Top Stories for January 2009

Counterfeit Cashier's Checks Alert

The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Waterford Bank, N.A., Toledo, Ohio. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  1/30/09

OFAC CMPs Announced

The civil money penalties (CMPs) recently assessed by OFAC against entities and individuals for violations of the various Sanctions Programs have been announced. No financial institutions or related individuals were cited. CMPs  1/30/09

ComE-IN Meeting Scheduled

The FDIC Advisory Committee on Economic Inclusion (ComE-IN) will meet on February 5, 2009, to explore strategies for expanding banking services to the significant number of underserved household. The meeting is open to the public and will be held from 8:30 a.m. to about 4:00 p.m. at the FDIC headquarters in Washington, D.C. and can be view live via Webcast. Agenda; Webcast  1/30/09

FRB Proposes Rulemaking for Reserve Requirements of Depository Institutions

The Board is requesting public comment on proposed amendments to Regulation D, Reserve Requirements of Depository Institutions, to authorize the establishment of limited-purpose accounts at Federal Reserve Banks for the maintenance of excess balances of eligible institutions (both as defined in Regulation D). EBAs; TXT; PDF  1/30/09

FEDS Working Paper Published

The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of Factor Intensity and Price Rigidity: Evidence and Theory. Abstract; Full Paper  1/30/09

Columbia Companies Added to OFAC List

OFAC has designated two Colombian companies as Specially Designated Narcotics Traffickers (SDNTs) and added their names to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.  1/29/09

TARP Contracts Posted Online

The Treasury has announced the posting online of Troubled Assets Relief Program (TARP) investment contracts within five to ten business days of the completion of the transactions. Posting  1/29/09

Utah BHC Written Agreement

The FRB has announced the execution of a Written Agreement by and between America West Bank Members, L.C., Layton, Utah, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Written Agreement  1/29/09

Fed Funds Rate Unchanged

The Federal Open Market Committee (FOMC) has announced its target range for the federal funds rate at 0 to 1/4 percent will remain unchanged. Rates  1/29/09

TLG Program SR Letter

The FRB has issued a SR Letter pertaining to eligible bank and financial holding companies that are participating in the Debt Guarantee Program that is a part of the FDIC's Temporary Liquidity Guarantee Program (TLG Program). SR Letter  1/29/09

FRB Publishes Final Rule in FR for Truth in Lending

The Board is amending Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, following a comprehensive review of TILA's rules for open-end (revolving) credit that is not home-secured. Consumer testing was conducted as a part of the review.  TXT; PDF  1/29/09

FRB Publishes Final Rule in FR for Truth in Savings

The Federal Reserve Board (Board) is amending Regulation DD, which implements the Truth in Savings Act, and the official staff commentary to the regulation to require all depository institutions to disclose aggregate overdraft fees on periodic statements, and not solely institutions that promote the payment of overdrafts. The final rule also addresses balance disclosures provided to consumers through automated systems.  TXT; PDF  1/29/09

Joint Agencies Publish Final Rule in FR for Unfair or Deceptive Acts or Practices

The Board, OTS, and NCUA (collectively, the Agencies) are exercising their authority under section 5(a) of the Federal Trade Commission Act to prohibit unfair or deceptive acts or practices. The final rule prohibits institutions from engaging in certain acts or practices in connection with consumer credit card accounts. The final rule relates to other Board rules under the Truth in Lending Act.  TXT; PDF  1/29/09

FRB Proposes Rulemaking for Electronic Fund Transfers

The Board is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The proposal would limit the ability of a financial institution to assess an overdraft fee for paying automated teller machine (ATM) withdrawals and one-time debit card transactions that overdraw a consumer's account, unless the consumer is given notice of the right to opt out of the payment of such overdrafts, and the consumer does not opt out.  TXT; PDF  1/29/09

Community Liaison Newsletter

The OTS has published the Winter 2009 Community Liaison Newsletter which promotes financial literacy. Newsletter  1/29/09

Less than Well-capitalized Interest Rate Restrictions Proposed

The FDIC has proposed for comment a regulatory change in the way the FDIC administers its statutory restrictions on the deposit interest rates paid by banks that are less than well-capitalized. Proposal  1/28/09

Failed Bank FDIC Deposit Insurance Final Rule

A final rule has been issued by the FDIC which establishes the practices for determining, for deposit insurance and receivership purposes, deposit and other account balances at a failed depository institution. Final Rule  1/28/09

Geithner Announces ESSA Lobbyist Rules

Treasury Secretary Geithner has announced new rules designed to limit the influence of lobbyists and special interests in the Emergency Economic Stabilization Act (EESA) process. Rules  1/28/09

Written Agreement Announced

The Treasury has announced the execution of a Written Agreement by and between Northpointe Bancshares, Inc., Grand Rapids, Michigan, a registered bank holding company, and the Federal Reserve Bank of Chicago. Written Agreement  1/28/09

FRB Publishes Technical Amendment to Final Rule in FR

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 Charlotte branch office of the Federal Reserve Bank of Richmond and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Atlanta. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System.  TXT; PDF  1/28/09

2009 Federal Reserve Banks Leadership Appointed

The FRB has announced the appointment of the chairs and deputy chairs of the twelve Federal Reserve Banks for 2009. Appointments  1/28/09

Reserve Position Update

The U.S. International Reserve Report has been updated by the Treasury with data current as of January 23, 2009. Report  1/28/09

CPP Investments Announced

The Treasury has announced investments of approximately $386 million in 23 banks across the nation as part of its Capital Purchase Program (CPP). CPP  1/28/09

Credit Auction Results

The results of the auction of $150 billion in 84-day credit held on January 26, 2009, have been released by the Treasury. Auction  1/28/09

Six Working Papers Published

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

• Distress in the Financial Sector and Economic Activity
• Firms' Relative Sensitivity to Aggregate Shocks and the Dynamics of Gross Job Flows
• Regression Discontinuity Estimates of the Effects of the GSE Act of 1992
• The Shimer Puzzle and the Identification of Productivity Shocks
• State and Local Finances and the Macroeconomy: The High-Employment Budget and Fiscal Impetus
• The Economics of the Mutual Fund Trading Scandal

Distress Abstract; Distress Full Paper; Firms' Abstract; Firms' Full Paper; Regression Abstract; Regression Full Paper; Shimer Abstract; Shimer Full Paper;
State Abstract; State Full Paper;
Economics Abstract; Economics Full Paper  1/27/09

Finance Companies Report Released

The G.20 Finance Companies Report regarding owned and managed receivables outstanding for November 2008 has been released by the FRB. G.20  1/27/09

23A and Reg W Exemptions Granted

The FRB has released three legal interpretation letters regarding the granting of requests for exemptions from the provisions of section 23A of the Federal Reserve Act and Regulation W to permit a bank to purchase assets from an affiliate. Exemption 1; Exemption 2; Exemption 3  1/26/09

Income Property Lending Bulletin

The OTS has issued a Regulatory Bulletin regarding income property lending activities. Bulletin  1/26/09

California Bank Closed, Insured Deposits Acquired

1st Centennial Bank, Redlands, California, has been closed by the California Department of Financial Institutions. The FDIC was appointed receiver and entered into a purchase and assumption agreement with First California Bank, Westlake Village, California, to assume the insured deposits. Closed  1/26/09

OFAC Corrects Iranian Transactions Regulations

The Treasury has issued a correction to Appendix A of the Iranian Transactions Regulations. Information regarding the correction has been posted on the BOL OFAC page.  1/23/09

More TARP Investments Announced

The details of a $1.5 billion investment in 39 banks made through its Capital Purchase Program have been announced by the Treasury. TARP  1/23/09

23A Exemption Legal Opinion Letters

The FRB has released two letters containing legal opinions regarding the granting of exemptions from Section 23A of the Federal Reserve Act concerning the purchase auction-rate securities ("ARS") from an affiliate and allowing an affiliate to hold and receive payments on variable-rate demand notes ("VRDN"s) and tender option bonds ("TOB"s) that are backed by a liquidity facility provided by the bank. ARS; VRDNs/TOBs  1/23/09

Interagency CRA Q&A Bulletin

The OCC has issued a Bulletin regarding the previously released Interagency CRA Q&A. Information concerning the Q&A was posted in the January 7, 2009 BOL Top Stories. Bulletin  1/23/09

NCUA Board Meeting

The results of the NCUA board meeting held on January 22, 2009 have been released. Results  1/23/09

Written Agreement with Wyoming BHC

The FRB has announced the execution of a Written Agreement by and between First Company, Cody, Wyoming, a registered bank holding company, and the Federal Reserve Bank of Kansas City. Agreement  1/22/09

FR Training Program 2009 Course Catalog

The FR has posted online its Training Program 2009 Course Catalog which includes descriptions of Federal Reserve System examiner training programs, Federal Financial Institutions Examination Council (FFIEC) courses and conferences, and a course offered by the Options Institute of the Chicago Board Options Exchange. Catalog  1/22/09

Mortgage Broker Dumpster Woes

The FTC has charged a mortgage broker with violations of federal law for discarding consumers' tax returns, credit reports, and other sensitive personal and financial information in an unsecured dumpster. Dumpster  1/22/09

Community Bank Directors Workshops Scheduled

The 2009 schedule of workshops for national community bank directors has been announced by the OCC. Schedule  1/22/09

FinCEN Invites Comment on SAR-IC

The FinCEN invites comment on a renewal without change of an information collection requirement contained in the form "Suspicious Activity Report by Insurance Companies," or the SAR-IC, FinCEN Form 108. In the interim until Bank Secrecy Act database issues are resolved, insurance companies will report suspicious activities using the "Suspicious Activity Report by the Securities and Futures Industries," (SAR-SF, FinCEN Form 101). This request for comments also covers 31 CFR 103.16. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A). Notice  1/22/09

Reserve Position Update

The Treasury has updated the U.S. International Reserve Position Report with data current as of January 16, 2009. Report  1/22/09

The Treasury Publishes Interim Rule in FR for TARP Conflicts of Interest

This interim rule provides guidance on conflicts of interest pursuant to section 108 of the Emergency Economic Stabilization Act of 2008 (EESA), which was enacted on October 3, 2008. TXT  PDF  1/21/09

Al Qaida Operatives and Taiwanese Proliferators Added to OFAC List

The Treasury has designated and added to the SDN List, two Taiwanese individuals and two Taiwanese entities as NPWMDs, proliferators of weapons of mass destruction, in addition, four al Qaida associates have been designated SDGTs. Information regarding the additions has been posted on the BOL OFAC page.  1/20/09

February 2009 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 February 2009, 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. H.15  1/20/09

Enforcement Actions Announced

The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions  1/20/09

Illinois and Washington Banks Closed Deposits Assumed

The OCC has closed the National Bank of Commerce, Berkeley, Illinois, the FDIC named receiver and entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits. The Bank of Clark County, Vancouver, Washington, was closed today by the Washington Department of Financial Institutions, the FDIC named receiver and entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon, to assume the insured deposits. National Bank of Commerce; Bank of Clark County  1/20/09

TARP Executive Compensation Interim Final Rules

Interim final rules and FAQs have been issued by the Treasury regarding reporting and recordkeeping requirements under the executive compensation standards of the Troubled Asset Relief Program's (TARP) Capital Purchase Program (CPP). Rules; FAQs  1/20/09

Reg CC Amendments Approved

Amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fifth and Sixth Districts have been approved. Amendments  1/20/09

Chrysler Financial TARP Details

Treasury has released a term sheet of a $1.5 billion loan to a special purpose entity created by Chrysler Financial to finance the extension of new consumer auto loans. Term Sheet  1/20/09

TIC Data Released

The November 2008 Treasury International Capital (TIC) data has been released. TIC  1/20/09

Industrial Production Report Released

The G.17 Industrial Production and Capacity Utilization report for December 2008 has been released by the FRB. G.17  1/20/09

Counterfeit Checks Special Alert

The FDIC has issue a Special Alert regarding counterfeit checks bearing the name of The First State Bank, Stockbridge, Georgia. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  1/16/09

Bank of America Granted Federal Assistance; FDIC to Amend TLGP

The Treasury Department, Federal Reserve Board and the FDIC jointly announced a package of guarantees, liquidity access, and capital for Bank of America, as part of the government's commitment to support financial market stability. The Treasury and FDIC will provide protection against the possibility of unusually large losses on an asset pool of approximately $118 billion of loans, securities backed by residential and commercial real estate loans, and other such assets, the bulk of which were assumed by B of A with its acquisition of Merrill Lynch. Treasury will also invest $20 billion in B of A from the TARP, in exchange for 8 percent preferred stock, and an agreement to comply with enhanced executive compensation restrictions and to implement a mortgage loan modification program. The Fed has agreed to provide a line of credit if needed.Separately, the FDIC announced plans to amend its Temporary Liquidity Guarantee Program regulations to extend guarantee maturities from three to up to 10 years if the debt is collateralized and supports new consumer lending.
FRB Announcement; Treasury Release; FDIC Release; Term Sheet  1/16/09

FedWire Phishing Special Alert

A Special Alert has been issued by the FDIC warning consumers, businesses and financial institutions of fraudulent e-mails allegedly from the Federal Reserve Bank claiming that a phishing attack has affected the Fedwire system and that restrictions are in place. Recipients are instructed to click on links within the e-mail for additional information. A Consumer Alert regarding the same scam was previously issued by the FDIC and listed in the January 7, 2009, BOL Top Stories. Special Alert  1/16/09

Burmese Junta Supporters Added to OFAC List

Two individuals and fourteen entities that are key financial backers of the Burmese Junta have been designated by Treasury and their names added to the SDN List pursuant to the Tom Lantos Block Burmese JADE (Junta's Anti-Democratic Efforts) Act of 2008 and Executive Orders 13448 and 13464. Information regarding the individual and entities has been posted on the BOL OFAC page.  1/16/09

HUD Publishes Correction to Final Rule in FR for Simplifying and Improving the Process of Obtaining Mortgages (RESPA)

This final rule delays the effective date of the definition of "required use" as revised by HUD's November 17, 2008, final rule amending its RESPA regulations. The November 17, 2008, final rule provides that the revised definition is applicable commencing January 16, 2009, the effective date of the final rule. As a result of recently initiated litigation, HUD has determined to delay the effective date of the revised definition of "Required use" until April 16, 2009. TXT  PDF  1/16/09

CRA Ratings Released

The OCC has released the rating received by eighteen national banks that were recently evaluated for compliance with the provisions of the CRA. Ratings  1/16/09

Insurance Firm Becomes BHC

A proposal by Protective Life Corporation, Birmingham, Alabama, to become a bank holding company (BHC) by acquiring Bonifay Holding Company, Inc. and its subsidiary bank, The Bank of Bonifay, both of Bonifay, Florida, has been approved by the FRB. Approval  1/16/09

CTR Exemption Guidance

The FinCEN has issued a DOEP Form completion guide for the revised CTR exemption rule. Guidance  1/16/09

CTR Exemption Final Rule Bulletin

A Bulletin has been issued by the OCC regarding the previously announced FinCEN final rule on Currency Transaction Reporting (CTR) which became effective on January 5, 2009, that simplifies the current requirements for depository institutions to exempt their eligible customers from currency transaction reporting. Information concerning the final rule was posted on the December 5, 2008, BOL Top Stories. Bulletin  1/16/09

January FedFlash Online

The FRB Financial Services has posted the January 2009 issue of FedFlash online. FedFlash  1/16/09

Cost of Funds Reports

The OTS has released the current and historical cost of funds reports for OTS-regulated institutions. Current; Historical   1/16/09

Reserve Position Update

The Treasury has updated the U.S. International Reserve Position Report with data current as of January 9, 2009. Reserve Position  1/16/09

FARC Members Added to OFAC List

the Treasury has designated three international representatives of the Revolutionary Armed Forces of Colombia (FARC), a narco-terrorist organization, pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act), and added their names to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.  1/14/09

Corp TARP Term Sheet and Q&A

The Treasury Department has released the term sheet and answers to frequently asked questions for qualified financial institutions applying to the TARP Capital Purchase Program that are S corporations. Term Sheet; Q&A  1/14/09

Beige Book Published

The January 14, 2009 issue of the Beige Book has been published by the FRB. Beige Book  1/14/09

SAR by the Numbers

The FinCEN has issued a FIL announcing publication of the eleventh edition of The SAR Activity Review by the Numbers. FIL; SAR  1/14/09

IFDP Working Papers Released

The FRB has released two working papers in the International Finance Discussion Paper (IFDP) series on the topics of "Uncertainty Over Models and Data: The Rise and Fall of American Inflation" and "The Taylor Rule and Forecast Intervals for Exchange Rates." Uncertainty Abstract; Uncertainty Full Paper; Taylor Abstract; Taylor Full Paper  1/14/09

TARP Funds Distribution Report

The Treasury has announced the details of a $14.77 billion investment in 43 banks made through its Capital Purchase Program during the week of January 13, 2009. Report  1/13/09

314(a) Fact Sheet Update

The FinCEN has updated the 314(a) Fact Sheet with data current as of January 13, 2009. 314(a)  1/13/09

Credit Auction Results

The results of the auction of $150 billion in 28-day credit held on January 12, 2009, have been announced by the FRB. Results  1/13/09

Discount Rate Meetings Minutes

The FRB has released the minutes of its discount rate meetings on December 15 and 16, 2008. Minutes  1/14/09

Bernanke Discusses Global Crisis

In a presentation at the London School of Economics, Chairman Bernanke discussed the response of the Federal Reserve to the financial crisis and the options that are available to the agency. He stated, "The world today faces both short-term and long-term challenges. In the near term, the highest priority is to promote a global economic recovery. International cooperation is thus essential if we are to address the crisis successfully and provide the basis for a healthy, sustained recovery." Speech  1/14/09

NPWMD Designations Added to OFAC List

The Treasury has announced the designation of ten individuals as NPWMDs and the addition of their names to the SDN List. Some of the individuals and other entities were also designated as subject to export ban regulations. Information regarding the designations has been posted on the BOL OFAC page.  1/13/09

Monitoring Federal Funding FIL

The FDIC has issued a FIL that urges state non-member institutions to implement a process to monitor their use of capital injections, liquidity support and/or financing guarantees obtained through recently established federal financial stability programs. FIL  1/13/09

TLG Program Guidance FIL

A FIL has been issued by the FDIC regarding the previously announced Temporary Liquidity Guarantee Program (TLG Program) Final Rule which requires each participating entity to report, on a monthly basis, all FDIC-guaranteed debt outstanding. Information concerning the Final Rule was posted in the November 24, 2008, BOL Top Stories. FIL  1/13/09

MLK Holiday Schedule

The FRB Financial Services has released the 2009 Martin Luther King holiday schedule for FedACH services and District Cash services. Schedule  1/13/09

Consumer Loan Acceleration Product = MSB?

The FinCEN has issued a letter ruling regarding whether a company that offers a loan acceleration product for consumer financing is a Money Services Business (MSB). Ruling  1/13/09

Minority-Owned Banks Report

The FRB has updated the minority-owned financial institutions and their branches report with data current as of September 30, 2008. Report  1/13/09

Prohibition Orders Issued

The NCUA has issued orders prohibiting five individuals from participating in the affairs of any federally insured financial institution. Orders  1/12/09

HMDA Reg C Reporting Exemption Bulletin

The OCC has issued a Bulletin regarding the previously announced final rule amending the staff commentary that interprets the requirements of Regulation C which raised the asset size exemption threshold to $39 million for depository institutions that are required to report data under the Home Mortgage Disclosure Act (HMDA). Information regarding the final rule was posted in the December 23, 2008 BOL Top Stories. Bulletin  1/12/09

DC Savings Associations May Close for Inauguration

A CEO Letter has been issued by the OTS that authorizes the branches of savings associations located in the District of Columbia to close at their discretion on Inauguration Day. CEO Letter   1/12/09

FR Bulletin Statistical Supplement Published

The December 2008 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  1/12/09

Reserve Position Update

the Treasury has updated the U.S. International Reserve Position Report with data current as of January 2, 2009. Report.  1/12/09

Reserve Banks Income and Transfers

The Federal Reserve Banks income and expense data and transfers to the Treasury for 2008 have been released. Income   1/12/09

Counterfeit Checks Special Alerts

The FDIC has issued seven Special Alerts regarding counterfeit checks bearing the name of the following institutions:

• Oceanside Bank, Jacksonville, Florida (Counterfeit Checks);
• Ossian State Bank, Ossian, Indiana (Counterfeit Cashier's Checks);
• First Federal of Charleston, Charleston, South Carolina (Counterfeit Checks);
• First County Bank, New Baden, Illinois (Counterfeit Cashier's Checks);
• Greer State Bank, Greer, South Carolina (Counterfeit Cashier's Checks);
• Welcome State Bank, Welcome, Minnesota (Counterfeit Cashier's Checks); and
• First Independent Bank of Nevada, Reno, Nevada (Counterfeit Cashier's Checks).

Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  1/09/09

Consumer Credit Report Issued

The FRB has issued the G.19 Consumer Credit Report for November 2008. G.19  1/09/09

NCUA Activates NET

The NCUA has activated a National Examination Team (NET) to enhance the supervisory process in areas where economic conditions have adversely impacted federally insured credit unions. NET  1/09/09

January FedFocus Online

FRB Financial Services has posted the January 2008 issue of FedFocus online. It features articles regarding partnering for performance, FedACH in 2009, the IAT transition, the mission of i3G, the EUAC, and new coin releases. FedFocus  1/09/09

Fourth Tranche Report Released

The Treasury has released the fourth Tranche Report to Congress, as required by the Emergency Economic Stabilization Act (ESSA). Report; Appendix  1/09/09

Home Loan Advertisers and Mortgage Rescue Operators Settle with FTC

The FTC has announced settlements with three mortgage loan advertisers that allegedly deceptively touted low monthly payments and low rates without fully disclosing loan terms and a mortgage foreclosure rescue service that claimed they would stop foreclosure and save consumers' homes. Loan Advertisers; Rescue Service  1/09/09

IFDP Working Papers Published

Two working papers in the International Finance Discussion Paper (IFDP) series have been published by the FRB on the topics of "Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q*" and "Fiscal Policy in the European Monetary Union". Sudden Abstract; Sudden Full Paper; Fiscal Abstract; Fiscal Full Paper  1/09/09

Fraudulent Email Consumer Alert

The FDIC has issued a Consumer Alert regarding fraudulent emails that appear to have been sent by the FDIC claiming that a phishing attack has affected the Fedwire system and recipients are instructed to click on links within the e-mail for additional information. Alert  1/08/09

23A and Reg W Legal Interpretations

The FRB has released two letters regarding legal interpretations of 23A of the Federal Reserve Act and Reg W. Letter 1; Letter 2  1/08/09

MMIF Changes Announced

The FRB has announced two changes to the Money Market Investor Funding Facility (MMIFF). Changes; F&Q  1/08/09

Paulson Discusses Freddie and Fannie's Roles in Housing Recovery

In a presentation before the Economics Club of Washington, Secretary Paulson expressed his views regarding the impact on the recovery housing market of the long-term reform of Fannie Mae and Freddie Mac. Speech  1/08/09

2008 CAC Appointments

The appointments to the FRB Consumer Advisory Council (CAC) have been announced. Appointments  1/08/09

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 November 2008. Reports  1/08/09

FEDS Working Paper Published

A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Stock Market Participation, Portfolio Choice and Pensions over the Life-Cycle" has been published by the FRB. Abstract; Full Paper  1/08/09

Hizballah Construction Company Added To OFAC List

The Waad Project, a Hizballah-run construction firm, has been designated by Treasury and added to the SDN List with the SDGT notation. Information regarding the firm has been posted on the BOL OFAC page.  1/07/09

TARP Report Released

The Treasury has released to Congress a report of activities of the Troubled Asset Relief Program (TARP) covering the period from December 1-31, 2008. Report  1/07/09

Regulators Publish Community Reinvestment Q&A and Request Comments

A new and revised Interagency Questions and Answers Regarding Community Reinvestment that encourage financial institutions to take steps to help prevent home mortgage foreclosures has been published by the federal financial institution regulatory agencies. In addition, comments are requested regarding one new and two revised questions and answers. Q&A; FRB PR; FDIC PR; OCC NR; OTS PR  1/07/09

FOMC Minutes Published

The minutes of the meeting of the Federal Open Market Committee (FOMC) held on December 15-16, 2008, have been published by the FRB. Minutes  1/07/09

MSB Registration List Updated

The FinCEN has updated the MSB Registration List with data current as of December 10, 2008. MSB Registration List  1/07/09

Reserve Position Update

The Treasury has updated the U.S. International Reserve Position Report with data current as of December 26, 2008. Report  1/07/09

Twelve Counterfeit Checks Alerts

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

• Bank of Bolivar, Bolivar, Missouri (Counterfeit Official Checks);
• Bank of Dickson, Dickson, Tennessee (Counterfeit Cashier's Checks);
• 1st American State Bank of Minnesota, Hancock, Minnesota (Counterfeit Cashier's Checks);
• New York Community Bank, Islandia, New York (Counterfeit Official Checks);
• Springs Valley Bank & Trust Company, Jasper, Indiana (Counterfeit Cashier's Checks);
• The Bancorp Bank, Wilmington, Delaware (Counterfeit Treasurer's Checks);
• Century Bank of Kentucky, Inc., Lawrenceburg, Kentucky; (Counterfeit Cashier's Checks);
• Advantage Bank, Cambridge, Ohio (Counterfeit Cashier's Checks);
• Pacific Union Bank, Los Angeles, California (Counterfeit Cashier's Checks);
• Missouri Bank and Trust Company of Kansas City, Kansas City, Missouri (Counterfeit Official Checks);
• Marion Bank & Trust Company, Marion, Alabama (Counterfeit Official Checks); and
• Lyndon State Bank, Lyndon, Kansas (Counterfeit Cashier's Checks).

Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  1/06/09

HMDA Rate Spread Reporting Threshold Bulletin

A Bulletin has been issued by the OCC regarding the previously announced final amendments to Regulation C to revise the rules for reporting price information on higher priced mortgage loans as defined by Regulation Z. Information concerning the threshold was originally posted in the October 24, 2008, BOL Top Stories. Bulletin  1/06/09

CRA Ratings Released

The OTS and the FDIC have released the ratings received by saving associations and state nonmember banks that were recently evaluated for compliance with the provisions of the CRA. OTS Ratings; FDIC Ratings  1/06/09

Local Banks Receive TARP Funds

The Treasury has announced details of a $15 billion investment in 7 banks made through its Capital Purchase Program. Funds  1/06/09

New Electronic Interpretations and Actions Announced

The OCC has announced the December 2008 New Electronic Interpretations and Actions. December  1/06/09

International Reserve Positions

The Treasury has issued the U.S. International Reserve Position reports for December 12 and 19, 2008. December 12; December 19  1/06/09

Emergency Economic Stabilization Report Released

The Treasury has released the Emergency Economic Stabilization Report required by the Emergency Economic Stabilization Act. Pursuant to the Act, the Treasury established the Asset Guarantee Program to provide guarantees for assets held by systemically significant financial institutions that face a high risk of losing market confidence due in large part to a portfolio of distressed or illiquid assets. Report  1/05/09

Targeted Investment Program Guidelines Announced

The guidelines for the Targeted Investment Program, under which the Citigroup investment that was announced on Nov. 23, 2008, was made, has been announced by the Treasury. Guidelines  1/05/09

IndyMac Bidders Receive Preliminary Clearance

The FDIC has signed a letter of intent to sell the banking operations of IndyMac Federal Bank, FSB, Pasadena, California, to a thrift holding company controlled by IMB Management Holdings LP, a limited partnership. Preliminary clearance to the limited partnership and consideration of their application to operate the IndyMac as a federal savings association has been announced by OTS. Letter of Intent; Clearance  1/05/09

CU Placed in Receivership and Assets Assumed

The NCUA was appointed receiver of Valley Credit Union, San Jose, California by the California Department of Financial Institutions and entered into an agreement to sell certain assets and liabilities to Citizens Equity First Credit Union, Peoria, Illinois. Receivership  1/05/09

Banknotes Fitness Guide Updated

The FRB Financial Services has posted online an updated Fitness Guidelines for U.S. Banknotes. Guidelines  1/05/09

Goodwill Deduction Final Rule

The OCC has issued a Bulletin regarding the Final Rule concerning the deduction of goodwill net of associated deferred tax liability that permits banking organizations to reduce the amount of goodwill that must be deducted from their regulatory Tier 1 capital. Bulletin; Final Rule  1/05/09

$5 Billion Available For HARP and SIP

The NCUA has released participation numbers for the Credit Union Homeowners Affordability Relief Program (CU HARP) and the Credit Union System Investment Program (CU SIP). Programs  1/05/09

Foreign Exchange Rates

The monthly G.5 Foreign Exchange Rates Report for December 2009 and the annual report for 2009 have been released by the Treasury. Monthly; Annual  1/05/09

OFAC Violations CMPs Announced

Fidelity National Information Services, Inc., a provider of core processing for financial institutions; card issuer and transaction processing, and related information products and outsourcing, has paid a civil money penalty (CMP) of $12, 260.86 to settle allegations of violations of the Foreign Narcotics Kingpin Sanctions Act incurred by an acquired entity. CMP  1/02/09

Fourth Quarter 2008 Call Report Information

A FIL has been issued by the FDIC regarding the completion of the Fourth Quarter 2008 Call Report. FIL  1/02/09

Treasury Responds to Congress

The Treasury has released its responses to questions posed in the Congressional Oversight Panel's first report on implementation of the Emergency Economic Stabilization Act. Responses  1/02/09

2009 TIAC Members and Officers

The FRB has announced the names of six new members of its Thrift Institutions Advisory Council (TIAC) and designated a new President and Vice President of the council for 2009. TIAC  1/02/09

Beige Book Release Dates

The FRB has announced the 2009 release dates for updates to the Beige Book. Beige Book  1/02/09