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Bank Regulatory News
February 2003

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February 28, 2003 - The Strength in Consumer Durables and Housing: Policy Stabilization or Problem in the Making? - Remarks by Governor Donald L. Kohn - At the Conference on Finance and Macroeconomics sponsored by the Federal Reserve Bank of San Francisco and Stanford Institute for Economic Policy Research, San Francisco, California www.federalreserve.gov/boarddocs/speeches/2003/20030228/default.htm


February 28, 2003 - The Federal Reserve Board announced today the approval of the application of The Daiwa Bank, Limited, Osaka, Japan, to establish a representative office in New York, New York. www.federalreserve.gov/boarddocs/press/orders/2003/20030228/default.htm

February 28, 2003 - Businesses' Concerns About "Geopolitical Risk" Seen Delaying Business Fixed Investment, Says St. Louis Fed's Poole - Current concerns about "geopolitical risk" appear to be contributing to an incentive for businesses to delay fixed investment, according to William Poole, president of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2003/02_28_03.html

February 28, 2003 - List of Foreign Margin Stocks - The List of Foreign Margin Stocks consists of foreign equity securities that have met the eligibility criteria of the Board of Governors of the Federal Reserve System under its Regulation T and are thus eligible for margin treatment at brokers and dealers on the same basis as domestic margin securities. www.federalreserve.gov/boarddocs/foreignmargin/

February 27, 2003 - Comptroller Hawke Discusses Basle Capital Framework in House Testimony - Comptroller of the Currency John D. Hawke, Jr., told a congressional panel today that while the OCC supports the objectives of the proposed Basle II capital framework, it is important that regulators carefully consider industry comments before moving forward.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=3MSW23TK.xml
Attachment: www.occ.treas.gov/ftp/release/2003-14a.pdf
Attachment: www.occ.treas.gov/ftp/release/2003-14b.pdf

February 27, 2003 - FDIC Makes Public January Enforcement Actions - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in January. No administrative hearings are scheduled for March. www.fdic.gov/news/news/press/2003/pr1503.html

February 27, 2003 - Annual Report on the Freedom of Information Act for Fiscal Year 2002 - The following information is submitted to the U.S. Department of Justice by the Federal Open Market Committee of the Federal Reserve System  in accordance with the requirements of the Freedom of Information Act (5U.S.C. ' 552), as amended in 1974 by Public Law 93-502. www.federalreserve.gov/generalinfo/foia/fomc_anrpt_2002.htm

February 27, 2003 - Retirement Savings, Equity Ownership, and Challenges to Investors  - Remarks by Governor Susan Schmidt Bies At a joint presentation to the National Economics Club and the Committee on the Status of Women in the Economics Profession of the American Economic Association, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2003/20030227/default.htm

February 27, 2003 Statement Of Donald E. Powell Chairman Federal Deposit Insurance Corporation On The New Basel Accord Before The Subcommittee On Domestic And International Monetary Policy, Trade, And Technology Of The Committee On Financial Services U.S. House Of Representatives.  http://www.fdic.gov/news/news/press/2003/pr1603.html

February 27, 2003 - Testimony of Chairman Alan Greenspan - Aging global population - Before the Special Committee on Aging, U.S. Senate.

February 27, 2003 - Testimony of Vice Chairman Roger W. Ferguson, Jr. - Before the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology, Committee on Financial Services, U.S. House of Representatives www.federalreserve.gov/boarddocs/testimony/2003/200302272/default.htm

February 26, 2003 - Gilleran Urges Senate Action on Core Deposit Insurance Reform - Office of Thrift Supervision Director James E. Gilleran urged the Senate Banking Committee to approve a core federal deposit insurance reform bill that would merge the Bank Insurance Fund and the Savings Association Insurance Fund and give the Federal Deposit Insurance Corporation flexibility in setting deposit insurance premiums. www.ots.treas.gov/docs/77307.html

February 26, 2003 - Kay Kowitt Named Deputy Comptroller for Western District - The Office of the Comptroller of the Currency announced today that Kay E. Kowitt has been named Deputy Comptroller for the Western District. In her new assignment, Ms. Kowitt will report directly to Timothy W. Long, Senior Deputy Comptroller for Mid-Size/Community Banks. www.occ.treas.gov/newsrelease.asp?Doc=TEA7NHFL.xml

February 26, 2003 - Comptroller Hawke Urges Senate to Reform FDIC Insurance Fund - Comptroller of the Currency John D. Hawke, Jr., in testimony today before the Senate Committee on Banking, Housing and Urban Affairs, said Congress should address a number of flaws in the deposit insurance system, including several introduced in the last two decades. Press Release: www.occ.treas.gov/newsrelease.asp?Doc=QGS53QVM.xml
Attachment: www.occ.treas.gov/ftp/release/2003-12a.pdf
Attachment: www.occ.treas.gov/ftp/release/2003-12b.pdf

February 26, 2003 - Charge-Off and Delinquency Rates on Loans at Commercial Banks - These data are compiled from the quarterly FFIEC Consolidated Reports of Condition and Income. www.federalreserve.gov/releases/chargeoff/

February 26, 2003 - 2003 New Currency Budget - Staff requests that the Board approve the proposed 2003 new currency budget of $510.3 million www.federalreserve.gov/generalinfo/foia/2003newcurrency.htm

February 26, 2003 - Deposit insurance - Testimony of Chairman Alan Greenspan Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate February 26, 2003 www.federalreserve.gov/boarddocs/testimony/2003/20030226/default.htm

February 25, 2003 - OCC Releases CRA Evaluations For 32 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 January 15, 2002 through February 14, 2003. The list contains only national banks and insured federal branches of foreign banks that have received ratings www.occ.treas.gov/newsrelease.asp?Doc=AUUKJ8SE.xml

February 25, 2003 - OCC Announces 13 New Enforcement Actions OCC Announces 13 New Enforcement Actions - The Office of the Comptroller of the Currency today announced 13 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/newsrelease.asp?Doc=4RMA9JKJ.xml

February 25, 2003 - An Overview of Consumer Data and Credit Reporting - For some time, the Board of Governors of the Federal Reserve System has sought to obtain more detailed and timely information on the debt status, loan payment behavior, and overall credit quality of U.S. consumers. www.federalreserve.gov/pubs/bulletin/2003/03bulletin.htm#feb

February 25, 2003 - Agencies Issue Advisory on Mortgage Banking Activities - Federal bank and thrift regulatory agencies on Monday jointly issued an advisory letter discussing risks related to mortgage banking activities. The letter highlights concerns and provides guidance regarding mortgage banking activities, primarily in the valuation, accounting, and hedging of mortgage servicing assets.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2003/20030225/default.htm
Press Release: www.federalreserve.gov/BoardDocs/srletters/2003/sr0304.htm
Press Release: www.fdic.gov/news/news/press/2003/pr1403.html
Press Release: www.fdic.gov/news/news/financial/2003/fil0315.html
Press Release: www.occ.treas.gov/ftp/release/2003-09.htm
Attachment: www.occ.treas.gov/ftp/bulletin/2003-9.doc
Attachment: www.occ.treas.gov/ftp/bulletin/2003-9a.pdf
Press Release: www.ots.treas.gov/docs/77306.html

February 24, 2003 - The Federal Reserve Board today announced its approval of the applications and notice under sections 3 and 4 of the Bank Holding Company Act related to the proposal by Mizuho Financial Group, Inc., Tokyo, Japan to become a bank holding company by acquiring Mizuho Holdings, Inc., also in Tokyo, and thereby indirectly acquire the U.S. banking and nonbanking subsidiaries of Mizuho Holdings. www.federalreserve.gov/boarddocs/press/orders/2003/20030224/default.htm

February 24, 2003 - NCUA Chairman Says Current "One Size Fits All" PCA Ignores Risk Differences, Suggests Net Worth Ratio Should Be Percentage Of Risk Assets, Not Total Assets - NCUA Chairman Dennis Dollar told a national conference of 3000 credit union leaders here today that the federal "prompt corrective action" (PCA) law should be considered for possible modification to reflect the individual risk factors in credit unions, rather than the "one size fits all" approach presently in the statute. www.ncua.gov/news/press_releases/2003/NR03-0224.htm

February 24, 2003 - Treasury's Office of Foreign Assets Control has amended its list of Specially Designated Nationals and Blocked Persons. - On February 12, 2003, the Department of the Treasury's Office of Foreign Assets Control (OFAC) amended its list of Specially Designated Nationals and Blocked Persons by adding OBURSATILES S.A.  www.fdic.gov/news/news/financial/2003/fil0314.html


February 21, 2003 - NCUA - Service Uninterrupted as Massachusetts Credit Union is Placed into Conservatorship by National Credit Union Administration - The National Credit Union Administration today assumed control of service and operations at D. Edward Wells Federal Credit Union in Springfield, Mass. The credit union is in operation and service continues uninterrupted for its 2600 members. Members can continue to conduct normal financial transactions - deposit and access funds, make loan payments and use share drafts (checking). www.ncua.gov/news/press_releases/2003/NR03-0221.htm

February 21, 2003 - OCC Issues Guidelines to National Banks to Guard Against Abusive Lending Practices; Invites Comments on Request to Determine that Georgia Law is Preempted - The Office of the Comptroller of the Currency issued two releases today establishing nationwide guidance to guard against predatory lending practices among institutions it supervises. Concurrently, it published for comment a request for an opinion that a Georgia law concerning predatory lending is preempted insofar as it might apply to national banks.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=EMRDRG7D.xml
Attachment: www.occ.treas.gov/ftp/release/2003-08QA.pdf
Attachment: www.occ.treas.gov/ftp/advisory/2003-3.pdf
Attachment: www.occ.treas.gov/ftp/advisory/2003-2.pdf
Attachment: www.occ.treas.gov/ftp/release/2003-08preemptionltr.pdf

February 21, 2003 - Extended Unemployment in California - California's labor market has not shown much sign of recovery from the recession that began in 2001. As in the rest of the nation, employment has remained flat to down, the unemployment rate has remained at elevated levels, and the jobless are facing increasingly lengthy spells of unemployment . www.frbsf.org/news/releases/2003/0221.html

February 21, 2003 - Balance Sheets and the Recovery - Remarks by Governor Ben S. Bernanke At the 41st Annual Winter Institute, St. Cloud State University, St. Cloud, Minnesota www.federalreserve.gov/boarddocs/speeches/2003/20030221/default.htm

February 20, 2003 - Gayle P.W. Jackson, managing director of FE Clean Energy Group, Inc., a global, private equity firm, has been reappointed by the board of governors of the Federal Reserve System in Washington, D.C., to a three-year term on the board of directors of the Federal Reserve Bank of St. Louis.  www.stlouisfed.org/news/assets/pdf/030218-stl.pdf

February 20, 2003 - Scott T. Ford, president and CEO of ALLTEL Corporation in Little Rock, Ark., has been appointed by the board of governors of the Federal Reserve System in Washington, D.C., to fill the unexpired portion of a three-year term on the board of directors of the Little Rock Branch of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/assets/pdf/030218-lr.pdf

February 20, 2003 - Thomas W. Smith, president of Thomas W. Smith & Associates, Inc., a health care management consulting firm in Danville, Ky., has been reappointed by the board of directors of the Federal Reserve Bank of St. Louis to a three-year term on the Louisville Branch board. www.stlouisfed.org/news/assets/pdf/030218-lvl.pdf

February 20, 2003 - Meredith Baird Allen, vice president of the Staple CottonCooperative Association in Greenwood, Miss., has been appointed by the board of governorsof the Federal Reserve System in Washington, D.C., to a three-year term on the board ofdirectors of the Memphis Branch of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/assets/pdf/030218-mem.pdf

February 20, 2003 - NCUA - Summary of actions taken at the February 20,2003 Board Meeting www.ncua.gov/news/board_reports/BAB03-0220.pdf

February 19, 2003 - Thrifts Earn Record $11.8 Billion In 2002; Thrift Assets Grow To $1 Trillion - The thrift industry had back-to-back record-setting earnings years, the Office of Thrift Supervision reported today. www.ots.treas.gov/docs/77305.html

February 19, 2003 - National Credit Union Administration - Freedom of Information Act www.ncua.gov/Ref/Foia/foia.html

February 19, 2003 - Homeland Security Information Update - Suggested Guidelines on Protective Measures www.federalreserve.gov/generalinfo/homeland/protectivemeasures.htm

February 19, 2003 - The Federal Reserve Board on Wednesday approved a final rule amending Regulation B, which implements the Equal Credit Opportunity Act (ECOA). Among other things, the final rule addresses the collection of applicants' personal characteristics in connection with nonmortgage credit and record retention for prescreened solicitations. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030219/default.htm


February 14, 2003 - NCUA - 2002 yearend figures show double-digit growth in savings and assets - The nation’s federally insured credit unions posted growth in membership, assets, loans and shares during 2002 according to December 31, 2002, preliminary call report data. www.ncua.gov/news/press_releases/2003/NR03-0214.htm

February 14, 2003 - Decision Of The Office Of The Comptroller Of The Currency On The Application To Charter Charles Schwab Bank, National Association, Reno, Nevada www.occ.treas.gov/foia/Schwab%20Dec%20Stmt%20as%20of%202-4-03%20FINAL.pdf 

February 14, 2003 - FDIC Names Chief Economist And Chief Accountant - The Federal Deposit Insurance Corporation today announced that Richard A. Brown of the Division of Insurance and Research and Robert F. Storch of the Division of Supervision and Consumer Protection have been named the Corporation's Chief Economist and Chief Accountant, respectively. www.fdic.gov/news/news/press/2003/pr1303.html

February 14, 2003 - Industrial Production And Capacity Utilization - Industrial production rose 0.7 percent in January. The increase more than reversed December's revised decline of 0.4 percent. At 111.1 percent of the 1997 average, output was 2.0 percent above its level in January 2002. www.federalreserve.gov/Releases/G17/Current/default.htm

February 14, 2003 - The Federal Reserve Board announced Friday that the Consumer Advisory Council will hold its next meeting on Thursday, March 13. The meeting will take place in Dining Room E, Terrace level, in the Board's Martin Building. The session will begin at 9:00 a.m. and is open to the public. www.federalreserve.gov/boarddocs/press/other/2003/20030214/default.htm

February 13, 2003 - OCC 2003-8, Rules, Policies, and Procedures for Corporate Activities; Bank Activities and Operations; and Real Estate Lending and Appraisals: Notice of Proposed Rulemaking, www.occ.treas.gov/ftp/bulletin/2003-8.txt

February 13, 2003 - The Federal Reserve Board today announced the issuance of a Final Decision and Order of Prohibition against Marian L. Butler, a former employee of CoreStates Financial (now First Union), Philadelphia, Pennsylvania. www.federalreserve.gov/boarddocs/press/Enforcement/2003/200302132/default.htm

February 13, 2003 - The Federal Reserve Board today announced the issuance of a Final Decision and Order of Prohibition against Cynthia Rowe, a former employee of Key Bank, N.A., Cleveland, Ohio. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030213/default.htm

February 13, 2003 - NCUA - Letter to Credit Union - Loan Charge-off Guidance- 03-CU-01.  
Press release:  http://www.ncua.gov/Ref/letters/2003/03-CU-01.pdf 
Enclosure:  http://www.ncua.gov/Ref/letters/2003/03-CU-01Encl.pdf 

February 13, 2003 - NCUA - Opinion Letter - 03-0105 - Credit Enhancements as a Permissible Activity For Credit Union Service Organizations  www.ncua.gov/Ref/opinion_letters/2003_letters/03-0105.htm

February 13, 2003 - NCUA - Opinion Letter - 03-0106 -Election Procedures www.ncua.gov/Ref/opinion_letters/2003_letters/03-0106.htm

February 13, 2003 - Public Welfare Investments - Proposed Rule - The attached notice of proposed rulemaking (NPRM), which would amend 12 CFR 24, the OCC’s rules governing public welfare investments by national banks, was published in the Federal Register on January 10, 2003. 
Press release:  www.occ.treas.gov/ftp/bulletin/2003-7.txt 
Attachment:  http://www.occ.treas.gov/fr/fedregister/68fr1394.pdf

February 13, 2003 - FDIC Adopts Final Rule on Federal Deposit Insurance Eligibility for State Banks Chartered as Limited Liability Companies (Part 303 of FDIC's Rules and Regulations) - new amendment to Part 303 of the FDIC's Rules and Regulations clarifies that a state bank that is chartered as a limited liability company could be considered "incorporated" for the purposes of being eligible for federal deposit insurance. www.fdic.gov/news/news/financial/2003/fil0313.html

February 12, 2003 - Rules and Flexibility in Monetary Policy - Remarks by Vice Chairman Roger W. Ferguson, Jr. At the University of Georgia, Athens, Georgia www.federalreserve.gov/boarddocs/speeches/2003/20030212/default.htm

February 12, 2003 - NCUA To Participate In White House Conference On Faith-Based And Community Initiatives - NCUA Chairman Dennis Dollar announced today that the National Credit Union Administration will participate in the White House Conference on Faith-Based and Community Initiatives on Tuesday, February 18, in San Diego, California. www.ncua.gov/news/press_releases/2003/ADV03-0212.htm

February 12, 2003 - New Information Security Guidance for Examiners and Financial Institutions - The Federal Financial Institutions Examination Council (FFIEC) has issued a booklet with revised guidance for identifying institutions' information security risks and evaluating their risk-management practices. www.fdic.gov/news/news/financial/2003/fil0311.html

February 11, 2003 - Prohibition Against Use of Interstate Branches Primarily for Deposit Production - The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, jointly issued a final rule, effective October 10, 1997, that adopted uniform regulations1 implementing section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 
Press Release: www.occ.treas.gov/ftp/bulletin/2003-6.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2003-6a.pdf

February 11, 2003 - NCUA - National Credit Union Administration Policy on Sponsoring National Communications System Programs January 13, 2003 - The National Communications System was established in 1963 to provide priority communications support to critical government functions during emergencies. www.ncua.gov/FBIIC/Policy/P-011303.htm 

February 11, 2003 - NCUA - Assist with Taxes, Educate Members on Earned Income Tax Credit, Matz Advises Credit Unions - $30 Billion Available to Low-Income Workers www.ncua.gov/news/press_releases/2003/NR03-0211.htm

February 11, 2003 - Banker Version of "EDIE" - the Electronic Deposit Insurance Estimator - Now Available to Download From the FDIC's Web site - The FDIC is releasing the new banker version of EDIE in a downloadable format that financial institutions may load directly onto their networks. www.fdic.gov/news/news/financial/2003/fil0310.html

February 11, 2003 - U. S. Treasury to Reinstate USA PATRIOT Act Section 314(a) Information Requests - On November 26, 2002, the Treasury Department announced a brief moratorium on information requests related to Section 314(a) of the USA PATRIOT Act.  Section 314(a) authorizes law enforcement authorities to communicate with banking organizations and financial institutions about suspected money launderers and terrorists. www.federalreserve.gov/BoardDocs/srletters/2003/sr0303.htm

February 11, 2003 - Monetary Policy Report to the Congress Submitted pursuant to section 2B of the Federal Reserve Act February 11, 2003 www.federalreserve.gov/BoardDocs/HH/2003/february/FullReport.txt

February 11, 2003 - Financial Markets and Corporate Governance in the United States and Other Countries - Remarks by Governor Susan Schmidt Bies At Thunderbird, The American Graduate School of International Management, Glendale, Arizona February 11, 2003 www.federalreserve.gov/boarddocs/speeches/2003/20030211/default.htm

February 11, 2003 - Testimony of Chairman Alan Greenspan Federal Reserve Board's semiannual monetary policy report to the Congress Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate February 11, 2003 www.federalreserve.gov/boarddocs/hh/2003/february/testimony.htm

February 10, 2003 - Removal, Suspension, and Debarment of Accountants from Performing Annual Audit Services - The attached proposed rule concerns the removal, suspension, and debarment of accountants from performing annual audit and attestation services.  The proposal was published in the Federal Register on January 8, 2003. www.occ.treas.gov/ftp/bulletin/2003-5.txt

February 10, 2003 - NCUA - Home Mortgage Disclosure Act - The purpose of this regulatory alert is to inform you of the annual Home Mortgage Disclosure Act reporting threshold. www.ncua.gov/Ref/reg_alerts/2003/03-RA-02.htm

February 10, 2003 - NCUA - Board Member Encourages Credit Unions to Grow Membership by Serving Oft-Overlooked Group - National Credit Union Administration Board Member Deborah Matz addressed the annual legislative/regulatory forum of the Tennessee Credit Union League here today, lauding “creative initiatives” by credit unions and suggesting the not-for-profit cooperatives consider targeting senior citizens for membership. www.ncua.gov/news/press_releases/2003/NR03-0207.htm


February 7, 2003 - The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved the assumption of the insured deposits of Southern Pacific Bank, Torrance, California, by Beal Bank, S.S.B., Plano, Texas.  http://www.fdic.gov/news/news/press/2003/pr1103.html 

February 7, 2003 - Two revised booklets of the Comptroller's Licensing Manual series, "Public Notice and Comment" and "Changes in Directors and Senior Executive Officers" are available on the OCC’s Internet site. Public Notice and Comment's title was changed from “Public Involvement” as it is more descriptive of the contents. These booklets update and replace the previous 1998 version. www.occ.treas.gov/corpbook/group1/public/pdf/PublicNCbooklet.pdf

February 7, 2003 - Lifting of Moratorium on FinCEN 314(a) Information Requests - On November 26, 2002, the Financial Crimes Enforcement Network of the U.S. Treasury Department and law enforcement agencies imposed a moratorium on requests covered by Section 314(a)of the USA PATRIOT Act. www.occ.treas.gov/ftp/alert/2003-2.txt

February 7, 2003 - The Federal Reserve Board on Friday issued an interpretation concerning securities underwriting by banking organizations that are subject to the Bank Holding Company Act. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030207/default.htm

February 7, 2003 - Evaluation of Real GDP Forecasts Featured in Latest Economic Perspectives - The new issue of Economic Perspectives released recently by the Chicago Fed highlights recent research. www.chicagofed.org/newsandevents/pressreleases/2003/pr02072003.cfm

February 6, 2003 - The second conference organized by the International Research Forum on Monetary Policy will be held at the Federal Reserve Board on November 14–15, 2003. www.federalreserve.gov/events/conferences/irfmp2003/

February 6, 2003 - The Federal Reserve Board on Friday released the minutes of its discount rate meetings from November 18 to December 9, 2002. www.federalreserve.gov/boarddocs/press/monetary/2003/20030207/default.htm

February 6, 2003 - Finance and Economics Discussion Series What's Happened at Divested Bank Offices? An Empirical Analysis of Antitrust Divestitures in Bank Mergers www.federalreserve.gov/pubs/feds/2002/200260/200260abs.html

February 6, 2003 - The Gramm-Leach-Bliley Act and Corporate Misbehavior--Coincidence or Contributor? - Remarks by Governor Mark W. Olson At the conference on the implementation of the Gramm-Leach-Bliley Act, American Law Institute and the American Bar Association, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2003/20030206/default.htm

February 6, 2003 - Federal Reserve Banks Announce Check Restructuring - The Federal Reserve Bank of Kansas City, in conjunction with the other Reserve Banks throughout the nation, today announced a streamlining of check-processing services that will result in the shifting of the check-processing operation at its Omaha, Neb. branch office to Des Moines and its check-adjustment activity to Detroit. www.kc.frb.org/pubaffrs/pressrel/pr03-04.htm

February 6, 2003 - Federal Reserve Banks Announce Changes to Increase Efficiency In Check Services as Check Volumes Decline Nationwide - The Federal Reserve Banks, collectively the nation’s largest processor of checks, today announced changes to their back office check-processing operations intended to improve operating efficiency while maintaining high-quality check services to depository institutions nationwide. www.stlouisfed.org/news/assets/pdf/030206.pdf

February 5, 2003 - OCC - FFIEC Information Security Booklet - The Federal Financial Institutions Examination Council (FFIEC) has released updated information security guidance in the form of a new Information Security Booklet.
Press Release: www.occ.treas.gov/ftp/bulletin/2003-4.txt
Attachment: www.ffiec.gov/ffiecinfobase/index.html
Attachment: www.ffiec.gov/ffiecinfobase/html_pages/it_01.html

February 5, 2003 - National Credit Union Administration Issues Prohibition Order Against Arkansas Credit Union Official - The National Credit Union Administration (NCUA) has issued an Order of Prohibition against Dean Mangum, former president of UARK Federal Credit Union of Fayetteville, Ark. www.ncua.gov/news/press_releases/2003/NR03-0205.htm

February 5, 2003 - NCUA Chairman Dennis Dollar’s Statement Regarding the President’s Budget - National Credit Union Administration Board Chairman Dennis Dollar issued the following statement today regarding the President’s 2004 Budget. www.ncua.gov/news/press_releases/2003/Stmt03-0204.htm

February 5, 2003 - Unauthorized Banking - Allied Boston Bank, Inc., Banking License Denial, Republic of Palau - The Financial Institutions Commission, Republic of Palau, has advised the OCC that Allied Boston Bank, Inc. was denied an application for a banking license on September 30, 2002. www.occ.treas.gov/ftp/alert/2003-1.txt

February 5, 2003 - FDIC Issues February 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 November 2002. www.fdic.gov/news/news/press/2003/pr1003.html

February 5, 2003 - September 11, the Federal Reserve, and the Financial System - Remarks by Vice Chairman Roger W. Ferguson, Jr.  At Vanderbilt University, Nashville, Tennessee  February 5, 2003 www.federalreserve.gov/boarddocs/speeches/2003/20030205/default.htm

February 5, 2003 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Premier Financial Bancorp, Inc., Huntington, West Virginia, and the Federal Reserve Bank of Cleveland.  www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030205/default.htm

February 4, 2003 - Annual Report on the Freedom of Information Act for Fiscal Year 2002 - The following information is submitted to the U.S. Department of Justice by the Board of Governors of the Federal Reserve System (Board) in accordance with the requirements of the Freedom of Information Act (5 U.S.C. § 552(e)) (FOIA), as amended. www.federalreserve.gov/generalinfo/foia/anrpt_2002.htm

February 3, 2003 - Pennsylvania Man Indicted On Charges Of Making False Statements To The RTC - FDIC Inspector General Gaston L. Gianni, Jr., has announced that a federal grand jury in Philadelphia has returned an indictment against Gerald L. Katzoff of Morrisville, PA, charging him with four counts of making false statements to the Resolution Trust Corporation in violation of 18 U.S.C. § 1014. www.fdic.gov/news/news/press/2003/pr0903.html

February 3, 2003 - Remarks by Governor Ben S. Bernanke Before the Money Marketeers of New York University, New York, New York February 3, 2003 www.federalreserve.gov/boarddocs/speeches/2003/20030203/default.htm

February 3, 2003 - FDIC Joins National Organizations In Sponsoring Fifth Annual National Consumer Protection Week  www.fdic.gov/news/news/press/2003/pr0803.html

February 3, 2003 - FDIC Makes Public December 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 December. No administrative hearings are scheduled for February www.fdic.gov/news/news/press/2003/pr0703.html

February 3, 2003 - 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

February 3, 2003 - Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In January 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/default.htm

February 1, 2003 - Presidents of the Federal Reserve Banks - Sandra Pianalto President, Federal Reserve Bank of Cleveland - Ms. Pianalto took office on February 1, 2003, as the tenth chief executive of the Fourth District Federal Reserve Bank, at Cleveland www.federalreserve.gov/bios/pres04.htm


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