Belarus Entities Added To OFAC List
OFAC has designated three enterprises of Belneftekhim Concern (a previously designated entity) for undermining, or have participated in actions that undermine democratic processes or institutions in Belarus. Their names have been to the SDN List with the Belarus designation. Information regarding the entities has been posted on the BOL OFAC page. 5/16/08
Enforcement Actions Announced
The OCC has announced the Enforcement Action recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions 5/16/08
Credit Card Processors Pay $26 Million
The marketers of a debit and credit card processing services operation have agreed to judgments of more than $26 million to settle FTC charges that they deceived small businesses. Settlement 5/16/08
FRB Publishes Technical Amendment to Final Rule for Availability of Funds and Collection of Checks
The Board of Governors (Board) is amending appendix A of Regulation CC to delete the reference to the Memphis branch office of the Federal Reserve Bank of St. Louis and
reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Atlanta. Text;
PDF 5/16/08
SEC Expands Small Business Financing Opportunities
The SEC has issued a final rule amending its regulations under the Investment Company Act to increase the availability of capital to certain smaller companies that may not have ready access to the public capital markets or other forms of conventional financing. Final Rule 5/16/08
Bernanke Discusses Risk Management
In a presentation at the Federal Reserve Bank of Chicago's Annual Conference on Bank Structure and Competition, Chairman Bernanke discussed risk management in financial institutions. His comments focused on four categories of risk-management practices: risk identification and measurement, valuation practices, liquidity risk management, and senior management oversight. He stated, "the turmoil in credit markets underscores some important principles for bank risk management, including the value of proper risk identification and measurement, the need for robust and objective valuation methods, the importance of preparing for liquidity disruptions, and the critical role of strong oversight by senior managers." Speech 5/16/08
FedFlash Published
The May 15, 2008 issued of FedFlash has been published by FRB Financial Services. The issue features articles regarding FRB price changes for paper check products, the approach of Payor Bank Services Sunset dates; changes to HDGS and PPGS routing transit numbers, the elimination of the City Zone, and the distribution of the Economic Stimulus Payments. FedFlash 5/16/08
Cost of Funds Reports Released
OTS has released the Historical and Current Reports of National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions. Historical; Current 5/16/08
Industrial Production Report Issued
The FRB has issued the G. 17 Industrial Production and Capacity Utilization Report for April 2008. G.17 5/16/08
March TIC Data Released
The March 2008 Treasury International Capital (TIC) Report has been released by Treasury. TIC 5/16/08
Exchange Rate Policies Report Issued
Treasury has issued its Semiannual Report on International Economic and Exchange Rate Policies. Exchange Rates 5/16/08
Posted May 15, 2008
Counterfeit Cashier's Checks Special Alerts
The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the names of the following financial institutions:
The Bank and Trust, s.s.b., Del Rio, Texas (Counterfeit Cashier's Checks);
Butte State Bank, Butte, Nebraska
BankFirst Financial Services, Macon, Mississippi
Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 5/15/08
CAN-SPAM Rules Announced
The FTC has announced four new rules under the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (CAN-SPAM). Rules 5/15/08
Posted May 14, 2008
Counterfeit or Missing Checks Special Alerts
The FDIC has issued four Special Alerts regarding counterfeit checks bearing the names of the following financial institutions:
Webster Five Cents Savings Bank, Webster, Massachusetts (Missing, Lost, or Stolen Official Checks);
First Financial Bank, El Dorado, Arkansas (Counterfeit Accounts Payable Checks);
Sovereign Bank, Dallas, Texas (Counterfeit Official Checks).
Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 5/14/08
New Formats for Cover Payments and Business Remittance Payments Announced
FedWire Funds Services and CHIPS have announced plans to implement new enhanced message formats to bring transparency to international payments and allow business remittance information to be included with wire payments. A Q&A was also released regarding the plans. New Formats; Q&A 5/14/08
SAR Activity Review Published
FinCEN has published Issue 13 of the SAR Activity Review. SAR Activity Review 5/14/08
Bernanke Discusses Liquidity
In a presentation via satellite to the participants at the Federal Reserve Bank of Atlanta Financial Markets Conference, Chairman Bernanke reviewing the principles that guide central banks' actions to support market liquidity and the liquidity measures implemented by the Federal Reserve in response to the current financial turmoil. He stated, "To date, our liquidity measures appear to have contributed to some improvement in financing markets." Speech 5/14/08
FinCEN Launches New Web Site
A new user friendly Web Site has been launched by FinCEN. Web Site 5/14/08
Consumer Services Enhanced by OTS
OTS has launched an enhanced, centralized service today for assisting customers of OTS-regulated savings institutions. Services 5/14/08
Reserve Position Report Update
Treasury has updated the U.S. International Reserve Position Report with data current as of May 9, 2008. Reserve Report 5/14/08
Posted May 13, 2008
Counterfeit Checks Special Alerts
The FDIC has issued four Special Alerts regarding counterfeit checks bearing the names of the following financial institutions:
Pine Island Bank, Pine Island, Minnesota (Counterfeit Cashier's Checks);
TrustCo Bank, Glenville, New York, (Counterfeit Official Checks);
Bank of Dudley, Dudley, Georgia (Counterfeit Cashier's Checks); and
Commercial State Bank of Waterloo, Waterloo, Illinois (Counterfeit Cashier's Checks).
Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 5/13/08
Burmese Donation Limits Removed
OFAC has removed the limit on funds that U.S. individuals are allowed to send to family and friends in Burma. Donations 5/13/08
Federal CU to Be Liquidated
NCUA has announced that Father Burke Federal Credit Union of Bronx, New York, was placed into liquidation on May 12, 2008. Liquidation 5/13/08
NCUA Releases Opinion Letters
Two opinion letters have been released by the NCUA General Counsel regarding conflict of interest under the Member Business Loan (MBL) Rule and the permissibility of borrowing funds to purchase investments. Conflict; Permissibility 5/13/08
MSB List Updated
FinCEN has updated the MSB Registration List with data current as of April 10, 2008, and contains information on 41,049 registered MSBs. List 5/13/08
FEDS Working Paper Published
A working paper in the Finance and Economics Discussion Series (FEDS) series has been published by the FRB on the topic of " The Two-Period Rational Inattention Model: Accelerations and Analyses." Abstract; Full Paper 5/13/08
Posted May 12, 2008
Burmese Sanctions Amended For Donations
OFAC has issued an amended general license under its Burmese Sanctions Regulations which allows U.S. persons to make donations in support of not-for-profit humanitarian or religious activities in Burma, subject to certain conditions. Donations 5/12/08
HUD Extends Comment Period for Proposed Rulemaking for RESPA
This notice extends the public comment period for an additional 30-day period for HUD's proposed rule entitled "Real Estate Settlement Procedures Act (RESPA); Proposed Rule
to Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs," published on March 14, 2008. The public comment period for this proposed rule is scheduled to close on May 13, 2008. HUD is extending the public comment period to June 12, 2008.TXT;
PDF 5/12/08
Arkansas Bank Closed Deposits Assumed
ANB Financial, National Association, Bentonville, Arkansas, has been closed by the OCC and the FDIC has been appointed receiver. The FDIC has announced the assumption of the insured deposits of ANB Financial by Pulaski Bank and Trust Company, Little Rock, Arkansas. OCC NR; FDIC PR 5/12/08
Application Security Bulletin Issued
The OCC has issued a Bulletin to remind national banks and their technology service providers that application security is an important component of their information security program. Bulletin 5/12/08
Myanmar Charity Scams Warning Issued
The FTC has issued a warning urging consumers to be cautious of potential charity scams in connection with the devastating cyclone in Myanmar. Scams 5/12/08
Agencies Announce Consumer Finance Policy Summit
The FDIC, FRB, OCC and OTS will sponsor the sixth annual Consumer Finance Policy Summit on June 12-14, 2008 in Cleveland, Ohio. The sessions will feature discussions regarding subprime lending; unfair and deceptive lending practices; financial education; credit scores and their impact on the cost of credit; and reaching the unbanked. Registration; OTC NR 5/12/08
May FedFocus Published
The FRB has published the May 2008 issue of FedFocus which contains articles on FedServices, Check 21, and FedACH. FedFocus 5/12/08
Posted May 9, 2008
Risk-Based Pricing Notices Regs Proposed
Regulations have been proposed by the FRB and the FTC that would require a creditor to provide a consumer with a risk-based pricing notice when, based in whole or in part on the consumer's credit report, the creditor offers or provides credit to the consumer on terms less favorable than the terms it offers or provides to other consumers. FRB PR; FTC NR; Proposal 5/09/08
Bank Examination Manual Updated
The FRB has published the April 2008 update to its Commercial Bank Examination Manual. Manual 5/09/08
Strategic Plan Released
FinCEN has released its 2008-2012 Strategic Plan. Plan 5/09/08
Posted May 8, 2008
Columbian Money Exchange Added to OFAC List
OFAC has added the name of Colombian money exchange house to the SDN List with the Colombia Kingpin Act (SDNTK) designation for acting on behalf of and materially assisting the narcotics trafficking activities of the Revolutionary Armed Forces of Colombia, a narco-terrorist group also known as the FARC. In addition, three individuals with the Colombia anti-narcotics (SDNT) designation have been removed from the list. Information regarding the addition and the deletions has been posted on the BOL OFAC page. 5/08/08
314a Fact Sheet Updated
FinCEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing With the Financial Industry Report with data current as of May 6, 2008. 314a; Sharing Report 5/08/08
FCRA and Other Acts Regulatory Bulletin
OTS has issued a Regulatory Bulletin regarding changes to the Fair Credit Reporting Act, Controlling the Assault of Non-Solicited Pornography and Marketing Act, Telephone Consumer Protection Act, and Junk Fax Prevention Act. Bulletin 5/08/08
Consumer Credit Report Released
The G.19 Consumer Credit Report for March 2008 has been released by the FRB. G.19 5/08/08
Reserve Position Update
Treasury has updated the U.S. International Reserve Position Report with data current as of May 2, 2008. Reserve Position 5/08/08
Posted May 7, 2008
CRA Rating Released
The FDIC has released the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. CRA Ratings 5/07/08
Written Agreement Announced
The FRB has announced the execution of a Written Agreement by and among Integrity Bancshares, Inc., Alpharetta, Georgia, a BHC that owns and controls Integrity Bank, Alpharetta, Georgia; the Federal Reserve Bank of Atlanta; and the Banking Commissioner of the State of Georgia. Agreement 5/07/08
Burma Relief License Issued
OFAC has issued a general license under its Burmese Sanctions Regulations that allows nongovernmental organizations to engage in not-for-profit humanitarian or religious activities in Burma more easily. License 5/07/08
FRB Publishes Rules in Federal Register
Final Rule for Extensions of Credit by Federal Reserve Banks
The Board of Governors of the Federal Reserve System (Board) has adopted final amendments to its Regulation A to reflect the Board's approval of a decrease in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each
Reserve Bank automatically decreased by formula as a result of the Board's primary credit rate action. Text;
PDF
Proposed Rule for Privacy Act Regulation
The Board of Governors of the Federal Reserve System (Board) proposes to amend its regulation implementing the Privacy Act of 1974 (Privacy Act). The primary changes concern: the waiver of copying fees charged to current and former Board employees, and applicants for Board employment, for access to their records under the Privacy Act. Text;
PDF
5/07/08
Bernanke Discusses Mortgage Delinquencies and Foreclosures
In a presentation at the Columbia Business School's 32nd Annual Dinner in New York, Chairman Bernanke offered his thoughts on mortgage markets and the recent increase in the pace of delinquencies and foreclosures. He reviewed the initiatives taken by the Federal Reserve to address the foreclosure crisis as well as other policies that might be used to strengthen mortgage and housing markets. He noted, "Doing what we can to avoid preventable foreclosures is not just in the interest of lenders and borrowers. It's in everybody's interest". Speech 5/07/08
Credit Auction Results
The Federal Reserve has announced the results of auction of $75 billion in 28-day credit held on May 5, 2008. Results 5/07/08
Posted May 6, 2008
CU Liquidated
The St. Luke Baptist Federal Credit Union of Laurelton, New York, was placed into liquidation by the NCUA on May 3, 2008. Checks will be issued within one week to members holding verified share accounts. Liquidation 5/06/08
Bank Lending Practices Survey
The results of the Senior Loan Officer Opinion Survey on bank lending practices have released by the FRB. Summary; Full Survey 5/06/08
FEDS Working Paper Published
A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Corporate Hedging, Investment and Value" has been published by the FRB. Abstract; Full Paper 5/06/08
Posted May 5, 2008
Regulators Propose Credit Card and Overdraft Rules
The FRB, OTS and NCUA have proposed to amend Reg AA, Reg Z and Reg DD to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances. Highlights; Proposal; FRB PR; NCUA PR; OTS PR; Bernanke Statement 5/05/08
CRA Ratings Announced
OTS has announced the ratings received by savings associations recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings 5/05/08
FR and European Banks Announce Liquidity Plan
The Federal Reserve, the European Central Bank, and the Swiss National Bank have announced an expansion of their respective liquidity measures. The Federal Reserve will increase its biweekly Term Auction Facility (TAF) from $50 billion to $75 billion. Liquidity 5/05/08
Countrywide Acquisition Meeting Transcript
The FRB has released the transcript of April 22, 2008 meeting on the application of Bank of America Corporation to acquire Countrywide Financial Corporation. Transcript 5/05/08
Treasury Economic Update
Treasury has issued an economic update based on data as of April 2, 2008. Update 5/05/08
Posted May 2, 2008
BSA/AML Guidance Issued
The OCC has issued three Bulletins regarding previously announced FinCEN Guidance for financial institutions concerning money laundering threats involving the Republic of Uzbekistan, the Turkish Cypriot-Administered Area of Cyprus, and Illicit Iranian Activity. Information regarding the Guidance was posted in March 21, 2008 BOL Top Stories. Uzbekistan; Cyprus; Iranian 5/02/08
FinCEN Issues Residential RE ML Report
As the result of reviewing recent SAR filings, FinCEN has issued a report regarding suspected money laundering in the residential real estate industry. Summary; Full Report 5/02/08
Burma Designations Added To OFAC List
Three entities have been added to the SDN List with the BURMA designation. Information concerning the additions has been posted on the BOL OFAC Page. 5/02/08
Written Agreement Announced
The FRB has announced the execution of a Written Agreement by and among First Bank of Snook, Snook, Texas, the Federal Reserve Bank of Dallas, and the State of Texas Department of Banking. Agreement 5/02/08
FR Price Changes Announced
FRB Financial Services has announced that beginning July 1, 2008 the Federal Reserve Banks will modify the pricing on paper forward collection and return item services as well as selected Payor Bank Services. Price Changes 5/02/08
GAO Releases HSA Report
The Government Accountability Office (GAO) has released its report on Health Savings Accounts (HSAs). The GAO examined:
participation in HSA-eligible high-deductible health plans and HSAs,
the income characteristics of HSA account holders, and
contributions made to and withdrawals made from HSAs.
HSA-eligible plans increased significantly from about 438,000 in September of 2004 to an estimated 4.5 million in January 2007. The total value of all HSA contributions reported to IRS in 2005 was about twice that of withdrawals—$754 million compared with $366 million. Among all filers reporting HSA activity in 2005, average contributions were about $2,100, compared to average withdrawals of about $1,000. The GAO report summary has more information and links to the detailed report itself. 5/02/08
Community Developments Features Preservation of Rental Housing
The OCC has published the Spring 2008 issue of Community Developments which features articles focusing on the preservation of affordable rental housing and highlights the specific activities and investments of selected national banks, nonprofit organizations and state and local government agencies. Community Developments 5/02/08
OTS Submits Comment Letter on Home Valuation Code and Agreements
A formal comment letter has been filed by OTS with Fannie Mae, Freddie Mac and the Office of Federal Housing Enterprise Oversight regarding their agreement with the New York Attorney General to establish a code of conduct for real estate appraisal practices. Comment Letter 5/02/08
Unfair and Deceptive Practices Proposals Approved
OTS And NCUA have each approved a proposal to prohibit the financial institutions that they regulate from engaging in unfair or deceptive acts or practices regarding credit cards and overdraft services that violate the Federal Trade Commission Act. OTS; NCUA 5/02/08
Stakeholder Letter Issued
The FDIC has issued a FIL regarding its First Quarter 2008 Letter to Stakeholders which reports on the regulator's activities and accomplishments during the first quarter of 2008. FIL; Letter 5/02/08
April Foreign Exchange Rates
The FRB has issued the G.5 Foreign Exchange Rates Report for April 2008. G.5 5/02/08
Posted May 1, 2008
Check 21 Operations Freeze Time Changes
The previously announced times for the May 9-10, 2008 freeze of Check 21 operations have been changed by FRB Financial Services. Freeze 5/01/08
Rates Lowered 25 Basis Points
The Federal Open Market Committee has lowered its target for the federal funds rate 25 basis points to 2 percent and the Board of Governors approved a 25-basis-point decrease in the discount rate to 2-1/4 percent. Rates 5/01/08
NCUA Proposes Rulemaking for Credit Union Service Organizations
NCUA proposes to change its credit union service organization (CUSO) rule by adding two new categories of permissible CUSO activities: Credit card loan origination and payroll processing services. The proposal would also add new examples of permissible CUSO activities within existing categories and would expand the scope of two categories of services to include persons eligible for credit union membership. TextPDF 5/01/08
Written Agreement Announced
The FRB has announced the execution of a Written Agreement by and between WSB Financial Group, Inc., Bremerton, Washington, a registered bank holding company that owns and controls Westsound Bank, Bremerton, Washington, a state nonmember bank, and the Federal Reserve Bank of San Francisco. Agreement 5/01/08
Covered Bonds Policy Statement
The FDIC has issued a FIL announcing a final interim policy statement on the treatment of "covered bonds" in the event that the issuing insured depository institution is placed into FDIC receivership or conservatorship. FIL; Statement 5/01/08
FEDS Working Paper Published
A working paper in the Finance and Economic Discussion Series (FEDS) on the subject of "Nested Simulation in Portfolio Risk Measurement" has been published by the FRB. Abstract; Full Paper 5/01/08
Survey of Foreign Holdings of U.S. Securities
The final results from the survey of foreign portfolio holdings of U.S. securities as of June 30, 2007 have been released. Foreign Holdings 5/01/08
Reserve Position Update
Treasury has updated the U.S. International Reserve Position Report with data current as of April 25, 2008. Position 5/01/08
