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Posted January 31, 2012
  • $2.5 Million Settlement for Time-Barred Debt Collection
    A consumer debt buyer has agreed to pay a $2.5 million civil penalty to settle Federal Trade Commission charges that it made a range of misrepresentations when trying to collect old debts. In addition, the company agreed to tell consumers whose debt may be too old to be legally enforceable that it will not sue to collect on that debt. The FTC alleged the company violated the FTC Act, the Fair Debt Collection Practices Act, and the Fair Credit Reporting Act.

  • Image-Enabling Savings Bond Processing Information
    FRB Financial Services has posted information regarding the transition from EZ Clear to image-enabled savings bond processing, which is expected to begin in the second quarter 2012.

  • Marketable Borrowing Estimates
    Treasury has announced its estimates of net marketable borrowing estimates for the first and second quarters of 2012.

  • Bank Lending Survey Results
    The results of the January 2012 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released by the FRB.

  • NCUA Regs Under Review
    The NCUA has posted a list of regulations which it will review in 2012 and on which it is currently requesting public comment regarding substance and wording.

  • NCUA on YouTube
    The NCUA has announced the release of the first in a regular series of videos by its Office of the Chief Economist (OCE) on the NCUA You Tube channel. The series is designed to inform credit unions and the public about economic developments affecting the credit union industry and the overall economy.

Posted January 30, 2012
Posted January 27, 2012
  • Anti-Terrorism OFAC Designations and Change
    Three individuals have been designated as Specially Designated Global Terrorists (SDGTs) and their names added to the SDN List. The data regarding a previously designated SDGT has also been changed. Information regarding these actions has been posted in a BOL OFAC Update.

  • Notice of Prohibition Issued
    The NCUA has issued a Notice of Prohibition that prohibits a former employee of a Kansas credit union from participating in the affairs of any federally insured financial institution.

  • Bernanke to Offer Lectures
    The Federal Reserve Board has announced that Chairman Bernanke will deliver a series of lectures to students of the George Washington University School of Business. The lectures on "The Federal Reserve and its Role in Today’s Economy" are scheduled for March 20, 22, 27 and 29, 2012 and will begin at 12:45 pm ET. Online viewing will be available to the public.

  • SRAC Meets
    The second meeting of the Systemic Resolution Advisory Committee (SRAC) was held on January 25, 2012. The FDIC created the advisory committee after the passage of the Dodd-Frank Act to provide advice and recommendations on a broad range of issues relevant to the failure and resolution of a systemically important financial company. A webcast of the meeting is available.

  • NCUA Board Meeting Results
    The results of the January 26, 2012 meeting of the NCUA Board have been posted online.

  • FTC to Host Mobile Payments Workshop
    A workshop will be hosted by the FTC in Washington, D.C. on April 26, 2012 to examine the use of mobile payments in the marketplace and how this emerging technology impacts consumers. The workshop is free and open to the public.

  • G.20 Finance Companies Report
    The November 2011 G.20 Finance Companies Owned and Managed Receivables Report has been released by the Federal Reserve Board.

Posted January 26, 2012
  • CFPB Announces ROAM
    The CFPB has issued a Press Release to announce the creation of the Repeat Offenders Against Military (ROAM) database, a joint project with state Attorneys General and the Department of Defense to combat scams directed at servicemembers, veterans, and their families.

  • TARP SBA Program Ends
    Treasury has announced the final disposition on January 24, 2012 of securities within its SBA 7(a) Securities Purchase Program, which was launched as part of the TARP.

  • FOMC Statement Strategy and Projections
    The Federal Reserve Board has issued the statement, economic projections, long range goals and policy strategy resulting from the January 24-25, 2012 meeting of the Federal Open Market Committee (FOMC).

  • Financial Holding Company List Update
    The list of bank holding companies that have elected to become or to be treated as financial holding companies (FHCs) as of January 25, 2012 has been released by the Federal Reserve Board.

  • FDIC Directory Update
    The FDIC Directory and Office Contacts webpage has been updated with information current as of January 25, 2012.

Posted January 25, 2012
  • CFPB Begins Testing Disclosure Prototypes
    The CFPB has announced in its Blog its testing in Philadelphia of how two new closing disclosure prototypes (“Butternut Bank” and “Hemlock Bank”) will work with the current application disclosure prototype (“Honeylocust Bank”). It is also seeking input from the public via posted comments to the blog or email at

  • Walsh Discusses Securitization and Derivatives
    In a presentation at the American Securitization Forum Annual Conference in Las Vegas, Acting Comptroller Walsh discussed the role of securitization in the economy and the risks associated with derivatives.

  • 314(a) Update
    FinCEN has updated the 314(a) Fact Sheet with data current as of January 24, 2012.

Posted January 24, 2012
  • Banks Added To OFAC List
    The designation of Iran’s third largest bank as a NPWMD for providing financial services to other banks and firms involved with the proliferation of weapons on mass destruction (WMD) has been announced by the Treasury Department. With this designation, twenty-three Iranian-linked financial institutions, including all of Iran’s largest state-owned banks, have been sanctioned by the U.S. based on their involvement in Iran’s illicit activities. A bank in Belarus was also designated. Information regarding both banks has been posted in a BOL OFAC Update.

  • FTC and CFPB Execute MOU
    The Federal Trade Commission and the Consumer Financial Protection Bureau have announced the execution of a memorandum of understanding (MOU) to coordinate efforts to protect consumers and avoid duplication of federal law enforcement and regulatory efforts by the two agencies.

  • OCC Posts Stress Test Proposal
    The Comptroller of the Currency has published a proposed rule [TXT; PDF] that would implement § 165(i) of the Dodd-Frank Act by requiring national banks and federal savings associations with total assets of more than $10 billion to conduct an annual stress test. Comments on the proposal are due by March 26, 2012.

Posted January 23, 2012
  • Bureau Announces Foreign Remittance Rules
    The Consumer Financial Protection Bureau has announced that it has approved a final rule to amend Regulation E to protect consumers who send money electronically to foreign countries. These transactions are called “remittance transfers.” The new rules take effect in January 2013 (one year from publication). The amendments were originally proposed by the Federal Reserve Board, but authority to issue rules implementing the Electronic Fund Transfer Act was transferred to the Bureau under the Dodd-Frank Act. The Bureau will also issue a proposal seeking comment on whether certain adjustments should be made to the final rule, including setting a threshold that would minimize the impact of the rule on community banks, credit unions, and other companies that do not normally process these transactions. Pending publication, the Final Rule and Proposal are available on the Bureau’s website.

  • Enforcement Actions Released
    The OCC has released the list of enforcement actions recently taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. Included were Civil Money Penalties (CMP) of $40,415 for two flood violations. Information regarding the CMPs have been posted on the Flood Penalties Watch page.

  • FDIC Publishes "Living Will" Rule
    The FDIC has published a Final Rule [TXT; PDF] on Resolution Plans Required for Insured Depository Institutions with $50 Billion or More in Total Assets. This "living will" requirement will replace a January 1, 2012 Interim Final Rule on April 1, 2012.

  • Proposed Annual Stress Test Rule Published
    The FDIC also published a proposed rule [TXT; PDF] for comment that would implement the requirements in Section 165(i) of the Dodd-Frank Act (the "Dodd-Frank Act") regarding stress tests. The rule would require state nonmember banks and state savings associations supervised by the FDIC with total consolidated assets of more than $10 billion to conduct annual stress tests, report the results of those tests to the FDIC and the Board of Governors of the Federal Reserve System, and publish a summary of the results of the tests. Comments are due by March 23, 2012.

  • Three Banks Closed All Deposits Assumed
    The FDIC has announced the closing and assumption of all deposits of Central Florida State Bank, Belleview, FL; First State Bank, Stockbridge, GA; and American Eagle Savings Bank, Boothwyn, PA.

  • FOMC Projection Templates Released
    Blank templates have been released by the FRB showing the format of the two charts that will used to report Federal Open Market Committee (FOMC) participants' projections of the appropriate target federal funds rate.

Posted January 20, 2012
  • Bureau Spotlights Payday Lending Initiative
    The Consumer Financial Protection Bureau (“Bureau”) drew attention to its efforts to better understand the payday lending market with an announcement about a January 19, 2012 field hearing in Birmingham, Alabama. A Bureau Blog post invited comments from the public about payday lending experiences and announced the release of the Bureau’s procedures for examining bank and non-bank institutions offering short-term small-dollar loans.

  • Guatemalan Drug Trafficker and Associates Added To OFAC List
    OFAC has announced the designation of a Guatemalan national and three individuals and four entities connected to his drug trafficking and money laundering organization as Specially Designated Narcotics Traffickers (SDNTs) and added their names to the SDN List. Information regarding the additions has been posted in a BOL OFAC Update.

  • Written Agreement Executed
    The execution of a Written Agreement with Tennessee Central Bancshares, Inc. has been announced by the Federal Reserve Board.

  • OCC Schedules Florida Workshop
    The OCC will host a workshop for directors of nationally chartered community banks and federal savings associations in Fort Lauderdale, Florida on February 27-29, 2012.

  • NCUA Board Meeting Agenda
    The agenda for the January 26, 2012 meeting of the NCUA Board has been posted.

Posted January 19, 2012
  • Court Freezes Telemarketer’s Assets
    A U.S. district court has acted upon a request of the FTC and frozen the assets of a telemarketing operation that allegedly charged consumers hundreds of dollars based on bogus promises to either provide them with low-interest credit or refund their money, according to an FTC press release.

  • Check Platform Modernization Initiative Report Federal Reserve Financial Services has issued a status report on the implementation of an initiative to modernize its check processing platform.

  • FINRA Fines Citigroup Global Markets $725K
    The Financial Industry Regulatory Authority (FINRA) has announced that it has fined Citigroup Global Markets, Inc. $725,000 for failing to disclose certain conflicts of interest in its research reports and research analysts' public appearances.

  • Regulators Testify on Volcker Rule
    Acting Controller Walsh, Acting Chairman Gruenberg, and FRB Governor Tarullo gave testimony regarding the Volcker Rule before two subcommittees of the House Committee on Financial Services.

  • OCC Announces Hearing Regarding C&D and $100,000 CMP
    The OCC has announced a public hearing concerning a personal cease and desist order and a $100,000 civil money penalty (CMP) proceeding against a Texas bank’s former president and chief executive officer charged with engaging in unsafe or unsound practices, regulatory violations, and breaches of fiduciary duty.

  • November 2011 TIC Data
    Treasury has released the Treasury International Capital (TIC) data for November 2011.

  • G.17 Industrial Production Report
    The December 2011 G.17 Industrial Production and Capacity Utilization Report has been posted by the Federal Reserve Board.

Posted January 18, 2012
  • 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 2012 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release that 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. Since January 15, 2012 was a Sunday, use the rate on January 13, 2012, the business day immediately preceding the 15th.

  • FDIC January 2012 Board Meeting
    The link to the video recording of the January 17, 2012 meeting of the FDIC Board has been posted online.

  • Final Large Bank Resolution Plans Rule Approved
    The FDIC has announced its approval of the final rule requiring resolution plans for insured depository institutions over $50 billion.

  • Stress Testing Proposal For Large Banks
    A Press Release has been issued by the FDIC regarding Board approval of a notice of proposed rulemaking that would require certain large insured depository institutions to conduct annual capital adequacy stress tests.

  • OFAC Financial Symposium
    OFAC will host a Financial Industry Symposium on March 20, 2012 in Washington, D.C. Registration closes January 20, 2012.

  • Written Agreement Executed
    The FRB has announced the execution of a Written Agreement with Southwest Florida Community Bancorp, Inc., Fort Myers, Florida.

  • Cost of Funds Reports
    The November 2011 cost of funds reports have been released by the OCC.

Posted January 17, 2012
  • CFPB To Open OMWI
    An entry has been posted on the CFPB Blog announcing the agency’s establishment of the Office of Minority and Women Inclusion (OMWI) effective January 20, 2012.

  • NMLS Announces Ombudsman Meeting
    An open meeting with the NMLS Ombudsman will held on February 6, 2012, in Scottsdale, AZ prior to the NMLS Annual Conference. Conference registration is not required. More information is available on the NMLS’s Ombudsman page.

  • FEDS Working Paper
    A Working Paper in the Finance and Economics Discussion Series (FEDS) on the topic of “Using Policy Intervention to Identify Financial Stress” has been published by the Federal Reserve Board.

  • January 2012 FedFlash
    Federal Reserve Bank Services has posted the January 2012 issue of FedFlash, which features articles regarding upcoming FedLine user authentication enhancements, a check adjustment tip, new FedReceipts RTNs, and a new RSS feed.

Posted January 13, 2012
  • Interest Rate Risk FAQs
    OCC Bulletin 2012-5 and FDIC FIL-2-2012 have been issued to announce the interagency publication of FAQs to clarify points in the 2010 Interagency Advisory on Interest Rate Risk Management.

  • Treasury Adds Iran Sanctions
    Treasury has updated its notice regarding implementation of certain sanctions under the Iran Sanctions Act of 1996. Three entities designated by the Secretary of State were added to the list. U.S. financial institutions are barred from making loans or providing credits totaling more than $10,000,000 in any 12-month period to any person on the list unless the person is engaged in activities to relieve human suffering and the loans or credits are provided for such activities. The persons on the list are not necessarily Specially Designated Nationals or Blocked Persons under OFAC sanctions programs.

Posted January 12, 2012
  • CFPB Posts Mortgage Origination Exam Procedures
    The Consumer Financial Protection Bureau has added an entry to its Guidance Documents page to announce the Bureau's Mortgage Origination Examination Procedures. The procedures would apply to entities examined by the Bureau, which includes financial institutions with over $10 billion in assets and non-bank entities such as mortgage brokers and mortgage lenders not subject to examination by other federal bank regulators.

  • Beige Book Update
    The Federal Reserve Board has updated the Beige Book with data current as of December 30, 2011.

  • SIP Sale Winning Bidder
    The FDIC has announced the winning bidder in its third sale in the Small Investor Program (SIP).

  • Matz and Cordray To Host Webinar
    The NCUA has announced that Chairman Matz will host a free town hall meeting webinar with CFPB Director Cordray on February 8, 2012. Participants will be able to submit questions on any topic relating to the credit union industry or the CFPB.

  • Prohibition Order Issued
    The NCUA has issued an order prohibiting a former credit union employee from participating in the affairs of any federally insured financial institution.

Posted January 11, 2012
  • Mexican Drug Lord Associates Added to OFAC List
    OFAC has designated three individuals with ties to Sinaloa Cartel leader Joaquin Guzman Loera (a.k.a. Chapo Guzman) as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Several SDN listings were also removed by OFAC. Information regarding the individuals and the removals has been posted in a BOL OFAC Update.

  • Term Deposit Auction Results
    The Federal Reserve has announced the results of the auction of $3 billion in 238-day term deposits held on January 9, 2012.

  • Written Agreement Announced
    A Written Agreement with Gold Canyon Bank, Gold Canyon, AZ has been announced by the FRB.

  • Justice: Helping Prevent Foreclosure
    The Justice Department Blog features a January 10, 2012 entry announcing the release of a report on foreclosure mediation programs that have grown out of a March 2011 HUD/Justice workshop.

  • FDIC Board Meeting Notice
    A Notice of the January 17, 2012, meeting of the FDIC Board of Directors has been published.

  • Minutes of Discount Rate Meetings Posted The minutes of the discount rate meetings held by the FRB from November 21 through December 12, 2011 have been released.

  • 314(a) Fact Sheet
    FinCEN has updated the 314(a) Fact Sheet with data current as of January 10, 2012.

  • Fed Surplus for 2011 Pegged at $76.9 Billion
    The Federal Reserve Board has announced that it estimates that approximately $76.9 billion of the 2011 net earnings of the Federal Reserve System will be transferred to the U.S. Treasury.

Posted January 10, 2012
Posted January 9, 2012
  • PA CU Placed into Conservatorship
    The NCUA has placed into conservatorship and assumed control of service and operations of People for People Community Development Credit Union, Philadelphia, PA, a state-chartered, federally insured credit union.

  • Bureau Mortgage Complaint System
    The Consumer Financial Protection Bureau announced in a recent Blog entry that its system for accepting, forwarding and following up on consumer mortgage complaints has been activated.

  • Rescission of OTS Documents and Transmittal Letters
    The OCC has issued Bulletins 2012-2 and 2012-3 announcing the rescission of specified OTS documents and transmittal letters.

  • NCUA Report
    The NCUA has published the January 2012 NCUA Report which highlights important Board actions and key issues of interest to credit union volunteers and management.

  • FHC List Updated
    The Federal Reserve Board has updated its list of bank holding companies that have elected as of January 4, 2012 to become or be treated as financial holding companies (FHCs).

Posted January 6, 2012
  • Reactivating Lapsed NMLS Federal Registrations
    The NMLS (Registry) has posted instructions for reactivation of lapsed federal registrations for institutions that failed to complete the renewal process by December 31, 2011.

  • Al-Qaeda Unit Designated
    The Al-Qaeda Kurdish Battalion (AQKB) has been designated as a SDGT and added to the SDN List. Information regarding the designation has been posted in a BOL OFAC Update.

  • FTC Stops Unauthorized Debits of Deposits
    The FTC has announced a settlement which bans a payment processor and its principals from using remotely created payment orders to debit consumer deposit accounts without consent. [Complaint; Settlement]

  • January FedFocus
    Federal Reserve Financial Services has published the January 2012 issue of FedFocus, which features articles on the shift in strategy by FedCash Services to support new technology, changes to the $1 coin program, and tips for accessing FRB online events.

  • CRA Ratings
    The FDIC has posted a list of state nonmember banks recently evaluated for compliance with the CRA and the ratings they received.

  • FinCEN Annual Report
    FinCEN has issued its fiscal year 2011 Annual Report.

  • CFPB Launches Nonbank Supervision Program
    The CFPB Blog announced the expansion of the regulator’s bank supervision program to nonbanks.

Posted January 5, 2012
  • Cordray Receives Recess Appointment
    The White House has issued a Press Release announcing five recess appointments including the controversial naming of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB). Cordray commented on his appointment in the CFPB Blog.

  • Reg Z Exam Procedures Revised
    Consumer Affairs letter CA 11-8 has been issued by the Federal Reserve Board to announce the approval of updated interagency examination procedures for Reg Z – Truth in Lending.

  • Proposed FRB Reg YY Published
    The Fed has published its previously announced proposed rule [Reg YY—Text; PDF] that would implement the enhanced prudential standards and the early remediation requirements required to be established under the Dodd-Frank Act. Comments are requested by March 31, 2012.

  • $3 Billion Term Deposit Offering
    The Federal Reserve has issued a Press Release announcing the January 9, 2012 offering of $3 billion in 28-day term deposits through its Term Deposit Facility.

  • Housing Market White Paper
    The Fed has also issued and delivered to the Senate a white paper, “The U.S. Housing Market; Current Conditions and Policy Considerations.”

  • Independent Foreclosure Review Ads
    The OCC has announced its distribution to newspapers and radio stations of and radio public service spot advertisements to increase awareness of the Independent Foreclosure Review.

  • NCUA Implements GAO CU Recommendations
    A Press Release has been issued by the NCUA concerning recommendations contained in the Government Accountability Office (GAO) report on credit unions.

  • CFPB Bulletin – Supervisory Authority and Confidential Info
    Bulletin 12-01 has been issued by the CFPB regarding its supervision authority and treatment of confidential supervisory information.

Posted January 4, 2012
  • FOMC Minutes
    The minutes of the November 28 and December 13, 2011 meetings of the Federal Open Market Committee (FOMC) have been released by the FRB.

  • Foreign Exchange Rates
    The Federal Reserve Board has published the January 3, 2012, G.5A annual and G.5 monthly foreign exchange rates reports.

  • Call Report Reminder FIL
    The FDIC has issued FIL-1-2012 reminding financial institutions that the Consolidated Reports of Condition and Income (Call Reports) for the December 31, 2011 report date must be received by Monday, January 30, 2012.

Posted January 3, 2012
  • Enforcement Actions Released
    The FDIC has released a list of 72 orders of administrative enforcement action taken against banks and individual in November 2011. Among them are three HMDA violations resulting in Civil Money Penalties (CMPs) of $21,500 and one flood violation garnering a $2,695 CMP. Information regarding the CMPs has been posted on the BOL HMDA Heaven and Flood Penalties Watch pages.

  • NMLS Renewal Period Ends
    The NMLS has issued a notice that the annual MLO registration renewal period for 2011 has ended.

  • New Currency Budget
    The Federal Reserve Board has issued a notice of its approval of the 2012 new currency budget.

  • Impact of Defining Mutual Funds as FIs
    FinCEN has published an assessment of the impact of amendments to regulations defining mutual funds as financial Institutions (FIs).

  • Comment Deadline Extended
    The OCC, FRB, FDIC and SEC have published a notice [TXT; PDF] extending to February 13, 2012 the comment deadline on their joint notice of proposed rulemaking for public comment to implement section 619 of the Dodd-Frank Act, which contains certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund.

  • Treasury Proposes Assessment Rule
    The Department of the Treasury has published a proposed rule [TXT; PDF] to implement Section 155 of the Dodd-Frank Act, which directs the Department to establish by regulation an assessment schedule for bank holding companies with total consolidated assets of $50 billion or greater and nonbank financial companies supervised by the FRB to collect assessments equal to the total expenses of Treasury's Office of Financial Research. Comments are due by March 5, 2012.

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