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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

06/14/2006

NCUA Board meeting video

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

06/14/2006

NCUA Quarterly Map Review

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

06/14/2006

Term deposits offering

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

06/14/2006

Z.1 Financial Accounts report

The Federal Reserve Board has released the June 5, 2014, Z.1 Financial Accounts of the United States report. The Z.1 is released during the second week of March, June, September, and December of each year.

05/31/2006

Top Stories for June 2006

http://www.bankersonline.com/topstory/topstory_0606.html

  • Don't forget that you must use the newly revised FEMA Standard Flood Hazard Determination form starting July 1, 2006, and the amendments to Reg CC that define "remotely created checks" (RCC) and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited also become effective July Flood Form; RCC   6/30/06
  • Counterfeit Checks Special Alerts Issued

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

    • City Bank, Everett, Washington;
    • Equity Bank, A National Association, Andover, Kansas;
    • First National Bank of Nevada, Scottsdale, Arizona;
    • Irwin Union Bank and Trust Company, Columbus, Indiana;
    • North Community Bank, Chicago, Illinois;
    • First International Bank, Plano, Texas;
    • Riverside Bank of the Gulf Coast, Cape Coral, Florida

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeit page.   6/30/06

  • FOMC Raises Rates

    The Federal Open Market Committee has raised interest rates for a seventeenth straight time by increasing the fed funds rate by twenty-five basis points to 5.25 percent, its highest level since March 2001. The Board of Governors also unanimously approved a twenty-five basis point increase in the discount rate to 6.25 percent. Rates   6/30/06

  • It's Lincoln's Turn for a Face Lift

    Treasury, the Federal Reserve and the Secret Service have announced plans to redesign the $5 note as part of ongoing security enhancements to U.S. currency. The redesigned note is expected to be issued in early 2008. $5 Note   6/30/06

  • First Quarter Aggregate Exposure and CMR Report Released

    OTS has released the Aggregate Exposure and CMR Report for the first quarter 2006. Report   6/30/06

  • Counterfeit Cashier's Checks Special Alerts

    The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the name of Alaska First Bank & Trust, N.A., Anchorage, Alaska; First Port City Bank, Bainbridge, Georgia; and Savings Bank of Danbury, Danbury, Connecticut. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    6/29/06

  • Northeast Banks May Close

    The OCC has issued a proclamation allowing national bank offices affected by severe weather in the northeast to close at their discretion. Proclamation   6/29/06

  • Blair Sworn In As FDIC Chairman

    Sheila C. Bair has been sworn in as the 19th FDIC Chairman. She formerly served as a Commissioner on the Commodity Futures Trading Commission, Senior Vice President for Government Relations of the NYSE Stock Exchange, Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury, and, most recently, Professor at the University of Massachusetts. Chairman   6/29/06

  • FDIC Extends Comment Period for Proposed Rulemaking

    On May 18, 2006, FDIC issued a notice of proposed rulemaking with request for comments on the
    implementation of dividends. The FDIC is extending the comment period on that notice to August 16, 2006.TXT, PDF .    6/28/06

  • FDIC Extends Comment Period for One-Time Asssessment Credit

    On May 18, 2006, FDIC issued a notice of proposed rulemaking with request for comments on the
    implementation of the one-time assessment credit for eligible insured depository institutions. The
    FDIC is extending the comment period on that notice of proposed rulemaking to August 16, 2006.TXT, PDF .    6/28/06

  • FDIC Extends Comment Period for Asssessment Collection and Retention

    On May 18, 2006, FDIC issued a notice of proposed rulemaking with request for comments on revisions
    to 12 CFR part 327 (see 71 FR 28790). The rulemaking proposed changes to the reaction time
    in institutions' risk profiles to increase efficiency. The comment deadline period is extended to a
    August 16, 2006.TXT, PDF .    6/28/06

  • NCUA Proposes Rulemaking for SAR Filing Requirements

    The proposed rule describes, in detail, the requirements for reporting and filing a Suspicious
    Activity Report (SAR)TXT, PDF .    6/28/06

  • NCUA Proposes Rule for Conversion of Insured Credit Unions to Mutual Savings Banks

    NCUA proposes to amend its rules regarding the conversion of insured credit unions to mutual savings
    banks or mutual savings associations. The proposed revisions are intended to improve the information
    available to members and the board of directors as they consider a possible conversion. TXT, PDF .    6/28/06

  • NCUA Proposes Revisions to the Official Sign Indicating Insured Status

    NCUA proposes to revise the official sign indicating a credit union's share accounts are insured by the NCUA to reflect recent share insurance increases and by including a statement that NCUA-insured share accounts are backed by the government. TXT, PDF .    6/28/06

  • NCUA Final Rule for 3rd-Party Servicing of Indirect Vehicle Loans

    NCUA publishes Final Rule in FR to regulate purchases of indirect vehicle loans serviced by third parties, and to limit the aggregate amount of these loans.TXT, PDF .    6/28/06

  • NCUA Publishes Final Rule for the Organization and Operation of Federal Credit Unions

    NCUA published Final Rule in FR to amend its field of membership rules regarding service to
    underserved areas that will limit underserved area additions to multiple commonbond credit unions.TXT, PDF .    6/28/06

  • Nigeria Removed From FATF NCCT List

    The Financial Action Task Force (FATF) has removed Nigeria from its list of countries and territories that are non-cooperative in efforts to fight money laundering. Myanmar is the sole remaining jurisdiction on the list. NCCT List   6/28/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position with the addition of data as of June 23, 2006. Reserve Position   6/28/06

  • Assets Reports Released

    The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for April 2006 have been released by the FRB. Reports    6/28/06

  • First Quarter Final Interest Rate Risk Measures Published

    OTS has published the Final Interest Rate Risk Measures for the First Quarter 2006. Interest Rate Risk   6/28/06

  • Counterfeit Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Fox Chase Bank, Hatboro, Pennsylvania, and counterfeit official checks bearing the name of Fifth Third Bank, Cincinnati, Ohio. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/27/06

  • New Electronic Interpretations and Actions Online

    The OCC has posted online the June 2006 issue of New Electronic Interpretations and Actions. June 2006    6/27/06

  • FRB Issues Annual Report

    The FRB has issued its 92nd Annual Report covering 2005 and presented it to Congress. Full Report; Report By Section   6/27/06

  • FDIC Issues Unauthorized Banking Alert

    A Special Alert has been issued by the FDIC regarding unauthorized banking activities that may be conducted by an entity, International Money Transfer, that may be conducting banking operations in Canada or the United States without authorization. International Money Transfer (Unauthorized Banking)    6/26/06

  • The FDIC issues Special Alerts

    Three special alerts regarding cashier's checks drawn on First Bank of Indiantown, Indiantown, Florida, that are missing, lost or stolen; counterfeit money orders bearing the name The Citizens Bank of Philadelphia, Philadelphia, Mississippi; counterfeit cashier's checks bearing the name Liberty Savings Bank, Middletown, Connecticut. Information concerning the checks and money orders has been posted on the BOL Alerts & Counterfeits page.   6/26/06

  • CC Announces Workshops For Community Bank Directors

    The OCC will host three workshops for national community bank directors at the Millennium Knickerbocker Hotel, on July 25-26, 2006. The workshops, which are limited to the first fifty registrants, will provide practical information that expands bank directors' skills and understanding of issues facing their banks. Online registration is available. Workshops Information; Registration    6/26/06

  • FHC List Update

    The FRB has updated the Financial Holding Company (FHC) list of bank holding companies that have elected to be treated as financial holding companies as of June 23, 2006. FHC List   6/26/06

  • FRB Issues Statistical Releases

    The April 2006 G.20 Finance Companies and June 2006 E.15 Agricultural Finance Databook statistical releases for have been issued by the FRB.
    G.20
    ; E.15   6/26/06

  • Don't forget that you must use the newly revised FEMA Standard Flood Hazard Determination form starting July 1, 2006. You can start using the new form now and discard all of the old forms to avoid any problems. In addition, the 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 also become effective July 1. The purpose of the amendments is to shift liability for unauthorized remotely created checks to the depositary bank, generally the bank for the person that initially created and deposited the remotely created check. Review your deposit agreement to determine if any revisions are necessary.
    Flood Form;
    Reg CC    6/23/06
  • C&Ds Issued And CMPs Assessed

    The FRB has announced the issuance of a consent Order to Cease and Desist (C&D) and Assessment of Civil Money Penalties (CMP) against First Baird Bancshares, Inc., Bedford, Texas, and its president and chairman of the board of directors. The order was issued to address the alleged violation of the Bank Holding Company Act regarding the acquisition of more than five percent of the shares of another financial institution without the approval of the FRB. The respondents, without admitting to any allegations, agreed to the cease and desist order and to each pay civil money penalties in the amount of $87,500.
    Order    6/23/06

  • PSR Policy Comments Sought

    Comments have been requested by the FRB regarding proposed revisions to Part I of its Policy on Payments System Risk (PSR policy), which addresses risk management in payments and settlement systems. Comments must be received by September 22, 2006.
    Comments    6/23/06

  • Agencies Issue Uniform Standards of Professional Appraisal Practice Alert

    The federal financial institution regulators have issued a Joint Interagency Statement and FAQs to alert regulated institutions to revisions in Uniform Standards of Professional Appraisal Practice effective July 1, 2006.
    Statement;
    FAQs;
    OCC Bulletin;
    OTS CEO Letter; FRB SR Letter; FDIC FIL   6/23/06

  • OCC Updates Licensing Manual

    The OCC has revised the "Charters" booklet to include amendments of the CRA highlights, S Corporation, and outside director requirements. It also incorporates FASB 123R guidance for accounting for stock options.
    Charters Booklet    6/23/06

  • XBRL Seminar Announced By FDIC

    On Tuesday,June 27, 2006, XBRL-US and the FDIC will present a public event to promote the benefits of XBRL for government agencies. This event will be hosted by the FDIC at their conference facility in Arlington, VA.
    Agenda;
    Registration    6/23/06

  • Appellate Decision Addresses HOEPA

    In the first reported decision we've seen emanating from the Home Ownership and Equity Protection Act (HOEPA), borrowers had sued asserting HOEPA disclosure violations. They claimed their loan was covered because of the total points and fees they paid at closing. Lender argued the appraisal and title insurance fees were bona fide and reasonable, and thus excluded from the definition of total points and fees under HOEPA. Borrowers disagreed and claimed the fees violated RESPA, and therefore weren't bona fide or reasonable. The court held they were paid to an unaffiliated third party for services actually performed; the lender derived no benefit from them. Therefore, held the 8th Circuit, those fees didn't violate RESPA, were bona fide and reasonable, were excludable from the points and fees calculation for HOEPA purposes, and the loan was thus not covered by HOEPA and no HOEPA disclosures were necessary.
    Mitchel vs. Beneficial Loan & Thrift Company   6/22/06

  • Order Of Prohibition Issued Against Former Loan Officer

    The FRB has announced the issuance of an Order of Prohibition against a former loan officer of an Orlando, Florida branch of Regions Bank, Birmingham, Alabama. The officer consented to the issuance of the Order based on his actions relating to a mortgage he obtained from the bank; and his alleged use of the mortgage proceeds to fraudulently purchase, without the knowledge or consent of either the buyer or the seller, real property that a bank mortgage applicant had an option to purchase. Order   6/22/06

  • Enforcement Actions Announced

    The OCC has announced twelve new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and seven terminations of existing actions. Enforcement Actions   6/22/06

  • Managing Risk With Foreign Service Providers FIL Issued

    The FDIC has issued a FIL that contains a guidance that addressed the risks inherent in outsourcing relationships between U.S. financial institutions and foreign-based third-party service providers. The guidance provides steps that institutions should take to successfully manage such risks. FIL; Guidance   6/22/06

  • FIL Regarding New Flood Form

    A FIL had been issued by the FDIC regarding the previously announced revision to the Standard Flood Hazard Determination Form, which includes a new OMB control number and a revised expiration date of October 31, 2008. The updated form must be used beginning July 1, 2006. Information regarding the new form and its instructions were posted in BOL Top Stories in May 1, May 8, and June 9, 2006. FIL    6/22/06

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with the addition of data current as of June 20, 2006. 314(a)    6/22/06

  • Counterfeit Checks Special Alert Issued

    The FDIC has issued a Special Alert regarding counterfeit checks bearing the name of Carolina First Bank, Greenville, South Carolina. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/21/06

  • FRB Proposed Rulemaking for Bank Secrecy Act Funds Transfer and Transmittal

    FRB publishes proposed rule in FR for proposed rulemaking relative to the threshold for the requirement to collect, retain, and transmit information on funds transfers and transmittals of funds. TXT, PDF .    6/21/06

  • FDIC to Hold Three Identity Theft Symposia

    The FDIC has announced that it will hold a symposium on the importance of continued consumer confidence in e-commerce in San Francisco on June 23, 2006, at the Hyatt Regency Hotel. The half-day meeting will bring together experts from government and the private sector to discuss ways to combat online identity theft and help find ways to maintain public confidence in e-commerce. Two additional symposia are slated to be held in Arizona and Florida with the dates and sites to be determined. ID Theft    6/21/06

  • June FedFocus Published

    The June 2006 issue of FedFocus has been published by FRB Financial Services and features articles on technology and innovations in today's financial sector. June FedFocus    6/21/06

  • International Reserve Position Update

    The data for June16, 2006 has been posted on the U.S. International Reserve Position report. Reserve Position    6/21/06

  • Working Papers Published

    The FRB has published one working paper in the IFDP series on the topic of Transmission of Volatility and Trading Activity in the Global Interdealer Foreign Exchange Market: Evidence from Electronic Broking Services (EBS) Data and four working papers in the FEDS series on the following topics: Explaining Cyclical Movements in Employment: Creative Destruction or Changes in Utilization; Intangible Capital and Economic Growth; The Price of Residential Land in Large U.S. Cities; and Solving Linear Rational Expectations Models: A Horse Race. Transmission Abstract; Transmission Full Paper; Explaining Abstract; Explaining Full Paper; Intangible Abstract; Intangible Full Paper; The Price Abstract; The Price Full Paper; Solving Abstract; Solving Full Report    6/21/06

  • OTS Senior Management Directory Released

    OTS has released a directory of its senior management and their telephone numbers. Directory  6/21/06

  • New SAR Form Submitted To OMB

    The Federal financial institution regulators have submitted the new SAR form to the OMB for review. The Agencies previously requested public comment on a major revision of the SAR form. The summary of the comments received and the corresponding responses and revisions by the agencies is included. Written comment concerning the revisions are due on or before July 19, 2006. Information regarding the initial request for public comments was posted in the February 22, 2006 BOL Top Stories. OMB Review    6/20/06

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Dollar Bank, FSB, Pittsburgh, Pennsylvania, and The National Bank of Blacksburg, Blacksburg, Virginia. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   6/20/06

  • OFAC Additions And A Deletion

    The President has signed a new executive order blocking property of certain persons undermining democratic processes or institutions in Belarus. Numerous names have been added to the SDN list with the BELARUS designation and one name with the LIBERIA designation has deleted from the list. Information regarding the additions and the deletion has been posted on the BOL OFAC page.   6/20/06

  • Prohibition Orders Issued

    NCUA has issued orders prohibiting three individuals from participating in the affairs of any federally insured financial institution. Orders   6/20/06

  • July HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in July 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. A weekly rate inclusive of the 15th will not be published until Monday afternoon. Daily H.15   6/19/06

  • Fund Transfer Recordkeeping Threshold ANPR Issued

    The FRB and FinCEN have issued an ANPR that seeks information on the potential benefit and burden of lowering or eliminating the $3,000 threshold in the recordkeeping rule for funds transfers and transmittals of funds by financial institutions. ANPR; FRB PR   6/19/06

  • Clarification Letter Issued Regarding Reg. O And Insider Credit Card Use

    A legal interpretation letter has been sent by the FRB in response to a request by Douglas Jones, Acting General Counsel, Federal Deposit Insurance Corporation, to clarify the application of whether and under what circumstances an insider's use of a bank-owned credit card would be deemed an extension of credit by the bank to the insider for purposes of Reg. O. Legal Interpretation   6/19/06

  • CA Letter Advises Of Revisions Of Flood Form

    The FRB has issued a CA Letter regarding the revisions to the Standard Flood Hazard Determination Form and its accompanying Instructions. Information regarding the new form and its instructions were posted in BOL Top Stories in May 1, May 8, and June 9, 2006. CA Letter   6/19/06

  • Bank Accounting Updates

    The OCC has published the May 2006 update of its Banking Accounting Series that contains the advisories on accounting topics of interest to national banks. Two new topics, Employee Stock Options and Hedging Activities, have been added and other existing topics have been revised. Bank Accounting   6/19/06

  • Lessons Learned From Katrina

    The FFIEC member agencies and the Conference of State Bank Supervisors published a booklet, LESSONS LEARNED FROM HURRICANE KATRINA: Preparing Your Institution for a Catastrophic Event, which contains financial institutions' experiences and lessons learned in the aftermath of Hurricane Katrina. Booklet; FRB PR; OCC NR; FDIC FIL; OTS CEO Letter; FFIEC PR   6/16/06

  • CRA Ratings Released

    The OCC has released the list of CRA performance evaluations for twenty-three national banks that became public during the period of May 15, 2005 through June 14, 2006. CRA Ratings    6/16/06

  • Counterfeit Checks Alerts Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on National Bank of Blacksburg, Blacksburg, Virginia; and the FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on The Citizens National Bank of Bluffton, Bluffton, Ohio; and counterfeit official checks bearing the name of ViewPoint Bank, Plano, Texas, or its previous name, Community Credit Union, Plano, Texas. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/16/06

  • 2006 SOD Survey Information

    The FDIC has issued an FIL containing information regarding the filing of the 2006 Summary of Deposits (SOD) surveys that are due from all FDIC insured institutions with branches by July 30, 2006. FIL   6/16/06

  • FTC Collects Nearly One Million For Do Not Call Violations

    A credit counseling service and related companies and individuals have agreed to pay $926,754 in consumer redress and civil penalties to settle FTC charges that they made false claims about their debt management program and violated the Do Not Call Rule. Settlement    6/16/06

  • Comment Sought On Payment Risks Policy Paper

    The FRB has requested public comment on a consultation paper that is intended to help the Board obtain broader information on intraday liquidity management issues and to lay the groundwork for discussions about the long-term evolution of its Payment System Risk Policy. Comments   6/16/06

  • Bernanke On Energy And The Economy

    In a presentation to the Economic Club of Chicago, Chairman Bernanke discussed the relationship between energy markets and the economy. He noted that higher relative prices of energy will create incentives for businesses to create new, energy-saving technologies and for energy consumers to adopt them. In addition, Government can contribute by working to create a regulatory environment that encourages the growth in energy supplies in a manner that is consistent with our nation's environmental and other objectives. Speech   6/16/06

  • June FedFlash Published

    Federal Reserve Financial Services has published the June 15, 2006 issue of FedFlash that features articles on Risk Payment Policy changes, items in carrier documents, guide to cashing savings bonds, and a new off-peak check deposit program. FedFlash    6/16/06

  • Costs Of Funds Reports Released

    OTS has released the historical and April 2006 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; April 2006    6/16/06

  • April TIC Data Released

    Treasury has released the TIC Data report for April 2006. TIC    6/16/06

  • CAC Nominations Sought

    The FRB has announced that it is seeking nominations for appointments to its Consumer Advisory Council which meets three times annually in Washington, D.C. Ten new members will be appointed to serve three-year terms beginning in January 2007. Nominations must be received prior to August 25. 2006. CAC    6/16/06

  • Letter Of Understanding Issued

    NCUA has issued a Letter of Understanding and Agreement to the officials of Toledo Metro Federal Credit Union, Toledo, Ohio, in order to restore the credit union to safe and sound operation.
    Letter    6/15/06

  • June Beige Book Published

    The FRB has published a new issue of the Beige Book based on information collected on or before June 5, 2006.
    Summary;
    Full Report    6/15/06

  • Commercial Banks 2005 Balance Sheet Report Issued

    The Federal Reserve Bulletin contains an article on Profits and Balance Sheet Developments at U.S. Commercial Banks in 2005.
    Balance Sheet    6/15/06

  • Counterfeit Cashier's Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on First National Bank of Nevada, Scottsdale, Arizona. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    6/14/06

  • Treasury Designates Companies Supporting Iranian Missile Proliferation

    Four Chinese companies and one U.S. company have been designated by Treasury as proliferators of weapons of mass destruction who have supplied Iran's military and Iranian proliferators with missile-related and dual-use components. All transactions between the designees and any U.S. person are prohibited and any assets the designees may have under U.S. jurisdiction are frozen. Information regarding the designations has been posted on the BOL OFAC page.    6/14/06

  • Columbian Drug Cartel Entities Added To OFAC List

    OFAC has added five individuals and twenty companies tied to Colombia's North Valle drug cartel to its list of SDNTs. Information regarding the additions has been posted on the BOL OFAC page.    6/14/06

  • Fake FDIC Emails Consumer Alert Issued

    The FDIC has issued a Consumer Alert regarding fraudulent emails sent to financial institution customers that fraudulently claim to be from the FDIC. The e-mails falsely indicate that FDIC deposit insurance is suspended until highly sensitive personal information is provided. Information concerning the Alert has been posted on the BOL Alerts & Counterfeits page.   6/14/06

  • National Banks Affected By Alberto Allowed To Close

    The OCC has issued a proclamation that allows national bank offices affected by Tropical Storm/Hurricane Alberto to close at their discretion. Alberto   6/14/06

  • Agencies Issue Host State Loan-to-Deposit Ratios

    The Federal banking agencies have issued updated host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Ratios; FRB PR; OCC NR; FDIC PR   6/14/06

  • 2006 UBPR User's Guide Online

    The FFIEC has posted the 2006 UBPR User's Guide online. Guide; Index   6/14/06

  • Bernanke Promotes Increasing Economic Opportunities

    In a presentation to the attendees at the Fifteenth Congressional District of Texas' Fifth Regional Issues Conference, in Washington, D.C., Chairman Bernanke discussed strategies for helping families improve their economic and financial well-being. He noted financial education is clearly central to helping consumers make better decisions for themselves and their families, but the collaborative efforts of policymakers, regulators, nonprofit organizations, and financial service providers are necessary to ensure that consumers have the tools and the information they need to make better decisions. Speech   6/14/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of data as of June 9, 2006. Reserve Position   6/14/06

  • Counterfeit Cashier's Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Alaska First Bank & Trust, N.A., Anchorage, Alaska. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   6/13/06

  • $4,000 Flood Violation CMP

    The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Bank of Tazewell County, Tazewell, Virginia, resulting from alleged violations of Reg H. The bank is required to pay a civil money penalty of $4,000, which will be remitted to the FEMA for deposit into the National Flood Mitigation Fund. CMP   6/13/06

  • What Are Examiners Looking For?

    In a presentation at the ABA Regulatory Compliance Conference in Orlando, FRB Governor Olson discussed the expectations of bank examiners regarding the adequacy of a compliance-risk management program and its ability to manage the organization's compliance risk. Speech   6/13/06

  • New FedReceipt Routing Numbers Announced

    Federal Reserve Financial Services has announced that new routing numbers have been added to the FedReceipt forward collection product and a new pricing schedule will be effective starting July 3, 2006. Routing Numbers   6/13/06

  • Quicker LOMAs from FEMA

    Effective June 12, 2006, surveyors and engineers will be able to submit Letter of Map Amendment (LOMA) requests to FEMA through a simple web-based application. This will help expedite matters for borrowers, as FEMA says it will be able to provide a determination in minutes, if all pertinent information is provided and the request is not audited. eLOMA Information  
    6/13/06

  • Bogus Credit Repair Firm Fined $322,000

    A bogus credit repair company and its owner who violated the law by making false and misleading claims, and billing in advance for its services, and has ordered by a federal judge to pay injured consumers more than $322,000. Court Order; News Release   6/13/06

  • First Quarter 2006 Preliminary IRR Measures Released

    OTS has released the preliminary IRR measures report for the First Quarter 2006. IRR Measures   6/13/06

  • Bulletin Issued Regarding Revised Flood Hazard Determination Form

    The OCC has issued a Bulletin regarding the previously announced revision by FEMA of the Standard Flood Hazard Determination form. Information regarding the new form and its instructions were posted in the May 1 and May 8, 2006 BOL Top Stories. Form; Bulletin   6/09/06

  • Dugan On Basel II

    The Basel II capital accord was discussed by Comptroller Dugan in a presentation to the Centre for the Study of Financial Innovation. He noted that even though the OCC has been a frequent critic of the accord and worked to make important changes, the agency supports moving forward with implementation. Speech   6/09/06

  • Flow Of Funds Report Released

    The Z.1 First Quarter 2006 Flow of Funds Report has been released by the Federal Reserve. Complete File; Index   6/09/06

  • Institutions Pay Civil Penalties For OFAC Violations

    Civil penalties have been paid to OFAC by Chevy Chase Bank, Bethesda, Maryland, in the amount of $3,352.86 and Downey Savings and Loan, Newport Beach, California, in the amount of $44,898.65 to settle alleged violations of the Iran Sanctions Program. Penalties    6/08/06

  • Enforcement Actions Released

    The FDIC has released information regarding nine removal and prohibition orders, and eight civil money penalty orders taken against banks and individuals in April 2006. Enforcement Orders    6/08/06

  • FR Bulletin Supplement Published

    The FRB has published the May 2006 Statistical Supplement to the Federal Reserve Bulletin. Supplement    6/08/06

  • Consumer Credit Report Issued

    The G.19 Consumer Credit Report for April 2006 has been issued by the FRB. G.19    6/08/06

  • Special Alerts Issued

    The FDIC has issued two Special Alert regarding counterfeit cashier's checks listing the routing number assigned to First Northern Bank of Dixon, Dixon, California, and bearing the name of First Bank, Austin, Texas, and fraudulent money orders bearing the name of 1st United Bank, Boca Raton, Florida. Information concerning counterfeit cashier's checks and the fraudulent money orders has been posted on the BOL Alerts & Counterfeits page.    6/07/06

  • 314(a) Fact Sheet Updated

    FinCEN has issued an updated 314(a) Fact Sheet that contains data current as of June 6, 2006.
    314(a) Fact Sheet   6/07/06

  • Dugan Promotes Increased Investment Authority

    In identical letters the chairmen and ranking members of the Senate Banking Committee and House Financial Services Committee, Comptroller Dugan urged Congress to adopt legislation that would increase the authority of banks and thrifts to invest in projects that provide housing, community services, and jobs for low- and moderate-income communities and families across the nation. Letter   6/07/06

  • CAC Meeting Scheduled

    The FRB has announced that the Consumer Advisory Council will hold its next meeting on Thursday, June 22, 2006, in Dining Room E, Terrace level, in the Board's Martin Building, in Washington D.C. The session will begin at 9:00 a.m. EDT and is open to the public. For security purposes, online registration is required no later than Tuesday, June 20, 2006. CAC; Registration   6/07/06

  • Discount Rate Meetings Minutes Released

    The minutes of the FRB discount rate meetings from April 10 through May 10, 2006, have been released. Minutes   6/07/06

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Citizens National Bank of Bluffton, Ohio. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    6/06/06

  • CRA Ratings Released

    The FDIC has issued the list of state nonmember banks recently evaluated for compliance with the CRA and the evaluation ratings assigned to the institutions. Ratings

  • 50 CRA Exams Scheduled For Third Quarter

    OTS has announced that 50 savings associations are scheduled for CRA examinations during the third quarter of 2006. Schedule    6/06/06

  • Bernanke Comments On Economic Outlook

    During his participation on a panel discussion at the International Monetary Conference, Chairman Bernanke commented on the outlook for the U.S. economy and monetary policy. He noted that is was reasonably clear that the U.S. economy is entering a period of transition. Monetary policy must be conducted with great care and with close attention to the evolution of the economic outlook. The medium-term outlook for inflation will receive particular scrutiny. Comments   6/06/06

  • International Reserve Position Update

    The U.S. International Reserve Position report has been updated by Treasury to include data as of June 2, 2006. Reserve Position   6/06/06

  • FRB publishes technical amendment in FR to Reg CC Final Rule

    The Board of Governors is amending appendix A of Regulation CC for the availability and collection of checks, to ensure that the information in appendix A accurately describes the actual structure of check processing operations within the Federal Reserve System. TXT, PDF .    6/05/06

  • Counterfeit Checks Alert Issued

    The FDIC has issued an Alert regarding counterfeit checks bearing the name of Adams Co-operative Bank, Adams, Massachusetts. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    6/05/06

  • Three ID Theft Symposiums Scheduled

    The FDIC has announced that three identity theft symposiums - Building Consumer Confidence in an E-Commerce World - will be held in San Francisco, California and at locations to be determined in the Phoenix area and Florida. A draft of the agenda was provided and online registration is available. Symposiums; Agenda; Registration   6/05/06

  • Foreign Exchange Market Working Paper Published

    A working paper in the IFDP series on the topic - What Drives Volatility Persistence in the Foreign Exchange Market? – has been published by the FRB. Abstract; Full Paper    6/05/06

  • SDN Additions and Changes Announced

    OFAC has announced that three individuals and two entities have been added to the SDN list with the designation of SDNTK. Changes have also been made to two existing individual SDN entries. Information regarding the additions and changes has been posted on the BOL OFAC page.    6/02/06

  • CRA Community Development List Released

    The federal bank and thrift regulatory agencies have released the 2006 list of distressed or underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive CRA consideration as community development. List; FRB PR; FDIC PR; OCC NR; OTS PR    6/02/06

  • CRA Ratings Released

    OTS has released the ratings received by savings associations that were recently evaluated for compliance with the CRA. Ratings   6/02/06

  • Third Quarter 2006 CRA Examination Schedule Announced

    The OCC has announced the examination schedule for CRA compliance of national banks to be conducted during the third quarter 2006. Examination Schedule    6/02/06

  • Agencies To Continue To Share ERISA Information

    An interagency agreement has been entered into between the federal banking agencies and the Department of Labor which replaces an 1981interagency agreement that established procedures for the sharing of documentation that pertained to possible violations of the ERISA. Agreement; OCC Bulletin   6/02/06

  • Three FEDS Working Papers Published

    The FRB has published three working papers in the FEDS series on the following topics: Inflation Targeting under Imperfect Knowledge; Likelihood Ratio Tests on Cointegrating Vectors, Disequilibrium Adjustment Vectors, and their Orthogonal Complements; and Monetary Policy Implementation Without Averaging or Rate Corridors. Inflation Abstract; Inflation Full Paper; Likelihood Abstract; Likelihood Full Paper; Monetary Abstract; Monetary Full Paper    6/02/06

  • May Foreign Exchange Rates Released

    The G.5 Foreign Exchange Rates report for May 2006 has been released by the FRB. G.5   6/02/06

  • June FedFlash Published

    The June 1, 2006 issue of FedFlash features articles on Check 21, FedACH Risk Origination Monitoring Service, investigations of image cash letters and substitute checks, and changes to HDGS and PPGS transit number listings. FedFlash   6/02/06

  • Third Quarter CRA Exam Schedule Issued

    The FDIC has issued its CRA examination schedule for the third quarter 2006. Schedule    6/01/06

  • Counterfeit Checks Special Alerts Issued

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

    • The Somerville National Bank, Somerville, Ohio
    • Primebank, Le Mars, Iowa,
    • Western Commerce Bank, Carlsbad, New Mexico

    and counterfeit official checks bearing the name of Franklin Savings Bank, Franklin, New Hampshire and California Bank & Trust, San Diego, California. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    6/01/06

  • Processing Centers To Close

    Federal Reserve Financial Services has announced that three check processing centers in San Francisco, Kansas City, Missouri, and Helena, Montana, will be closed as consumers and businesses continue the shift from using paper checks toward electronic payments. One additional center in Omaha, Nebraska, will be converted to a cash depot. The processing will be shifted to other Reserve Bank check processing centers. Closings Cash Depot    6/01/06

  • OCC Updates Licensing Manual

    The Business Combinations booklet section of the Comptroller's Licensing Manual that contains guidance on perfecting dissenters' shareholder rights and requesting a stock appraisal has been revised and OCC Banking Circular 259 has been rescinded. Booklet    6/01/06

  • Transactions Deemed Permissible Under Reg Y

    The FRB has issued a response letter that contains a legal interpretation confirming that certain volumetric production payment transactions in physical commodities are extensions of credit permissible for a bank holding company under section 225.28(b)(1) of Reg Y. Letter    6/01/06

  • HOEPA Hearings Scheduled

    The FRB will hold four public hearings during June and July to examine the home equity lending market, and to assess the effectiveness of existing regulatory and legislative provisions in protecting the interests of consumers. Hearings    6/01/06

  • Tenth Issue SAR Activity Review Published

    FinCEN has published Issue 10 of the SAR Activity Review – Trends, Tips & Issues. SAR    6/01/06

  • March Owned And Managed Receivables Report Released

    The G.20 Owned and Managed Receivables Outstanding Report for March 2006 has been released by the FRB.
    G.20    6/01/06

  • Large Commercial Bank Rankings Released

    The Ranking by Consolidated Assets of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of March 31, 2006 has been released by the FRB. Ranking    6/01/06

05/14/2006

NCUA starting regulation review

The National Credit Union Administration has published a notice [79 FR 32191] in the Federal Register announcing its second, comprehensive review of its regulations to identify outdated, unnecessary, or burdensome regulatory requirements imposed on federally insured credit unions, as contemplated by section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).

05/14/2006

Beige Book

The June 2014 issue of the Beige Book has been published by the Federal Reserve Board. The report on current conditions in each Federal Reserve District is published eight time per year.

05/14/2006

NCUA starting regulation review

The National Credit Union Administration has published a notice [79 FR 32191] in the Federal Register announcing its second, comprehensive review of its regulations to identify outdated, unnecessary, or burdensome regulatory requirements imposed on federally insured credit unions, as contemplated by section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).

04/30/2006

Top Stories for May 2006

  • Snow Resigns

    Treasury Secretary Snow submitted his resignation to President Bush in a letter dated May 30. 2006. The President accepted his resignation and nominated Hank Paulson, Chairman and Chief Executive Officer of the Goldman Sachs Group, as his replacement. Letter; Nomination    5/31/06

  • BSA Direct Project Assessment Extended

    FinCEN has announced that the temporary stop work order on the Retrieval and Sharing Component of the BSA Direct project will be extend for an additional 30 days at the request of the team working on an assessment of the project. Extension   5/31/06

  • Reg CC Check Processing Amendments Announced

    The FRB has announced amendments to Appendix A of Regulation CC that reflect the previously announced restructuring of the Federal Reserve's check processing operations in the Second and Third Districts. Reg CC
       5/31/06

  • New Electronic Interpretations and Actions Online

    The OCC has posted online the May 2006 issue of New Electronic Interpretations and Actions. Electronic   5/31/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of data as of May 26, 2006. Reserve Position   5/31/06

  • Misprinted Treasury Checks Special Notice Issued

    The Federal Reserve Financial Services has issued a special notice concerning Treasury checks dated May 24, May 26 and June 1, 2006, that may contains a partially printed MICR line. Financial institutions are instructed to accept the Treasury checks. Information regarding the misprinted Treasury checks has been posted on the BOL Alerts & Counterfeits page.   5/30/06

  • FedACH Monitoring Service Online Seminar

    Federal Reserve Financial Services has announced that an online seminar is available regarding the FedACH Risk Origination Monitoring Service. The presentation, Shedding Light On ACH Risk, features video webisodes and an ACH risk quiz. Seminar.   5/30/06

  • Bank Failure Record Set

    The FDIC has announced that there has not been a failure of an FDIC-insured institution in more than seven quarters. The last failure was on June 25, 2004. This is the longest interval without an insured institution failure in the FDIC's 73-year history. In addition, commercial banks and savings institutions insured by the FDIC reported a record quarterly net income of $37.3 billion for the first three months of 2006, eclipsing the previous quarterly high of $34.6 billion set in the third quarter of 2005.Records.   5/30/06

  • FRB publishes Correction to Final Rule for Reg Z

    FRB published a CFR correction in the FR to the periodic statement for Final Rule for Reg Z, originally published in FR on 1/01/06. TXT, PDF .    5/30/06

  • FCRA Medical Information Compliance Examination Procedures Issued

    The FDIC has issued a FIL announcing that the FFIEC Task Force on Consumer Compliance has approved examination procedures to assess compliance with the medical information regulations that became effective on April 1, 2006. The regulations implement the Protection of Medical Information provisions of the FCRA, as amended by the FACT Act. The new procedures are effective with the issuance of the FIL.
    Procedures; FIL    5/26/06

  • Fraudulent And Counterfeit Checks Alerts Issued

    The OCC has issued two Alerts regarding fraudulent checks issued with a fictitious bank name, Northridge Bank, Austin, Texas, are being presented for payment and counterfeit cashier's checks bearing the name of The Honesdale National Bank of Honesdale, Pennsylvania. Information regarding the checks has been posted on the BOL Alerts & Counterfeits page    5/26/06

  • Special Alerts Issued

    Four Special Alerts regarding counterfeit cashier's, official, and dividend checks have been issued by the FDIC. Cashier's Checks bearing the name of:

    • Northrim Bank, Anchorage, Alaska
    • 1st Constitution Bank, Cranbury, New Jersey
    • Official Checks bearing the name of East Cambridge Savings Bank, Cambridge, Massachusetts
    • Dividend Checks bearing the name of Delta National Bancorp, Manteca, California

    Information regarding the checks has been posted on the BOL Alerts & Counterfeits page    5/26/06

  • FRB Issues 2006 Hurricane Contact Information

    The FRB of Atlanta has released its 2006 hurricane season preparation and contact information. Hurricane Information    5/26/06

  • First Quarter 2006 Quarterly Banking Profile Published

    The FDIC has published the Quarterly Banking Profile for the first quarter 2006. Quarterly Banking Profile    5/26/06

  • CU First Quarter Call Report Information Released

    NCUA has released the CU Call Report information for the first quarter 2006. Call Report    5/26/06

  • Reich Appears Before House Oversight Subcommittee

    The OTS Director has made a presentation at the Oversight Hearing on the OTS before the House Subcommittee on Oversight and Investigations of the Committee on Financial Services. He reviewed the activities of the OTS and the current state of the thrift industry. Speech    5/26/06

  • Chinese World Trade Working Paper Published

    A working paper in the IFDP series on the topic of Exchange-Rate Effects on China's Trade: An Interim Report has been published by the FRB. Abstract; Full Paper    5/26/06

  • ID Theft Prevention Special Alert

    The FDIC has issued a Special Alert that urges financial institutions to be vigilant against the misuse of personal information for both new and existing customers. The Alert specifically references the recent announcement by the VA that electronic data on approximately 26.5 million veterans and some spouses may have been compromised. Special Alert    5/25/06

  • Issue 6 Of SAR Activity Review Published

    FinCEN has published Issue 6 of the SAR Activity Review - By the Numbers that contains information on SARs filed from April 1, 1996 to December 31, 2005. SAR   5/25/06

  • 314(a) Fact Sheet Update

    The 314(a) Fact Sheet has been updated by FinCEN to include data received from financial institutions as of May 23, 2006. Fact Sheet    5/25/06

  • FDIC Proposed Rulemaking Correction regarding Assessments

    FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
    published in the Federal Register of May 18, 2006, regarding Assessments. TXT, PDF .    5/25/06

  • FDIC Proposed Rulemaking Correction regarding One-Time Assessment Credits

    FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
    published in the Federal Register of May 18, 2006, regarding the One-time Assessment Credit. TXT, PDF .    5/25/06

  • FDIC Proposed Rulemaking Correction regarding Dividends

    FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
    published in the Federal Register of May 18, 2006, regarding Dividends. TXT, PDF .    5/25/06

  • Community Director Workshops To be Held in New Jersey And Illinois

     
    The OCC will hold workshops for national community bank directors on June 20-21, 2006 in Springfield, Illinois, and on June 27, 2006 in Morristown, New Jersey. Springfield Workshop; Morristown Workshop   5/24/06

  • Bernanke Discusses The Need For Financial Literacy

    In a presentation to the Senate Committee on Banking, Housing, and Urban Affairs, Chairman Bernanke emphasize the importance of financial literacy, both as a source of better decision making by consumers and as a means of improving the functioning of financial markets. He also listed some of the significant System and Federal Reserve District programs and collaborative efforts in financial and economic education.
    Speech
       5/24/06

  • FDIC Performance Plan Released

    The FDIC has released the agency's Corporate Annual Performance Plan that sets out specific annual performance goals, indicators and targets for each of its three major business lines of Insurance, Supervision, and Receivership Management. Plan   5/24/06

  • Monetary Policy Working Paper Published

    The FRB has published a working paper in the IFDP series with the title of Can the U.S. Monetary Policy Fall (Again) in an Expectation Trap? Abstract; Full Paper   5/24/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position with the addition of data as of May 19, 2006.
    Reserve Position   5/24/06

  • AML Deficiencies Result In Written Agreement

    The FRB has announced the execution of a Written Agreement by and among Texas State Bank, McAllen, Texas, the Federal Reserve Bank of Dallas, and the Texas Department of Banking. The bank has agreed to develop an acceptable written BSA/AML program to insure compliance with all applicable AML laws, rules, and regulations. Written Agreement   5/22/06

  • Order Of Prohibition Issued

    An Order of Prohibition has been issued by the FRB against Yolanda Salido, a former institution-affiliated party of Gulf Bank, Miami, Florida, due to her alleged participation in violations of law and breaches of fiduciary duty to the bank and its customers regarding her alleged embezzlement of funds from the bank through a variety of schemes over several years. Order   5/22/06

  • BSA/AML Violations CMPs Assessed

    FinCEN, the FDIC, and the New York State Banking Department have announced the assessment of $600,000 in CMPs against Liberty Bank of New York for violations of federal and state anti-money laundering laws and regulations. The bank failed to implement an adequate BSA/AML program, with internal controls and appropriate measures to detect and report money laundering and other suspicious activity in a timely manner. FDIC Order; FinCEN Order; New York Banking Dept Order   5/22/06

  • Dugan Says Supervisory Process Must Support Banking Industry

    In a presentation at the Conference on Bank Structure and Competition, sponsored by the Federal Reserve Bank of Chicago, Comptroller Dugan noted that the supervisory process must support a competitive banking industry that takes risks and innovates, while also ensuring a safe and sound system that avoids excessive risks. He stated, "Knowing when to intervene in business of the banking system, and to what degree, will always demand the exercise of subjective judgment." Speech   5/22/06

  • Strong First Quarter Posted By Thrift Industry

    OTS has reported that the nation's thrift industry posted strong earnings and profitability, solid loan growth and healthy asset quality in the first quarter of 2006. Highlights; Charts; Selected Indicators   5/22/06

  • Twenty-Four CRA Ratings Released

    The OCC has released the ratings received by twenty-four national banks that were recently examined for compliance with the provisions of the CRA. Ratings   5/19/06

  • Enforcement Actions Announced

    Thirteen new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks have been announced by the OCC. Enforcement Action    5/19/06

  • Bernanke Analyses Basel II

    In a presentation at the FRB of Chicago's 42nd Annual Conference on Bank Structure and Competition, Chairman Bernanke commented on the promises and challenges banks will face with the implementation of Basel II. He noted that Basel II represents the concerted efforts of the supervisory community, in consultation with banks and other stakeholders, to develop a more risk-sensitive and more comprehensive framework for assessing capital adequacy. The step-by-step implementation plan, which all the U.S. banking agencies support, should ensure that banking organizations maintain strong capital positions throughout the transition years and after. Speech   5/19/06

  • Working Papers Published

    The FRB has published two working papers in the IFDP series on the topics of Currency Hedging and Corporate Governance: A Cross-country Analysis and Trade Adjustment and the Composition of Trade. Currency Abstract; Currency Full Paper; Trade Abstract; Trade Full Paper   5/18/06

  • FDIC Proposes Dividend Requirements Implementation

    The FDIC publishes proposed rule in FR to amend 12 CFR 327 to implement the
    dividend requirements in the recently enacted Federal Deposit Insurance
    Reform Act of 2005 ("Reform Act") and the Federal Deposit Insurance
    Reform Conforming Amendments Act of 2005 ("Amendments Act") for an
    initial two-year period. 71FRE6-7585 TXT, 71FRE6-7585 PDF.    5/18/06

  • FDIC Proposes One-Time Assessment Credit

    FDIC publishes proposed rule in FR to amend 12 CFR part 327 to implement the one-time assessment
    credit for certain eligible insured depository institutions required by the Federal Deposit Insurance Act ("FDI Act") as amended by the Federal Deposit Insurance Reform Act of 2005 ("Reform Act"). 71FRE6-7583 TXT, 71FRE6-7583 PDF.    5/18/06

  • FDIC Proposes Quarterly Assessment Collection and 3-Year Retention Period

    The FDIC publishes proposed rule in FR to amend 12 CFR part 327 to make the deposit insurance assessment system react more quickly and more accurately to changes in institutions' risk profiles, and to eliminate causes for complaint by insured depository institutions. 71FRE6-4657 TXT, 71FRE6-4657 PDF.    5/18/06

  • FRB publishes Amendment to Equal Credit Opportunity Rule

    The FRB publishes technical amendments to Equal Credit Opportunity Final Rule that
    corrects the address of the Office of the Comptroller of the Currency as published in the Federal Register on March 7, 2006. FR Vol. 71, No. 95, Page 28563 TXT, FR Vol. 71, No. 95, Page 28563 PDF.    5/17/06

  • FRB publishes Final Rule to Extend Credit by Federal Reserve Banks

    FRB publishes Final Rule in FR that adopts final amendments to Regulation A to reflect the Board's
    approval of an increase in the primary credit rate at each Federal Reserve Bank.71FR06-4592 TXT, 71FR06-4592 PDF.    5/17/06

  • June HOEPA Rate Set

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in June 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; (A weekly rate inclusive of the 15th will not be published until next week.)    5/17/06

  • Financial Literacy Programs May Qualify For CRA Credit

    In comments during his attendance at the Financial Literacy and Education Commission, Comptroller Dugan noted that involvement in financial literacy programs helps banks develop new customers while enhancing their visibility in the communities they serve and that participation may receive positive consideration under the Community Reinvestment Act. Comments    5/17/06

  • Spring Issue FDIC Consumer News Published

    The FDIC has published the Spring 2006 Issue of the FDIC Consumer News which contains articles on the following topics: FDIC Insurance: Do You Know As Much As You Think You Know?; Misconceptions: A Top 10 List; FDIC Insurance: What's New, What's Not; How to Fully Insure Much More than $100,000; and Answers to Common Questions About Debit Cards. Consumer News    5/17/06

  • FIL Issued Regarding Interagency Statement

    The FDIC has issued a FIL regarding the previously announced interagency statement concerning internal controls and risk-management procedures that should be used by financial institutions to identify, manage and address the heightened legal or reputational risks that may arise from their involvement in certain complex structured finance transactions. Information regarding the statement was posted in the May 10, 2006 BOL Top Stories. FDIC FIL    5/17/06

  • Industrial Production Report Issued

    The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for April 2006. G.17    5/17/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of May 12, 2006. Reserve Position    5/17/06

  • Seven Counterfeit Special Alerts Issued

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

    • North Valley Bank, Redding, California
    • Heritage Bank of Schaumburg, Schaumburg, Illinois
    • First American Bank & Trust, Sioux Falls, South Dakota
    • MB Financial Bank, N.A., Chicago, Illinois,
    • Farmers Bank, San Antonio, Texas
    • Bank of Lake Mills, Lake Mills, Wisconsin

    Another Special Alert was issued concerning counterfeit bank drafts bearing the name of Farmers State Bank, Pittsfield, Illinois. Information concerning the counterfeit checks and drafts has been posted on the BOL Alerts & Counterfeits page.   5/16/06

  • Mortgage Fraud Data To Be Shared

    FinCEN and the Office of Federal Housing Enterprise Oversight (OFHEO) have reached an agreement to facilitate the sharing of information by OFHEO of its examination findings regarding actual or suspected mortgage fraud with FinCEN, who will include the information in its BSA database. Agreement   5/16/06

  • March TIC Data Released

    Treasury has released the TIC Data for March 2006. TIC   5/16/06

  • Lending Practices Opinion Survey Results Published

    The FRB has published the April 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices which addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. The survey also contained a set of special questions on the minimum required payment on outstanding credit card balances of individuals and households. Full Report; Table 1; Table 2; Charts   5/16/06

  • May Issue Of FedFlash Online

    FRB Financial Services has posted online the May 15, 2006 issued of FedFlash which features articles on the following topics: Go Direct Online enrollment; information for TT&L FedMail and TT&L Plus users; national pricing for the Electronic Reject Repair Service; processing returns if FedACH interruptions occur; Account Service updates; and new FedReceipt routing numbers. May FedFlash   5/16/06

  • Cost Of Funds Reports Issued

    OTS has issued the historical and March 2006 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; March 2006   5/16/06

  • Counterfeit Cashier's Checks Alerts Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Rockport National Bank of Rockport, Massachusetts, and the FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Farmers Bank, San Antonio, Texas, and the routing number assigned to Extraco Banks, N.A., Temple, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   5/12/06

  • Terrorist Assets Report Issued By OFAC

    OFAC has issued its annual report to Congress of assets in the United States of terrorist countries and international terrorist program designees. Report   5/12/06

  • FDIC Reference Book Compiled

    A Legal Support Services Deskbook has been prepared by the FDIC to provide policies and procedures, shell contracts, and standard forms for in-house attorneys, experts, and legal support services providers. Deskbook   5/12/06

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with the addition of data as of May 9, 2006. 314(a) Fact Sheet   5/12/06

  • FRB Bulletin Statistical Supplement Published

    The April 2006 Statistical Supplement to the FRB Bulletin has been published. Supplement   5/12/06

  • Flood Violation CMP Issued

    The FRB has issued a consent Order of Assessment of a $16,350 CMP against United Bank, Parkersburg, West Virginia, for alleged violations of Reg H. Order   5/11/06

  • OCC Issues Counterfeit Checks Alerts

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Peoples National Bank of Hallstead, Pennsylvania, and counterfeit cashier's checks and fictitious business checks issued in the name of First Bank & Trust, N.A., Canton, South Dakota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts &Counterfeits page   5/11/06

  • Fed Funds Rate To 5%

    The FOMC has raised the target for the federal funds rate and the discount rate by 25 basis points to 5 percent and 6 percent respectfully. Rates   5/11/06

  • Belarus Guidance Issued

    FinCEN has issued a Bulletin that contains an advisory to U.S. financial institutions regarding a potential ML threat involving Belarusian government senior foreign political officials and their related interests.
    Bulletin; Advisory   5/11/06

  • FTC Announces ID Theft Education Program

    The FTC and the Justice Department have launched a nationwide ID theft campaign and will send "AvoID Theft: Deter, Detect, Defend" education kits to victim advocates across the country including financial institutions. A Web site has been created that contains links to information of regarding combating ID theft. Campaign; Web Site   5/11/06

  • FILs Issued

    The FDIC has issued two FILs regarding the effect of the Federal Deposit Insurance Reform Act on the Call Report and update of FDIC deposit insurance brochures. Call Report FIL; Brochures FIL   5/11/06

  • Five FEDS Working Papers Published

    The FRB has published five working papers in the FEDS series on the following topics: Do Macro Variables, Asset Markets, or Surveys Forecast Inflation Better?; Consumer Use of Debit Cards: Patterns, Preferences, and Price Response; The Choice at the Checkout: Quantifying Demand Across Payment Instruments; Captive Markets: The Impact of Kidnappings on Corporate Investment in Colombia; and A Retrospective Evaluation of the Effects of Temporary Partial Expensing. Macro Variables Abstract; Marco Variables Full Paper; Debit Cards Abstract; Debit Cards Full Paper; Checkout Abstract; Checkout Full Paper; Captive Markets Abstract; Captive Markets Full Paper; Evaluation Abstract; Evaluation Full Paper   5/11/06

  • Assets Reports Released

    The 3.12 U.S. Reserve Assets report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks report for March 2006 have been released by the FRB. Reports   5/11/06

  • MSB Assessed CMP By FinCEN

    FinCEN has announced the assessment of a $10,000 CMP against Frosty Food Mart, a money services business located in Tampa, Florida, for failing to develop and implement a written AML program reasonably designed to ensure compliance with the BSA and the failure to file 80 CTRs. CMP   5/10/06

  • Comments Requested On Revised Elevated Risk Statement

    The FRB, OCC, FDIC, OTS and SEC have requested public comment on a revised proposed statement on the complex structured finance activities of financial institutions. The statement describes the types of internal controls and risk management procedures that can be implemented by financial institutions to identify, manage and address the legal and reputational risks that may arise from certain complex structured finance transactions. Statement; FRB PR; OCC Bulletin; FDIC PR; OTS PR; SEC PR   5/10/06

  • FinCEN Extends MSB Comment Period

    The comment period of the previously announced ANPR that seeks input from both the money services business industry and the banking industry on the issue of money services businesses obtaining access to banking services has been extend by FinCEN for an additional 60 days to July 10, 2006. Extension; ANPR   5/10/06

  • FDIC Assessment Rates Unchanged

    FDIC has announced that the assessment rates charged to insured banks and savings associations unchanged for the second half of 2006. Rates   5/10/06

  • One-Time Credit Proposed For Deposit Insurance Assessments

    The FDIC is seeking comments on three proposed rules governing deposit insurance assessments under the Deposit Insurance Reform Act of 2005, regarding the allocate a one-time $4.7 billion assessment credit among insured institutions; establishment of a two-year interim rule governing the payment of dividends from the Deposit Insurance Fund; and operational and procedural changes to the FDIC's assessment regulations. Comments; Credit; Dividend Payment; Regulations   5/10/06

  • Credit Card Lending Bulletin Issued

    OTS has issued a Bulletin announcing an update of the credit card lending section of the Examination Handbook that provides guidance to OTS examiners and savings association personnel regarding credit card operations. Bulletin   5/09/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of May 5, 2006. Reserve Position   5/09/06

  • CRA Ratings Announced

    OTS has announced the ratings that become publicly available in April 2006 for savings associations that were recently evaluated for compliance with the CRA. Ratings   5/08/06

  • Counterfeit Cashier's Checks Special Alert Issued

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Enterprise Federal Savings Bank, Largo, Maryland, and the routing number assigned to First Liberty National Bank, Washington, D.C. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    5/08/06

  • New Flood Form Information

    In the May 1, 2006 Top Stories (below) we told you about a new flood form which was made available on the FEMA website. We saw no press release or instructions. But FEMA has now posted more information denoting a mandatory use date of July 1, 2006.   5/08/06

  • Consumer Credit Report Released

    The FRB has released the March 2006 G.19 Consumer Credit Report. G.19   5/08/06

  • Counterfeit Checks Special Alerts Issued

     
    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Gateway Bank & Trust Company, Elizabeth City, North Carolina; and counterfeit teller's checks bearing the name of Calvert Bank and Trust Company, Prince Frederick, Maryland, which has merged into Mercantile Southern Maryland Bank, Leonardtown, Maryland. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   5/05/06

  • CRA Ratings Released

    The FDIC has released the CRA ratings assigned in February 2006 to state nonmember banks recently evaluated for compliance with the CRA. CRA Ratings   5/05/06

  • Mutual Funds To File SARs

    FinCEN has announced a final rule that requires mutual funds to file SARs on suspicious transactions. The final rule creates a reporting requirement that is uniform with reporting requirements already established for banks, broker-dealers, casinos, and money services businesses. Final Rule   5/05/06

  • Cross-Border Securities Bulletin Issued

    The FRB has issued a Bulletin regarding an article, Understanding U.S. Cross-Border Securities Data, that discusses current data on U.S. cross-border securities holdings and transactions. The system that collects the data is described and how to make the best use of the information available is explained. Bulletin   5/05/06

  • Counterfeit Checks Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Farmers Bank, San Antonio, Texas, but bearing a retired routing number of Extraco Bank, N.A., Temple, Texas; and counterfeit cashier's checks issued in the name of MB Financial Bank, N.A., Chicago, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   5/04/06

  • Enforcement Actions Released

    The FDIC has released a list of thirty orders of administrative enforcement actions taken against banks and individuals in March 2006. The actions include eight removal and prohibition orders, eighteen civil money penalty orders, three cease and desist orders, and one termination of a cease and desist order. Actions   5/04/06

  • Bernanke and Dugan On Community Revitalization

    In presentations at Operation HOPE's Anacostia Economic Summit, Chairman Bernanke and Comptroller Dugan expressed their thoughts on economic revitalization. Bernanke commented on the importance in community economic development of strategic collaboration among public, private, and nonprofit organizations plus the need for a comprehensive approach to revitalizing communities. Dugan noted the importance of residents holding a financial stake in the redevelopment of their communities and that the odds of successfully investing in community development are dramatically increased when there are genuine community-based and community-accountable partnerships. Bernanke Speech; Dugan Speech   5/04/06

  • Direct Investment Valuation Adjustments Working Paper Published

    The FRB has published a working paper in the IFDP series on the topic of Modeling Direct Investment Valuation Adjustments and Estimating Quarterly Positions. Abstract; Full Paper   5/04/06

  • May FedFocus Published

    The May issue of FedFocus explores the accelerated pace of payments in articles that provide the latest information about Federal Reserve Financial Services and how they respond to a changing payments industry. Topics include the Destination Check 21 Online Resource Center, the Regional Mixed deposit option, FedLine DirectSM access solution, FedACH RiskSM Origination Monitoring Service and Check into AMI. FedFocus   5/03/06

  • Directo a Mexico Schedule Announced

    The FRB and Banco de Mexico have announce the schedule for the 2006 Directo a Mexico roadshow which will visit twelve U. S. cities to provide financial institutions information regarding a more a efficient way for their customers to transfer funds to Mexico. Schedule   5/03/06

  • FIL Issued Regarding MSBs And BSA

    The FDIC has issued a FIL regarding the announcement by FinCEN that it is seeking public comment on an ANPR regarding the impact of BSA regulations on the ability of MSBs to open and maintain accounts and obtain other banking services at banks and other depository institutions. Information concerning the ANPR was posted in the March 9, 2006, BOL Top Stories. FIL   5/03/06

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with the addition of data as of April 25, 2006. Fact Sheet   5/03/06

  • Spring 2006 State Profiles Released

    The FDIC has released the Spring 2006 issue of the State Profiles, which provide a quarterly summary of state banking and economic conditions. State Profiles   5/03/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of April 28, 2006. Reserve Position   5/03/06

  • Condition of the U.S. Banking Industry Report Issued

    The FRB has issued the Third Quarter 2005 Report on the Condition of the U.S. Banking Industry. Report   5/03/06

  • Seven More Counterfeit Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's check drawn on or bearing the name of the following institutions:

    • Citizens State Bank, Woodville, Texas
    • Rockport National Bank, Rockport, Massachusetts
    • Norstates Bank, Waukegan, Illinois
    • Alliance Bank, Francesville, Indiana

    Special Alerts have also been issued regarding counterfeit official checks bearing the name of: KeyBank National Association, East Syracuse, New York; and Pioneer Bank, Roswell, New Mexico . Fraudulent checks bearing the name of >Bankers' Bank, Northeast, Glastonbury, Connecticut , are also in circulation. Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page.   5/02/06

  • FRB To Hold HOEPA Hearings

    Consumers, consumer advocacy organizations, lenders, and other interested parties to participate in four public hearings on the home equity lending market to be held by the FRB. The hearings, which are required by periodically by HOEPA, were last conducted in 2000 and will held during June and July 2006, in Chicago, Illinois; Philadelphia, Pennsylvania; San Francisco, California; and Atlanta, Georgia. Hearings.   5/02/06

  • May FedFlash Published

    FRB Financial Services has published the May 1, 2006 issue of FedFlash. Featured articles include discussions of the FedACH Risk Origination Monitoring Service, the Destination Check 21 Online Resource Center, and changes to Operating Circular 2. FedFlash.   5/02/06

  • Market Financing Estimates Released

    Treasury has announced its current estimates of net marketable financing for the second and third quarters of 2006. Estimates.   5/02/06

  • April Foreign Exchange Rates Published

    The G.5 Foreign Exchange Rates Report for April 2006 has been published by the FRB. G.5.   5/02/06

  • Executive Incentives And Payout Policy Working Paper

    The FRB has published a working paper in the FEDS series on the topic of Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut. Abstract; Full Paper.   5/02/06

  • Eleven Counterfeit Special Alerts Issued

    The FDIC has issued nine Special Alerts regarding counterfeit cashier's check drawn on or bearing the name of the following institutions:

    • Savings Bank of Walpole, Walpole, New Hampshire
    • Sterling Savings Bank, Spokane, Washington
    • Heritage Bank of Commerce, San Jose, California
    • Dime Bank, Norwich, Connecticut
    • The Bank of the Pacific, Aberdeen, Washington
    • King Southern Bank, Chaplin, Kentucky
    • Stafford Savings Bank, Stafford Springs, Connecticut
    • United Commercial Bank, San Francisco, California
    • First Sentinel Bank, Richlands, Virginia

    Special Alerts have also been issued regarding counterfeit personal money ordered issued in the name of:
    United Roosevelt Savings Bank, Carteret, New Jersey, and counterfeit official checks bearing the name of:
    Citizens South Bank, Gastonia, North Carolina. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   5/01/06

  • New Flood Hazard Determination Form Released

    FEMA has posted online a new Standard Flood Hazard Determination Form which replaces the previous form that expired October 31, 2005, but remained in effect until the new form was released. Flood Form   5/01/06

  • U.S. Currency Smuggled Into Mexico Guidance Issued

    FinCEN has issued a Guidance to financial institutions regarding the ML threat involving the smuggling of bulk U.S. currency into Mexico. Institutions are warned concerning the potential for abuse of U. S. financial services by certain Mexican financial institutions. Guidance    5/01/06

  • IRS And State To Share ML Information

    Thirty-three states and Puerto Rico have signed agreements with the IRS to share BSA information on money services businesses. Sharing Information    5/01/06

  • Receivables Report Issued

    The FRB has issued the G.20 Finance Companies Owned and Managed Receivables Outstanding Report for February 2006. G.20   5/01/06

  • OCC Publishes New Newsletter

    Community Developments, a new OCC publication, provides strategies and recommendations aimed at preserving homeownership by preventing mortgage foreclosures. The initial issue features articles on ways banks can help to reduce foreclosures through partnering with non-profits and implementing early intervention strategies with troubled borrowers. Community Developments   5/01/06

  • March Issue Of Quarterly Journal Published

    The OCC has published online the March 2006 issue of the Quarterly Journal which contains OCC organization charts, special supervision and enforcement activities, corporate structure tables, fourth quarter 2005 condition and performance of banks, and other policy and data. Quarterly Journal    5/01/06

04/14/2006

Agencies begin regulations review

The OCC, Federal Reserve and FDIC have jointly published a notice of their reviews of the regulations they have issued to identify outdated, unnecessary, or unduly burdensome regulations for insured depository institutions. The review is required by section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 ("EGRPRA"). The current announcement requests public comments on regulations in three (Applications and Reporting, Powers and Activities, and International Operations) of twelve subject-matter categories. Three additional requests for comment covering the remaining nine categories will be published within the next two years. Comments on regulations in the first group of categories are due by September 2, 2014.

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