Top Stories for August 2006

FedReceipt Routing Numbers And Immediate Availability Announced

FRB Financial Services has announced that new routing numbers have added to the FedReceipt forward collection product, effective September 11, 2006. In addition, the Federal Reserve Banks will offer immediate availability at the 7:00 AM ET deadline on select 12th District RCPC endpoints, also effective September 11, 2006. Routing Numbers; Availability 8/31/06

FRB Revised Policy Governing Access to Confidential Supervisory Information

The FRB has issued a SR Letter announcing an immediately effective interim rule to permit the hiring of certain non-citizens into positions requiring access to confidential supervisory information, subject to certain conditions. SR Letter 8/31/06

Counterfeit Cashier's Checks Special Alerts

Seven Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the names of the following institutions:

First Security Bank, Bozeman, Montana
Washington First International Bank, Seattle, Washington
North Canton Bank and North Oak Bank, Newton, Texas
Northern Neck State Bank, Warsaw, Virginia
Columbia State Bank (also known as Columbia Bank), Tacoma, Washington
> Community National Bank of Sarasota County, Venice, Florida
First National Bank of Midland, Midland, Texas
Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/30/06

Hizballah Fundraiser and Colombian Drug Traffickers Added to OFAC List

Treasury has announced that a key Hizballah fundraising organization has been designated a SDGT. Four individuals and two companies tied to a leader of a Colombian drug cartel have also been designated as SDNTs. All designated entities have been added to the SDN list. Information regarding the new designations has been posted on the BOL OFAC page. 8/30/06

FRB publishes Interim Final Rule for Reg E

The FRB is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The amendments clarify requirements for collecting certain service fees and clarify notice requirements for electronic check conversion transactions and for collecting insufficient funds fees electronically.TXT, PDF . 8/30/06

FRB publishes Final Rule for Reg E in Federal Register

The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation. This final rule provides that Regulation E covers payroll card accounts that are established directly or indirectly through an employer, and to which transfers employee compensation are made on a recurring basis.TXT, PDF . 8/30/06

Counterfeit "Original Financial Instruments" Special Alert

The FDIC has issued a Special Alert regarding counterfeit items referred to as "Original Financial Instruments" bearing the name The First State Bank & Trust Co., Larned, Kansas. The counterfeit items are associated with a scam involving a letter that directs the recipient to send an e-mail to a verification department at vaset@consultant.com after "depositing the cheque at your bank stating the availability of funds." Special Alert 8/30/06

National Banks Affected By Ernesto May Close

The OCC has issued a proclamation allowing national bank offices affected by Tropical Storm/Hurricane Ernesto to close at their discretion. Proclamation 8/30/06

Comments Sought Regarding Industrial Loan Company Charters

The FDIC has issued a FIL announcing that comments are being sought on wide-ranging issues involving industrial loan company charters. FIL 8/30/06

314(a) Fact Sheet Update

FinCEN has updated the 314(a) Fact Sheet to include data as of August 29, 2006. 314(a) 8/30/06

Money Management For Teens

The Summer 2006 issue of FDIC Consumer News features articles on money management of interest to teenagers. Summary; Consumer News 8/30/06

New Electronic Interpretations and Actions Announced

The OCC has announced the New Electronic Interpretations and Actions for August 2006. Electronic 8/30/06

Predatory Lending Practices Working Paper Published

Foreclosures of Subprime Mortgages in Chicago: Analyzing the Role of Predatory Lending Practices, a new working published by the OCC, examines whether long prepayment penalty periods and balloon payments increase the probability of foreclosure. Abstract; Full Paper 8/30/06

FOMC Meeting Minutes Released

The FRB and the Federal Open Market Committee (FOMC) have released the attached minutes of the Committee meeting held on August 8, 2006. Minutes 8/30/06

Procedures To Safeguard Examination Information Updated

The FDIC has issued a FIL that announces an update of the procedures to be followed by examiners in safeguarding information received or obtained during the course of an examination. FIL 8/29/06

SMLLC Eligibility For NOW Accounts Clarified

The FRB has issued a legal interpretation clarifying whether a single member limited liability company (SMLLC) may maintain a NOW account under Regulation D. The opinion letter concludes that unless it is operated for primarily for religious, philanthropic, charitable, educational, political, or similar purposes and non-profit, a SMLLC is not eligible to maintain a NOW account. SMLLC NOW Account 8/28/06

OCC To Host Community Bank Directors Workshops

The OCC has announced that Compliance Risk workshops for community bank directors will be held on September 21, 2006 in Albany, New York, and September 26, 2006 in San Antonio, Texas. Online registration for each workshop is available. Information 8/28/06

Bernanke Discusses Impact Of Global Economic Integration

In a presentation at the Federal Reserve Bank of Kansas City's Thirtieth Annual Economic Symposium in Jackson Hole, Wyoming, Chairman Bernanke noted that the pace of global economic change in recent decades has been breathtaking and the full implications will not be known for many years. He observed that geopolitical concerns, including international tensions and the risks of terrorism, already constrain the pace of worldwide economic integration and may do so even more in the future. Speech 8/28/06

Owned and Managed Receivables Report Released

The FRB has released the June 2006 G.20 Owned and Managed Receivables Outstanding report. G.20 8/28/06

SDGT Removed From OFAC List

Treasury has removed an individual with a SDGT designation from the SDN List. Information regarding the change has been posted on the BOL OFAC page. 8/25/06

Counterfeit Alerts Issued

The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Savannah Bank, N.A., Savannah, New York and American National Bank, Omaha, Nebraska. The FDIC has issued three Special Alerts regarding counterfeit money orders bearing the name of First-Knox National Bank, Mount Vernon, Ohio; counterfeit cashier's checks bearing the name of Security State Bank, Anahuac, Texas; and counterfeit checks bearing the name of Citizens Community Federal, Eau Claire, Wisconsin. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 8/25/06

Reg E Final Rules Announced The FRB has announced a Final Rule that payroll card accounts are covered by Reg E.

Under the rule, institutions are not required to provide paper periodic statements to consumers if the institution makes account transaction information available by telephone, electronically, and, upon the consumer's request, in writing. In addition, comments are sought on an Interim Final Rule that provides additional clarification regarding Reg. E's coverage of the electronic collection of insufficient funds fees by merchants and other payees and consumer notice requirements for electronic check conversion transactions. Final Rule; Interim Final Rule 8/25/06

Insured Institution Report Record Second Quarter Earnings

The FDIC has announced that for the fifth time in the last six quarters commercial banks and savings institutions insured by the agency have reported record industry earnings. Record Earnings 8/25/06

Exchange Rate Working Paper Published

A working paper in the IFDP series on the topic of Trade Integration, Competition, and the Decline in Exchange-Rate Pass-Through has been published by the FRB. Abstract; Full Paper 8/25/06

Second Quarter Quarterly Banking Profile Published

The FDIC has published the Second Quarter 2006 Quarterly Banking Profile, which contains a comprehensive summary of financial results for all FDIC-insured institutions. Quarterly Banking Profile 8/25/06

Counterfeit Alerts Issued

The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of ANB Financial N.A., Bentonville, Arkansas. In addition, the FDIC has issued seven Special Alerts regarding counterfeit items bearing the name of the following institutions:

Counterfeit Cashier's Checks

The Jackson State Bank & Trust, Jackson, Wyoming The Farmers State Bank, Quinton, Oklahoma Central Pacific Bank, Honolulu, Hawaii Metropolitan National Bank, Little Rock, Arkansas Counterfeit Official Checks N.J.M. Bank, FSB, West Trenton, New Jersey Columbia River Bank, The Dalles, Oregon Counterfeit Money Orders First Commonwealth Bank, Indiana, Pennsylvania

Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 8/24/06

FFIEC Forms Final Notices Published

The FFIEC has published in the Federal Register the final notices for Form 002 (Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks) and Form 019 (Country Exposure Report for U.S. Branches and Agencies of Foreign Banks). Form 002; Form 019 8/24/06

Quarterly Thrift Industry Data Released

OTS has released the Thrift Industry Graphs and Tables, Industry Highlights, and Selected Indicators for the Second Quarter 2006. Graphs and Tables; Industry Highlights; Selected Indicators 8/24/06

International Reserve Position Update Treasury has updated the U.S. International Reserve Position Report with the addition of data as of August 18, 2006. Reserve Position 8/24/06

Counterfeit Cashier's Checks Special Alerts Issued

The FDIC has issued two Special Alerts concerning counterfeit cashier's checks bearing the names of North Laredo Bank, Laredo, Texas and Fulton Bank, Lancaster, Pennsylvania. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/23/06

C&D Issued Against Alabama Bank

The FRB has announced the issuance of a consent Cease and Desist Order against the Bank of York, York, Alabama. Order 8/23/06

Telemarketing Bulletin Issued

The OCC has issued a Bulletin regarding the Telephone Consumer Protection Act (TCPA) and its requirements for national banks that conduct "telemarketing" either directly or through a third party. Note, even if a bank makes telemarketing calls only to its existing customers, it must have a written Do Not Call (DNC) policy and conduct employee training. Bulletin 8/23/06

Charge-Offs Report Released

The FRB has released the Second Quarter 2006 Charge-Offs and Delinquency Rates on Loans and Leases at Commercial Banks Report. Report 8/23/06

CU Mid-Year Financials Strong

NCUA has announced that according to the mid-year 2006 Call Report data, credit unions' lending increased, shares grew, delinquencies declined and net worth increased. Mid-Year Financials 8/23/06

North Dakota Quarter Distribution Schedule Announced

Federal Reserve Financial Services has posted online the distribution schedule for the North Dakota quarter. Schedule 8/23/06

BSA/AML Exam Manual Conference Call Fact Sheet

The FFIEC has posted online a BSA/AML Examination Manual Outreach Fact Sheet that includes registration information for two nationwide interagency conference calls regarding the release of the revised 2006 FFIEC BSA/AML Examination Manual. Each one-hour teleconference is open to all banking organizations and will provide an overview of significant revisions and updates to the manual. Fact Sheet 8/22/06

FRB Legal Developments Published

The legal developments that were announced by the FRB in the Second Quarter 2006 have been posted online. Legal Developments 8/22/06

Capital Treatment Of Securities Lending Transactions Legal Opinion Released

The FRB has released a legal opinion in response to a request to allow a financial institution to assess regulatory capital against certain of its indemnified agency securities lending transactions by using a loan equivalent methodology. Opinion 8/22/06

FEDS Working Paper Published

A working paper in the FEDS series has been published by the FRB on the topic of A Trend and Variance Decomposition of the Rent-Price Ratio in Housing Markets. Abstract; Full Paper 8/22/06

Counterfeits Special Alerts Issued

The FDIC has issued seven Special Alerts regarding counterfeit cashier's checks, counterfeit official checks, counterfeit bank drafts, and counterfeit money orders.

Counterfeit Cashier's Checks Old National Bank, Evansville, Indiana Greater Buffalo (The Bank of Castile, Castile, New York) Galena State Bank & Trust Co., Galena, Illinois

Counterfeit Official Checks Belmont Savings Bank, Belmont, Massachusetts

Counterfeit Bank Drafts Bank of China, New York Branch, New York, New York

Counterfeit Money Orders Belmont Savings Bank, Belmont, Massachusetts Apple Bank for Savings, Manhasset, New York

Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 8/21/06

Counterfeit And Stolen Cashier's Checks And Money Orders Alerts Issued

The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the names of:

Community National Bank of Sarasota County, Venice, Florida, and

First National Bank of Midland, Midland, Texas.

8/18/06

The FDIC has issued four Special Alerts regarding counterfeit cashier's checks bearing the names of:

Rose Hill Bank, Rose Hill, Kansas,

The Milford Bank, Milford, Connecticut,

First Community Bank of Galena (Illinois), a branch of Apple River State Bank, Apple River, Illinois,

The Kaw Valley State Bank and Trust Company, Topeka, Kansas.

8/18/06

• Two additional Special Alerts have been issued by the FDIC regarding stolen cashier's checks bearing the name of First National Bank in Whitney, Whitney, Texas, and counterfeit money orders bearing the name of State Bank of Park Rapids, Park Rapids, Minnesota. Information concerning the counterfeit checks, counterfeit money orders and the stolen checks has been posted on the BOL Alerts & Counterfeits page. 8/18/06

BSA/AML Q&As Released

OTS has released the first set of answers to questions submitted during the BSA/AML "Getting It Right" conference call held on July 31, 2006. Q&As 8/18/06

ILC Comments Sought

The FDIC is seeking public comment on a variety of issues relating to Industrial Loan Companies (ILCs). As previously reported in the July 31, 2006 BOL Top Stories, the FDIC has imposed a six-month moratorium on ILC deposit insurance applications and change in control notices. Comments 8/18/06

DIF Financials Published

The FDIC has published the Second Quarter 2006 financial results for the DIF. DIF 8/18/06

Airline Added To OFAC List

Treasury has announced that a Chinese airline company has been added to the SDN List. Information regarding the airline has been posted on the BOL OFAC page. 8/17/06

September HOEPA Rates Set

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in September 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that 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 8/17/06

CRA Ratings Announced

The ratings received by seventeen national banks that were recently examined for compliance with the CRA have been announced by the OCC. Ratings 8/17/06

Enforcement Actions Released

The OCC has released enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 8/17/06

Industrial Production Report Released

The July 2005 G.17 Industrial Production and Capacity Utilization Report has been released by the FRB. G.17 8/17/06

Internet Banking Guidance FAQs Released

The FFIEC member agencies have released FAQs to aid in the implementation of the previously issued interagency guidance on Authentication in an Internet Banking Environment. FAQs; Guidance 8/16/06

Syrian Generals Added to OFAC List

Treasury has designated a Syrian Major General and a Brigadier General as SDGTs and added their names to the SDN list for significantly contributing to the Syrian Government's support for designated terrorist organizations in Lebanon. Information regarding the Generals has been posted on the BOL OFAC page. 8/16/06

Phishing Consumer Alert Issued

The FDIC has issued a consumer alert concerning a phishing e-mail that has the appearance of being sent from the FDIC. The e-mail claims that the FDIC has received an application from the recipient's bank to insure their checking or savings account against fraud, phishing and identity theft. The recipient is directed to a spoofed FDIC Web page that requests personal information. Phishing Alert 8/16/06

314(a) Fact Sheet Update

FinCEN has updated the 314(a) Fact Sheet with the addition of data as of August 15, 2006. 314(a) Fact Sheet 8/16/06

BAR Demonstration Webinars Scheduled

The Federal Reserve Banks and Bansefi are hosting two 60 minute Webinars on September 28 and October 25, 2006 to educate U.S. financial institutions about Directo a México and a live demonstration of the BAR Web site. BAR Webinars 8/16/06

TIC And International Reserve Position Reports Released

Treasury has released and posted online the June 2006 Treasury International Capital report and the August 11, 2006 U.S. International Reserve Position report. TIC; Reserve Position 8/16/06

FedFlash Features Seminars and Videos

The August 15, 2006 issue of FedFlash features articles on BAR seminars, new FedReceipt routing numbers and Check 21 videos. FedFlash 8/16/06

FedLine Web Savings Bond Changes Announced

FRB Financial Services has announced beginning October 1, 2006, all FedLine Web Savings Bond customer technical support will move from the Customer Contact Centers to the Treasury Retail Securities Sites. In addition, the name of the service will change to "Savings Bonds Direct" and the URL will change to www.savingsbondsdirect.gov. Savings Bond Changes 8/16/06

Gift Card Guidance Issued

The OCC has issued a Bulletin containing a guidance on disclosure and marketing issues associated with gift cards which focuses on the need for national banks that issue gift cards to do so in a manner in which both purchasers and recipients are fully informed of the product’s terms and conditions. Bulletin 8/15/06

Bankers Bank Reg D Exemption Revision Comments Sought

The FRB has requested comment on proposed revisions to its 1980 interpretation of Regulation D that established the criteria for the ”bankers’ bank” exemption from reserve requirements. The proposed revisions would authorize the Board to determine, on a case by case basis, whether certain entities not already expressly authorized in the interpretation may become customers of bankers’ banks to a limited extent. Comments 8/15/06

Bank Lending Practices Survey Results Released

The results of the July 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released by the FRB. Survey Summary; Full Report 8/15/06

OFAC Announces Enforcement Actions

Enforcement actions as of August 11, 2006, resulting from violations of Sanction Programs have been announced by OFAC. No financial institutions were cited. OFAC Enforcement 8/14/06

FHC List Update

The list of bank holding companies that have elected to become or be treated as financial holding companies has been updated to include elections made as of August 11, 2006. FHC List 8/14/06

FDIC Insurance Spanish Language Video Available

The FDIC has issued a FIL that announces a new Spanish language video for bank employees and customers explaining federal deposit insurance coverage. The new thirty minute video, which is posted on the FDIC Web site, can be ordered by insured institutions. FIL 8/14/06

Liquidating Distribution Available to Shareholders

The FDIC, as successor receiver of the Benj. Franklin Federal Savings and Loan Association of Portland, Oregon, which was closed September 7, 1990, has announced that a liquidating distribution is available for shareholders. Distribution 8/14/06

FRB publishes Final Rule in Federal Register to annually adjust dollar amount for Reg Z

The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount.TXT, PDF . 8/14/06

FRB Publishes Proposed Rulemaking for Reg D

The Board proposes to revise its 1980 interpretation of Regulation D (Reserve Requirements of Depository Institutions) setting forth criteria for the "bankers' bank" exemption from reserve requirements.TXT, PDF . 8/14/06

Counterfeit Cashier's Checks Alert Issued

The OCC has issued an Alert regarding counterfeit cashier's check bearing the name of Metropolitan National Bank, Little Rock, Arkansas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/11/06

New FedReceipt Routing Numbers Announced

Additional new routing numbers have been added for the Reserve Banks' FedReceipt forward collection product. Effective August 21, 2006, the Reserve Banks will modify the credit availability and pricing schedule on the announced FedReceipt routing numbers for FedForward deposits. Routing Numbers 8/11/06

Appeals Court Rules on Fee for Mortgage Payoff Statement

The U.S. Court of Appeals for the Eighth Circuit has ruled that neither RESPA nor HUD's Regulation X prohibits a mortgage servicer from charging a fee for providing a payoff statement to the borrower. The court did not address whether the size of GMAC Mortgage Corporation's fee was excessive or a breach of its loan contract. Read more about this case in Court Watch. 8/10/06

FCRA Consumer Dispute Study Results

The FTC and FRB have issued a joint report to Congress on compliance with the consumer dispute provisions of the FCRA. The agencies are required to conduct a study of the extent to which consumer reporting agencies and furnishers of information the entities complied with certain FCRA requirements. Study 8/10/06

2007 TILA Disclosure Trigger Announced

The FRB has published the annual adjustment of the dollar amount that triggers additional disclosure requirements under the TILA for home mortgage loans that bear rates or fees above a certain amount. Trigger 8/10/06

Reserve Position Update

Treasury has updated the U.S. International Reserve Position report with the addition of data current as of August 4, 2006. Reserve Position 8/09/06

Fed Funds Rate Unchanged

The Federal Open Market Committee has announced that by a 9 to 1 vote the target for the federal funds rate will remain at 5-1/4 percent. Fed Funds 8/09/06

MSB List Updated

FinCEN has updated the list of entities that have registered as a MSB. MSB List 8/09/06

Consumer Credit Card Knowledge and Behavior Survey Results Published

The results of a survey undertaken to assess consumers' knowledge of, familiarity with, and attitudes about credit card disclosures, credit card solicitations, and privacy notices received from their financial institutions have been published in the August 7, 2006 issue of the FRB Bulletin. Survey Results 8/08/06

June Consumer Credit Report Released

The FRB has released the G.19 Consumer Credit Report for June 2006. G.19 8/08/06

FRB publishes Equal Opportunity Interim Rule in FR

The Federal Reserve Boad is soliciting comments on a new interim rule that would amend the section of its Rules Regarding Equal Opportunity (EEO Rules) which governs the employment of persons who are not United States citizens consistent with the Board’s requirements for the security of its information. This amendment is issued as an immediately effective interim rule, with opportunity for comment. TXT, PDF . 8/07/06

Counterfeit Cashier’s Checks Alert

The OCC has issued an Alert regarding counterfeit cashier’s checks issued in the name of Old National Bank, Evansville, Indiana. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/07/06

Operating Circular 6 Updated

Federal Reserve Financial Services has announced that Operating Circular 6, Funds Transfer through FedWire, has been updated and the changes are effective September 6, 2006. Operating Circular 6 8/07/06

New OFAC SDGT Designations Announced

Treasury has designated as SDGTs the Philippine and Indonesian branch offices of the Saudi-based International Islamic Relief Organization (IIRO) and the Executive Director of the Eastern Province Branch of IIRO in the Kingdom of Saudi Arabia for facilitating fundraising for al Qaida and affiliated terrorist groups. Information regarding the designations has been posted on the BOL OFAC page. 8/04/06

CRA Ratings Released

The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the CRA and the ratings assigned to institutions in May 2006. In addition, OTS has released the CRA performance evaluations for the savings associations that publicly became available during July 2006. FDIC CRA; OTS CRA 8/04/06

314a Fact Sheet and Information Sharing Update

FinCEN has updated the 314a Fact Sheet with the inclusion of data as of August 1, 2006, and published a revised Law Enforcement Information Sharing with the Financial Industry Chart. 314a Fact Sheet Information Sharing 8/04/06

San Francisco HOEPA Hearing Transcript Online

The FRB has posted online the agenda and the transcript of the HOEPA hearing held recently in San Francisco. Agenda; Transcript 8/04/06

OFAC Develops RSS Feed

An RSS feed has been developed by OFAC that users can subscribe to and receive recent actions notices using the RSS reader of their choice. RSS 8/04/06

Thrift Financial Managers Seminars Scheduled

OTS has announced that a seminar for thrift financial managers be held in Denver, Seattle and Los Angeles during September 2006. Seminar Information 8/04/06

Access American Summit Announced

NCUA will host an Access Across America Economic Empowerment Summit on October 3, 2006, in Norfolk, Virginia. Credit unions from the District of Columbia, Delaware, Maryland, North Carolina, Virginia and West Virginia are invited to attend. Summit Information 8/04/06

Counterfeit Check Special Alert

The FDIC has issued a Special Alert regarding counterfeit checks bearing the name of Merrill Lynch Trust Company, FSB, Pennington, New Jersey. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 8/03/06

Assets Reports Issued

The FRB has issued the 3.12 U.S. Reserve Assets report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks report. Reports 8/03/06

FHC List Update

The list of bank holding companies that have elected to become or be treated as financial holding companies has been updated to include elections made as of July 28, 2006. FHC List 8/03/06

Four Counterfeit Cashier's Checks Special Alerts Issued

The FDIC has issued four Special Alerts regarding counterfeit cashier's checks bearing the names of First United Bank & Trust, Oakland, Maryland; Quantum National Bank, Suwanee, Georgia; Peoples Bank, National Association, Marietta, Ohio; and Commercial Bank of Florida, Miami, Florida. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/02/06

Identification Numbers To Be Masked

Treasury has announced in order to help protect investor privacy and help guard against identity theft, TINs (SSNs and EINs) will be partially masked starting August 1, 2006 on paper savings and retirement securities inscribed and mailed by the Federal Reserve print site or by savings bond consignment issuing agents. TINs 8/02/06

FDIC Revises National Historic Preservation Act SOP

A FIL had been issued by the FDIC that announces the revision of the agency's SOP concerning the National Historic Preservation Act. The SOP is relevant to applications for deposit insurance for de novo institutions, applications for establishment of domestic branches, and applications for the relocation of domestic branches or main offices. FIL; SOP; Act 8/02/06

Enforcement Orders Released

The FDIC has released information regarding twenty-four orders of administrative enforcement actions taken against banks and individuals in June 2006. The actions include sixteen removal-and-prohibition orders, two civil money penalty orders, one cease-and-desist order, two terminations of insurance, and three terminations of cease-and-desist orders. Orders 8/02/06

CU Placed Into Receivership

NCUA has announced that the Mt. Hebron Baptist Federal Credit Union of Philadelphia, Pennsylvania, has been placed into receivership under the control of the agency, as conservator. Service will continue uninterrupted and the members are free to make deposits and access their funds. Receivership 8/02/06

New OFAC Director Named

Adam Szubin has been named as the new OFAC Director by Treasury Secretary Paulson. Szubin 8/02/06

Unauthorized Banking Special Alert Issued

The FDIC has issued a Special Alert regarding an entity that may be conducting banking operations in Canada or the United States without authorization. Broad Way Bank, 5906 N. Broadway, Washington, DC 20026 USA (www.broadwaybk.com) is representing itself as a bank and is offering banking products and services to the general public via the Internet. The entity is not registered as a bank and the listed address does not exist. Special Alert 8/02/06

August FedFlash Published

FRB Financial Services has published the August 2006 issued of FedFlash that features articles on topics including amendment to Operating Circular 6, the masking of TINs on savings bonds, the effective date of FedReturn service enhancements, and a reminder that check endorsements must be in black ink. FedFlash 8/02/06

Foreign Exchange Rates Report Released

The G.5 Foreign Exchange Rates Report for July 2006 has been released by Treasury. G.5 8/02/06

FR Bulletin Statistical Supplement Published

The July 2006 Federal Reserve Statistical Supplement has been published. Supplement 8/02/06

HOEPA Hearing Transcript Available

The FRB has posted online the agenda and the transcript of the HOEPA hearing held recently in Philadelphia. Agenda; Transcript 8/01/06

OTS Legal Opinions Released

Two legal opinions on the topics of a) Operating Subsidiaries and the Most Favored Lender Doctrine and b) the Authority of a Federal Savings Association to Make a Pass-Through Investment in a Title Insurance Company have been released by OTS. Operating Subsidiaries; Investment 8/01/06

Market Financing Estimates Announced

Treasury has announced its current estimates of net marketable financing for the third and fourth quarters of 2006. Estimates 8/01/06

International Reserve Position Update

The U.S. International Reserve Position report has been updated by Treasury with the addition of data as of July 28, 2006. Reserve Position 8/01/06