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CUES Online University
provides a weekly update of major releases from the Federal Reserve Board, Federal
Deposit Insurance Corporation, National Credit Union Administration, Office of
the Comptroller of the Currency, and Office of Thrift Supervision. The archives
will be available for two months.
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here to download Acrobat Reader (required for .pdf file)
| September 7, 2008 | August 10, 2008 |
| August 31, 2008 | August 3, 2008 |
| August 24, 2008 | July 27, 2008 |
| August 17, 2008 | July 20, 2008 |
No Updates
Board Releases Small Entity Compliance Guide for Regulation R: The Federal Reserve Board released its Small Entity Compliance Guide for Regulation R. Regulation R, adopted jointly by the Board and the Securities and Exchange Commission in September 2007, implements certain of the key exceptions for banks from the definition of the term "broker" under Section 3(a)(4) of the Securities Exchange Act of 1934, as amended by the Gramm-Leach-Bliley Act. The Regulatory Flexibility Act requires the Board to prepare small entity compliance guides for final rules such as Regulation R. The guide provides a general description of the regulation and contact information for small entities with questions regarding compliance.
http://www.federalreserve.gov/newsevents/press
/bcreg/20080829a.htm
Expansion of Eligible Public Welfare Investments: Interim Final Rule with Request for Comment (12 CFR 24): The Office of the Comptroller of the Currency (OCC) published in the Federal Register on August 11, 2008 the attached interim final rule with request for comment. This rule, which became effective upon publication, implements a provision of the Housing and Economic Recovery Act of 2008 (HERA)1 that expanded national banks’ authority to make public welfare investments pursuant to 12 USC 24(Eleventh) (section 24(Eleventh)). This bulletin modifies the information contained in OCC Bulletin 2006-44.
http://www.occ.treas.gov/ftp/BULLETIN/2008-22.html
Request for comment on proposed change to Regulation S (Right to Financial Privacy): The Federal Reserve Board on Wednesday requested public comment on a proposed change to Regulation S (Right to Financial Privacy), which sets the rates and conditions under which a government agency must reimburse a financial institution for costs incurred in producing customer financial records under the Right to Financial Privacy Act.
http://www.federalreserve.gov/newsevents/press/
other/20080813a.htm
No Updates
Federal Reserve announces steps to enhance the effectiveness of its existing liquidity facilities: The Federal Reserve announced several steps to enhance the effectiveness of its existing liquidity facilities, including the introduction of longer terms to maturity in its Term Auction Facility. In association with this change, the European Central Bank and the Swiss National Bank are adapting the maturity of their operations.
http://www.federalreserve.gov/newsevents/press/
monetary/20080730a.htm
Final Guidance on Supervisory Review Process (Pillar 2): Supervisory Guidance on Pillar 2 Reviews Related to Implementation of Basel II Advanced Approaches Rule: The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision have issued final guidance outlining the supervisory review process for banking organizations implementing the new advanced capital adequacy framework known as Basel II. The final guidance relating to supervisory review is aimed at helping banking organizations meet certain qualification requirements in the advanced approaches rule, which took effect April 1.
http://www.occ.treas.gov/ftp/BULLETIN/2008-20.html
Joint Forum Release of Credit Risk Transfer Paper: The Joint Forum released its paper entitled Credit Risk Transfer – Developments from 2005 to 2007. “This paper is contributing significantly to the understanding of the causes of the credit market turmoil,” said John C. Dugan, Comptroller of the Currency and Chairman of the Joint Forum. “Particularly relevant is the report’s focus on two financial instruments that have been used widely to transfer credit risk: collateralized debt obligations referencing ABS (ABS CDOs) and collateralized loan obligations (CLOs).
http://www.occ.treas.gov/ftp/release/2008-93.htm
Statement of Comptroller of the Currency John C. Dugan On Enactment of Housing Legislation: Comptroller of the Currency John C. Dugan issued the following statement following the signing of a major housing bill by President Bush:
The housing bill that President Bush signed today includes a number of important measures that will help stabilize the nation’s housing markets and provide relief for the many homeowners who are struggling to keep their homes. The President and Congress deserve enormous credit for the work that went into this legislation.
http://www.occ.treas.gov/ftp/release/2008-92.htm
Prohibition Against Interstate Deposit Production: Annual Loan-to-Deposit Ratios: The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation recently issued updated host-state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle–Neal Interstate Banking and Branching Efficiency Act of 1994 (Interstate Act). These ratios, which update data released in June of 2007, are attached.
http://www.occ.treas.gov/ftp/BULLETIN/2008-18.html
Reich Cites Keys to Restoring Consumer Confidence: Office of Thrift Supervision (OTS) Director John Reich cited three keys today to restoring the confidence of consumers and investors in the financial services industry. In a speech at the Summer Meeting of the American Bankers Association, Reich said recent news reports about health problems of financial institutions have shaken the public confidence essential to the industry.
http://www.ots.treas.gov/docs/7/778032.html
Board issues final rule amending home mortgage provisions of Regulation Z (Truth in Lending): The Federal Reserve Board approved a final rule for home mortgage loans to better protect consumers and facilitate responsible lending. The rule prohibits unfair, abusive or deceptive home mortgage lending practices and restricts certain other mortgage practices. The final rule also establishes advertising standards and requires certain mortgage disclosures to be given to consumers earlier in the transaction.
http://www.federalreserve.gov/newsevents/press/bcreg/
20080714a.htm
Agencies Issue Final Guidance on Supervisory Review Process (Pillar 2) Related to Implementation of Basel II Advanced Approaches Rule : The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the First and Third Districts.
http://www.federalreserve.gov/newsevents/press/bcreg/
20080715a.htm
OTS Closes IndyMac Bank and Transfers Operations to FDIC: The Office of Thrift Supervision (OTS) closed the $32 billion IndyMac Bank, headquartered in Pasadena, California, and transferred operations to the Federal Deposit Insurance Corporation (FDIC). A successor institution, IndyMac Federal Bank, FSB, will open for business on Monday and be run by the FDIC. Depositors will have no access to banking services online and by telephone this weekend, but will continue to have access to their funds this weekend by ATM, through other debit card transactions and by writing checks. Online banking and phone banking services will be available again on Monday.
http://www.ots.treas.gov/docs/7/778029.html
OCC Deputy Comptroller for Credit and Market Risk Testifies
Before Senate Subcommittee on Securities, Insurance, and Investment: Deputy Comptroller for Credit and Market Risk Kathryn E. Dick discussed credit derivatives in testimony today before the Subcommittee on Securities, Insurance, and Investment of the Senate Committee on Banking, Housing, and Urban Affairs.
http://www.occ.treas.gov/ftp/release/2008-79.htm
OCC Approves Basel II Standardized Approach Proposal: The Office of the Comptroller of the Currency announced today it has approved for publication a notice of proposed rulemaking that would implement the standardized approach of the Basel II Capital Accord. The proposal would provide an alternative approach to determining risk-based capital requirements for banks that are not required to use the advanced approaches capital framework published in the Federal Register on December 7, 2007. The advanced approaches framework is mandatory for large, internationally active banks. The standardized approach would be optional for other banks, which could also choose to remain under the Basel I risk-based capital framework.
http://www.occ.treas.gov/ftp/release/2008-75.htm
Board proposes rule to implement certain approaches for calculating risk-based capital requirements included in Basel II capital accord
June 25, 2008: The Federal Reserve Board on proposed a rule for public comment that would implement certain of the less-complex approaches for calculating risk-based capital requirements that are included in the international Basel II capital accord.
http://www.federalreserve.gov/newsevents/press/bcreg
/20080626b.htm
Fraudulent Regulatory Agency Issuances: Fraudulent Correspondence Attributed to Officials of the Department of Homeland Security: Fraudulent correspondence attributed to the DHS regarding funds supposedly controlled by the U.S. consular in the UK is being sent to bank customers to elicit funds.
http://www.occ.treas.gov/ftp/alert/2008-31.html
OCC 2007 Significant Legal, Licensing, and Community Development Precedents for National Banks
http://www.occ.treas.gov/sigpre.pdf
Counterfeit Instruments and Stolen Official Documents 2002-2008: Current Listing of OCC Alerts on Counterfeit Instruments and Stolen Official Documents: The Office of the Comptroller of the Currency (OCC) issues alerts, among other reasons, to provide information about counterfeit and stolen instruments affecting the national banking system. Attached to this alert is an inclusive listing of the subject alerts issued from the year 2002 to date. This listing is intended to aid in the search of known counterfeit and stolen items. Please refer to the original alert for more complete information.
http://www.occ.treas.gov/ftp/alert/2008-27.html
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