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Top Stories for March 2004

  • Reg Z Changes Published

    The Federal Register published a Final Rule from the FRB that adds an interpretative rule of construction, provides guidance regarding consumers' right to rescind certain home-secured loans and revises the staff commnetary. The revisions are effective April 1, 2004. The date for mandatory compliance is October 1, 2004. 69FR16769 (txt) 69FR16769 (pdf) 3/31/04

  • Austrian Bank Not Authorized

    The OCC has issued an Alert regarding an Austrian bank that maintains a Web site that lists a Minnesota address and non-working telephone numbers. The bank has not been authorized by either U.S. or Austrian authorities to conduct banking business.
    Alert 2004-10 3/31/04

  • Enforcement Orders Against Former Bankers

    The FDIC has announced Enforcement Orders against former Georgia, Texas and South Carolina bankers.
    Texas 1;
    Texas 2;
    South Carolina 3/31/04

  • March Report Forms Online

    The FFIEC has posted the March 2004 002 and 002s Report Forms on its web page along with the 2003 FFIEC Annual Report.
    Annual Report 3/31/04

  • January G.20 Finance Companies Report Issued

    The FRB has issued the G. 20 Finance Companies Report for January 2004.
    G. 20 3/31/04

  • MSA Guidance Issued

    The FFIEC has issued a Guidance on MSA boundary changes resulting from the modifications to the statistical area standards by the OMB.
    MSA Guidance 3/30/04

  • 031 and 041 Instructions Online

    Instructions for preparation of Report Forms 031 and 041 have been added to the FFIEC web site. Instructions 3/30/04

  • Country Exposure Reports Released

    The FFIEC has released the December 31, 2003 E.16 Country Exposure Statistical Release and the Country Exposure Information Report.
    E.16; Report

  • Reg Z Final Rule Issued

    The FRB has issued a Final Rule that adds an interpretative rule of construction, provides guidance regarding consumers' right to rescind certain home-secured loans and revises the staff commnetary. The revisions are effective April 1, 2004. The date for mandatory compliance is October 1, 2004.
    Final Rule 3/29/04

  • April Fools Plus

    In additon to April 1 being April Fools Day, it is also the effective date for the FDIC insurance amendments regarding living trust accounts and the deadline for comments regarding a FACT Act required study of the utilization of biometrics in combating identity theft.
    Living Trust;
    Biometrics 3/29/04

  • BHC Fleet Management Authorized

    A legal intrepretation of Reg Y has been issued by the FRB that authorizes a BHC to provide auto fleet management services under certain circumstances.Auto Leasing 3/29/04

  • OCC Updates Publications

    The OCC has updated two annual publications, "Significant Precedents" and "Activities Permissible for a National Bank".
    Significant Precedents;
    Activities Permissible 3/29/04

  • Counterfeit Cashier's Checks Special Alerts

    Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Bank of Ridgeway, Ridgeway, South Carolina; INSOUTH Bank, Brownsville, Tennessee; Bank Star, Pacific, Missouri; and Ameriserv Financial Bank, Johnstown, Pennsylvania. Information regarding the counterfeit checks has been placed on the BOL Alerts & Counterfeits page. 3/29/04

  • FIL Regarding Modifications to SDNs

    The FDIC has issued FIL-35-2004 regarding previously announced modifications to existing SDN listings and the addition of a FTO and SDGT designations. Information concerning the modifications and the new designations was posted March 22, 2004 on the BOL OFAC page. 3/29/04

  • ACH Procecessor to Pay $3.9 Million

    The FTC has announced the settlement of claims against an electronic payments processor who alledgedly utilized the ACH system to aid telemarketers in a fraudulent advance fee debit card marketing fraud scheme. The processor and other defendants are required to pay $3.9 million in consumer redress.
    Settlement 3/29/04

  • Proposal to Identify Op Subs Published in FR

    A proposed rule of the OCC that is designed to assist consumers in identifying national bank operating subsidiaries subject to OCC supervisory authority has been published in the Federal Register. Under the proposal, OCC would make information about the name, location, contact information and lines of business of national bank operating subsidiaries available to the public on its Web site. The comment deadline is April 26, 2004. 69FR15260 (txt)
    69FR15260 (pdf) Op Sub NPR   3/26/04

  • Greenspan Addresses Rural Economic Issues

    In a presentation before an international conference regarding rural policies around the world, Chairman Greenspan commented on the effects of the phenomenal gains in U.S. agricultural productivity of the past century and the accompanying dislocations in many rural areas resulting from the migration of farm workers to more urban areas. Speech   3/26/04

  • Future Of Banking Series Paper Released

    The FDIC has released a new paper in the Future of Banking Series entitled, "The Evolving Role of Commercial Banks in U. S. Credit Markets". Evolving Role   3/26/04

  • HMDA Comments Sought

    The FRB is soliciting comment on revised formats for public disclosure of mortgage lending data reported pursuant to the Home Mortgage Disclosure Act and Regulation C, in light of revisions to Regulation C requiring lending institutions to report new loan pricing
    and other loan data. The first year for which the new data will be reported is 2004; data from institutions are due no later than March 1, 2005, and the data will be reflected in the public disclosures scheduled to be released in summer 2005. 69FR15469 (txt) 69FR15469 (pdf)   3/25/04

  • Three Written Agreements Announced

    The FRB has announced the entering into Written Agreements with Illinois and Virginia financial institutions regarding compliance with BSA, Reg H, Risk Management, Audit Controls and Internal Controls. Illinois; Virginia 1;
    Virginia 2   3/25/04

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Wainwright Bank & Trust Company, Boston, Massachusetts and The Bank of Kentucky, Inc., Crestview Hills, Kentucky. Information concerning the counterfeit items has been placed on the BOL Alerts & Counterfeits page.   3/25/04

  • $300,000 For FDCPA Violations

    The FTC has announced a settlement of claims of violations of FDCPA and payment of a $300,000 civil penalty by companies that allegedly threatened and harassed thousands of consumers to get them to pay old, unenforceable debts or debts they did not owe.
    Complaint; Consent Decree   3/25/04

  • Fed ACH Participation Final Rule

    Treasury has issued a Final Rule regarding the use of the ACH system by federal agencies and has also released the comment letters received on the Proposed Rule. Final Rule; Comments; Proposed Rule   3/25/04

  • Tying Questions - Who To Contact

    The OCC has issued agency contact information including telephone and fax numbers for the benefit of banks and customers who have questions regarding tying. Tying   3/24/04

  • Enforcement Orders Against Former Bankers

    The FDIC has announced enforcement orders against former Arkansas, Tennessee, Massachusetts, Minnesota and Colorado bankers.
    Arkansas; Tennessee; Massachusetts; Minnesota; Colorado   3/24/04

  • FDIC FIL Regarding Iraqi SDNs

    The FDIC has issued a FIL concerning the previously announced designation of certain individuals related to former Iraqi government officials as SDNs and the blocking of their assets. Information regarding the designations was posted on the BOL OFAC page and in the March 18, 2004 BOL Top Stories.   3/24/04

  • Counterfeit Cashier's Checks Special Alerts

    The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on City Bank & Trust Company, Natchitoches, Louisiana; Citizens Bank of Lafayette, Lafayette, Tennessee; First-Citizens Bank & Trust Company, Raleigh, North Carolina; and Bank of Frankewing, Frankewing, Tennessee. Information regarding the counterfeit cashier's checks has been placed on the BOL Alerts & Counterfeits page.  3/23/04

  • Privacy Notice Comment Deadline Nears

    Don't forget to make your views known regarding the Interagency proposal to allow alternative privacy notices, including a short form that the regulators feel would be easier for consumers to understand. The comment deadline is Monday, March 29, 2004.  
    PDF   3/23/04

  • Special Alerts - Unauthorized Banking

    Three Special Alerts have been issued by the FDIC regarding Internet, Cayman Islands and Montserrat entities that are conducting financial activities without authorization.  Internet  Cayman Islands  Montserrat  3/23/04

  • Business Lending Terms Report Released

    The FRB has released the First Quarter 2004 E.2 Survey of Terms of Business Lending report.  Terms  3/23/04

  • Cuban SDN FIL

    The FDIC has issued FIL-33-2004 regarding the previously announced designation by OFAC of a Canadian travel agency as a Cuban SDN. Information regarding the designation was included in the March 18, 2004 BOL Top Stories, and has been posted on the BOL OFAC page.  3/23/04

  • First Quarter Call Report FIL

    An FIL has been issued by the FDIC pertaining to the March 31, 2004 Call Report.

  • SDGT Entry Modified

    OFAC has announced modifications to an existing SDGT entry by adding "a.k.a."s and a FTO designation. Information regarding the modifications has been added to the BOL OFAC page.  3/23/04

  • New York Bank's Deposits Assumed

    The FDIC has approved the assumption of all of the deposits of Reliance Bank, White Plains, New York by Union State Bank, Orangeburg, New York.
    Assumption  Assumption  Closiong Information  3/22/04

  • FACT Act Free Annual File Disclosures

    The FACT Act requires the FTC to adopt rules to require the establishment of a centralized source through which consumers may request a free annual file disclosure from each nationwide consumer reporting agency; a standardized form for such requests; and a streamlined process for consumers to request free annual file disclosures from nationwide specialty consumer reporting agencies. Comment deadline: April 16. 69FR13191 (txt) 69F13191 (pdf) 3/19/04

  • 2004 Geocoding System Available

    The FFIEC has posted the 2004 Geocoding System online.
    2004 Geocoding 3/19/04

  • Changes Proposed To HMDA Tables

    The FRB has requested public comment on proposed changes to the public disclosure tables that are used to report data collected by lenders under the HMDA. Comments are due on May 10, 2004. FR Notice; Proposed Changes 3/19/04

  • CDR FIL Issued

    The FDIC has issued a FIL regarding the changes that banks will need to make to the Call Report preparation process when the CDR system is in place. FIL-30-2004 3/19/04

  • International Reserve Position Released

    Treasury has released the U.S. International Reserve Position as of the week ending March 12, 2004.
    International Reserve Position 3/19/04

  • Assets Of Iraqi Parastatals and New SDNs

    OFAC has identified certain entities that are also state bodies, corporations or agencies of the former Iraqi regime. The assets of the listed parastatals that have been blocked as of May 23, 2003, must remain blocked. Transactions by U.S. persons with these parastatals occurring after May 23, 2003, are authorized. In addition sixteen new SDNs have been added and certain a.k.a.s on the OFAC List have been changed. Information regarding the entities, SDNs and a.k.a.s has been placed on the BOL OFAC page. 3/19/04

  • Reg W To Apply To State Nonmember Banks

    The FDIC has issued a FIL regarding a NPR that would interpret the restrictions on affiliate transactions contained in sections 23A and 23B of the Federal Reserve Act and make it clear that Reg W applies to state nonmember banks. Comments on the proposal are due by May 3, 2004. FIL-29-2004; NPR; Reg W 69FR12571 (txt) 69FR12571 (pdf) 3/18/04

  • Greenspan - Banking Today and Future Trends

    Chairman Greenspan shared his views on where the banking industry is today and what the future may hold in a presentation before the Independent Community Bankers of America Convention. He noted that residential mortgage, credit card, and consumer installment loan portfolios have declined in each of the last three years. In addition, he expects bank mergers/acquisitions to continue and that the competitive effects on community banks of Basel II to be insignificant. Speech 3/18/04

  • Cuban SDN Announced

    OFAC has added an entity to the SDN list with a Cuban designation and all of its assets are to be blocked. Information regarding the entity has been placed on the BOL OFAC page. 3/18/04

  • CDFI Fund Discussed With House Committee

    Assistant Treasury Secretary Abernathy has testified before the House Subcommittee on Appropriations regarding the FY 2005 Budget request for the Community Development Financial Institution Fund. Testimony 3/18/04

  • Free Annual Credit Reports Proposed

    The FTC has requested comments on a proposal to require upon the request from a consumer the nationwide consumer credit reporting agencies to provide a free credit report every 12 months. Free Credit Reports;
    FR Notice 3/17/04

  • April HOEPA APR Reference Rates

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in April will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H. 15 Daily Rates;
    H.15 Weekly Rates 3/17/04

  • March Interpretations And Actions Published

    The OCC has published the March 2004 issue of Interpretations And Actions.
    Interpretations And Actions 3/17/04

  • CTR Form FIL

    The FDIC has issued FIL-28-2004 regarding the previously announced CTR Form 104 which replaces IRS Form 4789. Information regarding the new CTR Form was posted in the December 4, 2003 BOL Top Stories. 3/17/04

  • What Happens When Interest Rates Rise?

    Learn what FDIC Chairman Powell thinks will happen when interest rates rise from historic lows from his presentation before the Independent Community bankers Association. Speech 3/17/04

  • Fed Funds Rate Set

    The FOMC has released its decision regarding the current target for the federal funds rate.
    Rate 3/17/04

  • Eighteen Enforcement Actions Announced

    The OCC has announced eighteen enforcement actions against national banks and individuals currently or formerly associated with national banks. Enforcement Actions 3/16/04

  • OCC Releases CRA Ratings

    The CRA ratings for thirty-two national banks that were examined in February and March 2004 have been released by the OCC.
    CRA 3/16/04

  • International Capital Data Released

    Treasury has released the International Capital data for January 2004. TIC 3/16/04

  • G. 17 Report Issued

    The FRB has issued the March 2004 G. 17 Industrial Production and Capacity Utilization report.
    G. 17 3/16/04

  • March FEDS Papers Published

    The Finance and Economics Discussion Series papers for March 2004 have been published. The titles include: Potential Competitive Effects of Basel II on Banks in SME Credit Markets in the United States and Will the Proposed Application of Basel II in the United States Encourage Increased Bank Merger Activity? Evidence from Past Merger Activity.
    Competitive Effects; Bank Mergers 3/16/04

  • Final 4th Quarter Interest Rate Risk Data

    OTS has issued the fourth quarter final Thrift Industry Interest Rate Risk Measures report.
    Interest Rate Risk 3/16/04

  • National Cost of Funds Reports Issued

    The current and historical national cost of funds ratio to OTS regulated institutions report has been issued.
    Current Cost of Funds;
    Historical Cost of Funds 3/16/04

  • OCC Closes Florida Bank

    The Guaranty National Bank of Tallahassee, Florida has been closed by the OCC, the FDIC has been appointed receiver, and all deposits have been assumed by a newly chartered bank. Bank Closing; Assumption; Closing Information 3/15/04

  • Unlicensed Bank Alert

    The OCC has issued an Alert regarding the Lincoln Bank And Trust Company Limited of Montserrat, West Indies. The company is claiming to hold a valid offshore banking license, but the license has been revoked. Alert 2004-9 3/15/04

  • Preliminary Exam Response Kit

    OTS has issued a CEO Letter that contains a preliminary examination response kit for use with the Interagency Loan Data Request form.
    CEO Letter 3/15/04

  • Winter Issue Consumer News Issued

    The FDIC has issued the Winter 2003/2004 edition of the Consumer News which contains articles on estate planning and FDIC insured accounts; new rules for living trusts; phishing; new proof of identity requirements; bogus debt elimination scams; fraudulent ads; and a final exam. Winter Consumer News 3/15/04

  • Internet Related Fraud Guidance

    A Guidance has been issued by the FDIC regarding safeguarding customers against e-mail and internet related fraud schemes.
    FIL-27-2004 3/15/04

  • Derivative Volume Tops $71 Trillion Dollars

    The OCC has announced that the derivatives held by 573 U.S. commercial banks exceeded $71 trillion dollars as of year-end 2003.
    Derivatives 3/15/04

  • Interest Rate Risk Exposure Report

    OTS has issued the Interest Rate Risk Exposure Report for the Third Quarter 2003.
    Exposure Report 3/15/04

  • ID Theft Spam Scam Alert

    The FTC has issued a Consumer Alert regarding email spam that consumers may receive indicating that they can comment on federal rule making. The Alert titled, Is Someone "Phishing" for Your Information?, warns consumers that their identities may be stolen if they reveal personal or financial information. Phishing 3/12/04

  • Guidance On Unfair and Deceptive Practices

    The FRB and FDIC have issued an interagency guidance outlining the standards the agencies will use to determine if acts or practices by state-chartered banks are unfair or deceptive. Guidance;
    FIL-26-2004 3/12/04

  • Foreign Bank Offices Data Released

    The structure and share data for U. S. offices of foreign banks for December 2003 has been released by the FRB.
    Data 3/12/04

  • March FHC List Issued

    The list of bank holding companies that have elected to become or be treated as financial holding companies as of March 5, 2004 has been issued by the FRB. FHC List 3/12/04

  • Thirteen Million Dollar CMP Assessed

    The FRB and New York State Banking Department have announced the issuance of a joint Order to Cease and Desist and Order of Assessment of a Civil Money Penalties totaling $13 million dollars against Credit Agricole, S.A., Paris, France and its affiliates in France and the United States. Order 3/11/04

  • BHC Subsidiary Pays SEC $10 Million

    The SEC has announced a settled enforcement action against a Bank of America Corporation subsidiary, Banc of America Securities LLC, who agreed to a censure and the payment of $10 million dollar civil penalty for various violations , including the failure to promptly produce certain e-mails and compliance reviews which were the subject of an SEC investigation.
    Order 3/11/04

  • FDIC Enforcement Actions Released

    The Enforcement Actions taken against banks and individuals by the FDIC in January 2004 has been released. A total of eight orders were issued including four cease-and-desist orders, one civil money penalty order, two terminations of cease-and-desist orders, and one adjudicated decision. Enforcement Actions 3/11/04

  • Missing Money Orders Special Alert

    The FDIC has issued a Special Alert concerning money orders that are missing in transit to Berkshire Bank, Pittsfield, Massachusetts. Information regarding the missing money orders has been placed on the BOL Alerts & Counterfeits page. 3/11/04

  • March Report Forms Online

    FFIEC has posted the 009, 009a, 019 and 030 March 2004 Report Forms and Instructions on its Web site.
    030 3/11/04

  • MSB Registration List Updated

    FFIEC has updated the Money Services Businesses Registration List to include those entities who have filed as of January 9, 2004.
    MSB 3/11/04

  • December 2003 G.20 Released

    The G.20 Finance Companies report regarding owned and managed receivers and auto loans has been released by the FRB.
    G.20 3/11/04

  • Deadline Reminder

    If you filed a Designation of Exempt person from CTR filings on nonlisted businesses and/or payroll customers between 1/1/02 and 12/31/02, it's time to file the biennial designation form again. 3/10/04

  • Snow Comments On New GSA Regulator

    Treasury Secretary Snow expressed his views on the mininum credibility requirements for the new proposed Federal GSE regulator in a presentation before the America's Community Bankers Association Government Affairs Conference.
    Speech 3/10/04

  • OCC Says Preemption Rule Misunderstood

    In a presentation before the America's Community Bankers Association Government Affairs Conference, OCC Chief Counsel and Senior Deputy Comptroller Williams addressed misunderstandings and mischaracterizations of the OCC Preemption Rule.
    Speech 3/10/04

  • March Financial Reporting Bulletin

    The March 2004 Financial Reportiong Bulletin has been released by OTS.
    March Bulletin 3/10/04

  • Phishing and E-Mail Scams

    OTS has issued a CEO Letter regarding phishing and e-mail scams which contains safeguards that institutions can utilize to help reduce the likelihood of customers becoming victims.
    CEO Letter 3/10/04

  • Financial Terrorism Office Created

    The Administration has announced the creation of a new Treasury office to fight financial terrorism. The Office of Terrorism and Financial Intelligence (TFI) will oversee the activities of OFAC, FinCEN and the Executive Office of Terrorist Financing and Financial Crimes. TFI will not only focus on the financial war on terror, but also protect the integrity of the financial system, fight financial crime, enforce economic sanctions against rogue nations and assist in the ongoing hunt for Iraqi assets.
    TFI 3/9/04

  • Check 21 Comment Deadline Nears

    It's not too late to submit your comments regarding the proposed Check 21 rules. The deadline for comments is March 12. For more information, check out the new Check 21 forum on Bankers' Threads and the BOL Check 21 page.
    Proposed Rules; Submit Comments; Check 21 Forum;
    BOL Check 21 Page 3/9/04

  • Grant Thornton Assessed $300,000 CMP

    The OCC has filed a notice of charges and a notice of assessment of civil money penalties in the amount of $300,000.00 against Grant Thornton LLP resulting from the firm's activities while serving as external auditor, accountant and independent contractor for The First National Bank of Keystone, Keystone, West Virginia. Charges; CMP 3/9/04

  • 66 CRA Exams Scheduled For 2nd Quarter

    The OTS has released a list of sixty-six savings associations that are scheduled for CRA examinations during the second quarter 2004.
    CRA Exam List 3/9/04

  • FDIC CRA Ratings Released

    The FDIC has released the ratings for the banks examined for CRA compliance in March 2004.
    March CRA Ratings 3/9/04

  • Unauthorized Banking Special Alert

    A Special Alert has been issued by the FDIC regarding Cherokee Heritage National Bank. The entity has not been granted a federal bank charter and may be conducting illegal or unauthorized banking activities. FDIC SA-19-2004 3/9/04

  • B of A - Fleet Merger Approved

    The FRB has announced the approval of the application filed by Bank of America Corporation, Charlotte, North Carolina, to merge with FleetBoston Financial Corporation, Boston, Massachusetts. Merger Approval Order 3/9/04

  • OFAC Penalizes Five Institutions

    The March OFAC Civil Money Penalties Enforcement Information list cites two banks and three credit unions for violations of the Cuban Sanctions Program resulting in penalties ranging from $750.00 to $3,850.00.

    OFAC Penalties 3/8/04

  • Reg CC Changes Published

    The Federal Register has published a final Rule effective May 15, 2004 which amends Appendix A of Reg CC to reflect the restructuring of the check processing operations in the Eleventh District. 69FR10602 (txt) 69FR10602 (pdf) 3/8/04

  • March 31 002 Form Released

    The FFIEC has released a draft of and instructions for the March 31, 2004 002 Reporting Form.
    002 Form;
    Instructions 3/8/04

  • Internet Banks Subject of Special Alerts

    The OCC has issued two Special Alerts regarding two Internet banks, Commerz Finanz Bank and Intertrade Bank, that may be operating without federal or state authorization.
    Commerz Finanz;
    Intertrade Bank 3/8/04

  • Thrift Financial Report Instruction Manual

    OTS has released the March 2004 edition of the Thrift Financial Report Instruction manual.
    Instruction Manual 3/8/04

  • Assets Ranking Released

    The FRB has released the Consolidated Asset Rankings for Large Commercial Banks as of December 31, 2003.
    Asset Ranking 3/8/04

  • January Consumer Credit Report Issued

    The G.19 Consumer Credit Statistical Release for January 2004 has been issued by the FRB.
    G.19 3/8/04

  • C & D Issued Against Wyoming Bank

    A Cease and Desist Order was issued by the FRB and the Wyoming State Banking Commission against Cowboy State Bancorp, Inc. and its subsidiary bank, Cowboy State Bank, Ranchester, Wyoming. The bank has agreed to take corrective measures regarding its BSA and AML programs and procedures.
    Order 3/5/04

  • OTS February CRA Ratings Revealed

    The CRA Ratings for savings associations examined in February 2004 has been released by OTS.
    CRA Ratings 3/5/04

  • Extension of FFIEC 04 Report Proposed

    The FRB has proposed to extend, without revision, the Report of Extension of Credit to Executive Officers and Principal Shareholders and their Related Interests to Correspondent Banks. The closing date for comments is April 5, 2004.
    Proposal 3/5/04

  • Special Alert - Counterfeit Checks

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Southeastern Bank, Darien, Georgia and The Gunnison Bank and Trust, Gunnison, Colorado. Information concerning the counterfeit checks has been posted on the BOL Alerts Counterfeits page. 3/5/04

  • FBI Releases Workplace Violence Monograph

    The FBI has announced the development of an online publication, "Workplace Violence: Issues in Response", which contains with thoughts about prevention, threat assessment and management, crisis management, critical incident response and more. It offers common-sense recommendations for those in the position to do something about workplace violence.
    Workplace Violence 3/5/04

  • Fourth Quarter Flow of Funds Report Released

    The FRB has released the Fourth Quarter 2003 Z.1 Flow of Funds Report.
    Z. 1 3/5/04

  • FIL Regarding Announced OFAC Action

    The FDIC has issued FIL -24-2004 regarding previously announced additions to the SDN list concerning Zimbabwe targets. Information about the additions was posted March 2, 2004 on the BOL OFAC page. 3/5/04

  • ML and Financial Crimes Report Issued

    The sections of International Narcotics Control Strategy Report regarding money laundering and financial crimes has been posted online.
    Report 3/5/04

  • Fourth Quarter Interest Rate Risk Data Issued

    OTS has issued the Preliminary Thrift Industry Interest Rate Risk Measures for the Fourth Quarter 2003.
    Risk Measures 3/5/04

  • All Stocks Removed From Margin Stock List

    The FRB has announced the issuance of a Final Rule that removes all of the stocks currently listed on the Foreign Margin Stock List for failing to follow recertification procedures. Effective April 15, 2004, the stocks will no longer qualify as margin securities under Reg T. Margin Stock 3/4/04

  • FIN 46 Legal Interpretation Issued

    The FRB has issued a legal interpretation regarding FIN 46 relating to the creation of reserve requirements under Reg. D or demand deposits under Reg. Q. Legal Interpretation 3/4/04

  • Counterfeit Cashier's Checks SAs Issued

    The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on RiverHills Bank, Port Gibson, Mississippi; First Community Bank of East Tennessee, Rogersville, Tennessee; Union County Savings Bank, Elizabeth, New Jersey; California National Bank, Los Angeles, California; First Bank, Creve Coeur, Missouri; and The Honesdale National Bank, Honesdale, Pennsylvania. Information regarding the counterfeit cashier's checks has been placed on the BOL Alerts & Counterfeit page. 3/4/04

  • Internet Bank Not Member FDIC

    The FDIC has issued a Special Alert regarding an Internet Bank that is falsely advertising FDIC membership on its Web site.
    Special Alert 3/4/04

  • Updated Beige Book Released

    The Beige Book has been updated by the FRB utilizing data collected prior to February 23, 2004. Beige Book 3/4/04

  • Real Estate Retrieval System Online

    The FDIC has placed its Real Estate Retrieval System online. Interested parties can obtain information regarding FDIC owned properties.
    RE Retrieval System 3/4/04

  • 314a Automated Distribution List

    The OCC has issued an Alert regarding the effective date of FinCEN's conversion to an automated 314a distribution list that has been compiled from information contained in banks' year-end Call Reports. Alert 2004-6 3/3/04


  • Reg CC Amended By FRB

    The FRB has issued a Final Rule effective May 15, 2004 which amends Appendix A of Reg CC to reflect the restructuring of the check processing operations in the Eleventh District. Final Rule 3/3/04

  • SARs Legal Decisions Posted

    FinCEN has posted three cases dealing with the protection from civil discovery of SARs & related documents online.
    SARs Cases 3/3/04

  • Technology Regs and Publications Online

    The FDIC has posted links to technology regulations and publications for financial institutions on its Web site.
    Tech Regs;
    Tech Publications 3/3/04

  • Greenspan On Foreign Exchange Rates

    In a presentation before the Economic Club of New York, Chairman Greenspan commented on the role of foreign exchange rates in the evaluation of economic activity and the impact of intervention by East Asian and European monetary authorities.
    Speech 3/3/04

  • FDIC Releases Spring 2004 Outlook

    The FDIC has released Spring 2004 issue of the Outlook which contains the results of a study regarding the implications of the housing market boom. Spring Outlook 3/3/04

  • Basel II White Papers Released

    The FRB has released two Basel II Capital Accord white papers on the following subjects: "Competitive Effects on Banks in SME Credit Markets" and "Will Basel II Increase Bank Merger Activity".
    Competitive Effects; Bank Mergers 3/3/04

  • FEDS Working Papers Issued

    The FRB has issued two working papers in the FEDS series, "Housing and the Business Cycle" and "Identifying Price Discrimination When Product Menus Are Endogenous". Housing;
    Price Discrimination 3/3/04

  • OFAC Adds Zimbabwe SDNs

    OFAC has added seven Zimbabwean entities to the SDN list with the designation, ZIMB. Information regarding the additions has been posted on the BOL OFAC page. 3/3/04

  • FACT Act Study on Biometrics

    The FACT Act requires the Secretary of the Treasury to conduct a study of the use of biometrics and other similar technologies to reduce the incidence and costs to society of identity theft by providing convincing evidence of who actually performed a given financial transaction. The Act also requires the Secretary to consult with a number of entities and the general public ``in formulating and conducting the study.'' In order to fulfill its obligations under the Act, the Department of the Treasury (Treasury) seeks public comment on how Treasury should formulate and conduct the study. 69FR9895 (txt) 69FR9895 (pdf) 3/2/04

  • Loan Loss Accounting Guidance Issued

    The Federal financial regulators have issued an interagency guidance regarding the accounting for loan and lease losses.
    FRB SR; FRB Guidance; OCC Bulletin;
    OCC Guidance;
    OTS CEO Letter and Guidance;
    FDIC Guidance 3/2/04

  • Unauthorized Banking Alert

    The OCC has issued an alert that an entity calling itself, Cherokee Heritage National Bank, may be issuing stock and soliciting banking business. A national bank charter has not been granted by the OCC to the entity.
    Alert 2004-5 3/2/04

  • OCC Customer Complaint Guidance

    The OCC has issued a supplementary guidance to AL 2002-9 concerning the prompt resolution of customer complaints that are forwarded to national banks by state agencies. Supplementary Guidance; AL 2002-9; AL 2004-2 3/2/04

  • OCC 2nd Quarter CRA Exam Schedule

    The schedule of national banks that will be examined for CRA compliance in the second quarter 2004 has been released by the OCC.
    CRA Exams 3/2/04

  • IRS "Dirty Dozen" Scams List Updated

    The IRS has updated its "Dirty Dozen" list of tax related scams that target consumer taxpayers. Information regarding these schemes would be of interest to your customers. Dirty Dozen

  • FinCEN MSB Registration List Online

    The list of entities that have registered as money services businesses as of January 9, 2004 has been posted online by FinCEN.
    MSB List 3/2/04

  • FYI Examines Exposure to GSE Guaranties

    The latest online issue of FYI accesses the banking industry's exposure to an implicit government guarantee of GSEs.
    FYI 3/2/04

  • December 2003 UBPR Available

    FinCEN has placed the December 31, 2003 UBPR on its Web site. FinCEN PR;
    UBPR 3/2/04

  • February Foreign Exchange Rates Released

    The FRB has released the G.5 Foreign Exchange Rate Rate report for February 2004. G.5 3/2/04

  • FTC Releases RESPA Reform Report

    The FTC has released a staff report that examines the mortgage broker compensation disclosure proposed by HUD in its July 2002 RESPA reform proposal and two alternative proposals.
    Full Report 3/1/04

  • FATF Removes Two From NCCT List

    The FAFT has announced that two countries have been removed from its NCCT List due to substantial positive changes in combating money laundering and fighting terrorist financing and has issued the 2003-2004 Money Laundering Typologies report.
    NCCT List;   
    ML Typologies 3/1/04

  • FRB Issues Proposals For Comment

    The FRB has given notice of the amendment of Consumer Compliant Information System (BGFRS-18) and the removal of the Financial Disclosure Reports and Outside Business Interests Applications (BGFRS-19). Comments are invited and must be received by March 31, 2004.
    Notice 3/1/04

  • U. S. FY 2003 Financial Report Released

    Treasury and OMB have released the FY 2003 Financial Report for the United States which provides financial information for all aspects of the federal government.
    2003 Financial Report 3/1/04

  • Community Banking Issues - A Regulator's View

    FRB Governor Olsen discussed emerging issues in community banking from the viewpoint of a regulator in a presentation before the 118th Assembly for Bank Directors. He noted the past year was a good one for banks and showed that they were able to adapt to a changing environment and still generate record profits.
    Speech 3/1/04

  • Winter 2004 Federal Reserve Bulletin Issued

    The FRB has issued the Winter 2004 Bulletin which contains articles on electronic banking, cross-border investments in securities, industrial production and capacity utilization, and the condition of the U.S. banking industry.
    Winter 2004 Bulletin 3/1/04

  • Quarterly Loan Charge-Off Rates

    The FRB has released the Quarterly Charge-Off and Delinquency Rates on loans and leases at commercial banks.
    Charge-Off Rates 3/1/04

  • Household Debt Burden Report Released

    The Household-Debt Service and Financial Obligations ratios report has been released by the FRB.
    Household-Debt 3/1/04

  • FIL Issued Regarding Announced SDN Change

    The FDIC has issued FIL-21-2004 concerning a previously announced SDGT addition to the SDN list. Information regarding the change was posted on February 24 on the BOL OFAC page. 3/1/04

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