R. Kinney Williams - Yennik, Inc.®
R. Kinney Williams
Yennik, Inc.

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Bank Regulatory News
December 2001


December 31, 2001 - NCUA - Legal Opinion Letter 01-1076 -- Re: Second Mortgage Insurance Product www.ncua.gov/ref/opinion_letters/01-1076.html 

December 31, 2001 - NCUA - Semiannual Regulatory Agenda for October 2001 www.ncua.gov/news/proposed_regs/SARegAgendaOct2001.pdf 

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December 28, 2001 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and among the First State Bank of Warner, Warner, South Dakota, the Federal Reserve Bank of Minneapolis, and the State of South Dakota Division of Banking.
www.federalreserve.gov/boarddocs/press/Enforcement/2001/20011228/default.htm

December 28, 2001 - The Federal Reserve Board on Friday released the minutes of its discount rate meetings from October 15 to November 6, 2001.
www.federalreserve.gov/boarddocs/press/General/2001/20011228/default.htm

December 28, 2001 - Consideration of a New Factor in Bank Merger Act Transactions - "Anti-Money Laundering Record" - Beginning January 1, 2002, the Federal Deposit Insurance Corporation (FDIC), in evaluating and acting on applications filed under section 18 (c) of the Federal Deposit Insurance Act (commonly known as the Bank Merger Act), will expressly consider the anti-money laundering record of each involved insured depository institution in determining the appropriateness of granting consent to the proposed transaction. The addition of this new evaluation factor is required by the USA PATRIOT Act (Pub. L. No. 107-56), signed into law on October 26, 2001.
www.fdic.gov/news/news/financial/2001/fil01109.html

December 28, 2001 -  Interim Guidance Concerning Correspondent Accounts Established or Maintained for Certain Foreign Banking Institutions - On October 26, 2001, the President signed into law the USA PATRIOT Act (the Act). Title III of the Act makes a number of amendments to the anti-money laundering provisions of the Bank Secrecy Act.
www.fdic.gov/news/news/financial/2001/fil01110.html

December 27, 2001 - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies.  Following is a list of those companies whose elections to become or be treated as financial holding companies are effective.  The list includes only the top-tier holding company in each organization.
www.federalreserve.gov/generalinfo/fhc/default.htm

December 27, 2001 - FDIC Makes Public November Enforcement Actions; No Administrative Hearings Scheduled - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in November.
www.fdic.gov/news/news/press/2001/pr9501.html

December 27, 2001 -
OTS Announces 14 November CRA Ratings - The Office of Thrift Supervision today announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in November 2001.
www.ots.treas.gov/docs/77188.html

December 27, 2001 – NCUA - Soldiers’ and Sailors’ Civil Relief Act of 1940 - To assist in the fight against terrorism, President Bush recently authorized the callup of large numbers of military service reservists.
www.ncua.gov/ref/reg_alerts/01-RA-14.pdf

December 26, 2001 - Decker And McNally Elected To San Francisco Fed - Member banks in the Twelfth Federal Reserve District have elected Bay Area banker, Richard W. Decker, Jr., and Sacramento-based labor leader, Jack McNally, to the board of directors of the Federal Reserve Bank of San Francisco for three-year terms beginning January 1, 2002.
www.frbsf.org/news/releases/2001/011226.html


December 26, 2001 - The Federal Reserve Board today announced its approval of the notice by The Annapolis Banking and Trust Company, Annapolis, to operate a mobile branch in Annapolis and Anne Arundel County, all in Maryland.
www.federalreserve.gov/boarddocs/press/BHC/2001/20011226/default.htm

December 26, 2001 - FRB Quarterly Examination Schedule First Quarter 2002
www.federalreserve.gov/DCCA/CRA/Exam2002q1.htm
 

December 21, 2001 - The Federal Reserve Board today announced its approval of the application by Independence Bancshares, Inc., Independence, Iowa, to acquire all the voting shares of Fairbank Bancshares Corporation, and thereby acquire Fairbank Bancshares' subsidiary bank, Fairbank State Bank, both of Fairbank, Iowa.
www.federalreserve.gov/boarddocs/press/BHC/2001/20011221/default.htm

December 21, 2001 - Proposed Check Truncation Act - The Federal Reserve Board has proposed that Congress enact a law that would facilitate check truncation.
www.federalreserve.gov/PaymentSystems/truncation/default.htm

December 21, 2001 - Bacino appointment ends with Congressional adjournment - With the adjournment of the first session of the 107th Congress December 20, 2001, the recess appointment of Geoff Bacino to the NCUA Board comes to an end.
www.ncua.gov/news/press_releases/pr122101.html

December 20, 2001 - FDIC Holds Line In 2002 Budget - The Board of Directors of the Federal Deposit Insurance Corporation today approved a 2002 budget of $1.1 billion, which is virtually the same level it approved for 2001.
www.fdic.gov/news/news/press/2001/pr9401.html

December 20, 2001 - Frequently Asked Questions for the Privacy Regulation- The Federal Deposit Insurance Corporation is issuing the attached staff guidance to help financial institutions comply with Part 332 of the FDIC Rules and Regulations, "Privacy of Consumer Financial Information."
www.fdic.gov/news/news/financial/2001/fil01106.html

December 20, 2001 - Delays in Mail Delivery to FDIC Addressees in Washington, DC - Since October 22, 2001, mail service provided by the United States Postal Service  to Federal Deposit Insurance Corporation  addressees in Washington, DC, has been disrupted, causing delays in mail delivery to the FDIC.
www.fdic.gov/news/news/financial/2001/fil01107.html

December 20, 2001 -
Federal Reserve Announces Oklahoma City Branch Board Appointment - Robert R. Gilbert, III, president, chief operating officer and director of The F&M Bank & Trust Company, Tulsa, has been appointed to the board of directors of the Oklahoma City Branch of the Federal Reserve Bank of Kansas City.
www.kc.frb.org/pubaffrs/pressrel/DirectorsOKC12-01.htm

December 20, 2001 -  Gilleran Announces Revised Lending Rule To Enhance Thrift Flexibility - Office of Thrift Supervision Director James E. Gilleran today announced that OTS changed its lending and investment regulations to allow federal savings associations greater flexibility to provide low-cost credit to their customers and to invest in their communities while still operating safely and soundly.
www.ots.treas.gov/docs/77187.html

December 20, 2001 - The Federal Reserve Board announced today the approval of the application of Caixa de Aforros de Vigo, Ourense e Pontevedra, Vigo, Spain, to establish an agency in Miami, Florida.
www.federalreserve.gov/boarddocs/press/BHC/2001/20011220/default.htm

December 20, 2001 - The Federal Reserve Board today announced its approval of the proposal by Wells Fargo & Company, San Francisco, California, to acquire Texas Financial Bancorporation, Inc., Minneapolis, Minnesota, and certain subsidiaries, and to acquire certain subsidiaries of Marquette Bancshares, Inc., Minneapolis, Minnesota, including Marquette Bank, N.A., Rogers, Minnesota.
www.federalreserve.gov/boarddocs/press/BHC/2001/200112202/default.htm

December 19, 2001 - The Federal Reserve Board on Wednesday announced that the asset-size exemption threshold for depository institutions under Regulation C (Home Mortgage Disclosure) has been increased from $31 million to $32 million.
www.federalreserve.gov/boarddocs/press/BoardActs/2001/20011219/default.htm

December 17, 2001 - The Federal Reserve Board today announced its approval of the proposal of SunTrust Bank, Atlanta, Georgia, to acquire the Florida operations of The Huntington National Bank, Columbus, Ohio, and to establish branches at the Florida locations of Huntington.
www.federalreserve.gov/boarddocs/press/BHC/2001/20011217/default.htm

December 17, 2001 - The September 30, 2001 Uniform Bank Performance Report  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.
www.ffiec.gov/press/pr121401.htm  

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December 14, 2001 - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies.
www.federalreserve.gov/generalinfo/fhc/default.htm

December 14, 2001 - Reports of Condition and Income (Call Report) for Fourth Quarter - The enclosed materials pertain to the Reports of Condition and Income (Call Report) for the December 31, 2001, report date.
www.fdic.gov/news/news/financial/2001/fil01104.html

December 14, 2001 - The Office of the Comptroller of the Currency today announced 6 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 2 terminations of existing enforcement actions.
http://www.occ.treas.gov/ftp/release/2001-103.txt

December 14, 2001 -  OCC Releases CRA Evaluations For 19 National Banks - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act performance evaluations that became public during the period of November 15 through December 14, 2001.
www.occ.treas.gov/ftp/release/2001-104.PDF

December 13, 2001 -The Federal Reserve Board on Thursday approved actions by the Boards of Directors of the Federal Reserve Banks of Cleveland, Richmond, Atlanta, Minneapolis, Kansas City, and Dallas, decreasing the discount rate at the banks from 1-1/2 percent to 1-1/4 percent, effective immediately.
www.federalreserve.gov/boarddocs/press/BoardActs/2001/20011213/default.htm

December 13, 2001 - Minutes of the Federal Open Market Committee - A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, November 6, 2001, at 9:00 a.m.
www.federalreserve.gov/fomc/minutes/20011106.htm

December 13, 2001 - The Office of the Comptroller of the Currency issued new guidance this week to help examiners and banks understand and manage the risks associated with the merchant processing business.
Press Release - www.occ.treas.gov/ftp/release/2001-102.txt
Attachment - http://www.occ.treas.gov/handbook/merchproc.pdf

December 12, 2001 - Final rule on amendment to Regulation Z (Truth in Lending) regarding the Home Ownership and Equity Protection Act (HOEPA) and predatory lending.
www.federalreserve.gov/boarddocs/press/BoardActs/2001/20011212/default.htm

December 12, 2001 - Privacy of Consumer Financial Information Description: Small Bank Compliance Guide - The OCC has prepared a "Small Bank Compliance Guide" to help community banks comply with the rule implementing the privacy provisions of the Gramm-Leach-Bliley Act.
www.occ.treas.gov/ftp/bulletin/2001-51.txt

Decmber 12, 2001 - Edward W. Kelley, Jr., submitted his resignation Wednesday as a member of the Board of Governors of the Federal Reserve System, effective December 31, 2001
www.federalreserve.gov/boarddocs/press/General/2001/20011212/default.htm

December 12, 2001 - Proposals for Comment - Revisions to staff commentary on Regulation Z (Truth in Lending) regarding consumer credit disclosures
www.federalreserve.gov/generalinfo/foia/proposedregs.cfm

December 12, 2001 - Regulators Propose Common Form for Charter and Federal Deposit Insurance Applications - To promote consistency and reduce regulatory burden, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the Federal Deposit Insurance Corporation have proposed a uniform charter and federal deposit insurance application form.
www.fdic.gov/news/news/press/2001/pr9201.html

December 12, 2001 -Guidance on Financial Privacy - Staff of the federal agencies that supervise banks, thrifts, and credit unions today issued guidance to help financial institutions comply with these agencies' consumer privacy regulations.
www.fdic.gov/news/news/press/2001/pr9301.html

December 12, 2001 - Regulators Propose Common Form for Charter and Federal Deposit Insurance Applications - To promote consistency and reduce regulatory burden, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the Federal Deposit Insurance Corporation have proposed a uniform charter and federal deposit insurance application form.
www.occ.treas.gov/ftp/release/2001-100.txt

December 11, 2001 - The Federal Open Market Committee decided today to lower its target for the federal funds rate by 25 basis points to 1-3/4 percent. In a related action, the Board of Governors approved a 25 basis point reduction in the discount rate to 1-1/4 percent.
www.federalreserve.gov/boarddocs/press/general/2001/20011211/default.htm

December 11, 2002 - Communicating with the Federal Reserve Board - Because paper mail in the Washington area and at the Board of Governors is subject to delay, please consider using these options when communicating with us:
www.federalreserve.gov/contactus/communicating.htm 

December 11, 2001 - The Federal Reserve Board on Tuesday announced that it has revised its Policy Statement on Payments System Risk (PSR policy).
www.federalreserve.gov/boarddocs/press/boardacts/2001/20011211/default.htm

December 11, 2001 - Michael J. Zamorski Named FDIC Director Of Division Of Supervision - FDIC Chairman Donald E. Powell announced today that veteran FDIC official Michael J. Zamorski has been named Director of the Division of Supervision.
www.fdic.gov/news/news/press/2001/pr9101.html

December 11, 2001 - Specially Designated Nationals and Blocked Persons - On December 3, 2001, President George W. Bush issued an Executive Order designating two entities as "Persons Who Threaten International Stabilization Efforts in the Western Balkans."
www.fdic.gov/news/news/financial/2001/fil01103.html

December 11, 2001 -Community Reinvestment Act Sunshine Regulation -  The Gramm-Leach-Bliley Act (GLBA) imposes disclosure and reporting requirements on national banks and other insured depository institutions with respect to certain agreements related to the Community Reinvestment Act.
www.occ.treas.gov/ftp/bulletin/2001-50.txt

December 11, 2001 - NCUA - October 2001 Regional Director’s Actions Taken Under Delegation of Authority 
www.ncua.gov/ref/delegated/del1001.pdf

December 11, 2001 - NCUA - Update on JoAnn Johnson Nomination to NCUA Board
www.ncua.gov/news/legislation/107-JohnsonNomination.htm

December 11, 2001 - The Federal Reserve Board on Tuesday announced that five documents that have regularly been reprinted in the Federal Reserve Bulletin will not appear in the Bulletin after the December 2001 issue.
www.federalreserve.gov/boarddocs/press/General/2001/200112112/default.htm

December 10, 2001 -FDIC Reports Third Quarter 2001 Financial Results For Bank And Thrift Insurance Funds - The Federal Deposit Insurance Corporation today announced that the Bank Insurance Fund (BIF) reported comprehensive income (net income plus current period unrealized gains/losses on available-for-sale securities) of $859 million for the first nine months of 2001, compared to $1.1 billion for the same period last year.
www.fdic.gov/news/news/press/2001/pr8801.html

December 10, 2001 - U.S. Banks Generally Well Positioned Entering Recession, According To FDIC Report - Despite the continuing contraction in the U.S. economy, FDIC-insured institutions remain in generally strong financial shape and will continue to provide credit to finance economic recovery.
www.fdic.gov/news/news/press/2001/pr8901.html

December 10, 2001 - FDIC, OTS Announce Agreement With Holding Companies Of Superior Bank - The Federal Deposit Insurance Corporation and the Office of Thrift Supervision announced today that they have reached a resolution with the holding companies of Superior Bank, FSB, Hinsdale, Illinois on all matters arising out of the operation and failure of Superior Bank.  www.fdic.gov/news/news/press/2001/pr9001.html
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December 7, 2001 - The Federal Reserve Board on Friday published proposed revisions to the official staff commentary that applies and interprets the requirements of Regulation Z, which implements the Truth in Lending Act.
www.federalreserve.gov/boarddocs/press/BoardActs/2001/20011207/default.htm

December 7, 2001 - Susan Schmidt Bies and Mark W. Olson on Friday took the oath of office as members of the Board of Governors of the Federal Reserve System. The oath was administered by Chairman Alan Greenspan in the Chairman's office.
www.federalreserve.gov/boarddocs/press/General/2001/20011207/default.htm 

December 7, 2001 - OCC Reports Derivatives Volume Increases to $51.3 Trillion - Derivatives held by U.S. commercial banks increased by $3.5 trillion in the third quarter of 2001, to $51.3 trillion, the Office of the Comptroller of the Currency reported today in its quarterly Bank Derivatives Report.
Press Release - www.occ.treas.gov/ftp/release/2001-99.txt
Attachment - www.occ.treas.gov/ftp/deriv/dq301.pdf

December 7, 2001 - Financial Sector Structure Affects Economic Growth -
Countries with mature financial markets show higher industrial output growth, according to Chicago Fed economist Nicola Cetorelli writing in the latest issue of the Chicago Fed Letter.
www.chicagofed.org/newsandevents/pressreleases/2001/pr12072001.cfm
 

December 6, 2001 - A preliminary test of mail delivered to a secure, closed mail-handling facility outside the main Federal Reserve Board building tested positive for anthrax exposure late Thursday afternoon.
www.federalreserve.gov/boarddocs/press/General/2001/20011206/default.htm

December 6, 2001 - Risk-Based Capital-Recourse, Direct Credit Substitutes and Residual Interests - This bulletin transmits the final rule on Recourse,  Direct Credit Substitutes and Residual Interests in Asset Securitizations that was published in the Federal
Register on November 29.
www.occ.treas.gov/ftp/bulletin/2001-49.txt

December 6, 2001 - Thrift Industry 3rd Quarter Earnings Set Record - Thrift industry earnings rose by $100 million in the third quarter to a record $2.6 billion, the Office of Thrift Supervision reported today. Earnings for the year through the quarter total $7.3 billion and are on pace to break the record earnings of $8.2 billion set in 1999.
www.ots.treas.gov/docs/77182.html

December 6, 2001 - James E. Gilleran Sworn in as OTS Director - James E. Gilleran was sworn in today as the Director of the Office of Thrift Supervision (OTS), the federal agency that oversees the regulation and examination of savings associations.
www.ots.treas.gov/docs/77183.html 

December 4, 2001 - Popular FOIA documents are those that have been the subject of previous requests and appear to be of broad public interest.
www.occ.treas.gov/foia/foiadocs.htm

December 4, 2001 - The Federal Reserve Board today announced its approval of the application of BNP Paribas, Paris, France ("BNPP"), to acquire 55 percent of the voting shares of BancWest Corporation, Honolulu, Hawaii ("BancWest"), which owns Bank of the West, San Francisco, California, and First Hawaiian Bank, Honolulu, Hawaii.
www.federalreserve.gov/boarddocs/press/BHC/2001/20011204/default.htm

December 4, 2001 - FDIC Publishes Semiannual Agenda Of Regulations - The Federal Deposit Insurance Corporation 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.
www.fdic.gov/news/news/press/2001/pr8501.html

December 4, 2001 - FDIC Issues December List Of Banks Examined For CRA - The Federal Deposit Insurance Corporation (FDIC) today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act The list covers evaluation ratings that the FDIC assigned to institutions in September 2001.
www.fdic.gov/news/news/press/2001/pr8601.html

December 4, 2001 - FDIC Makes Public October Enforcement Actions;
No Administrative Hearings Scheduled - The Federal Deposit Insurance Corporation  today released a list of orders of administrative enforcement actions taken against banks and individuals in October. No administrative hearings are scheduled for December.
http://www.fdic.gov/news/news/press/2001/pr8701.html

December 4, 2001 - Guidance on Requests for Information Related to Terrorist Activity - Since the September 11, 2001, tragedy, financial institutions have received several "Special Alerts" regarding terrorist activity. Banking organizations were provided with names on the Federal Bureau of Investigation's suspected terrorist list as well as new names added to the Department of the Treasury's Office of Foreign Assets Control Specially Designated Nationals and Blocked Persons list.
www.fdic.gov/news/news/financial/2001/fil01102.html

December 3, 2001 – NCUA - Bacino Places Repeal of Community Action Plan on December Agenda - NCUA Board member Geoff Bacino has proposed the repeal of the regulation known as the Community Action Plan.
www.ncua.gov/news/press_releases/nr120301.html

December 3, 2001 – NCUA - Legal Opinion Letter 01-1023 -- Re: Member Business Loan Participations
www.ncua.gov/ref/opinion_letters/01-1023.html

December 3, 2001 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among the Bank of Little Rock, Little Rock, Arkansas, the Federal Reserve Bank of St. Louis, and the Arkansas State Bank Department.
www.federalreserve.gov/boarddocs/press/Enforcement/2001/20011203/default.htm
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December 1, 2001 - Notice of Comptroller of the Currency Fees for year 2002: Year 2002 Fee Structure
www.occ.treas.gov/ftp/bulletin/2001-48.pdf

 

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