Entities and Individuals Added to OFAC List
OFAC has announced sanctions against two entities and two individuals that contribute to the undermining of democratic processes and institutions in Zimbabwe. Their names have been added to the SDN List with the ZIMBABWE designation. Information concerning the additions has been posted on the BOL OFAC page. 1/31/08
Rates Lowered Again
The FRB has announced that the Federal Open Market Committee (FOMC) has lowered its target for the federal funds rate 50 basis points to 3 percent. In a related action, the Board of Governors unanimously approved a 50-basis-point decrease in the discount rate to 3-1/2 percent. Rates 1/31/08
FRB Publishes 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. TXT; PDF 1/31/08
Enforcement Actions Released
The FDIC has released a list of 17 orders of administrative enforcement actions taken against banks and individuals in November 2007. The actions included two cease-and-desist orders; six removal and prohibition orders; four civil money penalties; one voluntary termination of insurance; and four terminations of cease-and-desist orders. Actions 1/31/08
USA PATROIT Act Section 312 Guidance Issued
FinCEN has issued an interpretative guidance to clarify how rules implementing section 312 of the USA PATRIOT Act (the correspondent account rule) apply to a covered financial institution presenting a negotiable instrument for payment to another financial institution. Section 312 1/31/08
TBAC Minutes Released
The minutes of the January 29, 2008 meeting of the Treasury Borrowing Advisory Committee (TBAC) of the Securities Industry and Financial Markets Association have been released. Minutes 1/31/08
2008 CU Workshop Schedule Released
The NCUA has released schedule of 20 training workshops hosted by the Office of Small Credit Union Initiatives in cities across the country in 2008. Schedule 1/31/08
IFDP Working Papers Published
The FRB has published two working papers in the International Finance Discussion Paper (IFDP) series on the topics of "Measuring U.S. International Relative Prices: A WARP View of the World" and "International Competition and Inflation: A New Keynesian Perspective." Measuring Abstract; Measuring Full Paper; International Abstract; International Full Paper 1/31/08
Posted January 30, 2008
Communication of Examination/Inspection Findings SR Issued
The FRB has issued a supervisory (SR) letter to the officer in charge of supervision and the appropriate supervisory and examination staff of each Federal Reserve Bank regarding the communication of examination/ investigation findings to directors and senior management of the examined institution. SR 1/30/08
NCUA Proposes Rulemaking for Mergers, Conversion From Credit Union Charter, and Account Insurance Termination
NCUA is considering whether to issue regulations to govern merger of a federally insured credit union (FICU)into or a FICU's conversion to a financial institution other than a mutual savings bank (MSB). It is also considering amending its regulations regarding mergers, charter conversions, and changes in account insurance to address various issues these transactions present that affect member rights and ownership interests. TXT; PDF 1/30/08
Credit Auction Results Announced
The Federal Reserve has announced the results of auction of $30 billion in 28-day credit held on January 28, 2008. Auction 1/30/08
Posted January 29, 2008
Counterfeit Cashier's Checks Alert
The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of First Keystone National Bank, Berkwick, Pennsylvania. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 1/29/08
$15 Million CMP for AML Program Deficiencies
FinCEN has announced an assessment of $15 million civil money penalty (CMP) against a California money services business (MSB) for violations of the Bank Secrecy Act (BSA) resulting from deficiencies in its anti-money laundering (AML) program. CMP 1/29/08
Fraudulent Regulatory Agency Issuances Alert
An alert has been issued by the OCC regarding reports from the Florida Office of Financial Regulation that fraudulent letters appearing to be sent from that office to financial institutions are currently in circulation. Alert 1/29/08
HMDA Exemption Threshold Final Rule
The OCC has issued a Bulletin contain a Final Rule regarding the Home Mortgage Disclosure Act (HMDA) exemption threshold for depository institutions under Reg. C. Bulletin 1/29/08
The Quarterly Review Of Interest Rate Risk Published
OTS has published the Third Quarter 2007 issue of The Quarterly Review of Interest Rate Risk which features an article on FAS 157. Quarterly Review 1/29/08
January 2008 FedFocus Published
FRB Financial Services has published the January 2008 issue of FedFocus which features a preview of 2008 and the technologies to watch along with a Special Payments Study Supplement. FedFocus 1/29/08
First and Second Quarter 2008 Market Financing Estimates Announced
Treasury has announced its market financing estimates for the first and second quarters of 2008. Estimates 1/29/08
Reserve Position Update
The U. S. International Reserve Position Report has been updated by Treasury to include data current as of January 25, 2008. Update 1/29/08
Posted January 28, 2008
Counterfeit Official Checks Special Alert
The FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of First Chicago Bank & Trust, Itasca, Illinois. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page. 1/28/08
DBA Transactions CTR Ruling Clarified
FinCEN has issued an administrative ruling to clarify the CTR filing obligations when reporting transactions involving entities operating under a DBA name. Ruling 1/28/08
Missouri Bank Closed and Deposits Assumed
The OCC has announced that Douglass National Bank, Kansas City, Missouri, has been closed and the FDIC has been appointed receiver. The FDIC then announced the approval of the assumption of all the deposits by Liberty Bank and Trust Company, New Orleans, Louisiana. Closed; Assumption 1/28/08
30 Billion Credit Auction
The Federal Reserve will offer $30 billion in 28-day credit through its term auction facility on January 28, 2008. Auction 1/28/08
Electronic Check Presentment and Image Information Service Announced
The FRB Financial Services has announced that beginning February 25, 2008, Federal Reserve Banks will offer an electronic check and image information service for FedReceipt Plus electronic receivers. Service 1/28/08
FASB Interpretation Issued
The FFIEC has issued an update to FASB Interpretation N. 48 on uncertain tax positions to Forms 031 and 041. Interpretation; Form 031; Form 041 1/28/08
Asset & Liability Price Tables Released
The OTS has released the 4th Quarter 2007 Asset & Liability Price Tables. Tables 1/28/08
Posted January 25, 2008
Counterfeit Cashier's Checks Alert Issued
The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Fort Sill National Bank, Fort Sill, Oklahoma. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 1/25/08
Enforcement Actions Released
The FRB has released one order of administrative enforcement action against a bank for flood penalties. This is detailed on the BOL Flood Penalties Watch. page. 1/25/08
Order of Prohibition Announced
The FRB has announced that an order of prohibition has been issued against a former vice president, loan officer, and institution-affiliated party of Coconut Grove Bank, Miami, Florida, in connection with his activities as a lending officer with respect to the Bank's dealer-referred subprime automobile lending program. Order 1/25/08
Pandemic Flu Exercise Detailed Results Released
Treasury, the Financial Services Sector Coordinating Council for Critical Infrastructure Protection and Homeland Security (FSSCC), and the Financial and Banking Information Infrastructure Committee (FBIIC) have released in-depth results regarding the financial services sector participation in the Pandemic Flu Exercise conducted September 24 and October 12, 2007. Financial Services Results 1/25/08
Online Credit Card Marketer Pays $2.2 Million
An online operation marketing Visa- and MasterCard-branded prepaid debit cards to subprime consumers has agreed to pay $2.2 million to settle FTC charges that it made unauthorized debits from consumers' bank accounts and engaged in deceptive marketing practices. Settlement 1/25/08
CU Assumption Announced
NCUA has announced the selection of the bid of Public Service Credit Union of Denver, Colorado, to purchase the assets and assume the shares of Norlarco Credit Union of Ft. Collins, Colorado. Assumption 1/25/08
FR Bulletin Statistical Supplement Issued
The FRB has issued the December 2007 Statistical Supplement to the Federal Reserve Bulletin. Supplement 1/25/08
International Reserve Position Update
Treasury has updated the U.S. International Reserve Position Report with data current as of January 18, 2008. Reserve Position 1/25/08
Posted January 24, 2008
Special Alerts Issued
The FDIC has issued four Special Alerts regarding counterfeit checks bearing the name of the following institutions:
Lee Bank, Lee, Massachusetts (Counterfeit Checks);
The Stephenson National Bank and Trust, Marinette, Wisconsin (Counterfeit Cashier's Checks);
First Federal Bank of the Midwest, Defiance, Ohio (Counterfeit Cashier's Checks);
Jourdanton State Bank, Jourdanton, Texas (Counterfeit Cashier's Checks).
Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 1/24/08
Examination Issues Webinar Scheduled
The NCUA will conduct on Tuesday, January 29th, 2008, a free webinar that will discuss the key examination issues for 2008. The session will focus on the practical implications of the recently released Letter to Credit Unions on Evaluation Third Party Relationships and address strategic planning considerations for management and boards of directors. Webinar 1/24/08
New Electronic Interpretations and Actions Announced
The OCC has announced and posted online the January 2008 issue of New Electronic Interpretations and Actions. New 1/24/08
Posted January 23, 2008
FOMC Lowers Rates
The FRB has announced that the Federal Open Market Committee (FOMC) has lowered its target for the federal funds rate 75 basis points to 3-1/2 percent. Rates 1/23/08
Community Bank Directors Workshop Scheduled
The OCC has scheduled a workshop for new national community bank directors at the Arizona Biltmore Resort in Phoenix, February 25-27, 2008. The workshop, "A New Director's Challenge: Mastering the Basics," which will provide practical information that expands bank directors' understanding of issues facing their banks. Registration is available online and is limited to 50 participants. Workshop; Registration 1/23/08
Posted January 22, 2008
Assets Reports Released
The FRB has released the 3.12 U.S. Assets Report and the 3.13 Foreign Assets Held at Federal Reserve Banks reports for November 2007. Reports 1/22/08
Six FEDS Working Papers Published
The FRB has published six working papers in the Finance and Economic Discussion Series (FEDS) has been published on the following topics:
Explaining a Productive Decade;
Two Pitfalls of Linearization Methods;
Bank Core Deposits and the Mitigation of Monetary Policy;
Stability of Risk Preference;
Nominal Mortgage Contracts and the Effects of Inflation on Portfolio Allocation; and
Continuous Time Extraction of a Nonstationary Signal with Illustrations in Continuous Low-pass and Band-pass Filtering.
CRA Ratings Released
The OCC has released the ratings received by twenty-six national banks recently evaluated for compliance with the CRA. Rating 1/18/08
SDNTs Removed From OFAC List
Treasury has announced that thirteen previously designated SDNTs have been removed from the OFAC SDN list. Information regarding the removed names has been posted on the BOL OFAC list. 1/18/08
Bernanke's Economic Outlook
In testimony before the House Budget Committee, FRB Chairman Bernanke discussed his outlook on the economy. He noted that incoming information has suggested that the baseline outlook for real activity in 2008 has worsened and that the downside risks to growth have become more pronounced. He indicated that the Federal Reserve has taken a number of steps to help markets return to more orderly functioning and to foster its economic objectives of maximum sustainable employment and price stability. Testimony 1/18/08
Bair Discusses The Economy
In a presentation at the Bear Stearns Mortgage and Structured Product Conference, FDIC Chairman Bair discussed the impact mortgage-backed securities and subprime mortgages have on the economy. She noted the subprime mortgage turmoil is a major cause of the current problems. Over the next two years through the end of 2009, nearly 2 million subprime borrowers are facing resets to much higher rates. She stated the lack of reliable information to adequately assess the risks of the underlying assets structured-credit products is also a major problem. Speech 1/18/08
IFDP Working Papers Published
The FRB has published three working papers in the International Finance Discussion Papers series on the following topics:
India's Future: It's About Jobs;
The Stambaugh Bias in Panel Predictive Regressions; and
Testing for Cointegration Using the Johansen Methodology when Variables are Near-Integrated.
February HOEPA Rates Established
The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in February, 2008, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15 1/17/08
TIC Data Released
Treasury has released the Treasury International Capital (TIC) data for November 2007. TIC 1/17/08
Posted January 16, 2008
Fictitious Checks Alerts Issued
The OCC has issued two Alerts regarding fictitious checks issued in the name of the following national banks are being presented for payment:
.First National Bank, Spearman, Texas (Fictitious Official Checks); and
Simmons First National Bank, Pine Bluff, Arkansas (Fictitious Cashier's Checks).
Information concerning the fictitious checks has been posted on the BOL Alerts & Counterfeits page. 1/16/08
Kingpin Designations Added To OFAC List
OFAC has announced the designation of six individuals and one entity under the provisions of the Kingpin Act and added their names to the SDN list with the specifically designated narcotics trafficker (SDNTK) descriptor. Information regarding the new additions has been posted on the BOL OFAC page. 1/16/08
2008 HMDA and CRA Data Entry Software Available
The free FFIEC CRA and HMDA Data Entry Software, version 2008 for CY 2008 data due March 1, 2009, is only available by DOWNLOAD from the FFIEC web site. Software 1/16/08
Key Examination Issues Webinar Registration Opens
NCUA has announced that the registration for its Tuesday, January 29, 2008 webinar entitled "Key Examination Issues for 2008: Evaluation of 3rd Party Relationships and Strategic Planning" is now open. Registration 1/16/08
Proposed Form Changes Posted
The FFIEC has posted online the initial Federal Register notice of proposed changes to Form 002 and 002s. The comment period ends March 15, 2008. Notice 1/16/08
Credit Auction Results Announced
The Federal Reserve has announced the results of auction of $30 billion in 28-day credit held on January 14, 2008. Auction 1/16/08
Cost of Funds Reports Updated
OTS has updated the Historical and Current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports with data current as of December 31, 2007. Historical; Current 1/16/08
Posted January 15, 2008
Counterfeit and Fraudulent Checks Special Alerts
The FDIC has issued four Special Alerts regarding counterfeit and fraudulent checks bearing the name of the following institutions:
Pacific Western Bank, San Diego, California (Counterfeit Cashier's Checks);
American National Bank & Trust Wisconsin, Cuba City, Wisconsin (Fraudulent Traveler's Checks);
Huntington State Bank, Huntington, Texas (Counterfeit Cashier's Checks); and
First Federal Bank, Harrison, Arkansas (Counterfeit Cashier's Checks).
Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page. 1/15/08
Enforcement Actions Announced
The OCC has released a list of four new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Actions 1/15/08
$10,000 CMP Paid
OFAC has announced that a civil money penalty in the amount of $10,000 has been paid by BB&T Corporation, a financial holding company headquartered in Winston-Salem, North Carolina, to settle an alleged violation of Global Terrorism Sanctions Regulations by permitting an ACH debit against an account held for a Specially Designated Global Terrorist (SDGT). CMP 1/15/08
23A Exemption Granted
The FRB has released a letter to a financial holding company containing a legal interpretation granting an exemption from section 23A of the Federal Reserve Act and Regulation W in order that an owned national bank subsidiary, may acquire all the shares of an affiliate. Letter 1/15/08
Large Bank Failure Regulations Proposed
The FDIC has issued a FIL regarding a proposing a two-part rulemaking relating to the potential failure of an FDIC-insured depository institution. Comment are due by April 14, 2008. FIL 1/15/08
New Routing Numbers Announced
FRB Financial Services has announced that new FedReceipt routing numbers will be effective January 28, 2008. New Routing Numbers 1/15/08
Community Bank Directors Workshops Announced
The OCC has announced the schedule of its 2008 workshops for community bank directors. Schedule 1/15/08
Oklahoma Quarter Information Released
Information is not available regarding the availability of the new Oklahoma State quarter. Oklahoma 1/15/08
International Reserve Position Updated
Treasury has updated the U.S. International Reserve Position Report with data current as of January 11, 2008. Reserve Position 1/15/08
Posted January 14, 2008
Counterfeit Checks and Money Orders Special Alerts
The FDIC has issued six Special Alerts regarding counterfeit checks and money orders bearing the name of the following institutions:
Machias Savings Bank, Machias, Maine (Counterfeit Treasurer Checks);
New Windsor State Bank, New Windsor, Maryland (Counterfeit Cashier's Checks);
Lake Forest Bank and Trust Company, Lake Forest, Illinois (Counterfeit Cashier's Checks);
Benjamin Franklin Bank, Franklin, Massachusetts (Counterfeit Money Orders);
New Century Bank South, Fayetteville, North Carolina (Counterfeit Official Checks); and
Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 1/14/08
OFAC CMPs Announced
The civil money penalties (CMPs) recently assessed against entities and individuals for violations of OFAC regulations regarding various sanctions programs have been announced by OFAC. One financial institutions was listed. A $10,000 fine was assessed alleging that BB&T permitted an ACH Debit against an account held for a SDGT. CMPs 1/14/08
Proposed and Final Rules Issued
OTS has issued a final rule regarding prohibited service at savings and loan holding Companies extension of the expiration date of a temporary exemption; a proposed rule regarding procedures to enhance the accuracy and integrity of information furnished to consumer reporting agencies under of the FACT Act; and final rules regarding expanded examination cycle for certain small insured depository institutions and U.S. branches and agencies of foreign banks. Prohibited Service; Procedures to Enhance; Expanded Exam Cycle 1/14/08
FDIC Publishes Final Interim Rule in FR for Deposit Insurance Requirements
The FDIC is amending certain regulations in order to conform them to certain Federal statutes recently amended by the Financial Services Regulatory Relief Act of 2006, the Federal Deposit Insurance Reform Act of 2005, and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005. TXT; PDF 1/14/08
FDIC Proposes Rulemaking for Processsing of Deposit Accounts
The FDIC is seeking comment on a proposed rule composed of two parts. The first part would establish the FDIC's practice for determining deposit account balances at a failed insured
depository institution. The second part would require the largest insured depository institutions to adopt mechanisms that would, in the event of the institution's failure: provide the FDIC with standard deposit account and customer information; and allow the FDIC to place and release holds on liability accounts, including deposits. TXT; PDF 1/14/08
$30 Billion Credit Auction Scheduled
The Federal Reserve will offer $30 billion in 28-day credit through its term auction facility on January 14, 2008. Auction 1/14/08
Posted January 11, 2008
SDGT Added To OFAC List
Treasury has designated an entity as a Specially Designated Global Terrorist (SDGT) and added the name to the SDN List. Information regarding the addition has been posted on the BOL OFAC page. 1/11/08
Bernanke Discusses Financial Markets, Economic Outlook, and Monetary Policy
In a presentation at the Women in Housing and Finance and Exchequer Club Joint Luncheon in Washington, D.C., FRB Chairman Bernanke presented his views on the financial market, the economic outlook and the monetary policy. He discussed the FRB's response to the issues of housing, the subprime mortgage market, and the current financial turmoil. Speech 1/11/08
Loan Modification and Voluntary Deposit Insurance Discussed
The Third Quarter 2007 issue of FDIC Quarterly has been published and features articles on the analytical case for a systematic and streamlined loan modification process that will help avert foreclosure for borrowers who are current on their loans, but who cannot refinance or afford the higher payments when interest rates reset; and report the results of a congressionally mandated study on the feasibility of establishing a voluntary deposit insurance system for deposits exceeding the maximum amount of FDIC insurance. FDIC Quarterly 1/11/08
Consumer CRA Credit Freezes Input Sought
The FTC is seeking comments on the impact and effectiveness of credit freezes as part of a multi-pronged approach to combat identity theft. Once a consumer initiates a credit freeze with a CRA, the freeze prevents that CRA from releasing a consumer report (i.e., a credit report) about that consumer unless the consumer temporarily lifts or permanently removes the freeze. Credit Freezes 1/11/08
OCC 2007 Annual Report Released
The OCC has released its Annual Report for fiscal year 2007. Annual Report 1/11/08
Posted January 10, 2008
Al-Zawra and Four Individuals Added To OFAC List
Treasury has designated four individuals and one entity under Executive Order 13438 for threatening the peace and stability of Iraq and the Government of Iraq. The names of the individuals and the entity, the Syria-based Al-Zawra television station, have been added to the SDN List with the Iraq3 designation. Information regarding the additions has been posted on the BOL OFAC page. 1/10/08
Counterfeit Cashier's Checks Special Alert
The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Bank of Astoria, Astoria, Oregon. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 1/10/08
CRA Ratings Released
The FDIC has released the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings 1/10/08
Permissible Activities Final Rule
OTS has issued a Final Rule and a correction page regarding the permissible activities of savings and loan holding companies. Final Rule; Correction 1/10/08
International Reserve Position Updates
The U.S. International Reserve Position for the weeks ending December 21, and 28, 2007, January 4, 2008 have been released by Treasury. December 21; December 28; January 4 1/10/08
2008 CAC Appointments Announced
The FRB has announced the appointment of the members and leadership of the 2008 Consumer Advisory Council (CAC). Appointments 1/10/08
Posted January 9, 2008
Special Alerts Issued
The FDIC has issued three Special Alerts regarding stolen and counterfeit checks in addition to counterfeit money orders bearing the name of the following institutions:
Pacific National Bank, San Francisco, California (Stolen Official Checks);
C-Plant Federal Credit Union, Paducah, Kentucky (Counterfeit Cashier's Checks); and
East West Bank, Pasadena, California (Counterfeit Money Orders).
Information concerning the stolen and counterfeit items has been posted on the BOL Alerts & Counterfeits page. 1/09/08
FRB Proposed Rulemaking for Truth in Lending (Reg Z)
The Board proposes to amend Regulation Z, which implements the Truth in Lending Act and Home
Ownership and Equity Protection Act. The goals of the amendments are to protect consumers in the mortgage market from unfair, abusive, or deceptive lending and servicing practices while preserving responsible lending and sustainable homeownership; ensure that advertisements for mortgage loans provide accurate and balanced information and do not contain misleading or deceptive representations; and provide consumers transactionspecific disclosures early enough to use while shopping for a mortgage. TXT; PDF 1/09/08
Written Agreement Announced
The FRB has announced the execution of a Written Agreement by and among Southern Bank of Commerce, Paragould, Arkansas, the Federal Reserve Bank of St. Louis, and the Arkansas State Bank Department. Written Agreement 1/09/08
FinCEN Issues MSB Ruling
A ruling has been issued by FinCEN regarding whether or not a publicly traded company that cashes its own checks issued to loan customers is a money services business (MSB). Ruling 1/09/08
Discount Rate Meetings Minutes Released
The FRB has released the minutes of its discount rate meetings from November 5 through December 11, 2007. Minutes 1/09/08
Consumer Credit Report Issued
The FRB has issued the November 2007 G.19 Consumer Credit Report. G.19 1/09/08
Posted January 8, 2008
Special Executive Briefing on New ID Theft/Credit Rules
BOL's January 7, 2008, Executive Briefing includes summaries by BOL Guru Lucy Griffin of three recently finalized FACT Act rules on Red Flag Guidelines, Address Changes, and Affiliate Marketing. 1/08/08
If you are looking for an updated Reg CC calendar, Rescission Calendar or HOEPA analysis spreadsheet, we have them for you. You can find links to these and more Tools under the New Developments section of the BankersOnline homepage. 1/07/08
FRB Publishes Technical Amendments 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 Utica office of the Federal Reserve Bank of New York and reassign the
Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland and the head office of the Federal Reserve Bank of Philadelphia.TXT; PDF 1/08/08
Posted January 7, 2008
Counterfeit Checks Special Alerts Issued
The FDIC has issued five Special Alerts regarding counterfeit cashier's and teller's checks bearing the name of the following institutions:
The Bank of Elk River, Elk River, Minnesota (Counterfeit Cashier's Checks);
The Old Point National Bank of Phoebus (The Old Point National Bank), Hampton, Virginia (Counterfeit Cashier's Checks);
Federated Bank, Onarga, Illinois (Counterfeit Cashier's Checks);
Connecticut State Employees' Credit Union, Inc. (CSE Credit Union, Inc.), Hartford, Connecticut (Counterfeit Teller's Checks) and;
American Bank, Allentown, Pennsylvania (Counterfeit Cashier's Checks).
Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 1/07/08
CRA Ratings Released
OTS has released the ratings received by savings associations recently evaluated for compliance with the CRA. Ratings 1/07/08
BHC Change in Control Legal Interpretation Released
The FRB has released a legal interpretation that a proposal by a banking holding company (BHC) to create an employee stock ownership trust holding shares of the BHC would not cause the BHC to lose certain grandfather rights under section 4(f) of the BHC Act. Interpretation 1/07/08
OCC Revises Licensing Manual
The Investment in Subsidiaries and Equities booklet in the OCC Licensing Manual series has been revised to include clarification of the OCC's authority in regards to offshore subsidiaries and the repeal of certain geographic limits for bank service companies. Licensing Manual 1/07/08
Treasury Issues Economic Update
Treasury has issued its first economic update of 2008. Update 1/07/08
January Auctions Announced
The Federal Reserve has announced that it will conduct two auctions of $30 Billion of 28-day credit through its term auction facility on January 14 and 28, 2008. Auctions 1/07/08
National Housing Forum Transcript Released
OTS has released the transcript of the National Housing Forum held at the National Press Club in Washington, D.C. on December 3, 2007. Transcript 1/07/08
Posted January 4, 2008
Enforcement Actions Released
The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in October 2007. Six actions were flood penalties, detailed on the BOL Flood Penalties Watch page. Actions 1/04/08
Posted January 3, 2008
Reg CC Amendments Announced
The FRB has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the check processing operations of the Federal Reserve Banks of New York, Philadelphia, and Cleveland, and provided notice relating to future changes to Appendix A. Amendments 1/03/08
Licensing Manual Revised
The OCC has revised the "Charters" booklet of the Licensing Manual series contains several revisions including streamlined application requirements and clarification of capital considerations. Charters 1/03/08
FOMC Minutes Released
The FRB has released the minutes of the Federal Open Market Committee (FOMC)from the meeting held on December 11, 2007 and of a conference call held on December 6, 2007. Minutes 1/03/08
Foreign Exchange Rates Reports Issued
The FRB has issued the 2007 Annual and December 2007 Monthly G.5 Foreign Exchange Rates Reports. Annual; December 1/03/08
New Electronic Interpretations and Actions Announced
The December 2007 issue of New Electronic Interpretations and Actions has been posted online by the OCC. December Issue 1/03/08
FDIC Proposes Rulemaking for Minority and Women Outreach Program Contracting
This proposal would amend existing FDIC regulations regarding the FDIC's contracting activities under its Minority and Women Outreach Program (MWOP). TXT; PDF 1/03/08
Posted January 2, 2008
January Issue FedFlash Published
FRB Financial Services has published the January 1, 2008 issue of FedFlash. The issue features articles regarding a change to the FedFlash distribution schedule, a new $5 bill, and 2008 seasonable credit applications. FedFlash 1/02/08
OTS Publishes Technical Amendments The Office of Thrift
Supervision (OTS) is amending its regulations to incorporate a number of technical and conforming amendments. They include clarifications and corrections of typographical errors.TXT; PDF 1/02/08
