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


Top Story Compliance Related

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)

08/31/2006

Top Stories for September 2006

  • Drug Traffickers And Narco-Terrorists Added To OFAC List

    Treasury has announced the identification of five companies and six individuals that have acted as fronts for the Arellano Felix Drug Kingpin Organization in addition to the designation of nine leaders and key figures of a Colombian narco-terrorist organization as SDNTKs. The individuals and entities have been added to the SDN List and their information has been posted on the BOL OFAC page.   9/29/06

  • ID Theft Symposia Announced

    The FDIC has announced that it will hold its next symposia on the importance of consumer confidence in e-commerce on October 5, 2006 in Mesa, Arizona, and on October 25, 2006 in Miami Beach, Florida. Registration Information   9/29/06

  • 314a Fact Sheet Update

    The FDIC has updated the 314a fact Sheet with data current as of September 26, 2006. 314a   9/29/06

  • Receivables Report Issued

    The G.20 Owned and Managed Receivable Outstanding and Auto Loans Terms of Credit Report for July 2006 has been issued by the FRB. G.20   9/29/06

  • Quarterly Derivatives Report Released

    The OCC has released the Quarterly Derivatives Report that indicates insured commercial banks earned $4.7 billion from trading cash instruments and derivative products in the second quarter 2006. Derivatives Report   9/29/06

  • House Subcommittee Questions OCC Interpretative Letters

    In response to an invitation from the House Subcommittee on Government Management, Finance, and Accountability of the House Committee on Government Reform, OCC First Senior Deputy Controller and Chief Counsel Williams discussed three interpretative letters issued by the OCC in December 2005. Two of the letters related to the utilization of bank owned property and the third concerned a bank's financing of an energy project. Williams noted that the scope and application of all three letters was limited in scope and within the framework of existing precedent for activities of national banks. Oral Statement; Written Statement   9/28/06

  • OTS CRA Regulations To Change

    OTS has announced that it plans to issue a NPR to amend its CRA regulations to bring them alignment with those of the other federal banking regulators. CRA Regulations    9/28/06

  • Counterfeit Items Alerts Issued

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

    • Delaware National Bank, Georgetown, Delaware (Counterfeit Cashier's Checks),
    • ViewPoint Bank, Plano, Texas (Counterfeit Cashier's Checks),
    • St. Mary's Bank, Manchester, New Hampshire (Counterfeit Treasurer's Checks),
    • Androscoggin Savings Bank, Lewiston, Maine (Counterfeit Cashier's Checks),
    • The Provident Bank, Amesbury, Massachusetts (Counterfeit Treasurer's Checks),
    • RBC Centura Bank, Rocky Mount, North Carolina (Counterfeit Official and Cashier's Checks), and
    • First Hawaiian Bank, Honolulu, Hawaii (Counterfeit Cashier's Checks).

    In addition, the OCC has issued an Alert regarding counterfeit money orders issued in the name of:

    • American State Bank & Trust Company, N.A., Great Bend, Kansas.

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    9/27/06

  • Prohibition Orders Issued

    NCUA has issued orders prohibiting Lisa Sudo, former head teller of the UFCW Federal Credit Union, Wyoming, Pennsylvania, and Sarah Marie Shelton, former accounting clerk with Peoples Advantage Federal Credit Union, Chester, Virginia, from participating in the affairs of any federally insured financial institution. Orders    9/27/06

  • Regulators Discusses Basel II With Senate

    In testimony before the Senate Committee on Banking, Housing and Urban Affairs, OCC Comptroller Dugan, OTS Director Reich, and FDIC Chairman Blair discussed the provisions of Basel II. Dugan Oral Statement; Dugan Testimony; Reich Testimony; Blair Testimony    9/27/06

  • OCC Seeks Basel II And Market Risk Comments

    The OCC has issued a Bulletin that summarizes two Notices of Proposed Rulemaking (NPR) concerning the Basel II provisions which would implement new risk-based capital requirements for large or internationally active U.S. banking organizations and the proposes changes to the current risk-based capital charge for market risk. Bulletin    9/27/06

  • New Electronic Interpretations And Actions Announced

    The OCC has announced the publication of the September 2006 New Electronic Interpretations and Actions. Interpretations   9/27/06

  • Regulators Release Shared National Credit Review Report

    The federal bank and thrift regulators have released the Shared National Credit (SNC) review report for the second quarter 2006. The information released reflects good credit quality performance, a large increase in credit commitment volume, and a small rise in riskier deals. FRB PR; OCC NR; OTS PR; FDIC PR   9/26/06

  • OCC To Host Bank Directors In Orlando

    The OCC has announced that the agency will host a workshop for national community bank directors at the Peabody Hotel, Orlando, Florida, on October 24, 2006. The workshop will cover compliance risk in addition to providing practical information to expand bank directors' skills and understanding of issues facing their banks. The session is limited to the first 50 registrants and is geared primarily to outside directors of national community banks with assets of less than $1 billion. Information; Registration Form   9/26/06

  • NCUA publishes Final Rule for Share Insurance in FR

    The final rule: defines the "standard maximum share insurance amount" as $100,000 and provides that beginning in 2010, and in each 5-year period thereafter, NCUA and the FDIC will jointly consider if an
    inflation adjustment is appropriate to increase that amount; increases the share insurance limit for certain retirement accounts from $100,000 to $250,000, and provides pass-through coverage to each participant of an employee benefit plan. TXT, PDF .   9/26/06

  • Reserve Position Update

    Treasury has issued the U.S. International Reserve Position Report for September 22, 2006. Reserve Position   9/26/06

  • FinCEN Answers MSB BSA Questions

    FinCEN has issued a Guidance containing answers to frequently asked questions (FAQs) regarding conducting independent reviews of money services business anti-money laundering programs. Guidance    9/25/06

  • Third Quarter Call Report Information Released

    The FDIC has issued a FIL containing information, instructions, and forms regarding the Third Quarter Call Report. Institutions are urged to submission of their Call Report data to the FDIC Central Data Repository (CDR) as early as possible. FIL; CDR; Forms   9/25/06

  • White Paper Examines Loan Default Estimations

    The OCC has published a white paper that examines the problem in estimating the default probability for low-default portfolios. Abstract; Full Paper   9/25/06

  • Reich Discusses Mortgage Fraud

    In a presentation before a joint conference of the Ohio Bankers League and the Illinois League of Financial Institutions, OTS Director Reich discussed the proliferation of fraudulent activity in the mortgage industry attendant to the mortgage boom, and the ways in which bankers and regulators can identify and fight mortgage fraud. He urged the attendees to familiarize themselves with all of the aspects of mortgage fraud; to understand the red flags; to be vigilant with third parties involved in the lending process; and to develop systems and controls that aid in the detection and prevention of mortgage fraud. Speech   9/25/06

  • Proposed Rulemaking for Risk-Based Capital Standards: Advanced Capital Adequacy Framework

    The joint agencies (OCC, FRB, FDIC, OTS) are proposing a new risk-based capital adequacy framework. The proposed rule describes the qualifying criteria for banks required or seeking to operate under the proposed framework and the applicable risk-based capital requirements for banks that operate under the framework. TXT, PDF .   9/25/06

  • Announcement of Proposed Rulemaking for Risk-Based Capital Standards: Market Risk

    The joint agencies (OCC, FRB, FDIC, OTS) are proposing revisions to the market risk capital rule to enhance its risk sensitivity and introduce requirements for public disclosure of certain qualitative and quantitative information about the market risk of a bank or bank holding company.TXT, PDF .   9/25/06

  • Second Quarter Interest Rate Exposure Report Issued

    OTS has issued the Aggregate Interest Rate Exposure and CMR Report for the Second Quarter 2006. Exposure Report   9/25/06

  • Counterfeit Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit checks bearing the name of:

    • Bank Fund Staff Federal Credit Union, Washington, D.C., and the routing number assigned to Southern Bank and Trust Company, Mount Olive, North Carolina;
    • Horizon Bank, Bellingham, Washington
    • Hillcrest Bank, Overland Park, Kansas

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    9/22/06

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced effective October 2, 2006, the conversion of additional routing numbers to the FedReceipt forward collection and return item products. Routing Numbers   9/22/06

  • TFR Instruction Manual Updated

    OTS has published the March 2006 Thrift Instruction Manual with updates through September 2006 and December 2006. September Update; December Update   9/22/06

  • Exchange Rate Working Paper Published

    A working papers in the IFDP series on the topic of Does The Time Inconsistency Problem Make Flexible Exchange Rates Look Worse Than You Think? has been published by the FRB. Abstract; Full Paper   9/22/06

  • CRA Ratings Released

    The OCC has released the ratings received by 29 national banks recently examined for compliance with the CRA. CRA Ratings    9/21/06

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee (FOMC) has announced its decision to keep the target for the federal funds rate at 5-1/4 percent. FOMC Statement   9/21/06

  • Operating Circular 10 To Be Revised

    FRB Financial Services has issued a notice that Operating Circular 10 will be revised by the Federal Reserve Banks effective October 15, 2006. Operating Circular 10 regards the obtaining advances from, incurring obligations to, or pledging collateral to a Federal Reserve Bank. Notice; Operating Circular 10   9/21/06

  • FR Announces Holiday Currency Ordering Schedule

    The Federal Reserve cash offices will fill holiday currency special requests during a standard two-week timeframe from November 6-17, 2006. Ordering Schedule   9/21/06

  • Counterfeit Checks Special Alerts Issued

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

    • Sterling Savings Bank, Spokane, Washington - Counterfeit Official Checks
    • Brentwood Bank, Bethel Park, Pennsylvania - Counterfeit Cashier's Checks
    • Lafayette Savings Bank, FSB, Lafayette, Indiana - Counterfeit Cashier's Checks
    • Rabobank, N.A., El Centro, California - Counterfeit Cashier's Checks
    • Nara Bank, Los Angeles, - California Counterfeit Official Checks

    Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   9/20/06

  • ID Theft Task Force Recommendations Announced

    The Identity Theft Task Force has issued an interim report containing recommendations that can be implemented immediately. The Task Force, comprised of 17 federal agencies and departments, was established by Executive Order and will deliver its final report to the President in November 2006. The recommendations include the development of a "universal police report" that an ID theft victim can complete online; requiring that defendants pay ID theft victims for the value of their lost time trying to repair their credit; reduce the access to SS numbers; and the development of "alternate" ways to verify identity. Recommendations; ID Theft Fact Sheet   9/20/06

  • Flow Of Funds Report Released

    The FRB has released the Z.1 Flow of Funds Report for September 19, 2006. Z.1   9/20/06

  • Counterfeit Cashier's Checks Alert

    An Alert has been issued by the OCC regarding counterfeit cashier's checks issued in the name of Delaware National Bank, Georgetown, Delaware. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   9/19/06

  • Special Alerts Issued

    Two Special Alerts have been issued by the FDIC regarding cashier's checks drawn on Cornerstone Community Bank, Grafton, Wisconsin that are missing, lost, or stolen; and counterfeit money orders bearing the name of The New Washington State Bank, New Washington, Indiana. Information concerning the missing cashier's checks and the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.   9/19/06

  • Unauthorized Banking Alert

    The FDIC has issued a Special Alert regarding five Canadian entities that may be conducting unauthorized banking activities in the U.S. and Canada. Unauthorized Banking    9/19/06

  • October HOEPA Reference 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 October 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that 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. H.15   9/19/06

  • Access Across America Agenda Available

    NCUA had posted the agenda and registration information for its Access Across America Economic Empowerment Summit to be held in Norfolk, Virginia on Tuesday, October 3, 2006. The one-day summit is free of charge and will include presentations from the various federal agencies and non-profit organizations. Agenda; Registration   9/19/06

  • Counterfeit Checks Alerts

    The OCC has issued an Alert regarding counterfeit Cashier's Checks issued in the name of TexStar Bank, Midland, Texas, a division of First National Bank of Monahans, Monahans, Texas. The FDIC has issued one Special Alert concerning counterfeit official checks bearing the name of NewMil Bank, New Milford, Connecticut; and two Special Alerts regarding counterfeit cashier's checks bearing the name of Ozark Mountain Bank, Branson, Missouri; and Macatawa Bank, Holland, Michigan. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   9/18/06

  • Unauthorized Financial Activities Special Alert

    The FDIC has issued a Special Alert regarding entities that are listing a Cayman Island address but are not authorized to conduct financial activities by the Cayman Islands Monetary Authority. Special Alert   9/18/06

  • Fourth Quarter CRA Exam Schedule Announced

    OTS has announced a list of 52 savings associations that are scheduled for CRA examinations during the fourth quarter of 2006. CRA Exam Schedule   9/18/06

  • September Issue FedFlash Published

    The FRB has published the September 15, 2006 issue of FedFlash that features articles on revisions to Operating Circular 10, the new Courtesy Delivery Service, a customer video on the FedACH Risk Web Resource Center, and the Check 21 Electronic Fine Sort deposit service. FedFlash PDF; FedFlash HTML   9/18/06

  • 2006 Annual Thrift Satisfaction Survey Results

    A CEO Letter has been issued by OTS that contains the results of the 2006 Annual Thrift Satisfaction Survey. CEO Letter    9/18/06

  • Industrial Production Report Released

    The G.17 Industrial Production and Capacity Utilization Report for August 2006 has been released by the FRB. G.17    9/18/06

  • 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    9/15/06

  • Regulators Testify On Basel II

    In testimony before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, OCC Comptroller Dugan, OTS Director Reich, and FDIC Chairman Blair all commented on the Basel II Capital Framework and the recently proposed Commercial Real Estate Guidance. Dugan Testimony; Reich Testimony; Blair Testimony   9/15/06

  • Fraudulent Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding fraudulent cashier's checks bearing the name of Prosperity Bank, St. Augustine, Florida. Information concerning the fraudulent cashier's checks has been posted on the BOL Alerts & Counterfeits page.   9/14/06

  • OCC Updates Depository Services Handbook

    The OCC has updated the Depository Services Comptroller's Handbook. The revised booklet covers reserve requirements, changes to regulations, electronic fund transfers, expedited funds availability, and truth in savings. Handbook   9/14/06

  • Fraudulent E-Mail Alerts

    A Special Alert has been issued by the FDIC regarding e-mails that appear to be sent from the FDIC which ask recipients to install unknown software on personal computers. The subject line of the e-mail includes the phrase “Urgent Notification - Security Reminder.” A separate Consumer Alert has also been issued by the FDIC regarding another fraudulent e-mail that touts something called the SON - Secure Online Network. Urgent Notification; SON   9/14/06

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet to include data current as of September 12, 2006. Fact Sheet   9/14/06

  • FinCEN Director Testifies

    Director Werner appeared before the Senate Banking committee and discussed FinCEN's ongoing initiatives and efforts to combat money laundering and terrorist financing in the post 9/11 world. He noted FinCEN's goal is to increase the transparency of the U.S. financial system so that money laundering, terrorist financing and other economic crime can be deterred, detected, investigated, prosecuted – and, ultimately, prevented.
    Testimony   9/14/06

  • First Quarter 2006 Quarterly Journal Published

    The OCC has published the First Quarter 2006 issue of the Quarterly Journal that includes reports of condition and performance of banks, new tables on bank performance by OCC district, and other policy and data. Quarterly Journal   9/13/06

  • FDIC finalizes Rule for Deposit Insurance Regulations; Inflation Index; Certain Retirement
    Employee Benefit Plan Accounts

    The FDIC published a final rule in the Federal Register today that finalizes its interim rule, with changes, that amended regulations to implement deposit insurance revisions made by the Federal Deposit Insurance Reform Act of 2005 and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005. TXT, PDF .   9/12/06

  • Phishing E-Mail Consumer Alert Issued

    The FDIC has issued a Consumer Alert regarding a phishing e-mail that appears to have been sent by the agency. Unlike the typical phishing scam that might ask the recipient to click on a hyperlink to a spoofed Web site, this e-mail asks consumers to install a malicious software program on their computers. Consumer Alert   9/12/06

  • Written Agreement With Missouri Bank Announced

    The FRB has announced the execution of a Written Agreement by and among the Exchange Bank of Missouri, Fayette, Missouri, the Missouri Division of Finance and the Federal Reserve Bank of Kansas City. Agreement   9/12/06

  • Fannie and Freddie Working Paper Published

    A working paper in the FEDS series has been published by the FRB on the topic of GSEs, Mortgage Rates, and Secondary Market Activities. The paper discusses Fannie Mae and Freddie Mac, both government-sponsored enterprises (GSEs), and their participation in the secondary mortgage market on behalf of their own investment portfolios. Abstract; Full Paper    9/12/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of September 8, 2006. Reserve Position Report   9/12/06

  • Eight Counterfeit Cashier's Checks Special Alerts Issued

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

    • Wilshire State Bank, Los Angeles, California;
    • Bank of the Ozarks, Little Rock, Arkansas;
    • Community Banking Company of Fitzgerald, Fitzgerald, Georgia;
    • American National Bank, Omaha, Nebraska;
    • Savannah Bank, N.A., Savannah, New York;
    • Pacific International Bank, Seattle, Washington;
    • Peoples Bank of Graceville, Graceville, Florida.

    A Special Alert for the following institution was issued regarding official checks:

    • Ireland Bank, Malad City, Idaho

    Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   9/11/06

  • 2005 HMDA Date Available

    The FFIEC has announced that 2005 HMDA data is available and can be ordered. 2005 HMDA Data; Order Form   9/11/06

  • $1 Million COPPA Penalty Announced

    The FTC has announced that a $1 million penalty will be paid by a social networking Web site for knowingly violating provisions of the Children Online Privacy Protections Act (COPPA). The penalty, which is double the next largest penalty, was reached in a settlement with Xanga.com, Inc., who allegedly used and disclosed personal information from children under the age of 13 without first notifying parents and obtaining their consent. Penalty   9/11/06

  • Treasury Cuts Off Iranian Bank Access To U.S. Financial System

    The Iranian Transactions Regulations (ITR) have been amended to cut off Bank Saderat, one of Iran's largest government-owned banks, from the U.S. financial system. The changes exclude Bank Saderat from the general license allowing for "U-turn" payments, which must be stopped immediately. Bank Saderat; Amended ITR   9/11/06

  • Prohibition Orders Issued

    NCUA has issued two separate Prohibition Orders which prohibit George Gracie (former financial officer of Metropolitan Credit Union, Chelsea, Massachusetts, and treasurer of the Boston Taxi Fund) and Patricia Diaab (former branch manager of Brightstar Credit Union, previously Broward Schools Credit Union, Davie, Florida) from participating in the affairs of any federally insured financial institution. Gracie Order; Diaab Order   9/11/06

  • OTS Revises CRA Q&A Guidance

    OTS has announced and published in the Federal Register a revision of its previously published Guidance containing questions and answers about CRA regulations. CRA   9/11/06

  • Customer Authentication and Internet Banking Alert Issued

    The OCC has issued an Alert regarding customer authentication and internet banking fraud. It is anticipated that there will be an increase in the number of false communications seeking customer information for the purposes of fraud and ID theft prior to the December 31, 2006, implementation date of the FFIEC guidance on Authentication in an Internet Banking Environment. Alert; FFIEC Guidance   9/11/06

  • September OFAC Civil Penalties Released

    OFAC has updated, as of September 1, 2006, the list of entities that have been assessed civil money penalties (CMP) for violations of sanctions regulations. No financial institutions were added to the list. OFAC CMP   9/11/06

  • HMDA Article Published

    The September 2006 FR Bulletin contains an article on the topic of "Higher-Priced Home Lending and the 2005 HMDA Data." Article   9/11/06

  • FHC And Consumer Credit Reports Released

    The FRB has released the September 8, 2006, report which lists the bank holding companies may elect to be financial holding companies (FHC); and the July 2006 G.19 Consumer Credit report. FHC; G.19   9/11/06

  • FDIC Redesigns Home Page

    The FDIC has redesigned it Web site Home Page. The changes include:

    • Moving the "Quick Links by User" to the left side of the page to allow users to easily find this navigation tool;
    • Moving What's New and Press Releases and adding more information to describe the links; and
    • Adding color to the Special Features, Subscription, and Feedback boxes the to make items more accessible, to promote the use of the online subscription service, and to continue to encourage user feedback.

       9/11/06

  • Hizballah Financiers Added To OFAC List

    Treasury has designated two financial companies and one individual that provide financial support to the Iran-funded Hizballah terrorist network as SDGTs and added their names to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.   9/8/06

  • FRB Discount Rate Meeting Minutes Released

    The minutes of the FRB Discount Rate meeting from July 17 through August 7, 2006, have been released online. Minutes   9/8/06

  • CRA Ratings Announced

    The FDIC has announced the ratings received by state nonmember banks and OTS has announced the ratings received by savings associations that were recently evaluated for compliance with the CRA. FDIC Ratings; OTS Ratings    9/7/06

  • Beige Book Update

    The FRB has updated the Beige Book with the addition of data as of August 28, 2006. Beige Book Summary; Beige Book Full Report   9/7/06

  • Second Quarter Interest Rate Risk Measures Report Released

    OTS has released the Interest Rate Risk Measures Report for the Second Quarter 2006. Report   9/7/06

  • Regulators Seek Basel II And Market Risk NPR Comments

    The federal bank and thrift regulatory agencies have announced that they are requesting public comment on a notice of proposed rulemaking (NPR) that would implement new risk-based capital requirements in the United States for large, internationally active banking organizations, (Basel II). In addition, comments are also sought on proposed revisions to the market risk capital rules that the OCC, FRB, and FDIC have used since 1997 for banking organizations with significant exposure to market risk. Basel II; Market Risk; Comptroller's Statement; FRB PR; OTS PR; FDIC PR   9/6/06

  • Initial Notices For FFIEC Report Forms Published

    The FFIEC has published drafts of the initial notices and the instructions for Report Forms 101 and 102. 101 Notice; 101 Bank Instructions; 101 Savings Association Instructions; 102 Notice; 102 Instructions   9/6/06

  • FR Bulletin Statistical Supplement Published

    The FRB has published the August 2006 Federal Reserve Bulletin Statistical Supplement. Supplement   9/6/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Positions Report by adding data as of September 1, 2006. Reserve Position    9/6/06

  • OFAC Publishes in FR Additional Designation of Entries

    The OFAC is publishing the names of six newly-designated persons whose property and interests in property are blocked pursuant to Executive Order 12978 of October 21, 1995, ``Blocking Assets and Prohibiting Transactions with Significant Narcotics Traffickers.'' In addition, OFAC is publishing a change to the listing of a person previously designated pursuant to Executive Order 12978. BOL OFAC Page 71FR52370 (txt) 71FR52370 (pdf)    9/5/06

  • The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Rabobank, N.A., El Centro, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    9/5/06
  • BSA Conference Call Registration Deadline

    The registration for two conference calls on the revised FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual will close on September 6, 2006.
    Registration Information    9/5/06

  • CRA Revisions Featured In OCC Newsletter

    The OCC has published the Summer 2006 issue of the Community Developments Investments newsletter which features articles discussing how banks and examiners are applying the new rules and how banks can satisfy the new CRA requirements.
    Newsletter    9/5/06

  • Fourth Quarter CRA Exam Schedule Released

    The list of national banks scheduled to be examined in the fourth quarter 2006 for compliance with the CRA has been released by the OCC. Exam Schedule    9/5/06

  • ACH Risk Management Guidance Issued

    The OCC has issued a Bulletin containing a Guidance regarding ACH Risk Management.
    Bulletin    9/5/06

  • Foreign Exchange Rates Report Issued

    The FRB has issued the August 2006 G. 5 Foreign Exchange Rates Report.
    G. 5    9/5/06

  • September FedFlash Published

    The September 1, 2006 issue of FedFlash has been published by the FRB. Featured articles include: Changes to the U.S. Treasury ACH Reclamation process; Access to DOS-based FedLine will be discontinued; FedACH® Services updated to reflect upcoming rule changes; and OPM makes change to FedACH deposit schedule.
    FedFlash    9/5/06

  • Counterfeit Cashier's Checks Alerts

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Community National Bank of Sarasota County, Venice, Florida, and the FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Capitol City Bank & Trust Company, Atlanta, Georgia. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    9/1/06

  • Fourth Quarter CRA Exam Schedule Announced

    The FDIC has announced the CRA examinations schedule for the fourth quarter 2006.
    CRA Exam    9/1/06

  • Enforcement Actions Released

    The FDIC has released the list of orders of administrative enforcement actions taken against banks and individuals in July 2006.
    Enforcement Orders    9/1/06

  • Embezzlement Results In Prohibition Order

    The FRB has announced the issuance of an Order of Prohibition against a former institution-affiliated party of Capital One Bank, Glen Allen, Virginia, based on his alleged participation in violations of law, unsafe and unsound banking practices, and breaches of fiduciary duty in connection with the embezzlement of $85,000 from the bank and falsification of bank books and records.
    Order    9/1/06

  • Bernanke Discusses The Economic Impact Of Labor Productivity

    In a presentation before a Leadership South Carolina meeting in Greenville, South Carolina, Chairman Bernanke noted that the sustained increase in the growth rate of labor productivity has been one of the most important economic developments in the United States in the past decade. He also remarked that if the recent gains in productivity growth are to be sustained, ensuring that we have a workforce that is comfortable with and adaptable to new technologies will be essential.
    Speech    9/1/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of August 25, 2006.
    Reserve Position    9/1/06

07/31/2006

Top Stories for August 2006

  • FedReceipt Routing Numbers And Immediate Availability Announced

    FRB Financial Services has announced that new routing numbers have added to the FedReceipt forward collection product, effective September 11, 2006. In addition, the Federal Reserve Banks will offer immediate availability at the 7:00 AM ET deadline on select 12th District RCPC endpoints, also effective September 11, 2006. Routing Numbers; Availability 8/31/06

  • FRB Revised Policy Governing Access to Confidential Supervisory Information

    The FRB has issued a SR Letter announcing an immediately effective interim rule to permit the hiring of certain non-citizens into positions requiring access to confidential supervisory information, subject to certain conditions. SR Letter 8/31/06

  • Counterfeit Cashier's Checks Special Alerts

    Seven Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the names of the following institutions:

    First Security Bank, Bozeman, Montana
    Washington First International Bank, Seattle, Washington
    North Canton Bank and North Oak Bank, Newton, Texas
    Northern Neck State Bank, Warsaw, Virginia
    Columbia State Bank (also known as Columbia Bank), Tacoma, Washington
    > Community National Bank of Sarasota County, Venice, Florida
    First National Bank of Midland, Midland, Texas
    Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/30/06

  • Hizballah Fundraiser and Colombian Drug Traffickers Added to OFAC List

    Treasury has announced that a key Hizballah fundraising organization has been designated a SDGT. Four individuals and two companies tied to a leader of a Colombian drug cartel have also been designated as SDNTs. All designated entities have been added to the SDN list. Information regarding the new designations has been posted on the BOL OFAC page. 8/30/06

  • FRB publishes Interim Final Rule for Reg E

    The FRB is amending 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 amendments clarify requirements for collecting certain service fees and clarify notice requirements for electronic check conversion transactions and for collecting insufficient funds fees electronically.TXT, PDF . 8/30/06

  • FRB publishes Final Rule for Reg E in Federal Register

    The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation. This final rule provides that Regulation E covers payroll card accounts that are established directly or indirectly through an employer, and to which transfers employee compensation are made on a recurring basis.TXT, PDF . 8/30/06

  • Counterfeit "Original Financial Instruments" Special Alert

    The FDIC has issued a Special Alert regarding counterfeit items referred to as "Original Financial Instruments" bearing the name The First State Bank & Trust Co., Larned, Kansas. The counterfeit items are associated with a scam involving a letter that directs the recipient to send an e-mail to a verification department at vaset@consultant.com after "depositing the cheque at your bank stating the availability of funds." Special Alert 8/30/06

  • National Banks Affected By Ernesto May Close

    The OCC has issued a proclamation allowing national bank offices affected by Tropical Storm/Hurricane Ernesto to close at their discretion. Proclamation 8/30/06

  • Comments Sought Regarding Industrial Loan Company Charters

    The FDIC has issued a FIL announcing that comments are being sought on wide-ranging issues involving industrial loan company charters. FIL 8/30/06

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet to include data as of August 29, 2006. 314(a) 8/30/06

  • Money Management For Teens

    The Summer 2006 issue of FDIC Consumer News features articles on money management of interest to teenagers. Summary; Consumer News 8/30/06

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the New Electronic Interpretations and Actions for August 2006. Electronic 8/30/06

  • Predatory Lending Practices Working Paper Published

    Foreclosures of Subprime Mortgages in Chicago: Analyzing the Role of Predatory Lending Practices, a new working published by the OCC, examines whether long prepayment penalty periods and balloon payments increase the probability of foreclosure. Abstract; Full Paper 8/30/06

  • FOMC Meeting Minutes Released

    The FRB and the Federal Open Market Committee (FOMC) have released the attached minutes of the Committee meeting held on August 8, 2006. Minutes 8/30/06

  • Procedures To Safeguard Examination Information Updated

    The FDIC has issued a FIL that announces an update of the procedures to be followed by examiners in safeguarding information received or obtained during the course of an examination. FIL 8/29/06

  • SMLLC Eligibility For NOW Accounts Clarified

    The FRB has issued a legal interpretation clarifying whether a single member limited liability company (SMLLC) may maintain a NOW account under Regulation D. The opinion letter concludes that unless it is operated for primarily for religious, philanthropic, charitable, educational, political, or similar purposes and non-profit, a SMLLC is not eligible to maintain a NOW account. SMLLC NOW Account 8/28/06

  • OCC To Host Community Bank Directors Workshops

    The OCC has announced that Compliance Risk workshops for community bank directors will be held on September 21, 2006 in Albany, New York, and September 26, 2006 in San Antonio, Texas. Online registration for each workshop is available. Information 8/28/06

  • Bernanke Discusses Impact Of Global Economic Integration

    In a presentation at the Federal Reserve Bank of Kansas City's Thirtieth Annual Economic Symposium in Jackson Hole, Wyoming, Chairman Bernanke noted that the pace of global economic change in recent decades has been breathtaking and the full implications will not be known for many years. He observed that geopolitical concerns, including international tensions and the risks of terrorism, already constrain the pace of worldwide economic integration and may do so even more in the future. Speech 8/28/06

  • Owned and Managed Receivables Report Released

    The FRB has released the June 2006 G.20 Owned and Managed Receivables Outstanding report. G.20 8/28/06

  • SDGT Removed From OFAC List

    Treasury has removed an individual with a SDGT designation from the SDN List. Information regarding the change has been posted on the BOL OFAC page. 8/25/06

  • Counterfeit Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Savannah Bank, N.A., Savannah, New York and American National Bank, Omaha, Nebraska. The FDIC has issued three Special Alerts regarding counterfeit money orders bearing the name of First-Knox National Bank, Mount Vernon, Ohio; counterfeit cashier's checks bearing the name of Security State Bank, Anahuac, Texas; and counterfeit checks bearing the name of Citizens Community Federal, Eau Claire, Wisconsin. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 8/25/06

  • Reg E Final Rules Announced The FRB has announced a Final Rule that payroll card accounts are covered by Reg E.

    Under the rule, institutions are not required to provide paper periodic statements to consumers if the institution makes account transaction information available by telephone, electronically, and, upon the consumer's request, in writing. In addition, comments are sought on an Interim Final Rule that provides additional clarification regarding Reg. E's coverage of the electronic collection of insufficient funds fees by merchants and other payees and consumer notice requirements for electronic check conversion transactions. Final Rule; Interim Final Rule 8/25/06

  • Insured Institution Report Record Second Quarter Earnings

    The FDIC has announced that for the fifth time in the last six quarters commercial banks and savings institutions insured by the agency have reported record industry earnings. Record Earnings 8/25/06

  • Exchange Rate Working Paper Published

    A working paper in the IFDP series on the topic of Trade Integration, Competition, and the Decline in Exchange-Rate Pass-Through has been published by the FRB. Abstract; Full Paper 8/25/06

  • Second Quarter Quarterly Banking Profile Published

    The FDIC has published the Second Quarter 2006 Quarterly Banking Profile, which contains a comprehensive summary of financial results for all FDIC-insured institutions. Quarterly Banking Profile 8/25/06

  • Counterfeit Alerts Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of ANB Financial N.A., Bentonville, Arkansas. In addition, the FDIC has issued seven Special Alerts regarding counterfeit items bearing the name of the following institutions:

    Counterfeit Cashier's Checks

    The Jackson State Bank & Trust, Jackson, Wyoming The Farmers State Bank, Quinton, Oklahoma Central Pacific Bank, Honolulu, Hawaii Metropolitan National Bank, Little Rock, Arkansas Counterfeit Official Checks N.J.M. Bank, FSB, West Trenton, New Jersey Columbia River Bank, The Dalles, Oregon Counterfeit Money Orders First Commonwealth Bank, Indiana, Pennsylvania

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 8/24/06

  • FFIEC Forms Final Notices Published

    The FFIEC has published in the Federal Register the final notices for Form 002 (Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks) and Form 019 (Country Exposure Report for U.S. Branches and Agencies of Foreign Banks). Form 002; Form 019 8/24/06

  • Quarterly Thrift Industry Data Released

    OTS has released the Thrift Industry Graphs and Tables, Industry Highlights, and Selected Indicators for the Second Quarter 2006. Graphs and Tables; Industry Highlights; Selected Indicators 8/24/06

  • International Reserve Position Update Treasury has updated the U.S. International Reserve Position Report with the addition of data as of August 18, 2006. Reserve Position 8/24/06

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts concerning counterfeit cashier's checks bearing the names of North Laredo Bank, Laredo, Texas and Fulton Bank, Lancaster, Pennsylvania. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/23/06

  • C&D Issued Against Alabama Bank

    The FRB has announced the issuance of a consent Cease and Desist Order against the Bank of York, York, Alabama. Order 8/23/06

  • Telemarketing Bulletin Issued

    The OCC has issued a Bulletin regarding the Telephone Consumer Protection Act (TCPA) and its requirements for national banks that conduct "telemarketing" either directly or through a third party. Note, even if a bank makes telemarketing calls only to its existing customers, it must have a written Do Not Call (DNC) policy and conduct employee training. Bulletin 8/23/06

  • Charge-Offs Report Released

    The FRB has released the Second Quarter 2006 Charge-Offs and Delinquency Rates on Loans and Leases at Commercial Banks Report. Report 8/23/06

  • CU Mid-Year Financials Strong

    NCUA has announced that according to the mid-year 2006 Call Report data, credit unions' lending increased, shares grew, delinquencies declined and net worth increased. Mid-Year Financials 8/23/06

  • North Dakota Quarter Distribution Schedule Announced

    Federal Reserve Financial Services has posted online the distribution schedule for the North Dakota quarter. Schedule 8/23/06

  • BSA/AML Exam Manual Conference Call Fact Sheet

    The FFIEC has posted online a BSA/AML Examination Manual Outreach Fact Sheet that includes registration information for two nationwide interagency conference calls regarding the release of the revised 2006 FFIEC BSA/AML Examination Manual. Each one-hour teleconference is open to all banking organizations and will provide an overview of significant revisions and updates to the manual. Fact Sheet 8/22/06

  • FRB Legal Developments Published

    The legal developments that were announced by the FRB in the Second Quarter 2006 have been posted online. Legal Developments 8/22/06

  • Capital Treatment Of Securities Lending Transactions Legal Opinion Released

    The FRB has released a legal opinion in response to a request to allow a financial institution to assess regulatory capital against certain of its indemnified agency securities lending transactions by using a loan equivalent methodology. Opinion 8/22/06

  • FEDS Working Paper Published

    A working paper in the FEDS series has been published by the FRB on the topic of A Trend and Variance Decomposition of the Rent-Price Ratio in Housing Markets. Abstract; Full Paper 8/22/06

  • Counterfeits Special Alerts Issued

    The FDIC has issued seven Special Alerts regarding counterfeit cashier's checks, counterfeit official checks, counterfeit bank drafts, and counterfeit money orders.

    Counterfeit Cashier's Checks Old National Bank, Evansville, Indiana Greater Buffalo (The Bank of Castile, Castile, New York) Galena State Bank & Trust Co., Galena, Illinois

    Counterfeit Official Checks Belmont Savings Bank, Belmont, Massachusetts

    Counterfeit Bank Drafts Bank of China, New York Branch, New York, New York

    Counterfeit Money Orders Belmont Savings Bank, Belmont, Massachusetts Apple Bank for Savings, Manhasset, New York

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 8/21/06

  • Counterfeit And Stolen Cashier's Checks And Money Orders Alerts Issued

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

    Community National Bank of Sarasota County, Venice, Florida, and

    First National Bank of Midland, Midland, Texas.

    8/18/06

  • The FDIC has issued four Special Alerts regarding counterfeit cashier's checks bearing the names of:

    Rose Hill Bank, Rose Hill, Kansas,

    The Milford Bank, Milford, Connecticut,

    First Community Bank of Galena (Illinois), a branch of Apple River State Bank, Apple River, Illinois,

    The Kaw Valley State Bank and Trust Company, Topeka, Kansas.

    8/18/06

    • Two additional Special Alerts have been issued by the FDIC regarding stolen cashier's checks bearing the name of First National Bank in Whitney, Whitney, Texas, and counterfeit money orders bearing the name of State Bank of Park Rapids, Park Rapids, Minnesota. Information concerning the counterfeit checks, counterfeit money orders and the stolen checks has been posted on the BOL Alerts & Counterfeits page. 8/18/06
  • BSA/AML Q&As Released

    OTS has released the first set of answers to questions submitted during the BSA/AML "Getting It Right" conference call held on July 31, 2006. Q&As 8/18/06

  • ILC Comments Sought

    The FDIC is seeking public comment on a variety of issues relating to Industrial Loan Companies (ILCs). As previously reported in the July 31, 2006 BOL Top Stories, the FDIC has imposed a six-month moratorium on ILC deposit insurance applications and change in control notices. Comments 8/18/06

  • DIF Financials Published

    The FDIC has published the Second Quarter 2006 financial results for the DIF. DIF 8/18/06

  • Airline Added To OFAC List

    Treasury has announced that a Chinese airline company has been added to the SDN List. Information regarding the airline has been posted on the BOL OFAC page. 8/17/06

  • September 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 September 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that 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. H.15 8/17/06

  • CRA Ratings Announced

    The ratings received by seventeen national banks that were recently examined for compliance with the CRA have been announced by the OCC. Ratings 8/17/06

  • Enforcement Actions Released

    The OCC has released enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 8/17/06

  • Industrial Production Report Released

    The July 2005 G.17 Industrial Production and Capacity Utilization Report has been released by the FRB. G.17 8/17/06

  • Internet Banking Guidance FAQs Released

    The FFIEC member agencies have released FAQs to aid in the implementation of the previously issued interagency guidance on Authentication in an Internet Banking Environment. FAQs; Guidance 8/16/06

  • Syrian Generals Added to OFAC List

    Treasury has designated a Syrian Major General and a Brigadier General as SDGTs and added their names to the SDN list for significantly contributing to the Syrian Government's support for designated terrorist organizations in Lebanon. Information regarding the Generals has been posted on the BOL OFAC page. 8/16/06

  • Phishing Consumer Alert Issued

    The FDIC has issued a consumer alert concerning a phishing e-mail that has the appearance of being sent from the FDIC. The e-mail claims that the FDIC has received an application from the recipient's bank to insure their checking or savings account against fraud, phishing and identity theft. The recipient is directed to a spoofed FDIC Web page that requests personal information. Phishing Alert 8/16/06

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with the addition of data as of August 15, 2006. 314(a) Fact Sheet 8/16/06

  • BAR Demonstration Webinars Scheduled

    The Federal Reserve Banks and Bansefi are hosting two 60 minute Webinars on September 28 and October 25, 2006 to educate U.S. financial institutions about Directo a México and a live demonstration of the BAR Web site. BAR Webinars 8/16/06

  • TIC And International Reserve Position Reports Released

    Treasury has released and posted online the June 2006 Treasury International Capital report and the August 11, 2006 U.S. International Reserve Position report. TIC; Reserve Position 8/16/06

  • FedFlash Features Seminars and Videos

    The August 15, 2006 issue of FedFlash features articles on BAR seminars, new FedReceipt routing numbers and Check 21 videos. FedFlash 8/16/06

  • FedLine Web Savings Bond Changes Announced

    FRB Financial Services has announced beginning October 1, 2006, all FedLine Web Savings Bond customer technical support will move from the Customer Contact Centers to the Treasury Retail Securities Sites. In addition, the name of the service will change to "Savings Bonds Direct" and the URL will change to www.savingsbondsdirect.gov. Savings Bond Changes 8/16/06

  • Gift Card Guidance Issued

    The OCC has issued a Bulletin containing a guidance on disclosure and marketing issues associated with gift cards which focuses on the need for national banks that issue gift cards to do so in a manner in which both purchasers and recipients are fully informed of the product’s terms and conditions. Bulletin 8/15/06

  • Bankers Bank Reg D Exemption Revision Comments Sought

    The FRB has requested comment on proposed revisions to its 1980 interpretation of Regulation D that established the criteria for the ”bankers’ bank” exemption from reserve requirements. The proposed revisions would authorize the Board to determine, on a case by case basis, whether certain entities not already expressly authorized in the interpretation may become customers of bankers’ banks to a limited extent. Comments 8/15/06

  • Bank Lending Practices Survey Results Released

    The results of the July 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released by the FRB. Survey Summary; Full Report 8/15/06

  • OFAC Announces Enforcement Actions

    Enforcement actions as of August 11, 2006, resulting from violations of Sanction Programs have been announced by OFAC. No financial institutions were cited. OFAC Enforcement 8/14/06

  • FHC List Update

    The list of bank holding companies that have elected to become or be treated as financial holding companies has been updated to include elections made as of August 11, 2006. FHC List 8/14/06

  • FDIC Insurance Spanish Language Video Available

    The FDIC has issued a FIL that announces a new Spanish language video for bank employees and customers explaining federal deposit insurance coverage. The new thirty minute video, which is posted on the FDIC Web site, can be ordered by insured institutions. FIL 8/14/06

  • Liquidating Distribution Available to Shareholders

    The FDIC, as successor receiver of the Benj. Franklin Federal Savings and Loan Association of Portland, Oregon, which was closed September 7, 1990, has announced that a liquidating distribution is available for shareholders. Distribution 8/14/06

  • FRB publishes Final Rule in Federal Register to annually adjust dollar amount for Reg Z

    The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount.TXT, PDF . 8/14/06

  • FRB Publishes Proposed Rulemaking for Reg D

    The Board proposes to revise its 1980 interpretation of Regulation D (Reserve Requirements of Depository Institutions) setting forth criteria for the "bankers' bank" exemption from reserve requirements.TXT, PDF . 8/14/06

  • Counterfeit Cashier's Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit cashier's check bearing the name of Metropolitan National Bank, Little Rock, Arkansas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/11/06

  • New FedReceipt Routing Numbers Announced

    Additional new routing numbers have been added for the Reserve Banks' FedReceipt forward collection product. Effective August 21, 2006, the Reserve Banks will modify the credit availability and pricing schedule on the announced FedReceipt routing numbers for FedForward deposits. Routing Numbers 8/11/06

  • Appeals Court Rules on Fee for Mortgage Payoff Statement

    The U.S. Court of Appeals for the Eighth Circuit has ruled that neither RESPA nor HUD's Regulation X prohibits a mortgage servicer from charging a fee for providing a payoff statement to the borrower. The court did not address whether the size of GMAC Mortgage Corporation's fee was excessive or a breach of its loan contract. Read more about this case in Court Watch. 8/10/06

  • FCRA Consumer Dispute Study Results

    The FTC and FRB have issued a joint report to Congress on compliance with the consumer dispute provisions of the FCRA. The agencies are required to conduct a study of the extent to which consumer reporting agencies and furnishers of information the entities complied with certain FCRA requirements. Study 8/10/06

  • 2007 TILA Disclosure Trigger Announced

    The FRB has published the annual adjustment of the dollar amount that triggers additional disclosure requirements under the TILA for home mortgage loans that bear rates or fees above a certain amount. Trigger 8/10/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of data current as of August 4, 2006. Reserve Position 8/09/06

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee has announced that by a 9 to 1 vote the target for the federal funds rate will remain at 5-1/4 percent. Fed Funds 8/09/06

  • MSB List Updated

    FinCEN has updated the list of entities that have registered as a MSB. MSB List 8/09/06

  • Consumer Credit Card Knowledge and Behavior Survey Results Published

    The results of a survey undertaken to assess consumers' knowledge of, familiarity with, and attitudes about credit card disclosures, credit card solicitations, and privacy notices received from their financial institutions have been published in the August 7, 2006 issue of the FRB Bulletin. Survey Results 8/08/06

  • June Consumer Credit Report Released

    The FRB has released the G.19 Consumer Credit Report for June 2006. G.19 8/08/06

  • FRB publishes Equal Opportunity Interim Rule in FR

    The Federal Reserve Boad is soliciting comments on a new interim rule that would amend the section of its Rules Regarding Equal Opportunity (EEO Rules) which governs the employment of persons who are not United States citizens consistent with the Board’s requirements for the security of its information. This amendment is issued as an immediately effective interim rule, with opportunity for comment. TXT, PDF . 8/07/06

  • Counterfeit Cashier’s Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier’s checks issued in the name of Old National Bank, Evansville, Indiana. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/07/06

  • Operating Circular 6 Updated

    Federal Reserve Financial Services has announced that Operating Circular 6, Funds Transfer through FedWire, has been updated and the changes are effective September 6, 2006. Operating Circular 6 8/07/06

  • New OFAC SDGT Designations Announced

    Treasury has designated as SDGTs the Philippine and Indonesian branch offices of the Saudi-based International Islamic Relief Organization (IIRO) and the Executive Director of the Eastern Province Branch of IIRO in the Kingdom of Saudi Arabia for facilitating fundraising for al Qaida and affiliated terrorist groups. Information regarding the designations has been posted on the BOL OFAC page. 8/04/06

  • CRA Ratings Released

    The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the CRA and the ratings assigned to institutions in May 2006. In addition, OTS has released the CRA performance evaluations for the savings associations that publicly became available during July 2006. FDIC CRA; OTS CRA 8/04/06

  • 314a Fact Sheet and Information Sharing Update

    FinCEN has updated the 314a Fact Sheet with the inclusion of data as of August 1, 2006, and published a revised Law Enforcement Information Sharing with the Financial Industry Chart. 314a Fact Sheet Information Sharing 8/04/06

  • San Francisco HOEPA Hearing Transcript Online

    The FRB has posted online the agenda and the transcript of the HOEPA hearing held recently in San Francisco. Agenda; Transcript 8/04/06

  • OFAC Develops RSS Feed

    An RSS feed has been developed by OFAC that users can subscribe to and receive recent actions notices using the RSS reader of their choice. RSS 8/04/06

  • Thrift Financial Managers Seminars Scheduled

    OTS has announced that a seminar for thrift financial managers be held in Denver, Seattle and Los Angeles during September 2006. Seminar Information 8/04/06

  • Access American Summit Announced

    NCUA will host an Access Across America Economic Empowerment Summit on October 3, 2006, in Norfolk, Virginia. Credit unions from the District of Columbia, Delaware, Maryland, North Carolina, Virginia and West Virginia are invited to attend. Summit Information 8/04/06

  • Counterfeit Check Special Alert

    The FDIC has issued a Special Alert regarding counterfeit checks bearing the name of Merrill Lynch Trust Company, FSB, Pennington, New Jersey. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 8/03/06

  • Assets Reports Issued

    The FRB has issued the 3.12 U.S. Reserve Assets report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks report. Reports 8/03/06

  • FHC List Update

    The list of bank holding companies that have elected to become or be treated as financial holding companies has been updated to include elections made as of July 28, 2006. FHC List 8/03/06

  • Four Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's checks bearing the names of First United Bank & Trust, Oakland, Maryland; Quantum National Bank, Suwanee, Georgia; Peoples Bank, National Association, Marietta, Ohio; and Commercial Bank of Florida, Miami, Florida. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/02/06

  • Identification Numbers To Be Masked

    Treasury has announced in order to help protect investor privacy and help guard against identity theft, TINs (SSNs and EINs) will be partially masked starting August 1, 2006 on paper savings and retirement securities inscribed and mailed by the Federal Reserve print site or by savings bond consignment issuing agents. TINs 8/02/06

  • FDIC Revises National Historic Preservation Act SOP

    A FIL had been issued by the FDIC that announces the revision of the agency's SOP concerning the National Historic Preservation Act. The SOP is relevant to applications for deposit insurance for de novo institutions, applications for establishment of domestic branches, and applications for the relocation of domestic branches or main offices. FIL; SOP; Act 8/02/06

  • Enforcement Orders Released

    The FDIC has released information regarding twenty-four orders of administrative enforcement actions taken against banks and individuals in June 2006. The actions include sixteen removal-and-prohibition orders, two civil money penalty orders, one cease-and-desist order, two terminations of insurance, and three terminations of cease-and-desist orders. Orders 8/02/06

  • CU Placed Into Receivership

    NCUA has announced that the Mt. Hebron Baptist Federal Credit Union of Philadelphia, Pennsylvania, has been placed into receivership under the control of the agency, as conservator. Service will continue uninterrupted and the members are free to make deposits and access their funds. Receivership 8/02/06

  • New OFAC Director Named

    Adam Szubin has been named as the new OFAC Director by Treasury Secretary Paulson. Szubin 8/02/06

  • Unauthorized Banking Special Alert Issued

    The FDIC has issued a Special Alert regarding an entity that may be conducting banking operations in Canada or the United States without authorization. Broad Way Bank, 5906 N. Broadway, Washington, DC 20026 USA (www.broadwaybk.com) is representing itself as a bank and is offering banking products and services to the general public via the Internet. The entity is not registered as a bank and the listed address does not exist. Special Alert 8/02/06

  • August FedFlash Published

    FRB Financial Services has published the August 2006 issued of FedFlash that features articles on topics including amendment to Operating Circular 6, the masking of TINs on savings bonds, the effective date of FedReturn service enhancements, and a reminder that check endorsements must be in black ink. FedFlash 8/02/06

  • Foreign Exchange Rates Report Released

    The G.5 Foreign Exchange Rates Report for July 2006 has been released by Treasury. G.5 8/02/06

  • FR Bulletin Statistical Supplement Published

    The July 2006 Federal Reserve Statistical Supplement has been published. Supplement 8/02/06

  • HOEPA Hearing Transcript Available

    The FRB has posted online the agenda and the transcript of the HOEPA hearing held recently in Philadelphia. Agenda; Transcript 8/01/06

  • OTS Legal Opinions Released

    Two legal opinions on the topics of a) Operating Subsidiaries and the Most Favored Lender Doctrine and b) the Authority of a Federal Savings Association to Make a Pass-Through Investment in a Title Insurance Company have been released by OTS. Operating Subsidiaries; Investment 8/01/06

  • Market Financing Estimates Announced

    Treasury has announced its current estimates of net marketable financing for the third and fourth quarters of 2006. Estimates 8/01/06

  • International Reserve Position Update

    The U.S. International Reserve Position report has been updated by Treasury with the addition of data as of July 28, 2006. Reserve Position 8/01/06

06/30/2006

Top Stories for July 2006

  • Bank Added To OFAC List

    Treasury has added Netherlands Caribbean Bank N.V. of Netherlands Antilles to the SDN list. Information regarding the bank has been posted on the BOL OFAC page.   7/31/06

  • Fraudulent And Counterfeit Checks Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's checks bearing the name of North Star Bank, Roseville, Minnesota, and Bank of Lancaster, Kilmarnock, Virginia; counterfeit official checks bearing the name of Westborough Bank, Westborough, Massachusetts; and fraudulent checks bearing the name of Bankers' Bank Northeast, Glastonbury, Connecticut. Information regarding the fraudulent and counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   7/31/06

  • BSA/AML Examination Manual Revised

    The FFIEC has announced the release of the revised BSA/AML Examination Manual that clarifies supervisory expectations and incorporate regulatory changes since the manual's 2005 release. Announcement; Revised Manual   7/31/06

  • Moratorium On Insurance Applications By ILCs Announced

    The FDIC has placed a six moratorium on any action to accept, approve, or deny any application for deposit insurance submitted by Industrial Loan Companies (ILCs), as well as on notices of change in bank control for existing ILCs. Moratorium   7/31/06

  • Junk Fax Rules Effective August 1, 2006

    Earlier this year the FCC published the Junk Fax Rules, subject to OMB approval, which was published July 26, 2006. To help ensure you are prepared for the new rules on August 1, 2006, BOL has a recap of the requirements, action steps and links to audit workpapers available to you in the BOL Marketing section. Read: "Are You Ready for the Junk Fax Rules?"   7/28/06

  • SDN List Updated

    OFAC has updated the SDN List with changes to twenty-two SDGT entries. Information regarding the new information has been posted on the BOL OFAC page.   7/28/06

  • OCC Issues Alerts

    Two Alerts have been issued by the OCC regarding stolen cashier's checks bearing the name of First National Bank in Whitney, Whitney, Texas, and counterfeit bank drafts issued in the name of Bank of China, New York Branch, New York, New York. Information regarding the stolen cashier's checks and the counterfeit drafts has been posted on the BOL Alerts & Counterfeits page.   7/28/06

  • Nine Special Alerts Issued By FDIC

    The FDIC has issued nine Special Alerts regarding counterfeit cashier's checks, official checks and state warrants involving the following entities:

    • State of Florida
    • National City Bank, Evansville, Indiana
    • Tecumseh Building and Loan Association, Tecumseh, Nebraska
    • Newton Bank, Newton, Texas
    • The Peoples Bank, Tallassee, Alabama
    • First Commonwealth Bank, Indiana, Pennsylvania
    • Cresco Union Savings Bank, Cresco, Iowa
    • Citizens-Union Savings Bank, Fall River, Massachusetts
    • Metropolitan National Bank, Little Rock, Arkansas

    Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    7/28/06

  • Regulators Revise Information Security Booklet

    The FFIEC has issued a revised Information Security Booklet that one of twelve that comprises the FFIEC IT Examination Handbook. The Booklet is utilized by examiners and financial institutions to identify information security risks and evaluate adequacy controls and risk management practices. An Executive Summary of all twelve booklets of the Handbook was also released. FFIEC PR; Information Security Booklet; Executive Summary; All Booklets    7/28/06

  • All FDIC-insured institutions with branch offices are required to submit their annual Summary of Deposits (SOD) surveys as of June 30. The SOD survey is due by July 30, 2006. Forms and instructions for the 2006 survey will not automatically be mailed to financial institutions. Instructions, contact information, survey facsimiles and the FDIC's Interactive SOD survey web site filing option can be found on the FDIC Web site.    7/28/06

  • FTC Settles With Canadian Bogus Credit Card Protection Companies
    The FTC has reached a $200,000 settlement with Canadian telemarketers regarding charges that they fraudulently marketed and sold credit card loss protection and healthcare discount plans to US consumers in violation of federal law. The companies told consumers they needed to buy credit card loss protection in order to avoid being held fully liable for unauthorized charges on their credit cards. Settlement    7/28/06
  • July Issue New Electronic Interpretations and Actions Online

    The OCC has posted online the July 2006 issue of New Electronic Interpretations and Actions. New Electronic    7/28/06

  • Beige Book

    The FRB has published a new edition of the Beige Book that includes information collected on or before July 17, 2006. Summary; Full Report   7/27/06

  • Call and Thrift Financial Report Preliminary Data Available

    The FDCI has announced that the Call and Thrift Reports June 30, 2006 Preliminary Data is available. Preliminary Data    7/27/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position with the addition of data as of July 21, 2006. Reserve Position    7/27/06

  • Money Smart News

    The FDIC has published the Summer 2006 issue of Money Smart News that includes articles on a Russian version, a California organization that is using various translations to help immigrants take control of their finances, and how the publication is contributing to a government campaign to increase direct deposit among individuals who receive federal benefit checks. Money Smart   7/27/06

  • Federal Financial Institution Regulators Release 2005 CRA Lending Data

    The four FFIEC agencies have jointly announced the release of CRA data on small business, small farm, and community development lending reported by certain commercial banks and savings institutions. Joint PR; Fact Sheet; CRA Table 1; CRA Table 2; Data Order Form    7/26/06

  • Discount Rate Minutes Released

    The FRB has released the minutes of its discount rate meetings from May 22 through June 29, 2006. Minutes    7/26/06

  • Finance Companies Receivables And Auto Loan Report Issued

    The G.20 Finance Companies Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report for May 2006 has been issued by the FRB. G.20    7/26/06

  • NCUA Publishes Final Rule for Loan Interest Rates in FR

    NCUA is amending its lending rule to include the criteria the NCUA Board considers in setting a
    permissible interest rate for federal credit unions exceeding 15 percent and to establish procedures regarding publication of its determination. TXT, PDF .   7/26/06

  • NCUA Proposed Rulemaking for Permissible Investments for Credit Unions

    NCUA is proposing to amend its investment rules to allow federal credit unions to enter into investment repurchase transactions in which the instrument consists of first-lien mortgage notes. The proposed amendment establishes certain credit limits and custodial requirements for the transactions. TXT, PDF .    7/26/06

  • FDIC Outlook Summer 2006 Issue Published

    The Summer 2006 issue of the FDIC Outlook has been published and features a report that focuses on bank credit quality in the context of the credit cycle, the periodic fluctuation in the volume and quality of credit. The report concludes that while loan performance remains historically strong in the three largest categories of mortgage lending, commercial and industrial lending, and commercial real estate lending, credit quality may have peaked. Summer Outlook   7/25/06

  • SEC Issues No-Action Letter

    The SEC has issued a no-action letter permitting securities broker-dealers to rely on investment advisers for purposes of the joint FinCEN/SEC customer identification rule. No-Action Letter   7/25/06

  • Second Quarter A & L Price Tables Released

    OTS has released selected Asset & Liability Price Tables for the Second Quarter 2006. Tables    7/25/06

  • OCC Publishes Final Rule in FR for Assessment of Fees

    The Office of the Comptroller of the Currency (OCC) is adopting in final form, without change, an interim final rule that amended our regulations at 12 CFR part 8 concerning the timing of payments of OCC assessments. TXT, PDF .    7/25/06

  • FDIC Proposes Rule for Designated Reserve Ratio

    In this rulemaking, the FDIC seeks comment on the proposal to establish the DRR for the DIF at 1.25
    percent of estimated insured deposits. TXT, PDF .    7/24/06

  • FDIC Publishes Proposed Rulemaking for Assessments

    The FDIC proposes to amend its regulations to create different risk differentiation frameworks for smaller and larger institutions that are well capitalized and well managed, and to establish a common risk differentiation framework for all other insured institutions; and establish a base assessment rate schedule.TXT, PDF .    7/24/06

  • HOEPA Hearing Transcript

    The FRB has held a series of public hearings as required by the HOEPA to examine the home equity lending market, and to assess the effectiveness of existing regulatory and legislative provisions in protecting the interests of consumers. The transcript of the hearing held at the Federal Reserve Bank of Chicago on June 7, 2006 has been posted online. Transcript   7/24/06

  • Three FEDS Working Papers Published

    The FRB has published three working papers in the FEDS series on the following topics: Solving Linear Rational Expectations Models: A Horse Race; Are Longer Bankruptcies Really More Costly?; and The U.S. Treasury Yield Curve: 1961 to the Present. Solving Abstract; Solving Full Paper; Longer Bankruptcies Abstract; Longer Bankruptcies Full Paper; Yield Curve Abstract; Yield Curve Full Paper   7/24/06

  • >All FDIC-insured institutions with branch offices are required to submit their annual Summary of Deposits (SOD) surveys as of June 30. The SOD survey is due by July 30, 2006. Forms and instructions for the 2006 survey will not automatically be mailed to financial institutions. Instructions, contact information, survey facsimiles and the FDIC's Interactive SOD survey web site filing option can be found on the FDIC Web site. SOD Information   7/21/06
  • Individual Added To OFAC List

    Treasury has announced that a Canadian and Sudanese citizen has been designated as a SDGT and added to the SDN List due to his high-level ties to and support for the al Qaida network. Information concerning the addition has been posted on the BOL OFAC page.   7/21/06

  • Counterfeit Cashier's Checks Alerts Issued

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Global Commerce Bank, Doraville, Georgia. In addition, the OCC has issued an Alert regarding counterfeit cashier's checks bearing the name of Quantum National Bank of Suwanee, Georgia. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   7/21/06

  • CRA Evaluations Released

    The OCC has released a list of CRA performance evaluations of twenty-one national banks that became public during the period of June 15, 2005 through July 14, 2006. CRA Evaluations   7/21/06

  • $25,000 CMP Assessed Against MSB For BSA Violations

    FinCEN has assessed a $25,000 CMP against a Kentucky MSB that did not register as an MSB in a timely manner and failed to establish and implement an adequate anti-money laundering program. In addition, the entity structured transactions to avoid the requirement to file CTRs. CMP   7/21/06

  • Estimating Operational Risk Capital Working Paper Published

    The FSRB has published a working paper entitled A Tale of Tails: An Empirical Analysis of Loss Distribution Models for Estimating Operational Risk Capital. Working Paper   7/21/06

  • FOMC Releases Tentative 2007 Meeting Schedule

    The FOMC has announced its tentative meeting schedule for 2007. Schedule   7/21/06

  • FDIC To Host Minority Depository Institution National Conference

    The FDIC will host a national conference for federally insured minority-owned banks and thrifts on the challenges they face and developments that are key to ensuring their long-term success and viability. The conference will be held at the Miami Beach Resort and Spa in Miami Beach, Florida, from August 1-3, 2006. Draft Agenda; General Information; Registration Form; Hotel Information   7/21/06

  • Counterfeit Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit checks bearing the name of First National Bank, Carlsbad, California. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   7/20/06

  • PSR Policy Statement Now Effective

    The Federal Reserve Banks' Policy Statement on Payments System Risk (PSR) which changed the manner in which redemption of maturity and principal and interest (P&I) payments are processed by the Fedwire Securities Service became effective today, July 20, 2006, and impacts all financial institutions that receive interest and redemption payments for securities issued by Government-Sponsored Enterprises (GSEs) and certain international organizations. Changes   7/20/06

  • Repatriation of U.S. Currency Smuggled into Mexico Bulletin Issued

    The OCC has issued a Bulletin regarding a previously announced FinCEN Guidance concerning the Repatriation of Currency Smuggled into Mexico from the U.S. Information regarding the Guidance was posted in the May 1, 2006 Top Stories. Bulletin; Guidance   7/20/06

  • September Call Report Forms Drafts Posted Online

    The FFIEC has posted online drafts of the September 2006 Forms 031 and 041 and their respective instructions. Draft 031 Form; Draft 031 Instructions; Draft 041 Form; Draft 041 Instructions   7/20/06

  • Bair Reviews Implementation Of Insurance Reforms

    In a presentation before the New York Bankers Association, FDIC Chairman Bair reviewed the recent actions taken by the FDIC to implement the Congressional legislation that reforms its insurance funds. Speech   7/20/06

  • Monetary Policy Report Issued To Congress

    In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, Chairman Bernanke presented the Semiannual Monetary Policy Report to Congress. Testimony; Full Report    7/20/06

  • OTS Proposes Rule for Stock Benefit Plans

    The Office of Thrift Supervision (OTS) is proposing to clarify its regulations regarding stock
    benefit plans established after mutual-to-stock conversions or in mutual holding company structures and to reduce voting requirements for the adoption of stock benefit plans in such situations.TXT, PDF .    7/20/06

  • FDIC Proposes Penalty for Failure to Timely Pay Assessments

    The FDIC is proposing to amend its rule concerning penalties for failure to timely pay
    assessments in compliance with the Federal Deposit Insurance Reform Act of
    2005. TXT, PDF .    7/19/06

  • NPWMD Designations Added To OFAC List

    Treasury today designated two Iranian companies as NPWMDs due to their ties to missile proliferation and added the names to the SDN List. Information regarding the companies has been posted on the BOL OFAC page.    7/19/06

  • OCC Enforcement Actions Announced

    The OCC has released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. Enforcement Actions    7/19/06

  • FDIC Schedules Deposit Insurance Seminars

    An FIL has been issued by the FDIC regarding four one-hour telephone seminars scheduled in July and August 2006 to review the recent changes in the federal deposit insurance coverage primarily affecting retirement accounts. The seminars will include a presentation on the rule changes followed by a question and answer period and are open to employees of all FDIC-insured banks and savings associations. FIL   7/19/06

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with the addition of data as of July 18, 2006. 314(a) Fact Sheet   7/19/06

  • Country Exposure Reports Issued

    The FFIEC has issued the E.16 Country Exposure Statistical Release and the 009a Country Exposure Information Report for March 31, 2006. E.16; 009a    7/19/06

  • May 2006 TIC Released

    The HP-16 TIC data for May 2006 has been released by Treasury. HP-16   7/19/06

  • Red Flag ID Theft and Address Discrepancy Proposals Published

    A joint proposal by the bank regulatory agencies and the FTC for Red Flag ID Theft rules and guidelines, as well as a proposal relating to address discrepancies, has been published in the Federal Register. Rulemaking is required on these two subjects under sections 114 and 315 of the FACT Act. TXT, PDF .    7/18/06

  • Counterfeit Cashier's Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks bearing the name of Peoples Bank, National Association, Marietta, Ohio. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    7/18/06

  • August 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 August 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that 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 August, you will use the rates posted for July 14th since July 15th fell on the weekend. Weekly H.15    7/18/06

  • Industrial Production And Capacity Utilization Report Issued

    The FRB has issued the G.17 Industrial Production And Capacity Utilization Report for June 2006. G.17   7/18/06

  • Reserve Position Update

    Treasury has updated the U. S. International Reserve Position Report to include data as of July 14, 2006. Reserve Position    7/18/06

  • FDIC Proposes Rulemaking for Advertisement of Membership

    The FDIC publishes proposed rulemaking to revise its regulation governing official FDIC signs and advertising of FDIC membership.TXT, PDF .    7/17/06

  • Ten Counterfeit And Fraudulent Checks Special Alerts Issued

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

    • NewAlliance Bank, New Haven, Connecticut
    • United Bank & Trust, Tecumseh, Michigan
    • THE BANK - Oldham County, Inc., La Grange, Kentucky
    • Sun National Bank, Vineland, New Jersey
    • Credit Union of Texas, Dallas, Texas
    • 1st Security Bank of Washington, Mountlake Terrace, Washington
    • Chester County Bank, Henderson, Tennessee
    • Greenville First Bank, N.A., Greenville, South Carolina
    • Castle Bank, Baltimore, Maryland

    In addition, one Special Alert was issued regarding fraudulent checks bearing the name of Arkansas Bankers Bank, Little Rock, Arkansas. Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page.    7/17/06

  • Fictitious Internet Bank Alert

    The OCC has issued an Alert regarding an Internet entity calling itself Broad Way Bank of Washington, DC, that is not authorized by the OCC to conduct banking business in the United States. Alert   7/17/06

  • FRB Executes Written Agreement With Venezuelan Bank

    The FRB and the New York State Banking Department have announced the execution of a Written Agreement by and among Banco Industrial de Venezuela, C.A., Caracas, Venezuela, and its agencies in New York, New York and Miami, Florida. Written Agreement   7/17/06

  • New FedFlash Issue Published

    The July 15, 2006 issue of FedFlash has been published by Federal Reserve Financial Services and features articles on the new PSR policy changes, the fuel surcharges on mixed and other Fed cash letters, and enhancements made to FedACH Services. FedFlash   7/17/06

  • Don't forget the Federal Reserve Banks' Policy Statement on Payments System Risk (PSR) changes the manner in which redemption of maturity and principal and interest (P&I) payments are processed by the Fedwire Securities Service. These changes take effect July 20, 2006, and impact all financial institutions that receive interest and redemption payments for securities issued by Government-Sponsored Enterprises (GSEs) and certain international organizations. Changes   7/14/06

  • Early Savings Bond Redemption Authorized

    The Federal Reserve Financial Services has announced that the early redemption of savings bonds has been authorized in certain counties of New Jersey, New York, Ohio, and Pennsylvania affected by storms and flooding. Early Redemption   7/14/06

  • Call And Thrift Financial Reports Filing Information Online

    The FDIC has posted on its Web site the filing information for the June 30, 2006 Call and Thrift Financial Reports. Reports   7/14/06

  • BSA Direct Retrieval and Sharing Project Terminated

    FinCEN has announced that BSA Direct Retrieval and Sharing Project has been permanently halted due to missed program milestones and performance objectives. In addition, the current performance of the system does not meet the needs of FinCEN's users. BSA Direct   7/14/06

  • May 2006 Assets Reports Released

    The FRB has released the 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report for May 2006. Reports    7/14/06

  • FRB Publishes First Quarter Legal Developments

    Orders under the Bank Holding Act and the International Banking Act along with Final Enforcement Decisions issued in the First Quarter 2006 have been published by the FRB. Legal Developments   7/14/06

  • Thirty-Four Companies And Individuals Added To OFAC List

    OFAC has identified 34 companies and individuals associated with two Mexican drug cartels and added their names to the SDN list pursuant to the provisions of the Kingpin Act. The companies and individuals utilize money service businesses and other front companies in Mexico to launder funds for the cartels. Information regarding the additions has been posted on the BOL OFAC page.   7/13/06

  • FinCEN Announces Actions Regarding Latvian Banks

    FinCEN has withdrawn its finding which determined that Multibanka was a financial institution of primary money laundering concern and in a separate action issued a final rule which imposed a special measure against VEF Banka as an institution of primary money laundering concern. U.S. financial institutions are prohibited from opening or maintaining correspondent accounts for or on behalf of VEF Banka. Multibanka; VEF Banka   7/13/06

  • 2006 Web Census Data And Geocoding System Available Online

    The FFIEC has posted on its Web site the 2006 Web Census Data and the Geocoding System updated with 2006 census information. Census Data; Geocoding System   7/13/06

  • New FDIC Risk-Based Insurance Assessment System And Signage Rules Proposed

    The FDIC has proposed two new rules governing deposit insurance. One proposal would create a new system that would more closely tie what banks pay for deposit insurance to the risks they pose. The second proposal would continue to set the designated reserve ratio (DRR) for the fund at 1.25 percent of estimated insured deposits. In a related action, the FDIC Board also issued for comment a proposed new official sign for institutions to display at teller stations and elsewhere. The proposal also would, for the first time, require both banks and savings associations to use the same sign and rules for advertising FDIC membership.
    Risk Based Assessments; DRR; Signage   7/12/06

  • CRA Ratings Released

    OTS has released the ratings received by savings associations that were evaluated for compliance with the CRA during June 2006. Ratings   7/12/06

  • New FedReceipt Routing Numbers Announced

    The Federal Reserve Banks have added new routing numbers to the FedReceipt forward collection product. Effective July 24, 2006 the Reserve Banks will modify the credit availability and pricing schedule on many of the FedReceipt routing numbers for FedForward deposits. Routing Numbers   7/12/06

  • HMDA Guide Information Letter Issued

    The FRB has issued an information letter that responses to questions received regarding a 2006 update to the publication, A Guide to HDMA Reporting; Getting It Right. Letter   7/12/06

  • First Quarter 2006 Quarterly Review Of Interest Rate Risk Published

    OTS has published the First Quarter 2006 issue of the Quarterly Review of Interest Rate Risk which features an article on The NPV Model: The Next 15 Years. Quarterly Review   7/12/06

  • Treasury Updates Reserve Position Report

    The U.S. International Reserve Position Report has been updated by Treasury to include information as of July 7, 2006. Reserve Position   7/11/06

  • Consumer Credit Report Issued

    The FRB has issued the G. 19 Consumer Credit Report for May 2006. G.19   7/11/06

  • First Quarter 2006 Ratios Released

    The Household Debt Service and Financial Obligations Ratios for the first quarter 2006 have been released by the FRB. Ratios   7/11/06

  • Commemorative Coin Distribution Schedule Online

    Federal Reserve Financial Services has posted online the release date schedule established by the US Mint for the 50 State Quarters Program, as well as detailed information on other commemorative coin programs. Distribution Schedule   7/11/06

  • OFAC Enforcement Actions Announced

    OFAC has announced new enforcement actions and penalties imposed for violations of various sanctions programs as of June 3, 2006. No enforcement actions or penalties were announced regarding financial institutions. Enforcement Actions   7/10/06

  • Counterfeit Cashier's Check Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Rainier Pacific Bank, Tacoma, Washington. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   7/07/06

  • CRA Ratings Released

    The FDIC has released the list of state nonmember banks recently evaluated for compliance with the CRA and evaluation ratings assigned to the examined institutions by the FDIC in April 2006. CRA Ratings   7/07/06

  • 314(a) Fact Sheet and Law Enforcement Sharing Information Report Issued

    FinCEN has issued an updated 314(a) Fact Sheet contain data as of July 4, 2006, and a report of law enforcement sharing of information with financial institutions. 314(a); Information Sharing   7/07/06

  • Summer 2006 State Profiles Published

    The Summer 2006 edition of FDIC State Profiles has been published and indicates that job market conditions remained generally positive in most of the U.S. through the first quarter of 2006, with some pockets of weakness along the Louisiana Gulf Coast and the auto-dependent upper Midwest. Earnings continue to be strong, supported by low credit losses and growth in both real estate and commercial lending. However, many states show signs of an emerging slowdown in housing market activity. State Profiles    7/07/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of new data as of June 30, 2006. Reserve Position   7/07/06

  • Thrift Financial Report Released

    OTS had released the 2006 TFR Instruction Manual with updates through June 2006, the June 2006 Financial Reporting Bulletin, and the Second Quarter 2006 TFR Questions and Answers. Manual; Bulletin; Q&A   7/07/06

  • Counterfeit Cashier's Checks Alerts Issued

    An Alert has been issued by the OCC regarding reports from Integra Bank, N.A., that counterfeit cashier's checks issued in the name of National City Bank, Evansville, Indiana, are being presented nationwide for payment. A Special Alert has been issued by the FDIC regarding counterfeit cashier's checks bearing the name of First Morris Bank and Trust, Morristown, New Jersey. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    7/06/06

  • Treasury Issues Call For Large Position Reports

    A Call for Large Position Reports from those institutions whose reportable position in the 4-7/8% Treasury Notes of May 2008 equals or exceeds $2 billion as of close of business June 28, 2006, has been issued by Treasury. The Government Securities Dealer Statistical Unit of the Federal Reserve Bank of New York must receive the reports before noon Eastern Time on July 12, 2006. Call; Large Position Reports Information   7/06/06

  • C&D Issued Against Missouri BHC And Subsidiary Bank

    The FRB has announced the issuance of a consent Cease and Desist Order against Progress Bancshares, Inc., Sullivan, Missouri, a registered bank holding company, and its subsidiary bank, Progress Bank of Missouri, Sullivan, Missouri. The Order results from alleged violations of Reg O and Sections 23A and 23B. Order    7/06/06

  • Enforcement Actions Released

    The FDIC has released a list of sixteen orders of administrative enforcement actions taken against banks and individuals in May 2006. The actions include three cease-and-desist orders, seven removal-and-prohibition orders, five civil money penalty orders, and one termination of a cease-and-desist order. Actions    7/06/06

  • FDIC Updates Insurance Information Resources

    The FDIC has issued a FIL announcing the availability of updated brochures, videos and CDs that reflect the increase in coverage to $250,000 for certain retirement accounts and other recent regulatory changes that were effective on April 1, 2006. FIL    7/06/06

  • June Statistical Supplement to the Federal Reserve Bulletin Published

    The FRB has published the June 2006 Statistical Supplement to the Federal Reserve Bulletin. Index; Supplement    7/06/06

  • OCC Issues Bulletin on Prohibition Against Interstate Deposit Production

    The OCC has issued a Bulletin regarding the recently issued updated host-state loan-to-deposit ratios that the federal banking agencies will use to determine compliance with section 109 of the Riegle–Neal Interstate Banking and Branching Efficiency Act of 1994 (Interstate Act) which prohibits any bank from establishing or acquiring a branch or branches outside of its home state primarily for the purpose of deposit production. Bulletin; Ratios    7/05/06

  • CRA List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies

    A Bulletin has been issued by the OCC regarding the recently announced 2006 list of distressed or underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive CRA consideration as community development. Bulletin; List    7/05/06

  • June 2006 Foreign Exchange Rates

    The FRB has released the G.5 Foreign Exchange Rates Report for June 2006. G.5    7/05/06

  • OTS Proposes Rule for Subordinated Debt Securities and Mandatorily Redeemable Preferred
    Stock

    The OTS is proposing a rule that would delete several unnecessary or outdated requirements
    and would conform certain provisions, such as maturity period requirements and purchaser restrictions, to the rules issued by the other federal banking agencies.TXT, PDF .    7/03/06

  • Counterfeit and Missing Cashier's Checks Alerts Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Sun National Bank of Vineland, New Jersey. The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Great Western Bank, Omaha, Nebraska, and missing, lost or stolen cashier's checks bearing the name of Bank of the West, San Francisco, California. Information concerning the counterfeit and missing cashier's checks has been posted on the BOL Alerts & Counterfeits page.    7/03/06

  • Destroy Old Flood Forms Now

    The use of the newly revised FEMA Standard Flood Hazard Determination form became mandatory July 1, 2006. If you have not already done so, we recommend that you collect and destroy all of the old forms to avoid any mistakes of using the outdated form. New Form   7/03/06

  • FFIEC Posts Reporting Forms And Country Exposure Reports

    The 031 and 041 Reporting Forms for June 30, 2006 and the E.16 Country Exposure Statistical Release and the Country Exposure Information Report have been issued by the FFIEC. 031; 041; E.16; Information Report   7/03/06

  • OTS Schedules BSA/AML Conference Call

     
    A ninety-minute conference call on BSA/AML has been announced by OTS. The telephone briefing will be presented by top experts from OTS and will cover best practices, common violations and strategies for building an effective BSA/AML compliance program. Conference Call    7/03/06

  • Foreign Holdings of U.S. Securities Report Released

    The results from the annual survey of foreign portfolio holdings of U.S. securities on June 30, 2005 have released by Treasury. Foreign Holdings    7/03/06

  • New Issue FedFlash Published

    The July 1, 2006 issue of FedFlash has been published by Federal Reserve Financial Services and features articles on the Check 21 Business Value Calculator, the fuel surcharges on mixed and other Fed cash letters, and FedForward Cull Service. FedFlash    7/03/06

  • Summer 2006 Issue Of Supervisory Insights Released

    The FDIC has issued an FIL announcing the release of the Summer 2006 issue of Supervisory Insights. Feature topics include ORM, disaster planning for banks, and the effectiveness of the 2004 HMDA changes. FIL; Insights    7/03/06

  • FRB Issues Consumer Credit Industry Report To Congress

    The FRB has issued a report to the Congress on practices of the consumer credit industry in soliciting and extending credit and their effects on consumer debt and insolvency. Report   7/03/06

  • First Quarter 2006 Bank Derivatives Report Released

    The OCC has released the Bank Derivatives Report for the first quarter 2006 that indicates that insured commercial banks earned a record $5.7 billion trading cash instruments and derivative products. Bank Derivatives Report   7/03/06

06/14/2006

$10.5M OFAC settlemen

OFAC has announced a settlement with Fokker Services B.V. ("FSBV"), Hoofddorp, The Netherlands, of its potential civil liability of $50,922,208 for 1,112 alleged violations of the Iranian Transactions and Sanctions Regulations and 41 alleged violations of the Sudanese Sanctions Regulations. FSBV exported or reexported aircraft spare parts that were obtained or repaired in the United States to Iranian and Sudanese customers or end users without first obtaining required licenses. FSBV will satisfy its liability with the payment of a combined $10.5 million civil monetary penalty to OFAC and the Department of Commerce, a forfeiture of an additional $10.5 million pursuant under a deferred prosecution agreement reached with the Department of Justice's U.S. Attorney's Office for the District of Columbia, and the acceptance of responsibility for its egregious conduct. The base penalty for the alleged violations is over $145 million. OFAC determined that FSBV voluntarily self-disclosed this matter to OFAC and that the alleged violations constitute an egregious case.

06/14/2006

FDIC State Profiles

The First Quarter 2014 State Profiles have been posted by the FDIC. The State Profiles are a quarterly data sheet summary of banking and economic conditions by state.

06/14/2006

FOMC meeting schedule

The Federal Open Market Committee (FOMC) has released its 2015 tentative meeting schedule.

06/14/2006

NCUA Board meeting video

The video of the May 2014 meeting of the NCUA Board has been posted.

06/14/2006

NCUA Quarterly Map Review

The NCUA has announced the release of the First Quarter 2014 Quarterly U.S. Map Review, which tracks performance indicators for federally insured credit unions. The review includes two key state-level economic indicators: unemployment rates and home price changes, and also has data on median loan growth and median return on average assets to aid comparisons of typical credit unions across states.

06/14/2006

Term deposits offering

The Federal Reserve has announced a fixed-rate offering of term deposits to be held on June 9, 2014, through its Term Deposit Facility (TDF). Seven-day term deposits with an interest rate of 0.26000 percent and a maximum tender amount of $10,000,000,000 will be offered.

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