Top Story Compliance Related

• Joint Agency Release on SEC Action Against Robert L. Bentley, Entrust
  Group and Bentley Financial Services, Inc.

  The joint release notifies all financial institutions that the Securities and Exchange Commission has filed suit against the above-named defendants for suspected securities fraud and has obtained a Temporary Restraining Order to freeze the defendants' assets and appoint a receiver to take control over the defendants' assets until further order of the court. OCC:AL 2001-11 FDIC:FIL-95-2001, NCUA Press Release, FRB:SR 01-26 10/31/01

• FDIC Issues Final Rule Clarifying the Meaning of Engaged In The Business of Receiving Deposits Other Than Trust Funds

  This final rule amends the FDIC's regulations covering filing procedures and delegations of authority, to clarify the meaning of the phrase ``engaged in the business of receiving deposits other than trust funds'' in the Federal Deposit Insurance Act. Under the rule, an insured depository institution must maintain one or more non-trust deposit accounts in the aggregate amount of $500,000 in order to be "engaged in the business of receiving deposits other than trust funds". 66FR54645 (text) 66FR54645 (pdf) 10/30/01

• NCUA makes presentation to Financial Accounting Standards Board

  The NCUA staff participated with other credit union and financial organizations in presenting formal comments to the Financial Accounting Standards Board (FASB) regarding their September 1999 exposure draft “Combinations of Non-stock Depository Institutions. NCUA Press Release 10/30/01

• Dollar Has NCUA Staff Working To Develop “Cost Equity Formula” For Overhead Transfer Rate

  NCUA Chairman Dennis Dollar announced during remarks at the Founders Federal Credit Union annual planning conference that NCUA was working to develop a “cost equity formula” to make its overhead transfer process even œmore efficient and equitable. NCUA Press Release 10/30/01

• FDIC Issues Alert on Fictitious Checks

  The FDIC has learned that fictitious "certified" checks are in circulation. The checks bear the name Sanborne Savings & Trust Company, P.O. Box 1475, Birmingham, AL 35233. FDIC:FIL-94-2001 10/30/01

• FDIC Issues Alert on Entities That May Be Conducting Banking Operations Without Authorization

  The OCC has informed the FDIC that the Ministry of Administration, Republic of Palau, has revoked the corporate charter for an entity called First Pacific Development Bank, Ltd., effective August 27, 2001. Proposed transactions involving this entity should be viewed with extreme caution. FDIC:FIL-93-2001 10/30/01

• FTC Seeks Comment on Amending Children's Internet Privacy Rule

  The FTC is seeking public comment on a proposal to extend for two years the period during which Web sites directed to children can use an e-mail message from the parent, coupled with additional steps, to obtain verifiable parental consent for the collection of personal information from children. FTC Press Release, Proposal 66FR54963 (text) 66FR54963 (pdf) 10/29/01

• FDIC Publishes 2000 Program Performance Report

  The 2000 Program Performance Report compares actual performance to the goals established in the FDIC's 2000 Annual Performance Plan. 10/29/01

• FDIC Publishes 2001 - 2006 Strategic Plan

  10/29/01

• OTS Publishes Thrift Bulletin on Lending Limit Pilot Program

  FIRREA revised the lending limits to one borrower for savings associations to parallel those applicable to national banks. Savings associations are now generally allowed to lend no more than 15 percent of their unimpaired capital and surplus to one borrower. TB 79 10/29/01

• FRB Release Board Meeting Minutes

  The FRB released the minutes of its discount rate meetings from May 21, 2001 to September 17, 2001. FRB Press Release 10/29/01

• U.S. Postal Service Mail Delivery to the OCC

  The OCC, along with other agencies and businesses in Washington, D.C., has not received mail from the U.S. Postal Service for the last three days, while the Postal Service deals with the anthrax crisis. If you need immediate assistance or information from the OCC, you may want to call, e-mail, or fax your request. 10/26/01

• OCC Issues General Information on SSCRA

  As a result of the recent activation of military reserves, the OCC has received inquiries about the Soldiers' and Sailors' Civil Relief Act of 1940, 50 USC App. 501 et seq. This advisory is issued to provide general information about certain provisions of the act that may affect national banks. OCC:AL 2001-10 10/26/01

• FRB Issues Proposed Rule to Amend Regulations Relating to International Lending

  The FRB is seeking public comment on a proposal to amend its regulations relating to international lending by simplifying the discussion concerning the accounting for fees on international loans to make the regulation consistent with generally accepted accounting principles (GAAP). 66FR54399 (text) 66FR54399 (pdf) 10/26/01

• FRB Issues Final Rule to Amend Reg K

  Consistent with section 303 of the Riegle Community Development and Regulatory Improvement Act of 1994 (the Regulatory
  Improvement Act), the Federal Reserve Act, and the International Banking Act of 1978 (the IBA), the Board has reviewed Regulation K, which governs international banking operations, and is amending subparts A, B, and C. 66FR54345 (text) 66FR54345 (pdf) Correction: 66FR58655 (text) 66FR58655 (pdf)10/26/01

• OTS Names Sonja White Director of Examination Policy

  The OTS announced that Sonja White has been appointed to the position of Director, Examination Policy. Ms. White replaces Duane Thorkildsen, who was named Deputy Director of OTS’s Dallas regional office in June. OTS 01-73 10/26/01

• FDIC Publishes Analysis on "How the Banking Industry Has Responded to Crisis"

  How commercial banks have faced crises; their current preparations to expand credit, provide depositors a refuge, sustain profitability. How the Banking Industry Has Responded to Crisis 10/26/01

• SPECIAL REPORT

  "Dark Clouds and Silver Linings -- How the Postal Service Problems May Affect You"

• SPECIAL LEGISLATIVE NEWS ALERT

  The USA PATRIOT ACT

  (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism) was approved by Senate on October 25, 2001. It had previously been passed by the House and may be on the President's desk for signature as early as Friday. The Act contains, in Title III, the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001.

  The intent of International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 is to increase the strength of United States measures to prevent, detect, and prosecute international money laundering and the financing of terrorism and to ensure that banking transactions and financial relationships do not contravene provisions of the US Code or the Federal Deposit Insurance Act.

  The Secretary of Treasury is given broad discretion to take measures tailored to particular money laundering problems presented by foreign institutions and international transactions and to provide guidance to domestic financial institutions on international transactions.

  The Act clarifies the terms of the safe harbor from civil liability for filing SARs and strengthens the authority of the Secretary of the Treasury to issue geographic targeting orders.

  In addition, the Act ensures that all appropriate elements of the financial services industry are subject to requirements to report potential money laundering transactions and jurisdictional disputes do not hinder the examination of compliance by financial institutions with the reporting requirements.

  The Act strengthens measures to prevent the use of the US financial system for personal gain and facilitates the repatriation of any stolen assets to the citizens of the countries to whom such assets belong. USA PATRIOT ACT
  10/25/01

• NCUA Receives Independent Study of Overhead Transfer, Dollar Says Study Backs Agency Approach

  NCUA Chairman Dennis Dollar told a group of community credit union leaders that NCUA has received its long awaited independent
  third-party study of its overhead transfer process and that the “agency came out very well.” NCUA Press Release 10/25/01

• SEC Charges Robert L. Bentley, Bentley Financial Services, Inc. and Entrust Group with Securities Fraud

  NCUA has been notified that the Securities and Exchange Commission charged Robert L. Bentley, Bentley Financial Services, Inc., (“BFS”) and Entrust Group (“EG”), Paoli, Penn., with securities fraud for selling securities misrepresented as insured certificates of deposit (CDs) to hundreds of financial institutions. BFS is a CD broker and EG acts as the custodian for CDs placed through BFS. NCUA Press Release 10/25/01

• OCC Releases Second Quarter Edition of Quarterly Journal

  The September 2001 issue of the Quarterly Journal, Vol. 20, No. 3 (for second quarter 2001), is now available on-line. This issue features the latest "Condition and Performance of Commercial Banks," and data on status of the corporate structure of the national banking system. In addition are the regularly featured speeches and congressional testimony of the agency's executives as well as the legal interpretations of the quarter, the financial performance tables for commercial and national banks based on the latest call-report data for the quarter, and recent corporate decisions. Quarterly Journal 10/24/01

• FDIC Issues FIL on Yugoslavian OFAC Sanctions

  The FDIC has published FIL 92-2001 to notify state-chartered nonmember banks about the 10/3 change that amended OFAC regulations concerning Yugoslavia. [The OFAC change itself was previously covered on BOL.]
  FDIC:FIL-92-2001 10/24/01

• FDIC Publishes OSFI Monthly Warning Advisory

  The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published "Monthly Warning Advisory" (Issue No. 20), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:FIL:91-2001 10/24/01

• FTC Launches Telemarketing Fraud Site

  The Federal Trade Commission says telemarketing fraud bilks American consumers out of billions of dollars each year. To provide information to help consumers protect themselves, and guidance for businesses to help them comply with the Telemarketing Sales Rule, the FTC has launched a new Web page "Telemarketing Fraud - Ditch the Pitch". 10/23/01

• FDIC Issues Alert on Counterfeit Official Bank Checks

  The FDIC has learned that counterfeit checks have been drawn on four separate banks and are in circulation. FDIC:FIL-89-2001 10/23/01

• FDIC FIL about OFAC Changes

  The FDIC has published FIL-90-2001 to notify state-chartered nonmember banks about the 10/5 OFAC list changes. [The OFAC change itself was previously covered on BOL.] FDIC:FIL-90-2001 10/23/01

• FDIC Spreads Word about Executive Order

  The FDIC issued FDIC Issues FIL-88-2001 to inform banks under its jurisdiction about the President's Executive Order on Targeting Terrorists. [The Executive Order itself was previously covered on BOL.] FDIC: FIL-88-2001 10/23/01

• FinCEN Releases New SAR Trends/Tips

  The latest issue of the SAR Activity Review is hot off the press. The Highlighted Trend for this issue of the SAR Activity Review is Computer Intrusion, but full statistics. Other notable trends include the use of money transmitters as a money laundering vehicle; use of Traveler's Checks to disguise identities; and more Nigerian letters. FDIC:FIL-96-2001 10/22/01

• OTS' Latest Quarterly Review of Interest Rate Risk Addresses Confusion over Structured Advances

  The OTS has just published an article addressing the, at times, confusing area of Federal Home Loan Bank (FHLB) advances.
  OTS 01-72 10/22/01

• HUD Position on Yield Spread Premiums

  HUD has issued Statement of Policy 2001-1 to clarify its position on yield spread premiums under RESPA in light of two recent court cases. 66FR53051 (text) 66FR53051 (pdf) 10/19/01

• FRB Announces Annual Adjustments for Reserve Calculations and Deposit Reporting

  The FRB announced the annual adjustments in the amount of net transaction accounts used in the calculation of reserve requirements and the cutoff level used to determine the detail and frequency of deposit reporting. FRB Press Release 10/19/01

• Country Risk Management Booklet Online

  The "Country Risk Management" booklet, discusses country risk -- the risk that economic, social, and political conditions and events in a foreign country will adversely affect an institution’s financial interests. It describes the elements of the country risk management process and provides risk-focused examination procedures. 10/19/01

• Veteran NCUA Manager Named Region V Associate Regional Director of Operations

  The National Credit Union Administration Board has selected C. Keith Morton to direct operations for the NCUA regional office in Austin, Texas. NCUA Press Release 10/19/01

• New NIPC Report on Infrastructure Threat

  The National Infrastructure Protection Center has issued a new report "Cyber Protests: The Threat to the U.S.Information Infrastructure". NIPC notes that pro-active network defense and security management are imperative to the prevention of more serious damage to infrastructure assets. 10/18/01

• FRB Issues Final Rule to Reflect the Change in the Discount Rate

  The FRB has amended its Regulation A, Extensions of Credit by Federal Reserve Banks to reflect its approval of a decrease in the basic discount rate at each Federal Reserve Bank. The Board acted on requests submitted by the Boards of Directors of the twelve Federal Reserve Banks. 66FR52850 (text) 66FR52850 (pdf) 10/18/01

• OCC Releases CRA Evaluations For 19 National Banks

  The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of September 15 through October 14. OCC:NR 2001-91 10/18/01

• FRB Requests Comment on Proposed Revisions to Subpart D of Regulation K

  The proposal is intended to reduce the regulatory burden on banking institutions engaged in international lending by making the requirements concerning accounting for fees on international loans consistent with generally accepted accounting principles (GAAP).
  FRB Press Release 10/18/01

• FRB Approves Comprehensive Revisions to Regulation K

  The final rule will expand permissible activities abroad for U.S. banking organizations and reducing associated regulatory burdens. It also reduces regulatory burden on foreign banks operating in the United States by streamlining the application and notice processes. FRB Press Release 10/18/01

• Statement of FDIC Director John Reich on Failure of Superior Bank

  FDIC Statement 10/18/01

• Statement of FDIC Chairman on Deposit Insurance Reform

  FDIC Statement 10/18/01

• FDIC Agency Meeting

  The FDIC Board of Directors will meet in open session on October 23, 2001. Meeting Notice 10/18/01

• OCC Announces 6 New Enforcement Actions and 6 Terminations

  The OCC announced 6 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and 6 terminations of existing enforcement actions. OCC:NR 2001- 90 10/18/01

• OTS Details Actions Responding to Attack and Superior Bank

  In the resumption of a Senate Banking Committee hearing on Superior Bank that was postponed shortly after it began on
  September 11, OTS Director Ellen Seidman announced that OTS has issued 27 subpoenas in the Superior case. She reported that agency officials have also had extensive discussions with investigators from the General Accounting Office, and Treasury and FDIC inspector generals. OTS 01-71 10/17/01

• On October 12th Terrorist Additions were Added to the OFAC SDN List

  As earlier reported on BOL, OFAC has added the names of 39 terrorists to its list of Specially Designated Global Terrorists (SDGTs). OCC:Alert 2001-13 10/17/01

• Address Change for CRA and HMDA Data Submissions

  The FFIEC has issued a memo which indicates that due to heightened security concerns, they are changing the mailing addresses for all CRA and HMDA data submissions effective immediately. Because this change may delay receipt of the submissions to the regulators, they strongly encourage all CRA and HMDA data reporters to submit data via email. Consult the memo for complete new address information. FFIEC Memo 10/16/01

• Business Continuity and Security Program Info

  The OCC has rounded up links to a number of issuances related to business continuity plans and security programs to help banks and servicers that are reviewing their business continuity plans and security programs following the terrorist attacks. Institutions of all charters will find these issuances helpful. OCC links 10/15/01

• FRB Allows Banking Organizations some Flexibility in Calculating Capital Ratios for the Third Quarter

  In the aftermath of the September 11 attacks on the World Trade Center, a number of banking organizations have experienced delays in the clearing and settlement of their capital market transactions, such as repurchase and reverse repurchase transactions, securities lending and borrowing transactions, and securities sales. The delays may expose institutions to short-term credit risks they typically do not have when the clearing and settlement systems are operating normally. These credit risk exposures are often greatly mitigated because they are collateralized, in many cases by cash or government securities. FRB:SR 01-24 10/16/01

• FRB Issues Guidelines for Using External Experts on Examinations, Inspections, and Other Bank Supervision
  Matters

  The use of an external expert to meet resource needs is permissible provided the appropriate safeguards are in place to ensure that the Reserve Bank and supervised financial institutions sufficiently are protected from any misuse of information or conflict of interest, and further provided that there are established practices to ensure that an external expert will comply with applicable laws and policies. FRB:SR 01-25 10/16/01

• Comptroller of the Currency speaks to the New York State Department of Banking

  Speech 10/16/01

• Your Insured Deposit Booklet

  Korean and Chinese versions of Your Insured Deposit booklet now available. 10/15/01

• OTS Announces 14 September CRA Ratings

  The OTS announced savings associations' Community Reinvestment Act (CRA) performance evaluation ratings that became available in September 2001. OTS 01-70 10/15/01

• Charter for First Pacific Development Bank, Ltd. Revoke

  The OCC has been advised by the Ministry of Administration, Republic of Palau, that the corporate charter for First Pacific
  Development Bank, Ltd. has been revoked. OCC:2001-12 10/15/01

• OFAC Again Updates

  On October 12, OFAC made changes for the fifth time in less than a month. Today's change added new names and aliases of 39 terrorists to the list of SDGTs. Their assets must be blocked immediately. The SDN material has been revised and the Terrorism brochure has been updated. For details on all the new names and aliases, go to the BOL OFAC page. 10/12/01

• OTS Issued Three Enforcement Orders In August

  The OTS reported that it issued three enforcement orders to one individual and two institutions during August. OTS 01-69 10/12/01

• FRB Announces Modifications to the Method for Calculating PSAF

  The PSAF (private sector adjustment factor) imputes the costs that would have been incurred and profits that would have been
  earned if the Reserve Banks' priced services were provided by a private firm. The revised method will be used to determine the 2002 PSAF and fees for Federal Reserve priced services. FRB Press Release 10/11/01

• NIPC Warns Banks About Hackers

  The NIPC has issued a new warning to financial institutions after it has continued to observe hacking activity targeting the e-commerce or e-finance/banking industry. They point to third-party service providers that employ weak security practices as a particular target of the hackers. NIPC ADVISORY 01-023 10/11/01

• Joint Agency Request Relating to Information Pertaining to the Terrorist Attacks

  The OCC requests your participation in a system to facilitate cooperation with law enforcement authorities in their ongoing
  investigation of terrorist activity. OCC:NR 2001-88 Interagency Letter on the Terrorist Attacks, BOL Cooperating with Law Enforcement 10/8/01

• FDIC Issues October of Banks Examined for CRA Compliance

  The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in July 2001. FDIC:PR-75-2001 10/8/01

• OCC Supports Efforts of National Banks to Aid in Recovery Efforts

  National banks that support recovery efforts in communities affected by the September 11 terrorist attacks will receive credit under the Community Reinvestment Act, the Office of the Comptroller of the Currency announced. OCC:NR 2001-88 10/8/01

• Interagency data show increase in adversely classified syndicated bank loans

  The 2001 Shared National Credit (SNC)1 review indicates continued deterioration in the quality of syndicated bank loans, consistent with general economic, sectoral, and credit market trends, according to data released Friday by three federal bank regulatory agencies. FRB Joint Press Release, OCC Press Release, FDIC-PR-74-2001 10/8/01

• FTC Unveils Aggressive Privacy Agenda

  In announcing an aggressive pro-consumer privacy agenda, the Federal Trade Commission chairman stated his intention to increase privacy protection resources by 50 percent. The agency revealed a detailed new enforcement plan that will involve initiatives ranging from the creation of a national do-not-call list to greater enforcement of the Fair Credit Reporting Act. Privacy Agenda Overview 10/5/01

• OFAC Again Updates Descriptors

  Late on 10/3/01, OFAC updated, for the second time, the descriptor information on the 27 terrorist-related individuals and entities
  previously added to the OFAC list. In some instances, the updates consist of additional aliases. In other instances, there is simply an alternate date of birth. In addition, it appears that new names not previously listed are found at the end of the
  update. Consult the SDN List and the SDN Changes List for full details of the designations. 10/5/01

• NCUA Chairman Dennis Dollar Takes To The Air; Urges Americans To "Fly And Shop" Again

  It was Dollar's first official travel by air since the events of September 11. He was accompanied to the Open Forum by his Chief of Staff Kirk Cuevas, Special Assistant for Public Affairs Nicholas Owens and Executive Secretary Lynn Calderwood. During the Open Forum, Chairman Dollar told the credit unions leaders that "we all need to be flying again and headed to the malls." NCUA Press Release 10/5/01

• Dollar Says Economic Downturn Emphasizes Need For Quarterly Call Reports

  NCUA Chairman Dennis Dollar told a group of Tennessee and Kentucky credit union leaders that the nation’s present economic downturn, made worse by the unexpected events of September 11, “points out once again that significant changes in the nation’s economy can happen suddenly and without warning.” NCUA Press Release 10/5/01

• FDIC Program Encourages Banks to Make Loans to Those Affected by the September 11 Attacks

  To support rebuilding in New York and Washington after the terrorist attacks of September 11, the FDIC will give the banks it supervises credit under a federal law designed to promote community development when they lend for reconstruction, the agency announced. FDIC: PR-73-2001 10/5/01

• FRB Approves Discount Rate Request

  The FRB approved action by the Board of Directors of the Federal Reserve Bank of Minneapolis and Philadelphia, decreasing the discount rate at the bank from 2-1/2 percent to 2 percent. FRB Press Release, FRB Press Release 10/5/01

• OFAC Special Alert

  A second update was made to the OFAC list on 10/3/01 in the late afternoon. OFAC has published updated descriptor information on the names included in the annex to Executive Order 13224 which was issued by the President with effective date of 12:01am Monday, September 24. The SDN List and the SDN Changes List contain full details of the designations. OFAC is expecting to update the "Terrorism" brochure sometime on 10/04/2001. More OFAC information is available from our OFAC Sanctions Matrix. 10/4/01

• OCC Concludes that GLBA and Barnett Decision Show Parts of West Virginia Law do not Apply to National Banks

  The OCC concluded in an opinion that will be published in the Federal Register that some provisions of a West Virginia
  insurance law would be preempted under the Gramm-Leach-Bliley Act (GLBA) and therefore would not apply to national banks. OCC:NR 2001- 86 Preemption Opinion 10/4/01

• OCC Issues Final Rule on Operating Subsidiaries of Federal Branches and Agencies

  As earlier reported in the Federal Register, the OCC is amending parts 5 and 28 of its regulations to clarify that a federal branch or agency may establish, acquire, or maintain an operating subsidiary in generally the same manner that a national bank may acquire or establish an operating subsidiary. OCC 2001-46 10/4/01

• Massachusetts Attorney Pleads Guilty to Wrongfully Converting Government Funds to Personal Use; Fined $100,000

  FDIC Inspector General Gaston L. Gianni, Jr., has announced that attorney Michael J. Harrington of Beverly, MA, pled guilty on September 20, 2001, in U.S. District Court, Boston, MA, to wrongfully converting to his personal use $226,771 in money and funds of the Hawthorne Hotel, Salem, MA. Harrington was ordered to pay a $100,000 fine. FDIC:PR-72-2001 10/4/01

• Seidman Bids Community Groups and Financial Institutions to Look Beyond CRA

  In her last speech to community groups, OTS Director Ellen Seidman called on them and their financial institution partners to further the spirit of the Community Reinvestment Act by moving beyond it. OTS 01-67 10/4/01

• OFAC Special Alert

  OFAC has published in the Federal Register an amendment to its Yugoslav regulations. Certain blocked FRYK funds transfers can
  be returned to remitters. Others must go forward into blocked accounts at U.S. banks that are the primary holders of those
  accounts. NFA debt is unblocked; other debt needs to be specifically licensed. Yugoslav Summary 10/3/01

• FDIC Report Analyzes Effects of Slowing Economy on Demand for U.S. Office Space

  A slowing economy contributed to softening in some U.S. office markets during the first half of 2001.
  According to a report released by the FDIC, a combination of trends - a drop in demand for office space and an uptick in construction activity in some markets - has led to a slackening of office market conditions. FDIC:PR-71-2001 10/3/01

• FOMC Lower its Target for the Federal Funds Rate

  The FOMC decided to lower its target for the federal funds rate by 50 basis points to 2-1/2 percent. In a related action, the Board of Governors approved a 50 basis point reduction in the discount rate to 2 percent. FRB Press Release 10/3/01

• OCC Announces Realignment of Technology and Compliance Units

  The OCC announced that Grace E. Dailey has been named Deputy Comptroller for Large Banks. The OCC also announced a reorganization involving the realignment of several units and the creation of two new positions. OCC:NR 2001- 85 10/2/01

• FTC to Unveil Aggressive Privacy Agenda

  The FTC announced that it will unveil an aggressive new privacy agenda on October 4, 2001 to increase protection of consumer privacy in the marketplace by focusing on: telemarketing, spam, ID theft, and pretexting, as well as enforcement under the Fair Credit Reporting Act, the Children's Online Privacy Protection Act (COPPA), the Gramm-Leach-Bliley Act and the Telemarketing Sales Rule. BOL will feature a full report on the anticipated impact of this agenda soon after it is released. FTC Press Release 10/2/01

• Help for 20 Worst Threats

  The FBI announced on 10/1/01 that it had teamed up with the computer industry to create a list of the 20 worst threats that have emerged on the Internet and to offer fixes for them in order to encourage users and companies to patch identified vulnerabilities before the next virus appears. The list addresses software bugs in Unix and Microsoft Windows operating systems, and common mistakes, such as inadequate passwords or failure to perform appropriate back-ups. The list and the fixes are available on the Web site of the non-profit Sans Institute, and the Top 20 scanner can be obtained for free by sending an email to the Center for Internet Security, using instructions found on the Sans Institute Web site.
  10/2/01

• FRB appointment of chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2002

  Each Reserve Bank has a board of directors of nine members. The Board of Governors in Washington appoints three of these directors and designates one of its appointees as chairman and a second as deputy chairman. FRB Press Release 10/1/01

• FinCEN Hotline/Reporting Suspicious Transactions Relating to the Recent Terrorist Attacks

  National banks are required to report information concerning known or suspected criminal law violations relating to the recent terrorist attacks to law enforcement authorities by filing Suspicious Activity Reports (SARs) as expeditiously as possible.
  FinCEN Notice , OCC:Alert 2001-10, FDIC:FIL-87-2001, FRB Press Release 10/1/01

• OTS Reminds Thrifts About Law Providing Financial Relief to U.S. Military Personnel

  The OTS reminded thrifts about provisions of the Soldiers and Sailors Civil Relief Act of 1940 that affect certain financial liabilities of military personnel, including in particular military reservists called to active duty, and new members of the armed
  forces. OTS 01-66 10/1/01

• Consumer Advisory Council to hold meeting, open to the public, on October 25 at the Federal Reserve Board

  The meeting will take place in Dining Room E, Terrace level, in the Board's Martin Building. The session will begin at 8:45 a.m. and is open to the public. FRB Press Release 10/1/01

• FDIC Makes Public August Enforcement Actions; No Administrative Hearings Scheduled

  The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in August. No administrative hearings are scheduled for October. FDIC:PR-70-2001 10/1/01

• Dollar Announces Historic Open NCUA Budget Briefing and Public Forum –

  NCUA Chairman Dennis Dollar announced that the National Credit Union Administration (NCUA) has scheduled an open Budget Briefing and Public Forum on NCUA’s 2002 budget for November 1, 2001, at the NCUA’s Central Office in Alexandria, VA. NCUA Press Release 10/1/01
  

The Federal Reserve Board has announced a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility (TDF) will be conducted on January 13, 2014. Twenty-eight-day term deposits with an interest rate of 0.26 percent and a maximum tender amount of $1,250,000,000 will be offered.

The minutes of the December 17–18, 2013, meeting of the Federal Open Market Committee have been released by the Federal Reserve Board.

The Federal Reserve has released the November 2013 G.19 Consumer Credit Outstanding and Terms of Credit report.

NCUA Director Matz and CFPB Director Cordray will host a free town hall meeting on February 12, beginning at 3 pm ET. During the webinar, participants will be able to pose questions about any topic relating to the credit union industry or the work of CFPB. Online registration is required.

Pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act), OFAC has announced the designation of Jose Rodrigo Arechiga Gamboa, a.k.a. Chino Antrax, a Culiacan, Sinaloa, Mexico-based senior lieutenant of the Sinaloa Cartel. Gamboa was designated for his role in controlling Los Antrax, an extremely violent arm of the Ismael "Mayo" Zambada Garcia organization and for playing a significant role in international drug trafficking. Information regarding the designation has been posted in a BOL OFAC Update.

Pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act), OFAC has announced the designation of Jose Rodrigo Arechiga Gamboa, a.k.a. Chino Antrax, a Culiacan, Sinaloa, Mexico-based senior lieutenant of the Sinaloa Cartel. Gamboa was designated for his role in controlling Los Antrax, an extremely violent arm of the Ismael "Mayo" Zambada Garcia organization and for playing a significant role in international drug trafficking. Information regarding the designation has been posted in a BOL OFAC Update.

The Federal Reserve Board has announced a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility (TDF) will be conducted on January 13, 2014. Twenty-eight-day term deposits with an interest rate of 0.26 percent and a maximum tender amount of $1,250,000,000 will be offered.

The minutes of the December 17–18, 2013, meeting of the Federal Open Market Committee have been released by the Federal Reserve Board.

The Federal Reserve has released the November 2013 G.19 Consumer Credit Outstanding and Terms of Credit report.