|Subject:||Deposit Broker Alert & Unauthorized Banking Entity|
|Date of Memorandum:||07/25/2000|
|Expiration Date:|| |
|Signed By:||Smith, Roland|
|FCA Contact Person:||Holland, Tom|
|List of Attachments:||FIL 41-2000 & OCC Alert 2000-7|
July 25, 2000
To: The Chief Executive Officer
All Farm Credit System Institutions
From: Roland E. Smith, Director /s/
Office of Examination
Subject: Deposit Broker Alert and an Unauthorized Banking Entity
The Farm Credit Administration (FCA) is sharing a copy of a recent Financial Institution Letter (FIL) 41-2000 issued by the Federal Deposit Insurance Corporation. The FIL describes potential problems identified in brokered deposit arrangements that financial institutions have entered into with San Clemente Securities, Inc. Also attached is OCC Alert 2000-7 issued by the Office of the Comptroller of the Currency about Allied Boston Bank, Inc. (Palau) which is conducting banking business in the United States without authorization.
These documents contain information that may prevent your institution from suffering a financial loss. Please send any information that you have about these entities to the contacts identified in the attachments. This memorandum complements similar OCC Alerts, FILs,and other information previously shared by FCA with Farm Credit System institutions. Please keep it for reference.
If you have any questions about this document, please call Thomas J. Holland, Director, Special Examination and Supervision Division, Office of Examination, at (703) 883-4483, or correspond on the Internet at e-mail address email@example.com.