Top Stories for June 2007

Counterfeit Cashier's Checks Special Alerts

The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of Acacia Federal Savings Bank, Falls Church, Virginia; and Altura State Bank, Altura, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/29/07

Names Removed From OFAC List

OFAC has announced that two names with the SDNT designation have been removed from the SDN List. Information regarding the deletions has been posted on the BOL OFAC page.  6/29/07

Don't Forget the Payroll Cards Rules Mandatory Compliance Date

The compliance date for the new Reg E provisions regarding payroll cards is July 1, 2007. For more information read the article by BOL Gurus Andy Zavoina and John Burnett, "New Reg E Rules on Check Conversions, Payroll Cards".  6/29/07

Reg E Final Rules Exemption of Certain Consumer Receipts

The FRB has issued a final rule excepting transactions of $15 or less from requirement that receipts be made available to consumers for transactions at electronic terminals.Final Rule  6/29/07

Unauthorized Banking Special Alert

The FDIC has issued a Special Alert after being notified by the Office of the Superintendent of Financial Institutions (OSFI) of Canada that Golden Merchant Bank, Verdun, Quebec, and Dexia Financial Trust, Brantford, Ontario, may be conducting unauthorized banking operations in the United States and Canada. Special Alert  6/29/07

Prompt Corrective Action Q&A Issued

The National Credit Union Administration (NCUA) has posted the questions and answers discussed at last week's monthly NCUA Board meeting by the Board and staff pertaining to prompt corrective action (PCA) reform. Q&A  6/29/07

TFR Instruction Manual Updated

OTS has updated the 2007 Thrift Financial Report (TFR) Instruction Manual. Manual  6/29/07

CRA Ratings Released

The ratings received by savings associations recently evaluated for compliance with the provisions of the CRA have been released by OTS. CRA Ratings  6/29/07

Fed Funds Rate Unchanged

The Federal Open Market Committee (FOMC) has announced its decision to keep the target for the federal funds rate at 5-1/4 percent. FOMC  6/29/07

IFDP Working Paper Published

A working paper in the International Finance Discussion (IFDP) series on the topic of "Price Setting during Low and High Inflation: Evidence from Mexico" has been published by the FRB. Abstract; Full Paper  6/29/07

FRB Conducts Survey of Consumer Finances

The Survey of Consumer Finances (SCF) conducted every three years by FRB. The main purpose of the survey is to help the government and, ultimately, the public at large understand the financial condition of families in the United States and to study the effects of changes in the economy. SCF  6/29/07

First Quarter 2007 Interest Rate Risk Measures

OTS has published the First Quarter 2007 issue of Interest Rate Risk Measures. Interest Rate Risk Measures  6/29/07

June 30 Call Report Instructions

A Financial Institution Letter has been issued by the FDIC that contains the instructions for completing and filing the June 30, 2007 Call Report. FIL  6/28/07

Second Quarter 2006 Banking Industry Condition Report Published

The FRB has published the Second Quarter 2006 Report on the Condition of the U.S. Banking Industry. Report  6/28/07

BSA FILs

Two FILs have been issued by the FDIC regarding previously announced FFIEC guidance on the topics of providing all documentation supporting the filing of a Suspicious Activity Report (SAR) and requests by a law enforcement agency to keep particular accounts open. Information concerning the guidance was posted in the June 14, 2007 BOL Top Stories. SAR FIL; Open Accounts FIL  6/27/07

Secure Exchange of Electronic Examination Information

The FDIC has issued a FIL that announces starting July 9, 2007 participating state bank regulators will have access to the FDICconnect Examination File Exchange system. Financial institutions are encouraged to use the system to quickly and securely transmit examination information to the FDIC and/or their state regulator. FIL  6/27/07

NTB Capital and Liquidity Guidance Revised

The OCC has issued a Bulletin concerning the rescission of Bulletin 2000-26 and issuance of a revised guidance that clarifies the OCC's capital and liquidity policy for national trust banks (NTBs). Bulletin  6/27/07

Foreclosure Prevention Best Practices Report

The OCC has published an Insights report on the subject of "Foreclosure Prevention: Improving Contact with Borrowers," which highlights the best practices that loan servicers are using to improve their contact rate with delinquent mortgage borrowers to help prevent foreclosures. Report  6/27/07

FDIC Proposes Rulemaking to Extend the Time Period for Quarterly Reporting of Bank Officers' and
Certain Employees' Personal Securities Transactions

The FDIC proposes to amend its rule concerning the period of time that officers and all employees of state
nonmember banks who make or participate in investment decisions for the accounts of customers have to report their personal securities transactions after the end of the calendar quarter. TXT; PDF  6/27/07

NCUA Publishes Proposed Rule for the Purchase, Sale, and Pledge of Eligible Obligations

NCUA proposes to amend its rule governing the purchase, sale, and pledge of eligible obligations, as a result of recommendations from its annual regulatory review process, by adding a conflict of interest provision substantially similar to the conflict of interest provision in NCUA's general lending rule. TXT; PDF  6/27/07

OTS Publishes Final Rule in Federal Register for Stock Benefit Plans in Mutual-to-Stock Conversions and Mutual Holding Company Structures

The Office of Thrift Supervision (OTS) is clarifying its regulations regarding stock benefit plans established after mutual-to-stock company structures, and modifying the voting requirements for the adoption of certain stock benefit plans in mutual holding company structures and several other minor
changes to the regulations governing mutual-to-stock conversions and minority stock issuances. TXT; PDF  6/27/07

OTS Proposes Rulemaking for Optional Charter Provisions in Mutual Holding Company Structures

The Office of Thrift Supervision (OTS) is proposing to amend its mutual holding company (MHC) regulations to permit certain MHC subsidiaries to adopt an optional charter provision that would prohibit any person from acquiring, or offering to acquire, beneficial ownership of more than ten percent of the MHC subsidiary's minority stock (stock held by persons other than the subsidiary's MHC). TXT; PDF  6/27/07

Check Operations Changes Announced By FRB

The FRB has announced changes beginning in 2008 to check operations as a result of the shift from using paper checks toward electronic payments. In order to increase check service efficiency, some regional check processing sites will have their operations scaled back. The scaled-back sites will all print substitute checks, but some will also capture paper checks. Changes  6/27/07

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with data current as of June 22, 2007. Reserve Position  6/27/07

OCC Licensing Manual Updated

The revised Branches and Relocations booklet is now posted on the OCC Web site for immediate use. It no longer requires a Messenger Service/Mobile Branch log. Booklet  6/26/07

PSA Ads Aimed at Delinquent Borrowers

In a presentation at symposium on preventing foreclosures sponsored by NeighborWorks America, Comptroller Dugan unveiled two new Public Service Announcements (PSAs) aimed at encouraging delinquent mortgage borrowers to get help by contacting their lenders or a trusted housing counselor in order to avoid foreclosure have been announced by the OCC. He stated, "As these ads so powerfully underscore, doing nothing is the worst thing a delinquent borrower can do". Speech  6/26/07

Treasury Publishes Final Rule for Financial Crimes Enforcement Network; Amendments to Bank
Secrecy Act Regulations Regarding Casino Recordkeeping and Reporting Requirements

The Financial Crimes Enforcement Network (FinCEN) publishes final rule in FR to amend the Bank
Secrecy Act regulation requiring casinos to report transactions in currency. The amendments exempt,
as reportable transactions in currency, jackpots from slot machines and video lottery terminals, as well as transactions, under certain conditions, involving certain money plays and bills inserted into electronic gaming devices. TXT; PDF  6/26/07

First Quarter Aggregate Exposure and CMR Report Released

The OTS has released the Aggregate Exposure and CMR Report for the First Quarter 2007. Report  6/26/07

REMINDER: Payroll Cards Rules Mandatory Compliance Date

Don't forget the mandatory compliance date for the new Reg E provisions regarding payroll cards is July 1, 2007. For more information read the article by BOL Gurus Andy Zavoina and John Burnett, "New Reg E Rules on Check Conversions, Payroll Cards". Reg E  6/25/07

BSA Effectiveness and Efficiency Fact Sheet Released

FinCEN has released a Fact Sheet that contains data concerning the effectiveness and efficiency of the Bank Secrecy Act (BSA). Fact Sheet  6/25/07

FRB Publishes Technical Amendment to Final Rule for Reg CC

The Board of Governors is amending appendix A of Regulation CC to delete the reference to the head office of the Federal Reserve Bank of San Francisco and reassign the Federal Reserve routing symbols currently listed under that office to the Los Angeles branch office of the Federal Reserve Bank of San Francisco. TXT; PDF  6/25/07

Agricultural Finance Databook Update

The FRB has published the June 2007 E.15 Agricultural Finance Databook which contains data regarding the amount and characteristics of farm loans made by commercial banks, selected statistics from the quarterly reports of condition of commercial banks, and the Reserve Bank surveys of farm credit conditions and farm land values. E.15  6/25/07

Five Counterfeit Cashier's Checks Alerts

The OCC has issued five Alerts regarding counterfeit cashier's check issued in the names of the following national banks:

• Whitney National Bank, New Orleans, Louisiana;
• Rabobank, N.A., El Centro, California;
• Chester National Bank, Chester, Illinois, and of Chester National Bank of Missouri, Perryville, Missouri;
• Oshkosh Bank, a Branch of The American National Bank of Beaver Dam, Wisconsin; and
• Fort Sill National Bank, Fort Sill, Oklahoma.

Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/22/07

Special Alert Counterfeit Business Checks

The FDIC has issued a Special Alert regarding counterfeit business checks that are being used in connection with various consumer scams. Special Alert   6/22/07

HMDA MSA/MD Changes for CY2007

The FFIEC has posted online downloadable software that contains the HMDA and CRA MSA/MD changes for calendar year 2007. Software  6/22/07

New SAR Activity Review Published

Issue 8 of the SAR Activity Review - By The Numbers has been published by FinCEN. The Issue includes the following new enhancements: representations of the numerical depository institution SAR data for individual states; charts and graphs highlighting SAR filing trends and patterns between April 1, 1996 and December 31, 2006 for each state and territory; and maps for calendar year 2006. Issue 8  6/22/07

Supervisory Insights Journal Summer 2007 Issue

The FDIC has published the Summer 2007 issue of the Supervisory Insights Journal. The issue contains articles on how banks can manage risks associated with third-party arrangements for products and services, the need for vigilance toward mortgage fraud, challenges in maintaining wind insurance, the electronic exchange of documentation in bank examinations, and recent decisions affecting the accounting for split-dollar life insurance. Index  6/22/07

Casino CTR Final Rule Announced

FinCEN has announced a final rule that exempts casinos from the requirement to file currency transactions reports (CTRs) on jackpots from slot machines and video lottery terminals. The final rule also exempts reportable transactions in currency, under certain conditions, involving certain money plays and bills inserted into electronic gaming devices. Final Rule  6/22/07

IFDP Working Paper Published

The FRB has published a working paper in the International Financial Discussion Paper (IFDP) series on the topic of "A Note on the Coefficient of Determination in Models with Infinite Variance Variables". Abstract; Full Paper  6/22/07

Six Counterfeit Cashier's Checks Special Alerts

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

• Peoples Bank & Trust Company, Manchester, Tennessee;
• Timberland Bank, Hoquiam, Washington;
• First State Bank, Noble, Oklahoma;
• Oritani Savings Bank, Township of Washington, New Jersey;
• Sandy Spring Bank, Olney, Maryland; and
• The Pleasant Hill Bank, Pleasant Hill, Missouri.

Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/21/07

Twelfth District Check Processing Restructured

The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Twelfth District. As of August 18, 2007, the head office of the Federal Reserve Bank of San Francisco no longer will process checks, and banks currently served by that office will be reassigned to the Los Angeles branch office of the Federal Reserve Bank of San Francisco. Reg CC  6/21/07

Receive HMDA and CRA Reports Via Email

The FFIEC has issued a memorandum explaining how financial institutions can receive HMDA and CRA data edit reports via email. Memo  6/21/07

Paulson Discusses International Finance System

In testimony before the House Committee on Financial Services, Treasury Secretary Paulson discussed the state of the International Finance System. He stated that policies to embrace openness, promote trade and assist developing economies will enhance economic security and prosperity for people around the world. Testimony  6/21/07

FEDS Working Papers Published

Two working papers in the Financial and Economics Discussion Series (FEDS) have been published by the FRB on the topics of "Corporate Asset Purchases and Sales: Theory and Evidence" and "Racial Dispersion in Consumer Credit Interest Rates". Corporate Assets Abstract; Corporate Assets Full Paper; Racial Dispersion Abstract; Racial Dispersion Full Paper  6/21/07

$106,930 Flood CMP Announced

The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $106,930 against RBC Centura Bank, Raleigh, North Carolina for alleged violations of the Board's Regulations implementing the National Flood Insurance Act. Information regarding the CMP has been posted on the BOL Flood Penalties Watch page.  6/20/07

CRA Ratings Released

The OCC has released the ratings received by twenty-three national banks recently evaluated for compliance with the provisions of the CRA. Ratings  6/20/07

Affordable Small-Dollar Loan Guidelines Published

The FDIC has issued an FIL announcing the publication of Affordable Small-Dollar Loan Guidelines that encourage financial institutions to offer small-dollar credit products and to promote these products to their customers. FIL; Guidelines  6/20/07

Small-Dollar Loan Review Pilot Project Announced

The FDIC has approved a two year pilot project to review affordable and responsible small dollar loan programs in financial institutions. The project is designed to assist bankers by identifying information on replicable business models for affordable small-dollar loans. Project  6/20/07

Order of Prohibition Issued

A consent Order of Prohibition has been issued by the FRB against Joy McClard, a former employee of the former Cumberland Bank, Franklin, Tennessee, based on her alleged participation in the embezzlement of funds from the bank and falsification of the bank's books and records. Order  6/20/07

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and among Mid America Bank and Trust Company, Dixon, Missouri; the Missouri Division of Finance; and the Federal Reserve Bank of St. Louis. Written Agreement  6/20/07

Online Mortgage Comparison Calculator

The FRB has made available online a mortgage comparison calculator that consumers can use to compare monthly mortgage payments and the amount of equity they will build for up to six types of fixed and adjustable rate mortgages. Calculator  6/20/07

First Quarter DIF Results

The FDIC has released the first quarter 2007 financial results for the Deposit Insurance Fund (DIF). Results  6/20/07

July 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 July 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find the 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. Weekly H.15; Daily H.15  6/19/07

Houston Workshops For Community Bank Directors Scheduled

The OCC has scheduled two workshops for community bank directors on the following topics: "Compliance Risk: What Directors Need to Know," on July 17, 2007, and "Credit Risk: A Director's Focus," on July 18, 2007. Workshops  6/19/07

Final Guidance Consumer Information for Nontraditional Mortgage Products

OTS has issued a Final Guidance regarding consumer information for nontraditional mortgage products. Guidance  6/19/07

Fake Email Warning Issued By FTC

The FTC has issued a warning regarding a bogus e-mail supposedly sent by the agency but actually sent by third parties hoping to install spyware on computers. Consumers, including corporate and banking executives, appear to be targets of the e-mail which poses as an acknowledgment of a complaint filed by the recipient, and includes an attachment. Recipients who open the attachment unleash malicious spyware onto their computers. Emails  6/19/07

FDIC Quarterly Discusses IDAs

The First Quarter 2007 issue of the FDIC Quarterly contains a report "IDAs and Banks: A Solid 'Match,'" which is the first in a series of articles looking at underbanked consumers and the delivery of alternative financial services. The Quarterly is a new publication that consolidates research and information that was previously available in the FDIC Outlook, the FDIC Banking Review, and the Quarterly Banking Profile. FDIC Quarterly  6/19/07

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with data current as of June 15, 2007. Reserve Position  6/19/07

Five SDGT and NPWMD Designations Added To SDN List

Treasury has designated two Iranian individuals for their involvement in Iran's nuclear program and three Libyan individuals who are members of both al-Qaida and the Libyan Islamic Fighting Group (LIFG). Information concerning the additions has been posted on the BOL OFAC page.   6/18/07

Commercial Bank Examination Manual Updated

The FRB has published the semi-annual update to the Commercial Bank Examination Manual.
Update   6/18/07

SOD Filing FIL

The FDIC has issued a FIL concerning the June 30, 2007 filing of Summary of Deposits (SOD) survey, the annual survey of branch office deposits to be filed all FDIC-insured commercial banks, FDIC-supervised savings banks, and insured branches of foreign banks.
FIL   6/18/07

Revised SAR Implementation FIL

A FIL has been issued by the FDIC regarding the previously announced delay by FinCEN of the implementation of the revised SAR form. Information concerning the delay was posted in the April 26, 2007 BOL Top Stories. FIL   6/18/07

Deposit Insurance Changes Summary

The FIDC has post online a summary of the assessment related changes that have been implemented as a result of the Federal Deposit Insurance Reform Act of 2005.
Assessment Changes   6/18/07

New Jersey CU Placed in Conservatorship

NCUA has announced that the board of directors of Peoples First Choice Federal Credit Union voluntarily consented to conservatorship and the National Credit Union Administration (NCUA) has assumed control of the credit union located in Glen Rock, New Jersey.
Conservatorship   6/18/07

April TIC Data Released

The Treasury International Capital (TIC) report for April 2007 has been released by Treasury.
TIC   6/18/07

June FedFlash Published

The FRB Financial Services has published the June 15, 2007 issue of FedFlash which features articles on the following topics: the full implementation of Check Relay changes, a reminder to use the standard cash letter forms, detection of duplicate substitute checks, FR-ETA changes to same day Federal tax payment options, new FedReceipt RTNs, and changes to HDGS and PPGS transit number listings.
FedFlash   6/18/07

First Quarter Charge-Off Rates

The thrift industry charge-off rates for the first quarter 2007 have been released by OTS.
Charge-off Rates   6/18/07

Cost of Funds Reports Released

OTS has released the current and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF-Insured Institutions reports.
Current;
Historical   6/18/07

CAC Nominations Sought

The FRB is seeking nominations for appointments to its Consumer Advisory Council. The Council, which meets three times a year in Washington D.C., advises the Board on the exercise of its responsibilities under various consumer financial services laws and on other matters. Ten new members will be appointed to serve three-year terms beginning in January 2008.
Nominations   6/18/07

Bernanke Discusses the Financial Accelerator and the Credit Channel

In a presentation the conference on The Credit Channel of Monetary Policy in the Twenty-first Century, FRB Chairman Bernanke commented on how important it is for a developing economy to establishing a modern, well-functioning financial system. He noted that critical idea is that the cost of funds to borrowers depends inversely on their creditworthiness, as measured by indicators such as net worth and liquidity.
Speech   6/18/07

Industrial Production Report Issued

The FRB has issued the G. 17 Industrial Production and Capacity Utilization report for May 2007.
G.17   6/18/07

Survey of Terms of Business Lending Released

The E. 2 Survey of Business Lending Terms for the week of May 4-11, 2007 has been released by the FRB.
E. 2   6/18/07

Enforcement Actions Released

The OCC has released a list of new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  6/15/07

Consumer Complaint Information Sharing Agreement Announced

An agreement for sharing consumer complaint information between the OTS and state banking regulators has been announced by the Office of Thrift Supervision (OTS) and the Conference of State Banking Supervisors (CSBS). Sharing Agreement  6/15/07

First Quarter State Profiles Available

The FDIC has posted online the State Profiles for the First Quarter 2007 with data sheets summarizing the banking and economic conditions for each state. State Profiles  6/15/07

Counterfeit Cashier's Checks Alert

The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Sonabank, N.A., Clifton Forge, Virginia. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/14/07

FinCEN Issues Guidance

Guidance has been issued by FinCEN regarding two topics: Suspicious Activity Reporting (SAR) Documentation and Requests by Law Enforcement for Financial Institutions to Maintain Accounts. SAR Documentation; Account Request  6/14/07

Regulators Discuss Federal Consumer Protection Standards With House Committee

In testimony before the House Committee on Financial Services, Comptroller Dugan indicated that OCC supervision plays a unique and critical role in ensuring compliance with federal consumer protection standards. FDIC Chairman Bair discussed the current legal tools available to regulators and reforms that would improve the ability of consumer protections to keep pace with innovation in the financial marketplace. Dugan Oral Statement; Dugan Written Testimony; Bair Statement  6/14/07

Bulletin Issued Regarding CRA 2007 List of Distressed or Underserved Geographies

The OCC has issued a bulletin regarding the previously announced publication by the federal bank and thrift regulatory agencies of the 2007 list of distressed or underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development." Information concerning the list was posted in the June 4, 2007, BOL Top Stories. Bulletin  6/14/07

FRB Publishes Proposed Rulemaking for Reg Z

The Board proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, following a comprehensive review of TILA's rules for open-end (revolving) credit that is not home-secured. The proposed revisions take into consideration comments from the public on an initial advance notice of proposed rulemaking (ANPR) published in December 2004.TXT; PDF  6/14/07

Beige Book News

The FRB has published the June 13, 2007 issue of the Beige Book that contains a summary of current economic conditions in each of the Federal Reserve Districts. Summary; Full Report  6/14/07

SB Registration List Updated

FinCEN has updated the Money Services Businesses (MSB) list with data current as of May 9, 2007. The list now contains information on 32,595 MSBs. List  6/14/07

Semiannual Report on International Economic and Exchange Rate Policies Released

The Treasury has released the Semiannual Report on International Economic and Exchange Rate Policies. Report  6/14/07

First Quarter Household Debt Service and Financial Obligations Ratios

The FRB has published the Household Debt Service and Financial Obligations Ratios for the First Quarter 2007. Ratios  6/14/07

FRB Publishes Proposed Rulemaking for Reg Z

The Board proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, following a comprehensive review of TILA's rules for open-end (revolving) credit that is not home-secured. The proposed revisions take into consideration comments from the public on an initial advance notice of proposed rulemaking (ANPR) published in December 2004.  6/14/07

Counterfeit Cashier's Checks Alert

The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Perryton National Bank of Perryton, TX, that are being presented for payment. Information concerning the counterfeit cashier's checks is posted on the BOL Alerts and Counterfeits page.  6/13/07

Counterfeit Instruments and Stolen Official Documents 2002-2007

The OCC has issued an Alert that contains a list which provides information regarding counterfeit and stolen instruments dating from 2002-2007. Alert; List  6/13/07

Host State Loan-to-Deposit Ratios Issued

The federal banking regulators have issued the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Section 109 prohibits a bank from establishing or acquiring a branch or branches outside of its home state primarily for the purpose of deposit production and prohibits branches of banks controlled by out-of-state bank holding companies from operating primarily for the purpose of deposit production. Ratios; FRB PR; OCC NR; FDIC PR  6/13/07

Unauthorized Banking 1996-2007

The OCC has issued an Alert that contains a list which provides information regarding unauthorized banking activities, both offshore and domestic from 1996-2007. Alert; List  6/13/07

Assets Reports Released

The FRB has released the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for April 2007. Reports  6/13/07

Inflation History Working Paper Published

The FRB has published a working paper in the Finance and Economic Discussion series (FEDS) on the topic of "The Rise and Fall of U.S. Inflation Persistence". Abstract; Full Paper  6/13/07

Third Quarter CRA Exam Schedule Announced

The OTS has announced its CRA examination schedule for the Third Quarter 2007. Schedule  6/12/07

Regulators To Host Minority Depository Institution National Conference

The four Federal financial institution regulatory agencies are hosting a conference at the Miami Beach Resort and Spa in Miami Beach, Florida, from July 31- August 2, 2007, for minority depository institutions (MDIs) on the challenges and issues facing the MDI segment of the banking industry. The conference will present a unique opportunity for minority bankers, regulatory officials, and private industry representatives to exchange knowledge and increase awareness on matters affecting MDIs. Agenda; Registration   6/12/07

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with data current as of June 8, 2007. Reserve Position   6/12/07

Entities Added To SDN List

Treasury has designated four Iranian companies for their role in Iran's proliferation of weapons of mass destruction and added their names to the SDN List with the NPWMD designation. Information regarding the additions has been posted on the BOL OFAC page.   6/11/07

CRA Ratings Released

The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. CRA Ratings  6/11/07

CMPs Announced By OFAC

OFAC has announced the civil money penalties (CMP) recently imposed for violations of various sanctions programs. No financial institutions were penalized. CMPs  6/11/07

HOEPA Public Hearing Agenda

The FRB has posted online the agenda for the previously announced Home Ownership and Equity Protection Act (HOEPA) public meeting to be held June 14, 2007, in Washington, D.C. Agenda; Registration  6/11/07

Community Directors' Workshops Scheduled

The OCC will host workshops for national community bank directors at the Arrowwood Conference Center, Alexandria, Minnesota, July 10-12. Three workshops will be held on consecutive days on risk assessment ("Understanding the OCC's Risk Assessment Process"), compliance risk ("Compliance Risk: What Directors Need to Know"), and credit risk ("Credit Risk: A Director's Focus"). Registration   6/11/07

FEDS Working Papers Published

Two working papers in the Finance and Economic Discussion Series (FEDS) on the topics of "Sectoral Productivity in the United States: Recent Developments and the Role of IT" and "Estimating the Long-Run User Cost Elasticity for a Small Open Economy: Evidence Using Data from South Africa" have been published by the FRB. Sectoral Abstract; Sectoral Full Paper; Estimating Abstract; Estimating Full Paper  6/11/07

First Quarter 2007 Legal Developments

The FRB has published in the June 2007 FRB Bulletin the First Quarter 2007 Legal Developments (orders issued under the Bank Holding Act, orders issued under the International Banking Act, and final enforcement actions issued by the Board). Legal Developments  6/11/07

Money Smart Program Improves Consumer' Money-Management Practices

The FDIC has issued a FIL that contains the results of a survey that indicate the Money Smart financial education curriculum positively influenced how course participants manage their finances as well as their financial confidence. FIL; Survey  6/11/07

Seven Counterfeit Special Alerts Issued

The FDIC has issued seven Special Alerts regarding counterfeit treasurer's and cashier's checks bearing the names of the following institutions:

• Table Rock Community Bank, Kimberling City, Missouri (Counterfeit Cashier's Checks);
• Territorial Savings Bank, Honolulu, Hawaii (Counterfeit Cashier's Checks);
• Zavala County Bank, Crystal City, Texas (Counterfeit Cashier's Checks);
• Sevier County Bank, Sevierville, Tennessee (Counterfeit Cashier's Checks);
• Perryton National Bank, Perryton, Texas (Counterfeit Cashier's Checks);
• The Commercial and Savings Bank of Millersburg, Ohio, Millersburg, Ohio (Counterfeit Cashier's Checks);
• The North Country Savings Bank, Canton, New York (Counterfeit Treasurer's Checks).

Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  6/08/07

Regulators Express Credit Card Concerns

In testimony presented to a before a subcommittee of the House Committee on Financial Services, FDIC Chairman Bair discussed credit card practices that have raised concerns at the agency; OCC Comptroller Dugan indicated that current credit card disclosure rules should be changed to improve consumers' ability to make well-informed decisions about the credit cards they choose; and NCUA Chairman Johnson stated that NCUA is looking forward to working with Congress, the Fed and other agencies to make certain that consumers are well informed and protected so they can wisely and prudently use their credit. Bair Statement; Dugan Written Testimony; Dugan Oral Statement; Johnson Testimony  6/08/07

First Quarter Flow of Funds Report Released

The FRB has released the Z.1 Flow of Funds Report for the First Quarter 2007. Z.1  6/08/07

FR Bulletin Statistical Supplement Published

The May 2007 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  6/08/07

Consumer Credit Report Released

The G.19 Consumer Credit Outstanding and Terms of Credit Report for April 2007 has been released by the FRB.
G.19   6/08/07

Six Counterfeit Special Alerts

The FDIC has issued six Special Alerts regarding counterfeit money orders, official checks and cashier's checks bearing the names of the following institutions:

• Arrowhead Bank, Llano, Texas (Counterfeit Cashier's Checks);
• Harford Bank, Aberdeen, Maryland (Counterfeit Cashier's Checks);
• Piscataqua Savings Bank, Portsmouth, New Hampshire (Counterfeit Cashier's Checks);
• Bonneville Bank, Provo, Utah (Counterfeit Cashier's Checks);
• First American Bank, Birmingham, Alabama (Counterfeit Official Checks); and
• First Texas Bank, Killeen, Texas (Counterfeit Money Orders).

Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  6/07/07

Order of Prohibition Issued

The FRB has announced the issuance of a consent Order of Prohibition against William R. Kahler, a former officer of Primebank, LeMars, Iowa, based on his conviction for an offense taking place during his previous employment at Iowa-Nebraska State Bank, Sioux City, Iowa. Order  6/07/07

Fake OCC Correspondence Alert

The OCC has issued an Alert regarding fictitious emails, faxes, and regular mail items circulating worldwide that claim to be authored by the OCC. They fraudulently encourage recipients to reply to receive funds owed by the OCC and other agencies. Alert; Fake Sample  6/07/07

Enforcement Actions Released

The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in April 2007. List  6/07/07

314(a) Fact Sheet Update

FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of June 5, 2007. Fact Sheet; Sharing Report  6/07/07

OCC Publishes Interim Rule in FR for Special Lending Limits

The Office of the Comptroller of the Currency (OCC) is amending Part 32 to permanently incorporate special
lending limits for 1–4 family residential real estate loans, small business loans, and small farm loans or extensions of credit. TXT; PDF  6/07/07

FRB Annual Report To Congress

The FRB has delivered its 93rd Annual Report to Congress. Full Report; Index  6/07/07

Working Papers Published

The FRB has published two workings papers, one in the FEDS series on the topic of "Incorporating Vintage Differences and Forecasts into Markov Switching Models" and the other in the IFDP series on the topic of "The Stability of Large External Imbalances: The Role of Returns Differentials." Incorporating Abstract; Incorporating Full Paper; Stability Abstract; Stability Full Paper  6/07/07

Fraudulent FDIC Letters Special Alert

The FDIC has issued a Special Alert regarding fraudulent letters appearing to be from the FDIC that are being faxed to financial institutions. The letters state that "information is sought pursuant to sections 5318(J) and 5318(k) of Title 31 of the United States Code, as added by sections 313 and 319(b) of the USA PATRIOT ACT OF 2001 (Public Law 107-56)." Special Alert  6/06/07

Reg D Retail Sweep Guidance Summary Issued

The FRB has issued a summary of the previously released guidance relating to requirements for a retail sweep program under the Board's Regulation D. Summary  6/06/07

Bernanke Discusses the Housing Market and Subprime Lending

In a presentation via satellite to the participants at the 2007 International Monetary Conference, in Cape Town, South Africa, FRB Chairman Bernanke discussed the U.S. housing market and the impact of subprime lending. He noted that emergence of some serious stresses in subprime mortgage markets have resulted in initiatives taken or planned by the Federal Reserve to respond to the problems in subprime mortgage lending. He stated, "Effective disclosures are the first line of defense against improper lending. If consumers are well informed, they are in a much better position to make decisions in their own best interest." Speech  6/06/07

Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of June 1, 2007. Report  6/06/07

Discount Rate Meetings Minutes Released

The FRB has released the minutes of its discount rate meetings for April 23 and May 7, 2007. Minutes  6/06/07

OCC CRA Exam Schedule Released

The OCC has released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the third quarter of 2007. Schedule   6/05/07

Deposit Insurance Late Payment of Assessment Penalties

The FDIC has issued a FIL that reminds insured institutions that the previously announced new late assessment penalties rule will be effective beginning with the June 29, 2007, assessment collection. Information regarding the new rule was posted in BOL Top Stories November 3, 2006. FIL  6/05/07

NCUA Proposes Rulemaking for Federal Credit Union Bylaws

NCUA is proposing to reincorporate the Federal Credit Union (FCU) Bylaws into NCUA regulations.
This change clarifies NCUA's ability to use a range of enforcement authorities, in appropriate cases, to enforce the FCU Bylaws. TXT; PDF  6/05/07

Wage Bargaining Working Papers Published

Working papers in the International Finance Discussion Papers (IFDP) series on the topic of "Optimal Fiscal and Monetary Policy with Costly Wage Bargaining" and the Finance and Economics Discussion Series (FEDS) series on the topic of "Bond Risk Premia and Realized Jump Volatility" have been published by the FRB. Optimal Abstract; Optimal Full Paper; Bond Abstract; Bond Full Paper  6/05/07

SDN List Additions and Updates Announced

Treasury has added the names of five individuals and one entity to the SDN List with the SDNTK (Narcotics Kingpin Act) designation. Changes have also been made to twelve existing SGDT (Global Terrorism) entries. Information regarding the additions and the changes has been posted on the BOL OFAC page.  6/04/07

CRA Distressed or Underserved Nonmetropolitan Middle-Income Geographies List

The federal bank and thrift regulatory agencies have made available online the 2007 list of distressed or underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development." The 2007 list and lists from previous years can be found on the FFIEC web site. List; FRB NR; OCC NR; FDIC PR; OTS PR  6/04/07

Treasury Economic Update

Treasury has issued its June 1, 2007 economic update which states that "The economy is on track to rebound in the second quarter and beyond following a slowdown of late-2006 and early this year. The strong labor market will support household spending, and this in turn will drive a continued upturn in business investment." Update  6/04/07

FedFlash June 2007 Issue Published

The June 1, 2007 issue of FedFlash features articles on the following topics: the upcoming change in verification procedures for Electronic Access requests; new FedReceipt RTNs; new cross-shipping fees and standard UCAP fees; changes to deposit of items in carrier documents; changes to the HDGS and PPGS transit number listings; the end of the John Adams $1 Coin special order period; and the removal of 12th District: Endpoints from the Forward Remote Fine Sort program. FedFlash  6/04/07

Idaho Quarter Information

The distribution schedule for the Idaho quarter is now available online. Idaho Quarter  6/04/07

New Electronic Interpretations and Actions Announced

The OCC has announced May 2007 New Electronic Interpretations and Actions. Interpretations and Actions  6/04/07

FOMC 2008 Meeting Schedule

The Federal Open Market Committee (FOMC) has announced its tentative meeting schedule for 2008. Schedule  6/04/07

May 2007 Foreign Exchange Rates

The FRB has released the G.5 Foreign Exchange Rates Report for May 2007. G.5  6/04/07

Minority-Owned Banks Report

The fourth quarter 2007 Minority-Owned Banks Report has been published by the FRB. Report  6/04/07

CRA Exam Schedule

The FDIC has published the list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the third quarter of 2007. Exam Schedule  6/01/07

Agencies Issue Nontraditional Mortgage Products Consumer Information Illustrations

The federal bank, thrift, and credit union regulatory agencies have issued final illustrations of consumer information intended to help institutions implement the consumer protection portion of the Interagency Guidance on Nontraditional Mortgage Product Risks that the agencies adopted October 4, 2006. Illustrations; FRB PR; OCC NR; FDIC PR; OTS PR; NCUA PR  6/01/07

FRB Publishes Final Rule in FR for Loans to Executive Officers, Directors and Principal Shareholders in Member Banks

The Board is adopting amendments to the Board's Regulation O to eliminate certain reporting requirements. These amendments implement section 601 of the Financial Services Regulatory Relief Act of 2006.TXT; PDF  6/01/07

OTS Publishes Interim Final Rule in FR for Personal Transactions in Securities

In this interim final rule, OTS is amending 12 CFR 551.150(a) to provide that certain officers and employees of savings associations file reports of personal securities transactions with the savings association no later than 30 calendar days after the end of each calendar quarter.TXT; PDF  6/01/07

First Quarter Earnings Released

The FDIC has published the Quarterly Banking Profile which announces that commercial banks and savings institutions insured by the regulator reported net income of $36.0 billion in the first quarter of 2007, the fourth highest ever reported by the industry. Earnings  6/01/07

Owned and Managed Receivables Report

The FRB has issued the March 2007 G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report. G.20  6/01/07

May 2007 FRB Bulletin Published

The May 2007 issue of the Federal Reserve Bulletin contains an article entitled, "Industrial Production and Capacity Utilization: The 2006 Annual Revision." Bulletin  6/01/07