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How to add predictive analytics into your risk program. Risk reports are often limited to historical insights and issues and do not provide guidance and insights into the future of the organization. Adding predictive analytics can allow your organization to detect emerging risks and create mitigation plans. This can be achieved by combining internal and external key risk indicators (KRIs) and key performance indicators (KPIs) with regulatory intelligence. This ensures that risk reports can detect more issues and highlight areas of concern. Click here to learn more.


Top Stories for December 2005

  • $2.8 Million BSA Penalty

    FinCEN and the New York Stock Exchange have assessed a $2.8 million penalty against Oppenheimer & Company, Inc. for Bank Secrecy Act violations. The company's BSA program was deemed to be deficient and lacking in internal controls. In addition, the regulators indicated the BSA program contained inadequate procedures and it was insufficient to manage the risk of money laundering based on the volume of business. In addition to the payment of the fine, the company must also correct the problems noted. Penalty   12/30/05

  • Four Counterfeit Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit Cashier's/Official Checks drawn on Dryades Savings Bank, FSB, New Orleans, LA, Lighthouse Bank, Waltham, MA, The Torrington Savings Bank, Torrington, Connecticut and New York Community Bank (formerly known as Queens County Savings Bank), Westbury, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/30/05

  • Interagency Guidance on Nontraditional Mortgage Products Proposal Issued in the FR

    The Federal Register contains the Interagency Guidance referenced in the December 21, 2005 Top Stories. OCC: 2005-46    70FR77249 txt 70FR77249 pdf 12/30/05

  • Three Counterfeit Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on CenterBank of Jacksonville, N.A., Jacksonville, Florida and counterfeit official checks drawn on both The Bank, Birmingham, Alabama: and The Tri Counties Bank, Chico, California. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/29/05

  • Special Alerts Issued Regarding Unauthorized Banking

    Two Special Alerts have been issued by the FDIC concerning the activities of Brink (or Brink's) National Bank of Texas and Continental Bank of Canada, Toronto, Ontario, Canada. Brink;
    Continental   12/29/05

  • BSA/AML Violation Enforcement Action Process

    The OCC has issued a Bulletin which contains information on the process the OCC will follow regarding administrative enforcement actions against banks for BSA/AML violations. The intent of the guidance is to ensure that the process is measured, fair, and fully informed. Bulletin   12/28/05

  • FHC List Update

    The FRB has updated the list of BHCs that have elected to become or be treated as FHCs to include the elections made as of December 23, 2005. FHC List   12/27/05

  • Seven Working Papers Published

    Seven working papers in the FEDS series have been published by the FRB on the following topics: "Post Brown vs. the Board of Education: The Effects of the End of Court-Ordered Desegregation"; "Retail Deposit Fees and Multimarket Banking"; "Modelling Inflation Dynamics: A Critical Review Survey of Recent Research"; "Escaping the Samaritan's Dilemma: Implications of a Dynamic Model of Altruistic Intergenerational Transfers"; "Using Subjective Expectations to Forecast Longevity: Do Survey Respondents Know Something We Don't Know?"; "Using Structural Shocks to Identify Models of Investment"; and "Expectations Formation and the Effectiveness of Strategies for Limiting the Consequences of the Zero Bound on Interest Rates".

      12/27/05

  • Minority-Owned Banks List Updated

    The FRB has updated the list of minority-owned banks to include information as of September 30, 2005. List   12/23/05

  • New Orleans CAO Named By OCC

    The OCC has announced the appointment of a Community Affairs Officer in New Orleans, a newly-created position, who will serve as a liaison to governmental organizations, community groups, and national bank customers on hurricane-related banking matters and community reconstruction financing issues. CAO Appointment   12/23/05

  • Counterfeit Cashier's Checks Special Alert

    A Special Alert has been issued by the FDIC regarding counterfeit checks drawn on Community State Bank, N.A., Ankeny, Iowa. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/22/05

  • Guidance Issued On Filing Notices Of Class Action Lawsuits

    The FDIC has issued a FIL which contains guidance on new requirements for filing notices of proposed class action settlements involving financial institutions for which the FDIC is the primary federal regulator. FIL   12/22/05

  • Final Reg Regarding Section 312 Announced

    FinCEN has announced a final regulation implementing the provisions of Section 312 of the USA PATRIOT Act and the publication of a 312 Fact Sheet. Final Reg; | Fact Sheet   12/22/05

  • 2006 CRA & HMDA Data Free Software

    Free FFIEC CRA and HMDA Data Entry Software, version 3.20 for CY 2006 data due March 1, 2007, is available by download from the FFIEC CRA and HMDA web sites. Software   12/22/05

  • Derivative Report Issued

    The OCC has issued the Bank Derivatives Report for the third quarter 2005 which indicates that derivatives held by U.S. commercial banks increased by $2.6 trillion in the third quarter of 2005.Derivatives Report   12/22/05

  • FR Publishes HMDA Exemption Increase

    The FRB is publishing a final rule amending the staff commentary of Regulation C to increase the asset-size exemption threshold for depository institutions. Depository institutions with assets of $35 million or less as of December 31, 2005, are exempt from data collection in 2006. 70FR75718 txt 70FR75718 pdf   12/21/05

  • Nontraditional Mortgage Products Proposed Guidance Issued

    The federal financial regulatory agencies are seeking comments on a proposed guidance on residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest. Proposal; | FRB PR; | FDIC PR; | OCC NR; | OTS PR; | NCUA PR   12/21/05

  • FFIEC Report Forms Notices Published

    The initial FR notice for FFIEC Report Forms 009 and 009a has been published.
    Notice   12/21/05

  • Third Quarter Interest Rate Risk Measures Report Released

    OTS has released the Interest Rate Risk Measures Report for the Third Quarter 2005. Interest Rate   12/21/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position with the inclusion of data as of December 16, 2005.Reserve Position   12/21/05

  • Counterfeit And Fraudulent Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on Astoria Federal Savings and Loan Association, Lake Success, New York, and fraudulent check bearing the name of Bankers' Bank, Madison, Wisconsin. Information concerning the checks has been posted on the BOL Alerts & Counterfeits page.   12/20/05

  • $80 Million CMP Assessed For OFAC, AML, BSA and State Law Violations

    OFAC, the FRB, the New York State Banking Department, and the Illinois Department of Financial and Professional Regulation have issued a combined order of Assessment of a Civil Money Penalty and Monetary Payment against ABN AMRO Bank N.V and its New York City and Chicago branches. The bank has agreed to undertake remedial action in its worldwide banking operations and to pay $75 million in penalties to regulators for violations of OFAC sanctions regulations, AML, BSA and state laws, in addition to making a voluntary contribution of $5 million to the Illinois Bank Examiners' Education Foundation. OFAC | C&D | CMP | FinCEN   12/20/05

  • December Call Report Information Issued

    The FDIC has issued a FIL containing instructions pertaining to the Call Report for the December 31, 2005, Call Report.FIL; | Instructions   12/20/05

  • Individual Added To OFAC List

    OFAC has added an individual currently imprisoned in the United Kingdom to the SDN list designated as a SDGT. Information regarding the individual has been posted on the BOL OFAC page.   12/20/05

  • December Electronic Interpretations and Actions Announced

    The OCC has announced the publication of the December 2005 issue of New Electronic Interpretations and Actions.Interpretations and Actions   12/20/05

  • Basal II White Published

    The FRB has published a white paper on the topic of "Potential Competitive Effects on U.S. Bank Credit Card Lending from the Proposed Bifurcated Application of Basel II".White Paper   12/20/05

  • Three FEDS Working Papers Released

    The FRB has released three working papers in the FEDS series on the following subjects: "How Did the 2003 Dividend Tax Cut Affect Stock Prices?"; "An Inflation Goal with Multiple Reference Measures"; and "Explaining Credit Default Swap Spreads with the Equity Volatility and Jump Risks of Individual Firms".2003 Dividend Abstract; | 2003 Dividend Full Paper; | Inflation Abstract; | Inflation Full Paper; | Credit Defaults Abstract; | Credit Defaults Full Paper   12/20/05

  • Structure And Share Data Report Issued

    The FRB has issued the Structure and Share Data for U.S. Offices of Foreign Banks Report as of September 30, 2005.Data Report   12/20/05

  • January 2006 HOEPA Rates Determined

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in January 2006 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. Daily H.15 Weekly H.15   12/19/05

  • HMDA Data Collection Exemption Size Increased

    The FRB has published its annual notice of the asset-size exemption threshold for depository institutions under Reg C, which implements HMDA. As a result, depository institutions with assets of $35 million or less as of December 31, 2005, are exempt from data collection in 2006.Exemption   12/19/05

  • 312 Fact Sheet Published

    FinCEN has published a Fact Sheet which contains information regarding a proposed Final Rule implementing the international correspondent accounts and private banking provisions of Section 312 of the USA PATRIOT Act.
    Fact Sheet   12/19/05

  • December FedFlash Published

    The December issue of FedFlash has been published and contains articles on New Orleans zone check processing, 2006 seasonal lending applications, FRB operations holiday schedule and District news.
    FedFlash pdf;
    FedFlash html   12/19/05

  • USERRA Rules Published

    Final rules have been published to implement the Uniformed Services Employment and Reemployment Rights Act ("USERRA"), a federal law which protects the rights of persons who voluntarily or involuntariloy leave employment positions to undertake military service. The new rules do affect private employers. A notice of rights, benefits, and obligations of employees and employers under USERRA was published concurrently. PDF of final rules;   TXT version of final rules;   PDF of Notice;   TXT version of Notice   12/19/05

  • More Check Processing Changes Published

    The Federal Reserve Board published in the Federal Register amendments to appendix A of Regulation CC to delete reference to the New Orleans branch and reassign the routing symbols for it to the head office of the FRB of Atlanta. Typos in the routing symbols for the Helena branch office of FRB Minneapolis were also corrected, and notice is provided of a delay until 2007 of the previously announced transfer of the Nashville branch office's check-processing operations to the Atlanta head office. Advance notice is also given of future changes affecting the Federal Reserve Banks of New York and Philadelphia. PDF;   TXT   12/19/05

  • Enforcement Actions Announced

    The OCC has announced new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. Enforcement Actions  12/16/05

  • CRA Evaluations Released

    The OCC has released the CRA evaluations for 33 national banks that became public during the period of November 15, 2005 through December 14, 2005. CRA  12/16/05

  • Additional Check Processing Restructuring Announced

    The FRB has announced restructuring of check processing operations in the Sixth District and the applicable amendment to Reg CC. Processing  12/16/05

  • NCUA Announces Flexible Procedures For Hurricane Affected FCUs

    The NCUA has issued an Opinion Letter which provides guidance and details flexible procedures in place for conducting board meetings and member elections by FCUs affected by Hurricane Katrina. Procedures  12/16/05

  • OCC Annual Report Published

    The OCC has published its Annual Report for fiscal year 2005 which includes an introduction by Comptroller Dugan and the OCC‘s financial statements. Other sections describe the OCC, its accomplishments and operations, and its management initiatives. Annual Report  12/16/05

  • Cost of Funds Reports Released

    OTS has released the Historical and October 2005 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; October  12/16/05

  • RECON Updated For Third Quarter

    Regional Economic Conditions (RECON), which assists the FDIC in the examination process by providing economic information at the state, MSA (Metropolitan Statistical Area), and county levels, has been updated with new data for the Third Quarter 2005. RECON  12/16/05

  • October TIC Report Issued

    Treasury has issued the TIC report for October 2005 which indicates the net foreign purchases of long-term securities were $106.8 billion. TIC  12/16/05

  • Large Commercial Banks Assets Report Released

    The FRB has released the ranking of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of September 30, 2005. Ranking  12/16/05

  • FRB Recommends Creation Of NewBank

    The FRB has released the report of the private-sector Working Group on NewBank Implementation and endorsed its recommendations for the creation of a dormant bank (NewBank) that would be available for activation to clear and settle U.S. government securities. Report; Recommendation  12/16/05

  • InfoSec Guidelines Compliance Guide Published

    The federal bank and thrift regulatory agencies have published a small entity compliance guide for the Interagency Information Security Guidelines. The compliance guide summarizes the obligations of financial institutions to protect customer information and illustrates how certain provisions of the Security Guidelines apply to specific situations. Guide; FRB PR; OCC Bulletin; OTS CEO Lt; FDIC PR  12/15/05

  • Agencies Issue Counterfeit Cashier's Checks Alerts

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on CenterBank of Jacksonville, N.A., Jacksonville, Florida, and the FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Anchor Bank, West St. Paul National Association, West St. Paul, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/15/05

  • Special Alert Regarding Unauthorized Banking Operations

    The FDIC has issued a Special Alert regarding two entities that may be conducting unauthorized banking operations in the U.S. and Canada including involvement in various advance fee or "Nigerian letter" scams. Special Alert   12/15/05

  • FinCEN Issues North Korean Banking Activities Advisory

    An Advisory has been issued by FinCEN which contains guidance regarding the providing of banking services to North Korean government agencies and related front companies. Advisory  12/14/05

  • Fed Funds Up

    The FOMC has raised the target for the federal funds rate by 25 basis points and approved a similar increase in the discount rate. FOMC  12/14/05

  • Updated Reserve Position Released

    Treasury has updated the U.S. International Reserve Position report to include data as of December 9, 2005.
    Reserve Position   12/14/05

  • Survey Of Terms Report Released

    The E. 2 Survey of Business Terms report for the week of November 7, 2005, has been released by the FRB.
    E.2   12/14/05

  • FDIC Publishes Proposed Rulemaking for Large Bank Insurance Determination Modernization

    The FDIC proposes to developing a new system to determine insurance coverage. Its goals are to minimize disruption to depositors and communities, and maximize recoveries for the deposit insurance fund in the event one of the largest insured institutions should fail. PDF   TXT  12/13/05

  • Counterfeit Cashier's Check Alert Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Community State Bank, N.A. of Ankeny, Iowa. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/13/05

  • FILs Issued Regarding OFAC Changes

    The FDIC has issued three FILs regarding previously announced changed to the OFAC list concerning SDNs and Blocked Persons. Information regarding the changes was posted in BOL Top Stories on November 28, December 1 and December 6, 2005. FIL-122-2005; FIL-123-2005; FIL-124-2005   12/13/05

  • FDIC Updates Hurricane Data

    As of December 9, 2005, FDIC analysis shows 214 financial institutions with offices affected by the hurricanes (100 by Katrina; 87 by Rita; 27 by both). There are 112 branches that remain closed (98 by Katrina; 14 by Rita). There are 46 temporary branches open by 20 institutions. The updated information has been posted on the BOL Disaster Recovery page.  12/13/05

  • FEDS Working Paper Published

    The FRB has published a working paper in the FEDS series on the topic of "How Did the 2003 Dividend Tax Cut Affect Stock Prices and Corporate Payout Policy?" Abstract; Full Paper  12/13/05

  • Enforcement Actions Announced

    The FDIC has announced the issuance of 20 administrative enforcement actions taken against banks and individuals in October 2005. The actions included eight removal and prohibition orders, four civil money penalty orders, four terminations of insurance, one capital directive termination, and three terminations of orders to cease and desist. Enforcement Actions   12/12/05

  • Two Counterfeit Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Columbia State Bank, Tacoma, Washington, and counterfeit official checks drawn on Carolina First Bank, Greenville, South Carolina. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/12/05

  • FFIEC Updates HMDA FAQs

    The HMDA FAQs have been updated by the FFIEC to include questions regarding Type of Purchaser.FAQs   12/12/05

  • Third Quarter Household Debt Service Report Released

    The FRB has released the Household Debt Service and Financial Obligations Ratios report for Third Quarter 2005.Report   12/12/05

  • Special-Post Employment SR Issued

    A SR has been issued by the FRB regarding the previously announced post-employment restrictions imposed on senior examiners. Information concerning the restrictions was posted in the November 18, 2005 BOL Top Stories. http://www.bankersonline.com/topstory/november05.html SR   12/12/05

  • Counterfeit Cashier's Special Alert Issued

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on State Bank, La Grange, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/9/05

  • OTS 2006 Assessment And Fee Schedules Released

    The OTS has issued a Thrift Bulletin which contains its 2006 assessment and fee schedules. Bulletin  12/9/05

  • FRB Publish Technical Amendment to Reg CC

    This technical amendment to the Final Rule regarding Appendix A of Reg CC, deletes the reference to the head office of the Federal Reserve Bank of Boston and reassigns the Federal Reserve routing symbols currently listed under that office to the Windsor Locks office of the Federal Reserve Bank of Boston. PDF TXT  12/7/05

  • Flow Of Funds Accounts Report Released

    The FRB has released the Z.1 Flow of Funds Accounts of the United States Report for the Third Quarter 2005. Z.1  12/9/05

  • Assets Reports Issued

    The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for October 2005 have been issued by the FRB. Reports  12/9/05

  • OCC Fiscal Year 2005Annual Report PublishedM

    The OCC has published its annual report for fiscal year 2005 which includes an introduction by Comptroller Dugan, the OCC's financial statements, accomplishments, operations, and its management initiatives. Annual Report   12/9/05

  • Five Counterfeit Special Alerts Issued

    The FDIC has issued five Special Alerts regarding counterfeit cashier's checks drawn on The Comanche National Bank, Comanche, Texas and The Cambrian Branch (San Jose, California) of the Bank of the West, San Francisco, California; counterfeit official checks drawn on The Provident Bank, Jersey City, New Jersey; counterfeit checks bearing the name of The Equitable Bank, S.S.B., Wauwatosa, Wisconsin; and counterfeit money orders drawn on Heritage Community Bank, Glenwood, Illinois. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  12/8/05

  • December 2005 Call Report Forms Online

    The FFIEC has posted online the December 2005 Call Report forms 031 and 041. 031; 041  12/8/05

  • HMDA Reporting Guidance Issued

    The FFIEC has issued additional guidance on HMDA reporting to ensure that data is stated accurately pertaining to loans subject to HOEPA; rate spread; preapprovals and additional sources of guidance. HMDA Guidance  12/8/05

  • Winter Issue Supervisory Insights Published

    The FDIC has issued a FIL announcing the publication of the Winter 2005 issue of Supervisory Insights which contains articles on financial modeling, tighter security for Internet transactions, and banker insider misconduct. FIL; Supervisory Insights Index; Full Issue  12/8/05

  • Consumer Credit Report Released

    The FRB has released the G.19 Consumer Credit Report for October 2005. G.19  12/8/05

  • NCUA Publishes Post Employment Restrictions for Certain Examiners

    NCUA Publishes Final Rule in FR that will prohibits senior NCUA examiners from accepting employment with a credit union for a year after leaving NCUA employmentif they had responsibility for examination of that credit union prior to leaving. PDF TXT  12/7/05

  • First District Check Processing Restructured

    The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the check processing operations in the First District. As of February 25, 2006, the head office of the Federal Reserve Bank of Boston no longer will process checks, and banks currently served by that office will be reassigned to the Windsor Locks office of the Federal Reserve Bank of Boston. Restructuring  12/7/05

  • CRA Ratings Issued

    The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the CRA and the rating assigned to each institution. CRA Ratings  12/7/05

  • Determination Of Insured Deposits Comments Sought

    The FDIC is soliciting comments on the best way to improve the process of determining the insurance status of depositors of larger institutions in the event of a failure. Comments   12/7/05

  • Bulletins Issued Regarding Assessment Fees, Examiner Employment And CRA Q&As

    The OCC has issued three bulletins regarding previously announced actions concerning assessment collection process for national banks; one-year post-employment restrictions for senior examiners; and proposed revisions to 2001 Interagency Questions and Answers Regarding Community Reinvestment. Information regarding the actions was posted in the November 17 and 18, 2005, BOL Top Stories. Assessment Bulletin; Examiner Bulletin; CRA Bulletin   12/7/05

  • HUD Publishes Final Rule for ARM

    On March 29, 2005, HUD published an interim rule in the Federal Register that insured five-year hybrid ARMs with interest rates adjustable up to two percentage points annually. The final rule makes no changes to the interim rule. PDF TXT  12/6/05

  • Counterfeit Cashier's Check Alert

    The OCC has issued an Alert regarding counterfeit casher‘s checks drawn on Anchor Bank, West St. Paul N.A. of West St. Paul, Minnesota. Information concerning the counterfeit cashier‘s checks has been posted on the BOL Alerts & Counterfeits page.  12/6/05

  • Eight SDGTs Added To OFAC List

    OFAC has designated eight individuals as SDGTs and added their names to the SDN list. Information regarding the new entries has been posted on the BOL OFAC page.  12/6/05

  • Atlanta To Retain New Orleans Processing

    The FRB Financial Services Policy Committee (FSPC) has announced that it will retain the Federal Reserve Bank of Atlanta’s New Orleans Branch check processing operation at the Atlanta Fed’s head office and will postpone the previously announced move of the Nashville Branch’s check processing operation into Atlanta until 2007. Processing; New Orleans Letter; Nashville Letter  12/6/05

  • Hurricane Q&A issued

    A SR letter that contains the complete set of Q&As issued by the federal financial institutions regulatory agencies as of November 23, 2005, regarding Hurricanes Katrina and Rita has been issued by the FRB. The issue date of a Q&A is indicated at the end of each question. SR; Q&As  12/6/05

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet to include data as of December 6, 2005. 314(a)  12/6/05

  • Five Working Papers Published

    The FRB has published five new working papers in the FEDS series on the following topics: Solving Stochastic Money-in-the-Utility-Function Models; Jump-Diffusion Processes and Affine Term Structure Models: Additional Closed-Form Approximate Solutions, Distributional Assumptions for Jumps, and Parameter Estimates; Can Financial Innovation Help to Explain the Reduced Volatility of Economic Activity?; Alternative Central Bank Credit Policies for Liquidity Provision in a Model of Payments; and Competition and Price Discrimination in the Market for Mailing Lists. Stochastic Abstract; http://www.federalreserve.gov/pubs/feds/2005/200552/200552pap.pdf">Stochastic Full Paper; Jump Abstract; Jump Full Paper; Innovation Abstract; Innovation Full Paper; Alternative Abstract; Alternative Full Paper; Competition Abstract; Competition Full Paper  12/6/05

  • New FedFlash Issue Released

    The December 1, 2005 issue of FedFlash has been released and contains articles on email delivery of FedWire statements, changes to the HDGS and PPGS transit number listings, official authorization list and board resolution required from all account holders, and a reminder of changes to mixed and other Fed cull programs. FedFlash  12/6/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position with the addition of data as of December 2, 2005. Reserve Position  12/6/05

  • SR Letter Expresses FRB Security Program Expectations

    A SR Letter has been issued which establishes the FRB’s expectations for financial institutions and supervisory personnel with respect to the previously announced Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice. When evaluating the adequacy of a financial institution’s information security program, the FRB will consider whether the bank has developed and implemented a response program including notification procedures as described in the Guidance.SR Letter; Guidance  12/5/05

  • Suspicious Activity Alerts

    The OCC has issued two Alerts regarding supposed employees of "Wachovia Direct Lending," (not affiliated with Wachovia Corp.), that are contacting persons about student loan applications resulting in no loans and no returned fees; and supposed bank employees of Brink National Bank of Texas, an entity not authorized to conduct the business of banking, who have contacted persons about fraudulent financial schemes. Student Loans; Unauthorized Bank  12/5/05

  • First Quarter CRA Exam Schedule Released

    OTS has released the schedule of thirty-three CRA examinations that will conducted in the first quarter 2006. CRA Exam Schedule  12/5/05

  • Greenspan Comments On Budget Policy And International Imbalances

    In separate presentations before the attendees at the Federal Reserve Bank of Philadelphia Policy Forum and the Advancing Enterprise Conference, Chairman Greenspan expressed concern that the U.S. may have already committed more physical resources to the baby-boom generation in its retirement years than the economy has the capacity to deliver and that deficits that cumulate to ever-increasing net external debt, with its attendant rise in servicing costs, cannot persist indefinitely. Budget Policy; International Imbalances  12/5/05

  • FHC List Updated

    The FRB has updated the list of BHCs that have elected to be treated as FHCs to include elections made as of December 2, 2005. FHC List  12/5/05

  • OCC To Expand CAG Hours

    The OCC has announced the intention to expand the daily hours of telephone operation for its Customer Assistance Group from seven to twelve. CAG Hours  12/5/05

  • New BSA Forms Page Launched By FinCEN

    FinCEN has been launched a newly-updated forms page designed to be easier to navigate and find the BSA forms required for filing. It contains links to downloadable forms, Q&As, useful filing information, and more.
    BSA Forms    12/2/05

  • New BOL Tech Alert Issued

    BOL has issued a Tech Alert which contains new information about security vulnerabilities, a FREE special test assessment offer for BOL users, and two BOL book selections. Sign up for future Tech Alerts and other free e-mail BOL Banker Briefings.
    Tech Alert    12/2/05

  • Assessment Process Revised By OCC

    The OCC has revised its semi-annual assessment process for national banks. The OCC, rather than each national bank, will calculate and draft the semiannual assessment from either the Federal Reserve account or Federal Home Loan Bank account based on the most recent call report. The 2006 OCC Fee Schedule was also released.
    Assessment;
    2006 Fee Schedule    12/2/05

  • OCC CRA Exam Schedule Released

    The OCC has released its schedule of CRA examinations to be conducted in the first quarter of 2006.Schedule    12/2/05

  • FTC Settles Customer Data Security Case

    A retail discounter has agreed to settle FTC charges that its failure to take reasonable security measures to protect sensitive customer data was an unfair practice that violated federal law. According to the FTC, a data-security failure allowed hackers to gain access to the sensitive credit card, debit card, and checking account information of more than 1.4 million customers. The settlement requires the company to implement a comprehensive information-security program and obtain audits by an independent third-party security professional every other year for 20 years.Settlement; Complaint    12/2/05

  • Negative Amortization Concerns Comptroller

    In a presentation before the Consumer Federation of America, Comptroller Dugan expressed strong concerns about negative amortization in consumer loan products, particularly in the areas of credit cards and mortgages. He indicated that that negative amortization of consumer loans raise substantial – and intertwined – consumer protection and safety and soundness issues.
    Speech
       12/2/05

  • Foreign Exchange Rates Report Released

    The November 2005 G.5 Foreign Exchange Rate Report has been released by the FRB. G.5    12/2/05

  • First Quarter 2006 CRA Exam Schedule Released

    The FDIC has released the list of institutions that it has scheduled for a CRA examination during the first quarter of 2006. Schedule   12/1/05

  • CRA Distressed Or Underserved Tract List Updated

    The FFIEC has updated the list of distressed or underserved nonmetropolitan middle-income geographies. List   12/1/05

  • $19,960 CMP For Flood Violations

    The FRB has announced the issuance of an Order of Assessment of a Civil Money Penalty against County Bank, Merced, California, in connection with alleged violations of Reg H and the National Flood Insurance Act. Order   12/1/05

  • Counterfeit Cashier's Check Special Alert

    A Special Alert has been issued by the FDIC regarding counterfeit cashier's check drawn on Northway Bank, Berlin, New Hampshire. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   12/1/05

  • Unauthorized Banking Special Alert

    The FDIC has issued a Special Alert regarding an entity that may be conducting illegal banking activities involving advance fee or "Nigerian letter" scams in the U.S. and Canada. Special Alert   12/1/05

  • Drug Cartel Members And Philippine Separatists Added To OFAC List

    OFAC has added two individuals and three companies tied to a Columbian drug cartel and three members of a Philippine separatist group to the SDN list. Information regarding the new entries has been posted on the BOL OFAC page.   12/1/05

  • Beige Book Updated

    The Beige Book has been updated by the FRB to include data collected prior to November 21, 2005. Summary; Full Report   12/1/05

  • Continuation Of Assistance To Hurricane Victims Urged By Agencies

    The federal financial institution regulatory agencies along with the Conference of State Bank Supervisors are encouraging insured depository institutions to consider all reasonable and prudent actions that could help meet the critical financial needs of their customers and their communities affected by Hurricane Katrina.Hurricane Assistance   12/1/05

  • G.20 Report Issued

    The September 2005 G.20 Finance Companies report has been issued by the FRB. G.20   12/1/05

  • Housing Prices And Interest Rates Working Paper Published

    The FRB has published a working paper in the IFDP series on the subject of "The Baby Boom: Predictability in House Prices and Interest Rates".Abstract; Full Paper   12/1/05

  • Assets Reports Released

    The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for September 2005 have been released by the FRB.Reports   12/1/05

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