Bank Regulatory News
August 2000

August 31, 2000 - OCC ANNOUNCES 14 NEW ENFORCEMENT ACTIONS
WASHINGTON, DC --The Office of the Comptroller of the Currency (OCC) today announced 14 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.

August 31, 2000 - OTS To Give Thrifts Free HMDA Report Software
The Office of Thrift Supervision (OTS) announced today it will join the other federal bank regulators in providing free software to help institutions file their annual Home Mortgage Disclosure Act (HMDA) report.

August 30, 2000 - Banks Urged to Remain Vigilant to Risks Stemming From Arrangements with Third Parties
WASHINGTON -- The Office of the Comptroller of the Currency (OCC) today reminded national bank boards and management that they retain fiduciary responsibility for risks and activities they engage in with third parties such as vendors, agents, dealers, brokers, and marketers.

August 30, 2000 - Specially Designated Nationals and Blocked Persons
On August 18, 2000, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) amended its listing of specially designated nationals and blocked persons to remove some names of significant foreign narcotics traffickers and add others.

August 30, 2000 - Proposed Rule on Consumer Protections for Bank Sales of Insurance
The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision (the agencies) have jointly proposed the attached consumer protection regulation concerning retail sales practices of insurance products by a depository institution. The proposed rule would implement Section 305 of the Gramm-Leach-Bliley Act. Comments on the proposal are due by October 5, 2000.

August 30, 2000 - OTS Releases June and July Enforcement Statistics
The Office of Thrift Supervision (OTS) reported today that it completed eight enforcement actions during the months of June and July 2000.

August 29, 2000 - This advisory alerts national bank management and boards of directors to potential credit risks arising from arrangements with third parties (vendors, agents, dealers, brokers, marketers, etc.) and emphasizes the importance of thorough due diligence and control over such risks.

August 29, 2000 - Final Rule on the Treatment of Securitizations and Participations Following the FDIC's Appointment as Conservator or Receiver
The Federal Deposit Insurance Corporation (FDIC) Board of Directors has adopted the attached final rule on the FDIC's treatment of financial assets that are transferred by an insured depository institution in connection with a securitization or a participation following the FDIC's appointment as conservator or receiver. The rule responds to certain legal and accounting issues affecting asset-backed securitizations and participations entered into by insured depository institutions.

August 28, 2000 - The Federal Deposit Insurance Corporation (FDIC) today announced the release of a comprehensive
annotated bibliography on deposit insurance works covering the period 1989 to 1999. The publication is intended as a reference tool for researchers, policymakers and practitioners.

August 28, 2000 - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in July. No administrative hearings are scheduled for September.

August 25, 2000 - Federally insured credit unions posted significant loan growth in the first six months of 2000 while savings growth slowed somewhat according to call report data submitted by the nation’s 10,479 credit unions for June 30, 2000.

August 21, 2000 - OCC RELEASES CRA EVALUATIONS FOR 20 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.

August 21, 2000 - AGENCIES PROPOSE CONSUMER PROTECTION RULES FOR INSURANCE
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of Thrift Supervision jointly announced today proposed consumer protection rules for the sale of insurance products by depository institutions. The proposed rule published in today's Federal Register implements section 305 of the recently enacted Gramm-Leach-Bliley Act.  Comments are due October 5.  FDIC OCC OTS

August 23, 2000 - The Federal Reserve Board today announced the issuance of a Written Agreement by and among Banco Union, S.A.C.A., Caracas, Venezuela; Banco Union, S.A.C.A., Miami Agency, Miami, Florida; Banco Union, S.A.C.A., New York Agency, New York, New York; the Federal Reserve Bank of Atlanta; the Federal Reserve Bank of New York; the New York State Banking Department; and the State of Florida, Department of Banking and Finance.

August 17, 2000 - On July 28, 2000, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register an interim rule that amended the exemption provisions for filing currency transaction reports contained in the Bank Secrecy Act regulation [31 CFR 103.22(d)].   Attachment 

August 16, 2000 - FRB legal opinion - Proposal by The Chase Manhattan Bank (CMB) to acquire indirectly less than 100 percent, but more than 50 percent, of the voting shares of a company (Company) that would engage in activities permissible for CMB under New York state and Federal law.

August 15, 2000 - New Rules For Currency Transaction Reporting Exemptions
On July 28, 2000, the Financial Crimes Enforcement Network (FinCEN) published the attached interim rule in the Federal Register amending the Currency Transaction Report (CTR) exemption regulation at 31 CFR Section 103.22(d). Provisions of the interim rule took effect on July 31, 2000. Comments on the interim rule must be received at FinCEN by September 26, 2000.

August 15, 2000 - The Federal Reserve Board today issued guidance outlining the purpose and scope of its supervision of financial holding companies authorized to engage in a diversified range of financial activities.

August 15, 2000 - OTS Approves Triple-Step Transaction of Thrift and its Holding Company
WASHINGTON, D.C., Aug. 15, 2000 – In a triple-step charter transaction approved by the Office of Thrift Supervision (OTS), Harris Savings Bank, Harrisburg, Pa., will convert from a state to a federal thrift institution while its parent company, Harris Financial, Inc., will execute a second-step conversion to a Pennsylvania stock holding company and simultaneously acquire York Federal Savings and Loan Association, York, Pa. The new company will be called Waypoint Financial Corp., and the merged thrift will be called Waypoint Bank.

August 14, 2000 - Northwestern Mutual Approved To Set Up A Federal Savings Bank
WASHINGTON, D.C., Aug. 14, 2000 – The Northwestern Mutual Insurance Company has received approval from the Office of Thrift Supervision (OTS) to organize a new federal savings bank in Milwaukee, Northwestern Mutual Trust Company, to offer trust services and products.

August 11, 2000 - The Federal Reserve Board today announced the execution of a Written Agreement by and among Unity Bancorp, Inc., Clinton, New Jersey, the Federal Reserve Bank of New York, and the Commissioner of Banking and Insurance of the State of New Jersey.

August 11, 2000 - The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on small business, small farm, and community development lending reported by commercial banks and savings associations (including savings banks and savings and loan associations) under the Community Reinvestment Act regulations.

August 9, 2000 - The Federal Deposit Insurance Corporation (FDIC) today announced that it was seeking public comment on a range of issues in deposit insurance as a step toward reforming the system.

August 8, 2000 - The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data about 1999 mortgage lending activity in metropolitan statistical areas (MSAs) and rural areas throughout the nation and also released nationwide summary statistics regarding lending patterns.

August 7, 2000  - The National Credit Union Administration Board announced today that it has issued Orders of Prohibition and Restitution against a former credit union manager.

August 7, 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 May 2000.

August 4, 2000 - OTS Proposes Changes To Thrift Call Report
WASHINGTON, D.C., Aug. 4, 2000 – The Federal Register today published a proposal of the Office of Thrift Supervision (OTS) to amend the quarterly Thrift Financial Report (TFR) to collect data from OTS-regulated thrift institutions on high loan-to-value and subprime loans, trust operations and holding companies to strengthen its supervisory capability.

August 2, 2000 - The Federal Reserve Board today announced a new education resource designed to help consumers learn more about vehicle leasing.

August 2, 2000 - OCC ANNOUNCES 13 NEW ENFORCEMENT ACTIONS
WASHINGTON, DC --The Office of the Comptroller of the Currency (OCC) today announced 13 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.

August 1, 2000 - OCC RELEASES CRA EVALUATIONS FOR 14 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 June 15 through July 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.