Bank Regulatory News
January 2003
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January 31, 2003 - NCUA - Opinion Letter - 02-1246 -
Loss Reserves for Member Business Loans (MBLs) Opinion Letter - 02-1246
http://www.ncua.gov/Ref/opinion_letters/2003_letters/02-1246.htm
January 31, 2003 - NCUA - Opinion Letter - 02-1203 - Payment of Volunteer
Official’s Uninsured Medical Expenses
www.ncua.gov/Ref/opinion_letters/2003_letters/02-1203.htm
January 31, 2003 - OCC Seeks Comment on Package of Rules Dealing with
AHEOA, Fiduciary Activities, Real Estate Lending and Visitorial Powers -
The Office of the Comptroller of the Currency proposed regulations today
implementing provisions of the American Homeownership and Economic
Opportunity Act of 2000 (AHEOA), revising and updating other provisions of
its rules, and clarifying its existing rule concerning the agency’s
exclusive visitorial powers to examine, supervise and regulate national
banks.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=DCRF5FIE.xml
Attachment: www.occ.treas.gov/ftp/eas/ea2003-3.pdf
January 31, 2003 - Peoples National Bank to Pay $175,000 Civil Money
Penalty And End Payday Lending Relationship with Advance America - The
Office of the Comptroller of the Currency announced today that Advance
America, Cash Advance Centers, Inc. and Peoples National Bank, Paris,
Texas, have agreed to end their payday lending arrangement and that the
bank has agreed to pay $175,000 in civil money penalties.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=B7L2XHHT.xml
Attachment: www.occ.treas.gov/ftp/eas/ea2003-2.pdf
Attachment: http://www.occ.treas.gov/ftp/eas/ea2003-3.pdf
January 31, 2003 - FDIC Debuts Analysis Of State Economic And Banking
Information The Federal
Deposit Insurance Corporation (FDIC) today launched a new Internet-only
publication, FDIC State
Profiles. In an executive summary format, this quarterly
publication provides an analysis of state economic and banking trends and
aggregate financial data on insured institutions headquartered in all 50
states, Puerto Rico and the U.S. Virgin Islands. www.fdic.gov/news/news/press/2003/pr0603.html
January 31, 2003 - Senior Loan
Officer Opinion Survey on Bank Lending Practices - The January 2003
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. In addition, the survey contained a
set of supplementary questions that focused on banks' participation in the
credit default swap market. www.federalreserve.gov/boarddocs/snloansurvey/200301/default.htm
January 31, 2003 - The Federal Reserve Board on Friday announced the
adoption of a final rule implementing several of the reporting, disclosure
and corporate governance requirements of the Sarbanes-Oxley Act of 2002
for those state member banks that have a class of securities registered
under the Securities Exchange Act of 1934. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030131/default.htm
January 30, 2003 - OTS Says New York Law Doesn’t Apply To Federal
Thrifts - The Office of Thrift Supervision announced today that federal
law preempts provisions of the New York predatory lending law from
applying to federal savings associations and their operating subsidiaries.
The New York law imposes various restrictions on loans based upon the
annual percentage rate and amount of points and fees charged. www.ots.treas.gov/docs/77304.html
January 30, 2003 - 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 10, 2002,
at 9:00 a.m. www.federalreserve.gov/fomc/minutes/20021210.htm
January 29, 2003 - Recent Conference Focuses on Midwest Work Force Issues
- A recent Chicago Fed conference helped identify the current condition of
the Midwest work force and strategies that can help enhance human capital
in the region. A summary of that conference is highlighted in the latest
edition of the Chicago Fed Letter. www.chicagofed.org/newsandevents/pressreleases/2003/pr01292003II.cfm
January 29, 2003 - Federal Reserve
Bank budget document for 2003 www.federalreserve.gov/generalinfo/foia/frbankbudgets.htm
January 29, 2003 - Regional Economic Research Highlighted in the January Chicago
Fed Letter - Recent
changes in the format of the Chicago Fed's Beige Book contribution aim to
increase its usefulness to policymakers and the public, according to
Chicago Fed Economists Rick Kaglic and Mike Munley in the latest Chicago
Fed Letter. The authors highlight those changes, which include two new
sections, business spending and employment costs/prices, for the Chicago
District's Beige Book report. www.chicagofed.org/newsandevents/pressreleases/2003/pr01292003.cfm
January 29, 2003 - NCUA Announces Regional Office Realignment Plan - Agency
to Realize Significant Savings from Efficiency Measure -- Closing One
Regional Office and Relocating Another - Remaining Five Regions to Be
Realigned Accordingly. www.ncua.gov/news/press_releases/2003/NR03-0129-2.htm
January 29, 2003 - NCUA - Federal government assumes control of Marion
County Credit Union - The National Credit Union Administration today
assumed control of service and operations at $73.7 million Marion County
Credit Union, Ocala, Fla., at the request of the Florida Department of
Financial Services, after state officials placed the credit union into
conservatorship. www.ncua.gov/news/press_releases/2003/NR03-0129.htm
January 29, 2003 - Federal Financial Regulators Release Information
Security Booklet, First In A Series - The Federal Financial Institutions
Examination Council today issued revised guidance for examiners and
financial institutions to use in identifying information security risks
and evaluating the adequacy of controls and applicable risk management
practices of financial institutions. www.ffiec.gov/press/pr012903.htm
OTS: www.ots.treas.gov/docs/77303.html
January 29, 2003 - FDIC Seeks Comment On Draft Payday Lending Guidance -
The Federal Deposit Insurance Corporation has developed guidelines for
payday lending. A draft of this guidance, which the FDIC intends to issue
on March 31, 2003, is attached. www.fdic.gov/news/news/press/2003/pr0503.html
January 29, 2003 - The Federal Open Market Committee decided today to keep
its target for the federal funds rate unchanged at 1-1/4 percent. www.federalreserve.gov/boarddocs/press/monetary/2003/20030129/default.htm
January 28, 2003 - Final Rule - Anti-Money- Laundering Requirements for
Foreign Correspondent Banks - The rule, effective immediately, extends the
time from December 26, 2002, to March 31, 2003, for obtaining information
from each foreign bank for which a covered financial institution maintains
a correspondent account.
News Release: www.occ.treas.gov/ftp/bulletin/2003-3.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2003-3a.pdf
Attachment: www.occ.treas.gov/ftp/bulletin/2003-3b.pdf
January 28, 2003 - International
Finance Discussion Papers - 2003
IFDPs www.federalreserve.gov/pubs/ifdp/2003/default.htm
January 27, 2003 - NCUA - Credit
Union Financial Trends for the Third Quarter of 2002 - Enclosed
is a report highlighting credit union financial trends for the third
quarter of 2002. We based our analysis on data compiled from the third
quarter 2002 call reports submitted by all federally insured credit
unions.
www.ncua.gov/Ref/letters/2003/03-CU-02.htm
January 27, 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
______________
January 24, 2003 - Cuban
Asset Control Regulations - The Department of the Treasury's Office of
Foreign Assets Control has updated its list of approved service providers
to Cuba. www.fdic.gov/news/news/financial/2003/fil0307.html
January 23, 2003 - NCUA Board Actions Taken December 19, 2002 www.ncua.gov/news/board_reports/BAB02-1219.htm
January 23, 2003 - OCC
Announces New Electronic Interpretations and Actions - Interpretive
Letters and No-Objection Letters reflect the views of the Comptroller's
legal staff. Corporate Decisions, CRA Decisions and Conditional Approvals
are from the office of Bank Organization and Structure. www.occ.treas.gov/interp/jan03/intjan03.htm
January 23, 2003 - The Federal Reserve Board on Thursday announced the
issuance of an Order of Assessment of a Civil Money Penalty against The
Bank of Yellville, Yellville, Arkansas, a state member bank. www.federalreserve.gov/boarddocs/press/enforcement/2003/200301234/default.htm
January 23, 2003 - The Federal Reserve Board on Thursday announced the
issuance of an Order of Assessment of a Civil Money Penalty against the
Simmons First Bank of Russellville, Russellville, Arkansas, a state member
bank. www.federalreserve.gov/boarddocs/press/enforcement/2003/200301233/default.htm
January 23, 2003 - The Federal Reserve Board on Thursday announced the
issuance of an Order of Assessment of a Civil Money Penalty against the La
Salle State Bank, La Salle, Illinois, a state member bank. www.federalreserve.gov/boarddocs/press/enforcement/2003/200301232/default.htm
January 23, 2003 - The Federal Reserve Board on Thursday announced the
issuance of an Order of Assessment of a Civil Money Penalty against the
Central State Bank, Calera, Alabama, a state member bank. www.federalreserve.gov/boarddocs/press/enforcement/2003/20030123/default.htm
January 22, 2003 - Economic Growth Increases Slightly in 2003, Consensus
Forecast Says - Economic
growth in 2003 will be slightly above the rate in 2002, according to the
median forecast of participants at the Chicago Fed's Economic Outlook
Symposium summarized in the January special issue of the Chicago Fed
Letter. Symposium participants, including researchers from
manufacturing, banking, consulting and service firms and academia, predict
real gross domestic product for the U.S. economy to grow by 2.7% in 2003. www.chicagofed.org/newsandevents/pressreleases/2003/pr01222003.cfm
January 22, 2003 - OTS Says Georgia Law Doesn't Apply to Federal Thrifts -
The Office of Thrift Supervision (OTS) announced today that federal law
preempts provisions of the Georgia Fair Lending Act (GFLA) from applying
to federal savings associations and their operating subsidiaries. www.ots.treas.gov/docs/77302.html
January 22, 2003 - National Flood Insurance Program Reauthorization - On
January 13, 2003, the President signed into law H.R. 11, the “National
Flood Insurance Program Reauthorization Act of 2003,” which reauthorizes
the National Flood Insurance Program for one year retroactive to December
31, 2002. www.occ.treas.gov/ftp/bulletin/2003-2.txt
January 22, 2003 - OCC Releases CRA Evaluations For 39 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 December 15, 2002 through January 14, 2003. www.occ.treas.gov/newsrelease.asp?Doc=5HJM1WE6.xml
January 22, 2003 - OCC Announces Nine New Enforcement Actions and Three
Terminations - The Office of the Comptroller of the Currency today
announced nine new enforcement actions taken against national banks and
individuals currently and formerly affiliated with national banks and
three terminations of existing enforcement actions. www.occ.treas.gov/newsrelease.asp?Doc=6ZVMT443.xml
January 22, 2003 - Proposals for
Comment - The following proposals were recently made available for
public comment. Comments may be submitted to the Federal Reserve via the
web using the links below. Comments may also be submitted in writing or
via electronic mail. www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
January 22, 2003 - Recent Changes in U.S. Family Finances: Evidence from
the 1998 and 2001 Survey of Consumer Finances - Data from the Federal
Reserve Board's Survey of Consumer Finances show a striking pattern of
growth in family income and net worth between 1998 and 2001. www.federalreserve.gov/pubs/bulletin/2003/03bulletin.htm
January 21, 2003 – NCUA Jefferson Community Development Federal Credit
Union in Birmingham is first credit union chartered in Alabama since 1996
- The National Credit Union Administration (NCUA) has issued a charter for
Jefferson Community Development Federal Credit Union, a faith-based credit
union in Birmingham, Ala. www.ncua.gov/news/press_releases/2003/NR03-0116-2.htm
January 21, 2003 - OCC Concludes Case Against First National Bank in
Brookings Involving Payday Lending, Unsafe Merchant Processing, and
Deceptive Marketing of Credit Cards - The Office of the Comptroller of the
Currency has concluded an enforcement action against First National Bank
in Brookings requiring the Brookings, S.D. institution to pay restitution
to credit card customers harmed by its marketing practices, terminate its
payday lending business and stop merchant processing activities through
one vendor.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=C4GDHG41.xml
Attachment: www.occ.treas.gov/ftp/eas/ea2003-1.pdf
January 21, 2003 - Previously Blocked Property of the Federal Republic of
Yugoslavia - Treasury's
Office of Foreign Assets Control has unblocked certain property and assets
owned by FRY www.fdic.gov/news/news/financial/2003/fil0306.html
______________
January 17 2003 - Money
Laundering: A Banker's Guide to Avoiding Problems, December 2002 - This
booklet, which updates a 1993 publication, discusses how bankers can
identify and manage the risks associated with money laundering and
terrorist financing. The revision was prompted by the growing
sophistication of money launderers, a growing international response to
money laundering, changes to anti-money laundering laws, and recent
anti-terrorist financing legislation. www.occ.treas.gov/moneylaundering2002.pdf
January 17 2003 - Fourth Quarter
2002 Edition of the FDIC's Letter to Stakeholders - The FDIC issues its
third Letter to Stakeholders, a report of the agency's activities in the
fourth quarter of 2002. www.fdic.gov/news/news/financial/2003/fil0305.html
January 17 2003 - Industrial
Production And Capacity Utilization - Industrial production fell
0.2 percent in December. At 110.6 percent of its 1997 average, output was
2.1 percent above its level in December 2001. www.federalreserve.gov/releases/g17/current/default.htm
January 17 2003 - The Federal Reserve Board on Thursday announced the
execution of a Written Agreement by and among Metamora Bancorp, Inc.,
Metamora, Ohio; The Metamora State Bank, Metamora, Ohio; the Federal
Reserve Bank of Cleveland; and the Ohio Division of Financial Institutions
www.federalreserve.gov/boarddocs/press/Enforcement/2002/20021219/default.htm
January 16 2003 - Conference Features Ways
Financial Institutions Cater to the Unbanked - recent Chicago Fed
conference showcased ways to offer financial services to the "unbanked,"
people who don't have bank accounts. Review a summary of the conference in
a special edition of the Chicago Fed Letter. www.chicagofed.org/newsandevents/pressreleases/2003/pr01162003.cfm
January 16 2003 - The Federal Reserve Board on Thursday announced the
availability of a new booklet designed to help consumers protect
themselves against identity theft. www.federalreserve.gov/boarddocs/press/other/2003/20030116/
January 15 2003 - The Federal Reserve Board today received results from
further testing conducted by the State of North Carolina, under the
guidance of the Centers for Disease Control. It showed no anthrax bacteria
present on a sample from a piece of mail which earlier had tested
presumptively positive for the bacteria in a private laboratory. www.federalreserve.gov/boarddocs/press/other/2003/20030115/
January 15 2003 - Margaret Koenigs Appointed General Auditor at the
Chicago Fed - The Federal
Reserve Bank of Chicago today announced that its Board of Directors has
approved the appointment of Margaret K. Koenigs as general auditor,
effective April 1. In that position, Ms. Koenigs will head the Bank's
Audit department when General Auditor Jerome F. John retires. www.chicagofed.org/newsandevents/pressreleases/2003/pr01142003.cfm
January 15 2003 - NCUA Chairman Dennis Dollar announced today that the
NCUA Board has voted unanimously to name JoAnn Johnson as the Vice Chair
of the Board. The designation is effective immediately. www.ncua.gov/news/press_releases/2003/NR03-0115.htm
January 152003 - San Francisco Fed
Names New Leaders To Its Advisory Council - Don "Duff"
Willey, president of the Willey Automotive Group, Salt Lake City, Utah,
and Thomas E. Cleveland, chairman and chief executive officer of Access
Business Finance in Bellevue, Washington, were designated as chairman and
vice chairman, respectively, for the Federal Reserve Bank of San
Francisco's Advisory Council. www.frbsf.org/news/releases/2003/0114.html
January 15, 2003 - Flood Insurance Authority Reauthorized - The Federal
Deposit Insurance Corporation has notified state-chartered nonmember banks
that the National Flood Insurance Program was reauthorized on January 13,
2003, retroactive to December 31, 2002. www.fdic.gov/news/news/press/2003/pr0403.html
www.fdic.gov/news/news/financial/2003/fil0304.html
January 15 2003 - Beige Book -
Informal review by the Federal Reserve Banks of current economic
conditions in their Districts www.federalreserve.gov/fomc/beigebook/2003/20030115/default.htm
January 14 2003 - NCUA - On Monday, January 13, 2003, the President signed
into law H.R. 11, the "National Flood Insurance Program
Reauthorization Act of 2003", which retroactively reauthorizes the
National Flood Insurance Program as of December 31, 2002, until December
31, 2003.
www.federalreserve.gov/boarddocs/press/bcreg/2003/20030114/default.htm
www.ncua.gov/news/press_releases/2003/WH03-0114.htm
January 14 2003 - National
Credit Union Administration Issues Prohibition Orders Against Credit Union
Officials - The National Credit Union Administration has issued
Orders of Prohibition against the following individuals www.ncua.gov/news/press_releases/2003/NR03-0110_2.htm
January 14 2003 - Proposed Rule Governing Filing Procedures (Part 303 of
the FDIC's Rules and Regulations) - The Federal Deposit Insurance
Corporation Board of Directors is requesting public comment on the
attached proposed rule clarifying the filing and processing of
applications submitted by insured depository institutions. Comments on
this proposed rule are due by February 25, 2003. www.fdic.gov/news/news/financial/2003/fil0303.html
January 14, 2003 - FDIC To Demystify Basel Ii Capital Regulation - The
Federal Deposit Insurance Corporation will analyze impending changes in
international capital regulation that could have a far reaching impact on
the financial services industry and the global economy, and publish its
findings in a series of papers, the agency announced today. www.fdic.gov/news/news/press/2003/pr0303.html
January 13, 2003 - The Federal Reserve Board today announced its approval
of the applications by Royal Bank of Canada, Montreal, Canada, and RBC
Centura Banks, Inc., Rocky Mount, North Carolina, under section 3 of the
Bank Holding Company Act, to acquire Admiralty Bancorp, Inc., and its
wholly owned subsidiary, Admiralty Bank, both in Palm Beach Gardens,
Florida. www.federalreserve.gov/boarddocs/press/orders/2003/20030113/default.htm
January 13, 2003 - NCUA - Chairman Dollar Highlights 2002 Accomplishments
And Looks Forward With 2003 Agenda And Challenges www.ncua.gov/news/press_releases/2003/NR03-0113.htm
January 13, 2003 - International
Finance Discussion Papers - Firm-Level
Access To International Capital Markets: Evidence From Chilean Equities - Sara
B. Holland; Francis E. Warnock - High growth, liquid Chilean firms have
greater relative weights in U.S. equity portfolios, but the most important
determinant of a firm’s portfolio weight is whether it is listed on a
U.S. exchange. www.federalreserve.gov/pubs/ifdp/2003/753/default.htm
January 13, 2003 - International
Finance Discussion Papers - Uncovered
Interest Parity: It Works, But Not For Long - Alain P. Chaboud;
Jonathan H. Wright - The failure of uncovered interest parity can be
ascribed to the existence of a risk premium. The size of this risk premium
may shrink to zero over sufficiently small intervals of time. www.federalreserve.gov/pubs/ifdp/2003/752/default.htm
January 9, 2003 - Adoption of Regulation W Implementing Sections 23A
and 23B of the Federal Reserve Act - On December 12, 2002, Regulation W,
the rule that comprehensively implements sections 23A and 23B of the
Federal Reserve Act, was published in the Federal Register. The rule is effective April 1, 2003. www.federalreserve.gov/boarddocs/SRLETTERS/2003/sr0302.htm
________________
January 10, 2003 -
NCUA - Matz Urges Credit Union Service to Northern Virginia's Immigrant
Populations - In a speech before the Northern Virginia Chapter of Credit
Unions, National Credit Union Administration (NCUA) Board Member Deborah
Matz emphasized opportunities for credit unions to serve Hispanic and
Asian populations within the region. www.ncua.gov/news/press_releases/2003/NR03-0110.htm
January 10, 2003 - Adoption of Regulation W Implementing Sections 23A and
23B of the Federal Reserve Act - Sections 23A and 23B and Regulation W
limit the risks to a bank from transactions between the bank and its
affiliates and limit the ability of a bank to transfer to its affiliates
the subsidy arising from the bank's access to the Federal safety net. www.federalreserve.gov/boarddocs/srletters/2003/sr0302.htm
January 9, 2003 - NCUA - America's Credit Unions Adopted Over 23.5 Million
Residents In Underserved Areas As Potential New Members - America's
federally-chartered credit unions expanded service into underserved and
low-income communities across the United States with a record 23.5 million
new potential credit union members added in 2002, according to National
Credit Union Administration Chairman Dennis Dollar. www.ncua.gov/news/press_releases/2003/NR03_0108.htm
January 9, 2003 - OCC Proposed Rule Encourages Public Welfare Investments
by National Banks - The OCC proposes to amend its regulation governing
national bank investments that are designed primarily to promote the
public welfare. National
banks and their community partners committed $995 million to public
welfare investments in 2001. In
order to encourage additional public welfare investments by national
banks, the proposal simplifies the regulation and reduces unnecessary
burden associated with these investments.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=W2BOMCYO.xml
Attachment: www.occ.treas.gov/ftp/release/2003-02a.pdf
January 9, 2003 - The Discount
Rate - The discount rate is the interest rate charged to commercial
banks and other depository institutions on loans they receive from their
regional Federal Reserve Bank's lending facility--the discount window. www.federalreserve.gov/monetarypolicy/discountrate.htm
January 8, 2003 - Disciplinary Actions Against Accountants Performing
Section 36 Audit Services - The
agencies are soliciting public comment on a proposal governing their
authority to take disciplinary actions against independent public
accountants and accounting firms that perform audit and attestation
services required by Section 36 of the Federal Deposit Insurance Act.
www.fdic.gov/news/news/financial/2003/fil0301.html
January 8, 2003 - FFIEC Agencies Issue Guidance on Credit Card
Account Management and Loss Allowance Practices - Under the auspices of
the Federal Financial Institutions Examination Council, the Office of the
Comptroller of the Currency, the Federal Reserve Board, the Federal
Deposit Insurance Corporation, and the Office of Thrift Supervision today
issued guidance governing account management and loss allowance practices
for credit card lending.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2003/20030108/
Press Release: www.federalreserve.gov/boarddocs/srletters/2003/sr0301.htm
Press Release: www.fdic.gov/news/news/press/2003/pr0203.html
Press Release: www.fdic.gov/news/news/financial/2003/fil0302.html
Press Release: www.occ.treas.gov/index.htm
Press Release: www.ots.treas.gov/docs/77301.html
Press Release: www.occ.treas.gov/ftp/release/2003-01.htm
Attachment: www.occ.treas.gov/ftp/bulletin/2003-1a.txt
Attachment: www.occ.treas.gov/ftp/release/2003-01.pdf
January 8, 2003 - Preliminary figures indicate that the Federal Reserve
Banks distributed approximately $24.497 billion of their $26.758 billion
total income to the U.S. Treasury during 2002. www.federalreserve.gov/boarddocs/press/other/2003/20030108/
January 7, 2003 - Federal Banking
Agencies Drop Proposal To Collect Subprime Consumer Lending Program Data -
The Federal Financial Institutions Examination Council (Council)
announced today that the four federal banking agencies have decided not to
proceed with a proposal to collect data on subprime consumer lending
programs in the quarterly regulatory reports filed by banks and savings
associations. www.ffiec.gov/press/pr010703.htm
January 6, 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
January 6, 2003 - The Federal Reserve Board announced Monday it has
approved requests by the twelve Federal Reserve Banks to establish primary
and secondary credit rates of 2-1/4 percent and 2-3/4 percent,
respectively, effective January 9, 2003.
www.federalreserve.gov/BoardDocs/Press/monetary/2003/20030106/default.htm
January 6, 2003 - Foreign Exchange Rates (Annual) - the table below shows
the average rates of exchange in 2002 together with comparable figures for
other years. 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/G5A/current/default.htm
January 6, 2003 - The Federal Reserve Board announced Monday it has
approved requests by the twelve Federal Reserve Banks to establish primary
and secondary credit rates of 2-1/4 percent and 2-3/4 percent,
respectively, effective January 9, 2003. www.federalreserve.gov/boarddocs/press/monetary/2003/20030106/default.htm
January 6, 2003 - NCUA - Opinion
Letter - Debt Cancellation Programs. www.ncua.gov/Ref/opinion_letters/2002/02-1074.htm
January 6, 2003 - Federal Reserve Bank Of San Francisco Names New
Directors To Board - Southern California banker Candace Hunter-Wiest and
Seattle attorney David K.Y. Tang were elected to the board of directors of
the Federal Reserve Bank of San Francisco for three-year terms beginning
January 1, 2003. www.frbsf.org/news/releases/2003/0106.html
January 6 2003 - 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 (CRA). The list covers
evaluation ratings that the FDIC assigned to institutions in October 2002.
www.fdic.gov/news/news/press/2003/pr0103.html
January 6, 2003 - The Federal Reserve Board on Monday approved revisions
to Subpart D of Regulation K, governing international banking operations.
- www.federalreserve.gov/boarddocs/press/bcreg/2003/20030106/default.htm
January 6, 2003 - Conducting
Monetary Policy - Remarks by Governor Edward M. Gramlich - At a joint
meeting of the North American Economic and Finance Association and the
Allied Social Science Association, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2003/20030104/default.htm
January 3, 2003 - Casinos: Do They Really Help the Economy? - While
casinos are often touted as a boon for jobs and tax revenue, residents and
legislators in local communities and states should carefully sift through
the perceived economic benefits, said an economist at the Federal Reserve
Bank of St. Louis. www.stlouisfed.org/news/releases/2003/01_02_03.html
____________
January 2, 2003 - The Federal Reserve Board named ten new
members to its Consumer Advisory Council for three-year terms and
designated a new Chair and Vice Chair of the Council for 2003. www.federalreserve.gov/boarddocs/press/other/2003/20030103/
January 2, 2003 - Buy-Sell Agreements between Subchapter S Corporations
and National Bank Directors - This advisory letter is intended to refer
national banks, especially community national banks, that seek to qualify
as Subchapter S corporations for federal tax purposes to an Internal
Revenue Service ruling that may be relevant to them. www.occ.treas.gov/ftp/advisory/2003-1.txt
January 2, 2003 - Minority-Owned
Banks - The Federal Reserve Board compiles quarterly data on banks
that participate in the Department of the Treasury's Minority Bank Deposit
Program and releases the data about twelve weeks after the end of each
quarter. www.federalreserve.gov/Releases/mob/default.htm
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