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

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Bank Regulatory News
May 2002

May 31, 2002 - FDIC Issues Third Quarter CRA Examination Schedule - The Federal Deposit Insurance Corporation (FDIC) has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the third quarter of 2002. www.fdic.gov/news/news/press/2002/pr5902.html

May 31, 2002 - Assessment of Fees - The Office of the Comptroller of the Currency published the attached final rule in the Federal Register on May 30. The rule is effective June 1.
Press Release: www.occ.treas.gov/ftp/bulletin/2002-24.txt
Attachment: www.occ.treas.gov/fr/fedregister/67fr37664.pdf

May 31, 2002 - Electricty Industry Leaders Discuss Future Policy - As Midwest electricity policy becomes a less regulated and more market-oriented system, it will require coordinated development of a regional transmission structure by policymakers, said attendees at a Chicago Fed conference highlighted in the June special issue of the Chicago Fed Letter. According to conference participants, developing oversight bodies to guide future electricity policy is clearly a future challenge for policymakers.  www.chicagofed.org/newsandevents/pressreleases/2002/pr05312002.cfm

May 31, 2002 - The Dual Banking System and the Current Condition of the Banking Industry - Remarks by Governor Mark W. Olson At the Annual Meeting and Conference of the Conference of State Bank Supervisors, Salt Lake City, Utah.   www.federalreserve.gov/boarddocs/speeches/2002/20020531/default.htm

May 30, 2002 - The Federal Reserve Board on Thursday released a letter from Chairman Alan Greenspan to Rep. John J. LaFalce confirming the application to banks of the prohibition contained in section 5 of the Federal Trade Commission Act against unfair or deceptive acts or practices.  www.federalreserve.gov/boarddocs/press/bcreg/2002/20020530/default.htm 

May 30, 2002 - Guidance On Unfair Or Deceptive Acts Or Practices - The Federal Trade Commission Act declares that unfair or deceptive trade practices are illegal.  This letter confirms that the Federal Deposit Insurance Corporation intends to cite state nonmember banks and their institution-affiliated parties for violations of FTC Act Section 5 and will take appropriate action pursuant to its authority under Section 8 of the Federal Deposit Insurance Act when unfair or deceptive trade practices are discovered.  www.fdic.gov/news/news/financial/2002/fil0257.html

May 30, 2002 - OCC Issues Third Quarter 2002 CRA Examination Schedule - The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the third quarter of 2002.
Press Release:  www.occ.treas.gov/ftp/release/2002-46.txt
Attachment:  www.occ.treas.gov/ftp/release/2002-46a.pdf

May 30, 2002 - The Federal Reserve Board today announced its approval of the notice by JPMorgan Chase Bank, New York, New York, to establish a branch at the Newport Center, 575 Washington Boulevard, Jersey City, New Jersey. www.federalreserve.gov/boarddocs/press/orders/2002/20020530/default.htm

May 29, 2002 - Mississippi Housing Initiative Adopts FDIC "Money Smart" Program - The Federal Deposit Insurance Corporation and the Mississippi Housing Initiative today announced the adoption of the FDIC's "Money Smart" financial education program to supplement the current homeownership curriculum used by MHI's Mississippi Home Buyer Education Center Program.  www.fdic.gov/news/news/press/2002/pr5802.html

May 29, 2002 - Summary of Deposits Survey for June 30, 2002 - The annual Summary of Deposits (SOD) survey and instructions for the period ending June 30, 2002, will be mailed on July 8 to institutions with more than a main office facility www.fdic.gov/news/news/financial/2002/fil0256.html

May 29, 2002 - Electronic Banking - The OCC has issued a final rule governing national banks' ability to conduct business using electronic technologies.
Press Release: www.occ.treas.gov/ftp/bulletin/2002-23.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2002-23a.pdf

May 29, 2002 - OTS Reports Record Quarterly Earnings, Profitability for Thrift Industry - The Office of Thrift Supervision today reported record thrift industry quarterly earnings of $3 billion for the first quarter of 2002. “This marks the sixth consecutive quarter of earnings growth and the fourth consecutive quarter of record earnings,” said OTS Director James E. Gilleran.  www.ots.treas.gov/docs/77227.html

May 28, 2002 - NCUA - Letter to Federal Credit Unions 02-FCU-09 -- Risk-Focused Examination Program www.ncua.gov/ref/letters/02-FCU-09.html

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May 24, 2002 - Covenants in Securitization Documents Linked to Supervisory Actions or Thresholds - Recent examination reviews of documentation governing securitization transactions have uncovered covenants that use adverse supervisory actions or the breach of supervisory thresholds as triggers for early amortization events or the transfer of servicing. www.federalreserve.gov/boarddocs/srletters/2002/sr0214.htm

May 24, 2002 - Implicit Recourse Provided to Asset Securitizations - Over the last several months, the Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision have become aware of a number of instances in which a banking organization provided credit support beyond its contractual obligation to one or more of its securitizations. www.federalreserve.gov/boarddocs/srletters/2002/sr0215.htm

May 24, 2002 - Questions and Answers on the Capital Treatment of Recourse, Direct Credit Substitutes, and Residual Interests in Asset Securitizations - On November 29, 2001, the Federal Reserve and the other federal banking agencies published a final rule on the Capital Treatment of Recourse, Direct Credit Substitutes, and Residual Interests in Asset Securitizations.  Since the rule became effective on January 1, 2002, the industry has raised several questions with regard to the appropriate application of certain aspects of the rule. 
Federal Reserve:  www.federalreserve.gov/boarddocs/srletters/2002/sr0216.htm
FDIC:  http://www.fdic.gov/news/news/financial/2002/fil0254.html

May 24, 2002 - International Comparisons of Productivity Growth: The Role of Information Technology and Regulatory Practices - While information technologies (IT) are credited with the recent acceleration in productivity in the United States, many other industrial countries have not experienced a pickup in productivity growth. www.federalreserve.gov/pubs/ifdp/2002/727/default.htm

May 24, 2002 - Consent Order - The Comptroller of the Currency of the United States of America (“Comptroller”), through his National Bank Examiners, is examining First Consumers National Bank, Beaverton, Oregon (the“Bank”), and his preliminary findings have been communicated to the Bank. www.occ.treas.gov/ftp/eas/ea2002-40.pdf

May 23, 2002 Interagency Guidance on Implicit Recourse in Asset Securitizations - The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision have jointly issued the attached "Interagency Guidance on Implicit Recourse in Asset Securitizations." Implicit recourse exists when a bank supports a securitization above and beyond its contractual obligations.
FDIC Press Release: www.fdic.gov/news/news/financial/2002/fil0252.html
OCC Press Release: www.occ.treas.gov/ftp/bulletin/2002-20.txt
OCC Attachment: www.occ.treas.gov/ftp/bulletin/2002-20a.pdf

May 23, 2002 - Interagency Advisory on the Unsafe and Unsound Use of Covenants Tied to Supervisory Actions in Securitization Documents - The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Office of Thrift Supervision have jointly issued the attached "Interagency Advisory on the Unsafe and Unsound Use of Covenants Tied to Supervisory Actions in Securitization Documents." This advisory alerts both bankers and examiners to the safety and soundness implications of covenants associated with supervisory actions in securitization documents.
FDIC Press Release: www.fdic.gov/news/news/financial/2002/fil0253.html
OCC Press Release: www.occ.treas.gov/ftp/bulletin/2002-21.txt
OCC Attachment: www.occ.treas.gov/ftp/bulletin/2002-21a.pdf

May 23, 2002 - OCC Cautions National Banks on "Yield Chasing" - The OCC issued guidance today alerting national banks to the potential risk to future earnings and capital that arises when banks engage in "yield chasing" - taking on higher levels of credit, interest rate and liquidity risk to boost returns on their investment portfolios.  www.occ.treas.gov/ftp/release/2002-45.txt

May 23, 2002 - Unsafe and Unsound Investment Portfolio Practices - This bulletin alerts banks to the potential risk to future earnings and capital from poor investment decisions made at the current low level of interest rates.  www.occ.treas.gov/ftp/bulletin/2002-19.txt

May 23, 2002 - Capital Treatment of Recourse, Direct Credit Substitutes, and Residual Interests in Asset Securitizations - The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of Thrift Supervision published a final rule on the Capital Treatment of Recourse, Direct Credit Substitutes and Residual Interests in Asset Securitizations in November of 2001.
Press Release:  www.occ.treas.gov/ftp/bulletin/2002-22.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2002-22a.pdf

May 23, 2002 - NCUA Chairman Hosts Roundtable Discussion With National Hispanic Faith-Based Leaders Regarding Credit Union Development Opportunities www.ncua.gov/news/press_releases/nr051702.html

May 23, 2002 – NCUA - First quarter 2002 data indicates strong growth - The number and size of federally insured credit unions with assets over $50 million increased significantly during the past year. www.ncua.gov/news/press_releases/nr052302.html

May 22, 2002 - The European Union's Financial Services Action Plan - Testimony of Mark W. Olson - Before the Committee on Financial Services, U.S. House of Representatives www.federalreserve.gov/boarddocs/testimony/2002/20020522/default.htm

May 22, 2002 - FDIC Publishes Semiannual Agenda Of Regulations - The Federal Deposit Insurance Corporation has published its semiannual agenda of regulations in the Federal Register to inform the public of the Corporation's regulatory actions and encourage participation in the rulemaking process. www.fdic.gov/news/news/press/2002/pr5602.html

May 22, 2002 -  Chairman Powell's Statement On Passage Of Deposit Insurance Reform Legislation By House Of Representatives  www.fdic.gov/news/news/press/2002/pr5702.html

May 22, 2002 - Entities That May Be Conducting Banking Operations in Canada or the United States Without Authorization - The Federal Bureau of Investigation (FBI) has asked the Federal Deposit Insurance Corporation (FDIC) to alert all FDIC-supervised banks to the theft of equipment and supplies used to produce driver's licenses and identification cards.  www.fdic.gov/news/news/financial/2002/fil0249.html

May 22, 2002 - Counterfeit Cashier's Checks - The Federal Deposit Insurance Corporation (FDIC) has learned that counterfeit cashier's checks drawn on Yukon National Bank, Yukon, Oklahoma, are in circulation. www.fdic.gov/news/news/financial/2002/fil0250.html

May 22, 2002 - Specially Designated Nationals and Blocked Persons - On May 15, 2002, the Department of the Treasury's Office of Foreign Assets Control (OFAC) amended its list of Specially Designated Nationals and Blocked Persons by adding updated "a.k.a" information to the list of Specially Designated Global Terrorists. www.fdic.gov/news/news/financial/2002/fil0251.html

May 22, 2002 - Income Level, Median Family Income - Attached are 1990 U.S. Census and 2002 Department of Housing and Urban Development (HUD) estimated median family incomes for metropolitan statistical areas (MSA) and non-MSA portions of each state  Press Release: www.occ.treas.gov/ftp/bulletin/2002-18.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2002-18a.pdf

May 21, 2002 - The Federal Reserve Board announced today the approval of the application of Banca Comerciala Romana S.A., Bucharest, Romania, to establish a representative office in New York, New York. www.federalreserve.gov/boarddocs/press/orders/2002/20020521/default.htm

May 21, 2002 - A Look at the Banking Industry in 2002 - Remarks by Governor Mark W. Olson At the 107th Annual Convention of the Maryland Bankers Association, Palm Beach, Florida www.federalreserve.gov/boarddocs/speeches/2002/20020521/default.htm

May 21, 2002 - Community and Regional Banks: Increasing Complexity and Risk-Management Needs - Remarks by Vice Chairman Roger W. Ferguson, Jr. At the 106th Annual Convention of the North Carolina Bankers Association, White Sulphur Springs, West Virginia.
www.federalreserve.gov/boarddocs/speeches/2002/200205212/default.htm

May 20, 2002 - The Federal Reserve Board on Monday alerted financial institutions and the public to the continued proliferation of fraudulent schemes involving financial instruments.  www.federalreserve.gov/boarddocs/press/bcreg/2002/20020520/default.htm
www.federalreserve.gov/boarddocs/SRLETTERS/2002/sr0213.htm

May 20, 2002 - FDIC Lines Up Policy Leaders For June 4 Symposium On Enhancing Financial Transparency - Lawrence B. Lindsey, Assistant to the President for Economic Policy; Sen. Jon Corzine, (D.-N.J.); Rep. Michael Oxley (R-OH), Chairman of the House Financial Services Committee; and Paul A. Volcker, former Chairman of the Federal Reserve Board, will share their perspectives on financial transparency at a one-day program sponsored by the Federal Deposit Insurance Corporation (FDIC) in Washington, D.C., on June 4, 2002  www.fdic.gov/news/news/press/2002/pr5402.html .

May 20, 2002 - FDIC And White House Office Sign Agreement Promoting Financial Education In U.S. Asian Communities - The Federal Deposit Insurance Corporation (FDIC) and the Office of the White House Initiative on Asian Americans and Pacific Islanders (AAPI) announced today a partnership to promote financial education in Asian communities across America.  www.fdic.gov/news/news/press/2002/pr5502.html

May 20, 2002 - The Federal Reserve Board on Friday released the minutes of its discount rate meetings from February 4, 2002, to March 18, 2002  www.federalreserve.gov/boarddocs/press/monetary/2002/20020520/default.htm

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May 17, 2002 - The Board of Governors on Friday requested public comment on a proposal to revise the Federal Reserve's discount window programs, which provide credit to help depository institutions meet temporary liquidity needs.
www.federalreserve.gov/boarddocs/press/bcreg/2002/20020517/default.htm

May 17, 2002 - Financing Options for Small Business - Remarks by Governor Mark W. Olson At the Small Business Development Conference, Cleveland, Ohio
www.federalreserve.gov/boarddocs/speeches/2002/20020517/default.htm

May 17, 2002 - Interagency Advisory on the Regulatory Capital Treatment of Accrued Interest Receivable Related to Credit Card Securitizations - The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Office of Thrift Supervision are issuing the attached interagency advisory to clarify the appropriate risk-based capital treatment for banking organizations that securitize credit card receivables and record an on-balance sheet asset commonly referred to as Accrued Interest Receivable
FDIC Press Release: www.fdic.gov/news/news/financial/2002/fil0248.html
OCC Press Release: www.occ.treas.gov/ftp/bulletin/2002-17.txt
OCC Attachment: www.occ.treas.gov/ftp/bulletin/2002-17a.txt

May 17, 2002 -
Financial Action Task Force Guidance for Financial Institutions in Detecting Terrorist Financing - This advisory letter transmits the Financial Action Task Force's (FATF) "Guidance for Financial Institutions in Detecting Terrorist Financing," dated April 24, 2002. www.occ.treas.gov/ftp/advisory/2002-4.txt  
FATF web site http://www1.oecd.org/fatf/ 

May 16, 2002 - OCC Issues Final Rule on Electronic Banking - The Office of the Comptroller of the Currency published a final rule today that will facilitate the use of electronic technologies by national banks, consistent with safety and soundness.
Attachment: www.occ.treas.gov/ftp/release/2002-44.txt
Attachment: www.occ.treas.gov/ftp/release/2002-44a.pdf

May 16, 2002 - The Federal Reserve Board on Thursday announced the issuance of an Order of Prohibition against Edward DeRosa, a former employee and institution-affiliated party of Rabobank Nederland, New York, New York.
www.federalreserve.gov/boarddocs/press/Enforcement/2002/200205162/default.htm

May 16, 2002 - The Federal Reserve Board, the Maryland Commissioner of Financial Regulation, and the Central Bank of Ireland today jointly announced the execution of a Written Agreement by and among Allied Irish Banks, p.l.c., Dublin, Ireland, Allfirst Financial Inc., Baltimore, Maryland, and Allfirst Bank, Baltimore, Maryland.
www.federalreserve.gov/boarddocs/press/Enforcement/2002/20020516/default.htm

May 16, 2002 - NCUA - Regional Director’s Actions Taken Under Delegation of Authority www.ncua.gov/ref/delegated/del0402.pdf

May 16, 2002 - NCUA -
A Summary Of Actions Taken By The NCUA Board May 16, 2002 - The NCUA Board issued proposed revisions to improve and simplify the prompt corrective action rule, Part 702, which provides a tiered system of minimum capital standards for federally insured credit unions and corresponding remedies to restore net worth. www.ncua.gov/news/board_reports/BAB051602.html

May 16, 2002 - NCUA - Prompt Corrective Action - In 2000, the National Credit Union Administration (NCUA) adopted a comprehensive system of prompt corrective action consisting of minimum capital standards for federally-insured credit unions and corresponding remedies for restoring net worth. 
http://www.ncua.gov/news/proposed_regs/12CFRPart702,741,747-proposed.pdf

May 15, 2002 - Additional Information About Fraudulent Bonus Checks For Non-Existent Jobs - This is to inform you that the FDIC has received responses to that announcement indicating that more individuals and banks are being victimized by the same scheme, and that checks appearing to be drawn on at least one other bank also are being used. www.fdic.gov/news/news/financial/2002/fil0247.html

May 15, 2002 - OCC Releases CRA Evaluations For 25  National Banks - The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of  April 15 through  May 14, 2002.
Press Release: http://www.occ.treas.gov/ftp/release/2002-41.txt 
Attachment: http://www.occ.treas.gov/cra/may02.htm  

May 15, 2002 - OCC Announces 15 New Enforcement Actions and 1 Termination - The Office of the Comptroller of the Currency today announced 15 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 1 termination of an existing enforcement action.
Press Release: www.occ.treas.gov/ftp/release/2002-42.txt

May 15, 2002 - OCC Issues Risk Management Guidance for Banks that Use Foreign-Based Third-Party Service Providers - The Office of the Comptroller of the Currency today issued guidance to national banks that use third-party service providers based in foreign countries.
Press Release: www.occ.treas.gov/ftp/release/2002-43.txt

May 15, 2002 - Risk Management Guidance - This bulletin provides guidance to national banks on managing the risks that may arise from their outsourcing relationships with foreign-based third-party service providers.
Press Release: www.occ.treas.gov/ftp/bulletin/2002-16.txt

May 15, 2002 - NCUA Board Releases Strategic Plan 2003-2008 As the Agency Plans for the Future - The National Credit Union Administration Board today released the agency’s Strategic Plan 2003-2008 Initial Draft for public comment, according to NCUA Chairman Dennis Dollar. www.ncua.gov/news/press_releases/nr051502.html

May 15, 2002 - A Guide to Choosing Absolute Bank Capital Requirements - Resampling implementation of a stress-scenario approach to estimating portfolio default loss distributions is proposed as the basis for estimates of the appropriate absolute level of economic capital allocations for portfolio credit risk.
www.federalreserve.gov/pubs/ifdp/2002/726/default.htm

May 14, 2002 - Specially Designated Nationals and Blocked Persons - On May 3, 2002, Treasury's Office of Foreign Assets Control (OFAC) amended its list of Specially Designated Nationals and Blocked Persons by adding nine names of Specially Designated Global Terrorists. Assets belonging to these individuals and entities must be blocked immediately. www.fdic.gov/news/news/financial/2002/fil0246.html

May 13, 2002 - NCUA - Member Accounts Insured as Credit Union Closes - The National Credit Union Administration (NCUA) announced that the agency placed First Hialeah Community Federal Credit Union of Hialeah, Fla. into liquidation on May 10, and transferred its member accounts to Government Employees Credit Union of Florida.
www.ncua.gov/news/press_releases/nr051302.html

May 13, 2002 - 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 

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May 10, 2002 - The Federal Reserve Board on Friday announced the issuance of a Cease and Desist Order against the Bank of the Orient, San Francisco, California.
www.federalreserve.gov/boarddocs/press/Enforcement/2002/200205102/default.htm 

May 10, 2002 - The Federal Reserve Board on Friday announced the issuance of a Cease and Desist Order against Pedro Cabrera, a former employee of Banco Mercantil, C.A., S.A.C.A., New York Agency, New York, New York.
www.federalreserve.gov/boarddocs/press/Enforcement/2002/20020510/default.htm

May 10, 2002 - Cyclicality and Banking Regulation - Remarks by Chairman Alan Greenspan At the Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, Chicago, Illinois
www.federalreserve.gov/boarddocs/speeches/2002/20020510/

May 10, 2002 - Senior Loan Officer Opinion Survey on Bank Lending Practices - The April 2002 Senior Loan Officer Opinion Survey on Bank Lending Practices focused on changes in the supply of and demand for bank loans to businesses and households over the past three months.
www.federalreserve.gov/BoardDocs/SnLoanSurvey/200205/default.htm

May 9, 2002 - Federal Reserve and SEC Publish White Paper on Potential Structural Change in the Settlement of Government Securities - The Federal Reserve Board and Securities and Exchange Commission today announced release of a "white paper" discussing possible structural changes in the settlement of government securities and requested public comment on it.
www.federalreserve.gov/boarddocs/press/other/2002/20020509/default.htm

May 9, 2002 - Mail processed in a secure facility outside the Federal Reserve Board buildings has tested positive for traces of anthrax DNA
www.federalreserve.gov/boarddocs/press/other/2002/200205092/default.htm

May 9, 2002 - Implications of 9/11 for the Financial Services Sector - Remarks by Vice Chairman Roger W. Ferguson, Jr. At the Conference on Bank Structure and Competition, Chicago, Illinois
www.federalreserve.gov/BoardDocs/Speeches/2002/20020509/default.htm

May 9, 2002 - Minutes of the Federal Open Market Committee March 19, 2002 - 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, March 19, 2002, at 9:00 a.m.
www.federalreserve.gov/fomc/minutes/20020319.htm

May 9, 2002 -
Comptroller Welcomes Growing Consensus that Fee Disparity Problem Must Be Fixed - Basic flaws in the allocation of bank supervision costs are a threat to the independence of bank supervisors and to the dual banking system, Comptroller of the Currency John D. Hawke Jr. said today.
Press Release: www.occ.treas.gov/ftp/release/2002-40.txt
Attachment: www.occ.treas.gov/ftp/release/2002-40a.txt

May 9, 2002 - OTS Adjusts Capital Requirements For 1-4 Family Mortgages - The Office of Thrift Supervision announced today that it is adjusting its capital requirements to bring them in line with the other federal banking agencies. Under a final rule that will be published in tomorrow’s Federal Register, a one- to four-family residential first mortgage loan will qualify for 50 percent risk weight capital treatment if the loan is underwritten in accordance with prudent underwriting standards, including standards in the Interagency Guidelines for Real Estate Lending.
www.ots.treas.gov/docs/77226.html

May 9, 2002 - NCUA - Predatory Lending - The NCUA Board supports ongoing efforts regarding the issue of predatory lending practices.  Credit unions are generally recognized to be a part of the solution and not a part of the problem of predatory lending.
www.ncua.gov/news/legislation/107-PredatoryLending.htm

May 8, 2002 - First Quarter Net Income Rises Sharply, Sets Record At 25 Largest Banking Companies - Amid signs of resurgence in the U.S. economy, earnings at the 25 largest banking companies grew significantly in the first quarter of 2002 - up $4.8 billion from the fourth quarter of 2001. Net income for the first quarter totaled $16.2 billion, surpassing the $15.8 billion mark set in the first quarter of 2000, according to a report released today by the Federal Deposit Insurance Corporation.
www.fdic.gov/news/news/press/2002/pr5202.html

May 8, 2002 - FDIC Enters Into Removal And Prohibition Order And Civil Money Penalty Against An Illinois Banker - The Federal Deposit Insurance Corporation (FDIC) has issued a removal and prohibition order and imposed a civil money penalty of $25,000 against John C. Bollman, formerly of the Lena State Bank, Lena, Illinois. Mr. Bollman was the former President and Chairman of the Board of the bank.
www.fdic.gov/news/news/press/2002/pr5302.html

May 8, 2002 - Entities That May Be Conducting Banking Operations in Canada or the United States Without Authorization - The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published the attached issues of its "Warning Notice" (Issues No. 23, 24 and 25), which contain the names of entities recently brought to OSFI's attention through inquiries or complaints.
www.fdic.gov/news/news/financial/2002/fil0244.html

May 8, 2002 - Timothy W. Long Appointed Senior Deputy Comptroller for Mid-Size/Community Bank Supervision - Comptroller of the Currency John D. Hawke, Jr. today announced the appointment of Timothy W. Long as the agency's new Senior Deputy Comptroller for Mid-Size/Community Bank Supervision.
www.occ.treas.gov/ftp/release/2002-39.txt

May 8, 2002 - WARNING - Circulation of Fictitious Bank Correspondence and Bank Forms - Some of your customers may be the unwitting subjects of another recently discovered fraud scheme that uses fictitious bank forms and fraudulent bank correspondence. Attached are samples of fictitious documents (addressed to a bank customer) that purport to be from the fraud control department of the customer's bank.
www.occ.treas.gov/ftp/alert/2002-6.txt
Attachment: www.occ.treas.gov/ftp/alert/2002-6a.pdf
Attachment: www.occ.treas.gov/ftp/alert/2002-6b.pdf
Attachment: www.occ.treas.gov/ftp/alert/2002-6c.pdf

May 7, 2002 - FDIC Reports Year-End 2001 And First Quarter 2002 Financial Results For Its Insurance Funds - The Federal Deposit Insurance Corporation (FDIC) today announced that the Bank Insurance Fund (BIF) reported a comprehensive loss (net loss plus current period unrealized gains/losses on available-for-sale securities) of $536 million for 2001, compared to income of $1.6 billion for the same period last year.
www.fdic.gov/news/news/press/2002/pr5102.html

May 7, 2002 - Homeownership Counseling Notification Requirements - The Federal Deposit Insurance Corporation (FDIC) is advising you that the VA/FHA Appropriations Act, signed into law on November 26, 2001, reinstates a requirement for creditors to notify delinquent mortgage borrowers of the availability of homeownership counseling.
www.fdic.gov/news/news/financial/2002/fil0243.html

May 7, 2002 - Stolen Blank Birth and Death Certificate Forms - On April 9, the City and County of Denver Vital Records Office was robbed of over 2,300 sheets of preprinted security paper that can be used to create birth and death certificates.  In addition, the electronic seal machine that produces an embossed seal of the City and County of Denver was stolen.
www.occ.treas.gov/ftp/alert/2002-5.txt

May 7, 2002 - NCUA - 2001 YearEnd Statistics for Federally Insured Credit Unions is available
http://www.ncua.gov/org/orgchart/ocud/statements.html

May 7, 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/monetary/2002/20020507/default.htm

May 6, 2002 - FDIC Issues May 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 February 2002.
www.fdic.gov/news/news/press/2002/pr5002.html

May 2, 2002 - Local Executives Named To Federal Reserve Bank Of Kansas City's Advisory Council - The Federal Reserve Bank of Kansas City has named three new members to its Tenth District Economic Advisory Council.
www.kc.frb.org/pubaffrs/pressrel/pr02-09.htm

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May 3, 2002 - Remarks by Chairman Alan Greenspan - At the 2002 Financial Markets Conference of the Federal Reserve Bank of Atlanta, Sea Island, Georgia - Stock Options and Related Matters
www.federalreserve.gov/boarddocs/speeches/2002/20020503/

May 3, 2002 - NCUA - Matz Urges Credit Unions to Look to the Future - National Credit Union Administration Board Member Deborah Matz urged the Government Affairs Conference of the Michigan Credit Union League today to be prepared.  Meeting with the Michigan League is part of Matz’ national tour to familiarize herself with the needs of credit unions and learn how NCUA can further serve in the credit union spirit of people helping people.
www.ncua.gov/news/press_releases/nr050102-2.html

May 2, 2002 - The Federal Reserve Board on Thursday approved a final rule that postpones the effective date of the recent amendments to Regulation C (Home Mortgage Disclosure Act) from January 1, 2003, to January 1, 2004
www.federalreserve.gov/boarddocs/press/BoardActs/2002/20020502/

May 2, 2002 - Remarks by Governor Edward M. Gramlich - At the Financial Literacy Teacher Training Workshop, University of Illinois at Chicago, Chicago, Illinois
www.federalreserve.gov/boarddocs/speeches/2002/20020502/

May 2, 2002 - Risks In Banks' Underwriting Practices, Loan Portfolios And Loan Administration Continue To Increase Slightly, FDIC Report Says - FDIC examiners continue to report slight increases in risks in FDIC-supervised banks' underwriting practices, loan portfolios and in the way loans are administered, according to the agency's latest Report on Underwriting Practices, which covers the six months ending March 31, 2002.
www.fdic.gov/news/news/press/2002/pr4902.html

May 2, 2002 - Stolen Birth Certificate and Death Certificate Forms - The Federal Bureau of Investigation has asked the Federal Deposit Insurance Corporation to alert all FDIC-supervised banks to the theft of official documents from the Denver County (Colorado) Vital Statistics Office on April 9, 2002.

www.fdic.gov/news/news/financial/2002/fil0241.html

May 2, 2002 - Counterfeit Cashier's Checks - The Federal Deposit Insurance Corporation has learned that counterfeit cashier's checks drawn on the Foster Bank, Chicago, Illinois, are in circulation.
www.fdic.gov/news/news/financial/2002/fil0242.html

May 2, 2002 - NCUA -
Matz Shares Her Message With Small Credit Unions - Board Member Deborah Matz shared her vision of the important role small credit unions play in the financial community with participants of an NCUA Region II small credit union workshop held today in Alexandria, Va.
www.ncua.gov/news/press_releases/adv042702.html

May 2, 2002 - NCUA -
Member Funds Insured as Credit Union Closes - Unified Singers Federal Credit Union Liquidated
www.ncua.gov/news/press_releases/nr050102.html

May 2, 2002 - NCUA - Guidelines For Ensuring The Quality Of Disseminated Information - NCUA is soliciting comments on proposed guidelines for ensuring the quality of disseminated information
www.ncua.gov/news/proposed_regs/proposed-guidelines29april02.html

May 1, 2002 - Draft Guidelines for Ensuring and Maximizing the Quality, Objectivity, Utility, and Integrity of Information Disseminated by the Federal Reserve - On September 28, 2001, the Office of Management and Budget issued guidelines requiring federal agencies to develop procedures for reviewing and substantiating the quality of their information before it is disseminated to the public. www.federalreserve.gov/generalinfo/foia/guidelines.htm

 

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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