FDIC Issues Alert on Stolen International Money Orders
The FDIC has learned of a recent theft of International Postal Money Orders (IPMO. The IPMOs were recently cashed by the Mexican Postal Administration and stolen while in transit to the U.S. They are being presented for payment at financial institutions in various cities across the country.
FDIC: FIL-93-2000 (12/29/00)
FDIC Issues Alert on Entities That May Be Conducting Banking
Operations In the United States Without Authorization
The FDIC has learned that Continental Bank of Commerce Inc. may be operating a banking business in the United States illegally or without authorization. The entity was incorporated in the state of Indiana; however, the location of its actual operations is unknown.
FDIC: FIL-92-2000 (12/29/00)
FRB Requests Comment on Proposal to Permit Financial Holding Companies to Act as Real Estate Brokers
Federal Reserve Board requests comment on a proposed rule that would determine that real estate brokerage and management services are financial in nature and are therefore permissible for financial holding companies. Comment is due by
March 2, 2001. FRB Press Release (12/28/00)
Statement on Appraisal Standards for Federally Related Transaction
The OCC issued an announcement, OCC 2000-33, to make national banks aware that a statement on Appraisal Standards was recently released by the Appraisal Standards Board. (12/27/00)
FRB proposes amendments to Reg Z
The FRB is proposing amendments to the provisions of Regulation Z (Truth in Lending) that implement the Home Ownership and Equity Protection Act (HOEPA). 65FR81438 (12/26/00)
FRB names seven new members to Thrift Institutions Advisory Council
The Federal Reserve Board announced the names of seven new members of its Thrift Institutions Advisory Council (TIAC) and designated a new President and Vice President of the Council for 2001. FRB Press Release(12/26/00)
FDIC Publicizes Recent OFAC List Changes
The FDIC released FIL-91-2000 to inform banks about changes recently made (and previously covered by BOL) by the Office of Foreign Assets Control. (12/26/00)
FRB Issues Final Rule to Reg Y
The FRB has determined by rule that acting as a finder is an activity that is incidental to a financial activity and therefore permissible for a financial holding company. 65FR80735 (12/22/00)
FinCEN Publishes Answers to BSA Questions
FinCEN answers to frequently asked Bank Secrecy Act (BSA) Questions. (12/22/00)
Regulators Adopt Rule on Disclosure and Reporting of CRA-Related Agreements
The FRB, FDIC, OCC and OTS approved the issuance of final regulations implementing the CRA Sunshine Requirements of the Federal Deposit Insurance Act (FDIA), which were recently enacted by the Gramm-Leach-Bliley Act. (12/22/00)
FRB Isssues Final Rule on Domestic Bank Holding Companies to Qualify as Financial Holding Companies
The FRB approved a final rule setting forth procedures for domestic bank holding companies and foreign banking organizations to qualify as financial holding companies. FRB Press Release (12/22/00)
FRB Issues Proposed Revisions for Calculating Private Sector Adjustment Factor
The PSAF imputes the costs that would have been incurred and profits that would have been
earned had the Reserve Banks' priced services been provided by a private firm. The NICB imputes income on the investment of depository institutions' clearing balances held with the Reserve Banks, less related costs. FRB Press Release (12/22/00)
FRB Approves an Interim Rule Defining Three Categories of Activities Listed in the Bank Holding Company Act
The FRB approved an interim rule defining three categories of activities listed in section 4(k)(5) of the Bank Holding Company Act as financial in nature or incidental to a financial activity.
FRB Press Release (12/22/00)
FDIC Reduces Budget by Five Percent
The Board of Directors of the FDIC approved a 2001 budget of $1.126 billion, a decrease of more than $60 million -- or 5.1 percent -- from its 2000 budget. PR-92-2000 (12/22/00)
OTS Grants Federal Thrift Charter to Ohio Farmers Insurance Company
Ohio Farmers Insurance Company, Westfield Center, Ohio, and its subsidiary, Westfield Financial Corporation, received approval from the OTS to organize a new federal thrift institution. OTS 00-108 (12/22/00)
FRB Issues Proposal Revision to Reg Y
The FRB invites public comment on a proposal to amend its Regulation Y to change the conditions that govern the conduct of financial data processing activities previously found to be closely related to banking in order to permit all bank holding companies to conduct a greater amount of nonfinancial data processing in connection with processing financial data. 65FR80384 (12/21/00)
FRB Announces Exemption Threshold Under HMDA
The FRB announced that the exemption threshold for depository institutions that are required to report data under the Home Mortgage Disclosure Act (HMDA) is increased to $31 million. FRB Press Release 65FR80735(12/21/00)
FRB Issues Statement on the Nomination of Secretary of the Treasury
Federal Reserve Board Chairman Alan Greenspan issued the following statement: In Paul O’Neill, the President-elect has attracted an exceptional and talented person. I look forward to again working closely with an old friend and colleague. FRB Press Release (12/21/00)
FRB Issues Statement on Resignation of SEC Chairman
Federal Reserve Board Chairman Alan Greenspan issued the following statement:
Arthur Levitt has much to be proud of in his lengthy and careful stewardship of the Securities and
Exchange Commission. FRB Press Release (12/21/00)
FDIC Publishes Fourth Quarter Regional Outlook
The Quarterly Regional Outlook features in-depth review of economic and banking activity, with reports for each of the eight FDIC regions as well as a national summary. (12/21/00)
Comptroller Hawke Urges FDIC Reforms To End Inequitable Treatment of National Banks
Comptroller of the Currency John D. Hawke, Jr., praised the FDIC for beginning a full-scale review of the deposit insurance system and called for reforms to end the inequitable treatment of national
banks. OCC: NR 2000-104 (12/21/00)
OCC Announces 6 New Enforcement Actions
The OCC announced 6 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. OCC: NR 2000-103 (12/21/00)
FDIC Report Analyzes Vulnerability of Banking Industry to a Slowing
In a semi-annual report on risks in banking, analysts with the FDIC identified several factors
that have weakened the current economic expansion. FDIC: PR-91-2000 (12/21/00)
FDIC Examiners Given Guidance for Investment Securities
The FDIC has issued guidance to examiners regarding a new type of credit-linked note with speculative characteristics. The guidance describes the securities, identifies the risks of these instruments, and addresses the FDIC's supervisory policy for these investments. FDIC: FIL-88-2000 (12/21/00)
FDIC Warns Banks of Fictitious Checks and Other Fraudulent Instruments
The FDIC is alerting banks to several schemes involving fictitious checks and other fraudulent instruments that appear to be occurring nationwide. FDIC: FIL-89-2000 (12/21/00)
FRB Reports on Acting as "Finder" is a Permissible Activity
The FRB, after consulting with the Secretary of the Treasury, has determined by rule that acting as a “finder†is an activity that is incidental to a financial activity and, therefore, a permissible activity for a financial holding company. FRB Press Release (12/20/00)
FRB Issues Proposed Amendments to Regulation Z regarding the Home Ownership and Equity Protection Act
As earlier published in the Federal Register, The FRB published proposed amendments to the provisions of its Regulation Z that implement the Home Ownership and Equity Protection Act (HOEPA) of 1994.
FRB Press Release (12/20/00)
FOMC Keeps Federal Funds Rate at 6 1/2%
The Federal Open Market Committee at its meeting decided to maintain the existing stance of monetary policy, keeping its target for the federal funds rate at 6-1/2 percent. FRB Press Release (12/20/00)
OCC Issues Statement on Bank Holdings of Securities for Hedge Purposes
The OCC issued a statement in response to a report issued by Chairman Jim Leach of the House Committee on Banking and Financial Services on bank holdings of securities for hedge purposes. OCC: NR 2000-102 (12/19/00)
TIN CERTIFICATION REQUIREMENT CHANGE!
Did you miss the revised regulation of the IRS published May 22, 2000 that changes the requirements for TIN certification as of January 1, 2001? Find out about the change in our article
"New TIN Certification Requirement."
OTS is Amending its Regulation to Incorporate Technical and Conforming Amendments
The OTS is amending its regulations to incorporate a number of technical and conforming
amendments. They include clarifications to reflect existing practices and to provide consistency among the Federal banking agencies, updated statutory and other references, and a correction of a typographical error. 65FR78900 (12/18/00)
FDIC Withdraws Interim Rule on Assets and Liability Backup Programs
On June 9, 1999, the FDIC published an interim final rule requiring asset and liability backup programs for limited deposit account and loan account information in a small number of institutions. The rule was intended to facilitate timely restoration of key financial records in the event that an FDIC-insured depository institution experienced a Year 2000 computer problem that required it to be placed in receivership. 65FR78899
(12/18/00)
FFIEC Distributes the Uniform Bank Performance Report
The September 30, 2000 Uniform Bank Performance Report now being distributed to all
insured commercial banks and FDIC - Insured Savings Banks is now available for sale to the public. For the most part, the formats for the commercial banks and the FDIC-ISB are identical; however, the FDIC-ISB has its own unique UBPR peer groupings. FFIEC Press Release (12/18/00)
FDIC Publishes The Third Quarter 2000 Quarterly Banking Profile
The latest Quarterly Banking Profile comprehensively updates through September 30 the financial results for all FDIC-insured commercial banks and savings institutions as well as the status of the FDIC’s deposit insurance funds. (12/18/00)
Final Version of the OCC's Strategic Plan is Online
The final version of the OCC's strategic plan is now available. This strategic plan will help guide the operations of the OCC, and may be modified through interim adjustments in annual performance plans sent to Congress. (12/18/00)
FRB Issues Proposed Rule to Amend Reg C
The FRB is proposing amendments to Regulation C and to the commentary that applies and interprets
Regulation C. These amendments would simplify the definition of a ``refinancing,'' require lenders to report requests for preapproval, simplify the definition of a reportable home improvement loan, require
lenders to report home-equity lines of credit, expand coverage of nondepository lenders, and require lenders to report the annual percentage rate of a loan, whether the loan is subject to the Home
Ownership and Equity Protection Act, and whether the loan or application involves a manufactured home.
65FR78655 (12/15/00)
FDIC Approves the Assumption of the Insured Deposits of National State Bank, Metropolis, IL
National State Bank, Metropolis, Illinois, was closed by the OCC and the FDIC was appointed receiver. The FDIC entered into an agreement with Banterra Bank, Marion, Illinois, to assume the insured
deposits of the failed bank. FDIC: PR-90-2000 , OCC: NR 2000-101(12/15/00)
FRB Issues Proposed Rule to Amend Provisions of Reg Z that Implement Homeownership and Equity Protection Act
The amendments would broaden the scope of loans subject to HOEPA’s protections by adjusting the price triggers that determine coverage under the act. The rate-based trigger would be lowered by two percentage points and the fee-based trigger would be revised to include optional insurance premiums and similar credit protection products paid at closing. FRB Press Release (12/14/00)
FRB Issues Proposal to Amend Reg Y
The FRB requested public comment on a proposal that would amend Regulation Y (Bank Holding Companies and Change in Bank Control). FRB Press Release (12/14/00)
FRB Issues Proposal to Permit Financial Holding Companies to Act as Real Estate Brokers
The proposed rule would determine that real estate brokerage and management services are financial in nature or incidental to financial activity and are therefore permissible for financial holding companies. FRB Press Release (12/14/00)
NCUA Issues Letter of Understanding
The NCUA has issued a Letter of Understanding and Agreement (LUA) to the LTV Steel Employees Federal Credit Union in East Chicago, Indiana. NCUA Press Release (12/14/00)
FDIC Publishes Entities That May Be Conducting Banking Operations Without Authorization
The FDIC has received notification from the OCC that the following entity may be conducting banking business illegally or without authorization. Metrobank International Limited, P. O. Box 211, Moore Stephens House, Lini Highway, Port Vila, Vanuatu FDIC: FIL-87-2000 (12/14/00)
FDIC Issues Alert on Counterfeit Cashier's Checks and Missing Cashier's Checks
The FDIC has learned that counterfeit cashier's checks drawn on USABancShares.com, Philadelphia, Pennsylvania, are in circulation. FIL-86-2000 (12/14/00)
OCC Chief Economist Speaks on Reforming Deposit Insurance
OCC: NR 2000-100 (12/13/00)
OCC Names Dan Stipano as Deputy Chief Counsel
The OCC announced the selection of Daniel P. Stipano as Deputy Chief Counsel. Mr. Stipano succeeds Robert B. Serino, who will retire this month after 17 years as Deputy Chief Counsel. OCC: NR 2000-99 (12/13/00)
FFIEC Annual Report of Trust Assets for 2000
In early January 2001, the Annual Report of Trust Assets forms and instructions for 2000 will be sent to commercial banks, savings banks and savings associations that have approval to exercise trust powers. Affiliated trust companies must also complete the report. FDIC: FIL-85-2000 (12/12/00)
OCC Issues Final Rule to Amend the Maximum Amount of Civil Money Penalties
The OCC is amending its rules of practice and procedure to adjust the maximum amount, as set by statute, of each civil money penalty within its jurisdiction to account for inflation. 65FR77250 (12/11/00)
OCC, FDIC and FRB Release Fourth Quarter Call Report Forms
The fourth quarter Call Report information should be reviewed for accuracy, and submit the report electronically as soon as possible. Your completed report must be received by January 30, 2001,
in accordance with the filing requirements. Joint Press Release (12/11/00)
OCC Releases CRA Evaluations for 11 National Banks
The OCC released a list of CRA performance evaluations that became public during the period of
November 15 through December 14. OCC: NR 2000-98 (12/11/00)
NCUA Issues Order of Prohibition
The NCUA announced that it has issued an Order of Prohibition against RoseLorraine Henry, former President of Parco Community Federal Credit Union, located in Sinclair, Wyoming. NCUA Press Release (12/8/00)
OFAC Updates Entities and Individuals as Specially Designated Narcotics Taffickers
http://www.treas.gov/ofac/bulletin.txt (12/8/00)
OTS Extends Comment Period to Feb. 9, 2001 on Proposed Holding Company Notice
The OTS said it is extending to Feb. 9,2001, the comment period on its proposal to require some savings and loan holding companies to give advance notice to OTS before undertaking certain significant transactions that could affect the risk profile of subsidiary thrifts. OTS 00-106 and 65FR77528 (12/8/00)
OCC Reports Trading Revenues Off As Derivatives Volume Dips During 3rd Quarter
U.S. commercial banks earned $2.8 billion from trading activities during the third quarter of 2000, down from the $3 billion earned a quarter earlier. OCC: NR 2000-96 (12/7/00)
Thrift Industry Earnings Strong; But OTS Notes Some Profit Erosion
The nation’s thrift industry turned in another strong performance in the third quarter of 2000, earning $1.9 billion, but Director Ellen Seidman of the OTS reported economic conditions and market competition are causing some stress on thrifts’ earning power. OTS 00-104 (12/7/00)
Regulators Issue Proposed Rule to Amend their Risk Based Capital Standards and Claims on Securities Firms
The FRB, OCC, FDIC and OTS are proposing to amend their respective risk-based capital standards for banks, bank holding companies, and savings associations with regard to the risk weighting of claims on, and claims guaranteed by, qualifying securities firms. 65FR76180 (12/6/00)
(12/6/00)
OCC Issues Alert on Unauthorized Banking in Vanuatu
Information has been received that the subject entity, incorporated in the Republic of Vanuatu, may be
operating a banking business in the United States without authorization. OCC: ALERT 2000-12 (12/6/00)
FDIC Reports Commercial Bank Earnings Recover from Disappointing Second Quarter
Commercial bank earnings rebounded sharply in the third quarter to $19.3 billion, up 32 percent from their performance in the second quarter, the FDIC announced.
FDIC: PR-86-2000 (12/6/00)
FDIC Issues December List of Banks Examined for CRA Compliance
The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with
the CRA. The list covers evaluation ratings that the FDIC assigned to institutions in September 2000.
FDIC: PR-85-2000 (12/6/00)
OCC Proposed to Enable a Federal Branch to Maintain an Operating Subsidiary
The OCC proposes to enable a Federal branch or agency to establish or maintain an operating subsidiary in generally the same manner that a national bank may establish or control an operating subsidiary.
65FR75870 (12/5/00)
OCC Proposes to Amend its Regulation to Codify OCC Interpretations on National Bank Multi-State Trust Operations
The OCC, through a Notice of Proposed Rulemaking, is proposing to amend its regulations to codify OCC interpretations on national bank multi-state trust operations. The purpose of these changes is to provide enhanced guidance to national banks engaging in fiduciary activities.
65FR75872 (12/5/00)
The OCC is amending the assessment formula it uses to assess independent trust banks. A trust bank is considered independent for purposes of this regulation if it specializes in trust activities and is not affiliated with a full-service national bank. 65FR75859 (12/5/00)
Agencies Adopt Consumer Protection Rules for Insurance
As reported in the Federal Register, on Dec. 4th, the FRB, OCC, FDIC and OTS announced final consumer protection rules for the sale of insurance products by depository institutions.
(12/5/00)
Regulators Issue Proposed Rule on Risk-Based Capital Standards
The FRB, OCC, FDIC and OTS are proposing to amend their respective risk-based capital standards for banks, bank holding companies, and savings associations with regard to the risk weighting of claims on,
and claims guaranteed by, qualifying securities firms. 65FR75856 (12/5/00)
Regulators Publish Final Insurance Consumer Protection Rules
The OCC, FRB, FDIC, and OTS are publishing final insurance consumer protection rules. These rules are published pursuant to section 47 of the Federal Deposit Insurance Act (FDIA), which was added by section 305 of the Gramm-Leach-Bliley Act (the G-L-B Act or Act). 65FR75821 (12/4/00)
FTC Announces Current Allowable Charges for FCR
The FTC announces that the current $8.50 ceiling on allowable charges under Section 612(a) of the Fair Credit Reporting Act will remain unchanged for 2001.
http://www.bankersonline.com/topstory/fedreg/65FR75717.txt (12/4/00)
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-82-2000 (12/4/00)
FDIC Issues First Quarter CRA Examination Schedule
The FDIC has issued the public list of institutions that it has scheduled for a CRA examination during the first quarter of 2001. FDIC: PR-84-2000 (12/4/00)
FRB Issues Guidance on the Risk Management of Outsourced Technology
The FRB issued a supplemental guidance on the risk management of outsourced technology services. Banking organizations should consider this guidance within the context of their assessment of the scope and importance of the outsourced services to their enterprise, as well as the risks resulting from those services. FRB: SR 00-17 (12/4/00)
OCC Issues First Quarter 2001 CRA Examination Schedule
The OCC released its projected schedule of CRA examinations to be conducted in the first quarter of 2001. OCC: NR 2000-93 (12/4/00)
FDIC Acts on Change in Control Notice Filed by CitiGroup
The FDIC announced that it would not disapprove acquisitions of two banks, Hurley State Bank, Hurley, South Dakota; and Associates Capital Bank, Inc., Salt Lake City, Utah; by Citigroup, Inc., New York, New York. The acquisitions may proceed immediately. FDIC: PR-83-2000 (12/1/00)
OCC Acts on Citigroup Application
The OCC announced that it would not object to Citigroup’s acquisition of Associates National Bank. The OCC’s decision, which is attached, was in response to a notice of change in bank control filed by Citigroup on September 18, 2000. OCC: NR 2000-92 (12/1/00)
IRS Signs Qualified Intermediary Agreements
The IRS has announced that it has begun signing qualified intermediary agreements for hundreds of financial institutions. These agreements, which are the cornerstone of the new regulations, simplify tax withholding and information reporting procedures for foreign financial institutions. (12/1/00)
OCC Announces Assessment Schedule for 2001
The OCC announced that its assessment schedule for 2001 will reflect a reinstatement of the inflation adjustment that was suspended six years ago. The 2 percent inflation adjustment will apply only to the first $20 billion of a bank's assets. OCC: NR 2000-89 (12/1/00)
OCC Proposes Rules To Ease Burdens Of Banks Operating Multi-State Trust Operations
The OCC announced that it is proposing a new rule that would allow a national bank to act in a fiduciary capacity in any state that permits its own institutions to engage in such activities. OCC: NR 2000-90 (12/1/00)
OCC Proposes Operating Subsidiaries For US Federal Branches and Agencies
The OCC is proposing a new rule that would permit a U.S. Federal branch or agency of a foreign bank to establish an operating subsidiary. OCC: NR 2000-91 (12/1/00)
OTS Announces CRA Examination Schedule for 1st Quarter 2001
The OTS announced the release of a list of savings associations scheduled for CRA examinations during the first quarter of 2001. OTS 00-100 (12/1/00)
OCC Issues Proposed Rule to Amend Its Assessment Regulation
The OCC proposes to amend 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. The proposal applies in the same way to a District of Columbia bank and to a Federal branch or agency. (12/1/00)
OCC Proposed to Enable a Federal Branch to Maintain an Operating Subsidiary
The OCC proposes to enable a Federal branch or agency to establish or maintain an operating subsidiary in generally the same manner that a national bank may establish or control an operating subsidiary.
65FR75870 (12/5/00)
OCC Proposes to Amend its Regulation to Codify OCC Interpretations on National Bank Multi-State Trust Operations
The OCC, through a Notice of Proposed Rulemaking, is proposing to amend its regulations to codify OCC interpretations on national bank multi-state trust operations. The purpose of these changes is to provide enhanced guidance to national banks engaging in fiduciary activities.
65FR75872 (12/5/00)
The OCC is amending the assessment formula it uses to assess independent trust banks. A trust bank is considered independent for purposes of this regulation if it specializes in trust activities and is not affiliated with a full-service national bank. 65FR75859 (12/5/00)
Agencies Adopt Consumer Protection Rules for Insurance
As reported in the Federal Register, on Dec. 4th, the FRB, OCC, FDIC and OTS announced final consumer protection rules for the sale of insurance products by depository institutions.
(12/5/00)
Regulators Issue Proposed Rule on Risk-Based Capital Standards
The FRB, OCC, FDIC and OTS are proposing to amend their respective risk-based capital standards for banks, bank holding companies, and savings associations with regard to the risk weighting of claims on,
and claims guaranteed by, qualifying securities firms. 65FR75856 (12/5/00)
Regulators Publish Final Insurance Consumer Protection Rules
The OCC, FRB, FDIC, and OTS are publishing final insurance consumer protection rules. These rules are published pursuant to section 47 of the Federal Deposit Insurance Act (FDIA), which was added by section 305 of the Gramm-Leach-Bliley Act (the G-L-B Act or Act). 65FR75821 (12/4/00)
FTC Announces Current Allowable Charges for FCR
The FTC announces that the current $8.50 ceiling on allowable charges under Section 612(a) of the Fair Credit Reporting Act will remain unchanged for 2001.
http://www.bankersonline.com/topstory/fedreg/65FR75717.txt (12/4/00)
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-82-2000 (12/4/00)
FDIC Issues First Quarter CRA Examination Schedule
The FDIC has issued the public list of institutions that it has scheduled for a CRA examination during the first quarter of 2001. FDIC: PR-84-2000 (12/4/00)
FRB Issues Guidance on the Risk Management of Outsourced Technology
The FRB issued a supplemental guidance on the risk management of outsourced technology services. Banking organizations should consider this guidance within the context of their assessment of the scope and importance of the outsourced services to their enterprise, as well as the risks resulting from those services. FRB: SR 00-17 (12/4/00)
OCC Issues First Quarter 2001 CRA Examination Schedule
The OCC released its projected schedule of CRA examinations to be conducted in the first quarter of 2001. OCC: NR 2000-93 (12/4/00)
FDIC Acts on Change in Control Notice Filed by CitiGroup
The FDIC announced that it would not disapprove acquisitions of two banks, Hurley State Bank, Hurley, South Dakota; and Associates Capital Bank, Inc., Salt Lake City, Utah; by Citigroup, Inc., New York, New York. The acquisitions may proceed immediately. FDIC: PR-83-2000 (12/1/00)
OCC Acts on Citigroup Application
The OCC announced that it would not object to Citigroup’s acquisition of Associates National Bank. The OCC’s decision, which is attached, was in response to a notice of change in bank control filed by Citigroup on September 18, 2000. OCC: NR 2000-92 (12/1/00)
IRS Signs Qualified Intermediary Agreements
The IRS has announced that it has begun signing qualified intermediary agreements for hundreds of financial institutions. These agreements, which are the cornerstone of the new regulations, simplify tax withholding and information reporting procedures for foreign financial institutions. (12/1/00)
OCC Announces Assessment Schedule for 2001
The OCC announced that its assessment schedule for 2001 will reflect a reinstatement of the inflation adjustment that was suspended six years ago. The 2 percent inflation adjustment will apply only to the first $20 billion of a bank's assets. OCC: NR 2000-89 (12/1/00)
OCC Proposes Rules To Ease Burdens Of Banks Operating Multi-State Trust Operations
The OCC announced that it is proposing a new rule that would allow a national bank to act in a fiduciary capacity in any state that permits its own institutions to engage in such activities. OCC: NR 2000-90 (12/1/00)
OCC Proposes Operating Subsidiaries For US Federal Branches and Agencies
The OCC is proposing a new rule that would permit a U.S. Federal branch or agency of a foreign bank to establish an operating subsidiary. OCC: NR 2000-91 (12/1/00)
OTS Announces CRA Examination Schedule for 1st Quarter 2001
The OTS announced the release of a list of savings associations scheduled for CRA examinations during the first quarter of 2001. OTS 00-100 (12/1/00)
OCC Issues Proposed Rule to Amend Its Assessment Regulation
The OCC proposes to amend 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. The proposal applies in the same way to a District of Columbia bank and to a Federal branch or agency. (12/1/00)
