Top Stories for April 2005

NCUA Publishes Response Programs Rule

The NCUA has published in the Federal Register a final rule requiring federally insured credit unions to include response programs to address instances of unauthorized access to member information in their security programs. The rule is effective June 1, 2005.
PDF TXT  4/21/05

Basel II Rule Delayed

The four federal banking agencies have announced a delay in publication of notice of proposed rulemaking with respect to U. S. implementation of Basel II in order to assess the results of a recently completed quantitative impact study. FRB PR; OCC NR; FDIC NR; OTS NR  5/02/05

Written Agreement Announced With Venezuelan Bank

The FRB has announced the execution of a Written Agreement by and among Banco Industrial de Venezuela, C.A., Caracas, Venezuela; Banco Industrial de Venezuela, C.A. New York Agency; Banco Industrial de Venezuela, C.A. Miami Agency; the New York State Banking Department; the State of Florida Office of Financial Regulation; the Federal Reserve Bank of New York and the Federal Reserve Bank of Atlanta.
Written Agreement  5/02/05

Reg Y Legal Interpretation Issued

A Legal Interpretation has been issued by the FRB which indicates that a certain package of services to customers would be within the scope of permissible data processing and data transmission activities under Regulation Y.
Interpretation  5/02/05

FDIC to Hold ID Theft Symposiums

The FDIC is sponsoring identity theft symposiums in Atlanta, Los Angeles, and Chicago. The symposiums will focus on fighting back against phishing and account hijacking in addition to exploring ways to further educate consumers about the problem. Symposiums  5/02/05

Agricultural Finance Databook Published

The March 2005 E.15 Agricultural Finance Databook has been published by the FRB. Ag Finance Databook  5/02/05

FEDS Working Paper Released

The FRB has released a working paper in the FEDS series on the topic, “Temporary Partial Expensing in a General-Equilibrium Model”. Working Paper  5/02/05

FRB Issues 2005 Annual Budget Review Report

The FRB has issued its 2005 Annual Budget Review Report that covers budgeted expenses of the Reserve Banks for 2005, the 2005 phase of the Board's current two-year (2004-05) budget, and income and expenses for 2004. Budget Report  5/02/05

NCUA Schedules Summit

NCUA has announced that it will sponsor an Access Across America Economic Empowerment Summit in Los Angeles, CA on Tuesday, June 28, 2005. The free, one-day event will focus on federal resources available to credit unions. Summit  5/02/05

Regulators Issue FAQs On CIP

The federal bank, thrift, and credit union regulators, along with FinCEN and Treasury, have issued a new Interagency Interpretive Guidance on Customer Identification Program Requirements under Section 326 of the USA PATRIOT Act. Read the BOL Special Briefing to see how it might impact your CIP practices and procedures.
Guidance; FDIC FIL; OCC Bulletin; FRB SR Ltr; FinCEN  4/29/05

Two Counterfeit Cashier's Checks Special Alerts Issued

The FDIC has issued two Special Alerts regarding counterfeit cashier’s checks drawn on the First Bank and Trust, New Orleans, Louisiana and Citizens Community Federal, Eau Claire, Wisconsin. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  4/28/05

Preliminary Call Report And TFR Data Released

The March 31, 2005 Preliminary Call Report and Thrift Financial Report data has been released by the FDIC.
Reports  4/28/05

Liberian Individuals And Entities Added To SDN List

OFAC has added four individuals and thirty entities linked to Viktor Bout, an international arms dealer and war profiteer, to the SDN List with the Liberia designation. One of the new additions is Daytona Pools, Inc. of Richardson, Texas. Information on all of the listings has been posted on the BOL OFAC page.  4/27/05

Guidance Clarifies Risks Of Providing Service To MSBs

The Federal Banking Agencies have issued an interpretive guidance designed to clarify the requirements for, and assist banking organizations in, appropriately assessing and minimizing risks posed by providing banking services to MSBs. FinCEN also has issued a concurrent advisory to MSBs to emphasize their BSA obligations and to notify them of the types of information that they will be expected to provide to a banking organization in the course of opening or maintaining account relationships. For more information, read the BOL MSB Special Guidance Report. Banking Guidance; FRB SR Ltr; OCC Bulletin; FDIC FIL; OTS CEO Ltr; NCUA NR; MSB Guidance   4/27/05

Williams and Fox Discuss BSA In MSB Context

In testimony before the Senate Banking Committee Acting Comptroller of the Currency Williams and FinCEN Director Fox discussed the implementation of the BSA as it applies to MSBs. Williams Oral Statement; Williams Testimony; Fox Oral Statement; Fox Testimony  4/27/05

FDIC 2004 Annual Report Issued

The FDIC has issued its annual report for 2004. 2004 Annual Report   4/27/05

Money Smart News Spring 2005 Issue Published

The Spring 2005 issue of Money Smart News has been published by the FDIC. Money Smart News    4/27/05

FDIC Sets Performance Targets

The FDIC has released its 2005 Corporate Annual Performance Plan which sets out specific annual performance goals, indicators and targets for each of FDIC’s three major business lines – Insurance, Supervision, and Receivership Management. Performance Plan  4/27/05

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position to include data as of the week ending April 22, 2005. International Reserve position.   4/27/05

Counterfeit Cashier's Checks Special Alert

A Special Alert has been issued by the FDIC regarding counterfeit cashier’s checks drawn on Greene County Bank, Greenville, Tennessee. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  4/26/05

OCC Updates Licensing Manual

"A Guide to the National Banking System" in the Comptroller’s Licensing Manual series has been revised and is available on the OCC’s Internet site. Guide  4/26/05

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and between the Civitas BankGroup, Inc., Franklin, Tennessee, and the Federal Reserve Bank of Atlanta. Written Agreement  4/26/05

MSB Registration List Updated

FinCEN has updated the MSB Registration List to include all registrants from December 2001 to April 2005.
MSB List   4/26/05

April Issue FedFocus Published

FRB Financial Services has published the April 2005 issue of FedFocus which highlights the challenges posed by risks in an electronic world. April FedFocus  4/26/05>

Technical Amendments to Reg CC published

Amendments to appendix A of Regulation CC were published in the Federal Register. The amendments delete the reference to the Salt Lake City branch office of the Federal Reserve Bank of San Francisco and reassign the Federal Reserve routing symbols currently listed under that office to the Denver branch office of the Federal Reserve Bank of Kansas City. PDF TXT   4/25/05

Counterfeit Cashier's Checks Special Alert

The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Security First Bank of North Dakota, New Salem, North Dakota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/25/05

Unauthorized Banking Alert

A Special Alert has been issued by the FDIC regarding the Caribbean International Bank, also known as Caribbean International Credit & Trust, an entity that may be conducting unauthorized banking activities. In addition, the OCC has published an updated aggregate list of unauthorized financial institutions.
Caribbean International Bank;
List  4/25/05

New Edition Bank Accounting Advisory Series Published

The OCC has published the April 2005 edition of the Bank Accounting Advisory Series which contains the views of the OCC Office of the Chief Accountant on accounting topics of interest to national banks. Advisory Series  4/25/05

FILs Regarding OFAC SDNs Issued

The FDIC has issued two FILS regarding previously announced changes to the OFAC list concerning SDNs and Blocked Persons. Information regarding the changes was posted April 18, 2005 on the BOL OFAC page. FIL 1; FIL 2  4/25/05

Latvian Banks Designated Primary Money Laundering Concerns

Treasury has utilized powers granted by section 311 of the USA PATRIOT Act to designate two Latvian financial institutions, Multibanka and VEF Bank, as "primary money laundering concerns." FinCEN also issued proposed rules that will prohibit U.S. financial institutions from establishing, maintaining, administering or managing any correspondent account in the U.S. for or on behalf of the two banks.
Treasury Action;
Multibanka NPR;
VEF Bank NPR 4/22/05

Flood Violations Resulting In CMPs

The FRB has issued a $46,050 CMP against The Bank, Warrior, Alabama, and a $22.300 CMP against Irwin Union Bank, Columbus, Indiana for alleged violations of Reg H.
The Bank;
Irwin Union 4/22/05

Greenspan Issues Deficit Warning

In a presentation before the Senate Budget Committee, Chairman Greenspan warned that unless the trend of increasing deficits is reversed, they would cause the U. S. economy to stagnate or worse. He noted, that “crafting a budget strategy that meets the nation's longer-run needs will become ever more difficult the more we delay.”
Speech 4/22/05

More IFDP Working Papers Published

The FRB has published two additional working papers in the IFDP series on the topics of: A Flexible Finite-Horizon Identification of Technology Shocks; and Exchange Rate Pass-through to U.S. Import Prices: Some New Evidence.
Technology Shocks;
Exchange Rate 4/22/05

FDIC

publishes correction to Final Rule first published in Federal Register on April 6, 2005, corrects the final rule by adding the regulations in subpart C of part 347 to the regulatory text. PDF TXT  4/21/05

FRS

published correction to Final Rule which amends a footnote reference in the text of 12 CFR part 225, Appendix A. Published in FR 4/21/05PDF TXT   4/21/05

Regulators Respond To BSA “Zero Tolerance” Questions

The Federal banking regulators have issued a reply to a letter from the ABA and state banking associations regarding the enforcement of BSA and the so-called “zero tolerance” policy. Response; ABA Letter   4/21/05

OTS Issues CRA Ratings

The CRA evaluation ratings for the savings associations became publicly available during March 2004 have been issued by OTS. CRA Ratings  4/21/05

OCC Releases CRA Family Income Data

The OCC has released a Bulletin regarding the U.S. Census and 2005 HUD estimated median family incomes for MSAs, MDs, and nonmetropolitan portions of each state which are used to determine 2005 borrower income levels in CRA performance evaluations. Bulletin; Data  4/21/05

New Electronic Interpretations and Actions Announced

The OCC has announced new Electronic Interpretations and Actions for April 2005. Electronic Interpretations  4/21/05

Beige Book Update Published

The FRB has published new edition of the Beige Book based on information collected on or before April 11, 2005. Beige Book Summary; Beige Book Full Report   4/21/05

IFDP Working Papers Released

The FRB has released two new working papers in the IFDP series on the topics, Order Flow and Exchange Rate Dynamics in Electronic Brokerage System Data; and Adjusting Chinese Bilateral Trade Data: How Big is China's Trade Surplus. Order Flow; Adjusting Chinese   4/21/05

NCUA proposes to revise its member business loans (MBL) rule

to clarify the minimum capital requirements a federally insured corporate credit union (Corporate CU) must meet to make unsecured MBLs to
its members other than member credit unions and corporate credit union service organizations (Corporate
CUSOs). PDF TXT  4/20/05

CRA Evaluations Released

The OCC has released the CRA evaluations for thirty-two national banks that became public during the period of March 15, 2004 through April 14, 2005. CRA   4/20/05

OCC Announces Enforcement Actions

Fifteen new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and two terminations of existing enforcement actions have been announced by the OCC. Enforcement Actions   4/20/05

2005 TFR Instruction Manual Published

OTS has published the 2005 TFR Instruction Manual, which contains three hundred and fifty pages. TRF Manual  4/20/05

Fed Districts Continue Check Processing Changes

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 Tenth and Twelfth Districts. Reg CC Amendments   4/20/05

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position for the week ending April 15, 2005. International Reserve position   4/20/05

SDN List Changes Made

OFAC has made changes to an existing listing on the SDN List. Information regarding the changes has been posted on the BOL OFAC page.  4/19/05

HOEPA May 2005 Reference Rate Published

The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in May 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly 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 prior to the month you received the application. Daily H. 15 Rate; Weekly H. 15 Rate   4/19/05

New Look For Financial Education Web Site

The FRB has redesigned its financial education web site which has material intended for the general public, as well as materials specifically geared toward teachers, high school and college students. The site features include: easier access to free educational materials, a teacher resource search engine, personal financial education, as well as new multilevel games for various ages and knowledge levels. Education Web Site  4/19/05

Five FEDS Papers Published

The FRB has published five working papers in the FEDS series on the following topics: Tracking the Source of the Decline in GDP Volatility: An Analysis of the Automobile Industry; The Effects of Competition from Large, Multimarket Firms on the Performance of Small, Single-Market Firms: Evidence from the Banking Industry; The Effects of Local Banking Market Structure on the Banking-Lending Channel of Monetary Policy; Are Firms or Workers Behind the Shift Away from DB Pension; and Yesterday's Bad Times are Today's Good Old Times: Retail Price Changes in the 1890s were Smaller, Less Frequent, and More Permanent
Tracking; Competition; Local Banking; Firms; Yesterday’s  4/19/05

Fourth Quarter 2004 Review of Interest Rate Risk Released

OTS has released Volume 9, Issue 4 of The Quarterly Review of Interest Rate Risk for the fourth quarter 2004. Quarterly Review   4/19/05

Asset & Liability Price Tables Issued

The Asset & Liability Price Tables for the first quarter 2005 have been issued by OTS. Tables  4/19/05

IDIG Available On CD-Rom

The FDIC has announced that the Inventory of Deposit Insurance Guidance (IDIG) is available on one CD-ROM and provides bankers all of the resources on the FDIC's rules and requirements for deposit insurance coverage in a categorized, searchable format. IDIG Order Form  4/18/05

New Issue Of SAR Activity Review Published

The eighth issue of the SAR Activity Review Trends, Tips, and Issues has been published. In a new section, “Director’s Forum”, Director Fox addresses the need for greater clarity and consistency in the application of suspicious activity reporting. SAR Review   4/18/05

February International Capital Data Released

Treasury has released the International Capital Data report for February 2005. International Capital  4/18/05

Treasury Issues March G.17

The G.17 Industrial Production and Capacity Utilization Report for March 2005 has been released by Treasury.
G. 17  4/18/05

Inaugural Issue Of FedFlash

The first issue of FedFlash, a new source for the latest Federal Reserve Financial Services operational news, has been published. Each bulletin will report on of issues critical to day-to-day operations, provide national and District updates regarding Fed products and services, processes, technical protocols and contact information.
FedFlash   4/18/05

National Average Cost of Funds Reports Released

OTS has released the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; Current  4/18/05

Bulletin Issued Regarding Customer Notification Procedures Interagency Guidance

The OCC has issued a Bulletin regarding the previously announced “Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice" that states that financial institutions should develop and implement a response program to address security breaches involving customer information, including customer notification procedures. Information concerning the guidance was posted in the March 29, 2005 BOL Top Stories. Bulletin 4/15/05

Counterfeit Cashier’s Check Alert

An Alert has been issued by the OCC regarding counterfeit cashier’s checks drawn on the Bankers Trust Company, N.A., Des Moines, Iowa. Information regarding the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page. 4/14/05

Al-Zarqawi Financier Added To OFAC List

Treasury has announced that an individual has been designated as an SDGT and added to the OFAC SND list for providing financial support to the Zarqawi Network, an al Qaida-affiliated terrorist group active in the insurgency in Iraq. Information regarding the addition has been posted on the BOL OFAC page. 4/14/05

Bulletin Issued Regarding ABCP Programs

The OCC has issued a Bulletin concerning a previously announced Interagency Guidance which allows banks whose internal risk rating systems qualify to use internal ratings applied to their unrated direct credit substitutes extended to ABCP programs when calculating regulatory capital. Information regarding the Guidance was posted in the March 31, 2005 BOL Top Stories. Bulletin 4/14/05

International Reserve Position Update

Treasury has issued an update to the U.S. International Reserve Position for the week ending April 8, 2005.
Update 4/14/05

OTS To Hold Financial Management Seminars

The OTS will hold a series of Financial Management Seminars in various mid-western locations during June 2005.
Invitation;
Meeting Information;
Discussion Topics;
Registration Form 4/14/05

Court Rules On Motion In Unlicensed Money Transmitter Case

A Michigan U.S. District Count has rejected a defendant’s motion to dismiss his indictment for violation of federal law by conducting an unlicensed money transmitting business. The defendant is charged with the transmittal within the U.S. and abroad of at least $4,000,000. Court Ruling 4/14/05

CRA Final Rule Issued

The Federal financial regulating agencies have jointly issued a final rule on CRA. The rule adopts changes in the Standards for Defining Metropolitan and Micropolitan Statistical Areas, census tracts designations, and the FRB's Regulation C. It also makes a correction to a cross-reference within the CRA regulations.
Joint Final Rule;
OCC Bulletin 4/13/05

Counterfeit Cashier’s Checks Special Alert

The FDIC has issued a Special Alert regarding counterfeit cashier’s checks drawn on the Riverside Bank, Marietta, Georgia. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alert’s & Counterfeits page. 4/13/05

Parent of Converting Bank Retains Rights

The FRB has issued a legal opinion to Leucadia National Corporation opining that the conversion of its subsidiary, American Investment Bank, N.A., Salt Lake City, Utah, from a national bank to a Utah-chartered commercial bank would not cause Leucadia to lose certain grandfather rights that it maintains under section 4(f) of the Bank Holding Company Act.
Opinion 4/13/05

FOMC Minutes Released

The minutes of the FOMC meeting held on March 22, 2005 have been released.
Minutes 4/13/05

Finance Companies Report Issued

The G. 20 report of Finance Companies Owned and Managed Receivables Outstanding for February 2005 has been issued.
G. 20 4/13/05

Counterfeit Cashier’s Checks Alert

The OCC has issued an Alert regarding counterfeit cashier’s checks drawn on the First National Bank & Trust Co. of Ada, Oklahoma, n/k/a Vision Bank, N.A. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page. 4/12/05

CRA Assigned Ratings Information

OTS has issued a Bulletin which contains information regarding the previously announced Final Rule which allows savings institutions select a combination of weighted components to that will be utilized to determine its CRA rating. Information concerning the Final Rule was posted on BOL Top Stories on March 1, 2005.
Bulletin
Final Rule 4/12/05

Powell Discusses Minimum Capital Requirements

In a presentation before a derivatives conference co-sponsored by the FDIC, Cornell University and the University of Houston, Chairman Don Powell commented on the relationship between the new Basel capital framework and the leverage capital requirement mandated by FDICIA.
Speech 4/12/05

Basel II White Paper Published

A white paper entitled “An Analysis of the Potential Competitive Impacts of Basel II Capital Standards on U.S. Mortgage Rates and Mortgage Securitization” has been published by the FRB.
White Paper 4/12/05

International ACH Funds Availability Time To Improve

The FRB and Banco de Mexico have announced that beginning in July 2005 the funds availability on ACH payments from the U.S. to Mexico will improve from two days to one day at no additional charge to the financial institutions involved in the transaction.
Funds Availability 4/12/05

ACH Risk Management Service Announced

The FRB has announced that it plans to offer to originating banks an ACH risk management service, know as FedACH Risk. The new service will be piloted during the fall of 2005 with plans to be generally available in 2006 and will banks to monitor payments originated by corporate customers in real time.
FedACH Risk 4/12/05

FDIC First Quarter Letter To Stakeholders

The FDIC has issued an FIL announcing the publication of its First Quarter 2005 Letter to stakeholders, which reports on the priorities and activities for the first quarter of 2005.
FIL;
Stakeholder Letter 4/12/05

OCC Revises Investment Booklet

The revised “Investment in Subsidiaries and Equities” booklet of the Comptroller’s Licensing Manual series is available on the OCC’s Internet site. The revisions incorporate many regulatory and policy changes, such as, establishing a financial subsidiary; performing insurance activities pursuant to 12 U.S.C. 92; making a noncontrolling investment; or filing the annual operating subsidiary report.
Investment Booklet 4/11/05

Counterfeit Cashier’s Checks Special Alert

The OCC has issued a Special Alert regarding counterfeit cashier’s checks drawn on First Federal Savings & Loan Association of Charleston, Charleston, South Carolina. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page. 4/11/05

Greenspan Discusses Consumer Finance

In remarks at the FRS’s Fourth Annual Community Affairs Research Conference in Washington, D.C., Chairman Greenspan noted that the consumer finance industry is central to the functioning of a robust consumer sector. He also observed that innovation and structural change in the financial services industry have been critical in providing expanded access to credit for the vast majority of consumers.
Speech 4/11/05

FinCEN Withdrawals AML Advisories

FinCEN has announced the advisories concerning transactions regarding the Philippines and The Cook Islands have both been withdrawn due to the implementation of significant reforms to each country’s counter-money laundering systems.
Philippines;
The Cook Islands 4/11/05

Justice Department Takes Action In SAR Disclosure Case

The U. S. Department of Justice has filed a Statement of Interest in the case of Wuliger vs. OCC, being heard in an Ohio U. S. District Court. The litigation involves an attempt by a private party to compel the OCC to provide him a SAR.
Statement 4/8/05

Unauthorized Banking Alert Issued

The OCC has issued an Alert regarding unauthorized banking activities being conducted by Caribbean International Bank of Bridgetown, Barbados, also known as Caribbean International Credit & Trust, which has not been licensed to operate as a bank in Barbados or the United States.
Alert 4/8/05

February Consumer Credit Report Released

The FRB has released the G.19 Consumer Credit Report of February 2005.
G.19 4/8/05

Assets Reports Issued

The 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report for February 2005 have been issued by the FRB.
Assets Reports 4/8/05

March Financial Reporting Bulletin Published

OTS has published the March 2005 issue of the Financial Reporting Bulletin which contains a list of filing deadlines, information on new software, and TRF Manual updates.
Bulletin 4/8/05

Bulletin Issued Regarding Amendments Proposed to Regulations CC And J

The OCC has issued a Bulletin regarding the previously announced proposal by the FRB to amend Reg CC and Reg J. Information concerning the amendments was posted in the March 4, 2005 BOL Top Stories.
Bulletin;
Proposal 4/7/05

Overdraft Protection Program Bulletin

A Bulletin has been issued by the OCC concerning the previously announced issuance by the federal financial regulators of a Joint Guidance on Overdraft Protection Programs. The issuance of the Guidance was reported in BOL Top Stories on February 24, 2005.
Bulletin;
Guidance 4/7/05

Greenspan Discusses Role Of GSEs

In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, FDIC Chairman Greenspan discussed the role of housing-related government-sponsored enterprises (GSEs) in our economy. He remarked that a recent study by FRB found no link between the size of the GSE portfolios and mortgages rates. He stated that the GSEs need a regulator with authority on a par with banking regulators.
Speech 4/7/05

Spring 2005 State Profiles Published

The FDIC has published the Spring 2005 State Profiles which provide a quarterly summary of state banking and economic conditions.
State Profiles 4/7/05

April 2005 Issue Financial Connection Available
The FMS has published the April 2005 issue of Financial Connection and posted it online. Topics include: Transaction Reporting System: Changing the face of collection; Direct deposit, e-file popularity grows among federal income tax filers; Debt call center improves service for Spanish-speaking customers; Uncollectible debt: How to be a terminator; and Cash or check won't do? Consider US Debit Card.
Financial Connection 4/7/05

FDIC's International Banking Regs Amended

FDIC has adopted amendments to its international banking regulations in conformity with reg burden reduction efforts under EGRPRA. The changes affect address relocation of U.S. branches of foreign banks, adoption of a risk-based asset pledge requirement, and exam requirements for foreign banks that own branches or subsidiaries seeking FDIC insurance. 70FR17549 (txt) 70FR17549 (pdf) 4/7/05

CRA Ratings Released

The FDIC has released the ratings given to state nonmember banks evaluated in January 2005 for compliance with the CRA.
CRA Ratings 4/6/05

SEC And Connecticut Banking Department Announce Enforcement Actions

The Connecticut Department of Banking and the SEC have announced that they have taken actions against David M. Faubert, of Avon, Connecticut. The Connecticut Department of Banking has issued an order suspending his agent’s license and the SEC has obtained a temporary restraining order and a freeze of his assets. Mr. Faubert allegedly defrauded approximately 15 Connecticut residents of upwards of $4 million.
Actions 4/6/05

Greenspan On Energy

In a presentation before the National Petrochemical and Refiners Association Conference, in San Antonio, Texas, Chairman Greenspan noted that while it is not possible to judge with certainty how technological possibilities will play out in the future, but we can say with some assurance that developments in energy markets will remain central in determining the longer-run health of our nation's economy.Speech 4/6/05

AML Anti-Terrorism Symposium To Be Co-Sponsored By Agencies

FinCEN and the FDIC have announced that they will co-sponsor a half-day symposium on "Anti-Money Laundering and Anti-Terrorist Financing" on April 6 at the Hyatt Hotel in Austin, Texas. Interested participants are directed to contact the FDIC.
Symposium Information 4/5/05

NCUA Sends Risk-Based Reform Proposal To Congress

NCUA has delivered a report entitled “Prompt Corrective Action Proposal for Reform” to Congress which details recommended statutory changes and provides a proposal as to how NCUA would design a new risk-based system for federally insured credit unions.
Summary;
Proposal 4/5/05

International Reserve Position released

Treasury has released the U.S. International Reserve Position for the week ending April 1, 2005.
Reserve Position 4/5/05

Fraudulent and Counterfeit Cashier’s Checks Special Alerts Issued

The FDIC has issued two Special Alerts regarding fraudulent checks drawn on The Bankers Bank, Atlanta, Georgia, and counterfeit checks drawn on TCF National Bank, Wayzata, Minnesota. Information concerning the fraudulent checks and the counterfeits cashier’s checks has been posted on the BOL Alert’s & Counterfeits page.
4/4/05

Four FIs Assessed OFAC Penalties

OFAC has released the Civil Penalties Enforcement Actions for April 1, 2005. Four financial institutions were cited for violations of various Sanctions Programs and assessed CMPs ranging from $2,586.44 to $40,423.00.
CMP 4/4/05

March Foreign Exchange Rates Announced

The FRB has issued the G.5 Foreign Exchange Rates release for March 2005.
G.5 4/4/05

Self-Insured Depositors Working Paper Published

The FDIC has published a working paper with the title: “FDIC-Sponsored Self-Insured Depositors: Using Insurance to Broaden Market Discipline and Strengthen Bank Funding”.
Working Paper 4/4/05

FFIEC Annual Report Issued

The FFIEC has issued its 2004 Annual Report.
Annual Report 4/4/05

Agencies Release HMDA FAQs

The federal bank, credit union, and thrift supervisory agencies, along with HUD, have released a set of FAQs that address the new home loan price data disclosed this year for the first time under HMDA. The FAQs will aid users of the data with their evaluation and interpretation of the data, and will be posted on each of the agencies’ websites. FRB; FDIC; OCC; OTS; NCUA; HUD  4/01/05

FDIC Issues Counterfeit Cashier’s Checks Special Alerts

Two Special Alerts have been issued by the FDIC regarding counterfeit cashier’s checks drawn on Silver State Bank, Henderson, Nevada and Community First National Bank, Fargo, North Dakota. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  4/01/05

FDIC Examination Policies Manual Available Online

The FDIC has posted its Manual of Examination Policies on its Web site. Manual  4/01/05

C & D Issued Against Florida BHC

The FDIC has issued a Cease and Desist Order against Eagle National Holding Company, Doral, Florida, a registered bank holding company that owns and controls the Eagle National Bank of Miami, Doral, Florida. Order   4/01/05

Country Exposure Reports Released

The FFIEC has released the E.16 Country Exposure Statistical Release and the Country Exposure Information Report for December 31, 2004. E.16; Information Report  4/01/05