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Top Story Compliance Related

04/30/2009

Top Stories for May 2009

  • Twelve Special Alerts Counterfeit Checks

    The FDIC has issued twelve special alerts regarding counterfeit checks bearing the name of the following institutions:

    • FirstBank (1stBank) of Northern Colorado, Fort Collins, Colorado (Counterfeit Cashiers Checks);
    • FirstBank (1stBank) of Colorado, Lakewood, Colorado (Counterfeit Cashiers Checks);
    • Prime Alliance Bank, Woods Cross, Utah (Counterfeit Cashiers Checks);
    • Kleberg First National Bank of Kingsville, Kingsville, Texas (Counterfeit Expense Checks);
    • The Bath State Bank, Bath, Indiana (Counterfeit Cashiers Checks);
    • Renasant Bank, Tupelo, Mississippi (Counterfeit Official Checks);
    • Hoosac Bank, North Adams, Massachusetts (Counterfeit Cashiers Checks);
    • Clear Lake Bank & Trust Company, Clear Lake, Iowa (Counterfeit Cashiers Checks);
    • Kentucky Bank, Paris, Kentucky (Counterfeit Official Checks);
    • Esquire Bank, Garden City, New York (Counterfeit Cashiers Checks);
    • The Nashua Bank, Nashua, New Hampshire (Counterfeit Cashiers Checks); and
    • River Cities Bank, Wisconsin Rapids, Wisconsin (Counterfeit Cashiers Checks).

    Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  5/29/09

  • Prompt Corrective Action Directive Issued

    The FRB has announced the issuance of a consent Prompt Corrective Action Directive against Neighborhood Community Bank, Newnan, GA, a state chartered member bank. Directive  5/29/09

  • Large Commercial Banks Report Released

    The report of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more, ranked by consolidated assets, as of March 31, 2009, has been released by the FRB. Report   5/29/09

  • FDIC Publishes Final Rule in FR for Special Assessments

    The FDIC is adopting a final rule to impose a 5 basis point special assessment on each insured depository institution's assets minus Tier 1 capital as of June 30, 2009. TXT; PDF  5/29/09

  • FRB Publishes Final Rule in FR for Reserve Requirements for Depository Institutions

    The Board is adopting, with certain revisions, its interim final rule that amended Regulation D (Reserve Requirements of Depository Institutions) to direct Federal Reserve Banks to pay interest on certain balances held at Federal Reserve Banks by or on behalf of certain depository institutions. The Board is also amending Regulation D to authorize the establishment of limited-purpose accounts, called "excess balance accounts," at Federal Reserve Banks for the maintenance of excess balances of eligible institutions. TXT; PDF  5/29/09

  • FRB Publishes Final Rule in FR for Reserve Requirements of Depository Institutions; Issue and Cancellation of Federal Reserve Bank Capital Stock

    The Board is amending Regulation D (Reserve Requirements of Depository Institutions) and Regulation I (Issue and Cancellation of Federal Reserve Bank Capital Stock) to make two substantive changes and other clarifying amendments. The first substantive amendment conforms Regulation D to Section 603 of the Financial Services Regulatory Relief Act of 2006 (Pub. L. 109-351, Oct. 13, 2006) by authorizing member banks of the Federal Reserve System to enter into pass-through arrangements. Previously, member banks were statutorily prohibited from passing required reserve balances through a correspondent institution. The second substantive amendment eliminates the provision in Regulation D's definition of "savings deposit" that limits certain kinds of transfers from savings deposits to not more than three per month. As a result, all transfers and withdrawals from a savings deposit that are subject to a monthly limit will be subject to the same limit of not more than six per month. TXT; PDF  5/29/09

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve position Report with data current as of May 22, 2009. Report  5/29/09

  • Counterfeit Checks Alerts

    The OCC has issued two alerts regarding counterfeit checks issued in the name of the following national banks:

    • City National Bank of New Jersey, Newark, NJ (Counterfeit Cashier's Checks) and
    • Vinton County National Bank, McArthur, OH (Counterfeit Official Checks).

    Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  5/28/09

  • OFAC adds Medellin Drug Trafficker and Hizballah Supporters

    The names of a Medellin based drug trafficker and two Hizballah supporters have been added to the SDN List by OFAC. Information regarding the additions has been posted on the OFAC page.  5/28/09

  • Written Agreement with Nevada BHC and Bank

    The FRB has announced the execution of a Written Agreement by and between Community Bancorp, a registered bank holding company, Community Bank of Nevada, a state charted member bank, both of Las Vegas, NV, the Federal Reserve Bank of San Francisco and the Nevada Financial Institutions Division. Agreement  5/28/09

  • Foreclosure Fraud Avoidance Tips

    The FDIC has published the Spring, 2009 issue of FDIC Consumer News which features tips on how to protect against foreclosure frauds, easy money schemes and other costly deals. Consumer News  5/28/09

  • ALLL CEO Letter Issued

    The OTS has issued a CEO Letter regarding a horizontal review of the allowance for loan and lease losses (ALLL). CEO Letter  5/28/09

  • Check Processing Operations Restructured

    A notice has been published by the FRB regarding the approval of amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve Banks' check-processing operations in the Fourth and Ninth Districts. Notice  5/28/09

  • Affiliates Marketing, Red Flags, and Address Discrepancies Technical Amendments

    The OCC has issued a bulletin regarding technical amendments to the Affiliate Marketing. Identity Theft Red Flags, and Address Discrepancies Final Rules. Bulletin  5/28/09

  • Insured Institutions Earning Decline

    The FDIC has announced that insured commercial banks and savings institutions reported net income of $7.6 billion in the first quarter of 2009, a decline of $11.7 billion (60.8 percent) from the first quarter of 2008. Earnings; Quarterly Banking Profile  5/28/09

  • $1.5 Billion NMTC Awards Announced

    The Treasury has announced $1.5 billion in New Markets Tax Credit (NMTC) awards for 32 organizations. The NMTC Program provides private-sector capital investment into communities to create jobs, stimulate economic growth, and lending. Those receiving awards include renewable energy projects, charter schools, health care facilities, manufacturing companies and retail centers. NMTC; Recipients  5/28/09

  • HMDA Reporting Guide Updated

    The FFIEC has posted online the 2009 update to A Guide to HMDA Reporting: Getting it Right! Changes; 2009 Guide  5/27/09

  • New Electronic Interpretations and Actions

    The OCC has released the New Electronic Interpretations and Actions for May, 2009. Electronic  5/27/09

    Discount Rate Meetings Minutes
    The FRB has released the minutes of the discount rate meetings held on April 6 and 27, 2009. Minutes  5/27/09

  • FDIC Special Assessment Final Rule Issued

    The FDIC has issued a FIL announcing the adoption of a final rule imposing a five basis point special assessment on each insured depository institution's assets minus Tier 1 capital as of June 30, 2009. Final Rule; FIL  5/26/09

  • Special Assessment Impact on FI Ratings

    A FIL has been issued by the FDIC regarding impact the special assessment on insured institutions will have concerning the supervisory component or composite ratings that FDIC examiners assign to institutions. FIL  5/26/09

  • Dugan Opposes Special Assessment

    Comptroller Dugan has issued a statement regarding the FDIC's Special Assessment Final Rule in which he listed the three reasons why he does not support the rule. Statement  5/26/09

  • Illinois Banks Closed Deposits Assumed

    Citizens National Bank, Macomb, IL, was closed by the OCC; the FDIC appointed receiver; and all deposits excluding those from brokers were assumed by Morton Community Bank, Morton, IL. Strategic Capital Bank, Champaign, IL, was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking; the FDIC appointed receiver; and all deposits were assumed by Midland States Bank, Effingham, IL. Citizens; Strategic  5/26/09

  • FDIC Insurance Increase Extended

    The FDIC has issued a FIL regarding the extension of the temporary increase in the standard maximum deposit insurance amount (SMDIA) to $250,000 per depositor through December 31, 2013. FIL  5/26/09

  • HUD Announces Sanctions Against Lenders

    HUD has announced actions from November 8, 2007 to March 12, 2009, taken against more than 120 lenders for violating FHA requirements. The violations range from failure to conduct sufficient quality control, to failure to continue to meet FHA recertification requirements, to falsifying loan documents. The entire list of actions was posted as a Notice in the Federal Register. Sanctions; List  5/26/09

  • TARP Tier 1 Capital Rules Announced

    The FRB has announced the adoption of a final rule that will allow bank holding companies to include in their Tier 1 capital without restriction senior perpetual preferred stock issued to the U.S. Treasury Department under the Troubled Asset Relief Program (TARP) and an interim final rule that will allow bank holding companies that are S-Corps or that are organized in mutual form to include in Tier 1 capital all subordinated debt issued to Treasury under TARP. Final Rule; Interim Rule  5/26/09

  • Risk Management of Investment Securities Bulletin Issued

    The OCC has issued a bulletin which emphasizes key supervisory principles of risk management for investment securities and investment portfolio practices. Bulletin  5/26/09

  • 23A Exemption Granted Regarding Auto Floorplan Financing

    A letter has been published by the FRB granting exemptions from Section 23A of the Federal Reserve Act and Reg. W to allow a bank to lend to consumers to enable them to purchase automobiles from unaffiliated dealers in the United States that obtain floorplan financing from the bank or affiliates of the bank and to provide floorplan financing to unaffiliated dealers to purchase automobiles from General Motors Corporation. Letter  5/26/09

  • Receivables Reports Released

    The G.20 Finance Companies Receivables Reports for March, 2009, have been released. G.20  5/26/09

  • FEDS Working Papers Published

    Four working papers in the Finance and Economics Discussion Series (FEDS) have been published by the FRB on the following topics:

    • Household Borrowing after Personal Bankruptcy,
    • Fiscal Amenities, School Finance Reform and the Supply Side of the Tiebout Market,
    • New Evidence on 401(k) Borrowing and Household Balance Sheets, and
    • Should Risky Firms Offer Risk-Free DB Pensions?

    Household Abstract;
    Household Full Paper
    ; Fiscal Abstract;
    Fiscal Full Paper
    ; New Abstract; New Full Paper; Should Abstract;
    Should Full Paper
      5/26/09

  • Prompt Corrective Action Directive Issued

    The FRB has announced the issuance of a consent Prompt Corrective Action Directive against Community Bank of West Georgia, Villa Rica, GA, a state chartered member bank. Directive  5/22/09

  • Community Directors Workshops Scheduled

    The OCC will host workshops for national community bank directors in Bloomington, MN, on June 30-July 1, 2009. Online registration is encouraged. Workshops; Registration  5/22/09

  • Public Welfare Investment Bulletin Issued

    A bulletin has been issued by the OCC regarding its previously announced final rule regarding community and economic development entities, community development projects, and other public welfare investments. Information concerning the final rule was posted in the April 7, 2009, Top Story page. Bulletin  5/22/09

  • IFDP Working Paper Published

    A working paper in the International Finance Discussion Papers (IFDP) series on the topic "Exchange Rates Dependence: What Drives It?" has been published by the FRB. Abstract; Full Paper  5/22/09

  • FDIC Approves GMAC Financial Services Participation in TLGP

    The Federal Deposit Insurance Corporation (FDIC) announced today the approval of GMAC Financial Services to participate in the Temporary Liquidity Guarantee Program (TLGP) allowing the company to issue up to $7.4 billion in new FDIC-guaranteed debt. GMAC will pay a fee to the FDIC for this guarantee. Press Release  5/22/09

  • BankUnited Acquires the Banking Operations of BankUnited, FSB, Coral Gables, FL

    BankUnited, a newly chartered federal savings bank, acquired the banking operations, including all of the nonbrokered deposits, of BankUnited, FSB, Coral Gables, Florida, in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC). As a result of this transaction, BankUnited, FSB, offices and branches will be operated as BankUnited offices and branches. BankUnited Acquisition  5/22/09

  • Counterfeit Checks Special Alerts

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

    • Integrity Bank, Camp Hill, PA (Counterfeit Cashiers Checks);
    • First National Bank of Olathe, Olathe, KS (Counterfeit Cashiers Checks);
    • Prosperan Bank, Oakdale, MN (Counterfeit Accounts Payable Checks);
    • Umpqua Bank, Portland, OR (Counterfeit Cashiers Checks);
    • The Garrett State Bank, Garrett, IN (Counterfeit Cashiers Checks);
    • East Cambridge Savings Bank, Cambridge, MA (Counterfeit Cashiers Checks);
    • EastBank, Minneapolis, MN (Counterfeit Cashiers Checks);
    • BankFirst Financial Services, Macon, MS (Counterfeit Cashiers Checks); and
    • OptimumBank, Plantation, FL (Counterfeit Official Checks).

    Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  5/21/09

  • Reg D Amendments Approved

    The FRB has announced the approval of final amendments to Reg. D that increase the number and the types of transfers consumers can make from savings deposits and make it easier for community banks that use correspondent banks to receive interest on excess balances held at Federal Reserve Banks. Reg. D  5/21/09

  • Written Agreement with Philippine BHC and Bank

    The FRB and the New York State Banking Department have announced the execution of a Written Agreement by and among Philippine National Bank, Pasay City, Philippines; the bank's branch in New York, NY; the Federal Reserve Bank of San Francisco; the Federal Reserve Bank of New York; and the New York State Banking Department. Agreement  5/21/09

  • 314(a) Fact Sheet

    The FinCEN has updated the 314(a) Fact Sheet with data current as of May 19, 2009. 314(a)  5/21/09

  • Geithner Testifies

    In testimony before the Senate Banking Committee, Secretary Geithner reviewed the actions taken by the Administration to stabilize the financial crisis. Testimony  5/21/09

  • FOMC Minutes Released

    The FRB and the Federal Open Market Committee (FOMC) have released the minutes of the Committee meeting held on April 28-29, 2009. A summary of economic projections is included as an addendum to the minutes. Minutes (PDF); Minutes (HTML)  5/21/09

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve Position Report with data current as of May 15, 2009. Report  5/21/09

  • CRA Ratings Released

    The OCC has released the ratings received by thirty-nine national banks that were recently evaluated for compliance with the provisions of the CRA. Ratings  5/20/09

  • Addition and Change to OFAC List

    The Treasury has added the name of one entity and changed the data for an existing entry of the SDN List. Information regarding the addition and the change has been posted on the OFAC page.  5/20/09

  • Written Agreement with Utah BHC and Bank

    The FRB has announced the execution of a Written Agreement by and among Barnes Bancorporation, a registered bank holding company, and Barnes Banking Company, a state chartered member bank, both of Kaysville, UT, and the Federal Reserve Bank of San Francisco. Agreement  5/20/09

  • Consumer Alert Credit Card Scam

    The FDIC has issued a Consumer Alert regarding a new telephone scam from a company claiming to be affiliated with the FDIC that refers to itself as "CreditCard Services" and offers to lower credit card interest rates. Alert  5/20/09

  • CMBS Eligible TALF Collateral

    The Federal Reserve has announced that certain high-quality commercial mortgage-backed securities (CMBS) will become eligible collateral under the Term Asset-Backed Securities Loan Facility (TALF). TALF  5/20/09

  • Credit Auction Results

    The results of auction of $150 billion in 84-day credit held on May 18, 2009, have been announced by the Federal Reserve. Auction  5/20/09

  • June HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in June 2009, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  5/19/09

  • Charge-Off Report Issued

    The FRB has issued the First Quarter 2009 Charge-Off and Delinquency Rates on Loans at Commercial Banks Report. Report  5/19/09

  • OCC Guidance Updates

    The OCC concurrently released the latest annual updates for calendar year 2008, which describe activities that are authorized for a national bank as part of, or incidental to, the business of banking.
    Significant Legal, Licensing, and Community Development Precedents for National Banks; Activities Permissible for a National Bank.  5/19/09

  • HMDA Rate Spread Calculator

    The FFIEC has released a new HMDA Rate Spread Calculator. Calculator  5/19/09

  • FRB Publishes Final Rule Amending Regulation Z (Truth in Lending) and Commentary

    The FRB published a final rule changing the effective date of several 7/30/08 changes to Regulation Z and its Commentary from October 1, 2009 to July 30, 2009, and making further amendments, all to implement the Mortgage Disclosure Improvement Act of 2008 (MDIA) as amended. The final rule was first reported in Top Stories on 5/11/09. TXT; PDF  5/19/09

  • SDGT added to OFAC List

    The Treasury has designated an Iranian as a Specially Designated Global Terrorist (SDGT) and added his name to the SDN List. Information regarding the individual has been posted on the OFAC page.  5/18/09

  • Enforcement Actions Released

    The enforcement actions recently taken by the OCC against national banks and individuals currently and formerly affiliated with national banks has been released. Actions  5/18/09

  • Michigan CU Closed - Assets, Shares and Loans Assumed

    Rouge Employees Credit Union of Dearborn, MI was closed by the Michigan Office of Financial Insurance Regulation. The NCUA was appointed liquidating agent and Chief Financial Federal Credit Union purchased and assumed all assets, loans and shares. Rouge  5/18/09

  • BSA E-Filers Q & A

    The FinCEN has published an Adobe transition Q&A Guide for BSA e-filers. Q&A  5/18/09

  • TIC Data Update

    The Treasury International Capital (TIC) data has been updated by the Treasury with information for March, 2009. TIC  5/18/09

  • March Monthly Bank Lending Survey

    The Treasury has released results from its monthly bank lending survey for March, 2009. Survey  5/18/09

  • Industrial Production Report

    The G.17 Industrial Production and Capacity Utilization Report for April 2009 has been released by the FRB. G.17  5/18/09

  • FedFlash Online

    FRB Financial Services has posted the May 2009 issue of FedFlash. FedFlash  5/18/09

  • Written Agreement with Illinois BHC

    The FRB has announced the execution of a Written Agreement by and between First Mutual Bancorp of Illinois, Inc., Harvey, IL, a registered bank holding company, and the Federal Reserve Bank of Chicago. Agreement  5/15/09

  • New Details of Making Home Affordable Program Announced

    Treasury Secretary Geithner and HUD Secretary Donovan have issued a progress report on the Making Home Affordable Program and announced new options for homeowners facing foreclosure. Update; Options  5/15/09

  • al-Qaida Operative added to OFAC List

    The Treasury has added the name of a key Iranian operative of al-Qaida to the SDN List. Information regarding the operative has been posted on the OFAC page.  5/15/09

  • FEDS Working Papers Published

    Three working papers in the Finance and Economics Discussion Series on the following topics have been published by the FRB:

    • Household Welfare, Precautionary Saving, and Social Insurance under Multiple Sources of Risk;
    • Inflation Expectations, Uncertainty, the Phillips Curve, and Monetary Policy; and
    • Reset Price Inflation and the Impact of Monetary Policy Shocks.

    Household Abstract;
    Household Full Paper
    ; Inflation Abstract; Inflation Full Paper;
    Reset Abstract
    ; Reset Full Paper  5/15/09

  • FinCEN Proposes Changes to MSB Definition

    The Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) designed to make the determination of which businesses qualify as Money Services Businesses (MSBs) more straightforward and predictable. FinCEN is proposing to revise the MSB definition by describing with more clarity the types of financial activity that will subject a business to the Bank Secrecy Act (BSA) implementing rules. This proposal will incorporate past FinCEN rulings and policy determinations into the regulatory text and will make it easier for MSBs to determine their responsibilities. In addition, FinCEN is requesting comments regarding the $1,000 threshold that applies to several MSB activities, as well as input for future rulemaking on stored value providers. Release; TXT; PDF  5/14/09

  • HUD To Revise RESPA Required Use Rule

    HUD is withdrawing language relating to a narrow provision of the final Real Estate Settlement Procedures Act (RESPA) rule that redefines a prohibited practice called "required use" where consumers are steered toward higher cost mortgage services provided by affiliated businesses. The mortgage reforms under RESPA are scheduled to take full effect on January 1, 2010. Information regarding prior delays in implementing the rule was previously published in Top Stories on January 16, 2009, and March 10, 2009. RESPA  5/14/09

  • Section 19 Prohibition Letters Released

    The FRB has released five letters pursuant to Section 19 of the Federal Deposit Insurance Act which prohibit individuals from becoming or continuing as an institution-affiliated party with respect to any insured depository institution or holding company. Letter 1; Letter 2; Letter 3; Letter 4; Letter 5  5/14/09

  • SAR Activity Review Released

    The 15th issue of the SAR Activity Review - Trends Tips & Issues has been published by FinCEN. SAR  5/14/09

  • FTC Red Flags Template For Low Risk Entities

    The Federal Trade Commission (FTC) has created a template that guides to help entities that have a low risk of identity theft in developing written identity theft prevention programs to comply with the Red Flags Rule. Template  5/14/09

  • OTS Advisory Committee Appointments

    The Co-Chairmen and three new members of the Minority Depository Institutions Advisory Committee have been announced by the OTS. Appointments  5/14/09

  • FFIEC SLC Appointments

    The FFIEC has announced the appointment of two new members of the State Liaison Committee (SLC). Appointments  5/14/09

  • Joint Agencies Publish Technical Corrections to Final Rule for Fair Credit Reporting Affiliate Marketing Regulations: Indentity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act (2003)

    The OCC, Board, FDIC, OTS and NCUA published in the Federal Register final rules to implement the affiliate marketing provisions of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) on November 7, 2007. The Commission published its final affiliate marketing rule on October 30, 2007. The OCC, Board, FDIC, OTS, NCUA and the Commission (Agencies) published in the Federal Register final rules and guidelines to implement the identity theft red flags and address discrepancy provisions of the FACT Act on November 9, 2007. The technical corrections included in this Federal Register document revise one of the affiliate marketing model forms and the instructions to the model forms to correct inadvertent omissions and conform the model forms and the instructions to the affiliate marketing rules, and correct minor errors in the identity theft red flags and address discrepancy rules and guidelines. The substantive requirements of the affiliate marketing and the identity theft red flags and address discrepancy rules are unchanged.TXT; PDF  5/14/09

  • Banks Added to OFAC List

    The Treasury has added the names of ten banks to the SDN List with Non-Proliferation/Anti-Terrorism Designation (NPWMD). Information regarding the banks has been posted on the OFAC page.  5/13/09

  • Written Agreement with Georgia BHCs

    The FRB has announced the execution of a Written Agreement by and among Security Bank Corporation and Security Interim Holding Corporation, each of Macon, GA, registered bank holding companies, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Agreement  5/13/09

  • 2008 Fact Book Published

    The OTS has published the 2008 Fact Book which contains a statistical profile of the thrift industry. Fact Book  5/13/09

  • Bair Reviews Actions taken to Prevent Financial Collapse

    In a presentation to the National Association of Realtors Midyear Legislative Meeting and Trade Expo, in Washington, DC, Chairman Bair reviewed the steps taken by the government and industry over the last 18 months to prevent the collapse of the financial system. Presentation  5/13/09

  • 2009 CRA Median Family Income Estimates Released

    The OCC has issued a bulletin regarding the U.S. Census and 2009 HUD estimated median family incomes for MSAs, MDs, and nonmetropolitan portions of each state which are used to determine 2009 borrower income levels in CRA performance evaluations. Bulletin; Incomes  5/12/09

  • Lender Charged with ECOA Violations

    The FTC has filed a complaint against a home mortgage lender and its owner for alleged violations of the Equal Credit Opportunity Act (ECOA) in pricing mortgage loans to Hispanic consumers with higher prices than non-Hispanic white consumers. Complaint  5/12/09

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve Position Report with data current as of May 8, 2009. Update  5/12/09

  • Counterfeit Checks Special Alerts

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

    • Harleysville National Bank and Trust Company, Harleysville, PA (Counterfeit Official Checks);
    • Northwest Savings Bank, Warren, PA (Counterfeit Cashier's Checks);
    • Citizens State Bank, Woodville, TX (Counterfeit Official Checks).

    Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  5/11/09

  • Washington Bank Closed, Deposits Assumed

    Westsound Bank, Bremerton, WA, has been closed today by the Washington Department of Financial Institutions. The FDIC was appointed receiver and entered into a purchase and assumption agreement with Kitsap Bank, Port Orchard, WA, to assume all of the deposits, except those from brokers.
    Westsound
      5/11/09

  • TIL Mortgage Disclosure Final Rules

    The FRB has approved final rules revising disclosure requirements for mortgage loans under Reg. Z (Truth in Lending). Final Rules  5/11/09

  • Risk Based Capital Exemption Letter

    A letter has been issued by the FRB granting an exemption from its risk-based capital guidelines for bank holding companies to permit the Bank of America Corporation to include certain deferred tax assets acquired in connection with its purchase of Merrill Lynch & Company, Inc. in tier 1 capital. Letter  5/11/09

  • Directors' Workshops Schedules

    The OCC will host two workshops for national community bank directors in Syracuse, NY, at the Sheraton Syracuse University, June 9-10, 2009, on risk assessment ("Directors: Where is the Risk in Your Bank?") and credit risk ("Credit Risk: A Directors Focus"). Workshops  5/11/09

  • FDIC Opens Eastern Office

    A temporary satellite office in Jacksonville, FL, will be opened by the FDIC to manage receiverships and to liquidate assets from failed financial institutions primarily located in the eastern states. Office  5/11/09

  • Stress Test Results

    The results of the stress test conducted on the 19 largest U.S. BHCs have been released by the Federal Reserve, OCC, and FDIC. Results; Geithner Statement; Bernanke Statement; Dugan Statement; Bair Statement  5/08/09

  • Inclusiveness FIL

    The FDIC has issued a FIL which encourages participants in the debt guarantee component of the FDIC's Temporary Liquidity Guarantee Program (TLGP) to consider using qualified minority and women-owned businesses (MWOBs) to support their contracting and underwriting needs. FIL  5/08/09

  • Lessons Learned by Regulators

    In a presentation via satellite at the Federal Reserve Bank of Chicago Conference on Bank Structure and Competition, Chicago, IL, Chairman Bernanke discussed the lessons of the financial crisis for banking supervision. Speech  5/08/09

  • CTR Exemption Ruling Issued

    The FinCEN released a letter ruling regarding whether a non-listed insurance company may be exempted from CTR. Ruling  5/08/09

  • Consumer Credit Report Released

    The G. 19 Consumer Credit Report for March 2009 has been released by the FRB. G. 19  5/08/09

  • Technology and Payment Fraud

    The May 2009 issue of FedFocus features an article that discusses the impact of technology on payment fraud schemes. FedFocus  5/08/09

  • Regulators Issue "Stress Test" Joint Statement

    A Joint Statement has been issued the FR, Treasury, FDIC, and OCC regarding the Treasury Capital Assistance Program (TCAP), the Supervisory Capital Assessment Program (SCAP) and the upcoming release of the results of the œstress test of the 19 largest U.S. BHCs. Joint Statement   5/07/09

  • SDNTs Removed from OFAC List

    The Treasury has announced that the names of four individuals have been removed from the SDN List. Information regarding the individuals has been posted on the BOL OFAC page.  5/07/09

  • Written Agreement with Maryland BHC

    The FRB has announced the execution of a Written Agreement by and between Bay National Corporation, Lutherville, MD, a registered bank holding company, and the Federal Reserve Bank of Richmond. Agreement  5/07/09

  • Amendments to Operating Circular 12

    The FRB Financial Services has announced amendments to Operating Circular 12 relating to the FedLine Direct Access Solution which becomes effective on June 4, 2009. Amendments  5/07/09

  • Bair Discusses "Too Big to Fail"

    In testimony before the Senate Committee on Banking, Housing and Urban Affairs, Chairman Bair addressed the issue of systemic risk and the existence of financial firms that are deemed "too big to fail." Statement  5/07/09

  • Freis on Combating Mortgage Fraud

    The FinCEN Director Freis issued a statement to the House Subcommittee on Housing and Community Opportunity of the Committee on Financial Services regarding the efforts of FinCEN to combat mortgage loan fraud and address the current foreclosure rescue fraud problem. Statement  5/07/09

  • Regulation CC Amendments Published

    The Fed published amendments to Appendix A to Regulation CC reflecting further restructuring of the Federal Reserve Banks' check-processing operations in the Tenth, Eleventh, and Twelfth Districts. The amendments, first reported in Top Stories on 5/5/09, affect the definition of "local check" in the regulation, and are required by the transfer of check processing operations from the Fed's Seattle Branch to Los Angeles, and from Denver to Los Angeles and Dallas. Appendix A to Regulation CC in BOL's Alphabet Soup section has been updated to reflect the changes. TXT; PDF  5/07/09

  • CRA Rating Released

    The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the provisions of the CRA. Ratings  5/06/09

  • Bernanke's Economic Outlook

    In testimony before the Joint Economic Committee of Congress, Chairman Bernanke offered his views on recent economic developments, the outlook for the economy, and current conditions in financial markets. Testimony  5/06/09

  • FDIC Ombudsman to Assist Customers of Failed Banks

    The FDIC has announced the creation of a new unit within the Office of the Ombudsman specifically designed to assist customers with loans at failed banks and the availability of a new publication, "A Borrower's Guide to an FDIC Insured Bank Failure." Ombudsman; Borrower's Guide  5/06/09

  • FTC Settles Consumer Information Case

    The FTC has announced the settlement of a case against a Missouri residential mortgage company that collected sensitive consumer information from loan applicants, violated the FTC's Safeguards Rule by failing to provide reasonable and appropriate security, and the Privacy Rule, by failing to provide privacy notices. The company has agreed to a proposed order that would require it to establish and maintain a comprehensive data security program covering consumers' personal information, and to hire an independent auditor to assess its security procedures every two years for ten years. Settlement; Analysis  5/06/09

  • 314(a) Fact Sheet Updated

    The FinCEN has updated the 314(a) Fact Sheet with data current as of May 5, 2009. 314(a)  5/06/09

  • MSB Registration List Updated

    The FinCEN has published the April 2009 MSB Registration List. List  5/06/09

  • Credit Auction Results

    The FRB has announced the results of auction of $150 billion in 28-day credit held on May 4, 2009. Results  5/06/09

  • Reg CC Amendments Regarding FRB Check Processing

    The FRB has approved amendments to Appendix A of Reg CC that reflect the restructuring of the Federal Reserve Banks' check-processing operations in the Tenth, Eleventh and Twelfth Districts. Reg CC  5/05/09

  • Written Agreement with Missouri BHC

    The FRB has announced the execution of a Written Agreement by and between Hometown Bancshares, Inc., Carthage, MO, a registered bank holding company, and the Federal Reserve Bank of Kansas City. Agreement  5/05/09

  • Bank Lending Practices Survey Results

    The results of the April 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released by the FRB. Survey  5/05/09

  • FRB Proposes Rulemaking for Truth in Lending

    On December 18, 2008, the Board adopted a final rule amending Regulation Z's provisions that apply to open-end (not home-secured) credit plans. The Board believes that clarification is needed regarding compliance with certain aspects of the final rule. Accordingly, in order to facilitate compliance, the Board proposes to amend specific portions of the regulations and official staff commentary. TXT; PDF  5/05/09

  • Joint Agencies Propose Rulemaking for Unfair or Deceptive Acts or Practices

    In December 2008, the Board, OTS, and NCUA (collectively, the Agencies) exercised their authority under the Federal Trade Commission Act to issue a final rule prohibiting institutions from engaging in specific acts or practices in connection with consumer credit card accounts. The Agencies understand that clarification is needed regarding certain aspects of the final rule. Accordingly, in order to facilitate compliance, the Agencies propose to amend specific portions of the regulations and official staff commentary. TXT; PDF  5/05/09

  • Three Banks Closed

    The following banks have been closed by their primary regulator and the FDIC appointed receiver;

    • Silverton Bank, N.A., Atlanta, GA, was closed by the OCC and the FDIC created a bridge bank to take over its operations;
    • Citizens Community Bank, Ridgewood, NJ, was closed by the New Jersey Department of Banking and Insurance; the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with North Jersey Community Bank, Englewood Cliffs, NJ, to assume all of the deposits; and
    • America West Bank, Layton, UT, was closed by the Utah Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Cache Valley Bank, Logan, UT, to assume all of the deposits.

    Silverton; Citizens; America  5/04/09

  • CMBS to be TALF Eligible Collateral

    The FRB has announced that, starting in June 2009, commercial mortgage-backed securities (CMBS) and securities backed by insurance premium finance loans will be eligible collateral under the Term Asset-Backed Securities Loan Facility (TALF). Terms and Conditions and FAQs were also issued. Terms; FAQs   5/04/09

  • Foreign Exchange Rates Report

    The April 2009 G.5 Foreign Exchange Rates Report has been released by the FRB. G.5   5/04/09

  • Red Flags Enforcement Delayed

    The FTC has announced that it will delay enforcement of the new "Red Flags Rule" until August 1, 2009, to give creditors and financial institutions more time to develop and implement written identity theft prevention programs. Red Flags  5/01/09

  • OFAC CMPs Announced

    The Treasury has announced the civil money penalties (CMPs) recently assessed against entities and individuals for violations of various Sanctions Programs. No financial institutions were cited. CMPs  5/01/09

  • Written Agreement with Kansas Bank

    The FRB has announced the execution of a Written Agreement by and between Heritage Bank, Topeka, KS, a state member bank, and the Federal Reserve Bank of Kansas City. Agreement  5/01/09

  • HUD MFI Figures Available

    The 2009 HUD Estimated Metropolitan Area Median Family Income (MFI) Listing figures are available online. MFI  5/01/09

  • FILs Issued

    The FDIC has issued two FILs on the following topics:

    • Classification Treatment for High Loan-to-Value (LTV) Residential Refinance Loans,
    • Risk Management of Investments in Structured Credit Products.

    Classification; Risk Management  5/01/09

  • Corporate Loan Market Working Paper Published

    A working paper which examines whether asymmetric information problems exist in the corporate loan market and whether ownership of loans provides the incentive to mitigate these problems has been published by the OCC. Paper  5/01/09

03/31/2009

Top Stories for April 2009

  • FOMC Maintains Current Rates

    The Federal Open Market Committee (FOMC) has issued a statement regarding its decision to maintain the target range for the federal funds rate at 0 to 1/4 percent. Statement  4/30/09

  • Written Agreement with North Carolina BHC

    The FRB has announced the execution of a Written Agreement by and between Cooperative Bankshares, Inc., Wilmington, NC, a registered bank holding company, and the Federal Reserve Bank of Richmond. Agreement  4/30/09

  • Prohibition Orders Issued

    The NCUA has issued orders prohibiting seven individuals from participating in the affairs of any federally insured financial institution. Orders  4/30/09

  • Examination Handbook Bulletin Published

    The OTS has published a Regulatory Bulletin regarding the revision of the Examination Handbook section concerning TILA and the Consumer Leasing Act amendments addressing issues raised by the E-Sign Act. Bulletin  4/30/09

  • Business Continuity Guide

    The FRB Financial Services has published a Business Continuity Guide which provides continuity information for all Federal Reserve products and services in the unlikely event of a business disruption. Guide  4/30/09

  • May 2009 Quarterly Refunding Statement

    The Treasury has issued the May 2009 Quarterly Refunding Statement and announced the 30-year bond initially auctioned on May 7, 2009, will be reopened with an auction on June 11, 2009, and will then be reopened a second time with an auction on July 9, 2009. Statement  4/30/09

  • School-Based Bank Savings Programs

    The OCC has published a Community Developments Insights report that discusses how banks can set up school-based bank savings programs to help students learn about the importance of saving and managing their personal finances. Report  4/30/09

  • TBAC Minutes

    The minutes of the April 28, 2009 meeting of the Treasury Borrowing Advisory Committee (TBAC) of the Securities Industry and Financial Markets Association have been released. Minutes  4/30/09

  • EESA Lending Facilities Report

    As required by the Emergency Economic Stabilization Act (EESA), the FRB has issued its third report containing an update of the loans and lending facilities currently outstanding. Report  4/29/09

  • Reserve Position Update

    The U.S. International Reserve Position Report has been updated by the Treasury with data current as of April 24, 2009. Report  4/29/09

  • First FHA/ECOA Violation Consent Order Issued

    The OCC has entered into a consent order with a former vice president and branch manager of a Mississippi bank regarding his violation of the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA). The consent order, which permanently prohibits him from participating in the affairs of any federally insured depository institution, is the first prohibition order based on a bankers violation of the FHA and the ECOA. Consent Order  4/28/09

  • CTR Exemption Guidance Issued

    The FinCEN has announced the issuance of guidance designed to enable depository institutions to more easily determine and document certain business customers' eligibility for exemption from currency transaction reporting. Guidance  4/28/09

  • Bair Comments on Government Intervention

    In a presentation to the Economic Club of New York, Chairman Bair discussed the extraordinary government intervention of the past several months to restore the financial sector to vitality and return it as the engine of growth for the real economy. She commented on why we need resolution authority; why we need to change how we resolve systemically important institutions; the new resolution regime; short term pain, long term gain; and where to put the new regime. Speech  4/28/09

  • Marketable Borrowing Estimates Released

    The Treasury has released its marketable borrowing estimates for the second and third quarters of 2009. Estimates; Sources and Uses Reconciliation Table  4/28/09

  • Stress Test Methodology White Paper

    The FRB has published a white paper on the process and methodologies employed by federal banking supervisory agencies in capital assessment of large U.S. bank holding companies. Stress Test  4/27/09

  • Shell and Shelf Companies Special Alert

    A Special Alert has been issued by the FDIC regarding shell and shelf companies that may be used as vehicles for financial fraud. Special Alert  4/27/09

  • Enforcement Actions Released

    The FDIC has released a list of forty-two orders of administrative enforcement actions taken against banks and individuals in March 2009. Actions  4/27/09

  • Flood CMPs Announced

    Seven civil money penalties in the amount of $52,709 have been announced by the FDIC. Information regarding the CMPs has been posted on the Flood Penalties Watch page.  4/27/09

  • TARP Oversight Board Report

    The Financial Stability Oversight Board has issued its first quarter 2009 report to Congress on the Emergency Economic Stabilization Act (EESA). The report highlights the oversight activities of the Board and contains evaluation of the effects of the policies and programs implemented by the Treasury under the Troubled Assets Relief Program (TARP). Report  4/27/09

  • Written Agreement with Maryland BHC

    The FRB has announced the execution of a Written Agreement by and between K Capital Corporation, Owings Mills, MD, a registered bank holding company, and the Federal Reserve Bank of Richmond. Agreement  4/27/09

  • New Electronic Interpretations and Actions

    The April 2009 New Electronic Interpretations and Actions has been announced by the OCC. New Electronic  4/27/09

  • Written Agreements Announced

    The FRB has announced the execution of the following three Written Agreements by and between:

    • The Tysan Corporation, Minneapolis, MN, a registered bank holding company, and the Federal Reserve Bank of Minneapolis;
    • Bank On It, Inc., Stockton, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco; and
    • First Regional Bancorp, Los Angeles, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco.

    Tysan; Bank On It; First Regional  4/24/09

  • Bulletin Issued Regarding FinCEN SAR Advisory

    The OCC has issued a Bulletin regarding the previously announced FinCEN Advisory that provides financial institutions with guidance in identifying and reporting suspicious activity related to loan modification/foreclosure rescue scams. Information concerning the Advisory was published in the April 7, 2009 Top Stories. Bulletin  4/24/09

  • OCC Proposes Rulemaking for Freedom of Information Act

    The Office of the Comptroller of the Currency (OCC) is proposing to amend its regulations governing the disclosure of information pursuant to requests made under the Freedom of Information Act (FOIA) to reflect recent changes to the FOIA made by the Openness Promotes Effectiveness in Our National Government Act of 2007 (OPEN Government Act) and to make other changes that update the OCC's FOIA regulations. TXT; PDF  4/24/09

  • Bank Holding Company Act Legal Interpretations Released

    The FRB has released two letter regarding legal interpretations of the Bank Holding Company Act concerning change in control. Letter 1; Letter 2  4/24/09

  • 2007 and 2008 FRB Annual Financial Statements Published

    The Federal Reserve System has published the annual financial statements for the combined Federal Reserve Banks, the 12 individual Federal Reserve Banks, the limited liability companies that were created in 2008 to respond to strains in financial markets, and the Board of Governors for the years ended December 31, 2008 and 2007. Statements  4/24/09

  • Commercial Check Transportation Costs Report

    The Annual Reserve Bank Commercial Check Transportation Costs Report has been issued by the FRB. Costs Report  4/24/09

  • 314(a) Fact Sheet Updated

    FinCEN has updated the 314(a) Fact Sheet with data current as of April 21, 2009. 314(a)  4/23/09

  • FinCEN & OCC Assess $5MM CMP

    The Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) today announced the assessment of concurrent civil money penalties, each $5 million, against the New York Branch of Doha Bank, Doha, Qatar ("the Branch"), for past violations of the Bank Secrecy Act (BSA). The Branch, without admitting or denying the allegations, consented to payment of the civil money penalties, which will be satisfied by a single payment of $5 million to the U.S. Department of the Treasury. The announcement has been added to BOL's BSA/AML Penalties page. Press Release; OCC Consent Order; FinCEN Assessment  4/22/09

  • Credit Card Rules Clarification Proposed

    The FRB, OTS, and NCUA have proposed clarifications to aspects of their December 2008 final rules under the FTC Act prohibiting certain unfair credit card practices. The FRB also proposed clarifications to its December 2008 final rule under the TILA amending Reg. Z to improve the disclosures consumers receive in connection with credit card accounts and other revolving credit plans. FTC Notice; Credit Card Model Form; Reg Z Notice; Periodic Statement Form  4/22/09

  • TALF Interest Rates Announced

    The Federal Reserve announces two new interest rates applicable to loans extended under Term Asset-Backed Securities Loan Facility (TALF). A terms sheet and revised FAQs were also issued. Rates; Terms Sheet; FAQs  4/22/09

  • Written Agreements Announced

    The FRB has announced the execution of two Written Agreements; one by and between Citizens Central Bancorp, Inc., Macomb, IL, a registered bank holding company, and the Federal Reserve Bank of Chicago; and the other by and between Strategic Capital Bancorp, Inc., Champaign, IL, a registered bank holding company, and the Federal Reserve Bank of Chicago. Citizens; Strategic  4/22/09

  • Mortgage Scams Consumer Advisory Issued

    The OCC has issued a consumer advisory containing tips to help homeowners avoid scams that claim to help them save their homes, but can cause them to lose their homes and their money. Advisory  4/22/09

  • TCCUSGP Extended

    The NCUA has announced the modification of the terms of the Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP) to extend the program to accommodate a 2-year rolling expiration date and provide the option of quarterly extensions through December 2012. TCCUSGP  4/22/09

  • Large Commercial Banks Report Released

    The FRB has released the December 31, 2008 Large Commercial Banks Report. Report  4/22/09

  • Geithner Testifies Before Congressional Oversight Panel

    Treasury Secretary Geithner presented oral and written testimony regarding the financial crisis and the Administration's response to the Congressional Oversight Panel. Oral Statement; Written Statement  4/22/09

  • Credit Auction Results

    The FRB has announced the results of auction of $150 billion in 84-day credit held on April 20, 2009. Results  4/22/09

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve Position Report with data current as of April 17, 2009. Report  4/22/09

  • SDGT Added to OFAC List

    The Treasury has designated the overall leader and commander of the Eastern Turkistan Islamic Party (ETIP), a terrorist organization which supports al Qaida, as a Specially Designated Global Terrorist (SDGT) and added his name to the SDN List. Information regarding the addition has been posted on the BOL OFAC page.  4/21/09

  • Written Agreement with Missouri BHC

    The FRB has announced the execution of a Written Agreement by and between Amoret Bancshares, Inc., Butler, MO, a registered bank holding company, and the Federal Reserve Bank of Kansas City. Agreement  4/21/09

  • Storm Relief FILs Issued

    Two FILs have been issued by the FDIC regarding a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of North Dakota and Minnesota affected by recent severe storms and flooding. North Dakota; Minnesota  4/21/09

  • OCC Newsletter Features Financial Literacy

    The OCC has published the Spring 2009 issue of Community Developments Investments, its online newsletter, which features an article that describes financial literacy initiatives that banks and their community partners are operating across the country. Newsletter  4/21/09

  • Minority-Owned Banks Report Updated

    The FRB has updated the Minority-Owned Banks Report with data current as of December 31, 2008. Report  4/21/09

  • Flood Penalties Approach $100,000

    The OCC has announced a flood penalty. It was split under 42 U.S.C. 4012a(f) $11,165, and 12 USC 1818(i) an additional $88,835 was charged for violations of the National Flood Insurance Act and engaging in unsafe and unsound practices with consumer compliance management. Information regarding the violations and the penalties has been posted on the BOL Flood Penalties Watch page.  4/20/09

  • SDNTSs Removed from OFAC List

    OFAC has removed the names of two individuals and their aliases from the SDN List. Information regarding the removals has been posted on the BOL OFAC page.   4/20/09

  • Missouri and Nevada Banks Closed, All Deposits Assumed

    American Sterling Bank, Sugar Creek, MO, was closed by the OTS; the FDIC appointed receiver; and entered into a purchase and assumption agreement with Metcalf Bank, Lee's Summit, MO, to assume all of the deposits. Great Basin Bank of Nevada, Elko, NV, was closed the Nevada Financial Institutions Division; the FDIC appointed receiver; and entered into a purchase and assumption agreement with Nevada State Bank, Las Vegas, NV, to assume all of the deposits. American Sterling; Great Basin  4/20/09

  • MSB Information Transferred

    The FinCEN has transferred all resources for money services businesses (MSBs) to the "financial institutions" section of its Web site, FinCEN.gov. MSB Information  4/20/09

  • 23A Legal Interpretation Released

    The FRB has released a letter responding to a request from a bank for an exemption from the provisions of 23A of the Federal Reserve Act and Reg W to allow the bank to acquire all of the shares of three nonbank affiliates. Letter  4/20/09

  • Enforcement Actions Announced

    The OCC has announced the enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  4/20/09

  • OTTI FASB Bulletin

    A bulletin has been issued by OCC regarding an Advisory released by the Financial Accounting Standards Board (FASB) concerning Other-than-Temporary Impairment Accounting (OTTI). Bulletin  4/20/09

  • Bernanke On Financial Innovation and Consumer Protection

    In a presentation at the Federal Reserve System's Sixth Biennial Community Affairs Research Conference in Washington, D.C., Chairman Bernanke focused on the consumer protection issues raised by financial innovation. He reviewed sources of financial innovation; credit cards, mortgages, and overdrafts; and protecting consumers in an era of innovation and complexity. Speech  4/20/09

  • May HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in May 2009, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  4/17/09

  • CRA Ratings Released

    The OCC has released the ratings received by thirty-two national banks that were recently evaluated for compliance with the provisions the CRA. Ratings  4/17/09

  • Written Agreement with California BHCs

    The FRB has announced the execution of a Written Agreement by and among Beverly Hills Bancorp Inc., WFC Inc., and Wilshire Acquisitions Corporation, all of Calabasas, CA, registered bank holding companies, the Federal Reserve Bank of San Francisco, and the State of California Department of Financial Institutions. Agreement  4/17/09

  • FRB Publishes Technical Correction to Final Rule for Truth in Savings

    On January 29, 2009, the Board published final rules amending Regulation DD, which implements the Truth in Savings Act, and the official staff commentary to the regulation. The final rule, among other things, requires all depository institutions to disclose aggregate overdraft fees on periodic statements, and not solely institutions that promote the payment of overdrafts. However, the document published in the Federal Register on January 29, 2009 contains a technical error in the formatting of the sample form illustrating how institutions may comply with this requirement. To correct this error, this document republishes the appropriate sample form.TXT; PDF  4/17/09

  • Credit Card Repayment Calculator Online

    English and Spanish versions of a Credit Card Repayment Calculator have been posted online by the FRB. Information; English Calculator; Spanish Calculator  4/17/09

  • Direct Deposit Katrina Video

    The FRB has announced the availability of English and Spanish versions of a new 17 minute video, "Lessons from a Storm," that tells the stories of families who, in the aftermath of Hurricane Katrina, learned about the benefits of maintaining a bank account that allows for the direct deposit of payments and benefits. Videos  4/17/09

  • Mexican SDNTKs Added to OFAC List

    Three Mexican entities have been designated as Specially Designated Narcotics Traffickers (SDNTKs) and their names have been added to the SDN List. Information regarding the entities has been posted on the BOL OFAC page.  4/16/09

  • Written Agreement with California BHC

    The FRB has announced the execution of a Written Agreement by and between TFC Holding Company, Alhambra, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. TFC  4/16/09

  • GLB Privacy Model Form Comment Sought

    The SEC has announced that it has reopened the comment period on a proposal for a model privacy form that financial institutions could use to provide disclosures required by the Gramm-Leach-Bliley Act (GLBA) in order to solicit public comment on the results of recent quantitative consumer testing conducted to evaluate the form. Notice; Test Information  4/16/09

  • TIC Data Updated

    The Treasury has issued the February 2009 Treasury International Capital (TIC) data report. TIC  4/16/09

  • Beige Book Published

    The April 2009 issue of the Beige Book has been published by the FRB. Beige Book  4/16/09

  • FedFlash Online

    The April 15, 2009 issue of FedFlash has been posted online. FedFlash  4/16/09

  • Industrial Production Report Released

    The March 2009 G. 17 Industrial Production and Capacity Utilization Report has been released by the FRB. G. 17  4/16/09

  • International Economic and Exchange Rate Policies Report

    Secretary Geithner has sent the semi-annual Report on International Economic and Exchange Rate Policies to Congress, which covers the second half of 2008 and additional information up to the end of March 2009. Report; Appendix 1;
    Appendix 2
      4/16/09

  • Cost of Funds Reports

    The current and historical reports of the cost of funds for the OTS regulated institutions have been released. Historical; Current  4/16/09

  • CPP Mutual Banks Term Sheet

    Treasury has released a term sheet and FAQs for qualifying mutual banks or savings associations applying to the Capital Purchase Program (CPP).
    Term Sheet; FAQs  4/15/09

  • Written Agreement with Oregon Bank

    The FRB has announced the execution of a Written Agreement by and among Community First Bank, Prineville, Oregon, a state chartered member bank, the Federal Reserve Bank of San Francisco, and the Oregon Department of Consumer and Business Services.Agreement  4/15/09

  • Community Bank Directors Workshop

    Comptroller Dugan will host a workshop for community national bank directors in Greenville, South Carolina, on May 5, 2009, to provide practical information that expands bank directors' skills and understanding of issues regarding compliance risk facing their banks. Online registration is encouraged. Workshop;
    Registration (Fax); Registration (online)  4/15/09

  • Foreclosure Scams Alert

    The OTS has issued an Alert and a Brochure regarding Foreclosure Rescue Scams.
    Alert;
    Brochure   4/15/09

  • Discount Rate Meetings Minutes

    The FRB has released the minutes of its discount rate meetings from February 9 through March 16, 2009. Minutes  4/15/09

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with data current as of April 14, 2009. Reserve Position   4/15/09

  • FRB Announces Written Agreement

    The FRB has announced the execution of a Written Agreement by and between Silverton Financial Services, Inc., Atlanta, Georgia, a registered bank holding company, and the Federal Reserve Bank of Atlanta. Agreement  4/14/09

  • Cleveland Fed Issues Section 19 Letters

    Five letters have been issued by the Federal Reserve Bank of Cleveland to individuals regarding the prohibitions imposed by Section 19 of the Federal Deposit Insurance Act and Section 205 of the National Credit Union Act concerning becoming or continuing as an institution-affiliated party of an insured banking organization or a credit union. Letter 1; Letter 2; Letter 3; Letter 4; Letter 5.  4/14/09

  • 314(a) Fact Sheet Updated

    FinCEN has updated the 314(a) Fact Sheet with data current as of April 7, 2009.
    314(a)  4/14/09

  • OFAC Updates Program Regulations

    The Department of the Treasury's Office of Foreign Assets Control (OFAC) announced the addition of a new Part 543 to 31 CFR Chapter V, to implement Executive Order 13396 of February 7, 2006, Blocking Property of Certain Persons Contributing to the Conflict in Côte dIvoire., effective 4/13/2009, and a new 31 CFR Part 544, also effective 4/13/2009, to carry out the purposes of Executive Order 13382 of June 28, 2005, Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters..
    OFAC Additions  4/14/09

  • New FedReceipt Routing Numbers

    FRB Financial Services has announced new FedReceipt routing numbers. Numbers  4/13/09

  • FDIC Creates DINB

    New Frontier Bank, Greeley, CO, has been closed by the State Bank Commissioner and the FDIC, which was appointed receiver, created the Deposit Insurance National Bank of Greeley (DINB), which will remain open for approximately 30 days to allow depositors time to open accounts at other insured institutions. DINB  4/13/09

  • Bank Closed Deposits Assumed

    Cape Fear Bank, Wilmington, NC, has been closed by the North Carolina Office of Commissioner of Banks, and the FDIC as receiver has entered into a purchase and assumption agreement with First Federal Savings and Loan Association of Charleston, Charleston, SC, to assume all of the deposits.Deposits  4/13/09

  • Federal Benefit Recipients Urged to Use Direct Deposit

    The Treasury is urging on all Americans who are federal benefit recipients and still get checks in the mail to sign up for direct deposit to help the government save millions, lessen the possibility for check fraud and benefit the environment. Direct Deposit  4/10/09

  • Counterfeit Checks and Prize Scam Stopped

    A federal court has ordered a permanent halt to a lottery and prize-promotion scam that used counterfeit cashiers checks and false promises of large cash prizes to scam consumers. The court's order, which was requested by the FTC, includes a $1 million judgment against the operators of the scam. Order  4/10/09

  • Written Agreement with California BHC and Bank

    The execution of a Written Agreement by and among San Joaquin Bancorp, a registered bank holding company, San Joaquin Bank, a state chartered member bank, both of Bakersfield, California, the Federal Reserve Bank of San Francisco, and the California Office of Financial Institutions has been announced by the FRB. Agreement  4/10/09

  • BHC Supervision Manual Updated

    The FRB has announced that the January 2009 update of the Bank Holding Company Supervision Manual is available online. Manual  4/10/09

  • KingPin Act Designate Removed from OFAC List

    The name of an individual previously designated as a SDNTK has been removed from the SDN List. Information regarding the removal has been posted on the BOL OFAC page.  4/09/09

  • 23A Legal Interpretation Issued

    A letter has been issued by the FRB granting an exemption from Section 23A of the Federal Reserve Act and Regulation W to allow a bank (i) to transfer to an affiliate an 80 percent participation interest in certain mortgage-backed securities and (ii) to receive from that affiliate an assignment of the affiliate's right to certain payments by a foreign government. Letter  4/09/09

  • Risk-Based Capital Treatment Final Rule

    The OCC has issued a Final Rule concerning the risk-based capital treatment for certain asset-backed commercial paper (ABCP) purchased by national banks pursuant to a special lending facility. Final Rule  4/09/09

  • FOMC Minutes

    The minutes of Federal Open Market Committee (FOMC) conference call held on February 7 and the meeting held March 17-18, 2009, have been released. Minutes  4/09/09

  • OFAC Additions

    The Treasury has designated as NPWMDs one Chinese individual and six Iranian entities for their connection to Iran's missile proliferation network and added their names along with eight aliases used by current designee LIMMT Economic and Trade Company, Ltd. ("LIMMT") to circumvent sanctions to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.  4/08/09

  • Written Agreement with Washington BHC

    The FRB has announced the execution of a Written Agreement by and between Venture Financial Group, Inc., Dupont, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Written Agreement  4/08/09

  • Directive Announced

    The issuance of a consent Prompt Corrective Action Directive against Michigan Heritage Bank, Farmington Hills, MI, a state chartered member bank, has been announced by the FRB. Directive  4/08/09

  • Credit Auction Results

    The Federal Reserve has announced the results of auction of $150 billion in 28-day credit held on April 6, 2009. Results  4/08/09

  • Consumer Credit and Finance Companies Reports Released

    The FRB has released the February 2009 G.19 Consumer Credit and the G. 20 Finance Companies Reports. G.19; G.20  4/08/09

  • FedEDI Plus Service Enhancements

    The FRB Financial Services has announced a new suite of enhancements to the FedEDI Plus Service. Enhancements  4/08/09

  • Quarterly Review of Interest Rate Risk

    The OTS has released the Quarterly Review of Interest Rate Risk for the Fourth Quarter 2008. Quarterly Review  4/08/09

  • MSB Registration List Updated

    The FinCEN has updated the MSB Registration List with data current as of March 17, 2009. List  4/08/09

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an alert regarding cashier's checks issued in the name of Rockport National Bank, Rockport, MA. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/07/09

  • PPIP Guidance Issued

    The Treasury has issued additional guidance for potential investors in the securities portion of the Public Private Investment Program (PPIP). The new guidance extends the deadline for application to the program and clarifies that participation criteria will be viewed holistically, that is, failure to meet any one criterion will not necessarily disqualify a proposal. Guidance  4/07/09

  • OCC Publishes Final Rule in FR for Community and Economic Development Entities, Community Development Projects, and Other Public Welfare Investments

    The Office of the Comptroller of the Currency (OCC) is adopting in final form and without change the interim final rule, issued on August 11, 2008, which implemented the statutory change to national banks' community development investment authority made in the Housing and Economic Recovery Act of 2008 (HERA). The OCC also is revising Appendix 1 to part 24, the CD-1 National Bank Community Development (Part 24) Investments Form, to make technical changes that are consistent with the HERA provision and the revised regulation. Section 2503 of the HERA revised the community development investment authority in section 24(Eleventh) to restore a national bank's authority to make investments designed primarily to promote the public welfare. TXT; PDF  4/07/09

  • SAR Fraud Filing Guidance

    The FinCEN has issued guidance to financial institutions on filing Suspicious Activity Reports (SAR) regarding loan modification/foreclosure rescue scams. Guidance  4/07/09

  • 031 and 041 Report Forms Online

    The FFIEC has posted the March 2009 031 and 041 Report Forms online. 031; 041  4/07/09

  • Written Agreements with Georgia and Colorado Institutions

    Two written agreements with financial institutions and their respective regulators have been announced, one, by and among United Security Bancshares, Inc., Woodstock, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia; and the other by and among Community Bankshares, Inc., a registered bank holding company, Community Banks of Colorado, a state chartered member bank, both of Greenwood Village, CO, the Federal Reserve Bank of Kansas City, KS, MO, and the Colorado Division of Banking, Denver, CO. United; Community  4/07/09

  • FedGlobal ACH Services Introduced

    The FRB Financial Services has announced the introduction by the Federal Reserve Banks of FedGlobal ACH Services that will offer means for cross-border electronic payments to more than 30 countries. FedGlobal  4/07/09

  • Federal and State Agencies Announce Scams and Frauds Crackdown

    The Treasury, Justice, HUD, FTC, and the Attorney General of Illinois have announced joint new initiatives to coordinate information and resources across agencies to maximize targeting and efficiency in fraud investigations, alert financial institutions to emerging schemes, step up enforcement actions and educate consumers to help those in financial trouble avoid becoming the victims of a loan modification or foreclosure rescue scam. Treasury PR; FTC NR  4/07/09

  • International Swap Arrangements Announced

    The Federal Reserve, Bank of England, European Central Bank, Bank of Japan, and Swiss National Bank announce swap arrangements. Swaps  4/07/09

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve Position Report with data current as of April 3, 2009. Position  4/07/09

  • CRA Ratings Released

    The FDIC has issued the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. Ratings  4/06/09

  • Bond Programs Details and Guidance

    The Treasury has announced the implementation of the Build America Bond program and two tax credit bond programs for schools, known as Qualified School Construction Bonds and Qualified Zone Academy Bonds under the American Recovery and Reinvestment Act of 2009. Guidance for the programs was also issued. Programs; Guidance  4/06/09

  • Bernanke's Balance Sheet

    In a presentation at the Federal Reserve Bank of Richmond 2009 Credit Markets Symposium, Chairman Bernanke discussed the "Federal Reserve's Balance Sheet" which is being used to develop new tools to ease financial conditions and support economic growth. He reviewed the principles for balance sheet policy, the balance sheet as a tool of monetary policy, liquidity programs, direct lending to borrowers and investors, purchases of high-quality assets, and support for specific institutions. Speech  4/06/09

  • Mortgage Metrics Report Released

    The Fourth Quarter 2008 Mortgage Metrics Report and Loan Level Data Collection: Field Definitions have been released by the OCC and OTS. OCC NR; OTS PR; Report; Definitions  4/06/09

  • Louisiana BHC Written Agreement Announced

    The FRB announced the execution of a Written Agreement by and among Blossman Bancshares, Inc., Lacombe, LA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Louisiana. Agreement  4/03/09

  • Red Flag Web Site Launched

    The Federal Trade Commission (FTC) has launched a web site to help entities covered by the Red Flags Rule design and implement identity theft prevention programs. Web Site  4/03/09

  • SR Letter Revised

    A SR Letter originally issued by the FRB on February 24, 2009 regarding applying supervisory guidance and regulations on the payment of dividends, stock redemptions, and stock repurchases at bank holding companies has been revised. Revision  4/03/09

  • FedFocus On Payment Fraud

    The April 2009 issue of FedFocus has been posted online and features an article on Payment Fraud: Perception Versus Reality. FedFocus  4/03/09

  • Reg DD Exam Procedures Revised

    A CEO Letter and a Regulatory Bulletin announcing the revision of its Truth In Savings (Reg DD) examination procedures has been issued by the OTS. CEO Letter; Procedures; Bulletin  4/03/09

  • Bair Reviews Financial Crisis Actions

    In remarks to the American Bankers Association Government Relations Summit in Washington, DC, Chairman Bair discussed the actions taken by the government to resolve the crisis. She reviewed the assessment hike and cutback; the TLGP income and the DIF; the LLP program, and the too big to fail approach. Speech  4/03/09

  • Corporate Stabilization FAQs and Accounting Bulletin Issued

    The NCUA has issued new FAQs Regarding Corporate Stabilization and an Accounting Bulletin to provide information pertaining to proposed legislative solutions to corporate stabilization efforts and related financial reporting implications. FAQs; Bulletin  4/03/09

  • March 2009 Financial Reporting Bulletin

    The OTS has posted online the March 2009 Financial Reporting Bulletin. Bulletin  4/03/09

  • First Quarter Call Report FIL

    A FIL has been issued by the FDIC regarding the preparation of the Call Report for the First Quarter 2009. FIL  4/02/09

  • CRA Ratings Released

    The OTS has released the ratings received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings  4/02/09

  • Fourth Quarter 2008 State Profiles Online

    The FDIC has posted the Fourth Quarter 2008 State Profiles online. Profiles  4/02/09

  • Batch Validation Implementation Reminder

    The FinCEN has issued a reminder for BSA E-Filers the second phase of the Batch Validation Implementation will be implemented at the end of July 2009. Reminder  4/02/09

  • OFAC to Host International Trade Symposium

    OFAC has announced its first Annual Symposium for International Trade will be held in Washington DC on May 15, 2009. The event is free and registration may be made online. Symposium  4/02/09

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve Position Report with data current as of March 27, 2009. Update  4/02/09

  • March Foreign Exchange Rates Report

    The FRB has issued the G.5 Foreign Exchange Rates Report for March 2009. G.5  4/02/09

  • Prompt Corrective Directive Issued

    The FRB has announced the issuance of a consent Prompt Corrective Action Directive against Heritage Bank, Topeka, KS, a state chartered member bank. Directive  4/01/09

  • MMF Guarantee Program Extended

    The Treasury has announced that the temporary Money Market Funds (MMF) Guarantee Program which was schedule to end on April 30, 2009, has been extended through September 18, 2009. Extension  4/01/09

  • PSAF Calculation Changes Proposed

    The FRB is requesting public comment on proposed changes to the methodology for calculating the private sector adjustment factor (PSAF). Changes  4/01/09

  • EAWA FAQs

    FAQs have been issued by the FRB regarding the Employ American Workers Act (EAWA). FAQs  4/01/09

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the New Electronic Interpretations and Actions for March 2009. New  4/01/09

  • CEO Letters Issued

    The OTS has issued two CEO Letters, one regarding an educational pamphlet concerning Currency Transaction Reporting (CTR) Requirement and the other regarding Emergency and USA PATRIOT Act Section 314(a) Contact Information. CTR; Emergency  4/01/09

  • BSA E-Filing Transition to Adobe

    The FinCEN has announced BSA E-Filing will transition to the use of Adobe forms effective June 27, 2009. E-filing  4/01/09

  • IFDP Working Papers Published

    Two working papers in the International Finance Discussion Paper (IFDP) series have been published by the FRB on the topic of "Biofuels Impact on Crop and Food Prices: Using an Interactive Spreadsheet" and "Markup Variation and Endogenous Fluctuations in the Price of Investment Goods." Biofuels Abstract; Biofuels Full Paper; Markup Abstract; Markup Full Paper  4/01/09

  • Structure and Share Data Report Released

    The December 30, 2008 Structure Data for U.S. Banking Offices of
    Foreign Entities Report has been released by the FRB. Report  4/01/09

02/28/2009

Top Stories for March 2009

  • CRA Ratings Released

    The OCC has released the ratings received by thirty-three national banks that were recently evaluated for compliance with the provisions of the CRA. Ratings  3/31/09

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and among BankEast Corporation, a registered bank holding company, BankEast, a state chartered member bank, both of Knoxville, TN, and the Federal Reserve Bank of Atlanta. Agreement  3/31/09

  • Flood Disaster Assistance Activated

    The NCUA has activated its disaster relief policy to assist credit unions and their members affected by the severe weather and flooding in North Dakota and Minnesota. Flood Disaster  3/31/09

  • OTS Publishes Final Rule in FR for Prohibited Service at Savings and Loan Holding Companies Extension of Expiration Date of Temporary Exemption

    The OTS is revising its rules implementing section 19(e) of the Federal Deposit Insurance Act (FDIA), which prohibits any person who has been convicted of any criminal offense involving dishonesty, breach of trust, or money laundering (or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense) from holding certain positions with respect to a savings and loan holding company (SLHC). TXT; PDF  3/31/09

  • FRB Payment Systems Fourth Quarter Data

    The Fourth Quarter 2008 data for check services and automated clearinghouse operations has been released by the FRB. Check Services; Automated Clearinghouse  3/31/09

  • Georgia Bank Closed

    The OCC has closed Omni National Bank, Atlanta, GA; the FDIC was appointed receiver and entered into an agreement with SunTrust Bank, Atlanta, GA, to act as paying agent for the insured deposits. Omni  3/30/09

  • Flood Penalties Approach $300,000

    The FDIC has announced that eight banks have received penalties totaling $298,940.00 for flood violations. Information regarding the violations and the penalties has been posted on the BOL Flood Penalties Watch page.  3/30/09

  • OFAC CMPs Released

    The civil money penalties (CMPs) recently issued by the Treasury for violations of various Sanctions Programs has been released. No financial institutions were cited. CMPs  3/30/09

  • Written Agreement with Illinois Bank

    The FRB has announced the execution of a Written Agreement by and among First State Bank of Red Bud, Red Bud, IL, a state member bank, the Federal Reserve Bank of St. Louis, and the Illinois Department of Financial and Professional Regulation, Division of Banking, Springfield, IL. Written Agreement  3/30/09

  • 45 Enforcement Orders Released

    The FDIC has released a list of forty-five orders of administrative enforcement actions taken against banks and individuals in February, 2009. Orders  3/30/09

  • CU Conservatorships Update

    The NCUA has instituted periodic reporting to stakeholders on the status of the corporate credit union system and the conservatorships of U.S. Central Federal Credit Union (U.S. Central) and Western Corporate Federal Credit Union (Wescorp). Update  3/30/09

  • Industrial Production Annual Report

    The annual revision of the G.17 Industrial Production and Capacity Utilization Report has been issued by the FRB. G.17  3/30/09

  • Fourth Quarter $9.2 Billion Trading Loss

    The OCC has released its Quarterly Report on Bank Trading and Derivatives Activities for the Fourth Quarter 2008, which indicates cash and derivative instruments trading losses of $ 9.2 billion in the quarter. Quarterly Report  3/30/09

  • Geithner's Rules of the Road

    In written testimony before the House Financial Services Committee, Secretary Geithner discussed financial regulatory reform. He presented an overview of the development of the last 18 months regarding the crisis and its fundamental causes and outlined a framework to move toward a more stable and resilient financial system intended to reduce systemic risk. He stated. "We must create a resolution regime that provides authority to avoid the disorderly liquidation of any nonbank financial firm whose disorderly liquidation would have serious adverse effects on the financial system or the U.S. economy." Testimony; Rules of the Road  3/27/09

  • OCC Publishes Final Rule in FR for Risk-Based Capital Guidelines--Money Market Mutual Funds

    On September 19, 2008, the Board of Governors of the Federal Reserve System adopted the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, which enables depository institutions and bank holding companies to borrow from the Federal Reserve Bank of Boston on a non-recourse basis if they use the proceeds of the loan to purchase certain asset-backed commercial paper (ABCP) from money market mutual funds. The purpose of this action was to reduce strains being experienced by money market mutual funds. To facilitate national bank participation in the program, the Office of the Comptroller of the Currency (OCC) adopted on September 19, 2008, on an interim final basis, an exemption from its risk-based capital guidelines for ABCP held by a national bank as a result of its participation in this program. This rule finalizes the risk-based capital exemption and extends the risk-based capital exemption to ABCP purchased beyond the original January 30, 2009, date. It applies the risk-based capital exemption to any ABCP purchased as a result of a national bank's participation in the facility. The risk-based capital exemption will continue to apply if the AMLF is extended beyond October 30, 2009.TXT; PDF  3/27/09

  • Flood Affected Bank Offices May Close

    The OCC has issued a proclamation allowing national bank offices affected by floods in the upper Midwest to close at their discretion. Proclamation  3/27/09

  • LLP Comments Sought

    The FDIC is seeking comments regarding the recently announced Legacy Loans Program (LLP) remove troubled loans and other assets from FDIC-insured institutions and attract private capital to purchase the loans. Comments may be submitted online until April 10, 2009. LLP; Comments  3/27/09

  • $68 Million Bank Ponzi Scheme Halted

    An emergency court order requested by the SEC has halted a $68 million Ponzi scheme involving the sale of fictitious high-yield certificates of deposit by Caribbean-based Millennium Bank and its U. S. affiliates. The scheme targeted U.S. investors and purportedly offered returns that were up to 321 percent higher than legitimate bank-issued CDs. Scheme  3/27/09

  • Corporate Credit Union Stabilization Fund Proposed

    The NCUA Board has approved proposed legislation that would create if enacted the Corporate Credit Union Stabilization Fund to absorb losses associated with the corporate credit union stabilization actions and assess federally insured credit unions for associated costs over as much as a 7-year period. Fund  3/27/09

  • SDNTs Removed from OFAC List

    The Treasury has removed the names of five individuals previously designated as SDNTs from the SDN List. Information regarding the removals has been posted on the BOL OFAC page.  3/26/09

  • SCRA Examination Procedures

    A Consumer Affairs (CA) Letter has been issued by the FRB regarding the Interagency Procedures for the Servicemembers Civil Relief Act (SCRA) which were recently approved by the FFIEC Task Force on Consumer Compliance. CA Letter; Procedures  3/26/09

  • Reg R and Bank Brokerage Activities

    A CEO Letter has been issued by the OTS regarding Reg R and Bank Brokerage activities. Letter  3/26/09

  • NCUA Publishes Final Rule in FR for Regulatory Flexibility Regarding Ownership of Fixed Assets

    NCUA is amending its Regulatory Flexibility (RegFlex) Program to provide additional flexibility to qualifying federal credit unions (FCUs) when acquiring unimproved land for future expansion. This amendment increases the three years to six years for RegFlex FCUs without a waiver. NCUA is also making conforming amendments to its fixed asset rule to be consistent with the RegFlex changes. TXT; PDF  3/26/09

  • NCUA Proposes Rulemaking for Credit Union Reporting

    NCUA is modernizing the way insured credit unions submit reports and other important information and has developed an online, Web-based system to make reporting more efficient and cost effective. The new system will also enhance the accuracy of information by providing a means for updating certain data outside the financial reporting cycle. NCUA is proposing revisions to its regulations involving reporting procedures and record retention requirements to conform regulatory provisions to the new online system. The proposal incorporates into the regulation a statutory requirement on reporting changes in senior officials resulting from election or appointments and would clarify requirements on when credit unions file reports with NCUA online. The proposal also includes provisions that provide alternative reporting methods for credit unions unable to submit online reports.
    TXT; PDF  3/26/09

  • NCUA Proposes Rulemaking for Truth in Savings Act Disclosures

    As required by the Truth in Savings Act (TISA), NCUA is proposing to amend its TISA rule and official staff interpretation to align it with the Federal Reserve Board's Regulation DD. Specifically, the rule would amend the provisions and provide guidance on the electronic delivery of disclosures. Additionally, NCUA is proposing to amend the rule and the official staff commentary to require all credit unions to disclose aggregate overdraft fees on periodic statements; currently, this disclosure requirement only applies to credit unions that promote the payment of overdrafts. The proposed rule also addresses balance disclosures credit unions provide to members through automated systems. TXT; PDF  3/26/09

  • Fraudulent E-Mail Alert

    The FDIC has issued a Consumer Alert regarding numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC. The subject line of the e-mail is: "Inquiry about your bank account." The e-mail tells recipients to update some information on their bank accounts as soon as possible in order to confirm their identities. Consumer Alert  3/26/09

  • Counterfeit Checks Special Alerts

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

    • City National Bank, Beverly Hills, California (Counterfeit Cashier's Checks);
    • Plantation Federal Bank, Pawleys Island, South Carolina (Counterfeit Official Checks);
    • Mile High Banks, Longmont, Colorado (Counterfeit Cashier's Checks);
    • Commonwealth Bank, FSB, Mount Sterling, Kentucky (Counterfeit Cashier's Checks);
    • Clinton National Bank, Clinton, Iowa (Counterfeit Cashier's Checks);
    • State Bank of De Kalb, De Kalb, Texas (Counterfeit Expense Checks); and
    • Bank of Ripley, Ripley, Tennessee (Counterfeit Official Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  3/25/09

  • Written Agreements Announced

    The FRB has announced the execution of the following Written Agreement by and between:

    • Spring Grove Investments, Inc., Spring Grove, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis;
    • Pine City Bancorporation, Inc., Pine City, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis; and
    • BancMidwest Corporation, Saint Paul, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis; and
    • Premier Bancshares, Inc., Jefferson City, Missouri, a registered bank holding company, and the Federal Reserve Bank of St. Louis.

    Spring Grove; Pine City; BancMidwest; Premier  3/25/09

  • 314(a) Fact Sheet Updated

    FinCEN has updated the 314(a) Fact Sheet with data current as of March 24, 2009. 314(a)  3/25/09

  • Bogus Loan Modification Companies Stopped

    A U.S. district court has granted the request of the FTC and ordered two companies to stop falsely advertising that they are part of the HOPE NOW Alliance, a government-endorsed mortgage assistance network, and that they successfully modify mortgages for almost all of their clients or else give refunds. Order  3/25/09

  • Bernanke Calls for Federal Regulation of Nonbank Financial Firms

    In testimony before the House Committee on Financial Services, Chairman Bernanke discussed the Federal Reserve's involvement with American International Group, Inc. (AIG). He reviewed the reasons for the original lending decision, the regulator's ongoing involvement, and lessons learned. He noted that federal bankruptcy laws do not sufficiently protect the public's strong interest in ensuring the orderly resolution of nondepository financial institutions when a failure would pose substantial systemic risks. He stated: "AIG highlights the urgent need for new resolution procedures for systemically important nonbank financial firms... highlights the need for strong, effective consolidated supervision of all systemically important financial firms." Testimony  3/25/09

  • Geithner on AIG

    Secretary Geithner, in written testimony before the House Committee on Financial Services, commented on the federal government's dealings with the American International Group, Inc. (AIG). He noted that AIG highlights broad failures of our financial system, our regulatory system was not equipped to prevent the build up of dangerous levels of risk and the U.S. government does not have the legal means today to manage the orderly restructuring of a large, complex, non-bank financial institution that poses a threat to the stability of our financial system. He stated that the legislation proposed by the Administration proposes would give the U.S. government the same basic set of tools for addressing financial distress at non-banks as it has in the bank context that allows the providing of financial assistance to make loans, purchase obligations or assets, assume or guarantee liabilities, and purchase an equity interest. Testimony  3/25/09

  • Directors Workshops Scheduled

    The OCC will host workshops for national community bank directors in Oakbrook, IL, on May 19-20, 2009. Online registration is available. Workshops; Registration  3/25/09

  • Reserve Position Update

    the Treasury has updated the U.S. International Reserve Position Report with data current as of March 20, 2009. Report  3/25/09

  • Credit Auction Results

    The Federal Reserve has announced the results of the auction of $150 billion in 84-day credit held on March 23, 2009. Results  3/25/09

  • Toxic Assets (Legacy Assets) Purchase Plan Unveiled

    The Treasury has released the details of the Public Private Partnership Investment Program which will purchase loans and securities (Legacy Assets) from financial institutions and remove from the books of the institutions. Summary; Web Site; White Paper; Fact Sheet; FAQ  3/24/09

  • Order of Prohibition and CMP

    A Consent Order of Prohibition and Order of Assessment of Civil Money Penalty in the amount of $20,000 have been issued by the FRB against G. Craig Chupik, a former vice president, loan officer, and institution-affiliated party of PlainsCapital Bank, Dallas, TX. Order  3/24/09

  • Written Agreement with Oregon BHC

    The FRB has announced the execution of a written agreement by and between Columbia Commercial Bancorp, Hillsboro, OR, a registered bank holding company, the Federal Reserve Bank of San Francisco, and the Oregon Department of Consumer and Business Services, Division of Finance and Securities. Written Agreement  3/24/09

  • Failed Institution Notice

    FRB Financial Services has issued a Failed Institution Notice regarding the closing of and placement into receivership of First City Bank, Stockbridge, GA. Information concerning return items and other matters can be found on the FDIC Failed Bank Information web page. Notice  3/24/09

  • TLGP Changes

    A FIL has been issued by the FDIC regarding the amendment of certain reporting requirements, clarification of previously issued reporting guidance and consolidation of reporting instructions concerning the entities participating in the debt guarantee component of the Temporary Liquidity Guarantee Program (TLGP). FIL  3/24/09

  • FRB proposes Rulemaking for Truth in Lending

    The Board proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA) following the passage of the Higher Education Opportunity Act (HEOA). Title X of the HEOA amends TILA by adding disclosure and timing requirements that apply to creditors making private education loans, which are defined as loans made expressly for postsecondary educational expenses, but excluding open-end credit, real estate-secured loans, and loans made, insured, or guaranteed by the Federal government under title IV of the Higher Education Act of 1965. The HEOA also amends TILA by adding limitations on certain practices by creditors, including limitations on "co-branding" their products with educational institutions in the marketing of private student loans. The proposal requires that creditors obtain a self-certification form signed by the consumer before consummating the loan. It also requires creditors with preferred lender arrangements with educational institutions to provide certain information to those institutions. TXT; PDF  3/24/09

  • Three Banks Closed

    The OCC has announced the closing of TeamBank, National Association, Paola, KS, and Colorado National Bank, Colorado Springs, CO, both wholly owned subsidiaries of Team Financial, Inc., Paola, KS; and the Georgia Department of Banking and Finance announced the closing of FirstCity Bank, Stockbridge, GA. The FDIC was appointed receiver of the banks, the deposits of TeamBank and Colorado national were assumed by other institutions and the payout of insured deposits of FirstCity was approved. TeamBank; Colorado National; FirstCity  3/23/09

  • CUs Placed in Conservatorship

    The NCUA has placed U.S. Central Federal Credit Union, Lenexa, KS, and Western Corporate (WesCorp) Federal Credit Union, San Dimas, CA, into conservatorship. Conservatorships  3/23/09

  • Written Agreement with Kansas BHC

    The FRB has announced the execution of a written agreement by and among Thunder Bancorp, Inc., a registered bank holding company, Thunder Bank, a state chartered member bank, both of Sylvan Grove, KS, and the Federal Reserve Bank of Kansas City. Written Agreement  3/23/09

  • Corporate CU Stabilization Program Webcast

    The NCUA has announced it will host a two hour webcast on Monday, March 23, 2009, to provide the credit union community with an update on the corporate credit union stabilization program. The webcast will commence at 2:00 p.m. EST and registration is open until 1:45 p.m. EST on Monday, March 23. Webcast; Registration  3/23/09

  • Enforcement Actions Released

    The OCC has released the new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  3/23/09

  • Omaha County Items Availability Changed

    The FRB Financial Services has announced that effective April 20, 2009, the availability will be modified on Omaha country items deposited in paper mixed cash letters. Availability  3/23/09

  • FDIC Publishes Interim Rule in FR for Amendment of the Temporary Liquidity Guarantee Program to Extend the Debt Guarantee Program

    The FDIC is issuing this Interim Rule to amend the Temporary Liquidity Guarantee Program (TLGP) by providing a limited extension of the Debt Guarantee Program (DGP) for insured depository institutions (IDIs) participating in the DGP. This rule imposes surcharges on certain debt issued on or after April 1, 2009. Any surcharge collected will be deposited into the Deposit Insurance Fund (DIF or Fund). It also establishes an application process whereby entities participating in the extended DGP may apply to issue non-FDIC-guaranteed debt during the extension period. TXT; PDF  3/23/09

  • FRB Publishes Final Rule in FR for Capital Adequacy Guidelines

    This final rule delays the March 31, 2009, implementation date for certain amendments to the Board's capital adequacy guidelines for bank holding companies on trust preferred securities and the definition of capital published by the Board in the Federal Register on March 10, 2005. Due to the continuing stressed conditions in the financial markets and in order to promote stability in the financial markets and the banking industry as a whole, the Board has decided to delay until March 31, 2011, the implementation date of new requirements that: limit the aggregate amount of cumulative perpetual preferred stock, trust preferred securities, and minority interests in the equity accounts of most consolidated subsidiaries (collectively, restricted core capital elements) included in the tier 1 capital of all bank holding companies; require bank holding companies to deduct goodwill, less any associated deferred tax liability, from the sum of core capital elements in calculating the amount of restricted core capital elements that may be included in tier 1 capital; and impose further limits on the amount of restricted core capital elements that internationally active bank holding companies may include in tier 1 capital. TXT; PDF  3/23/09

  • Bernanke and Bair on the Financial Crisis and Community Banking

    In presentations at the Independent Community Bankers of America's National Convention, Chairmen Bernanke and Bair commented on the financial crisis and its impact on community banks. Chairman Bernanke discussed the Federal Reserve actions to address the financial crisis; the condition and outlook for community banks; the "too big to fail" problem; and reducing procyclicality. He stated, "If community banks are prudent, but opportunistic in extending credit to strong borrowers, they will help the economy recover while benefiting from that recovery themselves." Chairman Bair reviewed the actions of the FDIC regarding assessments, the creation of a new community banking panel, TLGP income and the DIF, the fee outlook, and the "too big to fail" problem. She urged community bankers to "stay active in your market. Make loans available to worthy customers, and serve your communities that are counting on you." Bernanke Speech;
    Bair Speech
      3/23/09

  • Dugan on OCC Authority

    In testimony before the House Committee on Financial Services, Comptroller Dugan discussed the OCC's supervisory and enforcement authority. Testimony  3/23/09

  • Fourth Quarter Earnings Report Revised

    The FDIC has released a revised Quarterly Banking Profile for the fourth quarter of 2008, containing significant amendments reflecting substantially higher charges for goodwill impairment in the fourth quarter. Revised Profile  3/23/09

  • Counterfeit Cashier's Checks Alert

    The OCC has released an alert regarding counterfeit cashier's checks issued in the name of Peoples National Bank, N.A. of Mount Vernon, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/20/09

  • Regulators Discuss Regulatory Reform

    In testimony before the Senate Banking Committee, Chairman Bair and Comptroller Dugan expressed their views on reforming the country's financial regulatory system. Chairman Bair commented on addressing systemic risk; limiting risk by limiting size and complexity; managing a transition to a safer system; new resolution procedures; consumer protection; changing the OTC market; and protecting money market funds. Comptroller Dugan discussed the establishment of a systemic risk regulator; the wind down of firms that are not banks; the preservation a role for a banking supervisor that has no other job than to supervised banks plus preserve a supervisory role for the FRB; and the establishment of national standards for mortgage regulation. Bair Statement; Dugan Oral Statement; Dugan Written Testimony  3/20/09

  • Asset-Backed Securities added to TALF Collateral List

    The FRB has announced that four additional categories of asset-backed securities have been added to the list of eligible collateral for loans extended by the Term Asset-Backed Loan Facility (TALF). TALF  3/20/09

  • Making Home Affordable Web Site

    The Treasury and HUD have launched a new website for consumers seeking information about the Making Home Affordable loan modification and refinancing program. Web Site  3/20/09

  • Auto Supplier Support Program

    A new program to help stabilize the auto supply base and restore credit flows has been announced by the Treasury. The Auto Supplier Support Program will provide up to $5 billion in financing, giving suppliers the confidence they need to continue shipping parts, pay their employees and continue their operations. Summary; Fact Sheet  3/20/09

  • CDFI Fund Implementation Plan Details

    The Treasury has released the details of the implementation of Community Development Financial Institutions (CDFI) Fund regarding the award of nearly $100 million in grants and $3 billion in additional tax credit authority to support community-based financial institutions. CDFI  3/19/09

  • Written Agreement with Iowa BHC Announced

    The FRB has announced the execution of a written agreement by and between FNB Holding Company, West Des Moines, Iowa, a registered bank holding company, and the Federal Reserve Bank of Chicago. Agreement  3/19/09

  • Counterfeit Cashier's Checks Alert

    The OCC has released an alert regarding counterfeit cashier's checks issued in the name of First National Bank of Hutchinson, Hutchinson, KS. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/19/09

  • FOMC Statement

    The Federal Open Market Committee (FOMC) has issued a statement regarding the changes in the economy that have occurred since its January meeting. Statement  3/19/09

  • Long Testifies before Senate Banking Committee

    The OCC Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner Long has testified about risk management before the Subcommittee on Securities, Insurance, and Investment of the Senate Committee on Banking, Housing, and Urban Affairs. Oral Statement; Testimony  3/19/09

  • Tier 1 Capital Changes Delayed

    A final rule has been adopted by the FRB that delays the effective date of the new limits on the inclusion of trust preferred securities and other restricted core capital elements in tier 1 capital until March 31, 2011. Final Rule  3/18/09

  • TLGP Debt Guaranty Extended

    The FDIC has issued an Interim Rule extending the debt guarantee portion of the Temporary Liquidity Guarantee Program (TLGP) from June 30, 2009 through October 31, 2009, and imposing a surcharge on debt issued with a maturity of one-year or more beginning in the second quarter to gradually phase-out the program. Board Memo; Interim Rule  3/18/09

  • Written Agreements Announced

    The FRB has announced the execution of written agreements by and among the Société Générale, Paris, France; the bank's branch in New York, New York; the Federal Reserve Bank of New York; and the New York State Banking Department regarding BSA and AML compliance polices and practices; and by and between Omni Financial Services, Inc., Atlanta, Georgia, a registered bank holding company, and the Federal Reserve Bank of Atlanta. Société Générale; Omni  3/18/09

  • Section 19 Letters Released

    The FRB has published six letters that were sent to individuals, who are prohibited pursuant to the provisions of Section 19 of the Federal Deposit Insurance Act, from becoming or continuing to be an institution-affiliated party with respect to a banking organization or a credit union. Letters  3/18/09

  • Credit Repair Companies Charged

    Seven related companies have been charged by the FTC with violating federal law by falsely promising to remove negative information from consumers' credit reports, charging an up-front fee, and failing to provide written disclosures. Charges  3/18/09

  • Fourth Quarter Charge-Off Rates

    The OTS has released the thrift industry charge-off rates for the fourth quarter 2008. Charge-off Rates  3/18/09

  • Cost of Funds Reports Issued

    The OTS has issued the historical and current cost of funds for OTS regulated institutions. Historical; Current  3/18/09

  • Household Debt Service and Financial Obligations Ratios Report

    The data for the fourth quarter 2008 has been posted on the Household Debt Service and Financial Obligations Ratios Report. Report  3/18/09

  • Reserve Position Update

    The U.S. International Reserve Position Report has been updated by the Treasury with data current as of March 13, 2009. Reserve Position  3/18/09

  • April HOEPA Rates Set

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in April 2009, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. Since March 15, 2009 was a Sunday, use the rate on March 13, 2009, the business day immediately preceding the 15th. H.15  3/17/09

  • Geithner Reveals Plan for Small Business Capital Plans

    Secretary Geithner released an outline of the Financial Stability Plan (FSP) intended to help ensure that credit starts flowing again to entrepreneurs and business owners. He also indicated, under the provisions of the Consumer and Business Lending Initiative, that the Treasury will soon begin making direct purchases of securities backed by SBA loans to get the credit market moving again. Summary; Remarks; Q&A  3/17/09

  • OTS to Realign Regions and Enhance Supervision

    A CEO Letter has been issued by the OTS regarding plans to realign its regional structure and enhance supervision of the largest thrifts. CEO Letter  3/17/09

  • CU Credit Stabilization Letter

    The NCUA has issued a letter which can be utilized by credit unions to explain to their members the details of recent actions taken to stabilize the corporate credit union system. Credit unions are encouraged to post the letter in lobbies, on websites and regular or electronic mail. Letter  3/17/09

  • Mortgage Fraud Connected to Other Crimes

    The FinCEN has released a report that shows individuals and entities suspected of mortgage loan fraud may also be involved in other financial crimes such as check fraud, money laundering, stock manipulation, and structuring to avoid currency transaction reporting requirements. Report  3/17/09

  • January TIC Data

    The Treasury International Capital data for January 2009 has been released. TIC  3/17/09

  • Production and Capacity Report

    The Treasury has released the February 2009 G.17 Industrial Production and Capacity Utilization Report. G.17  3/17/09

  • FHC List Updated

    The list of bank holding companies (BHCs) that have elected to be financial holding companies (FHCs) as of March 11, 2009, has been released by the FRB. FHC List  3/17/09

  • FEDS Income and Wealth Working Paper

    A working paper in the Finance and Economic Discussion Series (FEDS) on the topic of
    "Ponds and Streams: Wealth and Income in the U.S., 1989 to 2007", has been published by the FRB. Abstract; Full Paper  3/17/09

  • New Routing Numbers Announced

    FRB Financial Services has announced new routing numbers effective March 23, 2009, for FedReceipt Forward and FedReceipt Returns products. Routing Numbers  3/16/09

  • FedFlash Online

    The March 2009 issue of FedFlash has been posted online. FedFlash  3/16/09

  • Flow Of Funds Report



    The Fourth Quarter 2008 Z. 1 Flow of Funds Accounts of the United States Report has been released by the FRB. Z. 1  3/13/09

  • TIL Amendments Proposed

    The FRB has proposes amendments to Regulation Z (Truth In Lending) to revise disclosure requirements for private education loans. Amendments  3/12/09

  • FRB Minutes Released

    The minutes of the FRB meetings from July 13 through December 16, 2008, concerning Federal Reserve liquidity facilities and other matters related to the financial turmoil of the period have been released. Minutes  3/12/09

  • Central Bank Liquidity Swaps FAQ

    A list of frequently asked questions (FAQs) regarding Credit and Liquidity Programs and the Balance Sheet has been issued by the FRB. FAQs  3/12/09

  • Community Bank Directors Workshops Scheduled

    The OCC will host workshops for national community bank directors in Point Clear, Alabama, at the Grand Hotel Marriott, April 7-8, 2009. Workshops  3/12/09

  • Consumer Money Management Tips

    The FDIC has published a special edition of the FDIC Consumer News entitled "Managing Your Money in Good Times and Bad" regarding tips to help consumers spend less, save more, protect against fraud and borrow wisely at any time, but especially during a difficult economy. Consumer News  3/12/09

  • TALF Fraud Task Force Formed

    A multi-agency task force to deter, detect and investigate fraud in Term Asset-Backed Securities Loan Facility (TALF) has been formed. Task Force  3/12/09

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve Position Report with data current as of March 6, 2009. Report  3/12/09

  • Bernanke Calls for Financial Reform

    In a presentation at the Council on Foreign Relations meeting in Washington, D.C., Chairman Bernanke discussed the current world-wide financial crisis and stated "the risk-management systems of the private sector and government oversight of the financial sector in the United States and some other industrial countries failed to ensure that the inrush of capital was prudently invested". He also commented on the too big to fail concept, strengthening the financial infrastructure, procyclicality in the regulatory system, and systemic risk authority. Speech  3/11/09

  • Foreign Accounts Special Due Diligence Programs

    The FinCEN has issued a report regarding Special Due Diligence Programs for Certain Foreign Accounts. Report  3/11/09

  • FinCEN Issues MSB Rulings

    Two rulings have been issued by FinCEN. One regarding whether certain operations of a service provider to prepaid stored value program participants is a money services business (MSB) and the other concerning whether a MSB must establish and maintain separate deposit accounts for its separate check cashing and money transmission lines of business. First Ruling; Second Ruling  3/11/09

  • Disposing of Foreclosed Properties

    The OCC has published the March 2009 issue of Community Developments Insights which contains a report that describes how banks and their partners in the community are working to dispose of foreclosed properties in creative ways that will preserve affordable housing opportunities and stabilize communities. Insights  3/11/09

  • Corporate CU Report Summary Released

    The NCUA has released releasing a summary of the PricewaterhouseCoopers LLP report, with recommendations for stabilization and improvement of the corporate credit union system. Summary  3/11/09

  • Credit Auction Results

    The Federal Reserve has announced the results of its March 9, 2009 auction of $150 billion in 28-day credit through its Term Auction Facility. Auction  3/11/09

  • IFDP Working Papers Published

    Two working papers in the International Finance Discussion Paper (IFDP) series have been published by the FRB on the topics of "Tax Smoothing in Frictional Labor Markets" and "Currency Crashes in Industrial Countries: Much Ado About Nothing?". Tax Abstract; Tax Full Paper; Currency Abstract; Currency Full Paper  3/11/09

  • Flood CMP Assessed

    The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $1,710 against East Dubuque Savings Bank, East Dubuque, Illinois in connection with its alleged violations of the Board's regulations implementing the National Flood Insurance Act. Information regarding the CMP has been posted on the BOL Flood Penalties Watch page.  3/10/09

  • Written Agreement with Kansas Institutions

    The execution of a written agreement by and among SolutionsBank Corporation, a registered bank holding company, SolutionsBank, a state chartered member bank, both of Overland Park, Kansas, the Federal Reserve Bank of Kansas City, and the Kansas Office of State Bank Commissioner has been announced by the FRB.
    Written Agreement

      3/10/09

  • HUD Publishes Interim Rule in FR for the Real Estate Settlement Procedures Act

    This rule simplifies and improves the process of obtaining mortgages and reduces consumer settlement costs; it also further defers the applicability date for the revied definition of "required use" and solicitation of public comment on the withdrawal of the Required Use Provision.
    TXT; PDF  3/10/09

  • Agricultural Finance Databook Published

    The March 2009 E.15 Agricultural Finance Databook has been published by the FRB. E.15  3/10/09

  • The OCC, OTS and Treasury Propose Rulemaking for Confidentiality of Suspicious Activity Reports

    The OCC and OTS propose to amend its regulations implementing the Bank Secrecy Act (BSA) governing the confidentiality of a suspicious activity report (SAR) to: Clarify the scope of the statutory prohibition on the disclosure by a financial institution of a report of a suspicious transaction, as it applies to national banks; address the statutory prohibition on the disclosure by the government of a SAR, as that prohibition applies to the OCC's standards governing the disclosure of SARs; clarify the exclusive standard applicable to the disclosure of a SAR, or any information that would reveal the existence of a SAR, by the OCC is "to fulfill official duties consistent with the purposes of the BSA;" and modify the safe harbor provision in its rules to include changes made by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act. These amendments are based upon a similar proposal being contemporaneously issued by the Financial Crimes Enforcement Network (FinCEN). OCC TXT; OCC PDF; OTS TXT; OTS PDF  3/9/09

  • The OCC and OTS Propose Rulemaking for Standards Governing the Release of a Suspicious Activity Report

    The Office of the Comptroller of the Currency (OCC) is proposing to revise its regulations governing the release of non-public OCC information. The primary change being proposed would clarify that the OCC's decision to release a suspicious activity report (SAR) will be governed by the standards set forth in proposed amendments to the OCC's SAR regulation that are part of a separate, but simultaneous, rulemaking.TXT; PDF  3/9/09

  • FinCEN Proposes Rulemaking for Interpretive Guidance--Sharing Suspicious Activity Reports by Depository Institutions With Certain U.S. Affiliates

    FinCEN is issuing for comment a proposed interpretive guidance, which interprets a provision to permit a bank to share a SAR with its affiliates that also are subject to SAR rules. TXT; PDF  3/9/09

  • FinCEN Proposes Rulemaking for Interpretive Guidance “ Sharing Suspicious Activity Reports by Securities Broker“Dealers and others.

    FinCEN is issuing for comment a proposed interpretive guidance, which interprets a provision to permit a securities broker-dealer, mutual fund, futures commission merchant, or introducing broker in commodities to share a SAR with its affiliates that are also subject to SAR rules. TXT; PDF  3/9/09

  • National Banks Authorized to become ICE Trust Clearing Members

    The OCC has issued an Interpretative Letter which authorizes a national bank with written approval from an examiner in charge to become a clearing member of ICE Trust, a clearinghouse for over-the-counter credit default swaps. Letter  3/9/09

  • Georgia Bank Closed Deposits Assumed

    The Freedom Bank of Georgia, Commerce, Georgia, was closed today by the Georgia Department of Banking and Finance; FDIC appointed receiver; and all deposits were assumed by the Northeast Georgia Bank, Lavonia, Georgia. Georgia Bank  3/9/09

  • FedGlobal Service Announced

    FRB Financial Services has announced that in September 2009, customers will be able to both send and receive ACH credit payments to and from Panama in addition to the existing service to Canada and Mexico and by early first quarter 2010 service will be expanded to more than 60 countries. FedGlobal  3/9/09

  • Consumer Credit Report Released

    The G. 19 Consumer Credit Report for January 2009 has been released by the FRB. G.19  3/9/09

  • CRA Ratings Released

    The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the provisions of the CRA. Ratings  3/6/09

  • Consumer Foreclosure Scam Tips

    The FRB has issued five tips for consumers regarding avoiding foreclosure scams. Summary; Tips  3/6/09

  • Car Buyers FEDS Working Paper

    A working paper in the Finance and Economics Discussion Series (FEDS) on the topic "Heterogeneous Car Buyers: A Stylized Fact", has been published by the FRB. Abstract; Full Paper  3/6/09

  • Counterfeit Checks Special Alerts

    Four Special Alerts have been issue by the FDIC regarding counterfeit checks bearing the name of the following institutions:

    • American Bank of Texas, Sherman, Texas (Counterfeit Cashier's Checks);
    • Gilmer National Bank, Gilmer, Texas (Counterfeit Cashier's Checks);
    • Gulfstream Business Bank, Stuart, Florida (Counterfeit Checks); and
    • Cooper State Bank, Dublin, Ohio (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  3/5/09

  • Home Loan Modification Guidelines Released

    The Treasury has released guidelines to enable servicers to begin modifications of eligible mortgages under the Homeowner Affordability and Stability Plan previously announced by President Obama. The federal bank, thrift, and credit union regulatory agencies have issued a statement encouraging all federally regulated financial institutions that service or hold residential mortgage loans to participate in the program. Guidelines; Summary; Fact Sheet; FRB PR; OCC NR; FDIC PR; OTS PR  3/5/09

  • Five Added to OFAC List

    The five political and military leaders of the Forces Democratiques de Liberation du Rwanda (FDLR) have been designated by the Treasury and added to the OFAC SDN list. Information regarding the leaders has been posted on the BOL OFAC page.  3/5/09

  • NCUA Proposes Rulemaking for Operating Fees

    The NCUA proposes to amend its rule on the assessment of the federal credit union (FCU) operating fee to exclude investments made under the Credit Union System Investment Program (CU SIP) and the Credit Union Homeowners Affordability Relief Program (CU HARP) from the calculation of total assets; total assets is the basis on which the operating fee is currently calculated. The Board believes this amendment will remove a disincentive for some FCUs from participating in the CU SIP or the CU HARP. TXT; PDF  3/5/09

  • Beige Book

    The Treasury has published the February 2009 issue of the Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts. Beige Book  3/5/09

  • FDIC Publishes Final Rule in FR for Assessments

    The FDIC is amending their regulation to alter the way in which it differentiates for risk in the risk-based assessment system; revise deposit insurance assessment rates, including base assessment rates; and make technical and other changes to the rules governing the risk-based assessment system. TXT; PDF  3/4/09

  • FDIC Publishes Interim/Final Rule in FR for Amended Restoration Plan; Assessments; Modification of Temporary Liquidity Guarantee Program

    The FDIC is issuing this Interim Rule to make a minor modification to the Temporary Liquidity Guarantee Program (TLGP) to include certain issuances of mandatory convertible debt (MCD) under the TLGP debt guarantee program. TXT; PDF  3/4/09

  • NCUA Publishes Final Rule in FR for Accuracy of Advertising and Notice of Insured Status

    Section 740.4 of NCUA's rules requires that a federally insured credit union continuously display the official NCUA sign at every teller station or window where insured funds or deposits are normally received. Section 740.4(c) requires that tellers accepting share deposits for both federally insured credit unions and nonfederally insured credit unions also post a second sign adjacent to the official NCUA sign. NCUA is revising a rule to replace the required listing of credit unions with a statement that not all of the credit unions served by the teller are federally insured and that members should contact their credit union if they need more information. TXT; PDF  3/4/09

  • NCUA Publishes Final Rule in FR for Civil Monetary Penalty Inflation Adjustment

    The National Credit Union Administration (NCUA) is amending its rules of practice and procedure to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustment, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996. TXT; PDF  3/4/09

  • Bank Melli Related Companies added to OFAC List

    Eleven companies with ties to Iran's Bank Melli have been designated by the Treasury as Weapons of Mass Destruction proliferators. Bank Meli was previously designated as a proliferator for its role in Iran's nuclear and ballistic missile programs. Information regarding the companies has been posted on the BOL OFAC page.  3/4/09

  • CRA Exam Schedule Released

    The OCC has released its Second Quarter 2009 CRA Examination Schedule. Schedule  3/4/09

  • TALF Launched

    The Treasury and the FRB have announced the launch of the Term Asset-Backed Securities Loan Facility (TALF), a component of the Consumer and Business Lending Initiative (CBLI). A white paper, term sheet and FAQs were also released. TALF; White Paper; Term Sheet; FAQs  3/4/09

  • Funding Sources FIL

    A FIL has been issued by the FDIC regarding the use of volatile or special funding sources by financial institutions that are in a weakened condition. FIL  3/4/09

  • Bernanke Says More Funds May Be Needed

    In testimony before the Senate Banking Committee, Chairman Bernanke stated, "Although progress has been made on the financial front since last fall, more need to be done." He indicated that the need for additional funds would depend on the results of the current assessment of banks. Testimony   3/4/09

  • Internal Sharing of SAR Information Proposed

    The FinCEN has proposed revised rules and new guidance that permit certain affiliates of depository institutions, broker-dealers, and introducing brokers to share suspicious activity reports (SARs) within a corporate organizational structure. SAR Sharing  3/4/09

  • Bair on the Role of Regulators and Law Enforcement

    In a presentation to the National Association of Attorneys General, Chairman Bair discussed enforcement and third parties; subprime credit cards and payday lenders; social security check scammers; issued a call state and federal action. Speech  3/4/09

  • MSB Registration List Updated

    The FinCEN has updated the MSB Registration List with data current as of February 14, 2009. List  3/4/09

  • MSB Information Sharing Agreement

    An information sharing agreement allowing for the exchange of information relating to Money Services Businesses (MSB) supervision has been executed by the FDIC and the Washington State Department of Financial Institutions. Agreement   3/4/09

  • Reserve Position Update

    The Treasury has updated the U. S. International Reserve Position Report with data current as of February 27, 2009. Update  3/4/09

  • CRA Ratings Released

    The OTS has released the ratings received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings  3/3/09

  • Dugan Proposes New Loan Loss Reserve Calculations

    In a presentation before the Institute of International Bankers, Comptroller Dugan noted that current accounting standards for loan loss provisioning, both here and abroad, are based on the so-called "incurred loss" model. He stated, "We need to do a better job of telling banks and their auditors, both in the United States and elsewhere, the degree to which they are permitted to use non-historical, forward-looking judgmental factors to justify provisions to the loan loss reserve." Speech  3/3/09

  • Banking Challenges Discussed By Bair

    Chairman Bair, in a presentation before the Institute of International Bankers, discussed the challenges currently faced by the banking industry and the actions being taken to confront them. In addition, she specifically addressed the Basel Two capital standards, cross-border resolutions, and nationalization. Speech  3/3/09

  • MDC Interim Final Rule FIL Issued

    The FDIC has issued a FIL regarding the adoption of an interim final rule that allows entities participating in the debt guarantee portion of the Temporary Liquidity Guarantee Program (TLGP) to issue certain mandatory convertible debt (MCD). FIL  3/3/09

  • Treasury and FRB Participate in AIG Plan

    The Treasury and the FRB have announced a restructuring of the government's assistance to AIG that is designed to enhance the company's capital and liquidity. Summary; Term Sheet  3/3/09

  • Guarantee Program Participants Announced

    The NCU has announced the corporate credit unions that are participating in its voluntary guarantee program which consists of a temporary guarantee by the National Credit Union Share Insurance Fund (NCUSIF), of all shares (excluding paid-in-capital and membership capital accounts) at all corporate credit unions. Program  3/3/09

  • FDIC Publishes Interim Rule in FR for Assessments

    The FDIC is adopting an interim rule to impose a 20 basis point emergency special assessment under 12 U.S.C. 1817(b)(5) on June 30, 2009. The assessment will be collected on September 30, 2009. The interim rule also provides that, after June 30, 2009, if the reserve ratio of the Deposit Insurance Fund is estimated to fall to a level that the Board believes would adversely affect public confidence or to a level which shall be close to zero or negative at the end of a calendar quarter, an emergency special assessment of up to 10 basis points may be imposed by a vote of the Board on all insured depository institutions based on each institution's assessment base calculated pursuant to 12 CFR 327.5 for the corresponding assessment period. The FDIC seeks comment on the interim rule.
    TXT; PDF  3/3/09

  • Foreign Exchange Rates Report

    The G.5 Foreign Exchange Rates Report for February 2009 has been released by the FRB. G.5  3/3/09

  • FDIC DIF Special Assessment Announced

    The FDIC Board of Directors has amended the restoration plan for the Deposit Insurance Fund (DIF) by imposing a special assessment on insured institutions of 20 basis points, implementing changes to the risk-based assessment system, and setting rates beginning with the second quarter of 2009. DIF; Board Meeting Documents  3/02/09

  • Illinois and Nevada Banks Closed; Deposits Assumed

    The Heritage Community Bank, Glenwood, Illinois, was closed by the Illinois Department of Financial Professional Regulation, Division of Banking; the FDIC appointed receiver; and all deposits were assumed by MB Financial Bank, N.A., Chicago, Illinois. The Security Savings Bank, Henderson, Nevada was closed by the Nevada Financial Institutions Division; the FDIC appointed receiver; and all deposits were assumed by the Bank of Nevada, Las Vegas, Nevada. Heritage; Security  3/02/09

  • CRA Ratings Released

    The OCC has released the CRA ratings received by twenty-one national banks that were recently evaluated for compliance with the provisions of the CRA. Ratings  3/02/09

  • Enforcement Actions

    The list of orders of administrative enforcement actions taken by the FDIC against banks and individuals in January 2009 has been released. Enforcement Actions  3/02/09

  • CRA Exam Schedule Announced

    The FDIC has announced its second quarter 2009 CRA examination schedule. Schedule  3/02/09

  • C&D Order Issued

    The FRB has announced the issuance of a consent Cease and Desist Order against FSB Bancorp, Inc., Altus, Oklahoma. Order  3/02/09

  • Examiner Guidance Issued

    The NCUA has issued new supervisory guidance for agency examination staff regarding the impact the Corporate Stabilization Program may have on credit union balance sheets. Guidance  3/02/09

  • OFAC CMPs Announced

    The civil money penalties (CMPs) recently imposed by OFAC against individuals and entities for violations of various sanctions programs have been announced. No financial institutions were listed. CMPs  3/02/09

  • Foreign Check Collection Moves

    The FRB Financial Services has announced that effective March 2, 2009, the non-Canadian foreign check collections service provided by the Charlotte office will be moved to the Atlanta office. Foreign  3/02/09

  • Treasury May Participate in Citigroup Exchange Offering

    The Treasury has announced that it is willing to participate in the Citigroup exchange offering under certain conditions. Treasury Announcement; Exchange Offering  3/02/09

01/31/2009

Top Stories for February 2009

  • OFAC List Entry Deleted

    The name of an individual formerly designated as a SDNT has been deleted from the SDN List. Information regarding the deletion has been posted on the BOL OFAC page.  2/27/09

  • Written Agreement Announced

    The execution of a Written Agreement by and between Cape Fear Bank Corporation, Wilmington, North Carolina, a registered bank holding company, and the Federal Reserve Bank of Richmond has been announced by the FRB. Written Agreement  2/27/09

  • Receivables Report Released

    The FRB has released the G.20 Owned and Managed Receivables Report for December 2008. G.20  2/27/09

  • FedACH Receivers New Price Structure

    FRB Financial Services has released a new price structure for FedACH receivers effective March 30, 2009. New Price  2/27/09

  • Recognition of Capital Contributions CEO Letter

    A CEO Letter has been issued by the OTS regarding the recognition of capital contributions in the form of cash or notes. Letter  2/27/09

  • IndyMac Audit Report

    The OTS has issued a draft of an audit report regarding the material loss review of IndyMac, FSB. Report  2/27/09

  • Thrift Industry Performance Report

    The Fourth Quarter 2008 Thrift Industry Performance reports have been issued by the OTS. Highlights; Charts; Selected Indicators; Economic Data  2/27/09

  • Domestic Deposits Increase - Earnings Decline

    The FDIC has published the Fourth Quarter 2008 Quarterly Banking Profiles which indicates insured commercial banks and savings institutions reported a net loss of $26.2 billion in the fourth quarter of 2008, a decline of $27.8 billion from the fourth quarter of 2007. Total deposits increased by $307.9 billion (3.5 percent), the largest percentage increase in 10 years. Quarterly Banking Profile  2/27/09

  • Sale of Distressed Loans Announced

    The FDIC has announced the structured sale of $1.45 billion of performing and nonperforming residential and commercial construction loans in distressed markets. Sale  2/27/09

  • Federal Debt Collection Law Reform Recommended

    The FTC has issued a report recommending that the debt collection legal system be reformed and modernized to reflect changes in consumer debt, the debt collection industry, and technology. Report  2/27/09

  • NCUA Board Meeting Results

    The results of the February 26, 2009, meeting of the NCUA Board have been published in the Board Action Bulletin. Bulletin  2/27/09

  • Counterfeits Special Alerts

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

    • Provident Savings Bank, F.S.B., Riverside, California (Counterfeit Cashier's Checks);
    • Bank of Turtle Lake, Turtle Lake, North Dakota (Counterfeit Cashier's Checks);
    • Cathay Bank, Los Angeles, California (Counterfeit Official Checks);
    • Linn County State Bank, Coggon, Iowa (Counterfeit Cashier's Checks);
    • Farmers State Bank, LaGrange, Indiana (Counterfeit Cashier's Checks);
    • First Bank, Creve Coeur, Missouri (Counterfeit Checks);
    • Bank of Birmingham, Birmingham, Michigan (Fraudulent Certified Checks);
    • Darby Bank & Trust Co., Vidalia, Georgia (Counterfeit Official Checks);
    • First Northern Bank of Dixon, Dixon, California (Counterfeit Cashier's Checks);
    • Lakeland Bank, Oak Ridge, New Jersey (Counterfeit Checks);
    • OmniAmerican Bank, Fort Worth, Texas (Counterfeit Cashier's Checks);
    • First Trust Bank of Illinois, Kankakee, Illinois (Counterfeit Official Checks);
    • US Bank, Saungus, Massachusetts (Counterfeit Cashier's Checks);
    • Denali State Bank, Fairbanks, Alaska (Counterfeit Cashier's Checks);
    • Fidelity Bank, Norcross, Georgia (Counterfeit Official Checks);
    • Libertad Bank, SSB, Austin, Texas (Counterfeit Cashier's Checks); and
    • The First National Bank of McMinnville, McMinnville, Tennessee (Counterfeit Official Checks).

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  2/26/09

  • CAP Assessments Begin

    The federal bank regulatory agencies have announced that under the provisions of the Capital Assistance Program (CAP), they will start conducting forward-looking economic assessments of eligible U.S. bank holding companies with assets exceeding $100 billion. These assessments will be done on an interagency basis as a coordinated supervisory exercise and will be completed by April 30, 2009. A set of Frequently Asked Questions (FAQs) with details about the assessment process was released. FAQs; FRB PR; FDIC PR; OCC NR; OTS PR  2/26/09

  • CAP Terms and Conditions Released

    A White Paper, Term Sheet and FAQs have been released by the Treasury regarding the terms of the Capital Assistance Program (CAP). Summary; White Paper; Term Sheet; FAQs  2/26/09

  • Tax Credit for First-Time Home Buyers

    The Treasury has announced that qualifying taxpayers who are first-time home buyers in 2009 are eligible for an expanded tax break of $8,000 under the provisions of the American Recovery and Reinvestment Act of 2009. Tax Break  2/26/09

  • FinCEN Mortgage Fraud Report

    The FinCEN has released its latest mortgage fraud analysis, Filing Trends in Mortgage Loan Fraud, which shows suspicious activity reports (SARs) filed on suspected mortgage fraud increased 44 percent in the 12 months ending in June 2008. Report  2/26/09

  • Community Directors Workshop

    The OCC will host a workshop for community bank directors in Orlando, Florida, on March 23-25, 2009. Online registration is available. Workshop; Registration  2/26/09

  • FEDS Working Paper Released

    A working paper is the Finance and Economic Discussion Series (FEDS) on the topic "Salience and Taxation: Theory and Evidence" has been published by the FRB. Abstract; Full Paper  2/26/09

  • FI OFAC Obligations FAQs

    FAQs have been issued by OFAC regarding the obligations of a financial institution (FI) concerning property that is owned, directly or indirectly, 50% or more by persons whose property and property interests in property are blocked pursuant to an Executive Order or regulations administered by OFAC. FAQ  2/25/09

  • BHC Payment of Stock Dividends, Redemptions and Repurchases SR Letter

    A supervisory letter has been issued by the FRB regarding the payment by a bank holding company (BHC) of stock dividends, redemptions and repurchases. Letter  2/25/09

  • Bernanke Delivers Monetary Policy Report to Congress

    The Semiannual Monetary Policy Report to the Congress has been delivered by Chairman Bernanke to the Senate Committee on Banking, Housing and Urban Affairs. Report  2/25/09

  • Mortgage Data Report

    The OCC and OTS have issued a response letter to the request of the Congressional Oversight Panel for mortgage data information. Letter; Data; Field Definitions  2/25/09

  • Flood Violation $125,000 CMP

    The OCC has announced the issuance of a civil money penalty (CMP) in the amount of $125,000 against an operating subsidiary of a Virginia national bank for violations of the Flood Disaster Protection Act. Information concerning the CMP has been posted on the BOL Flood Penalties Watch page.  2/25/09

  • Customer CTR Guide

    The FinCEN has released two versions of an educational pamphlet, "Notice to Customers: A CTR Reference Guide," for financial institutions and their customers containing information on the currency transaction reporting (CTR). Information; Pamphlet 1; Pamphlet 2  2/25/09

  • 314(a) Fact Sheet Update

    The FinCEN has updated the 314(a) fact sheet with data current as of February 24, 2009. 314(a)  2/25/09

  • Charge-Off and Delinquency Rate Report

    The report of charge-off and delinquency rates on loans at commercial banks for fourth quarter 2008 has been issued by the FRB. Report  2/25/09

  • Reserve Position Update

    The Treasury has released an update of the U.S. International Reserve Position Report current as of February 20, 2009. Update  2/25/09

  • Credit Auction Results

    The FRB has announced the results of auction of $150 billion in 84-day credit held on February 23, 2009. Results  2/25/09

  • Discount Rate Meeting Minutes

    The FRB has released the minutes of its discount rate meeting held on January 26, 2009. Minutes  2/25/09

  • Regulators Issue Statement

    The Treasury, FDIC, OCC, OTS, and the FRB have issued a joint statement regarding the banking system and the Capital Assistance Program. Treasury PR; FRB PR; OCC NR; OTS PR  2/24/09

  • Credit and Liquidity Programs and the Balance Sheet Info Online

    The FRB has launched a new section on its web site which provides information regarding the Federal Reserve's balance sheet; liquidity and credit facilities; risk-management practices; the types and amounts of collateral being pledged at the various lending facilities; and links to resources. Web Site  2/24/09

  • BHC Legal Interpretations Released

    Two letters regarding legal interpretations concerning the acquisition by a BHC of an indirect controlling interest in a bank subsidiary and exemption from the Board's risk-based capital guidelines for BHCs concerning tier one capital. Controlling Interest; Exemption  2/24/09

  • UBPR User's Guide Updated

    The FFIEC has updated the Uniform Bank Performance Report (UBPR) User's Guide. Guide  2/24/09

  • Enforcement Actions Announced

    The enforcement actions recently taken by the OCC against national banks and individuals currently and formerly affiliated with national banks have been announced. Enforcement Actions  2/23/09

  • Oregon Bank Closed Deposit Assumed

    The Silver Falls Bank, Silverton, Oregon, has been closed by the Oregon Department of Consumer and Business Services; the FDIC was appointed receiver; and all the deposits were assumed by Citizens Bank, Corvallis, Oregon. Closed  2/23/09

  • MSB Ruling Issued

    The FinCEN has issued a ruling on whether a company that engages in microfinance is a money services business (MSB). Ruling  2/23/09

  • BHC Written Agreements Announced

    The FRB has announced that written agreements have been entered into with each of the following bank holding companies (BHCs):

    • Polk County Bancorporation, Inc., Johnston, Iowa;
    • Temecula Valley Bancorp Inc., Temecula, California;
    • Florida Community Banks, Inc., Immokalee, Florida; and
    • Corus Bankshares, Inc., Chicago, Illinois.

    Polk; Temecula; Florida Community; Corus  2/20/09

  • FRB Publishes Technical Amendment to Final Rule in FR for Collection of Checks and Funds Availability

    The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the Baltimore branch office of the Federal Reserve Bank of Richmond and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Philadelphia. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. TXT; PDF  2/20/09

  • HOEPA Final Rule Bulletin Issued

    The OCC has issued a bulletin regarding the previously announced final rule concerning amendments to Regulation Z under the Home Ownership and Equity Protection Act (HOEPA). The final rule includes the four key protections of the newly defined category of "higher-priced mortgage loans". Information regarding the final rule was posted in the July 30, 2008, BOL Top Stories. Bulletin  2/20/09

  • Homeowner Affordability and Stability Plan

    An executive summary, fact sheet and three case studies of the Homeowner Affordability and Stability Plan have been released by the Treasury. Executive Summary;
    Fact Sheet
    ; Case Studies  2/19/09

  • Geithner Statements on Freddie, Fannie, GM and Chrysler

    Secretary Geithner has issued statements regarding the Treasury's increased funding commitment to Fannie Mae and Freddie Mac and the restructuring reports from Chrysler LLC and General Motors Corporation. Freddie Fannie; GM Chrysler  2/19/09

  • Bernanke Discusses FR Credit Policies and Balance Sheet

    In a presentation at the National Press Club, Chairman Bernanke discussed the Federal Reserve policies to ease credit and the implications for the Fed's balance sheet. Speech  2/19/09

  • FOMC Minutes

    The minutes of the Federal Open Market Committee meetings held January 16 and January 27-28, 2009, have been released. Minutes  2/19/09

  • Industrial Production and Capacity Utilization Report Issued

    The January 2009 G. 17 Industrial Production and Capacity Utilization Report has been issued by the FRB. G. 17  2/19/09

  • Reserve Position Updated

    The Treasury has updated the U.S. International Reserve Position with data current as of February 13, 2009. Update  2/19/09

  • March HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in March 2009, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. Since February 15, 2009 was a Sunday, use the rate on February 13, 2009, the business day immediately preceding the 15th. H.15  2/18/09

  • Bank Accounting Advisory Series Updated

    The OCC has released the December 2008 update to the Bank Accounting Advisory Series which contains many major revisions regarding interpretations of accepted accounting principles or regulatory capital requirements. Update  2/18/09

  • Reg CC Amendments Approved

    Amendments to Appendix A of Regulation CC have been approved by the FRB that reflect the restructuring of the check processing operations in the Third and Fifth Districts. Reg CC  2/18/09

  • Cost of Funds Reports Issued

    The OTS has issued the historical and current cost of funds for OTS regulated Institutions. Historical; Current  2/18/09

  • FEDS Working Papers Published

    Two working papers in the Finance and Economics Discussion Series (FEDS) series have been published by the FRB on the topics of "Fluctuations in Individual Labor Income: A Panel VAR Analysis" and "A Comparison of Forecast Performance Between Federal Reserve Staff Forecasts, Simple Reduced-Form Models, and a DSGE Model." Fluctuations Abstract; Fluctuations Full Paper; Comparison Abstract;
    Comparison Full Paper
      2/18/09

  • TIC Data Released

    The Treasury has released the Treasury International Capital data for December 2009. TIC  2/178/09

  • Regulators Expand Mortgage Data Collection

    The OCC and the OTS has announced the expansion of the scope of the mortgage performance data gathered from national banks and thrifts to include additional information on the affordability and sustainability of loan modifications. The OCC-OTS Mortgage Metrics Data Dictionary was also updated. Dictionary; OCC NR; OTS NR  2/17/09

  • Four Banks Closed; Deposits Assumed

    The FDIC has announced the following four banks in have been closed by their respective regulators; the FDIC appointed receivers and all deposits were assumed by the institutions listed below:

    • Sherman County Bank, Loup City, Nebraska, deposits assumed by Heritage Bank, Wood River, Nebraska;
    • Riverside Bank of the Gulf Coast, Cape Coral, Florida, deposits assumed by TIB Bank, Naples, Florida;
    • Corn Belt Bank and Trust Company, Pittsfield, Illinois, deposits assumed by The Carlinville National Bank, Carlinville, Illinois; and
    • Pinnacle Bank, Beaverton, Oregon, deposits assumed by Washington Trust Bank, Spokane, Washington.

    Sherman County; Riverside; Corn Belt; Pinnacle  2/17/09

  • CU Closed and Liquidated

    The NCUA has placed Center Valley Federal Credit Union of Wheeling, West Virginia, into liquidation and checks will be issued to individuals once they have verified the balances in their share accounts. Liquidated  2/17/09

  • $2.8 Additional CU SIP Funds Distributed

    An additional $2.9 billion has been distributed by NCUA to credit unions participating in the Credit Union System Investment Program (CU SIP), an NCUA Central Liquidity Facility initiative designed to add liquidity to the credit union system. CU SIP  2/17/09

  • FOMC Expands Meetings

    In order to allow for more time for discussion, the Federal Open Market Committee (FOMC) 2009 meetings in March, August, September, and December will be expanded to two days instead of one. Meeting Schedule  2/17/09

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced effective February 23, 2009, the addition of additional routing numbers for FedReceipt products. Numbers  2/17/09

  • February FedFlash Online

    The February 2009 issue of FedFlash, which features articles regarding Check 21, FedACH, FedCash and FedWire services plus news from the Federal Reserve Districts has posted online by the FRB Financial Services. FedFlash  2/17/09

  • CRA Interagency Q&A

    The OCC has issued a bulletin regarding the previously announced 2009 CRA Interagency Q&A and request for comments. Information concerning the Q&A was posted in the January 7, 2009 BOL Top Stories.  2/13/09

  • Credit Card Rule Conference Call Information

    Credit unions, banks and thrifts are invited to register online to participate in a free audio briefing where speakers from the OTS, NCUA and Federal Reserve will respond live to participants' questions concerning the new rule addressing unfair credit card practices during a live, 2-hour briefing and call-in scheduled February 24, 2009, at 2:00 p.m. Information; Registration  2/13/09

  • Reich Announces Departure

    OTS Director Reich has announced that he will leave his office on February 27, 2009. Reich  2/13/09

  • Temporary Halt to Home Foreclosures Urged

    The OTS is urging OTS-regulated institutions to suspend foreclosures on owner-occupied homes until the Financial Stability Plan's "home loan modification program" is finalized. Halt  2/12/09

  • U.S. Based Foundation added to OFAC List

    The Treasury has designated the U.S. based Tamil Foundation, a member of the support network of the Sri Lanka-based designated terrorist group Liberation Tigers of Tamil Eelam (LTTE), as an SDGT and added its name to the SDN List. Information regarding the entity has been posted on the BOL OFAC page.  2/12/09

  • Financial Stability Plan Interagency Statement

    A joint statement regarding the Financial Stability Plan has been issued by Secretary Geithner, Chairman Bernanke, Chairman Bair, Comptroller Dugan, and Director John M. Reich. Statement   2/12/09

  • Two Section 19 Letters Published

    The FRB has published two letters that were sent to individuals who are prohibited pursuant to the provisions of Section 19 of the Federal Deposit Insurance Act from becoming or continuing to be an institution-affiliated party with respect to a banking organization or a credit union. Letter 1; Letter 2  2/12/09

  • Check Image Exchange Best Practices Announced

    A set of best practices and recommendations intended to improve the operational efficiency of check image exchange have been announced by Image Industry Interoperability Group (i3G), a bank-driven industry collaborative. Check Image  2/12/09

  • 341(a) Fact Sheet Updated

    The FinCEN has updated the 314(a) Fact Sheet with data current as of February 10, 2009. 314(a)  2/12/09

  • Foreclosure Rescue Operation Sued

    The FTC has filed suit against a mortgage foreclosure "rescue" company with falsely claiming that it will stop foreclosure or fully refund consumers' money. FTC   2/12/09

  • Reserve Position Update

    The U.S. International Reserve Position Report has been updated by the Treasury with data current as of February 6, 2009. Reserve Position  2/112/09

  • Financial Stability Plan Announced

    Treasury Secretary Geithner has announced the provisions of the Financial Stability Plan. A new website, FinancialStability.gov, has been launched to provide current information and a Fact Sheet was also released. Geithner Remarks; Website; Fact Sheet  2/11/09

  • TALF Expansion Preparation Announced

    The FRB has announced it is prepared for an expansion of the Term Asset-Backed Securities Loan Facility (TALF) to include newly issued AAA-rated asset-backed securities, such as commercial mortgage-backed securities, private-label residential mortgage-backed securities, and other asset-backed securities. TALF  2/11/09

  • Bernanke Discusses FRB Credit Programs

    In testimony before the House Committee on Financial Services, Chairman Bernanke reviewed the Federal Reserve's various credit programs and the plans to strengthen the credit markets and the economy. Testimony  2/11/09

  • Drug Kingpin's Associates added to OFAC List

    The Treasury has designated, pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act), 26 companies and 14 individuals tied to Peruvian drug kingpin Fernando Zevallos Gonzales' financial network based in Peru, Panama and the British Virgin Islands. The names of the companies and individuals have been added to the SDN list with the SDNTK designation. In addition, one existing name has been deleted and seven others have been changed. Information regarding the additions, deletion and changes has been posted on the BOL OFAC page.  2/11/09

  • Corporate Stabilization Program Webcast Scheduled

    NCUA will host a Webcast on Thursday, February 12, 2009, to provide the credit union community with an update on the corporate credit union stabilization program. Online registration is available starting Wednesday, February 11, 2009. Webcast  2/110/09

  • Credit Auction Results Announced

    The Federal Reserve has announced the results of the auction of $150 billion in 28-day credit held on February 9, 2009. Results  2/11/09

  • Flood CMP Assessed

    The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $3,990.00 against Genoa Banking Company, Genoa, Ohio for alleged violations of the Board's regulations implementing the National Flood Insurance Act. Information concerning the violation and the CMP has been posted on the BOL Flood Penalties Watch page. Genoa Banking Company, Genoa, Ohio (Dated February 4, 2009) Issued by the Federal Serve Board  2/10/09

  • Written Agreement with Georgia BHC Announced

    A written agreement by and between FirstCity Bancorp, Inc., Stockbridge, Georgia, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia has been announced by the FRB. Agreement  2/10/09

  • Community Bank Directors Workshop Scheduled

    The OCC has announced the scheduling of a workshop for community bank directors to be held in Lexington, Kentucky on March 10, 2009. The workshop is limited to the first 50 registrants and online registration is offered. Workshop; Registration  2/10/09

  • Illegal Check Processing Operation Permanently Halted

    A United States District Court has ordered a permanent halt to the illegal operations of Qchex.com, an Internet-based check creation and delivery service. The operators were also ordered to give up all the money they made from the illegal operation. Order  2/10/09

  • Banks Closed, Deposits Assumed

    The following three Banks have been closed by their respective regulators, the FDIC appointed receivers and their deposits assumed:

    • FirstBank Financial Services, McDonough, Georgia,
    • Alliance Bank, Culver City, California, and
    • County Bank, Merced, California.

    FirstBank; Alliance; Country  2/09/09

  • TALF Revised Terms and FAQs

    The FRB has released additional terms and conditions, including loan rates and collateral haircuts, of the Term Asset-Backed Securities Loan Facility (TALF) which include a revised definition of eligible borrowers and additional specifications regarding eligible ABS collateral. A revised frequently-asked-questions (FAQ) document detailing the changes was also released. Terms; FAQ  2/09/09

  • Severe Weather Relief Guidance

    A FIL has been issued by the FDIC regarding a guidance that announces a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Kentucky and Arkansas affected by recent severe weather. FIL; Guidance  2/09/09

  • Consumer Credit Report Released

    The December 2008 G.19 Consumer Credit Report has been released by the FRB. G.19  2/09/09

  • CRA Ratings Released

    The FDIC has released the ratings received by state non-member banks that were recently examined for compliance with the provisions of the CRA. Ratings  2/06/09

  • Unbanked and Underbanked Survey Results

    The first national survey of banks' efforts to serve the unbanked and underbanked individual and families in their respective market areas has been released by the FDIC. Survey  2/06/09

  • MSB Registration List Updated

    The FinCEN has updated the MSB Registration List with data current as of January 14, 2009. List  2/06/09

  • Transactions Between Member Banks and Their Affiliates: Exemption for Certain Purchases of Asset-Backed Commercial Paper by a Member Bank From an Affiliate (Reg W)

    To reduce liquidity and other strains being experienced by money market mutual funds, the Federal Reserve System adopted on September 19, 2008, the Asset-Backed Commercial Paper Money Market Mutual Fund Lending Facility (AMLF) that enables depository institutions and bank holding companies to borrow from the Federal Reserve Bank of Boston on a nonrecourse basis if they use the proceeds of the loan to purchase certain types of asset-backed commercial paper (ABCP) from money market mutual funds. To facilitate this Federal Reserve lending program, the Board of Governors of the Federal Reserve System (Board) also adopted an exemption from its leverage and risk-based capital rules for ABCP held by a state member bank or bank holding company as a result of its participation in this program.TXT; PDF  2/4/09

  • Transactions Between Member Banks and Their Affiliates: Exemption for Certain Securities Financing Transactions Between a Member Bank and an Affiliate (Reg W)

    In light of the continuing unusual and exigent circumstances in the financial markets, the Board has adopted a regulatory exemption for member banks from certain provisions of section 23A of the Federal Reserve Act and the Board's Regulation W. The exemption increases the capacity of member banks, subject to certain conditions designed to help ensure the safety and soundness of the banks, to enter into securities financing transactions with affiliates. TXT; PDF  2/4/09

  • Online FedFocus

    The February 2009 issue of FedFocus has been posted online. FedFocus  2/06/09

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Harbor National Bank, Charleston, South Carolina. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  2/05/09

  • Kurdish Party Added to OFAC List

    The Treasury has designated as a SDGT and added to the SDN List the Free Life Party of Kurdistan (PJAK), a Kurdish group operating in the border region between Iraq and Iran which is controlled by the terrorist group Kongra-Gel (KGK). Information regarding the entity has been posted on the BOL OFAC page.  2/05/09

  • FI Executive Compensation Restrictions Announced

    The Treasury has issued a new set of guidelines on executive pay for financial institutions that are receiving government assistance to address our current financial crisis. Compensation  2/05/09

  • Failed Bank Insured Deposits FIL

    The FDIC has issued a FIL regarding the previously announced final rule concerning the determination of deposit and other liability account balances at a failed insured depository institution. Information regarding the final rule was posted in the February 2, 2009 BOL Top Stories. FIL  2/05/09

  • Quarterly Refunding Statement Released

    The February 2009 Quarterly Refunding Statement has been released by the Treasury. Statement  2/05/09

  • TBAC Report and Minutes

    The report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association (TBAC) and the minutes of its February 3, 2009 meeting have been released. Report; Minutes  2/05/09

  • 42 Healthy Banks Receive $1.15 Billion CPP Funds

    The Treasury has announced investments of approximately $1.15 billion in 42 healthy viable banks across the nation as part of its Capital Purchase Program (CPP). CPP  2/04/09

  • CRA Ratings Released

    The OTS has released the ratings received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings  2/04/09

  • NCUA Proposes Rulemaking for Corporate Credit Unions

    In the light of current economic circumstances affecting the U.S. economy and, in particular, the financial sector, NCUA is evaluating and reconsidering the role corporate credit unions currently play in the credit union system, including corporates' membership structure, size, and types of services they offer. NCUA is also considering whether to amend its regulation governing corporate credit unions to clarify or revise current provisions, including those related to: capital; permissible investments; management of credit risk and liquidity; and corporate governance.TXT; PDF  2/4/09

  • Written Agreements Announced

    Three written agreements have been announced by the Treasury with a Wisconsin BHC, a Kansas BHC and a Florida BHC and its subsidiary bank. Wisconsin; Kansas; Florida  2/04/09

  • New HMDA Rate Spread Calculator Available

    The FFIEC posted online the new HMDA Rate Spread Calculator which will be effective October 1, 2009. Calculator  2/04/09

  • Liquidity Programs Extended

    The Federal Reserve has extended through October 30, 2009, its existing liquidity programs that were scheduled to expire on April 30, 2009. Extension  2/04/09

  • Markets Activities Manual Updated

    The Trading and Capital-Markets Activity Manual has been updated by the FRB. Manual  2/04/09

  • Senior Loan Officer Opinion Survey Results

    The FRB has published the results of the January 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices. Results  2/03/09

  • Marketable Borrowing Estimates Announced

    The Treasury has announced its current estimates of marketable borrowing for the first and second quarters of 2009. Estimates  2/03/09

  • FDIC Proposes Rulemaking for Interest Rate Restrictions on Institutions that are Less Than Well“Capitalized

    The FDIC is proposing to amend its regulations relating to the interest rate restrictions that apply to insured depository institutions that are not well capitalized. Under the proposed rule, such insured depository institutions generally would be permitted to offer the "national rate" plus 75 basis points. The purpose of this proposed rule is to clarify the interest rate restrictions for certain insured depository institutions and examiners. TXT; PDF  2/3/09

  • Foreign Exchange Rates Released

    The G.5 Foreign Exchange Rates Report for January 2009 has been released by the FRB. G.5  2/03/09

  • Florida Bank, Utah Bank and Maryland Savings Bank Closed

    The OCC has closed Ocala National Bank, Ocala, Florida; the OTS has closed Suburban Federal Savings Bank, Crofton, Maryland; and the Utah Department of Financial Institutions has closed MagnetBank, Salt Lake City, Utah. The FDIC was appointed receiver of the failed institutions. CenterState Bank of Florida, Winter Haven, Florida, assumed all of the deposits of the Ocala National Bank; The Bank of Essex of Tappahannock, Va., acquired all of the deposits of Suburban Federal; and the payout of the insured deposits of MagnetBank was approved by the FDIC. Ocala National; Suburban Federal; MagnetBank  2/02/09

  • Flood Penalties and other Enforcement Actions Announced

    The FDIC has announced forty orders of administrative enforcement actions taken against banks and individuals in December 2008. Information regarding the penalties assessed for flood violations has been posted on the BOL Flood Penalties Watch page. Orders  2/02/09

  • FDIC Publishes Final Rulein FR for Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure

    The FDIC is adopting a final rule establishing the FDIC's practices for determining deposit and other liability account balances at a failed insured depository institution. Except as noted, the FDIC practices defined in the final rule represent a continuation of long-standing FDIC procedures in processing such balances at a failed depository institution. The final rule also imposes certain disclosure requirements in connection with sweep accounts. TXT; PDF  2/2/09

  • Call Report Revisions

    A FIL has been issued by FDIC regarding the approved by the FFIEC of revisions to the reporting requirements for the Consolidated Reports of Condition and Income (Call Report). FIL; Form 031; Form 041  2/02/09

  • SFHDF Form Updated

    The FDIC has issue a FIL regarding the issuance by FEMA of a revised Standard Flood Hazard Determination Form (SFHDF) which must be used beginning June 16, 2009. Information concerning the new form and an online link may be found on the BOL Flood Penalties Watch page. FIL  2/02/09

  • Written Agreement with Colorado BHC Announced

    The FRB has announced the execution of a Written Agreement by and between New Frontier Bancorp, Greeley, Colorado, a registered bank holding company, and the Federal Reserve Bank of Kansas City. Agreement  2/02/09

  • Section 19 Letters Published

    The FRB has published five Section 19 Letters which prohibit the recipients from future involvement in the banking industry. Letter 1; Letter 2; Letter 3; Letter 4; Letter 5  2/02/09

  • AMLF Final Rules

    Three Final Rules have been adopted by the FRB pertaining to the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility (AMLF), and Regulations H, W, and Y. Summary; ; FR 1; FR 2; FR 3  2/02/09

  • Foreign Check Collection Service to be Moved

    The FRB Financial Services that the Foreign Collection Services will be relocated to the Federal Reserve Bank of Atlanta. Services  2/02/09

  • FRB Managed Residential Assets Foreclosure Policy

    The FRB has published a policy that was adopted to help avoid preventable foreclosures on certain residential mortgage assets held, owned, or controlled by a Federal Reserve Bank. Policy X  2/02/09

  • IFDP Working Paper Published

    A working paper in the International Finance and Discussion Papers (IFDP) series on the topic of "The Demand for Youth: Implications for the Hours Volatility Puzzle" has been published by the FRB. Abstract; Full Paper  2/02/09

12/31/2008

Top Stories for January 2009

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Waterford Bank, N.A., Toledo, Ohio. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  1/30/09

  • OFAC CMPs Announced

    The civil money penalties (CMPs) recently assessed by OFAC against entities and individuals for violations of the various Sanctions Programs have been announced. No financial institutions or related individuals were cited. CMPs  1/30/09

  • ComE-IN Meeting Scheduled

    The FDIC Advisory Committee on Economic Inclusion (ComE-IN) will meet on February 5, 2009, to explore strategies for expanding banking services to the significant number of underserved household. The meeting is open to the public and will be held from 8:30 a.m. to about 4:00 p.m. at the FDIC headquarters in Washington, D.C. and can be view live via Webcast. Agenda; Webcast  1/30/09

  • FRB Proposes Rulemaking for Reserve Requirements of Depository Institutions

    The Board is requesting public comment on proposed amendments to Regulation D, Reserve Requirements of Depository Institutions, to authorize the establishment of limited-purpose accounts at Federal Reserve Banks for the maintenance of excess balances of eligible institutions (both as defined in Regulation D). EBAs; TXT; PDF  1/30/09

  • FEDS Working Paper Published

    The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of Factor Intensity and Price Rigidity: Evidence and Theory. Abstract; Full Paper  1/30/09

  • Columbia Companies Added to OFAC List

    OFAC has designated two Colombian companies as Specially Designated Narcotics Traffickers (SDNTs) and added their names to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.  1/29/09

  • TARP Contracts Posted Online

    The Treasury has announced the posting online of Troubled Assets Relief Program (TARP) investment contracts within five to ten business days of the completion of the transactions. Posting  1/29/09

  • Utah BHC Written Agreement

    The FRB has announced the execution of a Written Agreement by and between America West Bank Members, L.C., Layton, Utah, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Written Agreement  1/29/09

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee (FOMC) has announced its target range for the federal funds rate at 0 to 1/4 percent will remain unchanged. Rates  1/29/09

  • TLG Program SR Letter

    The FRB has issued a SR Letter pertaining to eligible bank and financial holding companies that are participating in the Debt Guarantee Program that is a part of the FDIC's Temporary Liquidity Guarantee Program (TLG Program). SR Letter  1/29/09

  • FRB Publishes Final Rule in FR for Truth in Lending

    The Board is amending Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, following a comprehensive review of TILA's rules for open-end (revolving) credit that is not home-secured. Consumer testing was conducted as a part of the review.  TXT; PDF  1/29/09

  • FRB Publishes Final Rule in FR for Truth in Savings

    The Federal Reserve Board (Board) is amending Regulation DD, which implements the Truth in Savings Act, and the official staff commentary to the regulation to require all depository institutions to disclose aggregate overdraft fees on periodic statements, and not solely institutions that promote the payment of overdrafts. The final rule also addresses balance disclosures provided to consumers through automated systems.  TXT; PDF  1/29/09

  • Joint Agencies Publish Final Rule in FR for Unfair or Deceptive Acts or Practices

    The Board, OTS, and NCUA (collectively, the Agencies) are exercising their authority under section 5(a) of the Federal Trade Commission Act to prohibit unfair or deceptive acts or practices. The final rule prohibits institutions from engaging in certain acts or practices in connection with consumer credit card accounts. The final rule relates to other Board rules under the Truth in Lending Act.  TXT; PDF  1/29/09

  • FRB Proposes Rulemaking for Electronic Fund Transfers

    The Board is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The proposal would limit the ability of a financial institution to assess an overdraft fee for paying automated teller machine (ATM) withdrawals and one-time debit card transactions that overdraw a consumer's account, unless the consumer is given notice of the right to opt out of the payment of such overdrafts, and the consumer does not opt out.  TXT; PDF  1/29/09

  • Community Liaison Newsletter

    The OTS has published the Winter 2009 Community Liaison Newsletter which promotes financial literacy. Newsletter  1/29/09

  • Less than Well-capitalized Interest Rate Restrictions Proposed

    The FDIC has proposed for comment a regulatory change in the way the FDIC administers its statutory restrictions on the deposit interest rates paid by banks that are less than well-capitalized. Proposal  1/28/09

  • Failed Bank FDIC Deposit Insurance Final Rule

    A final rule has been issued by the FDIC which establishes the practices for determining, for deposit insurance and receivership purposes, deposit and other account balances at a failed depository institution. Final Rule  1/28/09

  • Geithner Announces ESSA Lobbyist Rules

    Treasury Secretary Geithner has announced new rules designed to limit the influence of lobbyists and special interests in the Emergency Economic Stabilization Act (EESA) process. Rules  1/28/09

  • Written Agreement Announced

    The Treasury has announced the execution of a Written Agreement by and between Northpointe Bancshares, Inc., Grand Rapids, Michigan, a registered bank holding company, and the Federal Reserve Bank of Chicago. Written Agreement  1/28/09

  • FRB Publishes Technical Amendment to Final Rule in FR

    The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the Charlotte branch office of the Federal Reserve Bank of Richmond and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Atlanta. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System.  TXT; PDF  1/28/09

  • 2009 Federal Reserve Banks Leadership Appointed

    The FRB has announced the appointment of the chairs and deputy chairs of the twelve Federal Reserve Banks for 2009. Appointments  1/28/09

  • Reserve Position Update

    The U.S. International Reserve Report has been updated by the Treasury with data current as of January 23, 2009. Report  1/28/09

  • CPP Investments Announced

    The Treasury has announced investments of approximately $386 million in 23 banks across the nation as part of its Capital Purchase Program (CPP). CPP  1/28/09

  • Credit Auction Results

    The results of the auction of $150 billion in 84-day credit held on January 26, 2009, have been released by the Treasury. Auction  1/28/09

  • Six Working Papers Published

    The FRB has published six working papers in the Finance and Economic Discussion Series (FEDS) on the following topics:

    • Distress in the Financial Sector and Economic Activity
    • Firms' Relative Sensitivity to Aggregate Shocks and the Dynamics of Gross Job Flows
    • Regression Discontinuity Estimates of the Effects of the GSE Act of 1992
    • The Shimer Puzzle and the Identification of Productivity Shocks
    • State and Local Finances and the Macroeconomy: The High-Employment Budget and Fiscal Impetus
    • The Economics of the Mutual Fund Trading Scandal

    Distress Abstract; Distress Full Paper; Firms' Abstract; Firms' Full Paper; Regression Abstract; Regression Full Paper; Shimer Abstract; Shimer Full Paper;
    State Abstract
    ; State Full Paper;
    Economics Abstract
    ; Economics Full Paper  1/27/09

  • Finance Companies Report Released

    The G.20 Finance Companies Report regarding owned and managed receivables outstanding for November 2008 has been released by the FRB. G.20  1/27/09

  • 23A and Reg W Exemptions Granted

    The FRB has released three legal interpretation letters regarding the granting of requests for exemptions from the provisions of section 23A of the Federal Reserve Act and Regulation W to permit a bank to purchase assets from an affiliate. Exemption 1; Exemption 2; Exemption 3  1/26/09

  • Income Property Lending Bulletin

    The OTS has issued a Regulatory Bulletin regarding income property lending activities. Bulletin  1/26/09

  • California Bank Closed, Insured Deposits Acquired

    1st Centennial Bank, Redlands, California, has been closed by the California Department of Financial Institutions. The FDIC was appointed receiver and entered into a purchase and assumption agreement with First California Bank, Westlake Village, California, to assume the insured deposits. Closed  1/26/09

  • OFAC Corrects Iranian Transactions Regulations

    The Treasury has issued a correction to Appendix A of the Iranian Transactions Regulations. Information regarding the correction has been posted on the BOL OFAC page.  1/23/09

  • More TARP Investments Announced

    The details of a $1.5 billion investment in 39 banks made through its Capital Purchase Program have been announced by the Treasury. TARP  1/23/09

  • 23A Exemption Legal Opinion Letters

    The FRB has released two letters containing legal opinions regarding the granting of exemptions from Section 23A of the Federal Reserve Act concerning the purchase auction-rate securities ("ARS") from an affiliate and allowing an affiliate to hold and receive payments on variable-rate demand notes ("VRDN"s) and tender option bonds ("TOB"s) that are backed by a liquidity facility provided by the bank. ARS; VRDNs/TOBs  1/23/09

  • Interagency CRA Q&A Bulletin

    The OCC has issued a Bulletin regarding the previously released Interagency CRA Q&A. Information concerning the Q&A was posted in the January 7, 2009 BOL Top Stories. Bulletin  1/23/09

  • NCUA Board Meeting

    The results of the NCUA board meeting held on January 22, 2009 have been released. Results  1/23/09

  • Written Agreement with Wyoming BHC

    The FRB has announced the execution of a Written Agreement by and between First Company, Cody, Wyoming, a registered bank holding company, and the Federal Reserve Bank of Kansas City. Agreement  1/22/09

  • FR Training Program 2009 Course Catalog

    The FR has posted online its Training Program 2009 Course Catalog which includes descriptions of Federal Reserve System examiner training programs, Federal Financial Institutions Examination Council (FFIEC) courses and conferences, and a course offered by the Options Institute of the Chicago Board Options Exchange. Catalog  1/22/09

  • Mortgage Broker Dumpster Woes

    The FTC has charged a mortgage broker with violations of federal law for discarding consumers' tax returns, credit reports, and other sensitive personal and financial information in an unsecured dumpster. Dumpster  1/22/09

  • Community Bank Directors Workshops Scheduled

    The 2009 schedule of workshops for national community bank directors has been announced by the OCC. Schedule  1/22/09

  • FinCEN Invites Comment on SAR-IC

    The FinCEN invites comment on a renewal without change of an information collection requirement contained in the form "Suspicious Activity Report by Insurance Companies," or the SAR-IC, FinCEN Form 108. In the interim until Bank Secrecy Act database issues are resolved, insurance companies will report suspicious activities using the "Suspicious Activity Report by the Securities and Futures Industries," (SAR-SF, FinCEN Form 101). This request for comments also covers 31 CFR 103.16. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A). Notice  1/22/09

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve Position Report with data current as of January 16, 2009. Report  1/22/09

  • The Treasury Publishes Interim Rule in FR for TARP Conflicts of Interest

    This interim rule provides guidance on conflicts of interest pursuant to section 108 of the Emergency Economic Stabilization Act of 2008 (EESA), which was enacted on October 3, 2008. TXT  PDF  1/21/09

  • Al Qaida Operatives and Taiwanese Proliferators Added to OFAC List

    The Treasury has designated and added to the SDN List, two Taiwanese individuals and two Taiwanese entities as NPWMDs, proliferators of weapons of mass destruction, in addition, four al Qaida associates have been designated SDGTs. Information regarding the additions has been posted on the BOL OFAC page.  1/20/09

  • February 2009 HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in February 2009, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  1/20/09

  • Enforcement Actions Announced

    The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions  1/20/09

  • Illinois and Washington Banks Closed Deposits Assumed

    The OCC has closed the National Bank of Commerce, Berkeley, Illinois, the FDIC named receiver and entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits. The Bank of Clark County, Vancouver, Washington, was closed today by the Washington Department of Financial Institutions, the FDIC named receiver and entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon, to assume the insured deposits. National Bank of Commerce; Bank of Clark County  1/20/09

  • TARP Executive Compensation Interim Final Rules

    Interim final rules and FAQs have been issued by the Treasury regarding reporting and recordkeeping requirements under the executive compensation standards of the Troubled Asset Relief Program's (TARP) Capital Purchase Program (CPP). Rules; FAQs  1/20/09

  • Reg CC Amendments Approved

    Amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fifth and Sixth Districts have been approved. Amendments  1/20/09

  • Chrysler Financial TARP Details

    Treasury has released a term sheet of a $1.5 billion loan to a special purpose entity created by Chrysler Financial to finance the extension of new consumer auto loans. Term Sheet  1/20/09

  • TIC Data Released

    The November 2008 Treasury International Capital (TIC) data has been released. TIC  1/20/09

  • Industrial Production Report Released

    The G.17 Industrial Production and Capacity Utilization report for December 2008 has been released by the FRB. G.17  1/20/09

  • Counterfeit Checks Special Alert

    The FDIC has issue a Special Alert regarding counterfeit checks bearing the name of The First State Bank, Stockbridge, Georgia. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  1/16/09

  • Bank of America Granted Federal Assistance; FDIC to Amend TLGP

    The Treasury Department, Federal Reserve Board and the FDIC jointly announced a package of guarantees, liquidity access, and capital for Bank of America, as part of the government's commitment to support financial market stability. The Treasury and FDIC will provide protection against the possibility of unusually large losses on an asset pool of approximately $118 billion of loans, securities backed by residential and commercial real estate loans, and other such assets, the bulk of which were assumed by B of A with its acquisition of Merrill Lynch. Treasury will also invest $20 billion in B of A from the TARP, in exchange for 8 percent preferred stock, and an agreement to comply with enhanced executive compensation restrictions and to implement a mortgage loan modification program. The Fed has agreed to provide a line of credit if needed.Separately, the FDIC announced plans to amend its Temporary Liquidity Guarantee Program regulations to extend guarantee maturities from three to up to 10 years if the debt is collateralized and supports new consumer lending.
    FRB Announcement; Treasury Release; FDIC Release; Term Sheet  1/16/09

  • FedWire Phishing Special Alert

    A Special Alert has been issued by the FDIC warning consumers, businesses and financial institutions of fraudulent e-mails allegedly from the Federal Reserve Bank claiming that a phishing attack has affected the Fedwire system and that restrictions are in place. Recipients are instructed to click on links within the e-mail for additional information. A Consumer Alert regarding the same scam was previously issued by the FDIC and listed in the January 7, 2009, BOL Top Stories. Special Alert  1/16/09

  • Burmese Junta Supporters Added to OFAC List

    Two individuals and fourteen entities that are key financial backers of the Burmese Junta have been designated by Treasury and their names added to the SDN List pursuant to the Tom Lantos Block Burmese JADE (Junta's Anti-Democratic Efforts) Act of 2008 and Executive Orders 13448 and 13464. Information regarding the individual and entities has been posted on the BOL OFAC page.  1/16/09

  • HUD Publishes Correction to Final Rule in FR for Simplifying and Improving the Process of Obtaining Mortgages (RESPA)

    This final rule delays the effective date of the definition of "required use" as revised by HUD's November 17, 2008, final rule amending its RESPA regulations. The November 17, 2008, final rule provides that the revised definition is applicable commencing January 16, 2009, the effective date of the final rule. As a result of recently initiated litigation, HUD has determined to delay the effective date of the revised definition of "Required use" until April 16, 2009. TXT  PDF  1/16/09

  • CRA Ratings Released

    The OCC has released the rating received by eighteen national banks that were recently evaluated for compliance with the provisions of the CRA. Ratings  1/16/09

  • Insurance Firm Becomes BHC

    A proposal by Protective Life Corporation, Birmingham, Alabama, to become a bank holding company (BHC) by acquiring Bonifay Holding Company, Inc. and its subsidiary bank, The Bank of Bonifay, both of Bonifay, Florida, has been approved by the FRB. Approval  1/16/09

  • CTR Exemption Guidance

    The FinCEN has issued a DOEP Form completion guide for the revised CTR exemption rule. Guidance  1/16/09

  • CTR Exemption Final Rule Bulletin

    A Bulletin has been issued by the OCC regarding the previously announced FinCEN final rule on Currency Transaction Reporting (CTR) which became effective on January 5, 2009, that simplifies the current requirements for depository institutions to exempt their eligible customers from currency transaction reporting. Information concerning the final rule was posted on the December 5, 2008, BOL Top Stories. Bulletin  1/16/09

  • January FedFlash Online

    The FRB Financial Services has posted the January 2009 issue of FedFlash online. FedFlash  1/16/09

  • Cost of Funds Reports

    The OTS has released the current and historical cost of funds reports for OTS-regulated institutions. Current; Historical   1/16/09

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve Position Report with data current as of January 9, 2009. Reserve Position  1/16/09

  • FARC Members Added to OFAC List

    the Treasury has designated three international representatives of the Revolutionary Armed Forces of Colombia (FARC), a narco-terrorist organization, pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act), and added their names to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.  1/14/09

  • Corp TARP Term Sheet and Q&A

    The Treasury Department has released the term sheet and answers to frequently asked questions for qualified financial institutions applying to the TARP Capital Purchase Program that are S corporations. Term Sheet; Q&A  1/14/09

  • Beige Book Published

    The January 14, 2009 issue of the Beige Book has been published by the FRB. Beige Book  1/14/09

  • SAR by the Numbers

    The FinCEN has issued a FIL announcing publication of the eleventh edition of The SAR Activity Review by the Numbers. FIL; SAR  1/14/09

  • IFDP Working Papers Released

    The FRB has released two working papers in the International Finance Discussion Paper (IFDP) series on the topics of "Uncertainty Over Models and Data: The Rise and Fall of American Inflation" and "The Taylor Rule and Forecast Intervals for Exchange Rates." Uncertainty Abstract; Uncertainty Full Paper; Taylor Abstract; Taylor Full Paper  1/14/09

  • TARP Funds Distribution Report

    The Treasury has announced the details of a $14.77 billion investment in 43 banks made through its Capital Purchase Program during the week of January 13, 2009. Report  1/13/09

  • 314(a) Fact Sheet Update

    The FinCEN has updated the 314(a) Fact Sheet with data current as of January 13, 2009. 314(a)  1/13/09

  • Credit Auction Results

    The results of the auction of $150 billion in 28-day credit held on January 12, 2009, have been announced by the FRB. Results  1/13/09

  • Discount Rate Meetings Minutes

    The FRB has released the minutes of its discount rate meetings on December 15 and 16, 2008. Minutes  1/14/09

  • Bernanke Discusses Global Crisis

    In a presentation at the London School of Economics, Chairman Bernanke discussed the response of the Federal Reserve to the financial crisis and the options that are available to the agency. He stated, "The world today faces both short-term and long-term challenges. In the near term, the highest priority is to promote a global economic recovery. International cooperation is thus essential if we are to address the crisis successfully and provide the basis for a healthy, sustained recovery." Speech  1/14/09

  • NPWMD Designations Added to OFAC List

    The Treasury has announced the designation of ten individuals as NPWMDs and the addition of their names to the SDN List. Some of the individuals and other entities were also designated as subject to export ban regulations. Information regarding the designations has been posted on the BOL OFAC page.  1/13/09

  • Monitoring Federal Funding FIL

    The FDIC has issued a FIL that urges state non-member institutions to implement a process to monitor their use of capital injections, liquidity support and/or financing guarantees obtained through recently established federal financial stability programs. FIL  1/13/09

  • TLG Program Guidance FIL

    A FIL has been issued by the FDIC regarding the previously announced Temporary Liquidity Guarantee Program (TLG Program) Final Rule which requires each participating entity to report, on a monthly basis, all FDIC-guaranteed debt outstanding. Information concerning the Final Rule was posted in the November 24, 2008, BOL Top Stories. FIL  1/13/09

  • MLK Holiday Schedule

    The FRB Financial Services has released the 2009 Martin Luther King holiday schedule for FedACH services and District Cash services. Schedule  1/13/09

  • Consumer Loan Acceleration Product = MSB?

    The FinCEN has issued a letter ruling regarding whether a company that offers a loan acceleration product for consumer financing is a Money Services Business (MSB). Ruling  1/13/09

  • Minority-Owned Banks Report

    The FRB has updated the minority-owned financial institutions and their branches report with data current as of September 30, 2008. Report  1/13/09

  • Prohibition Orders Issued

    The NCUA has issued orders prohibiting five individuals from participating in the affairs of any federally insured financial institution. Orders  1/12/09

  • HMDA Reg C Reporting Exemption Bulletin

    The OCC has issued a Bulletin regarding the previously announced final rule amending the staff commentary that interprets the requirements of Regulation C which raised the asset size exemption threshold to $39 million for depository institutions that are required to report data under the Home Mortgage Disclosure Act (HMDA). Information regarding the final rule was posted in the December 23, 2008 BOL Top Stories. Bulletin  1/12/09

  • DC Savings Associations May Close for Inauguration

    A CEO Letter has been issued by the OTS that authorizes the branches of savings associations located in the District of Columbia to close at their discretion on Inauguration Day. CEO Letter   1/12/09

  • FR Bulletin Statistical Supplement Published

    The December 2008 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  1/12/09

  • Reserve Position Update

    the Treasury has updated the U.S. International Reserve Position Report with data current as of January 2, 2009. Report.  1/12/09

  • Reserve Banks Income and Transfers

    The Federal Reserve Banks income and expense data and transfers to the Treasury for 2008 have been released. Income   1/12/09

  • Counterfeit Checks Special Alerts

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

    • Oceanside Bank, Jacksonville, Florida (Counterfeit Checks);
    • Ossian State Bank, Ossian, Indiana (Counterfeit Cashier's Checks);
    • First Federal of Charleston, Charleston, South Carolina (Counterfeit Checks);
    • First County Bank, New Baden, Illinois (Counterfeit Cashier's Checks);
    • Greer State Bank, Greer, South Carolina (Counterfeit Cashier's Checks);
    • Welcome State Bank, Welcome, Minnesota (Counterfeit Cashier's Checks); and
    • First Independent Bank of Nevada, Reno, Nevada (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  1/09/09

  • Consumer Credit Report Issued

    The FRB has issued the G.19 Consumer Credit Report for November 2008. G.19  1/09/09

  • NCUA Activates NET

    The NCUA has activated a National Examination Team (NET) to enhance the supervisory process in areas where economic conditions have adversely impacted federally insured credit unions. NET  1/09/09

  • January FedFocus Online

    FRB Financial Services has posted the January 2008 issue of FedFocus online. It features articles regarding partnering for performance, FedACH in 2009, the IAT transition, the mission of i3G, the EUAC, and new coin releases. FedFocus  1/09/09

  • Fourth Tranche Report Released

    The Treasury has released the fourth Tranche Report to Congress, as required by the Emergency Economic Stabilization Act (ESSA). Report; Appendix  1/09/09

  • Home Loan Advertisers and Mortgage Rescue Operators Settle with FTC

    The FTC has announced settlements with three mortgage loan advertisers that allegedly deceptively touted low monthly payments and low rates without fully disclosing loan terms and a mortgage foreclosure rescue service that claimed they would stop foreclosure and save consumers' homes. Loan Advertisers; Rescue Service  1/09/09

  • IFDP Working Papers Published

    Two working papers in the International Finance Discussion Paper (IFDP) series have been published by the FRB on the topics of "Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q*" and "Fiscal Policy in the European Monetary Union". Sudden Abstract; Sudden Full Paper; Fiscal Abstract; Fiscal Full Paper  1/09/09

  • Fraudulent Email Consumer Alert

    The FDIC has issued a Consumer Alert regarding fraudulent emails that appear to have been sent by the FDIC claiming that a phishing attack has affected the Fedwire system and recipients are instructed to click on links within the e-mail for additional information. Alert  1/08/09

  • 23A and Reg W Legal Interpretations

    The FRB has released two letters regarding legal interpretations of 23A of the Federal Reserve Act and Reg W. Letter 1; Letter 2  1/08/09

  • MMIF Changes Announced

    The FRB has announced two changes to the Money Market Investor Funding Facility (MMIFF). Changes; F&Q  1/08/09

  • Paulson Discusses Freddie and Fannie's Roles in Housing Recovery

    In a presentation before the Economics Club of Washington, Secretary Paulson expressed his views regarding the impact on the recovery housing market of the long-term reform of Fannie Mae and Freddie Mac. Speech  1/08/09

  • 2008 CAC Appointments

    The appointments to the FRB Consumer Advisory Council (CAC) have been announced. Appointments  1/08/09

  • Assets Reports Released

    The FRB has released the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for November 2008. Reports  1/08/09

  • FEDS Working Paper Published

    A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Stock Market Participation, Portfolio Choice and Pensions over the Life-Cycle" has been published by the FRB. Abstract; Full Paper  1/08/09

  • Hizballah Construction Company Added To OFAC List

    The Waad Project, a Hizballah-run construction firm, has been designated by Treasury and added to the SDN List with the SDGT notation. Information regarding the firm has been posted on the BOL OFAC page.  1/07/09

  • TARP Report Released

    The Treasury has released to Congress a report of activities of the Troubled Asset Relief Program (TARP) covering the period from December 1-31, 2008. Report  1/07/09

  • Regulators Publish Community Reinvestment Q&A and Request Comments

    A new and revised Interagency Questions and Answers Regarding Community Reinvestment that encourage financial institutions to take steps to help prevent home mortgage foreclosures has been published by the federal financial institution regulatory agencies. In addition, comments are requested regarding one new and two revised questions and answers. Q&A; FRB PR; FDIC PR; OCC NR; OTS PR  1/07/09

  • FOMC Minutes Published

    The minutes of the meeting of the Federal Open Market Committee (FOMC) held on December 15-16, 2008, have been published by the FRB. Minutes  1/07/09

  • MSB Registration List Updated

    The FinCEN has updated the MSB Registration List with data current as of December 10, 2008. MSB Registration List  1/07/09

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve Position Report with data current as of December 26, 2008. Report  1/07/09

  • Twelve Counterfeit Checks Alerts

    The FDIC has issued twelve Special Alerts regarding counterfeit checks bearing the names of the following institutions:

    • Bank of Bolivar, Bolivar, Missouri (Counterfeit Official Checks);
    • Bank of Dickson, Dickson, Tennessee (Counterfeit Cashier's Checks);
    • 1st American State Bank of Minnesota, Hancock, Minnesota (Counterfeit Cashier's Checks);
    • New York Community Bank, Islandia, New York (Counterfeit Official Checks);
    • Springs Valley Bank & Trust Company, Jasper, Indiana (Counterfeit Cashier's Checks);
    • The Bancorp Bank, Wilmington, Delaware (Counterfeit Treasurer's Checks);
    • Century Bank of Kentucky, Inc., Lawrenceburg, Kentucky; (Counterfeit Cashier's Checks);
    • Advantage Bank, Cambridge, Ohio (Counterfeit Cashier's Checks);
    • Pacific Union Bank, Los Angeles, California (Counterfeit Cashier's Checks);
    • Missouri Bank and Trust Company of Kansas City, Kansas City, Missouri (Counterfeit Official Checks);
    • Marion Bank & Trust Company, Marion, Alabama (Counterfeit Official Checks); and
    • Lyndon State Bank, Lyndon, Kansas (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  1/06/09

  • HMDA Rate Spread Reporting Threshold Bulletin

    A Bulletin has been issued by the OCC regarding the previously announced final amendments to Regulation C to revise the rules for reporting price information on higher priced mortgage loans as defined by Regulation Z. Information concerning the threshold was originally posted in the October 24, 2008, BOL Top Stories. Bulletin  1/06/09

  • CRA Ratings Released

    The OTS and the FDIC have released the ratings received by saving associations and state nonmember banks that were recently evaluated for compliance with the provisions of the CRA. OTS Ratings; FDIC Ratings  1/06/09

  • Local Banks Receive TARP Funds

    The Treasury has announced details of a $15 billion investment in 7 banks made through its Capital Purchase Program. Funds  1/06/09

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the December 2008 New Electronic Interpretations and Actions. December  1/06/09

  • International Reserve Positions

    The Treasury has issued the U.S. International Reserve Position reports for December 12 and 19, 2008. December 12; December 19  1/06/09

  • Emergency Economic Stabilization Report Released

    The Treasury has released the Emergency Economic Stabilization Report required by the Emergency Economic Stabilization Act. Pursuant to the Act, the Treasury established the Asset Guarantee Program to provide guarantees for assets held by systemically significant financial institutions that face a high risk of losing market confidence due in large part to a portfolio of distressed or illiquid assets. Report  1/05/09

  • Targeted Investment Program Guidelines Announced

    The guidelines for the Targeted Investment Program, under which the Citigroup investment that was announced on Nov. 23, 2008, was made, has been announced by the Treasury. Guidelines  1/05/09

  • IndyMac Bidders Receive Preliminary Clearance

    The FDIC has signed a letter of intent to sell the banking operations of IndyMac Federal Bank, FSB, Pasadena, California, to a thrift holding company controlled by IMB Management Holdings LP, a limited partnership. Preliminary clearance to the limited partnership and consideration of their application to operate the IndyMac as a federal savings association has been announced by OTS. Letter of Intent; Clearance  1/05/09

  • CU Placed in Receivership and Assets Assumed

    The NCUA was appointed receiver of Valley Credit Union, San Jose, California by the California Department of Financial Institutions and entered into an agreement to sell certain assets and liabilities to Citizens Equity First Credit Union, Peoria, Illinois. Receivership  1/05/09

  • Banknotes Fitness Guide Updated

    The FRB Financial Services has posted online an updated Fitness Guidelines for U.S. Banknotes. Guidelines  1/05/09

  • Goodwill Deduction Final Rule

    The OCC has issued a Bulletin regarding the Final Rule concerning the deduction of goodwill net of associated deferred tax liability that permits banking organizations to reduce the amount of goodwill that must be deducted from their regulatory Tier 1 capital. Bulletin; Final Rule  1/05/09

  • $5 Billion Available For HARP and SIP

    The NCUA has released participation numbers for the Credit Union Homeowners Affordability Relief Program (CU HARP) and the Credit Union System Investment Program (CU SIP). Programs  1/05/09

  • Foreign Exchange Rates

    The monthly G.5 Foreign Exchange Rates Report for December 2009 and the annual report for 2009 have been released by the Treasury. Monthly; Annual  1/05/09

  • OFAC Violations CMPs Announced

    Fidelity National Information Services, Inc., a provider of core processing for financial institutions; card issuer and transaction processing, and related information products and outsourcing, has paid a civil money penalty (CMP) of $12, 260.86 to settle allegations of violations of the Foreign Narcotics Kingpin Sanctions Act incurred by an acquired entity. CMP  1/02/09

  • Fourth Quarter 2008 Call Report Information

    A FIL has been issued by the FDIC regarding the completion of the Fourth Quarter 2008 Call Report. FIL  1/02/09

  • Treasury Responds to Congress

    The Treasury has released its responses to questions posed in the Congressional Oversight Panel's first report on implementation of the Emergency Economic Stabilization Act. Responses  1/02/09

  • 2009 TIAC Members and Officers

    The FRB has announced the names of six new members of its Thrift Institutions Advisory Council (TIAC) and designated a new President and Vice President of the council for 2009. TIAC  1/02/09

  • Beige Book Release Dates

    The FRB has announced the 2009 release dates for updates to the Beige Book. Beige Book  1/02/09

11/30/2008

Top Stories for December 2008

  • Mortgage-Backed Securities Purchase Program

    The Federal Reserve has announced the details of its program to purchase mortgage-backed securities.
    Purchase Program   12/31/08

  • CRA Asset Threshold Bulletin

    The OCC has issued a Bulletin regarding the previously announced revisions to its Community Reinvestment Act (CRA) regulation that are effective January 1, 2009, adjusting the asset-size thresholds to be used to define “small bank” and “intermediate small bank” based on the annual percentage change in the Consumer Price Index. Information concerning the revisions was published in the December 22, 2008, BOL Top Stories.
    Bulletin   12/31/08

  • Fair Lending Conference Call Scheduled

    A free Fair Lending Conference Call for bankers will be hosted by FDIC Fair Lending Examination Specialists on January 14, 2009, featuring a presentation on how bankers can perform an effective fair lending risk assessment.
    Conference Call   12/31/08

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with data current as of December 30. 2008.
    314(a)   12/31/08

  • 2008 CRA/HMDA Data Entry Software

    The free FFIEC CRA and HMDA Data Entry Software, version 2008 for CY 2008 data due March 1, 2009, is now available for download.
    Software 12/31/08

  • FCRA Complaint Referral Program Report

    The FTC has issued a report to Congress on the credit report complaint referral program under the Fair Credit Reporting Act (FCRA). Report   12/31/08

  • Credit Auction Results

    The FRB has announced the results of the auction of $150 billion in 83-day credit held on December 29, 2008. Auction   12/31/08

  • Agencies Publish Amendments to Capital Rules

    The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the Agencies) are amending their regulatory capital rules to permit banks, bank holding companies, and savings associations (collectively, banking organizations) to reduce the amount of goodwill that a banking organization must deduct from tier 1 capital by the amount of any deferred tax liability associated with that goodwill. For a banking organization that elects to apply this final rule, the amount of goodwill the banking organization must deduct from tier 1 capital would reflect the maximum exposure to loss in the event that such goodwill is impaired or derecognized for financial reporting purposes.  Text  PDF  12/30/08

  • FDIC Posts November Enforcement Actions

    The Federal Deposit Insurance Corporation (FDIC) yesterday released a list of orders of administrative enforcement actions taken against banks and individuals in November. The FDIC processed a total of 21 orders that month. These included eight cease and desist orders; eight civil money penalties; one Section 19 (Order Granting Permission to File Application and Approving Application for Consent to Participate in the Affairs of any Insured Depository Institution); and four orders terminating temporary order to cease and desist.   Enforcement Actions   12/30/08

  • Bank Trading Revenues Up

    The OCC has published the Quarterly Report on Bank Trading and Derivatives Activities which reports commercial banks generated $6.0 billion in the third quarter 2008 as compared to $1.6 billion in the second quarter. Summary; Report   12/30/08

  • FinCEN Annual Report

    FinCEN has issued its annual report for fiscal year 2008.
    Report  12/30/08

  • GMAC TARP Investment

    The Treasury has announced that it will purchase $5 billion in senior preferred equity with an 8% dividend from GMAC LLC. TARP   12/30/08

  • FRB Publishes Primary and Secondary Reserve Bank Credit Rates

    The Board of Governors of the Federal Reserve System (Board) published final amendments to its Regulation A to reflect the Board's approval of a decrease in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board's primary credit rate action.   TXT  PDF  12/29/08

  • GMAC and IB Finance Approved as BHCs

    The Federal Reserve Board has announced its approval of the applications of GMAC LLC and IB Finance Holding Company, LLC, both of Detroit, Michigan, to become bank holding companies.Approval   12/26/08

  • TARP Funds Distributed to 92 Banks

    The Treasury has announced a $4.7 billion investment in 92 banks through its Capital Purchase Program. Details of the transactions with 49 banks have been released.
    Details   12/24/08

  • Written Agreement Announced

    A Written Agreement by and between Ocean Bankshares, Inc., Miami, Florida, a registered bank holding company, and the Federal Reserve Bank of Atlanta has been announced by the FRB. Agreement   12/24/08

  • Information Sharing Agreement Announced

    The FDIC and the Commonwealth of Pennsylvania Department of Banking have executed an information-sharing agreement allowing for the exchange of information relating to Money Services Businesses (MSB) supervision.
    Agreement   12/24/08

  • Resources For Stabilizing Communities Web Page

    The FRB has established a Resources For Stabilizing Communities web page which provides information and strategies for communities working to preserve and revitalize their neighborhoods.
    Web Page   12/24/08

  • FTC Issues FACT Act Report To Congress

    The FTC has issued an interim report to Congress under Section 319 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which requires the FTC to study the accuracy and completeness of information in consumers’ credit reports and to consider methods for improving the accuracy and completeness of such information.
    Report;
    Appendix 1;
    Appendix 2;
    Appendix 3   12/24/08

  • G.20 Report Released

    The G.20 (Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit) Report for October 2008 has been released by the FRB. G.20   12/24/08

  • Names Removed From OFAC List

    OFAC has removed the names of four individuals from the SDN List. Information regarding the deletions has been posted on the BOL OFAC page.  12/23/08

  • OFAC Regulations Updated

    The Office of Foreign Assets Control of the U.S. Department of the Treasury (``OFAC'') is amending the Global Terrorism Sanctions Regulations and the Terrorism Sanctions Regulations to expand the scope of authorizations in each of those programs for the provision of certain legal services. Similarly, OFAC is amending the Foreign Terrorist Organizations Sanctions Regulations to expand the scope of a statement of licensing policy concerning payment for certain legal services. The changes are effective 12/23/08.   TXT  PDF  12/23/08

  • Three Written Agreements Announced

    The FRB has announced the execution of Written Agreements with the following institutions and holding companies:

    • Cherokee Bancshares, Inc., St. Paul, Minnesota
    • Michigan Heritage Bank, Farmington Hills, Michigan, and
    • Birthright Incorporated, Montgomery, Alabama.

    Cherokee; Michigan; Birthright   12/23/08

  • Fed Publishes HMDA (Reg C) Threshold Increase

    The Federal Reserve Board published in the Federal Register a final rule amending the staff
    commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure). The staff commentary is amended to increase the asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers. TXT  PDF  12/23/08

  • Revised Reserve Balance Earnings Rates Published

    The Board published an interim final rule to amend Regulation D, Reserve Requirements of Depository Institutions, to revise the rate for earnings on required reserve
    balances and excess balances of eligible institutions and to provide that the rates
    may be revised by the Board from time to time.  TXT  PDF  12/23/08

  • Regulators Redesign ID Theft Brochure

    A revised identity theft brochure has been published by the federal bank, credit union, and thrift regulatory agencies to assist consumers in preventing and resolving identity theft.
    Brochure;
    FRB PR;
    OCC NR;
    FDIC PR;
    OTS NR;
    NCUA PR  12/23/08

  • 2008 CRA/HMDA Reporter Newsletter

    The FFIEC has published the annual CRA/HMDA newsletter which provides information on various topics to assist in the collection and reporting of CRA and HMDA data and informs readers of new developments and changes for the upcoming processing year as well as answers to commonly-asked questions. Newsletter   12/23/08

  • Commercial Bank Examination Manual Updated

    The FRB has published the semiannual update of the Commercial Bank Examination Manual. Update   12/23/08

  • Joint Mortgage Metrics Report Issued

    The OCC and OTS have issued their second report on mortgage performance today showing continued increases in delinquencies and foreclosures in process.
    Report; OCC NR; OTS NR  12/23/08

  • Agencies Publish Annual CRA Asset-Size Threshold Adjustments

    The annual federal bank regulatory agencies' action, announced 12/19/08 in BOL Top Stories, to adjust the asset-size thresholds used to define "small bank," "small savings association," "intermediate small bank," and "intermediate small savings association" under their Community Reinvestment Act (CRA) regulations, has been published in the Federal RegisterTEXT PDF  12/22/09

  • FDIC Publishes Final Recordkeeping Requirements for QFCs

    The FDIC published a final rule establishing recordkeeping requirements for qualified financial contracts (QFCs) held by insured depository institutions in a troubled condition as defined in this rule. The appendix to the rule requires an institution in a troubled condition, upon written notification by the FDIC, to produce immediately at the close of processing of the institution’s business day, for a period provided in the notification. First covered in BOL Top Stories 12/17/08. TXT  PDF  12/22/08

  • Amendment to FDIC Risk Based Assessments Rule Published

    The FDIC published in the Federal Register a final rule amending its regulations to increase risk-based assessment rates effective for the first quarter 2009 assessment period. The rule will be effective 1/1/2009. TXT  PDF  12/22/ 08

  • Enforcement Actions Announced

    The OCC has announced Enforcement Actions recently taken against national banks and individuals currently and formerly affiliated with national banks.
    Enforcement Actions  12/22/08

  • Subprime Credit Card Marketer To Pay Consumers $114 Million

    The FDIC has announced a settlement with CompuCredit Corporation, Atlanta, Georgia, a company charged with deceptive marketing of subprime credit cards with three FDIC-supervised banks in violation of the Federal Trade Commission Act, who will make restitution of approximately $114 million to consumers in the form of credits for certain fees arising from the deceptive marketing practices.
    Settlement  12/22/08

  • TALF Revised Terms and FAQs

    The FRB has released revised terms and conditions and frequently asked questions and answers detailing operational aspects of the Term Asset-Backed Securities Loan Facility (TALF).
    Terms;
    FAQs  12/22/08

  • Payment System Risk Policy Revised

    The FRB has announced revisions to its Payment System Risk policy. The revisions do not include action on the proposal to change the daylight overdraft posting rules. Revisions; Daylight Overdraft  12/22/08

  • D.C. National Bank Offices May Close

    The OCC has issued a proclamation allowing the offices of national banks in the District of Columbia to close for the Presidential Inauguration. Proclamation  12/22/08

  • GM and Chrysler Term Sheets

    Treasury has released the term sheets and appendices for the Administration's plan for secured term loans to GM and Chrysler along with a statement from Secretary Paulson. GM Term Sheet; Chrysler Term Sheet; Paulson Statement  12/22/08

  • First Quarter Dollar Liquidity Auctions Schedules

    The schedules for term auctions of U.S. dollar liquidity to be conducted during the first quarter of 2009 have been announced by the Federal Reserve and other central banks. Schedules  12/22/08

  • OTS Annual Report

    OTS has released its Annual Report for fiscal year 2008 which focuses on how the agency has supervised the thrift industry in a year of historic change and challenge. Report   12/22/08

  • HMDA Asset-Size Exemption

    The annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), has been published by the FRB. Notice  12/19/08

  • Credit Card Disclosures Final Rule

    The FRB, OTS and NCUA have announced the approval of final rules that would better protect credit card users by prohibiting certain unfair acts or practices and improving the disclosures consumers receive in connection with credit card accounts and other revolving credit plans. Final Rules; FRB PR; Bernanke Statement; OTS PR; NCUA PR  12/19/08

  • Agricultural Finance Database Update

    The December 2008 update to the E. 15 Agricultural Finance Database has been published by the FRB. E.15  12/19/08

  • Federal Reserve 2009 Holiday Schedules Announced

    The 2009 standard, non-standard and FedACH International® Gateway Operator holiday schedules for the Federal Reserve System have been announced. Schedules  12/19/08

  • Winter Issue Supervisory Insights

    The FDIC has published the Winter 2008 issue of Supervisory Insights which contains article regarding changing the liquidity landscape, reverse mortgages, unfair and deceptive acts and practices, and accounting for business combinations. Supervisory Insights  12/19/08

  • FRB Publishes Technical Amendment to Final Rule for Availability of Funds and Collection of Checks

    The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the head office of the Federal Reserve Bank of St. Louis and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal
    Reserve Bank of Atlanta. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. TXT; PDF  12/19/08

  • FRB Proposes Rulemaking for Regulation Z; Truth in Lending (Technical Amendment)

    On December 10, 2008, the Board published a proposal to amend Regulation Z that would conform the regulation to reflect recent amendments to the Truth in Lending Act (73 FR 74989). The Board is extending the public comment period on the proposal. TXT; PDF  12/19/08

  • Iranian Bank Affiliates Added to OFAC List

    The Treasury has designated ASSA Corp., a front company created and controlled by Iran's Bank Melli and domiciled in New York, and its parent organization, ASSA Co. Ltd, located in the Channel Islands. Information regarding the two entities has been posted on the BOL OFAC page.  12/18/08

  • Reg Z Comment Period Extended

    The Federal Reserve has extended the comment period on its proposal to revise the disclosure requirements for mortgage loans under Regulation Z (Truth in Lending) from January 23, 2009, to February 9, 2009. Comment Period  12/18/08

  • Annual CRA Asset-Size Threshold Adjustments Released

    The federal bank regulatory agencies have released the annual adjustment to the asset-size thresholds used to define "small bank," "small savings association," "intermediate small bank" and "intermediate small savings association" under the Community Reinvestment Act (CRA) regulations. Adjustments; FRB PR; OCC NR; FDIC FIL; OTS PR  12/18/08

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and among The Templar Fund, Inc., Truman Bancorp, Inc., FFC Financial Corporation, all registered bank holding companies and of St. Louis, Missouri, Truman Bank, Clayton, Missouri, and the Federal Reserve Bank of St. Louis. Agreement  12/18/08

  • Wachovia Restitution Checks

    The OCC is notifying financial institutions of the mailing of more than 740,000 checks issued by Wachovia Bank to consumers harmed by payment processors for telemarketers that did business with Wachovia. Checks  12/18/08

  • SS Numbers and ID Theft Report

    The FTC has issued a report regarding social security numbers and identity theft which contains five recommendations from the agency to help prevent Social Security numbers from being used for identity theft. Report  12/18/08

  • Third Quarter 2008 State Profiles

    The FDIC has posted online the Third Quarter 2008 State Profiles which contain a summation of banking and economic conditions in each state. State Profiles  12/18/08

  • Reserve Position Reports

    The Treasury has release the U.S. International Reserve Position Reports for December 5 and 12, 2008. December 5; December 12  12/18/08

  • Survey of Terms of Business Lending Report

    The E.2 Survey of Terms of Business Lending Report has been released by the FRB. E.2  12/18/08

  • >Magnetic Media Filers Deadline Approaching

    The FinCEN has issued a final reminder that current magnetic media filers must transition to BSA electronic filing (E-Filing) no later than December 31, 2008. Deadline  12/17/08

  • Regulation C Changes Finalized in October

    HMDA reporting banks will have to adjust to reporting changes for what is considered a high-priced mortgage loan. The best news is that the proposed effective date of January 1, 2009 was delayed. Changes  12/17/08

  • Fed Funds Target 0 to 1/4 Percent

    The FOMC has established a target range for the federal funds rate of 0 to 1/4 percent. In a related action, the Board of Governors unanimously approved a 75-basis-point decrease in the discount rate to 1/2 percent. Target  12/17/08

  • CRA Ratings Released

    The OCC has released the ratings received by seventeen national banks recently evaluated for compliance with the provisions of the CRA. Ratings  12/17/08

  • Mortgage Lender Agrees to Settle Loan Discrimination Charges

    A home mortgage lender, charged by the FTC allegations for alleged violation of federal law by charging African-American and Hispanic consumers higher prices for mortgage loans than non-Hispanic white consumers, has agreed to a settlement. Settlement  12/17/08

  • Goodwill Tier 1 Deduction Final Rule

    The federal banking and thrift regulatory agencies have approved a final rule that would permit a banking organization to reduce the amount of goodwill it must deduct from Tier 1 capital by any associated deferred tax liability. Final Rule; FRB PR; OCC NR; OTS PR; FDIC FIL  12/17/08

  • FDIC First Quarter 2009 Assessments Final Rule

    The FDIC has issued a FIL announcing the approval of a final rule on deposit insurance assessment rates for the first quarter of 2009 which raises assessment rates uniformly by 7 basis points (annual rate) for the first quarter of 2009 only. FIL; Final Rule   12/17/08

  • QFC Recordkeeping Final Rule

    The FDIC has issued a final rule to improve the FDIC's ability to monitor and evaluate risks in certain insured depository institutions with qualified financial contracts (QFCs). The recordkeeping requirements in the final rule will require insured depository institutions, defined as troubled, to provide certain crucial information to the FDIC in a timely manner, including adequate position level documentation of the counterparty relationships of failed institutions. Final Rule  12/17/08

  • Reg CC Amendments Approved

    Amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Sixth and Eighth Districts have been approved by the FRB. Amendments  12/17/08

  • 314(a) Fact Sheet Updated

    The FinCEN has updated the 314(a) Fact Sheet with data current as of December 16, 2008. 314(a)  12/17/08

  • Reserve and Excess Balances Interest Rates

    A technical note concerning the calculation of interest rates on required reserve balances and excess balances for reserve maintenance periods ending December 17, 2008 has been issued by the FRB. Rates  12/17/08

  • January 2009 HOEPA Rates Set

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in January, 2009, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H. 15  12/17/08

  • Credit Auction Results Announced

    The FR has announced the results of its auction of $150 billion in 28-day credit held on December 15, 2008. Auction  12/17/08

  • December FedFlash Online

    The December 2008 issue of Fed Flash has been posted and contains articles regarding the ending of Select Payor Bank Services, changes to transit point deadline schedules, the 2009 Check Adjustment Webinar series, the holiday check processing schedule, new FedReceipt RTNs, and FedWire format changes. FedFlash  12/16/08

  • US Financial Report and Citizen's Guide

    The Treasury and the OMB have released the Fiscal Year 2008 Financial Report of the United States Government which details the current financial position, as well as its short-term and long-term financial outlook. A Guide to Understanding the Financial Report was also released. Report; Guide  12/16/08

  • Prohibition Order and $203,923 Restitution

    The FRB has announced the issuance of a Final Decision and Order of Prohibition against a former employee of Fifth Third Bank, Grand Rapids, Michigan prohibiting participation in the conduct of the affairs of any financial institution or holding company and ordered restitution in the sum of $203,923. Order  12/16/08

  • October TIC Data Released

    The Treasury has released the Treasury International Capital (TIC) data for October 2008. Data  12/16/08

  • Industrial Production and Capacity Utilization Report Issued

    The G.17 Industrial Production and Capacity Utilization Report for November 2008 has been issued by the FRB. G.17  12/16/08

  • Counterfeit Checks and Money Orders Alerts

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of First Dakota National Bank, Yankton, South Dakota. In addition, the FDIC has issued four Special Alerts regarding counterfeits cashier's checks and money orders bearing the name of the following institutions:

    • Farmers State Bank, Garnett, Kansas (Counterfeit Cashier's Checks);
    • Bank of Gower, Gower, Missouri (Counterfeit Cashier's Checks);
    • Patriot Bank, Fredericksburg, Virginia (Counterfeit Cashier's Checks); and
    • Liberty Bank, Middletown, Connecticut (Counterfeit Money Orders).

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  12/15/08

  • Banks Closed Deposits Acquired

    The FDIC has announced the closing of the following banks and the acquisition of their deposits, including those that exceeded the deposit insurance limit:

    • Haven Trust Bank, Duluth, Georgia, was closed by the Georgia Department of Banking and Finance and the FDIC as receiver entered into a purchase and assumption agreement with Branch Banking & Trust (BB&T), Winston-Salem, NC, to assume all deposits;
    • Sanderson State Bank, Sanderson, Texas, was closed by the Texas Department of Banking and the FDIC as receiver entered into a purchase and assumption agreement with The Pecos County State Bank, Fort Stockton, Texas, to assume all deposits.
      Haven Trust; Sanderson State  12/15/08
  • Check Services Data Released

    The FRB has released the Third Quarter Reserve Bank Payments Check Services data. Data  12/15/08

  • Letter to Stakeholders FIL

    The FDIC has issued a FIL regarding the Letter to Stakeholders from Chairman Bair, which reports on the FDIC's activities and accomplishments during the third quarter of 2008. FIL; Letter  12/15/08

  • Counterfeit and Fictitious Checks Alerts

    The OCC has issued Alerts regarding counterfeit and fictitious checks issued in the name of the following national banks:

    • Black Hills Community Bank, N.A., Rapid City, South Dakota (Counterfeit Cashier’s Checks);
    • BankChampaign, N.A., Champaign, Illinois (Fictitious Cashier’s Checks); and
    • First National Bank of Lipan, Lipan, Texas (Counterfeit Cashier’s Checks).

    Information concerning the counterfeit and fictitious cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  12/12/08

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and between Community Investment Services, Inc., North Branch, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. Agreement  12/12/08

  • TLG FIL Issued

    The FDIC has issued a FIL regarding the previously announced final rule to implement the Temporary Liquidity Guarantee (TLG) Program. Information concerning the final was posted in the November 24, 2008 BOL Top Stories. FIL  12/12/08

  • Flow of Funds Report

    The December 11, 2008 Z.1 Flow of Funds of the United States Report has been released by the FRB. Z.1  12/12/08

  • Large Commercial Banks Report

    The FRB has released the third quarter 2008 data on domestically chartered insured commercial banks that have consolidated assets of $300 million. Report  12/12/08

  • Wachovia to Pay Consumers

    The OCC has entered into an amended settlement agreement with Wachovia Bank, National Association directing the bank to issue checks over $150 million to more than 740,000 consumers that may have been harmed by payment processors for telemarketers that had account relationships with Wachovia. Agreement  12/12/08

  • FDIC Issues Insurance Reminder

    The FDIC has responded to the results of the CNBC/Portfolio.com Wealth in America Survey regarding the confidence level of consumers that money saved in federally insured bank accounts would be safe if their bank were to fail by issuing a statement reminding the American public of the iron-clad protections depositors receive when placing their money in insured financial institutions. Chairman Bair stated, "The American people can rest comfortably knowing that their FDIC-insured deposits are 100 percent safe. In fact, there's no safer place in the world for their checking, savings or retirement money." Survey, see Question 14; FDIC Statement  12/11/08

  • CU HARP and SIP Details Released

    The NCUA Chairman Fryzel has released details regarding the previously announced Credit Union Homeowners Affordability Relief Program (CU HARP) and a complementary program to provide contingent liquidity for the credit union system, the Credit Union System Investment Program (CU SIP). Details   12/11/08

  • Exchange Rate Policy Report Released

    The Treasury has released its Semiannual Report on International Economic and Exchange Rate Policies. Report; Appendix 1; Appendix 2  12/11/08

  • Mutual Savings Association Advisory Committee Nominations Open

    The OTS has announced that the agency is establishing a Mutual Savings Association Advisory Committee and is seeking nominations for potential committee members. Nominations  12/11/08

  • Financial Holding Companies List

    The list of bank holding companies that have elected to be financial holding companies under the provisions of the Bank Holding Company Act as December 9, 2008, has been published by the FRB. List  12/10/08

  • Deposit Insurance Information In Spanish

    The FDIC's Spanish language site has added information about deposit insurance. Spanish  12/10/08

  • MSB Examiners Manual Released

    FinCEN has released a manual and a work program to provide guidance to officials examining money services businesses (MSBs) for compliance with the requirements of the Bank Secrecy Act (BSA). Manual; Work Program  12/10/08

  • BSA Advisory Committee Nominations

    FinCEN has published in the Federal Register the notice and request for nomination for membership in its BSA Advisory Group. Application  12/10/08

  • FRB Proposes Rulemaking for Truth in Lending (Reg Z)

    On July 30, 2008, the Board published a final rule amending Regulation Z, which implements the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act (HOEPA). Also on July 30, 2008, the Congress enacted the Housing and Economic Recovery Act of 2008, which included amendments to TILA, known as the Mortgage Disclosure Improvement Act of 2008 (MDIA). On October 3, 2008, the Congress amended the MDIA in connection with its enactment of the Emergency Economic Stabilization
    Act of 2008 ("Stabilization Act"). The Board is now proposing revisions to Regulation Z to implement the provisions of the MDIA, as amended. TXT; PDF  12/10/08

  • January Term Credit Auctions Scheduled

    The Federal Reserve has announced it will conduct two auctions of term credit through its Term Auction Facility (TAF) on January 12 and 26, 2009. Auctions  12/10/08

  • Regulators Discuss Housing Finance Issues

    Comptroller Dugan, OTS Director Reich, FRB Vice Chairman Kohn, FDIC Chairman Bair, and Federal Housing Finance Agency Director James Lockhart participated in a panel discussion at the OTS's National Housing Forum. Dugan noted that new data shows that more than half of loans modified in the first quarter of 2008 fell delinquent within six months. Kohn stated the challenge for regulators and other authorities is to create an environment that supports greater bank intermediation, which should help to restore the health of the financial system and the economy. Forum Agenda; Dugan; Kohn  12/09/08

  • CRA Ratings Released

    The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. Ratings  12/08/08

  • Comments Sought About Reg Z Changes

    The FRB has requested comments regarding the proposed changes to Regulation Z (Truth in Lending) that would revise the disclosure requirements for mortgage loans that would implement the provisions of the Mortgage Disclosure Improvement Act (MDIA). Comments  12/08/08

  • Georgia Bank Closed Deposits Acquired

    The Georgia Department of Banking and Finance has been closed the First Georgia Community Bank, Jackson, Georgia and the FDIC as named receiver has entered into a purchase and assumption agreement with United Bank, Zebulon, Georgia, to assume all of the deposits. Georgia Bank  12/08/08

  • Connecticut Credit Union Closed

    The NCUA has been appointed as receiver/liquidator of West Hartford Credit Union, Inc., in Farmington Connecticut, following closing of the institution by the State of Connecticut Department of Banking. Connecticut CU  12/08/08

  • Change In Control Legal Interpretation

    The FRB has published a letter containing a legal interpretation approving an acquisition under section 3 of the Bank Holding Company Act of an indirect controlling interest in the U.S. bank subsidiaries of a foreign bank and granting exemptions under section 4(c)(9) of the Bank Holding Company Act from the nonbanking restrictions of the Act. Letter  12/08/08

  • Section 19 Letters Issued

    Two letters have been published by the FRB, which prohibit a named individual from being employed by or participating in the activities of a federally insured financial institution, pursuant to the provisions of Section 19 of the Federal Deposit Insurance Act. Letter 1; Letter 2  12/08/08

  • Consumer Credit Report Released

    The October 2008 G.19 report of consumer credit outstanding has been released by the FRB. G.19  12/08/08

  • CTR Exemptions Final Rule

    The FinCEN has announced the Final Rule regarding currency transaction report (CTR) exemptions which simplifies the current requirements for depository institutions to exempt their eligible customers. Summary; Final Rule; TXT; PDF  12/05/08

  • German Terrorist Cell Members Added to OFAC List

    The Treasury has announced that the names of three members of the German terrorist cell, Islamic Jihad Union (IJU), have been added to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.  12/05/08

  • Order of Prohibition Announced

    The FRB has announced the issuance of a Consent Order of Prohibition against a former Assistant Vice President, foreign currency manager and institution-affiliated party of SunTrust Bank, Atlanta, Georgia. Order  12/05/08

  • Bernanke on Housing, Mortgage Markets, and Foreclosures

    In a presentation at the Federal Reserve System Conference on Housing and Mortgage Markets, Washington, D.C., Chairman Bernanke commented on developments in the housing sector and on the interactions among house prices, mortgage markets, foreclosures, and the broader economy. He discussed the possible implementation of the following programs: including the Treasury exercising its authority to purchase mortgage backed securities; the government sharing in any losses sustained in the event of redefaults on the modified mortgages; the government sharing the cost when the servicer reduces the borrower's monthly payment; and the government's purchase of delinquent or at-risk mortgages in bulk. Speech  12/05/08

  • Bair Says CRA not the Cause

    In a presentation before the Consumer Federation of America, Chairman Bair commented on the myth circulating that the Community Reinvestment Act caused the financial crisis. She asked, "Where in the CRA does it say to make loans to people who can't afford to repay? Nowhere!" She noted, "Consumer protection by bank regulators is not an oxymoron, but we need to change how we do it. The rules need reworking to match a changing industry and changing consumer needs." Speech  12/05/08

  • Holiday Currency Information

    The FRB Financial Services has posted online information regarding the schedule and processing of orders for holiday currency. Holiday Currency  12/05/08

  • Special Edition FDIC Consumer News

    The FDIC has published a Special Edition of Consumer News entitled, "Your New, Higher FDIC Insurance Coverage: How You Can Be Fully Protected," which explains the increase of FDIC insurance to $250,000 along with tips and information to help bank customers better understand their insurance coverage and how to be sure all their deposits are fully protected. Consumer News  12/05/08

  • IFDP Working Paper Published

    The FRB has published a working paper in the International Finance Discussion Papers (IFDP) series on the topic of "The Fragility of Sensitivity Analysis: An Encompassing Perspective." Abstract; Full Paper  12/05/08

  • Counterfeit Official Checks Alert

    The OCC has issued an Alert regarding counterfeit official checks issued in the name of Suffolk County National Bank, Riverhead, New York. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.  12/04/08

  • 314(a) Fact Sheet Updated

    FinCEN has updated the 314(a) Fact Sheet with data current as of December 2, 2008. 314(a)  12/04/08

  • Overdraft Programs Study Published

    The FDIC has published a study on the types, characteristics, and use of overdraft programs operated by FDIC-supervised banks. Study   12/04/08

  • MSB List Updated

    FinCEN has updated the MSB Registration List with data current as of November 12, 2008. List  12/04/08

  • Beige Book

    The December 3, 2008 issue of the Beige Book has been published by the Federal Reserve. Beige Book  12/04/08

  • Subprime Mortgages Working Paper Published

    A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "The Past, Present, and Future of Subprime Mortgages" has been published by the FRB. Abstract; Full Paper  12/04/08

  • Credit Rating Agencies Oversight Increased

    The SEC has approved measures to strengthen the oversight of credit rating agencies. Oversight; Fact Sheet  12/04/08

  • Regs Z and C Amendments

    The FDIC has issued a FIL regarding the amendment of the closed-end mortgage provisions of Regulation Z, which implement the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act (HOEPA, and Reg C, which implements the Home Mortgage Disclosure Act (HMDA) to include consumer protections specific to "higher-priced mortgage loans." FIL; Amendments  12/03/08

  • CRA Ratings Released

    The OTS has released the ratings received by savings associations recently evaluated for compliance with the provisions of the CRA. Ratings  12/03/08

  • Liquidity Facilities Extended

    The Federal Reserve has announced the extension through April 30, 2009, of the Primary Dealer Credit Facility (PDCF), the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility (AMLF), and the Term Securities Lending Facility (TSLF) liquidity facilities previously scheduled to end on January 30, 2009. Facilities  12/03/08

  • 23A Exemption Letter Released

    The FRB has released a letter to a bank granting an exemption from section 23A of the Federal Reserve Act and Regulation W for certain asset purchases by the bank from its affiliated money market mutual funds. Letter  12/03/08

  • CMP Inflation Adjustment Bulletin

    The OCC has issued a Bulletin regarding a change effective December 10, 2008, in its rules of practice and procedure to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction to administer to account for inflation. Information concerning the adjustment was first posted in November 10, 2008, BOL Top Stories. Bulletin   12/03/08

  • Reserve Position Report

    The Treasury has released the U.S. International Reserve Position Report for November 28, 2008. Report  12/03/08

  • Credit Auction Results

    The Federal Reserve has announced the results of the auction of $150 billion in 84-day credit held on December 1, 2008. Results  12/03/08

  • Paulson on TARP and the Economy

    Secretary Paulson has issued a statement regarding his views on current state of the U.S. economy, the implementation of the financial rescue package and strategies for use of the remaining TARP funds. He stated that a portion of the TARP funds may be used on "foreclosure mitigation ideas." Statement  12/02/08

  • Bernanke Discusses FR Crisis Management

    In a presentation before the Greater Austin Chamber of Commerce, Chairman Bernanke discussed the Federal Reserve's strategy for dealing with the financial crisis and its economic consequences. He indicated that treasuries may be purchased in an effort to revive the economy. Speech  12/02/08

  • 2009 OCC Fee Structure

    The OCC has issued a Bulletin regarding its fees and assessments for 2009. Bulletin  12/02/08

  • Section 19 Letters Published

    Two letters regarding orders of prohibition of involvement with the activities of an insured financial institution issued pursuant to the provisions of Section 19 of the Federal Deposit Insurance Act and Section 205 of the National Credit Union Act have been published by the FRB. Letter 1; Letter 2  12/02/08

  • FDIC Publishes Final Rule in FR for Assessment Dividends

    The FDIC is adopting a final rule to implement the assessment dividend requirements in the Federal Deposit Insurance Reform Act of 2005 (the Reform Act) and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (the Amendments Act). TXT; PDF  12/02/08

  • FDIC Publishes Correction to Final Rule in FR for Rules of Practice and Procedures

    The Federal Civil Monetary Penalties Inflation Adjustment Act of 1990, as amended, requires all Federal agencies with statutory authority to impose civil money penalties (CMPs) to evaluate and adjust those CMPs every four years. The Federal Deposit Insurance Corporation (FDIC) last adjusted the maximum amounts of CMPs under its jurisdiction in 2004. The FDIC is issuing this final rule to implement the required adjustments to its CMPs, in consultation with the other Federal banking agencies and the National Credit Union Administration. TXT; PDF  12/02/08

  • NCUA Publishes Final Rule in FR for the Organization and Operations of Federal Credit Unions

    The NCUA is adopting a final rule implementing four modifications to its Chartering and Field of Membership Manual to update and clarify the process of approving credit union service to "underserved areas." First, the rule clarifies the procedure for establishing that an "underserved area"' qualifies as a local community. Second, it makes explicit the process for applying the economic distress criteria that determine whether an area combining multiple geographic units is sufficiently "distressed" to qualify as "underserved." Third, it updates the documentation and clarifies the scope requirements for demonstrating that a proposed area has "significant unmet needs" for loans and financial services. Finally, the rule utilizes data provided by NCUA on the location of depository institution facilities to determine whether an area is "underserved by other depository institutions" according to the presence of their facilities within the area. TXT; PDF  12/02/08

  • Exchange Rates Report Released

    The FRB has released the G.5 Foreign Exchange Rates Report for November 2008. G.5  12/02/08

  • NCUA Publishes Final Rule in FR for Amended Definition of Post-Merger Net
    Worth

    NCUA is adopting a final rule implementing a statutory amendment that expands the definition of "net worth" that applies to natural person credit unions under regulatory capital standards known as "prompt corrective action." The expanded definition allows the acquiring credit union, in a merger of natural person credit unions, to combine the merging credit union's retained earnings with its own to determine the acquirer's post-merger "net worth." TXT; PDF  12/01/08

  • Government of Iran Entities Added to OFAC List

    The Treasury has identified the National Iranian Oil Company (a.k.a. NIOC), Naftiran Intertrade Company Ltd. (a.k.a. NICO), and Naftiran Intertrade Co. Sarl as entities owned or controlled by the Government of Iran and added their names to the SDN List. Information regarding the entities has been posted on the BOL OFAC page.   12/01/08

  • Enforcement Actions Released

    The FDIC has released a list of thirty-seven orders of administrative enforcement actions taken against banks and individuals in October 2008. Actions  12/01/08

  • First Quarter 2009 CRA Examination Schedules Released

    The OCC and the FDIC have released their respective schedule of national banks and financial institution Community Reinvestment Act (CRA) examinations to be conducted in the first quarter of 2009. OCC; FDIC   12/01/08

  • BOA Acquisition of ML Approved

    The FRB has issued an Order approving the proposal of Bank of America Corporation, Charlotte, North Carolina, to acquire Merrill Lynch & Company, Inc., New York, New York, and thereby indirectly acquire Merrill Lynch Bank & Trust Co., FSB, New York, New York; Merrill Lynch Bank USA, Salt Lake City, Utah; and Merrill Lynch Yatirim Bank A.S., Istanbul, Turkey. Order  12/01/08

  • Troubled Banks Bidder List Expanded

    The FDIC has announced it is modifying the bidder qualification process to expand the pool of qualified bidders for the deposits and assets of failing depository institutions to allow interested parties that do not currently have a bank charter to participate in the bid process. Bidder List  12/01/08

  • NCUA Schedules Closed Board Meeting

    The NCUA has announced the scheduling of special closed Board meeting on December 2, 2008. Closed Meeting  12/01/08

  • New Electronic Interpretations and Actions Announced

    The November 2008 New Electronic Interpretations and Actions have been announced by the OCC. Electronic Interpretations  12/01/08

  • Student Loans Purchase 23A Exemption Granted

    A letter has been published containing a Legal Interpretation granting an exemption from Section 23A of the Federal Reserve Act and Regulation W to allow Union Bank and Trust Company to purchase federally guaranteed student loans from an affiliate, Nelnet, Inc, all of Lincoln, Nebraska. Letter  12/01/08

  • HTC Participation Discussed

    The OCC as published a Community Developments Insights report that describes how banks participate in the Historic Tax Credit (HTC) program which is used to rehabilitate and restore certified historic properties. Insights  12/01/08

  • Publication of Statistical Supplement To End

    The FRB has published the November 2008 version of the Statistical Supplement to the Federal Reserve Bulletin and announced effective with the publication of the December 2008 version; it will discontinue both the print and online versions. November Supplement;
    End
      12/01/08

  • Assets Reports Released

    The October 2008 3.12 U.S. Reserve Assets and 3.13 Foreign Assets Held at Federal Reserve Banks reports have been released. Reports  12/01/08

  • Receivable Outstanding and Auto Loans Reports Issued

    The FRB has issued the G.20 Finance Companies reports regarding owned and managed receivables outstanding and auto loans; terms of credit. G.20   12/01/08

10/31/2008

Top Stories for November 2008

  • CRA Ratings Released

    The OCC has released the rating received by thirty-eight national banks that were recently evaluated for compliance with the provisions of the CRA. Ratings  11/26/08

  • TALF Receives TARP Funds

    The Treasury has announced it will allocate $20 billion in TARP funds to back the Term-Asset Backed Securities Lending Facility (TALF), a lending facility for the consumer asset backed securities (ABS) market established by the Federal Reserve Bank of New York and Secretary Paulson commented on the allocation. Paulson Comment; TARP; TALF   11/26/08

  • OFAC Additions Deletions

    The Treasury has designated four Robert Mugabe regime cronies and a number of entities owned or controlled by two of them due to financial and logistical support they have provided to allow the regime to pursue policies that seriously undermine democratic processes and institutions in Zimbabwe and added their names to the SDN List. In addition, current designated entities were removed from the List. Information regarding the changes has been posted on the BOL OFAC page.  11/26/08

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and among Team Financial, Inc., Paola, Kansas, Post Bancorp, Inc., Colorado Springs, Colorado, Team Financial Acquisition Subsidiary, Inc., Paola, Kansas, all registered bank holding companies, and the Federal Reserve Bank of Kansas City. Agreement  11/26/08

  • FDIC Publishes Final Rule in FR for Temporary Liquidity Guarantee Program

    The FDIC is adopting a Final Rule to implement its Temporary Liquidity Guarantee Program. This program, designed to avoid or mitigate adverse effects on economic conditions or
    financial stability, has two primary components: The Debt Guarantee Program, by which the FDIC will guarantee the payment of certain newly-issued senior unsecured debt, and the Transaction Account Guarantee Program, by which the FDIC will guarantee certain noninterest-bearing transaction accounts.TXT; PDF  11/26/08

  • NCUA Publishes Final Rule in FR for Low Income Definition

    The NCUA is amending the definition of "low-income members" to use median family income (MFI) to determine if a credit union qualifies for a low-income designation and eligible for assistance from the Community Development Revolving Loan Fund (CDRLF). The amendment will eliminate the confusion associated with adjusting median household income in metropolitan areas with higher costs of living. Additionally, it will better align NCUA criteria for a low-income credit union (LICU) designation with the criteria for the addition of an underserved area to a federal credit union (FCU) field of membership and certification as a Community Development Financial Institution (CDFI).TXT; PDF  11/26/08

  • NCUA Publishes Proposes Rulemaking for Agency Information Collection Activities; Proposals, Submissions, and Approvals

    The NCUA is submitting the following information collection to the Office of Management and Budget (OMB) for review and clearance under the Paperwork Reduction Act of 1995, Pub. L. 104-13, 44 U.S.C. Chapter 35. TXT; PDF  11/26/08

  • FRB To Purchase GSEs and MBSs

    A program to purchase up to $100 billion of the direct obligations of housing-related government-sponsored enterprises (GSEs)--Fannie Mae, Freddie Mac, and the Federal Home Loan Banks--and up to $500 Billion of mortgage-backed securities (MBS) backed by Fannie Mae, Freddie Mac, and Ginnie Mae has been announced by the FRB. Purchase  11/26/08

  • 94% Decline Insured Institutions' Net Income

    The FDIC has announced that insured commercial banks and savings institutions reported net income of $1.7 billion in the third quarter of 2008, a decline of $27.0 billion (94 percent) from the $28.7 billion that the industry earned in the third quarter of 2007. Chairman Bair commented on the results. Income; Bair Comments  11/26/08

  • Temporary Guarantee Program for Money Market Funds Extended

    The Treasury has announced that the Temporary Guarantee Program for Money Market Funds has been extended until April 30, 2009. Extension  11/25/08

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve Position Report with data current as of November 21, 2008. Reserve Position  11/25/08

  • Home Computer IFDP Working Paper Published

    A working paper in the International Finance Discussion Paper (IFDP) series on the topic of "Home Computers and Educational Outcomes: Evidence from the NLSY97 and CPS" has been published by the FRB. Abstract; Full Paper  11/25/08

  • Treasury, Fed and FDIC Announce Assistance for Citigroup

    Treasury, the Fed and the FDIC issued a joint statement late Sunday night announcing an agreement with Citigroup to provide a package of guarantees, liquidity access and capital. As part of the agreement, Treasury and the FDIC will provide protection against the possibility of unusually large losses on an asset pool of approximately $306 billion of loans and securities backed by residential and commercial real estate and other such assets, which will remain on Citigroup's balance sheet. As a fee for this arrangement, Citigroup will issue preferred shares to the Treasury and FDIC. In addition and if necessary, the Federal Reserve stands ready to backstop residual risk in the asset pool through a non-recourse loan. In addition, Treasury will invest $20 billion in Citigroup from the Troubled Asset Relief Program in exchange for preferred stock with an 8% dividend to the Treasury. Citigroup will comply with enhanced executive compensation restrictions and implement the FDIC's mortgage modification program.   Joint Statement  
    Summary of terms  11/24/08

  • First "Shelf Charter" Bank Approved

    The OCC has granted the first conditional preliminary approval of a new type of national bank "shelf-charter," designed to facilitate new equity investments in troubled depository institutions. Shelf Charter; Approval Letter  11/24/08

  • TLG Program Final Rule

    The FDIC has issued a FIL announcing the adoption of a Final Rule implementing the Temporary Liquidity Guarantee Program (TLG Program) which consists of a guarantee of newly issued senior unsecured debt of banks, thrifts, and certain holding companies (the debt guarantee program) and full guarantee of non-interest bearing deposit transaction accounts. BOL has the final rule (12 CFR Part 370) posted in its Alphabet Soup regulatory collection. FIL; Final Rule  11/24/08

  • Two California Thrifts Closed Deposits Acquired

    The OTS has closed Downey Savings and Loan Association of Newport Beach and PFF Bank & Trust of Pomona; the FDIC was appointed receiver of each institution. U.S. Bank, National Association, Minneapolis, Minnesota, acquired the banking operations, including all the deposits, of both institutions in a transaction facilitated by the FDIC. Closings; Acquisition; Downey Fact Sheet; PFF Fact Sheet  11/24/08

  • Georgia Bank Closed Assets Acquired

    The Community Bank, Loganville, Georgia, was closed by the Georgia Department of Banking and Finance. The FDIC was named receiver and entered into a purchase and assumption agreement with Bank of Essex, Tappahannock, Virginia, to assume all of the deposits. Closed  11/24/08

  • Enforcement Actions Released

    The OCC has released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Actions  11/24/08

  • Consumer Compliance Handbook Updated

    The FRB has published the November 2008 update to the Consumer Compliance Handbook. Handbook  11/24/08

  • Working Papers Published

    Four working papers have been published by the FRB, two each in the International Finance Discussion Papers (IFDP) series and the Finance and Economics Discussion Series (FEDS) series, on the following topics:

    • A Non-Random Walk Revisited: Short- and Long-Term Memory in Asset Prices
    • Do Energy Prices Respond to U.S. Macroeconomic News? A Test of the Hypothesis of Predetermined Energy Prices
    • The Evolving Relationship between Community Banks and Small Businesses: Evidence from the Surveys of Small Business Finances
    • The Rigidity of Choice. Lifecycle savings with information-processing limits.

    Non-Random Abstract | Non-Random Full Paper | Do Energy Abstract | Do Energy Full Paper | Evolving Abstract | Evolving Full Paper | Rigidity Abstract | Rigidity Full Paper  11/24/08

  • FRB Bulletin Legal Developments

    The FRB has published the Third Quarter 2008 Bulletin Legal Developments. Legal Developments  11/24/08

  • TAF Auctions to Continue

    The Federal Reserve has announced the biweekly Term Auction Facility (TAF) auctions will continue for as long as necessary to address elevated pressures in short-term funding markets. The results of the December 20, 2008, auction of $20 billion in 35-day credit were also announced. Auctions; Results  11/24/08

  • Four Added to OFAC List

    The Treasury has announced the addition of four individuals to OFAC's SDN list, with SDGT designations. Information on the changes has been posted to the BOL OFAC page.  11/21/08

  • FDIC Announces Availability of IndyMac Loan Mod Model

    The Federal Deposit Insurance Corporation (FDIC) announced the availability of a comprehensive package of information to give servicers and financial institutions all of the tools necessary to implement a systematic and streamlined approach to modifying loans based on the FDIC Loan Modification Program initiated at IndyMac Federal Bank (IndyMac). The Program, nicknamed "Mod in a Box," is designed to achieve affordable and sustainable mortgage payments for borrowers and increase the value of distressed mortgages by rehabilitating them into performing loans. Under the terms of the Program, borrowers receive a loan modification with a maximum 38% down to 31% housing-to-income ratio through the use of interest rate reduction, amortization term extension, and in some cases, principal deferment. This loan modification process improves the value of the troubled mortgages for investors while helping many borrowers experiencing financial difficulties remain in their homes. Program  11/21/08

  • FOMC to Hold Expanded December Meeting

    The Federal Open Market Committee on Thursday announced it would expand its December meeting to two days to allow additional time for discussion. The upcoming meeting, previously planned for one day, will begin on the afternoon of Monday December 15 and conclude on Tuesday December 16. The Committee's statement will be released as previously planned, around 2:15 p.m. EST on Tuesday. Press Release  11/21/08

  • Remarks on Implementation of EESA

    The Treasury Department has published remarks of Interim Assistant Secretary Neel Kashkari on the implementation of the Emergency Economic Stabilization Act (EESA). Kashkari's remarks were delivered at a Women in Housing and Finance and Exchequer Club of Washington Policy Luncheon on 11/19/08. Remarks  11/21/08

  • The FDIC Chairman Addresses Business School

    The FDIC Chairman Sheila C. Bair yesterday delivered the keynote address to the Johns Hopkins Carey Business School. Chairman Bair discussed the FDIC's recent actions to guarantee newly issued senior unsecured debt of banks, thrifts, and certain holding companies, and providing full coverage of non-interest bearing deposit transaction accounts, regardless of dollar amount. Although this guarantee has been in place for debt issued after October 13th, the FDIC Board of Directors will be finalizing the rule on Friday, November 21st. Among other issues, the address also focused on the FDIC's loan guarantee proposal, a program that could help 1.5 million families avoid foreclosure. Press Release  11/21/08

  • HUD Announces Flexibility for "HOPE for Homeowners" Program

    U.S. Housing and Urban Development Secretary Steve Preston announced that the HOPE for Homeowners (H4H) Board of Directors has approved changes to the program to help more distressed borrowers refinance into affordable, government-back mortgages. The changes will reduce the program costs for consumers and lenders alike while also expanding eligibility by driving down the borrower's monthly mortgage payments. Modifications to HOPE for Homeowners include:

    • Increasing the loan to value ratio (LTV) to 96.5 percent for some H4H loans;
    • Simplifying the process to remove subordinate liens by permitting upfront payments to lienholders; and
    • Allowing lenders to extend mortgage terms from 30 to 40 years.

    Announcement  11/21/08

  • FRB Publishes Final Rule in FR for Reg CC; Availability of Funds and Collection of Checks

    The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the Des Moines office of the Federal Reserve Bank of Chicago and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Chicago. TXT; PDF  11/21/08

  • Written Agreements Announced

    The FRB has announced two written agreements, one by and among Southern Community Bancshares, Inc., Fayetteville, Georgia, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. and the other by and among FirstBank Financial Services, Inc., McDonough, Georgia, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Southern Agreement; FirstBank Agreement  11/20/08

  • Interagency Examination Procedures Revised

    The OCC has issued revised procedures for Regulation DD in the "Depository Services" booklet of the Comptroller's Handbook for Consumer Compliance clarify requirements for e-communication and the regulation's relationship to the E-Sign Act. Procedures  11/20/08

  • CRA Not Responsible For Subprime Lending Abuses

    In a presentation at the Enterprise Annual Network Conference, Comptroller Dugan stated, "The CRA is not the culprit behind the subprime mortgage lending abuses, or the broader credit quality issues in the marketplace." Speech  11/20/08

  • FOMC Minutes

    The minutes of Federal Open Market Committee meeting held on September 29, October 7, and October 28-29, 2008, have been released by the FRB. Minutes  11/20/08

  • IFDP Working Papers

    Two working papers in the International Finance Discussion Paper (IFDP) series have been published by the FRB on the topics of "Housing Market Risks in the United Kingdom" and "Estimating the Parameters of a Small Open Economy DSGE Model: Identifiability and Inferential Validity." Housing Abstract; Housing Full Paper; Estimating Abstract; Estimating Full Paper  11/20/08

  • Order of Prohibition Issued

    The FRB has issued an Order of Prohibition against David Lee, former managing director of the Commodities Trading Group and institution-affiliated party of the Chicago, Illinois, branch of the Bank of Montreal (BMO). Order  11/19/08

  • Paulson, Bair and Bernanke TARP Testimony

    Secretary Paulson, Chairman Bair and Chairman Bernanke testified before the House Committee on Financial Services regarding the implementation of the Emergency Economic Stabilization Act and the utilization of Troubled Asset Relief Program (TARP) funds. They differed somewhat in their respective opinions on the subjects. Paulson Testimony; Paulson Statement; Bernanke Testimony; Bair Statement  11/19/08

  • West Coast Assets Liquidation Office Established By FDIC

    The FDIC has announced it will open a temporary office in Irvine, California, to manage receiverships and to liquidate assets from failed financial institutions primarily located in the western states. Liquidation Office  11/19/08

  • Consumer Mortgage Relief Program Announced

    The NCUA has announced a new initiative, the Credit Union Homeowners Affordability Relief Program (CU HARP), which would enable it, through the Central Liquidity Facility (CLF), to work with credit unions and their members in temporarily lowering monthly mortgage payments. Relief Program  11/19/08

  • Reg CC Amended

    The FRB has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Seventh District. BOL has annotated its "Alphabet Soup" copy of Regulation CC to reflect the amendment. Restructuring  11/19/08

  • 314(a) Fact Sheet Updated

    The FinCEN has updated the 314(a) Fact Sheet with data current as of November 18, 2008. 314(a)  11/19/08

  • Credit Auction Results

    The results of the auction of $150 billion in 28-day credit held on November 17, 2008, have been announced by the FRB. Auction  11/19/08

  • Charge-Off and Delinquency Rates Reports

    The FRB has released Charge-Off and Delinquency Rates on Loans at Commercial Banks reports for the third quarter 2008. Rates  11/19/08

  • FEDS Working Paper Issued

    A working paper in the Finance and Economics Discussion (FEDS) series on the topic of "Imperfect Information and Monetary Models: Multiple Shocks and their Consequences" has been published by the FRB. Abstract; Full Paper  11/19/08

  • The FRB and Treasury Publish a Final Rule in FR for Prohibition on Funding of Unlawful Internet Gambling

    The final rule sets out definitions for terms used in the regulation; designates payment systems that could be used by participants in connection with, or to facilitate, a restricted transaction; exempts certain participants in certain designated payment systems from the requirement of the regulation; requires theparticipants performing non-exempt functions in a designated payment system to establish and implement policies and procedures reasonably designed to prevent or prohibit restricted transactions, such as by identifying and blocking such transactions; provides non-exclusive examples of policies and procedures for non-exempt participants in each designated payment system; and sets out the regulatory enforcement framework. TXT; PDF   Learn more about this final rule by attending the Internet Gambling webinar, click here for more information.   11/19/08

  • TIC Data Released

    The Treasury International Capital (TIC) report for September 2008 has been released. TIC  11/19/08

  • Counterfeit Checks Special Alerts

    Six Special Alerts have been issued by the FDIC regarding counterfeit checks bearing the name of the following institutions:

    • Wyoming State Bank, Laramie, Wyoming (Counterfeit Checks);
    • Pine River Valley Bank, Bayfield, Colorado (Counterfeit Cashier's Checks);
    • Professional Federal Credit Union, Fort Wayne, Indiana (Counterfeit Cashier's Checks);
    • Gateway Bank of St. Louis, St. Louis, Missouri (Counterfeit Checks);
    • Artisans' Bank, Wilmington, Delaware (Counterfeit Official Checks); and
    • Vineyard Bank, National Association, Corona, California (Counterfeit Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  11/18/08

  • Fire Closings Authorized

    The OCC has issued a proclamation allowing national bank offices affected by fires in southern California to close at their discretion. Proclamation  11/18/08

  • HUD Publishes Final Rule in FR for the Real Estate Settlement Procedures Act (RESPA)

    This final rule amends HUD's regulations to further RESPA's purposes by requiring more timely and effective disclosures related to mortgage settlement costs for federally related mortgage loans to consumers. The changes made by this final rule are designed to protect consumers from unnecessarily high settlement costs by taking steps to: improve and standardize the Good Faith Estimate (GFE) form to make it easier to use for shopping among settlement service providers; ensure that page 1 of the GFE provides a clear summary of the loan terms and total settlement charges so that borrowers will be able to use the GFE to identify a particular loan product and comparison shop among loan originators; provide more accurate estimates of costs of settlement services shown on the GFE; improve disclosure of yield spread premiums (YSPs) to help borrowers understand how YSPs settlement charges; facilitate comparison of the GFE and the HUD-1/HUD-1A Settlement Statements; ensure that at settlement borrowers are aware of final costs as they relate to their particular mortgage loan and settlement transaction; clarify HUD-1 instructions; expressly state that RESPA permits the listing of an average charge on the HUD-1; and strengthen the prohibition against requiring the use of affiliated businesses.TXT; PDF  11/18/08

  • December HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in December, 2008, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. Since November 15, 2008, was a Saturday, use the rate on November 14, 2008, the business day immediately preceding the 15th. H.15  11/18/08

  • TARP CPP Term Sheet and FAQs Issued

    The term sheet and answers to frequently asked questions for certain privately-held financial institutions applying for the Capital Purchase Program (CPP) has been issued by the Treasury. Term Sheet; FAQs  11/18/08

  • C&D Order Announced

    The OCC has announced that it has entered into a consent cease and desist (C&D) order with Vernon W. Hill, II, former Chairman and CEO of Commerce Bank, N.A., Philadelphia, Pennsylvania. Order  11/18/08

  • Reserve Position Report

    The Treasury has issued the International Reserve Position Report for November 14, 2008. Reserve Position  11/18/08

  • The OTC Derivatives Oversight and Infrastructure Initiatives Announced

    The President's Working Group on Financial Markets have announced a series of initiatives to strengthen oversight and the infrastructure of the over-the-counter derivatives market which include the development of credit default swap central counterparties, the establishment of a Memorandum of Understanding (MOU) regarding CDS central counterparties among the FRB, the SEC and the Commodity Futures Trading Commission. OTC Derivatives; MOU  11/17/08

  • The FRB Publishes Interim Final Rule in FR for Reserve Requirements of Depository Institutions

    The Board is revising its interim final rule amending Regulation D, Reserve Requirements of Depository Institutions, to alter the formula by which earnings on required reserve balances and on excess balances of eligible institutions are calculated. The remainder
    of the interim final rule, including the period during which comments may be submitted, is unchanged from the interim final rule as published on October 9, 2008. TXT; PDF  11/17/08

  • Bernanke On Central Banks Coordination

    In a presentation at the Fifth European Central Bank Central Banking Conference, Chairman Bernanke discussed the unprecedented corporation among central banks regarding the current international financial crisis. Speech  11/17/08

  • Section Enforcement Letters Released

    The FRB has released three letters regarding enforcement action taken against individual pursuant to Section 19 of the Federal Deposit Insurance Act prohibiting their employment or association with a federally insured depository institution. Letter 1; Letter 2; Letter 3  11/17/08

  • FedFocus and FedFlash

    The November 2008 issues of FedFocus and FedFlash have been published by the FRB Financial Services. FedFocus; FedFlash  11/17/08

  • Cost of Funds Reports

    The historical and current Cost of Funds Reports have been released by the OTS. Historical; Current  11/17/08

  • FDIC Expands Coverage of Stored Value Card Accounts

    The FDIC has published an update to its General Counsel's Opinion No. 8 regarding the meaning of the term "deposit" as it relates to funds underlying stored value cards and other access mechanisms. The update expands the definition to include all such funds that have been placed at an insured depository institution, making them subject to FDIC assessments and insured up to the insurance limit. The funds may be insurable to the individual holder of access mechanisms on a "pass through" basis if the FDIC's standards for such treatment are met. Opinion PDF; Text; FIL  11/14/08

  • OFAC Additions and Deletions

    Twenty-six individuals and seventeen companies tied to Burma's Wei Hsueh Kang and the United Wa State Army (UWSA) have been designated as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) and added to the SDN list. In addition, twenty-three individuals designated as SDNTs have been deleted from the SDN list. Information regarding the changes has been posted on the BOL >OFAC page.   11/14/08

  • Internet Gambling Final Rule

    The Treasury and the FRB have announced the release of a joint final rule to implement the Unlawful Internet Gambling Enforcement Act of 2006. The Act prohibits gambling businesses from knowingly accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers, and checks. FRB PR; Treasury PR  11/14/08

  • FDIC Proposes Rulemaking for Assessments

    On October 7, 2008, the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking with request for comments on revisions to 12 CFR part 327 (see 73 FR 61560). The rulemaking
    proposed effective January 1, 2009, to raise the current assessment rates uniformly by seven basis points for the first quarter 2009 assessment period only; effective April 1, 2009, alter the way in which the FDIC's risk-based assessment system differentiates for risk and again change deposit insurance assessment rates; and also effective April 1, 2009,
    make technical and other changes to the rules governing the risk-based assessment system. The proposed rules were published for a 30-day comment period, which is scheduled to close on November 17, 2008. In order to afford interested parties additional time beyond the present 30-day comment period to review the proposals with an April 1, 2009 effective date, the FDIC is extending the period for public comment by 30 days, that is, until December 17, 2008. TXT; PDF  11/14/08

  • BSA/AML C&D Order Issued

    The FRB and the New York State Banking Department have announced the issuance of a consent Cease and Desist Order against Dresdner Bank AG, Frankfurt, Germany and the bank's branch in New York, New York, which addresses BSA and AML compliance policies and practices at the branch. Order  11/14/08

  • Revised GFE Required By New RESPA Rules

    HUD has issued, for the first time in over thirty years, mortgage reforms designed to help consumers shop for the lowest cost mortgage and avoid costly and potentially harmful loan offers. Lenders and mortgage brokers are required, among other things, to provide consumers with a new form of Good Faith Estimate (GFE). RESPA Rules; New GFE; New HUD 1  11/14/08

  • Interagency Appraisal Guidelines Proposed and Comments Sought

    The federal bank, thrift, and credit union regulatory agencies have jointly issued for comment proposed Interagency Appraisal and Evaluation Guidelines that clarify risk management principles and internal controls for ensuring that financial institutions' real estate collateral valuations (both appraisals and evaluations) are reliable and support their real estate-related transactions. Guidelines; FRB PR; FDIC PR; OCC NR; OTS PR; NCUA PR  11/14/08

  • The Quarterly Review Of Interest Rate Risk

    The OTS has published the Second Quarter 2008 issue of The Quarterly Review of Interest Rate Risk which feature an article regarding discovering the "hold-to-maturity" price. Quarterly Review  11/14/08

  • Meeting Creditworthy Borrowers Needs Interagency Statement

    The federal financial institution regulatory agencies have issued a Joint Interagency Statement regarding a financial institution meeting the needs of creditworthy borrowers while ensuring the adequacy of its capital base, engaging in appropriate loss mitigation strategies and foreclosure prevention, and reassessing the incentive implications of its compensation policies. FRB PR; OCC NR; FDIC FIL; OTS NR  11/13/08

  • The OCC Responds to Credit Card Borrower Workout Request

    The OCC has issued a written response to a request from the Financial Services Roundtable and the Consumer Federation of America that it approve a new workout program for troubled credit card borrowers. Response   11/13/08

  • CRA Ratings Released

    The OTS has released the ratings received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings   11/13/08

  • Prohibition Orders Issued

    The NCUA has issued six orders of prohibition against individuals formerly associated with credit unions. Orders   11/13/08

  • Required Balances Interest Rate Posted

    The FRB has posted the interest rates to be paid on required reserve balances and excess balances for the maintenance period ending November 12, 2008. Rates  11/13/08

  • Paulson Discusses Rescue Package and Economy

    Secretary Paulson has issued a statement on the state of the financial system, the economy, and Treasury's strategy for continued implementation of the financial rescue package. Statement  11/13/08

  • Saudi Charity Added to OFAC List

    The Treasury has announced the designation of a Saudi Arabian "charity" as a Specially Designated Global Terrorist (SDGT) and added its name to the SDN List. Information regarding the entity has been posted on th BOL OFAC page.  11/13/08

  • SAR Activity Review Published

    The FinCEN has published the November 2008 issue of SAR Activity-By the Numbers. SAR  11/13/08

  • Credit Auction Results

    The Federal Reserve has announced the results of auction of $150 billion in 17-day credit held on November 10, 2008. Auction Results  11/13/08

  • American Express BHC Application Approved

    The FRB has announced the issuance of an Order approving the applications of American Express Company and American Express Travel Related Services Company, Inc., to become bank holding companies on conversion of American Express Centurion Bank, Salt Lake City, Utah, to a bank, and to retain certain nonbanking subsidiaries, including American Express Bank. Order  11/12/08

  • Working Papers Published

    The FRB has published four working papers, two in the FEDS series and two in the IFDP series on the following topics:

    • The Effect of Capital Gains Taxation on Home Sales: Evidence from the Taxpayer Relief Act of 1997,
    • Does Credit Supply Affect Small-Firm Finance?,
    • Do Fundamentals Explain the International Impact of U.S. Interest Rates? Evidence at the Firm Level, and
    • Testing the Expectations Hypothesis When Interest Rates are Near Integrated.

    Effect Abstract |
    Effect Full Paper
    | Credit Supply Abstract |
    Credit Supply Full Paper
    | Fundamentals Abstract | Fundamentals Full Paper | Testing Abstract | Testing Full Paper  11/12/08

  • Reserve Position Update

     
    The Treasury has updated the U.S. International Reserve Position Report with data current as of November 7, 2008. Reserve Position  11/12/08

  • Counterfeit Cashier's Check Alert

    The OCC has issued an Alert regarding counterfeit cashier’s checks issued in the name of Hilltop National Bank, Casper, Wyoming. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  11/10/08

  • Assets of Closed Texas Bank Acquired

    The FDIC has announced that Franklin Bank, S.S.B., Houston, Texas, was closed by the Texas Department of Savings and Mortgage Lending. The FDIC was named receiver and has entered into a purchase and assumption agreement with Prosperity Bank, El Campo, Texas, to assume all of the deposits, including those that exceeded the insurance limit, of Franklin Bank. Texas Bank  11/10/08

  • Assets of Closed California Bank Acquired

    The FDIC has also announced that Security Pacific Bank, Los Angeles, California, was closed by the Commissioner of the California Department of Financial Institutions. The FDIC was named receiver and has entered into a purchase and assumption agreement with Pacific Western Bank, Las Angeles, California, to assume all of the deposits of Security Pacific.
    California Bank   11/10/08

  • Internet CU Chartered

    The NCUA has announced the chartering of Realtors Federal Credit Union to serve members and employees of the National Association of Realtors. It will operate as an Internet-based credit union without physical branch locations, offer a wide range of financial products and services and have a national field of membership.
    Internet CU  11/10/08

  • Treasury Calls For Large Position Reports

    Pursuant to its report rules, Treasury has called for Large Position Reports from those entities whose reportable positions in either the 2% Treasury Notes of September 2010 or the 3-1/8% Treasury Notes of September 2013 equaled or exceeded $2 billion as of close of business November 6, 2008. Reports must be received by the Government Securities Dealer Statistical Unit of the Federal Reserve Bank of New York before noon Eastern Time (ET) on November 14, 2008.  Reports;  Report Details  11/10/08

  • Compliance and CRA Workshops Announced

    OTS has announced that it will hold a series of workshops on compliance and CRA during December 2008.  Workshops;  Registration Form   11/10/08

  • FDIC Assessment Rules Comment Period Extended

    An FIL has been issued by the FDIC that announces the comment period has been extended for 30 days (until December 17, 2008) for certain portions of its October 7, 2008, proposed rulemaking on risk-based assessments that altered the way in which the risk-based assessment system differentiates for risk, changed deposit insurance assessment rates, and make technical and other changes to the rules governing the risk-based assessment system.  FIL  11/10/08

  • OCC Posts Civil Money Penalty Adjustments

    The Office of the Comptroller of the Currency (OCC) is amending effective 12/10/2008 its rules of practice and procedure, set forth at 12 CFR part 19, to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction to administer to account for inflation. This action, including the amount of the adjustment, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990 (Inflation Adjustment Act), as amended by the Debt Collection Improvement Act of 1996. The OCC is also amending part 19 to add to our list of penalties a new CMP, which was authorized after the OCC last adjusted its CMPs.  PDF  Text  11/10/08

  • OFAC Publishes Amendments to Iranian Transactions Regulations

    The Office of Foreign Assets Control of the U.S. Department of
    the Treasury ("OFAC") is amending the Iranian Transactions
    Regulations, to narrow the scope of existing section by revoking an
    authorization previously granted to U.S. depository institutions to
    process "U-turn" transfers, and to make certain other conforming and
    technical changes. This OFAC action was first covered in BankersOnline's Top Stories on 11/7/2008.  PDF  Text  11/10/08

  • Payment Processor Guidance

    The FDIC has issued an FIL containing Guidance that describes potential risks for financial institutions associated with relationships with entities that process payments for telemarketers and other merchant clients.  FIL;   Guidance

  • FRB and Treasury Announce Restructuring of AIG Assistance

    The Federal Reserve Board and the U.S. Treasury announced this morning the restructuring of the government's financial support to the American International Group (AIG) in order to keep the company strong and facilitate its ability to complete its restructuring process successfully. The restructuring of the plan is designed to establish a more durable capital structure, resolve liquidity issues, facilitate AIG's execution of its plan to sell certain of its businesses in an orderly manner, promote market stability, and protect the interests of the U.S. government and taxpayers.  FRB Release  11/10/08

  • Treasury Solicitation For Financial Managers

    Treasury has posted a solicitation for financial agents to provide Equity, Debt, and Warrants Asset Management Services that are needed for the effective implementation of the Capital Purchase Program being administered under the Emergency Economic Stabilization Act.  Solicitation  11/10/08

  • Consumer Credit Report Released

    The FRB has released the G. 19 Consumer Credit Report for September 2008.  G. 19

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of West Valley National Bank of Avondale, Arizona. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  11/07/08

  • The FDIC Publishes Rule in FR for Temporary Liquidity Guarantee Program

    The FDIC is amending its Interim Rule with Request for Comment (Interim Rule) relating to implementation of its Temporary Liquidity Guarantee Program (TLG Program) by extending the opt out date for eligible entities until December 5, 2008; extending the deadline for complying with certain disclosure requirements related to the TLG Program until December 19, 2008; and establishing assessment procedures to accommodate the extended opt out period. TXT; PDF  11/07/08

  • The Treasury Proposes Rulelmaking for the Transfer and Reorganization of Bank Secrecy Act Regulations<

    FinCEN proposes to move Bank Secrecy Act (BSA) regulations to a new chapter in the Code of Federal Regulations (CFR). The new chapter would contain the BSA regulations, which would generally be reorganized by financial industry. This new organization within the new chapter also allows for the renumbering of the BSA regulations in a manner that would make it easier to find regulatory requirements than under the numbering system currently used in the existing regulations. TXT; PDF  11/07/08

  • U-Turn License Revoked

    The Treasury has announced that it is revoking the "U-turn" license for Iran, further restricting Iran's access to the U.S. financial system. U-Turn; Fact Sheet  11/07/08

  • Written Agreements Announced

    The FRB has announced the execution of two written agreements, one by and among Paramount Bancorp, Inc., a registered bank holding company, Paramount Bank, a state chartered member bank, both of Farmington Hills, Michigan, the Federal Reserve Bank of Chicago, and the Michigan Office of Financial and Insurance Regulation.; and the other by and between Currie Bancorporation, Inc., Currie, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. Paramount; Currie  11/07/08

  • Cease and Desist Order

    The FRB has issued a Cease and Desist Order against CapitalSouth Bancorp, Birmingham, Alabama, a registered bank holding company, and CapitalSouth Bank, Birmingham, Alabama, a state-chartered member bank. Order  11/07/08

  • Check Processing Sites Changed

    The FRB has announced a reduction in the number of check processing sites and an accelerated restructuring schedule. The Federal Reserve Bank of Cleveland will serve as the single paper check processing site and the Federal Reserve Bank of Atlanta will serve as the single electronic check processing site for the Federal Reserve System. Sites  11/07/08

  • 341(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with data current as of November 4, 2008. 314(a)  11/07/08

  • Earnings Working Paper Published

    A working paper in the IFDP series on the topic of "Soft Information in Earnings Announcements: News or Noise?" has been published by the FRB. Abstract; Full Paper  11/07/08

  • New Electronic Interpretations and Actions

    The OCC has issued the October 2008 New Electronic Interpretations and Actions report. New  11/07/08

  • CRA Ratings Released

    The FDIC has released issued the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. CRA  11/06/08

  • Reserve Balances Interest Rate Formulas Changed

    The Federal Reserve has announced that it will alter formulas used to determine interest rates paid to depository institutions on required reserve balances and excess reserve balances. Formulas; Interest Rate  11/06/08

  • TBAC Report and Minutes

    The Treasury has released the Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association (TBAC) and the minutes of the TBAC meeting held on November 4, 2008. Report; Minutes   11/06/08

  • Community Developments Newsletter Released

    The OCC has released the fall 2008 edition of the Community Developments newsletter which focuses on the recovery efforts in the Gulf Coast region. Community Developments  11/06/08

  • The FRB Publishes Final Rule in FR for Extensions of Credit by Federal Reserve Banks

    The Board of Governors of the Federal Reserve System (Board) has adopted final amendments to its Regulation A to reflect the Board's approval of a decrease in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board's primary
    credit rate action. TXT; PDF  11/06/08

  • Hawaii State Quarter

    Information regarding the distribution of the Hawaii state quarter has been released by FRB Financial Services. Quarter  11/06/08

  • Fraudulent Loan Solicitations Alert

    The FRB has issued an alert regarding questionable solicitations directed at consumers which promise access to personal loans through a nonexistent Federal Reserve lending program. Solicitations  11/05/08

  • IAT Testing Available

    The FRB Financial Services has announced that testing of international ACH transactions (IAT) will be offered beginning November 4, 2008, to financial institutions who want to assess their ability to accept new format and processing requirements under the new SEC code. IAT Testing  11/05/08

  • Reserve Position Update

    The Treasury has issued an update to the U.S. International Reserve Position Report which includes data current as of October 31, 2008. Report  11/05/08

  • Credit Auction Results

    The results of an auction of $150 billion in 84-day credit held on November 3, 2008, have been announced by the FRB. Results   11/05/08

  • Assets Reports Released

    The FRB has released the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for September 2008. Reports   11/05/08

  • Temporary Liquidity Guarantee Program Opt-Out Deadline Extended

    The FDIC has announced that it has extended the opt-out deadline for participation in its Temporary Liquidity Guarantee Program from November 12, 2008, to December 5, 2008. Deadline   11/04/08

  • Additional FDIC Insurance Seminars Announced

    The FDIC has issued an FIL announcing four additional deposit insurance seminars to be held on November 14th and December 5th, 10th and 19th of 2008. The free 90 minute telephone seminars are available to employees of all FDIC-insured banks and savings associations. They will cover the recent insurance coverage rule changes and guide bank employees through the process of determining a customer's deposit insurance coverage. FIL  11/04/08

  • OFAC CMPs Announced

    The Treasury has announced the civil money penalties (CMPs) that were recently assessed for violations of OFAC regulations regarding various Sanctions Programs. No financial institutions were cited. CMPs  11/04/08

  • The FRB Publishes Interim Final Rule in FR for Reserve Requirements of Depository Institutions

    The Board is revising its interim final rule amending Regulation D, Reserve Requirements of Depository Institutions, to alter the formula by which earnings on excess reserves of depository institutions are calculated. The remainder of the interim final rule is unchanged from the interim final rule as published on October 9, 2008. PDF  Text  11/04/08

  • The Treasury Withdraws Notice of Proposed Rulemaking for Anti-Money Laundering Programs

    The Financial Crimes Enforcement Network ("FinCEN") is withdrawing three notices of proposed rulemaking, dated May 5, 2003, in which FinCEN proposed requiring commodity trading advisors to establish and implement anti-money laundering programs, imposing on certain investment advisers a requirement to establish and implement an anti-money laundering program, and requiring unregistered investment companies--such as hedge funds, commodity pools, and similar investment vehicles--to establish and implement anti-money laundering programs. PDF | Text | PDF | Text | PDF | Text Effective: 11/04/08

  • Magnetic Filers Transition Deadline

    The FinCEN has issued a reminder to all current magnetic media filers that they must transition to BSA Electronic Filing (E-Filing) no later than December 31, 2008. Transition Deadline  11/04/08

  • Marketable Borrowing Estimates Released

    The marketable borrowing estimates for the Fourth Quarter 2008 and the First Quarter 2009 have been released by the Treasury. Estimates  11/04/08

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and among Riverside Gulf Coast Banking Company, Riverside Bank of the Gulf Coast, both of Cape Coral, Florida, the Federal Reserve Bank of Atlanta, and the State of Florida Office of Financial Regulation. Agreement  11/04/08

  • Lending Practices Opinion Survey Results

    The results of the October 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released by the FRB. Summary; Full Report  11/04/08

  • 23A Exemption Granted

    A letter granting an exemption to a financial institution from Section 23A of the Federal Reserve Act and Regulation W to purchase assets and loan commitments from four nonbank affiliates in connection with the proposed reorganization of the affiliates has been released by the FRB. 23A  11/04/08

  • FedCash Enhancements Available

    The FRB Financial Services has announced that enhancements to the FedCash Services Custodial Inventory Program are available. Enhancements  11/04/08

  • Economic Downturn Management Performance Working Paper

    The OCC has published a working paper, "Limits to Relative Performance Evaluation: Evidence from Bank Executive Turnover," that provides evidence that banks expect management to anticipate and prepare for such exogenous events as economic downturns. Working Paper  11/04/08

  • October Foreign Exchange Rates Released

    The FRB has released the G.5 Foreign Exchange Rates Report for October 2008. G.5  11/04/08

  • Counterfeit Cashier's Checks Alerts

    The OCC has issued two alerts regarding counterfeit cashier's checks issued in the name of Central National Bank, Junction City, Kansas, and Rabobank, N.A., El Centro, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  11/03/08

  • New Flood Penalties Announced

    The FDIC has announced six enforcement actions resulting in $113,090 in civil money penalties (CMPs) imposed against financial institutions regarding violations of the Flood Disaster Protection Act. Information concerning the CMPs has been posted the BOL Flood Penalties Watch page.   11/03/08

  • FDIC Enforcement Actions

    Twenty-nine enforcements actions taken against financial institutions or individuals in September 2009 have been announced by the FDIC. The actions included seven cease and desist orders; eight removal and prohibition orders; ten civil money penalties; one Section 19; and three orders to terminate orders to cease-and-desist. Actions  11/03/08

  • Capital Purchase Program Additional Documents

    The Treasury has issued additional documents for publicly traded financial institutions applying for the capital purchase program. Documents   11/03/08

  • Fannie/Freddie Indirect Investments Tax Impact

    The federal banking and thrift regulatory agencies have announced the extension of the applicability of their previously announced Interagency Statement on direct investments to certain indirect investments in Fannie Mae and Freddie Mac preferred stock. FRB PR; OCC NR; OTS PR; FDIC PR  11/03/08

  • The OTS Publishes Final Rule in FR for Prohibited Service at Savings and Loan Holding Companies Extension of Expiration Date of Temporary Exemption

    The OTS is revising its rules implementing section 19(e) of the Federal Deposit Insurance Act (FDIA), which prohibits any person who has been convicted of any criminal offense involving dishonesty, breach of trust, or money laundering (or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution
    for such an offense) from holding certain positions with respect to a savings and loan holding company (SLHC). Specifically, OTS is extending the expiration date of a temporary exemption granted to persons who held positions with respect to a SLHC as of the date of the enactment of section 19(e). The revised expiration date for the temporary exemption is March 31, 2009. PDF  Text  11/03/08

  • Florida Bank Closed Deposit Assumed

    The FDIC has announced that the Freedom Bank, Bradenton, Florida, was closed by the Commissioner of the Florida Office of Financial Regulation, the FDIC was named receiver, and entered into a purchase and assumption agreement with Fifth Third Bank, Grand Rapids, Michigan, to assume all of the deposits of Freedom Bank. Florida Bank  11/03/08

  • BSA E-Filing Batch Validation

    The deployment of new system enhancements to the Batch Validation process of the Bank Secrecy Act Electronic Filing System (BSA E-Filing) by FinCEN will commence on November 15, 2008. The goal is to improve BSA data quality by providing detailed error notifications to filers upon submission, which ultimately will facilitate more timely correction of data issues. BSA E-Filing  11/03/08

  • Bernanke on the Future of Mortgage Finance

    In a presentation at the UC Berkeley/UCLA Symposium: The Mortgage Meltdown, the Economy, and Public Policy, Chairman Bernanke remarked on the mortgage securitization process, how it has been affected by the financial crisis, and how it may evolve in response to this crisis. He noted the financial crisis has upset the linkage between mortgage borrowers and capital markets and has revealed a number of important problems in our system of mortgage finance. He stated, "We must strive to design a housing financing system that ensures the successful funding and securitization of mortgages during times of financial stress, but that does not create institutions that pose systemic risks to our financial markets and the economy." Speech  11/03/08

  • Canadian and Foreign Cash Letters Transportation Changes

    The FRB Financial Services has announced that changes will be made to its transportation network for Canadian and Foreign cash letters. Cash Letters  11/03/08

  • FRB Bulletin Supplement

    The October 2008 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  11/03/08

  • Foreign Securities Holdings Annual Report

    The findings from an annual survey of U.S. portfolio holdings of foreign securities at end-year 2007 have been released by the Treasury. Foreign Securities  11/03/08

09/30/2008

Top Stories for October 2008

  • Counterfeit Checks Special Alerts

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

    • Intercity State Bank, Schofield, Wisconsin (Counterfeit Cashier's Checks);
    • FirstAtlantic Bank, Jacksonville, Florida (Counterfeit Checks);
    • The Citizens State Bank of Cortez, Cortez, Colorado (Counterfeit Cashier's Checks)

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  10/31/08

  • LIFG Members Added to OFAC List

    The Treasury today designated three members of the Libyan Islamic Fighting Group (LIFG) and added their names to the SDN List with the Specially Designated Global Terrorist (SDGT) notation. Information regarding the additions has been posted on the BOL OFAC page.  10/31/08

  • Written Agreement With Wyoming BHC

    The FRB has announced the execution of a Written Agreement by and between State Holding Company, Thermopolis, Wyoming, a registered bank holding company, and the Federal Reserve Bank of Kansas City. Agreement  10/31/08

  • FRB Services 2009 Fee Schedule

    The fee schedules for payment services the Federal Reserve Banks provide to depository institutions (priced services), effective January 2, 2009, has been announced. Fee Schedules  10/31/08

  • 1% Fed Funds

    The Federal Open Market Committee has lowered its target for the federal funds rate 50 basis points to 1 percent. The Board of Governors also unanimously approved a 50-basis-point decrease in the discount rate to 1-1/4 percent which was requested by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Cleveland, San Francisco, Chicago, Kansas City, and St. Louis. Fed Funds; Discount  10/30/08

  • Fannie/Freddie Preferred Stock Tax Treatment Guidance

    The Treasury and the IRS have issued Revenue Procedure 2008-64 (Rev. Proc. 2008-64) which provides that certain gains and losses from indirect ownership of Fannie Mae and Freddie Mac preferred stock can be treated as ordinary income and loss. Guidance; Rev. Proc. 2008-64  10/30/08

  • More International Currency Arrangements Announced

    The Federal Reserve, Banco Central de Brasil, Banco de Mexico, Bank of Korea, and the Monetary Authority of Singapore have announced the establishment of temporary reciprocal currency arrangements. Arrangements  10/30/08

  • Working Papers Published

    The FRB has published five working papers, four in the Finance and Economics Discussion Series (FEDS) and one in the International Finance Discussion Papers (IFDP) series.

    FEDS

    • Do Behavioral Biases Adversely Affect the Macro-Economy?
    • Property Taxes and Elderly Mobility
    • Property Taxes and Elderly Labor Supply
    • Research and development, profits and firm value: A structural estimation

    IFDP

    • Assessing the Potential for Further Foreign Demand for U.S. Assets: Has Financing U.S. Current Account Deficits Made Foreign Investors Overweight in U.S. Securities?

    Behavioral Abstract | Behavioral Full Paper | Elderly Mobility Abstract | Elderly Mobility Full Paper | Elderly Labor Abstract | Elderly Labor Full Paper | Research Abstract | Research Full Paper | Assessing Abstract; | Assessing Full Paper   10/30/08

  • Threatening Letters Special Alert

    A Special Alert has been issued by the FDIC containing a statement regarding threatening and potentially dangerous letters which may be received by a financial institution through the U.S. mail. Over 30 letters containing a white powder have been received by institutions in nine states and the District of Columbia. BOL issued a Mail Handling Procedures Special Briefing on October 23, 2008 which contained links to information regarding "Tips for Handling Suspicious Mail" and "Anthrax-Knowledge is Power." Special Alert  10/29/08

  • Written Agreement with Florida BHC

    The execution of a Written Agreement by and among Remo DuQuoin LLC, Privee LLC, Republic Federal Bancorp, Inc., registered bank holding companies, Miami, Florida, and the Federal Reserve Bank of Atlanta has been announced. Agreement  10/29/08

  • The FDIC Publishes Interim Rule in FR for Temporary Liquidity Guarantee Program

    The FDIC is issuing this Interim Rule following a determination of systemic risk pursuant to section 13(c)(4)(G) of the Federal Deposit Insurance Act. As a result of this systemic risk determination, and in an effort to avoid or mitigate
    serious adverse effects on economic conditions or financial stability,
    the FDIC is establishing the Temporary Liquidity Guarantee Program. This program has two primary components: the Debt Guarantee Program, by which the FDIC will guarantee the payment of certain newly-issued senior unsecured debt, and the Transaction Account Guarantee Program, by which the FDIC will guarantee certain noninterest-bearing transaction accounts.PDF  Text  10/29/08

  • Phishing Emails Special Alert

    The FDIC has issued a Special Alert warning financial institutions and consumers regarding phishing emails that appear to be from, or related to, financial institutions involved in high-profile mergers, acquisitions or failures which may request recipients to verify computer logon credentials, update personal information, or activate new online security features. Special Alert  10/29/08

  • FedCash Applications Unavailable

    The FRB Financial Services has announced that system utilizing the FedCash application will be unavailable during the weekend of November 1-2 due to system upgrades. FedCash  10/29/08

  • CRA Ratings Released

    The OCC has released the rating received by twenty-four national banks that were recently examined for compliance with the provisions of the CRA. Ratings  10/29/08

  • Dugan Responds to National City Acquisition Questions

    Comptroller Dugan has issued a written response to questions raised by Congressman LaTourette about the acquisition of National City Corporation by PNC Financial Services Group. Response  10/29/08

  • US NZ Swap Line Arrangement

    The FRB and the Reserve Bank of New Zealand have announced the establishment of a temporary reciprocal currency arrangement (swap line) to address ongoing, elevated pressures in U.S. dollar short-term funding markets. Swap Line  10/29/08

  • The FRB Proposes Rulemaking for Missing comments submitted through the Federal Rulemaking Portal

    Because of a software problem at the Federal eRulemaking Portal (http://www.regulations.gov), the Board did not receive certain public comments submitted through that portal. This problem affected comments on four of the Board's proposed rules [Docket Nos. R-1286; R-1314, R-1315; and R-1316] that were submitted only through the Federal eRulemaking Portal between March 22, 2008, and September 8, 2008. A total of 83 comments on the four proposals were not relayed to the Board. As set forth below, the Board will accept resubmission of those comments that were not received.  PDF  Text  10/28/08

  • Agencies Issue Statement Regarding Freddie/Fannie Stock Losses

    The federal banking and thrift regulatory agencies have issued an interagency statement to notify banking organizations that the agencies will allow banking organizations to recognize the effect of the tax change enacted in Section 301 of the Emergency Economic Stabilization Act of 2008 (EESA) in their third-quarter 2008 regulatory capital calculations. Statement; OCC Bulletin  10/27/08

  • SCRA Bulletin

    The OCC has issued a bulletin that contains the legal requirements regarding the Servicemembers Civil Relief Act (SCRA).   Bulletin10/27/08

  • FDIC Insurance Mortgage Servicers' Accounts

    The FDIC has issued a FIL regarding the adoption of a previously announced interim rule to simplify the deposit insurance rules for accounts held at FDIC-insured institutions by mortgage servicers. FIL; Interim Rule  10/27/08

  • Red Flag Exam Procedures

    The OTS has issued a CEO Letter regarding examination procedures for ID Theft Red Flags and Address Discrepancies. CEO Letter  10/27/08

  • Joint Agencies Propose Rulemaking for Minimum Capital Ratios; Treatment of Certain Claims on, or Guaranteed by, Fannie Mae and Freddie Mac

    On September 7, 2008, the U.S. Department of Treasury (Treasury) entered into senior preferred stock purchase agreements (the Agreement or Agreements) with the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), which effectively provide protection to the holders of senior debt, subordinated debt, and mortgage-backed securities (MBS) issued or guaranteed by these entities. In light of the financial support provided under the Agreements, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the agencies) are proposing to adopt a 10 percent risk weight for claims on, and the portion of claims guaranteed by, Fannie Mae or Freddie Mac. The 10 percent risk weight would apply so long as an Agreement remains in effect with the respective entity.  PDF  Text   10/27/08

  • The FRB Publishes Correcting Amendments to Final Rule in FR for Capital Adequacy Guidelines

    The Board published an interim final rule with request for public comment in the Federal Register on October 22, 2008 ( 73 FR 62851), providing that bank holding companies that issue new senior perpetual preferred stock to the U.S Department of Treasury under the capital purchase program announced by the Secretary of the Treasury on October 14, 2008, may include such capital instruments in Tier 1 capital for purposes of the Board's risk-based and leverage capital rules and guidelines for bank holding companies. The Public Law was cited incorrectly. This document corrects the citation in footnote 1 of the Supplementary Information and in the interim final regulation by revising these sections.  PDF  Text   10/27/08

  • The OTS Publishes Final Rule in FR for Rules of Practice and Procedure in Adjudicatory Proceedings; Civil Money Penalty Inflation Adjustment

    The Federal Civil Monetary Penalty Inflation Adjustment Act of 1990 requires all federal agencies with statutory authority to impose civil money penalties (CMPs) to evaluate and adjust those CMPs every four years. OTS last adjusted its CMP statutes in 2004. Consequently, OTS is issuing this final rule to implement the required adjustments to OTS's CMP statutes.  PDF  Text   10/27/08

  • Georgia Bank Closed Deposits Assumed

    The Alpha Bank and Trust, Alpharetta, Georgia, was closed by the Georgia Department of Banking and Finance and the FDIC was named receiver. The FDIC has entered into a purchase and assumption agreement with Stearns Bank, National Association, St. Cloud, Minnesota, to assume the insured deposits. Closed10/27/08

  • Section 19 Letters Released

    Four letters regarding Section 19 penalties assessed against individuals have been released by the FRB. The individuals are prohibited from continuing or becoming an institution-affiliated party regarding a financial institution or a credit union. Letter 1; Letter 2; Letter 3; Letter 4 10/27/08

  • Dugan Discusses OCC Response To Economic Challenges

    In a speech to OCC managers, Comptroller Dugan discussed the agency's response to market events of the past year and lessons learned from those events. Speech10/27/08

  • Poverty Report Released

    The FRB has released "The Enduring Challenge of Concentrated Poverty: Case Studies from Communities Across the U.S.," a Systemwide Federal Reserve research effort that examines the diverse landscape of concentrated poverty in America. Poverty Report10/27/08

  • FTC Suspends Red Flag Enforcement

    The FTC has announced the suspension of enforcement of its new "Red Flags Rule" until May 1, 2009, to give FTC-supervised creditors and financial institutions additional time to develop and implement written identity theft prevention programs. The FTC action does not affect enforcement of the original November 1, 2008, deadline for compliance by institutions subject to oversight by other federal agencies.  Red Flags   10/24/08

  • Bair Testifies On Financial Markets and Foreclosures

    In testimony before the Senate Banking Committee, FDIC Chairman Bair reviewed recent efforts to stabilize the nation's financial markets and reduce foreclosures. She noted that minimizing foreclosures is important to the broader effort to stabilize global financial markets and the U.S. economy. She indicated that the FDIC, as conservator for IndyMac Federal Bank, F.S.B., has inherited responsibility for servicing a pool of approximately 712,000 mortgage loans, including more than 60,000 loans that are more than 60 days past due. She stated the FDIC has mailed more than 15,000 loan modification proposals to borrowers and has called many thousands more in continuing efforts to help avoid unnecessary foreclosures.
    Testimony   10/24/08

  • Regulatory Simplification Proposed

    FinCEN has announced a proposal to separate BSA regulations into general and industry-specific parts so that a financial institution will be able to identify its obligations under the BSA in a more organized and understandable manner.
    Press Release  Proposal   10/24/08

  • FDIC Issues Interim Rule to Implement the Temporary Liquidity Guarantee Program

    The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved an interim rule to govern its newly created Temporary Liquidity Guarantee Program (TLGP). While the rule is effective immediately, comments will be taken for a 15-day period. Proposed as a new 12 CFR Part 370, the regulation defines parameters of the program and clarifies issues of coverage, including certain "sub-account" sweep arrangements used to manage banks' reserve requirements.   Announcement  Interim Rule   10/24/08

  • NCUA Asks for Parity for Coverage of Non-interest Bearing Transaction Accounts

    NCUA has requested Treasury to include credit union accounts in the recently expanded deposit insurance coverage of non-interest bearing transaction deposit accounts. Insurance   10/24/08

  • FRB Publishes Revisions to HMDA Reg C in Federal Register

    The Board is publishing final rules to amend Regulation C (Home Mortgage Disclosure) to revise the rules for reporting price information on higher-priced loans. The rules are being conformed to the definition of "higherpriced mortgage loan" adopted by the Board under Regulation Z (Truth in Lending) in July of 2008. The final rule is effective 10/1/2009. Compliance is mandatory for loan applications taken on and after that date and for loans that close on and after January 1, 2010 (regardless of their application dates). This story was first reported in BOL's Top Stories on 10/21/08.
      PDF  Text   10/24/08

  • FDIC Invites Comment Resubmissions Due to Technical Glitch

    The FDIC published in the Federal Register two limited invitations to resubmit comments that were lost because of a "technical software error." The first invitation is for resubmission of comments on the FDIC’s Interim Final Rule and Request for Comment involving "Financial Education Programs That Include the Provision of Bank Products and Services." The second invitation is for resubmission of comments on the FDIC’s Notice of Proposed Rulemaking involving "Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure and Large-Bank Deposit Insurance Determination Modernization."   10/24/08

  • Bank Added to OFAC List

    Treasury has designated the Export Development Bank of Iran (EDBI) for providing or attempting to provide financial services to Iran's Ministry of Defense and Armed Forces Logistics. Three additional entities which were determined to be owned or controlled by or acting or purporting to act for or on behalf of, directly or indirectly, the EDBI were also designated and along with EDBI were added the SDN List with the NPWMD notation. The names of seven individuals were also deleted from the List. Information regarding the additions and deletions has been posted on the BOL OFAC page.   10/23/08

  • Excess Balances Interest Rate to Change

    The FRB has announced that it will alter effective October 23, 2008, the formula used to determine the interest rate paid to depository institutions on excess balances. Interest Rate   10/23/08

  • Written Agreement Announced

    The execution of a Written Agreement by and between Bank of Canton, Canton, Pennsylvania, a state chartered member bank, and the Federal Reserve Bank of Philadelphia has been announced by the FRB.   Agreement   10/23/08

  • SAR Activity Review Published

    The 14th issue of the SAR Activity Review Trends, Tips and Issues has been published by FinCEN.
       Review   10/23/08

  • FDIC to Host IADI Conference

    The FDIC has announced that it will host the 7th Annual Conference of the International Association of Deposit Insurers (IADI) on October 29 and 30, 2008, at itsVirginia Square complex in Arlington, Virginia.  
    Conference   10/23/08

  • Treasury Names Interim Chief Investment Officer for TARP

    The Treasury Department named James H. Lambright this week to serve as the interim Chief Investment Officer for the Troubled Asset Relief Program authorized by Congress earlier this month. Lambright will serve on an interim basis until the position is filled permanently. He will provide counsel to Secretary Henry M. Paulson, Jr. and Interim Assistant Secretary for the Office of Financial Stability Neel Kashkari as they develop and implement the program.  
    Announcement   10/23/08

  • MMIFF Created

    The FRB has announced the creation of the Money Market Investor Funding Facility (MMIFF), which will support a private-sector initiative designed to provide liquidity to U.S. money market investors. MMIFF  10/22/08

  • The FRB Publishes Interim Final Rule in FR for Capital Adequacy Guidelines

    This rule specifically permits bank holding companies that issue new senior perpetual preferred stock to the Treasury under the capital purchase program announced by the Secretary of the Treasury on October 14, 2008, to include such capital instruments in Tier 1 capital for purposes of the Board's risk-based and leverage capital rules and guidelines for bank holding companies. TXT; PDF  10/22/08

  • The NCUA Publishes Interim Final Rule in FR for Display of Official Sign; Temporary Increase in Standard Maximum Share Insurance Amount; Coverage for Custodial Loan Accounts

    NCUA is amending its share insurance rules to reflect Congress's recent action to increase temporarily the standard maximum share insurance amount (SMSIA) from $100,000 to $250,000 and increase coverage for custodial loan accounts. NCUA also is providing insured credit unions with additional options for displaying NCUA's official sign. TXT; PDF  10/22/08

  • The NCUA Publishes Final Rule in FR for Incidental Powers

    NCUA is amending its regulation governing a federal credit union's (FCU's) incidental powers by adding illustrations of permissible activities under the categories of correspondent services, operational programs, and finder activities. TXT; PDF  10/22/08

  • The NCUA Proposes Rulemaking in FR for Accuracy of Advertising and Notice of Insured Status

    Section 740.4 of NCUA's rules requires that a federally insured credit union continuously display the official NCUA sign at every teller station or window where insured funds or deposits are normally received. Section 740.4(c) requires that tellers accepting share deposits for both federally insured credit unions and nonfederally insured credit unions also post a second sign adjacent to the official NCUA sign. Currently, the rules require this second sign to list each federally insured credit union served by the teller along with a statement that only these credit unions are federally insured. TXT; PDF  10/22/08

  • Credit Auction Results

    The results of auction of $150 billion in 28-day credit held on October 20, 2008, have been announced by the FRB. Results  10/22/08

  • FRB Wells Fargo/Wachovia Statement

    The FRB has released a thirty-five page statement concerning its action of October 12, 2008, approving the proposal by Wells Fargo & Company, San Francisco, California, to acquire Wachovia Corporation, Charlotte, North Carolina. Statement  10/22/08

  • 314(a) Fact Sheet Updated

    FinCEN has updated the 314(a) Fact Sheet with data current as of October 21, 2008. 314(a) Fact Sheet  10/22/08

  • Reserve Position Reports Released

    The Treasury has released the U.S. International Reserve Position Reports for October 10 and 17, 2008. October 10; October 17  10/22/08

  • Capital Purchase Program Guidance

    The Treasury has issued Guidance regarding the Capital Purchase Program, Secretary Paulson has issued a statement regarding the Program, and a Terms Sheet has been released along with a FAQ. Read all about the Program, the Guidance, Paulson's statement, the term sheet and the FAQ in a BOL Special Briefing.  10/21/08

  • Reg C Final Amendments Approved

    The FRB has announced approval of final amendments to Regulation C that revise the rules for reporting price information on higher-priced mortgage loans. Reg C  10/21/08

  • Capital Purchase Program Participation Encouraged

    The federal banking and thrift regulatory agencies are encouraging all eligible institutions to use Treasury's Capital Purchase Program and the FDIC's Temporary Liquidity Guarantee Program. FRB PR; OCC NR; OTS NR; FDIC PR  10/21/08

  • Call Report Instructions

    The FFIEC has posted online the instructions for Draft Instructions for FFIEC 031 and FFIEC 041. 031; 041  10/21/08

  • SWIFT Format Cover Payments

    The FRB Financial Services and the Clearing House have announced the completion of the distribution of the specifications for banks to remain compatible with the SWIFT enhance message format. SWIFT  10/21/08

  • Covered Bonds

    The OCC has issued a Bulletin regarding the issuance of U.S. Covered Bonds by national banks. Bulletin  10/21/08

  • EESA Impact On Freddie and Fannie Capital Stock

     
    The federal financial institution regulatory agencies have announced that they will allow banking organizations to recognize the effect of the tax change enacted by the Emergency Economic Stabilization Act of 2008 (EESA) in third quarter 2008 regulatory capital calculations. FRB PR; FDIC PR; OCC NR; OTS PR  10/20/08

  • Enforcement Actions Announced

    The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Those actions regarding flood violations have been posted on the BOL Flood Penalties Watch page. Enforcement Actions  10/20/08

  • November HOEPA Rates Set

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in November 2008 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  10/17/08

  • New ID Red Flag FDIC Exam Procedures

    A FIL has been issued by the FDIC regarding new examination procedures on identity theft "red flags", address discrepancies, and change of address requests. FIL; Exam Procedures  10/17/08

  • The FDIC Publishes Interim Rule in FR for Deposit Insurance Regulations; Temporary Increase in Standard Coverage Amount; Mortgage Servicing Accounts

    The FDIC is adopting an interim rule to amend its deposit insurance regulations to reflect Congress's recent action to temporarily increase the standard deposit insurance amount from $100,000 to $250,000 and to simplify the deposit insurance rules for funds maintained in mortgage servicing accounts.TXT; PDF  10/17/08

  • The FRB Publishes Final Rule in FR for Extensions of Credit by Federal Reserve Banks

    The Board of Governors of the Federal Reserve System (Board) has adopted final amendments to its Regulation A to reflect the Board's approval of a decrease in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board's primary
    credit rate action. TXT; PDF  10/17/08

  • Temporary Liquidity Guarantee Program Web Site

    The FDIC has launched a new dedicated Web Site for the Temporary Liquidity Guarantee Program. Links to press releases, FILs and technical briefings regarding the program are provided. Web Site  10/17/08

  • Senior Perpetual Preferred Stock Is Tier 1 Capital

    The FRB has announced the adoption of an interim final rule that will allow bank holding companies to include in their Tier 1 capital without restriction the senior perpetual preferred stock issued to the Treasury Department under the capital purchase program announced by the Treasury on October 14, 2008. Final Rule  10/17/08

  • Written Agreements Announced

    The FRB has announced the execution of two Written Agreements, one by and between Alliance Bancshares California, a registered bank holding company, and the Federal Reserve Bank of San Francisco; and the other by and among AmericasBank, Towson, Maryland, a state chartered member bank, the Federal Reserve Bank of Richmond, and the Maryland Division of Financial Regulation. Alliance;
    AmericasBank
      10/17/08

  • California CU Placed Into Conservatorship

    The NCUA has assumed control of the operations of High Desert Federal Credit Union headquartered in Apple Valley, California. Service will continue uninterrupted and members are free to make deposits, access funds, make loan payments and use share drafts. Conservatorship  10/17/08

  • CRA Ratings Released

    The OTS has released the rating received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings  10/17/08

  • Corporate Credit Union Liquidity Guarantee Program Announced

    The NCUA has announced the approval of a temporary corporate credit union liquidity guarantee program that will operate from October 16, 2008, through June 30, 2009. CU Liquidity  10/17/08

  • FDIC Updates Trust Examination Manual

    The FDIC has issued a FIL announcing the update of the Trust Examination Manual to include new materials reflecting changes enacted in the Pension Protection Act of 2006 and their application to employee benefit plan and individual retirement plan accounts governed by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. FIL; Manual  10/17/08

  • Consolidated Supervision and Risk Management Guidance

    The FRB has issued two SR Letters containing guidance, one that refines and clarifies its programs for the consolidated supervision of bank holding companies (BHCs) and the combined U.S. operations of foreign banking organizations (FBOs) and the other clarifying supervisory expectations with respect to firmwide compliance risk management. SR Supervision; SR Risk  10/17/08

  • Section 19 Letters Released

    The FRB has released two Section 19 Letters that have been issued to former bankers from Louisiana and Ohio that prohibit them from continuing or become an institution-affiliated party of a banking organization or a credit union. Louisiana; Ohio  10/17/08

  • August TIC Data

    The Treasury has released the Treasury International Capital (TIC) data for August 2008. TIC  10/17/08

  • Industrial Production Report Released

    The G. 17 Industrial Production and Capacity Utilization Report for September 2008 had been released by the FRB. G.17  10/17/08

  • Bernanke Confident Economy Will Recover

    In a presentation at the Economic Club of New York, Chairman Bernanke discussed the economic and financial challenges faced by the nation and the actions being taken to stabilize the markets and the economy. He noted, "Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away. Ultimately, the trajectory of economic activity beyond the next few quarters will depend greatly on the extent to which financial and credit markets return to more normal functioning." He stated, "I remain confident that the American economy, with its great intrinsic vitality and aided by the measures now available will emerge from this period with renewed vigor." Speech  10/16/08

  • Additions to FCRA Examinations Procedures

    The OCC has published a Bulletin regarding the issuance of new Fair Credit Reporting Act (FCRA) examination procedures for rules addressing affiliate marketing, identity-theft red flags, and address discrepancies. Bulletin; Procedures  10/16/08

  • The FDIC Proposes Rulemaking for Assessments

    The FDIC is proposing to amend 12 CFR part 327 to: alter the way in which it differentiates for risk in the risk-based assessment system; revise deposit insurance assessment rates, including base assessment rates; and make technical and other changes to the rules
    governing the risk-based assessment system. TXT; PDF  10/16/08

  • Beige Book Updated

    The FRB has published the October 15, 2008 update of the Beige Book. Beige Book  10/16/08

  • Required and Excess Balances Interest Rates

    The FRB has posted the interest rates to be paid by the Federal Reserve Banks on required reserve balances and excess balances for the maintenance period ending October 15, 2008. Interest Rates  10/16/08

  • FedFlash Issue Online

    The October 15, 2008 issue of FedFlash has been posted online and contains articles on a new electronic format, documentation for the November 2009 FedWire Funds Service, FedWire Offline Services, and the FedLine Learning Center. FedFlash  10/16/08

  • Cost of Funds Reports

    The OTS has published the historical and current cost of funds for OTS regulated institutions. Historical; Current  10/16/08

  • Capital Purchase Program Details Announced

    The Treasury has announced a voluntary Capital Purchase Program under which it will purchase up to $250 billion of senior preferred shares on standardized terms. The stated purpose of the program is to encourage U.S. financial institutions to build capital to increase the flow of financing to U.S. businesses and consumers and to support the U.S. economy. Qualifying U.S. controlled banks, savings associations, and certain bank and savings and loan holding companies must elect to participate before 5:00 pm (EDT) on November 14, 2008. Statements regarding the program have been made by Secretary Paulson and Comptroller Dugan and a Joint Statement has been issued by Treasury, the FRB and the FDIC. Summary; Terms; Paulson Statement; Dugan Statement; Treasury PR; FRB PR  10/15/08

  • Temporary Liquidity Guarantee Program Announced

    The FDIC has announced the Temporary Liquidity Guarantee Program to strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, thrifts, and certain holding companies, and by providing full coverage of non-interest bearing deposit transaction accounts, regardless of dollar amount. Summary; Fact Sheet; Bair Statement  10/15/08

  • Troubled Assets Guaranty Program Comments Sought

    A request for public comments had been made by Treasury regarding a proposed insurance program for troubled assets which is required by the Emergency Economic Stabilization Act of 2008 (EESA). Comments are due by Friday, October 28 and may be submitted online. Request  10/15/08

  • CPFF Additional Details

    The FRB has announced the term and conditions and FAQs regarding the Commercial Paper Funding Facility (CPFF) that it will begin funding the purchases of commercial paper on October 27, 2008. Terms; FAQs  10/15/08

  • Executive Compensation Rules Established

    The Treasury has announced the executive compensation and corporate governance standards that will apply to the chief executive officer, chief financial officer, plus the next three most highly compensated executive officers of any firm participating in recently established Troubled Asset Auction Program, Capital Purchase Program, or Programs for Systemically Significant Failing Institutions. Compensation  10/15/08

  • Written Agreement with Indiana BHC

    The FRB has announced the execution of a Written Agreement by and among Irwin Financial Corporation, Columbus, Indiana, a registered bank holding company, Irwin Union Bank and Trust Company, Columbus, Indiana, a state-chartered member bank, the Federal Reserve Bank of Chicago, and the Indiana Department of Financial Institutions. Agreement  10/15/08

  • TARP Custodian Announced

    The Treasury has announced that Bank of New York Mellon will serve as its custodian for the implementation of the Troubled Asset Relief Program (TARP) authorized under the Emergency Economic Stabilization Act (EESA). Custodian  10/15/08

  • Bank of Japan Currency Arrangement Increased

    FOMC has authorized an increase in the size of its temporary reciprocal currency arrangement with the Bank of Japan. Arrangement  10/15/08

  • Discount Rate Meeting Minutes Released

    The FRB has released the minutes of its discount rate meetings from August 18 through September 15, 2008. Minutes  10/15/08

  • Red Flag Exam Procedures SR Letter

    The FRB has issued a SR Letter regarding the expectations for Federal Reserve-supervised financial institutions and examination staff with respect to the final rules and guidelines regarding identity theft red flags and other regulations under the FCRA. SR Letter  10/14/08

  • Mortgage Servicing FDIC Insurance Rules Simplified

    The FDIC has adopted an interim final rule which simplifies the deposit insurance rules for accounts held at FDIC-insured institutions by mortgage servicers. Effective immediately, coverage will be provided to the lenders/investors, as a collective group, based on the cumulative amount of the borrowers' payments of principal and interest into the account. Insurance  10/14/08

  • NCUA Publishes Interim Final Rule in FR for Share Insurance for Revocable Trust Accounts

    NCUA is amending its share insurance rules to simplify coverage for revocable trust accounts. The amendments will make the rules easier to understand and apply without decreasing coverage, result in faster share insurance determinations in the event of a credit union closing, and help improve public confidence in the credit union system. The amendments eliminate the concept of "qualifying
    beneficiaries." Also, for members with revocable trust accounts totaling no more than $500,000, coverage will be determined without regard to the proportional beneficial interest of each beneficiary in the trust. Under the amended rules, a trust account owner with up to five different beneficiaries named in all of his or her revocable trust accounts at one NCUA-insured institution will be insured up to $100,000 per beneficiary. Revocable trust account owners with more than $500,000 and more than five different beneficiaries named in the trust(s) will
    be insured for the greater of either: $500,000 or the aggregate amount of all the beneficiaries' interests in the trust(s), limited to $100,000 per beneficiary. TXT; PDF  10/14/08

  • Illinois and Michigan Banks Closed

    Meridian Bank, Eldred, Illinois, was closed by the Illinois Department of Financial Professional Regulation-Division of Banking, the FDIC was named receiver and approved the assumption of all the deposits by National Bank, Hillsboro, Illinois. In addition, Main Street Bank, Northville, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, the FDIC was named receiver and approved the assumption of all the deposits by Monroe Bank & Trust, Monroe, Michigan. Meridian Bank; Main Street Bank  10/14/08

  • Fed and Central Banks Announce Liquidity and Funds Measures

    The Federal Reserve and other central banks (the Bank of England, the European Central Bank, the Bank of Japan, and the Swiss National Bank) have jointly announced further measures to improve liquidity in short-term U.S. dollar funding markets. Liquidity  10/14/08

  • Wachcovia Acquisition Approved

    The FRB has approved of the application of Wells Fargo & Company, San Francisco, California, to acquire Wachovia Corporation and its subsidiary banks, Wachovia Bank, National Association, both of Charlotte, North Carolina, and Wachovia Bank Delaware, National Association, Wilmington, Delaware, and the nonbanking subsidiaries of Wachovia Corporation. Approval  10/14/08

  • FedCash Services Enhancements Update

    The FRB Financial Service has issued an update to the recent enhancements to FedCash Services via FedLine Web. Update  10/14/08

  • Fraudulent FDIC Emails Special Alert

    The FDIC has issued a Special Alert and a Consumer Alert regarding fake emails that appears to be from the FDIC and contain the following subject line: "Funds wired into your account are stolen." Recipients are instructed to open an attached file that is actually an executable file containing malicious code or software. Special Alert; Consumer Alert  10/10/08

  • FTC Phishing Scam Alert

    The FTC has issued an Alert to consumers regarding e-mails that look as if they come from a financial institution that recently acquired a consumer's bank, savings and loan, or mortgage. Consumers are warned that the messages may be from "phishers" looking to use personal information (account numbers, passwords, Social Security numbers) to run up bills or commit other crimes in a consumer's name. Scam  10/10/08

  • TAR Report Released

    OFAC has released the Calendar Year 2007 Annual Report on Assets in the United States of Terrorist Countries and International Terrorism Program Designees, known as the Terrorist Assets Report (TAR). Report  10/10/08

  • Paulson Predicts Bank Failures

    Secretary Paulson has issued a statement regarding the U.S. and global financial markets. He stated "One thing we must recognize - even with the new Treasury authorities, some financial institutions will fail. The EESA doesn't exist to save every financial institution for its own sake." He noted that the Emergency Economic Stabilization Act (EESA) empowers Treasury to use up to $700 billion to inject capital into financial institutions, to purchase or insure mortgage assets, and to purchase any other troubled assets that the Treasury and the Federal Reserve deem necessary to promote financial market stability. He indicated that is the policy of our federal government to use all resources at its disposal to make our financial system stronger and the FDIC, with the full support of the Fed and the Treasury, will use its authority and resources, as appropriate to mitigate systemic risk, by, as appropriate, protecting depositors, protecting unsecured claims, guaranteeing liabilities and adopting other measures to support the banking system. Statement  10/09/08

  • Money Market Guaranty Program Expanded

    The Treasury has announced a technical correction that would permit additional money market funds to participate in Treasury's Temporary Money Market Fund Guarantee Program and extends the enrollment deadline to 11:59 p.m. Washington, DC time on October 10, 2008. Program  10/09/08

  • Discount Rates Decreased

    The FRB has approved actions by Federal Reserve Banks decreasing the discount rate at the Banks from 2-1/4 percent to 1-3/4 percent effective immediately at all Banks except the Federal Reserve Bank of St. Louis, which will be effective October 9, 2008. Rates  10/09/08

  • Borrowing of Securities Authorized

    The FRB has authorized the Federal Reserve Bank of New York to borrow securities from certain regulated U.S. insurance subsidiaries of the American International Group (AIG). Borrowing  10/09/08

  • SNC Volume Increases - Quality Decreases

    The Federal bank and thrift regulators have released the results of the 2008 Shared National Credit (SNC) Review based on analyses prepared in the second quarter of 2008 of credit data provided by federally supervised institutions as of December 31, 2007. Loan commitments of $20 million or more and held by three or more federally supervised institutions, rose 22.6 percent to $2.8 trillion, and the volume of criticized credits increased to $373.4 billion, or 13.4 percent. Industry Codemaps; FRB PR; OCC NR; FDIC PR; OTS PR  10/09/08

  • ACH ODFI Deadline Approaches

    The FRB Financial Services has issue a reminder that all financial institutions that originate ACH items that November 3, 2008 is the deadline to register with NACHA or confirm that they do not maintain a direct access relationship. Deadline; Registration Information  10/09/08

  • FRB Publishes Interim Final Rule in FR for Reserve Requirements of Depository Institutions

    Under authority of section 128 of the Emergency Economic Stabilization Act of 2008, the Board is amending Regulation D, Reserve Requirements of Depository Institutions, to direct Federal Reserve Banks to pay interest on balances held at Reserve Banks to satisfy reserve requirements and on balances held in excess of required reserve balances and clearing balances. TXT; PDF  10/09/08

  • NCUA Insurance Materials

    Updated share insurance coverage material and member information is available from the NCUA. Insurance  10/09/08

  • MSB Registration List Updated

    FinCEN has updated the MSB Registration List with entries current as of September 20, 2008. List  10/09/08

  • 314(a) Fact Sheet Revised

    The 314(a) Fact Sheet has been revised by FinCEN to include data current as of October 7, 2008. 314(a)  10/09/08

  • FEDS Working Papers Published

    Two working papers in the Finance and Economic Discussion Series (FEDS) have been published by the FRB on the topics of "Productivity, Aggregate Demand and Unemployment Fluctuations" and "The Connection Between House Price Appreciation and Property Tax Revenues." Productivity Abstract; Productivity Full Paper; Connection Abstract; Connection Full Paper  10/09/08

  • Assets Reports Issued

    The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for September 2008 have been issued by the FRB. Reports  10/09/08

  • Fed Joins Major Central Banks and Lowers Rates

    In a 7:00 a.m. ET press release today, the Fed announced the the Federal Open Market Committee had decided to lower its target for the federal funds rate 50 basis points to 1-1/2 percent. The Committee took the action "in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures." The action was taken in cooperation with the Bank of Canada, the Bank of England, the European Central Bank, Sveriges Riksbank, and the Swiss National Bank, and with an expression of strong support from the Bank of Japan. Press Release   10/08/08

  • Bernanke Believes Groundwork for Recovery Established

    In a presentation at the National Association for Business Economics 50th Annual Meeting in Washington, D.C., Chairman Bernanke discussed challenges faced as the result the recent developments in the financial sector and the economy. He noted that financial systems in the United States and in much of the rest of the world are under extraordinary stress, particularly the credit and money markets. He stated, "Overall, the combination of the incoming data and recent financial developments suggests that the outlook for economic growth has worsened and that the downside risks to growth have increased." He indicated enactment of the Emergency Economic Stabilization Act provides new tools for addressing the distress in financial markets and thus mitigating the risks to the economy by establishing the Treasury Troubled Asset Relief Program, (TARP); raising the FDIC limit on deposit insurance at banks and credit unions from $100,000 to $250,000 per account; and authorizing the FRB to pay interest on reserves. He concluded, "I believe that the bold actions taken by the Congress, the Treasury, the Federal Reserve, and other agencies, together with the natural recuperative powers of the financial markets, will lay the groundwork for financial and economic recovery." Speech  10/08/08

  • Higher FDIC Assessments Proposed

    The FDIC has adopted a restoration plan accompanied by a notice of proposed rulemaking that would increase the rates banks pay for deposit insurance and adjustments to the system that determines what rate a bank pays the FDIC. Assessments  10/08/08

  • Commercial Paper Funding Facility (CPFF) Created

    The FRB has announced the creation of the Commercial Paper Funding Facility (CPFF), that will complement the Federal Reserve's existing credit facilities to help provide liquidity to term funding markets by providing a backstop to U.S. issuers of commercial paper through a special purpose vehicle (SPV) that will purchase three-month unsecured and asset-backed commercial paper directly from eligible issuers. CPFF  10/08/08

  • Bailout Impacts Float Charges

    The FRB Financial Services has issued an explanation of how provisions of the Economic Stabilization Act of 2008 regarding the calculation of earnings credits on eligible clearing balances will impact explicit float charges. Explanation  10/08/08

  • NPR Lower Fannie/Freddie Claims Rates

    The federal bank and thrift regulatory agencies announced today that they will request public comment on a joint notice of proposed rulemaking (NPR) to allow a banking organization to assign a 10 percent risk weight to claims on, and portions of claims guaranteed by Fannie Mae and Freddie Mac. NPR;
    FRB PR
    ; OCC NR; FDIC PR; OTS PR  10/08/08

  • Auction Results

    The results of the October 6, 2008 auction of $150 billion in 85-day credit have been announced. Results  10/08/08

  • Credit Auctions Schedules Announced

    The FRB and International central banks have announced the schedules for term and forward auctions of U.S. dollar liquidity for fourth quarter. The schedules include dates of any 28-day and 84-day term auctions and two preliminary dates for any forward auctions of U.S. dollar liquidity over the year-end. Auction Schedules  10/08/08

  • Consumer Credit Report Issued

    The G. 19 Consumer Credit Report for August 2008 has been released by the FRB. G.19  10/08/08

  • FOMC Minutes Released

    The minutes of the September 16, 2008 meeting of the Fair Open Market Committee have been released. Minutes  10/08/08

  • FR Bulletin Statistical Supplement

    The September 2008 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  10/08/08

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve Position Report with data current as of October 3, 2008. Report  10/08/08

  • Counterfeit Checks Special Alerts

    The FDIC has issued six Special Alerts regarding counterfeit checks bearing the names of the following institutions:

    • AuburnBank, Auburn, Alabama (Counterfeit Cashier's Checks);
    • Reliance Bank FSB, Fort Myers, Florida (Counterfeit Checks);
    • MCNB Bank and Trust Co., Welch, West Virginia (Counterfeit Checks);
    • Athol Savings Bank, Athol, Massachusetts (Counterfeit Checks);
    • Liberty First Bank, Monroe, Georgia (Counterfeit Cashier's Checks); and
    • Mechanics Savings Bank, Auburn, Maine (Counterfeit Treasurer's Checks)

    Information concerning the counterfeit checks has been posted on the BOL Alerts and Counterfeits page.  10/07/08

  • WV CU Closed

    NCUA has announced that it has placed N&W Poca Division Federal Credit Union of Bluefield, West Virginia, into liquidation. Liquidation  10/07/08

  • TIL Reg Z Exam Procedures Revised

    The OCC has issued a Bulletin and an updated TIL Handbook regarding the revision of its examination procedures to reflect changes to Regulation Z that simplify and clarify requirements for e-communication and the regulation's relationship to the E-Sign Act. Bulletin; Handbook  10/07/08

  • Bair Discusses Mortgage Reform

    In a presentation at the 2008 Annual Meeting National Association for Business Economics, FDIC Chairman Bair discussed the future of mortgage financing and the role of the FDIC in reforming the system. Speech  10/07/08

  • Treasury Looking for Financial Agents

    Treasury has posted three solicitations for financial agents to provide the following services that are needed for the effective implementation of the Troubled Asset Relief Program authorized under the Emergency Economic Stabilization Act:

    • Custodian, Accounting, Auction Management, and Other Infrastructure Services;
    • Securities Asset Management Services; and
    • Whole Loan Asset Management Services.

    Solicitations; Procurement Procedures; Selection Process  10/07/08

  • FDIC Insurance Increase

    The FDIC has issued a FIL regarding the temporary increase in the amount of the basic limit on FDIC coverage from $100,000 to $250,000 per depositor which became effective immediately upon the President's signature of the Emergency Economic Stabilization Act of 2008. Information regarding the change of FDIC signage was also addressed. Read the BOL Special Briefing announcement regarding the increase. BOL; FIL; Overview; Signage Change  10/06/08

  • FRB Publishes Final Rule in FR for Rules of Practice for Hearings

    The Board of Governors of the Federal Reserve System (the Board) is amending its rules of practice and procedure to adjust the maximum amount, as set by statute, of each civil money penalty (CMP) within its jurisdiction to account for inflation. This action is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996.TXT; PDF  10/06/08

  • NCUA Revises Insurance Coverage

    The NCUA Board has adopted changes to simplify the rule determining the coverage available on revocable trust accounts. An interim final rule substantially similar to a recent FDIC regulation change is effective immediately. Interim Final Rule  10/06/08

  • SDN Data Files Error

    The Treasury has issued a notice of an internal system error that resulted in the modification of a series of unique identifier numbers (UIDs) that were associated with recently released Specially Designated Nationals (SDN) names. Data Files  10/06/08

  • Disaster Immediate Response Guidance

    The OCC has issued a Bulletin containing guidance for national banks regarding responding to disasters prior to the issuance of an OCC proclamation. Bulletin  10/06/08

  • Section 19 Enforcement Letters Released

    The FRB has released three enforcement letters recently issued pursuant to Section 19 of the FDIC Act regarding the prohibition of certain individuals from being employed by or affiliated with a FDIC insured depository institution. Letter1; Letter 2; Letter 3  10/06/08

  • Regulators Issue Wachovia Acquisition Statements

    The FRB and the OCC have issued statements on the proposal from Wells Fargo to acquire Wachovia. FRB; OCC  10/06/08

  • OFAC Additions and Removals

    OFAC has named ten individuals and six companies tied to the Amezcua Contreras Organization, a major Mexican drug trafficking organization, as Specially Designated Narcotics Traffickers (SDNTs) and added their names to the SDN List. In addition, the names of ten individuals previously designated as SDNTs or SDGTs have been removed from the List. Information regarding the additions and removals has been posted on the BOL OFAC page.  10/03/08

  • Order Of Prohibition Issued

    The FRB has announced that an Order of Prohibition has been issued against a former trust officer of an Illinois bank who allegedly used of bank funds and non-public customer information from a bank computer server to start-up his own non-depository trust company. Order  10/03/08

  • The FRB Publishes Final Rule in FR for Reserve Requirements of Depository Institutions

    The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2009. The Regulation D amendments set the amount of total reservable liabilities of each depository institution that is subject to a zero percent
    reserve requirement in 2009 at $10.3 million, up from $9.3 million in 2008. The Regulation D amendment also sets the amount of net transaction accounts at each depository institution that is subject to a three percent reserve requirement in 2009 at $44.4 million, up from $43.9 million in 2008. TXT; PDF  10/03/08

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and among Warren Bancorp, Inc., a registered bank holding company, Warren Bank, a state-chartered member bank, the Federal Reserve Bank of Chicago, and the Michigan Office of Financial and Insurance Regulation. Agreement  10/02/08

  • Flood Funding

    The statutory authority to issue flood policies pursuant to the National Flood Insurance Program was due to expire on September 30, 2008. On that date President Bush signed H.R. 2638, the Consolidated Security, Disaster Assistance, and Continuing Appropriations Act of 2009. Included here is a short-term extension providing funding for the NFIP through March 6, 2009. White House News Release  10/02/08

  • New Electronic Interpretations and Actions

    The OCC has published the September 2008 issue of New Electronic Interpretations and Actions. New  10/02/08

  • Foreign Exchange Rates

    The FRB has updated the G.5 Foreign Exchange Rates Report. G.5  10/02/08

  • Structure and Data Share Report Released

    The Second Quarter 2008 Structure and Data Share for U.S. Banking Offices of Foreign Entities has been released by the FRB. Report  10/02/08

  • OFAC Kingpin Act Designations

    Pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act), OFAC has designated eight international representatives of the Revolutionary Armed Forces of Colombia (FARC), a narco-terrorist organization. Their names have been added to the SDN list with the SDNTK designation. Information regarding the additions has been posted on the BOL OFAC page.  10/01/08

  • Call Report FIL

    The FDIC has issued a FIL containing material pertaining to the Consolidated Reports of Condition and Income (Call Report) for the September 30, 2008, report date. FIL  10/01/08

  • The NCUA Publishes Final Rule in FR for Revisions for The Freedom of Information Act and Privacy Act Regulations

    The NCUA Board is amending its Freedom of Information Act (FOIA) and Privacy Act regulations. The final rule reflects recent amendments to the FOIA addressing fee practices, time limits for complying with requests, and new reporting requirements.TXT; PDF  10/01/08

  • The NCUA Publishes Final Rule in FR for its Official Advertising Statement

    The NCUA is revising the requirements for use of the official insurance sign and official advertising statement to permit insured credit unions to use the basic form of the official advertising statement, a shortened form, or the official sign in advertisements. The rule will give credit unions added flexibility in advertisements by allowing them to use the shortened form or the official insurance sign in advertisements as alternatives to the basic official advertising statement.TXT; PDF  10/01/08

  • The NCUA Proposes Rulemaking for Regulatory Flexibility Regarding Ownership of Fixed Assets

    NCUA proposes to amend its Regulatory Flexibility (RegFlex) Program to provide additional flexibility to qualifying federal credit unions (FCUs) when acquiring unimproved land for future expansion. The proposed amendment would increase the three years to six years for RegFlex FCUs without a waiver. NCUA also proposes to make conforming amendments to its fixed asset rule to be consistent with the RegFlex changes.TXT; PDF  10/01/08

  • Agricultural Finance Databook Published

    The FRB has published the September 2008 E.15 Agricultural Finance Databook. E.15  10/01/08

  • Finance Companies Reports Released

    The July 2008 G.20 Owned and Managed Receivables and Auto Loans: Terms of Credit Reports have been released by the FRB. G.20  10/01/08

08/31/2008

Top Stories for September 2008

  • California CU Liquidated Assets Assumed

    The NCUA has announced that Alliant Credit Union, of Chicago, Illinois, has purchased the assets and assumed all member shares of the recently liquidated Kaiperm Federal Credit Union of Oakland, California. Liquidation  9/30/08

  • OFAC CMPs Announced

    The civil money penalties (CMPs) recently assessed by OFAC for violation of the various Sanctions Programs have been announced. No financial institutions were cited. CMPs  9/30/08

  • Enforcement Actions

    The FRB has announced one Order of Prohibition issued against a former Alabama banker (while the FDIC announced four), and a Flood CMP against a West Virginia Bank. The five penalties totaled $57,265. Information regarding the Flood CMP has been posted on the BOL Flood Penalties Watch page. Order  9/30/08

  • Joint Agencies Propose Rulemaking for Minimum Capital Ratios

    The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the Agencies) are proposing to permit banks, bank holding companies, and savings associations (collectively, banking organizations) to reduce the amount of goodwill that a banking organization must deduct from tier 1 capital by the amount of any deferred tax liability associated with that goodwill, and would reflect a banking organization's maximum exposure to loss in the event that such goodwill is impaired or derecognized for financial reporting purposes.TXT; PDF  9/30/08

  • FDIC Publishes Interim Final Rule in FR for Deposit Insurance Regulations and Revocable Trust Accounts

    The FDIC is adopting an interim rule to simplify and modernize its deposit insurance rules for revocable trust accounts. The FDIC's main goal in implementing these revisions is to make the rules easier to understand and apply, without decreasing coverage currently
    available for revocable trust account owners. The FDIC believes that the interim rule will result in faster deposit insurance determinations after depository institution closings and will help improve public confidence in the banking system. The interim rule eliminates the
    concept of qualifying beneficiaries. Also, for account owners with revocable trust accounts totaling no more than $500,000, coverage will be determined without regard to the beneficial interest of each beneficiary in the trust.TXT; PDF  9/30/08

  • Katrina and RITA CRA Activities Extended

    The federal financial institution regulators are extending for an additional 36 months the time period for Community Reinvestment Act (CRA) consideration for activities in designated Katrina and Rita hurricane disaster areas. OCC Bulletin  9/30/08

  • MMF Guarantee Program Opens

    The Treasury has opened its Temporary Guarantee Program for Money Market Fund (MMFs) and issued a FAQ for investors. All MMFs that are regulated under Rule 2a-7 of the Investment Company Act of 1940, maintain a stable share price of $1, and are publicly offered and registered with the SEC are eligible to participate in the program. Program; FAQ  9/30/08

  • Reg D Annual Amendments

    The FRB has announced a Final Rule amending Reg D to reflex the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2009, the annual indexing of the nonexempt deposit cutoff level, and the reduced reporting limit that will be used to determine deposit reporting panels effective 2009. Reg D  9/30/08

  • Financial Reporting Bulletin

    The September 2008 issue of the Financial Reporting Bulletin has been published by the OTS. Bulletin  9/30/08

  • TFR Instruction Manual updated

    The OTS has updated the 2007 TFR Instruction Manual with data current as of September 2008. Manual  9/30/08

  • 031 and 041 Forms Online

    The FFIEC has posted drafts of the 031 and 041 Reporting Forms online. 031; 041  9/30/08

  • Central Banks Provide Liquidity

    The Federal Reserve and other central banks announce further coordinated actions to expand significantly the capacity to provide U.S. dollar liquidity. Liquidity  9/30/08

  • Bailout Bill Proposed

    Congressional leaders have announced that the draft of legislation designed to address the current financial crisis known as the Emergency Economic Stabilization Act of 2008 will be presented to the House on Monday for consideration. Text of Bill; Summary of Bill; Section By Section  9/29/08

  • Citigroup Inc. to Acquire Wachovia Banking Operations

    The FDIC issued a press release early 9/29/08 announcing that Citigroup Inc. will acquire the banking operations of Wachovia Corporation, Charlotte, North Carolina, in a transaction facilitated by the Federal Deposit Insurance Corporation and concurred with by the Board of Governors of the Federal Reserve and the Secretary of the Treasury in consultation with the President. According to the FDIC, all depositors are fully protected and there is expected to be no cost to the Deposit Insurance Fund. Further, the FDIC said Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC. Press Release  9/29/08

  • FDIC Insurance Changes

    Major changes to the way FDIC insurance coverage is calculated for POD and revocable trust accounts have been announced by the FDIC and were effective immediately for existing and future accounts. Read all about the changes in a special BOL summary and sign up for an October 2 Webinar presented by Mary Beth Guard regarding the new changes and training your frontline staff. Summary; Webinar  9/29/08

  • Enforcement Actions Announced

    The FDIC has released a list of thirty orders of administrative enforcement actions taken against banks and individuals in August, 2008. List  9/29/08

  • Central Banks Announce Liquidity Measures

    The Federal Reserve, the Bank of England, the European Central Bank (ECB), and the Swiss National Bank have announced the introduction of operations to provide U.S. dollar liquidity with a one-week maturity. FRB; Bank of England; ECB  9/29/08

  • Quarterly Reserve Bank Payments Services Data Released

    The FRB has released the Quarterly Reserve Bank Payments Services data through the Second Quarter 2008. Data  9/29/08

  • Quarterly Bank Trading Revenue Report

    The OCC has announced that insured U.S. commercial banks reported $1.6 billion in revenues from trading cash and derivative instruments in the second quarter 2008, compared to revenues of $721 million in the first quarter of 2008. Quarterly Report  9/29/08

  • Daylight OD Date Updated

    The Monthly Daylight Overdraft data through July 2, 2008, had been released by the FRB. OD Data  9/29/08

  • IFED Working Papers Published

    The FRB has published five working papers in the International Finance Discussion Papers (IFDP) series on the following topics:

    • Escape From New York: The Market Impact of SEC Rule 12h-6;
    • Emerging Market Business Cycles with Remittance Fluctuations;
    • Current Account Sustainability and Relative Reliability;
    • Exchange Rates and Fundamentals: A Generalization; and
    • Expected Consumption Growth from Cross-Country Surveys: Implications for Assessing International Capital Markets

    .Escape Abstract; Escape Full Paper; Emerging Abstract; http://www.federalreserve.gov/pubs/ifdp/2008/946/ifdp946.pdf">Emerging Full Paper; Current Abstract; Current Full Paper; Exchange Abstract; Exchange Full Paper; Expected Abstract; Expected Full Paper  9/29/08

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Stearns Bank, N.A., St. Cloud, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  9/26/08

  • WaMu Placed In Receivership Assets Acquired

    The OTC has appointed the FDIC as receiver of Washington Mutual Bank (WaMu) and certain assets have been acquired by JPMorgan Chase. Appointment; Acquisition; WaMu Fact Sheet  9/26/08

  • Written Agreement with California BHC Announced

    The FRB has announced the execution of a Written Agreement by and between Vineyard National Bancorp, registered bank holding company, and the Federal Reserve Bank of San Francisco. Written Agreement  9/26/08

  • BHC Performance Report User's Guide Updated

    The User's Guide for the Bank Holding Company Performance Report User's Guide for the Bank Holding Company Performance Report has been updated by the FRB. User's Guide  9/26/08

  • OCC Publishes Interim Final Rule in FR for Risk-Based Capital Guidelines--Money Market Mutual Funds

    To reduce liquidity and other strains being experienced by money market mutual funds, the Board of Governors of the Federal Reserve System adopted on September 19, 2008, a special lending facility that enables depository institutions and bank holding companies to borrow from the Federal Reserve Bank of Boston on a nonrecourse basis if they use the proceeds of the loan to purchase certain types of asset-backed commercial paper (ABCP) from money market mutual funds. TXT; PDF  9/26/08

  • FRB Publishes Interim Final Rule in FR for Risk-Based Capital Guidelines; Leverage Capital Guidelines

    To reduce liquidity and other strains being experienced by money market mutual funds, the Federal Reserve System adopted on September 19, 2008, a special lending facility (ABCP Lending Facility) that enables depository institutions and bank holding companies to borrow from the Federal Reserve Bank of Boston on a nonrecourse basis
    if they use the proceeds of the loan to purchase certain types of asset-backed commercial paper (ABCP) from money market mutual funds. TXT; PDF  9/26/08

  • FRB Publishes Interim Final Rule in FR for Transactions Between Member Banks and Their Affiliates

    To reduce liquidity and other strains being experienced by money market mutual funds, the Federal Reserve System adopted on September 19, 2008, a special lending facility that enables depository institutions and bank holding companies to borrow from the Federal Reserve Bank of Boston on a non-recourse basis if they use the proceeds of the loan to purchase certain types of asset-backed commercial paper (ABCP) from money market mutual funds (ABCP Lending Facility). TXT; PDF  9/26/08

  • FEDS Working Papers Published

    The FRB has published two working papers in the Finance and Economic Discussion Series (FEDS) on the topics of "The use of alternative employment arrangements by small businesses: Evidence from the 2003 Survey of Small Business Finances" and "The Incentives of Mortgage Servicers: Myths and Realities." The Use Abstract; The Use Full Paper; The Incentives Abstract; The Incentives Full Paper  9/26/08

  • Paulson Testifies Before House Committee

    In testimony before the House Committee on Financial Services, Secretary Paulson discussed the proposed troubled asset purchase program and noted that it "has to be properly designed for immediate implementation and be sufficiently large to have maximum impact and restore market confidence. It must also protect the taxpayer to the maximum extent possible, and include provisions that ensure transparency and oversight while ensuring the program can be implemented quickly and run effectively, as it needs to get the job done." Testimony  9/25/08

  • Bernanke's Economic Outlook

    Chairman Bernanke testified before the Joint Economic Committee of Congress regarding his outlook on the economy. He noted, "Despite the efforts of the Federal Reserve, the Treasury, and other agencies, global financial markets remain under extraordinary stress. Action by the Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy." He also stated, "the intensification of financial stress in recent weeks, which will make lenders still more cautious about extending credit to households and business, could prove a significant further drag on growth." Testimony  9/25/08

  • Minority-Owned National Banks Policy Statement Reissued

    The OCC has reissued its Policy Statement on minority-owned national banks. Policy Statement  9/25/08

  • FDIC Publishes Final Rule in FR for Deposit Insurance Requirements After Certain Conversions

    The FDIC is issuing a final rule that amends certain of its regulations by conforming them to Federal statutes amended by the Financial Services Regulatory Relief Act of 2006, the Federal Deposit Insurance Reform Act of 2005 and the Federal Deposit Insurance Reform
    Conforming Amendments Act of 2005.TXT; PDF  9/25/08

  • FDIC Publishes Final Rule in FR for Financial Education Programs

    The Federal Deposit Insurance Corporation (FDIC) is amending its regulations to permit state nonmember banks to participate or assist in certain financial education programs conducted on school premises where, in connection with the program, deposits are received,
    checks are paid, or money is lent, without the need to submit a branch application to, and receive prior approval from, the FDIC. TXT; PDF  9/25/08

  • Reserve Positions Released

    Treasury has released the U.S. International Reserve Position Reports for September 5, 12 and 19, 2008. September 5; September 12; September 19  9/25/08

  • International Swap Lines Announced

    The FRB has announced the establishment of temporary reciprocal currency arrangements (swap lines) with central banks in Australia, Denmark, Norway and Sweden which are designed to improve liquidity conditions in global financial markets.
    Swap Lines   9/24/08

  • Bernanke and Paulson Testify on Financial Markets

    In testimony before the Senate Banking Committee, Chairman Bernanke stated, "The Federal Reserve believes that, whenever possible, such difficulties should be addressed through private-sector arrangements--for example, by raising new equity capital, by negotiations leading to a merger or acquisition, or by an orderly wind-down. Government assistance should be given with the greatest of reluctance and only when the stability of the financial system, and, consequently, the health of the broader economy, is at risk." Secretary Paulson noted, "The market turmoil we are experiencing today poses great risk to US taxpayers. When the financial system doesn't work as it should, Americans' personal savings, and the ability of consumers and businesses to finance spending, investment and job creation are threatened." Bernanke Testimony; Paulson Testimony  9/24/08

  • Credit Auction Results

    The Federal Reserve has announced the results of the auction of $75 billion in 28-day credit held on September 22, 2008. Auction  9/24/08

  • Written Agreements Announced

    The FRB has announced the execution of one Written Agreement by and among Community Bank of West Georgia, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia; and the execution of a second Written Agreement by and among Community Banks of Northern California, a state chartered member bank, the Federal Reserve Bank of Kansas City, and the California Department of Financial Institutions. Community Bank of West Georgia; Community Banks of Northern California  9/24/08

  • Call Report Revisions Proposed

    The FDIC has issued a FIL regarding comments requested by OCC, the FRB, and the FDIC on several proposed revisions to the Call Report. The proposed reporting changes, which have been approved by the FFIEC and published in the Federal Register, would take effect on a phased-in basis during 2009. FIL; FR Notice  9/24/08

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with data current as of September 23, 2008. 314(a)  9/24/08

  • Morgan Stanley Bank, N.A.

    The OCC has announced it has issued a letter conditionally approving the application of Morgan Stanley Bank, Salt Lake City, Utah to convert to a national banking association to be called Morgan Stanley Bank, National Association. Conditional Approval Letter  9/23/08

  • Equity Investments Policy Statement

    The FRB has announced the approval of a policy statement on equity investments in banks and bank holding companies which provides additional guidance on minority equity investments in banks and bank holding companies that generally do not constitute "control" for purposes of the Bank Holding Company Act. Statement  9/23/08

  • MMF Guaranty Program Clarified

    The Treasury has issued clarifications of the previously announced temporary guaranty program for money market funds. Clarifications  9/23/08

  • Household DSR and FOR Ratios Released

    The FRB has released the household debt service ratio (DSR) and the financial obligations ratio (FOR) for the Second Quarter 2008. Ratios  9/23/08

  • Enforcement Actions Released

    The OCC has released the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  9/23/08

  • FDIC Insurance Awareness Campaign Launched

    A national campaign, with personal finance expert Suze Orman as the spokesperson, has been launched by the FDIC. The campaign is designed to help consumers learn about the benefits and limitations of deposit insurance. Campaign  9/23/08

  • September 2008 Reporting Forms Online

    The FFIEC has posted the September 2008 031 and 041 Reporting Forms online. 031; 041  9/23/08

  • Goldman Sachs and Morgan Stanley Becomes BHCs

    The FRB has announced that orders have been issued approving the applications of Goldman Sachs and Morgan Stanley to become bank holding companies (BHCs) and that after consultation with the Justice Department the transactions may be consummated immediately without the application of the five-day antitrust waiting period. Goldman Sachs Order; Morgan Stanley Order  9/22/08

  • Liquidity Enhancements and Interim Final Rules Announced

    The Treasury has announced two enhancements and two interim final rules to improve the liquidity the markets. One initiative will extend non-recourse loans at the primary credit rate to U.S. depository institutions and bank holding companies to finance their purchases of high-quality asset-backed commercial paper (ABCP) from money market mutual funds and the other the purchase of federal agency discount notes. A Q&A regarding the enhancements has also been issued. In addition, the OCC has issued an interim final rule recognize the substantial protection from risk provided to national banks under the Federal Reserve System’s special lending facility. Enhancements; Treasury Interim Final Rules; Q&A; OCC Interim Final Rule  9/22/08

  • Treasury Purchase of Troubled Assets Fact Sheet

    The Treasury has released a Fact Sheet regarding its proposed purchase pf troubled assets. Fact Sheet  9/22/08

  • Money Market Funds Guaranty Program Announced

    The Treasury has announced the establishment of a temporary guaranty program for the U.S. money market mutual fund industry that will insure the holdings of any publicly offered eligible money market mutual fund that pays a fee to participate in the program. MMF Guaranty  9/22/08

  • Paulson Discusses Comprehensive Approach

    Treasury Secretary Paulson has issued a statement discussing his meetings with FRB Chairman Bernanke and SEC Secretary Cox regarding the taking a comprehensive approach to relieving the stresses on financial institutions and markets. Statement  9/22/08

  • Short Selling of Financial Stocks Halted

    The SEC has halted the short selling of financial stocks. SEC; Statement  9/22/08

  • Check 21 Operations Freeze

    FRB Financial Services has announced its Check 21 Operations will not be available between 12:01 a.m. ET Saturday, October 25, 2008, and 11:00 a.m. ET Sunday, October 27, 2008, in order to conduct a national contingency test. Check 21  9/22/08

  • OTS Closed Bank, FDIC Appointed Receiver

    The OTS has announced that it has closed Ameribank of Northfork, West Virginia, and appointed the FDIC receiver. The FDIC then entered into purchase and assumption agreements with Pioneer Community Bank, Inc., Iaeger, West Virginia, and The Citizens Savings Bank, Martins Ferry, Ohio to take over all of the deposits and certain assets. OTS; FDIC  9/22/08

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and among First Georgia Community Corp., Jackson, Georgia, First Georgia Community Bank, Jackson, Georgia, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Written Agreement  9/22/08

  • Multibank CDCs Featured in Community Development Investments

    The OCC has released the Fall 2008 edition of Community Developments Investments which focuses on Multibank Community Development Corporations (CDCs). Multibank CDCs.  9/22/08

  • Counterfeit Official Checks Special Alerts

    The FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of IndyMac Federal Bank, F.S.B., Pasadena, California. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  9/19/08

  • FRB Publishes Interim Final Rule for Transactions Between Member Banks and Their Affiliates

    In light of the continuing unusual and exigent circumstances in the financial markets, the Board has adopted, on an interim final basis, a regulatory exemption for member banks from certain provisions of section 23A of the Federal Reserve Act and the Board's Regulation W.
    The exemption increases the capacity of member banks, subject to certain conditions designed to help ensure the safety and soundness of the banks, to enter into securities financing transactions with affiliates. Text;
    PDF  9/19/08

  • The FRB and International Central Banks Join Forces

    The FRB has announced that it is coordinating measures with the Bank of Canada, the Bank of England, the European Central Bank (ECB), the Bank of Japan, and the Swiss National Bank to address the continued elevated pressures in U.S. dollar short-term funding markets. These measures, together with other actions taken in the last few days by individual central banks, are designed to improve the liquidity conditions in global financial markets. The central banks will continue to work together closely and take appropriate steps to address the ongoing pressures. FRB; Bank of Canada; Bank Of England; European Central Bank; Bank of Japan; Swiss National Bank  9/19/08

  • Treatment of Freddie And Fannie Investments

    A FIL has been issued by the FDIC that contains a statement that the regulator will work with the limited number of institutions that have significant holdings of common or perpetual preferred shares in Fannie Mae and Freddie Mac to develop Capital Restoration Plans pursuant to federal regulations. FIL; Statement  9/19/08

  • Free Accounting Seminar for Bank Employees

    The FDIC has issued a FIL announcing that it will host a free telephone seminar on several accounting issues of current interest to bankers. The seminar will be held on September 24, 2008, and run approximately two hours. Employees of all FDIC-supervised banks are invited to participate. FIL  9/19/08

  • SBA 7(a) Loan Guarantee Program Featured

    The OCC has published the September 2008 Community Development Insights report which features articles regarding bank participation in the SBA's 7(a) Loan Guarantee Program and highlights how banks can use the program to develop new business, mitigate risk, and help meet their CRA goals. Community Development Insights  9/19/08

  • Survey of Terms of Business Lending

    The E.2 Survey of Terms of Business Lending for the period August 4- 8, 2008 has been released by the FRB. E.2  9/19/08

  • Flow Of Funds Report Released

    The FRB has released the Z.1 Flow Of Funds Report for the Second Quarter 2008. Z.1  9/19/08

  • Iranian Military Firms Added to OFAC List

    The Treasury has designated six Iranian military firms that are owned or controlled by entities previously designated for their roles in Iran's nuclear and ballistic missile programs and added their names to the SDN List with the Nonproliferation (NPWMD) notation. Information regarding the additions has been posted on the BOL OFAC page.  9/18/08

  • AIG Loan Details

    The FRB, with the full support of the Treasury Department, has authorized the Federal Reserve Bank of New York to lend up to $85 billion to the American International Group (AIG). AIG  9/18/08

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and between Hastings Bancorp, Inc., Hastings, Nebraska, a registered bank holding company that owns and controls Hastings State Bank, Hastings, Nebraska, a state chartered nonmember bank, and the Federal Reserve Bank of Kansas City. Agreement  9/18/08

  • CU Liquidated

    The NCUA has placed Interfaith Federal Credit Union of East Orange, New Jersey, into liquidation. The NCUA Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the Interfaith Federal Credit Union within one week. Liquidation   9/18/08

  • Fryzel to Take Strong Assertive Approach

    In a presentation to the National Association of Federal Credit Unions, Chairman Fryzel announced his intent to take strong and decisive steps to preserve confidence in the credit union industry. He stated, "Now is not the time for a 'business as usual,' passive approach…Where I see a balance sheet problem, I will move decisively to resolve it. Where I see adverse trends, I will take steps to correct them. And where activities carry unacceptably high levels of risk and expose consumers to potential loss, I will intervene decisively." Speech  9/18/08

  • Bair Discusses Foreclosure Mitigation Efforts

    In testimony before the House Financial Services Committee, Chairman Bair discussed the strategies taken by the FDIC to avoid unnecessary foreclosures, including implementation of the HOPE for Homeowners Act of 2008 and recent loan modification efforts at IndyMac Federal Bank. Speech  9/18/08

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of The Edgartown National Bank, Edgartown, Maine. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  9/17/08

  • FRB Publishes Technical Amendment to Final Rule in FR

    The Board is publishing amendments to Regulation B (Equal Credit Opportunity Act) to update the address where questions should be directed concerning creditors for which the Office of Thrift Supervision administers compliance with the regulation. Text;
    PDF  9/17/08

  • Fed Funds Rate /Unchanged

    The Federal Open Market Committee (FOMC) has announced that it has decided to keep its target for the federal funds rate at 2 percent. Rates  9/17/08

  • Hurricane Ike Update

    The FRB Financial Service has updated its Hurricane Ike Web page with data current as of 2 p.m. CDT on September 16, 2008. Ike Update  9/17/08

  • Ike Recovery Guidance

    The FDIC has issued a FIL containing Guidance in the form of a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Louisiana and Texas affected by Hurricane Ike. FIL; Guidance  9/17/08

  • Formation of Regional Disaster Recovery Coalitions

    A CEO Letter has been issued by OTS announcing the release of a brochure that describes the benefits for members of the financial services industry of joining a regional coalition to prepare for recovery after a disaster. CEO Letter; Brochure  9/17/08

  • October HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in October 2008, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  9/17/08

  • Iraqi Individuals and Entities Added to OFAC List

    The Treasury has designated five individuals and two entities under Executive Order 13438 for threatening the peace and stability of Iraq and the Government of Iraq. The names of the individuals and the entities have been added to the SDN List with the IRAQ3 designation. Information regarding the additions has been posted on the BOL OFAC page.  9/17/08

  • Stakeholder Letter Issued

    A FIL has been issued regarding a Letter to Stakeholders from FDIC Chairman Sheila Bair, which reports on the FDIC's activities and accomplishments during the second quarter of 2008. FIL; Stakeholder Letter  9/17/08

  • July TIC Data Released

    The Treasury International Capital (TIC) data for July 2008 has been released. TIC  9/17/08

  • FRB Financial Support Initiatives Announced

    The FRB has announced several initiatives to provide additional support to financial markets, including enhancements to its existing liquidity facilities. They include:

    • collateral eligible to be pledged at the Primary Dealer Credit Facility (PDCF) has been broadened to closely match the types of collateral that can be pledged in the tri-party repo systems of the two major clearing banks;
    • collateral for the Term Securities Lending Facility (TSLF) also has been expanded; eligible collateral for Schedule 2 auctions will now include all investment-grade debt securities;
    • Schedule 2 TSLF auctions will be conducted each week; and
    • adoption an interim final rule that provides a temporary exception to the limitations in section 23A of the Federal Reserve Act.

    Initiatives; PDCF; TSLF; 23A Exception  9/16/08

  • SEC and Treasury Statements Regarding Lehman Brothers

    The SEC has issued two statements regarding recent market events and Lehman Brothers. In addition, Treasury Secretary Paulson has issued a statement regarding the actions of the SEC and the Federal Reserve concerning Lehman Brothers. Initial SEC Statement; Revised SEC Statement; Paulson Statement  9/16/08

  • Early Savings Bond Redemptions

    Savings bond agents serving specified Louisiana parishes, Texas counties, Florida counties recently affected by severe weather have been authorized by FRB Financial Services to redeem EE and I savings bonds less than one year old presented during the months of September and November 2008. Early Redemptions  9/16/08

  • CRA Ratings Released

    The OCC has released the ratings received by nineteen national banks recently evaluated fro compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  9/16/08

  • Tier 1 Capital Goodwill Deduction NPR

    The FRB has issued a requested public comment on an interagency notice of proposed rulemaking (NPR) that would permit a banking organization to reduce the amount of its goodwill deduction from tier 1 capital by any associated deferred tax liability. NPR  9/16/08

  • Evaluation of FASB's Accounting Proposals

    The federal banking agencies are evaluating the amendments to generally accepted accounting principles proposed by the Financial Accounting Standards Board (FASB) which would amend Statement of Financial Accounting Standards No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (FAS 140), and FASB Interpretation No. 46(R), Consolidation of Variable Interest Entities (FIN 46(R)). 140; 46(R); FRB NR; OCC NR; FDIC PR  9/16/08

  • Holiday Currency Ordering Schedule

    The FRB Financial Services has released the schedule for ordering of currency for the holiday season. Schedule  9/16/08

  • FDIC Information Sharing

    The FDIC has announced the execution of information sharing agreement with the New York and Texas state banking departments. New York; Texas  9/16/08

  • Cost of Funds Reports

    The OTS has released the current and historical report of cost of funds to OTS regulated institutions. Current; Historical  9/16/08

  • Minority-Owned Banks

    The FRB has issued the report of Minority-Owned Banks Report as of June 30, 2008. Report  9/16/08

  • G.17 Industrial Production Report

    The G. 17 Industrial Production and Capacity Utilization Report for August 2008 has been released by the FRB. G.17  9/16/08

  • September FedFlash Published

    The September 2008 issue of FedFlash has been published by FRB Financial Services. The issue includes article on: holiday currency; submitting feedback to FRB Financial Services; new FedReceipt RTNs; Check 21 operations freeze; and processing of Canadian items. FedFlash  9/16/08

  • Hurricane Ike Federal Reserve Services Update

    The FRB Financial Services has posted a link to data from the Dallas Fed regarding business operations during Hurricane Ike. Link  9/15/08

  • Info on Thrifts Affected by Hurricanes

    The OTS has posted a link to information regarding institutions that are open or closed due to hurricanes. Info  9/15/08

  • Banks Authorized to Close

    The OCC has issued a proclamation allowing national bank offices affected by Hurricane Ike to close at their discretion. Proclamation  9/15/08

  • Kingpin Act OFAC Designations

    OFAC has designated three Venezuelan Government Officials under the provisions of the Kingpin Act for materially assisting the narcotics trafficking activities of the Revolutionary Armed Forces of Colombia (FARC), a narco-terrorist organization. Their names have been added to the SDN List with the SDNTK designation. Information concerning the additions has been posted on the BOL OFAC page.  9/15/08

  • Agencies Release Joint Mortgage Metrics Report

    The OCC and the OTS have issued a joint report on the performance of approximately 60 percent of all first lien mortgages outstanding in the United States. Report; OCC NR  9/15/08

  • Working Papers Published

    The FRB has published five working papers in the Finance and Economics Discussion Series (FEDS) and International Finance Discussion Papers (IFDP) series on the following topics:

    • Effects of Liquidity on the Nondefault Component of Corporate Yield Spreads: Evidence from Intraday Transactions Data;
    • The Causes and Consequences of Economic Restructuring: Evidence from the Early 21st Century;
    • Borrowing From Yourself: 401(k) Loans and Household Balance Sheets;
    • Distress in the Financial Sector and Economic Activity;
    • Constructive Data Mining: Modeling Argentine Broad Money Demand; and
    • The Macroeconomic Effect of External Pressures on Monetary Policy.

    Effects Abstract; Effects Full Paper; Causes Abstract; Causes Full Paper; Borrowing Abstract; Borrowing Full Paper; Distress Abstract; Distress Full Paper; Constructive Abstract; Constructive Full Paper; Macroeconomic Abstract; Macroeconomic Full Paper  9/15/08

  • FRB Publishes Technical Amendment to Final Rule in FR

    The Board of Governors (Board) is amending appendix A of Regulation CC to delete the reference to the Jacksonville branch office of the Federal Reserve Bank of Atlanta and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Atlanta. These amendments reflect
    the restructuring of check-processing operations within the Federal Reserve System. Text;
    PDF  9/12/08

  • FTC Testifies on the "Call Center Consumer's Right to Know Act"

    The Federal Trade Commission provided testimony today before the U.S. House of Representatives' Committee on Energy and Commerce, Subcommittee on Commerce, Trade, and Consumer Protection regarding H.R. 1776, legislation entitled the "Call Center Consumer's Right to Know Act." Act  9/12/08

  • Federal Financial Institution Regulators Announce Availability of 2007 Data on Mortgage Lending

    The Federal Financial Institutions Examination Council (FFIEC) today
    announced the availability of 2007 data on mortgage lending transactions throughout the
    nation at 8,610 financial institutions covered by the Home Mortgage Disclosure Act
    (HMDA). Covered institutions include, but are not limited to, banks, savings
    associations, credit unions, and independent mortgage companies. The HMDA data
    made available today cover lending activity – applications for loans, loan originations
    and denials, and purchases of loans – from 2007. Press Release  9/12/08

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of National Iron Bank, Salisbury, Connecticut. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  9/11/08

  • Iranian Companies Added to OFAC List

    Treasury has designated the Islamic Republic of Iran Shipping Lines (IRISL), and 18 other affiliated entities as Nonproliferation Weapons of Mass Destruction (NPWMD) and added their names to the SDN List, for providing logistical services to Iran's Ministry of Defense and Armed Forces Logistics (MODAFL). Information regarding the designated entities has been posted on the BOL OFAC list.  9/11/08

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and among Newnan Coweta Bancshares, Inc., a registered bank holding company, Neighborhood Community Bank, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Written Agreement  9/11/08

  • Reg R Reminder

    The FDIC has issued a FIL reminding banks that on the first day of an institution's fiscal year beginning after September 30, 2008, the institution must comply with the requirements of Regulation R and GLBA. FIL  9/11/08

  • Dugan On Fair Lending

    In a presentation at the OCC Fair Lending Conference in New Orleans, Comptroller Dugan stated that the present turmoil in credit markets should not distract bankers and lenders from the important priority of fair lending. He emphasized that all qualified borrowers should have access to financial services and credit, free of unlawful discrimination. He noted that nobody can realistically expect to review millions of loan applications one file at a time for compliance with fair lending laws and regulations. Speech  9/11/08

  • Credit Auction Results

    The results of the auction of $25 billion in 28-day credit held on September 9, 2008, have been released by the FRB. Auction  9/11/08

  • Bear Stearns To Pay $28 Million

    The FTC has announced that the Bear Stearns Companies, LLC and its subsidiary, EMC Mortgage Corporation, have agreed to pay $28 million to settle FTC charges that they engaged in unlawful practices in servicing consumers' home mortgage loans. Settlement  9/10/08

  • 314(a) Fact Sheet Updated

    FinCEN has updated the 314(a) Fact Sheet with data current as of September 9, 2008. 314(a)  9/10/08

  • The OCC Publishes Final Rule in Federal Register for Assessment of Fees

    The Office of the Comptroller of the Currency (OCC) is adopting as final and without change the interim final assessments rule issued on February 19, 2008. That rule added two new
    asset-size categories to the table in 12 CFR 8.2(a) used to calculate each national bank's semiannual assessment. Text;
    PDF  9/10/08

  • Credit Auction Results

    The FRB has announced the results of the auction of $25 billion in 84-day credit held on September 8, 2008. Auction  9/10/08

  • State Profiles Updated

    The FDIC has released the Second Quarter 2008 State Profiles which contain a quarterly data sheet summation of banking and economic conditions in each state. State Profiles  9/10/08

  • New OFAC Enforcement Guidelines

    OFAC has issued new Economic Sanctions Enforcement Guidelines as enforcement guidance for persons subject to the requirements of U.S. sanctions statutes, Executive orders and regulations. The Guidelines, which are effective immediately, supersede the Enforcement Procedures for Banking Institutions and have been published as an interim final rule with a request for comments due November 7, 2008. Information regarding the new Guidelines has been posted on the BOL OFAC page in the Other OFAC Resources section.  9/09/08

  • Reg CC Amendments

    The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Sixth District. BOL's Alphabet Soup copy of Appendix A has already been updated to reflect this change. Amendments  9/09/08

  • Change in Control Legal Interpretation Published

    A Legal Interpretation letter has been published by the FRB regarding allowing the exercise of an option without the filing of an application to the Board under the Bank Holding Company Act. Letter  9/09/08

  • Consumer Credit Report Released

    The G.19 Consumer Credit Outstanding and Terms of Credit Report for July 2008 has been released by the FRB. G.19  9/09/08

  • Fanny and Freddie Conservatorship Announced

    Treasury Secretary Paulson and Federal Housing Finance Agency (FHFA) Director Lockhart have announced that the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, have been placed into conservatorship. A four step program was implemented including the increase in mortgage-backed (MBS) portfolios; the establishment of Preferred Stock Purchase Agreements; the establishment of a new secured lending credit facility (GSECF) which will be available to Fannie Mae, Freddie Mac, and the Federal Home Loan Banks; and the initiation by Treasury of a temporary program to purchase GSE MBS. Paulson Statement; Lockhart Statement; Bernanke Statement; Conservatorship Fact Sheet; Stock Purchase Agreement Fact Sheet; GSECF Fact Sheet; GSE MSB Purchase Fact Sheet  9/08/08

  • Agencies Respond to Freddie/Fannie Conservatorship

    The Federal banking agencies have issued a joint release on the placing of Freddie Mac and Fannie Mae into conservatorship. OCC NR; FRB PR; FDIC PR; OTS PR  9/08/08

  • Nevada Bank Closed Insured Deposits Acquired

    The FDIC has announced that Silver State Bank, Henderson, Nevada, has been closed by the Nevada Financial Institutions Division; the FDIC was named Receiver and entered into a Purchase and Assumption Agreement with Nevada State Bank, Las Vegas, Nevada, to assume the insured deposits. Closed  9/08/08

  • Hurricane Season SR Letter

    The FRB has issued a SR Letter regarding assisting borrowers and customer affected by Hurricane Gustav and any subsequent hurricanes. SR Letter  9/08/08

  • Early Savings Bond Redemptions Authorized

    The FRB Financial Services has announced that savings bond agents located in Louisiana parishes recently affected by severe weather are authorized to redeem EE and I savings bonds less than one year old presented during the months of September and October 2008. Redemptions  9/08/08

  • CRA Ratings Released

    The FDIC has released the ratings received by state nonmember banks recently examined for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  9/08/08

  • MSB Registration List Updated

    FinCEN has updated the MSB Registration List to include registrations as of August 14, 2008. List  9/08/08

  • Large Commercial Banks Consolidated Assets Second Quarter Data Released

    The FRB has released the second quarter 2008 data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more. Data  9/08/08

  • Second Quarter Charge-Off Rates

    The OTS has released the thrift charge-off rates report for the second quarter 2008. Charge-off Rates  9/08/08

  • Nine Counterfeit Checks Special Alerts

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

    • Lake City Bank, Warsaw, Indiana (Counterfeit Cashier's Checks);
    • Edgartown National Bank, Edgartown, Massachusetts (Counterfeit Cashier's Checks);
    • Provident Community Bank, National Association, Rock Hill, South Carolina (Counterfeit Official Checks);
    • Dairy State Bank, Rice Lake, Wisconsin (Counterfeit Official Checks);
    • Fidelity Bank, Wichita, Kansas (Counterfeit Cashier's Checks);
    • Milledgeville State Bank, Milledgeville, Illinois (Counterfeit Cashier's Checks);
    • Northstar Bank of Texas, Denton, Texas (Counterfeit Cashier's Checks);
    • Morrill and Janes Bank and Trust Company, Merriam, Kansas (Counterfeit Cashier's Checks) and;
    • Piedmont Bank, Huntersville, North Carolina (Grant County Bank, Medford, Oklahoma) (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  9/05/08

  • Order of Prohibition Issued

    The FRB has issued an Order of Prohibition against Roslyn Y. Terry which prohibits her from participating in any manner in conducting the affairs of any insured depository institution or any holding company of an insured depository institution. Ms. Terry, without admitting to any allegations, consented to the issuance of the Order, which was based on her alleged participation in violations of law, unsafe and unsound banking practices, and breaches of fiduciary duty and its customers in connection with her embezzlement of funds from the bank and falsification of the bank's books and records. Order  9/05/08

  • Mortgage Lending Forum Best Practices

    The FDIC has issued an FIL containing highlights of the best practices that were discussed its recent Forum on Mortgage Lending for Low- and Moderate-Income (LMI) Households. FIL; Best Practices  9/05/08

  • CU Placed in Conservatorship

    The NCUA has assumed control of the operations of Valley Credit Union, a state-chartered, federally insured credit union headquartered in San Jose, California, after being appointed as conservator by the California Division of Financial Institutions. Conservatorship  9/04/08

  • CRA Ratings

    The OTS has announced the ratings received by savings associations that were recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  9/04/08

  • Gustav Relief FIL

    The FDIC issued a FIL that announces a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Alabama, Mississippi, Louisiana and Texas affected by Hurricane Gustav. FIL  9/04/08

  • Hanna Bank Closings

    The OCC has issued a proclamation that allows national bank offices affected by Tropical Storm Hanna to close. Proclamation  9/04/08

  • Beige Book

    The FRB has published the August 2008 issue of the Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their respective districts. Beige Book  9/04/08

  • IFDP Working Pape

    A working paper in the International Finance Discussion Paper (IFDP) series on the topic of "The Asian Financial Crisis, Uphill Flow of Capital, and Global Imbalances: Evidence from a Micro Study" has been published by the FRB. Abstract; Full Paper  9/04/08

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Southwest National Bank of Wichita, Kansas. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  9/03/08

  • FDIC CRA Exam Schedule

    The FDIC has released its CRA examination schedule for the fourth quarter 2008. Schedule  9/03/08

  • Interagency Exam Procedures

    The FRB has issued three Consumer Affairs Letters regarding the interagency examination procedures for Regulations Z, M and E and the Affiliate Marketing Regulation. Regs Z and M; Reg E; Affiliate Marketing  9/03/08

  • Written Agreement

    The FRB has announced the execution of a Written Agreement by and among Orion Bancorp, Inc. and Orion Bank, both of Naples, Florida, the Federal Reserve Bank of Atlanta, and the State of Florida Office of Financial Regulation. Agreement  9/03/08

  • 75th Federal Credit Union Anniversary Symposium

    The NCUA has announced that a free two-day symposium recognizing the 75th Anniversary of the signing of the Federal Credit Union Act will be held June 9 and 10, 2009, at the Hyatt Regency Washington D.C. on Capitol Hill. Symposium  9/03/08

  • Reserve Position Report

    The Treasury has updated the U.S. International Reserve Position Report with data current as of August 29, 2008. Report  9/03/08

  • Foreign Exchange Rates

    The G.5 Foreign Exchange Rates Report for August 2008 has been released by the FRB. G.5  9/03/08

  • Discount Rate Meeting Minutes

    The FRB has issued the minutes of FRB discount rate meetings held on July 7 through August 4, 2008. Minutes  9/03/08

  • Flood CMPs Announced

    The FDIC has announced nine civil money penalties that were recently assessed against banks. Information regarding the CMPs has been posted on the BOL Flood Penalties Watch page.  9/02/08

  • Georgia Bank Closed Assets Assumed

    The FDIC has announced that Integrity Bank, Alpharetta, Georgia, has been closed by the Georgia Department of Banking and Finance; the Federal Deposit Insurance Corporation named receiver and the assumption of all the deposits by Regions Bank, Birmingham, Alabama. Closed  9/02/08

  • Reg R Compliance Guide Released

    The FRB has released its Small Entity Compliance Guide for Regulation R. Regulation R implements certain of the key exceptions for banks from the definition of the term "broker" under Section 3(a)(4) of the Securities Exchange Act of 1934. The guide provides a general description of the regulation and contact information for small entities with questions regarding compliance. Guide  9/02/08

  • Enforcement Actions

    The FDIC has released a list of twenty-five orders of administrative enforcement actions taken against banks and individuals in July 2008. Enforcement  9/02/08

  • Banks Authorized to Close

    The OCC has issued a proclamation that allows national bank offices affected by Hurricane Gustav to close. Proclamation  9/02/08

  • CRA Examination Schedule

    The OCC has issued its Fourth Quarter 2008 CRA examination schedule. Schedule  9/02/08

  • Weather Damage Guidance

    The FDIC has issued a FIL announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Florida affected by recent severe storms, tornadoes and flooding. FIL  9/02/08

  • New Electronic Interpretations and Actions

    The August 2008 New Electronic Interpretations and Actions has been released by the OCC. August  9/02/08

08/30/2008

Top Stories for August 2008

  • OFAC CMPs Announced

    The civil money penalties recently assessed by OFAC for violations of various Sanctions Programs have been announced. No financial institutions were cited. CMPs  8/29/08

  • Colombian Narcotics Traffickers Added to OFAC List

    The names of two Columbian narcotics traffickers have been added to the SDN List with the SDNT designation. In addition, OFAC also designated as SDNTs two other individuals and four entities located in Colombia. Information regarding the new designations has been posted on the BOL OFAC page.  8/29/08

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and between Security Pacific Bancorp, Los Angeles, California, a registered bank holding company that owns and controls Security Pacific Bank, Los Angeles, California, a state chartered nonmember bank, and the Federal Reserve Bank of San Francisco. Written Agreement  8/29/08

  • Online Consumer Home Refinancing Information

    The FRB has announced the availability of "A Consumer's Guide to Mortgage Refinancing", an online resource to help consumers make informed choices when refinancing a home loan. In addition, the Board has updated the publication "You Should Know about Home Equity Lines of Credit" to include information for consumers on line of credit freezes or reductions in lines of credit. Guide; Should Know  8/29/08

  • Assets Reports Issued

    The July 2008 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks Reports have been released by the FRB. Reports  8/29/08

  • 2008 HMDA Guide Available

    The FFIEC has posted the 2008 HMDA Guide online. HMDA Guide  8/28/08

  • BHC Supervision Manual Update

    The FRB has released the July 2008 update to the Bank Holding Company (BHC) Supervision manual. Manual  8/28/08

  • Check 21 Test Delayed

    The Check 21 Test Environment update scheduled for September 1, 2008 has been postponed indefinitely. Test  8/28/08

  • Thrift Industry Posts $5.4 Billion Loss

    The OTS has announced that the thrift industry posted a $5.4 billion loss for the second quarter of 2008, as institutions set aside record reserves for loan losses during the continued housing market downturn. Loss  8/28/08

  • Counterfeit Cashier's Checks Special Alerts

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

    • Castroville State Bank, Castroville, Texas;
    • First Texas Bank, Round Rock, Texas; and
    • Garfield County Bank, Jordan, Montana.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   8/27/08

  • Free FDIC Seminars for Employees

    The FDIC will host eight identical free telephone seminars to guide bank and saving association employees through the process of determining a customer's deposit insurance coverage. Each seminar will run approximately two to three hours and will be held between September 17 and November 4, 2008. FIL  8/27/08

  • HELOC Guidance Issued

    The OTS has issued a CEO Letter announcing a Guidance regarding the management of Home Equity Lines of Credit (HELOC). CEO Letter; Guidance  8/27/08

  • Liquidity Risk Management FIL

    The FDIC has issued a FIL containing guidance to highlight the importance of liquidity risk management at financial institutions. FIL; Guidance  8/27/08

  • Second Quarter Earning Decline By 86.5 Per Cent

    Financial results for the second quarter 2008 are contained in the FDIC's Quarterly Banking Profile and indicate that financial institutions insured by the agency reported net income of $5.0 billion in the second quarter of 2008, a decline of $31.8 billion (86.5 percent) from the $36.8 billion that the industry earned in the second quarter of 2007. The provisions of the Federal Deposit Insurance Reform Act of 2005 require the FDIC to develop a restoration plan to bolster the Deposit Insurance Fund. Summary; Quarterly Banking Profile  8/27/08

  • 2008 SAR Activity Review Survey

    FinCEN has announced that CFI Group, an independent research organization, has been hired to conduct a survey to assess the value of the The SAR Activity Review-Trends, Tips & Issues and The SAR Activity Review-By the Numbers. Depository institutions may be contacted by CFI Group regarding the survey. Survey  8/27/08

  • Reserve Position Update

    The Treasury has updated the U.S. International Reserve Position Report with data current as of August 22, 2008. Reserve Position  8/27/08

  • Credit Auction Results

    The FRB has announced the results of the auction of $75 billion in 28-day credit held on August 25, 2008. Results  8/27/08

  • FOMC Minutes Released

    The FRB and the Federal Open Market Committee (FOMC) have released the minutes of the FOMC meeting held on August 5, 2008, and of the conference call held on July 24, 2008. Minutes  8/27/08

  • Written Agreement Announced

    The FRB has announced the execution on August 7, 2008, of a Written Agreement by and between Columbian Financial Corporation and the Federal Reserve Bank of Kansas City. Agreement  8/26/08

  • CRA Ratings Released

    The OCC has released the list of Community Reinvestment Act (CRA) performance evaluations for twenty-seven national banks that became public during the period of July 15, 2008 through August 14, 2008. Ratings  8/256/08

  • HMDA Table Corrected

    The FFIEC has announced that a correction has been made in the Table 5 series of HMDA A&D for CYs 2004-2006. Correction  8/26/08

  • Owned and Managed Receivables Report

    The June 2008 G.2 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report has been released by the FRB. G.2  8/26/08

  • Ten Counterfeit Checks Special Alerts Issued

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

    • First Federal Bank of Florida, Lake City, Florida (Counterfeit Cashier's Checks);
    • Washington Trust Bank, Spokane, Washington (Counterfeit Cashier's Checks);
    • The Farmers State Bank, Fairview, Kansas (Counterfeit Official Checks);
    • Valley Business Bank, Visalia, California (Counterfeit Cashier's Checks);
    • International Bank of Commerce, Laredo, Texas (Counterfeit Expense Checks);
    • Christiana Bank & Trust Company, Greenville, Delaware (Counterfeit Cashier's Checks);
    • Fremont Bank, Fremont, California (Counterfeit Cashier's Checks);
    • Farmers and Miners Bank, Pennington Gap, Virginia (Counterfeit Cashier's Checks);
    • Allegiance Community Bank, South Orange, New Jersey (Counterfeit Cashier's Checks) and;
    • Fidelity Bank & Trust, Dubuque, Iowa (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  8/25/08

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and between Bonifay Holding Company, Inc. and the Federal Reserve Bank of Atlanta. Agreement  8/25/08

  • Bernanke Discusses Reducing Risk

    In a presentation Federal Reserve Bank of Kansas City's Annual Economic Symposium, Jackson Hole, Wyoming, Chairman Bernanke discussed ways for institutions to reduce systemic risk. He noted that the industry is involved in one of the most challenging economic and policy environments in memory. He indicated that one of the best ways to protect the financial system against future systemic shocks, including the possible failure of a major counterparty, is by strengthening the financial infrastructure, including both the "hardware" and the "software" components. The stated in conclusion that "The adoption of a regulatory and supervisory approach with a heavier macroprudential focus has a strong rationale, but we should be careful about over-promising, as we are still rather far from having the capacity to implement such an approach in a thoroughgoing way." Speech  8/25/08

  • Kansas Bank Closed Assets Acquired

    The FDIC has announced that it has been named receiver of the Columbian Bank and Trust Company, Topeka, Kansas, which was closed by the Kansas Bank Commissioner. The FDIC has entered into a purchase and assumption agreement with Citizens Bank and Trust, Chillicothe, Missouri, to assume the insured deposits. Closed  8/25/08

  • FEDS Working Papers Published

    Four Working Papers in the Financial and Economics Discussion Series (FEDS) have been published by the FRB on the following topics:

    • Insider Rates vs. Outsider Rates in Lending,
    • Temporal Risk Aversion and Asset Prices,
    • Estimating the common trend rate of inflation for consumer prices and consumer prices excluding food and energy prices, and
    • The High-Frequency Impact of News on Long-Term Yields and Forward Rates: Is It Real?

    Insider Abstract;
    Insider Full Paper
    ; Temporal Abstract;
    Temporal Full Paper
    ; Estimating Abstract; Estimating Full Paper;
    High-Frequency Abstract
    ; High-Frequency Full Paper  8/25/08

  • August FedFocus

    The August 2008 issue of FedFocus has bee posted online by FRB Financial Services. The issue includes article regarding FedWire, FedCash, access solutions, Check 21, eBusiness and FedACH. FedFocus  8/25/08

  • Counterfeit and Fictitious Checks Alerts

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Riverside National Bank of Florida, Fort Pierce, Florida; and fictitious official checks issued in the name of First Century Bank, N.A., Bluefield, West Virginia. Information concerning the checks has been posted on the BOL Alerts & Counterfeits Page.  8/22/08

  • FDIC Questions Answered

    The Summer 2008 issue of FDIC Consumer news provides answers to common questions and other useful information, so that people can rest assured that their money is safe in an FDIC-insured account. Other articles explain what to do if a home equity line of credit has been reduced or frozen, how to avoid phone and fax fraud, and options for saving the environment as bank customers save and borrow money. Consumer News  8/22/08

  • FPR Peer Average Ratios Available

    The NCUA has published the Financial Performance Report (FPR) peer average ratios. Ratios  8/22/08

  • Regional Coalitions FIL

    The FDIC has issued a FIL announcing a brochure for FDIC-supervised institutions entitled Regional Coalitions: Public-Private Partnerships for the Financial Services Sector, which describes the benefits of establishing public-private partnerships. FIL; Brochure  8/22/08

  • Public Welfare Investments Encouraged

    The OCC has issued a banking bulletin on an interim final rule to implement the changes to national banks’ public welfare investment authority enacted in the Housing and Economic Recovery Act of 2008 (HERA). Summary; Interim Final Rule  8/22/08

  • Alaska State Quarter Information

    Information regarding the distribution of the Alaska State Quarter has been posted online by the FRB Financial Services. Alaska Quarter  8/22/08

  • IndyMac Loan Modification Program Implemented

    FDIC Chairman Bair has announced the implementation of a loan modification for distressed IndyMac mortgage loans. The program is designed to achieve affordable and sustainable mortgage payments for borrowers and increase the value of distressed mortgages by rehabilitating them into performing loans. Bair Announcement; Program  8/21/08

  • CUs Financial Condition

    The NCUA has announced that the Call Report data submitted by the nation's 7,972 federally insured credit unions indicates that the overall financial condition of federally insured credit unions remains strong with assets, loans, shares, and membership demonstrating consistent growth through the first six months of 2008. Data  8/21/08

  • IFDP Working Paper

    The FRB has published a working paper is the International Finance Discussion Paper (IFDP) series on the topic of "Optimal Monetary Policy with Distinct Core and Headline Inflation Rates." Abstract; Full Paper  8/21/08

  • 2007 Fact Book

    The OTS has released its 2007 Fact Book. Fact Book  8/21/08

  • Second Quarter Charge-Off and Delinquency Loan Rates

    The FRB has issued the Charge-Off and Delinquency Rates on Loans at Commercial Banks Report for the Second Quarter 2008. Rates  8/20/08

  • Reserve Position Reports Released

    The Treasury has released the U.S. International Reserve Position Reports for August 1, 8, and 15, 2008. August 1; August 8; August 15  8/20/08

  • IFDP Working Papers Published

    The FRB has published two working papers in the International Finance Discussion Paper (IFDP) series on the topic of "Foreign Exposure to Asset-Backed Securities of U.S. Origin" and "Friends or Foes? The Stock Price Impact of Sovereign Wealth Fund Investments and the Price of Keeping Secrets." Foreign Abstract; Foreign Full Paper;
    Friends Abstract
    ; Friends Full Pape  8/20/08

  • National Banks Affected by Hurricane Fay May Close

    The OCC has issued a proclamation allowing national bank offices affected by Hurricane Fay to close at their discretion. Proclamation  8/19/08

  • September HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in September, 2008, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  8/19/08

  • August Issue FedFlash

    The FRB Financial Services has posted online the August 15, 2008 issue of FedFlash which contains articles on the following topics: verification procedures for FedACH; the extension of the effective date for International ACH transactions; new tools available online for International ACH transactions; FedForward billing changes now effective; and the new FedReceipt RTNs. FedFlash  8/18/08

  • Annual National Housing Forum Date Set

    December 8, 2008 has been announced by the OTS as the date for its annual National Housing Forum which will be held at the National Press Club in Washington, D.C. Forum  8/18/08

  • Cost of Funds Reports Issued

    The OTS has issued the historical and current (08-15-08) Cost of Funds Reports. Historical; Current  8/18/08

  • TIC Data Released

    The Treasury has released the Treasury International Capital (TIC) data for June 2008. TIC  8/18/08

  • Industrial Production Report Published

    The July 2008 G.15 Industrial Production and Capacity Utilization Report has been published by the Treasury. G.15  8/18/08

  • Consumer Complaint Brochure

    The OTS has posted online a brochure, "How to Resolve a Consumer Complaint", for consumers who may have a complaint against a thrift institution or a savings association. Brochure  8/15/08

  • 314a Fact Sheet Updated

    FinCEN has updated the 314a Fact Sheet with data current as of August 12, 2008. 314a  8/15/08

  • Share Insurance Webinar Announced

    The NCUA has issued a letter to credit unions highlighting the resources available to help educate members about the benefits of share insurance coverage offered by federally insured credit unions, and announcing NCUA will host a webinar, "Share Insurance 101," later this year to provide additional information regarding share insurance protection. Webinar   8/15/08

  • The FRB Publishes Technical Amendment to Final Rule

    The Board of Governors (Board) is amending appendix A of Regulation CC to delete the reference to the Cincinnati branch office of the Federal Reserve Bank of Cleveland and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. Text;
    PDF  8/15/08

  • The FRB Proposes Rulemaking in FR for Reimbursement for Providing Financial Records

    The Board of Governors of the Federal Reserve System (Board) is proposing amendments to Subpart A of Regulation S, which implements the requirement under the Right to Financial Privacy Act (RFPA) that the Board establish the rates and conditions under which payment shall be made by a government authority to a financial institution for
    assembling or providing financial records pursuant to RFPA. These proposed amendments update the fees to be charged and take account of recent advances in electronic document productions. Text;
    PDF  8/15/08

  • Assets Reports Released

    The FRB has released the 3.12 U.S. Assets and 3.13 Foreign Assets Held at Federal Reserve Banks Reports as of June 2008. Reports  8/15/08

  • Reg S (Right to Financial Privacy) Comments Requested

     
    Public comments are being requested by the FRB on a proposed change to Regulation S (Right to Financial Privacy), which sets the rates and conditions under which a government agency must reimburse a financial institution for costs incurred in producing customer financial records under the Right to Financial Privacy Act. Comments are requested by September 29, 2008. Comments  8/14/08

  • Credit Auction Results

    The FRB has announced the results of its auction of $50 billion in 28-day credit held on August 12, 2008. Results  8/14/08

  • Eleven More Counterfeit Checks Special Alerts

    Bringing the total to sixteen in the last two days, the FDIC has issued eleven Special Alerts regarding counterfeit checks bearing the name of the following institutions:

    • Heritage Community Bank, Hartsville, South Carolina (Counterfeit Cashier's Checks);
    • MidWestOne Bank, Oskaloosa, IA, (Counterfeit Cashier's Checks)
    • Southbridge Savings Bank, Southbridge, Massachusetts (Counterfeit Bank Checks);
    • Centera Bank, Sublette, Kansas (Counterfeit Cashier's Checks);
    • Kaplan State Bank, Kaplan, Louisiana (Counterfeit Official Checks);
    • The Depository Trust & Clearing Corporation (DTCC), New York, New York (Counterfeit Checks);
    • Chippewa Valley Bank, Winter, Wisconsin (Counterfeit Cashier's Checks);
    • The Dolores State Bank, Dolores, Colorado (Counterfeit Cashier's Checks);
    • Century Bank & Trust, Milledgeville, Georgia (Counterfeit Cashier's Checks);
    • GreenBank, Greeneville, Tennessee (Counterfeit Cashier's Checks); and
    • Bank of Prescott, Prescott, Arkansas (Counterfeit Official Checks).

    Information concerning the counterfeit checks has been posted on the BOL >Alerts & Counterfeits page.  8/13/08

  • Iranian Nuclear and Missile Program Entities Added to OFAC List

    Five entities related to Iran's nuclear and missile programs have been designated by Treasury and added to the SDN List with the Nonproliferation of Weapons of Mass Destruction (NPWMD) designation. Information regarding the additions has been posted on the BOL OFAC page.  8/13/08

  • Enforcement Actions Released

    The OCC has released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Actions  8/13/08

  • FFIEC Annual Report

    The FFIEC has published its 2007 Annual Report. Annual Report  8/13/08

  • New FedReceipt Routing Numbers Announced

    FR Financial Services has announced new FedReceipt routing numbers. Numbers  8/13/08

  • Credit Auction Results

    The FRB has announced the results of the auction of $25 billion in 84-day credit held on August 11, 2008. Results  8/13/08

  • Counterfeit and Missing Cashier's Checks Special Alerts

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

    • Lindell Bank & Trust Company, St. Louis, Missouri (Counterfeit Cashier's Checks);
    • First National Bank, Hot Springs, Arkansas (Counterfeit Cashier's Checks);
    • People's United Bank, Bridgeport, Connecticut (Counterfeit Cashier's Checks);
    • First National Bank of Waynesboro, Waynesboro, Georgia (Counterfeit Bank Checks); and
    • Farmers and Merchants Bank, Baldwyn, Mississippi (Missing, Lost, or Stolen Cashier's Checks).

    Information regarding the checks has been posted on the BOL Alerts & Counterfeits page.  8/12/08

  • July Bank Lending Practices Survey

    The FRB has released the results of the July 2008 Senior Loan Officer Opinion Survey on Banking Lending Practices. Summary; Full Report  8/12/08

  • Reg CC Appendix Amended

    The FRB has announced the approval of amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth District. Amendments  8/12/08

  • Reserve Position Update

    The U.S. International Reserve Position Report as of July 25, 2008 has been released by Treasury. Reserve Position  8/12/08

  • Check 21 File Acknowledgements

    Federal Reserve Financial Services has published the procedure by which Check 21 File Acknowledgements will be sent from FedMail application in the production environment. Acknowledgements   8/11/08

  • OCC Publishes Interim Final Rule in FR for Community Development Projects

    On July 30, 2008, the President signed into law the Housing and Economic Recovery Act of 2008 (HERA). Section 2503 of the HERA revises the community development investment authority in 12 U.S.C. 24(Eleventh) to permit a national bank to make a broader range of investments designed primarily to promote the public welfare. This interim final rule implements the changes made to section 24(Eleventh)
    by the HERA.Text;
    PDF  8/11/08

  • Credit Auction Dates Announced

    The FRB has announced the dates and times during August -November 2008 when it will auction term funds to depository institutions. Dates  8/11/08

  • BSA Magnetic Media Filing FIL

    The FDIC has issued a FIL regarding the prior announcement by FinCEN of its intention to retire the Bank Secrecy Act (BSA) Magnetic Media Filing Program. Information concerning the change has posted in the July 23, 2008 BOL Top Stories. FIL  8/08/08

  • FRB Publishes Final Rule in FR for Truth in Lending

    The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. In keeping with the statute, the Board has annually adjusted the $400 amount based on the annual percentage change reflected in the Consumer Price Index that is in effect on June 1. you mean not   8/06/08

  • June Consumer Credit Report Released

    The FRB has released the G.19 Consumer Credit Report for June 2008. G.19  8/08/08

  • Annual Revision Industrial Production and Capacity Utilization Report

    The 2008 Annual Revision of the Industrial Production and Capacity Utilization Report has been published. 2008  8/08/08

  • Nominations Open

    The OTS has announced that nominations are being accepted for the OTS Minority Depository Institutions Advisory Committee. Nominations  8/08/08

  • CRA Ratings Released

    The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings   8/07/08

  • South Carolina CU Liquidated

    NCUA has placed the Port Trust Federal Credit Union of Charleston, South Carolina, into liquidation. Liquidation  8/07/08

  • Community Bank Directors Workshops Announced

    The OCC has announced that a series of workshops for Community Bank Directors covering risk assessment, compliance risk and credit risk will be held in San Antonio, Texas, on September 16-18, 2008. Workshops  8/07/08

  • QFC NPR FIL Issued

    The FDIC has issued a financial institution letter FIL announcing a Notice of Proposed Rulemaking (NPR) that would establish recordkeeping requirements for qualified financial contracts (QFCs) held by insured depository institutions in a troubled condition. Comments are due by September 26, 2008. FIL; NPR  8/07/08

  • FDIC Publishes Final Rule in FR for Fair Housing and Nondiscrimination on the Basis of Disability

    The FDIC is amending two regulations, following a recent review, to update FDIC addresses contained in the regulations. First, the FDIC is updating the division name and address information in the Equal Housing Lender poster set forth in its fair housing regulation. Second, the FDIC is updating the address and telephone contact
    information for the FDIC's Office of Diversity and Economic Opportunity (ODEO) set forth in its regulation on nondiscrimination on the basis of disability. Text;
    PDF  8/07/08

  • Ten Special Alerts Issued

    The FDIC has issued ten Special Alerts regarding counterfeit or missing checks and missing money orders bearing the name of the following institutions:

    • Premier Bank of Jacksonville, Jacksonville, Illinois (Counterfeit Cashier's Checks);
    • Southern Bank, Sardis, Georgia (Counterfeit Cashier's Checks);
    • Baltimore County Savings Bank, FSB, Baltimore, Maryland
      (Missing Money Orders);
    • Ameris Bank, Moultrie, Georgia (Missing Official Checks);
    • The Village Bank, Auburndale, Massachusetts (Counterfeit Treasurer's Checks);
    • Mainstreet Savings Bank, FSB, Hastings, Michigan (Counterfeit Official Checks);
    • BankAtlantic, Fort Lauderdale, Florida (Counterfeit Cashier's Checks);
    • Citizens South Bank, Gastonia, North Carolina (Counterfeit Official Checks);
    • TruPoint Bank, Grundy, Virginia (Counterfeit Cashier's Checks); and
    • Mid-Missouri Bank, Springfield, Missouri (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks and money orders has been posted on the BOL Alerts & Counterfeits page.  8/06/08

  • Drug Kingpin's Associates Added To OFAC List

    OFAC has added the names of 14 companies and 17 individuals tied to drug trafficking kingpin Rigoberto Gaxiola Medina to the SDN List as specially designated narcotics traffickers (SDNTs). Information regarding the additions has been posted on the BOL OFAC page.   8/06/08

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee (FOMC) has announced it has decided to keep its target for the federal funds rate at 2 percent. Rates  8/06/08

  • Reg Z TIL Mortgage Loan Trigger Adjusted

    The FRB has issued the annual adjustment of fee-based trigger for additional mortgage loan disclosures. Disclosures  8/06/08

  • MSB Registration List Updated

    FinCEN has updated the MSB Registration List with data current as of July 17, 2008. List  8/06/08

  • CRA Ratings Announced

    OTS has announced the ratings received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings  8/05/08

  • Hurricane Relief

    The FDIC has issued a FIL announcing a series of steps intended to facilitate the rebuilding process in areas of southern Texas damaged by Hurricane Dolly and associated severe storms. FIL; Steps  8/05/08

  • International ACH Rule Effective Date Extended

    The FRB Financial Services has announced that the effective date for the NACHA Rule for International ACH Payments has been extended to September 18, 2009. Effective Date  8/05/08

  • Covered Bond FIL Issued

    A FIL has been issued by the FDIC regarding its policy statement concerning the treatment of "covered bonds", if the issuing insured depository institution (IDI) is placed into FDIC receivership or conservatorship. FIL  8/05/08

  • Risk Management Summit Agenda Announced

    The agenda for the second "Risk Mitigation Summit," to be held Thursday, August 7, 2008, at the Federal Reserve Bank in Chicago, Illinois, has been announced. Agenda  8/05/08

  • OTS Redesigns Website

    The OTS has launched its new redesigned Web site that contains added content, improved organization and enhanced features, including fresh ways to highlight timely and important news for consumers, thrift institutions and others. Web Site  8/05/08

  • FEDS Working Paper

    A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Banking Market Definition: Evidence from the Survey of Consumer Finances" has been published by the FRB. Abstract; Full Paper  8/05/08

  • Counterfeit Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Queensborough National Bank & Trust Company, Louisville, Georgia. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  8/04/08

  • Talent Amendment Exam Procedures

    The FRB has issued a Consumer Affairs Letter regarding the Interagency examination procedures for the Department of Defense's Final Rule on limitations on consumer credit extended to service members and dependents (the "Talent Amendment"). Letter  8/04/08

  • Enforcement Actions

    The FDIC has released the list of orders of administrative enforcement actions taken against banks and individuals in June 2008. Actions  8/04/08

  • Florida Bank Closed Deposits Assumed

    The Commissioner of the Florida Office of Financial Regulation has closed the First Priority Bank, Bradenton, Florida, and the FDIC was named receiver. The FDIC then entered into a purchase and assumption agreement with SunTrust Bank, Atlanta, Georgia, to assume the insured deposits of First Priority. Closed   8/04/08

  • Economic Update

    Treasury has issued its August 1, 2008 Economic Update. Update  8/04/08

  • Foreign Exchange Rates

    The July 2008 G.5 Foreign Exchange Rates Report has been released by Treasury. G.5  8/04/08

  • Pension Funds Working Paper

    The OCC has published a working paper, "Alternative Assets and Public Pension Plan Performance," which examines how public pension funds have fared when investing in real estate, private equity funds, and hedge funds. Paper  8/04/08

  • OFAC Adds, Changes and Deletes Names

    The names of entities and individuals have been added, changed and removed by OFAC from the SDN List. The entries include the designation of six companies and 13 individuals that act on behalf of and materially assist the narcotics trafficking activities of the Revolutionary Armed Forces of Colombia (FARC) in violation of the Kingpin Act; anti-narcotics designation removals; and Sudan Designations. Information concerning the actions has been posted on the BOL OFAC page.  8/01/08

  • CMPs Announced

    OFAC has announced the civil money penalties (CMPs) recently assessed against entities and individuals for violations of various Sanctions Programs. No financial institutions were listed. CMPs  8/01/08

  • 2007 Small Business CRA Data Available

    The federal banking agency members of the FFIEC have announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings institutions pursuant to the Community Reinvestment Act (CRA). Data; Fact Sheet  8/01/08

  • Section 19 Letters Published

    The FRB has published two letters regarding enforcement actions taken under Section 19 of the Federal Deposit Insurance Act prohibiting individuals from becoming or continuing to be affiliated with a banking organization or a credit union. Letter 1; Letter 2  8/01/08

  • FedForward Billing Changes Reminder

    FRB Financial Services has issue a letter to all FedForward customers reminding them that the previously announce billing changes will be effective Friday, August 15, 2008. Letter  8/01/08

  • Reverse Mortgage Information

    The OTS has published an issue of the Community Liaison, a community affairs newsletter which features an article regarding reverse mortgages. Community Liaison  8/01/08

  • Credit Risk Transfer Paper Released

    The OCC has announced that the Joint Forum has released a paper entitled "Credit Risk Transfer Developments from 2005 to 2007." The Joint Forum was established in 1996 under the aegis of the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) to deal with issues common to the banking, securities and insurance sectors, including the regulation of financial conglomerates. Paper  8/01/08

  • Reserve Position Updates

    The Treasury has issued an update of the U.S. International Reserve Position Report for the week ending July 18, 2008. Report  8/01/08

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