Bank Regulatory News
March 2002
March 29, 2002 - FDIC Makes Public February Enforcement Actions; Two
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 February. Two administrative hearings are
scheduled for April.
www.fdic.gov/news/news/press/2002/pr3902.html
March 29, 2002 - Derivative Contracts Hedging Trust Preferred Stock - Federal
Reserve staff has become aware that in recent weeks bank holding companies
seeking to hedge the interest rate risk on their issues of trust preferred stock
have been offered derivative contracts with terms that have the effect of
contravening the strict conditions for the inclusion of the trust preferred
stock in tier 1 capital.
www.federalreserve.gov/boarddocs/srletters/2002/sr0210.htm
March 29, 2002 - 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
March 29, 2002 - Comptroller Hawke Says Independence of Bank Regulators Helped
Industry Remain Strong to Support Economic Recovery - Comptroller of the
Currency John D. Hawke, Jr. said today that the banking industry’s good health
-- and its ability to support the economy as it emerges from economic
difficulties -- owes in part to the independence of the bank regulatory
agencies.
www.occ.treas.gov/ftp/release/2002-31.txt
March 28, 2002 - Notice of Proposed Rulemaking & Interim Rule -Special
Information-Sharing Procedures to Deter Money Laundering and Terrorist Activity
- This bulletin transmits a notice of proposed rulemaking and an interim rule
published by the U.S. Treasury Department on March 4 to implement provisions of
the USA PATRIOT Act
Press Release: www.occ.treas.gov/ftp/bulletin/2002-12.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2002-12a.pdf
Attachment: www.occ.treas.gov/ftp/bulletin/2002-12b.pdf
March 29, 2002 - The Federal Reserve Board on Friday released the minutes of its
discount rate meetings from December 17, 2001 to January 28, 2002.
www.federalreserve.gov/boarddocs/press/General/2002/20020329/default.htm
March 28, 2002 - FDIC Approves The Payout Of Insured Deposits Of New Century
Bank, Shelby Township, Michigan - The Board of Directors of the Federal Deposit
Insurance Corporation (FDIC) approved the payout of the insured deposits of New
Century Bank, Shelby Township, MI.
www.fdic.gov/news/news/press/2002/pr3802.html
March 28, 2002 - Fraudulent Bonus Checks For Non-Existent Jobs - The
Federal Deposit Insurance Corporation (FDIC) has learned that some individuals
and banks are being victimized by a scheme involving online job applications.
www.fdic.gov/news/news/financial/2002/fil0230.html
March 28, 2002 - FDIC Report Details Strengths And Risks In Housing Markets - A
report released today in the FDIC's Regional Outlook evaluates changes in
mortgage lending during the economic expansion of the 1990s, and the possibility
that weaker home price growth could bring difficulties to home borrowers and
their lenders.
www.fdic.gov/news/news/press/2002/pr3702.html
March 27, 2002 – NCUA - Matz Kicks Off Term with a Fact-Finding Tour - Board
Member Deborah Matz is kicking off her term with a two-month, fact-finding tour
to learn what the needs of credit unions are and how NCUA can help them do their
jobs better.
www.ncua.gov/news/press_releases/nr032702.html
March 27, 2002 - Is Reallocation Related
to the Cycle? A Look at Permanent and Temporary Job Flows - How much of
aggregate employment fluctuations is due to plants destroying and then
recreating the same jobs over the cycle and how much is due to some plants
permanently destroying jobs in a recession and other plants permanently creating
jobs in an expansion?
www.federalreserve.gov/pubs/feds/2002/200216/200216abs.html
March 27, 2002 -Finance and Economics
Discussion Series - Estimated
Variance of Seasonally Adjusted Series - For model-based seasonal
adjustment, there are explicit formulas for obtaining the variance of the
seasonal factors or the seasonally adjusted series.
www.federalreserve.gov/pubs/feds/2002/200215/200215abs.html
March 26, 2002 - Counterfeit Personal Money Orders - The New Millennium
Bank, New Brunswick, New Jersey, has informed the Federal Deposit Insurance
Corporation (FDIC) that counterfeit personal money orders payable through Bank
One, NA, Columbus, Ohio, and Bank of the Bluegrass & Trust Co., Lexington,
Kentucky, are in circulation.
http://www.fdic.gov/news/news/financial/2002/fil0228.html
March 26, 2002 - Specially Designated Nationals and Blocked Persons - On
March 11, 2002, the Department of the Treasury's Office of Foreign Assets
Control (OFAC) amended its listing of Specially Designated Nationals and Blocked
Persons by adding two names of Specially Designated Narcotics Traffickers. Their
assets must be blocked immediately.
www.fdic.gov/news/news/financial/2002/fil0226.html
March 25, 2002 - Specially Designated Nationals and Blocked Persons - On
March 15, 2002, the Director of the Office of Foreign Assets Control authorized
address changes for two entities on OFAC's Specially Designated Nationals and
Blocked Persons list.
www.fdic.gov/news/news/financial/2002/fil0227.html
March 25, 2002 - What's Behind the Low U.S. Personal Saving Rate? FRBSF Economic
Letter #2002-09 dated March 25, 2002 - In recent years, the personal saving
rate in the United States has fallen sharply, and compared to U.S. historical
rates or other industrialized countries is at a very low level.
www.frbsf.org/news/releases/2002/0325.html
March 25, 2002 - Comptroller Hawke Says Independence of Bank Regulators Helped
Industry Remain Strong to Support Economic Recovery - Comptroller of the
Currency John D. Hawke, Jr. said today that the banking industry’s good health
-- and its ability to support the economy as it emerges from economic
difficulties -- owes in part to the independence of the bank regulatory
agencies.
www.occ.treas.gov/ftp/release/2002-31.txt
March 25, 2002 - New ALM Review Procedures - Interest Rate Risk Questionnaire
and Liquidity Questionnaire
www.ncua.gov/ref/Investment/ALM-reviewprocedures.html
__________________
March 22, 2002 - OCC Chief Counsel Julie L. Williams Urges Banks to be Vigilant
In Avoiding Unfair and Deceptive Marketing Practices - New guidance issued by
the Office of the Comptroller of the Currency will help banks maintain
high-quality customer service, said Julie L. Williams, the OCC’s First Senior
Deputy Comptroller and Chief Counsel.
Press release www.occ.treas.gov/ftp/release/2002-30.txt
Advisory Letter http://www.occ.treas.gov/ftp/advisory/2002-3.txt
March 22, 2002 - FDIC Board Approves Construction - The Board of
Directors of the Federal Deposit Insurance Corporation today unanimously
approved constructing a new nine-story building at its office complex in
Northern Virginia
www.fdic.gov/news/news/press/2002/pr3602.html
March 21, 2002 - The Federal Reserve Board on Thursday announced the publication
of a guide to help consumers better understand their rights and responsibilities
with regard to electronic check conversion transactions.
www.federalreserve.gov/boarddocs/press/General/2002/20020321/default.htm
March 21, 2002 - Current Challenges of
Community Banks - Remarks by
Governor Susan S. Bies www.federalreserve.gov/boarddocs/speeches/2002/20020321/default.htm
March 21, 2002 - Interagency Statement Regarding Arthur Andersen LLP - On
March 19, 2002, the Federal Reserve along with the other federal
financial institutions supervisory agencies issued the attached Interagency
Statement Regarding Arthur Andersen LLP.
www.federalreserve.gov/boarddocs/srletters/2002/sr0207.htm
March 21, 2002 - Implementation of Section 327 of the USA Patriot Act in the
Applications Process - Section 327 of the USA Patriot Act amends
section 3(c) of the Bank Holding Company Act and requires that the Federal
Reserve take into consideration the effectiveness of an applicant company in
combating money laundering activities, including in its overseas branches, when
the Board or a Reserve Bank acts on an application filed under section 3 of
the Bank Holding Company Act. Section 327 also requires the Federal
Reserve and the other federal financial institutions supervisory agencies to
consider the effectiveness of an insured depository institution in combating
money laundering activities, including in its overseas branches, in connection
with any application filed under the Bank Merger Act.
www.federalreserve.gov/boarddocs/srletters/2002/sr0208.htm
March 21, 2002 - Guidance Regarding Significant Changes in the General Character
of a State Member Bank’s Business and Compliance with Regulation H -
Regulation H sets forth the requirements for state chartered banks'
membership in the Federal Reserve System and imposes certain conditions of
membership on applicant banks. Under the regulation, a member bank must
"at all times conduct its business and exercise its powers with due regard
to safety and soundness" and "may not, without the permission of the
Board, cause or permit any change in the general character of its business or in
the scope of the corporate powers it exercises at the time of admission to
membership
www.federalreserve.gov/boarddocs/srletters/2002/sr0209.htm
March 21, 2002 - Weakened U.S. Office Markets Could Decline Further, Fdic Report
Says - The demand for U.S. commercial office space deteriorated significantly in
2001 and conditions could weaken further in some key metro areas in 2002,
according to a report released today by the Federal Deposit Insurance
Corporation
www.fdic.gov/news/news/press/2002/pr3502.html
March 21, 2002 - NCUA Issues Order of Prohibition - The National Credit Union
Administration has issued an Order of Prohibition against Emma Durham, the
former president of San Angelo Federal Credit Union in San Angelo, Texas.
www.ncua.gov/news/press_releases/nr032102.html
March 20, 2002 - OASIS Community Development Federal Credit Union Closed - The
National Credit Union Administration (NCUA) announced today that the agency
placed the OASIS Community Development Federal Credit Union of Providence, R.I.
into liquidation.
www.ncua.gov/news/press_releases/nr032002-1.html
March 20, 2002 - Latest FDIC Survey Finds Continued Slowing In Real Estate
Markets - The latest results of the FDIC's Survey of Real Estate
Trends indicated continued deterioration in the nation's property markets
during the second half of 2001. Reports of somewhat worsening conditions were
significantly higher compared to six months ago for all property markets but
were most prevalent for the commercial markets
www.fdic.gov/news/news/press/2002/pr3402.html
March 20, 2002 - OTS Will Examine For USA Patriot Act Compliance - The Office of
Thrift Supervision is reminding thrifts of their responsibilities under the USA
Patriot Act, which became law in October.
www.ots.treas.gov/docs/77213.html
March 20, 2002 - NCUA Issues Order of Prohibition - The National Credit Union
Administration (NCUA) has issued an Order of Prohibition against Ricki Bleigh,
the former treasurer of Zelienople JM Federal Credit Union, Zelienople,
Pennsylvania.
www.ncua.gov/news/press_releases/nr032002-4.html
March 20, 2002 - NCUA Issues Order of Prohibition - The National Credit Union
Administration (NCUA) announced today that it has issued an Order of Prohibition
against Donna Lee Gladfelter, former manager of York Sylvania Employees Federal
Credit Union in York, Pennsylvania.
www.ncua.gov/news/press_releases/nr032002-3.html
March 20, 2002 - NCUA Issues Order of Prohibition - The National Credit Union
Administration (NCUA) announced today that it has issued an Order of Prohibition
against Carol Meeker, former teller at the Champaign Branch of Kraft Foods
Federal Credit Union in White Plains, New York.
www.ncua.gov/news/press_releases/nr032002-2.html
March 19, 2002 - OCC Announces 11 New Enforcement Actions and 1 Termination -
The Office of the Comptroller of the Currency (OCC) today announced 11 new
enforcement actions taken against national banks and individuals currently and
formerly affiliated with national banks and 1 termination of an existing
enforcement action.
www.occ.treas.gov/ftp/release/2002-27.txt
March 19, 2002 - OCC Releases CRA Evaluations For 29 National Banks - The Office
of the Comptroller of the Currency today released a list of Community
Reinvestment Act (CRA) performance evaluations that became public during the
period of February 15 through
March 14, 2002.
www.occ.treas.gov/ftp/release/2002-28.txt
March 19, 2002 - Joint Release - The federal financial institutions supervisory
agencies today announced that the financial institutions they supervise should
follow the guidance issued by the U.S. Securities and Exchange Commission with
respect to auditing and accounting work performed by Arthur Andersen LLP
www.federalreserve.gov/boarddocs/press/General/2002/200203192/default.htm
March 19, 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/2002/20020319/default.htm
March 18, 2002 - Specially Designated Nationals and Blocked Persons - On
March 7, 2002, the Department of the Treasury's Office of Foreign Assets Control
(OFAC) amended its listing of Specially Designated Nationals and Blocked Persons
by removing the following Specially Designated Narcotics Trafficker:
www.fdic.gov/news/news/financial/2002/fil0225.html
March 19, 2002 - Comptroller Urges Industry to Adapt Technology To Give
Low-Income Americans Greater Access to Banking Services - Low-income Americans
constitute a large and potentially important market for financial services
providers, and technology gives banks a means to serve that market in a
cost-effective way, Comptroller of the Currency John D. Hawke Jr. said today.
www.occ.treas.gov/ftp/release/2002-24.txt
March 19, 2002- OCC Concludes that GLBA and Barnett Decision Show Parts of
Massachusetts Law do not Apply to National Banks - The Office of the Comptroller
of the Currency concluded in an opinion that will be published in the Federal
Register that some provisions of a Massachusetts insurance law would be
preempted under the Gramm-Leach-Bliley Act (GLBA) and therefore would not apply
to national banks.
www.occ.treas.gov/ftp/release/2002-25.txt
March 18, 2002 - OCC Files Notice of Charges Against People's National Bank of
Paris, Texas - The Office of the Comptroller of the Currency today filed a
notice of charges against People's National Bank, Paris, Texas, alleging that
the bank engaged in unsafe and unsound practices in connection with its
high-risk, subprime payday lending operation.
www.occ.treas.gov/ftp/release/2002-26.txt
March 18, 2002 - Michigan Retailers Survey More
User-Friendly -
Seasonally adjusting the Michigan Retailers Survey, a monthly release by the
Federal Reserve Bank of Chicago and the Michigan Retailers Association, will
make it a more user-friendly measure of retail sales for researchers and
business analysts, according to the April special issue of the Chicago Fed
Letter.
www.chicagofed.org/newsandevents/pressreleases/2002/pr03182002II.cfm
March 18, 2002 - Complex Demographic Forces Affect Chicago's Population Increase
- Recent trends indicate that
a complex interaction of demographic forces has produced the Chicago area's
current population gain, according to the April edition of the Chicago Fed
Letter released today.
www.chicagofed.org/newsandevents/pressreleases/2002/pr03182002.cfm
_______________
March 15, 2002 - The December 31, 2001 Uniform Bank Performance Report is now
available online at WWW.FFIEC.GOV. The online version of the UBPR includes 5
years of continuous financial history that is restated quarterly to reflect call
report amendments and new analytical tools. Please visit the UBPR section of the
website for further information including suggestions for using the website and
a schedule of planned updates and enhancements.
www.ffiec.gov/press/pr031502.htm
March 15, 2002 - Unauthorized Banking: Chase Trust Bank - Information has been
received that the subject entity may be operating a banking business in the
United States without authorization. The
Office of the Comptroller of the Currency has not granted a national bank
charter to this entity and the District of Columbia has not granted permission
for it to operate a banking business.
www.occ.treas.gov/ftp/alert/2002-2.txt
March 15, 2002 - Suspicious Transactions: TCF National Bank letters of
confirmation - The Office of the Comptroller of the Currency (OCC) has been
advised by TCF National Bank, Minneapolis, MN, that certain "confirmation
of funds" letters, issued from the bank's Arlington Heights Road branch
office, were issued without the authority of the bank.
www.occ.treas.gov/ftp/alert/2002-1.txt
March 15, 2002 -Study of Information Sharing Practices Among Financial
Institutions and Their Affiliates - The Secretary of the Treasury, in
conjunction with the federal functional regulatory agencies and the Federal
Trade Commission is conducting a study of information sharing by financial
institutions.
Press Release: www.occ.treas.gov/ftp/bulletin/2002-11.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2002-11a.pdf
March 15, 2002 - Information Sharing Pursuant to Section 314(b) of the USA
Patriot Act - This SR letter describes a new, immediately effective
regulation concerning the sharing of information about terrorist financing and
money laundering among financial institutions that was issued by the U.S. Department
of the Treasury, through its Financial Crimes Enforcement Network (FinCEN).
The FinCEN rule was issued pursuant to section 314(b) of the USA Patriot Act
on March 4, 2001.
www.federalreserve.gov/boarddocs/srletters/2002/sr0206.htm
March 14, 2002 -OCC Supports Legislative Efforts to Reduce Unnecessary
Regulatory Burden - Julie L. Williams, Chief Counsel and First Senior Deputy
Comptroller for the Office of the Comptroller of the Currency, told a House
Financial Services subcommittee today that the OCC strongly supports provisions
in pending legislation that would eliminate unnecessary regulatory burden on
banks.
Press Release: www.occ.treas.gov/ftp/release/2002-23.txt
Attachment: www.occ.treas.gov/ftp/release/2002-23a.txt
Attachment: www.occ.treas.gov/ftp/release/2002-23b.txt
Attachment: www.occ.treas.gov/ftp/release/2002-23c.txt
March 14, 2002 - USA PATRIOT Act - Section 314, Information Sharing - On
March 4, 2002, the Financial Crimes Enforcement Network (FinCEN) issued an
interim rule to implement Section 314(b) of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (USA PATRIOT Act).
www.fdic.gov/news/news/financial/2002/fil0224.html
March 14, 2002 - Testimony of Mark W.
Olson - The Financial Services Regulatory Relief Act of 2002Before
the Subcommittee on Financial Institutions and Consumer Credit of the Committee
on Financial Services, U.S. House of Representatives
www.federalreserve.gov/boarddocs/testimony/2002/20020314/default.htm
March 13, 2002 - Remarks by Chairman
Alan Greenspan - Before the Independent Community Bankers of America,
Honolulu, Hawaii (via satellite) March 13, 2002
www.federalreserve.gov/boarddocs/speeches/2002/20020313/default.htm
March 13, 2002 - FDIC Insurance Funds Erode In 2001, Report Shows - Growth of
insured deposits and recent increases in the reserves for future losses
contributed to a decline in the reserve ratios of the deposit insurance funds in
2001, the Federal Deposit Insurance Corporation reported in today's Quarterly
Banking Profile.
www.fdic.gov/news/news/press/2002/pr3202.html
March 13, 2002 -Director Gilleran Outlines Policy Prescriptions at ACB
Conference - Office of Thrift Supervision (OTS) Director James Gilleran today
highlighted several important policy initiatives facing the thrift industry in
remarks before America’s Community Bankers in Washington.
www.ots.treas.gov/docs/77212.html
March 13, 2002 – NCUA - Prompt Corrective Action; Requirements For Insurance -
NCUA is revising its rule concerning financial and statistical reports to
require all federally-insured credit unions to file quarterly Financial and
Statistical Reports with NCUA. Currently, only federally-insured credit
unions with assets over $50 million must file these reports quarterly.
www.ncua.gov/news/proposed_regs/12CFRParts702and741-final.html
March 13, 2002 - NCUA Chairman Dennis Dollar Meets With Delta Regional Authority
Federal Co-Chairman Pete Johnson - National Credit Union Administration Board
Chairman Dennis Dollar held a meeting today with Pete Johnson, Federal
Co-Chairman of the Delta Regional Authority, a newly created federal-state
partnership serving a 236-county area in an eight state region to discuss
opportunities to increase accessibility to financial services in the region.
www.ncua.gov/news/press_releases/nr031302.html
March 11, 2002 - The Federal Reserve Board today announced its approval of the
application by First York Ban Corp., York, to acquire all the outstanding voting
shares of K.L. & D.M., Inc., and thereby indirectly acquire control of
Citizens State Bank, both in Polk, and all in Nebraska.
www.federalreserve.gov/boarddocs/press/BHC/2002/20020311/default.htm
March 11, 2002 - Interagency Loan Data Request to Improve the Bank Examination
Process - The federal bank supervisory agencies and the Conference of State Bank
Supervisors announced today an interagency effort to improve the efficiency of
the examination process by standardizing the request for electronic loan
information.
www.federalreserve.gov/boarddocs/press/General/2002/20020311/default.htm
March 11, 2002 - Regional Influences on
U.S. Monetary Policy: Some Implications for Europe - This paper looks at
the monetary policy decisions of the U.S. Federal Reserve and asks whether those
decisions have been influenced solely by national concerns, or whether regional
factors have played a role.
www.federalreserve.gov/pubs/ifdp/2002/721/default.htm
March 11, 2002 - FDIC Chairman Describes Options For Stronger Bank Accounting -
Regulators should consider strengthening the ground rules governing bank
auditing and accounting, according to Federal Deposit Insurance Corporation
Chairman Don Powell.
www.fdic.gov/news/news/press/2002/pr3002.html
March 11, 2002 - Regulators Issue Common Form for Charter and Federal Deposit
Insurance Applications - To promote consistency and reduce regulatory
burden, the Office of the Comptroller of the Currency, the Office of Thrift
Supervision, and the Federal Deposit Insurance Corporation issued a uniform
application form for a charter and federal deposit insurance.
www.fdic.gov/news/news/press/2002/pr3102.html
March 11, 2002 - Federal Banking Regulatory Agencies Jointly Issue Statement on
Sound Country Risk Management Practices - The Federal Deposit Insurance
Corporation, the Board of Governors of the Federal Reserve System, and the
Office of the Comptroller of the Currency have recently agreed on a joint
statement addressing "Sound Risk Management Practices" for country
risk.
www.fdic.gov/news/news/financial/2002/fil0223.html
March 11, 2002 - Chief Executive Officers of National Banks, Department and
Division Heads, and All Examining Personnel - The Office of the Comptroller of
the Currency, the Board of Governors of the Federal Reserve System, and the
Federal Deposit Insurance Corporation have jointly issued the attached statement
on "Sound Risk Management Practices" for country risk.
Press Release: www.occ.treas.gov/ftp/bulletin/2002-10.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2002-10a.pdf
March 11, 2002 - NCUA Chairman To
Testify Before U.S. House Of Representatives - National Credit Union Administration Chairman Dennis
Dollar will testify before a U.S. House of Representatives subcommittee
regarding the Financial Services Regulatory Relief Act of 2002, a bill to be
introduced.
www.ncua.gov/news/press_releases/nr031102.html
March 8, 2002 - Current Recession Due Mainly To Business Investment Bust: St.
Louis Fed's Poole - The 2001 recession is the most persuasive example in the
last 50 years of an economic contraction originating from a business investment
bust rather than consumer retrenchment.
www.stls.frb.org/general/releases/rel02/nr0308.html
March 8, 2002 - Interagency Guidance on Country Risk Management - The Federal
Reserve, along with the Office of the Comptroller of the Currency and the
Federal Deposit Insurance Corporation, have issued enhanced guidance concerning
the elements of an effective country risk management process for banking
organizations.
www.federalreserve.gov/boarddocs/SRLETTERS/2002/sr0205.htm
March 7, 2002 - The High-Tech Investment Boom and Economic Growth in the '90s:
Accounting for Quality - High-technology goods were largely responsible for the
surge in investment spending during the 1990s. And, although economic statistics
were constructed to account for improvements in the quality of those high-tech
goods, they may have distorted the real effect of high-tech investment on the
nation's economic growth trends, says an economist with the Federal Reserve Bank
of St. Louis.
www.stls.frb.org/general/releases/rel02/nr0307-2.html
________________
March 8, 2002 - The Federal Reserve Board on Friday announced the issuance of a
Prompt Corrective Action Directive against the New Century Bank, Shelby
Township, Michigan.
http://www.federalreserve.gov/boarddocs/press/Enforcement/2002/20020308/default.htm
March 8, 2002 – NCUA - National Credit Union Administration Accounting Manual
- Credit unions with under $10 million in assets are provided this Accounting
Manual for Federal Credit Unions as a guide in accounting for financial
transactions and reporting.
http://www.ncua.gov/ref/accounting_manuals/accounting_manual.html
March 7, 2002 - 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
http://www.federalreserve.gov/boarddocs/hh/2002/march/testimony.htm
March 7, 2002 - Macroeconomic Policy in
Recessions--and Other Times - According to the National Bureau of
Economic Research, the U.S. economy entered its tenth postwar recession early
this year.
www.federalreserve.gov/boarddocs/speeches/2002/20020307/default.htm
March 7, 2002 - The Effects Of The U.S. Economic Slowdown: Houston - Houston's
banks could face a challenging 2002, according to a report released today by the
Federal Deposit Insurance Corporation.
http://www.fdic.gov/news/news/press/2002/pr2802.html
March 7, 2002 - Specially Designated Nationals and Blocked Persons - On February
26, 2002, the Department of the Treasury's Office of Foreign Assets Control
amended its listing of Specially Designated Nationals and Blocked Persons by
adding 21 names to its list of Specially Designated Global Terrorists
http://www.fdic.gov/news/news/financial/2002/fil0222.html
March 7, 2002 - OCC Reports
Derivatives Volume Falls Below $50 Trillion - U.S. commercial banks saw earnings
from cash instruments and derivatives activities drop $805 million, to $2.65
billion, in the fourth quarter of 2001, while the notional value of derivatives
fell by $5.9 trillion, to $45.4 trillion.
Press Release: http://www.occ.treas.gov/ftp/release/2002-19.txt
Attachment: www.occ.treas.gov/ftp/deriv/dq401.pdf
March 7, 2002 - Comptroller Hawke Says Industry Still Faces Challenges, But
Emerged from Difficulties of 2001 in Good Condition - Comptroller of the Currency John D. Hawke, Jr. told bankers
here today that the industry emerged from the difficult months of 2001 in far
better shape than anyone could have anticipated, but reminded them that many
challenges lie ahead.
www.occ.treas.gov/ftp/release/2002-20.txt
March 6, 2002 - OCC and ABA Cosponsor Community and Economic Development
Conference - The Office of the Comptroller of the Currency and the American
Bankers Association will co-sponsor the 2002 National Community and Economic
Development Conference titled "Grow Markets....Grow Profits" in
Baltimore, Maryland on March17-19.
www.occ.treas.gov/ftp/release/2002-18.txt
March 6, 2002 - OTS's 4th Quarter Thrift Industry Data Report Posted Today - The
Office of Thrift Supervision posted its quarterly Thrift Industry Data Report on
its web site today. The report covers earnings and a range of financial and
other data collected from the thrift industry for the period October 1 through
December 31, 2001.
www.ots.treas.gov/docs/77210.html
March 6, 2002 - Beige Book - Informal review by the Federal Reserve Banks of
current economic conditions in their Districts
www.federalreserve.gov/FOMC/BeigeBook/2002/20020306/Default.htm
March 5, 2002 - Identifying VARs Based
on High Frequency Futures Data - Using the prices of federal funds
futures contracts, we measure the impact of the surprise component of Federal
Reserve policy decisions on the expected future trajectory of interest rates.
www.federalreserve.gov/pubs/ifdp/2002/720/default.htm
March 5, 2002 - FDIC Issues March 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 December 2001
www.fdic.gov/news/news/press/2002/pr2702.html
March 5, 2002 - Specially Designated Nationals and Blocked Persons - On February
12, 2002, the Department of the Treasury's Office of Foreign Assets Control (OFAC)
amended its listing of Specially Designated Nationals and Blocked Persons by
removing three names.
www.fdic.gov/news/news/financial/2002/fil0220.html
March 5, 2002 - Reports
– UBPR Hints For Using The Online UBPR - The UBPR for December 31, 2001
is available to all banks at no charge through the FFIEC website: www.ffiec.gov/UBPR_memo_200203.htm
March 5, 2002 - NCUA To Participate In HUD Project Focusing On The Colonias
Gateway Initiative - The National
Credit Union Administration will join the United States Department of Housing
and Urban Development for a workshop focusing on housing and economic
development issues in the Colonias region of the southwestern United States.
www.ncua.gov/news/press_releases/nr030502.html
March 4, 2002 - Remarks by Vice Chairman
Roger W. Ferguson, Jr. Before the Institute of International Bankers,
Washington, D.C - A Supervisory
Perspective on Disaster Recovery and Business Continuity
www.federalreserve.gov/boarddocs/speeches/2002/20020304/default.htm
March 4, 2002 - Final Capital Rules for Nonfinancial Equity Investments -
On January 25, 2002, the Federal Reserve Board, the Office of the
Comptroller of the Currency, and
the Federal Deposit Insurance Corporation jointly published in the Federal
Register a rule establishing special minimum regulatory capital requirements for
equity investments in nonfinancial companies, effective on April 1, 2002
www.federalreserve.gov/boarddocs/srletters/2002/sr0204.htm
March 4, 2002 - Remarks by Vice Chairman Roger W. Ferguson, Jr. - Back
to the Future in Managing Banking Risk
www.federalreserve.gov/boarddocs/speeches/2002/200203042/default.htm
March 4, 2002 - Recession in the West: Not a Rerun of 1990-1991 - The West's
extraordinary expansion ended abruptly in 2001, as the downturn in the
information technology sector (IT) and the September 11 terrorist attacks
combined to damp employment growth.
www.frbsf.org/news/releases/2002/0304.html
March 4, 2002 - OCC Reduces Regulatory Burden for Well-Managed Federal Branches
- The Office of the Comptroller of the Currency announced today that it is
implementing more flexible capital equivalency requirements for federal branches
of foreign banks to reduce costs for institutions that present low levels of
risk.
www.occ.treas.gov/ftp/release/2002-16.txt
March 4, 2002 - Comptroller Hawke Says Good Progress is Being Made on Capital
Accord, Although Many Thorny Issues Remain to be Worked Out by Basel Committee
www.occ.treas.gov/ftp/release/2002-17.txt
March 1, 2002 - OTS Announces 93 CRA Exams Scheduled for 2nd Quarter 2002 - The
Office of Thrift Supervision today announced that 93 savings associations are
scheduled for Community Reinvestment Act examinations during the second quarter
of 2002.
www.ots.treas.gov/docs/77208.html
March 1, 2002 - OTS Releases January Enforcement Statistics - The Office of
Thrift Supervision today reported that it issued three enforcement orders to two
individuals and one institution during the month of January, 2002. OTS also
terminated four orders previously issued to three institutions.
www.ots.treas.gov/docs/77209.html
____________________
March 1, 2002 - FDIC Issues Second Quarter CRA Examination Schedule - The
Federal Deposit Insurance Corporation has issued the public list of institutions
that it has scheduled for a Community Reinvestment Act examination during the
second quarter of 2002.
www.fdic.gov/news/news/press/2002/pr2502.html
March 1, 2002 - FDIC Approves The Assumption Of The Insured Deposits Of Net
First National Bank, Boca Raton, Florida - The Board of Directors of the Federal
Deposit Insurance Corporation approved the assumption of the insured deposits of
Net First National Bank, Boca Raton, Florida, by Bank Leumi USA, New York, New
York. Net First, with $34.7 million in assets, was closed today by the Office of
the Comptroller of the Currency and the FDIC was named receiver.
www.fdic.gov/news/news/press/2002/pr2602.html
March 1, 2002 - OCC Closes Net First National Bank and Appoints FDIC Receiver
-Net First National Bank, Boca Raton, Florida, was closed today by the Office of
the Comptroller of the Currency and the Federal Deposit Insurance Corporation
was appointed receiver.
www.occ.treas.gov/ftp/release/2002-15.txt
March 1, 2002 -The Federal Reserve Board on Friday announced new security
procedures for the March 14 meeting of the Consumer Advisory Council
www.federalreserve.gov/boarddocs/press/General/2002/20020301/default.htm
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