Bank Regulatory News
31, 2000 - The Federal Reserve Board today announced a new approach to
pricing Federal Reserve Banks' automated clearinghouse (ACH) transactions
intended to enhance competition in the provision of services to depository
October 31, 2000
- OTS Proposes Optional Bylaws That Don't Need Prior Approval
The Office of Thrift Supervision (OTS) said today it is issuing a
regulatory proposal to have optional bylaws that savings associations
could adopt without first obtaining OTS approval. By not requiring advance
notice and allowing the thrift simply to notify OTS within 30 days of its
action, the proposal reduces regulatory burden, OTS said.
October 31, 2000
- OTS Director Seidman Announces 2001 All-Industry Leadership Conference
Director Ellen Seidman of the Office of Thrift Supervision (OTS) announced
today that her agency will host its first ever All-Industry Leadership
Conference for savings association chief executive officers and directors
next April 23 and 24 in Atlanta. She made the announcement in a speech at
the annual convention of America’s Community Bankers in Seattle.
31, 2000 - The occurrence of risky underwriting practices for
construction, commercial (nonresidential) real estate, and home equity
lending by banks has increased slightly in recent months, according to the
FDIC's latest Report on Underwriting Practices, which covers the six
months ending September 30, 2000. While the frequency of risky
underwriting practices in these loan categories has not reached highs from
two years ago, FDIC officials said the situation remains a concern.
30, 2000 - The Federal Deposit Insurance Corporation (FDIC) announced
today that it will begin operating its new Call Center on November 1,
2000. The Call Center will serve as the FDIC's primary telephone point of
contact for the public and the banking community.
30, 2000 - The Federal Deposit Insurance Corporation (FDIC) today
released a list of orders of administrative enforcement actions taken
against banks and individuals in September. No administrative hearings are
scheduled for November.
2000 - The Board of Governors of the Federal Reserve System has
adopted a final rule amending Regulation Z, which implements the Truth in
Lending Act. The final rule, published in the Federal Register on October
3, 2000, revises the disclosure requirements for credit and charge card
solicitations and applications. The rule was effective September 27, 2000;
compliance is mandatory as of October 1, 2001. Attachment
30, 2000 - There are signs that the window of opportunity for deposit
insurance reform may be closing, FDIC Chairman Donna Tanoue said Monday in
a speech to America's Community Bankers in Seattle.
2000 - The OCC's "Community Bank Consumer Compliance"
booklet updates the 1995 edition. Its introduction explains which banks
are subject to the booklet's procedures and how examiners set the scope of
a community bank's consumer compliance examination. The booklet's
examination procedures help examiners to evaluate a bank’s
internal/external audit processes; a bank's compliance with suspicious
activity reporting requirements, anti-money laundering practices, and
Office of Foreign Assets Control regulations; a small bank’s Community
Reinvestment Act performance; and a bank’s compliance with the
Homeowners Protection Act.
2000 - More National Banks Offer Internet Services, But Active On-Line
Customers Are Few
The number of national banks that allow customers to conduct financial
transactions on their internet sites increased 52 percent from September
1999 to July 2000, according to analysis conducted by bank examiners from
the Office of the Comptroller of the Currency (OCC). Thirty-two percent of
national banks had transactional Web sites in July compared to 21 percent
in September 1999. PDF
October 25, 2000
- Notice of Certain Holding Company Actions Part of OTS Plan to Safeguard
The Office of Thrift Supervision (OTS) issued a proposal today that will
require some savings and loan holding companies to notify OTS 30 days
before undertaking certain significant new business activities so the
agency can assess the potential impact on the risk profile of the
consolidated entity and subsidiary thrifts. The proposal covers activities
that significantly increase holding company debt, reduce capital
substantially or involve certain asset acquisitions.
24, 2000 - The Federal Reserve Board today announced it is updating
and streamlining the interagency program for supervising the U.S.
operations of foreign banks in cooperation with other federal and state
authorities involved in supervising the banks.
2000 - OCC ANNOUNCES 10 NEW ENFORCEMENT ACTIONS
The Office of the Comptroller of the Currency (OCC) today announced 10 new
enforcement actions taken against national banks and individuals currently
and formerly affiliated with national banks.
October 23, 2000
- OTS Tells Thrifts to Analyze Investment Securities Thoroughly
The Office of Thrift Supervision (OTS) today cautioned thrift institutions
to thoroughly analyze the quality of any security they buy, saying there
have been instances in which savings associations have purchased
investment securities without performing a thorough underwriting analysis.
The agency warned thrifts that such securities may not meet OTS’s
underwriting requirements and may not be safe and sound investments.
October 23, 2000
- OTS Releases August Enforcement Statistics
The Office of Thrift Supervision (OTS) reported today that it completed
nine enforcement actions during the month of August 2000.
2000 - Basel Committee Report Addresses The Supervisory Challenges of
In a report released today by the Electronic Banking Group of the Basel
Committee on Banking Supervision, international bank supervisors
agreed that the accelerating pace of technological innovation demands a
cooperative approach to the supervision of electronic banking to avoid
conflicting regulation among different countries and supervisors.
23, 2000 - The Federal Reserve Board today announced the execution of
a Written Agreement by and between Citizens Deposit Bank and Trust,
Vanceburg, Kentucky, and the Federal Reserve Bank of Cleveland.
23, 2000 - The Federal Reserve Board today announced its approval of
the application and notice of Wells Fargo & Company, San Francisco,
California, to acquire Brenton Banks, Inc., Des Moines, Iowa, and all its
banking and nonbanking subsidiaries.
20, 2000 - Agencies Propose Consistent Consumer Protection Rules For
Affiliate Information Sharing Practices
The federal bank and thrift regulatory agencies today proposed rules to
implement the Fair Credit Reporting Act's notice and opt-out provisions
governing the sharing of information among financial institution
19, 2000 - Final Rule Amending Regulation Z (Truth in Lending)
The Federal Reserve Board has adopted a final rule amending Regulation Z,
which implements the Truth in Lending Act. The rule revises the disclosure
requirements for credit and charge card solicitations and applications.
Although the revisions are effective immediately, compliance is not
mandatory until October 1, 2001.
18, 2000 - The National Credit Union Administration announced that it
has issued an Order of Prohibition against Pamela H. Murphy, former
employee of the VF Credit Association Federal Credit Union located in
Greensboro, North Carolina.
2000 - OCC RELEASES CRA EVALUATIONS FOR 8 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 September 15 through October 14.
18, 2000 - To help it evaluate its risk exposure better, the FDIC will
soon engage financial firms to explore ways it might enter into
risk-sharing contracts with market participants, FDIC Chairman Donna
Tanoue announced today.
13, 2000 - The Federal Deposit Insurance Corporation (FDIC) has
approved the purchase and assumption of the insured deposits of the Bank
of Honolulu, Honolulu, Hawaii, by the Bank of the Orient, San Francisco,
California. The Bank of Honolulu, with approximately $66.9 million
in assets, was closed today by Hawaii's Commissioner of Financial
Institutions, and the FDIC was named receiver.
11, 2000 - The Federal Reserve Board today announced the execution of
a Written Agreement by and between Bay View Capital Corporation, San
Mateo, California, and the Federal Reserve Bank of San Francisco.
10, 2000 - The Federal Reserve Board today announced its approval of
the proposal by Wells Fargo & Company, San Francisco, California, to
acquire First Security Corporation, Salt Lake City, Utah (“First
Security”), and thereby acquire all the banking subsidiaries and certain
nonbanking subsidiaries of First Security.
10, 2000 - Syndicated bank loans adversely classified by examiners
increased in 2000 for the second consecutive year, according to data
released today by three federal bank regulatory agencies. OCC FRB
6, 2000 - The Federal Reserve Board announced the issuance of a Final
Decision and Order of Prohibition against Carolyn D. Nelson, former
Assistant Vice President, Lone Star National Bank, Pharr, Texas. The
Order, the result of an action brought by the Office of the Comptroller of
the Currency, prohibits Ms. Nelson from participating in the conduct of
the affairs of any financial institution or holding company.
6, 2000 - The National Credit Union Administration announced that it
has issued an Order of Prohibition against Jane Olivera, former manager of
Hartford Courant Employees Federal Credit Union located in Hartford,
5, 2000 - The Federal Deposit Insurance Corporation has extended the
comment period on the change of control notices filed by Citigroup, Inc.,
to acquire Associates Capital Bank, Inc., Salt Lake City, Utah, and Hurley
State Bank, Sioux Falls, South Dakota. The comment period will now expire
on October 18, 2000.
October 5, 2000
- OTS Director Seidman Offers Strategy for Successful Community
WASHINGTON, D.C., Oct. 5, 2000 – Asserting that Community Reinvestment
Act (CRA) responsibilities “are now an acknowledged aspect of business
operations throughout a bank or thrift,” Director Ellen Seidman of the
Office of Thrift Supervision (OTS) today laid out a five-point strategy
for effective community reinvestment.
October 5, 2000 -
OTS Extends Mutual Holding Company, Conversion Rules' Comment Period
WASHINGTON, D.C., Oct. 5, 2000 – The Office of Thrift Supervision (OTS)
said today it is extending the comment period on proposed regulations
designed to improve the mutual holding company structure and on an interim
final rule that changes sections of the agency’s mutual-to-stock
October 5, 2000
- OTS Releases September National CRA Ratings
WASHINGTON, D.C., October 5, 2000 -The Office of Thrift Supervision (OTS)
today issued savings associations' Community Reinvestment Act (CRA)
performance evaluation ratings that became available in September 2000.
5, 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 July 2000.
5, 2000 - Specially Designated Nationals and Blocked Persons
4, 2000 - The National Credit Union Administration announced that it
has issued an Order of Prohibition against Robert E. Leffler, former
manager of GW Federal Credit Union, located in Denver, Colorado.
3, 2000 - Security Monitoring of Computer Networks
3, 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.
2, 2000 - The Federal Reserve Board today announced the execution of a
Written Agreement by and among Independent Southern Bancshares, Inc.
Employee Stock Ownership Trust, Brownsville, Tennessee; Independent
Southern Bancshares, Inc., Brownsville, Tennessee; and the Federal Reserve
Bank of St. Louis.