R. Kinney Williams - Yennik, Inc.®
R. Kinney Williams
Yennik, Inc.

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Bank Regulatory News
March 2003

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March 31, 2003 Denver Businessman To Serve As Chairman Of The Federal Reserve Bank Of Kansas City - The Board of Governors of the Federal Reserve System has appointed Richard H. Bard, CEO and founder of Bard & Co., Denver, Colo., to serve as chairman of the Federal Reserve Bank of Kansas City effective April 1, 2003. Bard has served as a director and deputy chairman since January 1, 2002. www.kc.frb.org/pubaffrs/pressrel/pr03-12.htm

March 31, 2003 - NCUA - Edward P. Dupcak Named NCUA Region II Director - The National Credit Union Administration (NCUA) Board today named seasoned agency executive Edward P. Dupcak director of the Region II office in Alexandria, Va., effective April 20, 2003. www.ncua.gov/news/press_releases/2003/NR03-0328.htm

March 31, 2003 - Thrifts Interest Rate Risk Exposure Remains Low - The Office of Thrift Supervision reported today that only 13 OTS-regulated thrifts out of 893 - 1.5 percent - were at significant or high risk from an adverse change in interest rates as of the end of the fourth quarter. That is down from 19 at the end of the third quarter. www.ots.treas.gov/docs/77313.html

March 31, 2003 - OCC Chief Counsel Julie L. Williams Testifies Before House Subcommittee - Julie L. Williams, First Senior Deputy Comptroller and Chief Counsel for the Office of the Comptroller of the Currency, delivered the attached testimony on the subject of regulatory burden relief before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=YSNL70ST.xml
Attachment: www.occ.treas.gov/ftp/release/2003-26a.pdf

March 31, 2003 - Reports of Condition and Income (Call Report) for First Quarter 2003 - The enclosed materials pertain to the Reports of Condition and Income (Call Report) for the March 31, 2003, report date. Please complete your first quarter Call Report, review it for accuracy, and submit the report electronically as soon as possible. www.fdic.gov/news/news/financial/2003/fil0323.html

March 31, 2003 - Personal Financial Education - Resource materials on the web sites of the Federal Reserve Banks www.federalreserveeducation.org/fined/ 
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March 28, 2003 - Telecommunications Service Priority (TSP) Program - Attached is the Financial and Banking Information Infrastructure Committee policy for the sponsorship of critical private sector entities' access to the Telecommunication Service Priority Program administered by the National Communications System.  This document explains the circumstances under which qualifying institutions may seek federal sponsorship for the TSP Program. 
Press release:  www.occ.treas.gov/ftp/bulletin/2003-13.txt
Attachment:  http://www.fbiic.gov/policies.htm 
Attachment:  http://www.occ.treas.gov/fr/fedregister/67fr72957.pdf 

March 28, 2003 - Donald E. Powell, Chairman of the Federal Financial Institutions Examination Council, announces the appointment of Tamara Wiseman as Executive Secretary of the Council. Ms. Wiseman most recently served as the Director for Educational Program Development for the Office of the Comptroller of Currency. www.ffiec.gov/press/pr032803.htm

March 28, 2003 - The Federal Reserve Board on Friday issued revisions to the official staff commentary that applies and interprets the requirements of Regulation Z, which implements the Truth in Lending Act. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030328/default.htm

March 28, 2003 - The Federal Reserve Board on Friday released the minutes of its discount rate meetings from January 6 to January 27, 2003. www.federalreserve.gov/boarddocs/press/monetary/2003/20030328/default.htm

March 28, 2003 - New Financial Education Database Now Available Online - The Federal Reserve Bank of Chicago on Friday announced the launch of an online resource for researchers, educators, program directors, and others interested in advancing financial education programs. www.chicagofed.org/newsandevents/pressreleases/2003/pr03282003.cfm

March 28, 2003 - The NCUA Board is amending its chartering and field of membership manual to update chartering policies and streamline documentation. These final amendments are in response to NCUA's more than four years experience with existing chartering and field of membership policies. www.ncua.gov/news/Proposed_regs/12cfrpart701-IRPS301.pdf 

March 28, 2003 - Remarks by Vice Chairman John Reich Federal Deposit Insurance Corporation at the Introduction of the Chinese-language Version of Money Smart Chicago, Illinois March 28, 2003 www.fdic.gov/news/news/press/2003/pr2903.html

March 28, 2003 - The Federal Reserve Board on Friday announced the launch of an online resource for researchers, educators, program directors, and others interested in advancing financial education programs. The Financial Education Research Center was developed by the Federal Reserve Bank of Chicago to promote excellence in financial education by encouraging research and disseminating information through its repository of research studies and listing of major financial education programs throughout the country. www.federalreserve.gov/boarddocs/press/other/2003/20030328/default.htm


March 27, 2003 - Prompt Corrective Action; Corporate Credit Unions; Credit Union Service Organizations; Member Business Loans - NCUA is proposing to amend its member business loan regulation by: changing certain requirements for construction and development loan equity requirements, personal guarantees by principals, and unsecured MBLs; revising and clarifying provisions regarding MBL aggregate loan limits, loan-to-value requirements, loans to credit unions and credit union service organizations, experience requirements, and MBL documentation requirements; and simplifying or removing confusing or unnecessary provisions in the MBL regulation. www.ncua.gov/news/Proposed_regs/723proposed03-27-2003.pdf

March 27, 2003 - NCUA Board Actions Taken March 27, 2003 www.ncua.gov/news/board_reports/BAB03-0327.htm

March 27, 2003 - NCUA - NCUA Adopts Updated Chartering & Membership Amendments - The NCUA Board today issued a comprehensive revision to federal credit union chartering and field of membership rules that standardizes what constitutes a local community after years of experience reviewing charter applications; offers a new trade, industry and profession option for single common bond credit unions; and makes other improvements to the field of membership rules to ensure the federal charter remains a viable, safe and sound option within the dual credit union chartering system. www.ncua.gov/news/press_releases/2003/NR03-0327-2.htm

March 27, 2003 - NCUA- Board Issues Proposed Member Business Lending Rule - The National Credit Union Administration Board issued a proposed rule updating member business lending regulations for federally insured credit unions at its monthly Board meeting today. The proposed rule, open for public comment for a 60-day period, “is designed to increase access to small business capital for credit union members consistent with the authority granted by Congress through the Federal Credit Union Act,” according to NCUA Chairman Dennis Dollar. www.ncua.gov/news/press_releases/2003/NR03-0327.htm

March 27, 2003 - The Office of the Comptroller of the Currency has issued a Termination of the formal agreement entered into with Direct Merchants Credit Card Bank, N.A., Scottsdale, Arizona dated April 16, 2002. The bank is now subject to an Operating Agreement dated March 18, 2003.
http://www.occ.treas.gov/ftp/eas/ea2003-18.pdf

March 27, 2003 - Decision of the Office of the Comptroller of the Currency (OCC) on the HSBC Holdings plc Notice of Change in Bank Control with respect to Household Bank (SB), National Association, Las Vegas, Nevada, March 27, 2003. www.occ.treas.gov/interp/cd03-2.pdf
Attachment: www.occ.treas.gov/ftp/eas/ea2003-17.pdf
 
March 27, 2003 - The Federal Reserve Board on Thursday announced its approval of the application of Bancolombia, S.A., Medellin, Colombia, to establish an agency in Miami, Florida. www.federalreserve.gov/boarddocs/press/orders/2003/20030327/default.htm

March 27, 2003 - NCUA - Statement of Dennis Dollar on the "Financial Services Regulatory Relief Act of 2003" H.R. 1375 Before the Subcommittee on Financial and Consumer Credit U.S. House of Representatives. www.ncua.gov/news/speeches/2003/Dollar03-0327.htm

March 27, 2003 - OTS Urges Congress To Give Thrifts Equal Treatment Under Federal Securities Laws - The Office of Thrift Supervision (OTS) today asked Congress to eliminate disparate treatment between thrifts and banks under two federal securities laws. www.ots.treas.gov/docs/77312.html

March 27, 2003 - Financial Services Regulatory Relief Act of 2003 - Testimony of Governor Mark W. Olson Before the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, U.S. House of Representatives March 27, 2003 www.federalreserve.gov/boarddocs/testimony/2003/20030327/default.htm

March 27, 2003 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Fifth Third Bancorp, Cincinnati, Ohio; the Fifth Third Bank, Cincinnati, Ohio; the Federal Reserve Bank of Cleveland; and the State of Ohio Department of Commerce, Division of Financial Institutions.  www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030327/default.htm

March 26, 2003 - New NCUA Measures will Strengthen the Protection of Credit Unions from Brokered CD Fraud - The National Credit Union Administration (NCUA) will implement new measures designed to strengthen the agency's oversight and better implement credit union protections against brokered CD fraud, according to NCUA Chairman Dennis Dollar. www.ncua.gov/news/press_releases/2003/NR03-0326.htm

March 26, 2003 - FDIC Makes Public February Enforcement Actions; No Administrative Hearings Scheduled  www.fdic.gov/news/news/press/2003/pr2803.html

March 26, 2003 - Remarks by Chairman Donald E. Powell Federal Deposit Insurance Corporation "Depository Institutions in the Lead in Building Assets in Emerging Markets" National Community Investment Fund Annual Network Conference Washington, DC March 26, 2003 www.fdic.gov/news/news/press/2003/pr2703.html

March 26, 2003 - Household Debt-Service Burden - The household debt-service burden is an estimate of the ratio of debt payments to disposable personal income. Debt payments consist of the estimated required payments on outstanding mortgage and consumer debt. www.federalreserve.gov/releases/housedebt/default.htm

March 25, 2003 - Payment Systems Quarterly Fedwire data through 2002: Q4 www.federalreserve.gov/paymentsystems/fedwire/quarterly.pdf

March 25, 2003 - NCUA - Statement of NCUA Chairman Dennis Dollar on Credit Union Service to Soldiers and Sailors Serving in Operation Iraqi Freedom  http://www.ncua.gov/news/press_releases/2003/Stmt03-0324.htm 

March 25 2003 - NCUA Charters Credit Union for Cooperatives in Minnesota - The National Credit Union Administration (NCUA) issued a charter today for Northcountry Cooperative Federal Credit Union in Minneapolis, Minnesota. Members of the Northcountry Cooperative Development Fund, an association headquartered in Minneapolis and serving members of cooperative groups in Minnesota, Wisconsin, Michigan, Iowa, Nebraska, Kansas, Indiana, Illinois, Missouri, Ohio, North Dakota, South Dakota and Montana, will be eligible to join the new credit union. www.ncua.gov/news/press_releases/2003/NR03-0324.htm

March 25, 2003 - Guidance on 314(a) Information Requests - This alert transmits guidance issued by U.S. Treasury Department's Financial Crimes Enforcement Network on March 21, 2003. FinCEN has received a number of comments from financial institutions regarding the 314(a) system.  The attachment provides financial institutions with additional guidance. www.occ.treas.gov/ftp/alert/2003-6.txt

March 25, 2003 - A Perspective on Inflation Targeting - Remarks by Governor Ben S. Bernanke At the Annual Washington Policy Conference of the National Association of Business Economists, Washington, D.C. http://www.federalreserve.gov/boarddocs/speeches/2003/20030325/default.htm

March 24, 2003 - Barbara J. Grunkemeyer Named Deputy Comptroller for Credit Risk - The Office of the Comptroller of the Currency announced today that Barbara J. Grunkemeyer has been named Deputy Comptroller for Credit Risk. Ms. Grunkemeyer will serve as the Comptroller's principal advisor on credit risk facing the national banking system and will report to Wayne Rushton, Senior Deputy Comptroller and Chief National Bank Examiner. www.occ.treas.gov/newsrelease.asp?Doc=5D8ALYKS.xml

March 24, 2003 - Comments on Marvin Goodfriend's "Inflation Targeting in the United States?" - Remarks by Governor Donald L. Kohn At the National Bureau of Economic Research Conference on Inflation Targeting, Bal Harbour, Florida January 25, 2003 www.federalreserve.gov/boarddocs/speeches/2003/20030324/default.htm

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March 21, 2003 - The Federal Reserve Board on Friday announced the approval of the application of DEPFA BANK plc, Dublin, Ireland, to establish an agency in New York, New York. www.federalreserve.gov/boarddocs/press/orders/2003/20030321/default.htm

March 21, 2003 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and between Barnes Banking Company, Kaysville, Utah, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030321/default.htm

March 21, 2003 - NCUA - Wireless Technology - The purpose of this letter is to provide important considerations for credit unions that are currently engaged in or may be considering the use of wireless technology.  www.ncua.gov/ref/letters/2003/03-CU-03.htm

March 21, 2003 - OCC Makes Applications Easier for National Banks - The Office of the Comptroller of the Currency today announced a new national bank service simplifying the corporate application process. National banks using the new “e-Corp” system can now electronically complete and submit branch and relocation applications to the OCC. www.occ.treas.gov/newsrelease.asp?Doc=NAJZZEU.xml

March 20, 2003 - OCC Announces Six New Enforcement Actions and Two Terminations - The Office of the Comptroller of the Currency today announced six new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and two terminations of existing enforcement actions www.occ.treas.gov/newsrelease.asp?Doc=Q1UG9G7H.xml

March 20, 2003 - OCC Releases CRA Evaluations For 33 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 February 15, 2003 through March 14, 2003. www.occ.treas.gov/newsrelease.asp?Doc=6ILIQ6NZ.xml

March 20, 2003 - Minutes of the Federal Open Market Committee January 28-29, 2003 - 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, January 28, 2003, at 2:30 p.m. and continued on Wednesday, January 29, 2003, at 9:00 a.m. www.federalreserve.gov/FOMC/MINUTES/20030129.htm

March 19, 2003 - The Federal Reserve Board on Wednesday announced its approval of the applications under section 3 of the Bank Holding Company Act, the Bank Merger Act, and section 9 of the Federal Reserve Act for SouthTrust Corporation, Birmingham, Alabama, to merge with Founders Bancshares, and thereby indirectly acquire its subsidiaries, including Founders Bank, all in Dallas, Texas. www.federalreserve.gov/boarddocs/press/orders/2003/20030319/default.htm

March 19, 2003 - NCUA - FCU Facilitating City Loan Program www.ncua.gov/ref/opinion_letters/2002/02-1217.htm

March 19, 2003 - OTS Proposes New Form for Collecting Risk Exposure Data - As part of an on-going effort to comprehensively enhance its interest rate risk modeling capabilities, the Office of Thrift Supervision is proposing changes to the data collection method used to measure thrifts’ interest-rate risk exposure. The changes are intended to reduce the data collection burden on institutions while improving the flexibility and utility of the data collected for OTS. www.ots.treas.gov/docs/77311.html

March 19, 2003 - OTS Releases Guidance on Third Party Arrangements - The Office of Thrift Supervision (OTS) today issued general guidance for savings associations and examiners on outsourcing relationships. www.ots.treas.gov/docs/77310.html

March 19, 2003 - Fictitious Internet Offshore  Bank, Montserrat - The Financial Services Commission of Montserrat has advised the Office of the Comptroller of the Currency that LionHeart Bank and Trust Company Limited [http://www.lionheartbank.com] is not registered in Montserrat. www.occ.treas.gov/ftp/alert/2003-5.txt

March 19, 2003 - FDIC Upgrades Banking Publications - The Federal Deposit Insurance Corporation today revamped its suite of banking publications to improve how the agency provides information, data and analysis to bankers, examiners, policymakers and the public. www.fdic.gov/news/news/press/2003/pr2603.html

March 19, 2003 - Resolving Economic Uncertainties Key To 2003 Outlook For U.S. Banking Industry - The economic environment for U.S. banks in 2003 will be shaped largely by progress made in resolving sources of uncertainty that appear to be holding back recovery from the 2001 recession, according to a report in the Spring 2003 FDIC Outlook. www.fdic.gov/news/news/press/2003/pr2503.html

March 18, 2003 - Hampton Elected to St. Louis Fed's Louisville Branch Board - The Board of Governors of the Federal Reserve System in Washington, D.C., has appointed Maria Gerwing Hampton, president of The Housing Partnership, Inc., to fulfill the unexpired portion of a three-year term on the Louisville Branch board of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2003/03_17_03.html

March 18, 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/2003/20030318/default.htm

March 18, 2003 - NCUA - Regional Directors Actions Taken Under Delegation of Authority
January:  www.ncua.gov/Ref/delegated/Jan03DAR.pdf
February:  www.ncua.gov/Ref/delegated/Feb03DAR.pdf  

March 18, 2003 - New OCC Paper Examines History Of National Banking System - And Discusses Current Issues In Bank Regulation - The paper discusses the history of the Office of the Comptroller of the Currency and the national banking system, as well as a number of current issues in bank regulation, including privacy, national bank preemption and the USA Patriot Act.  
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=19R4QOLG.xml
Attachment: www.occ.treas.gov/ftp/release/2003-21a.pdf

March 17, 2003 - NCUA - 3,650 Federal Credit Unions Meet RegFlex Eligibility Requirements - As a result of the data from December 31, 2002 Call Reports and the most recent examination cycles, 3,650 federal credit unions have been determined to be eligible for RegFlex, a National Credit Union Administration designation created to reduce regulatory burden on strongly-capitalized, well-managed federal credit unions. www.ncua.gov/news/press_releases/2003/NR03-0317.htm

March 17, 2003 - Monetary Policy Report to the Congress - The economy of the United States has suffered a series of blows in the past few years, including the fall in equity market values that began in 2000, cutbacks in capital spending in 2001, the horrific terrorist attacks of September 11, the emergence of disturbing evidence of corporate malfeasance, and an escalation of geopolitical risks www.federalreserve.gov/Pubs/Bulletin/2003/03bulletin.htm

March 17, 2003 - Financial Holding Companies - 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

March 17, 2003 - Agencies Issue Updated Policy Statement On Internal Auditing - The federal banking and thrift regulatory agencies today revised their guidance on the independence of accountants who provide institutions with both external and internal audit services to reflect the provisions of the Sarbanes-Oxley Act of 2002. 
FRB Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2003/20030317/default.htm
FDIC Press Release: www.fdic.gov/news/news/press/2003/pr2403.html
FDIC Press Release: www.fdic.gov/news/news/financial/2003/fil0321.html
OTS Press Release: www.ots.treas.gov/docs/77309.html
OCC Press Release: www.occ.treas.gov/ftp/bulletin/2003-12a.txt
OCC Press Release: www.occ.treas.gov/ftp/release/2003-20.htm
OCC Attachment: www.occ.treas.gov/ftp/bulletin/2003-12.doc
OCC Attachment: www.occ.treas.gov/ftp/bulletin/2003-12a.pdf

March 17, 2003 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and between Midstate Bancorp, Inc., Hinton, Oklahoma and the Federal Reserve Bank of Kansas City.  www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030317/default.htm

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March 14, 2003 - Joint Federal Reserve And Treasury Report Highlights U.S. Efforts To Confront Global Counterfeiting - The Federal Reserve Board and the Treasury Department today issued a joint report to Congress stating that procedures to combat international counterfeiting of U.S. currency are becoming more effective. www.federalreserve.gov/boarddocs/press/other/2003/20030314/default.htm

March 14, 2003 - The Federal Reserve Board on Friday announced its approval of the application under section 3 of the Bank Holding Company Act by The Wakashio Bank, Limited, Tokyo, Japan, to become a bank holding company by merging with its affiliate, Sumitomo Mitsui Banking Corporation, also in Tokyo, and by acquiring Manufacturers Bank, Los Angeles, California. www.federalreserve.gov/boarddocs/press/orders/2003/200303142/default.htm

March 14, 2003 - The Federal Reserve Board on Friday announced its approval of the applications and notices under sections 3 and 4 of the Bank Holding Company Act by Forest Merger Corporation and FBR TRS Holdings, Inc. to become bank holding companies by acquiring Friedman, Billings, Ramsey Group, Inc. all in Arlington, Virginia, and thereby acquiring FBR National Bank & Trust, Bethesda, Maryland. The proposal represents a corporate reorganization of FBR Group. www.federalreserve.gov/boarddocs/press/orders/2003/20030314/default.htm

March 14, 2003 - NCUA - Dollar Addresses Potential PCA Ramifications Of Credit Union Taxation In Utah Speech - NCUA Chairman Tells Utah Credit Union League That Any Nationwide Move Toward Taxation of Credit Union Net Worth Would Require Major Changes In PCA Law www.ncua.gov/news/press_releases/2003/NR03-0314.htm

March 14, 2003 - Industrial Production And Capacity Utilization - Industrial production rose 0.1 percent in February. At 111.1 percent of the 1997 average, output was 1.7 percent above its level in February 2002. A decline of 0.1 percent in manufacturing production was more than offset by gains at utilities and mines. www.federalreserve.gov/Releases/G17/Current/default.htm

March 13, 2003 - Community Bank Performance in the Twenty-first Century - Remarks by Governor Mark W. Olson At the Conference on "Whither the Community Bank," Federal Reserve Bank of Chicago, Chicago, Illinois www.federalreserve.gov/boarddocs/speeches/2003/20030313/default.htm

March 13, 2003 - Remarks by John D. Hawke, Jr. Comptroller of the Currency Before the Centre for the Study of Financial Innovation London, England March 13, 2003 www.occ.treas.gov/newsrelease.asp?Doc=NQVKXUW1.xml

March 13, 2003 - Chairman Powell's Statement On Passage Of Deposit Insurance Reform Legislation By House Financial Services Committee  www.fdic.gov/news/news/press/2003/pr2303.html

March 13, 2003 - Chairman Donald E. Powell Federal Deposit Insurance Corporation Remarks To An FDIC Symposium On The Future Of Financial Regulation: Structural Reform Or Status Quo? Washington, DC March 13, 2002 www.fdic.gov/news/news/press/2003/pr2203.html

March 13, 2003 - The Federal Reserve Board on Thursday announced the issuance of an Order to Cease and Desist and of Prohibition against Terry Frierson, a former chief executive officer, president, and institution-affiliated party of MSB Shares, Inc., and the Midsouth Bank, Jonesboro, Arkansas www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030313/default.htm

March 13, 2003 - The Federal Reserve Board Thursday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against First Bank, Creve Coeur, Missouri, a state member bank. www.federalreserve.gov/boarddocs/press/Enforcement/2003/200303132/default.htm

March 12, 2003 - OCC Reports Derivatives Volume Grows $2.9 Trillion - Derivatives held by U. S. commercial banks increased $2.9 trillion in the fourth quarter, to $56.1 trillion, the Office of the Comptroller of the Currency reported today in its quarterly Bank Derivatives Report. 
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=755QEXX.xml
Attachment: www.occ.treas.gov/ftp/deriv/dq402.pdf

March 11, 2003 - Unforeseen Shock to GSEs Could Bring Crisis To U.S. Financial Markets: Says St. Louis Fed's Poole - Should Fannie Mae or Freddie Mac be rocked by a mistake or unforecastable shock, the result, without strong contingency arrangements, could be a crisis in U.S. financial markets that would inflict considerable damage on the housing industry and the U.S. economy. www.stlouisfed.org/news/releases/2003/03_10_03.html

March 11, 2003 - The January Chicago Fed Midwest Manufacturing Index data, scheduled for release on March 11, has been rescheduled to be published on April 10. www.chicagofed.org/newsandevents/pressreleases/2003/pr03102003.pdf

March 11, 2003 - A Markov Model of Bank Failure Estimated Using an Information-Theoretic Approach   - This paper describes the authors' early-warning bank failure model, which is designed specifically to capture the dynamic process underlying the transition from financially sound to failure/closure. www.occ.treas.gov/ftp/workpaper/wp2003-1.pdf

March 11, 2003 - Final Rules Governing Availability of Information - The U. S. Treasury Department's Office of Foreign Assets Control published a final rule on February 11, 2003, concerning the disclosure of certain civil penalties information.
Press Release: www.occ.treas.gov/ftp/bulletin/2003-10.txt
Attachment: http://www.occ.treas.gov/fr/fedregister/68fr6820.pdf

March 11, 2003 - Revisions to the Reports of Condition and Income (Call Report) - The Federal Financial Institutions Examination Council has approved a number of revisions to the Reports of Condition and Income The FFIEC is providing this advance notification to assist you in planning for these changes. www.ffiec.gov/pdf/ffiec_forms/ffiec_031_041_200303_fil.pdf

March 11, 2003 - On February 28, 2003, the Department of the Treasury's Office of Foreign Assets Control amended its list of Specially Designated Nationals and Blocked Persons by adding three entities to its list of Specially Designated Global Terrorists  A detailed list of additional SDGTs is attached. www.fdic.gov/news/news/financial/2003/fil0319.html 

March 11, 2003 - The Federal Reserve Board on Tuesday requested public comment on a proposal to modify a condition in the Board's Regulation Y in order to allow bank holding companies engaged in permissible derivatives activities to transfer title to commodities underlying derivative contracts on an instantaneous, pass-through basis. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030311/default.htm

March 11, 2003 - The Federal Reserve Board today announced its approval of the applications and notice under the Bank Holding Company Act by M&T Bank Corporation, Buffalo, New York, to merge with Allfirst Financial Inc., Baltimore, Maryland, and to indirectly acquire certain nonbanking subsidiaries of Allfirst. In addition, the Board approved the application under the Bank Merger Act by Manufacturers & Traders Trust Company, also in Buffalo, to merge with Allfirst Bank, also in Baltimore. www.federalreserve.gov/boarddocs/press/orders/2003/20030311/default.htm

March 10, 2003 - NCUA - Matz Expresses Concern About Economy, Telling State Regulators ‘We Must Work Together’ - National Credit Union Administration Board Member Deborah Matz, addressing the 25th Annual NCUA/National Association of State Credit Union Supervisors State Regulatory Conference, reiterated her support for the dual chartering system. www.ncua.gov/news/press_releases/2003/NR03-0310.htm

March 10, 2003 - Housing in the Macroeconomy - Unforeseen Shocks to GSEs Could Bring Crisis to U.S. Financial Markets: Says St. Louis Fed's Poole  www.stlouisfed.org/news/speeches/2003/3_10_03.html

March 7, 2003 - The Federal Reserve Board on Friday announced the termination of the enforcement actions listed below.   www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030307/default.htm

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March 7, 2003 - The Federal Reserve Board on Friday announced the termination of the enforcement actions.  www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030307/default.htm

March 7, 2003 - NCUA - National Credit Union Administration Issues Prohibition Order Against Hawaii Credit Union Employees - The National Credit Union Administration (NCUA) has issued Orders of Prohibition against Janice Torricer, Theresa M. Corpuz and Ivy J. Sanchez, former employees of HC&S Federal Credit Union (now Valley Isle Community Federal Credit Union) of Kahului, Hawaii. www.ncua.gov/news/press_releases/2003/NR03-0307-2.htm

March 7, 2003 - Consumer Credit - Total consumer credit inched up a revised 0.1 percent at an annual rate in the fourth quarter of 2002.  In January, total consumer credit rose 9 percent at an annual rate, leaving this series up 4 percent from a year earlier.  The January increase owes to gains in both revolving and nonrevolving credit. www.federalreserve.gov/Releases/G19/current/default.htm

March 7, 2003 - Global Finance: Is It Slowing? - Remarks by Chairman Alan Greenspan
At the Banque de France International Symposium on Monetary Policy, Economic Cycle, and Financial Dynamics, Paris, France www.federalreserve.gov/boarddocs/speeches/2003/20030307/default.htm

March 6, 2003 - NCUA Seeks to Verify Member Accounts at D. Edward Wells FCU, All Credit Union Services Continue The National Credit Union Administration is in the process of verifying the accuracy of accounting records at D. Edward Wells Federal Credit Union Yesterday, NCUA filed court papers in the U.S. District Court in Springfield detailing its reasons for placing the credit union into conservatorship. www.ncua.gov/news/press_releases/2003/NR03-0306.htm

March 6 2003 - FDIC To Hold Symposium On Regulatory Restructuring  - The Federal Deposit Insurance Corporation will sponsor a symposium on the future of financial regulation on Thursday, March 13, at the National Press Club in Washington, DC. The Honorable Michael G. Oxley (R-OH), Chairman of the House Committee on Financial Services, will be the first guest speaker in the morning. www.fdic.gov/news/news/press/2003/pr2103.html

March 5, 2003 - St. Louis Fed's Poole Cites Disadvantaged Workers' Progress Over Last 25 Years - Labor market trends over the past 25 years suggest two main findings, according to William Poole, president of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2003/03_05_03.html

March 5, 2003 - NAFTA's Overall Effect on North America Has Been Positive: St. Louis Fed Analysis - The North American Free Trade Agreement (NAFTA) didn't produce the large "sucking sound" of jobs and factories that some pundits predicted. In fact, between 1993 and 1997, trade exports overall among the United States, Canada and Mexico increased, based on an analysis by Howard J. Wall, an economist with the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2003/03_04_03-b.htm

March 5, 2003 - The December 31, 2002 Uniform Bank Performance Report is now available on line. 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.  www.ffiec.gov/press/pr030503.htm

March 5, 2003 - Corporate Governance, Audits, And Reporting Requirements - The FDIC is providing guidance to institutions about selected provisions of the Sarbanes-Oxley Act, including the actions the FDIC encourages institutions to take to ensure sound corporate governance. The guidance also discusses the applicability of the auditor independence provisions of the Act and the Securities and Exchange Commission's implementing regulations to institutions with $500 million or more in total assets www.fdic.gov/news/news/financial/2003/fil0317.html .

March 5, 2003 - 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 2002.  www.fdic.gov/news/news/press/2003/pr2003.html

March 5, 2003 - FDIC Chairman Announces Corporate Governance Initiatives - Federal Deposit Insurance Corporation (FDIC) Chairman Don Powell today announced three corporate governance initiatives to assist bankers and bank directors www.fdic.gov/news/news/press/2003/pr1803.html

March 5, 2003 - Chairman Donald E. Powell Federal Deposit Insurance Corporation Remarks To  The Independent Community Bankers Of America Annual Conference Orlando, Florida March 5, 2003 www.fdic.gov/news/news/press/2003/pr1903.html

March 5, 2003 - Summary of Commentary on  Current Economic Conditions  by Federal Reserve District - Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources.  http://www.federalreserve.gov/fomc/beigebook/2003/20030305/default.htm 

March 5, 2003 - The Federal Reserve Board on Wednesday announced it is publishing a final rule amending Regulation B, which implements the Equal Credit Opportunity Act. The Board approved the final rule at its meeting on February 19, 2003. www.federalreserve.gov/boarddocs/press/bcreg/2003/20030305/default.htm

March 5, 2003 - Business Checking Freedom Act of 2003, H.R. 758 and H.R. 859 - Testimony of Governor Donald L. Kohn Before the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, U.S. House of Representatives www.federalreserve.gov/boarddocs/testimony/2003/20030305/default.htm

March 5, 2003 - The Federal Reserve Board on Wednesday announced the issuance of a consent Order against Michael Sahlgren, an institution-affiliated party of the First Western Bank, Cooper City, Florida, a state member bank. www.federalreserve.gov/boarddocs/press/Enforcement/2003/200303053/default.htm

March 5, 2003 - The Federal Reserve Board on Wednesday announced the issuance of a consent Order against James C. Agee, an institution-affiliated party of the First Western Bank, Cooper City, Florida, a state member bank. www.federalreserve.gov/boarddocs/press/Enforcement/2003/200303052/default.htm

March 5, 2003 - The Federal Reserve Board on Wednesday announced the issuance of a consent Order against Dale and Betty Skrobot, both former institution-affiliated parties of the First Western Bank, Cooper City, Florida, a state member bank. www.federalreserve.gov/boarddocs/press/Enforcement/2003/20030305/default.htm

March 4, 2003 - Comptroller Hawke Calls for Study of Compliance Regulation - And Development of Simpler and Less Burdensome Disclosures - Comptroller of the Currency John D. Hawke, Jr. said today that consumers are ill-served by the current system of compliance regulation and called for “an independent, professional, well-funded research effort” to see if a new approach could be found that would be more effective for consumers and less burdensome for banks.
Press Release: www.occ.treas.gov/newsrelease.asp?Doc=PQKUZIRR.xml
Attachment: www.occ.treas.gov/ftp/release/2003-17a.pdf

March 4, 2003 - FDIC-Insured Institutions Earn A Record $105.4 Billion In 2002 - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation  earned a combined $105.4 billion during 2002, the first time annual earnings of the industries topped $100 billion. www.fdic.gov/news/news/press/2003/pr1703.html

March 4 2003 - Remarks by Chairman Alan Greenspan  At the annual convention of the Independent Community Bankers of America, Orlando, Florida www.federalreserve.gov/boarddocs/speeches/2003/20030304/default.htm

March 3, 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 www.federalreserve.gov/generalinfo/foia/proposedregs.cfm

March 3, 2003 - The Federal Reserve Board on Monday published transition rules in a proposed amendment to the official staff commentary that applies and interprets the requirements of Regulation C (Home Mortgage Disclosure Act). www.federalreserve.gov/boarddocs/press/bcreg/2003/20030303/default.htm

March 3, 2003 - OTS Announces 114 CRA Exams Scheduled For Second Quarter 2003 - The Office of Thrift Supervision  announced today that 114 savings associations are scheduled for Community Reinvestment Act examinations during the second quarter of 2003. www.ots.treas.gov/docs/77308.html

March 3, 2003 - Comptroller Hawke Highlights Importance of New Basel Capital Accord But Says Important Issues Must be Resolved Before OCC Will Issue Rules - Comptroller of the Currency John D. Hawke, Jr. said today that the Basel Committee’s work on a new Capital Accord is an extremely important endeavor that deserves strong support from the industry and bank regulators.
Press Release:  www.occ.treas.gov/newsrelease.asp?Doc=MVC9BYJJ.xml 
Attachment: www.occ.treas.gov/ftp/release/2003-15a.pdf

 

PLEASE NOTE:  Some of the above links may not function properly because the regulatory agency has changed the URL.  Please e-mail us at examiner@yennik.com if we can be of assistance.  

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