Bank Regulatory News
January 2002

January 31, 2002 - Minutes of the Federal Open Market Committee - A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, December 11, 2001, at 9:00 a.m.
www.federalreserve.gov/fomc/minutes/20011211.htm

January 31, 2002 - Directors of Federal Reserve Banks and Branches - The following list of directors of the twelve Federal Reserve Banks and of their twenty-five Branches shows, for each director, the class of directorship, the principal business affiliation of the director, and the expiration date of the director's term.
www.federalreserve.gov/generalinfo/listdirectors/default.cfm

January 31, 2002 - FDIC Reports On Rising Trend Of Corporate Bankruptcies - The outlook for bank credit quality in 2002 rests on whether the current problems of large corporate borrowers filter down to smaller businesses and consumers, the Federal Deposit Insurance Corporation said today. 
www.fdic.gov/news/news/press/2002/pr0702.html

January 31, 2002 - FDIC Helps Launch Fourth Annual National Consumer Protection Week  - The Federal Deposit Insurance Corporation (FDIC) has joined federal, state and local organizations and national advocacy groups to launch the fourth annual National Consumer Protection Week (NCPW), to be held from February 3-9.
www.fdic.gov/news/news/press/2002/pr0802.html

January 31, 2002 - FDIC Makes Public December Enforcement Actions - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in December.
www.fdic.gov/news/news/press/2002/pr0902.html

January 31, 2002 - Risk-Based Capital--Nonfinancial Equity Investments - This bulletin transmits the final rule on the regulatory capital treatment of nonfinancial equity investments that was published in the Federal Register on January 25, 2002.
News Release - www.occ.treas.gov/ftp/bulletin/2002-5.txt
Attachment - www.occ.treas.gov/ftp/bulletin/2002-5a.pdf

January 31, 2002 - NCUA's Board Meeting Agenda for February 7, 2002
www.ncua.gov/news/board_calendar/02Ag2-07.html

January 31, 2002 – NCUA - Revised Asset Valuation Workbook (Effective 31 Dec 2001 - Revised 31 JAN 2002)
www.ncua.gov/ref/Investment/ALM-reviewprocedures.html 

January 30, 2002 - OTS Releases December Enforcement Statistics - The Office of Thrift Supervision (OTS) today reported that it issued ten enforcement orders to five individuals and five institutions during the month of December, 2001.
www.ots.treas.gov/docs/77204.html

January 30, 2002 – NCUA - Amending FCU Bylaws to Permit Directors Voting by E-Mail - www.ncua.gov/ref/opinion_letters/01-1176.html

January 30, 2002 – NCUA - Freedom Of Information Act Program
www.ncua.gov/ref/FOIA/2001FOIARpt.html

January 30, 2002 - The Federal Open Market Committee decided today to keep its target for the federal funds rate unchanged at 1-3/4 percent.
www.federalreserve.gov/boarddocs/press/General/2002/20020130/default.htm

January 29, 2002 - Testimony of Richard Spillenkothen Director, Division of Banking Supervision and Regulation Antiterrorism initiatives
www.federalreserve.gov/boarddocs/testimony/2002/20020129/

January 29, 2002 - Chairman Powell's Statement on FDIC Board Approval of Special Examination Activities - "The agreement establishes a better process for determining when the FDIC will use its authority to examine any insured institution. It will further protect the deposit insurance funds. It shows what the banking regulators can achieve when we work together. It is a significant step forward."
www.fdic.gov/news/news/press/2002/pr0602.html

January 28, 2002 - Final Capital Rule for Nonfinancial Equity Investments - The Federal Deposit Insurance Corporation has issued the attached final rule governing the regulatory capital treatment for equity investments in nonfinancial companies (nonfinancial equity investments) held by FDIC-supervised banks.
www.fdic.gov/news/news/financial/2002/fil0206.html

January 25, 2002 - The Bank Accounting Advisory Series expresses the OCC's current views on accounting topics of interest to national banks.
www.occ.treas.gov/ba2001q4.pdf

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January 24, 2002 - Testimony of Chairman Alan Greenspan - Mr. Chairman and members of the committee, in just a few weeks, the Federal Reserve Board will submit its semiannual report on monetary policy to the Congress.
www.federalreserve.gov/boarddocs/testimony/2002/20020124/

January 24, 2002 - Department of the Treasury's Notice of Funds Availability Invites Applications for the First Accounts Program - The Department of the Treasury's Office of the Assistant Secretary for Financial Institutions has issued the attached Notice of Funds Availability (NOFA) for the First Accounts Program. Applications will be accepted through March 20, 2002.
www.fdic.gov/news/news/financial/2002/fil0205.html

January 24, 2002 NCUA - Statement By NCUA Chairman Dennis Dollar - NCUA Chairman Dennis Dollar released the following statement regarding the National Community Reinvestment Coalition’s legal actions concerning the Community Action Plan (CAP).
www.ncua.gov/news/press_releases/nr012402.html

January 23, 2002 - The Federal Reserve Board on Wednesday approved regulatory changes intended to improve the quality and consistency of data collected on home mortgage loans.
www.federalreserve.gov/boarddocs/press/BoardActs/2002/20020123/

January 23, 2002 - Survey of Finance Companies, 2000 - Against a backdrop of robust economic activity, the finance company sector expanded briskly over the second half of the 1990s.
www.federalreserve.gov/Pubs/Bulletin/2002/0102lead.pdf

January 23, 2002 – NCUA - President Bush names recess appointments to NCUA Board seats - President George W. Bush, January 22, 2002, named Iowa State Senator JoAnn Johnson, and United Nations Executive Deborah Matz recess appointees filling the two vacant seats on the National Credit Union Administration Board.
www.ncua.gov/news/press_releases/nr012302.html

January 22, 2002 - Recent Labor Quality Growth Lower, Chicago Fed Study Finds - Improvements in average worker skill levels recently have slowed and are likely to continue to slow through 2010, which could have a negative impact on U.S. productivity growth in years to come, according to a study that appears in the February issue of the Chicago Fed's Chicago Fed Letter.
www.chicagofed.org/newsandevents/pressreleases/2002/pr01222002.cfm

January 18, 2002 - SIERRA BLANCA BANK CLOSED BY TEXAS BANKING COMMISSIONER - The Texas Banking Commissioner, Randall S. James, announced today the closing of the Bank of Sierra Blanca, Sierra Blanca, Texas. Sierra Blanca has a population of 800 and is located 80 miles east of El Paso.
http://www.banking.state.tx.us/exec/PRESS/1-18-02.HTM  

January 18, 2002 - FDIC Approves The Assumption Of The Insured Deposits Of Bank Of Sierra Blanca, Sierra Blanca, Texas  -The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved the assumption of the insured deposits of the Bank of Sierra Blanca, Sierra Blanca, Texas, by The Security State Bank of Pecos, Pecos, Texas.
www.fdic.gov/news/news/press/2002/pr0502.html  

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January 18, 2002 - The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved the assumption of the insured deposits of the Bank of Sierra Blanca, Sierra Blanca, Texas, by The Security State Bank of Pecos, Pecos, Texas.  http://www.fdic.gov/news/news/press/2002/pr0502.html 

January 18, 2002 - The Board of Governors, along with other federal agencies, issued guidance to help financial institutions comply with consumer privacy regulations.  http://www.dallasfed.org/htm/pubs/pdfs/notices/2002/02-06.pdf 

January 18, 2002 - Remarks by Governor Edward M. Gramlich - Predatory Lending
www.federalreserve.gov/boarddocs/speeches/2002/20020118/default.htm

January 18, 2002 - OCC and People’s Bank of China Assess Money Penalties Against Bank of China - The Office of the Comptroller of the Currency and the People’s Bank of China announced today they have entered into separate actions against Bank of China and its U.S.-based federal branches for misconduct engaged in by prior management.
Press Release - www.occ.treas.gov/ftp/release/2002-07.txt
Attachment -  www.occ.treas.gov/ftp/eas/ea2002-1.pdf

January 17, 2002 - Community Reinvestment Act and Home Mortgage Disclosure Act - The purpose of this issuance is to inform all national banks, federal branches and agencies, and District of Columbia banks of the change of mailing address for Community Reinvestment Act (CRA) and Home Mortgage Disclosure Act (HMDA) data submissions, which are due March 1, 2002.
www.occ.treas.gov/ftp/bulletin/2002-4.txt

January 16, 2002 - Reports from the Federal Reserve Districts suggest that economic activity generally remained weak from late November through early January.
www.federalreserve.gov/fomc/beigebook/2002/20020116/default.htm

January 16, 2002 - Speech by Chairman Alan Greenspan - The history of money
www.federalreserve.gov/boarddocs/speeches/2002/200201163/default.htm

January 16, 2002 - Gradual Improvement Ahead for U.S. Economy, Syposium Participants Predict - A gradual increase in economic growth is predicted for 2002 based on the median economic forecast of participants at a recent Federal Reserve Bank of Chicago symposium featured in the February special issue of the Chicago Fed Letter.
www.chicagofed.org/newsandevents/pressreleases/2002/pr01142002a.cfm

January 15, 2002 - The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of December 15 through January 14, 2002.
Press Release www.occ.treas.gov/ftp/release/2002-05.txt
Attachment http://www.occ.treas.gov/cra/jan02.htm 

January 15, 2002 - The Office of the Comptroller of the Currency - (OCC) today announced 14 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.
www.occ.treas.gov/ftp/release/2002-6.txt

January 15, 2002 - Examiner Guidance--Mark-Up of Settlement Services Fees - On July 5, 2001, the Court of Appeals for the Seventh Circuit held that Section 8(b) of the Real Estate Settlement Procedures Act (RESPA) was not violated when a title company marked-up a fee of a third-party settlement servicer without performing any additional services (Echevarria v. Chicago Title and Trust Co., 256 F.3d 623 (7th Cir. 2001)).
Press Release - www.occ.treas.gov/ftp/bulletin/2002-3.txt
Attachment - www.occ.treas.gov/ftp/bulletin/2002-3a.pdf

January 14, 2002 - Appointments to Boards of Chicago Fed and its Detroit Branch Announced - Robert J. Darnall has been designated chairman of the board of directors of the Federal Reserve Bank of Chicago for 2002 by the Board of Governors of the Federal Reserve System, the Chicago Fed announced today.
www.chicagofed.org/newsandevents/pressreleases/2002/pr01142002.cfm

January 14, 2002 - ACH Transactions Involving the Internet -Guidance and Examination Procedures - This bulletin highlights the risks associated with automated clearing house (ACH) transactions that involve the use of the Internet and provides guidance for managing those risks.
www.occ.treas.gov/ftp/bulletin/2002-2.txt

January 14, 2002 - ACH Transactions Involving the Internet - Description: Guidance and Examination Procedures - This bulletin highlights the risks associated with automated clearing house transactions that involve the use of the Internet and provides guidance for managing those risks.
www.occ.treas.gov/ftp/bulletin/2002-2.txt

January 14, 2002 - The Federal Deposit Insurance Corporation (FDIC) today announced that it will market a $1 billion loan portfolio from the failed Hamilton Bank, N.A., Miami, Florida, within the next 60 days.
www.fdic.gov/news/news/press/2002/pr0402.html

January 14, 2002 - Laurence H. Meyer submitted his resignation Monday as a member of the Board of Governors of the Federal Reserve System, effective the last day of his term, January 31, 2002.
www.federalreserve.gov/boarddocs/press/General/2002/20020114/default.htm 

January 14, 2002 - The Federal Reserve Board on Monday announced the issuance of an Order of Assessment of a Civil Money Penalty against Dexia, S.A., Brussels, Belgium; Dexia Bank Belgium, S.A., Brussels, Belgium; and Dexia Credit Local de France, Paris, France.
www.federalreserve.gov/boarddocs/press/Enforcement/2002/20020114/default.htm
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January 11, 2002- Remarks by Chairman Alan Greenspan At the Bay Area Council Conference, San Francisco, California
www.federalreserve.gov/boarddocs/speeches/2002/20020111/default.htm

January 11, 2002 - Hamilton Bank, N.A., Miami, Florida, was closed today by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) was appointed receiver.
www.occ.treas.gov/ftp/release/2002-04.txt

January 11, 2002 - FDIC Approves The Assumption Of The Insured Deposits Of Hamilton Bank, National Association, Miami, Florida - The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) has approved the partial assumption of approximately 50% of the insured deposits of Hamilton Bank, National Association, Miami, Florida, by Israel Discount Bank of New York, New York, NY.
www.fdic.gov/news/news/press/2002/pr0302.html

January 11, 2002 - Current Recession Has "Decidedly Atypical" Features, Says St. Louis Fed's Poole -  The current recession has "some fairly standard features, and some that are decidedly atypical," according to William Poole, president of the Federal Reserve Bank of St. Louis.
www.stls.frb.org/general/releases/rel02/nr0111.html

January 11, 2002 -  Legal Opinion Letter 01-1257 -- Re:  Regulation E Exclusions
www.ncua.gov/ref/opinion_letters/01-1257.html

January 10, 2002 - Revisions to Bank Holding Company Supervision Procedures for Organizations with Total Consolidated Assets of $5 Billion or Less - To further enhance its risk-focused supervision program, on January 1, 2002, the Federal Reserve implemented revised procedures for the supervision of bank holding companies¹ with total consolidated assets of $5 billion or less.
www.federalreserve.gov/boarddocs/srletters/2002/sr0201.htm

January 9, 2002 - Your Insured Deposit" Booklet Available in Chinese and Korean - The Federal Deposit Insurance Corporation (FDIC) is pleased to announce that in addition to English and Spanish versions, its "Your Insured Deposit" booklet is now available in Chinese (traditional and simplified) and Korean.
www.fdic.gov/news/news/financial/2002/fil0204.html

January 9, 2002 - OTS Withdraws Proposed Holding Company Rule - The Office of Thrift Supervision today announced that it is withdrawing a proposed rule it published in the November 8 Federal Register covering the authority of some thrift holding companies to engage in the same list of financial activities as the Federal Reserve Board permits financial holding companies under the Gramm-Leach-Bliley Act of 1999.
www.ots.treas.gov/docs/77203.html

January 8, 2002 - OTS Announces 12 December CRA Ratings - The Office of Thrift Supervision today announced savings associations' Community Reinvestment Act performance evaluation ratings that became available in December 2001.
www.ots.treas.gov/docs/77202.html

January 8, 2002 - The Federal Reserve Board announced today the approval of the application of Allgemeine HypothekenBank Rheinboden AG, Frankfurt, Germany, to establish a representative office in New York, New York
www.federalreserve.gov/boarddocs/press/BHC/2002/20020108/default.htm

January 8, 2002 - Preliminary figures indicate that the Federal Reserve Banks distributed approximately $27.14 billion of their $31.87 billion total income to the U.S. Treasury during 2001.
www.federalreserve.gov/boarddocs/press/General/2002/20020108/default.htm

January 8, 2002 - Agencies Adopt Final Rules Concerning the Regulatory Capital Treatment of Nonfinancial Equity Investments - The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency today announced the adoption of final rules governing the regulatory capital treatment of equity investments in nonfinancial companies held by banks, bank holding companies and financial holding companies.
www.federalreserve.gov/boarddocs/press/boardacts/2002/20020108/default.htm

January 8, 2002 - FDIC Seeks Comment on Proposed Policy Statement on Minority-Owned Depository Institutions - The Federal Deposit Insurance Corporation (FDIC) is requesting public comment on the attached proposed Policy Statement Regarding Minority-Owned Depository Institutions. Comments on the proposed policy statement are due by March 4, 2002.
www.fdic.gov/news/news/financial/2002/fil0203.html

January 8, 2002 - OCC Issues Examiner Handbook on Custody Services - The Office of the Comptroller of the Currency (OCC) today issued a handbook for examiners on custody services.
Press Release - www.occ.treas.gov/ftp/release/2002-02.txt
Attachment - www.occ.treas.gov/handbook/custodyservice.pdf 

January 8, 2002 - NCUA Redesigns And Enhances Agency Website - Ease of navigation and improved features with increased interaction on the world wide web is only a click away as the National Credit Union Administration (NCUA) unveils a new look and resources available through its web page
www.ncua.gov/news/press_releases/nr010702.html

January 7, 2002 – NCUA - Amendment to Regulation Z Truth in Lending - The purpose of this alert is to notify you that the Federal Reserve Board (FRB) has adjusted the dollar threshold for mortgage fees that trigger the requirements of theHome Ownership and Equity Protection Act of 1994
/www.ncua.gov/ref/reg_alerts/01-RA-15.pdf

January 7, 2002 – NCUA -Investments in Brokered Certificates of Deposit (CDs) sold by Bentley Financial Services, Inc. and Entrust Group
www.ncua.gov/ref/letters/01-CU-23.pdf  

January 7, 2002 – NCUA - Compliance With Federal Flood Insurance Requirements - All federally insured credit unions are required to comply with the provisions of the National Flood Insurance Reform Act of 1994, which amended the National Flood Insurance Act of 1968, and the Flood Disaster Protection Act of 1973.
www.ncua.gov/ref/letters/01-CU-24.pdf

January 7, 2002 - FDIC Issues January List Of Banks Examined For CRA Compliance - The Federal Deposit Insurance Corporation (FDIC) today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.
www.fdic.gov/news/news/press/2002/pr0102.html

January 7, 2002 - The Federal Reserve Board today announced its approval of the application of Wesbanco, Inc. to acquire American Bancorporation ("Bancorp"), both in Wheeling, West Virginia, and indirectly to acquire Bancorp's subsidiary bank, Wheeling National Bank, St. Clairsville, Ohio.
www.federalreserve.gov/boarddocs/press/BHC/2002/20020107/default.htm

January 4, 2002 - Food Prices: Something For Policymakers to Chew On - Putting food costs back into the price index might give policymakers a better handle on the underlying trends in inflation, argue two researchers at the Federal Reserve Bank of St. Louis.
www.stls.frb.org/general/releases/rel02/nr0104.html

January 3, 2002 - Susan Schmidt Bies and Mark W. Olson were formally sworn in as members of the Board of Governors of the Federal Reserve System at a ceremony Thursday in the atrium of the Board's main building in Washington.
www.federalreserve.gov/boarddocs/press/General/2002/20020103/default.htm

January 3, 2002 - Eagle National Bank Consent Order -The Office of the Comptroller of the Currency (OCC) has entered into a consent order with Eagle National Bank, Upper Darby, Pennsylvania, (the Bank) in which the Bank will develop and implement an "exit strategy" to cease originating "Cash ‘til Payday" (payday) loans, reduce all outstanding payday loans to zero, and completely discontinue its payday lending program not later than June 15, 2002.
Press Release - www.occ.treas.gov/ftp/release/2002-01a.txt
Attachment - www.occ.treas.gov/ftp/eas/ea2001-104.pdf

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January 4, 2002 - The Federal Reserve Board on Friday named eleven new members to its Consumer Advisory Council for three-year terms and designated a new Chair and Vice Chair of the Council for 2002. www.federalreserve.gov/boarddocs/press/boardacts/2002/20020104/default.htm 

January 4, 2002 - Federal Reserve Automated Clearinghouse Operations - The automated clearinghouse is a nationwide mechanism that processes electronically originated batches of credit and debit transfers. www.federalreserve.gov/PaymentSystems/Fedach/default.htm 

January 4, 2002 - Federal Reserve Check Services - Next to cash, checks are the most frequently used method of payment in the United States. About one-fourth of all checks written in the United States are deposited in the institution on which they are drawn ("on-us" checks). www.federalreserve.gov/PaymentSystems/Checkservices/default.htm 

January 4, 2002 - Bank Secrecy Act/Anti-Money Laundering - The attached notice provides interim guidance to financial institutions on how to comply with two anti- money laundering provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001. 
Press Release - www.occ.treas.gov/ftp/bulletin/2002-1.txt  
Attachment - www.occ.treas.gov/fr/fedregister/66fr59342.pdf 

January 4, 2002 - OTS Releases November Enforcement Statistics - The Office of Thrift Supervision (OTS) today reported that it took six enforcement actions against two individuals and four institutions during the month of November 2001.  www.ots.treas.gov/docs/77201.html 

January 3, 2002- NCUA Report of Officials for 2002 www.ncua.gov/ref/roofficials/roofficials.html 

January 3, 2002 - Susan Schmidt Bies and Mark W. Olson were formally sworn in as members of the Board of Governors of the Federal Reserve System at a ceremony Thursday in the atrium of the Board's main building in Washington. www.federalreserve.gov/boarddocs/press/general/2002/20020103/default.htm 

January 3, 2002 - OCC Orders Eagle to Cease Payday Lending Program - The Office of the Comptroller of the Currency announced today that Eagle National Bank has signed a Consent Order directing it to cease all payday-lending activities. www.occ.treas.gov/ftp/release/2002-01.txt 

January 2, 2002 - NCUA - Chairman Dollar Announces NCUA's 2001 Record Setting Total - America's Credit Unions Adopted Over 16 Million - America's federally-chartered credit unions expanded service into underserved and low-income communities across the United States with a record 16.1 million potential new credit union members added in 2001, according to National Credit Union Administration Board Chairman Dennis Dollar. www.ncua.gov/news/press_releases/nr010202.html 

January 2, 2002 - Specially Designated Nationals and Blocked Persons - Pursuant to Section 106 of the USA PATRIOT Act of 2001, the financial assets of Benevolence International Foundation, Inc. and Global Relief Foundation, Inc., wherever located, are blocked. Benevolence International Foundation, Inc. is known to have offices in Illinois and New Jersey, and Global Relief Foundation, Inc. is known to have offices in Illinois www.fdic.gov/news/news/financial/2002/fil0201.html 

January 2, 2002 - Specially Designated Nationals and Blocked Persons - On December 20, 2001, the Department of the Treasury's Office of Foreign Assets Control (OFAC) amended its listing of Specially Designated Nationals and Blocked Persons by adding five new names of specially designated global terrorists. www.fdic.gov/news/news/financial/2002/fil0202.html