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NEW ON BOL
Weekly Banker Briefing 2/28/11
Flood CMPs 17, $80K, FDIC, OCC, FRB, OTS    02/25/11
HMDA CMPs 9, $95K 02/25/11
OFAC Update 02/25/11
Alphabet Soup Garnishment Reg! 02/23/11
Two NEW SAFE Act Tools 2/17/11
Security Blog - Bad Mock Robbery 2/14/11
BSA Penalties List-New $8MM CMP 2/11/11
NEW Flood Insurance Forum 1/10/11
Alerts & Counterfeits 1/3/11
SPECIAL BRIEFINGS
Tech Talk: A new bank trojan,
   Skimming 101, and more 2/25/11
Security Spotlight: Taxing scams
   training outside the box, and more 2/3/11

Posted February 28, 2011
  • Libyan Government and Gaddafi Family Assets Blocked
    The President has signed an Executive Order blocking property and prohibiting certain transactions related to Libya. Five members of the Gaddafi family were added to the SDN List. Information regarding the Executive order and the additions to the SDN List have been posted on the BOL OFAC Page.

  • HMDA And Flood CMPs
    Civil Money Penalties (CMPs) of have of $95,150 been announced by the FDIC for nine HMDA violations and a total of $50,898 for nine flood violations. Information regarding the CMPs has been posted on the BOL HMDA Heaven and Flood Penalties Watch pages.

  • Closed Bank's Assets Assumed
    Valley Community Bank, St. Charles, IL, was closed by the Illinois Department of Financial and Professional Regulation – Division of Banking, which appointed the FDIC as receiver. First State Bank, Mendota, IL, has assumed all but some brokered deposits.

  • January Enforcement Actions
    A list of 61 orders of administrative enforcement actions taken against banking and individuals in January 2011 has been released by the FDIC.

  • FHC List Update
    The FRB has updated its list of bank holding companies that have elected to become or be treated as financial holding companies (FHCs) as of February 24, 2011.

  • FEDS Working Paper
    A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of “What Drives Matching Efficiency? A Tale of Composition and Dispersion” has been published by the FRB.
Posted February 25, 2011
  • FinCEN’s Chapter X Updated
    FinCEN published a technical amendment to its new Chapter X of Title 31 of the CFR, to complete its transfer and reorganization of regulations currently in 31 CFR Part 103. The amendment is effective March 1, 2011 (when Part 103 is removed and Chapter X is activated), and adds recent Part 103 changes to the new Chapter. TXT; PDF


  • Updated Notices Due Monday
    Monday, February 28, 2011, is the deadline for updating lobby and website notices concerning temporary unlimited FDIC deposit insurance on noninterest-bearing transaction accounts. The notices, required by § 330.16(c)(1) of the FDIC Deposit Insurance Regulations (12 CFR Part 330), were updated to reflect the inclusion of Interest on Lawyer Trust Accounts (IOLTAs) in the definition of noninterest-bearing transaction accounts.

  • FDIC Posts Large Bank Assessments Rule
    The Final Rule [TXT; PDF] for implementing Dodd-Frank Act deposit insurance assessment requirements has been published in the Federal Register. The rule modifies the definition of an institution’s deposit insurance assessment base; changes the assessment rate adjustments; revises the deposit insurance assessment rate schedules in light of the new assessment base and altered adjustments; implements Dodd-Frank’s dividend provisions; and revises the large insured depository institution assessment system to better differentiate for risk and better take into account losses from large institution failures that the FDIC may incur.

  • Anti-Terrorism Designations Announced
    Treasury has announced the designation of a Greek organization as a SDGT and made a change in the identification data of an existing individual SDNTK designation. Information concerning the new designation and the change have been posted on the BOL OFAC Page.

  • Consumer Advisory - Avoiding Mortgage and Foreclosure Scams
    The OCC has issued a Consumer Advisory, CA-2011-1, containing information for consumers on avoiding mortgage modification scams and foreclosure rescue scams. The advisory describes common foreclosure scams, suggests ways homeowners can avoid them, outlines new federal rules to protect homeowners from such schemes, and lists 10 warning signs homeowners can use to identify foreclosure scams.

  • FDIC Consumer News
    The FDIC has issued a Press Release containing an overview of the topics found in the Winter 2010/11 edition of the FDIC Consumer News, which include tips on organizing and simplifying finances, small business loans, new internet frauds, and unlimited insurance for noninterest-bearing transaction accounts.

  • ComE-IN Meeting Agenda
    The agenda of the March 2, 2011 meeting of the FDIC Advisory Committee on Economic Inclusion (ComE-IN) has been announced in an FDIC Press Release. A link to the live Webcast was provided.

Posted February 24, 2011
  • Reg Z Final and Proposed Escrow Rules
    The FRB has issued a Press Release announcing a final rule amending Reg Z by implementing a provision of the Dodd-Frank Act that increases the annual percentage rate (APR) threshold used to determine whether a mortgage lender is required to establish an escrow account for property taxes and insurance for first-lien “jumbo” mortgage loans. The Fed also requested public comment on a proposed rule that would amend Reg Z to expand the minimum period for mandatory escrow accounts for first-lien, higher-priced mortgage loans from one to five years, and longer under certain circumstances, such as when the loan is delinquent or in default. The proposal would also implement new disclosure requirements concerning escrows as requjired by the Dodd-Frank Act. The Notices for the final rule, the proposed rule, and a Summary of Findings on Design and Testing of Escrow Disclosures were also published.

  • Iranian Officials Get OFAC Designation
    The U.S. Departments of the Treasury and State on February 23 announced the designation of two Iranian officials, Abbas Jafari Dolatabadi, Tehran Prosecutor General, and Mohammed Reza Naqdi, commander of the IRGC’s Basij Forces, for being responsible for or complicit in serious human rights abuses in Iran since the June 2009 disputed presidential election. The Treasury Department’s Press Release provides additional background on Dolatabadi and Naqdi.

  • Narcotics Kingpin Designations Added
    The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced on February 23 the designation of Colombian national Jorge Milton Cifuentes Villa (a.k.a. Elkin de Jesus Lopez Salazar) and more than 70 individuals and entities in Cifuentes Villa’s drug trafficking and money laundering organization as Specially Designated Narcotics Traffickers (SDNTs). For background on the action, review the Treasury Department’s Press Release. BOL’s OFAC Page has been updated with more information on both this action and the designation of Iranian officials.

  • Regs on Reports of Foreign Financial Accounts Amended
    FinCEN has published in the Federal Register a Final Rule [TXT; PDF] to amend the Bank Secrecy Act (BSA) regulations regarding reports of foreign financial accounts. The rule addresses the scope of the persons that are required to file reports, specifies the types of accounts that are reportable, and provides filing relief in the form of exemptions for certain persons with signature or other authority over foreign financial accounts. Finally, the rule adopts provisions intended to prevent persons subject to the rule from avoiding their reporting requirement. The rule is effective 3/28/11 and first affects reports required to be filed by 6/30/11 on foreign accounts maintained in calendar year 2010.

  • Update to Change in Specially Designated Nationals (SDN) List Data Files
    A planned change to the City field width in its SDN data files must be amended, according to an update from OFAC. An earlier announcement said the field is being expanded to 112 characters. The actual change will expand the field to 116 characters. The release of the updated files is now scheduled for on or about April 14, 2011. The updated specification for the SDN data files is found HERE.

  • NCUA Publishes Ruling and Statement on Corporate CUs
    The National Credit Union Administration (NCUA) has published a final Interpretive Ruling and Policy Statement (IRPS) [TXT; PDF] setting forth the requirements and process for chartering corporate Federal credit unions.

  • Spanish Version of FFIEC BSA/AML Exam Manual
    The FDIC, FRB and OCC have made available a Spanish language version of the 2010 Federal Financial Institutions Examination Council’s Bank Secrecy Act/Anti-Money Laundering Examination Manual.

  • Insured Institutions Earn $21.7 Billion
    The FDIC has issued a Press Release announcing that commercial banks and savings institutions that it insures reported an aggregate profit of $21.7 billion in the fourth quarter of 2010 and a full-year profit of $87.5 Billion. More detailed information is found in the Quarterly Banking Profile.

  • 314(a) Fact Sheet Update
    FinCEN has updated the 314(a) Fact Sheet with data current as of February 22, 2011.

Posted February 23, 2011
  • Garnishment Rules Published
    The Office of Personnel Management, Railroad Retirement Board, Social Security Administration, U.S. Treasury Fiscal Service, and Department of Veterans Affairs (the Agencies) published an Interim Rule [TXT; PDF] and request for comment on Garnishment of Accounts Containing Federal Benefit Payments. The rule, which is effective May 1, 2011, establishes procedures that financial institutions must follow when they receive a garnishment order against an account holder who receives certain types of Federal benefit payments by direct deposit. The rule requires financial institutions that receive such a garnishment order to determine the sum of such Federal benefit payments deposited to the account during a two month period, and to ensure that the account holder has access to an amount equal to that sum or to the current balance of the account, whichever is lower. The rule adopts the Agencies’ April 19, 2010 proposal, with a number of changes. Comments are due by May 24, 2011.

  • Flood CMP Issued
    The OCC has issued a Ciovil Money Penalty of $1,200 for a Flood Insurance violation. Information regarding the CMP has been posted to BOL’s Flood Penalties Watch page.

  • Elder Financial Exploitation Advisory and New SAR Term
    FinCEN has issued Advisory 2011-A003 to help financial institutions spot and report on activities involving elder financial exploitation. The advisory discusses signs that abuse may be occurring and specifically asks financial institutions to include the term “Elder Financial Exploitation” in filings of SARs.

  • Four Written Agreements Announced
    The FRB has announced the execution of Written Agreements with the following:
  • Discount and Advance Rates Unchanged
    The FRB has released the minutes of its discount rate meeting on January 24, 2011.

  • CFPB On the CARD Act’s First Anniversary
    The Consumer Finance Protection Bureau (CFPB) has posted on its blog a discussion of the Credit Card Accountability, Responsibility, and Disclosure Act (the CARD Act); Special Advisor Warren’s remarks at a CFPB conference; and a Factsheet on the first year under the Act.

  • FEDS Working Paper
    A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of “Liquidity Problems and Early Payment Default Among Subprime Mortgages” has been published by the FRB.

  • Charge-Off and Delinquency Rates
    The Fourth Quarter 2010 Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks Report has been released by the FRB.

  • 2010 FRB Payment Systems Report
    The FRB has issued the 2010 Payment System Report containing statistics on currency and coin in circulation, and costs involved in issuing and distributing it.

  • Farmland Values Symposium Announced
    The FDIC has issued a Press Release announcing that it will host a half-day symposium on March 10, 2011, at the FDIC’s facilities in Arlington, VA to discuss issues associated with escalating farmland values over the previous decade. The symposium is free, but pre-registration is required and space is limited.

  • FinCEN Releases Community Banks and Credit Unions Outreach Report
    FinCEN has released a report “Outreach to Depository Institutions with Assets Under $5 Billion,” regarding the findings of its Outreach Initiative to smaller depository institutions. The report’s findings are based on information gathered from FinCEN’s individual visits and town hall style meetings with more than 70 depository institutions including credit unions and community banks.

  • America Saves Week
    Consumers are being called upon by the FDIC during America Saves Week, February 20-27, 2011, to build savings by taking advantage of ways to automatically save money, reduce debt and build wealth. Information about FDIC and OCC savings related resources and a YouTube video of Chairman Bair discussing America Saves Week are available.

Posted February 22, 2011
  • Ansari Money Exchange Tagged under Kingpin Act
    A U.S. Department of Treasury Press Center Release on Friday said that OFAC was designating the New Ansari Money Exchange a major money laundering vehicle for Afghan narcotics trafficking organizations, along with 15 affiliated individuals and entities under the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Information regarding the new listings has been posted on the BOL OFAC Page.

  • Enforcement Actions Released
    The OCC has released information on new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.

  • March HOEPA Rates Set
    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in March 2011 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, 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.

  • Four Banks Closed Deposits Assumed
    The following four banks have been closed by their primary regulators and the FDIC appointed receiver:
  • Credit and Liquidity Programs and the Balance Sheet Report
    The FRB has released the February 2011 Monthly Report on Credit and Liquidity Programs and the Balance Sheet.

  • CFPB Headquarters
    Treasury has issued a Press Release announcing the future permanent headquarters of the Consumer Financial Protection Bureau (CFPB) will be located at 1700 G Street, NW in Washington, DC, which happens to be the current address of the OTS. Read more about it in the CFPB Blog.

  • Bernanke Discusses the Global Economy
    In a presentation at the Banque de France Financial Stability Review Launch Event in Paris, Chairman Bernanke discussed global imbalances links to economic and financial stability.

  • IFDP Working Paper Released
    A working paper in the International Finance Discussion Papers (IFDP) series on the topic of “International Capital Flows and the Returns to Safe Assets in the United States, 2003-2007” has been released by the FRB.

Posted February 18, 2011
  • Iranian Bank Added to NPWMD and IFSR Program Lists
    Treasury has designated Bank Refah, Tehran, Iran, as a proliferator of weapons of mass destruction (NPWMD), for facilitating millions of dollars of weapons-related purchases by the Iranian military and payments to businesses and individuals linked to Iran’s weapons-related procurement. Identifying information for Bank Refah has been posted on the BOL OFAC Page.

  • CU Placed Into Conservatorship
    NCUA has assumed control of operations at Greensburg Community Federal Credit Union of Greensburg, PA.

  • Written Agreement Executed
    The execution of a Written Agreement with Westside Banking Company, University Place, WA, has been announced by the FRB.

  • 2011 Survey of Finance Companies Underway
    Chairman Bernanke has sent a letter to approximately 2,500 companies urging their participation in the 2011 Survey of Finance Companies, the results of which will be published in the Federal Register.

  • Walsh and Bair On Dodd-Frank Implementation
    In testimony to the Senate Committee on Banking, Housing, and Urban Affairs, Acting Comptroller Walsh and Chairman Bair discussed the implementation of the Dodd-Frank Act.

  • NCUA Board Meeting Results
    The results and matters considered at the February 17, 2011 meeting of the NCUA Board have been released.

Posted February 17, 2011
  • Redesigned IT Examination Handbook InfoBase Launched
    The FFIEC has issued a Press Release announcing the launch of the redesigned IT Examination Handbook InfoBase, the primary distribution method for the IT Examination Handbook.

  • FinCEN Egypt Advisory
    FinCEN has issued Advisory FIN-2011-A002 reminding U.S. financial institutions to take reasonable risk-based steps with respect to the potential increased movement of assets that may be related to the situation in Egypt as the Egyptian government goes through a period of transition.

  • Special Measures Rule Proposed
    The Notice of Proposed Rulemaking (NPR) previously announced by FinCEN (see February 11, 2011 Top Stories) has been published in the Federal Register. The NPR would prohibit U.S. financial institutions from opening or maintaining correspondent or payable-through accounts for the Lebanese Canadian Bank SAL as a Financial Institution of Primary Money Laundering Concern. [TXT; PDF]

  • FOMC Minutes Released
    The minutes of the January 25-26, 2011, meeting of the Federal Open Market Committee (FOMC) have been released by the FRB.

  • CDIAC Members and Leadership Announced
    The FRB announced the members, president and vice president of the Community Depository Institutions Advisory Council (CDIAC), which replaces the Thrift Institutions Advisory Council and will provide input to the Board on the economy, lending conditions, and other issues.

  • CAC Meeting Scheduled
    The FRB has issued a Notice of Meeting of the Consumer Advisory Committee (CAC) for Thursday, March 10, 2001, in the Board’s Martin Building in Washington, D.C. The meeting is open to the public; however, for security purposes anyone planning to attend should register online no later than Tuesday, March 8, 2001.

  • Industrial Production and Capacity Utilization Report
    The G.17 Industrial Production and Capacity Utilization Report for January 2011 has been issued by the FRB.

Posted February 16, 2011
  • Flood CMPs
    Civil Money Penalties (CMPs) of $31,555 have been announced by the FRB and OTS for seven flood violations. Information regarding the CMPs has been posted on the BOL Flood Penalties Watch page.

  • Enforcement Actions Announced
    The FRB has announced the issuance of:
  • Fraudulent Email Consumer Alert
    The FDIC has issued a Consumer Alert regarding fraudulent emails that appear to be sent from the FDIC. The subject line of the e-mail states: "Important information for depositors of Federal Deposit Insurance Corporation.” The e-mail informs recipients that “this message was sent to you as you had indicated this e-mail address as a contact, by opening an account in your bank department.”

  • Credit Union Closed
    NCUA has placed Family First Federal Credit Union of Orem, Utah, into liquidation and Security Service Federal Credit Union of San Antonio, TX, has purchased and assumed Family First’s assets, liabilities and members.

  • TIC Data Released
    Treasury has released the Treasury International Capital (TIC) data for December 2010.

  • NMLS Terms of Use Updated
    A change has been made to Section 4(H) of the National Mortgage Licensing System and Registry (Registry) Industry Terms of Use to provide clarification to a change made on January 31, 2011. The Industry Terms of Use must be agreed to by all users of the Registry, including lending institutions and licensed or registered mortgage loan officers. A redline version is available.

  • February FedFlash Online
    Federal Reserve Financial Services has posted online the February 2011 issue of FedFlash.

  • FedComplete Packages Announced
    A Press Release issued by Federal Reserve Financial Services announces that, beginning April 1, 2011, the Federal Reserve Banks will offer FedComplete Packages, all-electronic service options that bundle payment services with an access solution for one monthly fee.

  • OCC Workshops for Financial Institution Directors
    The OCC will host workshops covering risk assessment and credit risk for directors of nationally chartered community banks and federal savings associations in Little Rock, Arkansas, on April 5-6, 2011.

  • Cost of Funds Reports Released
    OTS has released the current and historical Cost of Funds Reports.

  • Award for Serving Low and Moderate Income Consumers
    The FDIC has announced a new Chairman’s Award for Excellence to recognize and honor the work of individuals or small groups at FDIC-insured financial institutions who are instrumental in creating and promoting programs that meet the credit and deposit needs of low- and moderate-income consumers.

Posted February 15, 2011
  • FFIEC Announces Call Report Revisions
    The FDIC has issued FIL-9-2010 to circulate an FFIEC announcement of revisions to the reporting requirements for the Consolidated Reports of Condition and Income (Call Report). These revisions will take effect with the March 31, 2011 Call Report.

  • Deletion and File Spec Change for OFAC SDN List
    OFAC has announced the deletion of an existing NPWMD entry from the SDN list. It also issued a reminder that on or about March 14, 2011, the width of the "City" field in the SDN address data files will be expanded from 50 characters to 112 characters. Details are included in a BOL OFAC Update.

  • De Novo Interstate Branching SR Letter
    SR Letter 11-3 has been issued by the FRB regarding the Dodd-Frank Act modification of federal law to allow, as of July 22, 2010, a state member bank to open an initial branch in a host state by establishing a de novo branch at any location at which a bank chartered by the host state could establish a branch.

Posted February 14, 2011
  • Zion’s FNB Hit with $8 Million CMP
    The OCC and FinCEN announced Friday that the agencies had issued concurrent $8 million consent civil money penalty (CMP) orders against Zion’s First National Bank, Salt Lake City, UT, in connection with findings that the bank had inadequate AML monitoring and SAR filing policies and procedures for casa de cambio (CDC) customers, as well as for remote deposit capture and wire transfer activity of the CDCs, from 2006 through 2008, when the bank exited the business of banking CDCs. BOL’s BSA/AML Penalties page provides an overview of, and links to, each of the agencies’ Orders.

  • Friday Finish for Four FIs
    Four financial institutions were closed Friday by their respective regulators. The FDIC, as receiver of each institution, announced that all of the deposits of the following were assumed:
  • FDIC Names CFI and DCP Leadership Staff
    The FDIC has announced the hiring of additional key leadership staff for the Office of Complex Financial Institutions (CFI) and the Division of Depositor and Consumer Protection (DCP), both of which organizations have just begun formal operations, according to the FDIC’s Press Release.

  • FDIC’s Irvine Temporary Office to Close
    The FDIC’s Irvine, CA temporary satellite office for receivership management and asset liquidation will close at the end of its three-year authorization period. An FDIC Press Release announced that the office will be shuttered by January 13, 2012, based on workload projections. The FDIC said it is monitoring the workload at two similar satellite offices in Jacksonville, FL and Schaumberg, IL.

  • Reg. Y “Volcker Rule” Amendment Published
    The Fed has published a final rule [TXT; PDF] amending Regulation Y to implement the conformance period during which banking entities and nonbank financial companies supervised by the Board must bring their activities and investments into compliance with the prohibitions and restrictions on proprietary trading and relationships with hedge funds and private equity funds imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). Section 619 is commonly referred to as the “Volcker Rule.”

  • IFDP Working Paper Published
    A working paper in the International Finance Discussion Papers (IFDP) series on the topic of “Nonlinearities in the Oil Price-Output Relationship” has been published by the FRB.

Posted February 11, 2011
  • Lebanese Canadian Bank—Primary ML Concern
    FinCEN has announced a finding pursuant to the provisions of Section 311 of the USA PATRIOT Act that the Lebanese Canadian Bank is a financial institution of primary laundering concern. A Notice of Proposed Rulemaking has been issued that would impose special measures prohibiting U.S. financial institutions from opening or maintaining correspondent or payable-through accounts for the bank. FinCen also released a Fact Sheet with an overview of Section 311.

  • FDIC Proposed Deposit Insurance Training Rule Published
    The FDIC has published in the Federal Register its previously announced Notice of Proposed Rulemaking [TXT; PDF] that would mandate training of selected bank personnel on, and make other amendments to, the agency’s deposit insurance regulations. See the Top Stories for February 8, 2011 for more information.

  • FRB Proposed Rule Published
    The FRB has also published a previously announced proposed rule [TXT; PDF] in the Federal Register. The proposed Regulation Y amendment would (1) establish the criteria for determining whether a company is “predominantly engaged in financial activities” and (2) define the terms “significant nonbank financial company” and “significant bank holding company” for purposes of the Dodd-Frank Act.

  • FRB Enforcement Actions Announced
    The FRB has announced the execution of a Prompt Corrective Action Directive with Community Banks of Colorado, Greenwood Village, CO; and a Written Agreement with Financial Services of St. Croix Falls, Inc., St. Croix Falls, WI.

  • Financial Holding Company List Update
    The list of bank holding companies that have elected as of February 10, 2011, to become or be treated as financial holding companies has been released.

  • Regulatory Bulletins Issued
    The OTS has issued Regulatory Bulletin 37-68 regarding examination scheduling, scoping, and management ratings; and Regulatory Bulletin 37-69 regarding one-to four-family residential real estate lending.

  • Money Smart Curriculum Updated
    A Press Release from the FDIC announced the release of an updated and enhanced version of the agency’s Money Smart financial education curriculum for young adults.


Posted February 10, 2011
  • OFAC Targets Al Qa’ida and Taliban Support Networks
    In a Press Center Release dated February 9, 2011, Treasury announced that the Office of Foreign Assets Control (OFAC) has targeted the financial and support networks of al-Qa’ida, the Taliban and the Haqqani Network leadership by designating Said Jan ’Abd Al-Salam and Khalil Al-Rahman Haqqani, two Afghan individuals, as Specially Designated Global Terrorists (SDGTs) under Executive Order (E.O.) 13224. BOL has posted an OFAC Update listing the additions and other SDN changes recently made by OFAC.

  • Fed Finalizes Rule for Volcker Rule Period
    The Federal Reserve Board announced its approval of a final rule to implement the provisions of the Dodd-Frank Act that give banking firms a period of time to conform their activities and investments to the prohibitions and restrictions of the so-called Volcker Rule.

  • FILs issued
    The FDIC released FIL-6-2011, announcing approval of a notice of proposed rulemaking (NPR) that would require FDIC-provided training of select customer contact personnel; FIL-7-2011, announcing the FDIC Board’s approval of an interagency NPR that would strengthen the incentive compensation practices at financial institutions with total assets of $1 billion or more; and FIL-8-2011, on the Board’s adoption of a final rule relating to FDIC insurance assessments. Each of the Board’s actions was reported in BOL’s February 8, 2011 Top Stories.

  • Bernanke Budget Committee Testimony
    In testimony before the House Committee on the Budget, Chairman Bernanke discussed his views on the economic outlook, monetary policy, and fiscal policy.

  • 314(a) Fact Sheet Updated
    FinCEN has updated the 314(a) Fact Sheet with data current as of February 8, 2011.

  • FDIC Directory Updated
    The FDIC Organizational Directory and Office Contacts webpage has been updated with data current as of February 9, 2011.

Posted February 9, 2011
  • Fed Proposes Dodd-Frank Reg Y Amendments
    The FRB has requested comment on proposed amendments to Reg Y that (1) establish the criteria for determining whether a company is “predominantly engaged in financial activities” and (2) define the terms “significant nonbank financial company” and “significant bank holding company” for purposes of the Dodd-Frank Act.

  • Written Agreement Executed
    The execution of a Written Agreement with BankVest, Inc., Castle Rock, CO has been announced by the FRB.

  • Auction Results
    The FRB has announced the results of the auction of $5 billion in 28-day term deposits held on February 7, 2010.

  • Directors of Community Banks Workshop Scheduled
    The OCC will host a “Mastering the Basics” workshop in Indianapolis on March 28-30, 2011, geared primarily for directors of national community banks and federal savings associations with assets of less than $1 billion. Online registration is available.

  • New Jersey Severe Weather FIL
    FIL-5-2011 has been issued by the FDIC to announce a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of New Jersey affected by a severe winter storm.

Posted February 8, 2011
  • Assessments Final Rule
    The FDIC has approved a final rule on assessments, dividends, assessment base and large bank pricing which implements changes to the deposit insurance assessment system mandated by the Dodd-Frank Act and revises the assessment system applicable to large banks to eliminate reliance on debt issuer ratings.

  • Proposal Would Mandate FDIC Insurance Training
    The FDIC has issued a Notice of Proposed Rulemaking (NPR) intended to improve consumer awareness of deposit insurance. The proposed rule would require certain bank staff to receive annual training on the basic principles of deposit insurance coverage with the FDIC providing the materials—a computer-based module—with no recordkeeping required of the insured institution. The rule would limit the required training to those employees who open accounts or are authorized by the bank to answer deposit insurance questions. Comments on the proposal will be due within 60 days of publication in the Federal Register.

  • Agencies to Propose Limits on Incentive-Based Compensation
    The FDIC yesterday approved a joint proposed rulemaking to be issued by the federal financial regulators, the SEC and the Federal Housing Finance Agency to implement the provisions Dodd-Frank which prohibit incentive-based compensation arrangements that encourage inappropriate risk taking by covered financial institutions and are deemed to be excessive, or that may lead to material losses. The proposal will not be published until it has been approved by each of the agencies involved.

  • CRA Ratings Released
    The OTS has released the ratings received by savings associations that were recently evaluated for compliance with CRA.

  • December Consumer Credit Report
    The G.19 Consumer Credit Report for December 2010 has been released by Treasury.

  • Public Offering of Wintrust Warrants
    Treasury has announced the commencement of a public offering of warrants to purchase common stock of Wintrust Financial Corporation.

Posted February 7, 2011
  • Three Banks Closed – All Deposits Assumed
    The FDIC has announced the closing of American Trust Bank, Roswell, GA; North Georgia Bank, Watkinsville, GA; and Community First Bank, Chicago, IL by their primary regulators, and the assumption of all deposits.

  • Credit Union Closed
    The California Department of Financial Institutions has closed Oakland Municipal Credit Union, Oakland, CA., and appointed the NCUA as liquidating agent. Western Federal Credit Union of Manhattan Beach, CA has purchased and assumed its assets, liabilities and membership.

  • CRA Ratings Released
    The OCC and the FDIC have released the ratings received by banks that were recently evaluated for compliance with CRA.

  • International Exchange Rates Report To Congress
    Treasury has released its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies for 2010.

Posted February 4, 2011
  • “Beta” Consumer Financial Protection Bureau Website
    Treasury has announced the launch of ConsumerFinance.gov, a “beta” Consumer Financial Protection Bureau (CFPB) website, for soliciting ideas on the bureau’s creation and priorities, and for answering questions on laws on credit cards, mortgages, student loans, prepaid cards, and other kinds of consumer financial products and services. The site encourages communication directly with the CFPB implementation team through YouTube video questions, but suggestions can also be accepted through e-mail and other forms of online communication.

  • Reporting Requirements for OTS Regulated Institutions
    The federal bank and thrift regulatory agencies have issued a joint press release announcing proposed changes to reporting requirements for savings associations and savings and loan holding companies currently regulated by the OTS. The changes involve Branch Office Survey (BOS) filing, the collection of data for the Cost of Funds (COF) Report, the Thrift Financial Report (TFR), and the submission by savings and loan holding companies (SLHCs) of the same reports as bank holding companies (BHCs). OTS has issued CEO Letter 378 regarding the proposed changes, which would have savings associations and SLHCs using the same reporting scheme as banks and bank holding companies, beginning with reports for the first quarter of 2012.

  • Examinations Prior to State Member Bank Membership
    The FRB has issued an SR Letter to clarify the criteria for conducting safety-and-soundness, consumer compliance, CRA, and trust examinations of insured depository institutions that are either seeking to become state member banks or merging with another institution where a state member bank would be the surviving entity.

  • Bernanke on the Economic Outlook
    In a presentation at the National Press Club in Washington, D.C., Chairman Bernanke discussed the economic outlook, monetary policy, and fiscal policy.

  • Term Deposit Facility Offering Scheduled
    The Federal Reserve will offer $5 billion in 28-day term deposits through its Term Deposit Facility on Monday, February 7, 2011.

  • February 2011 FedFocus
    FRB Financial Services has posted the February 2011 issue of FedFocus, which features articles regarding the service status of FR banks, remittance best practices, adjustment documentation lost in mail, and technology to the check adjustment rescue.

  • S.A.F.E. Act Registration Reminder Bulletin
    The OCC has issued Bulletin 2011-6 regarding the previously announced initial registration period from January 31, 2011, through July 29, 2011 for mortgage loan originators employed by federally regulated financial institutions.

Posted February 3, 2011
  • Registry Opening Announcement Published
    The Agencies announced the opening of the federal Registry portion of the Nationwide Mortgage Licensing System and Registry (NMLS or Registry) on Monday (see our January 31, 2011 Top Story). Now they have formalized the announcement by publishing it in the Federal Register. [TXT; PDF] Federally-supervised financial institutions are required to have their mortgage loan originators registered under the S.A.F.E. Act within the initial 180-day registration period, which began on January 31, 2011.

  • Peak and Average Daylight OD and Related Fees Data
    The FRB has released the peak and average daylight overdrafts and related fees data for the fourth quarter of 2010.

  • Maine Severe Storms and Flooding Relief Guidance FIL
    FIL-4-2011 has been issued by the FDIC announcing a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Maine affected by severe storms and flooding.


Posted February 2, 2011
  • Three Pending Reg Z Proposals Withdrawn
    The FRB announced in a Tuesday Press Release that it does not expect to finalize three pending rulemakings under Regulation Z, which implements the Truth in Lending Act (TILA), prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB). The proposals, published in the Federal Register on August 26, 2009 and September 24, 2010, would have revised rules for disclosures of closed-end credit secured by real property or a consumer’s dwelling; made extensive revisions to disclosure requirements for open-end home-secured credit or HELOCs; and changed the rules relating to a consumer’s right to rescind certain loans secured by the consumer’s principal dwelling, rules for determining when a closed-end modification is a new transaction, and rules for determining when certain loans would be considered "higher-priced" mortgage loans. The affected proposals have been marked "WITHDRAWN" on BOL’s Pending Proposals page.

  • Bank Pays $12,500 OFAC CMP
    OFAC has released its monthly report of civil money penalties (CMPs) recently assessed for violations of various OFAC sanctions programs. Trans Pacific National Bank, San Francisco, CA remitted $12,500 to settle allegations of violations of the Iranian Transactions Regulation.

  • Midwest Banks Weather Closings
    The OCC has issued a proclamation allowing national bank offices affected by the winter storm in the Midwest to close at their discretion.

  • OFAC Adds SDNTKs and NPWMDs
    Treasury has announced the designation of a multi-million dollar procurement network which directly supports Iran’s missile program as NPWMDs, and a band of drug trafficking brothers as SDNTKs. Their names have been added to the OFAC SDN list. Information on the OFAC actions can be found in our February 1, 2011 OFAC Update.

  • Written Agreement Executed
    The execution of a Written Agreement with Cokato Bancshares, Cokato, MN has been announced by the FRB.

  • FedCash Services Revises Operating Circular and Manual
    FRB Financial Services has announced Revisions effective April 1, 2011, to FedCash Operating Circular 2 and the Cash Services Manual of Procedures.

  • Consumer Protection Laws Enforcement Report
    The FTC issued its annual report to the FRB on FTC enforcement activities regarding the Equal Credit Opportunity, Electronic Fund Transfer, Consumer Leasing, and Truth in Lending Acts.

  • Foreign Exchange Rates
    The G.5 Foreign Exchange Rates statistical release for January 2011 has been released by the FRB.

  • FHC List Updated
    The FRB brought current as of January 28, 2011 its list of bank holding companies that have elected to become or be treated as financial holding companies (FHCs).

Posted February 1, 2011
  • HMDA and Flood Violations CMPs
    Civil Money Penalties (CMPs) of $32,000 have been announced by the FDIC for four HMDA violations and a total of $26,300 for four flood violations. Information regarding the CMPs has been posted on the BOL HMDA Heaven and Flood Penalties Watch pages.

  • Marketable Borrowing Estimates Announced
    Treasury has announced its current estimates of net marketable borrowing for the first and second quarters of 2011.

  • Bank Lending Practices Opinion Survey Results
    The results of the January 2011 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released. The survey contained three sets of specific questions regarding changes to credit policies on commercial real estate loans, factors affecting recent growth in closed-end real estate loans, and the outlook for credit quality in 2011. Links to the full report and supporting tables and charts are provided.

  • FDIC February 2011 Board Meeting
    The FDIC has announced the agenda of the February 7, 2011, meeting of the FDIC Board and provided a link to the Webcast which will be available approximately one week after the meeting.

  • Reg Z Revised Exam Procedures CA Letter
    The Federal Reserve has issued Consumer Affairs Letter CA 11-1 regarding the previously announced Federal Financial Institutions Examination Council (FFIEC) revised examination procedures for Reg Z - Truth in Lending.





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