the Treasury Department's Financial Crimes Enforcement Network identified over 160 reports indicating suspicious financial activity related to businesses involved in phone card sales. SAR Bulletin 6/7/01

• OTS Announces 48 CRA Exams Scheduled for 3rd Quarter 2001

  The OTS announced that 48 savings associations are scheduled for Community Reinvestment Act examinations during the third quarter of 2001. OTS 01-36 6/6/01

• OCC Issues Third Quarter 2001 CRA Examination Schedule

  The OCC today released its schedule of Community Reinvestment Act examinations to be conducted in the third quarter of 2001. OCC:NR 2001- 51 6/6/01

• 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 2001. FDIC:PR-43-2001 6/6/01

• Disclosing Account Numbers

  Regulators issue a Privacy rule: Interagency letter, concerning sharing of account numbers for use in marketing. 6/5/01

• OFAC Changes

  Weeks with no activity, then four changes to the OFAC list in under three weeks. We show you where to find the complete list of changes in Top Stories, including the changes on May 16, 23, 31 and June 1. You can always get the information for the last change at http://www.treas.gov/ofac/bulletin.txt. To get a list of updates for the entire click here: http://www.treas.gov/ofac/t11edit.html 6/5/01

• FDIC Publishes Bank Technology Bulletin

  The FDIC Bank Technology Bulletin introduces three short documents containing practical ideas for banks to consider when they engage in technology outsourcing. FDIC:FIL-50-2001 6/5/01

• Governor Edward W. Kelley, Jr., announces intention to resign from the Board of Governors

  The FRB released a statement from Governor Edward W. Kelley, Jr., announcing his plans to resign from the Board after at least one of the current vacancies is filled. Kelley said he will submit a formal letter of resignation to the President when an additional Governor has been nominated and confirmed, and is at work at the Board. FRB Press Release 6/5/01

• GE Bank Subsidiary Granted Federal Thrift Charter

  GE Capital Consumer Card Co., Mason, Ohio, received approval from the OTS May 31 to switch from a state bank charter to a federal savings bank charter. Upon adopting the new charter, the savings bank will change its name to GE Financial Corp. OTS 01-35 6/4/01

• OCC Publishes Amended Year 2001 Fee Schedule

  This Bulletin supersedes material contained in Bulletin OCC 2000-30 concerning semiannual assessments for independent credit card banks and the assessment surcharge for problem banks. Fees OCC:2001-27
  6/4/01

• Former FDIC Employee Sentenced in Identity Fraud Scheme

  FDIC Inspector General Gaston L. Gianni, Jr., announced that former FDIC employee Theresa A. Hill of Seat Pleasant, MD, was sentenced on May 29, 2001, to five years of probation, including six months of home confinement, in connection with an identity fraud scheme. FDIC:PR-41-2001 6/4/01

• Former Illinois Bank President Indicted

  FDIC Inspector General Gaston L. Gianni, Jr., announced that Clark K. Bush, former president of the Murphy-Wall State Bank in Pinckneyville, Illinois, has been indicted on eight criminal charges relating to alleged misconduct while serving as the bank's president. FDIC:PR-42-2001 6/4/01

• 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 2001. FDIC:PR-39-2001 6/4/01

• The Federal Reserve Board has just issued guidance for examiners to follow in examining banks for compliance with the guidelines for safeguarding customer information security.

  The new guidance, which includes an Examination Questionnaire, should give bankers insight into what the examiners will focus on. FRB:SR 01-15 6/1/01

• The OFAC list was updated today to include the names of twelve new Specially Designated Nationals and Blocked Persons. OFAC 6/1/01

• Risk-Based Examination Program May Require Call Reports For All Credit Unions

  NCUA Acting Chairman Dennis Dollar told a group of Pennsylvania and New Jersey credit union leaders today that a proposed flexible examination schedule which seeks to extend the exam cycle from 12 to 18 months for certain credit unions with strong CAMEL ratings and make NCUA examinations more risk-focused will carry “great benefits to both credit unions and the NCUA while maintaining the highest standards of safety and soundness. NCUA Press Release 6/1/01

• OCC Issues Final Rule to Assessment Rule

  The OCC is changing the way they assess "independent credit card banks." They are also raising the surcharge for all institutions with composite ratings of 3, 4, or 5 under the CAMEL Rating. 66FR29889 (text) 66FR29889 (pdf) 6/1/01

• FRB Requests Comment on Proposed Changes to Policy on Payments System Risk

  The FRB is requesting comment on a proposed interim policy statement and a package of short- and long-term proposals pertaining to its Payments System Risk (PSR) policy. In addition, the Board is rescinding the interaffiliate transfer policy. FRB Press Release 5/31/01

• OCC Bulletin Focuses on Privacy Exam Procedures

  OCC has issued its OCC Bulletin 2001-26 to advise national banks of the privacy exam procedures recently adopted by the federal banking agencies. OCC 2001-26 5/31/01

• FDIC Issues Alert on Missing/Stolen Official Checks

  The FDIC has been informed by the IndyMac Bank, FSB, Pasadena, California, that 100 of the bank's official checks are missing and presumed stolen from a shipment from the check printer. The missing official checks are numbered 256064500 through and including 256064599. FDIC: FIL-49-2001 5/31/01

• FDIC Issues Alert on Missing Cashier's Checks

  The FDIC has been informed by the Banco Tejano, Branch of Texline State Bank, Houston, Texas, that 100 of the bank's cashier's checks are missing. The missing checks are numbered 1801 through and including 1900. FDIC:FIL-48-2001 5/31/01

• FDIC Makes Public March Enforcement Actions

  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-39-2001 5/31/01

• OFAC Updates Listing of Specially Designated Narcotics Traffickers

  As earlier reported, a new Presidential order affecting the OFAC list was released on May 23, 2001, but it does not add new SDNs to the list or new countries. It is instead directed at prohibiting the direct or indirect importation into the United States of all rough diamonds from Liberia. 66FR29229 (text) 66FR29229 (pdf) 5/30/01

• Federal Reserve Board announced that it is seeking nominations for appointments to its Consumer Advisory Council

  The Council advises the FRB 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 5/30/01

• Consumer Advisory Council Announces Meeting Date

  The FRB announced that the Consumer Advisory Council will hold its next meeting on Thursday, June 28. FRB Press Release 5/30/01

• FDIC Issues Alerts on Entities That May Be Conducting Banking Operations in the United States Without Authorization
  

  The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published a "Monthly Warning Advisory", which contains the name of an entity recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL-47-2001 5/30/01

• FRB Issues Final Rule to Decrease the Basic Discount Rate

  The FRB amended its Regulation A on Extensions of Credit by Federal Reserve Banks to reflect its approval of a decrease in the basic discount rate at each Federal Reserve Bank. The FRB acted on requests submitted by the Boards of Directors of the
  twelve Federal Reserve Banks. 66FR29009 (text) 66FR29009 (pdf) 5/29/01

• Don't Sweat 5/23 OFAC Change

  A new Presidential order affecting the OFAC list was released on May 23, 2001, but it does not add new SDNs to the list or new countries. It is instead directed at prohibiting the direct or indirect importation into the United States of all rough diamonds from Liberia.OFAC Change 5/24/01

• OTS Announces 12 April CRA Ratings

  The OTS announced savings associations' Community Reinvestment Act performance evaluation ratings that became available in April 2001. OTS 01-34 5/23/01

• Comptroller Hawke Tells Bankers that Regulators Must Respond In Measured and Predictable Way to Credit Problems

  Comptroller of the Currency John D. Hawke, Jr. said that the OCC learned from the experience of the late 1980s and early 1990s how important it is to maintain a supervisory approach that is both carefully measured and predictable. OCC:NR 2001-50 , Speech 5/22/01

• Julie L. Williams Speaks Before the Consumer Bankers Association

  Read her speech on CRA. OCC:NR 2001-49 5/22/01

• Study of regulations; request for comment

  Pursuant to section 729 of the Gramm-Leach-Bliley Act, the FRB is conducting a study and preparing a report about its banking regulations with respect to the online delivery of financial services. 66FR27912 (text) 66FR27912 (pdf) 5/21/01

• 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-38-2001 5/18/01

• OCC Releases CRA Evaluations for National Banks

  The OCC released a list of Community Reinvestment Act performance evaluations that became public during the period of April 15 through May 14. OCC:NR 2001- 48 5/18/01

• OCC Announces Enforcement Actions and Terminations

  The OCC announced 10 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 2 terminations of existing enforcement actions. OCC:NR 2001- 47 5/18/01

• FRB Requests Comment on how Regulations May Be Adapted to Online Banking and Lending

  The FRB is currently reviewing pertinent regulations to assess their suitability for transactions that
  are conducted through the Internet. FRB Press Release 5/18/01

• Privacy Exam Procedures

  The new exam procedures for consumer financial privacy have been adopted by the federal bank regulatory agencies through the FFIEC. As anticipated, the exam procedures are tailored to institutions' information-sharing practices. The procedures describe how institutions are to be examined for compliance with the privacy regulation. They also include an examination checklist for use in verifying compliance. (Scroll down to page 11 of the pdf document to reach the Exam Objectives.) 5/17/01

• OFAC Updates Listing of Specially Designated Narcotics Traffickers

  On May 16, 2001, the Office of Foreign Assets Control issued an update to its SDN list and updated its brochure on Terrorism to incorporate new entries. The new entries were added to the list of Specially Designated Nationals after the Secretary of State published the designation of the REAL IRA.OFAC 5/17/01

• Fed Lowers Interest Rate

  The FOMC at its meeting decided to lower its target for the federal funds rate by 50 basis points to 4 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 3-1/2 percent. FRB Press Release 5/16/01

• FDIC Issues Alert on Missing/Stolen Cashier's Checks

  The FDIC has been informed by the Bank of Prescott, Prescott, Arkansas, that packages containing 700 of the bank's cashier's checks are missing and presumed stolen from a shipment from the check printer. FDIC:FIL-45-2001 5/16/01

• OFAC Updates List of Specially Designated Nationals and Blocked Persons

  On April 24, 2001, the Department of the Treasury's OFAC amended its listing of specially designated nationals and blocked persons to include the names of additional Specially Designated Narcotics Traffickers. FDIC:FIL-44-2001 5/16/01

• FDIC Issues Alert Fictitious Invoices

  The FDIC has learned that a number of financial institutions nationwide are receiving fictitious invoices from International Distributors LTD, P.O. Box 3841-1000, San Jose, Costa Rica, for 12 dozen "Ribbon Black NCR encoding MICR-80." FDIC:FIL-43-2001 5/16/01

• FDIC Issues Alert on Counterfeit Checks

  The FBI Baltimore, Maryland, office has asked the FDIC to alert all FDIC-supervised banks about the circulation of counterfeit checks drawn on the National Cancer Institute's account at the National Institutes of Health Federal Credit Union in Bethesda, Maryland. In December 2000 and January 2001, at least seven counterfeit checks were fraudulently negotiated. FDIC:FIL-42-2001 5/16/01

• FDIC Issues Alert on Stolen Western Union Money Orders

  The FDIC has learned that a substantial number of Western Union Money Orders were stolen during a robbery. Many of the stolen items have been deposited to bank accounts in several states. FDIC:FIL-41-2001 5/16/01

• FRB Announces Availability of Identity Theft: Protect Yourself Video

  The 15-minute video explains how easily someone can obtain your personal financial information and unlawfully use that information to obtain credit or other financial information under your name. Included in the video are interviews with identity theft victims, law enforcement officers and industry representatives. FRB Press Release 5/15/01

• OCC Updates Large Bank Supervision Guidance

  The OCC issued a revised version of the Large Bank Supervision booklet, updating the guidance and procedures used in
  supervising large and complex mid-sized national banks. OCC:NR 2001- 46 5/15/01

• FRB Issues Guidance on Securities Activities of State Member Banks

  This guidance addresses issues and questions that have been raised by examiners and other
  supervisory personnel regarding this change to the permissible securities activities of state member banks. FRB:SR 01-13
  5/15/01

• Electronic Delivery of Consumer Disclosures

  As earlier report in the Federal Register, the FRB published interim final rules establishing uniform standards for the electronic delivery of federally mandated disclosures under five consumer protection regulations. Reg B, Reg E, Reg M, Reg Z, Reg DD
  5/14/01

• Agencies Remind Bankers of Risks Associated with Reliance on Brokered and Rate-Sensitive Deposits

  The federal bank and thrift regulatory agencies issued an advisory on the risks of brokered and other rate-sensitive deposits. The agencies warn that excessive reliance on these types of funding products without proper risk management safeguards has the potential to weaken an institution's financial condition. OTS 01-33, FDIC:PR-37-2001 OCC:NR 2001-44, FRB Press Release 5/14/01

• The FRB is proposing a new rule to implement comprehensively sections 23A and 23B of the Federal Reserve Act.

  The proposed rule would combine statutory restrictions on transactions between a bank and its affiliates with numerous existing and proposed Board interpretations and exemptions in an effort to simplify compliance with sections 23A and 23B. 66FR24185 (text) 66FR24185 (pdf) 66FR33649 (correction)5/11/01

• FRB Issues Final Rule on Applicability of Section 23A of the Federal Reserve Act to the
  Purchase of Securities From Certain Affiliates

  The FRB is adopting an interpretation that would expand the types of asset purchases that are eligible for the exemption in section 23A(d)(6), which exempts the purchase from an affiliate of an asset that has a readily identifiable and publicly available market quotation. 66FR24219 (text) 66FR24219 (pdf) 5/11/01

• FRB Issues Final Rule on Loans and Extensions of Credit Made by a Member Bank to a Third Party

  The FRB is adopting an interpretation and exemptions from section 23A for certain loans made by an insured depository institution to customers who use the loan proceeds to purchase a security or other asset through an affiliate of the depository institution acting exclusively as a broker or riskless principal in the transaction. 66FR24226 (text) 66FR24226 (pdf) 5/11/01

• FRB Adopts Interim Rule to Address the Application of Sections 23A and 23B

  The rules require institutions to adopt policies and procedures reasonably designed to monitor, manage, and control credit exposures arising out of the transactions and clarify that the transactions are subject to section 23B. 66FR24230 (text) 66FR24230 (pdf) 5/11/01

• OCC Publishes the FFIEC Availability of "A Guide to CRA Data Collection and Reporting" available on the Internet

  The FFIEC agencies developed the guide as a resource for financial institutions required to report Community Reinvestment Act (CRA) data. CRA data reports are due annually on March 1. OCC 2001-25 5/11/01

• FDIC Issues a Guide to Federal Microenterprise Programs

  The publication, Crossing the Bridge to Self-Employment: A Federal Microenterprise Resource Guide, describes various microenterprise programs available through the federal government, and how financial institutions, practitioners and others can access these resources. FDIC:FIL-38-2001 5/10/01

• FDIC Issues Guidance On Identity Theft And Pretext Calling

  The FDIC issued guidance on measures to prevent identity theft and pretext calling. The guidance reminds financial institutions how to report such activities to regulators using Suspicious Activity Reports (SARs), suggests educating consumers on identity theft and pretext calling, and summarizes relevant federal laws.
  FDIC:PR-36-2001 and FDIC:FIL-39-2001 5/10/01

• FDIC Report Risky Underwriting Practices Rise at Banks but General Underwriting Risks Show a Slight Decline

  FDIC examiners have reported an increase in the occurrence of risky underwriting practices by banks in both construction and consumer lending but found that the percentage of banks in the high-risk categories for general underwriting practices declined slightly, according to the agency's latest Report on Underwriting Practices. FDIC:PR-35-2001 5/10/01

• FDIC Reports First Quarter 2001 Financial Results for Bank and Thrift Insurance Funds

  The FDIC announced that the Bank Insurance Fund (BIF) reported comprehensive income (net income plus current period unrealized gains/losses on available-for-sale securities) of $451 million for the first quarter, compared to $325 million for the same period last year. FDIC:PR-34-2001 5/9/01

• OTS is proposing to amend its regulation on conversions from stock form depository institutions
  to federal stock savings associations

  This proposed rule would clarify that the resulting federal stock savings association in such transactions succeeds to all the rights, property, and obligations of the converting institution. This amendment merely codifies OTS's interpretation of its existing regulation. 66FR23198 (txt) 66FR23198 (pdf) 5/8/01

• OTS is amending its regulation on conversions from stock from depository institutions to federal stock savings associations

  This direct final rule clarifies that the resulting federal stock savings association in such transactions succeeds to all the rights, property, and obligations of the converting institution. This amendment merely codifies OTS's interpretation of its existing regulation. 66FR23153 (txt) 66FR23153 (pdf) 5/8/01

• OCC Issues Final Rule to amend its assessment regulation

  The OCC is amending its assessment regulation to clarify that the OCC has authority to charge a national bank when the OCC conducts a special examination of a third party that provides services to the bank. 66FR23151 (txt) 66FR23151 (pdf) 5/8/01

• FDIC Issues May 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 February 2001. FDIC:PR-33-2001 5/8/01

• OTS Advises Thrifts on Measures to Reduce Incidents of Identity Theft and Pretext Calling

  The OTS advised thrifts to take steps to prevent the unauthorized disclosure of customer financial information. The agency also called on the financial institutions it supervises to detect and deter fraudulent access to such information. OTS 01-32 5/8/01

• FDIC Issues Alert on Fictitious Cashier's Checks

  The FDIC has learned that fictitious cashier's checks drawn on "Ferndale Trust & Loan" are in circulation. The address shown on the checks is 22750 Woodward Avenue, Ferndale, MI 48226. The Michigan Division of Financial Institutions has advised that Ferndale Trust & Loan does not exist. FDIC:FIL-37-2001 5/7/01

• OCC Issues Proposed Rule on Debt Cancellation Contracts and Debt Suspension Agreements

  As earlier reported in the Federal Register, the OCC is requesting comment on a proposed rule that would establish the standards that apply to a national bank's provision of DCCs and DSAs, enhance consumer protections for customers who buy DCCs or DSAs from banks, and ensure that national banks providing DCCs or DSAs do so on a safe and sound basis. OCC 2001-24 5/7/01

• FDIC Insurance Big Factor in Investment Decisions, Gallup Survey Shows

  More than half of the people who make household financial decisions took federal deposit insurance into account when considering recent investments, a survey conducted by The Gallup Organization reveals. FDIC:PR-31-2001 5/4/01

• OTS Issued One Enforcement Order In March

  The OTS reported that it issued a prompt corrective action enforcement order March 23 to Life Bank, San Bernadino, Calif. OTS 01-31 5/4/01

• Basel Committee Report Outlines Risk Management Principles for Electronic Banking

  The Electronic Banking Group of the Basel Committee on Banking Supervision, set forth fourteen risk management principles on electronic banking for financial institutions in a report. OCC:NR 2001- 42 5/4/01

• FRB Requests Comment on a Proposed New Reg W to Implement Sections 23A and 23B

  Regulation W would unify in one document various Board and staff interpretations issued over the years as well as several new interpretations of the statute. It also would provide several additional exemptions from the statute. The purpose of sections 23A and 23B and Regulation W is to limit a bank's risk of loss in transactions with affiliates and limit a bank's ability to transfer to its affiliates the benefits arising from its access to the federal safety net. FRB Press Release FRB Board Press Release 5/4/01

• Comptroller Closes Malta National Bank

  The FDIC reports that the OCC closed The Malta National Bank, Malta, Ohio, and appointed the FDIC as receiver. The FDIC, as receiver, entered into an agreement with North Valley Bank, Zanesville, Ohio, to assume all the deposits of the failed bank.
  OCC: NR 2001-43 FDIC: PR-32-2001 5/4/01

• Missing Cashier's Checks

  The FDIC has been informed by the Hudson City Savings Bank, Paramus, New Jersey, that 200 of the bank's cashier's checks are missing and presumed stolen from a shipment from the check printer. FDIC:FIL-36-2001 5/3/01

• OCC and FRB Issue Guidance on How to Protect Against ID Theft

  The OCC has issued an advisory letter and the Federal Reserve Board has issued a Supervisory Letter giving institutions under their jurisdiction guidance on how to protect customer information against identity theft and pretext calling. 5/1/01

The FFIEC has posted the September 30, 2013, E.16 Country Exposure Lending Survey.