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Top Stories for November 2008

  • CRA Ratings Released

    The OCC has released the rating received by thirty-eight national banks that were recently evaluated for compliance with the provisions of the CRA. Ratings  11/26/08

  • TALF Receives TARP Funds

    The Treasury has announced it will allocate $20 billion in TARP funds to back the Term-Asset Backed Securities Lending Facility (TALF), a lending facility for the consumer asset backed securities (ABS) market established by the Federal Reserve Bank of New York and Secretary Paulson commented on the allocation. Paulson Comment; TARP; TALF   11/26/08

  • OFAC Additions Deletions

    The Treasury has designated four Robert Mugabe regime cronies and a number of entities owned or controlled by two of them due to financial and logistical support they have provided to allow the regime to pursue policies that seriously undermine democratic processes and institutions in Zimbabwe and added their names to the SDN List. In addition, current designated entities were removed from the List. Information regarding the changes has been posted on the BOL OFAC page.  11/26/08

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and among Team Financial, Inc., Paola, Kansas, Post Bancorp, Inc., Colorado Springs, Colorado, Team Financial Acquisition Subsidiary, Inc., Paola, Kansas, all registered bank holding companies, and the Federal Reserve Bank of Kansas City. Agreement  11/26/08

  • FDIC Publishes Final Rule in FR for Temporary Liquidity Guarantee Program

    The FDIC is adopting a Final Rule to implement its Temporary Liquidity Guarantee Program. This program, designed to avoid or mitigate adverse effects on economic conditions or
    financial stability, has two primary components: The Debt Guarantee Program, by which the FDIC will guarantee the payment of certain newly-issued senior unsecured debt, and the Transaction Account Guarantee Program, by which the FDIC will guarantee certain noninterest-bearing transaction accounts.TXT; PDF  11/26/08

  • NCUA Publishes Final Rule in FR for Low Income Definition

    The NCUA is amending the definition of "low-income members" to use median family income (MFI) to determine if a credit union qualifies for a low-income designation and eligible for assistance from the Community Development Revolving Loan Fund (CDRLF). The amendment will eliminate the confusion associated with adjusting median household income in metropolitan areas with higher costs of living. Additionally, it will better align NCUA criteria for a low-income credit union (LICU) designation with the criteria for the addition of an underserved area to a federal credit union (FCU) field of membership and certification as a Community Development Financial Institution (CDFI).TXT; PDF  11/26/08

  • NCUA Publishes Proposes Rulemaking for Agency Information Collection Activities; Proposals, Submissions, and Approvals

    The NCUA is submitting the following information collection to the Office of Management and Budget (OMB) for review and clearance under the Paperwork Reduction Act of 1995, Pub. L. 104-13, 44 U.S.C. Chapter 35. TXT; PDF  11/26/08

  • FRB To Purchase GSEs and MBSs

    A program to purchase up to $100 billion of the direct obligations of housing-related government-sponsored enterprises (GSEs)--Fannie Mae, Freddie Mac, and the Federal Home Loan Banks--and up to $500 Billion of mortgage-backed securities (MBS) backed by Fannie Mae, Freddie Mac, and Ginnie Mae has been announced by the FRB. Purchase  11/26/08

  • 94% Decline Insured Institutions' Net Income

    The FDIC has announced that insured commercial banks and savings institutions reported net income of $1.7 billion in the third quarter of 2008, a decline of $27.0 billion (94 percent) from the $28.7 billion that the industry earned in the third quarter of 2007. Chairman Bair commented on the results. Income; Bair Comments  11/26/08

  • Temporary Guarantee Program for Money Market Funds Extended

    The Treasury has announced that the Temporary Guarantee Program for Money Market Funds has been extended until April 30, 2009. Extension  11/25/08

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve Position Report with data current as of November 21, 2008. Reserve Position  11/25/08

  • Home Computer IFDP Working Paper Published

    A working paper in the International Finance Discussion Paper (IFDP) series on the topic of "Home Computers and Educational Outcomes: Evidence from the NLSY97 and CPS" has been published by the FRB. Abstract; Full Paper  11/25/08

  • Treasury, Fed and FDIC Announce Assistance for Citigroup

    Treasury, the Fed and the FDIC issued a joint statement late Sunday night announcing an agreement with Citigroup to provide a package of guarantees, liquidity access and capital. As part of the agreement, Treasury and the FDIC will provide protection against the possibility of unusually large losses on an asset pool of approximately $306 billion of loans and securities backed by residential and commercial real estate and other such assets, which will remain on Citigroup's balance sheet. As a fee for this arrangement, Citigroup will issue preferred shares to the Treasury and FDIC. In addition and if necessary, the Federal Reserve stands ready to backstop residual risk in the asset pool through a non-recourse loan. In addition, Treasury will invest $20 billion in Citigroup from the Troubled Asset Relief Program in exchange for preferred stock with an 8% dividend to the Treasury. Citigroup will comply with enhanced executive compensation restrictions and implement the FDIC's mortgage modification program.   Joint Statement  
    Summary of terms  11/24/08

  • First "Shelf Charter" Bank Approved

    The OCC has granted the first conditional preliminary approval of a new type of national bank "shelf-charter," designed to facilitate new equity investments in troubled depository institutions. Shelf Charter; Approval Letter  11/24/08

  • TLG Program Final Rule

    The FDIC has issued a FIL announcing the adoption of a Final Rule implementing the Temporary Liquidity Guarantee Program (TLG Program) which consists of a guarantee of newly issued senior unsecured debt of banks, thrifts, and certain holding companies (the debt guarantee program) and full guarantee of non-interest bearing deposit transaction accounts. BOL has the final rule (12 CFR Part 370) posted in its Alphabet Soup regulatory collection. FIL; Final Rule  11/24/08

  • Two California Thrifts Closed Deposits Acquired

    The OTS has closed Downey Savings and Loan Association of Newport Beach and PFF Bank & Trust of Pomona; the FDIC was appointed receiver of each institution. U.S. Bank, National Association, Minneapolis, Minnesota, acquired the banking operations, including all the deposits, of both institutions in a transaction facilitated by the FDIC. Closings; Acquisition; Downey Fact Sheet; PFF Fact Sheet  11/24/08

  • Georgia Bank Closed Assets Acquired

    The Community Bank, Loganville, Georgia, was closed by the Georgia Department of Banking and Finance. The FDIC was named receiver and entered into a purchase and assumption agreement with Bank of Essex, Tappahannock, Virginia, to assume all of the deposits. Closed  11/24/08

  • Enforcement Actions Released

    The OCC has released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Actions  11/24/08

  • Consumer Compliance Handbook Updated

    The FRB has published the November 2008 update to the Consumer Compliance Handbook. Handbook  11/24/08

  • Working Papers Published

    Four working papers have been published by the FRB, two each in the International Finance Discussion Papers (IFDP) series and the Finance and Economics Discussion Series (FEDS) series, on the following topics:

    • A Non-Random Walk Revisited: Short- and Long-Term Memory in Asset Prices
    • Do Energy Prices Respond to U.S. Macroeconomic News? A Test of the Hypothesis of Predetermined Energy Prices
    • The Evolving Relationship between Community Banks and Small Businesses: Evidence from the Surveys of Small Business Finances
    • The Rigidity of Choice. Lifecycle savings with information-processing limits.

    Non-Random Abstract | Non-Random Full Paper | Do Energy Abstract | Do Energy Full Paper | Evolving Abstract | Evolving Full Paper | Rigidity Abstract | Rigidity Full Paper  11/24/08

  • FRB Bulletin Legal Developments

    The FRB has published the Third Quarter 2008 Bulletin Legal Developments. Legal Developments  11/24/08

  • TAF Auctions to Continue

    The Federal Reserve has announced the biweekly Term Auction Facility (TAF) auctions will continue for as long as necessary to address elevated pressures in short-term funding markets. The results of the December 20, 2008, auction of $20 billion in 35-day credit were also announced. Auctions; Results  11/24/08

  • Four Added to OFAC List

    The Treasury has announced the addition of four individuals to OFAC's SDN list, with SDGT designations. Information on the changes has been posted to the BOL OFAC page.  11/21/08

  • FDIC Announces Availability of IndyMac Loan Mod Model

    The Federal Deposit Insurance Corporation (FDIC) announced the availability of a comprehensive package of information to give servicers and financial institutions all of the tools necessary to implement a systematic and streamlined approach to modifying loans based on the FDIC Loan Modification Program initiated at IndyMac Federal Bank (IndyMac). The Program, nicknamed "Mod in a Box," is designed to achieve affordable and sustainable mortgage payments for borrowers and increase the value of distressed mortgages by rehabilitating them into performing loans. Under the terms of the Program, borrowers receive a loan modification with a maximum 38% down to 31% housing-to-income ratio through the use of interest rate reduction, amortization term extension, and in some cases, principal deferment. This loan modification process improves the value of the troubled mortgages for investors while helping many borrowers experiencing financial difficulties remain in their homes. Program  11/21/08

  • FOMC to Hold Expanded December Meeting

    The Federal Open Market Committee on Thursday announced it would expand its December meeting to two days to allow additional time for discussion. The upcoming meeting, previously planned for one day, will begin on the afternoon of Monday December 15 and conclude on Tuesday December 16. The Committee's statement will be released as previously planned, around 2:15 p.m. EST on Tuesday. Press Release  11/21/08

  • Remarks on Implementation of EESA

    The Treasury Department has published remarks of Interim Assistant Secretary Neel Kashkari on the implementation of the Emergency Economic Stabilization Act (EESA). Kashkari's remarks were delivered at a Women in Housing and Finance and Exchequer Club of Washington Policy Luncheon on 11/19/08. Remarks  11/21/08

  • The FDIC Chairman Addresses Business School

    The FDIC Chairman Sheila C. Bair yesterday delivered the keynote address to the Johns Hopkins Carey Business School. Chairman Bair discussed the FDIC's recent actions to guarantee newly issued senior unsecured debt of banks, thrifts, and certain holding companies, and providing full coverage of non-interest bearing deposit transaction accounts, regardless of dollar amount. Although this guarantee has been in place for debt issued after October 13th, the FDIC Board of Directors will be finalizing the rule on Friday, November 21st. Among other issues, the address also focused on the FDIC's loan guarantee proposal, a program that could help 1.5 million families avoid foreclosure. Press Release  11/21/08

  • HUD Announces Flexibility for "HOPE for Homeowners" Program

    U.S. Housing and Urban Development Secretary Steve Preston announced that the HOPE for Homeowners (H4H) Board of Directors has approved changes to the program to help more distressed borrowers refinance into affordable, government-back mortgages. The changes will reduce the program costs for consumers and lenders alike while also expanding eligibility by driving down the borrower's monthly mortgage payments. Modifications to HOPE for Homeowners include:

    • Increasing the loan to value ratio (LTV) to 96.5 percent for some H4H loans;
    • Simplifying the process to remove subordinate liens by permitting upfront payments to lienholders; and
    • Allowing lenders to extend mortgage terms from 30 to 40 years.

    Announcement  11/21/08

  • FRB Publishes Final Rule in FR for Reg CC; Availability of Funds and Collection of Checks

    The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the Des Moines office of the Federal Reserve Bank of Chicago and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Chicago. TXT; PDF  11/21/08

  • Written Agreements Announced

    The FRB has announced two written agreements, one by and among Southern Community Bancshares, Inc., Fayetteville, Georgia, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. and the other by and among FirstBank Financial Services, Inc., McDonough, Georgia, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Southern Agreement; FirstBank Agreement  11/20/08

  • Interagency Examination Procedures Revised

    The OCC has issued revised procedures for Regulation DD in the "Depository Services" booklet of the Comptroller's Handbook for Consumer Compliance clarify requirements for e-communication and the regulation's relationship to the E-Sign Act. Procedures  11/20/08

  • CRA Not Responsible For Subprime Lending Abuses

    In a presentation at the Enterprise Annual Network Conference, Comptroller Dugan stated, "The CRA is not the culprit behind the subprime mortgage lending abuses, or the broader credit quality issues in the marketplace." Speech  11/20/08

  • FOMC Minutes

    The minutes of Federal Open Market Committee meeting held on September 29, October 7, and October 28-29, 2008, have been released by the FRB. Minutes  11/20/08

  • IFDP Working Papers

    Two working papers in the International Finance Discussion Paper (IFDP) series have been published by the FRB on the topics of "Housing Market Risks in the United Kingdom" and "Estimating the Parameters of a Small Open Economy DSGE Model: Identifiability and Inferential Validity." Housing Abstract; Housing Full Paper; Estimating Abstract; Estimating Full Paper  11/20/08

  • Order of Prohibition Issued

    The FRB has issued an Order of Prohibition against David Lee, former managing director of the Commodities Trading Group and institution-affiliated party of the Chicago, Illinois, branch of the Bank of Montreal (BMO). Order  11/19/08

  • Paulson, Bair and Bernanke TARP Testimony

    Secretary Paulson, Chairman Bair and Chairman Bernanke testified before the House Committee on Financial Services regarding the implementation of the Emergency Economic Stabilization Act and the utilization of Troubled Asset Relief Program (TARP) funds. They differed somewhat in their respective opinions on the subjects. Paulson Testimony; Paulson Statement; Bernanke Testimony; Bair Statement  11/19/08

  • West Coast Assets Liquidation Office Established By FDIC

    The FDIC has announced it will open a temporary office in Irvine, California, to manage receiverships and to liquidate assets from failed financial institutions primarily located in the western states. Liquidation Office  11/19/08

  • Consumer Mortgage Relief Program Announced

    The NCUA has announced a new initiative, the Credit Union Homeowners Affordability Relief Program (CU HARP), which would enable it, through the Central Liquidity Facility (CLF), to work with credit unions and their members in temporarily lowering monthly mortgage payments. Relief Program  11/19/08

  • Reg CC Amended

    The FRB has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Seventh District. BOL has annotated its "Alphabet Soup" copy of Regulation CC to reflect the amendment. Restructuring  11/19/08

  • 314(a) Fact Sheet Updated

    The FinCEN has updated the 314(a) Fact Sheet with data current as of November 18, 2008. 314(a)  11/19/08

  • Credit Auction Results

    The results of the auction of $150 billion in 28-day credit held on November 17, 2008, have been announced by the FRB. Auction  11/19/08

  • Charge-Off and Delinquency Rates Reports

    The FRB has released Charge-Off and Delinquency Rates on Loans at Commercial Banks reports for the third quarter 2008. Rates  11/19/08

  • FEDS Working Paper Issued

    A working paper in the Finance and Economics Discussion (FEDS) series on the topic of "Imperfect Information and Monetary Models: Multiple Shocks and their Consequences" has been published by the FRB. Abstract; Full Paper  11/19/08

  • The FRB and Treasury Publish a Final Rule in FR for Prohibition on Funding of Unlawful Internet Gambling

    The final rule sets out definitions for terms used in the regulation; designates payment systems that could be used by participants in connection with, or to facilitate, a restricted transaction; exempts certain participants in certain designated payment systems from the requirement of the regulation; requires theparticipants performing non-exempt functions in a designated payment system to establish and implement policies and procedures reasonably designed to prevent or prohibit restricted transactions, such as by identifying and blocking such transactions; provides non-exclusive examples of policies and procedures for non-exempt participants in each designated payment system; and sets out the regulatory enforcement framework. TXT; PDF   Learn more about this final rule by attending the Internet Gambling webinar, click here for more information.   11/19/08

  • TIC Data Released

    The Treasury International Capital (TIC) report for September 2008 has been released. TIC  11/19/08

  • Counterfeit Checks Special Alerts

    Six Special Alerts have been issued by the FDIC regarding counterfeit checks bearing the name of the following institutions:

    • Wyoming State Bank, Laramie, Wyoming (Counterfeit Checks);
    • Pine River Valley Bank, Bayfield, Colorado (Counterfeit Cashier's Checks);
    • Professional Federal Credit Union, Fort Wayne, Indiana (Counterfeit Cashier's Checks);
    • Gateway Bank of St. Louis, St. Louis, Missouri (Counterfeit Checks);
    • Artisans' Bank, Wilmington, Delaware (Counterfeit Official Checks); and
    • Vineyard Bank, National Association, Corona, California (Counterfeit Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  11/18/08

  • Fire Closings Authorized

    The OCC has issued a proclamation allowing national bank offices affected by fires in southern California to close at their discretion. Proclamation  11/18/08

  • HUD Publishes Final Rule in FR for the Real Estate Settlement Procedures Act (RESPA)

    This final rule amends HUD's regulations to further RESPA's purposes by requiring more timely and effective disclosures related to mortgage settlement costs for federally related mortgage loans to consumers. The changes made by this final rule are designed to protect consumers from unnecessarily high settlement costs by taking steps to: improve and standardize the Good Faith Estimate (GFE) form to make it easier to use for shopping among settlement service providers; ensure that page 1 of the GFE provides a clear summary of the loan terms and total settlement charges so that borrowers will be able to use the GFE to identify a particular loan product and comparison shop among loan originators; provide more accurate estimates of costs of settlement services shown on the GFE; improve disclosure of yield spread premiums (YSPs) to help borrowers understand how YSPs settlement charges; facilitate comparison of the GFE and the HUD-1/HUD-1A Settlement Statements; ensure that at settlement borrowers are aware of final costs as they relate to their particular mortgage loan and settlement transaction; clarify HUD-1 instructions; expressly state that RESPA permits the listing of an average charge on the HUD-1; and strengthen the prohibition against requiring the use of affiliated businesses.TXT; PDF  11/18/08

  • December HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in December, 2008, 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, use the yield in effect on the 15th of the month that precedes the month you received the application. Since November 15, 2008, was a Saturday, use the rate on November 14, 2008, the business day immediately preceding the 15th. H.15  11/18/08

  • TARP CPP Term Sheet and FAQs Issued

    The term sheet and answers to frequently asked questions for certain privately-held financial institutions applying for the Capital Purchase Program (CPP) has been issued by the Treasury. Term Sheet; FAQs  11/18/08

  • C&D Order Announced

    The OCC has announced that it has entered into a consent cease and desist (C&D) order with Vernon W. Hill, II, former Chairman and CEO of Commerce Bank, N.A., Philadelphia, Pennsylvania. Order  11/18/08

  • Reserve Position Report

    The Treasury has issued the International Reserve Position Report for November 14, 2008. Reserve Position  11/18/08

  • The OTC Derivatives Oversight and Infrastructure Initiatives Announced

    The President's Working Group on Financial Markets have announced a series of initiatives to strengthen oversight and the infrastructure of the over-the-counter derivatives market which include the development of credit default swap central counterparties, the establishment of a Memorandum of Understanding (MOU) regarding CDS central counterparties among the FRB, the SEC and the Commodity Futures Trading Commission. OTC Derivatives; MOU  11/17/08

  • The FRB Publishes Interim Final Rule in FR for Reserve Requirements of Depository Institutions

    The Board is revising its interim final rule amending Regulation D, Reserve Requirements of Depository Institutions, to alter the formula by which earnings on required reserve balances and on excess balances of eligible institutions are calculated. The remainder
    of the interim final rule, including the period during which comments may be submitted, is unchanged from the interim final rule as published on October 9, 2008. TXT; PDF  11/17/08

  • Bernanke On Central Banks Coordination

    In a presentation at the Fifth European Central Bank Central Banking Conference, Chairman Bernanke discussed the unprecedented corporation among central banks regarding the current international financial crisis. Speech  11/17/08

  • Section Enforcement Letters Released

    The FRB has released three letters regarding enforcement action taken against individual pursuant to Section 19 of the Federal Deposit Insurance Act prohibiting their employment or association with a federally insured depository institution. Letter 1; Letter 2; Letter 3  11/17/08

  • FedFocus and FedFlash

    The November 2008 issues of FedFocus and FedFlash have been published by the FRB Financial Services. FedFocus; FedFlash  11/17/08

  • Cost of Funds Reports

    The historical and current Cost of Funds Reports have been released by the OTS. Historical; Current  11/17/08

  • FDIC Expands Coverage of Stored Value Card Accounts

    The FDIC has published an update to its General Counsel's Opinion No. 8 regarding the meaning of the term "deposit" as it relates to funds underlying stored value cards and other access mechanisms. The update expands the definition to include all such funds that have been placed at an insured depository institution, making them subject to FDIC assessments and insured up to the insurance limit. The funds may be insurable to the individual holder of access mechanisms on a "pass through" basis if the FDIC's standards for such treatment are met. Opinion PDF; Text; FIL  11/14/08

  • OFAC Additions and Deletions

    Twenty-six individuals and seventeen companies tied to Burma's Wei Hsueh Kang and the United Wa State Army (UWSA) have been designated as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) and added to the SDN list. In addition, twenty-three individuals designated as SDNTs have been deleted from the SDN list. Information regarding the changes has been posted on the BOL >OFAC page.   11/14/08

  • Internet Gambling Final Rule

    The Treasury and the FRB have announced the release of a joint final rule to implement the Unlawful Internet Gambling Enforcement Act of 2006. The Act prohibits gambling businesses from knowingly accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers, and checks. FRB PR; Treasury PR  11/14/08

  • FDIC Proposes Rulemaking for Assessments

    On October 7, 2008, the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking with request for comments on revisions to 12 CFR part 327 (see 73 FR 61560). The rulemaking
    proposed effective January 1, 2009, to raise the current assessment rates uniformly by seven basis points for the first quarter 2009 assessment period only; effective April 1, 2009, alter the way in which the FDIC's risk-based assessment system differentiates for risk and again change deposit insurance assessment rates; and also effective April 1, 2009,
    make technical and other changes to the rules governing the risk-based assessment system. The proposed rules were published for a 30-day comment period, which is scheduled to close on November 17, 2008. In order to afford interested parties additional time beyond the present 30-day comment period to review the proposals with an April 1, 2009 effective date, the FDIC is extending the period for public comment by 30 days, that is, until December 17, 2008. TXT; PDF  11/14/08

  • BSA/AML C&D Order Issued

    The FRB and the New York State Banking Department have announced the issuance of a consent Cease and Desist Order against Dresdner Bank AG, Frankfurt, Germany and the bank's branch in New York, New York, which addresses BSA and AML compliance policies and practices at the branch. Order  11/14/08

  • Revised GFE Required By New RESPA Rules

    HUD has issued, for the first time in over thirty years, mortgage reforms designed to help consumers shop for the lowest cost mortgage and avoid costly and potentially harmful loan offers. Lenders and mortgage brokers are required, among other things, to provide consumers with a new form of Good Faith Estimate (GFE). RESPA Rules; New GFE; New HUD 1  11/14/08

  • Interagency Appraisal Guidelines Proposed and Comments Sought

    The federal bank, thrift, and credit union regulatory agencies have jointly issued for comment proposed Interagency Appraisal and Evaluation Guidelines that clarify risk management principles and internal controls for ensuring that financial institutions' real estate collateral valuations (both appraisals and evaluations) are reliable and support their real estate-related transactions. Guidelines; FRB PR; FDIC PR; OCC NR; OTS PR; NCUA PR  11/14/08

  • The Quarterly Review Of Interest Rate Risk

    The OTS has published the Second Quarter 2008 issue of The Quarterly Review of Interest Rate Risk which feature an article regarding discovering the "hold-to-maturity" price. Quarterly Review  11/14/08

  • Meeting Creditworthy Borrowers Needs Interagency Statement

    The federal financial institution regulatory agencies have issued a Joint Interagency Statement regarding a financial institution meeting the needs of creditworthy borrowers while ensuring the adequacy of its capital base, engaging in appropriate loss mitigation strategies and foreclosure prevention, and reassessing the incentive implications of its compensation policies. FRB PR; OCC NR; FDIC FIL; OTS NR  11/13/08

  • The OCC Responds to Credit Card Borrower Workout Request

    The OCC has issued a written response to a request from the Financial Services Roundtable and the Consumer Federation of America that it approve a new workout program for troubled credit card borrowers. Response   11/13/08

  • CRA Ratings Released

    The OTS has released the ratings received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings   11/13/08

  • Prohibition Orders Issued

    The NCUA has issued six orders of prohibition against individuals formerly associated with credit unions. Orders   11/13/08

  • Required Balances Interest Rate Posted

    The FRB has posted the interest rates to be paid on required reserve balances and excess balances for the maintenance period ending November 12, 2008. Rates  11/13/08

  • Paulson Discusses Rescue Package and Economy

    Secretary Paulson has issued a statement on the state of the financial system, the economy, and Treasury's strategy for continued implementation of the financial rescue package. Statement  11/13/08

  • Saudi Charity Added to OFAC List

    The Treasury has announced the designation of a Saudi Arabian "charity" as a Specially Designated Global Terrorist (SDGT) and added its name to the SDN List. Information regarding the entity has been posted on th BOL OFAC page.  11/13/08

  • SAR Activity Review Published

    The FinCEN has published the November 2008 issue of SAR Activity-By the Numbers. SAR  11/13/08

  • Credit Auction Results

    The Federal Reserve has announced the results of auction of $150 billion in 17-day credit held on November 10, 2008. Auction Results  11/13/08

  • American Express BHC Application Approved

    The FRB has announced the issuance of an Order approving the applications of American Express Company and American Express Travel Related Services Company, Inc., to become bank holding companies on conversion of American Express Centurion Bank, Salt Lake City, Utah, to a bank, and to retain certain nonbanking subsidiaries, including American Express Bank. Order  11/12/08

  • Working Papers Published

    The FRB has published four working papers, two in the FEDS series and two in the IFDP series on the following topics:

    • The Effect of Capital Gains Taxation on Home Sales: Evidence from the Taxpayer Relief Act of 1997,
    • Does Credit Supply Affect Small-Firm Finance?,
    • Do Fundamentals Explain the International Impact of U.S. Interest Rates? Evidence at the Firm Level, and
    • Testing the Expectations Hypothesis When Interest Rates are Near Integrated.

    Effect Abstract |
    Effect Full Paper
    | Credit Supply Abstract |
    Credit Supply Full Paper
    | Fundamentals Abstract | Fundamentals Full Paper | Testing Abstract | Testing Full Paper  11/12/08

  • Reserve Position Update

     
    The Treasury has updated the U.S. International Reserve Position Report with data current as of November 7, 2008. Reserve Position  11/12/08

  • Counterfeit Cashier's Check Alert

    The OCC has issued an Alert regarding counterfeit cashier’s checks issued in the name of Hilltop National Bank, Casper, Wyoming. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  11/10/08

  • Assets of Closed Texas Bank Acquired

    The FDIC has announced that Franklin Bank, S.S.B., Houston, Texas, was closed by the Texas Department of Savings and Mortgage Lending. The FDIC was named receiver and has entered into a purchase and assumption agreement with Prosperity Bank, El Campo, Texas, to assume all of the deposits, including those that exceeded the insurance limit, of Franklin Bank. Texas Bank  11/10/08

  • Assets of Closed California Bank Acquired

    The FDIC has also announced that Security Pacific Bank, Los Angeles, California, was closed by the Commissioner of the California Department of Financial Institutions. The FDIC was named receiver and has entered into a purchase and assumption agreement with Pacific Western Bank, Las Angeles, California, to assume all of the deposits of Security Pacific.
    California Bank   11/10/08

  • Internet CU Chartered

    The NCUA has announced the chartering of Realtors Federal Credit Union to serve members and employees of the National Association of Realtors. It will operate as an Internet-based credit union without physical branch locations, offer a wide range of financial products and services and have a national field of membership.
    Internet CU  11/10/08

  • Treasury Calls For Large Position Reports

    Pursuant to its report rules, Treasury has called for Large Position Reports from those entities whose reportable positions in either the 2% Treasury Notes of September 2010 or the 3-1/8% Treasury Notes of September 2013 equaled or exceeded $2 billion as of close of business November 6, 2008. Reports must be received by the Government Securities Dealer Statistical Unit of the Federal Reserve Bank of New York before noon Eastern Time (ET) on November 14, 2008.  Reports;  Report Details  11/10/08

  • Compliance and CRA Workshops Announced

    OTS has announced that it will hold a series of workshops on compliance and CRA during December 2008.  Workshops;  Registration Form   11/10/08

  • FDIC Assessment Rules Comment Period Extended

    An FIL has been issued by the FDIC that announces the comment period has been extended for 30 days (until December 17, 2008) for certain portions of its October 7, 2008, proposed rulemaking on risk-based assessments that altered the way in which the risk-based assessment system differentiates for risk, changed deposit insurance assessment rates, and make technical and other changes to the rules governing the risk-based assessment system.  FIL  11/10/08

  • OCC Posts Civil Money Penalty Adjustments

    The Office of the Comptroller of the Currency (OCC) is amending effective 12/10/2008 its rules of practice and procedure, set forth at 12 CFR part 19, to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction to administer to account for inflation. This action, including the amount of the adjustment, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990 (Inflation Adjustment Act), as amended by the Debt Collection Improvement Act of 1996. The OCC is also amending part 19 to add to our list of penalties a new CMP, which was authorized after the OCC last adjusted its CMPs.  PDF  Text  11/10/08

  • OFAC Publishes Amendments to Iranian Transactions Regulations

    The Office of Foreign Assets Control of the U.S. Department of
    the Treasury ("OFAC") is amending the Iranian Transactions
    Regulations, to narrow the scope of existing section by revoking an
    authorization previously granted to U.S. depository institutions to
    process "U-turn" transfers, and to make certain other conforming and
    technical changes. This OFAC action was first covered in BankersOnline's Top Stories on 11/7/2008.  PDF  Text  11/10/08

  • Payment Processor Guidance

    The FDIC has issued an FIL containing Guidance that describes potential risks for financial institutions associated with relationships with entities that process payments for telemarketers and other merchant clients.  FIL;   Guidance

  • FRB and Treasury Announce Restructuring of AIG Assistance

    The Federal Reserve Board and the U.S. Treasury announced this morning the restructuring of the government's financial support to the American International Group (AIG) in order to keep the company strong and facilitate its ability to complete its restructuring process successfully. The restructuring of the plan is designed to establish a more durable capital structure, resolve liquidity issues, facilitate AIG's execution of its plan to sell certain of its businesses in an orderly manner, promote market stability, and protect the interests of the U.S. government and taxpayers.  FRB Release  11/10/08

  • Treasury Solicitation For Financial Managers

    Treasury has posted a solicitation for financial agents to provide Equity, Debt, and Warrants Asset Management Services that are needed for the effective implementation of the Capital Purchase Program being administered under the Emergency Economic Stabilization Act.  Solicitation  11/10/08

  • Consumer Credit Report Released

    The FRB has released the G. 19 Consumer Credit Report for September 2008.  G. 19

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of West Valley National Bank of Avondale, Arizona. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  11/07/08

  • The FDIC Publishes Rule in FR for Temporary Liquidity Guarantee Program

    The FDIC is amending its Interim Rule with Request for Comment (Interim Rule) relating to implementation of its Temporary Liquidity Guarantee Program (TLG Program) by extending the opt out date for eligible entities until December 5, 2008; extending the deadline for complying with certain disclosure requirements related to the TLG Program until December 19, 2008; and establishing assessment procedures to accommodate the extended opt out period. TXT; PDF  11/07/08

  • The Treasury Proposes Rulelmaking for the Transfer and Reorganization of Bank Secrecy Act Regulations<

    FinCEN proposes to move Bank Secrecy Act (BSA) regulations to a new chapter in the Code of Federal Regulations (CFR). The new chapter would contain the BSA regulations, which would generally be reorganized by financial industry. This new organization within the new chapter also allows for the renumbering of the BSA regulations in a manner that would make it easier to find regulatory requirements than under the numbering system currently used in the existing regulations. TXT; PDF  11/07/08

  • U-Turn License Revoked

    The Treasury has announced that it is revoking the "U-turn" license for Iran, further restricting Iran's access to the U.S. financial system. U-Turn; Fact Sheet  11/07/08

  • Written Agreements Announced

    The FRB has announced the execution of two written agreements, one by and among Paramount Bancorp, Inc., a registered bank holding company, Paramount Bank, a state chartered member bank, both of Farmington Hills, Michigan, the Federal Reserve Bank of Chicago, and the Michigan Office of Financial and Insurance Regulation.; and the other by and between Currie Bancorporation, Inc., Currie, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. Paramount; Currie  11/07/08

  • Cease and Desist Order

    The FRB has issued a Cease and Desist Order against CapitalSouth Bancorp, Birmingham, Alabama, a registered bank holding company, and CapitalSouth Bank, Birmingham, Alabama, a state-chartered member bank. Order  11/07/08

  • Check Processing Sites Changed

    The FRB has announced a reduction in the number of check processing sites and an accelerated restructuring schedule. The Federal Reserve Bank of Cleveland will serve as the single paper check processing site and the Federal Reserve Bank of Atlanta will serve as the single electronic check processing site for the Federal Reserve System. Sites  11/07/08

  • 341(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with data current as of November 4, 2008. 314(a)  11/07/08

  • Earnings Working Paper Published

    A working paper in the IFDP series on the topic of "Soft Information in Earnings Announcements: News or Noise?" has been published by the FRB. Abstract; Full Paper  11/07/08

  • New Electronic Interpretations and Actions

    The OCC has issued the October 2008 New Electronic Interpretations and Actions report. New  11/07/08

  • CRA Ratings Released

    The FDIC has released issued the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. CRA  11/06/08

  • Reserve Balances Interest Rate Formulas Changed

    The Federal Reserve has announced that it will alter formulas used to determine interest rates paid to depository institutions on required reserve balances and excess reserve balances. Formulas; Interest Rate  11/06/08

  • TBAC Report and Minutes

    The Treasury has released the Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association (TBAC) and the minutes of the TBAC meeting held on November 4, 2008. Report; Minutes   11/06/08

  • Community Developments Newsletter Released

    The OCC has released the fall 2008 edition of the Community Developments newsletter which focuses on the recovery efforts in the Gulf Coast region. Community Developments  11/06/08

  • The FRB Publishes Final Rule in FR for Extensions of Credit by Federal Reserve Banks

    The Board of Governors of the Federal Reserve System (Board) has adopted final amendments to its Regulation A to reflect the Board's approval of a decrease in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board's primary
    credit rate action. TXT; PDF  11/06/08

  • Hawaii State Quarter

    Information regarding the distribution of the Hawaii state quarter has been released by FRB Financial Services. Quarter  11/06/08

  • Fraudulent Loan Solicitations Alert

    The FRB has issued an alert regarding questionable solicitations directed at consumers which promise access to personal loans through a nonexistent Federal Reserve lending program. Solicitations  11/05/08

  • IAT Testing Available

    The FRB Financial Services has announced that testing of international ACH transactions (IAT) will be offered beginning November 4, 2008, to financial institutions who want to assess their ability to accept new format and processing requirements under the new SEC code. IAT Testing  11/05/08

  • Reserve Position Update

    The Treasury has issued an update to the U.S. International Reserve Position Report which includes data current as of October 31, 2008. Report  11/05/08

  • Credit Auction Results

    The results of an auction of $150 billion in 84-day credit held on November 3, 2008, have been announced by the FRB. Results   11/05/08

  • Assets Reports Released

    The FRB has released the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for September 2008. Reports   11/05/08

  • Temporary Liquidity Guarantee Program Opt-Out Deadline Extended

    The FDIC has announced that it has extended the opt-out deadline for participation in its Temporary Liquidity Guarantee Program from November 12, 2008, to December 5, 2008. Deadline   11/04/08

  • Additional FDIC Insurance Seminars Announced

    The FDIC has issued an FIL announcing four additional deposit insurance seminars to be held on November 14th and December 5th, 10th and 19th of 2008. The free 90 minute telephone seminars are available to employees of all FDIC-insured banks and savings associations. They will cover the recent insurance coverage rule changes and guide bank employees through the process of determining a customer's deposit insurance coverage. FIL  11/04/08

  • OFAC CMPs Announced

    The Treasury has announced the civil money penalties (CMPs) that were recently assessed for violations of OFAC regulations regarding various Sanctions Programs. No financial institutions were cited. CMPs  11/04/08

  • The FRB Publishes Interim Final Rule in FR for Reserve Requirements of Depository Institutions

    The Board is revising its interim final rule amending Regulation D, Reserve Requirements of Depository Institutions, to alter the formula by which earnings on excess reserves of depository institutions are calculated. The remainder of the interim final rule is unchanged from the interim final rule as published on October 9, 2008. PDF  Text  11/04/08

  • The Treasury Withdraws Notice of Proposed Rulemaking for Anti-Money Laundering Programs

    The Financial Crimes Enforcement Network ("FinCEN") is withdrawing three notices of proposed rulemaking, dated May 5, 2003, in which FinCEN proposed requiring commodity trading advisors to establish and implement anti-money laundering programs, imposing on certain investment advisers a requirement to establish and implement an anti-money laundering program, and requiring unregistered investment companies--such as hedge funds, commodity pools, and similar investment vehicles--to establish and implement anti-money laundering programs. PDF | Text | PDF | Text | PDF | Text Effective: 11/04/08

  • Magnetic Filers Transition Deadline

    The FinCEN has issued a reminder to all current magnetic media filers that they must transition to BSA Electronic Filing (E-Filing) no later than December 31, 2008. Transition Deadline  11/04/08

  • Marketable Borrowing Estimates Released

    The marketable borrowing estimates for the Fourth Quarter 2008 and the First Quarter 2009 have been released by the Treasury. Estimates  11/04/08

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and among Riverside Gulf Coast Banking Company, Riverside Bank of the Gulf Coast, both of Cape Coral, Florida, the Federal Reserve Bank of Atlanta, and the State of Florida Office of Financial Regulation. Agreement  11/04/08

  • Lending Practices Opinion Survey Results

    The results of the October 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released by the FRB. Summary; Full Report  11/04/08

  • 23A Exemption Granted

    A letter granting an exemption to a financial institution from Section 23A of the Federal Reserve Act and Regulation W to purchase assets and loan commitments from four nonbank affiliates in connection with the proposed reorganization of the affiliates has been released by the FRB. 23A  11/04/08

  • FedCash Enhancements Available

    The FRB Financial Services has announced that enhancements to the FedCash Services Custodial Inventory Program are available. Enhancements  11/04/08

  • Economic Downturn Management Performance Working Paper

    The OCC has published a working paper, "Limits to Relative Performance Evaluation: Evidence from Bank Executive Turnover," that provides evidence that banks expect management to anticipate and prepare for such exogenous events as economic downturns. Working Paper  11/04/08

  • October Foreign Exchange Rates Released

    The FRB has released the G.5 Foreign Exchange Rates Report for October 2008. G.5  11/04/08

  • Counterfeit Cashier's Checks Alerts

    The OCC has issued two alerts regarding counterfeit cashier's checks issued in the name of Central National Bank, Junction City, Kansas, and Rabobank, N.A., El Centro, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  11/03/08

  • New Flood Penalties Announced

    The FDIC has announced six enforcement actions resulting in $113,090 in civil money penalties (CMPs) imposed against financial institutions regarding violations of the Flood Disaster Protection Act. Information concerning the CMPs has been posted the BOL Flood Penalties Watch page.   11/03/08

  • FDIC Enforcement Actions

    Twenty-nine enforcements actions taken against financial institutions or individuals in September 2009 have been announced by the FDIC. The actions included seven cease and desist orders; eight removal and prohibition orders; ten civil money penalties; one Section 19; and three orders to terminate orders to cease-and-desist. Actions  11/03/08

  • Capital Purchase Program Additional Documents

    The Treasury has issued additional documents for publicly traded financial institutions applying for the capital purchase program. Documents   11/03/08

  • Fannie/Freddie Indirect Investments Tax Impact

    The federal banking and thrift regulatory agencies have announced the extension of the applicability of their previously announced Interagency Statement on direct investments to certain indirect investments in Fannie Mae and Freddie Mac preferred stock. FRB PR; OCC NR; OTS PR; FDIC PR  11/03/08

  • The OTS Publishes Final Rule in FR for Prohibited Service at Savings and Loan Holding Companies Extension of Expiration Date of Temporary Exemption

    The OTS is revising its rules implementing section 19(e) of the Federal Deposit Insurance Act (FDIA), which prohibits any person who has been convicted of any criminal offense involving dishonesty, breach of trust, or money laundering (or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution
    for such an offense) from holding certain positions with respect to a savings and loan holding company (SLHC). Specifically, OTS is extending the expiration date of a temporary exemption granted to persons who held positions with respect to a SLHC as of the date of the enactment of section 19(e). The revised expiration date for the temporary exemption is March 31, 2009. PDF  Text  11/03/08

  • Florida Bank Closed Deposit Assumed

    The FDIC has announced that the Freedom Bank, Bradenton, Florida, was closed by the Commissioner of the Florida Office of Financial Regulation, the FDIC was named receiver, and entered into a purchase and assumption agreement with Fifth Third Bank, Grand Rapids, Michigan, to assume all of the deposits of Freedom Bank. Florida Bank  11/03/08

  • BSA E-Filing Batch Validation

    The deployment of new system enhancements to the Batch Validation process of the Bank Secrecy Act Electronic Filing System (BSA E-Filing) by FinCEN will commence on November 15, 2008. The goal is to improve BSA data quality by providing detailed error notifications to filers upon submission, which ultimately will facilitate more timely correction of data issues. BSA E-Filing  11/03/08

  • Bernanke on the Future of Mortgage Finance

    In a presentation at the UC Berkeley/UCLA Symposium: The Mortgage Meltdown, the Economy, and Public Policy, Chairman Bernanke remarked on the mortgage securitization process, how it has been affected by the financial crisis, and how it may evolve in response to this crisis. He noted the financial crisis has upset the linkage between mortgage borrowers and capital markets and has revealed a number of important problems in our system of mortgage finance. He stated, "We must strive to design a housing financing system that ensures the successful funding and securitization of mortgages during times of financial stress, but that does not create institutions that pose systemic risks to our financial markets and the economy." Speech  11/03/08

  • Canadian and Foreign Cash Letters Transportation Changes

    The FRB Financial Services has announced that changes will be made to its transportation network for Canadian and Foreign cash letters. Cash Letters  11/03/08

  • FRB Bulletin Supplement

    The October 2008 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  11/03/08

  • Foreign Securities Holdings Annual Report

    The findings from an annual survey of U.S. portfolio holdings of foreign securities at end-year 2007 have been released by the Treasury. Foreign Securities  11/03/08

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