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Top Stories for January 2004
FinCEN's PACS Reaches One Million Filings
In a presentation before The Financial Enforcement Network, FinCEN Director Fox noted that the number of filings made utilizing PACS had reached one million, but that accounts for only 4% of the total filings. He observed that one of FinCEN's toughest challenges is to streamline the CTR system to weed out unnecessary filings. He also stated that compliance is not a "check-the-box" exercise, but rather requires financial institutions to exercise their judgment, as informed by FinCEN's guidance and assistance. Speech 1/30/04
Interpretations and Actions - January Issue
The OCC has posted the January 2004 issue of Interpretations and Actions on its Web site.
Electronic Interpretations and Actions 1/30/04
January FEDS Papers Released
The FRB has released three new working papers in the finance and economics discussion series on the topics of: Monetary Policy in Deflation: The Liquidity Trap in History and Practice; Market Structure and Market Definition: The Case of Small Market Banks and Thrifts; and Measuring the Effects of Monetary Policy: A Factor-Augmented Vector Autoregressive (FAVAR) Approach.
International Reserve Positions Issued
Treasury has issued the U.S. International Reserve Positions for the weeks ending January 9 and 16.
International Reserve Positions 1/30/04
OTS 2004 Performance Plan Released
The OTS has release its budget/performance plan for 2004. 2004 Plan
Thirty-three CRA Evaluations Released
The OCC has released the CRA evaluations for thirty-three national banks. Nine banks were rated were outstanding and twenty-four received a satisfactory designation. None were reported as improve or substantial noncompliance.
OCC Defends Preemption Rule
Julie L. Williams, First Senior Deputy Comptroller and Chief Counsel for the OCC, indicated in testimony before the House Financial Services Subcommittee on Oversight and Investigations that new regulations regarding preemption and the OCC’s exclusive visitorial powers to regulate and supervise national banks are firmly grounded in Federal law, judicial precedent and the U.S. Constitution. She stated that the OCC has zero tolerance for lending that is unfair, abusive, deceptive or predatory.
Oral Statement 1/29/04
Debt Elimination Scams SR Letter Issued
The FRB has issued a Supervisory Letter regarding various illegal schemes being offered to the public that purport to eliminate outstanding debt through the use of specially prepared documents which are presented to the borrower's creditor's in an attempt to satisfy the debt. The scams are reminiscent of the tax protesters' tax evasion schemes seen throughout the 1990s.
SR 04-3 1/29/04
2003 Terrorist Asset Report Issued By OFAC
OFAC has released the calendar year 2003 Annual Report on Assets in the United States of Terrorist Countries and International Terrorist Program Designees. Approximately $6 million in assets of designees have been blocked and almost $2 billion in assets of terrorist countries are under U.S. jurisdiction.
Terrorist Asset Report 1/29/04
Stolen Cashier's Checks Special Alert
The FDIC has issued a Special Alert regarding cashier's checks stolen from the Citizens Savings Bank and Trust Company, Nashville, Tennessee. Details regarding the counterfeit cashier’s checks and contact information have been placed on the BOL Alerts & Counterfeits page. 1/29/04
Financial Literacy Meeting To Be Webcast
The inaugural meeting of the Financial Literacy and Education Commission will be held on Thursday, January 29 and will be available for viewing on a live Webcast starting at 10:30 am EST.
FOMC Announces Fed Funds Target Rate
The FOMC has announced its target for the Federal funds rate. The Committee believes that an accommodative stance of monetary policy, coupled with robust underlying growth in productivity, is providing important ongoing support to economic activity.
Target Rate 1/29/04
FIL Regarding Announced SDNs
The FDIC has issued FIL-12-2004 concerning three SDNs that were added to the OFAC list on January 22, 2004. Information regarding the additions was previously announced in a BOL Special OFAC Alert and placed on the BOL OFAC page. 1/29/04
Comments Sought on Call Report Revisions
The OCC, FRB and FDIC have issued and published in the Federal Register a Notice and Request for Comments regarding proposed revisions of Call Report Forms FFIEC 031 and FFIEC 041. Notice
Greenspan On Economic Flexibility
In a presentation before the HM Treasury Enterprise Conference in London, Chairman Greenspan noted deregulation and the newer information technologies have joined to advance financial flexibility which may be the most important contributor to the significant gains in economic stability over the past two decades. He also observed that the United States have not engaged in significant and widespread protectionism for more than five decades and the consequences of moving in that direction could be unexpectedly destabilizing. Speech 1/27/04
Mad Cow Guidance Issued
The OCC has issued the first AL of 2004 which offers guidance to national banks on compliance with legal lending limits related to declines in the collateral value of cattle as a result of public perception of the recent Mad Cow disease issue in the U.S. OCC examiners will treat noncompliance as an "extraordinary circumstance" for the next 180 days.
OCC AL 2004-1 1/26/04
FTC To File Amicus Brief in FCRA Case
The FTC will file an amicus brief in the appeal of court decision involving FCRA and adverse action notices. The plaintiffs allege that Hartford Financial Services used information in credit reports to set the initial rate for the insurance it offers consumers. The plaintiffs claim that Hartford violated the FCRA by failing to provide customers with adverse action notices if a high rate was offered due to unfavorable credit information. The decision of the district court held that the FCRA’s definition of adverse action does not encompass setting a higher initial price for insurance.
FTC Brief 1/26/04
FDIC Insurance Fictitious Emails
The OCC and FDIC have issued alerts to financial institutions and consumers regarding fraudulent e-mails that have the appearance of being sent from the agencies and informs recipients that their FDIC insurance has been suspended for alleged violations of the USA PATRIOT Act. The fake emails are the subject of a new BOL Blog which contains the text of the scam.
OCC AL 2004-5
FDIC SR-5-2004 1/26/04
FinCEN Director Makes First Public Address
In a presentation before the South Carolina Bar Association, FinCEN Director Fox discussed FinCEN’s implementation of anti-money laundering and anti-terrorism financing provisions of the USA PATRIOT Act.
Credit Union 2003 Highlights Detailed
Chairman Dollar reviewed the highlights of credit union accomplishments during 2003 and the challenges of 2004 in a presentation at the winter meeting of the American Association of Credit Union Leagues.
Online Financial Education Newsletter Released
The Treasury's Office of Financial Education (OFE) has released the first issue of its on-line, quarterly newsletter, The Treasury Financial Education Messenger. A featured article lists the eight elements of a successful financial education program and offers guidance to financial education organizations as they develop programs and strategies to achieve the greatest impact in their communities. Messenger 1/23/04
ID Theft Tops FTC Complaint List
The FTC has released its annual report listing the top 10 fraud complaint categories reported by consumers in 2003. The report indicates over 516,000 complaints were received in 2003 and also identifies the metropolitan areas that experienced the highest per capita rates of consumer fraud and identify theft. FTC Report 1/23/04
Bank Strategies to Assist Small Businesses
The OCC has published the Winter 2003 issue of the Community Developments Newsletter focusing on bank support for small businesses through innovative investments, loans, and technical assistance. Newsletter 1/23/04
U.S. and Saudis Fight Terrorist Financing
The United States has joined with Saudi Arabia to designate four branches of the Al-Haramain charitable organization in Kenya, Tanzania, Indonesia, and Pakistan for providing financial, material, or logistical support to terrorist organizations like al-Qaida. As a result, OFAC has added four new SDGTs, each with numerous a.k.a.s, to the SDN list. Information regarding the additions was included in a BOL OFAC Alert and has been posted on the BOL OFAC page. Joint Action 1/23/04
Managing Through a Rising Rate Scenario
OTS Director Gilleran examined the condition of the thrift industry and commented on how to manage through a rising rate scenario in a presentation before the Exchequer Club of Washington, D.C. Speech 1/22/04
OCC Enforcement Actions Announced
The OCC has announced 15 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks in Texas, Florida, Illinois, Oklahoma, Arizona, Colorado, California, and Ohio.
Enforcement Actions 1/21/04
FDIC Amends Insurance Coverage for Living Trust Accounts
The FDIC is amending its regulations to clarify and simplify the deposit insurance coverage rules for living trust accounts. The
rules are amended to provide coverage up to $100,000 per qualifying beneficiary who, as of the date of an insured depository institution
failure, would become the owner of the living trust assets upon the account owner's death. 68FR2825 (txt) 68FR2825 (pdf) 1/21/04
Regulators Announce CRA NPR
The FDIC has announced approval of a joint interagency NPR regarding CRA. The FRB, OCC, and OTS are expected to announce their approval shortly. The NPR proposes to amend the CRA regulations definition of "small bank"; to expand and clarify the provision that an institution's CRA evaluation is adversely affected when the institution has engaged in specified discriminatory, illegal, or abusive credit practices in connection with certain loans; and to revise the regulations to provide that the CRA disclosure statement would contain the number and amount of the institution's small business and small farm loans by census tract. FDIC PR 1/21/04
OTS Issues SCRA CEO Letter
OTS has issued a CEO Letter that highlights the differences between the SCRA and the SSCRA.
OTS Interest Rate Projections
The Interest Rate Projections for Capital Plans for the Fourth Quarter 2003 have been released by OTS.
FIL Regarding Announced OFAC Changes
The FDIC has Issued FIL-9-2004 regarding previously announced changes to the OFAC List involving FTO and SDN entries. Information concerning the changes was the subject of a BOL OFAC Alert on January 12 and has been posted on the BOL OFAC page. 1/21/04
January Financial Holding Company Elections
The list of bank holding companies that have elected as January 16, 2004 to become or be treated as financial holding companies under the Bank Holding Company Act has been issued by the FRB.
OCC Updates Licensing Manual
The "Business Combinations" booklet of the Comptroller's Licensing Manual has been revised to incorporate recent regulatory and policy changes, such as a bank’s combination with a nonbank subsidiary or affiliate, transactions with affiliates, and anti-money laundering effectiveness. Update 1/20/04
Transcript Regarding B of A/Fleet Application
The transcript of the public meeting held regarding the application of Bank of America to acquire FleetBoston Financial Corporation has been released by the FRB.
Budget Increase Proposed For FinCEN
The Bush Administration has announced that it will propose a 12.7% increase in the budget of FinCEN to allow the continued acquisition and upgrading of technology and resources utilized in the fight against terrorism and financial crimes.
Treasury JS-1100 1/20/04
G. 17 Industrial Production Report
The FRB has release the G. 17 Industrial Production and Capacity Utilization report for December 2003.
OFAC Adds SDGT
A SDGT entry has been added to OFAC's SDN list. Information regarding the addition was the subject of a BOL OFAC Alert and has been posted on the BOL OFAC page. 1/20/04
FDIC Expands Fair Lending Exam Program
The FDIC has announced that it has expanded its fair lending examination program nationwide by appointing examination specialists in each of its six regions. FDIC PR 04-2004 1/16/04
FRB Issues Business Continuity Guide
The National Business Continuity Guide provides continuity information for all Federal Reserve products and services in the unlikely event of a business disruption. The guide provides specific product and service information on steps to take to prepare for and actions to be taken if a Federal Reserve business disruption occurs. Guide 1/16/04
FTC Obtains $23.5 Million Settlement
The FTC has accepted $23.5 million to settle charges that Certified Merchant Services violated the FTC Act while providing merchants with credit-card payment services. The payment to the FTC came from a forced sale of CMS’s assets, and the parties agree that it will provide full redress to merchants. Settlement 1/16/04
Third Quarter 2003 Z. 1 Flow of Funds
The FRB has released the Z. 1 Flow of Funds Accounts of the United States report for the Third Quarter 2003.
Securities Disclosures Final Rule
The OCC has issued a Bulletin regarding the previously announced Final Rule regarding reporting and disclosure requirements for National Banks with securities registered under the Securities Exchange Act of 1934. Information regarding the Final Rule was posted in the December 10, 2003 BOL Top Stories. 1/16/04
Credit Rating and Scoring Conference
The OCC has posted the program and registration information online for a Credit Rating and Scoring Conference to be held on May 17-19 in Alexandria, Virginia. The conference will bring together technical experts from financial institutions, regulatory authorities, academia, and the model vendor community which specialize in retail or commercial risk rating model design, data collection, use and performance evaluation to discuss areas of common interest. Program 1/16/04
Counterfeit Cashier's Checks Special Alert
The FDIC has issued a Special Alert regarding counterfeit cashier's checks issued by Saehan Bank, Los Angeles, California and Coastal Community Bank, Everett, Washington. Details regarding the counterfeit cashier’s checks and contact information have been placed on the BOL Alerts & Counterfeits page. 1/16/04
November 2003 Cost of Funds Reports Released
March 2004 TFR Instructions
OTS has issued revised instructions for the March 2004 TFR regarding only new, modified, or renumbered lines. The instructions for any line listed on the 2004 form that is not listed in the revision remain unchanged.
SEC Proposes Securities Law Reforms
The SEC has proposed three regulatory initiatives designed to better protect the 95 million investors in mutual funds. These initiatives represent the next in a series of securities law reforms pursued by the Commission to address problems identified with the management and sale of mutual funds.
Beige Book Updated
The FRB has released a new edition of the Beige Book based on information collected before January 6, 2004.
Beige Book 1/15/04
FDIC Letter To Stakeholders
The FDIC has issued a Letter to Stakeholders which contains highlights of 4th Quarter 2003 activities and year-end financial statistics.
Fall 2003 Statistics of Income Bulletin
The IRS has issued the Statistics of Income Bulletin for the Fall 2003 which contains a detailed look at 130.3 million individual returns for Tax Year 2001.
Income Bulletin 1/15/04
Reg B Spousal Signatures Guidance Issued
The FDIC has issued a guidance to assist banks in complying with the spousal signature provisions of ECOA and Regulation B, 12 CFR Part 202.
FIL-6-2004 Guidance 1/14/04
Living Trust FDIC Insurance Rules Simplified
The FDIC has decided to simplify the insurance rules for deposits held in connection with a living trust. The new rules will become effective April 1, 2004, but the FDIC will apply the new rules to living trust deposits at any insured institution that fails between now and April 1 if doing so would benefit the affected depositors.
Living Trust Insurance 1/14/04
OCC Bulletin Regarding Preemption
The OCC has issued Bulletin 2004-6 regarding the previously announced Final Rules concerning Preemption and Visitorial Powers. The Final Rules were the subject a BOL Special Briefing on January 7. 1/14/04
Greenspan On Globalization
Chairman Greenspan expressed his opinion on the globalization of the economic framework of various nations during a presentation in Berlin. He noted the question of whether globalization will be allowed to proceed rests largely on the judgment of whether greater economic freedom is deemed by leaders in societies to enhance the interests of their populations.
FYI: Bull Market and Defined Benefit Plans
The FDIC posted a FYI article entitled, "Could a Bull Market Be a Panacea for Defined Benefit Pension Plans?".
Quarterly Journal Online
The June 2003 issue of the OCC Quarterly Journal, Vol. 22, No. 2 for the first quarter calendar year 2003, is now available on-line in PDF and in print.
Quarterly Journal 1/14/04
Bank Examiners Going to Iraq
The OCC has announced that a team of bank examiners is going to Iraq to assist in the establishment of a Iraqi bank supervision department.
Community Development Aids Introduced
The FRB has announced the availability of three new products to promote community development activities. The Fiscal Impact Tool (FIT) is an automated system that analyzes the potential impact of economic development projects, Lessons Learned: Community and Economic Development Case Studies is a database that profiles the practices and programs used in various communities to finance economic development, and the Community Development Investments web site is a source for information about Federal Reserve policies and guidelines that promote investment by bank holding companies and state-member banks in community development activities.
FRB PR; Web Site 1/13/04
FinCEN Updates Web Page
FFIEC 002 December Report Form
The December 2003 FFIEC 002 Report Form has been posted on the FFIEC Web Site. 002 Report Form 1/13/04
January Financial Holding Company Elections
The list of bank holding companies that have elected as January 9, 2003 to become or be treated as financial holding companies under the Bank Holding Company Act has been issued by the FRB. Financial Holding Companies 1/13/04
OFAC Updates SDGTs
As noted in Monday's BOL OFAC Alert, OFAC some "[FTO][SDGT]" entries have been changed on OFAC's SDN list. Information regarding the changes has been added to the BOL OFAC page. 1/13/04
Federal Register Publishes OCC Preemption and Visitorial Rules
The OCC issued two regulations, one which clarifies what types of state laws apply to national banks, and a second which clarifies issues related to the OCC's exclusive visitorial powers over national banks. In addition, the OCC has published a number of documents explaining the rulemakings on national bank preemption and the OCC's visitorial powers. First announced in a special briefing from BOL on 1/7/04. 69FR1904 txt 69FR1904 pdf 69FR1895 txt 69FR1895 pdf 1/13/04
FDIC Summarizes Reg B Changes
The FDIC has issued a FIL that summarizes the FRB amendments to Regulation B and the Official Staff Interpretations of the regulation. Compliance becomes mandatory on April 15, 2004.
FDIC FIL-5-2004 1/12/04
OCC Licensing Manual Updated
The revised "Branches and Relocations" booklet of the Comptroller's Licensing Manual series is available on the OCC's Internet site. The revisions incorporate recent policy and procedure changes regarding the bank's ability to file a branch or relocation application or notice electronically using e-Corp and include a modified discussion about opening temporary branches in disaster areas.
Branches and Relocations 1/12/04
EOs Issued Against Virginia Banker
The FRB has issued an Order of Prohibition and Order to Cease and Desist against a former vice president of the James Monroe Bank, Arlington, Virginia based on his alleged participation in violations of law and unsafe or unsound practices regarding identity theft, falsification of bank records, misapplication of bank funds, self-dealing and violations of institutional internal controls that resulted in losses and other damage to the bank and personal gain.
FRB Makes Change to Processing Office
The FRB is amending appendix A of Regulation CC to delete the reference to the Miami check processing office of the
Federal Reserve Bank of Atlanta and reassign the Federal Reserve routing symbols currently listed under that office to the Jacksonville
office of the Federal Reserve Bank of Atlanta. 69FR1655 (txt) 69FR1655 (pdf) 1/12/04
2004 CAC Members and Officers Named
The FRB has named nine new members to its Consumer Advisory Council for three-year terms and designated a new Chair and Vice Chair of the Council for 2004.
December 2003 Agricultural Finance Databook
The FRB has issued the December 2003 edition of the E.15 Agricultural Finance Databook which contains sections listing: Amount and Characteristics of Farm Loans Made by Commercial Banks; Selected Statistics from the Quarterly Reports of Condition of Commercial Banks; and Reserve Bank Surveys of Farm Credit Conditions and Farm Land Values.
FRB Enforcement Action Against French Bank
The FRB and Commission Bancaire, the regulator of French banks, have announced the issuance of a consent enforcement action against Credit Lyonnais, S.A. and its parent company. This action results from Credit Lyonnais's participation in the rehabilitation of the Executive Life Insurance Co. of California.
Enforcement Action 1/9/04
18 Entities Conducting Unauthorized Banking
The FDIC has issued a Special Alert regarding 18 Canadian entities that may be conducting unauthorized banking activities in the U.S. and Canada. SA-3-2004 1/9/04
Internet Con Artists Also ID Thieves
A federal district court has pulled the plug on two defendants who used stolen identities to sell nonexistent goods in online auctions making it appear that innocent third parties were guilty of fraud. The defendants opened numerous accounts on Internet auction Web sites, sold merchandise, accepted payment from consumers, and then failed to deliver the promised merchandise. The defendants set up bank accounts and post office boxes in other people’s names and directing that payment be sent to them. As a result, consumers and law enforcers believed that the identity theft victims were responsible for the auction fraud. Case Information 1/9/04
2003 Reserve Bank Income
The Reserve Bank income and expense data and transfers to the Treasury for 2003 have been released by the FRB. Income 1/9/04
Four FEDS Papers Released
The FRB has released four new FEDS papers entitled: The Responses of Wages and Prices to Technology Shocks, A Utility-Based Welfare Criterion in a Model with Endogenous Capital Accumulation, Optimal Monetary Policy in a Micro-founded Model with Parameter Uncertainty, and Testing Conflicts of Interest at Bond Rating Agencies with Market Anticipation: Evidence that Reputation Incentives Dominate.
November G. 19 Report Issued
The FRB has issued the G.19 Consumer Report for November 2003. G. 19
FILs Regarding Recent OFAC Changes
The FDIC has issued FIL-2-2004 and FIL-2004 regarding changes to the OFAC list and a general license issued under the Iranian Sanctions Program. Information regarding the changes and the license were previously posted on the BOL OFAC page. 1/9/04
The regulatory agencies have jointly released FAQs regarding CIP. While the agencies recognize that every question hasn't been ansewered, the list of Q&As contains a wealth of useful information.
FINCEN CIP FAQ 1/8/04
Court Lowers Boom On Credit Card Scam
A federal district court has entered a temporary restraining order enjoining the owners of a nationwide telemarketing operation from making misrepresentations to consumers in addition to freezing the owners’ assets. The FTC filed an action against the defendants alleging that they violated the FTC Act by misrepresenting that consumers were likely to receive an unsecured major credit card and violated the GLBA by using false or fictitious statements to obtain consumers’ bank account information. Court Order 1/8/04
Clearing Bank Interruption Recommendations
The FRB has released the report of the private-sector Working Group on Government Securities Clearance and Settlement and endorsed its recommendations. The Working Group, formed by the Board following September 11, 2001, recommended nine steps to mitigate risks to the financial system from the interruption or termination of the services of a clearing bank as the result of either operational or non-operational problems. Report
Federal Register Publishes Reg CC Proposal
The FRB is publishing for comment proposed amendments to Regulation CC that would add a new subpart D, with commentary, to implement the recently-enacted Check Clearing for the 21st Century Act. These proposed amendments (1) would set forth the requirements of the Act that apply to banks, (2) provide a model disclosure and model notices relating to substitute checks, and (3) set forth indorsement requirements and truncating bank and reconverting bank identification requirements for substitute checks. The proposed amendments also would clarify some existing provisions of the rule and commentary. 69FR1469 (txt) 69FR1469 (pdf) 1/8/04
OCC Issues Preemption and Visitorial Rules
The OCC issued two regulations, one which clarifies what types of state laws apply to national banks, and a second which clarifies issues related to the OCC's exclusive visitorial powers over national banks. In addition, the OCC has published a number of documents explaining the rulemakings on national bank preemption and the OCC's visitorial powers.
Statement from the Comptroller;
Press Release 2004-03; Final Rule: Preemption; Final Rule: Visitorial Powers;
Questions and Answers on the Preemption Rulemaking; Questions and Answers on the Visitorial Powers Rule; A chart comparing OCC's preemption rule with those of the Office of Thrift Supervision and the National Credit Union Administration.
A new federal law called the Servicemembers Civil Relief Act rewrites the Soldiers' and Sailors' Civil Relief Act of 1940. It clarifies various limitations on creditors and other parties who do business with service members, adds certain new protections for those in military service, and requires a servicemember to provide written notice and a copy of the military orders in order to invoke the interest cap provision. Servicemembers Civil Relief Act Webinar 1/7/04
OTS CEO Letter Regarding HMDA
OTS has issued a CEO Letter which summarizes the significant changes affecting the way thrifts report 2004 HMDA data as a result of the implementation of amendments to Reg C. CEO Letter 1/7/04
OCC Proposed Change in Asset Composition of a Bank
The OCC is proposing to amend its regulations to require a national bank to obtain the approval of the OCC before two types of fundamental changes in the composition of the bank's assets: (1) Changing the composition of all, or substantially all, of its assets through sales or other dispositions or, (2) after having sold or disposed of all or substantially all of its assets, subsequently purchasing or otherwise acquiring assets. The proposal also provides that, in the second case, the OCC will apply, among other factors,
the same factors as it applies to the establishment of a de novo bank. 69FR892 (txt) 69FR892 (pdf) 1/7/04
FTC Issues Enforcement Report To FRB
The FTC has issued a report to the FRB regarding enforcement activities conducted during 2003 regarding violations of TILA, CLA, ECOA, and EFTA. The information will be incorporated into the FRB’s annual report to Congress. FTC Report 1/7/04
International Reserve Position Issued
Treasury has released the U. S. International Reserve Position for the week ending January 2. Reserve Position 1/7/04
Providing Financial Support To Funds Alert
Federal regulators have issued an interagency policy statement alerting financial institutions to the safety and soundness and legal issues involved in providing financial support to investment funds advised by the institution or its subsidiaries or affiliates.
OCC Bulletin 2004-2;
FDIC FIL-1-2004 ;
OTS PR 1/6/04
FDIC CRA Evaluations
The January 2003 list of state nonmember banks recently evaluated for CRA compliance has issued by the FDIC. The list covers evaluation ratings that the FDIC assigned to the institutions in October 2003.
FDIC CRA 1/6/04
October 2003 G.20 Report Released
The FRB has released the G.20 Finance Companies report for October 2003.
314(a) Contact Information To Be Automated
The OCC has issued an alert to provide notice to all national banks and federal branches that during the first quarter of 2004 an automated process will be implemented to create and maintain FinCEN’s electronic 314(a) distribution list utilizing the information provided on Call Reports.
OCC Alert 2004-1 1/6/04
FDIC Consumer News 10th Anniversary
The FDIC has released a special 10th anniversary edition of the Consumer News containing articles on the following topics: Tips You Can Bank On; An FDIC Guide to Being a Smarter, Safer Financial Consumer; You and Your Bank; Deposits and Deposit Insurance; Loans and Credit Cards; Fighting Fraud; and Family Matters.
Consumer News 1/6/04
Electronic Filing Final Rule Published
The OCC has published a final rule that permits national banks to file any class of corporate applications electronically. The final rule, which is effective February 2, 2004, adopts without change the interim rule which is currently in effect.
Final Rule 1/5/04
OCC Bulletin Regarding BSA Travel Rule
The OCC has issued Bulletin 2003-1 regarding the notice issued by FinCEN of the permanent expiration of the conditional exception to the BSA Travel Rule which was previously reported in BOL Top Stories on December 2, 2003.
Five Financial Institutions Penalized By OFAC
The January 2004 OFAC Civil Penalties Enforcement Information cites five financial institutions for violations of various sanctions programs. The penalties imposed ranged from $4,000 to over $73,000. Information regarding the violations and penalties are found on the BOL OFAC Page.
Greenspan Reviews Monetary Policy
The key developments of the past decade and a half of monetary policy were analyzed by Chairman Greenspan in a presentation before the American Economic Association. He observed that perhaps the greatest irony of the past decade is that the gradually unfolding success against inflation may well have contributed to the stock price bubble of the latter part of the 1990s.
2003 Foreign Exchange Rates Released
November FDIC Enforcement Actions
The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in November which included three cease-and-desist orders, three civil money penalty orders, two removal-and-prohibition orders, one modification of a prohibition order, and one termination of a previously issued cease-and-desist order.
Enforcement Actions 01/02/04
Removal, Prohibition and CMP Issued
FinCEN Terrorist Information Number
FinCEN has added to the top of its Web page the telephone number that financial institutions should call to report suspicious activity that may relate to terrorist activity.
California Earthquake Relief Guidelines
FDIC has issued an FIL encouraging banks to work constructively with borrowers who were adversely affected by the California earthquakes. The FDIC has prepared guidelines, which state that extending repayment terms, restructuring existing loans or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the community and serve the long-term interests of the lending institution.
FIL-100-2003 Guidelines 01/02/04
OFAC Issues Iranian Relief License
OFAC has issued a General License authorizing cash donations to nongovernmental entities engaged in humanitarian relief activities in response to the earthquake in Bam, Iran. Information regarding the license has been placed on the BOL OFAC page. 01/02/04
E16 Country Exposure Data Released
International Reserve Position Released
The U. S. International Reserve Position for the week ending December 26 has been released by Treasury. Reserve Position 01/02/04