Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision
Joint Report:
Update on Review of Regulations and Paperwork Reductions
Section 402 of the Credit Union Membership Access Act
August 5, 1999
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision
Joint Report:
Update on Review of Regulations and Paperwork Reductions
Section 402 of the Credit Union Membership Access Act
August 5, 1999
i
Contents
Table of Contents ....................................................................................................................... i
Part I - Joint Agency Report
A. Executive Summary.................................................................................................... I-1
B. Significant Accomplishments ..................................................................................... I-4
C. Summary Status Reports: Progress Implementing CDRI Reviews
Since the 1996 Report............................................................................................... I-11
1. Regulations and Policies Revised by One or More Agencies
Allocated Transfer Risk Reserve .................................................................... I-12
Assessment of Civil Money Penalties.............................................................. I-12
Bank Merger Act ............................................................................................ I-13
Banks as Registered Clearing Agencies .......................................................... I-13
Change in Bank Control ................................................................................. I-14
Coordination of Formal Corrective Action ..................................................... I-15
Disclosure of Financial Information ............................................................... I-15
Fair Housing Reporting and Recordkeeping Requirements ............................. I-16
Interagency Policy on Contingency Planning for Financial
Institutions ......................................................................................... I-16
Investment in Bank Premises ......................................................................... I-17
Municipal Securities Dealer Activities of Banks ............................................ I-17
Notice of Addition or Change of Directors and Senior
Executive Officers .............................................................................. I-18
Policy Statement Concerning Branch Closing Notices and Policies ................. I-18
Policy Statement on Intercorporate Income Tax Payments ............................. I-19
Policy Statement on Securities Lending ......................................................... I-19
Prohibition Against Payment of Interest on Demand Deposits ........................ I-20
Recordkeeping and Confirmation of Securities Transactions
Effected by Banks .............................................................................. I-20
Reporting Requirements for Registered Securities under the
Securities Exchange Act of 1934 ......................................................... I-21
Reports and Public Disclosure of Indebtedness of Executive
Officers and Principal Shareholders.................................................... I-22
Repurchase Agreements of Depository Institutions with
Securities Dealers and Others ............................................................. I-22
Risk-Based and Leverage Capital Adequacy Standards .................................. I-22
Securities Activities ....................................................................................... I-23
Truth in Lending Act - Restitution ................................................................. I-23
Uniform Financial Institutions Rating System ................................................ I-23
Contents
Table of Contents ....................................................................................................................... i
Part I - Joint Agency Report
A. Executive Summary.................................................................................................... I-1
B. Significant Accomplishments ..................................................................................... I-4
C. Summary Status Reports: Progress Implementing CDRI Reviews
Since the 1996 Report............................................................................................... I-11
1. Regulations and Policies Revised by One or More Agencies
Allocated Transfer Risk Reserve .................................................................... I-12
Assessment of Civil Money Penalties.............................................................. I-12
Bank Merger Act ............................................................................................ I-13
Banks as Registered Clearing Agencies .......................................................... I-13
Change in Bank Control ................................................................................. I-14
Coordination of Formal Corrective Action ..................................................... I-15
Disclosure of Financial Information ............................................................... I-15
Fair Housing Reporting and Recordkeeping Requirements ............................. I-16
Interagency Policy on Contingency Planning for Financial
Institutions ......................................................................................... I-16
Investment in Bank Premises ......................................................................... I-17
Municipal Securities Dealer Activities of Banks ............................................ I-17
Notice of Addition or Change of Directors and Senior
Executive Officers .............................................................................. I-18
Policy Statement Concerning Branch Closing Notices and Policies ................. I-18
Policy Statement on Intercorporate Income Tax Payments ............................. I-19
Policy Statement on Securities Lending ......................................................... I-19
Prohibition Against Payment of Interest on Demand Deposits ........................ I-20
Recordkeeping and Confirmation of Securities Transactions
Effected by Banks .............................................................................. I-20
Reporting Requirements for Registered Securities under the
Securities Exchange Act of 1934 ......................................................... I-21
Reports and Public Disclosure of Indebtedness of Executive
Officers and Principal Shareholders.................................................... I-22
Repurchase Agreements of Depository Institutions with
Securities Dealers and Others ............................................................. I-22
Risk-Based and Leverage Capital Adequacy Standards .................................. I-22
Securities Activities ....................................................................................... I-23
Truth in Lending Act - Restitution ................................................................. I-23
Uniform Financial Institutions Rating System ................................................ I-23