Bank and Chairman Added to OFAC List
First East Export Bank, a Bank Mellat subsidiary located in Malaysia, and its Chairman have been designated by the Treasury and added to the SDN List with the NPWMD designation. Information regarding the additions has been posted on the OFAC page. 11/06/09
CRA Ratings Released
The FDIC and OTS have released the ratings received by state nonmember banks and savings associations that were recently evaluated for compliance with the Community Reinvestment Act (CRA). FDIC; OTS 11/06/09
Four Written Agreements Announced
The FRB has announced the execution of the following Written Agreements:
by and among Hanmi Financial Corporation, a registered bank holding company, Hanmi Bank, a state chartered member bank, both of Los Angeles, CA, and the Federal Reserve Bank of San Francisco;
by and among Appalachian Bancshares, Inc., Ellijay, GA, the Federal Reserve Bank of Atlanta, and the State of Georgia, Department of Banking and Finance;
by and between Desert Hills Capital Corp., Phoenix, AZ, a registered bank holding company, and the Federal Reserve Bank of San Francisco;
by and among Citizens First State Bank of Walnut, Walnut, IL, a state member bank, the Federal Reserve Bank of Chicago, and the Illinois Department of Financial and Professional Regulation, Division of Banking, Springfield, IL.
HUD Issues Penalties
HUD has announced that its Mortgagee Review Board has imposing civil money penalties totaling $27,000 on two FHA-approved lenders in Wisconsin and Connecticut for a variety of violations of FHA lending and marketing standards. HUD 11/06/09
Community Bank Directors Workshop Announced
The OCC will host a workshop for national community bank directors in Tampa, Florida, on December 8, 2009. Online registration is available. Information; Registration 11/06/09
November FedFocus
The FR Financial Services has published the November, 2009, issue of FedFocus that features an article regarding delivering value and driving payments system efficiency. FedFocus 11/06/09
Economics and Policy Working Paper
The OCC has published an Economics and Policy Working Paper on the topic of "The U.S. Financial System in 2011: How Will Sufficient Credit Be Provided?" Paper 11/06/09
Posted November 5, 2009
Flood CMP Announced
The FRB has announced the issuance of a $3,850 civil money penalty (CMP) for violations of the National Flood Insurance Act. Information regarding the CMP has been posted on the Flood Watch page. 11/05/09
Rates Unchanged
The Federal Open Market Committee (FOMC) has announced that it will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. FOMC 11/05/09
Written Agreements Announced
The FRB has announced the execution of the following Written Agreements by and among:
Bankers' Bancorporation of Florida, Inc., a registered bank holding company, Independent Bankers' Bank of Florida, a state chartered member bank, both of Lake Mary, FL, the Federal Reserve Bank of Atlanta, and the State of Florida, Office of Financial Regulation;
Georgia Bancshares, Inc., Peachtree City, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia.
FDIC Consumer Alert
A Consumer Alert has been issued by the FDIC warning of false claims from various individuals and companies claiming to represent the FDIC in the sales of FDIC-owned properties. Alert 11/05/09
Posted November 4, 2009
SDGTs Deleted from OFAC List
OFAC has deleted the name of two entities and two individuals previously designated as SDGTs from the SDN List. Information regarding the deletions has been posted on the OFAC page. 11/04/09
Written Agreements Announced
The FRB has announced the execution of following Written Agreements by and among;
Merchants Bancorp, Gresham, OR, a registered bank holding company, the Federal Reserve Bank of San Francisco, and the Oregon Department of Consumer and Business Services--Division of Finance and Corporate Securities;
Commerce Bancshares, Inc., Catoosa, OK, a registered bank holding company, Bank of Commerce, Chelsea, OK, a state chartered member bank, and the Federal Reserve Bank of Kansas City.
Credit Card Company Charged with Deceptive Marketing
A complaint has been filed in federal court by the FTC alleging that a catalog credit card operation deceptively marketed its card, failed to honor its refund policy, and charged up-front fees for a guaranteed line of credit. Complaint 11/04/09
FRB Services Fee Schedule
The FRB has announced the approval of fee schedules, effective January 4, 2010, for payment services the Federal Reserve Banks provide to depository institutions (priced services). Schedule 11/04/09
TIL Regulatory Bulletin
The OTS has issued a Truth in Lending (TIL) Regulatory Bulletin. Bulletin 11/04/09
314(a) Fact Sheet Updated
The FinCEN has updated the 314(a) Fact Sheet with data current as of November 3, 2009. Fact Sheet 11/04/09
Reserve Position Update
The Treasury has updated the U.S. International Reserve Position Report with data current as of October 30, 2009. Report 11/04/09
Credit Auction Results
The FRB has released the results of the November 2, 2009, auction of $25 billion in 70-day credit through its Term Auction Facility. Auction 11/04/09
IFDP Working Papers Published
Four working papers in the International Finance and Discussion Papers (IFDP) series have been published by the FRB on the following topics:
Rise of the Machines: Algorithmic Trading in the Foreign Exchange Market,
Counterfeit Cashier's Checks Special Alert
A Special Alert has been issued by the FDIC regarding counterfeit cashier's checks bearing the name of Citizens & Northern Bank, Wellsboro, PA. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page. 11/03/09
Section 19 Enforcement Letters Released
The FRB has released seven Section 19 enforcement letters that prohibit the recipients from becoming or continuing as an institution-affiliated party with respect to any insured banking organizations or credit unions. Letter 1; Letter 2; Letter 3; Letter 4; Letter 5; Letter 6; Letter 7 11/03/09
Bair Discusses Origin, Response and Reform
In a presentation at the Kansas State University Alfred M. Landon Lecture Series, the Chairman discussed the origin, peak and regulators' response to the financial crisis along with need for regulatory reform. Speech 11/03/09
Business Lending Webinar
The NCUA will host a free open to the public webinar on Wednesday, November 18, 2009, titled "Member Business Lending: Regulators' Perspective", beginning at 1:00 p.m. EST and ending at 2:30 p.m. EST. Online registration is available. Webinar 11/03/09
Foreign Exchange Rate Report
The G.5 October, 2009 Foreign Exchange Rate Report has been released by the FRB. G.5 11/03/09
Marketable Borrowing Estimates Announced
The Treasury has announced the current estimates of marketable borrowing for the Fourth Quarter 2009, and the First Quarter 2010. Estimates 11/03/09
Posted November 2, 2009
Red Flags Rule Delayed
The FTC has announced that the enforcement of the Red Flags Rule is delayed until June 1, 2010, for financial institutions and creditors subject to enforcement by the FTC. Red Flags 11/02/09
SDNTs Removed from OFAC List
The names of twenty-eight individuals and entities previously designated as SDNTs have been removed by OFAC from the SDN List. Information regarding the removals has been posted on the OFAC page. 11/02/09
Enforcement Actions Released
The FDIC has announced the list of forty-eight orders of administrative enforcement actions taken against banks and individuals in September, 2009. List 11/02/09
Tri-Party Repo Market 23A Exemption Expires
The FRB has announced that a temporary exemption to the limitations in section 23A of the Federal Reserve Act expired as scheduled on October 30, 2009. Exemption 11/02/09
Nine Banks Closed Deposits Assumed
The following banks were closed by their primary regulator and the FDIC, as Receiver, has entered into a purchase and assumption agreement with U.S. Bank, NA, Minneapolis, MN, to assume all of the deposits and essentially all of the assets the failed banks:
CRE Policy Statement Adopted
The FFIEC has announced the adoption of a policy statement by the federal financial regulators which provides guidance for examiners, and for financial institutions that are working with commercial real estate (CRE) borrowers who are experiencing diminished operating cash flows, depreciated collateral values, or prolonged delays in selling or renting commercial properties. FFIEC PR; OCC NR; FRB SR Letter; OTS CEO Letter; FDIC FIL; NCUA PR; Statement 11/02/09
FEDS Working Paper Published
A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Assessing the Systemic Risk of a Heterogeneous Portfolio of Banks During the Recent Financial Crisis" has been published by the FRB. Abstract; Full Paper 11/02/09
Foreign Securities Report Released
The Treasury has released the results of an annual survey of U.S. portfolio holdings of foreign securities at year-end 2008. Summary; Survey 11/02/09
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