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Top Story Compliance Related

06/30/2006

Top Stories for July 2006

  • Bank Added To OFAC List

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

  • Fraudulent And Counterfeit Checks Special Alerts Issued

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

  • BSA/AML Examination Manual Revised

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

  • Moratorium On Insurance Applications By ILCs Announced

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

  • Junk Fax Rules Effective August 1, 2006

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

  • SDN List Updated

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

  • OCC Issues Alerts

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

  • Nine Special Alerts Issued By FDIC

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

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

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

  • Regulators Revise Information Security Booklet

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

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

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

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

  • Beige Book

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

  • Call and Thrift Financial Report Preliminary Data Available

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

  • International Reserve Position Update

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

  • Money Smart News

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

  • Federal Financial Institution Regulators Release 2005 CRA Lending Data

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

  • Discount Rate Minutes Released

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

  • Finance Companies Receivables And Auto Loan Report Issued

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

  • NCUA Publishes Final Rule for Loan Interest Rates in FR

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

  • NCUA Proposed Rulemaking for Permissible Investments for Credit Unions

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

  • FDIC Outlook Summer 2006 Issue Published

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

  • SEC Issues No-Action Letter

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

  • Second Quarter A & L Price Tables Released

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

  • OCC Publishes Final Rule in FR for Assessment of Fees

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

  • FDIC Proposes Rule for Designated Reserve Ratio

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

  • FDIC Publishes Proposed Rulemaking for Assessments

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

  • HOEPA Hearing Transcript

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

  • Three FEDS Working Papers Published

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

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

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

  • Counterfeit Cashier's Checks Alerts Issued

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

  • CRA Evaluations Released

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

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

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

  • Estimating Operational Risk Capital Working Paper Published

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

  • FOMC Releases Tentative 2007 Meeting Schedule

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

  • FDIC To Host Minority Depository Institution National Conference

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

  • Counterfeit Checks Special Alert

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

  • PSR Policy Statement Now Effective

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

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

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

  • September Call Report Forms Drafts Posted Online

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

  • Bair Reviews Implementation Of Insurance Reforms

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

  • Monetary Policy Report Issued To Congress

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

  • OTS Proposes Rule for Stock Benefit Plans

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

  • FDIC Proposes Penalty for Failure to Timely Pay Assessments

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

  • NPWMD Designations Added To OFAC List

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

  • OCC Enforcement Actions Announced

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

  • FDIC Schedules Deposit Insurance Seminars

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

  • 314(a) Fact Sheet Update

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

  • Country Exposure Reports Issued

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

  • May 2006 TIC Released

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

  • Red Flag ID Theft and Address Discrepancy Proposals Published

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

  • Counterfeit Cashier's Checks Alert Issued

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

  • August HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in August 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For August, you will use the rates posted for July 14th since July 15th fell on the weekend. Weekly H.15    7/18/06

  • Industrial Production And Capacity Utilization Report Issued

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

  • Reserve Position Update

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

  • FDIC Proposes Rulemaking for Advertisement of Membership

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

  • Ten Counterfeit And Fraudulent Checks Special Alerts Issued

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

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

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

  • Fictitious Internet Bank Alert

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

  • FRB Executes Written Agreement With Venezuelan Bank

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

  • New FedFlash Issue Published

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

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

  • Early Savings Bond Redemption Authorized

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

  • Call And Thrift Financial Reports Filing Information Online

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

  • BSA Direct Retrieval and Sharing Project Terminated

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

  • May 2006 Assets Reports Released

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

  • FRB Publishes First Quarter Legal Developments

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

  • Thirty-Four Companies And Individuals Added To OFAC List

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

  • FinCEN Announces Actions Regarding Latvian Banks

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

  • 2006 Web Census Data And Geocoding System Available Online

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

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

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

  • CRA Ratings Released

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

  • New FedReceipt Routing Numbers Announced

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

  • HMDA Guide Information Letter Issued

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

  • First Quarter 2006 Quarterly Review Of Interest Rate Risk Published

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

  • Treasury Updates Reserve Position Report

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

  • Consumer Credit Report Issued

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

  • First Quarter 2006 Ratios Released

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

  • Commemorative Coin Distribution Schedule Online

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

  • OFAC Enforcement Actions Announced

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

  • Counterfeit Cashier's Check Special Alert

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

  • CRA Ratings Released

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

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

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

  • Summer 2006 State Profiles Published

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

  • International Reserve Position Update

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

  • Thrift Financial Report Released

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

  • Counterfeit Cashier's Checks Alerts Issued

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

  • Treasury Issues Call For Large Position Reports

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

  • C&D Issued Against Missouri BHC And Subsidiary Bank

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

  • Enforcement Actions Released

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

  • FDIC Updates Insurance Information Resources

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

  • June Statistical Supplement to the Federal Reserve Bulletin Published

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

  • OCC Issues Bulletin on Prohibition Against Interstate Deposit Production

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

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

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

  • June 2006 Foreign Exchange Rates

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

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

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

  • Counterfeit and Missing Cashier's Checks Alerts Issued

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

  • Destroy Old Flood Forms Now

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

  • FFIEC Posts Reporting Forms And Country Exposure Reports

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

  • OTS Schedules BSA/AML Conference Call

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

  • Foreign Holdings of U.S. Securities Report Released

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

  • New Issue FedFlash Published

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

  • Summer 2006 Issue Of Supervisory Insights Released

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

  • FRB Issues Consumer Credit Industry Report To Congress

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

  • First Quarter 2006 Bank Derivatives Report Released

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

06/14/2006

$10.5M OFAC settlemen

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

06/14/2006

FDIC State Profiles

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

06/14/2006

FOMC meeting schedule

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

06/14/2006

NCUA Board meeting video

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

06/14/2006

NCUA Quarterly Map Review

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

06/14/2006

Term deposits offering

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

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.

06/14/2006

FDIC State Profiles

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

06/14/2006

FOMC meeting schedule

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

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