Bank Regulatory News

February 2004

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February 27, 2004 - Remarks by Chairman Alan Greenspan Intellectual property rights
At the Stanford Institute for Economic Policy Research Economic Summit, Stanford, California February 27, 2004 www.federalreserve.gov/boarddocs/speeches/2004/200402272/default.htm

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February 27, 2004 - Proposals for Comment Privacy Act of 1974 Amendment of one system of records: Consumer Complaint Information System, and removing another system of records: Financial Disclosure Reports and Outside Business Interests Applications www.federalreserve.gov/generalinfo/foia/proposedregs.cfm

February 27, 2004 - Statistical Release Charge-Off and Delinquency Rates on Loans at Commercial Banks www.federalreserve.gov/Releases/ChargeOff/default.htm

February 27, 2004 - Federal Reserve Bulletin All articles, legal developments, and announcements from the Winter 2004 issue. www.federalreserve.gov/Pubs/Bulletin/2004/04bulletin.htm

February 27, 2004 - Governor Mark W. Olson A Regulator's View of Emerging Issues in Community Banking
At the 118th Assembly for Bank Directors, Las Croabas, Puerto Rico www.federalreserve.gov/boarddocs/speeches/2004/20040227/default.htm

February 26, 2004 - NCUA - National Credit Union Administration Issues Prohibition Orders www.ncua.gov/news/press_releases/2004/NR04-0226.htm

February 26, 2004 - FDIC-Insured Institutions Report Quarterly, Annual Earnings Records at Year-End 2003 - The 9,182 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation earned a record $31.1 billion in the fourth quarter of 2003, marking the fourth time in a row that earnings set a new high. www.fdic.gov/news/news/press/2004/pr1504.html

February 26, 2004 - Governor Ben S. Bernanke Euro at Five: Ready for a Global Role? At the Institute for International Economics Conference, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2004/200402262/default.htm

February 26, 2004 - Governor Susan Schmidt Bies The Economic Outlook and the State of Household and Business Finances Before the New York Forecasters Club, New York, New York www.federalreserve.gov/boarddocs/speeches/2004/20040226/default.htm

February 25, 2004 - Implications of Economic Forecast "Surprises" More Important Than Forecasts Themselves: St. Louis Fed's Poole - Anyone interested in monetary policy should spend less time on economic forecasts and more time on implications of forecast surprises. The true art of good monetary policy is in managing forecast surprises and not in doing the obvious things implied by the baseline forecast. www.stlouisfed.org/news/releases/2004/02_25_04.html

February 25, 2004 - The Federal Reserve Board on Wednesday announced its approval of the applications and notice by NewAlliance Bancshares, Inc. (In Formation) to become a bank holding company and to acquire New Haven Savings Bank, New Haven, Connecticut; Alliance Bancorp of New England and Tolland Bank, both in Vernon, Connecticut; and Connecticut Bancshares, Inc. and The Savings Bank of Manchester, both in Manchester, Connecticut. www.federalreserve.gov/boarddocs/press/orders/2004/20040225/default.htm

February 24 2004 - NCUA - Credit union loans and savings near double digit growth in 2003 - Federally insured credit unions expanded their loan portfolios in 2003 outpacing strong share and asset growth for the first time in three years according to preliminary call report data submitted by the nation's 9,369 federally insured credit unions. www.ncua.gov/news/press_releases/2004/NR04-0225.htm

February 25, 2004 - Governor Susan Schmidt Bies Qualitative Aspects of Effective Risk Management
At the Global Association of Risk Professionals Fifth Annual Convention, New York, New York www.federalreserve.gov/boarddocs/speeches/2004/200402252/default.htm

February 25, 2004 - Governor Edward M. Gramlich  udget and Trade Deficits: Linked, Both Worrisome in the Long Run, but not Twins At the Euromoney Bond Investors Congress, London, England www.federalreserve.gov/boarddocs/speeches/2004/20040225/default.htm

February 25, 2004 - Testimony of Chairman Alan Greenspan Economic outlook and current fiscal issues  Before the Committee on the Budget, U.S. House of Representatives February 25, 2004 www.federalreserve.gov/boarddocs/testimony/2004/20040225/default.htm

February 24, 2004 - NCUA - Board Member Matz Speech at the CUNA Governmental Affairs Conference Washington, DC www.ncua.gov/news/speeches/2004/Matz04-0224.htm

February 24, 2004 - NCUA - Remarks by NCUA Vice Chair JoAnn Johnson at CUNA's Governmental Affairs Conference www.ncua.gov/news/speeches/2004/Johnson04-0223.htm

February 24, 2004 - Testimony of Chairman Alan Greenspan Government-sponsored enterprises Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate February 24, 2004 www.federalreserve.gov/boarddocs/testimony/2004/20040224/default.htm

February 24, 2004 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among The Custar State Bank, Custar, Ohio; the Ohio Division of Financial Institutions, Columbus, Ohio; and the Federal Reserve Bank of Cleveland. www.federalreserve.gov/boarddocs/press/Enforcement/2004/20040224/default.htm

February 23, 2004 - NCUA - Opinion Letter -03-1147 -Prepayment Penalties - Waiver of Settlement Fees - 02/19/2004 - You have asked for an opinion on the account insurance coverage for a proposed "transferable share" program that U.S. Central Credit Union (U.S. Central) proposes to offer to its corporate credit union members. As explained below, if certain conditions are met, the shares will be insured up to $100,000 per beneficial owner. www.ncua.gov/ref/opinion_letters/2003_letters/03-0147.htm

February 23, 2004 - Legal Lending Limits Description:  Non-conforming Loans Due to Collateral Shortfalls - The Office of the Comptroller of the Currency has received inquiries from bankers requesting guidance on legal lending limit compliance for loans where a decline in the collateral value of cattle that secures those loans has led to temporary collateral shortfalls for purposes of the legal lending limit calculations and whether such shortfalls may fall within the scope of the "extraordinary circumstances" provision of 12 CFR 32.6(c). www.occ.treas.gov/ftp/advisory/2004-1.txt

February 23, 2004 - OCC Announces New Electronic Interpretations and Actions - February 2004 www.occ.treas.gov/interp/feb04/intfeb04.htm

February 23, 2004 - Testing for Adverse Selection and Moral Hazard in Consumer Loan Markets - Wendy Edelberg - This paper explores the significance of unobservable default risk in mortgage and automobile loan markets. I develop and estimate a two-period model that allows for heterogeneous forms of simultaneous adverse selection and moral hazard. www.federalreserve.gov/pubs/feds/2004/200409/200409pap.pdf

February 23, 2004 - Valuation, Investment and the Pure Profit Share - Pierre Lafourcade - This paper explores some implications for valuation and investment of challenging the standard assumption that there are no aggregate pure profits in the US economy. www.federalreserve.gov/pubs/feds/2004/200408/200408pap.pdf

February 23, 2004 - Modeling the Whole Firm: The Effect of Multiple Inputs and Financial Intermediation on Bank Deposit Rates - Elizabeth K. Kiser - Empirical studies of price competition typically analyze the direct effects of market structure, cost, and local demand on prices; this approach has been applied widely to studies of bank deposit rates. www.federalreserve.gov/pubs/feds/2004/200407/200407pap.pdf

February 23, 2004 - International Diversification at Home and Abroad - Fang Cai; Francis E. Warnock - We analyze foreigners' and domestic institutional investors' holdings of U.S. equities and find common preferences for large firms and firms that are diversified internationally. www.federalreserve.gov/pubs/ifdp/2004/793/ifdp793.pdf

February 23, 2004 - Foreign Participation in Local-Currency Bond Markets - John D. Burger; Francis E. Warnock - We analyze the development of, and foreign participation in, 49 local bond markets. Countries with stable inflation rates and strong creditor rights have more developed local bond markets and rely less on foreign-currency-denominated bonds. www.federalreserve.gov/pubs/ifdp/2004/794/ifdp794.pdf

February 23, 2004 - Chairman Alan Greenspan - Understanding household debt obligations At the Credit Union National Association 2004 Governmental Affairs Conference, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2004/20040223/default.htm

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February 20, 2004 - The "Bank Accounting Advisory Series" conveys the OCC's views on various accounting topics. Neither rules nor regulations, these views are the Office of the Chief Accountant's interpretations of generally accepted accounting principles or the OCC's interpretations of regulatory capital requirements. www.occ.treas.gov/BA022004.pdf

February 20, 2004 - St. Louis Fed's Poole: GDP Growth, Low Inflation, Job Growth Make 2004 "Quite Promising" - The economic scenario for 2004 looks quite promising: Continued strong GDP growth, a core inflation rate remaining around 1 per cent, and sustained increases in payroll employment that are substantially stronger than those seen in recent months. www.stlouisfed.org/news/releases/2004/02_20_04.html

February 20, 2004 - Chairman Alan Greenspan - The critical role of education in the nation's economy At the Greater Omaha Chamber of Commerce 2004 Annual Meeting, Omaha, Nebraska www.federalreserve.gov/boarddocs/speeches/2004/200402202/default.htm

February 20, 2004 - Governor Ben S. Bernanke - The Great Moderation At the meetings of the Eastern Economic Association, Washington, DC www.federalreserve.gov/boarddocs/speeches/2004/20040220/default.htm

February 20, 2004 - Community Reinvestment Act Regulations Joint Notice of Proposed Rulemaking - The Office of the Comptroller of the Currency, along with the Office of Thrift Supervision, Federal Reserve Board, and Federal Deposit Insurance Corporation (the agencies), has issued a joint notice of proposed rulemaking (NPR) requesting comments on proposed amendments to the Community Reinvestment Act regulations.
Press Release: www.occ.treas.gov/ftp/bulletin/2004-12.txt
Attachment: www.occ.treas.gov/fr/fedregister/69fr5729.pdf

February 19, 2004 - Governor Susan Schmidt Bies - Financial Markets and Corporate Governance At the Economic Club of Memphis Dinner, Memphis, Tennessee www.federalreserve.gov/boarddocs/speeches/2004/20040219/default.htm

February 19, 2004 - NCUA - Report on Actions Taken During the NCUA Board Meeting 02/19/2004 www.ncua.gov/news/board_reports/BAB04-02-19.pdf

February 19, 2004 - NCUA - Conversion of Insured Credit Unions to Mutual Savings Banks - NCUA is updating its rule regarding conversion of insured credit unions to mutual savings banks. www.ncua.gov/news/proposed_regs/Final708a-02-19-04.pdf

February 19, 2004 - NCUA - Share Insurance; Living Trust Accounts - NCUA is amending its share insurance rules to simplify them and maintain parity with the deposit insurance rules of the Federal Deposit Insurance Corporation. www.ncua.gov/news/proposed_regs/Final745living%20trusts04-02-19.pdf

February 19, 2004 - OCC Announces Five New Enforcement Actions - The Office of the Comptroller of the Currency (OCC) today announced five new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/scripts/newsrelease.aspx?Doc=2004_14.xml

February 19, 2004 - OCC Releases CRA Evaluations For 42 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, 2004 through February 14, 2004. The list contains only national banks and insured federal branches of foreign banks that have received ratings. www.occ.treas.gov/scripts/newsrelease.aspx?Doc=UX4UP5ZH.xml

February 19, 2004 - FDIC Community Development Investment Guide - The FDIC has produced the FDIC Community Development Investment Guide to assist FDIC-supervised institutions in assessing community development investment opportunities. www.fdic.gov/news/news/financial/2004/fil1904.html

February 18, 2004 - OTS Announces Notice of Charges Against Former President of Closed Dollar Savings Bank - The former president of Dollar Savings Bank, a Newark, New Jersey, savings institution closed by the Office of Thrift Supervision (OTS) on February 14, 2004, has been served with a notice of charges alleging numerous violations of federal banking laws.  www.ots.treas.gov/docs/77405.html

February 18, 2004 - Richard D. Porter Named Senior Policy Advisor at Chicago Fed - Mr. Porter will assume leadership of the Bank's payments study group in May and will report to Senior Vice President and Director of Research Charles L. Evans. He will also serve as senior advisor to Chicago Fed President Michael H. Moskow on payments system policy, supporting Moskow's role as a member of the Federal Reserve's Payments System Development Committee. www.chicagofed.org/news_and_conferences/news/2004_02_18_richard_d_porter_named_senior_policy_advisor.cfm

February 18, 2004 - Thrifts Earning And Profitability At Record Levels For 2003 - The Office of Thrift Supervision announced today that the nation's thrift industry reported record net income of $13.7 billion for 2003, up 16 percent from the previous record $11.8 billion earned in 2002. For the fourth quarter of 2003, the industry reported net income of $3.45 billion, also up 16 percent from the fourth quarter of 2002. www.ots.treas.gov/docs/77404.html

February 17, 2004 - FDIC Reports Year-End 2003 Financial Results For Bank and Thrift Insurance Funds - The Federal Deposit Insurance Corporation today announced that the Bank Insurance Fund reported comprehensive income of $1.7 billion for the year ending December 31, 2003, compared to $1.6 billion for 2002. www.fdic.gov/news/news/press/2004/pr1404.html

February 17, 2004 - Gwatney Reappointed, Rumbarger Appointed to St. Louis Fed's Memphis Branch Board - Russell Gwatney, president of Gwatney Companies in Memphis, has been reappointed by the Board of Governors of the Federal Reserve System to the board of directors of the Memphis Branch of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2004/02_17_04.htm

February 17, 2004 - Bank Agencies Announce Launch Of Web Site On Call Report Modernization Initiative - The federal bank regulatory agencies today announced the availability of a web site that provides information on the Federal Financial Institutions Examination Council Call Report Modernization initiative. The FFIEC Call Report agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency) are building a central data repository to modernize and streamline how the agencies collect, process, and distribute bank financial data. www.ffiec.gov/press/pr021704.htm

February 17, 2004 - FDIC Approves the Payout of Insured Deposits of Dollar Savings Bank, Newark, New Jersey - The Board of Directors of the Federal Deposit Insurance Corporation today approved the payout of the insured deposits of Dollar Savings Bank, Newark, New Jersey. The bank was closed today by the Office of Thrift Supervision and the FDIC was named receiver. www.fdic.gov/news/news/press/2004/pr1304.html

February 17, 2004 - Statistical Release G.17 Industrial Production - Industrial production rose 0.8 percent in January; output in December was revised downward and is now estimated to have been unchanged from the November reading. www.federalreserve.gov/releases/G17/Current/default.htm

February 17, 2004 - Financial Holding Companies As of February 13, 2004 - 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. www.federalreserve.gov/GeneralInfo/FHC/default.htm

February 14, 2004 - The Office of Thrift Supervision (OTS) closed Dollar Savings Bank, Newark, New Jersey, today and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. www.ots.treas.gov/docs/77403.html

February 12, 2004 - Top 10 Ways To Reinvent Rural Regions - Throughout the nation, rural regions are on a quickening quest to reinvent their economies. For the Center for the Study of Rural America at the Federal Reserve Bank of Kansas City, this recent wave of regional development offers some lessons that can help regions be successful in the new economic race. www.kc.frb.org/pubaffrs/pressrel/pr04-01.htm

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February 13, 2004 - NCUA - Preemption of the New Mexico Home Loan Protection Act www.ncua.gov/ref/opinion_letters/2004/04-0147.pdf

February 13, 2004 - NCUA - Key SBA Official to Keynote PALS Workshop on Member Business Lending Small Business Administration General Counsel David Javdan will present a keynote address to credit union officials learning about member business lending at a free Partnering and Leadership Successes workshop March 25 in San Francisco. www.ncua.gov/news/press_releases/2004/NR04-0213.htm

February 13, 2004 - OCC 2004-11, 12 CFR 229 (Regulation CC) Availability of Funds and Collection of Checks: Proposed Amendments to Regulation CC to Implement Check Clearing for the 21st Century Act
Press Release: www.occ.treas.gov/ftp/bulletin/2004-11.txt
Attachment: www.occ.treas.gov/fr/fedregister/69%20FR%201470.pdf

February 13, 2004 - The FDIC’s 2003 Annual Report can now be accessed from the FDIC’s Web site. - The Federal Deposit Insurance Corporation is pleased to announce that our 2003 Annual Report is now available on our Web site. www.fdic.gov/news/news/financial/2004/fil1704.html

February 13, 2004 - Letter to Merrill Lynch Bank USA, Salt Lake City, Utah, granting an exemption from the quantitative limits of section 23A of the Federal Reserve Act, 12 USC 371c, in order that the bank may acquire Merrill Lynch Private Finance, Inc., from Merrill Lynch & Co., Inc., New York, New York. www.federalreserve.gov/boarddocs/legalint/federalreserveact/2004/20040210/

February 12, 2004 - OCC Chief Counsel Julie L. Williams Explains New Preemption Rules, Urges Cooperation Between States and OCC - Julie L. Williams, Chief Counsel and First Senior Deputy Comptroller for the Office of the Comptroller of the Currency, described the OCC’s recently issued preemption regulations in a speech today, and emphasized the importance of continuing cooperation between the states and the OCC in furthering consumer protection with respect to the institutions they regulate.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=2923UNV1.xml
Attachment: www.occ.treas.gov/ftp/release/2004-13a.pdf

February 12 2004 - Bank Agencies Announce Launch Of Web Site On Call Report Modernization Initiative - The federal bank regulatory agencies today announced the availability of a web site that provides information on the Federal Financial Institutions Examination Council's Call Report Modernization initiative.
Press Release: www.federalreserve.gov/boarddocs/press/other/2004/20040212/default.htm
Press Release: www.fdic.gov/news/news/press/2004/pr1204.html
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=OCPLC1T8.xml

February 11, 2004 - Interagency Advisory on Accounting for Deferred Compensation Agreements and Bank-Owned Life Insurance - The federal banking agencies have issued an advisory letter that discusses the appropriate accounting and reporting for deferred compensation agreements, many of which are linked to investments in bank-owned life insurance. Banks should review their accounting for these agreements to ensure that they are being properly reported and make changes, if necessary, in their March 31, 2004, Call Reports.
Press Release: www.fdic.gov/news/news/financial/2004/fil1604.html
Press Release: www.federalreserve.gov/BoardDocs/SRLetters/2004/SR0404.htm

February 11, 2004 - Matz Posts Presentations from Alternatives to Predatory Lending Workshop on PALS Website - Credit union officials looking to protect members and potential members from being victimized by predatory lenders can now access innovative ideas on the Partnering and Leadership Successes website initiated by National Credit Union Administration Board Member Debbie Matz. www.ncua.gov/news/press_releases/2004/NR04-0211.htm

February 11, 2004 - OCC 2004-10, Deferred Compensation Agreement Accounting: Interagency Advisory on Accounting for Deferred Compensation Agreements and Bank-Owned Life Insurance
Press Release: www.occ.treas.gov/ftp/bulletin/2004-10.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2004-10a.pdf 

February 11, 2004 - Lawrence E. Beard Named Deputy Comptroller for Licensing - Lawrence E. Beard has been named Deputy Comptroller for Licensing, succeeding Steve Weiss, who plans to retire from the OCC. www.occ.treas.gov/scripts/newsrelease.aspx?Doc=E6SW7P2.xml

February 11, 2004 - Monetary Policy Report to the Congress Submitted pursuant to section 2B of the Federal Reserve Act  www.federalreserve.gov/boarddocs/hh/2004/february/fullreport.htm

February 11, 2004 - Testimony of Chairman Alan Greenspan Federal Reserve Board's semiannual Monetary Policy Report to the Congress Before the Committee on Financial Services, U.S. House of Representatives  February 11, 2004 www.federalreserve.gov/boarddocs/hh/2004/february/testimony.htm

February 10, 2004 - Working Papers Finance and Economics Discussion Series 2004-4 through 2004-6 www.federalreserve.gov/Pubs/FEDS/2004/index.html

February 10 2004 - Legal Interpretations (February 2, 2004) Clarification of Section 106 allowing banks to require borrowers that obtain securities-based credit from the bank to keep the securities collateral in an account at a broker-dealer affiliate of the bank www.federalreserve.gov/boarddocs/legalint/bhc_changeincontrol/2004/20040202/default.htm

February 10, 2004 - Legal Interpretations (November 19, December 22, and December 29, 2003) Grant of an exemption from the quantitative limits of section 23A of the Federal Reserve Act, 12 USC 371c
www.federalreserve.gov/boarddocs/legalint/federalreserveact/2003/default.htm

February 101, 2004 - The Federal Reserve Board on Tuesday announced a number of improvements to its web site, including the capability to view and submit comments on regulatory proposals. www.federalreserve.gov/boarddocs/press/other/2004/20040210/default.htm

February 10, 2004 - Guidance for Response to Ricin Delivered by Mail - This is a joint DHS and FBI Information Bulletin. DHS Information Bulletins communicate issues that pertain to the critical national infrastructure and are for informational purposes only. While DHS possesses no information indicating specific terrorist targeting of U.S. critical infrastructures through the delivery by mail of the toxin ricin, such targeting would be consistent with certain terrorists’ stated objectives to disrupt and undermine vital economic interests in this country. 
www.ncua.gov/FBIIC/Security/RICIN-INFORMATION.pdf 

February 10, 2004 - International Finance Discussion Papers - Can Long-Run Restrictions Identify Technology Shocks? Christopher Erceg; Luca Guerrieri; Christopher Gust www.federalreserve.gov/Pubs/IFDP/2004/792/ifdp792.pdf

February 9, 2004 - Federal Reserve Bank of Chicago Breaks Ground for New Detroit Office - The Federal Reserve Bank of Chicago today broke ground for its new 220,000-square-foot Detroit Branch on E. Warren Avenue north of the Eastern Market. chicagofed.org/news_and_conferences/news/2004_02_09_federal_reserve_breaks_ground_for_new_detroit_branch.cfm

February 9, 2004 - Regulation C: Exemption Threshold for Depository Institutions and Technical Changes - This bulletin notes the publication in the Federal Register for December 29, 2003, of a final rule and staff commentary by the Federal Reserve Board.
Press Release: www.occ.treas.gov/ftp/bulletin/2004-9.txt
Attachment: www.occ.treas.gov/fr/fedregister/68FR74829.pdf

February 9, 2004 - The Federal Reserve Board on Monday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Hocking Valley Bank, Athens, Ohio, a state member bank. Hocking Valley Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act.  www.federalreserve.gov/boarddocs/press/Enforcement/2004/20040209/default.htm

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February 6, 2004 - NCUA to Participate in 10th White House Conference on Faith-Based and Community Initiatives National Credit Union Administration Board Chairman Dennis Dollar announced today that the NCUA will participate in the White House Conference on Faith-Based and Community Initiatives on Thursday, February 12, in Phoenix, Arizona. www.ncua.gov/news/press_releases/2004/NR04-0124.htm

February 6, 2004 - Statistical Release G.19 Consumer Credit - Consumer credit increased at an annual rate of 5-1/4 percent in 2003. www.federalreserve.gov/Releases/G19/Current/default.htm

February 6, 2004 - Bank and Thrift Agencies Publish Proposed Rulemaking Regarding the Community Reinvestment Act - The federal bank and thrift regulatory agencies today published in the Federal Register a joint interagency notice of proposed rulemaking regarding the Community Reinvestment Act
Press Release: www.fdic.gov/news/news/press/2004/pr1104.html
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2004/20040206/default.htm
Press Release: www.fdic.gov/news/news/financial/2004/fil1504.html
Press Release: www.ots.treas.gov/docs/77402.html
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=AZ8MOPHL.xml
Attachment: www.occ.treas.gov/ftp/release/2004-10a.pdf

February 5, 2004 - 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 2003. www.fdic.gov/news/news/press/2004/pr1004.html

February 5, 2004 - The Federal Reserve Board on Thursday announced that it intends, beginning in July 2006, to require Reserve Banks to release interest and redemption payments on securities issued by government-sponsored enterprises and international organizations only when the issuer's Federal Reserve account contains sufficient funds to cover these payments. www.federalreserve.gov/boarddocs/press/other/2004/20040205/

February 5, 2004 - The Federal Reserve Board on Thursday announced its approval of final rules to establish effective dates for all provisions of the Fair and Accurate Credit Transactions Act of 2003 that do not have a statutorily prescribed effective date. These regulations are being issued jointly with the Federal Trade Commission. www.federalreserve.gov/boarddocs/press/bcreg/2004/20040205/default.htm

February 5, 2004 - The Federal Reserve Board on Thursday released the minutes of its discount rate meetings from November 10 through December 8, 2003.
www.federalreserve.gov/boarddocs/press/monetary/2004/20040205/default.htm

February 4, 2004 - The Office of the Comptroller of the Currency issues alerts, among other reasons, to provide information about entities engaged in unauthorized banking, both offshore and domestic. www.occ.treas.gov/ftp/alert/2004-4.txt

February 4, 2004 - NCUA - The Suspicious Activity Report Activity Review - Trends, Tips & Issues, Issue 6, November 2003 - The purpose of this Regulatory Alert is to notify you of the November 2003, issue of The Activity Review - Trends, Tips & Issues. The SAR Activity Review is published semiannually by Financial Crimes Enforcement Network www.ncua.gov/ref/reg_alerts/2004/04-RA-01.htm

February 3, 2004 - NCUA - Regulation C (Home Mortgage Disclosure Act) The purpose of this regulatory alert is to inform you of changes to Regulation C and the annual Home Mortgage Disclosure Act reporting threshold.
www.ncua.gov/ref/reg_alerts/2004/04-RA-02.htm

February 4, 2004 - NCUA - Holly E. Herman Joins NCUA Vice Chair’s Staff - National Credit Union Administration (NCUA) Board Vice Chair JoAnn Johnson announced today that Holly E. Herman has been appointed as Executive Assistant to the Vice Chair. www.ncua.gov/news/press_releases/2004/NR04-0204.htm

February 4, 2004 - FDIC Board Simplifies Deposit Insurance Rules for Living Trust Accounts - The FDIC Board of Directors has approved a final rule that will simplify the deposit insurance regulations for deposits held in connection with a living trust. The rules are being changed primarily because the existing ones have been confusing for consumers and bankers. www.fdic.gov/news/news/financial/2004/fil1404.html

February 4, 2004 - Governor Susan Schmidt Bies Enterprise-wide Compliance Programs
At the Bond Market Association's Legal and Compliance Conference, New York, New York www.federalreserve.gov/boarddocs/speeches/2004/20040204/default.htm

February 4, 2004 - The Federal Reserve Board on Wednesday announced the issuance of a Consent Order to Cease and Desist against Dominique Bazy, a former executive with Credit Lyonnais, S.A., Paris, France. www.federalreserve.gov/boarddocs/press/Enforcement/2004/20040204/default.htm

February 4, 2004 - NCUA Vice Chair JoAnn Johnson Encourages America’s Credit Unions To Comment On 2004 Rules And Regulations To Be Reviewed By NCUA www.ncua.gov/news/press_releases/2004/NR04-0203.htm

February 4, 2004 - FDIC Broadens Use Of Its Streamlined "Merit" Examination Program - The Federal Deposit Insurance Corporation announced today that it is broadening the use of its streamlined examination program called "MERIT" (for Maximum Efficiency, Risk-Focused, Institution Targeted Examinations). Well-rated insured banks with total assets of $1 billion or less will now be eligible for examination under the streamlined program. www.fdic.gov/news/news/press/2004/pr0904.html
www.fdic.gov/news/news/financial/2004/fil1304.html

February 3, 2004 - OCC 2004-8, Amendment to Part 5: Final Rule - This bulletin announces that the OCC published in the Federal Register on January 2, 2004, a final rule amending its rules, policies, and procedures for corporate activities. The final rule amends 12 CFR 5.2 to provide that the OCC may permit national banks to make any class of filings electronically. Other related changes are also included.
Press Release: www.occ.treas.gov/ftp/bulletin/2004-8.txt
Attachment: www.occ.treas.gov/fr/fedregister/69fr1.pdf

February 3, 2004 - The Federal Financial Institutions Examination Council announced today a new appointment to its State Liaison Committee. - The Conference of State Bank Supervisors appoints Ms. Helen Howell, Director, Washington Department of Financial Institutions, to replace Mr. Thomas Curry, former Massachusetts Commissioner of Banks. www.ffiec.gov/press/pr020304.htm

February 3, 2004 - Senior Loan Officer Opinion Survey on Bank Lending Practices - The January 2004 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. www.federalreserve.gov/boarddocs/snloansurvey/200401/default.htm

February 3, 2004 - Annual Report on the Freedom of Information Act for Fiscal Year 2003 www.federalreserve.gov/generalinfo/foia/anrpt_2003.htm

February 3, 2004 - NCUA - Treasury Warns Against Fraudulent E-Mail Schemes  www.ncua.gov/FBIIC/Security/04-0202-Treasury1130.pdf

February 2, 2004 - Public Records New currency budget for 2004 - Staff requests that the Board approve the proposed 2004 new currency budget of $518.4 million, which represents a $21.5 million increase over the 2003 estimate. This increase reflects a larger currency order in 2004 as well as a shift in some note production from late in calendar year 2003 to calendar year 2004, offset partially by lower billing rates for all denominations in calendar year 2004. www.federalreserve.gov/generalinfo/foia/2004newcurrency.htm

February 2, 2004 - John A. Canning, Jr. Appointed to Chicago Fed Board - The Federal Reserve Bank of Chicago announced today the appointment of John A. Canning, Jr. to its board of directors. www.chicagofed.org/news_and_conferences/news/2004_02_02_john_canning_jr_appointed_to_chicago_fed_board.cfm

February 2, 2004 - Letter To Federal Credit Unions - 04-FCU-01- Operating Fee Schedule for FY 2004 http://www.ncua.gov/ref/letters/letters.html

February 2, 2004 - Statistical Release - G.20 Finance Companies www.federalreserve.gov/Releases/G20/Current/default.htm

February 2, 2004 - NCUA - Board Member Matz Helps Launch New VITA Site in New York City www.ncua.gov/news/press_releases/2004/NR04-0202.htm

February 2, 2004 - NCUA - Opinion Letter - 03-1106 - New Jersey Homeownership Security Act of 2002 www.ncua.gov/ref/opinion_letters/2003_letters/03-1106.htm

February 2, 2004 - NCUA - Opinion Letter - 03-1020 - Preemption of Fee Limitations on Debt Cancellation Products www.ncua.gov/ref/opinion_letters/2003_letters/03-1120.htm

February 2, 2004 - NCUA - Opinion Letter - 03-1039 - Debt Cancellation Agreements www.ncua.gov/ref/opinion_letters/2003_letters/03-1039.htm

February 2, 2004 - Statistical Release - G.5 Foreign Exchange Rates (Monthly) www.federalreserve.gov/Releases/G5/Current/default.htm