Legal and Regulatory:
Archived News Articles

Bank Investment Bank Secrecy Act/Anti-Money Laundering Branching Capital Compliance, Consumer Community Development Consulting & Financial Advice Corporate Governance & Structure Derivatives Enforcement Actions Ethics Federal Reserve Board

Investments Lending Other Banking Activities Preemption Regulations Research & References Risk Management Securities Activities Speeches and Testimony

Topic	Date	Item
Bank Investment	8/23/2007	Acquisition of Preferred Securities by Bank of America, N.A. from Countrywide, Letter (PDF 882KB).
Bank Secrecy Act/Anti-Money Laundering	08/30/2007	The federal banking agencies recently issued an interagency statement which provides general policy guidance regarding circumstances in which an agency is required to issue a cease-and-desist order to address noncompliance with Bank Secrecy Act (BSA) requirements. OCC Bulletin 2007-36,  interagency statement
Bank Secrecy Act/Anti-Money Laundering	08/30/2007	The guidance clarifies three issues: BSA regulatory requirements as they relate to supporting documentation, what constitutes "supporting documentation," and when legal process is required for supporting documentation disclosure. OCC Bulletin 2007-34, guidance
Bank Secrecy Act/Anti-Money Laundering	08/30/2007	The Department of Treasury, the Department of Justice, and the Department of Homeland Security jointly released the "2007 National Money Laundering Strategy." OCC Bulletin 2007-35, "2007 National Money Laundering Strategy,"
Bank Secrecy Act/Anti-Money Laundering	08/28/2007	The Financial Crimes Enforcement Network (FinCEN), announce the final rule implementing a significant provision of Section 312 of the USA PATRIOT Act. OCC Bulletin 2007-33, final rule, FinCEN
Bank Secrecy Act/Anti-Money Laundering	03/14/2007	Bank Secrecy Act/Anti-Money Laundering: Notification of Revised Suspicious Activity Report by Depository Institutions (SAR-DI), OCC 2007-12
Bank Secrecy Act/Anti-Money Laundering	06/21/2006	OCC Deputy Comptroller Testifies before House Subcommittee on Bank Secrecy Act's Impact upon Money Services Businesses. NR 2006-76, Statement (PDF), Testimony (PDF)
Bank Secrecy Act/Anti-Money Laundering	04/18/2006	Bank Secrecy Act/Anti-Money Laundering: Final Rule: Imposition of Special Measures Against the Commercial Bank of Syria including its subsidiary, the Syrian Lebanese Commercial Bank as a Financial Institution of Primary Money Laundering Concern. OCC 2006-19, ASCII, Final Rule (PDF)
Bank Secrecy Act/Anti-Money Laundering	03/01/2006	Bank Secrecy Act/Anti-Money Laundering: OFAC--Economic Sanctions Enforcement Procedures for Banking Institutions. OCC Bulletin 2006-11, ASCII, Interim Final Rule (PDF), Comment
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Bank Secrecy Act/Anti-Money Laundering	03/01/2006	Bank Secrecy Act/Anti-Money Laundering: FinCEN; Final Rule and Proposed Rule for Special Due Diligence Programs for Certain Foreign Accounts. OCC Bulletin 2006-10, Final Rule (PDF 335KB), ASCII, NPRM (PDF), Comment
Bank Secrecy Act/Anti-Money Laundering	01/27/2006	A foreign bank's U.S. branch may disclose a suspicious activity report to its head office; a U.S. bank may disclose the same to controlling companies. OCC Bulletin 2006-4, ASCII Statement (PDF)
Bank Secrecy Act/Anti-Money Laundering	11/01/2005	Comptroller of the Currency John C. Dugan said that the OCC is committed to a process of Bank Secrecy Act and Anti-Money Laundering (BSA/AML) supervision and enforcement that is not only effective, but also measured and fair. NR 2005-108, Remarks (PDF)
Bank Secrecy Act/Anti-Money Laundering	08/17/2005	The Office of the Comptroller of the Currency announced that they have each assessed a $24 million civil money penalty (PDF) against the New York Branch of Arab Bank for violations of the Bank Secrecy Act. NR 2005-80, FINCEN
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Bank Secrecy Act/Anti-Money Laundering	08/08/2005	The federal banking and thrift agencies, along with the Financial Crimes Enforcement Network (FinCEN), announced registration details for a live webcast of the Bank Secrecy Act/Anti-Money Laundering Examination Manual outreach event in New York on August 22. NR 2005-78
Bank Secrecy Act/Anti-Money Laundering	07/18/2005	The Federal banking and thrift agencies, along with the Financial Crimes Enforcement Network (FinCEN), announce registration details for the upcoming outreach events related to the Bank Secrecy Act/Anti-Money Laundering Examination Manual. NR 2005-70, FFIEC Outreach Fact Sheet. (PDF)
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Bank Secrecy Act/Anti-Money Laundering	06/30/2005	The Federal Financial Institutions Examination Council (FFIEC) released the Bank Secrecy Act/Anti-Money Laundering Examination Manual (FFIEC BSA/AML Examination Manual). NR 2005-64
Bank Secrecy Act/Anti-Money Laundering	04/26/2005	Acting Comptroller Julie Williams testified on the implementation of the Bank Secrecy Act in the context of money services businesses (MSBs) before the Senate Banking Committee. Testimony (PDF) Oral Statement (PDF)
Bank Secrecy Act/Anti-Money Laundering	04/26/2005	Federal financial regulators voiced concerns in a joint statement (PDF) that banks have misperceptions about the BSA-associated risks of money services businesses. OCC 2005-15 WORD ASCII
Branching	08/10/2005	This letter (PDF) explains that a remote check scanning terminal at a customer's location, which permits the customer to deposit checks electronically, is not a branch within the meaning of the McFadden Act, 12 U.S.C. § 36.
Capital	03/03/2008	Comptroller Dugan tells International Bankers that the Basel II U.S. implementation is on a prudent, deliberate path. News Release 2008-26
Capital	12/07/2007	Implementation of the Advanced Approaches of the Basel II Capital Accord. OCC Bulletin 2007-47, Final Rule (PDF 2.2MB)
Capital	11/01/2007	The Office of the Comptroller of the Currency announced that it has approved a final rule implementing the advanced approaches of the Basel II Capital Accord. News Release 2007-123, Final rule (PDF 756KB), Comments, Preamble (PDF 1.2MB)
Capital	02/28/2007	Supervisory Guidance Related to Basel II Implementation: Proposed Supervisory Guidance, OCC 2007-10
Capital	09/25/2006	Two Notices of Proposed Rulemaking (NPR). The first NPR (Basel II NPR) would implement new risk-based capital requirements for large or internationally active U.S. banking organizations. The second NPR (Market Risk NPR) proposes changes to the current risk-based capital charge for market risk. NPR- Advanced Capital Adequacy Framework (PDF 997KB), NPR-Market Risk, Comment (PDF)
Capital	09/14/2006	Comptroller of the Currency John C. Dugan told a House subcommittee today that the Basel II capital framework is intended not only to align capital requirements more closely to the complex risks inherent in large, internationally active banks, but to require those institutions to substantially improve their risk management systems and controls. NR 2006-96, Testimony (PDF)
Capital	09/05/2006	The federal bank and thrift regulatory agencies announced that they will request public comment on a notice of proposed rulemaking (NPR) that would implement new risk-based capital requirements in the United States for large, internationally active banking organizations. NR 2006-94, Statement, Market Risk, NPR, Advanced Capital Adequacy Framework (PDF)
Capital	06/08/2006	Comptroller of the Currency John C. Dugan discussed the Basel II capital accord in a speech to the Centre for the Study of Financial Innovation. 2006-69, Remarks (PDF)
Capital	03/13/2006	The Comptroller of the Currency, John C. Dugan told a conference of international bankers that the continued safety and soundness of the banking system demands that regulators move away from the simplistic risk-based capital system now in use for internationally active banks to one that substantially enhances risk management and more closely aligns capital with risk. NR 2006-30, Remarks (PDF)
Capital	11/10/2005	Comptroller of the Currency, John C. Dugan told the Senate Banking Committee that the goal of the Basel II Capital Framework and a separate initiative for smaller institutions will substantially enhance safety and soundness. NR 2005-111, Testimony (PDF), Statement (PDF)
Capital	10/20/2005	The four federal banking agencies--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-- published an interagency advance notice of proposed rulemaking (ANPR) regarding potential revisions to the existing risk-based capital framework. NR 2005-103, OCC Bulletin 2005-37, ANPR (PDF)
Capital	01/27/2005	The federal banking and thrift agencies today released an interagency statement on implementation of the Basel II framework and the qualification process for the framework's "advanced approaches." Implementation of Basel II Framework (PDF) - NR 2005-6
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Compliance, Consumer	02/15/2008	The Office of the Comptroller of the Currency promoted awareness of consumer protection resources during National Consumer Protection Week event on Capitol Hill. NR 2008-18
Compliance, Consumer	02/07/2008	OCC Focuses on Low-Income Housing Tax Credit Program Release 2008-10, Community Developments Insights (PDF)
Compliance, Consumer	11/06/2007	Comptroller Dugan supports FACT Act Implementation Rule to help consumers resolve disputes with Financial Institutions NR 2007-124
Compliance, Consumer	10/31/2007	The federal financial institution regulatory agencies and the Federal Trade Commission have sent to the Federal Register for publication final rules on identity theft "red flags" and address discrepancies. News Release 2007-122, Final rules (PDF 756KB), Comments
Compliance, Consumer	08/27/2007	The Federal Reserve Board published, Federal Register, its annual amendment to its Regulation Z Commentary related to the dollar amount that triggers requirements for certain home mortgage loans subject to 12 CFR 226.32. OCC Bulletin 2007-32, final rule (PDF)
Compliance, Consumer	06/13/2007	Comptroller Dugan Tells House Committee that OCC Supervision Plays Critical Role In Ensuring National Bank Compliance with Federal Consumer Protection Standards NR 2007-57, Statement, Testimony
Compliance, Consumer	05/31/2007	The federal bank, thrift, and credit union regulatory agencies issued final illustrations of consumer information intended to help institutions implement the consumer protection portion of the Interagency Guidance on Nontraditional Mortgage Product Risks. NR 2007-49
Compliance, Consumer	03/29/2007	The Office of the Comptroller of the Currency, Office of Thrift Supervision, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Federal Trade Commission, Commodity Futures Trading Commission, and Securities and Exchange Commission (the agencies) are requesting comment on a model privacy notice that financial institutions may use to provide disclosures under the Gramm-Leach-Bliley Act (GLBA) and the agencies' implementing regulations. OCC 2007-13, NRP, Comment
Compliance, Consumer	03/31/2006	Federal regulators released Evolution of a Prototype Financial Privacy Notice, a report by Kleimann Communication Group summarizing consumer research commissioned by the regulators as part of their ongoing efforts to develop improved financial privacy notices. NR 2006-42
Compliance, Consumer	03/30/2006	Chief Counsel and First Senior Deputy Comptroller Julie L. Williams called for more effective "consumer-oriented disclosures in the financial services business" as a vital part of consumer protection in a speech to the 2006 Banking Institute. NR 2006-40, Remarks (PDF)
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Compliance, Consumer	03/22/2006	Agencies Seek Public Comment on Issues Related to the Accuracy of Consumer Credit Reports and the Reinvestigation of Disputes. NR 2006-36
Compliance, Consumer	02/17/2006	The federal financial regulatory agencies extended the comment period on the proposed guidance on nontraditional residential mortgage products. NR 2006-21, Proposed Interagency Guidance on Nontraditional Mortgage Products (PDF)
Compliance, Consumer	02/02/2006	The Comptroller of the Currency John C. Dugan said that most bank customers don't find the privacy notices they receive to be especially useful and said an ongoing interagency process to simplify those notices will better serve banks and their customers. NR 2006-8, Remarks (PDF)
Compliance, Consumer	12/01/2005	The Comptroller of the Currency, John C. Dugan made his first major speech before the Consumer Federation of America here in Washington, DC. He spoke about negative amortization and its increasing prominence in retail credit products. NR 2005-117, Speech (PDF)
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Compliance, Consumer	08/29/2005	The Office of the Comptroller of the Currency (OCC) published the Summer 2005 edition of the Community Developments newsletter, which provides various perspectives and strategies on how the revised Home Mortgage Disclosure Act (HMDA) reporting requirements could enhance mortgage-lending opportunities for national banks and their customers. NR 2005-84, Newsletter
Compliance, Consumer	08/17/2005	The Office of the Comptroller of the Currency (OCC) released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of July 15, 2005 through August 14, 2005. The list contains only national banks and insured federal branches of foreign banks that have received ratings. NR 2005-81, CRA Evaluations
Compliance, Consumer	06/16/2005	The letter (PDF) concludes that "GAP Addendums" sold by a national bank to borrowers in connection with the bank's motor vehicle loans, in connection with a GAP program administered by an insurance company, are debt cancellation contracts subject to 12 CFR Part 37.
Compliance, Consumer	06/01/2005	The Office of the Comptroller of the Currency (OCC) released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the third quarter of 2005. NR 2005-54, CRA (PDF)
Compliance, Consumer	05/17/2005	Acting Comptroller of the Currency, Julie L. Williams, testified before the Senate Banking Committee and made four key points on the OCC's perspectives concerning the marketing and disclosure practices of the U.S. credit card industry. NR 2005-49, Statement (PDF)
Compliance, Consumer	05/16/2005	This bulletin promotes sound credit risk management practices for financial institutions engaged in home equity lending. NR 2005-48, TEXT, PDF
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Community Development	05/03/2005	Acting Comptroller of the Currency, Julie L. Williams, spoke before the Regional Interagency Committee about the noteworthy progress that strategic partnerships are making in mitigating the effects of foreclosures in cities and communities nationwide. NR 2005-44, Speech (PDF)
Consulting & Financial Advice	02/24/2005	The letter (PDF) concludes that it is permissible for a national bank to provide consulting and advisory services to deposit customers who hire independent messenger or courier services to transport banking items to and from the bank. Includes activities such as helping customer select a courier service, contract administration, and help with dispute resolution. Since the bank will not provide the courier service, this is not a branching activity.
Corporate Governance & Structure	05/10/2007	The OCC has published an interim rule amending 12 CFR 4 to expand the description of banks qualified for the 18-month examination cycle. The OCC invites comments on the interim rule. OCC Bulletin 2007-16, Proposed Rule (PDF), Comment
Corporate Governance & Structure	10/06/2005	The rule (PDF) requires insiders of national banks with equity securities registered with the OCC to file certain beneficial ownership reports electronically. OCC Bulletin 2005-34
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Corporative Governance & Structure	02/23/2005	The letter (PDF) concludes that national bank directors may meet the qualifying shares requirement under 12 U.S.C. Section 72 by purchasing trust preferred stock. This is significant because it offers bank directors a new means of obtaining a financial stake in the bank in addition to purchasing bank stock.
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Derivatives	12/28/2007	Office of the Comptroller of the Currency reports the OCC's Quarterly Bank Trading Revenues of $2.3 billion. NR 2007-137, Quarterly Report on Bank Derivatives Activities (PDF)
Derivatives	09/28/2006	Insured commercial banks earned $4.7 billion trading cash instruments and derivative products in the second quarter of 2006, the Office of the Comptroller of the Currency reported in its quarterly Bank Derivatives Report. NR 2006-106, Bank Derivatives Report (PDF 334KB)
Derivatives	02/15/2006	The letter (PDF) concludes that the bank may engage in the transactions it proposes, where the bank's examiner-in-charge is satisfied that the bank has adequate risk management and measurement systems and controls.
Derivatives	09/15/2005	The letter (PDF) states that the Bank, with the approval of its examiner-in-charge, may engage in customer-driven, physically settled emissions derivative transactions and may enter into physical transactions in emission allowances to hedge its risk exposures to the emissions derivative transactions.
Derivatives	09/13/2005	The letter (PDF) concludes that the Bank may engage in customer-driven, perfectly matched, cash-settled derivative transactions provided the Bank's examiner-in-charge is satisfied that the Bank has adequate risk management and measurement systems and controls to conduct the activities on a safe and sound basis.
Derivatives	08/09/2005	The letter (PDF) responds that a Bank may use cash-settled derivatives linked to the S&P 500 Index to hedge the market risk associated with the fees it charges customers as part of its investment advisory activities, provided the trust company establishes, to the satisfaction of its supervisory office, an appropriate risk management and compliance process.
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Derivatives	07/14/2005	The letter (PDF) confirms that the bank, with approval of its examiner-in-charge, may engage in customer-driven equity index derivatives transactions and may use baskets of securities to hedge its risk exposures to the index swaps where the baskets do not exactly match the underlying index, but are designed to replicate the sector and industry weightings and general risks of the index.
Derivatives	06/23/2005	The Comptroller of the Currency reported its quarterly Bank Derivatives Report. Derivatives held by U.S. commercial banks increased by $3.2 trillion in the first quarter of 2005, to $91.1 trillion. NR 2005-62
Derivatives	04/06/2005	This letter (PDF) concludes that the Bank may engage in electricity derivative transactions and hedges, settled in cash and by transitory title transfer, as part of, or incidental to, its existing financial intermediation business in energy-related commodities derivatives, provided the Bank has established an appropriate risk measurement and management process for these activities to which the EIC expresses no supervisory objection.
Disclosure	02/28/2005	The agencies are issuing this advisory to remind all banking organizations that, except in very limited circumstances, they are prohibited by law from disclosing their CAMELS rating and other nonpublic supervisory information to insurers as well as other non-related third parties without permission from their appropriate federal banking agency. Issue Advisory (PDF) OCC 2005-4 PDF ASCII
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Enforcement Actions	05/15/2008	The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. News Release 2008-54, OCC enforcement actions
Enforcement Actions	03/17/2008	The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Release 2008-31
Enforcement Actions	02/21/2008	The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. News Release 2008-21, OCC Enforcement Actions
Enforcement Actions	01/14/2008	The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. NR 2008-3, Enforcement Actions
Enforcement Actions	12/21/2007	The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-136, Enforcement Actions
Enforcement Actions	11/19/2007	The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-126, Enforcement Actions
Enforcement Actions	09/18/2007	The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-96, Enforcement Actions
Enforcement Actions	08/14/2007	The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-86, Enforcement Actions
Enforcement Actions	07/16/2007	The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-74, Enforcement Actions
Enforcement Actions	06/14/2007	The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-58, Enforcement Actions
Enforcement Actions	05/16/2007	The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-46, Enforcement Actions
Enforcement Actions	04/16/2007	The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-39, Enforcement Actions
Enforcement Actions	03/19/2007	The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-22, Enforcement Actions
Enforcement Actions	02/15/2007	The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. NR 2007-12, Enforcement Actions
Ethics	12/06/2005	The rule implements new post-employment restrictions for Comptroller of the Currency (OCC) senior examiners of national banks. Final Rule (PDF), OCC Bulletin 2005-41, ASCII
Ethics	11/17/2005	The federal bank and thrift regulatory agencies issued final rules to implement a special post-employment restriction on certain senior examiners employed by an agency or Federal Reserve Bank, as required by the Intelligence Reform and Terrorism Prevention Act of 2004. NR 2005-113, Final Rules (PDF)
Ethics	08/30/2005	Proposed rule (PDF) would prevent the senior examiner of a national bank from working for that bank for one year after leaving the OCC. OCC Bulletin 2005-30, ASCII, Comment on proposed rule
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Ethics	08/04/2005	The federal banking regulatory agencies issued proposed rules to implement a special post-employment restriction on certain senior examiners employed by an agency or Federal Reserve Bank. NR 2005-76, proposed rule (PDF)
Federal Reserve Board	09/01/2005	The Federal Reserve Board published, in the August 9, 2005, Federal Register, its annual amendment to its Regulation Z Commentary related to the dollar amount that triggers requirements for certain home mortgage loans subject to 12 CFR 226.32. OCC Bulletin 2005-31, Requirements (PDF)
Investments	01/20/2006	The letter (PDF) concludes a national trust company may sponsor a closed-end investment fund that will be exempt from registration under the Investment Company Act of 1940. The letter also concludes that the fund's underlying portfolio consists of bank eligible investments, and the particular types of national banks proposed may purchase the described fund shares pursuant to 12 CFR 1.3(h)(2), subject to specific safe and sound banking practices and a 1% aggregate investment limitation. This involves a structured product with exposure to a tranched credit default swap index.
Investments	05/26/2005	The letter (PDF) concludes that national banks may continue to hold a separate account BOLI investment that in turn holds interests in instruments with characteristics of debt securities and a rate of return, a portion of which is linked to equity securities, provided the bank's EIC has no supervisory objection.
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Investments	02/17/2005	The letter (PDF) concludes that fixed rate annuities purchased by a national bank are, in substance, debt obligations of the issuing insurance company. Accordingly, the letter states that the bank had authority to purchase the fixed rate annuities under its authority in 12 U.S.C. § 24(Seventh) to discount and negotiate evidences of debt, subject to certain conditions. The annuities must be fixed rate with no penalties or fees for early surrender of the policies. The bank also should establish internal concentration limits for its combined holdings of fixed rate annuities from all issuers. Finally, the bank is required to comply with Banking Circular 181(Rev.) and OCC Bulletin 2002-19.
Investments	01/07/2005	This letter (PDF) concludes that a national bank may buy and sell, for its own account, exchange-traded units of beneficial interest in gold, subject to demonstration that the bank has the appropriate risk management systems in place to conduct the activity in a safe and sound manner.
Lending	03/24/2008