Bank Regulatory News
27, 2000 - The Federal Deposit Insurance Corporation (FDIC) today
released a list of orders of administrative enforcement actions taken
against banks and individuals in March. No administrative hearings are
scheduled for May.
27, 2000 - Agencies Announce Working Group On Public Disclosure
The Federal Reserve Board, the Office of the Comptroller of the Currency
(OCC) and the Securities and Exchange Commission (SEC) today announced
that the Board has established a private-sector working group to develop
options for improving the public disclosure of financial information by
banking and securities organizations. The OCC and the SEC will participate
with the Board in support of the effort.
April 26, 2000 -
OTS Grants Thrift Charter to New Internet Bank
WASHINGTON, D.C., April 26, 2000 - The Office of Thrift Supervision (OTS)
has granted a federal thrift charter to Bank of Internet USA (BOI), which
will operate both as a traditional thrift institution and as a
full-service Internet operation.
26, 2000 - The Federal Reserve Board today announced that it has
reissued the brochure, A Guide to Business Credit for Women, Minorities,
and Small Businesses.
26, 2000 - The Federal Reserve Board today announced that it has
issued a revision of its brochure, the Consumer Handbook to Credit
Protection Laws. The new edition, the thirteenth, reflects recent changes
in law and regulation.
2000 - OCC RELEASES CRA EVALUATIONS FOR 46 NATIONAL BANKS
WASHINGTON, DC -- The Office of the Comptroller of the Currency (OCC)
today released a list of Community Reinvestment Act (CRA) performance
evaluations that became public during the period of March 15 through April
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
25, 2000 - Some political pundits predicted that implementation of the
North American Free Trade Agreement (NAFTA) in 1994 would drive a huge
number of manufacturing jobs out of the United States. An analysis of
export data by an economist at the Federal Reserve Bank of St. Louis,
however, reveals that 46 states actually experienced increases in their
GDP-adjusted manufacturing exports to Mexico and Canada. Additional
2000 - Common BSA Compliance Deficiencies
Under 12 CFR 21.21, banks must have adequate internal controls,
independent testing, responsible personnel, and training to comply with
the Bank Secrecy Act (BSA), including suspicious activity reporting.
Failure to establish and maintain adequate systems and controls can expose
banks to supervisory and enforcement actions as well as significant legal
and reputation risks.
24, 2000 - The Federal Deposit Insurance Corporation (FDIC) on
Tuesday, April 25, will hold a roundtable discussion on deposit insurance.
The event will be made available at 9:00 a.m. Eastern Time the following
day for viewing via the Internet. The roundtable will consist of three
sessions--pricing deposit insurance, maintaining the deposit insurance
funds, and determining the right level of deposit insurance coverage.
Participants will include the FDIC staff, banking and financial industry
trade groups, consumer groups and individuals. The event on April 25 will
begin at 9:30 a.m. and run approximately two-and-one-half hours.
2000 - The Board of Governors of the Federal Reserve System has issued
a final rule revising the Official Staff Commentary to Regulation Z, Truth
in Lending (12 CFR 226). The final rule addresses short-term cash advances
commonly called “payday loans” and clarifies that these loans, and
similar transactions where there is an agreement to defer payment of debt,
constitutes credit for purposes of the Truth in Lending Act. Attachment
April 20, 2000 -
General Motors Approved By OTS To Organize A Federal Thrift
WASHINGTON, D.C., April 20, 2000 – The Office of Thrift Supervision
(OTS) has granted a thrift charter to General Motors Corporation (GM),
Detroit. The new thrift, GMAC Bank, which will be located in Wilmington,
Del., will be a full service banking operation. OTS also approved GM’s
request to establish the GMAC Mortgage Corporation as an operating
subsidiary of the thrift.
April 19, 2000 -
OTS, NAIC Reach Historic Agreement to Share Financial, Operational Data
WASHINGTON, D.C., April 19, 2000 – The Office of Thrift Supervision
(OTS) and the National Association of Insurance Commissioners (NAIC) have
completed a formal and historic model information sharing agreement, OTS
announced today. The agreement incorporates non-public information on
financial solvency, insurance activities and thrift activities, as well as
consumer complaints, of the companies and thrift institutions NAIC members
and OTS supervise.
April 17, 2000 -
Responsible Sub-Prime Lending Part of Solution to Predatory Practices:
SAN FRANCISCO, Calif., April 17, 2000 – Asserting there is a difference
between sub-prime and predatory lending, Director Ellen Seidman of the
Office of Thrift Supervision (OTS) said today, responsible sub-prime
lending “in my mind, is the most effective antidote” to predatory
17, 2000 - NCUA Chairman Norman E. D’Amours has urged his fellow
financial institution regulators to place equal emphasis on seeking to
curb non-mortgage as well as mortgage related predatory lending.
2000 - Anna Alvarez Boyd Named Acting Deputy Comptroller for Community
WASHINGTON -- Anna Alvarez Boyd will become acting Deputy Comptroller for
Community Affairs following the departure May 5 of Jeanne K. Engel, who
will become vice president for policy at the National Association of Home
April 13, 2000 -
OTS Releases March National CRA Ratings
WASHINGTON, D.C., April 13, 2000 -- The Office of Thrift Supervision (OTS)
today issued savings associations' Community Reinvestment Act (CRA)
performance evaluation ratings that became available in March 2000.
2000 - The Board of Governors of the Federal Reserve System (the
Board) has raised the asset size exemption threshold to $30 million for
depository institutions that are required to report data under the Home
Mortgage Disclosure Act (HMDA). The previous exemption level was $29
10, 2000 - The National Credit Union Administration Board announced
today that it has issued prohibition orders against two former credit
10, 2000 - FFIEC Lessons Learned From the Year 2000 Project
The Federal Financial Institutions Examination Council (FFIEC) has issued
the attached statement, "Lessons Learned From the Year 2000
Project." Financial institutions are encouraged to conduct their own
review of lessons learned from the Year 2000 effort, and apply them to
future technology risk-management and project-management processes.
2000 - The 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 January 2000.
April 4, 2000 -
OTS Begins Formal Inquiry Into Subprime Lending Practices
WASHINGTON, D.C., April 4, 2000 –The Office of Thrift Supervision (OTS)
announced today it has begun a full-scale review of its mortgage lending
regulations to determine how they impact the subprime market and issued an
official appeal to the public for comment on how it should approach the
issue. OTS is the first federal banking agency to formally address rising
concern over predatory lending.
3, 2000 - The Federal Reserve Board today announced its approval of
the application of Valley View Bancshares, Inc., Overland Park, Kansas, to
acquire Bank of Lee's Summit, Lee's Summit, Missouri.
April 3, 2000 -
OTS Approves Thrift Charter for Donegal Mutual Insurance
WASHINGTON, D.C., April, 2000 -- The Office of Thrift Supervision (OTS)
has granted a federal thrift charter to Donegal Mutual Insurance Company
to organize a the savings institution, to be known as Donegal Federal
Savings Bank. It will be located in Marietta, Pa., home of the insurance