Top Stories for July 2007

OFAC List FIL

The FDIC has issued an FIL regarding previously announced changes to the OFAC SDN List. Information concerning the changes was posted in BOL Top Stories on July 25, 2007. FIL  7/31/07

Second Quarter Asset and Liability Price Table Released

The OTS has released the Asset and Liability Price Table for the second Quarter 2007. Table  7/31/07

FAS 159 and Risk-Based Capital-Market Risk Bulletin Issued

The OCC has issued a Bulletin regarding the Financial Accounting Standards Board Statement No. 159 (FAS 159) and compliance with the Market Risk Capital Rule. Bulletin  7/30/07

Municipal Securities Dealer and Transfer Agent CEO Letter Issued

The OTS has issued a CEO Letter regarding notification requirements for saving associations that are conducting either municipal securities and/or transfer agent activities. CEO Letter  7/30/07

FinCEN Director Freis Addresses Pan-American Congress On Terrorism

In a presentation at the Pan-American Congress on Asset Laundering and Financing Terrorism Prevention and Control in Cartagena De Indias, Columbia, FinCEN Director Freis discussed the various programs utilized by the to address the problems. Speech  7/30/07

FRA 23A and 9 Legal Interpretations Released

The FRB has released two legal interpretations regarding an exemption from section 23A of the Federal Reserve Act (FRA) and Regulation W for certain covered transactions between a bank and its affiliates in connection with the bank's securities borrowing transactions and the approval of an acquisition by a bank of equity securities under section 9 of the FRA solely for the purpose of hedging the bank's exposure from equity derivative transactions with third parties. 23A; 9  7/27/07

Regulators Announce Availability of 2006 Community Development Lending Data

The four federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) have announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings institutions, pursuant to the Community Reinvestment Act (CRA). A disclosure statement in electronic form is available for each reporting commercial bank and savings institution. FFIEC PR; Lending Data   7/27/07

CAC 2008 Meeting Dates Announced

The dates of the meetings to be held in 2008 by the Federal Reserve Board Consumer Advisory Council (CAC) have been announced. Dates  7/27/07

Jefferson Presidential Coin Information Released

FRB Financial Services has released information regarding the distribution dates of the Thomas Jefferson Presidential $1 Coin. Jefferson Coin   7/27/07

Two Counterfeit Check Alerts Issued

The OCC has issued two Alerts regarding counterfeit cashier's and official checks issued in the names of Hiawatha National Bank, Hager City, Wisconsin, and KeyBank National Association, Niagara Falls, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  7/26/07

$50,000 CMP Issued

The FRB has announced the issuance of a consent Order of Prohibition and Order of Assessment of Civil Money Penalty (CMP) in the amount of $50,000 against Josephine Wang, a former director, controlling shareholder and institution-affiliated party of Asian Bank, Philadelphia, Pennsylvania, and its parent, Asian Financial Corporation. The Orders were based on Ms. Wang's alleged participation in unsafe and unsound practices, breaches of fiduciary duty and violations of law and regulation by repeatedly overdrawing her accounts at the bank and depositing checks which she knew would be dishonored to cover overdrafts. CMP  7/26/07

Market Capital Rule SR Letter Issued

A SR Letter has been issued by the FRB that reminds banking organizations that reporting an amount of gross trading assets and liabilities that equals 10 percent or more of total assets, or $1 billion or more, may subject a banking organization to the market risk capital rule. SR Letter  7/26/07

HOEPA Public Hearing Transcript Released

The transcript of the June 14, 2007 HOEPA Public Hearing has been released by the FRB. Transcript  7/26/07

Subprime Statement SR Letter and Bulletin Issued

The FRB has issued a SR Letter and the OCC has issued a Bulletin regarding the previously announced Statement on Subprime Mortgage Lending (Subprime Statement) to address issues and questions related to certain adjustable-rate mortgage (ARM) products marketed to subprime borrowers. The Subprime Statement was issued by the federal financial institutions regulatory agencies and posted in the July 2, 2007 BOL Top Stories. SR Letter; Bulletin  7/26/07

Check 21 Business Value Calculator Online

FRB Financial Services has posted online a Check 21 Business Value Calculator that allows financial institutions to determine the business case for Check 21-enabled products. Value Calculator  7/26/07

Beige Book Updated

The FRB has updated the Beige Book with the addition of data current as of July 16, 2007. Beige Book   7/26/07

Hizballah Related Entities Added To OFAC List

Treasury has added members of Hizballah's support network to the OFAC SDN List by designating five entities including the Iran-based Martyrs Foundation, its U.S. branch, and the finance firm Al-Qard al-Hassan (AQAH) as SDGTs along with two individuals. Information regarding the new designations has been posted on the BOL OFAC page.  7/25/07

Unauthorized Use of Bank Name Alert Issued

The OCC has issued an Alert regarding the unauthorized use of the name of Cumberland Valley National Bank & Trust Company of East Bernstadt, Kentucky, by a debit card Web site. Alert   7/25/07

Discount Rate Meetings Minutes Released

The Federal Reserve Board has released the minutes of its discount rate meetings for May 21 and June 25, 2007. Minutes  7/25/07

IFDP and FEDS Working Papers Published

Two working papers have been published by the FRB, one in the International Finance Discussion Papers (IFDP) series on "Oil Shocks and External Adjustment" and the other in the Finance and Economics Discussion Series (FEDS) series on "Employer-to-Employer Flows in the United States: Estimates Using Linked Employer-Employee Data". Oil Shocks Abstract; Oil Shocks Full Paper; Employer Abstract; Employer Full Paper  7/25/07

International Reserve Position Update.

The U.S. International Reserve Position Report has been updated by Treasury with data current as of July 20, 2007. Reserve Position  7/25/07

CRA Ratings Released

OTS has released the ratings received by savings associations that were recently evaluated for compliance with the CRA. CRA Ratings  7/24/07

Reg T Risk-Based Capital Adequacy Guidelines Exemption Granted

The FRB has released a legal opinion regarding the granting of an exemption to the regulator's Risk-Based Capital Adequacy Guidelines concerning the regulatory capital treatment of the Regulation T margin loans. Legal Opinion  7/24/07

Cash Letter and Deposit Availability Changes Announced

Availability changes, effective August 20, 2007, for Check 21 image cash letter and paper-to-image deposits resulting from the upcoming San Francisco to Los Angeles check processing shift have been announced by the FRB. Availability Changes   7/23/07

Enforcement Actions Released

The FDIC has released the list of twenty-three administrative enforcement actions taken against banks and individuals in May 2007. Enforcement Actions  7/23/07

Unauthorized Banking Special Alert

A Special Alert has been issued by the FDIC regarding the publication by the Cayman Islands Monetary Authority (CIMA) of a list of financial entities, whose Web sites note a Cayman Island address, that neither registered nor licensed to undertake activities regulated by the CIMA who may be operating offering banking or other financial services to individuals, businesses or financial institutions located in the United States. Special Alert;   7/23/07

Agencies Issue Basel II Implementation Agreement

The federal financial institution regulators have announced the reaching of an agreement regarding the implementation of Basel II in the United States. The agreement resolves major outstanding issues and will lead to finalization of a rule implementing the advanced approaches for computing large banks' risk-based capital requirements. FRB PR; OCC NR; FDIC PR; OTS PR  7/23/07

Enforcement of BSA AML Requirements

A statement has been issued by the federal financial regulatory agencies regarding the their policies for enforcing specific anti-money laundering (AML) requirements of the Bank Secrecy Act (BSA). Statement; FRB SR; OCC NR; FDIC PR; OTS PR; NCUA PR; FinCEN PR  7/20/07

Enforcement Orders Issued

The FRB has issued a consent Order of Prohibition and Order to Cease and Desist against Rick W. Bouse, the former president and director of Progress Bank of Missouri, Sullivan, Missouri, and a former institution-affiliated party of Progress Bancshares, Inc. The orders were based on based on Mr. Bouse's alleged participation in unsafe and unsound practices and alleged breaches of fiduciary duty to the bank. Orders  7/20/07

FOMC Minutes Released

The Federal Reserve Board and the Federal Open Market Committee (FOMC) have released the minutes of the Committee meeting held on June 27-28, 2007. Minutes  7/20/07

Securities Settlement Systems Compliance Assessment Issued

The FRB has issued an assessment of compliance of the Fedwire Securities Service and recommendations for securities settlement systems. Assessment  7/20/07

Congress Receives Presidential Coin Report

The FRB has presented to Congress the agency's Annual Report to the Congress on the Presidential $1 Coin Program. Coin Program   7/20/07

President Issues Iraq Executive Order

The President has issued a new Executive Order that blocks the property and interests in property of persons determined by the Secretary of the Treasury to have committed or to pose a significant risk of committing an act or acts of violence that have the purpose or effect of (1) threatening the peace or stability of Iraq or the Government of Iraq, or (2) undermining efforts to promote economic reconstruction and political reform in Iraq or to provide humanitarian assistance to the Iraqi people. No names of individuals or entities were listed at this time and the OFAC list remains unchanged. Order  7/19/07

Market Risk Capital FIL Issued

A FIL has been issued by the FDIC regarding market risk capital rules. Banks that report a significant amount of trading assets on the balance sheet or increase the percentage of assets reported as trading assets are reminded that they may be subject to the regulator's market risk capital requirement. FIL  7/19/07

Bulletin Issued Regarding Proposed CRA Q & As

The OCC has issued a Bulletin regarding the previously announced Community Reinvestment Act (CRA) proposed 2007 interagency questions and answers (Q & As). Information concerning the proposed Q & As was posted in the July 12, 2007 BOL Top Stories. Proposed Q & A  7/19/07

Monetary Policy Report Presented To Congress

FRB Chairman Bernanke testified before the House Committee on Financial Services and presented the agency's Semiannual Monetary Policy Report to Congress. He reviewed the current economic situation and the outlook, beginning with developments in the real economy and the situation regarding inflation and commented on issues related to lending to households and consumer protection. Testimony; Monetary Policy Report  7/19/07

International Reserve Position Report Update

Treasury has updated the U.S. International Reserve Position Report with data current as of July 13, 2007. Position Report  7/19/07

Counterfeits Alert Issued

An Alert has been issued by the OCC regarding counterfeit money orders and official checks issued in the name of The American National Bank, Sidney, Nebraska. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  7/18/07

CRA Evaluations Released

The OCC has released the rating received by twenty-eight national banks recently examined for compliance with the Community Reinvestment Act (CRA). Ratings  7/18/07

314(a) Fact Sheet Update

FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing Report with the Financial Industry Report with data current as of July 17, 2007. 314(a); Information Sharing  7/18/07

Supervision of Subprime Mortgage Lenders Pilot Project

Three federal agencies, the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators have announced that beginning in the fourth quarter 2007 they will launch an innovative pilot project to conduct targeted consumer-protection compliance reviews of selected non-depository lenders with significant subprime mortgage operations. FRB PR; OTS PR; FTC NR  7/18/07

Industrial Production Report Issued

The FRB has issued the G.17 Industrial production and Capacity Utilization Report for June 2007. G.17  7/18/07

May TIC Data Released

Treasury has released the May 2007 Treasury International Capital (TIC) data. TIC  7/18/07

Special Alerts Issued

The OCC has issued five Special Alerts regarding counterfeit and stolen cashier's checks, money orders and temporary checks bearing the names of the following institutions:

• Bank of Walterboro, Walterboro, South Carolina (Counterfeit Cashier's Checks),
• Peoples Bank and Trust Company, McPherson, Kansas (Counterfeit Cashier's Checks),
• First Community Bank of Crawford County, Van Buren, Arkansas (Stolen Cashier's Checks, Money Orders and Temporary Checks),
• Great Western Bank, Watertown, South Dakota (Counterfeit Cashier's Checks), and
• Oshkosh Bank, Oshkosh, Wisconsin and The American National Bank of Beaver Dam, Beaver Dam, Wisconsin (Counterfeit Cashier's Checks).

Information concerning the counterfeit and stolen items has been posted on the BOL Alerts & Counterfeits page.  7/17/07

August HOEPA Rates Established

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in August 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Since July 15 was a Sunday, use the rate on July 13, the business day immediately preceding the 15th. Weekly H.15  7/17/07

Enforcement Action Released

The OCC has released the new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  7/17/07

"Help With My Bank" Web Site Launched

The OCC has launched a new Web site named "Help With My Bank" dedicated to providing answers and assistance to national bank customers. The site will provide answers to common questions based on thousands of calls made to the OCC Customer Assistance Group each year. Help With My Bank  7/17/07

FDIC To Aid At Risk Customers

The FDIC and the NeighborWorks Center for Foreclosure Solutions have entered into a partnership to promote foreclosure-prevention strategies for consumers at risk of foreclosure from subprime and nontraditional mortgage lending. Partnership  7/17/07

Community Bank Strategic Lending Working Paper Published

The OCC has published a working paper on the topic of "Community Bank Strategic Lending Choices and Performance". The paper examines whether the lending strategy chosen by any community bank is a key determinant of its survival. Working Paper  7/17/07

National Average Cost of Funds Reports Issued

NCUA has issued the Current and Historical National Average Cost of Funds Ratio to OTS Regulated SAIF Insured Institutions Reports. CurrentHistorical  7/17/07

Final Rule to Amend Mgmt Interlocks Published in FR

The regulators are amending their rules regarding management interlocks to implement section 610 of the Financial Services Regulatory Relief Act of 2006 and to correct inaccurate cross-references. TXT; PDF  7/16/07

Risk-Based Money Laundering and Terrorist Financing Guidance

The Financial Action Task Force (FATF) has developed a Guidance on the Risk-Based Approach to combating Money Laundering and Terrorist Financing. The Guidance supports the development of a common understanding of what the risk-based approach involves, outlines the high-level principles involved in applying the risk-based approach, and indicates good public and private sector practice in the design and implementation of an effective risk-based approach.
Guidance   7/16/07

Loan Fair Value Practices Working Paper

A working paper in the Finance and Economic Discussion Series (FEDS) has been published by the FRB on the topic of "Bank Commercial Loan Fair Value Practices".
Abstract;
Full Paper   7/16/07

Credit Card Profitability Report

The FRB has delivered its annual report to Congress on the profitability of creditcard operations of depository institutions. The report is required by the provisions of the Fair Credit and Charge Card Disclosure Act of 1988 and contains an analysis of the profitability over time of depository institutions' credit card activities by examining the performance of larger institutions that specialize in such activities and of a sample of smaller commercial banks that offer a range of credit services.
Report   7/16/07

Early Savings Bonds Redemptions Authorized

FRB Financial Services has announced that as a result of recent severe weather, savings bond agents in designated counties of Kansas, Oklahoma, and Texas are authorized to redeem EE and I savings bonds less than one year old presented during the months of July and August 2007. Redemptions  7/13/07

Rules Proposed To Reduce Regulatory Burden

The OCC has issued a Bulletin regarding the previously announced proposed rules to reduce unnecessary regulatory burden, to update certain rules, and to make certain technical, clarifying, and conforming changes to its regulations. Information concerning the proposed rules was posted in the July 3, 2007 BOL Top Stories. Bulletin; Purposed Rule  7/13/07

FinCEN Launches New Web Page

A new Regulatory Efficiency and Effectiveness Initiative Web page has been launched by FinCEN. The purpose of the page is to provide information to the public regarding the efforts of the agency to administer and implement a Bank Secrecy Act regulatory environment that is both efficient for the regulated industries and effective for law enforcement, analytical, and regulatory purposes. Web Page   7/13/07

ComE-IN Meeting to Discuss Subprime Mortgages

The FDIC has announced a meeting of the Advisory Committee on Economic Inclusion (ComE-IN) at 9:00 a.m. on Monday, July 16, 2007. "The Subprime Mortgage Situation - How Did We Get Here and What Can We Do?" will be the focus of the meeting which is open to the public. Participants will discuss efforts to help troubled borrowers, examine the role of mortgage brokers and discuss the issues associated with crafting national lending standards. Meeting Information; Agenda  7/13/07

Profits and Balance Sheets

"Profits and Balance Sheet Developments at U.S. Commercial Banks in 2006" in the topic of the feature article in the July 12, 2007 issue of the Federal Reserve Bulletin. Bulletin  7/13/07

New CRA Q&A Comments Sought

The federal bank and thrift regulatory agencies have requested public comment on a series of proposed new and revised interagency questions and answers (Q&A) pertaining to the Community Reinvestment Act (CRA). Comments Sought; FRB PR; OCC NR; Comptroller's Statement; FDIC PR; FDIC FIL; OTS PR   7/12/07

OFAC CMPs Announced

Treasury has announced the civil money penalties (CMPs) recently assessed against individuals and entities for violations of various OFAC Sanctions Programs. No financial institutions were listed the most recent report. CMPs  7/12/07

2007 Census Data Added To Geocoding System

The FFIEC has added the 2007 Census Data to its Geocoding System. Geocoding System; Census Data  7/12/07

July FedFocus Published

Federal Reserve Financial Services has published the July 2007 issue of FedFocus. The theme of the issue is, "Industry catalyst for electronic payments innovations" and features articles regarding the rewards of Check 21; managing cross shipping with cost-saving tools; moving to an all-electronic check environment; and pumping up your financial superhero powers with FedACH Origination Kit. FedFocus  7/12/07

OCC Chief Counsel Discusses Wachovia Case

In a presentation before the New York Bankers Association, Chief Counsel and First Senior Deputy Comptroller Julie L. Williams discussed the Supreme Court's decision in Watters v. Wachovia Bank. Speech  7/12/07

Reserve Assets Reports Issued

The FRB has issued the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks Reports for June 2007. Reports  7/12/07

New FedReceipt Routing Numbers Announced

FRB Financial Services has announced new FedReceipt routing numbers that are effective the business day of July 16, 2007. Routing Numbers  7/11/07

BSA/AML C& D Order Issued

The National Credit Union Administration (NCUA) has issued an administrative cease and desist (C&D) order compelling Garden Savings Federal Credit Union to implement an adequate Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program. C&D  7/11/07

OCC and Puerto Rico Agree to Share Consumer Complaints

A Memorandum of Understanding has been signed by the OCC and the Office of the Commissioner of Financial Institutions for the Commonwealth of Puerto Rico provides a mechanism for sharing consumer complaints between the two agencies. The agreement, based on a template created by the OCC and the Conference of State Bank Supervisors, is the twentieth such agreement entered into by the OCC. Agreement  7/11/07

Bernanke On Inflation

In a presentation At the Monetary Economics Workshop of the National Bureau of Economic Research Summer Institute in Cambridge, Massachusetts, FRB Chairman Bernanke discussed the relationships among monetary policy, inflation, and the public's expectations of inflation. He also gave an overview of the way the FRB staff forecasts inflation, including discussion of how they incorporate information about expected inflation into the forecasting process. Speech  7/11/07

Supplement to FR Bulletin Published

The FRB has published the June 2007 Supplement to the Federal Reserve Statistical Bulletin. Index; Supplement  7/11/07

FRB Order of Prohibition Issued

The issuance of a Final Decision and Order of Prohibition against Michelle M. Moore, a former employee of RBC Centura Bank, Rocky Mount, North Carolina, has been announced by the FRB. The order prohibits Ms. Moore from participating in the conduct of the affairs of any financial institution or holding company and orders her to make restitution to the bank in the sum of $59,823.53. Order  7/10/07

NCUA Prohibition Orders Issued

The National Credit Union Administration (NCUA) has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution:

• Margaret H. Burton, former manager of Progressive Teachers Federal Credit Union Chattanooga, Tennessee;
• Louise Jacobson, former president of Peoples and Employees Federal Credit Union, Fort Wayne, Indiana; and
• Joseph E. Pogue and Jean T. Pogue, former officials of Unified Singers Federal Credit Union of Thomasville, Georgia.

Burton Order; Jacobson Order; Joseph Pogue Order; Jean Pogue Order  7/10/07

Authorized Activities

The OCC has released and posted online two publications, "2006 Significant Legal, Licensing, and Community Development Precedents for National Banks" and "Activities Permissible for a National Bank, Cumulative: 2006," that provide the latest OCC interpretations and decisions authorizing activities for national banks and their operating subsidiaries. Significant; Activities  7/10/07

May Consumer Credit Report Released

The G. 19 Consumer Credit Report for May 2007 has been released by the FRB. G.19  7/10/07

Reserve Position Update

Treasury has updated the U.S. International Reserve Position report with data current as of July 6, 2007. Reserve Position  7/10/07

Flood Relief FILs Issued

The FDIC has issued two FILs announcing a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Nebraska, Missouri, Kansas, Oklahoma, and Texas. FIL 1; FIL 2  7/09/07

CRA Rating Released

The FDIC has released the list of state non-member banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. CRA Ratings  7/09/07

MSB Registration List Updated

FinCEN has updated the MSB Registration List with data current as of June 6, 2007. MSB List  7/09/07

NCUA Extends Comment Period for Proposed Rulemaking on Bylaws

The NCUA Board recently issued a proposed rule to reincorporate the Federal Credit Union (FCU) Bylaws
into NCUA regulations that provided a 60-day comment period. 72 FR 30984
(June 5, 2007). NCUA received a request to extend the comment period and the NCUA Board has decided to extend it for an additional two weeks.TXT; PDF  7/09/07

Economic Update Released

Treasury has released its July 7, 2007 Economic Update that indicates that 132,000 new jobs were created in June and over 2 million new jobs have been created in the past 12 months. Economic Update  7/09/07

$3.6 Million For Economically Distressed Native American Communities

Treasury has announced that awards totaling $3,632,292 to 19 organizations serving Native American or Alaskan Native communities in 12 states have been made through the agency's Community Development Financial Institutions (CDFI) Fund Native American Assistance Program. Awards; CDFI  7/09/07

Nontraditional Mortgage Products Information For Consumers

The OCC has posted online illustrations of consumer information for nontraditional mortgage products that can be downloaded and printed. The illustrations of consumer information are intended to help institutions implement the consumer protection portion of the Interagency Guidance on Nontraditional Mortgage Product Risks previously published by the federal financial regulators.

National banks are encouraged to make the information, which is printed in both English and Spanish, available to their customers.   7/06/07

Counterfeit Special Alerts - 27 and Counting

So far this week the FDIC has issued twenty-seven Special Alerts regarding counterfeit items. The latest five concern counterfeit checks and money orders bearing the names of the following institutions:

• Commerce Bank, Geneva, Minnesota (Counterfeit Money Orders);
• Brickyard Bank, Lincolnwood, Illinois (Counterfeit Cashier's Checks);
• Chester National Bank, Chester, Illinois, and Chester National Bank of Missouri, Perryville, Missouri (Counterfeit Cashier's Checks);
• Bank of Greeleyville, Greeleyville, South Carolina (Counterfeit Cashier's Checks); and
• First Community Bank, National Association, Lexington, South Carolina (Counterfeit Checks).

Information regarding all twenty-seven of the counterfeit items has been posted on the BOL Alerts & Counterfeits page.
  7/06/07

Final Rule on Consumer Receipts (Reg E) published in FR

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. TXT; PDF  7/05/07

Ten More Counterfeit Special Alerts

The FDIC has issued ten new Special Alerts regarding counterfeit checks and money orders for a total of twenty-two in the last two days. The new items bear the names of the following institutions:

• First Tuskegee Bank, Tuskegee, Alabama (Counterfeit Official Checks);
• Chevy Chase Bank, F.S.B., McLean, Virginia (Counterfeit Cashier's Checks);
• First State Bank, New Braunfels, Texas (Fraudulent Cashier's Checks);
• Cornhusker Bank, Lincoln, Nebraska (Counterfeit Cashier's Checks);
• CommunityAmerica Credit Union, Lenexa, Kansas (Counterfeit Official Checks);
• Fitchburg Savings Bank, FSB, Fitchburg, Massachusetts (Counterfeit Official Checks);
• First Mutual Bank, Bellevue, Washington (Counterfeit Cashier's Checks);
• SouthwestUSA Bank, Las Vegas, Nevada (Counterfeit Cashier's Checks);
• Umpqua Bank, Roseburg, Oregon (Counterfeit Cashier's Checks); and
• American Bank, Eau Claire, Wisconsin (Alliance Bank, Lake City, Minnesota) (Counterfeit Cashier's Checks)

Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   7/05/07

Consumer Compliance Handbook updated

The FRB has updated its Consumer Compliance Handbook with the addition of a new handbook chapter, VI. Community Reinvestment Act, regarding the recently issued guidance on Community Reinvestment Act (CRA) examinations. The new chapter also provides guidance on the sampling of CRA data, community contact procedures, and the writing of public evaluations.
Handbook   7/05/07

FDIC Fraudulent Email Reminder

The FDIC has issued a Special Alert to remind financial institutions that the regulator is continuing to receive reports that fraudulent emails that appear to have been sent by the FDIC are being received by institutions and individuals.
Special Alert
  7/05/07

314(a) Fact Sheet Updated

FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with information current as of July 3, 2007.Fact Sheet; Report   7/05/07

2007 BOS Information

OTS is conducting the 2007 Branch Office Survey (BOS). The Survey form, an introduction letter, and instructions for completing the Survey are available online. The filing deadline is Monday, August 27, 2007. Letter; Survey; Instructions   7/05/07

NCUA Town Hall Meeting Registration

Registration for the NCUA Outreach Task Force "Town Hall" meeting to be held in Denver, Colo., on Wednesday, August 15, 2007 is available online. Town Hall;
Registration   7/05/07

Twelve Counterfeit Special Alerts

The FDIC has issued twelve Special Alerts regarding counterfeit checks and money orders bearing the names of the following institutions:

• Venture Bank, Bloomington, Minnesota (Counterfeit Cashier's Checks);
• Danversbank, Danvers, Massachusetts (Counterfeit Official Cashier's Checks);
• Greystone Bank, Raleigh, North Carolina (Counterfeit Cashier's Checks);
• First Texas Bank, Killeen, Texas (Counterfeit Money Orders);
• The Lenox National Bank, Lenox, Massachusetts (Counterfeit Official Checks);
• Ameriana Bank, SB (formerly named Ameriana Savings Bank), New Castle, Indiana (Counterfeit Cashier's Checks);
• 1st Bank Yuma, Yuma, Arizona (Counterfeit Cashier's Checks);
• Meridian Bank Texas, Fort Worth, Texas (Counterfeit Cashier's Checks);
• Parkvale Savings Bank (known as Parkvale Bank), Monroeville, Pennsylvania (Counterfeit Cashier's Checks);
• First Century Bank, National Association, Bluefield, West Virginia (Counterfeit Cashier's Checks);
• Lone Star Bank, Houston, Texas (Counterfeit Cashier's Checks); and
• Apollo Trust Company, Apollo, Pennsylvania (Counterfeit Treasurer's Checks).

  7/03/07

Forms 031 and 041 Online with Instructions

The FFIEC has posted online Forms 031 and 041 and the instructions for the completion of the forms. Form 031; Form 041 Instructions  7/03/07

OCC Proposes Rulemaking for Regulatory Rule Amendments

The Office of the Comptroller of the Currency (OCC) is proposing to revise its rules in order to reduce
unnecessary regulatory burden, to update certain rules, and to make certain technical, clarifying, and
conforming changes to its regulations. TXT; PDF  7/03/07

New CRA Bulletin Issued

OTS has issued a new Regulatory Bulletin concerning the revision of Examination Handbook Section 1500 regarding the Community Reinvestment Act (CRA) and the rescission of Thrift Bulletin 85. Bulletin  7/03/07

Community Bank Directors Workshop on Credit Risk

The OCC will hold a credit risk workshop on July 31, 2007 in St. Louis geared primarily for outside directors of national community banks with assets of less than $1 billion. Registration  7/03/07

FILs Regarding OFAC

The FDIC has issued two FILs regarding previously announced changes made to the SDN list by OFAC. Information regarding the changes was posted in the BOL Top Stories on June 4 and June 11, 2007. FIL 1; FIL 2  7/03/07

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with data current as of June 29, 2007. Reserve Position  7/03/07

June Foreign Exchange Rates

The G.5 Foreign Exchange Rates Report for June 2007 has been posted online by the FRB. G.5  7/03/07

OFAC Issues New Palestinian Authority Guidelines

New guidelines on dealing with the Palestinian Authority have been issued by OFAC regarding the scope of General License No. 7 of June 20, 2007, which authorizes all approved transactions with the Palestinian Authority. Guidelines  7/02/07

Agencies Issue Subprime Lending ARM Final Statement

The federal financial regulatory agencies have issued a final statement on subprime mortgage lending to address issues relating to certain adjustable-rate mortgage (ARM) products that can cause payment shock. The statement describes the prudent safety and soundness and consumer protection standards that institutions should follow to ensure borrowers obtain loans they can afford to repay and includes a fully indexed, fully amortized qualification for borrowers and cautions on risk-layering features. Statement; FRB PR; OCC NR; FDIC PR; OTS PR; NCUA PR  7/02/07

C&D Order Issued

The OCC has issued a Stipulation and a Cease and Desist (C&D) Order against Commerce Bank, National Association, Philadelphia, Pennsylvania. Stipulation; C&D  7/02/07

New Electronic Interpretations and Actions Announced

The OCC has announced June 2007 New Electronic Interpretations and Actions. Interpretations and Actions  7/02/07

Retail Payments Fraud Roundtable Discussion Summary

The FRB has issued a summary of the March, 2007, roundtable discussion on retail payments fraud. Summary  7/02/07

Bank Trading Revenues Set Record

The OCC's Quarterly Report on Bank Derivatives Activities for the First Quarter 2007 indicates that insured U.S. commercial banks posted a record $7 billion in trading revenues during the first quarter of 2007, 24 percent higher than the first quarter of 2006, and 82 percent higher than the fourth quarter of 2006. Quarterly Report  7/02/07

April 2007 Finance Companies Receivables Report

The April, 2007, G. 20 Finance Companies Owned and Managed Receivables and Auto Loans: Terms of Credit Report has been released by the FRB. G.20  7/02/07

July FedFlash Published

FRB Financial Services has published and posted online the July 1, 2007, issue of FedFlash. The issued contains articles regarding security token renewals, the online resource center for account management information, registration for the check adjustments webinar and my FedDirectory. FedFlash  7/02/07

OTS Strategic Plan Released

OTS has released its 2007-2012 Strategic Plan sets forth the agency's vision and mission statements and outlines objectives and strategies that will be used to accomplish its goals. Strategic Plan  7/02/07

ComE-IN Meeting Scheduled

The FDIC will host its second meeting of the Advisory Committee on Economic Inclusion (ComE-IN) on July 16, 2007. The meeting is open to the public and the agenda will focus on the subprime mortgage issues. ComE-IN was formed to provide advice and recommendations on initiatives to expand access to banking services by underserved populations. Meeting Notice; Agenda  7/02/07

OTS 2006 Fact Book Published

The 2006 Fact Book which contains the annual update to the compilation of statistics concerning the OTS-Regulated thrift industry had been published. Fact Book  7/02/07