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May 28, 2004 - Fraudulent Regulatory Agency
Issuances - This alert states that the OCC has become aware that
fictitious e-mails claiming to be issued by the OCC are circulating
on the Internet. The e-mails falsely state that international
payments are being held by the OCC. They purport to offer a
mechanism for obtaining the release of certain non-existent
restricted funds. The OCC does not participate in the transfer of
funds for, or on behalf of, private enterprises or governmental
entities, domestic or international.
May 28, 2004 - NCUA - Regulatory Alert RA-08-04 - The Federal Trade
Commission and Federal Communication Commission's "Do Not Call"
May 28, 2004 - Agencies Issue Proposed Guidance on Overdraft
Protection Programs - The federal financial institutions supervisory
agencies today issued proposed guidance to assist insured depository
institutions in the responsible disclosure and administration of
overdraft protection services
May 28, 2004 - The Federal Reserve Board on Friday published
proposed amendments to Regulation DD, which implements the Truth in
Savings Act, and the regulation's official staff commentary to
address concerns about the uniformity and adequacy of information
provided to consumers when they overdraw their accounts.
May 27, 2004 - OCC Announces New Electronic Interpretations and
Actions -May 2004
May 27, 2004 - Guidance On Development And Acquisition Of
Information Systems Released By Federal Financial Institution
Regulators - The Federal Financial Institutions Examination Council
today issued revised guidance for examiners, financial institutions,
and technology service providers on the development, acquisition,
and maintenance of information systems.
May 27, 2004 - Commercial Bank of Syria - "Primary Money Laundering
Concern" - The Department of the Treasury has designated Commercial
Bank of Syria, including its subsidiary, Syrian Lebanese Commercial
Bank, to be a financial institution of primary money laundering
concern and has issued a proposed special measure.
May 27, 2004 - FDIC Issues Examiner Guidance on Agency-Issued
Step-Up Bonds and Other Structured Note Holdings - The FDIC has
issued guidance to examiners on the review of structured note
holdings at FDIC-supervised institutions. The guidance advises
examiners that agency-issued step-up bonds, when managed and
controlled in compliance with supervisory policy, present risks
similar to callable bonds and that aggregate levels of structured
notes should not, in and of themselves, raise supervisory concern.
May 27, 2004 - FDIC-Insured Institutions Report Record Earnings in
the First Quarter of 2004 - The 9,116 commercial banks and savings
institutions insured by the Federal Deposit Insurance Corporation
earned a record $31.9 billion in the first quarter of 2004, marking
the fifth consecutive quarter that industry profits set a new high.
May 27, 2004 - The Federal Reserve Board on Thursday announced the
issuance of a consent Order to Cease and Desist and Order of
Assessment of Civil Money Penalty against Citigroup Inc., New York,
New York, a bank holding company, and CitiFinancial Credit Company,
Baltimore, Maryland, a non-bank subsidiary of Citigroup
May 26, 2004 - Suspicious Activity Reporting - Federal Court
Reaffirms Protections for Financial Institutions Filing Suspicious
May 26, 2004 - FDIC Outlook Assesses Factors Behind Banking Industry
Earnings Performance - The FDIC today released the Summer 2004 FDIC
Outlook, which examines the earnings performance of FDIC-insured
depository institutions in three different reports: addressing the
role of net interest margin in industry earnings, the effect of
higher interest rates on securities gains, and how demographic
trends are affecting banks in rural areas.
May 26, 2004 - NCUA Launches Express Communication Service - The
National Credit Union Administration announced that its Express
e-mail subscription service was activated today.
May 26, 2004 - FDIC Launches New, More User-Friendly Electronic
Subscription Service - The Federal Deposit Insurance Corporation
today unveiled a new electronic subscription service allowing users
to better and more easily target FDIC periodicals and products they
wish to receive electronically.
May 25, 2004 - Interagency Advisory - Federal Court Reaffirms
Protections for Financial Institutions Filing Suspicious Activity
Reports - This is an interagency advisory that discusses an
important ruling about the confidentiality of Suspicious Activity
May 25, 2004 - Thrift profitability remains strong in first quarter
- The Office of Thrift Supervision announced today that the nation's
thrift industry reported another quarter of sound financial results.
The industry's continued healthy performance was highlighted by
strong earnings, record equity capital and solid asset growth.
May 25, 2004 - OCC Announces 12 Enforcement Actions and Three
Terminations - The Office of the Comptroller of the Currency today
announced 12 new enforcement actions taken against national banks
and individuals currently and formerly affiliated with national
banks and three terminations of existing enforcement actions.
May 25, 2004 - FDIC Makes Public April Enforcement Actions; No
Administrative Hearings Scheduled - The Federal Deposit Insurance
Corporation today released a list of orders of administrative
enforcement actions taken against banks and individuals in April. No
administrative hearings are scheduled for June.
May 25, 2004 - The Federal Reserve Board in June will begin a
statistical study of household finances, the Survey of Consumer
Finances, that will provide policymakers with important insight into
the economic condition of all types of American families.
May 25, 2004 - Interagency Advisory Concerning the Legal Protections
Associated with the Filing of Suspicious Activity Reports - Federal
law provides protection from civil liability to financial
institutions and their employees who report suspicious or
potentially criminal activity to the appropriate law enforcement and
bank supervisory authorities in Suspicious Activity Reports.
May 24, 2004 - OCC Issues Order Against First National Bank of Marin
- The Office of the Comptroller of the Currency announced today that
it has issued an Order against the First National Bank of Marin
requiring the Las Vegas-based bank to pay restitution to credit card
customers harmed by unfair practices.
May 24, 2004 - OCC Releases CRA Evaluations For 62 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 April 15, 2004 through May 14, 2004.
May 24, 2004 - Is Inflation Targeting Best-Practice Monetary Policy?
- Working Papers - International Finance Discussion Papers 2004-807
May 24, 2004 - The Federal Reserve Board on Monday 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 Sky Financial Group, Inc., Bowling Green, Ohio, to
acquire Second Bancorp, Incorporated and its subsidiary bank, The
Second National Bank of Warren, both in Warren, Ohio.
May 22, 2004 - Vice Chairman Roger W. Ferguson, Jr. Economics and
Ethical Behaviors 2004 Distinguished Alumni Award, Sidwell Friends
School, Washington, D.C.
May 21, 2004 - Legal Interpretation - Letter to
Citigroup, Inc., granting exemption from section 23A of the Federal
May 21, 2004 - FFIEC 2005 Examiner Education Course Catalogue.
May 21, 2004 - Check Clearing For The 21st Century Act - The FDIC is
notifying FDIC-supervised institutions that they should begin
planning for operational changes needed to implement the Check
Clearing for the 21st Century Act. The Act facilitates check
truncation and electronic check exchange by authorizing a new
negotiable instrument called a "substitute check."
May 21, 2004 - FDIC Encourages Institutions to Register for
FDICconnect - FDIC-insured institutions are encouraged to register
for FDICconnect beginning immediately. FDICconnect is a secure Web
site developed to facilitate electronic communication with
FDIC-insured depository institutions, and offers a variety of
electronic business transactions for institutions that will
significantly improve operating efficiencies.
May 21, 2004 - FDIC Reports First Quarter 2004 Financial Results for
Bank and Thrift Insurance Funds - The Federal Deposit Insurance
Corporation today announced that the Bank Insurance Fund reported
comprehensive income of $382 million for the three months ending
March 31, 2004, compared to $332 million for the same period last
May 21, 2004 - Governor Edward M. Gramlich Subprime Mortgage
Lending: Benefits, Costs, and Challenges At the Financial Services
Roundtable Annual Housing Policy Meeting, Chicago, Illinois.
May 20, 2004 - Chairman Alan Greenspan Acceptance of the Eisenhower
Medal for Leadership and Service Eisenhower Fellowship,
May 20, 2004 - Research Examines Michigan School Finance Reform -
Linking school finance to school performance outcomes is here to
stay, according to research by Chicago Fed Senior Economist Richard
Mattoon in the June issue of the Chicago Fed Letter.
May 20, 2004 - NCUA - General Counsel Opinion Clarifies Rules For
Member Business Lending With The SBA.
May 20, 2004 - NCUA - Opinion Letter 03-0911 - Small Business
Administration Loans Originated by Federal Credit Union.
May 20, 2004 - NCUA - Proposed Rule - Health Savings Accounts.
May 20, 2004 - NCUA - Proposed Rule - Disposal of Consumer
May 20, 2004 - NCUA - A Summary of Actions Taken at NCUA Board
May 20, 2004 - Fair Credit Reporting Medical Information Regulations
- This bulletin announces that on April 28, the OCC, Federal Reserve
Board, FDIC, OTS, and NCUA published in the Federal Register a joint
notice of proposed rulemaking concerning Fair Credit regulations.
May 20, 2004 - Governor Ben S. Bernanke Gradualism At an economics
luncheon co-sponsored by the Federal Reserve Bank of San Francisco
and the University of Washington, Seattle, Washington.
May 20, 2004 - Regulatory Agencies Seek Comment on Interagency
Statement on Sound Practices Concerning Complex Structured Finance
Activities - The financial regulatory agencies and the Securities
and Exchange Commission are seeking comment over a 30-day period on
an interagency statement governing complex structured finance
activities arranged by banking organizations for their customers
and/or for their own purposes. Comments are due by June 18, 2004.
May 20, 2004 - Governor Edward M. Gramlich Workplace Financial
Education At the second meeting of the Financial Literacy and
Education Commission, Washington, D.C.
May 20, 2004 - Thomas C. Baxter, Jr. Executive Vice President and
General Counsel Federal Reserve Bank of New York Oversight of the
Extended Custodial Inventory program Before the Committee on
Banking, Housing, and Urban Affairs, U.S. Senate.
May 19, 2004 - NCUA Launches Mentoring Initiative - The National
Credit Union Administration announced today it has earmarked $50,000
for the new Mentoring Initiative technical assistance grants.
May 19, 2004 - Complex Structured Finance Transaction - This
bulletin transmits an interagency statement by the Office of the
Comptroller of the Currency, the Board of Governors of the Federal
Reserve System, the Federal Deposit Insurance Corporation, the
Office of Thrift Supervision, and the Securities and Exchange
Commission concerning the complex structured finance activities of
May 19, 2004 - Remarks by Donald Powell Chairman Federal Deposit
Insurance Corporation Before the Exchequer Club Washington, D.C. May
May 19, 2004 - Governor Susan Schmidt Bies Corporate Governance:
Where Do We Go From Here? At the Institute of Internal Auditors
Financial Services Conference, Arlington, Virginia.
May 18, 2004 - The Federal Reserve Board on Tuesday requested public
comment on a Board study and a report to Congress on prescreened
solicitations for credit or insurance.
May 18, 2004 - The Federal Reserve Board on Tuesday announced that
it will conduct a study on debit card fees and requested public
comment on the adequacy of existing disclosures of such fees to
May 17, 2004 - Comptroller of the Currency John D. Hawke, Jr. spoke
today at a conference on Credit Rating and Scoring Models that is
being sponsored by the Office of the Comptroller of the Currency.
May 17, 2004 - The Federal Reserve Board has announced that reflect
the restructuring of the Federal Reserve's check processing
operations in the Seventh and Eighth Districts.
May 17, 2004 - Governor Susan Schmidt Bies Corporate Governance and
Community Banks Before the Annual Convention of the Arkansas Bankers
Association, Hot Springs, Arkansas.
May 17, 2004 - Vice Chairman Roger W. Ferguson, Jr. The Role of
Central Banks in Fostering Efficiency and Stability in the Global
Financial System At the National Bank of Belgium Conference on
Efficiency and Stability in an Evolving Financial System, Brussels,
May 14, 2004 - Payroll Card
Systems - This advisory is in response to inquiries that the OCC has
received from bankers and examiners regarding supervisory
expectations for payroll card systems. Increasing numbers of
national banks are offering payroll cards and other pre-paid payment
May 14, 2004 - Governor
Edward M. Gramlich Budget and Trade Deficits:
Linked, Both Worrisome in the Long Run, but not Twins At the
Isenberg School of Management Seminar Series, Amherst, Massachusetts
Governor Edward M. Gramlich
presented identical remarks at the Los Angeles Chapter of the
National Association for Business Economics Luncheon, Los Angeles,
California, on March 31, 2004
Governor Edward M. Gramlich
presented identical remarks at the Euromoney Bond Investors
Congress, London, England, on February 25, 2004.
May 14, 2004 - The Federal Reserve Board on Friday announced the
execution of a Written Agreement by and among Putnam-Greene
Financial Corporation, Eatonton, Georgia; The Citizens Bank of
Cochran, Cochran, Georgia; the Banking Commissioner of the State of
Georgia, Atlanta, Georgia; and the Federal Reserve Bank of Atlanta.
May 14, 2004 - FFIEC 031 Initial Federal Register Notice - Proposed
Agency Information Collection Activities; Comment Request
May 14, 2004 - Industrial Production And Capacity Utilization -
Industrial production moved up 0.8 percent in April after having
ticked down 0.1 percent in March. At 115.4 percent of its 1997
average, output in April was 4.8 percent higher than its level in
May 14, 2004 - Agencies Request Comment on Statement Concerning
Complex Structured Finance Activities - Five federal agencies today
requested public comment on a proposed statement describing internal
controls and risk management procedures that the agencies believe
will assist financial institutions that engage in complex structured
finance activities to identify and address the risks associated with
May 14, 2004 - The Federal Reserve Board on Friday announced the
issuance of a consent Order to Cease and Desist against Riggs
National Corporation, Washington, D.C., a bank holding company, and
Riggs International Banking Corporation, Miami, Florida, an Edge
May 13, 2004 - NCUA - National Credit Union Administration Issues
Prohibition Orders - The National Credit Union Administration has
issued Orders of Prohibition against the following individuals:
May 13, 2004 - NCUA - Matz Invites Idaho Credit Unions to Hunt for
"Hidden Treasures" in their Communities -
NCUA Board Member Keynotes Idaho
League Annual Meeting
May 13, 2004 - OCC Assesses $25 Million Penalty Against Riggs Bank
N.A. - The Office of
the Comptroller of the Currency announced today that it has assessed
a $25 million civil money penalty against Riggs Bank N.A. for
numerous violations of the Bank Secrecy Act.
May 13, 2004 - FDIC Board Votes to Maintain Premium Rates for Banks
and Thrifts - The Board of Directors of the Federal Deposit
Insurance Corporation (FDIC) today voted to keep the assessment
rates charged to insured banks and savings associations unchanged
for the second half of 2004.
May 13, 2004 - The Federal Reserve Board on Thursday released the
minutes of its discount rate meetings from February 9 through March
May 13, 2004 - Chairman
Alan Greenspan Financial literacy At the
Federal Reserve Bank of Chicago's Money Smart Conference, Chicago,
May 13, 2004 - Financial Holding Companies As of May 7, 2004 - 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
May 13, 2004 - Governor Susan Schmidt Bies - U.S. - EU regulatory
Before the Committee on Financial Services, U.S. House of
May 12, 2004 - Compliance Software - The Office of the Comptroller
of the Currency (OCC) has updated its APRWIN and APY software
programs. They are now available for download, at no cost, on the
OCC Web site.
May 12, 2004 - FDIC Vice Chairman Warns That Growing Regulatory
Burden Could Threaten Community-Based Banks - A growing tide of
regulatory burden could threaten the future of smaller community
banks, Federal Deposit Insurance Corporation Vice Chairman John M.
Reich said in testimony before the House Subcommittee on Financial
Institutions and Consumer Credit. "The volume and complexity of
existing banking regulations, coupled with new laws and regulations,
may ultimately threaten the survival of our community banks," Reich
May 11, 2004 - Risk Management Process - This guidance reminds
national banks of the process they should follow to prudently manage
the risks associated with new, expanded, or modified bank products
and services. Specifically, it outlines the expectations of the
Office of the Comptroller of the Currency's expectations for banks'
management and boards to implement an effective risk management
May 10, 2004 - The Federal Reserve Board on Monday announced the
issuance of a Cease and Desist Order against CAB Holding, LLC,
Wilmington, Delaware, and Paul Shi H. Huang, the sole shareholder of
CAB Holding, LLC.
May 10, 2004 - The Federal Reserve Board on Monday announced the
issuance of an Order of Assessment of a Civil Money Penalty in the
amount of $100 million against UBS, AG, Zurich, Switzerland, a
May 7, 2004 - Truth in
Lending (Regulation Z) - The Federal Reserve Board (Board) published
on March 31, 2004, a final rule to revise Regulation Z and its
official staff commentary. The rule became effective April 1, 2004,
with mandatory compliance beginning October 1, 2004.
May 7, 2004 - Statistical Release Household Debt-Service Burden
- The household debt service ratio 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.
May 7, 2004 - Statistical Release G.19 Consumer Credit -
Consumer credit increased at an annual rate of 4-3/4 percent in the
first quarter of 2004.
May 7, 2004 - Senior Loan Officer Opinion Survey on Bank Lending
Practices - The April 2004 Senior Loan Officer Opinion Survey on
Bank Lending Practices addressed changes in the supply of, and
demand for, bank loans to businesses and households over the past
May 7, 2004 - NCUA - Member Savings Insured as Dallas Educators
Federal Credit Union Closed - The National Credit Union
Administration (NCUA) announced today that the agency placed Dallas
Educators Federal Credit Union of Selma, Ala. into liquidation on
May 5. NCUA, which has been operating the credit union since April
19 under a conservatorship, liquidated the credit union when it was
determined the institution's health could not be restored. NCUA
insures member accounts at the credit union and will issue checks to
members as account balances are verified.
May 6, 2004 - Minutes of the Federal Open Market Committee March 16,
May 6, 2004 - The Federal Reserve Board on Thursday requested public
comment on a proposed rule that would retain trust preferred
securities in the tier 1 capital of bank holding companies, but with
stricter quantitative limits and clearer qualitative standards.
May 6, 2004 - Governor Mark W. Olson Panel
discussion: The Competitive Edge of Community Banks At the
Fortieth Annual Conference on Bank Structure and Competition,
Sponsored by the Federal Reserve Bank of Chicago, Chicago, Illinois
May 6, 2004 - Chairman Alan Greenspan
Globalization and innovation At the Conference on Bank
Structure and Competition, sponsored by the Federal Reserve Bank of
Chicago, Chicago, Illinois
May 6, 2004 - Governor Susan Schmidt Bies
Financial Innovation and Effective Risk Management To the
Financial Services Institute 2004, Washington, D.C.
May 5, 2004 - Governor Mark W. Olson The
Federal Open Market Committee and the Formation of Monetary Policy
At the 26th Conference of the American Council on Gift Annuities,
May 5, 2004 - Bank Secrecy Act/Anti-Money Laundering - This bulletin
transmits two final rules published on April 12, 2004, that impose
special measures against Burma, Myanmar Mayflower Bank, and Asia
May 5, 2004 - 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
May 5, 2004 - Working Papers - International Finance Discussion
Papers 2004-796 through 2004-806
May 5, 2004 - The revised "Conversions" booklet of the
Comptroller's Licensing Manual series is available on the OCC's
Web site. This booklet updates and replaces the April 1998 version.
The revisions incorporate recent policy and procedure changes; such
as, the OCC usually conducts a conversion examination and imposes a
fee; discusses post conversion supervisory activities.
May 4, 2004 - NCUA - Matz Recognizes Maryland Credit Unions for
Committing to Community Outreach - In a keynote address to the
Maryland Credit Union League's Community Outreach Summit, National
Credit Union Administration Board Member Debbie Matz recognized
Maryland credit union leaders for committing to reach people from
all walks of life in their communities.
May 4, 2004 - The Federal Reserve Board on Tuesday announced
amendments to Appendix A of Regulation CC, effective July 10, 2004,
that reflect the restructuring of the Federal Reserve's check
processing operations in the Eleventh District.
May 4, 2004 - The Federal Open Market Committee decided today to
keep its target for the federal funds rate at 1 percent.
May 4, 2004 - Statistical Release G.5 Foreign Exchange Rates
May 3, 2004 - The National Credit Union Administration has announced
the agency placed Oak Cliff Community Federal Credit Union of
Dallas, Texas into liquidation Friday and authorized the purchase
and assumption of its assets and shares by nearby Your Federal
May 3, 2004 - National Credit Union Administration Board Member
Debbie Matz has announced a free Partnering and Leadership Successes
workshop on October 27 in Honolulu for credit union officials to
share "New Ideas to Reach New Members."
May 3, 2004 - FDIC Sells First Quarter Offerings Through
Award-Winning Web-Based System - Using new technology to market and
sell its loans over the Internet, the Federal Deposit Insurance
Corporation (FDIC) has sold its first quarter 2004 asset sales
May 3, 2004 - Imposition of Special Measures against Burma, Myanmar
Mayflower Bank, and Asia Wealth Bank
May 3, 2004 - Reports to the Congress - 90th Annual Report, 2003
May 3, 2004 - New Guidance for Examiners, Financial Institutions and
Technology Service Providers on Retail Payment Systems - The Federal
Financial Institutions Examination Council has issued a booklet with
guidance on evaluating retail payment systems. The booklet is the
seventh in a series of updates, which will eventually replace the
1996 FFIEC Information Systems Examination Handbook and comprise the
new FFIEC Information Technology Examination Handbook.