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Top Stories for June 2003

  • Iraqi License Subject of Interim Final Rule

    OFAC has published an interim final rule amending the Iraqi Sanctions Regulations, along with a Request for Comments. The amendment reflects the general license issued by OFAC on May 23, 2003 which effectively removed, with four exceptions, the economic sanctions regarding Iraq. The effective date of the interim rule is May 23, 2003. The comment period will close on August 26, 2003. Information regarding the interim final rule and the general license is posted on the BOL OFAC page. 6/30/03

  • June OCC Actions Online

    The actions taken by the OCC in June regarding interpretative letters, application approvals, enforcement actions and CRA evaluations have been posted online.June OCC Actions 6/30/03

  • April G.20 Owned and Managed Receivables Report

    The FRB has released the G.20 financial companies owned and managed receivables report for April 2003. April G.20 6/30/03

  • Proposed Rule from FDIC on Living Trust Accounts

    FDIC is proposing to clarify and simplify the regulations on the deposit insurance coverage of living trust accounts. 68FR38645 (txt) 68FR38645 (pdf) 6/30/03

  • OCC Bulletin - Securities Disclosures

    The OCC has issued Bulletin 2003-28 regarding proposed changes to the securities offering disclosure rules for national banks. The notice was previously announced in BOL Top Stories on May 22, 2003. 6/27/03

  • July 1 Effective Date for California Mandatory Disclosure of Computer Intrusions Law

    Beginning July 1, any person or business that conducts business in California and owns or licenses computerized data is required to disclose to all customers who are California residents any breach of the security of their unencrypted personal information.The disclosure to customers must be made "as soon as possible" after the discovery of a breach of information security. A delay in disclosure is allowed only if a law enforcement agency determines the disclosure would hinder a criminal investigation. Any customer who was injured by the failure to disclose can file a civil suit to recover damages. The legislation, which is the first of its kind, may become a model that will be adopted by other states. BOL previously posted an article regarding the subject, Computer Intrusion Disclosures Mandated by New Law, from BOL Guru, Sam Ott. Click here to read it. 6/27/03

  • Using Clean Money For Lethal Purposes

    Learn how terrorists use the international banking system and apparently innocent accounts to finance their activities. Read the testimony of Treasury General Counsel Aufhauser before the Senate Subcommittee on Terrorism, Technology and Homeland Security.Testimony 6/27/03

  • Debt Ceiling May Adversely Impact Capital Markets

    The debt ceiling and its effect on the standing of the US in the capital markets was discussed in a presentation to the Bond Market Association by Treasury Assistant Secretary Roseboro.Speech 6/27/03

  • Immediate Reduction in Discount Rates Approved

    The FRB has approved actions by the Boards of Directors of the Federal Reserve Banks of Philadelphia, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, and Dallas to decrease the discount rate at the banks from 2-1/4 percent to 2 percent, effective immediately.FRB NR 6/27/03

  • Minority-Owned Banks Quarterly Report

    The FRB has released the first quarter report regarding the banks that participate in Treasury's Minority Bank Deposit Program.Minority-Owned Banks Report PDF txt 6/27/03

  • Coping With the Low Interest Rate Environment

    The challenges facing management and the long range consequences of the decisions being made in today's interest environment were examined by FRB Governor Olson at an Economic Growth Outreach meeting.Speech 6/27/03

  • OTS Issues First Quarter Interest Exposure and CMR Reports

    The OTS has released the Interest Rate Exposure and CMR reports for the first quarter 2003. Click here and scroll down to the Data & Research section of the page to download the various reports. 6/27/03

  • Country Exposure Data Online

    The FFIEC has posted the March 31, 2003 Country Exposure Statistical Release and the Country Exposure Information Report on its Web page.Statistical Release   Information Report 6/27/03

  • SAR Software Available Online

    FinCEN has made the SAR Software Version 5.0 for Windows available for download online. You will not be able to enter information into the program unless you have applied for a unique Transmittal Code Number from the Detroit Computing Center. Instructions on how to obtain a code number are also online. FinCEN SAR Software 6/26/03

  • CRA Evaluations Released For 16 National Banks

    The OCC has released the CRA evaluations for sixteen national banks. Three of the banks were rated outstanding and thirteen were satisfactory. None received either a needs to improve or substantial noncompliance rating. OCC NR 2003-52    CRA Evaluations 6/26/03

  • FFIEC Reporting Forms and UBPR Guide Updated

    FFIEC has updated the June 30 Reporting Forms 009 and 009a along with the UBPR User's Guide. Form 009    Form 009a     UBPR User's Guide  6/26/03

  • FRB Publishes Correction to Routing Symbols

    The FRB published a final rule in the Federal Register of May 28, 2003, that amended the Federal Reserve Bank and Federal Home Loan Bank routing information listed in appendix A of Regulation CC. The FRB omitted from this supplementary information two routing symbols that will be transferred from the Richmond head office to the Baltimore branch. The corrected list is printed in the federal register. 68FR37957 (txt) 68FR37957 (pdf)  6/26/03

  • 1% and 2% - You've Got to Be Kidding!

    Can you imagine what a banker in the '70s would have said if anyone had predicted that within 30 years the Fed Funds rate would be at 1% and the discount rate at 2%? Read about the considerations that helped the Federal Open Market Committee and the Board of Governors decide to lower the rates. FRB PR 6/26/03

  • Four Entities Named in Unauthorized Banking Alert

    The FDIC has issued an alert regarding the possibility that the following four entities may be conducting unauthorized banking activities in the U.S. and Canada: Apex Financial Group, Toronto, Ontario; Bonded Trust, Mississauga, Ontario; North American Standard Trust, Concord, Ontario; and Universal Trust Financial, Toronto, Ontario. Any information about these entities should be forwarded to the FDIC's Special Activities Section, 550 17th Street, NW, Room F-4040, Washington, DC 20429, or forwarded electronically to FDIC SA-34-2003 6/26/03

  • Banking Holding Company Elections Announced

    The FRB has released the June 20 report regarding bank holding companies that have elected to be treated as a financial holding company under the provisions of the Bank holding Company Act. FRB Financial Holding Company List 6/26/03

  • E.2 Survey Modified

    The FRB E.2 Survey of Terms of Business Lending has been changed to reflect the addition of a new item and the elimination of some previously reported items. Surveyed banks now report the date on which pricing and other terms of loans made under formal commitments became effective. A table has been added to present pricing and other summary statistics separately for loans having terms set during the survey week and loans having pricing terms set prior to the survey week. FRB E.2 6/26/03

  • "Deck of Cards" Added to SDN List

    OFAC has integrated into the OFAC SDN list the persons named on the Defense Department's 55 Person Watch List, better know as the Iraqi "deck of cards". As a result, some entries have been removed, some entries have been amended, and new IRAQ entries have been added. Learn about the changes on the BOL OFAC page. 6/25/03

  • Flood Act Violations Result in CMPs for Ohio and Colorado Banks

    The FRB has announced the issuance of civil money penalties against the Community First Bank & Trust, Celina, Ohio, and the Centennial Bank of the West, Fort Collins, Colorado, for alleged violations of the National Flood Insurance Act.Community First Order   Centennial Bank Order    Flood Dodging the BIG Wave Webinar Presented by BOL Learning Connect   6/25/03

  • OCC Issues New SAR Form Reminder

    The OCC has issued Bulletin 2003-27 regarding the July 1 utilization date of the new SAR form. The release of the new form by FinCEN on May 2, 2003 and a BOL reminder notice on June 24, 2003 were previously posted on BOL Top Stories. 6/25/03

  • Thirteen Enforcement Orders Announced

    The FDIC has released information regarding 13 enforcement orders that were issued in May. They include one cease-and-desist order, five removal-and-prohibition orders, five civil money penalty orders, one voluntary termination of insurance order, and one termination of insurance order.FDIC Enforcement Orders 6/25/03

  • 2003 CRA/HMDA Census Report and Geocoding Data Online

    The FFIEC has posted the 2003 Census Report and Geocoding data plus downloadable CRA/HMDA data entry software online. FFIEC Census Reports   FFIEC Geocoding   Software Download   6/25/03

  • HMDA Training for Lenders Announced

    The Federal Reserve System has released the schedule and locations of four training sessions to help lenders understand and implement the changes to Regulation C.Training Schedule HMDA - The Real Deal - What Bankers Want to Know, Part 1,   Part II Webinar Presented by BOL Learning Connect   6/25/03

  • July 1 Deadline for Service Provider Contract Provisions

    The Information Security Guidelines require that a financial institution have a contract with each of service providers who, in the course of providing services to the institution, has access to nonpublic personal information on customers. The written contractual provision must require the provider to implement and maintain appropriate measures designed to meet the objectives of the Information Security Guidelines.There was a grandfathering provision that applied to contracts entered into on or before March 5, 2001, but the grandfathering expires July 1. Stated another way: any contract you entered into with service providers before March 5, 2001 must be modified by July 1, 2003 to include contractual language that requires the provider to implement appropriate security measures to protect customer information.For purposes of the Information Security Guidelines, the term

    service provider means any person or entity that maintains, processes, or otherwise is permitted access to customer information through its provision of services directly to the financial institution.Guidelines Monitoring Service Provider Compliance   Need sample language for the contract provision? BOL Guru Karen Garrett contributed some a while back to Banker Tools. Click here to review it. 6/24/03

  • New SAR Form Takes Effect July 1

    Get ready to use the new form for reporting Suspicious Activity as of next Tuesday. You can find it on our BOL Banker Forms page (but don't use it until July 1!). 6/24/03

  • Commercial Loan Problems Analyzed

    The deterioration of key components of the commercial real estate market and its potential impact on loan portfolios is examined in the June23 edition of the FYI, an electronic FDIC bulletin which summarizes current information about the trends that are driving change in the banking industry.FDIC FYI    FDIC PR 6/24/03

  • Reducing Regulatory Paperwork

    You have the opportunity until September 15 to express your views on reducing the amount of paperwork required by federal government regulations. The Regulators are asking for comments regarding the following three categories of regulations: Applications and Reporting, Powers and Activities, and International Operations.FDIC FIL 53-2003    Federal Register Notice HTML    PDF 6/24/03

  • FDIC Compliance Examinations Revised

    The FDIC has announced that examiners conducting on-site compliance examinations beginning on or after June 30, 2003, will utilize a top-down, risk-focused approach which will include an in-depth evaluation of an institution's compliance management system. Read all about it in our new article, Can You Spell R-I-S-K?New FDIC Compliance Exam Procedures. 6/23/03

  • June 031 and 041 Reporting Forms Instructions

    The instructions for preparation of the June consolidated reports of condition and income have been posted online by the FFIEC.Instructions 6/23/03

  • Thrift Financial Report Instruction Manual

    The OTS Thrift Financial Report Instruction Manual is available online.Instruction Manual 6/23/03

  • Thrift CRA Ratings Released

    The CRA ratings for savings associations examined in May 2003 had been released by OTS.May CRA Ratings 6/23/03

  • Fictitious Internet Bank Alert

    The OCC has issued an unauthorized banking alert regarding a fictitious Internet bank operating under the name of Banquedenationale Bank, Inc. utilizing a web site which lists offices in New York City, London and Hong Kong. OCC Alert 6/23/03

  • Results of Basel II Regional Meetings

    Representative of seventy-five banking organizations have met with the FRB, OCC, and FDIC in a series of regional meetings to discuss the U.S. implementation of the proposed Basel II Accord. Review the discussion documents and a summary of the comments of the attendees.FRB Basel II Meetings 6/23/03

  • FRB June Working Papers and Bulletin Article Online

    The online June release of the FRB FEDS working papers contains following five topics: Minimum Wages, Labor Market Institutions, and Youth Employment: A Cross-National Analysis; The Recall and New Job Search of Laid-off Workers: A Bivariate Proportional Hazard Model with Unobserved Heterogeneity; Regime-Shifts, Risk Premiums in the Term Structure, and the Business Cycle; Wealth Effects and the Consumption of Leisure: Retirement Decisions During the Stock Market Boom of the 1990s; and Estimates of the Term Premium on Near-dated Federal Funds Futures Contracts. In addition, an article from the June FRB Bulletin, Profits and Balance Sheet Developments at U.S. Commercial Banks in 2002 is also available. FRB June Working Papers    FRB June Bulletin 6/23/03

  • Two Major Actions from FATF

    The Financial Action Task Force on Money Laundering, an independent International body of 31 member countries and governments (including the US), has revised its Forty Recommendations to combat money laundering. Some of the recommendations, as before, are aimed at governments, while others detail action that financial institutions should take. Among the major recommendations which are aimed at financial institutions are:

    • the expansion of the customer due diligence process for financial institutions;
    • enhanced measures for higher risk customers and transactions, including correspondentbanking and politically exposed persons;
    • the inclusion of key institutional measures, notably regarding international co-operation;
    • the improvement of transparency requirements through adequate and timely information onthe beneficial ownership of legal persons such as companies, or arrangements such as trusts;

    FATF is not a regulatory body per se and does not have direct enforcement authority. FATF studies money laundering issues, designates a list of countries which are deemed to not be cooperating to the extent believed desirable in terms of fighting money laundering (the NCCT list of Non-Cooperating Countries and Territories). Although FATF doesn't have direct regulatory jurisdiction, since the U.S. is a member of FATF and member nations basically pledge to follow the recommendations, we may see the new items reflected in future laws and regulations and it would be wise to become familiar with the recommendations to see what may be implemented by the U.S. and begin making desired adjustments to your AML program.Also, FATF removed St. Vincent and the Grenadines from its list of Non-Cooperative Countries and Territories. The countries remaining on the list are Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, Philippines and Ukraine. [Note: This is completely different from, and should not be confused with, the OFAC list of sanctioned countries.]FATF Press Release;   FATF's Forty Recommendations   06/20/03

  • OCC Issues Bulletin Regarding Routing Numbers

    The OCC has issued Bulletin 2003-26 regarding an earlier announcement by the FRB of a Final Rule amending Appendix A to Regulation CC. The effective date of the Final Rule is July 28, 2003. National banks with questions are directed to contact their supervisory office, the Compliance Division, or the Community and Consumer Law Division of the OCC. The FRB Final Rule was previously featured as a BOL Top Story on May 28. 6/20/03

  • Counterfeit Checks Alert

    Notify your tellers to watch out for cashier's checks issued by Central Florida State Bank, Belleview, Florida that are payable through Boston Safe Deposit & Trust Co., Boston, Massachusetts, and official checks drawn on Sun Federal Credit Union, Maumee, Ohio. They may be counterfeit. Information regarding the items has been placed on the BOL Alerts &Counterfeits page. 6/20/03

  • ID Theft and Victim Assistance

    The FTC is the federal government's central repository for identity theft complaints and provides victim assistance and consumer education programs. Learn what resources are available to aid your customers who may be victims. Review the testimony of the Director of the FTC's Bureau of Consumer Protection before the senate Committee on Banking, Housing, and Urban Affairs. Testimony 6/20/03

  • Basel I v. Basel II

    Learn the differences between Basel I and Basel II and the reasons the modifications included in Basel II are necessary from the testimony of FRB Vice Chairman Ferguson before the House Subcommittee on Financial Institutions and Consumer Credit. Testimony Table of Modifications 6/20/03

  • OCC Enforcement Actions

    Twenty-five Enforcement Actions have been announced by the OCC involving banks and individuals in the states of Colorado, Georgia, Montana, Nebraska, Texas, California, Florida, Minnesota, Missouri, North Carolina and Pennsylvania.OCC NR 2003-49 6/19/03

  • New Credit Card Scam Alert

    The IRS has issued an alert regarding a new credit card scam involving the payment of a tax credit. A taxpayer receives a telephone call from a person who promises to speed up the payment of the Advance Child Tax Credit checks. The catch is the taxpayer must agree to a $39.99 charge to a credit card. The credit card information is used to make unauthorized charges and possibly Identity Theft purposes.IRS NR 6/19/03

  • Fighting Financial Fraud - Information For Customers

    The FDIC Consumer News has devoted its entire Spring 2003 newsletter to ways your customers can fight financial fraud involving checks, credit cards, ATMs, the Internet and other bank products and services. Common scams are discussed along with fraud fighting tips and ways to detect ID theft. A quiz to test a customer's knowledge of financial fraud is also included. Ways you can share this information with your customers include statement stuffers, newsletters and on your Web site. FDIC Consumer News 6/19/03

  • Regulators Give Basel II Testimony

    Comptroller Hawke, FRB Vice Chairman Ferguson, and OTS Director Gilleran testified before the Senate Committee on Banking, Housing, and Urban Affairs regarding the final stages of public comment and review regarding the Basel II Accord.Hawke Testimony Ferguson Testimony Gilleran Testimony 6/19/03

  • FRB Statistical Releases

    The FRB has issued statistical releases regarding the Household Debt-Service Burden and the Structure and Share Data for U.S. Offices of Foreign Banks.Household Debt-Service Burden Structure and Share Data 6/19/03

  • FDIC 2003 Summer Outlook

    The FDIC has published the 2003 Summer Outlook which indicates that even though banks are experiencing record earnings, risk management challenges remain. Commercial real-estate portfolios are noted as one area that could develop future problems.FDIC PR FDIC 2003 Summer Outlook 6/19/03

  • BugBear.B Update

    As reported earlier on BOL, the virus contains a list of domain names for over 1,300 banks, but if your institution's name is not on the list you could still be infected.The virus can disable your anti-virus software, install a keystroke logging spyware program, and collect email addresses in addition to capturing sensitive information and emailing it to an outside party.The OCC has issued an Alert 2003-09 that urges all national banks to follow the steps contained in the FFIEC Information Technology Handbook to prevent the spread of the virus. In the event a national bank thinks it is the victim of BugBear.B, it should immediately contact its OCC portfolio manager, report the problem to law enforcement and file a SAR. 6/18/03

  • HOEPA APR Reference Rates for July Released

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in July 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 normally use the yield in effect on the 15th of the month that precedes the month you received the application. Since June 15 is not a business day, for July calculations you use the yield on June 13, which is the business day immediately preceding the 15th. FRB Daily Rates FRB Weekly Rates 6/18/03

  • June Call Report FIL Issued

    The FDIC has issued a FIL containing the instructions and materials for preparation of the June 30, 2003, Call Reports which must be filed by July 30, 2003. In this Call Report, banks are required to report the number and amount currently outstanding of loans to small businesses and small farms (Schedule RC-C, part II) and the number of deposit accounts of $100,000 or less (Schedule RC-O, Memorandum item 1.a.(2)). No extensions will be granted. FIL-51-2003 Instructions 6/18/03

  • EINs Available Online - No Waiting

    Tired of waiting for your business customers to be issued an EIN? The IRS now lets a business obtain an EIN directly from the IRS Web site. Upon the completion of an online application, a permanent EIN is issued which can be used immediately. IRS NR Online Application 6/18/03

  • Terrorism Insurance Available to Commercial Customers

    The Terrorism Risk Insurance Act of 2002 requires that all insurance companies that offer commercial property and casualty insurance must also offer terror insurance as part of their property and casualty policies. Learn how this shared Federal and private coverage for commercial property and casualty losses resulting from acts of terror works from the comments of Treasury Deputy Assistant Secretary Zerzan at the Homeland Education Resource Organization Conference.Speech 6/18/03

  • Economic Growth Spurt Predicted

    The economy will pick-up before year-end resulting in annualized growth rates near 3.5%. Read the comments of Treasury Secretary John Snow at Money Magazine's Money Summit to learn why he made this optimistic prediction.Speech 6/18/03

  • $39 Million Contract Awarded to Modernize Bank Data Collection

    Bank regulators announced the award of a ten-year $39 million dollar contract to a development team headed by Unisys Corporation to create a financial data collection process that utilizes the Internet. The program, which will be phased in through 2004, will have a central data repository, which will be accessible by banking regulators, financial institutions, and the public. FRB PR Comments of FDIC Chairman Powell OCC NR 6/18/03

  • FDIC G.17 Report released

    The FDIC has released the G.17 Industrial Production and Capacity Utilization report.FDIC G.17 6/18/03

  • Financial Holding Company Election List

    The FRB has issued the June list of bank holding companies that have elected to be treated as financial holding companies under the provisions of the Bank Holding Company Act. Financial Holding Companies 6/18/03

  • Restructuring the FDIC

    Over the last year, four FDIC divisions have been merged into two and executive positions have been reduced by 20%. The staff has been realigned and more authority delegated reducing the time it takes to make decisions. In addition, a new performance-oriented staff compensation program that rewards achievement has been implemented. Read about these changes and more from FDIC Chairman Powell's remarks before the Council for Excellence in Government. Speech 6/18/03

  • FTC Improves Site?

    The FCT has redesigned its Web Site. We are sure that they intended for it to be improved, but we found it difficult to find some information. If you are looking for FCRA or FDCPA staff opinions for example, you must drill down through the new Formal Actions section. As quick alternative, use the BOL Launch Pad Fair Credit Reporting and Fair Debt Collection links.Fair Credit Reporting    Fair Debt Collection   FCT Web Site 6/18/03

  • Counterfeit and Stolen Checks Special Alerts

    The FDIC has announced that counterfeit cashier's checks drawn on Bank of the Southwest, Roswell, New Mexico and counterfeit treasurer's checks drawn on Border Trust Company, South China, Maine are currently in circulation. In addition, five official checks have been stolen from Bay State Saving Bank, Worcester, Massachusetts and may be in circulation. The information has been added to the BOL Alerts & Counterfeits page.

  • Enforcement Order with Missouri Bank

    The FRB has announced the execution of a Written Agreement by and between Southern Commercial Bank, St. Louis, Missouri and the Federal Reserve Bank of St. Louis. Written Agreement

  • FFIEC Form Updated

    The FFIEC has placed an updated June 2003 FFIEC 002 reporting form online.FFIEC Form 002

  • Strengthening Weaknesses in Risk Management Practices

    Operational risk management may provide the answer to improving corporate governance in financial institutions according FRB Governor Bies. The breakdown of internal controls can lead to substantial losses. Learn what institutions can do mitigate operational risk to their corporate governance processes from her comments to Oregon and Idaho bankers.Speech

  • Internet False Advertising Special Alert

    The FDIC has issued a special alert regarding the unlawfully advertising of FDIC membership on a Web site by Trust Meridien Bank, also known as Meridien Trust Bank, Douglas, Isle of Man.FDIC SA-30-2003

  • FDIC Issues FIL Regarding Cuban Travel Services

    The FDIC has issued a FIL-50-2003 regarding the June 6, 2003 OFAC amendments to SDN list by adding several names as SDGTs. The information was previously reported on BOL and placed on our OFAC page.

  • OTS Cost of Funds Reports

    OTS has released current and historical reports regarding the national average cost of funds ratio to OTS regulated, SAIF - insured institutions.Current Report    Historical Report

  • USDA Joins Money Smart Alliance Program

    The FDIC has announced that the USDA's Rural Housing Service has joined the FDIC Money Smart Alliance Program.FDIC NR

  • Customer Peer Comparison Added to UBPR

    The FFIEC has added a custom peer comparison function to the UBPR portion of the FFIEC website. This new feature allows individual banks to be compared with the performance of a user-defined peer group of banks.FFIEC UBPR Custom Peer Memo

  • OFAC Penalties

    OFAC civil money penalties have been announced against two banks for violations regarding funds transfers to Kosovo and Iraq. The penalties range from $4,800 to $5,842. The violation which resulted in the smaller penalty was voluntarily disclosed. The banks involved were Bank United, Houston, Texas and Union Bank of California, San Francisco, California. OFAC Penalties Chart

  • FRB Enforcement Actions Announced

    The FRB has announced it has entered into a written agreement with The Marathon Bank, Winchester, Virginia and the issuance of a cease and desist order against Lori H. Staples, a former vice president of the bank. Written Agreement Cease and Desist Order

  • Small Businesses Fuel Economic Growth

    The entrepreneurial activity of small business owners provides new sources of employment opportunities and tax revenues. The ability to recognize and react to new ideas allows small businesses to thrive in neighborhoods overlooked by larger concerns. These points and others were raised by FRB Governor Gramlich in a presentation before a Milwaukee Community Development Corporation.FRB Speech

  • OCC Issues Bugbear.B Virus Alert

    The OCC has issued Alert 2003-09 regarding the threat the Bugbear.B virus poses to financial institutions. The serious nature of the Bugbear.B virus to financial institutions was previously explained in a BOL Special Tech Alert.

  • Protecting the Financial Community From Terrorist Attack

    The FDIC will hold a half-day symposium that will examine the security of the United States financial sector and outline steps that banks can take to protect themselves. The event will be held on July 31, 2003, in Dallas, Texas.Agenda Registration

  • FATF To Revise Anti-Money Laundering Recommendations

    FATF has announced plans to revise its Forty Recommendations against Money Laundering at its annual meeting to be held in Berlin on June 18-20, 2003. FATF NR

  • Scope of HMDA Reach Altered by MSA Changes

    The OMB has revised the MSA definitions. This results in 49 new MSAs. The changes will affect the HMDA 2004 reporting criteria for depository institutions. Institutions which meet the asset threshold who have offices in counties that are being added to MSAs will be covered by HMDA, while those in counties dropped from MSAs may no longer be covered. CRA assessment area delineations may also be affected. See what's happened in the areas where your offices are located. OMB Bulletin 03-04    MSA List    HMDA Criteria

  • FDIC Enforcement Actions Include $1.4 Million CMP

    The FDIC has announced enforcement actions against 18 former and current bank officers and directors from the states of Alabama, Minnesota, Washington, Iowa and Texas. CMPs ranging from $4,000 to $1.4 million were imposed.Alabama    Minnesota    Washington    Iowa   Texas

  • OCC Delays Compliance Date

    The OCC has issued notice of an indefinite delay in the compliance date for certain provisions of the final rule governing debt cancellation contracts (DCCs) and debt suspension agreements (DSAs). OCC Bulletin 2003-25    Notice    68FR35283 (txt)    68FR35283 (pdf)

  • OTS Updates Thrift Activities Regulatory Handbook

    The section of the Thrift Activities Regulatory Handbook regarding enforcement actions has been updated by OTS.OTS Bulletin RE-32-28

  • Deposit Insurance Reform and FCRA

    Learn the views of FDIC Chairman Powell on these two important topics from his remarks to the Women on Housing and Finance. Read about how he believes an efficient credit reporting process has resulted in cheaper credit for borrowers in the U.S. Speech

  • Thrift Activities Handbook Updated

    OTS has issued a number of updates to the Thrift Activities Handbook.Opening Section    Table of Contents    Volume 1 Program    Volume 1 Section 300    Volume 1 Section 370    Volume 1, Appendix A 6/13/03

  • Effective Corporate Governance Strengthens Compliance

    FRB Governor Bies indicated in a presentation to the participants at the ABA Regulatory Compliance Conference that compliance can be strengthened through effective corporate governance. She remarked that to be effective, compliance risk management must be coordinated at various levels within the organization. While the governance of a bank's risk-management program comes from the top down, a successful program will involve staff at all levels, and in more than one department. Speech

  • OCC Community Development Newsletter

    The OCC has published the 2003 spring edition of the Community Development Newsletter which focuses on banks and affordable housing in rural America. The online issue offers a road map for banks committed to playing a positive role in rural development and provides insights on CRA compliance, news-you-can-use from OCC's district offices plus useful Web links. Newsletter

  • OCC Issues Reg Z Bulletin

    The OCC has issued Bulletin 2003-24 regarding the FRB's adoption of revisions to the official staff commentary to Reg Z which was published in the Federal Register on April 3, 2003. The revision was previously reported in BOL Top Stories on April 3 as, "Reg Z Commentary Changes Published in Federal Register". OCC Bulletin 2003-24

  • FDIC Issues OFAC FIL

    The FDIC has issued an FIL regarding the designation of the Al-Aqsa Foundation as an SDGT, the termination by OFAC of the declaration of emergencies with respect to Yugoslavia, and the modification of entries for the Balkans and the Federal Republic of Yugoslavia. The OFAC change was previously reported on BOL and details placed on our OFAC page. FIL-14-2003

  • June 2003 FFIEC Reporting Forms

    The FFIEC has placed the June 2003 FFIEC Reporting Forms 002, 009 and 009a online.Form 002    Form 009    Form 009a

  • Using Quantitative Analysis in Community Development

    Learn how community developers utilize data analysis to increase economic opportunity and revitalize their neighborhoods from a presentation by FRB Governor Bernanke at the 2003 Community Development Policy Summit, sponsored by the Federal Reserve Bank of Cleveland. Speech

  • The Beige Book

    The FRB has released The Beige Book summary of current economic conditions compiled from data collected prior to June 2, 2003.The Beige Book Summary    Full Report

  • Implications of Behavioral Economics on Monetary Policy

    Learn the views of FRB Governor Kohn from his remarks at the Federal Reserve Bank of Boston's 48th Economic Conference. He noted that deviations from fully rational optimizing behavior induced by psychological factors have long been important in macroeconomic analysis and hence in monetary policy.Speech

  • Application of Basel II in U.S.

    FRB Vice Chairman Ferguson indicated in a presentation before the Institute of International Bankers that approximately 10 U.S. banks which are significant competitors in foreign markets will be required to adopt Basel II. Another ten banks are expected to do so voluntarily. The FRB does not intend to require other banking organizations in the U. S. to adopt Basel II.Speech

  • Risk Management - Regulatory Considerations

    The approach taken by the OCC was explained by Senior Deputy Comptroller Williams at the Risk USA 2003 Conference. She commented that the OCC takes a favorable view of banks' efforts to conduct banking activities in new ways to respond to changing financial needs of customers. Speech

  • BugBear.b Targets Banks Worldwide

    Financial institutions world-wide are at high risk due to the latest BugBear virus threat. Buried deep within the worms' code is a list of bank domain names that, if matched, will cause the program to keep the connection on the infected machine open and allow a keylogging program to potentially steal sensitive information. Find out if your institution is on the list in our BOL Special Tech Alert.

  • FRB Working Papers Released

    Four new working papers in the FRB Finance and Economic Discussion series have been released and are available online. The topics are: The Recall and New Job Search of Laid-off Workers; Regime-Shifts, Risk Premiums in the Term Structure, and the Business Cycle; Wealth Effects and the Consumption of Leisure; and Estimates of the Term Premium on Near-dated Federal Funds Futures Contracts. Recall Regime-Shifts Wealth Effects Estimates 6/10/03

  • OFAC Changes

    OFAC has named new terrorists to the SDN list, added a redacted letter to the OFAC Interpretative Rulings area which relates to Iran, and changes have been made in certain listings of some primary entries. Four separate actions listed on the weekly OFAC Penalties Chart relate to financial institutions and the Cuban service providers list was updated. Get the details. 6/9/03

  • OFAC Global Terrorism Interim Final Rule

    An interim final rule regarding terrorist sanctions has been issued by OFAC. The Global Terrorism Sanctions Regulations implement the provisions of a previously issued Executive Order which blocked all property and interests of designated individuals and entities and prohibited transactions with the same. The effective date of the interim rule is June 6, 2003 and written comments are requested by August 6, 2003.OFAC Interim Rule 6/9/03

  • Retail Fees and Services Annual Report

    The FRB has published its annual report to Congress which contains the results of a survey concerning the relation of changes in retail banking services to increases in deposit insurance premiums. Annual Report 6/9/03

  • G.19 Consumer Credit Report

    The G.19 Consumer Credit Report for April 2003 has been released by the FRB.G.19 6/9/03

  • $61 Trillion in Derivatives

    U.S. commercial banks hold over $61 trillion in derivatives according to the First Quarter 2003 report from the OCC.OCC NR 2003-45 Derivatives Report 6/9/03

  • 2004 HMDA Rate Spread Calculator

    The FFIEC has developed a Rate Spread Calculator to assist HMDA reporting institutions with the new Regulation C requirements for reporting Rate Spread data effective for 2004 HMDA data and made it available online.FFIEC Calculator 6/6/03

  • FDIC CRA Examination Results

    The FDIC has issued the list of state nonmember banks evaluated in March 2003 for compliance with the CRA.FDIC PR Monthly Report 6/6/03

  • Unauthorized Banking Operations Special Alert

    The FDIC has issued a special alert regarding two entities, Premiere Insurance Group and Crestal Bank, that may be conducting banking operations in Canada or the United States without authorization.SA-28-2003 6/6/03

  • Collection and Use of Consumer Information Workshop

    The FTC will host a workshop on June 18, 2003, to address the issue of the costs and benefits to consumers and businesses of consumer information collection and use.FTC PR Agenda 6/6/03

  • ARM and Home Equity Spanish Brochures

    Spanish versions of consumer information brochures regarding ARMs and Home Equity Lines of Credit have been placed online by the FRB.ARM Spanish    English   Home Equity Spanish    English 6/6/03

  • U.S. Flow of Funds Data

    The FRB has released the Z.1 Flow of Funds report for the First Quarter of 2003 and posted it online.FRB Z.1 6/6/03

  • FRB 2002 Annual Report

    The FRB Annual Report for 2002 is available online. FRB Annual Report 6/6/03

  • Foreign Banks U.S. Branches Proposed Rule

    The OCC has published notice of a proposed rule regarding the approval procedures for foreign banks seeking to establish federal branches and agencies in the United States. Notice ACII    PDF 6/6/03

  • Interim Rule Amending Use of ACH by Agencies

    The FMS has issued an interim rule to amend the regulation which governs the use of the ACH system by Federal agencies. Public comments on all aspects of the interim rule are requested. Interim Rule 6/6/03

  • Flood Insurance Violations Result in CMP

    The FRB has announced the issuance of a $7,000 Civil Money Penalty against the Citizens Bank and Trust Company, Van Buren, Arkansas under a Consent Order in connection with 20 alleged violations of flood requirements under Regulation H..Order 6/5/03

  • FDIC Details Recent OFAC Actions

    Two FDIC FILs have been issued dealing with OFAC actions previously announced on BOL.FIL-45-2003 FIL-46-2003 6/5/03

  • June 2003 Call Report Validation Criteria

    The FFIEC has posted the validation criteria for June 2003 call reports online . Criteria Excel PDF 6/5/03

  • Earnings Record in First Quarter

    The FDIC has released the Quarterly Banking Profile for the First Quarter 2003. It indicates that FDIC insured commercial banks and savings institutions earned a record $29.4 billion in the first quarter, which exceeded the previous record by more than $2 billion.FDIC PR Quarterly Banking Profile 6/5/03

  • Consumer Advisory Council Meeting Scheduled

    The FRB Consumer Advisory Council will hold its next meeting on Thursday, June 26, 2003 at 9:00 a.m. Although the meeting is open to the public, those planning to attend the meeting should, for security purposes, register no later than Tuesday, June 24.Meeting Notice Meeting Registration 6/5/03

  • Nominations For Consumer Advisory Council

    The FRB has announced that it is accepting nominations for nine new members to the Consumer Advisory Council for three year terms beginning January 2004. The Council advises the FRB on the exercise of its responsibilities under various consumer financial services laws and on other matters on which the FRB seeks advice. Letters of nomination must be received by August 15, 2003.FRB NR Nomination Form 6/5/03

  • FCRA and Role of Regulators

    The role of the regulators was examined by FRB Director of Consumer and Community Affairs Smith in testimony before a Subcommittee of the House on Financial Services. She remarked that the FCRA promotes the interstate operations of banks and other financial entities by giving them the ability to obtain standardized consumer reports which allows prudent credit decisions to be made quickly and inexpensively. FRB PR 6/5/03

  • Iraqi Economic and Financial Reconstruction

    Learn the government's plan for the economic and financial reconstruction of Iraq from the comments of Treasury Under Secretary for International Affairs Taylor before a Congressional Committee. He noted one of the most important objectives in the near-term is to promote the establishment of a stable, unified Iraqi national currency in addition to strengthening and modernizing the banking sector.Testimony 6/5/03

  • OTS CRA Exam Schedule for Third Quarter

    The OTS has released the schedule for CRA examinations in the third quarter 2003.Schedule 6/4/03

  • OCC CIP Final Rule

    OCC Bulletin 2003-23 transmits the joint final rule previously announced on BOL and published in the Federal Register on May 9, 2003, that requires all banks to establish procedures to verify the identity of customers. The final rule implements section 326 of the USA PATRIOT Act for banks, savings associations, credit unions and certain non-federally regulated banks.OCC Bulletin 2003-22    Final Rule 6/4/03

  • Reduction of Regulatory Burdens

    The federal financial regulatory agencies have announced that they will publish a joint notice and request for comments on a plan to identify and eliminate outdated, unnecessary or unduly burdensome regulations imposed on insured depository institutions. Federal law requires the agencies to review their regulations at least once every 10 years and five roundtable discussions with bankers and other interested parties have been scheduled.FRB   OCC   OTS   FDIC 6/4/03

  • First Quarter 2003 Large Banks Data Report

    The FRB has released the first quarter 2003 data report regarding domestically chartered insured commercial banks with consolidated assets of $300 million or more.Large Bank Report ACII   PDF 6/4/03

  • Federal Reserve Act Online

    The FRB has placed the Federal Reserve Act online.Federal Reserve Act 6/4/03

  • International Finance Discussion Papers

    Three International Discussion Papers for May 2003 have been released by the FRB. Topics include, "Distance, Time, and Specialization"; "An Empirical Analysis of Inflation in OECD Countries"; and "Net Foreign Assets and Imperfect Pass-through: The Consumption Real Exchange Rate Anomaly".Discussion Papers 6/4/03

  • FDIC Annual Survey of Deposits

    The FDIC has announced that its annual Survey of Deposits will mailed the week of July 7th to institutions with more locations than a main office facility. Banks that do not have any branches are instructed not participate in the survey.FIL-44-2003 6/4/03

  • FFIEC UBPR Online

    The March 31, 2003 Uniform Bank Performance Report is now available online. The online version of the UBPR includes 5 years of continuous financial history that is restated quarterly to reflect call report amendments and new analytical tools.UBPR 6/4/03

  • New SDNTKs Named

    OFAC has named 4 individuals and one entity as SDNTKs and added them to its listing of Principal Significant Foreign Narcotics Traffickers. OFAC has also re-designated two former SDNs as SDNTKs. Complete details are on our summary page. 6/3/03

  • Advance Fee Credit Card Scam $1.3 Million Judgment

    A Canadian company was permanently barred from selling advance-fee credit cards and required to pay $1.3 million to consumers as part of a default judgment rendered in a case filed by the Federal Trade Commission. The firm, Efficient Telesales Services Inc. (also doing business as U.S. Credit Services and U.S. Direct Benefits and Savings), promised consumers a major credit card, charged for it in advance, but never delivered the credit card.FTC PR Judgment 6/3/03

  • Bogus Privacy E-Mail Alert

    The FTC has issued an alert regarding bogus e-mails that may mislead recipients into revealing personal credit information. The e-mail claims that consumers must "opt out" by calling a listed phone number or the credit bureaus will release their information starting July 1. FTC 6/3/03

  • Protecting Personal Information Workshop

    The role of technology in helping consumers and businesses to protect consumer information is the focus of a day long Federal Trade Commission workshop to be held on June 4, 2003, at the FTC Conference Center in Washington, D.C.Workshop Information Agenda 6/3/03

  • FRB G.5 and G.20

    The FRB has released the May 2003 G.5 Foreign Exchange Rates and the March 2003 G.20 Finance Companies reports. FRB G.5 FRB G.20 6/3/03

  • FRB's New Cash Management Services

    Starting July 1, two new Cash Management Products will be available to help institutions better manage their Federal Reserve account. Cash Management Plus will be available through the AMI service via FedLine for the Web and an Intra-day Download File will be available through a CI connection. FRB Services 6/3/03

  • OCC Third Quarter CRA Examination Schedule

    The OCC has released the CRA Examination schedule for the third quarter of 2003.CRA Exam Schedule 6/2/03

  • The ILC Debate

    The debate in Congress about whether Industrial Loan Companies should be considered equal with banks when it comes to powers like interstate branching and paying interest on business checking was discussed by FDIC Chairman Powell during a presentation before the Conference of State Bank Commissioners. He indicated the FDIC has not identified any safety and soundness concerns unique to ILCs, and are certain that they have the tools and the ability necessary to sufficiently supervise them.Speech 6/2/03

  • Corporate Governance, Internal Controls and Audits

    These hot topics were discussed by FRB Governor Bies at the Conference of State Bank Commissioners. She commented that supervisors from all regulatory agencies need to continually work together to ensure a consistent, high-quality examination process throughout the banking system. Speech 6/2/03

  • March Call and Thrift Financial Reports Online

    The FDIC has made the March 31, 2003 Report of Condition and Thrift Financial Report information available online.FDIC Call/TFR 6/2/03

  • Counterfeit Cashier's Checks Alert

    The FDIC has issued two alerts regarding counterfeit cashier's checks drawn on First Federal Savings Bank of Florida, Live Oak, Florida, and on Premier Bank, Tallahassee, Florida. Information regarding the checks has been placed on the BOL Alerts & Counterfeits page. 6/2/03

  • FRB Check Processing Reorganization Schedule

    The FRB has announces the schedule for the restructuring of check processing sites nationwide. [The plan to reduce the number of check processing sites to 32 nationwide was previously announced on BOL.] Schedule Map 6/2/03

  • Customer Financial Literacy

    OCC Chief of Staff Nishan commented on efforts to increase the financial literacy of existing and potential customers in a speech before the Urban Financial Services Coalition. He remarked that with the government and private sector working together, great strides can be made in improving the financial literacy of all citizens.Speech 6/2/03

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