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Top Story Compliance Related

12/31/2006

Top Stories for January 2007

  • Counterfeit Cashier's checks Alerts Issued

    The OCC has issued three Alerts regarding counterfeit cashier's checks issued in the names of the following banks:

    • Bank of Cumberland (A Division of First National Bank Columbia) Burkesville, Kentucky,
    • The Summit National Bank, Atlanta, Georgia, and
    • Fairfield National Bank, Lancaster, Ohio.

    Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   1/31/07

  • FDIC Revises Compliance Examination Handbook

    The FDIC has issued a FIL announcing the revision of the Compliance Examination Handbook and its availability online. FIL; Handbook   1/31/07

  • 314a Fact Sheet Update

    FinCEN has updated the 31a Fact Sheet with information current as of January 30, 2007. 314a   1/31/07

  • Global Terrorism Sanctions Regulations Amended

    OFAC has published an amendment to the Global Terrorism Sanctions Regulations to better define the term "otherwise associated with" and to clarify the procedures for seeking reconsideration of a designation as a SDGT. No changes were made at this time to the SDN List as a result of the amendment. Amendment   1/31/07

  • Reich Praises Work of Financial Literacy and Education Commission

    In a presentation at the 10th meeting of the Financial Literacy and Education Commission, OTS Director Reich applauded the efforts of the Commission in promoting awareness of the importance of financial education and specifically its work in assisting Americans in understanding the complexities of everyday financial products, such as credit cards, checking accounts and mortgages. Speech   1/31/07

  • Reserve Assets Report Issued

    The FRB has issued the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets held at FR Banks reports for January 2007. Reports   1/31/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of January 26, 2007. Reserve Position   1/30/07

  • Market Financing Estimates Announced

    The market financing estimates for first and second quarters of 2007 have been announced by Treasury. Estimates   1/30/07

  • Al Qaida Facilitators Added To OFAC List

    Treasury has designated and added to the SDN List as SDGTs two South African individuals and a related entity for financing and facilitating al Qaida. Any assets the designees have under U.S. jurisdiction are frozen and transactions are prohibited between U.S. persons and the designees. Information regarding the additions has been posted on the BOL OFAC page.   1/29/07

  • Washington $1 Coin and Montana Quarter Distribution Schedules Announced

    The U.S. Mint distribution schedule for the George Washington Presidential $1 coin and the Montana state quarter has been posted on the FR Financial Services Web site. Schedules   1/29/07

  • OCC and State Banking Department To Share Information

    The OCC and the Mississippi Department of Banking and Consumer Finance have announced the signing of a Memorandum of Understanding that provides a mechanism for sharing consumer complaint information between the two regulatory agencies. Sharing   1/29/07

  • Guidance Issued on Using Automated Valuation Methods to Evaluate Collateral

    NCUA has issued a guidance that authorizes credit unions to use an automated valuation method (AVM) in the lending process provided each market valuation calculated by the AVM is reviewed by an individual with knowledge, training, and experience in the local real estate market. Guidance   1/29/07

  • FIL Regarding Elimination of Executive Indebtedness Report Form

    The FDIC has issued a FIL regarding the previously announced elimination of the statutory provisions that required reporting indebtedness of executive officers and principal shareholders to a financial institution and its correspondent bank. Information concerning the demise of the FFIEC 004 was posted in the December 29, 2006 BOL Top Stories. FIL   1/29/07

  • FTC Issues Annual Financial Acts Enforcement Report

    The FTC has issued its annual report to the FRB on enforcement activities in 2006 related to the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), Equal Credit Opportunity Act (ECOA), and Electronic Fund Transfer Act (EFTA). Report   1/29/07

  • HUD Publishes SCRA Disclosure Form

    A Servicemembers Civil Relief Act (SCRA) notice disclosure form has been published by HUD. Form   1/26/07

  • FRB Launches Career Web Site

    The FRB has announced the launch of a new Web site, Career Opportunities, which features positions available with the agency. Career Opportunities   1/26/07

  • Bank Registered Transfer Agents Must File SEC Form Electronically

    The OCC has issued a Bulletin regarding the recent rule change by the SEC that requires national bank registered transfer agents, to file Form TA-2, "Form for Reporting Activities of Transfer Agents," electronically through the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. Bulletin; Rule   1/26/07

  • MSB List Updated

    FinCEN has updated the MSB Registration List. The new January 2007 List, which is current as of January 3, 2007, contains data on 34,214 registered MSBs. List   1/26/07

  • Federal Reserve Publishes CFR Correction

    The FRB has published a date correction to its rule for Availability of Funds and Collection of Checks, which was revised as of 1/01/06.TXT, PDF    1/26/07

  • Five Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's checks and one regarding counterfeit money orders bearing the name of the following financial institutions:

    • Central Bank, Springville, Utah (Counterfeit Cashier's Checks),
    • Union Trust Company, Ellsworth, Maine (Counterfeit Cashier's Checks),
    • Guaranty Bank and Trust Company, Denver, Colorado (Counterfeit Cashier's Checks),
    • PathFinder Bank, Oswega, New York (Counterfeit Money Orders), and
    • First United Security Bank, Thomasville, Alabama (Counterfeit Cashier's Checks).

    Information regarding the counterfeit cashier's checks and money orders has been posted on the BOL Alerts & Counterfeits page.   1/25/07

  • Flood and BSA Enforcement Actions Announced

    The FRB has announced that a $6,850 civil money penalty (CMP) has been assessed against Pacific Mercantile Bank for violations of the provisions of the National Flood Insurance Act. In addition, a written agreement has been entered into with Sumitomo Mitsui Banking Corporation regarding the Bank Secrecy Act (BSA) and anti-money laundering compliance policies and practices at its New York branch. Flood CMP;
    BSA Written Agreement
       1/25/07

  • Prohibition Orders Issued

    NCUA has issued five orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution:

    • Betty Jean Barachie,
    • Catherine Lee Couch,
    • Twyla M. Davis,
    • Latifa Joseph, and
    • James R. Straley.

    Orders; Barachie; Couch; Davis; Joseph; Straley   1/25/07

  • Reg C Asset Size Exemption Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced final rule amending the staff commentary that interprets the requirements of Regulation C. The amendment raises the asset size exemption threshold to $36 million for depository institutions that are required to report data under HMDA. Information concerning the raising of the threshold was posted in the December 26, 2006 BOL Top Stories. Bulletin   1/25/07

  • Reg R Proposed

    The OCC has issued a Bulletin notifying all national banks and national bank examiners that recently the SEC and the Federal Reserve Board jointly issued proposed rules that define the extent to which securities brokerage activities of banks are subject to SEC regulation. The proposed rules, known as "Regulation R," would implement provisions of the Gramm–Leach–Bliley Act of 1999 (GLBA) regarding certain exemptions for banks from the broker-dealer registration requirements of the Securities Exchange Act of 1934. Information concerning Reg R was posted in the December 26, 2006 BOL Top Stories. Bulletin   1/25/07

  • Third Quarter Charge-Off Rates Released

    OTS has released the thrift industry charge-off rates for the third quarter 2006. Rates   1/24/07

  • Supervisory Policy On Predatory Lending Released

    The FDIC has issued a FIL that announces the release of the regulator's Supervisory Policy on predatory lending. The policy describes certain characteristics of predatory lending and reaffirms that such activities are inconsistent with safe and sound lending and undermine individual, family and community economic well-being. FIL; Policy   1/23/07

  • Bulletin Issued Regarding CRA Changes

    The OCC has issued a Bulletin regarding the previously announced changes to the CRA concerning the adjustment of the asset-size threshold to be used to define "small bank" and "intermediate small bank" based on the annual percentage change in the Consumer Price Index. Information concerning the adjustments was posted in the December 29, 2006 BOL Top Stories. Bulletin   1/23/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of current data as of January 19. 2006. Reserve Position   1/23/07

  • CRA Evaluations Released

    The OCC has released a list of CRA performance evaluations that became public during the period of December 15, 2006 through January 14, 2007. CRA    1/22/07

  • New Routing Numbers Announced

    FRB Financial Service has announced new FedReceipt routing numbers that will be effective the business day of January 22, 2007. New Routing Numbers   1/19/07

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet with the addition of data current as of January 16, 2007. 314a   1/19/07

  • NCUA Announces BSA Compliance Webinar

    NCUA has announced that the agency will host with FinCEN a BSA Compliance Webinar on February 6, 2007. Registration is available online. Information; Registration   1/19/07

  • Bernanke Issues Entitlements Warning

    In a presentation before the Senate Budget Committee, Chairman Bernanke expresses his view on the federal budget and related issues. He noted that spending on entitlement programs currently at 8-1/2 percent of the gross domestic product (GDP) are expected to reach about 15 percent by 2030. The increases are due in part to the oldest baby boomers being eligible for Social Security benefits starting in 2008 and the expected continued increase in medical costs per beneficiary. He concluded that dealing with the resulting fiscal strains will pose difficult choices, but if early and meaningful action is not taken, the U.S. economy could be seriously weakened. Speech   1/19/07

  • Quarterly Journal Online

    The OCC has posted the September issue of the Quarterly Journal online. The issue contains articles on special supervision and enforcement activities, corporate structure tables, second quarter 2006 condition and performance of banks; links to speeches and interpretive letters, and other policy and data. Index; Full Journal   1/19/07

  • Community Affairs Conference Agenda Announced

    The FRB has announced the agenda for its Fifth Annual Community Affairs Conference to be held in Washington D.C. on March 29-30, 2007. The conference features discussion of research papers on trends and innovations in products serving low- and moderate-income communities and people. Agenda; Papers; Registration   1/19/07

  • Dugan Says Financial Literacy Programs Important

    In remarks to the participants of a telephone conference sponsored by the American Bankers Association, Comptroller Dugan highlighted the importance of financial literacy programs. He stated that financial literacy really is a win for everyone involved. Remarks   1/19/07

  • Enforcement Actions Released

    The OCC has released the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions   1/18/07

  • OFAC CPs Announced

    Treasury has announced the civil penalties (CPs) recently imposed for violations of various OFAC Sanctions Programs. No financial institutions were listed for January 2007. CPs   1/18/07

  • Comptroller Discusses Customer Complaints

    In a speech before the Exchequer Club and Women in Housing and Finance, Comptroller Dugan highlighted the OCC's efforts to assist national bank customers with questions and complaints and said the information gathered from that process has a direct impact upon bank supervision and bank retail practices generally. Speech   1/18/07

  • Beige Book Update

    The FRB has issued an update to the Beige Book that contains data on the current economic conditions in the various Federal Reserve Districts based on information collected before January 8, 2007. Beige Book Summary; Beige Book Full Report   1/18/07

  • Third Quarter Issue Quarterly Review of Interest Rate Risk Published

    OTS has published the Third Quarter 2006 issue of the Quarterly Review of Interest Rate Risk which contains a Q & A on core deposit valuations. Quarterly Review    1/18/07

  • Subordinated Debt Final Rule

    The OTS has issued a Final Rule regarding Subordinated Debt Securities and Mandatorily Redeemable Preferred Stock. Final Rule   1/18/07

  • Cross-Border Wire Transfer Report Delivered To Congress

    FinCEN has announced that Treasury has delivered a mandated report to Congress that states the reporting of cross-border wire transfer data by financial institutions is technically feasible for the government and may be valuable to the government's efforts to combat money laundering and terrorist financing. Report   1/18/07

  • Regulatory Review List Issued By NCUA

    NCUA has issued posted its 2007 Regulatory Review List, which includes the regulations the Board has scheduled to review this year. List    1/18/07

  • November 2007 TIC Released

    Treasury has released the Treasury International Capital data for November 2007. TIC   1/18/07

  • Industrial Production and Capacity Utilization Report Issued

    The December 2006 G.17 Industrial Production and Capacity Utilization Report has been issued by the FRB. G17   1/18/07

  • OTS Publishes Final Rule in FR for Subordinated Debt Securities and Mandatorily Redeemable Preferred Stock

    This final rule updates OTS regulations that require a savings association to obtain approval (or nonobjection) before it may include subordinated debt securities or mandatorily redeemable preferred stock in supplementary (tier 2) capital. It removes several unnecessary or outdated requirements and conforms certain provisions, such as maturity period requirements and purchaser
    restrictions, to the rules issued by the other federal banking agencies.TXT, PDF .   1/17/07

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of The First National Bank, Vandalia, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits Page.   1/17/07

  • February HOEPA Rates Set

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in February 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Since January 15 was a federal legal holiday, use the rate on January 12, the business day immediately preceding the 15th. Daily H.15; Weekly H.15   1/17/07

  • Consumer Tips For Avoiding Cashier's Check Fraud

    The OCC has issued an advisory for consumers that contains tips for avoiding becoming a victim of a cashier's check fraud scheme. Advisory   1/17/07

  • Mortgage Loan Fraud Financial Industry Analysis Available Online

    The FDIC has issued a FIL regarding an assessment of mortgage loan fraud based on an analysis by FinCEN of information contained in SARs. The assessment, entitled "Mortgage Loan Fraud," is available on FinCEN's Web site. FIL; Summary; Assessment   1/17/07

  • VITA Provides CRA Credit Opportunities

    A FIL has been issued by the FDIC that highlights the opportunities for financial institutions to partner with the IRS Volunteer Income Tax Assistance (VITA) program to increase opportunities to develop new business by promoting financial education, banking products and other financial services to underserved and low- and moderate-income taxpayers. In a separate Press Release, the FDIC reminded banks that their participation can result in favorable consideration under Community Reinvestment Act (CRA) rules. FIL; Press Release   1/17/07

  • FRB To Re-Study Retail Payments

    The FRB has announced that additional studies are planned to determine the composition of the nation's retail payments market, including checks, credit and debit cards, and ACH transactions. Similar studies were conducted in 2001 and 2004. Studies   1/17/07

  • NCUA Announced Outreach Task Force

    The members of an Outreach Task Force have been announced by NCUA. The Task Force was created to provide a better understanding of and evaluation of NCUA's outreach efforts and in further response to the findings in the agency's Member Service Assessment Pilot Program. Task Force   1/17/07

  • Cost of Funds Reports Released

    OTS has released the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports. Historical; Current    1/17/07

  • Implications of Population Aging Working Paper Published

    The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "A Primer on the Macroeconomic Implications of Population Aging". Abstract; Full Paper   1/17/07

  • Banks Selected For Community Support Review Announced

    The Federal Housing Finance Board has announced the Federal Home Loan Bank members selected for the 2006-07 fourth quarter community support requirements review. Review   1/16/07

  • FDIC Year In Review

    In a presentation at the California Bank Presidents Seminar, Chairman Bair reviewed the issues addressed by the FDIC in 2006 and what is anticipated in 2007. Speech   1/16/07

  • FRB Policy on Payments System Risks Revised

    The FRB has approved changes to its Policy on Payments System Risk that revise the Board's expectations for systemically important payments and settlement systems subject to its authority and update and clarify the policy with regard to central counterparties. The revisions also incorporate the Recommendations for Central Counterparties developed by the Committee on Payment and Settlement Systems of the central banks of the Group of Ten countries and the Technical Committee of the International Organization of Securities Commissions. FRB Statement; Policy; Recommendations   1/16/07

  • Finance Companies Report Released

    The G.20 Finance Companies report for November 2006 regarding owned and managed receivables outstanding and auto loans: terms of credit has been released by the FRB. G20   1/16/07

  • FedFlash January 2007 Issue Online

    Federal Reserve Financial Services has posted the January 15, 2007 issue of FedFlash on its Web page. The issue contains articles on new FedReceipt routing numbers, Canadian item processing; changes to the ACH Reclamation process; and District news. FedFlash   1/16/07

  • IFDP Working Papers Published

    Four working papers in the International Finance Discussion Papers (IFDP) series have been published by the FRB on the following topics: International Cross-listing, Firm Performance and Top Management Turnover: A Test of the Bonding Hypothesis; Sovereign Debt Crises and Credit to the Private Sector; Efficiency in Housing Markets: Do Home Buyers Know how to Discount?; and Optimal Fiscal and Monetary Policy When Money is Essential. International Abstract; International Full Paper; Sovereign Abstract; Sovereign Full Paper; Efficiency Abstract; Efficiency Full Paper; Optimal Abstract; Optimal Full Paper   1/16/07

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of Hillcrest Bank Florida, Naples, Florida, and Lake Area Bank, Lindstrom, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   1/12/07

  • MSA Definition Changes Impact Banks

    The FFIEC has announced that approximately 510 banks have been reassigned to different peer groups after changes to MSA code definitions were incorporated in the December 31, 2006 Uniform Bank Performance Report (UBPR). Reassigned Banks   1/12/07

  • Agencies Announce BSA Compliance Webinar

    The NCUA and the FinCEN have announced that an online seminar, "BSA: A Year in Review and Setting the Table for 2007," will be held on Tuesday, February 6, 2007. The webinar will be co-hosted by the NCUA Chairman Johnson, and FinCEN Associate Director El-Hindi. FinCEN; NCUA   1/12/07

  • 2007 FHA Maximum Mortgage Limits Announced

    HUD has announced the FHA Maximum Mortgage Limits for 2007. FHA Limits   1/12/07

  • Web Page For Directors Launched

    The FRB has announced the launch of a new web site, Resources for Bank Directors, that offers numerous resources designed to assist bank directors with their management oversight responsibilities. The existing online director training course, Insights, which introduces bank directors to corporate governance and director duties and responsibilities; covers basic bank financial analysis; and discusses the sources, control, and monitoring of portfolio risks, including credit, liquidity, and market risks has been updated. Resources; Insights   1/12/07

  • Google Added To OCC Web Site

    The OCC has announced that the search capability of its Web site has been enhanced with the addition of Google Search Appliance. Search   1/12/07

  • Complex Transactions FIL issued

    The FDIC has issued an FIL regarding the previously announced final Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities. Information concerning the statement was posted in the January 8, 2007, BOL Top Stories. FIL; Statement   1/12/07

  • State Profiles Has New Format

    The FDIC has announced that effective January 2007, FDIC State Profiles have been reformatted as a quarterly data sheet summation of banking and economic conditions in each state and the Third Quarter 2006 Profiles are available online. Third Quarter Profiles   1/12/07

  • Joint Agencies publish Interim Rule in FR for Depository Institution Management Interlocks Act

    The OTC, FRB, FDIC and OCC are amending their rules regarding management interlocks to implement section 610 of the Financial Services Regulatory Relief Act of 2006 (FSRRA) and to correct
    inaccurate cross-references.TXT; PDF   1/11/07

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the December 2006 New Electronic Interpretations and Actions. New Electronic   1/11/07

  • Iranian Bank Added to OFAC List

    Treasury has designated Bank Sepah, a state-owned Iranian financial institution, as a NPWMD for providing support and services Iran's missile procurement network and actively assisting Iran's pursuit of missiles capable of carrying weapons of mass destruction,. The bank Chairman and a wholly owned bank subsidiary were also designated and all were added to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.   1/10/07

  • CRA Ratings Released

    The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings   1/10/07

  • December Call Report Filing Information Available

    The FDIC has posted online the filing information and forms for the December 2006 Call Report. Call Report   1/10/07

  • Joint Agencies Publish Correction to Proposed Rule of 12/26/06

    FRB, FDIC, OCC and OCC publish proposed rule in FR to correct proposed rule published 12/26/06 for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Domestic Capital
    Modifications. TXT; PDF   1/10/07

  • Consumer Advisory Council Appointments Announced

    The FRB has announced the appointment of ten new members to its Consumer Advisory Council for three-year terms and the designation of a new Chair and Vice Chair of the Council for 2007. Council   1/10/07

  • Discount Rate Meetings Minutes Released

    The FRB has released the minutes of its discount rate meetings from November 6 through December 11, 2006. Minutes   1/10/07

  • Transcript of OTS National Housing Forum Available

    OTS has posted online the transcript of the proceedings of the National Housing Forum held on December 11, 2006. Transcript   1/10/07

  • Reserve Banks Income and Expense Data Released

    The FRB has released the Reserve Bank income and expense data and transfers to the Treasury for 2006. Data   1/10/07

  • Counterfeits Special Alerts

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

    • BPD Bank, New York, New York (Counterfeit Treasurer Checks)
    • Peoples State Bank, Lake City, Florida (Counterfeit Personal Money Orders)
    • The Adirondack Trust Company, Saratoga Springs, New York (Counterfeit Treasurer's Checks)
    • First State Bank (also known as 1st State Bank), Saginaw, Michigan (Counterfeit Official Checks)
    • State Bank & Trust, Fargo. North Dakota (Counterfeit Cashier's Checks)
    • Alliant Bank, Madison, Missouri (Counterfeit Cashier's Checks)
    • Gardiner Savings Institution, FSB, Gardiner, Maine (Counterfeit Treasurer Checks)
    • First Heritage Bank, Snohomish, Washington (Counterfeit Official Checks)

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    1/09/07

  • Fraudulent Cashier's Checks Bulletin Issued

    The OCC has issued a Bulletin regarding the risks posed by scams involving fraudulent bank cashier's checks and recommended actions that can taken to protect the bank and its customers. Bulletin   1/09/07

  • Concentrations in Commercial Real Estate Subject of SR Letter

    The FRB has issued a Supervisory Letter regarding the previously announced Interagency Guidance on concentrations in commercial real estate. Information concerning the Guidance was posted in the December 7, 2006, BOL Top Stories. SR Letter; Guidance    1/09/07

  • Payment Processor Sued By FTC

    InterBill Ltd., a payment processor, has been sued by the FTC for allegedly violating federal law when it debited, or tried to debit, more than $9.9 million from consumers' bank accounts without their approval. Summary; Lawsuit   1/09/07

  • Agricultural Finance Databook Update

    The FRB has issued the December 2006 update of the E.15 Agricultural Finance Databook. E.15   1/09/07

  • November 2006 Consumer Credit Report Released

    The G.19 Consumer Credit Report for November 2006 has been released by the FRB. G19   1/09/07

  • International Reserve Position Reports Released

    Treasury has released the U.S. International Reserve Position Reports for the periods ending December 22, 2006; December 29, 2006; and January 5, 2007. December 22; December 29; January 5    1/09/07

  • 2006 Financial Report Issued

    OTS has issued the agency's 2006 Financial Report. Report   1/09/07

  • Fifteen Counterfeit Checks Special Alerts Issued

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

    • Palmyra State Bank, Palmyra, Missouri (Counterfeit Cashier's Checks)
    • United Community Bank, Gonzales, Louisiana (Counterfeit Official Checks)
    • Clay County Bank, Inc., Clay, West Virginia (Counterfeit Cashier's Checks)
    • Peoples Bank of Louisiana, Amite, Louisiana (Counterfeit Cashier's Checks)
    • Lamar National Bank, Paris, Texas (Counterfeit Cashier's Checks)
    • Bremer Bank, National Association, South St. Paul, Minnesota (Bremer Bank, National Association, Menomonie, Wisconsin) (Counterfeit Official Checks)
    • Watertown Savings Bank, Watertown, Massachusetts (Counterfeit Cashier's Checks)
    • Covenant Bank, Tunica, Mississippi (Covenant Bank, Clarksdale, Mississippi) (Counterfeit Cashier's Checks)
    • Pacific Trust Bank, FSB, Chula Vista, California (Counterfeit Checks)
    • Sterling National Bank, New York, New York (Counterfeit Checks)
    • Alliance Bank & Trust, Gastonia, North Carolina (Counterfeit Checks)
    • Webster Bank, National Association, Waterbury, Connecticut (Counterfeit Official Checks)
    • Sky Bank, Findlay, Ohio (Counterfeit Checks)
    • First Premier Bank, Sioux Falls, South Dakota (Counterfeit Checks)
    • Bank of Wedowee, Wedowee, Alabama (Counterfeit Cashier's Checks)

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   1/08/07

  • Agencies Issue CFT Final Statement

    Federal financial institution regulators and the SEC have issued a final statement on the complex structured finance activities of financial institutions (CSFTs) that describes the types of internal controls and risk management procedures that should help financial institutions identify, manage, and address the heightened legal and reputational risks that may arise from certain complex structured finance transactions. Statement; FRB PR; OCC Bulletin; FDIC PR; OTS PR; SEC NR   1/08/07

  • Minority-Owned Banks Report UpdateM

    The FRB has updated the Minority-Owned Banks Report with data current as of September 30, 2006. Report    1/08/07

  • FR Bulletin Supplement Published

    The December 2006 Statistical Supplement to the Federal Reserve Bulletin has been published. December Supplement   1/08/07

  • Bernanke Discusses Bank Supervision

    In a presentation at the annual meeting of the Allied Social Science Association, Chairman Bernanke discussed the supervision of the U.S. banking system and whether the central bank should act as a supervisor of the system. Speech    1/08/07

  • Counterfeit Cashier's Checks Special Alerts Issued

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

    • Community Bank, Staunton, Virginia;
    • First Republic Bank, Las Vegas, Nevada;
    • Texas State Bank, McAllen, Texas; and
    • American Banking Company, Moultrie, Georgia (also known as Ameris Bank)

    Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   1/05/07

  • New SDN List Designations Announced

    OFAC has announced that three Syrian entities identified as proliferators of weapons of mass destruction have been added to the SDN List with the NPWMD designation. Information concerning the additions has been posted on the BOL OFAC page.    1/04/07

  • MSB Registration List Update

    FinCEN has updated the MSB Registration List to include data current as of December 31, 3006. List   1/05/07

  • CRA Ratings Published

    OTS has published the CRA performance evaluations received by savings associations that became publicly available during December 2006. CRA    1/04/07

  • Handling Security Breaches

    The Winter 2006 edition of Supervisory Insights has been issued by the FDIC and features an article regarding how a financial institution can create an effective incident response program to mitigate a data security breach. Other articles concern an update on CRE lending nationwide; the increasing number of unfair or deceptive acts or practices and how examiners identify and address those violations; and highlights of recent USA PATRIOT Act changes and the types of BSA related violations that examiners are citing. Supervisory Insights   1/04/07

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet with data current as of January 2, 2007. 314a   1/04/07

  • Foreign Exchange Rates Reports Issued

    The FRB has issued the 2006 G.5A and December 2006 G. 5 Foreign Exchange Rates reports. G5A; G.5   1/04/07

  • FOMC Minutes Released

    The minutes of the December 12, 2006, meeting of the Federal Open Market Committee (FOMC) have been released by the FRB. Minutes
       1/04/07

  • National Day of Mourning

    The OCC has issued a proclamation that national banks may close their offices Tuesday, January 2, 2007, at their discretion, in any state in which the governor or other authorized official has declared a legal holiday in recognition of the National Day of Mourning for President Gerald Ford. Proclamation    1/02/07

  • 2007 HMDA Asset-Size Exemption Announced

    The FRB has announced the annual notice of the asset-size exemption threshold for depository institutions under Reg C, which implements HMDA. Depository institutions with assets of $36 million or less as of December 31, 2006, are exempt from collecting data in 2007. NOTE: An institution's exemption from collecting data in 2007 does not affect its responsibility to report the data it was required to collect in 2006. Exemption   1/02/07

  • Bank Manuals Updated

    The FRB has released the semiannual update of the Commercial Bank Examination Manual that provides examination objectives and procedures that Federal Reserve System examiners follow in evaluating the safety and soundness of state member banks. An update to the Trading and Capital-Markets Activities Manual has also been released. Examination Manual Index; Full Examination Manual; Trading Full Manual    1/02/07

  • FHC Elections Announced

    The FRB has announced the list of bank holding companies that have elected to be treated as a financial holding company (FHC) as of December 29, 2006. List    1/02/07

  • U.S. Holdings of Foreign Securities Survey

    The annual survey of U.S. portfolio holdings of foreign securities at year-end has been released by Treasury and posted on the agency's web site. Summary; Full Report   1/02/07

12/14/2006

Bureau asks for mobile financial services input

The CFPB has published in this morning's Federal Register a notice requesting information about how consumers are using mobile financial services to access products and services, manage finances and achieve their financial goals, with a focus on economically vulnerable consumers. With regard to mobile POS payments, the inquiry is restricted to mobile payment products targeted specifically for low-income and underserved customers, and whether such targeting could benefit or harm such customers. The Bureau's press release provides a summary of the information request, and Director Cordray's remarks at yesterday's CFPB field hearing in New Orleans provide additional background. A ninety-day comment period will expire on September 10, 2014.

12/14/2006

Lew on the economy

Secretary Lew discussed the economy in a speech at The Economic Club of New York. He commented on America's potential, investing in America, rewarding innovation and productivity, and a better foundation for the future.

12/14/2006

OCC Advisory Council to meet

The OCC has announced a pubic meeting of its Minority Depository Institutions Advisory Committee (MDIAC) to be held on June 25, 2014, in Dallas. The meeting agenda will include a discussion of the status of minority depository institutions, regulatory changes that may ensure the health and viability of the institutions, and current topics of interest to the industry. Individuals who wish to attend should contact the OCC in advance of the meeting.

12/14/2006

Lew on the economy

Secretary Lew discussed the economy in a speech at The Economic Club of New York. He commented on America's potential, investing in America, rewarding innovation and productivity, and a better foundation for the future.

12/14/2006

OCC Advisory Council to meet

The OCC has announced a pubic meeting of its Minority Depository Institutions Advisory Committee (MDIAC) to be held on June 25, 2014, in Dallas. The meeting agenda will include a discussion of the status of minority depository institutions, regulatory changes that may ensure the health and viability of the institutions, and current topics of interest to the industry. Individuals who wish to attend should contact the OCC in advance of the meeting.

11/30/2006

Top Stories for December 2006

  • Annual CRA Asset-Size Threshold Adjustments Published in FR

    As required by the 2005 CRA regulatory amendments, the federal bank regulatory agencies have announced the annual adjustment to the asset-size thresholds used to define "small bank" and "intermediate small bank". 71FR78335 txt 71FR78335 pdf    12/29/06

  • Fraudulent and Counterfeit Checks Special Alerts Issued

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

    • The New Washington State Bank, New Washington, Indiana (Counterfeit Cashier's Checks);
    • First Star Bank, Arlington, Texas (Fraudulent Checks);
    • South Georgia Bank, Glennville, Georgia (Counterfeit Checks);
    • HFS Federal Credit Union, Hilo, Hawaii (Counterfeit Cashier's Checks);
    • Security State Bank, Odessa, Texas (Counterfeit Cashier's Checks);
    • The Cape Cod Five Cents Savings Bank, Harwich Port, Massachusetts (Counterfeit Cashier's Checks); and
    • Heritage Federal Credit Union, Newburgh, Indiana (Counterfeit Cashier's Checks).

    Information concerning the fraudulent and counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    12/29/06

  • FRB Board of Governors To Close On National Day Of Mourning

    The Board of Governors of the Federal Reserve System in Washington, D.C. have announced that their office will be closed on Tuesday, January 2, 2007, in observance of the national day of mourning for former President Ford. The twelve regional Reserve Banks will be open and operating during normal business hours and will provide all financial services as usual.
    Day of Mourning    12/29/06

  • Prohibition Order Issued

    NCUA has issued an order prohibiting Christopher T. Renzo from participating in the affairs of any federally insured financial institution. The former teller of Hudson Valley Federal Credit Union was convicted of 2nd degree grand larceny, sentenced to five years of supervised probation, and ordered to pay $105,886 in restitution.
    Order    12/29/06

  • Revocation of Banking License Special Alert

    The FDIC has announced that the Financial Institutions Commission, Republic of Palau, has revoked the banking license of Pacific Savings Bank, Ltd., and placed the bank into receivership.
    Special Alert    12/29/06

  • FDIC Publishes in FR a rule to Repeal Reports and Public Disclosure of Indebtedness of
    Executive Officers and Principal Shareholders to a State Nonmember Bank and Its Correspondent Banks

    The FDIC is repealing its regulations governing reporting on lending by a State nonmember bank and its correspondent banks to executive officers and principal shareholders. 71FR78337 txt 71FR78337 pdf    12/29/06

  • Fraudulent Checks and Counterfeit Money Orders Special Alerts

    The FDIC has issued two Special Alerts regarding fraudulent official checks bearing the name of Harrison Bank, Arlington, Texas, and counterfeit money orders bearing the name of Basin State Bank, Stanford, Montana. Information concerning the fraudulent and counterfeit items has been posted on the BOL Alerts & Counterfeits page.    12/28/06

  • $800,000 CMPs Announced

    FinCEN, the FDIC, and the Florida Office of Financial Regulation have announced the assessment of civil money penalties totaling $800,000 against Beach Bank, Miami Beach, Florida, for failing to implement an adequate anti-money laundering program and monitor the bank's high-risk accounts, which resulted in the failure to timely report suspicious activity.
    FinCEN;
    FDIC;
    Florida    12/28/06

  • Annual CRA Asset-Size Threshold Adjustments Announced

    As required by the 2005 CRA regulatory amendments, the federal bank regulatory agencies have announced the annual adjustment to the asset-size thresholds used to define "small bank" and "intermediate small bank".
    Adjustments;
    FRB PR;
    FDIC PR;
    OCC NR    12/28/06

  • FDIC Signage Final Rule

    The FDIC has issued a FIL announcing the approval of the final rule amending FDIC Part 328, regarding the Advertisement of Membership. Recent amendments to the FDIC Act required the agency to prescribe an official sign that all FDIC-insured depository institutions would be required to display. New signs are available from the FDIC and must be displayed on or before November 13, 2007.
    Final Rule;
    FIL;
    New Signs    12/28/06

  • Federal ID Theft Task Force Seeks Comments

    Comments are being sought by the Federal Identity Theft Task Force on ways to improve the effectiveness and efficiency of federal government efforts to reduce identity theft. Additional information is available on the task force Web site.
    Comments;
    Web site    12/28/06

  • Loan Fraud and ML Reports Released

    OTS has released two reports regarding assessments based upon suspicious activity report analysis of mortgage fraud and money laundering in the commercial real estate industry.
    Mortgage Fraud Report;
    ML Report    12/28/06

  • Operating Circular 4 Amended

    The FRB Financial Services has announced that a technical amendment has been made to Operating Circular 4. The amendment, which is effective January 30, 2007, concerns the "Fedline Command Security and Implementation Guide" as part of the security procedures for sending banks.
    Amendment

  • Five Names Removed From OFAC List

    OFAC has removed from the SDN List the names of five individuals who had been previously designated as SDNTs. Information regarding the deleted names has been posted on the BOL OFAC page.

  • December Call Report FIL Issued

    A FIL has been issued by the FDIC regarding the December 31, 2006 Call Report deadlines, current filing information, and elimination of certain previously required report information.
    FIL

  • ARM Consumer Handbook Revised

    The Consumer Handbook on Adjustable-Rate Mortgages (ARM) has been revised.
    ARM Handbook

  • Third Quarter DSR and FOR Data Released

    The FRB has released the household debt service (DSR) and financial obligations (FOR) ratios for the third quarter 2006.
    Ratios

  • Interagency Capital Notice Published

    The bank regulators have published proposed revisions to the existing risk-based capital framework that would apply to banks that don't use the BASEL II NPR and are extending the comment period. TXT, PDF .

  • Agencies Publish Proposed Capital Revisions

    Proposed revisions to the existing risk-based capital framework have been published. They are intended to enhance the capital framework's risk sensitivity without unduly increasing regulatory burden. The changes would apply to banks, bank holding companies, and savings associations. TXT, PDF .

  • HMDA Asset Size Exemption Published

    The Federal Reserve Board has published in the Federal Register the 2007 asset-size exemption threshold increase for 2007. This action amends the staff commentary for Regulation C to adjust to $36 million the asset-size exemption threshold for coverage under HMDA. TXT, PDF .

  • SEC and FRB Publish Bank-Related Proposals in FR

    The Securities and Exchange Commission and the Federal Reserve Board have jointly published two sets of proposed rules in the Federal Register. The first would implement certain of the exceptions for banks from the definition of "broker" and would define terms used in the statutory exceptions and certain related exemptions. The second requests comment on proposed rules to implement the broker exceptions for banks relating to third-party networking arrangements, trust and fiduciary activities, sweep activities, and safekeeping activities. In addition, the SEC published an order extending the temporary exemption of banks from the definition of broker. Definitional changes: TXT, PDF ; Implementation of broker exceptions:
    TXT, PDF ; Temporary Exemption Extension: TXT, PDF .

  • NCUA Publishes Final Rule in FR for Conversion of Insured Credit Unions to
    Mutual Savings Banks

    NCUA is issuing final revisions to its rules regarding the conversion of insured credit unions to mutual savings banks or mutual savings associations. The final rule
    includes revised disclosures, revised voting procedures, procedures to facilitate communications among
    members, and procedures for members to provide their comments to directors before the credit union board votes on a conversion plan. TXT, PDF .   12/22/06

  • Counterfeit Cashier's checks Special alert

    A Special Alert has been issued by the FDIC regarding counterfeit cashier's checks bearing the name of The Grundy National Bank of Grundy Center (d/b/a Grundy National Bank), Grundy Center, Iowa. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   12/22/06

  • SAR Filing Form Revised

    FinCEN and the federal banking agencies have announced that the format for the Suspicious Activity Report by Depository Institutions (SAR-DI) has been revised to support a new joint filing initiative, which will reduce the number of duplicate SARs filed for a single suspicious transaction. The approved final form should not be filed until the actual effective implementation date of June 30, 2007. Form; FinCEN PR; FRB PR; OCC NR; FDIC PR; OTS PR; NCUA PR    12/22/06

  • Weather Closes Denver FRB Branch

    The Denver Branch of the Federal Reserve Bank of Kansas City was closed due to weather conditions on Thursday, December 21, 2006. The Federal Reserve will grant credit availability for check deposits received by the deposit deadline. Branch Closed   12/22/06

  • Flood and BSA Enforcement Actions Announced

    The FRB has announced CMPs in the amounts of $ 6,750 have been assessed against Planters Bank and Trust Company, Staunton, Virginia, and $4,950 have been assessed against Oregon Pacific Bank, Florence, Oregon, regarding alleged violations of the Board's Regulations implementing the National Flood Insurance Act. A written agreement was also entered into with Habib Bank Limited, Karachi, Pakistan, and the bank's branch in New York, New York, concerning BSA and anti-money laundering compliance. CMP Planters Bank; CMP Oregon Pacific Bank; Written Agreement Habib Bank   12/22/06

  • FDIC Enforcement Actions Announced

    The FDIC has announced the list of Enforcement Decisions and Orders taken in November 2006. Enforcement Actions   12/22/06

  • Large-bank Deposit Insurance Proposal Comments Sought

    The FDIC has issued a FIL regarding comments on whether and how the largest insured depository institutions should be required to modify their deposit systems so that the FDIC may calculate deposit insurance coverage quickly in the event of an institution's failure. FIL; Proposal   12/22/06

  • TIL Booklet Revised

    The OCC has revised the TIL Booklet in the Comptroller's Handbook. TIL Booklet   12/22/06

  • OCC Announces Amendments to FCRA Examination Procedures

    The OCC has issued a Bulletin that announces amendments to FCRA examination procedures which update section 604(g) of Module 2 of the interagency examination procedures and address provisions in the medical information rule. Bulletin; Amendments   12/22/06

  • FinCEN and SEC Sign BSA Information Sharing Agreement

    FinCEN and the SEC have announced that the agencies have reached an agreement for the routine exchange of examination and enforcement information relating to SEC-regulated firms' compliance with the BSA. Agreement   12/22/06

  • Fall 2006 Issue of FDIC Outlook Published

    The FIDC has published the Fall 2006 issue of the FDIC Outlook which contains articles on how financial innovation and information technology have widened institutions' options for funding their activities through off-balance sheet securitization structures, explore the relevance of traditional balance sheet measures of liquidity, and describe strategies banks have used to manage their net interest margins under the various yield curve environments. FDIC Outlook   12/22/06

  • FED Working Paper Published

    A working paper in the FEDS series has been published by the FRB on the topic of "The Competitive Effects of Risk-Based Bank Capital Regulation: An Example from U.S. Mortgage Markets." Summary; Full Paper   12/22/06

  • Community Development Newsletter Features Minority-Owned Institutions

    The OCC has published the Winter 2006/2007 edition of its Community Developments newsletter which focuses on minority-owned financial institutions and the strategies many employ to serve their niche markets. Newsletter   12/22/06

  • HSA Options Increased

    President Bush has signed the Health Opportunity Patient Empowerment Act of 2006. New opportunities for health savings account (HSA) participants to build their funds, include: rollovers from health FSAs and HRAs into HSAs through 2011, an increase in the annual HSA contribution, full HSA contribution regardless of month individual becomes eligible, a one-time transfer from IRAs to HSAs, certain FSA coverage treated as disregarded coverage, earlier indexing of cost of living adjustments, and allowing greater employer contributions for lower-paid employees. HSA   12/21/06

  • Reg O Revisions Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced amendments to 12 CFR 215 (Regulation O) made by the FRB which removing certain reporting requirements regarding extensions of credit to bank insiders. Information concerning the amendments was posted in the December 11, 2006, BOL Top Stories. Bulletin   12/21/06

  • FTC Stops Credit Card Fraud

    A federal court order requested by the FTC has halted a payment processing operation that allegedly helped fraudulent telemarketers take millions of dollars from consumers' bank accounts. The operation aided at least nine Canada-based, advance-fee credit card schemes that induce consumers to allow an electronic debit of several hundred dollars from their bank account in exchange for an unsecured credit card that they never received. Summary; Order    12/21/06

  • IFDP Working Papers Published

    The FRB has published five working papers in the International Finance Discussion Paper (IFDP) series on the following topics: The Monetary Origins of Asymmetric Information in International Equity Markets; Monetary Policy, Oil Shocks, and TFP: Accounting for the Decline in U.S. Volatility; Informed and Strategic Order Flow in the Bond Markets; A Bivariate Model of Fed and ECB Main Policy Rates; and An Empirical Analysis of Specialist Trading Behavior at the New York Stock Exchange. Monetary Origins Abstract; Monetary Origins Full Paper; Monetary Policy Abstract; Monetary Policy Full Paper; Informed Abstract; Informed Full Paper; Bivariate Abstract; Bivariate Full Paper; Empirical Abstract; Empirical Full Paper    12/21/06

  • IRS Reminder of Tax Law Change for IRA Participants

    The IRS issued a reminder of tax law changes included in the 2006 Pension Protection Act that provide incentives for charitable donations by IRA owners who have reached the age of 70 1/2. The option is available only for tax years 2006 and 2007, and does not apply to employer-sponsored plans such as SIMPLE IRAs and SEP plans. Transferred amounts are counted in determining whether the owner has met the IRA's required minimum distribution rules. Where individuals have made nondeductible contributions to their traditional
    IRAs, a special rule treats transferred amounts as coming first from taxable funds, instead of proportionately from taxable and nontaxable funds, as would be the case with regular distributions.
    IR-2006-192    12/20/06

  • NCUA Investment Rule Published in FR

    NCUA is amending its investments rule to allow federal credit unions to enter into investment repurchase transactions in which
    the instrument consists of first-lien mortgage notes subject to certain limitations. The final rule expands FCU authority to invest in
    mortgage-related securities while addressing safety and soundness concerns associated with this new investment activity. 71fr76122 txt 71fr76122 pdf    12/20/06

  • SDGT Added To OFAC List

    A naturalized British citizen who provides material and logistical support to al Qaida and other terrorist organizations has been designated a SDGT and added to the SDN List. Information regarding the individual has been posted on the BOL OFAC Page.    12/20/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the inclusion of data as of December 15, 2006.
    Reserve Position    12/20/06

  • Exchange Rate Report Issued

    Treasury has released its Semiannual Report on International and Economic and Exchange Rate Policies.
    Report    12/20/06

  • New Reg R Proposed

    The FRB and the SEC have announced the release of joint proposed rules to implement the "broker" exceptions for banks under Section 3(a)(4) of the Securities Exchange Act of 1934 which were adopted as part of the Gramm-Leach-Bliley Act of 1999 (GLB Act). The proposed rules, to be known as Regulation R, would implement the statutory exceptions that allow a bank, subject to certain conditions, to continue to conduct securities transactions for its customers as part of the bank's trust and fiduciary, custodial and deposit "sweep" functions, and to refer customers to a securities broker-dealer pursuant to a networking arrangement with the broker-dealer. Reg R; FRB PR; SEC NR   12/19/06

  • FFIEC Form 004 Eliminated

    The FDIC has issued a FIL regarding the elimination of the FFIEC 004 report by executive officers and principal shareholders in complying with the annual reporting requirements pertaining to extensions of credit from correspondent banks. The statutory reporting requirements relating to insider lending by insured banks and savings associations were removed effective October 13, 2006, by provisions of the Financial Services Regulatory Relief Act of 2006. FIL   12/19/06

  • Enforcement Actions Announced Against Japanese Bank

    The FDIC, the FRB, and the New York State Banking Department have announced the issuance of separate but coordinated enforcement actions regarding The Bank of Tokyo-Mitsubishi UFJ, Ltd., Tokyo, Japan, and some of its U.S. operations. The actions include an Order to Cease and Desist and a Written Agreement regarding the failure to implement adequate Bank Secrecy Act and anti-money laundering compliance programs. Order; Written Agreement; FRB PR; FDIC PR   12/19/06

  • January 2007 HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in January 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15   12/19/06

  • CRA Ratings Released

    The OCC has released the ratings received by twenty-five national banks that were recently examined for compliance with CRA. Ratings   12/19/06

  • Third Quarter Interest Rate Risk Report Issued

    The OTS has issued the Aggregate Exposure and CMR Report for the Third Quarter 2006. Report   12/19/06

  • First Quarter CRA Exam Schedule Released

    The OTS released a list of 64 savings associations that are scheduled for Community Reinvestment Act (CRA) examinations during the first quarter of 2007. CRA Examinations   12/18/06

  • FDIC Publishes Final Rule for Procedures for Corporate Debt Collection

    The FDIC published a final fule in the Federal Register today to amending 12 CFR part 313, Procedures
    for Corporate Debt Collection, to include delinquent criminal restitution debt within the debt covered by part 313.TXT, PDF .   12/18/06

  • TIC Data Report

    Treasury has published the Treasury International Capital (TIC) data report for October 2006. TIC   12/18/06

  • U.S. Government Financial Report Released

    Treasury and the Office of Management and Budget (OMB) have released the fiscal year 2006 Financial Report which details the financial position and condition of the United States Government. The report also provides information about significant future obligations by looking at prospective Social Security and Medicare costs. Summary; Index; Full Report   12/18/06

  • Bernanke Discusses Chinese Economy

    In a presentation at the Chinese Academy of Social Sciences in Beijing, China, FRB Chairman Bernanke discussed the progress made by and the challenges facing the Chinese economy. He noted that for the past twenty years, the Chinese economy has achieved a growth rate averaging nearly 10 percent per year, resulting in a quintupling of output per person. He observed that the continued growth and modernization of the Chinese economy will require a substantial loosening of current restrictions on the flow of financial capital into and out of the country. He also stated, the economic relationship between China and the United States is of extraordinary importance, and both countries have much to gain from interactions with each other. Speech   12/18/06

  • Cost of Funds Reports Released

    OTS has released the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; Current   12/18/06

  • November Industrial Production Report Issued

    The FRB has issued the November 2006 G.17 Industrial Production and Capacity Utilization report. G.17   12/18/06

  • Fedwire Funds Transfer System Assessment Published

    The FRB has published the results of an assessment of the Fedwire Funds Transfer System for compliance with the Core Principles for Systemically Important Payment Systems. Assessment   12/18/06

  • Business Lending Survey Results Released

    The FRB has released the results of the most recent E.2 Survey of Terms of business Lending. The data is collected during the middle month of each quarter and is released in the middle of the succeeding month. E.2   12/18/06

  • FRB Data Download Available

    The FEB has posted on its Web site links to download data related to selected Federal Reserve Board statistical releases. Downloads   12/18/06

  • Third Quarter Bank Trading Revenues Announced

    The OCC issued the Quarterly Report on Bank Derivatives Activities that indicates that insured U.S. commercial banks generated revenues of $4.5 billion from trading cash instruments and derivative products in the third quarter of 2006. Summary; Full Report   12/18/06

  • Failure to Implement BSA Plan Results In $2 Million CMP

    FinCEN has imposed a $2 Million CMP against The Foster Bank, Chicago, Illinois, for failure to implement an adequate BSA compliance program including an AML program with adequate controls and failure to file SARs and CTRs. CMP  12/15/06

  • Impact of FAS 158 on Regulatory Capital Decision Announced

    The federal financial institution regulatory agencies have announced an interim decision that the Statement of Financial Accounting Standards No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans (FAS 158), will not affect banking organizations' regulatory capital. FAS 158; FRB PR; OCC NR; OTS NR; FDIC PR  12/15/06

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced new FedReceipt routing numbers. Routing Numbers  12/15/06

  • New HUD Settlement Statements Available Online

    HUD has posted new HUD-1 and HUD 1-A settlement statements on its Web site. The new statements reflect the new OMB expiration date of November 30, 2009. HUD-1; HUD 1-A  12/15/06

  • Structure and Share Data Report Released

    The FRB has released the September 2006 Structure and Share Data Report for U.S. Offices of foreign banks. Report  12/15/06

  • OCC Annual Report Released

    The OCC has released the agency's Fiscal Year 2006 Annual Report. Annual Report  12/15/06

  • Counterfeit Cashier's Checks Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of City National Bank of New Jersey, Newark, New Jersey, and First National Bank of Shelby, Shelby, North Carolina. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   12/14/06

  • New HUD Requirement Imposes SCRA Default Notification

    HUD has issued a Mortgage Letter regarding obligations under the provisions of the Servicemembers Civil Relief Act (SCRA) and a new legal requirement to notify homeowners in default of the mortgage and foreclosure rights of servicemembers and their dependents. All homeowners who are in default on a residential mortgage must be sent within 45 days from the date a missed payment was due, a notice that includes the toll-free military one-source number to call for assistance.
    HUD Letter   12/14/06

  • Agencies Issue ALLL Guidance

    A new interagency policy statement on the Allowance for Loan and Lease Losses (ALLL) and supplemental Frequently Asked Questions (FAQs) has been announced by the federal financial regulatory agencies. The new statement updates the 1993 policy statement to ensure consistency with GAAP and more recent guidance.
    Statement;    
    FAQs;    
    FRB SR Letter;    
    OCC Bulletin;    
    FDIC FIL;    
    OTS CEO Letter;    
    NCUA PR   12/14/06

  • Enforcement Actions Announced

    The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks.
    Enforcement Actions   12/14/06

  • Legal Opinion Issued Regarding Securities Clearing Activities and Paying Interest on Free Credit Balances

    The OTS has issued a legal opinion regarding the permissibility of certain securities clearing activities and the payment by an operating subsidiary of interest on customers' free credit balances.
    Legal Opinion   12/14/06

  • Prohibition Order Issued

    NCUA has issued an order prohibiting Crystal Bottomley, a former employee of NATCO Credit Union, Richmond, Indiana, from participating in the affairs of any federally insured financial institution.
    Order   12/14/06

  • Names Removed From OFAC List

    Three names with the WMD designation have been removed from the SDN list by OFAC. Information regarding the entities removed has been posted on the BOL OFAC page.  12/13/06

  • CIP Programs and Banks As Insurance Agents Guidance Published

    FinCEN has published a Guidance in the frequently asked question (FAQ) format concerning CIP programs and banks serving as insurance agents. Guidance  12/13/06

  • Lending Concentration Guidance FIL Issued

    The FDIC has issued a FIL regarding the previously announced interagency Guidance concerning concentrations in commercial real estate lending. Information regarding the Guidance was posted in the December 7, 2006, BOL Top Stories. FIL  12/13/06

  • FDIC proposes rulemaking for Large Bank Deposit Insurance Determination Modernization

    The FDIC is seeking comment on whether and how the largest insured depository institutions should be
    required to modify their deposit account systems to speed depositor access to funds in the event of a failure. In December 2005 the FDIC issued a prior advance notice of proposed rulemaking on this subject (2005 ANPR).1 This ANPR is a follow-up to that issuance. TXT, PDF .  12/13/06

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee (FOMC) has decided to keep its target for the federal funds rate at 5-1/4 percent. FOMC  12/13/06

  • Preliminary Third Quarter Interest Rate Measures Published

    OTS has published the preliminary Interest Rate Measures for the Third Quarter 2006. Preliminary   12/13/06

  • FEDS Working Papers Published

    Two working papers in the FEDS series have been published by the FRB on the following topics: Shifting Trends in Semiconductor Prices and the Pace of Technological Progress and A Quantitative Comparison of Sticky-Price and Sticky-Information Models of Price Setting. Shifting Abstract; Shifting Full Paper; Quantitative Abstract; Quantitative Full Paper   12/12/06

  • Annual Revision Of Industrial Production Report Issued

    The FRB has issued the Annual 2006 historical and annual revision of the G.17 Industrial Production and Capacity Utilization report. G.17   12/12/06

  • October Finance Companies Reports Released

    The October 2006 G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit report has been released by the FRB. G.20   12/12/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition data current as of November 8, 2006. Reserve Position   12/12/06

  • Defense Secretary Asks for Comments on Lending Regulations

    The Department of Defense has published a notice in the Federal Register asking for public comment in advance of issuing proposed regulations implementing § 670 of Public Law 109-364, the John Warner National Defense Authorization Act for Fiscal Year 2007. That section of the law creates new limits on the terms of consumer credit extended to members of the armed forces and their dependents. The Secretary of Defense is charged with issuing regulations to be effective by October 1, 2007. The Department "views this requirement as an opportunity to ensure the protections included in the statute do not create unintended limitations on Service members and their families obtaining favorable credit products." TXT, PDF. BankersOnline featured Andy Zavoina's analysis of the new law in its January 7, 2007, Executive Briefing.   12/11/06

  • 2007 CRA/HMDA Entry Data Available

    The free FFIEC CRA and HMDA Data Entry Software, version 3.30 for CY 2007 data due March 1, 2008, is only available by download from the FFIEC web site. Download   12/11/06

  • CMP Issued Against Grant Thornton

    A $300,000 civil money penalty and a cease and desist order has been issued by the OCC against Grant Thornton LLP for reckless conduct in performing an audit of First National Bank of Keystone. In a written decision, Comptroller Dugan noted that Grant Thornton ignored "unequivocal, written evidence" that nearly 25 percent of the bank's assets could not be accounted for. Decision; Appendix to Decision; Order    12/11/06

  • Supplement To FRB Bulletin Issued

    The FRB has issued a statistical supplement to the Federal Reserve Bulletin. Index Full Supplement   12/11/06

  • OTS Adjusts Fees

    The Thrift Bulletin announcing the semi-annual adjustment of fees for inflation and loans serviced for others has been issued by OTS. Bulletin  12/11/06

  • FRB publishes Interim Rule for Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks

    The FRB published an interim rule in the Federal Register for Reg O, adopting, on an interim basis, and soliciting comment on amendments to the Board's Regulation O to eliminate certain
    reporting requirements. TXT, PDF .  12/11/06

  • Terrorist Facilitators Added To OFAC List

    Treasury has designated five individuals as SDGTs and added their names to the SDN List for providing financial support to al Qaida and other terrorist organizations, as well as facilitating terrorist activity. Information regarding the new entries has been posted on the BOL OFAC page.    12/08/06

  • BSA Advisory Group Application

    The FFIEC is soliciting applicants for membership in its Bank Secrecy Act Advisory Group.
    Application Information    12/08/06

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet with the addition of data current as of December 5, 2006.
    Fact Sheet    12/08/06

  • Consumer Credit Report Issued

    The FRB has issued the October 2006 G.19 Consumer Credit Report which indicates that consumer credit decreased at an annual rate of 1/2 percent in October, following an upward-revised increase of 5-3/4 percent in the third quarter.
    G.19    12/08/06

  • Fictitious Email Warning

    The OCC has issued a warning regarding fictitious emails that are circulating worldwide claiming to be authored by the agency and fraudulently encouraging recipients to reply to receive funds owed by the OCC and other agencies.
    Warning    12/08/06

  • Flow Of Funds Report Released

    The Z.1 Flow of Funds Accounts of the United States Report for December 7, 2006 has been released by the FRB.
    Z.1    12/08/06

  • Counterfeit Checks Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit official, cashier's and treasurer's account checks bearing the name of the following institutions:

    • Astoria Federal Savings, Lake Success, New York
    • Beneficial Mutual Savings Bank (also known as Beneficial Savings Bank), Philadelphia, Pennsylvania
    • Bay State Savings Bank, Worcester, Massachusetts
    • Bank of Ripley, Ripley, Tennessee

    Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/07/06

  • Comment Sought On Elimination Of Certain Reg O Reporting Requirements

    The FRB is seeking comments on a proposed interim rule that would eliminate several Reg O reporting and disclosure requirements relating to insider lending by insured depository institutions. The interim rule does not alter the substantive restrictions on loans by insured depository institutions to their insiders or to insiders of their correspondent banks. Interim Rule   12/07/06

  • Hizballah Fundraisers Added To OFAC List

    Treasury has designated as SDGTs and added to the SDN List the names of nine individuals and two entities located in the Tri-Border Area (TBA) of Argentina, Brazil, and Paraguay that have provided financial and logistical support to the Hizballah terrorist organization. Information regarding the additions has been posted on the BOL OFAC page.   12/07/06

  • Commercial Real Estate Lending Concentration Guidance Issued

    A Guidance has been issued by the federal banking agencies regarding sound risk management practices for concentrations in commercial real estate lending. The guidance is intended to help ensure that institutions pursuing a significant commercial real estate lending strategy remain healthy and profitable while continuing to serve the credit needs of their communities. Guidance; FRB PR; OCC Bulletin; FDIC PR   12/07/06

  • CRA Ratings Released

    The FDIC has released the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). CRA   12/07/06

  • Unauthorized Banking Special Alert

    The FDIC has issued a Special Alert regarding CanadaBank, a Canadian entity, that may be conducting unauthorized banking activities in the U.S. and Canada. Special Alert   12/07/06

  • Counterfeit Checks Special Alerts Issued

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

    • North Valley Bank, Thornton, Colorado
    • First Bank of Northern Kentucky, Inc., Fort Mitchell, Kentucky
    • Jefferson Bank and Trust, Eureka, Missouri

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/06/06

  • $1 Million Settlement For Deceptive Debt Collection Practices

    The FTC has announced that Capital Acquisitions and Management Corp. and affiliated companies will pay $1 million to settle charges that their debt collection practices violated federal law. Settlement   12/06/06

  • FTC Issues FACT Act Report

    The FTC has issued a report to Congress as required by the FACT Act regarding the accuracy and completeness of information in consumers' credit reports and to consider methods for improving the accuracy and completeness of such information. Report    12/06/06

  • MSB Renewal Registration Notice

    The FinCEN has issued a guidance to certain MSBs that the registration renewal deadline in December 31, 2006. Guidance   12/06/06

  • Commercial RE ML Grows

    FinCEN has released an assessment showing considerable growth in money laundering-related suspicious activity reporting associated with the commercial real estate industry. Assessment   12/06/06

  • Enforcement Decisions Released

    The FDIC has released the October 2006 report of recent enforcement decisions. Enforcement    12/06/06

  • Basel IA Rule Proposed

    The FRB has released a draft interagency notice of proposed rulemaking that would revise the existing risk-based capital framework by giving many financial institutions the option of either continuing to use the existing Basel I-based capital rule or adopting a more risk sensitive rule, known as Basel IA. Summary; Preamble; Draft Notice    12/06/06

  • Insurance Fund Third Quarter Financials Released

    The FDIC has released the Third Quarter 2006 financial report for the deposit insurance fund. Third Quarter   12/06/06

  • Insured Deposits Additional Comments Sought

    The FDIC is soliciting additional comments on proposed improvements to the process of determining the insurance status of depositors of larger institutions in the event of a failure. Comments were initially sought in December 2005 and the agency has decided that more input is desired. Comments   12/06/06

  • Assets Reports Released

    The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports fro October 2006 have been released by the FRB. Reports   12/06/06

  • FFIEC Reporting Forms Online

    The FFIEC has posted the December 2006 031 and 041 reporting forms on the agency's Web page. 031; 041   12/05/06

  • 504 CDC Teleseminar Scheduled

    The OCC will host a teleseminar from 2:00 to 3:30 p.m. (EST) on January 31, 2007 for those interested in taking advantage of the Small Business Administration 504 Certified Development Company (CDC) Loan Program. Brochure; Registration    12/05/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of data as of December 1, 2006. Reserve Position   12/05/06

  • Counterfeit Official Checks Special Alert Issued

    The FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of The Huntington National Bank, Columbus, Ohio, and the routing number assigned to Central Bank, Lebanon, Missouri. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   12/04/06

  • Proposed Rulemaking for Supplemental Standards of Ethical
    Conduct for FDIC Employees

    FCID publishes notice of of proposed rulemaking in FR that would amend existing FDIC ethics regulations
    involving extensions of credit, ownership of stock, and definitions. This proposal would implement the
    Preserving Independence of Financial Institution Examinations Act of 2003. TXT, PDF .   12/04/06

  • CRA Ratings Announced

    OTS has announced the ratings received by savings associations recently evaluated for compliance with the CRA. Ratings   12/04/06

  • CRA Exam Schedule Released

    The OCC has released the list of national banks scheduled for a CRA examination during the first quarter 2007. Schedule   12/04/06

  • CRA/HMDA Reporter Published

    The 2006 issue of the CRA/HMDA Reporter, a yearly newsletter that provides information on various topics to assist in the collection and reporting of CRA and HMDA data, has been published by the FFIEC. Reporter   12/04/06

  • OFAC CMP Announced

    OFAC has announced the issuance of new civil money penalties (CMP) for violations of various sanctions programs as of December 1, 2006. No financial institutions were listed. OFAC CMP   12/04/06

  • 2007 OCC Fees

    The OCC has issued a Bulletin regarding the agency's 2007 fee structure. Bulletin   12/04/06

  • Money Laundering Report Published

    The FATF has issued a report that examines the ways in which money can be laundered through the exploitation of new payment technologies such as: prepaid cards, Internet payment systems, mobile payments, and digital precious metals. ML Report   12/04/06

  • NCUA and NASCUS to Hold Joint Meeting

    The NCUA and the National Association of State Credit Union Supervisors (NASCUS) have announced that the agencies will hold a joint meeting March 25-27, 2007, in Salt Lake City. Joint Meeting   12/04/06

  • Foreign Exchange Rates Report Released

    The FRB has released the G.5 Foreign Exchange Rates report for November 2006. G.5   12/04/06

  • Charge-Off Report Issued

    The December 1, 2006 Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks report has been issued by the FRB. Charge-Off   12/04/06

  • FedFlash Published

    The December 1, 2006 issue of FedFlash has been published and features articles on new FedLine Customer Access Services, new FedReceipt routing numbers, special ordering procedures for the $1 Presidential coins, date for non-acceptance of contaminated coin, and changes in procedures for access solutions and FedCash Services requests. FedFlash   12/04/06

  • CRA Exam Schedule Announced

    The FDIC has announced the CRA examination schedule for the first quarter of 2007. Schedule   12/01/06

  • Deposit Insurance Assessment Final Rules Announced

    The FDIC has issued two FILs that announce Final Rules regarding amendments to Part 327 of the FDIC Rules and Regulations. The first FIL concerns assessments and the designated reserve ratio and the second FIL regards the operational processes intended to make the deposit insurance assessment system react more quickly and more accurately. Assessments and Reserve Ratio FIL; Operational Processes FIL   12/01/06

  • OCC and State Banking Department to Share Complaint Information

    The OCC and the New York State Banking Department have announced the signing of a Memorandum of Understanding (MOU) that provides a mechanism for sharing consumer complaint information between their two agencies. The agreement is patterned on a template created by the OCC and the Conference of State Bank Supervisors. Agreement    12/01/06

  • FRB Seeks Comment for proposed Rulemaking for Electronic fund transfers (Regulation E):

    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
    proposed amendments would create an exception for certain small-dollar transactions from the requirement that terminal receipts be made available to consumers at the time of the transaction. TXT, PDF .   12/01/06

  • FRB publishes Final Rule in FR for Electronic Fund Transfers

    The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the
    official staff commentary to the regulation. The final rule clarifies the requirement to obtain a consumer's authorization to initiate an electronic fund transfer to the consumer's account. TXT, PDF .   12/01/06

11/14/2006

Builder pays $650,000 CMP

The Federal Trade Commission has announced that a Pennsylvania-based home builder that offers home financing has paid $650,000 to settle charges that it deceived consumers by advertising low-cost mortgages while hiding fees and not disclosing vital information about the true cost of the mortgages. The FTC complaint alleged the operation violated the Federal Trade Commission Act; the Mortgage Acts and Practices Advertising Rule (or "MAP" Rule) and CFPB Regulation N; and the Truth in Lending Act and Regulation Z.

11/14/2006

OCC executive changes

The Office of the Comptroller of the Currency has announced the following executive changes:

  • Jennifer Kelly will succeed John Lyons as the agency's Senior Deputy Comptroller for Bank Supervision Policy and Chief National Examiner when Mr. Lyons retires August 1.
  • Toney Bland will replace Ms. Kelly as Senior Deputy Comptroller for Midsize and Community Bank Supervision.
  • Senior Deputy Comptroller for Management and Chief Financial Officer Tom Bloom will be loaned to NeighborWorks America to serve as its acting Chief Financial Officer.
  • Deputy Comptroller and Chief Accountant Kathy Murphy will serve as acting Senior Deputy Comptroller for Management and Chief Financial Officer while Mr. Bloom is at NeighborWorks.

11/14/2006

Term deposits offering

The results of the June 9th offering of fixed-rate term deposits have been announced by the Federal Reserve.

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