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

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Bank Regulatory News
November 2000

November 30, 2000 - The federal banking agencies recently issued the attached supplemental guidance on the risk management of outsourced technology services.  FFIEC 

November 30, 2000 - The Federal Reserve Board today announced the execution of a Written Agreement by and among CSB Bancorp, Inc., Millersburg, Ohio; The Commercial and Savings Bank of Millersburg, Millersburg, Ohio; the Federal Reserve Bank of Cleveland; and the Ohio Division of Financial Institutions.

November 30, 2000 - 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.

November 30, 2000 - OCC Proposes Operating Subsidiaries For Federal Branches And Agencies of Foreign Banks
WASHINGTON -- The Office of the Comptroller of the Currency (OCC) is proposing a new rule that would permit a U.S. Federal branch or agency of a foreign bank to establish an operating subsidiary.

November 30, 2000 - OCC Proposes Rules To Ease Burdens Of Banks Operating Multi-State Trust Operations
WASHINGTON -- The Office of the Comptroller of the Currency announced today that it is proposing a new rule that would allow a national bank to act in a fiduciary capacity in any state that permits its own institutions to engage in such activities.

November 30, 2000 - The Federal Deposit Insurance Corporation today announced that it would not disapprove acquisitions of two banks, Hurley State Bank, Hurley, South Dakota; and Associates Capital Bank, Inc., Salt Lake City, Utah; by Citigroup, Inc., New York, New York.  OCC 

November 30, 2000 - OCC Announces Assessment Schedule for 2001
WASHINGTON -- The Office of the Comptroller of the Currency announced today that its assessment schedule for 2001 will reflect a reinstatement of the inflation adjustment that was suspended six years ago. The 2 percent inflation adjustment will apply only to the first $20 billion of a bank's assets.

November 29, 2000 - OTS Announces CRA Examination Schedule for 1st Quarter 2001
WASHINGTON, D.C., Nov. 29, 2000--The Office of Thrift Supervision (OTS) today announced the release of a list of savings associations scheduled for Community Reinvestment Act (CRA) examinations during the first quarter of 2001.

November 29, 2000 - Annual Report on Indebtedness of Executive Officers and Principal Shareholders to Correspondent Banks (FFIEC 004)
Enclosed is a copy of the Federal Financial Institutions Examination Council (FFIEC) 004 report that may be used to comply with the reporting requirements of Title VIII of the Financial Institutions Regulatory and Interest Rate Control Act of 1978. The Act requires the executive officers and principal shareholders of each bank to submit an annual report to their board of directors on their indebtedness, and that of their related interests, to correspondent banks. Section 306(j) of the Federal Deposit Insurance Corporation Improvement Act of 1991 imposes these same requirements on savings associations. Reports for calendar year 2000 should be submitted to your board of directors by January 31, 2001.

November 29, 2000 - The FDIC, together with the other federal regulators of banks, thrifts and credit unions, issued the attached joint guidance on managing the risk exposure an institution faces when it uses outside firms for technology.  OCC 

November 29, 2000 - The Federal Reserve Board today requested comment on proposed revisions to its Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). Comment is requested by March 9, 2001.

November 28, 2000 - The 1,505 federally insured credit unions with assets over $50 million posted continued growth through the first nine months of 2000 according to call report data.

November 27, 2000 - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in October. No administrative hearings are scheduled for December

November 27, 2000 - Agencies Urge Banks and Thrifts to Evaluate Risks with Vendors Engaged In Practices Viewed as Abusive To Consumers  OTS 
WASHINGTON--The Office of the Comptroller of the Currency (OCC) and Office of Thrift Supervision (OTS) today alerted national banks and federal thrifts that the agencies have significant safety and soundness, compliance and consumer protection concerns with banks and thrifts entering into contractual arrangements with vendors to fund so-called “title loans” and “payday loans.”  

November 22, 2000 - OTS Sets Schedule for Implementing Changes to Thrift Financial Report
The Office of Thrift Supervision (OTS) said today it will phase in proposed changes to the Thrift Financial Report (TFR) in response to thrift industry requests for more time to implement the changes. OTS will delay collecting information on subprime and high loan-to-value (LTV) lending until September 2001, but will begin collecting consolidated financial data on savings and loan holding companies it regulates starting with the March 2001 TFR.

November 21, 2000 - The Federal Reserve Board today published its annual adjustment of the dollar amount that triggers additional disclosure requirements under the Truth in Lending Act for mortgage loans that bear rates or fees above a certain amount.

November 20, 2000 - The Federal Reserve Board today announced the execution of a Written Agreement by and among Guaranty Financial Corporation, Charlottesville, Virginia; the Guaranty Bank, Charlottesville, Virginia; the Federal Reserve Bank of Richmond; and the Bureau of Financial Institutions of the Commonwealth of Virginia.

November 20, 2000 - The Federal Reserve Board today announced the issuance of a Cease and Desist Order against the United Central Bank, Garland, Texas.

November 20, 2000 - The Federal Reserve Board today announced the termination of the following enforcement action: The Asahi Bank, Ltd., New York Branch Cease and Desist Order dated February 13, 1997--terminated October 11, 2000

November 17, 2000 - Attached is a copy of The SAR Activity Review published by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). This is the first edition of The SAR Activity Review, which will be published semiannually. The publication will provide feedback to financial institutions about suspicious activity reported to FinCEN by the institutions.

November 17, 2000 - The National Credit Union Administration (NCUA) has terminated the Letter of Understanding and Agreement (LUA) issued to Toledo Urban Federal Credit Union, Toledo, Ohio.

November 17, 2000 - OTS Grants Federal Thrift Charter to Independent Insurance Agents
The Independent Insurance Agents of America Inc. (IIAA), Alexandria, Va., and four companies that will share ownership received approval from the Office of Thrift Supervision (OTS) to organize a new federal thrift institution. The full-service thrift to be named InsurBanc, FSB will be located in Farmington, Conn. and operate initially in Connecticut, Massachusetts and New Jersey.

November 17, 2000 - OTS Releases September Enforcement Statistics
The Office of Thrift Supervision (OTS) reported today that it completed seven enforcement actions during the month of September 2000.

November 16, 2000 - The Federal Reserve Board today announced the annual adjustments in the amount of net transaction accounts used in the calculation of reserve requirements and the cutoff levels used to determine the detail and frequency of deposit reporting.

November 16, 2000 - OCC RELEASES CRA EVALUATIONS FOR 48 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 October 15 through November 14.

November 16, 2000 -  The National Credit Union Administration announced that it has issued an Order of Prohibition against Janell Kay Smith, former employee of Food Industries Credit Union, located in Springfield, Oregon.

November 16, 2000 - The National Credit Union Administration announced that it has issued an Order of Prohibition against James E. Chittick, Sr., former Chairman of the Board of Grand Terrace Federal Credit Union, located in Grand Terrace, California.

November 15, 2000 - The Federal Open Market Committee at its meeting today decided to maintain the existing stance of monetary policy, keeping its target for the federal funds rate at 6-1/2 percent.

November 14, 2000 - OCC ANNOUNCES 6 NEW ENFORCEMENT ACTIONS
WASHINGTON, DC -- The Office of the Comptroller of the Currency (OCC) today announced 6 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.

November 14, 2000 - Rising risk levels in booming markets that are vulnerable to an economic downturn, particularly commercial real estate, are of growing concern, FDIC Chairman Donna Tanoue said Tuesday in a speech to the Risk Management Association in Nashville.

November 13, 2000 - The National Credit Union Administration announced that it has issued an Order of Prohibition against Terry Hacker, former loan manager of Hawaii Federal Credit Union, located in Honolulu, Hawaii.

November 9, 2000  - Attached is the second Bank Technology Bulletin issued by the Federal Deposit Insurance Corporation's Bank Technology Group. The subject of this bulletin is Internet domain names. The bulletins highlight current issues of concern to the banking industry.

November 9, 2000 - OTS Releases August and October National CRA Ratings
The Office of Thrift Supervision (OTS) today issued savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in August and October 2000.  The September ratings were issued on October 5, 2000 and are available on the OTS web site.

November 8, 2000 - The Federal Financial Institutions Examination Council (FFIEC) has approved revisions to the reporting requirements for the Reports of Condition and Income (Call Report) for 2001. These revisions will become final upon approval by the U.S. Office of Management and Budget.

November 8, 2000 - The Federal Reserve Board today approved fee schedules for Federal Reserve Bank payment services, effective January 2, 2001.  

November 7, 2000 - The Federal Reserve Board today announced the issuance of an Order of Prohibition against George J. Peterson, the former chairman of the board and chief executive officer and institution-affiliated party of Foxdale Bancorp, Inc., and the Foxdale Bank, both of South Elgin, Illinois.

November 7, 2000 - The Federal Deposit Insurance Corporation (FDIC) today announced that the Bank Insurance Fund (BIF) reported comprehensive income (net income plus unrealized gain on available-for-sale securities) of $1.141 billion for the first nine months of 2000.

November 6, 2000 - The FDIC today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in August 2000.

November 3, 2000 - AGENCIES CONSIDER A SIMPLIFIED CAPITAL FRAMEWORK FOR NON-COMPLEX INSTITUTIONS  FDIC OCC OTS 
The federal bank and thrift regulatory agencies today requested public comment on an advance notice of proposed rulemaking that considers the establishment of a simplified regulatory capital framework for non-complex institutions. The advance notice was published in today's Federal Register.  Comments are due February 1, 2001, to the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, or the Office of Thrift Supervision.

November 2, 2000 - Notice of Consumer Consent Requirements Applicable to the Electronic Delivery of Consumer Disclosures
The Electronic Signatures in Global and National Commerce Act (E-Sign Act), signed into law on June 30, 2000, provides a general rule of validity for electronic records and signatures for transactions in or affecting interstate or foreign commerce. Subject to certain exceptions, the law's effective date is October 1, 2000, with record retention requirements effective beginning March 1, 2001.

November 2, 2000 - Revisions to the Reports of Condition and Income (Call Report) for 2001
The Federal Financial Institutions Examination Council (FFIEC) today announced that it has approved revisions to the reporting requirements for the Reports of Condition and Income (Call Report) for 2001. Call Reports are filed quarterly with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency by all insured commercial banks and FDIC-supervised savings banks. The Call Report includes a balance sheet, income statement, and supporting schedules providing additional information on bank assets, liabilities, off-balance sheet activities, and regulatory capital.

November 1, 2000 - The OCC is providing, for public comment, a draft of its strategic plan. Certain high-level aspects of this strategic plan have already been summarized in the strategic plan of the Department of the Treasury, which was sent to Congress on September 29th. This strategic plan will help guide the operations of the OCC, and may be adjusted through interim adjustments in annual performance plans sent to Congress.

November 1, 2000 - OTS Releases September Enforcement Statistics
The Office of Thrift Supervision (OTS) reported today that it completed seven enforcement actions during the month of September 2000.

 

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

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