Top Stories for April 2007

FRB Proposes Rulemaking for the Following Regulations:

Consumer Leasing (Reg M)
The Board is proposing to amend Regulation M, which implements the Consumer Leasing Act, to withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001.
The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF  4/30/07

Electronic fund transfers (Reg E)

The Board is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, to
withdraw the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with
the requirements of the Electronic Signatures in Global and National Commerce Act. TXT; PDF  4/30/07

Equal Credit Opportunity (Reg B)

The Board is proposing to amend Regulation B, which implements the Equal Credit Opportunity Act, to
withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF  4/30/07

Truth in Lending (Reg Z)

The Board is proposing to amend Regulation Z, which implements the Truth in Lending Act, to withdraw
portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with
the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF  4/30/07

Truth in Savings (Reg DD)

The Board is proposing to amend Regulation DD, which implements the Truth in Savings Act, to withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF  4/30/07

Owned and Managed Receivables Report Released

The February 2007 G.20 Owned and Managed Receivables Outstanding Report along with the Auto Loans: Terms of Credit Report has been released by the FRB. G. 20  4/27/07

FinCEN Delays Revised SAR Date

FinCEN announced today it is delaying the effective date of its new SAR forms for use by depository institutions, casinos and card clubs, insurance companies, and the securities and futures industries. FinCEN said it would announce a revised effective date "at a future time." SAR Notice  4/26/07

Fourteen Special Alerts Issued

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

• Mission Community Bank, San Luis Obispo, California (Counterfeit Cashier's Checks);
• United Heritage Bank, Orlando, Florida (Counterfeit Checks);
• Nature Coast Bank, Crystal River, Florida (Counterfeit Cashier's Checks);
• The Bank of Marion, Marion, Virginia (Stolen Certificate of Deposit Interest Checks);
• Union Savings Bank, Danbury, Connecticut (Counterfeit Cashier's Checks);
• First Century Bank, Tazewell, Tennessee (Counterfeit Cashier's Checks);
• CreekSide Bank, Woodstock, Georgia (Counterfeit Cashier's Checks);
• EVB, Tappahannock, Virginia (Counterfeit Cashier's Checks);
• Merchants & Planters Bank, Toone, Tennessee (Counterfeit Personal Money Orders);
• Mercantile Bank, Orlando, Florida (Counterfeit Cashier's Checks);
• Commercial Bank, Alma, Michigan (Counterfeit Cashier's Checks);
• Community Bank of Nevada, Las Vegas, Nevada (Counterfeit Cashier's Checks);
• The Bank of Brodhead, Brodhead, Wisconsin (Counterfeit Official Checks); and
• First Indiana Bank, National Association, Indianapolis, Indiana (Counterfeit Cashier's Checks).

Information regarding the stolen and counterfeit items has been posted on the BOL Alerts & Counterfeits Page.  4/26/07

314(a) Fact Sheet Updated

FinCEN has updated the 314(a) Fact Sheet and the Information Sharing Report with data current as of April 24, 2007. 314(a); Sharing Report  4/26/07

Beige Book Updated

The FRB has updated the Beige Book with information current as of April 16, 2007. Summary; Full Report  4/26/07

Use of Home Equity Working Paper Published

A working paper in the FEDS series on the topic of "Sources and Uses of Equity Extracted from Homes" has been published by the FRB. Abstract; Full Paper  4/26/07

Subprime Mortgage Foreclosures Concern Dugan

In a presentation to the National Foundation for Credit Counseling, an organization for non-profit credit counselors, Comptroller Dugan focused on the risk of widespread foreclosures among subprime borrowers and the resulting costs for homeowners, communities, and financial institutions. He noted, "Foreclosures drag down neighborhood property values and make it harder to refinance or obtain new financing. Leaving a property vacant while in foreclosure often creates a negative cycle of disinvestment and decline for entire communities." Speech  4/25/07

Quarterly Review of Interest Rate Risk Published

OTS has published the Fourth Quarter 2006 issue of the Quarterly Review of Interest Rate Risk, which features a Q & A on Enterprise Risk Management. Quarterly Review  4/25/07

Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of April 20, 2007. Reserve Report  4/25/07

Counterfeit Cashiers' Checks Alerts Issued

The OCC and the FDIC have issued Alerts regarding counterfeit cashier's checks issued in or bearing the name of the following institutions:

• The Honesdale National Bank, Honesdale, Pennsylvania
• Credit Union Central Falls, Central Falls, Rhode Island,
• The Bartlett Farmers Bank, Barlow, Ohio,
• Farmers Bank and Trust Company of Georgetown, Georgetown, Kentucky, and
• The Bank of Edwardsville, Edwardsville, Illinois.

Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/24/07

ID Theft Website Launched and Strategic Plan Released

A new Web site has been launched by the President's Task Force on Identity Theft. The intent of IDTheft.gov is to be a one-stop resource for government information about identity theft. The site contains a link to the Task Force's Strategic Plan, which was released April 23, 2007, and sets out recommendations to prevent identity theft, to assist identity theft victims in recovering from those crimes, and to prosecute and punish identity theft-related criminals. ID Theft Web Site; Strategic Plan  4/24/07

Check 21 Reports Delivered To Congress

The FRB, as directed by the Check Clearing for the 21st Century Act of 2003 (Check 21), has prepared and issued to Congress a report on the law's effects on the nation's check-collection system and to assess the need for modifications to the funds-availability requirements established in and pursuant to the Expedited Funds Availability Act (EFAA). Report  4/24/07

Nine FEDS Working Papers Published

The FRB has published nine working papers in the Finance and Economic Discussion Series (FEDS) on the following topics:

• Anchoring Bias in Consensus Forecasts and its Effect on Market Prices;
• A Brief History of the 1987 Stock Market Crash with a Discussion of the Federal Reserve Response;
• Diagnosing and Treating Bifurcations in Perturbation Analysis of Dynamic Macro Models;
• Learning By Investing--Embodied Technology and Business Cycles
• Studying Consumption with the Panel Study of Income Dynamics: Comparisons with the Consumer Expenditure Survey and an Application to the Intergenerational Transmission of Well-being;
• Do Households Have Enough Wealth for Retirement?;
• Taylor Rules;
• The Value Of Medicare Managed Care Plans and Their Prescription Drug Benefits; and
• Sources and Uses of Equity Extracted from Homes.

Anchoring Abstract;
Anchoring Full paper;
Brief History Abstract; Brief History Full Paper; Diagnosing Abstract;
Diagnosing Full Paper;
Learning Abstract;
Learning Full Paper;
Studying Abstract;
Studying Full Paper;
Do Households Abstract; Do Households Full Paper; Taylor Abstract;
Taylor Full Paper;
The Value Abstract;
The Value Full Paper;
Sources Abstract;
Sources Full Paper  4/24/07

Fed Proposes Amendments to Five Regulations

The Federal Reserve Board proposed Friday to amend five consumer financial services and fair lending regulations (Regulations B, E, M, Z and DD) to revise requirements for electronically providing consumer disclosures, and to implement provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The Board is accepting comments on the proposed changes for 60 days following their publication in the Federal Register. The proposed changes would remove unnecessary restatements of the Electronic Signatures in Global and National Commerce (E-Sign) Act, withdraw a requirement that customers be notified by email when disclosures are ready, eliminate a 90-day access requirement, and clarify which disclosures may be made without regard to the E-Sign Act. Amendments  4/23/07

ID Theft Prevention Workshop Announced

The FTC has announced that it will host a workshop to explore methods to reduce identity theft The workshop, "Proof Positive: New Directions in ID Authentication," will be Webcast and will focus on technological and policy requirements for developing better authentication processes, including the incorporation of privacy standards and consideration of consumer usability issues. Workshop  4/23/07

Dugan Discusses CRA

In a presentation at the Greenlining Coalition's Annual Economic Summit, Comptroller Dugan said that the 30-year old Community Reinvestment Act (CRA), once a source of conflict, is now characterized by a significant degree of cooperation between banks and community organizations. He noted that the revitalization projects he has seen in the last 20 months are the real world results of a kind of constructive cooperation that he did not see 15 years ago. Speech  4/23/07

OTS Announces New Central Region

OTS has announced a restructuring and the formation of a new Central Region office to assume the oversight and supervision of OTS-regulated thrifts and their holding companies in five states: Ohio, Illinois, Indiana, Wisconsin and Michigan. Central Region; New Regional Structure Map  4/23/07

NCUA Proposes Rulemaking for Disclosure Mergers Related Compensation Arrangements

NCUA is issuing a proposed rule on mergers to require all federally insured credit unions to include a
description of any arrangements providing a material increase in compensation or benefits to senior
management officials in connection with the merger in the merger plan. The proposed rule also requires federal credit unions to disclose the existence of such compensation arrangements in the materials provided to members voting on whether to approve the merger. TXT; PDF  4/23/07

NCUA Publishes Proposed Rule for Member Inspection of Credit Union Books

The National Credit Union Administration (NCUA) is issuing a proposed rule on member inspection of
federal credit union (FCU) books, records, and minutes. The rule provides that a group of members representing approximately one percent of the membership, with a proper purpose and upon petition, may inspect and copy the nonconfidential portions of the credit union's books, records, and minutes. TXT; PDF  4/23/07

IFD Working Paper Published

The FRB has published a working paper in the International Finance Discussion series on the topic of "Dollarization and Financial Integration". Abstract; Full Paper  4/23/07

Reich Discusses Predatory Lending

In a presentation before the Pittsburgh Community Development Group, OTS Director John Reich discussed the agency's efforts to combat predatory lending. He outlined a series of initiatives implemented to address predatory lending and stressed the need to continue responsible lending to borrowers with varied credit histories. Speech  4/19/07

Spam Summit Announced

The FTC will host a two-day workshop to bring together experts from the business, government, and technology sectors, consumer advocates, and academics to explore consumer protection issues surrounding spam, phishing, and malware. The "Spam Summit: The Next Generation of Threats and Solutions," will be held in Washington, DC on July 11 and 12, 2007. Spam Summit  4/19/07

OCC Preemption Upheld

The Supreme Court has upheld the OCC's regulation (12 C.F.R. 7.4006) preempting the applicability of state mortgage lending law to operating subsidiaries of national banks in the case of WATTERS v. WACHOVIA BANK. Upon learning of the decision Comptroller of the Currency Dugan stated, "We are pleased that the Court's decision supports the ability of national banks to continue to conduct business activities in their operating subsidiaries as they are now doing." Read a summary of the case in BOL Court Watch. Decision; 12 C.F.R. 7.4006; Dugan Statement  4/18/07

FDIC Publishes Rule for Supplemental Standards of Ethical Conduct for FDIC Employees

The FDIC published a Final Rule in the Federal Register today is finalizing the proposed rule to amend existing FDIC ethics regulations involving extensions of credit, ownership of stock, and definitions. It implements the Preserving Independence of Financial Institution Examinations Act of 2003, which amended sections 212 and 213 of title 18 of the United States Code. TXT; PDF  4/18/07

May HOEPA Rates Posted

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in May 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 April 15 was a Sunday, use the rate on April 13, the business day immediately preceding the 15th. Weekly H.15  4/18/07

Indiana CU Receivership Announced

NCUA has assumed control of service and operations at Obelisk Federal Credit Union located in New Albany, Indiana. Receivership  4/18/07

Agencies Urge Working With Problem Mortgagors

A statement has been issued by the federal financial institutions regulatory agencies' that encourages financial institutions to work constructively with residential borrowers who are financially unable to make their contractual payment obligations on their home loans. Statement; FRB SR; OCC Bulletin; FDIC FIL; OTS CEO Ltr; NCUA PR  4/18/07

Complex Structured Finance Activities SR Letter Issued

The FRB has issued a Supervisory Letter (SR Letter) regarding the previously announced Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities. Information concerning the Statement was posted on January 12, 2007, BOL Top Stories. SR Letter; Statement  4/18/07

Discount Rate Meeting Minutes Released

The FRB has released the minutes of its discount rate meetings from February 5 through March 19, 2007. Minutes  4/18/07

Industrial Production Report Released

The G.17 Industrial Production and Capacity Utilization Report for March 2007 has been released by the FRB. G.17  4/18/07

FTC Redesigns Web Site

The Federal Trade Commission (FTC) has unveiled a redesigned Web site to enhance consumers' ability to find the information they want quickly and easily. FTC Web Site  4/18/07

Enforcement Actions Announced

The OCC has released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  4/17/07

OTS publishes Correction to Community Reinvestment Act Rule—Interagency Uniformity

The OTS published a correction in the Federal Register for an inadvertent omission and incorrect
word in a final rule that appeared in the Federal Register of March 22, 2007 (72 FR 13429). That final rule reestablishes uniformity between OTS's Community Reinvestment Act (CRA) regulations and
those of the other federal banking agencies. TXT; PDF  4/17/07

Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of April 13, 2007. Reserve Position Report  4/17/07

February 2007 TIC Data Released

The Treasury International Capital (TIC) Data for February 2007 has been released by Treasury. TIC Data  4/17/07

Cost of Funds Reports

OTS has issued the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports. Historical; Current  4/17/07

CRA Ratings Released

The OCC has released the ratings received by thirty-three national banks that were recently examined for compliance with the provisions of the CRA. Ratings  4/16/07

FedACH Origination Power Kit

FRB Financial Services has announced a complimentary CD copy of the FedACH
Origination Power Kit can be ordered online. The Power Kit is a blueprint to optimizing your own origination services, including increasing the usage of Direct Deposit, Direct Payment and Account Receivable Conversion (ARC). Power Kit  4/16/07

April 2007 FedFlash Published

The April 15, 2007 issue of FedFlash has been published and contains articles on the following topics: FedLine Learning announces New Support Center, FedLine Web Advancements available, cross-shipping fee assessments, and the Check adjustments new webinar series. FedFlash  4/16/07

2006 HMDA Data

The federal financial institution regulators and HUD have announced the availability of the 2006 HMDA that lenders are required to make available to the public within thirty days after receiving a request in the form of a Loan Application Register (LAR). FRB PR; OCC NR; FDIC PR; OTS PR; NCUA NR.  4/13/07

Community Bank Directors Compliance Risk Workshop

A workshop for community bank directors on the topic of compliance risk will be hosted by the OCC in Tulsa, Oklahoma, on May 15, 2007. The session will provide practical information that expands bank directors' skills and understanding of issues facing their banks. Workshop  4/13/07

Spring Edition Community Development Investments Newsletter Released

The OCC has released the Spring 2007 edition of Community Developments Investments, a newsletter that focusing on community development venture capital (CDVC). Community Development Investments  4/13/07

FEDS Working Papers Published

The FRB has published two working papers in the FEDS series on the topics of "Alternative Methods of Unit Nonresponse Weighting Adjustments: An Application from the 2003 Survey of Small Business Finances" and "Expected Stock Returns and Variance Risk Premia". Alternative Abstract; Alternative Full Paper; Expected Abstract; Expected Full Paper  4/13/07

ID Theft Supervisory Policy Issued

The FDIC has issued a FIL containing the agency's "Supervisory Policy on Identity Theft." The policy describes the characteristics of identity theft and sets forth the FDIC's expectations that institutions under its supervision take steps to detect and prevent identity theft and mitigate its effects in order to protect consumers and help ensure institutions' safe and sound operations. Policy  4/12/07

314a Fact Sheet and Information Sharing Update

FinCEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of April 10, 2007. 314a Fact Sheet; Information Sharing Report  4/12/07

CU Takes Action After Potential Data Breach

New Horizons Community Credit Union of Denver, Colorado is in the process of members of a potential breach of confidential member loan information as the result of the theft of a consultant's laptop computer. Data Breach  4/12/07

Bernanke Comments On The "Invisible Hand"

In a presentation at the New York University Law School, Chairman Bernanke discussed Adam Smith's concept of the free-market system as an "invisible hand" that harnesses the pursuit of private interest to promote the public good. He noted that for market-based regulation to work, the incentives of investors and other private actors must align with the objectives of the government regulator. Speech  4/12/07

Condition of the U.S. Banking Industry Report

The April 2007 issue of the Federal Banking Bulletin, which contains the First Quarter 2006 Report of Condition of the U.S. Banking Industry, has been published by the FRB. Bulletin  4/12/07

FOMC Minutes Released

The FRB has released the minutes of the March 20-21, 2007, meeting of the Federal Open Market Committee (FOMC). Minutes  4/12/07

FEDS Working Paper Published

A working paper in the Finance and Economics Discussion Series (FEDS) has been published on the topic of "A Cohort-Based Model of Labor Force Participation". Abstract; Full Paper   4/12/07

Reich Discusses Federal Thrift Charter Advantages

In a presentation at the California Bankers Association Strategic Issues Summit, OTS Director Reich discussed the advantages of the federal thrift charter. He noted the experience of California based thrifts with the federal thrift charter highlights these strategic benefits, including a unified institution/holding company regulator, seamless interstate branching, and the ability to lend under established uniform national standards. Speech  4/12/07

Defense Issues Proposed Lending Regulation

The Department of Defense issued a notice of proposed rulemaking and request for comments relating to proposed new regulations titled "Limitations on Terms of Consumer Credit Extended to Service Members and Dependents." The proposed new 32 CFR Part 232 would implement the consumer protections in section 670 of Public Law 109-364, the John Warner National Defense Authorization Act for Fiscal Year 2007, enacted October 17, 2006. The proposal is intended to regulate the terms of consumer credit extended by creditors to active duty service members and their dependents. BankersOnline issued a Special Briefing on the proposal on Tuesday, April 10, 2007.  4/11/07

Counterfeit Cashier's Checks Special Alert

The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Corus Bank, Schuamburg, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits Page.  4/11/07

BHC Supervision Manual Updated

The FRB has updated the Bank Holding Company Supervision Manual that provides guidance supervisory personnel in planning and conducting inspections of bank holding companies and their nonbank subsidiaries. Manual  4/11/07

FinCEN Publishes Annual Report

FinCEN has published its Annual Report for Fiscal Year 2006. Annual Report  4/11/07

Special Alerts Issued

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

• The Madison Bank and Trust Company (MainSource Bank, Greensburg, Indiana)
  (Fraudulent Cashier's Checks);
• Partners Trust Bank, Utica, New York (Counterfeit Cashier's Checks); and
• Pioneer Bank, Roswell, New Mexico (Counterfeit Cashier's Checks).

Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page.  4/10/07

Joint Agencies Publish Rule for Expanded Examination Cycle for Certain Small Insured Depository Institutions and U.S. Branches and Agencies of Foreign Banks

The OCC, Board, FDIC, and OTS (collectively, the Agencies) are jointly issuing and requesting public
comment on interim rules to implement the Financial Services Regulatory Relief Act of 2006 (FSRRA) and related legislation (collectively the Examination Amendments). The Examination Amendments permit insured depository institutions (institutions) that have up to $500 million in total assets, and that meet certain other criteria, to qualify for an 18-month (rather than 12-month) on-site examination cycle. TXT; PDF  4/10/07

Savings and Loan Holding Company Rating System Changes Proposed

OTS has issued a Notice and Request for Comment of proposed changes to the savings and loan holding company rating system. Notice  4/10/07

Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of April 6, 2007. Reserve Report   4/10/07

Consumer Credit Report Issued

The February 2007 G.19 Consumer Credit Report has been issued by the FRB. G.19  4/10/07

Agricultural Finance Databook Released

The FRB has released the E.15 Agricultural Finance Databook for March 2007. E.15  4/10/07

MSB List Update

FinCEN has updated the MSB List with the inclusion of data current as of March 14, 2007. The list now contains information on 35,969 MSBs. MSB List  4/09/07

Treasury Economic Update Issued

Treasury has issued an economic update that indicates that job creation and low unemployment continues along with increases in capital investment and tax revenues. Economic Update  4/09/07

Counterfeit Checks Special Alerts

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

• Southern Bank & Trust, Aiken, South Carolina (Counterfeit Cashier's Checks);
• Naugatuck Valley Savings and Loan, Naugatuck, Connecticut (Counterfeit Official Checks); and
• First State Bank of Warren, Warren, Arkansas (Counterfeit Cashier's Checks).

Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  4/06/07

CRA Ratings Released

The FDIC has released the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. Ratings  4/06/07

Workshops For Bank Directors Announced

The OCC has announced it will host the following workshops for national community bank directors: "Compliance Risk: What Directors Need to Know" at the Omni Charlottesville Hotel, Charlottesville, Virginia, May 2, 2007 and "Understanding the OCC's Risk Assessment Process" at the Francis Marion Hotel, Charleston, South Carolina, May 8, 2007. Compliance Risk; Understanding  4/06/07

FRB Publishes Final Rule in Federal Register for Reserve Requirements of Depository Institutions

The Board of Governors is revising its 1980 interpretation of Regulation D (Reserve Requirements of
Depository Institutions) setting forth criteria for the "bankers' bank" exemption from reserve requirements. The interpretation sets forth the standards that the Board uses in applying the statutory and regulatory requirements for the bankers' banks exemption to specific institutions. TXT; PDF  4/06/07

OTS Schedules Regional Financial Management Seminars

OTS has announced the schedules for its Northeast and Midwest Regional Financial Management Seminars. Northeast; Midwest  4/06/07

First Quarter ACH Newsletter Published

FRB Financial Services has published the ACH Newsletter for the First Quarter 2007. Newsletter  4/06/07

OFAC CMPs Announced

Treasury has announced the Civil Money Penalties that were recently assessed against entities for violations of various Sanctions Programs. A credit union remitted $3,102 to settle allegations of violations of the Cuban Assets Control Regulations. CMPs  4/05/07

Reg D Interpretation Revised

The FRB has announced final revisions to its 1980 interpretation of Regulation D, which sets forth criteria for the "bankers' bank" exemption from reserve requirements. The Board may now determine, on a case by case basis, whether certain entities may become customers of bankers' banks to a limited extent. Revisions  4/05/07

Joint Agencies Publish Correction to Proposed Rule

The OCC, Board, FDIC, OTS, NCUA, FTC, and SEC (the Agencies) published a correction in the Federal Register to the proposed rulemaking for Privacy Form Under the Gramm–
Leach–Bliley Act first published in BOL's Top Stories on March 29. The correction is relative to sharing personal information. TXT; PDF  4/05/07

March Statistical Supplement Published

The March 2007 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  4/05/07

Regulators Propose Expanded Examination Cycle

The federal bank and thrift regulators are requesting public comment on proposed interim rules expanding the range of small institutions eligible for an extended 18-month on-site examination cycle. Proposal; FRB PR; OCC NR; FDIC PR; OTS PR   4/04/07

BSA C&D Order Issued

NCUA has issued a Cease and Desist (C&D) Order against Dover N. J. Spanish American Federal Credit Union to correct substantial Bank Secrecy Act (BSA) compliance problems. Order  4/04/07

Order of Prohibition Issued

The FRB has issued an Order of Prohibition against Tracy Schroeder, a former branch manager and institution-affiliated party of First Interstate Bank, Bozeman, Montana, for the alleged embezzlement of $34,632 from the Bank and falsification of the Bank's books and records. Order  4/04/07

CRA Ratings Released

OTS has released the ratings received by the savings associations recently evaluated for compliance with the CRA. Ratings   4/04/07

New FedReceipt Routing Numbers Announced

FRB Financial Services has announced new FedReceipt routing numbers. Routing Numbers  4/04/07

Reserve Assets Report Issued

The FRB has issued the Foreign Official Assets Held at Federal Reserve Banks report for March 2007. Assets Report  4/04/07

International Reserve Position Update

The U.S. International Reserve Position report has been updated by Treasury to include data as of March 30, 2007. Reserve Position  4/04/07

Four Counterfeit Cashier's Checks Special Alerts

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

• United Community Bank, Chatham, Illinois;
• Atlantic Pacific Bank, Santa Rosa, California;
• First National Bank of Gwinnett, Duluth, Georgia; and
• Frontier Bank, Everett, Washington.

Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/03/07

March Reporting Forms Online

The FFIEC has posted the March 2007 Form 031 and Form 041 online. Form 031; Form 041  4/03/07

FRB To Decommission Computer Interface

The Federal Reserve Banks have announced plans to decommission the Systems Network Architecture (SNA)-based Computer Interface (CI) access solution. Customer conversion of all critical payment services is scheduled to be completed by December 31, 2008. Computer Interface  4/03/07

Fourth Quarter Thrift Industry Charge-Off Rates Released

OTS has released the Thrift Industry Charge-Off Rates report for the fourth quarter 2006. Charge-Off Rates  4/03/07

2007 Filing Schedule Online

OTS has posted online the agency's 2007 filing schedule for regulatory reports. Schedule  4/03/07

Financial Management Seminars Scheduled

OTS has scheduled three financial management seminars for Northeast Region to be held in May and June 2007. The sessions are designed to benefit CEOs, CFOs, Investment Managers, Controllers, and others responsible for accounting and financial reporting, coordination of auditing services or interest rate risk analysis at OTS supervised thrifts. Seminars  4/03/07

March 2006 Foreign Exchange Rates Released

The FRB has released the G.5 Foreign Exchange Rates Report for March 2007. G. 5  4/03/07

Ten Entities Added To OFAC List

OFAC has identified seven companies and three individuals who have supplied arms or provided support to armed militias or the leaders of foreign armed groups operating in the Democratic Republic of the Congo (DRC) and added the names to the SDN List with the DRCONGO designation. Information regarding the new additions has been posted on the BOL OFAC page.  4/02/07

Counterfeit Checks Alerts Issued

The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the names of the First National Community Bank, Dunmore, Pennsylvania, and the First National Bank & Trust, Beloit, Wisconsin. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/02/07

Bernanke on the CRA

In a presentation at the Community Affairs Research Conference, in Washington, D.C., Chairman Bernanke noted that it is the thirtieth anniversary of the enactment of the Community Reinvestment Act (CRA) and presents an interesting case study of a regulatory regime that has evolved to adjust to changes in the economic, financial, and social environment. He remarked that in implementing the law, the banking agencies have tried to learn from market developments, research, the comments of financial institutions, consumers, and other interested parties. Speech  4/02/07

Agencies Revamp Banking Web Site

The federal banking agencies have announced that the Quarterly Reports of Condition and Income (Call Report) data is now available online faster and in multiple formats through the Central Data Repository (CDR). CDR; FRB PR; OCC NR; FDIC PR  4/02/07

Permissible Activities NPR Issued

OTS has issued a Notice of Proposed Rulemaking (NPR) regarding a proposal to expand the permissible activities of savings and loan holding companies (SLHCs) to the full extent permitted under the Home Owners' Loan Act (HOLA). NPR  4/02/07

Finance Companies Report Released

The G.20 Finance Companies Report for March 30, 2007 has been released by the FRB. G.20  4/02/07

April 1 FedFlash Published

The FRB Financial Services has published and posted online the April 1, 2007, issue of FedFlash that features articles on the restructuring the check transportation network; Savings Bond seminars; Back Office Conversion (BOC) online resource center; and the new FedReceipt RTN's. FedFlash  4/02/07

Fourth Quarter 2006 FDIC State Profiles Released

The FDIC has released the State Profiles for the Fourth Quarter 2006. Profiles  4/02/07

2006 Record Bank Trading Revenues Break Record

The OCC has released the Fourth Quarter 2006 Report on Bank Derivatives Activities, which indicates that the insured U.S. commercial banks posted a record $18.8 billion in trading revenues in 2006, up 31 percent from the previous annual record of $14.4 billion, set in 2005. Report  4/02/07

Final Interest Rate Measure Report Issued

OTS has issued the Final Interest Rate Measures Report of the Fourth Quarter 2006. Final Report  4/02/07

Working Papers Published

The OCC has published two working papers on the topics of "The Probability Approach to Default Probabilities" and "Bank failure: Evidence from the Colombian financial crisis". Probability; Bank Failure  4/02/07