Skip to content

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


Top Story Compliance Related

10/14/2006

Cordray delivers report to Congress

In written testimony before the Senate Banking, Housing and Urban Affairs Committee, Director Cordray discussed CFPB's fifth Semi-Annual Report to Congress. He noted "we have been focused on making consumer financial markets work better for the American people, the honest businesses that serve them, and the economy as a whole." He also stated "we have aided in efforts to refund more than $3.8 billion to consumers who fell victim to various violations of consumer financial protection laws. We have also fined wrongdoers more than $141 million, all of which has gone into our Civil Penalty Fund and can be used to compensate wronged consumers and, to the extent compensating consumers is not practicable, to pay for consumer education and financial literacy programs."

10/14/2006

OCC proposes integration of licensing rules

The Office of the Comptroller of the Currency has published in today's Federal Register a proposed rule [79 FR 33259] that would integrate its rules relating to policies and procedures for corporate activities and transactions involving national banks and Federal savings associations, to revise some of those rules in order to eliminate unnecessary requirements consistent with safety and soundness, and to make other technical and conforming changes. The OCC also is proposing amendments to update its rules for agency organization and function. Comments are due by August 11, 2014.

10/14/2006

Proposal to revise large position reporting

The Department of the Treasury has published a notice of proposed rulemaking [79 FR 33145] in this morning's Federal Register to solicit public comment on proposed amendments to Treasury's rules for reporting large positions in certain Treasury securities, as required by the Government Securities Act (GSA). The proposed amendments are designed to improve the information available to Treasury and simplify the reporting process for many entities subject to the large position reporting rules. Comments on this proposal are due by August 9, 2014.

10/14/2006

Upgraded SDN search tool

OFAC has posted a notice that it has updated its SDN Search tool, which has been relabeled "Sanctions List Search." As the name-change suggests, the upgraded tool now allows users to search for a name on the Specially Designated Nationals (SDN) List, the Foreign Sanctions Evaders (FSE) List, or both the SDN and FSE Lists simultaneously. The tool can be found on OFAC's site at https://sdnsearch.ofac.treas.gov/. An FAQ on the operation of the tool is also available.

10/14/2006

OCC proposes integration of licensing rules

The Office of the Comptroller of the Currency has published in today's Federal Register a proposed rule [79 FR 33259] that would integrate its rules relating to policies and procedures for corporate activities and transactions involving national banks and Federal savings associations, to revise some of those rules in order to eliminate unnecessary requirements consistent with safety and soundness, and to make other technical and conforming changes. The OCC also is proposing amendments to update its rules for agency organization and function. Comments are due by August 11, 2014.

10/14/2006

Proposal to revise large position reporting

The Department of the Treasury has published a notice of proposed rulemaking [79 FR 33145] in this morning's Federal Register to solicit public comment on proposed amendments to Treasury's rules for reporting large positions in certain Treasury securities, as required by the Government Securities Act (GSA). The proposed amendments are designed to improve the information available to Treasury and simplify the reporting process for many entities subject to the large position reporting rules. Comments on this proposal are due by August 9, 2014.

10/14/2006

Upgraded SDN search tool

OFAC has posted a notice that it has updated its SDN Search tool, which has been relabeled "Sanctions List Search." As the name-change suggests, the upgraded tool now allows users to search for a name on the Specially Designated Nationals (SDN) List, the Foreign Sanctions Evaders (FSE) List, or both the SDN and FSE Lists simultaneously. The tool can be found on OFAC's site at https://sdnsearch.ofac.treas.gov/. An FAQ on the operation of the tool is also available.

09/30/2006

Top Stories for October 2006

  • DRCONGO Related Individuals Added to OFAC List

    Five individuals related to or doing business with the Democratic Republic of the Congo (DRCONGO) have been added by Treasury to the SDN list. In addition, the SDN List entries for two previously listed individuals have been changed. Information regarding the additions and changes has been posted on the BOL OFAC page.   10/31/06

  • Lending Practices Survey Results Released

    The FRB has released the results of the October 2006 Senior Officer Opinion Survey on Bank Lending Practices. Special questions were included in the survey regarding the extent to which the recent strength in commercial and industrial lending reflected a surge in loans to fund merger and acquisition activity. Summary; Full Report   10/31/06

  • Market Financing Estimates Announced

    Treasury has announced the agency's current estimates of net marketable financing for the Fourth Quarter 2006 and First Quarter 2007. Estimates   10/31/06

  • New Routing Numbers Announced

    Federal Reserve Financial Services has announced new FedReceipt routing numbers. Effective the business day of November 6, 2006, the Reserve Banks will modify the credit availability and pricing schedule on the FedReceipt routing numbers for FedForward deposits. Routing Numbers   10/30/06

  • Counterfeit Official Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit official checks issued in the name of Lafayette Bank & Trust Company, N.A. of Lafayette, Indiana. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   10/27/06

  • OCC Publishes Counterfeit Instruments and Stolen Official Documents List

    A list of all Alerts issued from 2002 to date by the OCC regarding counterfeit instruments and stolen official documents has been published. List   10/27/06

  • 2006 TFR Instruction Manual Updated

    OTS has updated the March 2006 TFR Instruction Manual with the addition of data through December 2006. Manual Updates   10/27/06

  • NCUA Publishes Interim Final Rule in FR for General Lending Maturity Limit

    NCUA is amending its rules to implement amendments to the Federal Credit Union Act (FCU Act)
    made by the Financial Services Regulatory Relief Act of 2006 (Reg Relief Act). The interim final rule revises the maturity limit in the general lending rule and permits Federal credit unions to provide certain, limited financial services to nonmembers within their fields of membership. TXT, PDF .   10/27/06

  • NCUA Publishes Rule for Filing Requirements for Suspicious Activity Reports

    NCUA publishes final rule in FR to describe in greater detail the requirements for reporting and filing a
    Suspicious Activity Report (SAR) and to address prompt notification of the board of directors of SAR filings, the confidentiality of reports, and liability protection. NCUA seeks to enhance credit union
    compliance with SAR reporting requirements by providing greater detail in its rule on the thresholds and
    procedures for filing a SAR. TXT, PDF .   10/27/06

  • North Valle Drug Cartel Entities Added to OFAC List

    Treasury has announced the addition of two North Valle drug cartel leaders along with six entities and 16 individuals that have been controlled by or worked on behalf of the leaders to the SDN list with the Specially Designated Narcotics Traffickers (SDNTs) designation. Information regarding the new additions has been posted on the BOL OFAC page.   10/26/06

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the posting online of the October 2006 issue of New Electronic Interpretations and Actions. October 2006   10/26/06

  • 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   10/26/06

  • Counterfeiting of U.S. Currency Abroad Report Issued

    Treasury, the FRB and the U.S. Secret Service have issued their third collaborative report on the use and counterfeiting of U.S. currency abroad that updates the first reports issued in 2000 and 2003. 2006 Report; 2003; 2000   10/26/06

  • Money Smart News Published

    The Fall 2006 issue of Money Smart News has been published by the FDIC. Money Smart   10/26/06

  • Summary Of Deposits Data Report Issued

    The latest issue of the FDIC FYI features highlights from the 2006 Summary of Deposits Data survey. FYI   10/26/06

  • National Housing Forum Draft Agenda Released

    OTS has released the draft agenda of its National Housing Forum to be held in Washington D.C. on December 11, 2006. Draft Agenda   10/26/06

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet with data current as of October 24, 2006. 314a   10/25/06

  • Small Business Financial Services Survey Results Released

    An article that discusses the results of the 2003 Survey of Small Business Finances regarding the financial services utilized by small business has been printed in the October 2006 issue of the FRB Bulletin. Article   10/25/06

  • September 2006 Supplement of the Federal Reserve Statistical Bulletin

    The FRB has published the September 2006 Supplement to the Federal Reserve Statistical Bulletin. Index; Supplement   10/25/06

  • VAR IFDP Published

    The FRB has published a working paper in the International Finance Discussion Papers (IFDP) series on the topic of "Assessing Structural VARs". Abstract; Full Paper   10/25/06

  • FRB Publishes Rule for Reserve Requirements of Depository Institutions

    The FRB publishes Final Rule in the FR to amend Reg D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2007. The Reg D amendment also sets the amount of net transaction accounts at each depository institution. TXT, PDF .   10/24/06

  • Enforcement Actions Released

    The FDIC has released the September 2006 list of formal enforcement actions taken against financial institutions that are regulated by the agency. Enforcement Actions   10/24/06

  • Investment Limit Increase Bulletin Issued

    The OCC has issued a Bulletin regarding an increase in the limits for public welfare investments. The Financial Services Regulatory Relief Act of 2006 raised the maximum aggregate public welfare investment limit for a national bank from 10 to 15 percent of the bank's unimpaired capital and surplus. Bulletin   10/24/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of October 20, 2006. Reserve Position Report   10/24/06

  • CRA Evaluations Released

    The OCC has released the ratings received by twenty-five national banks that were recently evaluated for compliance with CRA. Ratings   10/23/06

  • FDIC Booklets Now Available In Korean and Chinese

    The FDIC has issued a FIL that announced two deposit insurance booklets for consumers, Insuring Your Deposits and Your Insured Deposits, are now available in Korean and Chinese. In addition, other deposit insurance information resources have been updated and are now available at no cost to FDIC-insured institutions. FIL   10/23/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of October 13, 2006. Reserve Report   10/23/06

  • TIC Report Format To Be Expanded

    Treasury has announced that the November release of Treasury International Capital (TIC) reporting system data will feature an expanded table summarizing monthly data being released on the U.S. Treasury web site. Expanded TIC Format   10/23/06

  • Phishing Email Alert

    The FDIC has issued a Consumer Alert regarding reports by businesses and consumers of a phishing e-mail that has the appearance of being sent from the FDIC. The fraudulent emails are similar to those announced earlier, but this is a new variation that includes a new and more dangerous hyperlink. Phishing Email   10/20/06

  • Identity Theft Symposium Announced

    The FDIC has announced that the agenda for its next free symposium on the importance of consumer confidence in e-commerce, to be held October 25 in Miami Beach, Florida. The half-day meeting features experts from government and the private sector discussing ways to combat online identity theft and help maintain public confidence in e-commerce. Agenda; Registration Information   10/20/06

  • Four FEDS Papers Published

    The FRB has published four papers in the FEDS series on the following topics:

    • Why are Plant Deaths Countercyclical: Reallocation Timing or Fragility?,
    • What Do Financial Asset Prices Say About the Housing Market?,
    • The Relocation Decisions of Working Couples, and
    • Requirements and Prospects for a New Time to Payoff Disclosure for Open End Credit Under Truth in Lending.

    Requirements Abstract; Requirements Full Paper; Relocation Abstract; Relocation Full Paper; What Do Abstract; What Do Full Paper; Why Abstract; Why Full Paper    10/20/06

  • Assets Reports Issued

    The 3.12 U.S. Reserve Assets and 3.13 Foreign Assets Held at Federal Reserve Banks reports have been issued by the FRB. Assets Reports   10/20/06

  • Another Counterfeit Cashier's Checks Special Alert

    One more Special Alert has been issued by the FDIC, this time regarding counterfeit cashier's checks bearing the name of BNC National Bank, Phoenix, Arizona. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   10/19/06

  • 2006 HMDA Guide

    The FFIEC has posted the 2006 HMDA Guide online. The Guide is posted on the Internet only and paper copies are not available. The 2006 version is used for guidance on collecting and reporting calendar year (CY) 2006 data (due March 1, 2007). HMDA Guide   10/19/06

  • Annual Adjustments for Reserve Calculations and Deposit Reporting Announced

    The FRB has announced the issuance of a Final Rule regarding the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2007, which are used in the calculation of reserve requirements of depository institutions. Final Rule   10/19/06

  • Director's Guides Published

    OTS has published two guides for directors, The Directors' Guide to Responsibilities and The Directors' Guide to Management Reports. Responsibilities; Management Reports   10/19/06

  • Regulators Announce Nontraditional Mortgage Loans Guide For Consumers

    The federal financial institution regulatory agencies have announced the publication of a new resource, Interest-Only Mortgage Payments and Payment-Option ARMs--Are They for You?, to help consumers make more informed choices when considering nontraditional mortgage loans. The brochure features a glossary of lending terms, a mortgage shopping worksheet, and a list of additional information sources. A PDF version is provided so that financial institutions and other organizations can download and print copies for distribution to their clients and customers. Joint PR; FRB; FDIC; OCC; OTS; NCUA   10/19/06

  • Condition of Banking Industry Report Issued

    The FRB has issued its Report on the Condition of the U.S. Banking Industry for the Fourth Quarter 2005. Condition Report   10/19/06

  • Survey Indicates Easing of Underwriting Standards

    The OCC has released its twelfth annual Survey of Credit Underwriting Practices which reports that competitive pressures have led to a third consecutive year of eased commercial and retail credit underwriting standards. Survey    10/19/06

  • Discount Rate Meeting Minutes Released

    The minutes of the FRB discount rate meetings from August 21 through September 19, 2006 have been released. Minutes   10/19/06

  • Housing Summit for Hurricane Victims Announced

    The FDIC, in conjunction with NeighborWorks® America, will hold a three-day summit in New Orleans on October 23-25 to discuss housing-related challenges and opportunities faced in the Gulf Coast states affected by Hurricanes Katrina, Wilma and Rita. Registration is available via online or facsimile. Agenda; Registration   10/19/06

  • FDIC adopts Final Rule for Dividend Requirements

    The FDIC published the Final Rule in the FR to implement the dividend requirements of the Federal Deposit Insurance Reform Act of 2005 (Reform Act) and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Amendments Act) for an initial two-year period.TXT, PDF .   10/18/06

  • FDIC adopts Final Rule for One-time Assessment Credit

    The FDIC is amending its assessments regulations to implement the one-time assessment credit required by the Federal Deposit Insurance Act (FDI Act), as amended by the Federal Deposit Insurance Reform Act of 2005
    (Reform Act). The final rule covers: The aggregate amount of the one-time credit; the institutions that are eligible to receive credits; and how to determine the amount of each eligible institution's credit.TXT, PDF .   10/18/06

  • Counterfeit Cashier's Checks Special Alerts Issued

    Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the name of Artisans' Bank, Wilmington, Delaware, and California National Bank (doing business as CalNational), Los Angeles, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   10/18/06

  • Comptroller Says Mortgage Guidance Should Apply To All Mortgage Originators

    In a presentation to the annual convention of America's Community Bankers, Comptroller Dugan noted it is vital that the key principles of the federal nontraditional mortgage guidance not be watered down, that they should be applied to all mortgage originators and not create an unlevel playing field that plainly distorts competition in the nontraditional mortgage business. Speech   10/18/06

  • August TIC Data Released

    Treasury has released the Treasury International Capital (TIC) data report for August 2006. TIC   10/18/06

  • Quarterly Review of Interest Rate Risk Published

    The Second Quarter 2006 issue of the Quarterly Review of Interest Rate Risk has been published by OTS and features an article titled, "Sensitivity Rises for Fourth Consecutive Quarter". Quarterly Review    10/18/06

  • September Industrial Production and Capacity Utilization Report Issued

    The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for September 2006. G.17   10/18/06

  • Cost of Funds Reports Published

    OTS has published the Historical and Current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports. Historical; Current   10/18/06

  • G.20 Finance Companies Report Released

    The August 2006 G.20 Finance Companies Owned and Managed Receivables Auto Loans: Terms of Credit Report has been released by the FRB. G.20   10/18/06

  • Structure and Share Data Report Published

    The FRB has published the June 2006 Structure and Share Data Report for U.S. banking offices of foreign entities. Data Report   10/18/06

  • Five Special Alerts Issued

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

    • FirstBank of Parker (also known as 1STBank), Parker, Colorado,
    • American Bank, Eau Claire, Wisconsin,
    • Morton Community Bank, Morton, Illinois,
    • Archer Bank, Chicago, Illinois, and
    • The Manhattan State Bank, Manhattan, Montana

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   10/17/06

  • November 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 November 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For November, you will use the rates posted on October 13th since October 15th fell on the weekend. Weekly H.15   10/17/06

  • Executive Order Blocks Sudanese Assets

    The President has signed an Executive Order (EO) that blocks all property and interests in property of the Government of Sudan that are in or come within the U.S., or that are or come within the possession or control of U.S. persons, including their overseas branches, and prohibits U.S. persons from engaging in any transactions involving such property or interests in property. Information regarding the EO has been posted on the BOL OFAC page and the BOL OFAC Sanctions Matrix has been updated.   10/17/06

  • Enforcement Actions Released

    The OCC has released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions   10/17/06

  • Bernanke Discusses Bank Regulation And Supervision Via Satellite

    In a presentation via satellite to the attendees at the Annual Convention of the American Bankers Association, in Phoenix, Arizona, and the Annual Convention of America's Community Bankers, in San Diego, California, FRB Chairman Bernanke noted that good regulatory and supervisory policies should implement congressional intent in ways that maximize social benefits and minimize social costs. Speech   10/17/06

  • 2006 Holiday Currency Now Available

    FRB Financial Services has announced that during the two-week period beginning Monday, November 6, 2006 (first available shipping date) and ending Friday, November 17, 2006 (last available shipping date), Federal Reserve Cash offices will fulfill customers' requests for new currency for the holidays. Holiday Cash   10/17/06

  • Comptroller Issues Credit Risk and Loan Loss Warnings

    Comptroller Dugan, in a presentation before the Annual Convention of the American Bankers Association, in Phoenix, Arizona, cautioned bankers against easing underwriting practices and inappropriately lowering loan loss reserves. He noted, "We don't want to see lending decisions bankers make today result in excessive foreclosures and reduced affordable credit tomorrow." Speech    10/17/06

  • FDIC Chairman Blair Seeks Feedback

    In a presentation to the Annual Convention of the American Bankers Association, in Phoenix, Arizona, FDIC Chairman Blair stressed the importance of receiving feedback from the financial community regarding the issues of deposit insurance implementation, capital reform and economic inclusion. She observed that deposit insurance reform would not have been enacted without the kind of open dialogue that the FDIC has had with the industry and the trade associations. Speech   10/17/06

  • Counterfeit Official Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit official checks drawn on Alliance Bank, N.A., Syracuse, New York. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   10/16/06

  • FDIC Proposes Rulemaking for Initial Regulatory Flexibility Analysis for Assessements

    On July 24, 2006, FDIC issued a notice of proposed rulemaking to better price deposit insurance for risk as
    required by the Federal Deposit Insurance Act, as amended by the Federal Deposit Insurance Reform Act. The FDIC is supplementing that notice of proposed rulemaking with an initial regulatory flexibility analysis
    to aid the public in commenting upon the small business impact of its proposed rule.TXT, PDF .   10/16/06

  • October Issue Of FedFlash Published

    The October 15, 2006 issue of FedFlash has been published by Federal Reserve Financial Services and contains articles on the following topics: Consolidation of ACH claims functions, new currency available for 2006 holiday season, changes to the FedPayments Manager application, new George Washington $1 coin to be released, and additional FedReceipt routing numbers to be released. FedFlash   10/16/06

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Grundy National Bank, Grundy Center, Iowa. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  10/13/06

  • FRB Announces CMP Against Former Kansas Banker

    The FRB has announced the issuance of a consent Order of Assessment of Civil Money Penalty in the amount of $5,000 against John Price, a former Senior Vice-President of the former Gold Bank, Leawood, Kansas, based on his alleged unsafe and unsound practices in connection with the record-keeping at the bank. CMP  10/13/06

  • FDIC Revises Retirement Account Bulletin

    A previously issued bulletin entitled "What You Should Know About Higher FDIC Coverage for Retirement Accounts" has been revised by the FDIC. Retirement Account Bulletin  10/13/06

  • Regulators Discuss Assistance To Minority-Owned Institutions

    In presentations to the annual convention of the National Bankers Association, Comptroller Dugan and OTS Director Reich each discussed the activities and programs that their respective agencies have initiated to assist minority-owned institutions. Dugan Speech; Reich Speech  10/13/06

  • New Issue of Beige Book Published

    The FRB has published a new issue of the Beige Book that contains data current as of October 2, 2006. Beige Book Summary; Beige Book Full Report  10/13/06

  • Ombudsman Report to the Industry Posted

    The FDIC has announced that the October 11, 2006 issue of Ombudsman Report to the Industry, a periodic on-line publication that summarizes some of the comments the agency has received through its outreach efforts, is now available on its Web site. Ombudsman Report  10/13/06

  • Large Commercial Bank Ranking Report Released

    The June 30, 2006 Large Commercial Bank Ranking Report that lists the banks with consolidated assets of $300 Million or more by asset size has been released by the FRB. Ranking Report  10/13/06

  • Minority-Owned Bank Report Issued

     
    The FRB has issued a report as of June 30, 2006, which lists minority-owned banks sorted by state. Minority-Owned Banks  10/13/06

  • Household Debt Service and Financial Obligations Ratios Report Update

    The FRB has released the Household Debt Service and Financial Obligations Ratios report that has been updated with data for the second quarter 2006. Ratios Report  10/13/06

  • Prohibition Orders Issued

    NCUA has announced the issuance of orders prohibiting Michael G. Hannagan, former manager of Seaport Federal Credit Union, Elizabeth, New Jersey, and Kari L. Kuechenmeister, former manager of Headwaters Federal Credit Union, Bemidji, Minnesota, from participating in the affairs of any federally insured financial institution. Hannagan Order; Kuechnmeister Order  10/12/06

  • FOMC Meeting Minutes Released

    The FRB and the Federal Open Market Committee (FOMC) have released the minutes of the Committee meeting held on September 20, 2006. Minutes  10/12/06

  • Nontraditional Mortgage Product Risks SR Letter Issued

    A Supervision and Regulation (SR) Letter regarding the recently issued Interagency Guidance on Nontraditional Mortgage Product Risks has been issued by the FRB to it's supervisory and examination staff. SR Letter  10/12/06

  • FEMA Announces Mid-Course Adjustment to Flood Hazard ID Plan

    At about the half-way point in its Multi-Year Flood Hazard Identification Plan (MFIP), the Federal Emergency Management Agency (FEMA) on October 9 announced "Version 2.0" of the MFIP, which the agency billed as a mid-course adjustment, based on congressional input, new standards, and feedback from stakeholders. Essentially, the change reflects a shift of agency priorities for the project to improve the quality of digital map quality, with a focus on areas with greatest flood risk. A notice of FEMA's announcement was posted in the October 10, 2006, Top Stories.  10/11/06

  • OFAC Releases October Civil Penalties List

    The October 2006 list of entities that have been assessed civil penalties for violations of an OFAC sanctions program has been released. No financial institutions were cited. Civil Penalties  10/11/06

  • FinCEN Director Discusses the Value of BSA Data

    In a presentation to the attendees of the American Bankers Association/American Bar Association Money Laundering Enforcement Conference, Director Werner discusses the value of the data generated by the BSA and the cost associated with the collection efforts. He noted that effective implementation of the BSA regulatory regime requires it to be based on the concept of building an effective partnership between the government and private sector and one of FinCEN's central responsibilities is to strike the right balance between the cost and benefit of this regulatory regime. The challenge before the FDIC is to examine how to more effectively tailor this regime to minimize the costs borne by financial institutions while at the same time ensuring that the agency continues receiving the information it needs to do its job. Speech  10/11/06

  • 314(a) Fact Sheet Updated

    FinCEN has updated the 314(a) Fact Sheet with data current as of October 10, 2006. 314 (a)  10/11/06

  • FDIC To Give Insured Institutions One Time Assessment Credit

    The FDIC has approved a regulation to implement a one-time credit of $4.7 billion to banks and thrifts that were in existence prior to December 31, 1996, and paid insurance assessments before that date. The credit will be used to offset future assessments charged by the FDIC. Credit  10/11/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of October 6, 2006. Reserve Position   10/11/06

  • OTS Issues Policy Statement on Minority Owned Institutions

    A Thrift Bulletin has been issued by OTS which contains a policy statement regarding minority owned institutions. Bulletin  10/11/06

  • FEMA Announces Mid-Course Adjustment

    The Federal Emergency Management Agency (FEMA) announced it was making a mid-course adjustment to its Multi-Year Flood Hazard Identification Plan (MFIP). At the same time, FEMA published its revised MFIP, dubbed "Version 2.0." Mid-course adjustment.  10/10/06


  • Counterfeit Official Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of Gorham Savings Bank, Gorham, Maine. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   10/10/06

  • Treasury Issues Economic Update

    Treasury has released its economic update and Secretary Paulsen stated, "We continue to see solid productivity growth and job growth, and continue to make progress in bringing down our fiscal deficit." Update   10/10/06

  • Consumer Credit Report Released

    The FRB has released the G.19 Consumer Credit Report for August 2006. G.19   10/10/06

  • New Orleans and Memphis Community Bank Directors Workshops Scheduled

    The OCC has announced that the agency will host two workshops for community bank directors to be held in Memphis on November 7, 2006, and New Orleans on November 14-15, 2006. Online registration is available. Memphis; New Orleans; Registration    10/10/06

  • CRA Evaluations Issued

    The FDIC has issued a list of the state nonmember banks recently evaluated for compliance with the CRA and the ratings they received. CRA    10/06/06

  • Non-Traditional Mortgage Product Guidance FILs Issued

    The FDIC has issued two FILs regarding the previously announced Interagency Non-traditional Mortgage Product Guidance, Illustrations of Consumer Information, and an addendum to the Credit Risk Management Guidance for Home Equity Lending. Notice of the Guidance, Illustrations, and Addendum was posted in the October 2, 2006, BOL Top Stories. Guidance and Addendum FIL; Illustrations FIL   10/06/06

  • Fraudulent Emails Special Alert

    A Special Alert has been issued by the FDIC regarding fraudulent emails appearing to have been sent by the agency that ask recipients to click on a hyperlink titled "Take the Corrective Action – Implement the LinkBank System". A Consumer Alert concerning similar phishing emails was previously issued by the FDIC and reported in the October 2, 2006, BOL Top Stories. Special Alert   10/06/06

  • FDIC Fall State Profiles Released

    The FDIC has released the Fall 2006 State Profiles that show strong financial performance for FDIC-insured institutions continued through mid-2006 in virtually every region of the nation. State Profiles   10/06/06

  • Non-Traditional Mortgage Product Guidance Bulletins Issued

    The OCC has issued three Bulletins regarding the previously announced Interagency Non-traditional Mortgage Product Guidance, Illustrations of Consumer Information, and an addendum to the May 2005 Interagency Credit Risk Management Guidance for Home Equity Lending. Notice of the Guidance, Illustrations, and Addendum was posted in the October 2, 2006, BOL Top Stories. Guidance Bulletin; Illustrations Bulletin; Addendum Bulletin   10/05/06

  • Mutual Funds SAR Guidance Issued

    FinCEN has issued a Guidance containing FAQs to assist mutual funds in complying with their suspicious transaction reporting requirements on transactions occurring after October 31, 2006. SAR FAQs   10/05/06

  • Baby Boomers May Break Budget

    In a presentation before the Washington Economic Club, Chairman Bernanke discussed the implications of the approaching retirement of the baby boomers and the impact on the budget and the economy. He indicated that currently there are about five working age persons for each person aged sixty-five and older. By 2030 when most of the baby boomers will have retired, the ratio will have fallen from five to about three. Bernanke noted the most dramatic effects will be seen in the Social Security and Medicare programs and that from a broad economic perspective, the question is how the burden of an aging population is to be shared between our generation and the generations that will follow us. Speech   10/05/06

  • Enforcement Actions Announced

    The FDIC released a list of eight orders of administrative enforcement actions taken against banks and individuals in August 2006. The actions included five removal and prohibition orders, one civil money penalty order, one cease and desist order, and one termination of a cease and desist order. Enforcement Actions   10/04/06

  • 2007 HMDA And CRA Edits and File Specs Online

    The FFIEC has posted the 2007 HMDA and CRA Edits and File Specs online and updated the previously posted 2006 data. HMDA Edits; HMDA File Specs; CRA Edits; CRA File Specs   10/04/06

  • Wire Transfer Study Findings Released

    The Federal Reserve Banks and The Clearing House have conducted a joint research study regarding the customer demand for wire transfers and future growth potential. The study entitled "Business to Business Wire Transfer Payments: Customer Preferences and Opportunities for Financial Institutions" offers an in-depth view of the issues facing organizations that routinely make wire transfer payments and focuses on the motivations driving payment decisions as well as potential opportunities for achieving growth in wire payments. Study   10/04/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Report with data current as of September 29, 2006.

  • $7.5 Million Settlement Reached In Money Laundering Case

    Bank of America Corporation (BAC) has agreed to pay $7.5 million to settle a case filed by the Manhattan District Attorney regarding the handling of foreign money services for Brazilian customers at a Manhattan Bank of America branch office. Over a two period, more than $3 billion originating from offshore shell companies flowed through the account in question. Settlement   10/03/06

  • CRA Ratings Announced

    OTS has announced the ratings received by savings associations that were recently evaluated for compliance with CRA regulations. CRA Ratings   10/03/06

  • Restraining Order Stops Online Check Processing Firm

    The FTC has announced that its request for a temporary restraining order has been granted by a U.S. District Court and Qchex, an internet-based check creation and delivery service has agreed to halt its activities. The FTC charged that Qchex creates and sends checks drawn on any bank account identified by a Qchex customer without verifying that the customer has authority to write checks drawn on that account. Court Order   10/03/06

  • Call Report Information Available

    The FDIC has announced that the September 30, 2006 filing information for Call Reports is now available online. Call Reports   10/03/06

  • September Foreign Exchange Rates Report Released

    The G. 5 Foreign Exchange Rates Report for September 2006 has been released by the FRB. G.5   10/03/06

  • FedLine Web Savings Bond Changes In Effect

    Effective October 1, 2006, all FedLine Web Savings Bond customer technical support has moved from the Customer Contact Centers to the Treasury Retail Securities Sites. As part of this transition, the name "FedLine Web Savings Bond" has changed to "Savings Bonds Direct" and the Internet address (URL) has changed to www.savingsbondsdirect.gov. The changes were previously announced in August 16, 2006, BOL Top Stories. Changes   10/03/06

  • Counterfeit Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Placer Sierra Bank, Auburn, California, and Bay Bank & Trust Co., Panama City, Florida, and one Special Alert regarding counterfeit teller's checks bearing the name of First Madison Bank & Trust, Colbert, Georgia. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   10/02/06

  • Non-traditional Mortgage Product Guidance Issued

    The federal financial regulators have issued an Interagency Guidance that addresses the risks posed by residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest. Two additional related documents, Proposed Illustrations of Consumer Information for Nontraditional Mortgage Products and an addendum to the May 2005 Interagency Credit Risk Management Guidance for Home Equity Lending, were also issued. Guidance; Illustrations; Addendum; FRB PR; FDIC PR; OCC NR; NCUA PR; OTS PR   10/02/06

  • Phishing E-Mail Alert Issued

    The FDIC has issued a Consumer Alert regarding phishing emails that appear to have been sent by the agency and refer to the LinkBank System. Recipients are asked for their bank's name, username, and password. Phishing Email Alert   10/02/06

  • Section 3(a)(4) Broker Exemption Extended

    The SEC has extended until January 15, 2007, the temporary exemption of banks, savings associations, and savings banks from the definition of "broker" under Section 3(a)(4) of the Securities Exchange Act of 1934. The exemption was repealed by Gramm-Leach-Bliley, but the SEC previously issued an interim rule extending the exemption until September 30. 2006. Exemption   10/02/06

  • September Financial Reporting Bulletin Published

    OTS has published the September 2006 Financial Reporting Bulletin that contains information regarding deadlines and requirements for filing reports with the agency. Reporting Bulletin   10/02/06

  • FHC List Update

    The FRB has released the list of bank holding companies that have elected as of September 29, 2006, to be treated as a financial holding company (FHC). FHC List   10/02/06

  • Wire Transfer Roundtable Comments Released

    A summary of the comments made at a roundtable discussion with the payments industry and relevant payments system participants on the role of wire transfers in making low-value payments and barriers to innovation has been released by the FRB. Roundtable Comments   10/02/06

  • Operation Circular 10 Changes Made

    An errata disclosure has been made by FRB Financial Services to correct typos in the previously announced changes to Operating Circular 10. Errata; Operating Circular 10   10/02/06

  • October Issued FedFlash Published

    FRB Financial Services has published the October 1, 2006 issue of FedFlash. Featured articles include eLearning tools available online; contaminated coin no longer accepted; holiday currency request schedule; and additional FedReceipt routing numbers. FedFlash   10/02/06

  • Country Exposure Reports Online

    The FFIEC has posted on its Web site the March 31, 2006, and the June 30, 2006, E16 Country Exposure Statistical Release and the Country Exposure Information Report for March 31, 2006, and the June 30, 2006. March E16; March Report; June E16; June Report   10/02/06

09/14/2006

Board appoints new Consumer and Community Affairs head

The Federal Reserve Board has announced its appointment of Eric S. Belsky as its Director of Consumer and Community Affairs. Dr. Belsky, who is expected to assume the directorship in August, currently serves as Managing Director of the Joint Center for Housing Studies of Harvard University and is Lecturer in Urban Planning and Design at the Harvard Graduate School of Design.

09/14/2006

FEMA to suspend three more communities

The Federal Emergency Management Agency has published a notice [79 FR 32876] in today's Federal Register to identify three communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on June 16, 2014, because of noncompliance with the floodplain management requirements of the program. The communities to be suspended are:

  • the City of Maricopa, Pinal County, Arizona (community 040052)
  • the City of Knox, Starke County, Indiana (community 180242)
  • Unincorporated areas of Starke County, Indiana (community 180240)

Pages

Training View All

Penalties View All

Search Top Stories