Bank Regulatory News
December 2003
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December 31, 2003 - Steps to
Help Rebuild Areas in California Affected by Major Earthquakes - The
Federal Deposit Insurance Corporation has announced steps to
facilitate the rebuilding process in areas of California damaged by
recent earthquakes. www.fdic.gov/news/news/financial/2003/fil03100.html
December 31, 2003 - Country Exposure Statistical Release
Country Exposure Information Report
Release by country: www.ffiec.gov/PDF/E16/E16_200309.pdf
Release by banks: www.ffiec.gov/PDF/E16/009a_200309.pdf
December 31, 2003 - FDIC Makes Public November 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 November. No administrative hearings are scheduled
for January. www.fdic.gov/news/news/press/2003/pr13203.html
December30, 2003 - Proposals
for Comment - Privacy Act of 1974
-
Amendment of three systems of records: Payroll and Leave,
Biographical File of Reserve Bank Officers, and Federal Reserve
System Bank Supervision Staff Qualifications.
http://www.federalreserve.gov/boarddocs/press/foiadocs/2003/20031218/default.pdf
December 30, 2003 - FDIC
Issues Removal And Prohibition Order And Civil Money Penalty Against
Former Indiana Banker - The
Federal Deposit Insurance Corporation issued a removal and
prohibition order and imposed a $5,000 civil money penalty against
Kenneth Keith Fox. The FDIC’s action is based on allegations
that Fox, as chief lending officer, withheld and misrepresented
information to the bank’s loan committee. www.fdic.gov/news/news/press/2003/pr13103.html
December 29, 2003 - Release Dates For The Federal Reserve Bank Of
Kansas City's Monthly Manufacturing Survey - The Federal Reserve
Bank of Kansas City announces the 2004 release dates for its survey
covering manufacturing activity in the Tenth Federal Reserve
District. www.kc.frb.org/pubaffrs/pressrel/pr03-32.htm
December 29, 2003 - Framework
for Assessing Consumer Compliance Risk at Bank Holding Companies
- Changes in the banking and financial services industry have
highlighted the importance of incorporating an assessment of
consumer compliance risk in the evaluation of a banking
organization's overall risk profile. To address these changes, the
Federal Reserve is enhancing its bank holding company supervision
program to ensure that examiners are focusing appropriately on
consumer compliance risk-related matters across the broad range of a
bank holding company's activities. www.federalreserve.gov/boarddocs/srletters/2003/sr0322.htm
December 29, 2003 - California
banker and Idaho consultant are re-elected to San Francisco
Federal Reserve Bank Board - Member banks in the Twelfth
Federal Reserve District have re-elected California banker Richard
Hartnack and consultant Barbara Wilson to the board of directors of
the Federal Reserve Bank of San Francisco for three-year terms
beginning January 1, 2004. http://www.frbsf.org/news/releases/2003/1229.html
December 29, 2003 - Working
Papers - International Finance Discussion Papers
2003-785 through 2003-790 www.federalreserve.gov/pubs/ifdp/2003/
________________
December 24, 2003 - NCUA - Opinion Letter - 03-0947 - Insurance Coverage for Revocable Trust
Account www.ncua.gov/ref/opinion_letters/2003_letters/03-0947.htm
December 24, 2003 - Payment
Systems - The Payments System in Transition - As the U.S.
payments system relies increasingly on electronic payments, payments
system stakeholders face strategic opportunities and challenges in
developing new services and in providing for an efficient clearing
and settlement infrastructure. www.federalreserve.gov/events/conferences/paysymp/default.htm
December 24, 2003 -Recent Developments in Business Lending by
Commercial Banks - After growing rapidly during much of the 1990s,
the real value of commercial and industrial (C&I) loans at
domestic commercial banks and at U.S. branches and agencies of
foreign banks has fallen 19 percent since the beginning of 2001. www.federalreserve.gov/pubs/bulletin/2003/1203lead.pdf
December 24, 2003 - The Federal Reserve Board on Wednesday announced
the execution of a Written Agreement by and among Combanc, Delphos,
Ohio; The Commercial Bank, Delphos, Ohio; the Ohio Division of
Financial Institutions, Columbus, Ohio; and the Federal Reserve Bank
of Cleveland. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20031224/default.htm
December 23, 2003 - Small Re-Elected, Yarnell Elected to St. Louis
Fed Board - Bradley W. Small, president and chief executive officer
of The Farmers and Merchants National Bank in Nashville, Ill., has
been re-elected to a three-year term on the board of directors of
the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2003/12_22_03.htm
December 23, 2003 -Federal Regulators Seek Public Comment on Ways to
Improve Privacy Notices - Eight federal regulators today announced
an advance notice of proposed rulemaking
requesting public comment on ways to improve the privacy
notices financial institutions provide to consumers under the
Gramm-Leach-Bliley Act .
Press Release: www.fdic.gov/news/news/press/2003/pr13003.html
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2003/20031223/default.htm
Press Release: www.ncua.gov/news/press_releases/2003/JR03-1223.pdf
Press Release: www.ots.treas.gov/docs/77340.html
Press Release: www.occ.treas.gov/ftp/release/2003-104.htm
Attachment: www.occ.treas.gov/ftp/release/2003-104a.pdf
Attachment: www.occ.treas.gov/ftp/release/2003-104b.pdf
Attachment: www.occ.treas.gov/ftp/release/2003-104c.pdf
Attachment: www.occ.treas.gov/ftp/release/2003-104d.pdf
Attachment: www.occ.treas.gov/ftp/release/2003-104e.pdf
December 22, 2003 - The Federal Reserve Board on Monday approved a
proposed rule to amend Regulation CC and its commentary to implement
the Check Clearing for the 21st Century Act (Check 21 Act). The
Check 21 Act was enacted on October 28, 2003, and becomes effective
on October 28, 2004. www.federalreserve.gov/boarddocs/press/bcreg/2003/20031222/default.htm
December 22, 2003 - The Federal Reserve Board on Monday announced
that public meetings will be held in Boston, Massachusetts, and San
Francisco, California, on the proposal by Bank of America
Corporation, Charlotte, North Carolina, to merge with FleetBoston
Financial Corporation, Boston, Massachusetts. www.federalreserve.gov/boarddocs/press/orders/2003/20031222/default.htm
December 22, 2003 - Bank
Enterprise Awards Application Period for 2003 - Qualified Activities
Closes February 25, 2004 - The Community Development Financial
Institutions Fund will award $8 million in financial incentives in
2004 through its Bank Enterprise Award Program to certain eligible
FDIC-insured institutions that apply for consideration. www.fdic.gov/news/news/financial/2003/fil0398.html
December 22, 2003 - Structure
and Share Data for U.S. Offices of Foreign Banks - Structure
and share data are collected as of the end of the month for March,
June, September, and December and generally are released four months
after the as-of month. www.federalreserve.gov/Releases/Iba/default.htm
December 22, 2003 - The
GSE Implicit Subsidy and Value of Government Ambiguity - The
housing-related government-sponsored enterprises Fannie Mae and
Freddie Mac have an ambiguous relationship with the federal
government. Most purchasers of the GSEs' debt securities believe
that this debt is implicitly backed by the U.S. government despite
the lack of a legal basis for such a belief. In this paper, I
estimate how much GSE shareholders gain from this ambiguous
government relationship. www.federalreserve.gov/pubs/feds/2003/200364/200364abs.html
December 22, 2003 - OSFI and Federal Reserve Board Announce
Agreement with CIBC - The Office of the Superintendent of Financial
Institutions Canada and
the Board of Governors of the Federal Reserve System in the United
States today announced they have reached an agreement with the
Canadian Imperial Bank of Commerce The agreement is part of
coordinated actions between OSFI and U.S. regulatory and enforcement
authorities related to CIBC's involvement in certain structured
finance transactions with the Enron Corporation, Houston, Texas.
www.federalreserve.gov/boarddocs/press/Enforcement/2003/20031222/default.htm
December 18, 2003 - Burma
and Two Burmese Banks Are Considered "Primary Money Laundering
Concerns" - On November 18, 2003, the Department of the
Treasury announced the designation of Burma and two Burmese banks to
be of "primary money laundering concern" under Section 311 of the
USA PATRIOT Act. Treasury, acting through the Financial Crimes
Enforcement Network, is issuing a proposed rule to impose special
measures against Burma and the two Burmese financial institutions. www.fdic.gov/news/news/financial/2003/fil0397.html
____________
December 19, 2003 - The Federal Reserve Board on Friday announced
its approval of the notice filed pursuant to section 4 of the Bank
Holding Company Act by The Royal Bank of Scotland Group plc, The
Royal Bank of Scotland plc, RBSG International Holdings Ltd., all in
Edinburgh, Scotland, and Citizens Financial Group, Inc., Providence,
Rhode Island, to acquire all the voting shares of Thistle Group
Holdings, Co. and thereby indirectly acquire all the voting shares
of Roxborough-Manayunk Bank, both in Philadelphia, Pennsylvania. www.federalreserve.gov/boarddocs/press/orders/2003/20031219/default.htm
December 19, 2003 - NCUA - Share Insurance and Appendix - NCUA is
amending its share insurance rules to simplify and clarify them and
provide parity with the deposit insurance rules of the Federal
Deposit Insurance Corporation. www.ncua.gov/news/proposed_regs/Final745ShareInsurance.pdf
December 19, 2003 - NCUA - Interagency Proposal to Consider
Alternative Forms of Privacy Notices under the Gramm-Leach-Bliley
Act - The OCC, OTS, Board, FDIC, NCUA, FTC, CFTC, and SEC are
requesting comment on whether the Agencies should consider amending
the regulations that implement sections 502 and 503 of the
Gramm-Leach-Bliley Act to
allow or require financial institutions to provide alternative types
of privacy notices, such as a short privacy notice, that would be
easier for consumers to understand. www.ncua.gov/news/proposed_regs/Proposed12CFRPart716.pdf
December 19, 2003 - OCC Issues Final Rule on Federal Branches and
Agencies of Foreign Banks - The Office of the Comptroller of the
Currency today published a final rule to streamline and simplify
regulations that apply to federal branches and agencies of foreign
banks. The final rule reduces unnecessary regulatory burdens on
national banks engaging in international activities, consistent with
safety and soundness.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=TWCSVP5W.xml
Attachment: www.occ.treas.gov/fr/fedregister/OCCParts5%2028%20final%20rule.pdf
December 19, 2003 - Burma
and Two Burmese Banks Are Considered "Primary Money Laundering
Concerns" - The Department
of the Treasury has designated Burma and two Burmese banks to be of
primary money laundering concern and has issued proposed
countermeasures. www.fdic.gov/news/news/financial/2003/fil0397.html
December 19, 2003 - The Federal Reserve Board on Friday published
its annual notice of the asset-size exemption threshold for
depository institutions under Regulation C (Home Mortgage
Disclosure). www.federalreserve.gov/boarddocs/press/bcreg/2003/20031219/default.htm
December 18, 2003 - The Federal Reserve Board on Thursday released
the minutes of its discount rate meetings from September 29 through
October 27, 2003. www.federalreserve.gov/BoardDocs/Press/monetary/2003/20031218/default.htm
December 18, 2003 - Electronic Filing Of Branch Applications - On
December 19, 2003, the FDIC will begin accepting online applications
for branch openings, branch relocations, and main office relocations
from FDIC-supervised institutions using the Electronic Branch
Application -
a new Internet-based application within the FDICconnect Business
Center. www.fdic.gov/news/news/financial/2003/fil0396.html
December 18, 2003 - NCUA - Change Proposed by Matz Would Protect
Members' Share Insurance in Mergers - Credit unions will soon
receive guidance on how to prevent members from losing share
insurance, thanks to language inserted into a final rule today by
National Credit Union Administration Board Member Debbie Matz.
www.ncua.gov/news/press_releases/2003/Stmt03-1218.htm
December 18, 2003 - Rules, Policies, and Procedures for Corporate
Activities; Bank Activities and Operations; and Real Estate Lending
and Appraisals - The final rule amends 12 CFR parts 3, 5, 6, 7, 9,
28, and 34 of its regulations.
The final rule will become effective on January 16, 2004.
Press Release: www.occ.treas.gov/ftp/bulletin/2003-47.txt
Attachment: www.occ.treas.gov/fr/fedregister/68fr70122.pdf
December 18, 2003 - Bank Secrecy Act/Anti-Money Laundering - The
Financial Crimes Enforcement Network has modified the Currency
Transaction Report, IRS Form 4789, to facilitate the recording of
the movement and exchange of foreign currency in excess of $10,000. www.occ.treas.gov/ftp/bulletin/2003-48.txt
December 18, 2003 - FDIC Issues Removal And Prohibition Order
Against Former Illinois Banker -
The Federal Deposit
Insurance Corporation in November issued a removal and prohibition
order against Moon Shik Shin. www.fdic.gov/news/news/press/2003/pr12903.html
December 18, 2003 - FDIC Issues Removal And Prohibition Order
Against A Former Louisiana Banker - The
Federal Deposit Insurance Corporation in October issued a removal
and prohibition order against James W. Thibodaux, Jr. www.fdic.gov/news/news/press/2003/pr12803.html
December 18, 2003 - FDIC Issues Removal And Prohibition Order And
Civil Money Penalty Against Former Kentucky Banker - The
Federal Deposit Insurance Corporation in November issued a removal
and prohibition order and imposed a $2,500 civil money penalty
against Barry S. Armstrong. www.fdic.gov/news/news/press/2003/pr12703.html
December 18, 2003 - The Federal Reserve Board on Thursday announced
the issuance of several enforcement actions involving Credit
Lyonnais, S.A., a large French bank with several U.S. offices. The
actions relate primarily to Credit Lyonnais's participation in the
rehabilitation of the Executive Life Insurance Co. of California,
which was declared insolvent in 1991.
www.federalreserve.gov/boarddocs/press/Enforcement/2003/20031218/default.htm
December 17, 2003 - NCUA - Opinion
Letter 03-0964 - Individual Taxpayer Identification and Matricula
Consular Numbers for Credit Reporting Purposes www.ncua.gov/ref/opinion_letters/2003_letters/03-0964.htm
December 17, 2003 - NCUA
Chairman Dennis Dollar Attends Bill Signing For American Dream
Downpayment Act of 2003; Says Many Americans Are A Significant Step
Closer To Realizing Their Dream Of Owning Their Home www.ncua.gov/news/press_releases/2003/Stmt03-1216.htm
December 17, 2003 - Letter
from Comptroller of the Currency John D. Hawke, Jr. to Senator Paul
S. Sarbanes explaining the OCC's position on preemption. www.occ.treas.gov/foia/SarbanesPreemptionletter.pdf
December 17, 2003 - OCC Issues Final Rule Allowing National Banks To
Make Organizational Changes More Efficiently - The Office of the
Comptroller of the Currency today published a final rule
implementing sections of the American Homeownership and Economic
Opportunity Act of 2000 that will enable national banks to make some
organizational changes more efficiently.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=G89CZHW.xml
Attachment: www.occ.treas.gov/ftp/release/2003-102a.pdf
December 17, 2003 - Minority Owned Banks as of September 30, 2003 www.federalreserve.gov/releases/mob/current/default.htm
December 16, 2003 - OCC Announces New Electronic Interpretations and
Actions - December 2003 Corporate Activites www.occ.treas.gov/interp/dec03/intdec03.htm
December 16, 2003 - Federal Reserve Statistical Release - E.2 Survey
Of Terms Of Business Lending, November 3-7, 2003 www.federalreserve.gov/Releases/E2/Current/default.htm
December 16, 2003 - OCC Releases CRA Evaluations For 40 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, 2003 through
December 14, 2003. www.occ.treas.gov/newsrelease.asp?Doc=HDQELDH4.xml
December 16, 2003 - OCC Announces 15 New Enforcement Actions and One
Termination - The Office of the Comptroller of the Currency today
announced 15 new enforcement actions taken against national banks
and individuals currently and formerly affiliated with national
banks and one termination of an existing enforcement action. www.occ.treas.gov/NewsRelease.asp?Doc=SIMIHHMZ.xml
December 16, 2003 - The Federal Reserve Board on Tuesday requested
comment on interim final rules and proposed rules to establish
effective dates for certain provisions of the Fair and Accurate
Transactions Act of 2003 including provisions that preempt state
laws that regulate areas governed by the Fair Credit Reporting Act. www.federalreserve.gov/boarddocs/press/bcreg/2003/20031216/default.htm
December 16, 2003 - Industrial
Production And Capacity Utilization - Statistical Release G.17 Industrial Production
www.federalreserve.gov/Releases/G17/Current/default.htm
December 15, 2003 - The Federal Reserve Board on Monday announced
its approval of the application and notice by Central Pacific
Financial Corp. to acquire CB Bancshares, Inc. and City Bank, all in
Honolulu, Hawaii. www.federalreserve.gov/boarddocs/press/orders/2003/20031215/default.htm
December 15, 2003 - Comptroller Hawke Restates U.S. Commitment to
Basel Capital Process But Warns that Many Complex and Difficult
Issues Must Still be Resolved - Comptroller of the Currency John D.
Hawke, Jr. said today that while the U.S. remains committed to
completing work on the Basel II capital accord by mid-2004, many
complex issues must still be worked out before the agreement can be
implemented.
Press Release: www.occ.treas.gov/NewsRelease.asp?Doc=DVWLJZB1.xml
Attachment: www.occ.treas.gov/ftp/release/2003-99a.pdf
________________
December 12, 2003 - FDIC Issues Removal And Prohibition Orders Against
Two Former Iowa Bankers - The Federal Deposit Insurance Corporation in October issued removal and
prohibition orders against Darin L. Thierer and Donn K. Thierer. www.fdic.gov/news/news/press/2003/pr12603.html
December 12, 2003 - FDIC Issues Removal And Prohibition Order And Civil
Money Penalty Against Former Georgia Banker - The Federal Deposit Insurance Corporation in October issued a removal
and prohibition order and imposed a $19,236.97 civil money penalty against
Carolyn N. Mills. www.fdic.gov/news/news/press/2003/pr12503.html
December 12, 2003 - FDIC Issues Removal And Prohibition Order Against
Former Missouri Banker - The
Federal Deposit Insurance Corporation in October issued a removal and
prohibition order against Sharon C. Miles. www.fdic.gov/news/news/press/2003/pr12403.html
December 12, 2003 - FDIC Issues Removal And Prohibition Order Against
Former Minnesota Banker - The
Federal Deposit Insurance Corporation in October issued a removal and
prohibition order against Keith G. Eitreim. www.fdic.gov/news/news/press/2003/pr12303.html
December 12, 2003 - FDIC Issues Removal And Prohibition Order Against
Former California Banker - The
Federal Deposit Insurance Corporation in September issued a removal and
prohibition order against Joyce R. Touchette. www.fdic.gov/news/news/press/2003/pr12203.html
December 12, 2003 - OCC Reports Derivatives Volume Tops $67 Trillion -
Derivatives held by U. S. commercial banks increased $1.3 trillion in the
third quarter, to $67.1 trillion, the Office of the Comptroller of the
Currency reported today in its quarterly Bank Derivatives Report.
Press Release: www.occ.treas.gov/NewsRelease.asp?Doc=XQ1BI3O1.xml
Attachment: www.occ.treas.gov/ftp/deriv/dq303.pdf
December 11, 2003 - NCUA - Matz Highlights New Ideas for the Future - NCUA
Board Member Encourages Credit Union Directors to Reach Out http://www.ncua.gov/news/press_releases/2003/NR03-1211.htm
December 11, 2003 - General Policies and Procedures Comptroller's Licensing Manual http://www.occ.treas.gov/corpbook/group1/public/pdf/gpp.pdf
December 11, 2003 - Subordinated Debt
- Comptroller's Licensing
Manual http://www.occ.treas.gov/corpbook/group3/public/pdf/subdebt.pdf
December 11, 2003 - Minutes of the
Federal Open Market Committee
October 28, 2003 www.federalreserve.gov/FOMC/MINUTES/20031028.htm
December 11, 2003 - Community Development Investments - Community
development investments are designed to create new
opportunities--primarily related to affordable housing, small businesses,
and jobs--that specifically benefit lower-income neighborhoods and
populations. www.federalreserve.gov/CommunityAffairs/cdi/default.htm
December 11, 2003 - Capitalism and the role of globalization - Chairman
Alan Greenspan Before the World Affairs Council of Greater
Dallas, Dallas, Texas www.federalreserve.gov/boarddocs/speeches/2003/20031211/default.htm
December 10, 2003 - Bank Secrecy Act/Anti-Money Laundering - Designation
of Burma as Primary Money Laundering Concern; Proposed Rules Imposing
Special Measures Against the Country of Burma and Myanmar Mayflower Bank
and Asia Wealth Bank Press Release: www.occ.treas.gov/ftp/bulletin/2003-46.txt
Attachment: www.occ.treas.gov/fr/fedregister/68FR66299.pdf
Attachment: www.occ.treas.gov/fr/fedregister/68FR66305.pdf
December 10, 2003 - Calculating and Using Second Order Accurate Solutions
of Discrete Time Dynamic Equilibrium Models - We describe an algorithm for calculating second order approximations to
the solutions to nonlinear stochastic rational expectations models. The
paper also explains methods for using such an approximate solution to
generate forecasts, simulated time paths for the model, and evaluations of
expected welfare differences across different versions of a model. http://www.federalreserve.gov/Pubs/FEDS/2003/200361/200361pap.pdf
December 10, 2003 - FRB - Asset
Prices and Rents in a GE Model with Imperfect This paper analyses the
general equilibrium effects on asset valuation and capital accumulation of
an exogenous drop in the rate of return required by investors in a model
of production with imperfectly competitive product markets. http://www.federalreserve.gov/Pubs/FEDS/2003/200360/200360pap.pdf
December 10, 2003 - Risk Management of Wireless Networks - This advisory
letter highlights risks associated with wireless networks and provides
guidance for managing those risks. National banks can use this guidance to
help in protecting company assets and confidential customer information,
achieving service level requirements, maintaining safe and sound
practices, and ensuring compliance with regulatory security expectations. www.occ.treas.gov/ftp/advisory/2003-10.txt
December 10, 2003 - Thomas J. Curry Confirmed as member of FDIC Board of
Directors - The United States Senate last night confirmed Thomas J.
Curry, Commissioner of Banks for the Massachusetts Division of Banks, to
be a member of the Board of Directors of the Federal Deposit Insurance
Corporation for a six-year term.
www.fdic.gov/news/news/press/2003/pr12103.html
December 9, 2003 - Insured U.S.-Chartered Commercial Banks That Have
Consolidated Assets of $300 Million or More, Ranked by Consolidated Assets
as September 30, 2003 www.federalreserve.gov/releases/lbr/current/default.htm
December 9, 2003 - The Federal Open Market Committee decided today to keep
its target for the federal funds rate at 1 percent. The Committee
continues to believe that an accommodative stance of monetary policy,
coupled with robust underlying growth in productivity, is providing
important ongoing support to economic activity. www.federalreserve.gov/boarddocs/press/monetary/2003/20031209/default.htm
December 9, 2003 - FDIC Says Recent Volatility In Long-Term Interest Rates
May Continue - The FDIC today said that several related factors
have contributed to an upward trend in the volatility of long-term U.S.
interest rates, and that these factors could cause continued volatility
going forward. According to a report released today in the Winter 2003 FDIC
Outlook, concerns about deflation, mortgage-related hedging
activity, dependence on foreign capital and a rising federal budget
deficit have all played a role in recent interest rate movements. www.fdic.gov/news/news/press/2003/pr12003.html
December 8, 2003 - The FDIC Announces the Availability of FDICconnect
- The FDIC is announcing the nationwide availability of FDICconnect,
a secure Web site developed to facilitate electronic communication with
FDIC- insured depository institutions. FDICconnect offers a variety of electronic business transactions
for institutions that will significantly improve operating efficiencies.
FDIC-insured institutions are encouraged to register for FDICconnect
beginning immediately. www.fdic.gov/news/news/financial/2003/fil0393.html
December 5, 2003 - The Federal Deposit Insurance Corporation (FDIC) has
issued an order imposing civil money penalties on three people previously
associated with Savanna State Bank, Savanna, Illinois, Thomson State Bank,
Thomson, Illinois, or both. www.fdic.gov/news/news/press/2003/pr11903.html
December 5, 2003 - The Federal Deposit Insurance Corporation (FDIC) has
issued a removal and prohibition order and imposed a $10,000. civil money
penalty against Christopher D. Williams. www.fdic.gov/news/news/press/2003/pr11803.html
December 5, 2003 - The Federal Deposit Insurance Corporation (FDIC) has
issued a removal and prohibition order and imposed a $75,000 civil money
penalty against Jerry Givens. www.fdic.gov/news/news/press/2003/pr11703.html
December 5, 2003 - The Federal Deposit Insurance Corporation (FDIC) has
issued a removal and prohibition order against Jeffrey H. Otis. www.fdic.gov/news/news/press/2003/pr11603.html
December 5, 2003 - The Federal Deposit Insurance Corporation (FDIC) has
issued a removal and prohibition order and imposed a $5,000. civil money
penalty against Aida S. Moreno. www.fdic.gov/news/news/press/2003/pr11503.html
______________
December 5, 2003 - Unauthorized
Banking - The Office of the Comptroller of the Currency has received
information that Effex Bank NA; Effex Bank Ltd; Effexbank Bank, Ltd; or,
Effexbank International Bank Limited may be operating a banking business
without authorization. www.occ.treas.gov/ftp/alert/2003-14.txt
December 5, 2003 - Statistical
Release G.19 Consumer Credit - In October, consumer credit rose at
an annual rate of 1/2 percent, down from a 10-1/2 percent pace in
September; revolving credit posted a modest gain while nonrevolving credit
fell slightly. www.federalreserve.gov/Releases/G19/Current/default.htm
December 5, 2003 - OCC Chief Counsel Julie L. Williams Addresses Consumer
Federation of America - Julie L. Williams, First Senior Deputy Comptroller
and Chief Counsel for the Office of the Comptroller of the Currency,
addressed the Consumer Federation of America's annual financial services
conference today.
Press Release: www.occ.treas.gov/NewsRelease.asp?Doc=CGRTPUBW.xml
Attachment: www.occ.treas.gov/ftp/release/2003-97a.pdf
December 5, 2003 - 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. www.fdic.gov/news/news/press/2003/pr11403.html
December 5, 2003 - FDIC Launches New Center For Financial Research - The
Center will sponsor research on key issues and developments affecting the
banking industry, the role of banks and other financial services firms in
the economy, risk management issues, regulatory policy and related topics
of importance to the FDIC's mission of promoting financial stability in
the American economy. www.fdic.gov/news/news/press/2003/pr11303.html
December 4, 2003 - The Federal Reserve Board on Thursday announced its
approval of the applications under section 3 of the Bank Holding Company
Act by the Desjardins Group, Montreal, Canada; Federation des caisses
Desjardins du Quebec, Levis, Canada; La Caisse centrale Desjardins du
Quebec, Montreal, Canada; and Desjardins FSB Holdings, Inc., Wilmington,
Delaware, to become bank holding companies through the conversion of their
existing thrift, Desjardins Federal Savings Bank, Hallandale, Florida, to
a national bank that would operate as Desjardins Bank, N.A., also in
Hallandale. www.federalreserve.gov/boarddocs/press/orders/2003/20031204/default.htm
December 4, 2003 - The Federal Reserve Board on Thursday announced its
approval of a final rule that expands the ability of all bank holding
companies, including financial holding companies, to process, store and
transmit nonfinancial data in connection with their financial data
processing, storage and transmission activities. www.federalreserve.gov/boarddocs/press/bcreg/2003/20031204/default.htm
December 3, 2003 - Is
Midwest manufacturing at a crossroads? - A
recent Chicago Fed conference assessed the challenges facing U.S.
manufacturing and how the sector is adapting to an increasingly
competitive global marketplace.
www.chicagofed.org/newsandevents/pressreleases/2003/pr12032003.cfm
December 3, 2003 - NCUA - Free PALS
Workshop Scheduled for March 25, 2004 in San Francisco - In
response to popular demand, National Credit Union Administration Board
Member Debbie Matz and Vice Chair JoAnn Johnson have scheduled a second
free workshop on member business lending, to be held in San Francisco on
March 25. The workshop will present a dynamic lineup of speakers who will
share ideas about how federal and state credit unions can safely make more
member business loans. www.ncua.gov/news/press_releases/2003/NR03-1203.htm
December 3, 2003 - OTS Lists 81 CRA Exams Scheduled For First Quarter 2004
- The Office of Thrift Supervision announced today that 81 savings
associations are scheduled for Community Reinvestment Act examinations
during the first quarter of 2004. www.ots.treas.gov/docs/77339.html
December 3, 2003 - FDIC-Insured Institutions Report Record Earnings In The
Third Quarter - Commercial banks
and savings institutions insured by the Federal Deposit Insurance
Corporation earned a record $30.4 billion in the third quarter of 2003,
marking the third time in a row that earnings set a new high. www.fdic.gov/news/news/press/2003/pr11203.html
December 3, 2003 - The SAR
Activity Review - The Department of the Treasury's Financial Crimes
Enforcement Network has published the latest edition of its semiannual
publication, The SAR Activity Review www.fdic.gov/news/news/financial/2003/fil0392.html
December 3, 2003 - FDIC Issues December List Of Banks Examined For CRA
Compliance - The Federal Deposit
Insurance Corporation 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 2003. www.fdic.gov/news/news/press/2003/pr11103.html
December 2, 2003 - NCUA - Opinion
Letter 03-0855 - Louisiana Statute Governing Inactive Accounts -
You have asked if federal credit unions may rely on a Louisiana statute
that permits a credit union domiciled in the state to credit share
accounts under $100 to a reserve for inactive accounts after it has been
unable to contact the member for a period of two years. www.ncua.gov/ref/opinion_letters/2003_letters/03-0855.htm
December 2, 2003 - Jeffrey A. Brown Named Senior Deputy Comptroller,
Economics and International; Thomas R. Bloom to Become Senior Deputy
Comptroller for Management and CFO - Comptroller of the Currency John D.
Hawke, Jr. announced today he has named Jeffrey A. Brown to be Senior
Deputy Comptroller for International and Economic Affairs and Thomas R.
Bloom to be Senior Deputy Comptroller, Office of Management, and Chief
Financial Officer. www.occ.treas.gov/newsrelease.asp?Doc=BRJ467VC.xml
December 2, 2003 - FDIC Board Approves Level 2004 Budget - The Board of
Directors of the Federal Deposit Insurance Corporation today approved a
$1.1 billion Corporate Operating Budget for 2004, slightly below the 2003
budget. When combined with anticipated investment spending of $115 million
in 2004 for multi-year investment projects previously approved by the
Board, total 2004 spending is expected to total approximately $1.2
billion. www.fdic.gov/news/news/press/2003/pr11003.html
December 2, 2003 - Concerns and
Considerations for the Practical Implementation of the New Basel Accord - Remarks
by Vice Chairman Roger W. Ferguson, Jr. At the ICBI Risk Management
2003 Conference, Geneva, Switzerland December 2, 2003 www.federalreserve.gov/boarddocs/speeches/2003/20031202/default.htm
December 2, 2003 - The September 30, 2003 Uniform Bank Performance Report
is now available online. The online version of the UBPR includes 5 years
of continuous financial history that is restated quarterly to reflect call
report amendments and new analytical tools. www.ffiec.gov/press/pr120203.htm
December 1, 2003 - Federal Reserve Bank Announces New Directors For Kansas
City Board - The Federal Reserve Bank of Kansas City announces the results
of the recent elections for two positions on the Bank's board of
directors. www.kc.frb.org/pubaffrs/pressrel/pr03-31.htm
December 1, 2003 - OCC Issues First Quarter 2004 CRA Examination Schedule
- The Office of the Comptroller of the Currency today released its
schedule of Community Reinvestment Act examinations to be conducted in the
first quarter of 2004.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=8IQHSUPH.xml
Attachment: www.occ.treas.gov/cra/craq104.pdf
December 1, 2003 - The Federal Reserve Board on Monday announced the names
of four new members of its Thrift Institutions Advisory Council and
designated a new President and Vice President of the Council for 2004. www.federalreserve.gov/boarddocs/press/other/2003/20031201/default.htm
December 1, 2003 - Michael E. Bartell Named FDIC'S Chief Information
Officer - Federal Deposit Insurance Corporation Chairman Donald Powell
announced the appointment of Michael E. Bartell as the FDIC's Chief
Information Officer www.fdic.gov/news/news/press/2003/pr10903.html
December 1, 2003 - Securities
Underwriting and Dealing Subsidiaries - A broker-dealer
authorized to engage in securities underwriting, dealing, or market-making
may, under certain circumstances, be acquired by a bank holding company,
by a foreign bank subject to the Bank Holding Company Act, or by a state
member bank. www.federalreserve.gov/GeneralInfo/Subsidiaries/default.htm
December 1, 2003 - Statistical
Release G.5 Foreign Exchange Rates - The Table Below Shows
The Average Rates Of Exchange In November 2003 Together With Comparable
Figures For Other Months. Averages Are Based On Daily Noon Buying Rates
For Cable Transfers In New York City Certified For Customs Purposes By The
Federal Reserve Bank Of New York. www.federalreserve.gov/releases/g5/Current/
December 1, 2003 - The Federal Reserve Board on Monday announced the
execution of a Written Agreement by and among the Putnam County Bank,
Hurricane, West Virginia; the West Virginia Division of Banking,
Charlestown, West Virginia; and the Federal Reserve Bank of Richmond.
www.federalreserve.gov/boarddocs/press/Enforcement/2003/20031201/default.htm
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