Bank Regulatory News
August 31, 1999
- The Federal Reserve Board today published an interim rule to Regulation DD, which
implements the Truth in Savings Act. The rule permits depository institutions to deliver
disclosures on periodic statements to a consumer's e-mail account or post them on a web
site, if the consumer agrees. The interim rule is effective September 1, 1999.
August 31, 1999
- The Federal Reserve Board today requested comment on revised proposals to permit
electronic delivery of federally mandated disclosures under five consumer protection
regulations: B (Equal Credit Opportunity), E (Electronic Fund Transfers), M (Consumer
Leasing), Z (Truth in Lending), and DD (Truth in Savings). Comment is requested by
August 31, 1999 - OCC
Issues Fourth Quarter 1999 CRA Examination Schedule - The Office of the Comptroller of the
Currency (OCC) today released its projected schedule of Community Reinvestment Act (CRA)
examinations to be conducted in the fourth quarter of 1999. http://www.occ.treas.gov/cra/craq499.pdf
31, 1999 - President Clinton signed an Executive Order, effective July 6, 1999,
imposing an assets freeze and trade embargo against the Taliban in Afghanistan.
1999 - The Bank Insurance Fund (BIF) earned $219 million for the first six months of
1999, according to an FDIC management report on the Corporation's unaudited financial
statements. The Savings Association Insurance Fund (SAIF) earned $226 million for the same
1999 - The FDIC has issued the public list of its institutions to be examined under
regulations implementing the
Community Reinvestment Act (CRA).
August 30, 1999 -
The Federal Reserve Board today announced its approval of the proposal of AmSouth
Bancorporation, Birmingham, Alabama, to merge with First American Corporation, Nashville,
Tennessee, and thereby acquire its subsidiary bank, First American National Bank, and its
nonbank subsidiaries, including First American Federal Savings Bank, all in Nashville,
August 26, 1999 - Federal
banking and credit union agencies announced today the execution of an agreement with
Global Payment Systems LLC, Atlanta, Georgia. The agreement addresses the Year 2000
readiness of Global's credit card-issuing services offered through its Westlake, Ohio,
26, 1999 - The Office of Thrift Supervision (OTS) today issued a final rule making it
clear that a federal savings association's existing authority to act as surety also
includes the ability to act as a guarantor. The rule also clarifies that a federal savings
association may issue letters of credit, eliminating confusion regarding the scope of
activities authorized for federal savings associations that was caused by the deletion of
a regulation in 1996.
August 25, 1999
- OCC RELEASES CRA EVALUATIONS FOR 56 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 July 15 through August 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.
25, 1999 - Revision of The Financial Institution Employee's Guide to Deposit Insurance
Enclosed is a revised version of the FDIC's publication The Financial Institution
Employee's Guide to Deposit Insurance. It is a comprehensive document explaining the
FDIC's deposit insurance rules in a non-technical way, and providing background and
instructional materials on deposit insurance. This guide includes the amendments to the
deposit insurance rules that became effective July 1, 1998, and April 1, 1999.
August 23, 1999 - FDIC
Inspector General Gaston L. Gianni, Jr., announced today that Jay Sugarman of North Miami
Beach, FL, President of Jay Sugarman Auctioneers (JSA), a division of American
Auctioneers, Inc., also of North Miami Beach, and JSA pled guilty on August 16, 1999, to
charges of embezzling $118,130 from the proceeds of auctions he conducted for the FDIC in
the early 1990s. The plea agreement has been filed in the U.S. District Court for the
Southern District of Florida, Miami, FL.
August 23, 1999 - A
continuation of recent low prices for agricultural and industrial commodities -- from
wheat and corn to oil, chemicals and steel -- could result in higher credit losses for
insured depository institutions exposed to these sectors, according to a report issued
today by the Federal Deposit Insurance Corporation. In the third quarter edition of the
Regional Outlook, FDIC analysts examine the effects that falling commodity prices are
having on employment levels, corporate profits and some measures of credit risk across a
wide range of industries.
August 23, 1999 -
The Federal Reserve Board today announced its approval of the proposal of Texas Regional
Bancshares, McAllen, Texas ("Texas Regional"), to merge with Harlingen
Bancshares, Inc., and thereby to acquire Harlingen's wholly owned subsidiary, HN
Bancshares of Delaware, Inc., which in turn owns Harlingen National Bank, all in
Harlingen, Texas. The Board also approved the applications of Texas Regional's lead bank,
Texas State Bank, McAllen, Texas, to merge with Harlingen National Bank, and to establish
branch offices at the six current offices of Harlingen National Bank.
23, 1999 - The Office of Thrift Supervision (OTS) has granted a federal thrift charter
to First Tennessee National Corporation, a Memphis bank holding company, to form a thrift
institution based in Bristol, Va. The new thrift, First Horizon, FSB, will operate 65 loan
production offices (LPOs) providing both prime and subprime consumer loans to customers as
well as other traditional thrift products and services.
20, 1999 - The Federal Reserve Board today announced the issuance of a consent Order to
Cease and Desist against the American Bank, Wichita, Kansas, a state member bank.
The Order was issued jointly with the State of Kansas Office of the State Bank
August 20, 1999 - The
Federal Deposit Insurance Corporation (FDIC) today released a list of orders of
enforcement actions taken against banks and individuals in July. No administrative
hearings are scheduled for September.
20, 1999 - Gallup Survey of FDIC's Law, Regulations and Related Acts Loose-leaf
Over the next several weeks, the FDIC will sponsor a survey of our Law, Regulations, and
Related Acts loose-leaf service. Commonly referred to as the FDIC's "Rules and
Regs," the three-volume compendium contains laws, regulations and other material
related to the banking industry. All insured institutions receive a free subscription to
the loose-leaf service, with six updates per year.
19, 1999 - FDIC Announces the Availability of the Year 2000 Customer Brochure in
Chinese and Korean and the Year 2000 Customer "Statement Stuffer" in Spanish
The FDIC's brochure The Year 2000 Date Change is now available in Chinese and Korean. The
English version of this brochure, which describes the efforts of financial institutions
and the Federal Financial Institutions Examination Council to address the Year 2000
computer problem, was distributed to all insured financial institutions in FIL-67-98,
dated June 26, 1998, and in Spanish in FIL-89-98, dated August 19, 1998.
16, 1999 - Personal Attention Sets Small Banks Apart
ST. LOUIS, Mo. Small banks (those with assets less than $100 million) have been
less successful than midsized banks
in reducing overhead and generating non-traditional sources of revenue in the 1990s.
Nevertheless, consumer demand for
personal attention should allow small banks to remain competitive in the next century.
August 12, 1999 -
OTS Releases July National CRA Ratings - The Office of Thrift Supervision (OTS) today
released savings associations' Community Reinvestment Act (CRA) performance evaluation
ratings that became available in July 1999.
11, 1999 - The Federal Reserve Board today announced the execution of a Written Agreement
by and between Belmont Bancorp, Bridgeport, Ohio, and the Federal Reserve Bank of
August 9, 1999
- The Financial Management Service of the Department of the Treasury (Treasury) published
the attached notice in the Federal Register on July 16, 1999. The notice describes the
required attributes and optional features of the Electronic Transfer Account (ETA ). In
addition, as an appendix to the notice, Treasury published the ETA Financial Agency
Agreement (FAA) that Treasury will enter into with financial institutions that offer ETAs
6, 1999 - OTS Releases June Enforcement Statistics
WASHINGTON, D.C., August 6, 1999 -- The Office of Thrift Supervision (OTS) reported
today that it completed one enforcement action in June 1999.
August 5, 1999 - FDIC ISSUES
JULY LIST OF BANKS EXAMINED FOR CRA COMPLIANCE
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
became available in July 1999.
August 4, 1999 -
The Federal Reserve Board today published proposed revisions to Regulation B, which
implements the Equal Credit Opportunity Act. Comment is requested by November 10,
August 2, 1999
- Regulators Report That 99% of All Federally Insured Financial Institutions are Prepared
for the Year 2000
WASHINGTON, D.C. - Federal bank, thrift, and credit union regulatorsannounced today that
99% of federally insured financial institutions have completed testing of critical systems
for Year 2000 readiness. In their announcement, the Board of Governors of the Federal
Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union
Administration, the Office of the Comptroller of the Currency, and the Office of Thrift
Supervision noted that most financial
institutions are already using Year 2000 ready systems on a daily basis without problems.