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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

11/30/2005

Top Stories for December 2005

  • $2.8 Million BSA Penalty

    FinCEN and the New York Stock Exchange have assessed a $2.8 million penalty against Oppenheimer & Company, Inc. for Bank Secrecy Act violations. The company's BSA program was deemed to be deficient and lacking in internal controls. In addition, the regulators indicated the BSA program contained inadequate procedures and it was insufficient to manage the risk of money laundering based on the volume of business. In addition to the payment of the fine, the company must also correct the problems noted. Penalty   12/30/05

  • Four Counterfeit Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit Cashier's/Official Checks drawn on Dryades Savings Bank, FSB, New Orleans, LA, Lighthouse Bank, Waltham, MA, The Torrington Savings Bank, Torrington, Connecticut and New York Community Bank (formerly known as Queens County Savings Bank), Westbury, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/30/05

  • Interagency Guidance on Nontraditional Mortgage Products Proposal Issued in the FR

    The Federal Register contains the Interagency Guidance referenced in the December 21, 2005 Top Stories. OCC: 2005-46    70FR77249 txt 70FR77249 pdf 12/30/05

  • Three Counterfeit Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on CenterBank of Jacksonville, N.A., Jacksonville, Florida and counterfeit official checks drawn on both The Bank, Birmingham, Alabama: and The Tri Counties Bank, Chico, California. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/29/05

  • Special Alerts Issued Regarding Unauthorized Banking

    Two Special Alerts have been issued by the FDIC concerning the activities of Brink (or Brink's) National Bank of Texas and Continental Bank of Canada, Toronto, Ontario, Canada. Brink;
    Continental   12/29/05

  • BSA/AML Violation Enforcement Action Process

    The OCC has issued a Bulletin which contains information on the process the OCC will follow regarding administrative enforcement actions against banks for BSA/AML violations. The intent of the guidance is to ensure that the process is measured, fair, and fully informed. Bulletin   12/28/05

  • FHC List Update

    The FRB has updated the list of BHCs that have elected to become or be treated as FHCs to include the elections made as of December 23, 2005. FHC List   12/27/05

  • Seven Working Papers Published

    Seven working papers in the FEDS series have been published by the FRB on the following topics: "Post Brown vs. the Board of Education: The Effects of the End of Court-Ordered Desegregation"; "Retail Deposit Fees and Multimarket Banking"; "Modelling Inflation Dynamics: A Critical Review Survey of Recent Research"; "Escaping the Samaritan's Dilemma: Implications of a Dynamic Model of Altruistic Intergenerational Transfers"; "Using Subjective Expectations to Forecast Longevity: Do Survey Respondents Know Something We Don't Know?"; "Using Structural Shocks to Identify Models of Investment"; and "Expectations Formation and the Effectiveness of Strategies for Limiting the Consequences of the Zero Bound on Interest Rates".

      12/27/05

  • Minority-Owned Banks List Updated

    The FRB has updated the list of minority-owned banks to include information as of September 30, 2005. List   12/23/05

  • New Orleans CAO Named By OCC

    The OCC has announced the appointment of a Community Affairs Officer in New Orleans, a newly-created position, who will serve as a liaison to governmental organizations, community groups, and national bank customers on hurricane-related banking matters and community reconstruction financing issues. CAO Appointment   12/23/05

  • Counterfeit Cashier's Checks Special Alert

    A Special Alert has been issued by the FDIC regarding counterfeit checks drawn on Community State Bank, N.A., Ankeny, Iowa. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/22/05

  • Guidance Issued On Filing Notices Of Class Action Lawsuits

    The FDIC has issued a FIL which contains guidance on new requirements for filing notices of proposed class action settlements involving financial institutions for which the FDIC is the primary federal regulator. FIL   12/22/05

  • Final Reg Regarding Section 312 Announced

    FinCEN has announced a final regulation implementing the provisions of Section 312 of the USA PATRIOT Act and the publication of a 312 Fact Sheet. Final Reg; | Fact Sheet   12/22/05

  • 2006 CRA & HMDA Data Free Software

    Free FFIEC CRA and HMDA Data Entry Software, version 3.20 for CY 2006 data due March 1, 2007, is available by download from the FFIEC CRA and HMDA web sites. Software   12/22/05

  • Derivative Report Issued

    The OCC has issued the Bank Derivatives Report for the third quarter 2005 which indicates that derivatives held by U.S. commercial banks increased by $2.6 trillion in the third quarter of 2005.Derivatives Report   12/22/05

  • FR Publishes HMDA Exemption Increase

    The FRB is publishing a final rule amending the staff commentary of Regulation C to increase the asset-size exemption threshold for depository institutions. Depository institutions with assets of $35 million or less as of December 31, 2005, are exempt from data collection in 2006. 70FR75718 txt 70FR75718 pdf   12/21/05

  • Nontraditional Mortgage Products Proposed Guidance Issued

    The federal financial regulatory agencies are seeking comments on a proposed guidance on residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest. Proposal; | FRB PR; | FDIC PR; | OCC NR; | OTS PR; | NCUA PR   12/21/05

  • FFIEC Report Forms Notices Published

    The initial FR notice for FFIEC Report Forms 009 and 009a has been published.
    Notice   12/21/05

  • Third Quarter Interest Rate Risk Measures Report Released

    OTS has released the Interest Rate Risk Measures Report for the Third Quarter 2005. Interest Rate   12/21/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position with the inclusion of data as of December 16, 2005.Reserve Position   12/21/05

  • Counterfeit And Fraudulent Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on Astoria Federal Savings and Loan Association, Lake Success, New York, and fraudulent check bearing the name of Bankers' Bank, Madison, Wisconsin. Information concerning the checks has been posted on the BOL Alerts & Counterfeits page.   12/20/05

  • $80 Million CMP Assessed For OFAC, AML, BSA and State Law Violations

    OFAC, the FRB, the New York State Banking Department, and the Illinois Department of Financial and Professional Regulation have issued a combined order of Assessment of a Civil Money Penalty and Monetary Payment against ABN AMRO Bank N.V and its New York City and Chicago branches. The bank has agreed to undertake remedial action in its worldwide banking operations and to pay $75 million in penalties to regulators for violations of OFAC sanctions regulations, AML, BSA and state laws, in addition to making a voluntary contribution of $5 million to the Illinois Bank Examiners' Education Foundation. OFAC | C&D | CMP | FinCEN   12/20/05

  • December Call Report Information Issued

    The FDIC has issued a FIL containing instructions pertaining to the Call Report for the December 31, 2005, Call Report.FIL; | Instructions   12/20/05

  • Individual Added To OFAC List

    OFAC has added an individual currently imprisoned in the United Kingdom to the SDN list designated as a SDGT. Information regarding the individual has been posted on the BOL OFAC page.   12/20/05

  • December Electronic Interpretations and Actions Announced

    The OCC has announced the publication of the December 2005 issue of New Electronic Interpretations and Actions.Interpretations and Actions   12/20/05

  • Basal II White Published

    The FRB has published a white paper on the topic of "Potential Competitive Effects on U.S. Bank Credit Card Lending from the Proposed Bifurcated Application of Basel II".White Paper   12/20/05

  • Three FEDS Working Papers Released

    The FRB has released three working papers in the FEDS series on the following subjects: "How Did the 2003 Dividend Tax Cut Affect Stock Prices?"; "An Inflation Goal with Multiple Reference Measures"; and "Explaining Credit Default Swap Spreads with the Equity Volatility and Jump Risks of Individual Firms".2003 Dividend Abstract; | 2003 Dividend Full Paper; | Inflation Abstract; | Inflation Full Paper; | Credit Defaults Abstract; | Credit Defaults Full Paper   12/20/05

  • Structure And Share Data Report Issued

    The FRB has issued the Structure and Share Data for U.S. Offices of Foreign Banks Report as of September 30, 2005.Data Report   12/20/05

  • January 2006 HOEPA Rates Determined

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in January 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15 Weekly H.15   12/19/05

  • HMDA Data Collection Exemption Size Increased

    The FRB has published its annual notice of the asset-size exemption threshold for depository institutions under Reg C, which implements HMDA. As a result, depository institutions with assets of $35 million or less as of December 31, 2005, are exempt from data collection in 2006.Exemption   12/19/05

  • 312 Fact Sheet Published

    FinCEN has published a Fact Sheet which contains information regarding a proposed Final Rule implementing the international correspondent accounts and private banking provisions of Section 312 of the USA PATRIOT Act.
    Fact Sheet   12/19/05

  • December FedFlash Published

    The December issue of FedFlash has been published and contains articles on New Orleans zone check processing, 2006 seasonal lending applications, FRB operations holiday schedule and District news.
    FedFlash pdf;
    FedFlash html   12/19/05

  • USERRA Rules Published

    Final rules have been published to implement the Uniformed Services Employment and Reemployment Rights Act ("USERRA"), a federal law which protects the rights of persons who voluntarily or involuntariloy leave employment positions to undertake military service. The new rules do affect private employers. A notice of rights, benefits, and obligations of employees and employers under USERRA was published concurrently. PDF of final rules;   TXT version of final rules;   PDF of Notice;   TXT version of Notice   12/19/05

  • More Check Processing Changes Published

    The Federal Reserve Board published in the Federal Register amendments to appendix A of Regulation CC to delete reference to the New Orleans branch and reassign the routing symbols for it to the head office of the FRB of Atlanta. Typos in the routing symbols for the Helena branch office of FRB Minneapolis were also corrected, and notice is provided of a delay until 2007 of the previously announced transfer of the Nashville branch office's check-processing operations to the Atlanta head office. Advance notice is also given of future changes affecting the Federal Reserve Banks of New York and Philadelphia. PDF;   TXT   12/19/05

  • Enforcement Actions Announced

    The OCC has announced new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. Enforcement Actions  12/16/05

  • CRA Evaluations Released

    The OCC has released the CRA evaluations for 33 national banks that became public during the period of November 15, 2005 through December 14, 2005. CRA  12/16/05

  • Additional Check Processing Restructuring Announced

    The FRB has announced restructuring of check processing operations in the Sixth District and the applicable amendment to Reg CC. Processing  12/16/05

  • NCUA Announces Flexible Procedures For Hurricane Affected FCUs

    The NCUA has issued an Opinion Letter which provides guidance and details flexible procedures in place for conducting board meetings and member elections by FCUs affected by Hurricane Katrina. Procedures  12/16/05

  • OCC Annual Report Published

    The OCC has published its Annual Report for fiscal year 2005 which includes an introduction by Comptroller Dugan and the OCC‘s financial statements. Other sections describe the OCC, its accomplishments and operations, and its management initiatives. Annual Report  12/16/05

  • Cost of Funds Reports Released

    OTS has released the Historical and October 2005 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; October  12/16/05

  • RECON Updated For Third Quarter

    Regional Economic Conditions (RECON), which assists the FDIC in the examination process by providing economic information at the state, MSA (Metropolitan Statistical Area), and county levels, has been updated with new data for the Third Quarter 2005. RECON  12/16/05

  • October TIC Report Issued

    Treasury has issued the TIC report for October 2005 which indicates the net foreign purchases of long-term securities were $106.8 billion. TIC  12/16/05

  • Large Commercial Banks Assets Report Released

    The FRB has released the ranking of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of September 30, 2005. Ranking  12/16/05

  • FRB Recommends Creation Of NewBank

    The FRB has released the report of the private-sector Working Group on NewBank Implementation and endorsed its recommendations for the creation of a dormant bank (NewBank) that would be available for activation to clear and settle U.S. government securities. Report; Recommendation  12/16/05

  • InfoSec Guidelines Compliance Guide Published

    The federal bank and thrift regulatory agencies have published a small entity compliance guide for the Interagency Information Security Guidelines. The compliance guide summarizes the obligations of financial institutions to protect customer information and illustrates how certain provisions of the Security Guidelines apply to specific situations. Guide; FRB PR; OCC Bulletin; OTS CEO Lt; FDIC PR  12/15/05

  • Agencies Issue Counterfeit Cashier's Checks Alerts

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on CenterBank of Jacksonville, N.A., Jacksonville, Florida, and the FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Anchor Bank, West St. Paul National Association, West St. Paul, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/15/05

  • Special Alert Regarding Unauthorized Banking Operations

    The FDIC has issued a Special Alert regarding two entities that may be conducting unauthorized banking operations in the U.S. and Canada including involvement in various advance fee or "Nigerian letter" scams. Special Alert   12/15/05

  • FinCEN Issues North Korean Banking Activities Advisory

    An Advisory has been issued by FinCEN which contains guidance regarding the providing of banking services to North Korean government agencies and related front companies. Advisory  12/14/05

  • Fed Funds Up

    The FOMC has raised the target for the federal funds rate by 25 basis points and approved a similar increase in the discount rate. FOMC  12/14/05

  • Updated Reserve Position Released

    Treasury has updated the U.S. International Reserve Position report to include data as of December 9, 2005.
    Reserve Position   12/14/05

  • Survey Of Terms Report Released

    The E. 2 Survey of Business Terms report for the week of November 7, 2005, has been released by the FRB.
    E.2   12/14/05

  • FDIC Publishes Proposed Rulemaking for Large Bank Insurance Determination Modernization

    The FDIC proposes to developing a new system to determine insurance coverage. Its goals are to minimize disruption to depositors and communities, and maximize recoveries for the deposit insurance fund in the event one of the largest insured institutions should fail. PDF   TXT  12/13/05

  • Counterfeit Cashier's Check Alert Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Community State Bank, N.A. of Ankeny, Iowa. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/13/05

  • FILs Issued Regarding OFAC Changes

    The FDIC has issued three FILs regarding previously announced changed to the OFAC list concerning SDNs and Blocked Persons. Information regarding the changes was posted in BOL Top Stories on November 28, December 1 and December 6, 2005. FIL-122-2005; FIL-123-2005; FIL-124-2005   12/13/05

  • FDIC Updates Hurricane Data

    As of December 9, 2005, FDIC analysis shows 214 financial institutions with offices affected by the hurricanes (100 by Katrina; 87 by Rita; 27 by both). There are 112 branches that remain closed (98 by Katrina; 14 by Rita). There are 46 temporary branches open by 20 institutions. The updated information has been posted on the BOL Disaster Recovery page.  12/13/05

  • FEDS Working Paper Published

    The FRB has published a working paper in the FEDS series on the topic of "How Did the 2003 Dividend Tax Cut Affect Stock Prices and Corporate Payout Policy?" Abstract; Full Paper  12/13/05

  • Enforcement Actions Announced

    The FDIC has announced the issuance of 20 administrative enforcement actions taken against banks and individuals in October 2005. The actions included eight removal and prohibition orders, four civil money penalty orders, four terminations of insurance, one capital directive termination, and three terminations of orders to cease and desist. Enforcement Actions   12/12/05

  • Two Counterfeit Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Columbia State Bank, Tacoma, Washington, and counterfeit official checks drawn on Carolina First Bank, Greenville, South Carolina. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/12/05

  • FFIEC Updates HMDA FAQs

    The HMDA FAQs have been updated by the FFIEC to include questions regarding Type of Purchaser.FAQs   12/12/05

  • Third Quarter Household Debt Service Report Released

    The FRB has released the Household Debt Service and Financial Obligations Ratios report for Third Quarter 2005.Report   12/12/05

  • Special-Post Employment SR Issued

    A SR has been issued by the FRB regarding the previously announced post-employment restrictions imposed on senior examiners. Information concerning the restrictions was posted in the November 18, 2005 BOL Top Stories. http://www.bankersonline.com/topstory/november05.html SR   12/12/05

  • Counterfeit Cashier's Special Alert Issued

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on State Bank, La Grange, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/9/05

  • OTS 2006 Assessment And Fee Schedules Released

    The OTS has issued a Thrift Bulletin which contains its 2006 assessment and fee schedules. Bulletin  12/9/05

  • FRB Publish Technical Amendment to Reg CC

    This technical amendment to the Final Rule regarding Appendix A of Reg CC, deletes the reference to the head office of the Federal Reserve Bank of Boston and reassigns the Federal Reserve routing symbols currently listed under that office to the Windsor Locks office of the Federal Reserve Bank of Boston. PDF TXT  12/7/05

  • Flow Of Funds Accounts Report Released

    The FRB has released the Z.1 Flow of Funds Accounts of the United States Report for the Third Quarter 2005. Z.1  12/9/05

  • Assets Reports Issued

    The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for October 2005 have been issued by the FRB. Reports  12/9/05

  • OCC Fiscal Year 2005Annual Report PublishedM

    The OCC has published its annual report for fiscal year 2005 which includes an introduction by Comptroller Dugan, the OCC's financial statements, accomplishments, operations, and its management initiatives. Annual Report   12/9/05

  • Five Counterfeit Special Alerts Issued

    The FDIC has issued five Special Alerts regarding counterfeit cashier's checks drawn on The Comanche National Bank, Comanche, Texas and The Cambrian Branch (San Jose, California) of the Bank of the West, San Francisco, California; counterfeit official checks drawn on The Provident Bank, Jersey City, New Jersey; counterfeit checks bearing the name of The Equitable Bank, S.S.B., Wauwatosa, Wisconsin; and counterfeit money orders drawn on Heritage Community Bank, Glenwood, Illinois. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  12/8/05

  • December 2005 Call Report Forms Online

    The FFIEC has posted online the December 2005 Call Report forms 031 and 041. 031; 041  12/8/05

  • HMDA Reporting Guidance Issued

    The FFIEC has issued additional guidance on HMDA reporting to ensure that data is stated accurately pertaining to loans subject to HOEPA; rate spread; preapprovals and additional sources of guidance. HMDA Guidance  12/8/05

  • Winter Issue Supervisory Insights Published

    The FDIC has issued a FIL announcing the publication of the Winter 2005 issue of Supervisory Insights which contains articles on financial modeling, tighter security for Internet transactions, and banker insider misconduct. FIL; Supervisory Insights Index; Full Issue  12/8/05

  • Consumer Credit Report Released

    The FRB has released the G.19 Consumer Credit Report for October 2005. G.19  12/8/05

  • NCUA Publishes Post Employment Restrictions for Certain Examiners

    NCUA Publishes Final Rule in FR that will prohibits senior NCUA examiners from accepting employment with a credit union for a year after leaving NCUA employmentif they had responsibility for examination of that credit union prior to leaving. PDF TXT  12/7/05

  • First District Check Processing Restructured

    The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the check processing operations in the First District. As of February 25, 2006, the head office of the Federal Reserve Bank of Boston no longer will process checks, and banks currently served by that office will be reassigned to the Windsor Locks office of the Federal Reserve Bank of Boston. Restructuring  12/7/05

  • CRA Ratings Issued

    The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the CRA and the rating assigned to each institution. CRA Ratings  12/7/05

  • Determination Of Insured Deposits Comments Sought

    The FDIC is soliciting comments on the best way to improve the process of determining the insurance status of depositors of larger institutions in the event of a failure. Comments   12/7/05

  • Bulletins Issued Regarding Assessment Fees, Examiner Employment And CRA Q&As

    The OCC has issued three bulletins regarding previously announced actions concerning assessment collection process for national banks; one-year post-employment restrictions for senior examiners; and proposed revisions to 2001 Interagency Questions and Answers Regarding Community Reinvestment. Information regarding the actions was posted in the November 17 and 18, 2005, BOL Top Stories. Assessment Bulletin; Examiner Bulletin; CRA Bulletin   12/7/05

  • HUD Publishes Final Rule for ARM

    On March 29, 2005, HUD published an interim rule in the Federal Register that insured five-year hybrid ARMs with interest rates adjustable up to two percentage points annually. The final rule makes no changes to the interim rule. PDF TXT  12/6/05

  • Counterfeit Cashier's Check Alert

    The OCC has issued an Alert regarding counterfeit casher‘s checks drawn on Anchor Bank, West St. Paul N.A. of West St. Paul, Minnesota. Information concerning the counterfeit cashier‘s checks has been posted on the BOL Alerts & Counterfeits page.  12/6/05

  • Eight SDGTs Added To OFAC List

    OFAC has designated eight individuals as SDGTs and added their names to the SDN list. Information regarding the new entries has been posted on the BOL OFAC page.  12/6/05

  • Atlanta To Retain New Orleans Processing

    The FRB Financial Services Policy Committee (FSPC) has announced that it will retain the Federal Reserve Bank of Atlanta’s New Orleans Branch check processing operation at the Atlanta Fed’s head office and will postpone the previously announced move of the Nashville Branch’s check processing operation into Atlanta until 2007. Processing; New Orleans Letter; Nashville Letter  12/6/05

  • Hurricane Q&A issued

    A SR letter that contains the complete set of Q&As issued by the federal financial institutions regulatory agencies as of November 23, 2005, regarding Hurricanes Katrina and Rita has been issued by the FRB. The issue date of a Q&A is indicated at the end of each question. SR; Q&As  12/6/05

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet to include data as of December 6, 2005. 314(a)  12/6/05

  • Five Working Papers Published

    The FRB has published five new working papers in the FEDS series on the following topics: Solving Stochastic Money-in-the-Utility-Function Models; Jump-Diffusion Processes and Affine Term Structure Models: Additional Closed-Form Approximate Solutions, Distributional Assumptions for Jumps, and Parameter Estimates; Can Financial Innovation Help to Explain the Reduced Volatility of Economic Activity?; Alternative Central Bank Credit Policies for Liquidity Provision in a Model of Payments; and Competition and Price Discrimination in the Market for Mailing Lists. Stochastic Abstract; http://www.federalreserve.gov/pubs/feds/2005/200552/200552pap.pdf">Stochastic Full Paper; Jump Abstract; Jump Full Paper; Innovation Abstract; Innovation Full Paper; Alternative Abstract; Alternative Full Paper; Competition Abstract; Competition Full Paper  12/6/05

  • New FedFlash Issue Released

    The December 1, 2005 issue of FedFlash has been released and contains articles on email delivery of FedWire statements, changes to the HDGS and PPGS transit number listings, official authorization list and board resolution required from all account holders, and a reminder of changes to mixed and other Fed cull programs. FedFlash  12/6/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position with the addition of data as of December 2, 2005. Reserve Position  12/6/05

  • SR Letter Expresses FRB Security Program Expectations

    A SR Letter has been issued which establishes the FRB’s expectations for financial institutions and supervisory personnel with respect to the previously announced Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice. When evaluating the adequacy of a financial institution’s information security program, the FRB will consider whether the bank has developed and implemented a response program including notification procedures as described in the Guidance.SR Letter; Guidance  12/5/05

  • Suspicious Activity Alerts

    The OCC has issued two Alerts regarding supposed employees of "Wachovia Direct Lending," (not affiliated with Wachovia Corp.), that are contacting persons about student loan applications resulting in no loans and no returned fees; and supposed bank employees of Brink National Bank of Texas, an entity not authorized to conduct the business of banking, who have contacted persons about fraudulent financial schemes. Student Loans; Unauthorized Bank  12/5/05

  • First Quarter CRA Exam Schedule Released

    OTS has released the schedule of thirty-three CRA examinations that will conducted in the first quarter 2006. CRA Exam Schedule  12/5/05

  • Greenspan Comments On Budget Policy And International Imbalances

    In separate presentations before the attendees at the Federal Reserve Bank of Philadelphia Policy Forum and the Advancing Enterprise Conference, Chairman Greenspan expressed concern that the U.S. may have already committed more physical resources to the baby-boom generation in its retirement years than the economy has the capacity to deliver and that deficits that cumulate to ever-increasing net external debt, with its attendant rise in servicing costs, cannot persist indefinitely. Budget Policy; International Imbalances  12/5/05

  • FHC List Updated

    The FRB has updated the list of BHCs that have elected to be treated as FHCs to include elections made as of December 2, 2005. FHC List  12/5/05

  • OCC To Expand CAG Hours

    The OCC has announced the intention to expand the daily hours of telephone operation for its Customer Assistance Group from seven to twelve. CAG Hours  12/5/05

  • New BSA Forms Page Launched By FinCEN

    FinCEN has been launched a newly-updated forms page designed to be easier to navigate and find the BSA forms required for filing. It contains links to downloadable forms, Q&As, useful filing information, and more.
    BSA Forms    12/2/05

  • New BOL Tech Alert Issued

    BOL has issued a Tech Alert which contains new information about security vulnerabilities, a FREE special test assessment offer for BOL users, and two BOL book selections. Sign up for future Tech Alerts and other free e-mail BOL Banker Briefings.
    Tech Alert    12/2/05

  • Assessment Process Revised By OCC

    The OCC has revised its semi-annual assessment process for national banks. The OCC, rather than each national bank, will calculate and draft the semiannual assessment from either the Federal Reserve account or Federal Home Loan Bank account based on the most recent call report. The 2006 OCC Fee Schedule was also released.
    Assessment;
    2006 Fee Schedule    12/2/05

  • OCC CRA Exam Schedule Released

    The OCC has released its schedule of CRA examinations to be conducted in the first quarter of 2006.Schedule    12/2/05

  • FTC Settles Customer Data Security Case

    A retail discounter has agreed to settle FTC charges that its failure to take reasonable security measures to protect sensitive customer data was an unfair practice that violated federal law. According to the FTC, a data-security failure allowed hackers to gain access to the sensitive credit card, debit card, and checking account information of more than 1.4 million customers. The settlement requires the company to implement a comprehensive information-security program and obtain audits by an independent third-party security professional every other year for 20 years.Settlement; Complaint    12/2/05

  • Negative Amortization Concerns Comptroller

    In a presentation before the Consumer Federation of America, Comptroller Dugan expressed strong concerns about negative amortization in consumer loan products, particularly in the areas of credit cards and mortgages. He indicated that that negative amortization of consumer loans raise substantial – and intertwined – consumer protection and safety and soundness issues.
    Speech
       12/2/05

  • Foreign Exchange Rates Report Released

    The November 2005 G.5 Foreign Exchange Rate Report has been released by the FRB. G.5    12/2/05

  • First Quarter 2006 CRA Exam Schedule Released

    The FDIC has released the list of institutions that it has scheduled for a CRA examination during the first quarter of 2006. Schedule   12/1/05

  • CRA Distressed Or Underserved Tract List Updated

    The FFIEC has updated the list of distressed or underserved nonmetropolitan middle-income geographies. List   12/1/05

  • $19,960 CMP For Flood Violations

    The FRB has announced the issuance of an Order of Assessment of a Civil Money Penalty against County Bank, Merced, California, in connection with alleged violations of Reg H and the National Flood Insurance Act. Order   12/1/05

  • Counterfeit Cashier's Check Special Alert

    A Special Alert has been issued by the FDIC regarding counterfeit cashier's check drawn on Northway Bank, Berlin, New Hampshire. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   12/1/05

  • Unauthorized Banking Special Alert

    The FDIC has issued a Special Alert regarding an entity that may be conducting illegal banking activities involving advance fee or "Nigerian letter" scams in the U.S. and Canada. Special Alert   12/1/05

  • Drug Cartel Members And Philippine Separatists Added To OFAC List

    OFAC has added two individuals and three companies tied to a Columbian drug cartel and three members of a Philippine separatist group to the SDN list. Information regarding the new entries has been posted on the BOL OFAC page.   12/1/05

  • Beige Book Updated

    The Beige Book has been updated by the FRB to include data collected prior to November 21, 2005. Summary; Full Report   12/1/05

  • Continuation Of Assistance To Hurricane Victims Urged By Agencies

    The federal financial institution regulatory agencies along with the Conference of State Bank Supervisors are encouraging insured depository institutions to consider all reasonable and prudent actions that could help meet the critical financial needs of their customers and their communities affected by Hurricane Katrina.Hurricane Assistance   12/1/05

  • G.20 Report Issued

    The September 2005 G.20 Finance Companies report has been issued by the FRB. G.20   12/1/05

  • Housing Prices And Interest Rates Working Paper Published

    The FRB has published a working paper in the IFDP series on the subject of "The Baby Boom: Predictability in House Prices and Interest Rates".Abstract; Full Paper   12/1/05

  • Assets Reports Released

    The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for September 2005 have been released by the FRB.Reports   12/1/05

10/31/2005

Top Stories for November 2005

  • OCC Updates Licensing Manual

    The "General Policies and Procedures" booklet of the OCC Licensing Manual has been revised with the addition of guidance and procedures for filing an application to substantially increase or decrease the bank's assets and guidance for operating branches at historic properties.
    Manual   11/30/05

  • Bulletin Issued Regarding FACT Act Medical Information Final Rule

    The OCC has issued a bulletin regarding the previously announced Final Rule concerning creditors obtaining or using medical information pertaining to a consumer in connection with any determination of the consumer's eligibility, or continued eligibility for credit. Information regarding the Final Rule was posted in the BOL Top Stories for November 22, 2005.
    Bulletin;
    Final Rule Correction   11/30/05

  • Three Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on East West Bank, San Marino, California; First National Bank, Hermitage, Pennsylvania; and San Angelo National Bank, San Angelo, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/30/05

  • Anti-Fraud Resources Added To OCC Web Site

    The OCC Web site now provides consumers and bankers with information and resources to effectively identify, report, and combat fraud.
    Anti-Fraud Resources   11/30/05

  • Minutes Of Discount Rate Meetings Released

    The FRB has released the minutes of its discount rate meetings from October 3 through November 1, 2005.
    Minutes   11/30/05

  • International Reserve Position Update

    Treasury has updated the U. S. International Reserve Position with the inclusion of new data as of November 25, 2005.
    Reserve Position   11/30/05

  • TIAC Officers And Directors Announced

    The FRB has announced the names of five new members of the TIAC and the 2006 President and Vice President.
    TIAC
      11/30/05

  • Independent Audit Threshold Raised

    The FDIC has issued a FIL regarding the publication of a Final Rule that raises the asset-size threshold for internal control assessments by management and external auditors.
    FIL;
    Final Rule   11/29/05

  • FRB Publishes Remotely Created Checks Final Rule in FR

    The FRB has approved amendments to Reg CC that define "remotely created checks" and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited. 70FR71218 pdf 70FR71218 txt   11/28/05

  • Revised Trust Examination Manual Online

    The FDIC has revised the Trust Examination Manual by adding a new section to cover Registered Transfer Agent activities. It is available free online and for purchase in a CD format.
    Manual;
    Order CD   11/28/05

  • IT Examiner Training Program Modified

    The FRB has issued a SL that modifies the training program for IT examiners.
    SL   11/28/05

  • Zimbabwe SDN Designations Recertified

    OFAC has recertified some of the SDNs previously designated under the Zimbabwe program. All of the recertified names appear as changes in OFAC’s SDN changes files, but not all of the recertified names have actually changed. Information concerning the recertification has been posted on the BOL OFAC page.   11/28/05

  • 2006 FRB Chairmen And Deputy Chairmen Announced

    The FRB has announced the appointment of chairmen and deputy chairmen for 2006 for each of the twelve FR banks.
    Appointments   11/28/05

  • Twelve CRA Evaluations Released

    The OCC has released the ratings received by twelve national banks that were recently evaluated for compliance with the CRA.
    Ratings   11/23/05

  • FCRA Exam Procedures

    A bulletin has been issued by the OCC regarding the approval of the FFIEC's Task Force on Consumer Compliance of revised interagency FCRA examination procedures for consumer compliance issues. New requirements apply to banks that are consumer reporting agencies or that use consumer reports. Bulletin    Exam Procedures   11/23/05

  • Unauthorized Banking Special Alert

    A Special Alert has been issued by the FDIC regarding three entities that may be conducting unauthorized banking activities connected with Nigerian letter scams in the U. S. and Canada. Unauthorized   11/23/05

  • Four Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on Sheridan State Bank, Sheridan, Wyoming; First National Bank USA, Boutte, Louisiana; Applied Card Bank (formerly known as Cross Country Bank), Wilmington, Delaware; and Mills County State Bank, Goldthwaite, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/23/05

  • 314a Facts And Figures Updated

    FinCEN has updated the 314a Fact Sheet to include data as of November 22, 2005. Over fourteen million dollars has been located involving over three thousand transactions.
    314a   11/23/05

  • November Electronic Interpretations and Actions Announced

    The OCC has announced the New Electronic Interpretations and Actions for November 2005.
    Electronic   11/23/05

  • FDIC Reports Earnings At Record Levels

    Commercial banks and savings institutions insured by the FDIC reported record net income for the third quarter of 2005. Strong growth in noninterest income at larger institutions provided much of the improvement in earnings. Provisions for loan losses and net loan chargeoffs both increased for the first time in three years. Preliminary results for the third quarter are contained in the FDIC's latest Quarterly Banking Profile.
    Quarterly Banking Profile   11/23/05

  • Third Quarter TFR Data Released

    OTS has released the TFR Data for the Third Quarter 2005.
    TFR Data   11/23/05

  • Remotely Created Checks Final Rule Issued

    The FRB has approved amendments to Reg CC that define "remotely created checks" and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited. Final Rule   11/22/05

  • 2006 Financial Services District Fee Schedules Announced

    FRB Financial Services has announced the district fee schedules for 2006. Fee Schedule   11/22/05

  • Counterfeit Checks Alerts Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on First National Bank, Hermitage, Pennsylvania, and the FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on Chinatrust Bank (U.S.A.), Torrance, California, and Bay Cities National Bank, Redondo Beach, California; missing, lost, or stolen cashier's checks drawn on The Heritage Bank, Hinesville, Georgia; and counterfeit official and expense checks drawn on Prosperity Bank, El Campo, Texas. Information concerning the counterfeit and missing items has been posted on the BOL Alerts & Counterfeits page.   11/22/05

  • FACTA Medical Information Rules Published

    The OCC/FRB/FDIC/OTS/NCUA published the final rule to the Fair Credit Reporting Medical Information Regulations in the Federal Register. This final rule was previously reported in the Top Stories on 11/18/05. Final Rules   11/22/05

  • Consumer News Focuses On Helping Seniors Remain Fiscally Fit

    The Fall 2005 issue of FDIC Consumer Guide features a special guide for senior and families that contains articles on the following topics: Helping Your Money Last... After Your Last Paycheck; Annuities for Retirees: What to Consider Before You Invest; Retirement Strategies for All Ages: A "To-Do" List; Avoiding Frauds that Target the Elderly; How to Simplify and Organize Your Finances; Giving Others Access to Bank Accounts and Safe Deposit Boxes; and 7 Things to Know About FDIC Insurance. Consumer Guide   11/22/05

  • Thrift Industry Has Record Quarter

    The financial results of the nation’s thrift industry for the third quarter of 2005 have been released by OTS. The industry posted its fourth consecutive record of quarterly earnings.
    Third Quarter Highlights   
    Charts   
    Selected Indicators  11/22/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of the data from November 18, 2005.
    Reserve Position   11/22/05

  • Three Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the name of or a name similar to Guaranty Bond Bank, Mount Pleasant, Texas; The San Francisco, California, branch of First Republic Bank, Las Vegas, Nevada; and Chino Commercial Bank, N.A., Chino, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/21/05

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on the First National Bank USA of Boutte, Louisiana. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  11/18/05

  • FACT ACT Medical Information Rules Finalized

    The federal financial institution regulatory agencies have finalized the FACT Act rules on medical information, Regulation V and Regulation FF. Final Rule; FRB PR; OCC NR; OTS; FDIC; NCUA.  11/18/05

  • Form 4 Online

    The FDIC has issued a FIL which contains a copy of the FFIEC 004 report that may be used to comply with the reporting requirements of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 which requires the executive officers and principal shareholders of each bank to submit an annual report to their board of directors on their indebtedness, and that of their related interests, to correspondent banks. FIL; Form 004  11/18/05

  • Enforcement Actions Released

    The OCC has released a list of the new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions.
    Actions  11/18/05

  • Post-Employment Restrictions for Senior Examiners Announced



    The federal bank and thrift regulatory agencies have issued final rules to implement a special post-employment restriction on certain senior examiners employed by an agency or Federal Reserve Bank.
    Post-Employment FRB PR; OCC NR; OTS; FDIC  11/18/05

  • RESPA Violations Mortgage Kickback Case Settled

    The FDIC and HUD have announced a $150,000 settlement with a mortgage company in New England for violations of the RESPA. HUD and FDIC found that the company solicited and received tickets from certain settlement service providers to athletic events as well as music concerts and restaurant gift certificates in exchange for the referral of business. Settlement  11/18/05

  • FDIC Conducts Survey

    The FDIC is conducting a confidential nationwide banker survey to evaluate, among other things, the effectiveness and adequacy of the FDIC's current inventory of deposit insurance publications and job aids designed to help bank employees understand deposit insurance coverage. Survey   11/18/05

  • G.17 Report Issued

    The G.17 Industrial Production and Capacity Utilization Report for October 2005 has been issued by the FRB.
    G.17  11/18/05

  • December HOEPA Reference Rates Established

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in December 2005 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15  11/17/05

  • Regulators Seek Comments On Proposed CRA Q & As

    The FDIC, the FRB and the OCC have published an informal staff guidance on community reinvestment in the form of thirteen proposed Q & As and are seeking public comments. FDIC FIL; Proposal  11/17/05

  • FedFlash November Issue Published

    FRB Financial Services has published the November 2005 issue of FedFlash which contains articles on the new notification system for expiring FedLine credentials, additional FedReceipt endpoints, security measures for FedLine credentials, help reducing risks of clearing Canadian checks, and news from the Fed Districts. FedFlash  11/17/05

  • September International Capital Data Released

    Treasury has released the September 2005 International Capital Data report. Capital Data  11/17/05

  • OCC Issues Interim Final Rule to amend its regulation concerning the timing of
    payments of OCC assessments.

    This interim final rule replaces the current
    process of assessment collection, which requires national banks to make the initial calculation of the amount due to the OCC. This interim rule changes the assessment collection
    process only. PDF; TXT   11/17/05

  • Joint Agencies Publish Final Rule implementing the Intelligence Reform Act

    The OCC, Board, FDIC and OTS (the Agencies) have jointly adopted final rules to implement section 6303(b)
    of the Intelligence Reform and Terrorism Prevention Act of 2004, which imposes post-employment restrictions
    on senior examiners of depository institutions and depository institution holding companies. PDF; TXT   11/17/05

  • Revised SOP On NHPA Proposed

    The FDIC has issued a FIL regarding the proposed revision of its Statement of Policy (SOP) on the National Historic Preservation Act of 1966 (NHPA) to reflect the FDIC's experience and practices in applying the current SOP and statutory changes to the NHPA and its implementing regulations. FIL; Proposed Statement  11/16/05

  • Enforcement Actions Announced

    Twenty-six administrative enforcement actions taken against banks and individuals in September 2005 have been announced by the FDIC. The actions include fourteen removal and prohibition orders, nine civil money penalty orders, one cease and desist order, and two terminations of cease and desist orders. Enforcement Actions  11/16/05

  • BSA/AML Examination InfoBase Updated

    The FFIEC has updated the InfoBase to include questions and answers from the August 2005 BSA/AML Examination Manual Outreach events and a user-friendly bookmarked version of the Manual. Q & As; Manual  11/15/05

  • Greenspan Discusses The Role Of The Central Bank

    In a video presentation to the participants at the Banco de Mexico's 80th Anniversary International Conference in Mexico City, FRB Chairman Greenspan discussed the role of the Central Bank and its impact on stability and economic growth. He noted that an environment of greater economic stability has been the key to the impressive growth in the standards of living and economic welfare in the Untied States. Speech  11/15/05

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report to include data as of November 10, 2005. Reserve Position  11/15/05

  • Check Alerts Issued

    The OCC has issued two Alerts regarding fraudulent official checks issued in the name of Chino Commercial Bank, N.A., Chino, California, and counterfeit cashier's checks issued in the name of Bay Cities National Bank, Redondo Beach, California. Information concerning the checks has been posted on the BOL Alerts & Counterfeits page.  11/14/05

  • Regulators' Comments Regarding Basel II

    In testimony before the Senate Banking Committee, Comptroller Dugan stated, "Basel II will promote significant advances in risk management that will benefit supervisors and banks alike and substantially enhance safety and soundness," and FDIC Chairman Powell noted, "The FDIC views the extremely low capital numbers coming out of Basel II's formulas . . . as examples of why, under Basel II, the leverage ratio would play a more important role than ever in ensuring the soundness of our banking system." Dugan Statement; Dugan Testimony; Powell Testimony   11/14/05

  • Interstate Banking & Interest Rates - Notice of Proposed Rulemaking

    The FDIC issued a FIL containing a notice of proposed rulemaking to clarify which state laws apply to branches of out-of-state, state-chartered banks and to clarify the interest rates that state-chartered banks may charge. FIL  11/14/05

  • NCUA Chairman Responds To ABA Complaints

    NCUA Chairman Johnson has issued a statement regarding the complaints filed by the American Bankers Association in United States District Courts in Utah and Pennsylvania. NCUA Statement; ABA NR; Utah Compliant; Pennsylvania Compliant  11/14/05

  • FRB Published Final Rule to Reg A increasing Credit Rate

    The Federal Reserve Board
    has adopted final amendments to its Regulation A to reflect the Board’s approval of an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board’s primary credit rate action. PDF; TXT  11/14/05

  • Columbia Drug Lord and Associates Added to OFAC List

    Treasury has announced the designation of Wilber Varela, a.k.a. "Jabon," as a principal SDNT of the North Valle drug cartel and the addition of his name to the SDN list along with those of four related companies and ten other North Valle associates. Information regarding the additions has been posted on the BOL OFAC page.   11/10/05

  • BIF and SAIF Third Quarter Results Released

    The FDIC has released the Third Quarter 2005 results for the BIF and SAIF insurance funds.
    Third Quarter Results   11/10/05

  • Three Counterfeit Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on Legacy Bank, Milwaukee, Wisconsin; and counterfeit official checks drawn on PFF Bank & Trust, Pomona, California, and The Farmers National Bank, Lebanon, Kentucky. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeit page.   11/9/05

  • 2006 HMDA Edits And File Specs Posted

    The FFIEC has posted online the 2006 HMDA Edits and File Specifications. Edits; File Specifications  11/9/05

  • FDIC Rates Unchanged

    The FDIC has announced that the current deposit insurance assessment rates charged to insured banks and savings associations will remain unchanged for the first half of 2006. Rates  11/9/05

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report to include data as of November 4, 2005. Reserve Position  11/9/05

  • Monetary Policy Working Paper Published

    The FRB has published a working paper in the FEDS series on the topic of "Monetary Policy with Imperfect Knowledge". Abstract; Full Paper  11/9/05

  • Counterfeit Checks Special Alerts Issued

    Three Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on BankNewport (formerly known as Bank of Newport), Newport, Rhode Island; counterfeit official checks drawn on Putnam Savings Bank, Putnam, Connecticut; and counterfeit checks drawn on Indiana First Savings Bank, Indiana, Pennsylvania. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  11/8/05

  • G.17 And G.19 Reports Released

    The FRB has released the 2005 Annual Revision of the G.17 Industrial Production and Capacity Utilization Report and the September 2005 G.19 Consumer Credit Report. G.17; G.19.  11/8/05

  • Bank Lending Practices Survey Results Published

    The results of the October 2005 Senior Loan Officer Opinion Survey on Bank Lending Practices have been published by the FRB. Survey Results.  11/8/05

  • FRB Publishes Interim Rules Regarding Equal Opportunity

    FRB published an Interim Rule in the FR that would amend the section of its Rules Regarding Equal Opportunity governing the employment of persons who are not citizens consistent with the Board’s requirements for the security of its information. The amendments would clarify the limitations on access to sensitive information for non-citizen employees. PDF; TXT Comments are requested by 1/9/06. This interim rule is effective 11/8/05.  11/7/05

  • Counterfeit Checks Special Alerts

    The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on Webster Bank, National Association, Waterbury, Connecticut, and counterfeit cashier's checks bearing the name of Citizens National Bank, N. A., Bossier City, Louisiana. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  11/7/05

  • Enforcement Action Requires Bank Subsidiary To Reimburse Borrowers

    The OCC has announced a Formal Agreement with The Laredo National Bank, Laredo, Texas, and its subsidiary, Homeowners Loan Corporation (HLC) which requires HLC to strengthen its policies and control systems to ensure compliance with all applicable consumer protection laws, regulations and OCC guidance, and reimburse borrowers who were harmed due to the lack of appropriate controls.
    Formal Agreement  11/7/05

  • CRA Ratings Released

    The FDIC has released the CRA ratings assigned in August 2005 to state nonmember banks that were evaluated for compliance with the CRA. CRA Ratings  11/7/05

  • Working Papers Published

    The FRB has published new working papers in both the FEDS and IFDP series on the following topics: FEDS – "Measuring Counterparty Credit Exposure to a Margined Counterparty”: and IFDP – "DSGE Models of High Exchange-Rate Volatility and Low Pass-Through" and "Explaining the Global Pattern of Current Account Imbalances". DSGE Abstract; DSGE Full Paper; Explaining Abstract; Explaining Full Paper; Measuring Abstract; Measuring Full Paper  11/7/05

  • Counterfeit Cashier's Checks Alerts

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on The Farmers National Bank of Lebanon, Kentucky. The FDIC has issued two Special Alerts regarding counterfeit expense checks drawn on Peoples Bank of Louisiana, Amite, Louisiana, and Counterfeit money orders and cashier's checks drawn on Monson Savings Bank, Monson, Massachusetts. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   11/4/05

  • SE Asian Drug Traffickers Added To OFAC List

    Treasury has identified 11 individuals and 16 companies that are part of the financial and commercial network of designated significant foreign narcotics trafficker Wei Hsueh-kang and the United Wa State Army (UWSA). Their names were added to the SDN list and designated as SDNTKs. Information regarding the additions was been posted on the BOL OFAC page.   11/4/05

  • 2006 FRB Services Fee Schedule Announced

    The FRB has approved fee schedules for FRB priced services for depository institutions, effective January 3, 2006.
    Fees;
    Customer Letter;
    Check Pricing   11/4/05

  • Economic Outlook From Greenspan

    In testimony before the Joint Economic Committee of Congress, Chairman Greenspan expressed his view on the outlook for the economy. He noted the longer-term prospects for the U.S. economy remain favorable; however, more uncertainty surrounds the outlook for inflation.
    Testimony   11/4/05

  • FedFocus Year End Review Published

    The special November FedFocus 2005 Year-in-review issue looks back at 2005 to highlight the year's innovations, enhancements and important developments. It also provides a sneak peek at what's to come in 2006.
    FedFocus   11/4/05

  • NCUA Chairman Testifies On CU Taxation

    In testimony before the House Ways and Means Committee, Chairman Johnson stated that the credit unions’ tax exemption is vital to the long-term stability and safety and soundness of the nation’s credit union system.
    Testimony   11/4/05

  • International Reserve Position Update

    The U.S. International Reserve Position has been updated by Treasury to include data as of October 28, 2005.
    Position   11/4/05

  • Guidance Issued Regarding Examination Treatment Of Tobacco Payments

    The FRB has issued a SR that provides guidance to examiners with regard to the proper treatment of assignments of tobacco transition payments and successor-in-interest contract payments under the USDA Tobacco Transition Payment Program (TTPP or Tobacco Buyout Program).
    SR   11/3/05

  • New Edition Of Banking Accounting Advisory Series Published

    The OCC has published the October 2005 edition in the Banking Accounting Advisory Series which expresses the regulator's current views on topic of interest to national banks including but not limited to: troubled debt restructurings, commitments, loan recoveries, account for acquisitions, push-down purchase accounting and related party transactions.
    Advisory Series   11/3/05

  • Five More Counterfeit Special Alerts Issued

    The FDIC has issued five Special Alerts regarding counterfeit money orders and treasurer's checks drawn on Country Bank for Savings, Ware, Massachusetts; counterfeit cashier's checks drawn on Valley National Bank, Wayne, New Jersey; counterfeit checks drawn on Ulster Savings Bank, Kingston, New York; counterfeit cashier's checks drawn on Millbury Savings Bank, Millbury, Massachusetts; and counterfeit official checks drawn on Hampden Bank, Springfield, Massachusetts. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   11/2/05

  • OCC Committed To Effective BSA/AML Supervision

    In a presentation to the participants attending the money laundering conference sponsored jointly by the American Bankers Association and the American Bar Association, Comptroller Dugan stated that the OCC is committed to a process of BSA/AML supervision and enforcement that is not only effective, but also measured and fair.
    Speech   11/2/05

  • CRA Ratings Released

    OTS has released the CRA ratings received by savings associations that were recently evaluated for compliance with the CRA.
    Ratings   11/2/05

  • Rates Raised

    The FOMC has announced that it has raise its target for the federal funds rate by 25 basis points and the Board of Governors approved a 25-basis point increase in the discount rate.
    Rates   11/2/05

  • Powell Resigns

    FDIC Chairman Powell has announced his resignation to assume a new position to coordinate the efforts to rebuild the Gulf Coast areas affected by the recent hurricanes.
    Resignation   11/2/05

  • Foreign Exchange Rates Report Issued

    The G.15 Foreign Exchange Rate report for October 2005 has been issued by the FRB.
    G.15   11/2/05

  • Eight Stolen And Counterfeit Items Special Alerts Issued

    The FDIC has issued eight Special Alerts regarding counterfeit and stolen expense checks as well as stolen trust and asset management checks of American Bank, National Association, Corpus Christi, Texas; stolen official checks and money orders drawn on TCF National Bank, Wayzata, Minnesota; counterfeit cashier's checks drawn on Union Bank of California, National Association, San Francisco, California; counterfeit cashier's checks drawn on Washington Trust Bank, Spokane, Washington; counterfeit cashier's checks drawn on Marine Bank, Springfield, Illinois; counterfeit cashier's checks drawn on Farmers and Merchants Bank of South Carolina, Holly Hill, South Carolina; counterfeit official checks drawn on Concordia Bank & Trust Company, Vidalia, Louisiana; and counterfeit official checks drawn on First National Bank in Alamogordo, Alamogordo, New Mexico. Information concerning the stolen and counterfeit items has been posted on the BOL Alerts & Counterfeits page.   11/1/05

  • New Issue SAR Activity Review Published

    FinCEN has published the 9th issue of the SAR Activity Review which features trends, tips and issues regarding SARs.
    Activity Review   11/1/05

  • NCUA Enforcement Orders Announced

    An order of assessment of a $22,000 civil money penalty against Arrowhead Central Credit Union, San Bernadino, California for late submissions of data required HMDA has been announced by NCUA along with three Prohibition Orders against former CU officers.
    CMP; Prohibition Orders   11/1/05

10/01/2005

Top Stories for October 2005

  • FinCEN Announces New BSA Service

    BSA Direct, a new FinCEN service that will allow authorized users to access and analyze BSA data, is scheduled to be operational in January 2006.
    BSA Direct   10/31/05

  • MSB Registration List And Order Form Back Online

    FinCEN has reposted the MSB Registration List State Selector and the MSB Material Information Order Form on its Web site. They both were taken offline in September 2005 for a security analysis.
    MSB   10/31/05

  • Working Paper Published

    The FRB has published a working paper in the IFD series on the topic of “The Response of Global Equity Indexes to U.S. Monetary Policy Announcements”.
    Abstract;
    Full Paper   10/31/05

  • August G.20 Report Release

    The G.20 Finance Companies report for August 2005 has been released the FRB.
    G.20   10/31/05

  • FDIC Final Rule on 529 Plans Published in FR

    The FDIC is adopting a final rule governing the insurance coverage of deposits of qualified tuition savings programs under
    section 529 of the Internal Revenue Code. The deposits will be insured up to $100,000 for the interest of each
    participant in aggregation with the participant's other deposits at the same insured depository institution. 70FR62057 (txt) 70FR62057 (pdf)   10/28/05

  • Comptroller Discusses Credit Risk

    In a presentation to attendees at the OCC Credit Risk Conference, Comptroller Dugan discussed the implications for national banks of rising credit risk.
    Speech   10/28/05

  • CIF Handbook Released

    The OCC has released a new booklet in the Controllers Handbook series titled, "Collective Investment Funds", which examines bank-administered trusts for the commingled assets of fiduciary accounts and establishes a framework for managing their risks.
    CIF Booklet   10/28/05

  • MSB Registration List Update

    FinCEN has updated the MSB Registration List to include those entities that have registered as of October 1, 2005.
    List   10/28/05

  • Working Paper Published

    The FRB has published a working paper in the FEDS series on the topic of "Job Creation and Housing Construction: Constraints on Metropolitan Area Employment Growth".
    Abstract;
    Full Paper   10/28/05

  • FDIC Makes Bank Data Available

    The FDIC has created a Web page which provides links to summaries and examples of bank data that is available online.
    Index;
    Bank Data Guide   10/28/05

  • NCUA Seeks Comments On Strategic Plan

    NCUA is seeking comments on a draft of its Strategic Plan for 2006-2011.
    Comments;
    Plan   10/28/05

  • Greenspan's Reflections On CEA

    In his remarks on receipt of the Truman Medal for Economic Policy, Chairman Greenspan reflected on the establishment of the CEA by President Truman and his personal observations as a member of the Council.
    Remarks   10/27/05

  • FEDS Working Paper Published

    The FRB has published a working paper in the FEDS series on the topic of "Term Structure Estimation with Survey Data on Interest Rate Forecasts".
    Abstract;
    Full Paper   10/27/05

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report to include data as of October 21, 2005.
    Reserve Position   10/27/05

  • FDIC Issues Wilma FIL

    An FIL has been issued by the FDIC regarding the supervisory practices that the regulator will follow concerning institutions impacted by Wilma and related severe storms. A link to the FIL has been posted on the BOL Disaster Recovery Center.   10/26/05

  • CRA Evaluations Released

    The OCC has released the evaluations for 22 national banks that were recently examined for compliance with the CRA.
    Evaluations   10/26/05

  • October New Electronic Interpretations And Actions Announced

    The New Electronic Interpretations and Actions for October 2005 have been announced by the OCC.
    New Electronic   10/26/05

  • Third Quarter A&L Price Tables Released

    OTS has released the Asset and Liability Price Tables for the Third Quarter 2005.
    Tables   10/26/05

  • Wilma Affecting Bank Operations

    The Federal Reserve Bank of Atlanta is posting updates on how Hurricane Wilma is affecting bank operations in the area. A link to the web page containing the updates has been posted on the
    BOL Disaster Recovery page
    .   10/25/05

  • Counterfeit and Stolen Check Alerts Issued

    The OCC has issued two Alerts, one regarding counterfeit cashier's checks drawn on Valley National Bank in Wayne, New Jersey; and the concerning stolen official checks and money orders bearing the name of TCF National Bank, Minneapolis, Minnesota. Information on the Alerts has been posted on the BOL Alerts & Counterfeits page.   10/25/05

  • Iowa Banker Subject Of Enforcement Action

    FRB has announced the issuance of a Consent Notice of Suspension and Prohibition against William R. Kahler, an officer of Primebank, LeMars, Iowa.
    Notice   10/25/05

  • Bernanke To Follow Greenspan

    President Bush has appointed White House economic adviser Ben Bernanke as chairman of the FRB to succeed Chairman Alan Greenspan, who will retire when his current term runs out at the end of January 2006. Chairman Greenspan was present for the announcement and issued a statement on the selection of Bernanke.
    Appointment;
    Greenspan Statement   10/25/05

  • Counterfeit Checks Alert

    An alert has been issued by the OCC regarding counterfeit cashier's checks drawn on Citizens National Bank, N.A., Bossier City, La. Information regarding the counterfeit checks has been posted on the BOL Alerts and Counterfeits page.   10/24/05

  • North Korean Entities Added To SDN List

    Treasury has designated eight North Korean entities as proliferators of weapons of mass destruction and added their names to the SDN List. The action prohibits all transactions between the designated entities and any U.S. person and freezes any assets the entities may have under U.S. jurisdiction. Information regarding the entities has been posted on the BOL OFAC page.   10/24/05

  • National Bank Offices Affected by Hurricane Wilma May Close

    The OCC has issued a Proclamation that authorizes national banks, at their discretion, to close offices in areas affected by Hurricane Wilma. Proclamation   10/24/05

  • Code Of Conduct FIL Issued

    The FDIC has issued a FIL that contains guidance to financial institutions to remind them of the importance of an effective internal corporate code of conduct or written ethics policy.
    FIL   10/24/05

  • Working Papers Published

    The FRB has published two working papers, one in the FEDS series on the topic of Stock Market Volatility and the Great Moderation; and the other in the IFDP series on the topic of Accounting Standards and Information: Inferences from Cross-Listed Financial Firms.
    FEDS Abstract;
    FEDS Full Paper;
    IFDP Abstract;
    IFDP Full Paper   10/24/05

  • FHC List Updated

    The FRB has updated the list of BHCs that have elected to be treated as FHCs to include those companies making the election as of October 21, 2005. FHC List   10/24/05

  • 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. Reports  10/21/05

  • Joint Agencies Publish Proposed Rule for Modifications to Capital Guidelines and Maintenance

    The OCC, OTS, FRB, and OTS are considering various revisions to the existing risk-based capital framework that would enhance its risk sensitivity. These changes would apply to banks, bank holding companies, and savings associations ("banking organizations"). PDF
      TXT    FRB PR; OCC Bulletin; FDIC FIL; OTS PR  10/20/05

  • CRA Examination Information Online

    The FFIEC has posted links to CRA examination information on one of its Web pages. Information regarding regulator exam schedules, distressed or underserved nonmetropolitan middle income geographies, exam procedures by size of institution, and public evaluations is available. CRA Information  10/20/05

  • CRA/HMDA Corrections Available

    A patch for the errors contained in the previously distributed 2004 CRA and HMDA Aggregrate and Disclosure CDs is available from the FFIEC. HMDA Corrections; Patch  10/20/05

  • Tardy HMDA Disclosures Results In CMP

    NCUA has announced that a $19,000 CMP has been assessed against a CU for late submissions of HMDA data. CMP  10/20/05

  • Prohibition Orders Issued

    Orders of prohibition have been issued by NCUA against former CU affiliated individuals. Orders   10/20/05

  • Beige Book Update

    The FRB has updated the Beige Book to include information collected before October 11, 2005, which indicates that economic activity continued to expand in September 2005 even though the Atlanta and Dallas districts reported notable disruptions due to hurricane activity. Summary; Full Report  10/20/05

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Union Bank of California, N.A. Information concerning the counterfeit checks has been on the BOL Alerts & Counterfeits page.   10/19/05

  • SDN List Changes Announced

    OFAC has announced that thirty-six changes have been made to SDGT designations on the SDN list. Information regarding the changes has been posted on the BOL OFAC page.  10/19/05

  • Consent Order issued Against Ohio Bank

    The OCC has announced that a Consent Order has been issued against Key Bank, N.A., Cleveland, Ohio, regarding violations of the BSA and OFAC regulations. The institution is required to develop and implement BSA policies and procedures including but not limited to, identification and monitoring of high-risk transactions, compliance risk assessment, filing SARs, conducting a BSA audit, and BSA training. Consent Order  10/19/05

  • NCCT List Reduced By One

    FATF has announced the removal of Nauru from its non-cooperative countries and territories (NCCT) list due to the abolishment by Nauru of 400 shell banks. NCCT List  10/19/05

  • Greenspan On Energy

    In a presentation in Tokyo before the Japan Business Federation, the Japan Chamber of Commerce and Industry, and the Japan Association of Corporate Executives, Chairman Greenspan noted oil prices had been persistently edging higher since 2002 but the average price of crude oil, despite its recent surge, is still in real terms below the price peak of February 1981. He also observed that despite improved technology and high prices, proved reserves in the developed countries are being depleted because additions to these reserves have not kept pace with production. Speech  10/19/05

  • Non-Traditional Mortgages May Be Risky

    FDIC Chairman Powell in a presentation before the America's Community Bankers Annual Convention in Orlando, Florida, warned that so-called 'non-traditional' mortgages such as 'piggyback' mortgages, low- and no-doc loans, interest-only loans, and loans with optional payment terms allowing for considerable negative amortization may result in increased risk for some bank and their customers. Risk  10/19/05

  • FYI Highlights 2005 Deposits Data

    The October 18, 2005 issue of FYI features the official release of the 2005 Summary of Deposits (SOD) data, a report detailing total deposits at the individual office level for every FDIC-insured institution. FYI  10/19/05

  • August International Capital Data Released

    Treasury has released the International Capital Data for August 2005. Capital Data  10/19/05

  • FRB Publishes Technical Amendment to Appendix A of Regulation CC

    The FRB is amending appendix A of Regulation CC to delete the reference to the Oklahoma City and Columbus branch offices of the Federal Reserve Bank of Kansas City and reassign the Federal Reserve routing symbols currently listed under those offices to the head office of the Federal Reserve Bank of Dallas and Cincinnati, respectively. PDF
      TXT   10/18/05

  • FDIC Publishes Interpretive Rule in FR

    The FDIC is amending an interpretive rule stating that insured State nonmember banks not exercising trust powers may offer self-directed traditional IRA and Keogh accounts without the prior written consent of the FDIC. PDF
      TXT   10/18/05

  • Atlanta To Process New Orleans Items

    FRB Financial Services has announced that the Atlanta office of the FRB will begin on October 17, 2005, overnight processing of New Orleans zones items and availability will return to “re-Katrina” levels. Item Processing   10/18/05

  • November HOEPA Reference Rates

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in November 2005 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For November, you will use the rates posted on October 14th since October 15th fell on the weekend. H.15 Weekly Rates  10/18/05

  • Enforcement Actions Announced

    The OCC has announced seventeen Enforcement Actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  10/18/05

  • Cost Of Funds Reports Issued

    OTS has issued the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; Current  10/18/05

  • Reserve Position Update

    The FRB has updated the U.S. International Reserve Position data to include information as of October 14, 2005. Reserve Position  10/18/05

  • IFDP Working Paper Published

    A working paper in the IFDP series on the topic of Alternative Procedures for Estimating Vector Autoregressions Identified with Long-Run Restrictions has been published by the FRB. Abstract; Full Paper  10/18/05

  • FRB publishes Proposed Rule for Truth in Lending (Reg Z)

    The Federal Reserve Board requests comments for proposed rule regarding the open-end (revolving) credit rules of the Board's Regulation Z, which implements the Truth in Lending Act (TILA). PDF; TXT  10/17/05

  • Additional Hurricane Accounting And Regulatory Reporting Guidance Issued

    The federal financial regulatory agencies have prepared additional supervisory guidance on regulatory and reporting issues related to Hurricanes Katrina and Rita. A link to the guidance from each agency has been posted on the BOL Disaster Recovery Center.  10/17/05

  • Counterfeit Cashier's Checks Special Alerts

    The FDIC has issued Two Special Alerts regarding counterfeit cashier's checks drawn on Premier Valley Bank, Fresno, California, and Alpine Bank, Glenwood Springs, Colorado. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  10/17/05

  • Court Denies SARs Disclosure

    The Court in the case of Wuliger vs. OCC has held that action by the OCC to deny disclosure of SAR information was consistent with the authorizing legislation and a reasonable implementation of the statute regarding the reporting and disclosure of SARs. Opinion  10/17/05

  • Written Agreement Announced

    The FRB has announced that it has entered into a Written Agreement with the Deutsche Bank Trust Company Americas, New York, N.Y., which addresses BSA and AML compliance at Deutsche Bank Trust Company Americas and a Written Agreement with Surety Capital Corporation, Fort Worth, Texas, regarding the activities of Surety Bank, Fort Worth, Texas. Deutsche Bank;
    Surety Capital
      10/17/05

  • BIF Insurance Rates May Increase

    In a presentation before the National Bankers Association's Annual Convention, FDIC Chairman Powell noted with the reserve ratio trending toward a key statutory tripwire and Congress considering deposit insurance reforms, some change in the way banks pay for their deposit insurance is more likely. He stated, "Higher assessment rates could happen as early as the beginning of next year." Presentation  10/17/05

  • Hurricanes Impact G.17 Report

    The FRB has released the G.17 Industrial Production and Capacity Utilization Report for September 2005 which indicates that storm-related production declines are estimated to have held down total industrial production. G.17  10/17/05

  • FDIC Publishes Proposed Rule for Interstate Banking and the Federal Interest
    Rate Authority

    This proposed rule will preempt certain state laws with the stated purpose of establishing parity between national banks and state-chartered banks in interstate activities and operations, and to implement the interest rate authority contained in the Federal Deposit
    Insurance Act.PDF TXT  10/14/05

  • FDIC Publishes Proposed Rule for Notification of Changes of Insured Status

    This proposed rule will revise the regulation addressing the certification to the FDIC of the assumption of deposits and the notification to depositors of a change in insured status. The proposed revision also clarifies other requirements. PDF TXT  10/14/05

  • Regulators Publish Real Estate Appraisal Exception in Major Disaster Areas

    The joint agencies (OCC, FRB, FDIC, OTC, NCUA) publish a statement in the Federal Register, effective immediately, authorizing the Agencies to make exceptions to statutory and regulatory requirements relating to appraisals for certain transactions. PDF
      TXT
      10/14/05

  • Thrift Industry Charge-Off Rates Released

    OTS has released the Second Quarter 2005 thrift industry charge-off rates. Rates.  10/14/05

  • Counterfeit Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks and stolen checks issued in the name of American Bank, N.A. Corpus Christi, Texas, that are being presented for payment. Information regarding the counterfeit and stolen checks has been posted on the BOL Alerts & Counterfeits page.  10/13/05

  • $3 Million CMP Assessed For BSA/AML Violations

    The OCC and FinCEN have assessed a $3 million CMP against Banco de Chile, New York, New York, after an examination revealed deficiencies in the bank's BSA and AML compliance programs. OCC FinCEN   10/13/05

  • Authentication in Internet Banking Environment Guidance Issued

    The FFIEC has issued a Guidance to assist banks in improving customer awareness and authentication systems to mitigate risks of Internet-related identity theft and fraud. Guidance OCC Bulletin; FDIC FIL  10/13/05

  • PSAF Modification Announced

    The FRB has announced modifications to the methodology used to calculate the private sector adjustment factor (PSAF), which is used in setting fees for certain payment services provided to depository institutions. PSAF  10/13/05

  • FRB Districts Restructure Check Processing

    The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth, Tenth, and Eleventh Districts. Restructuring  10/13/05

  • Greenspan Discusses Economic Flexibility

    In a presentation before the National Italian American Foundation, Chairman Greenspan commented on the ability of the U.S. economy to absorb and recover from the shocks of stock market crashes, credit crunches, terrorism, and hurricanes. He noted that flexibility has made the economy more resilient to shocks and more stable overall during the past couple of decades and has been the key to the impressive growth in the standards of living and economic welfare so evident in the United States. Speech  10/13/05

  • Reg Z Amendment Comments Sought

    The FRB has issued a request for comments on how the Board should implement amendments to the open-end credit rules of Regulation Z mandated by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Comments  10/12/05

  • FDIC's FYI Features Bankruptcy Reform

    The latest edition of FYI features an article that examines the effect that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 will have on financial market contracts. FYI  10/12/05

  • FDIC Issues Quarterly Letter

    The FDIC has issued its quarterly Letter to Stakeholders, which reports on the FDIC's priorities and activities for the third quarter of 2005. Letter  10/12/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position to include data as of October 7, 2005. Reserve Position  10/12/05

  • Counterfeit Checks Alert and Special Alerts

    An Alert has been issued by the OCC regarding counterfeit official checks issued in the name of First National Bank in Alamogordo, New Mexico. Three Special Alerts have been issued by the FDIC concerning counterfeit official checks drawn on Applied Card Bank (formerly known as Cross Country Bank), Wilmington, Delaware; and Peoples Bank & Trust, Buford, Georgia; in addition to counterfeit cashier's checks drawn on North Fork Bank, Mattituck, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  10/11/05

  • FACT Act Prescreen Rule Implementation Delay Denied

    The FTC has denied a petition submitted by the American Financial Services Association requesting a delay of the effective date of the Pre-Screen Opt-Out Disclosure Rule (Prescreen Rule) of the FACT Act.
    Denial  10/11/05

  • Consumer Credit Report Released

    The August 2005 G.19 Consumer Credit Report has been released by the FRB. G.19  10/11/05

  • Reg D Adjustment Published in FR

    The FRB has amended Reg D to reflect the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2006 that will be used in the calculation of reserve requirements and deposit reporting. 70FR58603 (txt) 70FR58603 (pdf)   10/7/05

  • Agencies Announce Additional Hurricane Guidance

    The FFIEC member agencies have announced the availability of additional supervisory guidance on regulatory and reporting issues related to Hurricane Katrina and Hurricane Rita. This information, in the form Q & As, provides guidance on he agencies' expectations for regulatory reports, appropriate allowances for loan and lease losses in third quarter regulatory reports, accounting treatment of sales of held-to-maturity securities to meet increased liquidity needs, and temporary hardship programs for credit card customers. BOL Disaster Issuances   10/7/05

  • Agencies Grant Three Year Wavier Of Appraisal Requirements

    The Federal financial institution regulators have the waiving of appraisal requirements for three years for regulated financial institutions affected by Hurricanes Katrina and Rita. The waiver covers transactions involving real estate located in certain Alabama, Mississippi, and Texas counties and Louisiana parishes. BOL Disaster Issuances   10/7/05

  • September Call Report Information Online

    The FDIC has posted on its Web site the filing information for the September 30, 2005 Call and Thrift Financial Reports.
    Reports   10/7/05

  • Electronic Filing Final Rule Issued

    The OCC has issued a Bulletin that contains a Final Rule that applies to national banks that register their securities with the regulator.
    Bulletin;
    Final Rule   10/7/05

  • Basel I Revisions Comments Sought

    The Federal banking agencies are seeking public comment on proposed revisions to the U.S. risk-based capital standards for banking organizations known as Basel I.
    FRB PR;
    OCC NR;
    FDIC PR;   10/7/05

  • FEDS Working Papers Published

    The FRB has published five working papers in the FEDS series on the following topics: Nowcasting GDP and Inflation: The Real-Time Informational Content of Macroeconomic Data Releases; The Effects of Mortgage Prepayments on M2;
    Nowcasting Abstract; The Effect of Anticipated Tax Changes on Intertemporal Labor Supply and the Realization of Taxable; The Effects of Welfare Reform and Related Policies on Single Mothers' Welfare Use and Employment in the 1990s; and ATM Surcharge Bans and Bank Market Structure: The Case of Iowa and its Neighbors.
    Nowcasting Abstract;
    Nowcasting Full Paper;
    Mortgage Abstract;
    Mortgage Full Paper;
    Tax Changes Abstract;
    Tax Changes Full Paper;
    Welfare Abstract;
    Welfare Full Paper;
    ATM Abstract;
    ATM Full Paper
      10/7/05

  • RPM Program Implemented

    The FDIC has issued a FIL regarding the implementation of the Relationship Manager Program (RMP) for all FDIC-supervised financial institutions. A relationship manager who will serve as a local point-of-contact will be assigned to each institution.
    FIL   10/7/05

  • Counterfeit Cashier's Checks and Fake Lottery Letters

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Rockport National Bank, Rockport, Massachusetts, and fraudulent lottery claim letters that are being mailed to persons with the last names of Cook and White from a London address. On October 3, 2005, the FDIC issued a Special Alert regarding counterfeit official checks drawn on the same bank. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   10/6/05

  • CRA Ratings Released

    The FDIC has issued its monthly list of state nonmember banks recently evaluated for compliance with the CRA. The list covers evaluation ratings that the FDIC assigned to institutions in July 2005.
    CRA Ratings   10/6/05

  • Guidance Issued Regarding Processing Of Contaminated Checks

    The FRB has issued a specific operational guidance regarding the processing of contaminated Treasury checks supplements the guidelines issued on September 19, 2005, concerning checks contaminated by Hurricane Katrina.
    Disaster Issuances   10/5/05

  • OCC and Operation HOPE Sign Hurricane Relief Agreement

    An agreement has been signed by the OCC and Operation HOPE, Inc. to assist victims of the recent Gulf Coast hurricanes who have been financially displaced. Victims can utilize HOPE call centers to contact the OCC's Customer Assistance Group (CAG) in Houston regarding information about accounts, lost financial records, ATM cards, direct deposits, and how to contact a national bank branch.
    Disaster Issuances   10/5/05

  • Reg D Annual Adjustments Announced

    The FRB has amended Reg D to reflect the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2006 that will be used in the calculation of reserve requirements and deposit reporting.
    Reg D Adjustments   10/5/05

  • FDIC State And Regional Profiles Include Hurricane Assessments

    The FDIC has posted the Fall 2005 State Profiles online and added a new Regional Profile which highlight trends through the second quarter of 2005 and provides an initial assessment of the impact of Hurricanes Katrina and Rita on local economies as well as the state of the housing boom in local markets.
    State Profiles;
    Regional Profile   10/5/05

  • International Reserve Position Update

    The U.S. International Reserve Position has been updated by Treasury to include data as of September 30, 2005.
    Reserve Position   10/5/05

  • Counterfeit Official Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit official checks drawn on The Rockport National Bank, Rockport, Massachusetts; High Point Bank and Trust Company, High Point, North Carolina; and The Simsbury Bank & Trust Company, Simsbury, Connecticut. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   10/4/05

  • OTS Releases CRA Evaluations

    The CRA evaluations for savings associations that became publicly available during September 2005 have been released by OTS.
    CRA Evaluations   10/4/05

  • Seven SDGTs Added To OFAC List

    OFAC has designated seven individuals as SDGTs and added their names to the SDN list. Information regarding the new entries has been posted on the BOL OFAC Page.   10/3/05

  • Fraudulent And Counterfeit Checks Special Alerts

    The FDIC has issued three Special Alerts regarding fraudulent checks that bear the name of the Federal Reserve Bank of San Francisco and counterfeit official checks drawn on Farmington Savings Bank, Farmington, Connecticut, and Savings Institute Bank and Trust Company, Willimantic, Connecticut. Information concerning the fraudulent checks and the counterfeits checks has been posted on the BOL Alerts & Counterfeits page.   10/3/05

  • Quarterly Journal Released Online

    The OCC has posted on its Web site the Second Quarter 2005 Quarterly Journal which contains condition and performance tables; special supervision and enforcement, licensing decisions; appeals; links to speeches, testimony, and interpretations; and corporate structure data.
    Quarterly Journal   10/3/05

  • Derivatives Volume Tops $96 Trillion

    The Second Quarter 2005 Bank Derivatives Report has been issued by the OCC and indicates derivatives held by U.S. commercial banks increased by $5.1 trillion in the second quarter of 2005 to $96.2 trillion.
    Bank Derivatives Report

  • Basel II implementation Plan Revised

    The federal banking agencies have announced revised plan for implementation of Basel II framework.
    FRB PR;
    OCC NR;
    FDIC PR;
    OTS PR   10/3/05

  • FHC List Update

    The FRB has updated the list of BHCs that have elected to be treated as FHCs to include those making the decision as of September 30, 2005.
    FHC List   10/3/05

  • Country Exposure Data Released

    The FFIEC has released the June 30, 2005 E.16 which contains the Country Exposure Statistical Release and the Country Exposure Information Report.
    E.16   10/3/05

  • Agricultural Finance Databook Revised

    The E.15 Agricultural Finance Databook has been revised by the FRB to correct annual totals of some tables that were posted incorrectly in the March and June 2005 editions of the databook.
    E.15   10/3/05

09/14/2005

AIG OFAC settlement

OFAC has announced that American International Group, Inc. (AIG), an international insurance and financial services organization headquartered in New York City, has agreed to pay $279,038 to settle potential civil liability for 3,560 apparent violations of the Cuban Assets Control Regulations.

09/14/2005

FRB proposes new Reg XX

A Federal Reserve Board press release has announced approval of a Notice of Proposed Rulemaking (NPR) inviting comments on a proposed rule (Regulation XX) that would implement section 622 of the Dodd-Frank Act. A financial sector concentration limit would be established that generally prohibits a financial company from merging or consolidating with, or acquiring, another company if the resulting company's liabilities upon consummation would exceed 10 percent of the aggregate liabilities of all financial companies as calculated under that section. In addition, the proposal would establish reporting requirements for certain financial companies. Comments must be received by July 8, 2014. [Editor's note: Federal Register publication date May 15, 2014.]

09/14/2005

Mortgage lead generator pays $225,000 CMP

The Federal Trade Commission has announced that GoloansOnline.com, a Houston-based online operation in the business of finding potential borrowers for mortgage companies, will pay a $225,000 civil money penalty (CMP) to settle charges that it deceived consumers about the terms of the mortgages. The FTC alleged the company advertised low interest-rate loans as fixed-rate mortgages, when in fact they were adjustable-rate mortgages that could become more expensive for borrowers over time. It also allegedly failed to include important disclosures, such as the annual percentage rate, amount of downpayment, and repayment terms that figure into the advertised payment amounts and interest rate.

09/14/2005

New community development resource guide

FDIC FIL-26-2014 announces the availability of a new resource guide, Strategies for Community Banks to Develop Partnerships with Community Development Financial Institutions. The guide informs FDIC-supervised institutions of strategies to meet community credit and development needs and receive consideration under the Community Reinvestment Act (CRA) through collaboration with community development financial institutions (CDFIs). It also contains information to help community banks identify and evaluate opportunities to collaborate with CDFIs in providing financial products and services to underserved markets. The guide describes the key characteristics of CDFIs and the types of investments that can support them. It also discusses steps to consider when assessing bank/CDFI partnerships and how these activities may enhance CRA performance.

09/14/2005

Syria designations

The Treasury Department has announced actions to increase pressure on the Syrian regime and its supporters. Treasury designated Moscow-based Tempbank and Mikhail Gagloev, a senior executive of the bank, pursuant to Executive Order (E.O.) 13582, for providing material support and services to the Government of Syria, including the Central Bank of Syria and SYTROL, Syria's state oil-marketing firm. In addition, six senior officials of the Syrian Government were designated pursuant to E.O. 13573, including Brigadier General Bassam Al-Hassan, an advisor to President Bashar Al-Assad. The Banias Refinery Company and the Homs Refinery Company were also designated pursuant to E.O. 13582. More information concerning the designations has been posted in a BOL OFAC Update.

09/14/2005

FRB proposes new Reg XX

A Federal Reserve Board press release has announced approval of a Notice of Proposed Rulemaking (NPR) inviting comments on a proposed rule (Regulation XX) that would implement section 622 of the Dodd-Frank Act. A financial sector concentration limit would be established that generally prohibits a financial company from merging or consolidating with, or acquiring, another company if the resulting company's liabilities upon consummation would exceed 10 percent of the aggregate liabilities of all financial companies as calculated under that section. In addition, the proposal would establish reporting requirements for certain financial companies. Comments must be received by July 8, 2014. [Editor's note: Federal Register publication date May 15, 2014.]

09/14/2005

Mortgage lead generator pays $225,000 CMP

The Federal Trade Commission has announced that GoloansOnline.com, a Houston-based online operation in the business of finding potential borrowers for mortgage companies, will pay a $225,000 civil money penalty (CMP) to settle charges that it deceived consumers about the terms of the mortgages. The FTC alleged the company advertised low interest-rate loans as fixed-rate mortgages, when in fact they were adjustable-rate mortgages that could become more expensive for borrowers over time. It also allegedly failed to include important disclosures, such as the annual percentage rate, amount of downpayment, and repayment terms that figure into the advertised payment amounts and interest rate.

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