Bank Regulatory News
March 2001

March 14, 2001 – The OCC announced that Federal banking agencies have stated that any final Fair Credit Reporting Act rule will not require depository institutions to revise Gramm Leach Bliley Act privacy notices prepared in reliance on existing FCRA law and delivered to consumers before next January.  http://www.occ.treas.gov/ftp/release/2001-30.txt

March 14, 2001 - The Federal Deposit Insurance Corporation (FDIC), 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 approved and issued guidelines establishing standards for safeguarding customer information as required by the Gramm-Leach-Bliley Act (GLBA). Press Release: http://www.fdic.gov/news/news/financial/2001/fil0122.html  Guidelines: http://www.fdic.gov/news/news/financial/2001/fil0122a.html 

March 14, 2001 - The federal banking regulatory agencies approved a joint rulemaking that extends the effective date of consumer protection rules for the sale of insurance products by depository institutions on their premises, or on their behalf. The new effective date will be October 1, 2001, rather than the original effective date of April 1, 2001.  http://www.fdic.gov/news/news/press/2001/pr2101.html

March 13, 2001 – The NCUA released the CU/NCUSIF Quick Facts as of December 31, 2000.  http://www.ncua.gov/news/quick_facts/quick_facts.html 

March 13, 2001 - The NCUA Board is amending its chartering and field of membership manual to make two changes to ease the burden on applicants for community charters, expansions or conversions.  http://www.ncua.gov/news/proposed_regs/12CFRPart701-final.html

March 13, 2001 - The Federal Reserve Board published revisions to the Regulation E (Electronic Fund Transfers) Official Staff Commentary, which applies and interprets the requirements of the regulation.  The effective date is March 15, 2001 with the mandatory compliance date set at January 1, 2002.  www.federalreserve.gov/BoardDocs/Press/boardacts/2001/20010313/

March 13, 2001 -  The Federal Reserve Board announced its approval of the applications of Friedman, Billings, Ramsey Group, Inc.; FBR Bancorp, Inc.; Money Management Associates, Inc.; and Money Management Associates (LP), Inc., all of Arlington, Virginia, and Money Management Associates, L.P., Bethesda, Maryland, to become bank holding companies by acquiring FBR National Bank, Bethesda, Maryland.  www.federalreserve.gov/boarddocs/press/BHC/2001/20010313/default.htm

March 12, 2001 - NCUA Acting Chairman Dennis Dollar told state and federal regulators that President Bush’s proposed tax cut plan provides credit unions with “an excellent opportunity to emphasize the value of savings and paying down debt while improving their liquidity position at the same time.”  http://www.ncua.gov/news/press_releases/pr031201.html

March 12, 2001 - The Federal Reserve Board announced its approval of the applications and notices of Fifth Third Bancorp, ("Fifth Third") and Fifth Third Financial Corporation ("FTFC"), both in Cincinnati, Ohio, to acquire Old Kent Financial Corporation, Grand Rapids.  www.federalreserve.gov/boarddocs/press/BHC/2001/20010312/default.htm

March 9, 2001 - The NCUA Board is proposing a new rule that would permit credit unions with advanced levels of net worth and consistently strong supervisory examination ratings to be exempt, in whole or in part, from certain NCUA regulations that are not specifically required by statute. http://www.ncua.gov/news/proposed_regs/12CFRPart722and742-proposed.html 

March 9, 2001 - OCC reports Trading Revenues remain consistent as derivatives volume reaches record level.  http://www.occ.treas.gov/ftp/release/2001-28.txt

March 9, 2001 - The FFIEC announced that The December 31, 2000 Uniform Bank Performance Report (UBPR) now being distributed to all insured commercial banks and Federal Deposit Insurance Corporation - Insured Savings Banks (FDIC-ISB) is now available for sale to the public. http://www.ffiec.gov/press/pr030901.htm 

March 9, 2001 - OCC has advised that two entities may be conducting banking business in the United States without authorization.  http://www.fdic.gov/news/news/financial/2001/fil0121.html

March 9, 2001 - FDIC's Survey of Real Estate Trends indicated that conditions generally remained favorable in the nation's real estate markets during the second half of 2000 but there was some deterioration, especially involving single-family homes and local retail properties.  http://www.fdic.gov/news/news/press/2001/pr2001.html

March 9, 2001 – The Federal Reserve Board released remarks by Vice Chairman Roger W. Ferguson, Jr., on Understanding Financial Consolidation.  www.federalreserve.gov/BoardDocs/Speeches/2001/20010309/default.htm

March 8, 2001 - The National Credit Union Administration voted to waive an insurance premium for 2001 and pay a 3 percent dividend of $99.5 million to the nation's 10,316 federally insured credit unions. http://www.ncua.gov/news/press_releases/pr030801.html 

March 8, 2001 - The NCUA released a summary of actions taken by the NCUA Board during the March 8, 2001 meeting. http://www.ncua.gov/news/board_reports/BAB030801.html 

March 8, 2001 - OCC Comptroller Hawke says Bankers and Regulators are better prepared to deal with challenging economy. http://www.occ.treas.gov/ftp/release/2001-26a.txt 

March 8, 2001 - The Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on Thursday, March 22, 2001, open to public observation.  www.federalreserve.gov/boarddocs/press/General/2001/200103085/default.htm

March 8, 2001 - The Federal Reserve Board announced new Internet resources for Spanish-speaking consumers. Keys to Vehicle Leasing: A Consumer Guide can be found at www.federalreserve.gov/pubs/leasing/guide_spanish.htm. A Brochure about Shopping for and Negotiating the Best Mortgage is located at www.federalreserve.gov/boarddocs/press/General/2001/20010308/default.htm. 

March 7, 2001 - OTS reports near record Thrift earnings in 2000; industry Mortgage Originations top $200 Billion.  http://www.ots.treas.gov/docs/77116.html

March 7, 2001 - The Appraisal Standards Board (ASB) of The Appraisal Foundation recently released the Appraisal Standards Statement No.10, "Assignments for Use by a Federally Insured Depository Institution in a Federally Related Transaction." Press Release: http://www.fdic.gov/news/news/financial/2001/fil0120.html  Attachment: http://www.appraisalfoundation.org/uspap2001/smt10.htm 

March 7, 2001 – The Federal Reserve released remarks by Chairman Alan Greenspan before the Independent Community Bankers of America on Banking supervision.  www.federalreserve.gov/BoardDocs/Speeches/2001/20010307/default.htm

March 7, 2001 - FDIC Chairman Donna Tanoue previewed the deposit insurance reform recommendations the agency plans to issue at the end of this month. http://www.fdic.gov/news/news/press/2001/pr1901.html 

March 7, 2001 – The Federal Deposit Insurance Corporation reported annual profits of the commercial banking industry fell in the year 2000, snapping an eight-year streak of annual earnings records.  http://www.fdic.gov/news/news/press/2001/pr1801.html

March 7, 2001 - The Federal Reserve announced that a majority of Federal Reserve Districts reported sluggish to modest economic growth in February, while others generally reported mixed conditions.  www.federalreserve.gov/Fomc/BeigeBook/2001/20010307/default.htm#pagetop

March 6, 2001 - Virginia has become the first state in the nation to adopt a new act creating a uniform commercial contract law for computer software, data, and online contracts. UCITA will become effective in Virginia July 1, 2001. http://www.nccusl.org/pressreleases/pr3-15-00.htm 

March 6, 2001 - The Office of Thrift Supervision (OTS) announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in February 2001. http://www.ots.treas.gov/docs/77114.html 

March 5, 2001 - The Federal Reserve Board announced its approval of the application of Société Générale, Paris, France, to establish an agency in Greenwich, Connecticut. http://www.federalreserve.gov/boarddocs/press/BHC/2001/20010305/default.htm 

March 5, 2001 - The Federal Deposit Insurance Corporation (FDIC) issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA).  http://www.fdic.gov/regulations/community/monthly/2001/cramar01.html

March 5, 2001 - NCUA Chairman Dennis Dollar has selected Nicholas N. Owens as special assistant to the chairman for public affairs. http://www.ncua.gov/news/press_releases/pr030501.html 

March 5, 2001 - The Federal Reserve Board released remarks by Governor Laurence H. Meyer who states that Pillar 2 of the New Basel Capital Proposal plays a larger role by giving banks more incentives to invest in better information systems and controls, and looking closely to see that their processes work. www.federalreserve.gov/BoardDocs/Speeches/2001/20010305/default.htm 

March 5, 2001 - Comptroller of the Currency John D. Hawke, Jr. outlines the Global Challenges of Internet Banking. http://www.occ.treas.gov/ftp/release/2001-23.txt 

March 2, 2001 - The Office of the Comptroller of the Currency (OCC) issued a bulletin that outlines the risks involved in the offering of account aggregation services by national banks and the management controls that are needed in connection with such services.  http://www.occ.treas.gov/ftp/release/2001-22.txt

March 2, 2001 - The Office of Thrift Supervision (OTS) issued rules designed to make application processing easier to understand and more predictable for both applicants and the agency. http://www.ots.treas.gov/docs/77113.html 

March 2, 2001 - The Federal Reserve released a list of bank holding companies whose elections to become or be treated as financial holding companies are effective. http://www.federalreserve.gov/GeneralInfo/FHC/default.htm 

March 2, 2001 – The Federal Reserve Board published the testimony of Chairman Alan Greenspan on current fiscal issues before the Committee on the Budget and the U.S. House of Representatives.  www.federalreserve.gov/boarddocs/Testimony/2001/20010302/default.htm

March 1, 2001 - Comptroller Hawke Praises Community Development Lenders. http://www.occ.treas.gov/ftp/release/2001-20a.txt 

March 1, 2001 - The Federal Deposit Insurance Corporation (FDIC) is requesting public comment on a proposed rule governing the regulatory capital treatment for equity investments in nonfinancial companies held by FDIC-supervised banks. http://www.fdic.gov/news/news/financial/2001/fil0119.html Attachment  http://www.fdic.gov/news/news/financial/2001/fil0119a.html 

March 1, 2001 - The Federal Reserve Board published a final rule amending Regulation E (Electronic Fund Transfers) to implement provisions of the Gramm-Leach-Bliley Act (GLBA) requiring disclosure of automated teller machine (ATM) fees. www.federalreserve.gov/BoardDocs/Press/boardacts/2001/20010301/default.htm 

March 1, 2001 - 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 second quarter of 2001. Press Release http://www.fdic.gov/news/news/press/2001/pr1501.html; Attachment http://www.fdic.gov/regulations/community/exam/q2cra01.html;  Attachment http://www.fdic.gov/news/news/press/2001/pr1501a.html