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Top Story Compliance Related

10/31/2004

Top Stories for November 2004

  • Loan Delinquency Rates Report Revised

    The FRB has issued a revision to correct a computational error in the previously announced commercial loan delinquency rates at all commercial banks other than the 100 largest. The errors were almost entirely limited to the residential real estate series. In addition, most historical rates were revised to reflect the corrections. Delinquency Rates    11/30/04

  • NCUA - Fair and accurate Credit Transactions Act implementation

    : The final rule generally requires federal credit unions (FCUs) to develop, implement, and maintain appropriate measures to properly dispose of consumer information derived from consumer reports to address the risks associated with identity theft. Published in FR 11/19/04, it becomes effective 12/29/04. PDF TXT   11/29/04

  • OFAC Adds Mexican Cartel Members And WMD Designation

    Six members of a Mexican drug cartel have been added to the SDN list with the SDNTK designation. Also, one name was deleted, one entry was changed, and a foreign entity was designated as being subject to the import ban of the Weapons of Mass Destruction Trade Control regulation. Information regarding the additions, the deletion and changes has been posted on the BOL OFAC page.    11/29/04

  • PSR Policy Revised

    The FRB has announced that its PSR Policy addressing risk management in payments and securities settlement systems has been revised. Key revisions include an expansion of the policy's scope to include certain FRB payments and revised general risk management expectations for securities settlement systems. PSR Policy    11/29/04

  • Reg T Opinions Released

    The FRB has released legal opinions regarding application of Reg T to trading in a cash account; the possible status of a firm as an "exempted borrower" as defined in Reg T or Reg U; and the proper recording of repurchase agreements involving Treasury, exempted, or any other securities entitled to good faith loan value under Reg T. Cash Account; Exempted Borrower; Repurchase Agreements    11/29/04

  • Unauthorized Internet Bank Alert Issued

    The OCC has issued an Alert regarding Atlantic Standard Chartered Bank & Trust, N.A. The entity represents that it is an Internet Bank and is actively engaged in offering a full range of deposit and banking services. The OCC has not granted a charter to this organization, nor is it authorized to conduct the business of banking or provide banking-related services. Alert    11/29/04

  • Assessment Certified Statement Rule FIL Issued

    The FDIC has issued a FIL regarding changes to the assessment certified statement rule. Under the amended rule, insured institutions are required to obtain assessment invoices online through FDICconnect. In addition, correct certified statements will not be signed and returned to the FDIC.
    FIL    11/29/04

  • Third Quarter Preliminary Interest Rate Risk Measure Report Released

    OTS has released the Preliminary Interest Rate Risk Measure Report for the third quarter 2004.
    Preliminary Report   11/29/04

  • NCUA Proposed Rule for Credit Unions:

    Organization and Operation, Loans and Lines of Credit to members. TXT; PDF   11/26/04

  • OTS - Community Reinvestment Act:

    The OTS is proposing changes to, and soliciting comment on, its Community Reinvestment Act (CRA) regulations in two areas to reduce burden. Comment deadline: 1/24/05 TXT; PDF.    11/24/04

  • OTS - EGRPRA Regulatory Review--Application and Reporting Requirements:

    the Office of Thrift
    Supervision (OTS) is reducing regulatory burden on savings associations by updating and revising various application and reporting requirements. Interiim Final Rule Effective 3/1/05, with comment deadline on 1/24/05. TXT; PDF.    11/24/04

  • Counterfeit Cashier's Checks Bulletin

    The OCC has issued a Bulletin regarding counterfeit cashier's checks drawn on Riverside National Bank, Palm Bay Florida. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits Page.    11/24/04

  • Three Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit official checks drawn on Webster Bank, National Association, Waterbury, Connecticut; and counterfeit cashier's checks drawn on Mercantile Bank, Orlando, Florida, and Tri City National Bank, Oak Creek, Wisconsin. Information concerning the counterfeit official and cashier’s checks has been posted on the BOL Alerts & Counterfeits Page.    11/24/04

  • Credit Bureaus Announce How Consumers Can Access Free Credit Reports

    The three nationwide consumer reporting companies have announced the Web address, toll-free telephone number, and postal address consumers can use to request a free annual credit report. Free annual reports will be phased in across the country from west to east over a nine-month period. The FTC has published a Q & A for consumers which can be provided to your customers. Free Credit Reports ;
    FTC Q & A
       11/24/04

  • Executive Officer 004 Report Form

    The FFIEC has issued a FIL and posted on its Web page a downloadable Annual Report on Indebtedness of Executive Officers and Principal Stockholders to Correspondent Banks form. Institutions are reminded that the forms are not to be sent to their primary regulator, but rather maintained by the institution for a period of three years. FIL    11/24/04

  • 314a Fact Sheet Updated

    The FFIEC has updated its 314a Fact Sheet to include data received as of November 23, 2004 regarding the number of requests processed, the results obtained and feedback from law enforcement.
    Fact Sheet    11/24/04

  • Bank And Thrift Third Quarter Income Sets Record

    The FDIC has published the Quarterly Banking Profile and announced that the third quarter income for commercial banks and savings institutions insured by the agency reported record net income for the third quarter of 2004.
    FDIC NR
    ; Quarterly Banking Profile    11/24/04

  • FDIC Final Rule published in Federal Register

    Under the final rule, insured institutions will obtain their certified statements on the Internet via the FDIC's transaction-based e-business Web site, FDICconnect. Effective 3/1/05 TXT; PDF.    11/23/04

  • Unauthorized Banking Special Alerts

    The FDIC has issued two Special Alerts regarding four entities that may be conducting unauthorized banking activities in the United States or Canada and another utilizing a Web site that lists an address for the entity in the Cayman Islands. U.S./Canada; Cayman   11/23/04

  • 2005 CRA And HMDA Software Available

    The FFIEC has made available for download from its Web site the 2005 CRA and HMDA data entry software.
    Software    11/23/04

  • OFAC To Change SDN File Format

    OFAC has announced that beginning with the first release of SDN information occurring after November 29, 2004, the format of its delimited and fixed-width SDN files will change. Information regarding the change has been posted on the BOL OFAC page.    11/23/04

  • Bulletin Issued Regarding CMP Inflation Adjustment

    The OCC has issued a Bulletin regarding the previously announced Final Rule which adjusts for inflation the maximum amount of each CMP. Information concerning the adjustment was posted in the November 9, 2004 Top Stories. Bulletin    11/23/04

  • International Reserve Position Released

    Treasury has released the U.S. International Reserve Position for the week ending November 19, 2004.
    Reserve Position    11/23/04

  • Three Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on City National Bank of Florida, Miami, Florida; Citizens Tri-County Bank, Dunlap, Tennessee; and 1st Choice Bank, Houston, Texas. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.   11/22/04

  • FIL Issued Regarding New SDGTs

    The FDIC has issued a FIL regarding the previously announced designation by OFAC of additional entities as SDGTs. Information concerning the new designations was posted November 17, 2004, on the BOL OFAC page.
    FIL    11/22/04

  • FCRA And FACTA Consumer Notices Issued

    The FTC has issued final summaries of identity theft and general consumer rights and revised furnisher and user notices under FCRA and the FACTA. Consumer reporting companies are required to notify consumers of their rights and steps they can take to protect themselves against identity theft and difficulties resulting from identity theft. Notices   11/22/04

  • OTS Announces Final EGRPRA Rule and CRA Streamlining Proposal

    A final EGRPRA Rule and a CRA proposal, both intended to reduce regulatory burdens, have been announced by the OTS. OTS NR; EGRPRA; CRA   11/22/04

  • CU Placed In Conservatorship

    NCUA has placed the Midwood Federal Credit Union of Brooklyn, New York, into conservatorship. NCUA has assumed control of service and operations which will continue uninterrupted.
    Conservatorship    11/22/04

  • Greenspan Discusses Globalization

    During his participation in a panel discussion at the 2004 European Banking Conference in Frankfurt, Germany, FDIC Chairman Greenspan expressed his views on the increasing globalization of trade and finance. He noted the marked increase in the economic flexibility of the American economy suggests that market forces should over time restore, without crises, a sustainable U.S. balance of payments.
    Speech  11/22/04

  • FTC Issues Final Regulation on Consumer Information and Records Disposal

    The FTC has issued its final rule regarding the proper disposal of consumer report information and records under FACTA and FCRA. The final rule, which will be published in the Federal Register shortly, will become effective on June 1, 2005.
    Final Rule 11/19/04

  • C&D Issued Against Colorado BHC And Bank

    The FRB has announced the issuance of a Cease and Desist Order against Ameribanc Holdings, Inc., Durango, Colorado, a bank holding company, and its subsidiary bank, the Bank of Durango, Durango, Colorado.
    Order 11/19/04

  • Twenty-Four CRA Evaluations Released

    The OCC has released the CRA evaluations for twenty-four national banks.
    CRA 11/19/04

  • November 2004 Issue Of Electronic Interpretations and Actions Now Online

    The OCC has posted the November 2004 issue of Electronic Interpretations and Actions on its Web site.
    Electronic 11/19/04

  • Schedule RED March 2005 Specifications Issued

    OTS has issued the design specifications for Schedule RED, which will be collected beginning in March 2005. These technical requisites are intended to assist in the transition from the current CMR Supplemental Schedules to Schedule RED.
    Specifications 11/19/04

  • 2005 TIAC New Members And Officers Announced

    The names of six new members of TIAC in addition to its newly designated president and vice president for 2005 have been announced by the FRB.
    TIAC 11/19/04

  • Point-Of-Sale Debit Fees Report Delivered To Congress

    The FRB has delivered to the Senate Banking Committee a report on the disclosure of fees that a depository institution may impose when a customer chooses to secure a point-of-sale debit transaction by providing a PIN.
    Report 11/19/04

  • Three Year Extension For HMDA Loan/Application Register Proposed

    The FRB has issued a proposal to approve the extension for three years, without revision, of the HMDA Loan/Application Register. The closing date for comments is January 21, 2005.
    Proposal 11/19/04

  • Guidance Issued Regarding Internal Control Attestation Standards for Independent Auditors

    The FDIC has issued a FIL which provides guidance on the internal control attestation standards that auditors of insured institutions with $500 million or more in total assets should follow to comply with the FDIC's audit and reporting requirements.
    FIL 11/18/04

  • OCC Issues Bulletin Regarding Proposed Reg E Amendments

    The OCC has issued Bulletin 2004-52, regarding the September 17, 2004 issue of the Federal Register where the FRB proposed changes to Reg. E. Note to readers, the comment period ends November 19, 2004.The original proposal was posted in the September 17, 2004 BOL Top Stories.
    Bulletin
    Federal Register 11/18/04

  • Cali Cartel Entities Added To SDNT List

    OFAC has added seven businesses and sixteen individuals to its list of SDNTs. These companies and individuals were acting as fronts for Colombian drug lords and formed a vital part of the organization's financial network in Colombia and abroad. In addition, one individual was deleted from the SDN list and other listings were changed. Information regarding the additions, deletion and changes has been posted on the BOL OFAC page.
    11/18/04

  • G.17 Report Issued

    The G.17 Industrial Production and Capacity Utilization report for October 2004 has been issued by the FRB.
    G.17 11/18/04

  • Thrift Industry Third Quarter Earnings Released

    OTS has released the third quarter and profitability data for the thrift industry which shows sustained strong earnings and profitability, solid loan growth, and healthy asset quality.
    Highlights; Charts; Selected Indicators 11/18/04

  • HOEPA December Reference Rates

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in December 2004 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month prior to the month you received the application.
    Daily H.15;
    Weekly H.15 11/17/04

  • Reg E Amendments Proposed

    The OCC has proposed amendments to Reg E regarding payroll cards, electronic check conversions, issuance of issue multiple replacement access cards, rules concerning preauthorized EFTs, clarification of the "fourwalls rule", and fee notices on ATMs.
    Proposed Amendments 11/17/04

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  • Software Due Diligence Guidance Issued

    The FDIC has issued a FIL regarding performing proper due diligence when selecting computer software or a service provider concerning compliance with applicable laws, including the Bank Secrecy Act and the USA PATRIOT Act.
    Guidance 11/17/04

  • OTS Issues Legal Opinions

    The OTS has issued four legal opinions concerning the applicability of the Illinois Corporate Fiduciary Act to a federal savings bank, location and exportation authority, voting requirements for benefits plans; and underwriting authority for asset-based securities.
    Illinois Fiduciary Act;
    Location and Exportation;
    Voting Requirements;
    Underwriting Authority 11/17/04

  • FTC Enforces GLB Act's Safeguards Rule Against Mortgage Companies

    The FTC has charged two mortgage companies with violating the agency's GLB Safeguards Rule by not having reasonable protections for customers' sensitive personal and financial information. These are the FTC's first cases enforcing the Safeguards Rule.
    Case One;
    Case Two 11/17/04

  • OFAC To Issue Specific Licenses

    OFAC has announced that specific licenses will be issued on a case by case basis to authorize U.S. suppliers to enter into transactions with three Columbian Government-controlled entities that have been designated as SDNTs.
    Specific Licenses 11/17/04

  • September TIC Data Released

    Treasury has released the TIC Data for September 2004.
    TIC Data 11/17/04

  • U.S. Reserve Assets Supplements Issued

    The FRB has issued the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets held at Federal Reserve Banks statistical supplements to the October 2004 Federal Reserve Bulletin.
    Supplements 11/17/04

  • Third Quarter BIF and SAIF Financials Released

    The FDIC has released the Third Quarter 2004 financial results for BIF and SAIF.
    Financials 11/17/04

  • Two Flood CMPs Announced

    Civil money penalties have been assessed by the FRB for violations of Flood Act regulations against Cumberland Bank, Franklin, Tennessee and Five Points Bank, Grand Island, Nebraska.
    Cumberland Bank;
    Five Points 11/16/04

  • OCC Enforcement Actions Announced

    The OCC has announced ten enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and four terminations of existing enforcement actions.
    Enforcement Actions 11/16/04

  • FDIC Assessment Rates Unchanged

    The Board of Directors of the FDIC have voted to keep the assessment rates charged to insured banks and savings associations unchanged for the first half of 2005.
    Assessment Rates 11/16/04

  • Bank Lending Practices Survey Results

    The FRB has released the results of the October 2004 Senior Loan Officer Opinion Survey on Bank Lending Practices.
    Survey Results 11/16/04

  • Financial Holding Companies List Updated

    The FRB has updated the list of bank holding companies that have become or have elected to be treated as financial holding companies as of November 12, 2004.
    Financial Holding Companies 11/16/04

  • Cost Of Funds Reports Issued

    OTS has issued the current and historical reports of the national average cost of funds ratio to OTS regulated, SAIF - insured Institutions.
    Current Report;
    Historical Report 11/16/04

  • Violations Requiring OCC Action Listed

    The OCC has issued a Bulletin regarding the publication of a supplement to the OCC Policies and Procedures Manual which identifies those violations or other supervisory findings that require the OCC to take a specific action.
    Bulletin; Supplement 11/15/04

  • FDIC Issues Four Special Alerts

    Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Banterra Bank, Marion, Illinois; counterfeit money orders drawn on Sovereign Bank, Wyomissing, Pennsylvania, and Monroe Bank & Trust, Monroe, Michigan; and money orders and official checks that are missing from Hudson United Bank, Mahwah, New Jersey. Information concerning the counterfeit and missing items has been posted on the BOL Alerts & Counterfeits page. 11/15/04

  • Airline Designated SDNTK

    OFAC has added Aero Continente, a passenger and cargo airline based in Lima, Peru, to its list of entities designated as SDNTK pursuant to the Kingpin Act. Information regarding the new designation has been posted on the BOL OFAC page. 11/12/04

  • FRB Raises Fed Funds And Discount Rates

    The FOMC has announced its decision to raise the federal funds rate by 25 basis points and the Board of Governors have approved the requests of Federal Reserve Banks to raise the discount rate by 25 basis points.
    FRB PR1;
    FRB PR2 11/12/04

  • Enforcement Guidance Issued For BSA/AML Program Deficiencies

    The OCC has issued a Bulletin which provides examiners guidance and a consistent approach for citing violations and taking enforcement actions with respect to BSA compliance programs and SAR filing requirements. Bulletin 11/12/04

  • Unauthorized Internet Banks Alert

    OCC has been advised by Canadian authorities that All Canadian Financial Co and Fairbank Group, Offshore Banking are actively engaged in the unauthorized offering of deposit and banking services via the Internet.
    Unauthorized Banking 11/12/04

  • FDIC Enforcement Actions Released

    The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in September 2004. A total of 39 orders are listed and include two cease and desist orders, seven removal and prohibition orders, four civil money penalty orders, 20 terminations of insurance, four terminations of cease-and-desist orders, and two adjudicated decisions.
    Enforcement Actions 11/12/04

  • FDIC Insurance DVD Available

    The FDIC has produced a 27-minute digital video on deposit insurance coverage for bank employees and bank customers which provides an overview of how deposit insurance works, focusing on the most common account ownership categories used by individuals and families. DVD 11/12/04

  • OCC Publishes CMP Inflation Adjustment in FR

    The OCC 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. 69FR65067 (txt) 69FR65067 (pdf) 11/10/04

  • OCC Seeks C&D And CMP Against Bank Auditor

    The OCC has announced that a public hearing will be held before an Administrative Law Judge concerning proposed enforcement proceedings against Grant Thornton LLP, former external auditor for the failed First National Bank of Keystone, Keystone, West Virginia. The regulator is seeking a cease and desist order that would require Grant Thornton to perform various enhanced auditing practices and procedures whenever it audits insured depository institutions in addition to a CMP of $300,000.
    OCC NR 11/10/04

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Northeast Bank, Auburn, Maine. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 11/10/04

  • 314(a) Facts And Feedback Updates

    FinCEN has updated its 314(a) Fact Sheet which contains data regarding terrorism and money laundering information requests plus feedback from law enforcement.
    314(a) Fact Sheet 11/10/04

  • Four Working Papers Published

    The FRB has published three working papers in the International Finance Discussion series and one in the Finance and Economics Discussion series.
    International Finance Series;
    Finance and Economics Series 11/10/04

  • Survey Reports Easing Of Loan And Underwriting Standards

    The results of the OCC’s tenth annual Survey of Credit Underwriting practices indicate that commercial loan standards eased over the past year and slightly more banks eased credit underwriting standards than tightened them.
    Survey 11/10/04

  • November G.20 Released

    The FRB has released the G.20 Financial Companies report for November 2004.
    G.20 11/10/04

  • CMP Inflation Adjustment

    OTS has issued a final rule which adjusts CMPs for inflation as required by statute every four years.
    CMP Adjustment 11/9/04


  • International Reserve Position Update

    Treasury has released the U.S. International Reserve Position for the week ending November 5, 2004.
    Reserve Position 11/9/04


  • FR Publishes PR on Proposed Fee for Credit Scores

    The PR from FTC seeking public comment on different approaches to determining a “fair and reasonable” fee for credit scores under FACTA and FCRA has been published in the FR. 69FR64698 (txt) 69FR64698 (pdf)  11/8/04

  • OCC Updates Reg CC Examination Procedures

    The OCC has issued a bulletin regarding the updating of its Reg CC examination procedures. The major changes to the examination procedures relate to the requirements of the Check 21 Act that apply to banks, including a model consumer awareness disclosure and other model notices and expedited recrediting requirements.
    Bulletin;
    Examination Procedures  11/8/04

  • OFAC Cites One Bank

    OFAC has released the Civil Penalties Enforcement Information for November 5, 2004. The list includes one bank that voluntarily disclosed a funds transfer that was in violation of a Kosovo sanctions program and was assessed a penalty of $3,346.82.
    OFAC CMP  11/8/04

  • FDIC CRA Evaluations Released

    The FDIC has issued its monthly list of state nonmember banks recently evaluated for compliance with CRA. The list covers evaluation ratings that the FDIC assigned to institutions evaluated in August 2004.
    CRA List  11/8/04

  • Regulatory Reports Monitoring Program Terminated

    The FRB has announced that the Regulatory Reports Monitoring Program has been terminated due to the fact banking organizations have consistently been fulfilling their legal obligations related to regulatory reports and that they have rarely missed filing deadlines, or submitted inaccurate or misleading information in their regulatory reports.
    Termination  11/8/04

  • Legal Opinion Regarding FSAs and State Licensing Requirements

    The OTS Chief Counsel has released a legal opinion regarding the authority of a FSA to perform banking activities through agents without regard to state licensing requirements.
    Opinion  11/8/04

  • OCC 2004 Annual Report Published

    The OCC's annual report sets forth the agency's accomplishments in supervision, regulation, risk analysis, and chartering in fiscal year 2004. It also describes management initiatives, financial management results, and OCC outreach to industry, community, and consumer organizations. Annual Report  11/8/04

  • OCC Telephone Seminar Transcripts Online

    The OCC has posted information from the July and September Telephone Seminars on its Banker Education page. Items include the transcripts and slides from "Outsourcing Technology Services: A Management Decision" and the information package from "Financing Minority Businesses".
    Transcripts;
    Slides;
    Information Package  11/8/04

  • September 2004 Consumer Credit Report Released

    The FRB has released the G.19 Consumer Credit Report for September 2004.
    G.19  11/8/04

  • OCC- Final Rule published in Federal Register

    : Corporate activities: National banks — Operating subsidiaries; annual report. Text PDF  11/5/04

  • Disclosure Violations Result In $37 Million Penalty

    The SEC has announced the settlement of its claims against Wachovia Corporation for violations of proxy disclosure and other reporting requirements in connection with the 2001 merger between First Union Corporation and Old Wachovia Corporation. Under the settlement, Wachovia must pay a $37 million penalty.
    Settlement  11/5/04

  • FRB 2005 Fee Schedules Released

    The FRB has announced the fee schedules for Federal Reserve Bank payment services for depository institutions (priced services) which will be effective January 3, 2005.
    2005 Fee Schedules 11/5/04

  • 2004 CRA/HMDA Reporter Newsletter Published

    FFIEC has published 2004 issue yearly newsletter provides information on various topics to assist in the collection and reporting of CRA and HMDA data. It informs readers of new developments and changes for the upcoming processing year as well as answers to commonly asked questions.
    2004 Newsletter 11/5/04


    OTS - Final Rule published in Federal Register: Practice and procedure in adjudicatory proceedings

    The Federal Civil Penalties 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. The Office of Thrift Supervision (OTS) last adjusted its CMP statutes in 2000. Consequently, OTS is issuing this final rule to implement the required adjustments to OTS's CMP statutes. Text PDF  11/4/04

  • Banking Agencies Finalized Basel II Survey Documents

    The U.S. banking agencies have made available survey materials for the fourth Quantitative Impact Study (QIS-4) and a related Loss Data Collection Exercise (LDCE) in preparation for the U.S. implementation of the Basel II Capital Framework. QIS-4LDCE; FRB PRFDIC PR 11/4/04

  • FTC Seeks Comments on Proposed Fee for Credit Scores

    The FTC is seeking public comment on different approaches to determining a “fair and reasonable” fee for credit scores under FACTA and FCRA. Proposed Fee  11/4/04

  • Second Quarter 2004 Quarterly Review Published

    OTS has published and posted online the Second Quarter 2004 issue of The Quarterly Review Of Interest Rate Risk which features an article on “Prepayment Risk and Collateralized Mortgage Obligations.”
    Quarterly Review  11/4/04

  • CRA Ratings Released By OTS

    OTS has released the October 2004 CRA ratings for savings institutions evaluated during the reporting period. CRA Ratings 11/3/04

  • Counterfeit Bank Money Orders Special Alert

    The FDIC has issued a Special Alert regarding counterfeit bank money orders drawn on The Valley State Bank, Syracuse, Kansas. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page 11/3/04.

  • GLBA Bank Broker Registration Deadlines Extended

    The SEC has announced the extension of the compliance dates for banks with respect to certain broker registration requirements contained in GLBA. Extension 11/3/04

  • International Reserve Position

    Treasury has released the U.S. International Reserve position for the week ending October 29, 2004.
    Reserve Position  11/3/04

  • Check 21 Processing Report

    FRB Services has indicated that the Federal Reserve banks are accepting, printing and presenting substitute checks nightly and are anticipating the arrival of imaged cash letter deposits. The Agency acknowledged that the operational challenges it will encounter processing image cash letters will be greater than initially anticipated. Check 21 Processing  11/2/04

  • 314(a) Fact Sheet Published

    FinCEN has published a Fact Sheet that reports on the requests sent to and the responses received from financial institutions as of October 26, 2004 pursuant to the provisions of Section 314(a) of the USA PATRIOT Act. Fact Sheet  11/2/04

  • October Foreign Exchange Rates Released

    The FRB has released the G.5 Foreign Exchange Rates report for October 2004.
    G. 5  11/2/04

  • Department of Housing and Urban Development

    HUD’s Regulation of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac): GSE Housing Goals—Advance Notice of Proposed Rulemaking PDF  Text 11/2/04

  • Department of Housing and Urban Development

    HUD’s Housing Goals for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) for the Years 2005–2008 and Amendments to HUD’s Regulation of Fannie Mae and Freddie Mac - Final Rule. PDF  Text 11/2/04

  • Written Agreement With California Bank Announced

    The FRB has announced the execution of a Written Agreement by and between the County Bank, Merced, California and the Federal Reserve Bank of San Francisco regarding the bank’s compliance with BSA and AML policies and procedures.
    Written Agreement 11/1/04

  • FTC Issues Final Rules Regarding FACT Act ID Theft Provisions

    The FTC has issued its final rules under the FACT Act regarding further definition of the terms “identity theft” and “identity theft report”; the duration of active duty alerts; and the appropriate proof of identity needed by consumers to block fraudulent trade lines in their consumer reports, place or remove fraud or active duty alerts, or truncate their Social Security number in their file disclosures.Final Rules 11/1/04

  • OCC Announces New Electronic Interpretations and Actions

    The OCC has announced the posting of the October 2004 issue of Electronic Interpretations and Actions.
    Electronic Interpretations 11/1/04

  • FDIC To Host Phishing Teleconference

    The FDIC has announced that its San Francisco Regional Office will host on November 17, 2004, a teleconference on “Phishing” that is open to FDIC-supervised institutions in the San Francisco Region. Participants may call in from any location, are not required to be onsite at their institution and online reservations will be accepted.
    Phishing 11/1/04

09/30/2004

Top Stories for October 2003

  • Preemption of State Escrow Laws

    OTS has released a legal opinion regarding the Federal law preemption of the escrow account laws of the State of New York.Legal Opinion 10/31/03

  • Treasury Check Security Features

    FMS has created a web page that identifies and provides examples of the security features found on U. S. treasury checks. Treasury Check Security 10/31/03

  • Asset & Liability Price Tables

    OTS has published the Asset & Liability Price Tables for the Third Quarter 2003. A & L Tables 10/31/03

  • Greenspan Comments On Check 21

    Chairman Greenspan shared his views on the passage of Check 21 and the Federal payments system to participants at the Federal Reserve Payments System Development Committee 2003 Conference.Greenspan Remarks 10/30/03

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks issued by Farmers and Merchants State Bank of Springfield, Springfield, Minnesota; First Citizens National Bank, Mansfield, Pennsylvania; and First Commerce Bank, Corpus Christi, Texas. Details regarding the counterfeit cashier'
    s checks and contact information have been placed on the BOL Alerts & Counterfeits page. 10/30/03

  • Regulators ANPR on Basel II

    The federal regulators have issued an ANPR seeking comment on a proposed framework for implementing the New Basel Capital Accord in the United States. Specific comments are sought on the treatment of expected and unexpected losses in the internal ratings-based (IRB) approach to credit risk. ANPR    OCC Bulletin 10/30/03

  • FIL Regarding Announced SDGTs

    The FDIC has issued FIL 85-2003 concerning SDGTs that were added to the OFAC list on October 24, 2003. Information regarding the SDGTs was previously announced in a BOL Special OFAC Alert and placed on the BOL OFAC page. 10/30/03

  • California Fire Damage Relief

    The FDIC has issued FIL 86-2003 announcing a series of steps intended to facilitate the rebuilding process in areas of California damaged by recent fires. FIL 86-2003 10/30/03

  • Check 21 Signed

    President Bush has signed the Check 21 bill. For articles and resources regarding this law which will have a major impact on bank operations, visit the new BOL Check 21 Section and register for the upcoming Webinar. 10/29/03

  • Collateral Appraisals Concern Regulators

    The financial regulators have issued a joint statement regarding concerns identified in examinations about the independence of the collateral valuation process.Joint Statement   FRB SR    OCC AL    OTS CEO Letter    FDIC FIL 10/29/03

  • Director's Corporate Governance Aids

    The OCC has announced the availability of publications that will assist bank directors in complying with new corporate governance standards and in identifying information in board reports that may signal existing or potential problems. The publications, Detecting Red Flags in Board Reports—A Guide for Directors and A Pocket Guide to Red Flags in Board Reports, replace earlier editions and are only available online.Detecting Red Flags    Pocket Guide 10/29/03

  • Illegal Lending Practices Halted

    At the request of the FTC, a U.S. District Court has halted the alleged illegal lending practices of Stewart Finance Company; its owner John Ben Stewart, Jr.; and nine related companies, pending trial. The complaint filed by the FTC alleged that the defendants deceptively sold extra products with the loans, including insurance and car club memberships, and that Stewart deceived consumers about the cost of using Stewart Finance'
    s direct deposit program.Complaint 10/29/03

  • International Reserve Position

    Treasury has released the U. S. International Reserve Position for the week ending October 24. Reserve Position 10/29/03

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee has decided to keep its target for the federal funds rate at the current rate.FOMC 10/29/03

  • Changing Paradigm in Commercial Real Estate

    The FDIC convened on September 12, 2003 a commercial real estate roundtable entitled "The Changing Paradigm in Commercial Real Estate Markets." The comments of industry experts regarding CRE portfolios are found in the latest edition of FYI.October FYI 10/29/03

  • Stolen Payroll Checks Alert

    A business customer of Citizens National Bank in McMinn and Monroe Counties, Tennessee had 90 checks stolen. The bank cashed 54 of the checks that were made out as if they were payroll check. Details regarding the stolen checks and contact information has been placed on the BOL Alerts & Counterfeits page. 10/29/03

  • Fourteen Enforcement Actions Announced

    The FDIC has announced fourteen enforcement actions that were processed in September. They included three cease-and-desist orders, two removal-and-prohibition orders, two civil money penalty orders, four terminations of cease-and-desist orders, two terminations of insurance, and one adjudicated decision.Enforcement Actions 10/28/03

  • FIL Regarding FFIEC IT Guidance

    The FDIC has issued FIL 83-2003 regarding booklets previously released by the FFIEC containing revised guidance for examiners, financial institutions and technology service providers on e-banking, IT audits, and the FedLine electronic funds transfer application. Information concerning the guidance booklets was listed in BOL Top Stories on October 1. 10/28/03

  • New Cash Management Tool

    Treasury has announced that, effective November 2003, it will offer a Term Investment Option as a cash management alternative for investing excess cash balances in financial institutions that participate in the Treasury Tax and Loan Program. Treasury Tool 10/28/03

  • Counterfeit Official Checks Special Alerts

    The FDIC has issued Special Alerts regarding counterfeit cashier's checks issued by Bank of Brookhaven, Brookhaven, Mississippi; The Home Bank, FSB, Ducktown, Tennessee; Windsor Locks Community Bank, FSL, Windsor Locks, Connecticut; and The State Bank, Fenton, Michigan. Details regarding the counterfeit checks and contact information has been placed on the BOL Alerts & Counterfeits page. 10/27/03

  • New SDGTs Added to OFAC List

    As noted in Friday's BOL OFAC Alert, OFAC has added a new SDGTs to the OFAC List. Information regarding the entries has been added to the BOL OFAC page. 10/27/03

  • Minority Business Development Advisory Letter

    The OCC has issued an Advisory Letter which identifies ways that national banks can satisfy the financing needs of minority business entrepreneurs, consistent with safe and sound banking practices, and describes useful risk mitigation techniques.Advisory Letter 2003-8 10/27/03

  • FTC To Share ID Theft Data With Canadians

    The FTC has been authorized to share information in its Identity Theft Data Clearinghouse with Canadian law enforcement agencies.FTC NR 10/27/03

  • Bank Accounting Advisory Series

    The OCC has issued the September 2003 edition of the Bank Accounting Advisory Series which conveys the OCC's views on various accounting topics. Bank Accounting em>10/24/03

  • Income Imputing Method Modified

    The FRB has announced modifications to the method for imputing priced-service income from clearing balance investments. Income Calculation em>10/24/03

  • FIL Regarding Announced SDNTs

    The FDIC has issued FIL 82-2003 concerning SDNTs that were added to the OFAC list on October 17, 2003. Information regarding the SDNTs was previously announced in a BOL Special OFAC Alert and placed on the BOL OFAC page.10/24/03

  • Dual Banking System Paper

    The OCC has published a new paper on the dual banking system that discusses the important roles played by both state and nationally chartered banks in maintaining the health and vitality of the U.S. banking system as a whole. Dual Banking Paper em>10/24/03

  • International Reserve Positions

    Treasury has released the U. S. International Reserve Positions for the weeks ending October 10 and 17. Reserve Positions 10/24/03

  • New FRB Fees and Consolidations

    The FRB has announced a new fee schedule for services and the consolidation of some check processing functions.FRB PR    FRB Fee Schedule 10/23/03

  • G.20 Finance Companies Report Released

    The FRB has released the G.20 finance companies owned and managed assets report for August 2003. G.20 10/23/03

  • FRB Bulletin Featured Article Selected

    The FRB has selected "Recent Changes to a Measure of U.S. Household Debt Service " as the featured article from the October 2003 FRB Bulletin. Featured Article 10/23/03

  • Extraordinary Transaction Rule Withdrawn

    Treasury and the IRS have withdrawn the so-called extraordinary transaction rule that was included in proposed regulations issued on November 29, 1999. The rule would have operated to change the classification of a foreign entity for tax purposes if certain transactions occurred within a year of the date the entity elected disregarded-entity status.Final Regulations Partial Withdrawal 10/22/03

  • Thirty-Three CRA Evaluations Released

    The OCC has made public the CRA evaluations of thi
    rty-three national banks. Of the ratings issued, four were outstanding and twenty-nine were satisfactory. None were needs to improve or substantial noncompliance.CRA Evaluations 10/22/03

  • New Electronic Interpretations and Actions

    The OCC has placed the October 2003 issue of Corporate Applications online.Corporate Applications 10/22/03

  • FILs Regarding Announced OFAC Additions

    The FDIC has issued FIL 80-2003 and FIL 81-2003 regarding previously announced designations of SDGTs. Information regarding the additions was given in BOL Special OFAC Alerts and placed on the BOL OFAC page. 10/22/03

  • International Finance Discussion Papers Released

    The FRB has released three new international finance discussion papers on the topics of Productive Capacity, Product Varieties, and the Elasticities Approach to the Trade Balance; The Effect of Exchange Rate Fluctuations on Multinationals' Returns; and Market Power and Inflation.Productive Capacity Exchange Rates Market Power 10/22/03

  • Foreign Shell Bank BSA Exam Procedures

    The financial regulators have announced new BSA examination procedures for foreign shell banks relating to the regulations of the USA PATRIOT Act. Examiners will use the procedures during Bank Secrecy Act/anti-money-laundering examinations.SR-03-17    FRB Exam Procedures       OCC Bulletin 2003-43    OCC Exam Procedures   FIL 79-2003    FDIC Exam Procedures 10/21/03

  • FY 2003 Federal Budget Results Released

    Treasury and OMB have issued a joint statement regarding the FY 2003 federal budget.Joint Statement    FY 2003 Budget 10/21/03

  • OCC Announces Thirteen Enforcement Actions

    The OCC has announced 13 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.Enforcement Actions 10/20/03

  • New FDIC BSA Examination Procedures

    The FDIC has issued FIL 79-2003 regarding the revision of its examination procedures to include reviewing compliance with new sections of BSA required by the USA PATRIOT Act.FIL 79-2003    BSA Exam Procedures    AML/BSA Procedures    Pre-Exam BSA Request List 10/20/03

  • SAR Activity Review - Issue No. 1

    FINCEN has released the first edition of a new publication, "The SAR Activity Review - By the Numbers" which contains statistics complied from all SARs filed by depository institutions since April 1996. SAR Activity Review 10/20/03

  • Cali Cartel Entities Designated SNDTs

    As noted in Friday's BOL OFAC Alert, OFAC has added 39 businesses acting as front companies for the Cali drug cartel based in Colombia and 95 individuals associated with the cartel, and its activities through front companies, to the list of SDNTs. Information regarding the additions has been posted on the BOL OFAC page. 10/20/03

  • Counterfeit And Stolen Checks Plus Stop Payment

    The FDIC has issued Special Alerts regarding counterfeit and stolen official checks in addition to a stop payment placed on other official checks. The checks were issued by Synergy Bank, Cranford, New Jersey; New York Community Bank, Westbury, New York; Silver State Bank, Henderson, Nevada; First Commercial Bank, N.A., Seguin, Texas; and Nevada State Bank, Las Vegas, Nevada. Details regarding the checks and institution contact information has been placed on the BOL Alerts & Counterfeits page. 10/20/03

  • New SDGT Named

    OFAC has added a new SDGT along with AKAs to the OFAC List. Information regarding the entries has been added to the BOL OFAC page. 10/17/03

  • November HOEPA APR Reference Rates

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in November will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H.15 Daily Rates    H. 15 Weekly Rates 10/17/03

  • U.S. International Trade Position

    The Treasury Department has released the U.S. reserve assets data for the week of October 10, 2003..PR 10/17/03

  • September G.17 Statistical Release

    The FRB has issued the G. 17 Industrial Production and Capacity Utilization statistical release for September 2003.G. 17 10/17/03

  • Summer 2003 Statistics of Income Bulletin Released

    The IRS has released the Summer 2003 issue of the Statistics of Income Bulletin. It includes articles on sole proprietorship returns, corporation income tax returns, foreign-controlled domestic corporations, sales of capital assets reports on individual income tax returns, U.S. possessions corporation returns and foreign recipients of U.S. income.Statistics Bulletin 10/17/03

  • FRB Written Agreement With Illinois Bank

    The FRB has announced the execution of a Written Agreement by and among the First American Bank, Carpentersville, Illinois; the Illinois Office of Banks and Real Estate; and the Federal Reserve Bank of Chicago. Written Agreement 10/16/03

  • Enforcement Orders Issued Against Bankers

    The FRB has announced the issuance of a Final Decision and Orders of Prohibition against two former officers of Six Rivers National Bank, Eureka, California. The Orders, the result of an action brought by the OCC, prohibit the officers from participating in the conduct of the affairs of any financial institution or holding company. Final Decision    Order 1    Order 2    10/16/03

  • FDIC FIL Regarding Iraqi Sanctions

    The FDIC has issued FIL 78-2003 regarding the new general license previously issued by OFAC under the Iraqi Sanctions Regulations that pertains to blocked claims by U.S. financial institutions. Information concerning the new general license was placed on the BOL OFAC page on October 1, 2003. 10/16/03

  • The Beige Book Updated

    The October update to The Beige Book was prepared at the Federal Reserve Bank of New York and based on information collected before October 7, 2003. The Beige Book 10/16/03

  • FRB Staff Paper Regarding Mortgages and Basel II

    The paper summarizes the empirical study conducted by the FRB staff in support of the asset-correlation assumption implicit in the regulatory capital formula for mortgages of single-family residences in the proposed Basel II Accord. FRB Paper 10/16/03

  • Cost of Funds Reports Issued

    OTS has issued the current and historical reports regarding the national average cost of funds ratio to OTS regulated, SAIF - insured institutions.Current Report    Historical Report 10/16/03

  • OFAC Adds SDGTs

    As reported in a BOL Special OFAC Alert, three new Specially Designated Global Terrorists, along with AKAs, have been added to the SDN list. Information regarding the additions has been posted on the BOL OFAC page. 10/15/03

  • Executive Order Adds Aliases to OFAC List

    The Department of State has used its power under Executive Order 13224 to provide a list of blocked entities. Unless this is incorporated into your OFAC list, this may pose a new monitoring requirement. Get the details, commentary, from Andy Zavoina and Mary Beth Guard and links in our BOL BLOG. 10/15/03

  • Financial Holding Company List Updated

    Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. The FRB has issued a list of those companies whose elections to become or be treated as financial holding companies are effective as of October 10, 2003. FHC List 10/15/03

  • Counterfeit Canadian Postal Money Orders

    The FDIC has issued a Special Alert after being informed by the Canada Post Corporation that counterfeit Canadian Postal Money Orders are in circulation. Information regarding the counterfeit money orders has been place on the BOL Alerts & Counterfeits page. 10/15/03

  • Risk-Based Capital Standards OCC Bulletin

    The OCC has issued Bulletin 2003-42 regarding the interim final rule and a joint notice of proposed rulemaking previously announced by the financial regulators regarding the amendment of risk-based capital standards. Information regarding the IFR and NPR was published in BOL Top Stories on October 2, 2003. 10/14/03

  • U.S. International Reserve Position

    The Treasury Department has released the U.S. reserve assets data for the week of October 3, 2003. International Reserve Position 10/14/03

  • New Leadership for Federal Reserve Banks

    The FRB has announced the appointment of the chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2004.FRB PR 10/14/03

  • FDIC Letter To Stakeholders

    The FDIC has issued its sixth Letter to Stakeholders, which reports on its priorities and activities for the third quarter of 2003.Stakeholder Letter 10/14/03

  • OTS September CRA Evaluations

    OTS has published the September 2003 CRA evaluations for savings associations.CRA 10/10/03

  • New $20 Bills Released

    The ninth of October was the first day banks received the new bills from the Federal Reserve System, and in turn begin distributing them to their customers. The FRB expects it will take several days or even weeks for the bills to make their way to all communities in the U.S. and internationally. Take the BOL New $20 Quiz to see if you know what makes it new and different from the old bills.The New $20 Quiz 10/10/03

  • Cash Services Changes Comment Requested

    The FRB has requested comment on proposed changes to its cash services policy. The changes would address a shift by depository institutions away from traditional patterns of currency activity toward greater reliance on Reserve Bank cash processing and provide incentives for depository institutions to recirculate currency among their customers. Request For Comment 10/09/03

  • Payroll Cards a Resource For New Customers

    The OCC has issued a white paper that provides an overview of payroll cards and examines their potential use by financial institutions to attract nearly 10 million unbanked households into the financial mainstream. The payroll card, a prepaid debit card offered by an employer to employees in place of a check to distribute wages, enables employees to withdraw their wages in cash at an ATM or purchase goods and services. White Paper 10/09/03

  • ID Theft Notification Comment Deadline Nears

    Financial regulators have previously requested comments on a proposed interagency guidance that would require financial institutions to develop a response program to protect against risks to customer information which includes procedures for the notification of customers whose information may have been compromised. All comments must be must be submitted on or before October 14, 2003. Proposed Guidance 10/08/03

  • Consumer Predatory Lending Brochure

    The federal Interagency Task Force on Fair Lending has published a new brochure, Putting Your Home on the Loan Line Is Risky Business, that alerts consumers to potential borrowing pitfalls, including high-cost home loans, and provides tips for getting the best financing deal possible. Many of the agencies have also developed a worksheet to assist consumers.Press Release    FRB Brochure    OCC Brochure    OCC Worksheet    OTS Brochure    OTS Worksheet    FDIC Brochure 10/08/03

  • Counterfeit Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit official checks drawn on First State Bank, Holly Springs, Mississippi and counterfeit expense checks drawn on The Talbot Bank of Easton, Easton, Maryland. Information on the counterfeit checks has been placed on the BOL Alerts & Counterfeits page. 10/08/03

  • CRA Ratings Released

    The FDIC has issued its monthly list of state nonmember banks recently evaluated for compliance with the CRA. The list covers evaluation ratings that the FDIC assigned to institutions in July 2003.CRA List

  • G.19 Consumer Credit Report Released

    The FRB has issued the G.19 Consumer Credit Statistical Release for August 20003.G.19 10/08/03

  • OTS Affiliate Transactions Final Rule

    OTS has issued a final rule for savings associations regarding transactions with affiliates. The final rule conforms OTS regulations with Reg W and implements additional restrictions imposed by HOLA.Final Rule    68FR57790 (txt) 68FR57790 (pdf) 10/07/03

  • Reserve Requirements of Depository Institutions

    The FRB has published a final rule in the Federal Register to amend Regulation D, to reflect the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2004. The Board is also announcing the annual indexing of the deposit cutoff level and the reduced reporting limit that will be effective beginning in September 2004. 68FR57790 (txt) 68FR57790 (pdf) 10/07/03

  • Special Alert Unauthorized Banking

    The FDIC has issued a special alert regarding six entities that may be conducting banking operations in Canada or the United States without authorization.Special Alert 10/07/03

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a special alert concerning counterfeit cashier's checks drawn on Horizon Banks, N.A., Limon, Colorado. Information regarding the counterfeit checks has been placed on the BOL Alerts & Counterfeits page. 10/07/03

  • Credit Card Scammers Must Pay Up

    Texas-based defendants who engaged in a scam in which they e-mailed consumers promising to provide them with a credit card agreed to pay $815,000 in consumer redress to settle FTC charges. The defendants allegedly told consumers that they were guaranteed to receive a major, unsecured credit card with a high credit limit.FTC NR Settlement Order 10/07/03

  • Fall 2003 FDIC State Profiles

    The FDIC has released the Fall 2003 state profiles which contain banking and economic conditions for each state. State Profiles 10/07/03

  • E-Mail Delivery of TIP & PATAX Statements

    The Federal Reserve Financial Services Treasury Tax and Loan Service has made the delivery of TIP & PATAX statements available via FedMail e-mail service.TT&L Information 10/07/03

  • 4 Banks Hit With OFAC Penalties

    In the October OFAC Civil Penalties Enforcement Information, ten entities were listed as targets of sanctions. Four of those entities were financial institutions. Each of them had voluntarily disclosed the violation to OFAC. Penalty amounts for those 4 enties ranged from $5,500 to $13,750. The highest penalty this month was $50,000. BOL OFAC Page 10/06/03

  • Written Agreement Involving BSA and AML

    The FRB has announced the execution of a Written Agreement by and among the First Charter Bank, Charlotte, North Carolina; the Office of the North Carolina Commissioner of Banks; and the Federal Reserve Bank of Richmond. The bank is required to take certain actions to enhance and improve its programs and procedures regarding compliance with BSA and AML. Written Agreement 10/06/03

  • FR Bulletin To Be Published Quarterly

    The FRB has announced beginning in the first quarter of 2004, the Bulletin will be enhanced and published four times a year. A quarterly report on the condition of the banking system and an annual report on changes in consumer regulations are among the new materials to be presented in the Bulletin. FRB PR 10/06/03

  • FATF Suggestions On Freezing Terrorist Assets

    FATF has published a list of international best practices to serve as a global standard for countries regarding the development and implementation of an effective terrorist financing freezing regime. FATF Best Practices    Interpretative Note 10/06/03

  • Board and Bankers Subject of FDIC Actions

    The FDIC has issued civil money penalties against seven Pennsylvania bank board members for breach of their fiduciary duties. In addition, removal and prohibition orders were issued against bankers in New York, West Virginia and North Carolina.Board Penalties    New York    West Virginia    North Carolina 10/03/03

  • September 2003 Treasury Bulletin Online

    FMS has placed the September 2003 Treasury Bulletin on its Web site.Treasury Bulletin 10/03/03

  • OCC Alert For Bogus Loan Pay-Off Documents

    The OCC has issued an alert regarding worthless instruments called "Bond for Discharge of Debt," "Bill of Exchange," "Due Bill," "Redemption Certificate," or other similarly titled documents that continue to be presented to financial institutions. The alert contains instructions that must be followed if such an item is received.OCC Alert 10/03/03

  • FDIC Enforcement Actions Announced

    The FDIC has released twenty-two administrative enforcement actions taken against banks and individuals in August. The actions include five cease-and-desist orders, three removal-and-prohibition orders, 11 civil money penalty orders, two terminations of cease-and-desist orders, and one adjudicated decision.FDIC PR 10/02/03

  • NCUA Prohibition Orders Issued

    Orders of prohibition have been issued by NCUA against four individuals.NCUA NR 10/02/03

  • General License Issued Regarding Iraq

    OFAC has issued a new General License for Iraq regarding the transfer of certain blocked claims by U.S. financial institutions. BOL OFAC Page10/02/03

  • Annual Adjustments to Reserve Calculations

    The FRB has released the annual adjustments in the amount of net transaction accounts used in the calculation of reserve requirements and the cutoff level used to determine the detail and frequency of deposit reporting. Reg D has been amended to reflect the adjustments. FRB PR   Reg D Amendment 10/02/03

  • Interim Rule and NPR Issued By Regulators

    The financial regulators have issued an interim final rule and a joint notice of proposed rulemaking with request for comments regarding the amendment of risk-based capital standards. The amendment is being proposed as a result of the recently issued accounting interpretation, FIN 46. The interim final rule was effective October 1, 2003 and the comment deadline is November 17, 2003.Interim Final Rule    Joint NPR   FDIC FIL 10/02/03

  • Special Alerts Issued by FDIC

    The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on Banner Bank, Walla Walla, Washington and First United Bank, Middletown, Indiana. Information regarding the counterfeit checks, in addition to contact information, has been placed on the BOL Alerts & Counterfeits page. 10/02/03

  • 2003 CRA/HMDA Newsletter and Quick Tips

    The FFIEC has published the 2003 CRA/HMDA Reporter Newsletter and CRA/HMDA Quick Tips.Newsletter Quick Tips 10/02/03

  • E.2 Survey of Terms of Business Lending

    The E.2 Survey of Terms of Business Lending for August 4-8, 2003 has been released by the FRB.E. 2 Survey 10/02/03

  • September Foreign Exchange Rates

    The FRB has released the G. 5 Foreign Exchange Rates for September 2003. G. 5 10/02/03

  • FedACH Information Services To Be Expanded

    FR Financial Services has announced that expanded FedACH information services via FedLine for the Web will be available October 6, 2003. FR Financial Services 10/02/03

  • FFIEC 030 Form Available Online

    The FFIEC has place the FFIEC 030 Foreign Branch Report Of Condition on its Web page.030 Form 10/02/03

  • E-Banking, IT Audit and FedLine Guidances

    FFIEC has issued three booklets containing revised guidance for examiners, financial institutions, and technology service providers on e-banking, IT audit, and the FedLine electronic funds transfer application. FFIEC PRE-Banking    IT Audit    FedLine 10/01/03

  • FTC Says No Constitutional Right For Calls

    FTC Chairman Muris testified before the Senate Committee on Commerce, Science, and Transportation on the status of the FTC's National Do Not Call Registry. His testimony explained in detail the position of the FTC that telemarketers do not have a constitutional right to continue telemarketing calls to consumers who have indicated that they do not want the calls.Testimony 10/01/03

  • E. 15 Agricultural Finance Databook Updated

    The FRB has published the 2003 updates to the E. 15 Agricultural Finance Databook. The databook contains information regarding the amount and characteristics of farm loans made by commercial banks, selected statistics from the quarterly reports of condition of commercial banks, and reserve bank surveys of farm credit conditions and farm land values.Ag Finance Databook 10/01/03

  • G. 20 Finance Companies Statistical Release

    The FRB has released the July 2003 G. 20 Finance Companies report regarding owned and managed receivables and the terms of credit of auto loans.G.20 10/01/03

  • 2003 Survey of Credit Underwriting Practices

    The OCC has published the results of the 2003 Survey of Credit Underwriting Practices. The survey, taken in the first quarter of 2003, identified trends in credit risk within the national banking system, including changes in lending standards and credit practices, for the most common types of commercial and retail credit offered by national banks. Survey 10/01/03

  • The Quarterly Review of Interest Rate Risk

    OTS has published The Quarterly Review of Interest Rate Risk for the second quarter of 2003. Topics include: the new earnings record, 30 year mortgage rates, interest rate sensitivity, asset duration, and prepayment models.Quarterly Review 10/01/03

  • Country Exposure Data Released

    FFIEC has issued the June 30, 2003 E. 16 Country Exposure Statistical Release and the Country Exposure Information Report.Statistical Release   Exposure Report 10/01/03

09/30/2004

Top Stories for October 2004

  • Check 21 and Checks Consumer Guides Published

    The FRB has published two consumer guides regarding Check 21 and checks. The "Consumer Guide to Check 21 and Substitute Checks" describes how consumers may be affected by the new law and provides information on how to resolve problems associated with the receipt of substitute checks and "What You Should Know about Your Checks," discusses more broadly how check payments have changed, including the increased use of electronic check conversion, a process separate from Check 21.
    Check 21 Guide; Check payments Guide 10/29/04

  • Examination Procedures Links Now Available

    The revised Comptroller's Handbook for Consumer Compliance page provides links to the OCC bulletins that update the examination procedures in the series' booklets. Compliance Page 10/29/04

  • SDNT Designations Updated

    OFAC has updated the information on 207 existing SDNT designations currently published on OFAC's SDN list. This was a routine administrative action that added more descriptor information, primarily consisting of dates of birth and national identification numbers (cedulas), designed to help users better identify potential hits on the SDN list. Information regarding the updates has been posted on the BOL OFAC page. 10/29/04

  • Comments Sought Regarding Proposed Credit Risk Guidance

    The federal bank and thrift regulatory agencies have announced the publication of a joint FR Notice and request for comment on a proposed guidance for Internal Ratings-Based Systems for Retail Credit Risk for Regulatory Capital. The proposed guidance provides banking organizations with a description of the agencies' current views regarding the components and characteristics of a qualifying internal ratings-based (IRB) system for measuring credit risk of retail exposures.
    Notice;
    FRB PR;
    OCC NR;
    OTS PR;
    FDIC PR 10/28/04

  • Operating Circular 3 Amended

    The Federal Reserve Banks have amended Operating Circular 3, Collection of Cash Items and Returned Checks, to support the implementation of the FRB's new Check 21-related services.
    Announcement;
    Operating Circular 3 10/28/04

  • October 2004 Beige Book Published

    The FRB has published a new edition of the Beige Book based on information collected prior to October 18, 2004.
    Beige Book 10/28/04

  • Bulletin Issued Regarding FOSS

    The OCC has issued a Bulletin regarding the previously announced FFIEC Guidance concerning risk management for the use of FOSS. Information regarding the Guidance was posted in the October 22, 2004 BOL Top Stories. Bulletin 10/28/04

  • Reg CC Amendments FIL Issued

    The FDIC has issued a FIL regarding the Reg CC amendments made by the FRB as a result of the implementation of Check 21. Notice of the amendments was included in the September 28, 220 BOL Top Stories. FIL 10/28/04

  • Third Quarter 2004 Asset And Liability Price Tables Released

    OTS has released the Asset and Liability Price Tables for the Third Quarter 2004.
    Tables 10/28/04

  • Fall 2004 Issue Money Smart News

    The FDIC has published the Fall 2004 issue of Money Smart News.
    News 10/28/04

  • FR Publishes Reg J Amendments For Check 21

    The FR has published a Final Rule that amends Regulation J to ensure that it covers the entire range of check processing services that the Reserve Banks will offer under Check 21. 69FR62553 (txt) 69FR62553 (pdf) 10/27/04

  • Five Special Alerts Issued Regarding Counterfeit and Missing Items

    The FDIC has issued five Special Alerts regarding counterfeit casher's checks drawn on Northwest Savings Bank, Warren, Pennsylvania; Arvest Bank, Fayetteville, Arkansas; and Texas Bank, Brownwood, Texas; counterfeit bank drafts drawn on State Bank of India (California), Los Angeles, California; and missing cashier's checks drawn on Dakota Community Bank, Hebron, North Dakota. Information regarding the counterfeit and missing items has been posted on the BOL Alerts & Counterfeits page. 10/27/04

  • International Reserve Position Update

    Treasure has released the U.S. International Reserve position for the week ending October 22, 2004.
    International Reserve Position 10/27/04

  • Cuban Dot Com Added To OFAC List

    OFAC has added a dot com controlled by the Cuban government to the SDN list. The dot com, SERCUBA, was utilized to electronic transfer funds from the U.S. to Cuban nationals and the Cuban government. Information regarding the dot com has been posted on the BOL OFAC page. 10/26/04

  • Deposit Guidelines Issued For Non-Imageable Check Items

    FRB Financial Services has issued Check 21 deposit guidelines for check items that are not imageable.
    Non-Imageable Items 10/26/04

  • Regulators Focus On BSA Compliance

    In a presentation to the American Bar Association/American Bankers Association Money Laundering Enforcement Seminar, FinCEN Director Fox acknowledged that over the last few months BSA compliance has become a higher priority for banking regulators. He noted that "policies such as "zero tolerance" and transaction testing have become de rigueur in the examination process."
    Speech 10/26/04

  • Reg J Amended For Check 21

    The FRB has announced a Final Rule that amends Regulation J to ensure that it covers the entire range of check processing services that the Reserve Banks will offer under Check 21. The amendments bring electronic items within the coverage of Regulation J and establish new warranties and indemnities that apply to electronic items handled by a Reserve Bank. Final Rule 10/25/04

  • Thirteen FEDS Working Papers Published

    The FRB has published thirteen working papers in the FEDS series with the following titles: The Long-Run Relationship between House Prices and Rents; Consumer Sentiment, the Economy, and the News Media; Macroeconomic Volatility, Predictability and Uncertainty in the Great Moderation: Evidence from the Survey of Professional Forecasters; Market Discipline in Banking Reconsidered: The Roles of Funding Manager Decisions and Deposit Insurance Reform; Integrated Macroeconomic Accounts for the United States: Draft SNA-USA; A Consistent Accounting of U.S. Productivity Growth; Dynamic Estimation of Volatility Risk Premia and Investor Risk Aversion from Option-Implied and Realized Volatilities; Quantitative Monetary Easing and Risk in Financial Asset Markets; Diverging Measures of Capacity Utilization: An Explanation; Workweek Flexibility and Hours Variation; Debt Maturity, Risk, and Asymmetric Information; The Liquidity Effect in the Federal Funds Market: Evidence from Daily Open Market Operations; and Monetary Policy and Inflation Dynamics.
    Long-Run;
    Consumer Sentiment;
    Macroeconomic Volatility;
    Market Discipline;
    Integrated Macroeconomic;
    Consistent Accounting;
    Dynamic Estimation;
    Quantitative;
    Diverging;
    Workweek;
    Debt Maturity;
    Liquidity Effect;
    Monetary Policy 10/25/04

  • FATF Issues New AML Recommendation

    A Special Recommendation IX and an Interpretative Note have been issued by FATF regarding the cross-border movement of currency and monetary instruments related to terrorist financing and money laundering. The task force has called on all countries to take action to stop the transfers and to share information. Special Recommendation; Interpretative Note 10/25/04

  • FRB Announces Written Agreement With Oklahoma Bank

    The FRB has announced the execution of a Written Agreement by and among The Community State Bank, Poteau, Oklahoma; the Oklahoma State Banking Department, Oklahoma City, Oklahoma; and the Federal Reserve Bank of Kansas City concerning the bank's policies and procedures regarding credit risk, lending and BSA/AML compliance. Written Agreement 10/22/04

  • FFIEC Issues FOSS Guidance

    The FFIEC has issued a guidance to help institutions identify and implement appropriate risk-management practices when using "free and open source software" (FOSS) that users are allowed to run, study, modify and redistribute without paying a licensing fee.

    Guidance;
    FFIEC PR;
    FDIC FIL;
    OTS CEO Ltr 10/22/04

  • Credit Risk Working Paper Published

    The OCC has published a working paper that applies a simple, time-homogeneous Markov model to changes in credit risk using data sets on municipal bonds, commercial paper, and sovereign debt. The authors find that the model adequately describes ratings transitions for several years. Abstract;
    Working Paper 10/22/04

  • Twenty-seven Banks Receive CRA Ratings

    The OCC has released the CRA ratings given to twenty-seven national banks that were examined during September and October, 2004. Three banks received an outstanding rating and twenty-four were deemed satisfactory. CRA Ratings 10/21/04

  • FYI Examines The Expansion Of Branching

    The October 2004 issue of FYI features an analysis of why the number of bank branches has increased during the continued consolidation of the banking industry. FYI
    10/21/04

  • Consumer Reports Study

    The FTC is evaluating ways to study the accuracy and completeness of consumer reports. The purpose of the current pilot study is to evaluate the feasibility of a methodology that involves direct review by consumers of the information reported in their consumer reports. 69FR61675 txt 69FR61675 pdf 10/20/04

  • Written Agreement Announced Regarding BSA And AML

    The FRB has announced the execution of a Written Agreement by and between the Union Bank of California International, New York, New York and the Federal Reserve Bank of New York which addresses BSA and AML compliance at the institution.
    Written Agreement 10/20/04

  • Twenty-Four Enforcement Actions Announced

    The OCC has announced twenty-four enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks in nine states and the District of Columbia. Enforcement Actions 10/20/04

  • Sarbanes-Oxley Guidance Issued

    The OCC has issued a memorandum as guidance for examiners who are reviewing banks' compliance with section 404 of the Sarbanes-Oxley Act which requires banks to issue a report asserting that their internal controls are effective.
    Memorandum 10/20/04

  • The Mortgage Market And Consumer Debt From Greenspan's Viewpoint

    Chairman Greenspan commented on the current status of the mortgage market and consumer debt in a presentation before the Annual Convention of America's Community Bankers. He noted that even though some measures of household debt quality do not paint as favorable a picture as do the data on loan delinquencies at commercial banks and thrifts, household finances appears to be in reasonably good shape. Speech 10/20/04

  • SL Issued Regarding Phishing Brochure

    The FRB has issued a SL regarding the previously announced consumer brochure regarding phishing developed by the federal financial institution regulators. Information regarding the publication, Internet Pirates Are Trying to Steal Your Information, was posted September 9, 2004 on BOL Top Stories.
    SL 10/20/04

  • International Reserved Position Update

    Treasury has released the U.S. International Reserve Position for the week ending October 15, 2004.
    Reserve Position 10/20/04

  • Counterfeit Cashier's Checks and Money Orders Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Umpqua Bank, Roseburg, Oregon, and counterfeit money orders drawn on Citizens State Bank, New Baltimore, Michigan. Information regarding the counterfeit cashier's checks and money orders has been posted on the BOL Alerts & Counterfeits page. 10/19/04

  • November HOEPA Reference Rates

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in November 2004 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15 10/19/04

  • August 2004 TIC Data Released

    Treasury has released the International Capital data for August 2004.
    TIC
    10/19/04

  • Consumer Information Regarding Choosing A Credit Card

    The FRB has made available online information of interest to consumers who are shopping around for a credit card.
    Choosing A Credit Card 10/19/04

  • Chairman Powell Discusses Accounting And Governance

    In a presentation before the annual convention of America's Community Bankers, FDIC Chairman Powell expressed his views on what changes in the areas of accounting and governance mean for bankers and bank regulators.

    Speech 10/19/04

  • OFAC Adds Terrorist Entity

    An entity has been designated a SDGT/FTO and placed on the OFAC SDN list. Information regarding the entity has been posted on the BOL OFAC page. 10/18/04

  • Unauthorized Banking Special Alert



  • The FDIC has issued a Special Alert concerning six entities that may be conducting banking actives without authorization in the United States and Canada. Special Alert 10/18/04

  • Cashier's Checks Missing

    A Special Alert has been issued by the FDIC regarding cashier's checks bearing the name of Downey Savings and Loan Association, F.A., Newport Beach, California that are missing in transit. Alerts and Counterfeit Chart 10/18/04

  • Greenspan On Oil

    Chairman Greenspan reviewed the history of oil prices and concerns regarding the depletion of the world's supply in a presentation before the National Italian American Foundation. Speech 10/18/04

  • Industrial Production And Capacity Report Released

    The FRB has released the G. 17 Industrial Production and Capacity Utilization report for September 2004.
    G.17 10/18/04

  • Cost Of Funds Reports Issued

    OTS has issued the August 2004 and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions.
    August Historical
    10/18/04

  • FDIC Seeks RE Bids

    The FDIC has posted on its Web site announcements regarding the sale by sealed bid of real estate in New Jersey and Utah.
    New Jersey; Utah 10/18/04

  • FRB Proposes To Stop Municipal Securities Collection Service

    The FRB has requested comments on a proposal for the Federal Reserve Banks to stop providing services to depository institutions for the collection of definitive municipal securities at the end of 2005. The comment period ends on December 20, 2004. Proposal 10/15/04

  • Drug Lords And Business Interests Added To OFAC List

    OFAC has designated two Columbian drug lords, fourteen of their associates, and fifteen related business entities (including one airline) as SDNT(s) and added the names to the SDN List. Information regarding the new entries has been posted on the BOL OFAC page. 10/15/04

  • Anti-OD and Check Bouncing Consumer Brochure Available

    The federal bank, thrift, and credit union regulatory agencies have announced the publication of a new brochure, "Protecting Yourself from Overdraft and Bounced-Check Fees", which instructs consumers that the best way to avoid the fees is to manage their accounts wisely by keeping an up-to-date check register, recording all electronic transactions and automatic bill payments, and monitoring account balances carefully. The brochure can be downloaded from the regulator's Web sites and distributed to customers. FRB Brochure; OCC Brochure; OTS Brochure; NCUA Brochure 10/15/04

  • Financial Education Web Site Launched

    The twenty federal government agencies, who make up the Financial Literacy and Education Commission, have announced the launch of a new financial education Web site, www.mymoney.gov, and the release of a free "toolkit" containing information on deposit insurance, investments, personal savings, Social Security benefits, choosing a credit card, and other personal financial management tips. The new Commission was created by the Fair and Accurate Credit Transactions Act of 2003 to encourage government and private sector efforts to promote financial literacy, and to coordinate financial education efforts of the federal government. My Money Web Site 10/15/04

  • Williams Now Acting Comptroller

    Under the provisions of the National Bank Act, Julie L. Williams, the former OCC Chief Counsel, has become Acting Comptroller succeeding John D. Hawke. Former Deputy Chief Counsel Daniel P. Stipano has been named Acting Chief Counsel. Williams Acting Comptroller 10/15/04

  • IFD Working Papers Published

    The FRB has published three working papers in the IFD series on the following topics: Cash Flows and Discount Rates, Industry and Country Effects, and Co-Movement in Stock Returns; What Makes Investors Over or Underweight? Explaining International Appetites for Foreign Equities; and The Value of Financial Intermediaries: Empirical Evidence from Syndicated Loans to Emerging Market Borrowers. Cash Flows and Discount Rates; What Makes Investors Over or Underweight?; The Value of Financial Intermediaries 10/15/04

  • New Check Adjustment Investigation Types Announced

    The FRB has announced that four new check adjustment investigation types have been defined to address problems that may arise during the collection process after the implementation of Check 21. Two of the types will affect only those customers that deposit forward and return image cash letters and the other two may be used by customers receiving a forward or return image cash letter or a substitute check. Investigation Types
    10/14/04

  • Relief Agency And Officials Added To OFAC List

    Treasury has designated the worldwide network of an Islamic relief agency along with five of its senior officials, as SDGT(s), and added the names to the SDN List. The action blocks all accounts, funds and assets of the agency in the United States and criminalizes the provision of money or other types of support to any of its offices. Information regarding the new entries has been posted on the BOL OFAC page. 10/14/04

  • FDIC Revises Appeal Processes

    The FDIC has issued a FIL that announces the adoption of revised Guidelines for Appeals of Material Supervisory Determinations and for Appeals of Deposit Insurance Assessment Determinations. FIL-113-2004;
    Material Supervisory Appeal;
    Insurance Assessment Appeal 10/14/04

  • FDIC Ombudsman Report Released



  • The Ombudsman Report to the Industry, which summarizes the comments received by the regulator regarding its outreach efforts, has been released by the FDIC. Ombudsman Report 10/14/04

  • International Reserve Position Updated



  • The U.S. International Reserve Position for the week ending October 8, 2004 has been released by Treasury.
    Reserve Position 10/14/04

  • 10 Million BSA CMP Assessed



  • FinCEN and the FRB have announced the assessment of a $10 Million CMP against AmSouth Bank of Birmingham, Alabama, and also issued a C & D that requires the bank and its holding company to take certain corrective actions. The agencies contended that the bank failed to establish an adequate anti-money-laundering program which resulted in the failure to file accurate, complete, and timely SARs. FRB Action;
    FinCEN Action 10/13/04

  • Check 21 InfoBase Announced



  • FFIEC has announced the availability to depository institutions of a InfoBase that provides information on consumer compliance aspects of Check 21 and features a training presentation, examination procedures, frequently asked questions plus links to other resources that may be helpful in understanding the Act. The InfoBase, which may be accessed online, was developed by the Task Force on Examiner Education to provide field examiners in financial institution regulatory agencies with a quick source of introductory training and basic information. Check 21 InfoBase 10/13/04

  • Reg D Annual Adjustments Published in FR



  • The FRB has published in the FR the amendment of Reg D to reflex the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2005. 69FR60543 (pdf)
    69FR60543 (txt) 10/13/04

  • Written Agreement With British Bank Announced

    The FRB and the New York State Banking Department have announced the execution of a Written Agreement by and among Standard Chartered plc, London, United Kingdom, its subsidiary bank, Standard Chartered Bank, London, United Kingdom, and the bank's New York branch regarding BSA and anti-money-laundering compliance relating to the provision of correspondent banking services.
    Written Agreement 10/12/04

  • Regulators Comment On Proposed Bank Broker Rules

    The federal banking regulators have issued a comment letter to the SEC regarding the SEC's proposed Regulation B that would implement the exceptions for bank "broker" activities under the GLB Act.
    Comment Letter;
    FRB PR;
    OCC NR;
    FDIC PR 10/12/04

  • FIL Regarding FBI's Bank Fraud Initiative

    The FDIC has issued a FIL concerning the announcement by the FBI of an initiative known as, Operation Continued Action, to coordinate efforts between federal, state and local law enforcement agencies and financial regulatory agencies to combat financial institution fraud. FIL 111-2004;
    Operation Continued Action 10/12/04

  • FDIC Issues Third Quarter 2004 Stakeholder Letter

    The FDIC has issued its tenth Letter to Stakeholders, which reports on the FDIC's priorities and activities for the third quarter of 2004.Stakeholder Letter 10/12/04

  • Updated Spanish Language FDIC Customer Brochures Available

    The FDIC has announced that updates of two of its insurance brochures for customers, Insuring Your Deposits (Seguro Para Sus Depósitos) and Your Insured Deposits-FDIC's Guide to Deposit Insurance Coverage (Sus Depósitos Asegurados), are now available in Spanish language versions and may be downloaded from the regulator's Web site for distribution to customers.
    Seguro Para Sus Depósitos;
    Sus Depósitos Asegurados 10/8/04

  • FDIC Enforcement Actions Released

    The FDIC has released information regarding eighteen Enforcement Actions taken against former banks and individuals in August 2004. The actions included: four removal and prohibition orders, two suspension and prohibition orders, nine civil money penalty orders, one termination of insurance, one termination of a cease and desist order, and one adjudicated decision.
    Enforcement Actions 10/8/04

  • Two Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's check drawn on Central Bank, Lebanon, Missouri, and American Community Bank, Glen Cove, New York. Information concerning the counterfeit cashier's checks has been posted on the newly redesigned BOL Alerts & Counterfeits page. 10/8/04

  • October 6, 1979 Twenty-Five Years Later

    At a conference sponsored by the Federal Reserve Bank of St. Louis, FDIC Chairman Greenspan commented on the U.S. monetary policy twenty-five years after action was taken by the Fed to sharply raise interest rates to combat inflation and stabilize the economy. He noted that the action "stands out as such a milestone and arguably as a turning point in our nation's economic history".
    Speech 10/8/04

  • August 2004 Consumer Credit Data Released

    The FRB has released the G.19 Consumer Credit report for August 2004.
    G.19 10/8/04

  • Reg D Annual Adjustments Announced

    The FRB has announced the amendment of Reg D to reflex the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2005. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective September 2005.
    Reg D Adjustments 10/7/04

  • OTS September 2004 CRA Ratings Released

    OTS has released the ratings received by savings associations that were evaluated for compliance with CRA during the reporting period. CRA Ratings 10/7/04

  • FDIC Chairman Addresses NBA Convention

    In a presentation to the attendees at the NBA national convention, FDIC Chairman Powell focused on following three areas: the overall health and economic success of the financial services industry, the important issue of consumer access to credit, and the equally important issue of consumer protection. Speech
    10/7/04

  • Fall 2004 Edition Of Community Developments Newsletter Published

    The OCC has published the Fall 2004 edition of the Community Developments newsletter which highlights efforts by banks in using technology to reach those Americans who do not have access to banking services.
    Community Developments 10/7/04

  • International Reserve Position Released

    Treasury has released the U.S. International Reserve Position for the week ending October 1, 2004.
    Reserve Position 10/7/04

  • FDIC CRA Evaluations Released

    The FDIC has released the October 2004 list of state nonmember banks recently evaluated for compliance with CRA and the ratings they received. October CRA List 10/6/04

  • Order Of Prohibition Issued

    NCUA has issued an Order of Prohibition against a former loan credit analyst with Boeing Employees Credit Union in Tukwila, Washington. Order 10/6/04

  • OCC Bulletin Regarding Extension Of Lending Limits Program

    The OCC has issued a Bulletin regarding the previously announced extension of the lending limits pilot program until June 11, 2007. The program provides special lending limits for 1-4 family residential real estate loans, small business loans, and certain agricultural loans. Information concerning the extension of the program was posted on the August 19, 2004, BOL Top Stories.
    OCC Bulletin 2004-46 10/6/04

  • Greenspan At The ABA Convention

    In a presentation at the ABA convention, FRB Chairman Greenspan reviewed some of the major innovations and changes that banks have experienced which have allowed them to successfully navigate through changing economic and technical environments. He noted that "banks of all sizes will never again be the passive deposit takers that they were at the beginning of the 1960s" and "one of the more painful lessons learned in the 1970s and 1980s is that accepting narrow or nonexistent spreads in order to retain market share is a losing strategy." Speech
    10/6/04

  • Assets Reports Released

    The FRB has released the 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report. Reports 10/6/04

  • Comptroller Comments To ABA

    Comptroller Hawke made comments on various subjects to the participants at the ABA convention including; the health of the banking industry; recent regulatory guidance and actions; standards of professional behavior for bankers; "secured" credit cards; credit unions; the dual banking system; and preemption. Speech
    10/5/04

  • FDIC Chairman Addresses ABA

    FDIC Chairman Powell addressed the attendees at the ABA convention and discussed prosperity of the last decade, the future of banking, the decline in the number of community banks, the cost of regulatory compliance, plans to reduce the regulatory burden, and the evolution of the deposit insurance program. Speech
    10/5/04

  • OTS Signs International Info Sharing Agreement

    The OTS has announced that it has signed an agreement which provides a framework for cooperative information sharing arrangements between OTS and European Union supervisors that oversee financial services organizations that have material operations in each other's jurisdiction. Agreement 10/5/04


  • Two Banks Cited By OFAC

    OFAC has announced CMPs against two banks for violations of Iranian sanctions. The penalties ranged from $5,000 to over $58,000.
    OFAC CMPs 10/4/04


  • Electronic Disclosures AL Issued

    The OCC has issued an AL regarding issues that should be considered by national banks that provide electronic consumer disclosures. The failure to provide such electronic disclosures in a proper manner can expose the bank to significant compliance, transaction, and reputation risk. AL 2004-11 10/4/04


  • BSA MOU Announced By Regulators And FinCEN

    The federal financial regulators and FinCEN have entered into a MOU regarding information sharing to enhance BSA compliance and better protect the financial system from terrorists. MOU 10/4/04


  • Interest Rate Risk Report Released By OTS

    OTS has released the Second Quarter 2004 Interest Rate Exposure Report.
    Interest Rate Risk 10/4/04


  • FRB Statistical Releases Issued

    The FRB has issued the G.5 and E.2, statistical releases covering foreign exchange rates, survey of terms or business lending, and agricultural finance databook respectfully. G.5;
    E.2E.15 --> 10/4/04


  • Savings Bonds Not Covered By Check 21

    A warning has been issued by FRB Financial Services that U.S. Savings Bonds are not covered by Check 21. Information is also provided regarding the steps to take to reduce the chance of bonds being erroneously truncated and destroyed, plus what to do if they are. Savings Bonds 10/1/04


  • FTC Published PR in FR on FACTA Opt Out Disclosures

    The FTC is proposing to adopt a rule to improve the required notice to consumers regarding their right to opt out of prescreened solicitations for credit or insurance. 69FR58861 txt 69FR58861 pdf 10/1/04


  • 314(a) Fact Sheet Issued By FinCEN

    FinCEN has issued a Fact Sheet that contains data regarding the number of 314(a) requests processed, the number of matches identified by financial institutions, new accounts identified, subpoenas issued, and arrests made.
    314(a) Fact Sheet 10/1/04


  • 2005 HMDA and CRA File Specifications Online

    The FFIEC has posted the HMDA and CRA file specifications and edits for 2005 on its Web site.
    2005 HMDA; 2005 CRA
    10/1/04


  • Counterfeit Cashier's Checks Special Alert

    A Special Alert regarding counterfeit cashier's checks drawn on the Farmers State Bank, Booneville, Kentucky has been issued by the FDIC. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 10/1/04


  • FinCEN Extends Comment Periods

    FinCEN has extend the comment period regarding the imposition of a special measure against both First Merchant Bank OSH Ltd. and Infobank as financial institutions of primary money laundering concern under the provisions of the BSA. Information regarding the initial comment periods was posted on the
    August 25, 2004 BOL Top Stories
    . First Merchant Extension;
    Infobank Extension
    10/1/04


  • Comments Sought Regarding Information Collection Proposal

    A Proposal has been issued by the FRB and published in the FR to extend for three years without revision the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002 ) and the Report of Assets and Liabilities of Non-U.S. Branches that are Managed or Controlled by a U.S. Branch or Agency of a Foreign (Non-U.S.) Bank (FFIEC 002S). Proposal 10/1/04


  • Final Second Quarter Interest Rate Risk Measures Released

    OTS has released the final second quarter 2004 thrift industry interest rate risk measures.
    Interest Rate Risk 10/1/04


  • FFIEC Releases Country Exposure Data

    The E16 Country Exposure Statistical Release and the County Exposure Information Report have been released by the FFIEC.
    E16; Information Report 10/1/04

08/31/2004

Top Stories for September 2004

  • $1 Million CMP Announced

    OTS has announced that a CMP of $1 million has been imposed against the former president of Dollar Savings Bank, Newark, New Jersey. In addition, prohibition orders have been issued against the former president and a former employee.
    CMP 9/30/04

  • FRB Check 21 FAQs

    The FRB has posted on its Web page information regarding Check 21 and FAQs which cover general items, substitute checks, original checks and consumer protection. Check 21 Info; Check 21 FAQs 9/30/04

  • OCC Counsel Discusses New HMDA Reporting Requirements

    In a presentation before the Consumer Bankers Association, OCC Chief Counsel Williams noted that the new HMDA reporting requirements present challenges, but also offer opportunities for banks to grow and enhance their business.
    Speech 9/30/04

  • Treasury Delivers Terrorist Financing Report

    Under Secretary Levey testified before the Senate banking committee regarding the 9/11 Commission report and the efforts Treasury is making to combat terrorist financing. Testimony 9/30/04

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding cashier's checks drawn on The Poca Valley Bank, Inc., Walton, West Virginia and First Collinsville Bank, Collinsville, Illinois. Information concerning the counterfeit cashier's checks has posted on the BOL Alerts & Counterfeits page. 9/29/04

  • New Issue Electronic Interpretations and Actions Posted

    The September 2004 electronic issue of Interpretations and Actions has been posted online by the OCC.
    Interpretations 9/29/04

  • New Grants Distributed Hamiltons Next

    The distribution of the new $50 notes has begun with the new $10 note scheduled for release in the Spring of 2004.
    New Notes 9/29/04

  • FTC Encourages Public and Private Sectors To Jointly Fight ID Theft

    In testimony before a House subcommittee, the FTC noted that the cooperative efforts of law enforcement agencies and the private sector can reduce identity theft and help victims recover. Since SS numbers play a pivotal role in the crime, the FTC is studying whether it would be more effective to require consumer reporting agencies to match more data points before releasing a consumer report to a user. ID Theft Testimony 9/29/04

  • New OFAC Director Named

    Treasury Secretary Snow has announced the naming of Robert Werner as the new Director of OFAC effective October 1, 2004.
    New Director 9/29/04

  • September Working Papers Released

    The FRB has released new working papers in both the IFDP series and the FEDS series.
    IFDP; FEDS 9/29/04

  • FinCEN Official Testifies

    FinCEN Director Fox presented both oral and written statements to the Senate Committee on Banking, Housing and Urban Affairs regarding the agency's efforts to combat money laundering in the money services and casino industries.
    Written Statement; Oral Statement 9/29/04

  • Future Reg CC Amendments Published in FR

    The FRB has issued a Final Rule regarding closing of one check processing office and information about future amendments to Appendix A of Reg CC that the Board will make in 2005 and 2006 to reflect the restructuring of other check-processing operations.
    69FR57837 txt 9/28/04

  • Jeanne Closes National Banks

    The OCC has issued a proclamation that allows national banks to close offices affected by Hurricane Jeanne.
    Jeanne Closings 9/28/04

  • CRA Evaluations Released

    The OCC has released the CRA ratings for twenty-nine national banks. Four banks were rated outstanding, twenty-four were satisfactory, one was needs to improve and none were in substantial noncompliance. CRA Evaluations 9/28/04

  • Comments Sought Regarding Improving Prescreen Opt-Out Notices

    The FTC is seeking public comment on a proposed regulation to improve notices of consumers’ right to opt out of prescreened solicitations of pre-approved credit card and similar credit offers mailed to consumers. Comments must be submitted on or before October 28, 2004. Opt-Out Comments 9/28/04

  • FRFS Offers Online Check 21 Seminar

    The FRFS has announced a free online Check 21 seminar that can be viewed at any time day or night from anywhere you have Net access. Check 21 Seminar 9/28/04

  • International Reserve Position Updated

    Treasury has released the U.S. International Reserve Position for the week ending September 24, 2004.
    Reserve Position 9/28/04

  • HSA Offers New Deposit Account Opportunities

    Health Savings Accounts (HSAs), which were created as part of the Medicare reform legislation as a health benefits option for individuals, are being touted by Treasury as a great new deposit account for banks and credit unions. Treasury has created a HSA Web page and previously issued a guidance that outlines how easy it is for banks and credit unions to offer this new product. Information regarding the guidance was first posted on the December 23, 2003 BOL Top Stories. Treasury PR; HSA Web Page; HSA Guidance 9/27/04

  • Derivatives Volume Breaks Record

    The OCC has announced that the notional amount of derivatives held by U. S. commercial banks in the second quarter increased to $81 trillion, a new record. Quarterly Derivatives Report
    9/27/04

  • Balkans Entries Changed

    OFAC has changed two Balkans entries on the SDN List. Information regarding the changes has been posted on the BOL OFAC page. 9/24/04

  • FRB Revises Overdraft Policy

    The FRB has revised its Policy Statement on Payments System Risk (PSR) to modify the daylight overdraft measurement rules concerning interest and redemption payments on securities issued by government-sponsored enterprises (GSEs) and certain international organizations.
    Policy Statement
    9/24/04

  • Assets Reports Issued

    The FRB has issued the 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report for July 2004. Reports 9/24/04

  • Fall 2004 State Profiles Posted

    The FDIC has posted on its Web site the Fall 2004 State Profiles which contain banking and economic conditions for each state.
    Fall 2004 Profiles 9/24/04

  • FDIC Announces Technology Challenges Conference

    The FDIC will host on November 17, 2004 in New Orleans a conference on the business challenges that financial institutions face regarding changes in technology. Online registration is available. Conference Information; Registration 9/24/04

  • FRB Issues FR on Rules of Practice for Hearings

    The FRB 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. 69FR56929 txt 69FR56929 pdf 9/24/04

  • Future Reg CC Amendments Disclosed

    The FRB has issued a Final Rule regarding closing of one check processing office and information about future amendments to Appendix A of Reg CC that the Board will make in 2005 and 2006 to reflect the restructuring of other check-processing operations.
    Reg CC Amendments 9/23/04

  • Summer 2004 FR Bulletin Published

    The FRB has published and posted online the Summer 2004 edition of the FR Bulletin which contains various articles of interest including: Monetary Policy Report to Congress; Summary of papers presented at the Models and Monetary Policy Conference; Credit Report Accuracy and Access to Credit; and the First Quarter 2004 Report on the Condition of the U.S. Banking Industry.
    2004 Summer Bulletin 9/23/04

  • OCC Bulletin Regarding Institutions Of Primary ML Concern

    The OCC has issued a Bulletin regarding the previous designation by Treasury of two financial institutions as " institutions of primary money laundering concern" under section 311 of the USA PATRIOT ACT. Information regarding the institutions was posted August 25, 2004 on BOL Top Stories. OCC Bulletin 9/23/04

  • FYI Discusses Financial Education Delivery Systems



  • The FDIC has posted a new issue of FYI that features a discussion of delivery systems for financial education in theory and practice. FYI 9/23/04

  • FOMC Raises Rates

    The FOMC has announced a 25 basis points increase in both the target rate for fed funds and the discount rate.
    Increase 9/22/04

  • Counterfeit Cashiers Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashiers checks drawn on The First National Bank Of Syracuse, Syracuse, Kansas. Information concerning the counterfeit cashiers checks has been posted on the BOL Alerts & Counterfeits page. 9/22/04

  • International Reserve Position Updated

    Treasury has issued an update of the U.S. International Reserve Position as of the week ending September 17, 2004.
    Position 9/22/04

  • Minority-Owned Banks Report Released

    The FRB has issued the report of Minority-Owned Banks as of June 30, 2004.
    Minority-Owned Banks 9/22/04

  • Foreign Bank Structure And Share Data Reports Issued

    The June 2004 Structure and Share Data Reports for U.S. offices of foreign banks has been issued by the FRB.
    Structure And Share 9/22/04

  • Libyan Sanctions Terminated

    An Executive Order has been signed by the President that terminates the Libyan Sanctions Regulations effective 12:01 am EDT September 21, 2004 and unblocks all property and interests in property previously blocked. Information regarding the Executive Order has been posted on the BOL OFAC page. 9/21/04

  • Ivan Stil Causing Delays

    The Atlanta FRB has announced that all of its offices previously closed due to problems with Hurricane Ivan are now open, but some processing delays presist. Delays 9/21/04

  • IFD Working Papers Released

    The FRB has released four working papers in the International Financial Discussion series on the following topics: PPP Rules, Macroeconomic (In)stability and Learning; Look at Me Now: The Role of Cross-Listing in Attracting U.S. Investors; Corporate Governance and the Shareholder Base; and The Performance of International Portfolios. PPP;
    Look;
    Governance;
    Portfolios 9/21/04

  • CRA Comment Period Extended Published in FR

    The proposed rule to extended the comment period from September 20 to October 20, 2004 on its proposed changes to CRA has been published in the FR. 69FR56175 (txt) 9/20/04

  • FDIC Issues FIL Regarding Rebuilding

    The FDIC has issued a FIL that encourages banks to work constructively with borrowers who, because of the natural disasters, are experiencing difficulties beyond their control. The FIL also contains a series of steps which could be implemented to facilitate the rebuilding process in areas damaged by the recent hurricanes and severe storms. FIL 9/20/04

  • FDIC CFR Information Available Online

    The FDIC has posted information on its Web site regarding the Center For Financial Research's Fall 2004 Conference and Call for 2005 Funding Proposals.CFR 9/20/04

  • NCUA Disaster Relief Policy Activated

    NCUA has activated its disaster relief policy to assist credit unions and their members in areas where offices and homes were damaged and destroyed by wind, rain and flooding caused by Hurricane Ivan and Tropical Storm Gaston.
    Disaster Relief 9/20/04

  • CRA Comment Period Extended

    The FDIC has extended the comment period from September 20 to October 20, 2004 on its proposed changes to CRA.
    Comment Period; CRA Proposal 9/17/04

  • October HOEPA Reference Rates

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in October 2004 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application.
    Daily H. 15; Weekly H.15 9/17/04

  • NCUA Issues Prohibition Order

    An order of prohibition for a former loan officer of the School Employees of Washington Credit Union, Spokane, Washington has been issued by NCUA.Order 9/17/04

  • Ivan Processing Delays Update

    The FRB of Atlanta has updated the information regarding the expected check processing delays caused by Hurricane Ivan.
    Update 9/17/04

  • OCC Encourages Banks To Work With Ivan's Victims

    National banks have been encouraged by the OCC to work with customers who were affected of Hurricane Ivan.
    Victims 9/17/04

  • July International Capital Released

    Treasury has released the July 2004 International Capital Data.
    International Capital 9/17/04

  • Z.1 Released

    The FRB has released the Second Quarter 2004 Z. 1 Flow of Funds report.
    Z. 1 9/17/04

  • Household Ratios Issued

    The household debt service and financial obligation ratios for the Second Quarter 2004 have been issued by the FRB.
    Household Ratios 9/17/04

  • Reg E PR Published in FR

    Published in the FR is a proposal that would revise the official staff commentary to Reg E. The commentary interprets the requirements of Regulation E to facilitate compliance primarily by financial institutions that offer electronic fund transfer services to consumers. 69FR55996 txt 69FR55996 pdf 9/17/04

  • Ivan Impacts Check And Item Processing

    The Federal Reserve Bank of Atlanta has released a status update of the activities of its Jacksonville, Birmingham and New Orleans branch offices as they relate to Hurricane Ivan. Processing Update 9/16/04

  • OTS Urges Thrifts To Protect Employees

    OTS is urging thrifts in the path of Hurricane Ivan to exercise the utmost care and caution to protect the personal safety of their employees while continuing to assist their customers in need. In addition, a Guidance has been issued that authorizes thrifts to close offices at their discretion. Employees; Closings Guidance 9/16/04

  • Fake Internet Bank Alert

    An Alert has been issued by the OCC regarding a fictitious Internet bank with a Belize address that appears to be conducting unauthorized banking activities. OCC Alert 9/16/04

  • OCC Enforcement Actions Announced

    The OCC has announced that six enforcement actions have taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 9/16/04

  • Bulletin Issued Regarding Reg Z Annual Dollar Trigger

    The OCC has issued a Bulletin regarding the previously announced Reg Z annual dollar trigger for certain home mortgage loans. Information regarding the trigger was posted in theAugust 16, 2004 BOL Top stories . Bulletin

  • Bank Loan Quality Improves

    The Federal financial institution regulators have released the Shared National Credit review that indicates the quality of large syndicated bank loans has shown marked improvement over the last year. FRB PR; OCC NR: OTS PR; FDIC PR 9/16/04

  • G. 17 And G.20 Reports Issued

    The FRB has issued the July 2004 G. 17 Industrial Production and G. 20 Finance Companies statistical reports.
    G.17; G.20 9/16/04

  • September 2004 FedFocus Online

    The latest edition of FedFocus features articles on FedLine Advantage, Check 21 Compliance, Check Restructuring News, and New Access to Treasury Services. September 2004 FedFocus
    9/16/04

  • Insights Addresses Remittances

    The September 2004 issue of Community Development Insights has been released by the OCC and contains a discussion regarding how remittances provide a gateway to banking services for unbanked immigrants.
    Insights 9/16/04

  • Interactive CBI Money Smart Program Now Available

    The FDIC has announced the release of its Money Smart financial education curriculum in an interactive CBI format on CD-ROM.
    Interactive Money Smart 9/16/04

  • Unacceptable Credit Card Marketing And Management Guidance Issued

    The OCC has issued an AL which provides guidance to national banks on three specific credit card practices that the regulator regards as unacceptable because they may constitute unfair or deceptive acts or practices, or could otherwise expose a bank to compliance and reputation risk. Credit Card AL 9/15/04

  • Unauthorized Banking Alert

    An Alert has been issued by the OCC regarding an entity in the District of Columbia that represents that it is a national bank, but has not been authorized to conduct banking activities. Unauthorized 9/15/04

  • OFAC Adds Cartel Interests

    Treasury has designating as SDNTs 23 Colombian businesses and 118 individuals that were acting as fronts for the Cali drug cartel and its leaders. Information regarding these additions to the OFAC List has been posted on the BOL OFAC page. 9/15/04

  • Reg. E Amendments Proposed Comment Sought

    The FRB has proposed amendments to Reg. E that would provide guidance regarding the rights, liabilities, and responsibilities of parties engaged in electronic check conversion transactions in addition to providing that payroll card accounts are "accounts" covered by the regulation. Comments are due November 19, 2004. Reg. E Amendments 9/14/04

  • September 031 And 041 Forms Online

    The FFIEC has posted the September 2004 031 and 041 report forms on its Web site. 031; 041 9/14/04

  • FHC List Released

    A list of the BHCs that have elected to be treated as a FHC by the FRB has been released.
    FHC List 9/14/04

  • International Reserve Position Updates

    Treasury has updated the U.S. International Reserve Positions for the weeks ending August 27, September 3 and September 10, 2004.
    August 27; September 3, 10 9/14/04

  • Ivan Causes Presentment Delays

    The FRB has announced that there may be check presentment delays in the Florida Keys as a result of the expected arrival of Hurricane Ivan. Presentment Delays 9/13/04

  • National Banks Can Close For Ivan

    The OCC has advised national banks that they can close if affected by Hurricane Ivan.
    Ivan Closings 9/13/04

  • OTS Schedules 35 CRA Exams

    OTS has announced that 35 CRA examinations are scheduled for the 4th Quarter 2004.
    CRA Exams 9/13/04

  • FDIC Warms Consumers Of Fraudulent E-Mails

    The FDIC has issued a Special Alert to consumers that unknown parties have been sending fraudulent e-mails to consumers that appear to have been sent by the FDIC. The fake e-mails request the consumers to update their financial information or their account(s) may be closed. Fake E-mails 9/13/04

  • Sprint and AT&T To Pay For FCRA Violations

    The FTC has announced that Sprint and AT&T will pay a combined penalty of nearly $1.5 million for violations of FCRA. The FTC charged that Sprint used consumers’ credit reports to deny them telephone service, and that both AT&T and Sprint placed conditions or restrictions on consumers’ service, without disclosing information required by FCRA. FCRA Penalties 9/13/04

  • Comptroller Hawke To Retire

    Comptroller Hawke has informed the President of his intention to retire effective October 13, 2004, the expiration date of his current term. Letter To President 9/10/04

  • FRB Requests New Board Resolutions

    The FRB has requested that all financial institutions who have established account and service relationships with the FRB to utilize new standard forms to submit by October 1, 2004 a new resolution of the board and a list of the individuals who are authorized to establish business relationships with the regulator.
    Board Resolution Forms
    9/10/04

  • Special Alerts Issued For Counterfeit Cashier's Checks

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Bank Trust, Mobile, Alabama and United Southern Bank, Umatilla, Florida. Information regarding each of the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 9/10/04

  • Islamic Foundation Placed On OFAC List

    OFAC has announced that the U.S. branch of an Islamic foundation along with one of its directors and another foreign branch have been designated SDGTs and placed on the SDN List. Information regarding the new designations has been posted on the BOL OFAC page. 9/10/04

  • FEDS Working Papers Released

    The FRB has released two working papers in the FEDS series with the following titles: Convenience or Necessity? Understanding the Recent Rise in Credit Card Debt and Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment.
    Credit Card Debt; Monetary Policy 9/10/04

  • OCC Issues Bulletin Regarding Median Family Income Data

    The OCC has issued a Bulletin regarding the previously announced U.S. Census and 2004 HUD Estimated Median Family Income numbers. Information regarding the new data was posted August 6, 2004 on BOL Top Stories. OCC Bulletin 9/10/04

  • Regulators Publish Phishing Brochure

    The federal financial institution regulators have jointly published a camera ready brochure regarding phishing that can be downloaded for distribution to customers to inform them of the threat to their confidential information and what them can do to protect themselves. Brochure;
    FRB;
    OCC; FDIC; OTS; NCUA 9/9/04

  • Greenspan Forecasts Decease In Budget Deficit

    In testimony before the House Budget Committee, Chairman Greenspan noted that recent data indicates the nation's stalled economic expansion has gained traction and with the economy continuing to improve, the deficit is more likely to decline than to increase in the year ahead. Speech 9/9/04

  • September 2004 Beige Book Released

    The FRB has released the latest edition of the Beige Book based on information collected prior to September 1, 2004.
    Beige Book Summary;
    Full Report 9/9/04

  • July 2004 Consumer Credit Report Issued
    The G.19 Consumer Credit Report for July 2004 has been issued by the FRB. G.19 9/9/04

  • Savings Bonds Processing Consolidations Underway

    In December 2003, Treasury announced that three of the five current processing centers for savings bonds would be closed in the near future. Additional information is now available regarding the consolidations which are expected to be completed by the fourth quarter 2005. Consolidations 9/8/04

  • Deposit Guidelines For Non-Imageable Checks Issued

    The FRB has announced that institutions that include items in high-speed forward and return cash letters that don't meet the standard for readability will assume all Check 21 liability for losses.Non-Imageable 9/8/04

  • National Banks Encouraged To Work With Victims

    The OCC has urged national banks to work with customers who are victims of Hurricane Frances by considering extending loan terms, restructuring obligations and easing credit terms for new loans. Victims 9/8/04

  • Disaster Relief Policy Activated

    NCUA has activated its disaster relief policy to assist CU members who are victims of the Florida hurricanes.
    Disaster Relief 9/8/04

  • Lending Limits Pilot Program Bulletin Issued

    OTS has issued a Bulletin regarding the Lending Limits Pilot Program which has been extended for an additional three years.
    Pilot Program 9/8/04

  • Bulletin Regarding Third Party Arrangements Issued

    A Bulletin has been issued by OTS regarding business relationships with third parties.
    Third Parties 9/8/04

  • August CRA Ratings Released

    OTS has release the CRA performance evaluations for August 2004.
    CRA Ratings 9/8/04

  • OFAC Changes SDN File Format

    OFAC has announced that it has developed new automated procedures to expedite the creation of the SDN files. The new procedures have been implemented on some existing files and will be used to create free-format files the next time the SDN list is changed.
    OFAC File Changes 9/7/04

  • Sixteen Banks Pay OFAC CMP

    OFAC has announced that sixteen banks were cited for funds transfer violations of various OFAC sanctions programs and paid civil money penalties ranging from $450 to $29,000.
    OFAC CMP 9/7/04

  • 23A Exemption Granted

    The FRB has issued a legal opinion regarding reasons why an exemption to the provisions of 23A and Reg W was granted to permit a bank to acquire commercial mortgage credits from an affiliate. 23A Exemption 9/7/04

  • Check Restructuring Dates Announced

    The Federal Reserve Banks have announced the schedule for the 2005-2006 check processing restructuring resulting from the elimination of nine current check processing locations and the transfer of service to other locations.
    Restructuring Schedule 9/3/04

  • Counterfeit Cashier's Checks Special Alerts

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on The Farmers National Bank of Emlenton, Emlenton, Pennsylvania, and Lafayette State Bank, Mayo, Florida. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 9/3/04

  • OCC Authorizes Emergency Bank Closings

    The OCC has issued a proclamation declaring an emergency and authorizing national banks in the areas threatened by Hurricane Francis to close at their discretion. Bank Closings 9/3/04

  • Banks To Make SS Payments Available Early

    The Florida Bankers Association and Treasury have requested Florida banks to make social security payments available early due to the expected arrival of Hurricane Frances. SS Payments 9/3/04

  • Bulletins Issued Regarding FFIEC IT Booklet and Loan To Deposit Ratios

    The OCC has issued two Bulletins regarding the previously announced availability of a FFIEC booklet concerning IT operations and wholesale payments systems and the 2004 host state loan-to-deposit ratios. Information regarding the booklet and the ratios was posted August 27, 2004 on BOL Top Stories. IT Bulletin; Loan-To-Deposit Bulletin 9/3/04

  • Third Party Arrangements Guidance Issued

    OTS has issued a guidance for thrifts who enter into business relationships with third parties.
    Thrift Guidance 9/3/04

  • June Large Commercial Banks Ranking Released

    The FRB has released the ranking by consolidated assets as of June 30, 2004 of commercial banks having consolidated assets of $300 million or more. Large Bank Ranking 9/3/04

  • New Guidelines For Fed Deposits Now In Effect

    The FRB "Guidelines For Fed Deposits" became effective September 1, 2004. The guidelines are not mandatory, but reflect the FRB's preferred way of receiving cash letter deposits nationwide and are intended to foster accuracy and efficiency in handling and processing deposits. Information regarding the guidelines was initially posted on August 9, 2004 BOL Top Stories.
    Guidelines 9/2/04

  • OCC Issues Fourth Quarter CRA Exam Schedule

    The fourth quarter 2004 CRA examination schedule for national banks has been issued by the OCC. CRA Exam Schedule 9/2/04

  • "Primary Money Laundering Concern" FILs Issued

    The FDIC has issued two FILs regarding foreign banks that have been previously designated by Treasury to be financial institutions of "primary money laundering concern" under Section 314 of the USA PATRIOT Act. Information regarding the institutions and the restrictions imposed were posted on the August 25, 2004 BOL Top Stories. FIL-101-2004; FIL-102-2004 9/2/04

  • Bank Of Bedrock Second Alert

    The FDIC has issued a Special Alert regarding an entity that claims to be a national bank insured by the FDIC that may be conducting unauthorized financial transactions. The OCC previously issued an alert regarding the same entity.
    Special Alert 9/2/04

  • August Foreign Exchange Rates Released

    The FRB has released the G.5 Foreign Exchange Rates report for August 2004. G.5 9/2/04

  • Risk Management Of Tax Lien Purchases

    The OCC has issued a Bulletin regarding the risk management practices it expects a national bank to exercise when purchasing tax lien certificates. Tax Lien Bulletin 9/1/04

  • CDR Implementation Delayed

    The federal banking agencies have announced that the implementation of the new CDR system, a web-based central repository for bank financial data, will be delayed until the first or second quarter of 2005. The new system originally was scheduled to be unveiled in October 2004. FRB PR;
    OCC NR;
    FDIC PR 9/1/04

  • June Call And Thrift Report Data Online

    The FDIC has posted the Call and Thrift Report data for June 30, 2004 on its Web site. June Data 9/1/04

  • FDIC Consumer News Summer 2004 Issue Posted

    The FDIC has posted online the Summer 2004 issue of Consumer News which features articles on new strategies for bank customers in the 21st century. Consumer News 9/1/04

  • Updated EDIE Now Available

    An updated version 2.0 of the FDIC interactive electronic deposit insurance estimator, EDIE, is now available online.
    FIL; Download EDIE 9/1/04

08/14/2004

Volcker Rule CLO extensions authorized

The Federal Reserve Board has issued a press release and statement to announce its intention to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations (CLOs) covered by section 619 of the Dodd-Frank Act (also known as the "Volcker rule"). CLOs are securitization vehicles backed predominantly by commercial loans.

08/14/2004

Volcker Rule CLO extensions authorized

The Federal Reserve Board has issued a press release and statement to announce its intention to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations (CLOs) covered by section 619 of the Dodd-Frank Act (also known as the "Volcker rule"). CLOs are securitization vehicles backed predominantly by commercial loans.

07/31/2004

Top Stories for August 2004

  • Check 21 Fees Announced By Reserve Banks

    The FRB has announced the Check 21 services that will be offered by the Federal Reserve Banks beginning October 28, 2004 along with the fees that will be charged for the respective services. Check 21 Services and Fees 8/31/04

  • Fourth Quarter FDIC CRA Exam Schedule Issued

    The FDIC has issued the schedule and names of the institutions that will be examined during the fourth quarter 2004 for compliance with CRA. A current list of the FDIC regional offices and contact information was also issued.
    Exam Schedule; Regional Offices 8/31/04

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Parkway Bank and Trust Company, Harwood Heights, Illinois. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/31/04

  • FDIC IT Strategic Plan Announced

    The FDIC has announced the agency's IT Strategic Plan for 2004-2007. IT Strategic Plan 8/31/04

  • UBPR Enhancements Announced

    The FFIEC has issued a memo that reviews the latest changes to the UBPR which enhance the export capabilities of the standard report and expands the capabilities of the peer custom report. UBPR Changes
    8/31/04

  • Greenspan Says Aging Population Impacts Global Economies

    Chairman Greenspan told the participants in a symposium in Jackson Hole, Wyoming sponsored by the Kansas City FRB that the economic implications of population aging will have a less dramatic impact on the US than that projected for other countries. He noted, however, that the effect of the expected doubling of the over-65 age category by 2035 could substantially increase budget deficits and reduce federal savings unless actions are taken. Speech 8/30/04

  • Fourth Quarter 2003 Quarterly Journal Now Online

    The OCC has posted the March 2004 issue of the Quarterly Journal which contains the data from the fourth quarter 2003. It is the first issue to be distributed only electronically. The "About OCC Section" contains an organizational chart and a complete list of comptrollers. The final documents on preemption and visitorial powers are also featured. Quarterly Journal 8/30/04

  • 2004 Host State Loan-To-Deposit Ratios Released

    The banking regulators have released the 2004 host state loan-to-deposit ratios that will be utilized to determine compliance with Section 109 of the Riegle-Neal Act that prohibits the establishment or acquisition of an out-of-state branch pimarily for deposit production. Section 109 Ratios; FRB PR; OCC PR; FDIC FIL 8/27/04

  • Nineteen FDIC Enforcement Orders Announced

    The FDIC has announced that nineteen enforcement orders were processed in July 2004 including two cease-and-desist orders, nine removal-and-prohibition orders, seven civil money penalty orders, and one termination of a cease-and-desist order.
    Enforcement 8/27/04

  • Revised IT Operations and Wholesale Payment Systems Guidance Released

    FFIEC has released two booklets containing revised guidance on IT operations and wholesale payment systems for institutions, examiners, and technology service providers. FFIEC PR; Operations Booklet; Wholesale Payment Booklet 8/27/04

  • Counterfeit Cashier's Checks Overload

    The FDIC has issued six Special Alerts regarding counterfeit cashier's checks drawn on six different banks. Information regarding each of counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/27/04

  • FRB Site Gets Makeover

    The FRB has redesigned its home page and secondary pages by giving each a fresh new look while adding additional informational links. The "Breaking News" section now has a prominent location on the site and the "Recent Statistical Releases" section contains links to all releases. Education initiatives are also featured and search boxes have been added on all secondary pages.
    FRB Home Page 8/27/04

  • Earnings Approach Record Levels

    The FDIC released the Quarterly Banking Profile for the second quarter 2004 that indicates bank and thrift earnings were the second highest in history. Earnings; Quarterly Banking Profile 8/27/04

  • June G.20 Issued

    The June 2004 G.20 Finance Companies statistical release has been issued by the FRB.
    G.20 8/27/04

  • Five FEDS Papers Published

    The FRB has published five working papers in the FEDS series with the following titles: Do Liquidity Constraints Matter for New Entrepreneurs?; Is Moderate-To-High Inflation Inherently Unstable?; Monetary Policy and the Information Content of the Yield Spread; Expectation Traps in a New Keynesian Open Economy Model; and Competition, Product Differentiation and Quality Provision: An Empirical Equilibrium Analysis of Bank Branching Decisions.
    Liquidity Constraints; Inflation; Monetary Policy; Traps; Competition 8/27/04

  • Input Sought For National Financial Education Strategy

    Treasury has issued a require for public comments regarding the development of the national strategy for financial education.
    Financial Education Strategy 8/27/04

  • Fake Bank Web Site Exposed

    The OCC has identified a Web site that claims to be associated with the First National Bank of Bedrock, a fictitious bank. The site offers deposit accounts, investments, debit cards, and credit cards.
    Fake Bank 8/26/04

  • Three International Finance Discussion Papers Released

    The FRB has released three working papers in the International Finance Discussion series on the following topics: The ET Interview: Professor David F. Hendry; Does Monetary Policy Keep Up with the Joneses? Optimal Interest-Rate Smoothing with Consumption Externalities; and Is The Corporate Loan Market Globally Integrated? A Pricing Puzzle.
    ET;
    Monetary Policy;
    Corporate Loan 8/26/04

  • Second Quarter Charge-Off and Delinquency Report Issued

    The Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks Statistical Report for the second quarter 2004 has been issued by the FRB. Charge-Off 8/26/04

  • OCC Issues Bulletin Regarding Check 21 Final Rule

    A Bulletin has been issued by the OCC regarding the final Reg CC amendments and commentary implementing Check 21 previously announced by the FRB. Information regarding the Reg CC amendments and commentary was posted July 27, 2004 in BOL Top Stories. Bulletin; Final Rule 8/26/04

  • June UBPR Now Online

    The June 30, 2004 UBPR has been posted online by FFIEC. June UBPR
    8/26/04

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Banner Bank, Walla Walla, Washington. Information regarding the counterfeit cashier's checks has been posted on the BOL Alert's & Counterfeits page. 8/25/04

  • Foreign Banks Receive "Primary Money Laundering Concern" Designation

    Treasury has designated the First Merchant Bank of the "Turkish Republic of Northern Cyprus" and Infobank of Belarus as financial institutions of "primary money laundering concern," pursuant to Section 311 of the USA PATRIOT Act. In addition, FINCEN has issued two NPRMs that would prohibit covered financial institutions from establishing, maintaining, administering or managing directly or indirectly any correspondent account in the United States for or on behalf of either institution. Treasury Designation; First Merchant NPRM; Infobank NPRM 8/25/04

  • Fourteen Enforcement Actions Announced

    The OCC has announced fourteen Enforcement Actions that have been taken against national banks and individuals currently or formerly associated with national banks in Florida, Illinois, Texas, North Carolina, Ohio, and Tennessee. Enforcement Actions 8/25/04

  • Notices Of Prohibition Issued

    The FRB has issued a Notice of Prohibition against a Missouri and a New Jersey banker.
    Missouri Banker;
    New Jersey Banker 8/25/04

  • Liquidity Constraints Working Paper Released

    The FRB has released the latest working paper in the FEDS series entitled, "Do Liquidity Constraints Matter for New Entrepreneurs?
    Liquidity Constraints 8/25/04

  • Fall Outlook Identifies Recovery Signs

    The focus of the Fall 2004 FDIC Outlook is on commercial lending at FDIC-insured institutions and features an article that identifies emerging signs of a recovery in commercial and industrial lending. Fall 2004 Outlook 8/25/04

  • CRA "Small Bank" FIL Issued

    The FDIC has issued a FIL regarding the previously announced proposed rule which would amend the CRA definition of a "small bank". Information regarding the proposal was posted on the August 20, 2004 BOL Top Stories. FIL-96-2004 8/24/04

  • 2004 Preliminary Census File Finalized

    The FFIEC reports that the 2004 preliminary census file has been finalized and has posted it on its Web site.
    2004 Census File 8/24/04

  • Second Quarter TFR Data Released

    OTS has released the aggregated thrift financial report data for the second quarter 2004.
    TFR Data 8/24/04


  • Today's The Day For FairPay

    The Department of Labor's new FairPay regulations take effect on August 23, 2004. They implement the exemption from minimum wage and overtime pay for executive, administrative, professional, outside sales and computer employees.

    Department of Labor FairPay Web site

    FairPay Regulations

    FairPay Fact Sheet for Financial Services Industry Employees
    Online Department of Labor presentations explaining the new requirements 8/23/04

  • Forty-Five CRA Ratings Released

    The OCC has released the CRA ratings for forty-five national banks that were examined for CRA compliance in July and August 2004. Eight of the banks received an outstanding rating, with thirty-seven were deemed satisfactory. None were rated needs to improve or substantial nincompliance. CRA
    8/23/04

  • Insurance Funds Second Quarter Financials Released

    The FDIC has released the Second Quarter 2004 financial results for the BIF and SAIF funds. BIF and SAIF 8/23/04

  • FDIC PR on CRA Published in FR

    The proposed revisions to the CRA that would change the definition of ``small bank'' to raise the asset size threshold to $1 billion regardless of holding company affiliation has been published in the FR. 69FR51611 txt 69FR51611 pdf 8/20/04

  • Bulletin Issued Regarding Asset Change Final Rule

    The OCC has issued a Bulletin regarding the previously announced Final Rule which require a national bank to obtain the OCC's prior written approval before making two types of fundamental changes in the composition of the bank's assets. Information concerning the Final Rule was posted in the August 17, 2004 BOL Top Stories. Bulletin 2004-37 8/20/04

  • Hurricane Assistance FIL

    The FDIC has issued an FIL regarding the regulatory assistance available to financial institutions subject FDIC supervision concerning unusual lending circumstances, late filing of reports, delay in publication of notices, and Reg Z waivers.
    FIL-95-2004 8/20/04

  • Unauthorized Disclosure of SARs

    FinCEN's BSA Advisory Group has issued a statement regarding the unauthorized disclosure of the information contained in a SAR.
    Statement 8/20/04

  • Community Bank Lending Limit Pilot Program Extension Published in FR

    Published in the FR is a final rule announcing the extension and expansion of a pilot program that allows community national banks to lend up to the state limit in states that have lending limits higher than those available for federally-chartered institutions.
    Pilot Program 69FR51355 txt 69FR51355 pdf 8/19/04

  • HMDA Site Adds FAQs

    The HMDA Reg C Web site maintained by the St. Louis FRB has added a new section containing FAQs on the following topics: applicant information, application or loan data, pricing data, transition rules and type of purchaser.
    HMDA FAQs 8/19/04

  • Modification of "Community Development" Proposed By OTS

    OTS has announced that it intends to request comments on a proposal to modify the definition of "community development" for CRA purposes in an effort to encourage thrifts to participate in activities to revitalize and stabilize areas affected by natural disasters or other major community or regional disruptions. Proposal
    8/19/04

  • Schedule To Online UBPR Updated

    FFIEC has updated the schedule to online UBPR. Online Schedule 8/19/04

  • Second Quarter Thrift Industry Performance Reports Issued

    The OTS has issued the Second Quarter 2004 thrift industry performance reports regarding earnings, profitability, asset quality, and loan growth. Highlights; Charts; Selected Indicators 8/19/04

  • OTS CRA Rule Published in FR

    The final rule for the OTS modifying the existing “small institution” test for thrifts under CRA has been published in the FR.
    69FR51155 txt 69FR51155 pdf 8/18/04

  • Revision Of FFIEC 009 Proposed

    The OCC, FRB, and FDIC have issued a joint notice and request for comments regarding proposed changes to the Country Exposure Report (FFIEC 009) and the Country Exposure Information Report (FFIEC 009a).
    Notice
    Forms and Instructions 8/18/04

  • National Banks Encouraged to Work With Hurricane Victims

    The OCC is encouraging national banks to work with hurricane victims by taking actions that will help them recover their financial strength and enable them to be in a better position to repay their debts. Victims 8/18/04

  • NCUA Activates Disaster Relief Policy

    NCUA has activated its disaster relief policy to assist credit unions and members in areas damaged by Bonnie and Charlie.
    Disaster Relief 8/18/04

  • International Reserve Position

    Treasury has released the U.S. International Reserve Position for the week ending August 13, 2004.
    International Reserve 8/18/04

  • G. 17 Report Released

    The FRB has released the July 2004 G. 17 Industrial Production and Capacity Utilization report.
    G. 17 8/18/04

  • FDIC Seeks Additional CRA Comments

    The FDIC previously sought comments regarding a proposed rule that would increase the small institution threshold to $500 million from $250 million. After reviewing the more than 900 comment letters received, the FDIC decided to issue a new proposal and solicit additional comments on the impact of changing the definition of a small institution to include those with total assets of up to $1 billion, regardless of holding company affiliation. Memo To FRB Board; FR Notice Draft 8/17/04

  • September HOEPA Reference Rates

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in September 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For September, you will use the rates posted on August 13th since August 15th fell on the weekend. H.15 Weekly Rates
    8/17/04

  • Seventh Issue of The SAR Activity Review Released

    FinCEN has released the seventh issue of The SAR Activity Review - Trends, Tips & Issues which contains an analysis of the suspected use of shell corporations and banks by European criminals to launder money. SAR Activity Review 8/17/04

  • June OTS CRA Ratings Released

    OTS has released the thrift CRA ratings for June 2004. CRA Ratings 8/17/04

  • Final Rule Issued Regarding Changing Composition Of Bank Assets Published in FR

    The OCC has issued a Final Rule for national banks that substantially change the composition of their assets through a sale or other disposition to become a dormant or “stripped” charter. In certain transactions, prior OCC approval is required. This rule has been published in the FR.
    69FR50293 txt 69FR50293 pdf 8/17/04

  • June TIC Data Released

    Treasury has released the Treasury International Capital Data for June 2004. TIC Data 8/17/04

  • Banking Lending Practices Survey Results

    The FRB has released the results of the July 2004 Senior Loan Officer Opinion Survey on bank lending practices regarding changes in the supply of, and demand for, bank loans to businesses and households over the past three months.
    Survey 8/17/04

  • Average Cost Of Funds Data Updated

    OTS has updated the historical and current national average cost of funds ration to OTS regulated, SAIF insured institutions reports. Historical; Current 8/17/04

  • Thrifts Urged To Assist Hurricane Victims

    OTS has issued a statement that efforts by thrifts to modify existing loans in the areas impacted by the damage from Hurricane Charley will be given due consideration by thrift examiners. The agency indicated that it will work with thrifts to identify ways to assist their customers’ and their communities’ recovery efforts. Additional disaster relief guidelines are found in OTS Bulletin 71. Hurricane Relief; Bulletin 71 8/17/04

  • Reg Z Dollar Amounts Published in FR

    The FRB is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees
    above a certain amount. The adjusted dollar amount for 2005 is $510. 69FR50298 txt 69FR50298 pdf 8/16/04

  • 314a Fact Sheet Published

    FinCEN has published a fact sheet which contains an overview of 314a activity including the number of agency requests processed and subjects of interest identified along the law enforcement actions taken as a result the information provided.
    314a Fact Sheet 8/16/04

  • Sale Of Unregistered Securities Alert

    The OCC has issued an Alert regarding the sale of unregistered securities by unlicensed persons. A copy of a cease-and desist order issued by a state regulator was attached to the Alert.
    Alert;
    C&D Order 8/16/04

  • FDIC June Enforcement Actions Released

    The FDIC has announced that fifteen enforcement actions were processed in June 2004. They included five removal and prohibition orders, five civil money penalty orders, two terminations of insurance orders, two orders terminating orders to cease and desist, and one adjudicated decision. Orders 8/16/04

  • Two Bankers Receive Suspension and Prohibition Orders

    The FDIC has issued Suspension and Prohibition Orders against New Jersey and Missouri bankers.
    Orders 8/16/04

  • OFAC FIL Issued

    The FDIC has issued an FIL regarding previously announced changes to the OFAC List. Information concerning the changes was posted August 10, 2004 on the BOL OFAC page. FIL-94-2004 8/16/04

  • Annual Adjustment To TILA Trigger Published

    The FRB has published the annual adjustment of the dollar amount that triggers additional disclosure requirements under TILA for home mortgage loans that bear rates or fees above a certain amount. Trigger Adjustment 8/13/04

  • National Banks May Close For Hurricanes

    The OCC has issued a proclamation allowing national bank offices affected by Hurricanes Bonnie and Charley to close at their discretion. Closing 8/13/04

  • CRA Rule Finalized By OTS

    OTS has issued a final rule, effective October 1, 2004, modifying the existing “small institution” test for thrifts under CRA.
    CRA Rule 8/13/04

  • Regulators File Brief In California SB1 Case

    Six federal regulatory agencies have filed an amicus curiae brief in support of an appeal of a California Federal District Court decision upholding provisions of a California law that impose restrictions on the sharing of a customer’s information between a financial institution and its affiliates. The lawsuit and appeal, filed by the ABA, the CBA and the Financial Services Roundtable, assert that the California Financial Information Privacy Act, commonly referred to as “SB1,” is contrary to applicable federal law. Brief 8/13/04

  • NCUA Liquidates Ohio CU

    The NCUA has announced that Appalachian Development Federal Credit Union of Nelsonville, Ohio, has been placed into liquidation.
    Liquidation 8/13/04

  • New HMDA FAQs Online

    The FFIEC has posted online new Q & As and revised answers to previous addressed questions regarding property type; action taken; preapprovals; and sex, race, and ethnicity. HMDA FAQs 8/12/04

  • Guidance On Classification Of Business Entities Organized In Multiple Jurisdictions

    Treasury has issued temporary and proposed regulations regarding the proper classification for federal tax purposes of business entities organized in multiple jurisdictions. Temp Regs;
    Proposed Regs 8/12/04

  • International Reserve Position Updates

    Treasury has updated the U. S. International Reserve Position report to include data as of August 6, 2004.
    International Reserve 8/12/04

  • Cuban SDN Entries Change

    OFAC has added one Cuban entry to the SDN list while removing two others. Information regarding the changes can be found on the BOL OFAC page. 8/11/04

  • Rates Rise

    The FOMC of the FRB has raised the target rate for fed funds and approved the discount rate requests submitted by the Federal Reserve Banks. FRB PR 8/11/04

  • FRB Notice of FACTA Study Published

    The Federal Reserve Board's Notice of Study and Request for Information on investigations by furnishers of consumer information to consumer reporting agencies has been published in the Federal Register. The comment deadline is September 17, 2004. 69FR48494 (txt) 69FR48494 (pdf)8/10/04

  • FDIC Hosts Discussions on Bank Tech Challenges

    Mark your calendars for August 31, 2004. FDIC will host panel discussions on the challenges financial institutions face when dealing with the latest technology trends. Some of the subjects to be addressed include ID theft, electronic scams, non-bank owned ATMs and offshore outsourcing. Announcement 8/10/04

  • OFAC Publishes Request for Comment

    OFAC has published a request for comments on the effectiveness of its licensing procedures implementing the Trade Sanctions Reform and Export Enhancement Act of 2000 for the exportation of agricultural commodities, medicine, and medical devices to Sudan, Libya, and Iran. 69FR48183 (txt) 69FR48183 (pdf)8/10/04

  • Three Counterfeit Cashier's Checks Alerts

    FDIC has published three new alerts relating to reports of counterfeit cashier's checks that purport to be drawn on AmericaWest Bank (the real bank's name is AmericanWest), Chittenden Trust Company, and First Commercial Bank of Florida. SA-51-2004;
    SA-50-2004;
    SA-49-2004 8/10/04

  • FRB Releases Working Papers

    New working papers in the Financial and Economics Discussion Series, 2004-39 through 2004-41, have been released by the Federal Reserve Board. 2004 FEDS Papers 8/10/04

  • Enhancements for FedACH Services

    The Federal Reserve Financial Services has implemented new enhancements for FedACH Services via FedLine Web. Users should experience greater functionality when gathering FedACH activity online or deriving returns and NOCs. Announcement 8/10/04

  • OCC Warns of Fake Bank Web Site

    The Office of the Comptroller of the Currency has identified a Web site claiming to be associated with a national bank named Bank of NG, N.A. Neither the OCC nor any state banking authority has authorized the subject entity to operate as a bank. Alert 2004-17 8/10/04

  • Pop-up Ad Spammers Settle FTC Charges

    An operation that used a feature called the “Windows Messenger Service,” which is part of the Microsoft Windows operating system, to barrage consumers’ computers with pop-up ads for the pop-up blocking software they sold has agreed to settle Federal Trade Commission charges that their marketing methods violated federal laws. Press Release 8/10/04

  • OFAC Penalties, Plus Libya General License

    OFAC has issued an amended general license under the Libyan Sanctions Regulations. Plus, 15 OFAC penalty actions against financial institutions have been announced. All the details can be found on the BOL OFAC page. 8/10/04

  • FRB Studies Adequacy of Investigations

    Pursuant to its obligation under the FACT Act, the Federal Reserve Board is conducting a study on the adequacy of investigations of disputed consumer information reported to consumer reporting agencies. Comments are being solicited in connection witht he study. Press Release Notice of Study 8/9/04

  • G.19 Statistical Release Published

    The Federal Reserve has posted the latests G.19 Statistical Release on Consumer Credit. G.19 Statistical Release 8/9/04

  • New Guidelines for Depositing Checks with Reserve Banks

    Effective September 1, 2004, new guidelines will take effect for depositing checks with Federal Reserve Banks.
    Guidelines 8/9/04

  • Health Savings Accounts Information Posted

    The IRS has posted a number of documents with information about Health Savings Accounts. The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 created a new, tax-advantaged way for certain people to save for health care expenses. To be eligible to open and contribute to a Health Savings Account (HSA), an individual must be covered by a high-deductible health plan. Notice 2004-2 (updated) 88 Q&As on HSAs 8/9/04

  • IRS Offers New Email Service

    Tax professionals and others interested in federal taxation can have technical guidance from the IRS e-mailed to them.
    IR 2004-105 8/9/04

  • FRB To Study Disputed Credit Report Investigations

    The FRB has announced that it is conducting a study on the adequacy of investigations of disputed consumer information reported to consumer reporting agencies. In connection with the study, the regulator is soliciting public comment on issues that will assist in the preparation of the study. Study 8/6/04

  • CRA Exam Results Released

    The FDIC has released the August list for banks examined for CRA compliance. CRA 8/6/04

  • NCUA Issues Prohibition Orders

    Orders of Prohibition have been issued by NCUA against seven individuals which prohibit them from participating in any manner in the affairs of any federally insured financial institution. Orders 8/6/04

  • 2004 Median Family Income Numbers Available

    The FFIEC has posted the HUD 2004 Estimated Metropolitan Area Median Family Income Numbers on line. 2004 8/6/04

  • Don't Forget The Terrorist Hotline

    The FinCEN has issued a reminder that financial institutions can utilize a special number to report suspicious transactions that may be related to terrorist activity. Hotline 8/6/04

  • Corrections Made To Basel II Study

    The FDIC has made online corrections to the FYI dated December 8, 2003, titled "Estimating the Capital Impact of Basel II in the United States". Due to an error, the paper's estimates of capital requirements for wholesale lending were lower than what the underlying assumptions and methodology should have implied.
    FYI 8/6/04

  • FTC Consumer Fraud Survey Released

    The FTC has release the results of a survey of fraud in the United States that indicates that 25 million adults or 1 in 10 were victims in the year studied. Fraud Survey 8/6/04

  • "Related Organizations" Handbook Published By OCC

    The OCC has published a new 107 page booklet in the Comptroller's Handbook Series entitled " Related Organizations", which helps bankers and examiners to understand the risks of relationships with entities such as affiliates and subsidiaries. Improperly managed relationships with such organizations have been a factor in many bank failures. Related Organizations" 8/5/04

  • International Reserve Position

    Treasury has released the U.S. International Reserve Position report for the week ending July 30, 2004.
    International Reserve 8/5/04

  • Check 21 Final Rule published in Federal Register Check 21 rules which amend Reg CC and add a new subpart have been published in the Federal Register. Final Rule; Text 8/4/04
  • OFAC Adds To And Subtracts From SDN List

    OFAC has announced the addition of new entries to the SDN List with the IRAQ2 designation while deleting and modifying existing SUDAN entries. Information regarding the changes has been posted on the BOL OFAC page. 8/3/04

  • Written Agreement With West Virginia Bank Announced

    The FRB and the West Virginia Division of Banking have announced that a Written Agreement has been entered into with Traders Bank, Spencer, West Virginia. Written Agreement 8/3/04

  • FRB To Close Check Processing Sites

    Changes announced by the FRB to its check processing operations will result in the closing of nine current processing sites. The changes, which will occur in 2005 and 2006, are part of the FRB response to the increasing substitution of electronic payments for paper checks. A fact sheet, issued by the FRB, details the changes. Check Processing;
    Restructuring Fact Sheet
    8/3/04

  • July Foreign Exchange Rates Released

    The FRB has released the G.5 Foreign Exchange Rates report for July 2004.
    Foreign Exchange Rates 8/3/04

  • Market Financing Estimates Announced

    Treasury has announced the market financing estimates for the Third and Fourth Quarters 2004.
    Estimates 8/3/04

  • Department of Homeland Security Remarks made by Secretary of Homeland Security Tom Ridge Regarding Recent Threat Reports (August 1, 2004) - having new and unusually specific information about an al-Qaeda attack, the United States Government is raising the threat level to Orange for the financial services sector in New York City, Northern New Jersey and Washington, DC. This will allow us to increase protection in and around those buildings that require it, and also raise awareness for employees, and residents, and customers, and visitors. Read Remarks 8/2/04
  • HUD Multifamily Rental Projects and Health Care Facilities: Regulatory Revisions

    This proposed rule would amend certain Federal Housing Administration (FHA) regulations to update these regulations to reflect current HUD policy in the area of multifamily rental projects and health care facilities. Proposed Rule 8/2/04

  • Executive Order Removes Names From OFAC List

    President Bush has issued an Executive Order that eliminates a previously declared national emergency regarding Iraq, modifies the restrictions on certain transactions, grants new general licenses, and removes names from the OFAC SDN List. Information regarding the Executive Order has been posted on the BOL OFAC page. Executive Order
    8/2/04

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on People's Bank, Bridgeport, Connecticut. Information regarding the counterfeit cashier's checks have been posted on the BOL Alerts & Counterfeits page. Special Alert 8/2/04

06/30/2004

Top Stories for July 2004

  • Ways To Reduce Fraud Losses Detailed In Report

    The Association of Certified Fraud Examiners has released its "2004 Report to the Nation on Occupational Fraud and Abuse" which contains the results of a continuing investigation of the changing methods, mores and mechanics of both domestic and international financial fraudsters. The report will be of special interest to auditors, compliance officers and security offices. It contains timely suggestions of ways for a financial institution to reduce exposure to fraud losses.
    Fraud Report 7/30/04

  • Counterfeit State Warrants Special Alert

    The FDIC has issued a Special Alert regarding counterfeit warrants bearing the name of the State of Florida, Department of Financial Services. Information regarding the counterfeit warrants has been posted on the BOL Alerts & Counterfeits page. 7/30/04

  • OFAC Issues Interim Final Rule Regarding Zimbabwe

    OFAC has issued an Interim Final Rule which adds new regulations that implement the provisions of a previously announced Executive Order regarding the blocking of property of persons undermining democratic processes or institutions in Zimbabwe.
    Interim Final Rule 7/30/04

  • International Reserve Position

    Treasury has released the U.S. International Reserve Position for the week ending July 23, 2004.
    International Reserve 7/30/04

  • Owned And Managed Receivables Report Released

    The FRB has released the G.20 Finance Companies Owned and Managed Receivables Report for May 2004.
    G.20 7/30/04

  • OCC Bulletin Regarding FACT Act Model Notices

    The OCC has issued a Bulletin regarding the previously announced Final Rule implementing the FACT Act and providing Model Notices to customers concerning the furnishing of negative information to consumer reporting agencies. Information regarding the Final Rule and the Model Notices was posted June 16, 2004 in BOL Top Stories. Bulletin; Final Rule 7/30/04

  • CIP Exam Procedures Issued

    The federal financial regulators have issued the procedures that will be followed by examiners when conducting a CIP examination. The procedures are designed to help financial institutions fully implement the new CIP requirements and facilitate a consistent supervisory approach among the federal financial institutions regulatory agencies. Procedures;
    FRB SL;
    OCC Bulletin;
    OTS CEO Ltr;
    FDIC;
    NCUA 7/29/04

  • FinCEN Updates Zip Code List

    FinCEN has posted online the updated ZIP Code Validation List for the Mag Specs which are utilized when filing SARs and CTRs. Click on the specific form needed to obtain the new information. Updated Forms 7/29/04

  • Beige Book Updates

    The FRB has published the latest updates to the Beige Book based on information collected prior to July 19, 2004.
    Beige Book Full Report;
    Summary 7/29/04

  • A & L Price Tables Released

    OTS has released selected Asset and Liability Price Tables as of June 30, 2004.
    Price Tables 7/29/04

  • OFAC FIL Issued

    An FIL has been issued by the FDIC regarding previously announced additions to the OFAC SDN List. Information regarding the additions was posted July 23, 2004 on the BOL OFAC page.
    FIL-88-2004 7/29/04

  • Regulators Publish Risk-Based Capital Guidelines in FR

    The Regulators are amending their risk-based capital standards by removing a sunset provision that would preclude a certain
    capital treatment for asset-backed commercial paper (ABCP) programs after a certain date. 69FR44908 (txt) 69FR44908 (pdf) 7/28/04

  • Currency Fitness For Circulation Guidelines Revised

    The FRB has revised the guidelines for distinguishing between federal reserve notes that are fit and unfit for further circulation. The new provisions take into account comments received from the public concerning the challenges associated with setting a clear and useable standard for certain fitness characteristics. Currency Guidelines 7/28/04

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Peoples State Bank, Wausau, Wisconsin; Centier Bank, Whiting, Indiana; and The Dime Bank, Honesdale, Pennsylvania. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 7/28/04

  • July Issue Of FedFocus Posted Online

    The July issue of FedFocus is available online and features articles regarding Check 21, web access options, FedACH International and FedImage service enhancements. July FedFocus 7/28/04

  • Check 21 Final Rule Issued

    The FRB has issued the final amendments to Reg CC along with commentary to implement Check 21. For more information regarding Check 21, read the articles and Q & As on the BOL Check 21 page. A series of upcoming Check 21 BOL Webinars is also listed on the BOL Learning Connect Calendar.
    Final Rule 7/27/04

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Indian River National Bank, Vero Beach, Florida. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 7/27/04

  • HMDA and CRA Data Released By FFIEC

    The FFIEC has announced the availability of data on mortgage lending reported by financial institutions covered by HMDA and small business, small farm, and community development lending reported by commercial banks and thrifts covered by CRA.
    HMDA Data;
    CRA Data 7/27/04

  • OTS To Conduct Financial Management Seminars

    OTS has announced plans to conduct a series of financial management seminars designed to benefit those responsible for accounting and financial reporting, coordination of auditing services or interest rate risk analysis.
    Seminars; Registration Form 7/27/04

  • Regulators Enter Written Agreement With Dutch Bank

    The FRB, along with New York and Illinois bank regulators, has entered a Written Agreement with ABN AMRO Bank, N.V., Amsterdam, The Netherlands, and its New York branch regarding BSA and AML compliance. Written Agreement 7/27/04

  • New International Banking Journal Gains FRB Support

    The FRB has announced that it will support the development of a new publication focused on central bank theory and practice and issued a call for research papers. The International Journal of Central Banking (IJCB) is a joint project of the Bank for International Settlements (BIS), the European Central Bank, and each of the Group of Ten (G-10) central banks. Support;
    IJCB 7/27/04

  • President Issues OFAC Executive Order

    President Bush has issued an Executive Order that blocks the assets of twenty-eight individuals and adds their names to the SDN List in addition to prohibiting the importation of certain goods from Liberia. Information regarding the additions to the SDN List have been posted on the BOL OFAC page.
    Executive Order 7/26/04

  • Revisions To BHC Rating System Proposed

    The FRB is requesting comments on proposed revisions to the BHC rating system to conform the system to current supervisory practices. Under the revised rating system, each holding company would be assigned a composite rating based on an evaluation and rating of three essential components of an institution's financial condition and operations. Proposal 7/26/04

  • Reduction Of Regulatory Burdens Suggestions Sought

    The FDIC has issued a FIL requesting suggestions on ways to reduce the regulatory burdens associated with consumer protection regulations dealing with account/deposit relationships and miscellaneous consumer rules. FIL-86-2004 7/26/04

  • NCUA Proposes Additional Conversion Disclosures

    NCUA has issued proposals to update and amend its regulations to establish certain communications and disclosures be provided to members prior to voting to convert from federal to nonfederal insurance, to terminate federal insurance, or to convert to a mutual savings bank.
    Proposals 7/26/04

  • Preliminary June 30 Call Reports

    The FDIC has posted the preliminary June 30, 2004 Call Report data online.
    June Call Report Data 7/26/04

  • Agencies Delay CDR Rollout

    The FRB, FDIC and OCC have announced that the October 1, 2004 rollout of the Central Data Repository, an Internet-based system created to modernize and streamline how the agencies collect, validate and distribute call report data, will be delayed to allow more time for testing and enrollment. FRB;
    FDIC; OCC 7/23/04

  • Counterfeit Warrants Alert

    The OCC has issued an Alert regarding a significant increase in the circulation of counterfeit warrants bearing the name of the Florida Department of Financial Services. Information concerning ways to identify the bogus warrants is included in the Alert.
    Counterfeit Warrants Alert 7/23/04

  • International Banking FIL Issued

    A FIL that proposes amendments to Parts 303, 325, 327 and 347 of the FDIC's Rules and Regulations relating to international banking by insured state nonmember banks and insured U.S. branches of foreign banks has been issued.
    FIL 85-2004; Amendments txt pdf 7/23/04

  • Electronic Record Systems AL Issued

    The OCC has issued an AL which provides a basic framework for bank management to use to assess and address key issues concerning bank electronic record keeping systems and the provisions of the E-SIGN Act. OCC AL-2004-9 7/22/04

  • Risks Of Instant Messaging Guidance Issued

    A FIL with an attached Guidance regarding the risks associated with publicly available instant messaging and network file-sharing has been issued by the FDIC. FIL; Guidance 7/22/04

  • Self Assessment Guides Available Online

    The FDIC has posted online four Deposit Reporting Self Assessment Guides for use as references and self-assessment tools for properly reporting Call Report deposits. Self Assessment Guides 7/22/04

  • International Reserve Position Update

    The FRB has updated the U.S. International Reserve Position to include data from the week ending July 16, 2004.
    International Reserve 7/22/04

  • Minority-Owned Banks Report

    The FRB has issued its report of minority-owner banks as of March 31, 2004.
    Minority-Owned Banks 7/22/04

  • FACTA Affiliated Marketing Comment Deadline Extended

    In a Federal Register document published June 15, 2004, the
    FTC requested comment on a proposed rule that provided for consumer notice and an opportunity to prohibit affiliates from using certain information to make or send marketing solicitations to the consumer. The Commission is extending its comment period until August 16, 2004. 69FR43546 pdf 7/21/04

  • Greenspan Says Fed Will Act If Needed To Maintain Price Stability

    Chairman Greenspan presented the FRB's semiannual Monetary Policy Report To Congress and indicated that the profits of nonfinancial corporations are advancing at a pace not experienced since 1983. As a result, close attention is being paid to data regarding costs and prices when assessing the current monetary policy. He noted that the FOMC has emphasized that it will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability. Speech;
    Monetary Policy Report txt pdf 7/21/04

  • Risk-Based Capital Standards Final Rule Issued

    The federal financial institution regulators have issued a Final Rule which amends their risk-based capital standards regarding the calculation of ABCP program assets that are consolidated into the balance sheet pursuant to FIN-46-R. The Rule, which will be published shortly in the Federal Register, will become effective on September 30, 2004. Final Rule;
    FRB;
    OCC;
    OTS;
    FDIC 7/21/04

  • Thrift CRA Evaluations Released

    OTS has released the June 2004 CRA Performance Evaluations for savings associations.
    CRA Evaluations 7/21/04

  • OCC Issues Bulletin Regarding CRA JIR

    A Bulletin has been issued by the OCC regarding the CRA Joint Interim Rule that was previously announced by the federal banking regulators, published in the Federal Register, and posted in BOL Top Stories on July 8, 2004. Bulletin 2004-33;
    JIR txt pdf 7/21/04

  • Household Debt Service and Financial Obligation Ratios Released

    The FRB has released the Household Debt Service and Financial Obligations ratios for the First Quarter 2004.
    Ratios 7/20/04

  • New Working Papers Published

    The FRB has published two new working papers in the International Finance Discussion series entitled: Good News Is No News? The Impact of Credit Rating Changes on the Pricing of Asset-Backed Securities; and The Delayed Response To A Technology Shock. A Flexible Price Explanation. Good News;
    Delayed Response 7/20/04

  • Regulators To Withdraw Proposed CRA Amendments

    The federal financial regulators have announced their intentions to withdraw the amendments to the CRA regulations which were proposed in February 2004 and would have raised the small bank threshold in addition to allowing the reduction of a CRA rating due to abusive lending practices. FRB;
    OCC;
    OTS;
    Proposal txt; pdf 7/19/04

  • August HOEPA Reference Rates

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in August 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H. 15 Daily Rates;
    H. 15 Weekly Rates 7/19/04

  • May 2004 International Capital Data Released

    Treasury has released the International Capital Data for May 2004.
    Summary;
    Data Table 7/19/04

  • FTC Publishes Rights and Notices under FCRA in FR

    The FTC is publishing for public comment two summaries of rights under the FCRA and two notices of duties under the FCRA. 69FR41616 (txt) 69FR41616 (pdf) 7/16/04

  • President Signs ID Theft Act

    President Bush has signed the Identity Theft Penalty Enhancement Act which prescribes prison sentences for those who use identity theft to commit other crimes. ID Theft 7/16/04

  • FIL Regarding Affiliate Marketing Opt Out NPR

    The FDIC has issued a FIL regarding the previously announced NPR that would give consumers the chance to "opt out" before a financial institution uses information provided by an affiliated company to market its products and services to the consumer. The NPR was published in the Federal Register on July 15, 2004 and comments are due by August 16, 2004. FIL-82-2004 7/16/04

  • OCC Enforcement Actions Announced

    The OCC has announced seventeen enforcement actions taken against national banks and individuals currently and formerly associated with national banks. Enforcement Actions 7/16/04

  • CRA Exam Results Released

    The OCC has announced the CRA ratings received by twenty-six national banks as the result of recent CRA examinations.
    CRA Ratings 7/16/04

  • Counterfeit Money Orders Alert

    The OCC has issued an Alert regarding counterfeit money orders of Crown Bank, N.A., that are being issued nationwide and are being used in connection with a pre-payment fraud scheme involving merchandise ordered via the Internet. Information concerning the counterfeit money orders has been placed on the BOL Alerts & Counterfeits page.
    7/16/04

  • IT Guidance Issued

    The FFIEC has issued two revised guidance booklets for examiners, financial institutions, and technology service providers on managing financial institutions' IT activities and outsourcing technology services. Management Booklet; Outsourcing Booklet 7/16/04

  • Money Laundering Challenges Outlined By OCC

    Representatives of the OCC testified before the Senate Government Affairs Permanent Subcommittee on Investigations on the supervisory and enforcement actions the OCC has taken against Riggs Bank, and the challenges regulatory agencies face in combating money laundering and terrorist financing in the United States. Testimony;
    Oral Statement 7/16/04

  • Stakeholder Letter Revised

    The FDIc has issued a FIL regarding the revision of its recent Letter to Stakeholders.
    FIL-81-2004; Revised Letter 7/16/04

  • Cost of Funds Reports Issued

    OTS has issued the Current and Historical Cost of Funds Reports For OTS regulated, SAIF insured institutions.
    Current; Historical 7/16/04

  • G. 17 Report Released

    The FRB has released the G.17 Industrial Production and Capacity Utilization report for June 2004.
    G.17 7/16/04

  • FDIC Revises Insurance Reserve Ratios

    The FDIC has announce a revision of the March 31, 2004 reserve ratios, reported on May 27, 2004, for both the BIF and SAIF insurance funds. Reserve Ratios 7/15/04

  • Asset Securitization Featured in Quarterly Review

    The feature article in the First Quarter 2004 issue of the Quarterly Review of Interest Rate Risk examines the growth of asset securitization. Quarterly Review 7/15/04

  • Regulators' Affiliate Marketing Proposal Published

    The regulators including, the SEC have published in the Federal Register their proposed rule relating to information sharing among
    affiliates for marketing purposes. The rulemaking is required by FACTA. SEC (txt) SEC (pdf) FRB, OCC, FDIC, NCUA, OTS (txt) FRB, OCC, FDIC, NCUA, OTS (pdf)
    7/15/04

  • FRB To Discontinue Large Dollar Adjustment Courtesy Calls

    FRB Financial Services has announced that the large dollar check adjustment and settlement entries courtesy calls will be discontinued effective October 1, 2004. Courtesy Calls 7/14/04

  • OCC Issues Bulletin Regarding SEC Reg B

    The OCC has issued a Bulletin regarding SEC's proposed Reg B. The FDIC had previously issued a FIL regarding the proposal which was posted in the July 7, 2004 BOL Top Stories.
    OCC Bulletin 2004-31;
    FDIC FIL-79-2004;
    SEC Proposal 7/14/04

  • July 9th International Reserve Position

    Treasury has released the U.S. International Reserve Position for the week ending July 9, 2004.
    International Reserve 7/14/04

  • SDGT Changed By OFAC

    OFAC has changed one SDGT entry on the OFAC list which results in the addition of three new entries. Information regarding the change and the new entries has been posted on the BOL OFAC page. 7/14/04

  • 2004 Credit Union Directory Available Online

    NCUA has posted its 2004 Credit Union Directory online.
    CU Directory 7/14/04

  • FRB Announces Written Agreement With Illinois Bank

    The execution of a Written Agreement by and among the First Midwest Bank, Itasca, Illinois; the Illinois Department of Financial And Professional Regulation; and the Federal Reserve Bank of Chicago in which the bank agrees to enhance its compliance with AML rules and regulations, BSA and Reg H has been announced by the FRB. Written Agreement 7/13/04

  • Community Developments Newsletter Now Online

    The OCC has posted the first online edition of the newsletter which focuses on how investments in New Markets Tax Credits (NMTCs) can help fill gaps in financing for projects located in economically-distressed communities.
    Community Developments 7/13/04

  • International Reserve Position Update

    Treasury has released the U.S. International Reserve Position for the week ending July 2, 2004.
    International Reserve 7/12/04

  • FDIC Issues Second Quarter Stakeholder Letter

    The FDIC has issued a FIL regarding the Second Quarter 2004 edition of its Letter to Stakeholders which reports on the regulator's priorities and actives during the quarter. FIL-81-2004;
    Stakeholder Letter 7/12/04

  • Branch Banking Trends Featured In FYI

    The July 9, 2004 edition of the FDIC FYI contains summaries of three reports that represent the fourth installment of the FDIC’s Future of Banking Study including one which discusses the decade-long trend of bank branch growth, the reasons behind the trend, and the branching outlook going forward. FYI 7/12/04

  • Survey Of Terms Report Released

    The FRB has released the E. 2 Survey of Terms of Business Lending Report for the period May 3-7, 2004. The data is collected during the middle month of each quarter and released in the middle of the succeeding month.
    E. 2 Survey 7/9/04

  • May Consumer Credit Report Issued

    The G.19 Consumer Credit Report for May 2004 has been issued by the FRB.
    G. 19 7/9/04

  • Comments Due on Disposal Of Consumer Information

    The FTC is publishing a supplemental initial regulatory flexibility analysis to aid the public in commenting upon the small business impact of its proposed rule implementing section 216 of the FACT Act. 69FR41219 (txt) 69FR41219 (pdf) 7/8/04

  • CRA JIR Published in FR

    The Federal banking regulators have issued a Joint Interim Rule to conform their regulations implementing CRA to changes made by the OMB and Census Bureau. JIR 69FR41181 (txt) 69FR41181 (pdf)
    7/8/04

  • July CRA Examination List Released

    The FDIC has released the July list of banks examined for CRA compliance.
    CRA List 7/8/04

  • MSB Registration List Updated

    FinCEN has updated the MSB Registration List to include new entries as of July 1, 2004. MSB List 7/8/04

  • Third Quarter Edition Quarterly Journal Now Online

    The OCC has announced that the Third Quarter 2003 edition of the Quarterly Journal has been posted on its Web site. The issue features the condition of commercial banks, as well as mergers, interpretive letters, speeches and testimony, appeals, and financial performance of national banks. It is the last issue to be distributed in printed form. Future issues will be available on-line or by CD-ROM subscription. Quarterly Journal;
    CD-ROM 7/8/04

  • SDN FIL Issued

    The FDIC has issued a FIL regarding the entities recently added by OFAC to the SDN List. Information regarding the additions was posted June 30, 2004 on the BOL OFAC page.
    FIL-80-2004 7/8/04

  • FMS Web Site Service Interruption Scheduled

    The FMS has announced that due to scheduled server maintenance, its Web site will be unavailable Sunday, July 11, 2004 from 7:00 a.m. until approximately 12:00 p.m., EDT. FMS Site 7/8/04

  • FIL Regarding Securities Transactions NPR

    The FDIC has issued a FIL regarding the previously published SEC NPR to issue a Reg. B which would broaden the exemptions for financial institutions conducting securities transactions. Information concerning the SEC proposal was posted in the June 3, 2004 BOL Top Stories. FIL-79-2004 7/7/04

  • State Profiles Updated

    The FDIC has released the Spring 2004 quarterly update of its profile of the banking and economic conditions for each state.

    State Profiles 7/7/04

  • Affiliate Marketing Opt Out NPR Issued

    The federal financial institutions supervisory agencies have issued a NPR that would give consumers the chance to "opt out" before a financial institution uses information provided by an affiliated company to market its products and services to the consumer.
    Marketing Opt Out FRB; FDIC; OCC; OTS; NCUA 7/6/04

  • Fraudulent OCC Online Banking Web Site

    The OCC has issued an Alert regarding a web site that purports to be an online banking site operated by the OCC. The site is an attempt to obtain personal financial information from users for identity theft purposes.
    Fraudulent Site 7/6/04

  • Bank Assessed $24 Thousand Dollar OFAC Penalty

    The International Bank of Commerce, Laredo, Texas has been assessed a CMP of $24,512.79 by OFAC as the result of unblocked Cuban accounts. OFAC CMP 7/6/04

  • FRB Enters Written Agreement With Texas BHC

    The FRB has announced the entering into a Written Agreement with Kenco Bancshares, Inc., Jayton, Texas regarding the violation of a condition imposed by the FRB in connection with a previously approved application.
    Written Agreement 7/6/04

  • Guatemala Removed From NCCT List

    FATF has announced that Guatemala has been removed from its list of Non-Cooperating Countries and Territories.
    Guatemala;
    NCCT List 7/6/04

  • OCC Issues Long Term Interest Rate Guidance

    The OCC has issued a Bulletin regarding with risk management issues associated with embedded options. The guidance emphasizes the steps banks should take in order to effectively manage interest rate risk. Bulletin 7/2/04

  • Operating Circulars Revised

    FRB Financial Services has announced the revisions of Operating Circulars 4,5,6 and 7 in connection with the new Fedline Advantage access program. FRB NR;
    OC 4; OC 5; OC 6; OC 7 7/2/04

  • Special Alert - Counterfeit Official Checks

    The FDIC has issued a Special Alert regarding counterfeit official checks after being advised by Heritage Bank, Jonesboro, Georgia, that counterfeit official checks bearing the institution name of Citizens National Bank (CNB), payable through BB&T, Charleston, West Virginia, are in circulation. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 7/2/04

  • International Remittances and CRA

    The FFIEC has posted on its Website an interagency letter responding to an inquiry by Congressman Frank regarding the consideration of international remittance services in a CRA evaluation. Response 7/2/04

  • June Foreign Exchange Rates Released

    The G.5 Foreign Exchange Rated Report for June 2004 has been released by the FRB.
    G.5 7/2/04

  • Credit Card Profitability Report Delivered To Congress

    The FRB has its annual report to Congress as required by the FCCCDA regarding the profitability of credit card operations of depository institutions. Credit Card Report 7/2/04

  • Ag Finance Databook Published

    The June 2004 edition of the E.15 Agricultural Finance Databook has been published by the FRB. The Databook contains farm loan information, quarterly call report data and surveys of farm credit conditions and land values. Loan Information; Call Report Data; Surveys 7/2/04

  • ATMs Ahoy

    The Navy and the Financial Management Service (FMS) have announced that the Navy/Marine Cash™ financial system will be installed on 175 Navy ships through FY2008. ATMs 7/2/04

  • FOC Raises Fed Funds Rate

    The FRB has announced that the FOC has raised the target rate for fed funds by 25 basis points.
    Fed Funds 7/1/04

  • Travel Rule CIF Exception Expires

    July 1, 2004 is the date that the CIF exception to the BSA Travel Rule expires. The Travel Rule requires a financial institution to include certain information in transmittals of funds of $3,000 or more. The CIF Exception addressed computer programming problems by relaxing the Travel Rule's requirement that a customer's true name and address be included in a funds transmittal order, as long as alternate steps were satisfied. Travel Rule Exception (txt) (pdf) 7/1/04

  • Recommended Practices Issued For Supervision Of State-Chartered Banks

    The FRB has issued a SL which contains recommended practices to enhance the state-federal coordination of the regulation of state-chartered banks. SL-04-12;
    Recommended Practices 7/1/04

  • FDIC Announces Twenty-Seven Enforcement Actions

    The FDIC has announced twenty-seven enforcement actions taken against individuals and banks in May 2004. The actions included eight cease-and-desist orders, four removal-and-prohibition orders, eight civil money penalty orders, and seven terminations of cease-and-desist orders. Enforcement Actions 7/1/04

  • EDS Awarded BSA Direct Contract

    FinCEN has announced that the contract for the design, development, implementation, web-hosting and support service for BSA Direct has been awarded to EDS. The contract for the information storage and delivery system requires that it be fully operational by October 2005.
    BSA Direct Contract 7/1/04

  • Circulation Date For New $50 Set

    The FRB has announced that the new $50 note which contains additional anti-counterfeit features will begin circulating on September 28, 2004. Financial institutions are urged to train employees who handle cash on how to utilize the new security features.
    New $50 7/1/04

  • Balkan Entries Added To SDN List

    OFAC has added three individuals and one entity to the SDN list with the BALKAN designation. Information regarding the additions has been posted on the BOL OFAC page. 7/1/04

05/31/2004

Top Stories for June 2004

  • Supervisory Insights Journal Launched

    The FDIC has announced the launch of a new publication that will provide a forum for discussing how bank regulation and policy are put into practice in the field, sharing best practices, and communicating about the emerging issues that bank supervisors are facing. Articles featured in the first issue of Supervisory Insights describe a number of areas of current supervisory focus at the FDIC.
    Supervisory Insights 6/30/04

  • Unauthorized Banking Special Alerts Issued

    Two Special Alerts have been issued by the FDIC regarding fourteen entities that may be conducting unauthorized banking operations in Canada and the United States.
    SA-42-2004;
    SA-43-2004 6/30/04

  • International Reserve Position Published

    Treasury has published the U.S. International Reserve Position data for the week ending June 25, 2004.
    International Reserve Position 6/30/04

  • Basel II White Paper Released

    The FRB has released a Basel II Capital Accord white paper entitled, "Implications of Alternative Operational Risk Modeling Techniques".
    Implications http://www.treas.gov/press/releases/2004629142850835.htm
    April G.20 Issued
    The G.20 Finance Companies Statistical Release for April 2004 had been issued by the FRB.
    G.20 6/30/04

  • FDIC Proposes Changes To Assessment Certified Statement Rule

    A FIL has been issued by the FDIC regarding comments to proposed changes to the Assessment Certified Statement Rule.
    FIL-74-2004 6/28/04

  • Agencies Announce Basel II Implementation Plans

    The Basel Committee on Bank Supervision has released the "International Convergence of Capital Measurement and Capital Standards: A Revised Framework", also know as Basel II, which represents the outcome of the Committee's work to secure international convergence on revisions to regulations and standards governing the capital adequacy of internationally active banking organizations. The document will form the basis upon which the federal banking agencies will develop proposed revisions to existing capital adequacy regulations and standards. Basel Committee; Basel II; OCC; FRB; OTS; FDIC 6/28/04

  • IFDP Working Paper Published

    A working paper in the International Finance Discussion Papers series, "The Information Content of Forward and Futures Prices: Market Expectations and the Price of Risk", has been published by the FRB. Information Content 6/28/04

  • SDN FIL Issued

    The FDIC has issued a FIL regarding previously announced additions to the OFAC SDN list. Information regarding the new entries was posted June 23, 2004 on the BOL OFAC page.
    FIL-76-2004 6/28/04

  • Affiliate Marketing Notice and Opt Out NPR To Be Issued

    The federal financial regulators have approved the issuance of a NPR regarding the implementation of the affiliate marketing notice and opt out provisions of FCRA. FRB; OCC 6/25/04

  • Thirty-Four OCC CRA Evaluations Released

    The OCC has released the CRA evaluations for thirty-four national banks. Four institutions were rated outstanding and thirty received a satisfactory rating. CRA 6/25/04

  • OTS CRA Ratings Announced

    The OTS has announced the March, April and May CRA ratings for savings associations that became publicly available during the reporting periods. March; April; May 6/25/04

  • More SBA Lending For Credit Unions Proposed

    NCUA has issued a proposal to amend the agency’s MBL rule to enable credit unions to participate more fully in SBA guaranteed loan programs. Proposal 6/25/04

  • Availability of funds and collection of checks (Regulation CC):

    Routing number guide to next-day availability checks and local checks; technical amendment. Final Rule PDF  TEXT 6/25/04

  • Equal credit opportunity, electronic fund transfers, consumer leasing, truth in lending, and truth in savings (Regulations B, E, M, Z, and DD)

    : Clear and conspicuous disclosures; withdrawn.

    Proposed Rule PDF   TEXT 6/25/04

  • Synthetic CDOs Working Paper Published

    A FEDS series working paper entitled, "Understanding the Risks of Synthetic CDOs", has been published by the FRB.

    Synthetic CDOs 6/25/04

  • June Electronic Interpretations and Actions Posted

    The June 2004 Issue of New Electronic Interpretations and Actions has been posted on the OCC web site.

    Electronic Interpretations 6/25/04

  • Italian al Qaida Members Added To OFAC List

    Six individuals, who are members of an Italian al Qaida cell, have been added to the OFAC SDN list as SDGTs. Information regarding the additions has been posted on the BOL OFAC page. 6/25/04

  • Happy Birthday To Do Not Call

    To celebrate the first anniversary of the national Do Not Call Registry, the FTC has released updated registration and complaint figures. Sixty-two million telephone numbers have been registered and four hundred twenty-eight thousand possible violations have been reported. Do Not Call 6/25/04

  • Free Annual Credit Reports Rule Published in FR

    The FTC has published in the FR a final rule regarding the providing of free annual credit reports to consumers under FACTA and FCRA. A centralized source will be created to accept consumers' requests for their reports. 69FR35467> (txt) 69FR35467 (pdf) 6/24/04

  • Former Bank Executives Indicted

    Three former senior executive officers of Hamilton Bancorp and Hamilton Bank have been indicted by a federal grand jury in Miami, Florida for conspiracy, wire fraud, securities fraud, false filings with the SEC, false statements to accountants, obstruction of an examination of a financial institution, and making false statements to OCC. Indictment 6/24/04

  • Regulators To Form BSA/AML Working Group

    The FFIEC has announced plans to form an interagency working group to improve communications between federal banking agencies and the FFIEC regarding BSA and AML issues. Working Group 6/24/04

  • FRB Withdraws Proposed Revisions

    The FRB has announced that the proposed revisions to Regulations B, E, M, Z, and DD which sought to more specifically define the standard for providing "clear and conspicuous" disclosures have been withdrawn. Withdrawal 6/23/04

  • Reg CC Amendments Announced

    The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth, Fifth, and Eighth Districts. Reg CC 6/23/04

  • Regulatory Burdens Impact Financial Institutions and Their Customers

    In presentations before the Senate Banking Committee, OCC Chief Counsel Williams, OTS Chief Counsel Bowman, and FDIC Vice Chairman Reich addressed the problem of the regulatory burden on financial institutions and the impact on their customers. Williams;
    Bowman;
    Reich 6/23/04

  • Electric Record Keeping AL Issued

    The OCC has issued an AL which identifies issues regarding bank electronic record systems in light of the E-SIGN Act. The letter provides a basic framework that bank management can use to assess and address key issues posed by electronic record keeping systems.
    AL-2004-9 6/22/04

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Surety Bank, Deland, Florida. Information regarding the counterfeit cashier's checks have been posted on the BOL Alerts & Counterfeits page. 6/22/04

  • Greenspan Takes Oath

    Chairman Greenspan has taken the oath of office and has been sworn in for his fifth term as Chairman of the Board of Governors of the Federal Reserve System. Greenspan 6/22/04

  • Comment Period Extended

    Five federal regulators have extended for 30 days the comment period on the proposed Interagency Statement on Sound Practices Concerning Complex Structured Finance Activities first published in the Federal Register on May 19, 2004. The public comment period will now end July 19, 2004. Original Statement; FRB; OCC; FDIC; OTS;
    SEC 6/21/04

  • SCRA AL Issued

    An AL has been issued by the OCC which provides information about provisions of the Servicemembers Civil Relief Act that are most likely to affect national banks. For additional SCRA information, check out the BOL SCRA page. AL 2004-8 6/21/04

  • Derivative Volume Exceeds $76 Trillion

    The OCC has published the First Quarter 2004 Bank Derivates Report which indicates the amount of derivatives in insured commercial bank portfolios exceeds $76 Trillion dollars. Derivatives Report 6/21/04

  • Order Of Prohibition Issued

    The FRB has issued an Order of Prohibition against a former employee of First Tennessee Bank and Bank of America. The former employee is prohibited from participating in the conduct of the affairs of any financial institution or holding company. Order 6/18/04

  • Proposed Amendments to Reg J Published in FR

    The FRB is publishing for comment a proposed rule that would amend subpart A of Regulation J to provide for the
    rights and obligations of sending banks, paying banks, returning banks, and Reserve Banks in connection with collection of substitute checks and items that have been converted to electronic form. 69FR34086 (txt) 69FR34086 (pdf)6/18/04

  • Bulletin and FIL Issued Regarding Disposal Of Consumer Information NPRM

    A Bulletin and a FIL have been issued by the OCC and the FDIC regarding the previously announced NPRM concerning the proper disposal of consumer information derived from credit reports. Notice of the NPRM was posted June 9, 2004 in BOL Top Stories. OCC Bulletin 2004-28; FIL -73-2004 6/18/04

  • CAC Nominations Sought

    The FRB has announced that it is seeking nominations for appointments to its Consumer Advisory Council. Eleven new members will be appointed to serve three-year terms beginning in January 2005. Nominations

  • Guidance Issued On Acceptance Of Foreign Accounts

    The federal financial regulators have issued an Interagency Advisory regarding the acceptance of accounts from foreign governments, foreign embassies and foreign political figures. Foreign Account Guidance;
    FinCEN;
    Treasury PR;
    FRB SR;
    OCC Bulletin;
    OTS NR;
    FDIC FIL 6/17/04

  • Fraudulent Information Requests Special Alert

    The FDIC has issued a Special Alert concerning faxes received by foreign financial institutions containing requests for financial information that appear to have been sent by the FDIC and falsely claim that the FDIC is soliciting mandatory customer information as part of money laundering and anti-terrorism measures. Special Alert 6/17/04

  • July HOEPA Reference Rates

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in July 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H.15 Daily Rates;
    H. 15 Weekly Rates 6/17/04

  • OCC Enforcement Actions Announced

    The OCC has announced twenty-one Enforcement Actions against national banks and individuals formerly associated with national banks in Illinois, Minnesota, Nebraska, Ohio, Pennsylvania, Texas and California.
    Enforcement Actions 6/17/04

  • Beige Book Updated

    The FRB of St. Louis has published the June 2004 update to the Beige Book.
    Summary;
    Full Report 6/17/04

  • OFAC Overview And Mission

    In a presentation before a House Subcommittee, the Director Newcomb reviewed OFAC's core mission, organizational structure, designation programs, legal authorizations, mission against drug cartels, counter-terrorism program, key node strategy, foreign counterparts, and vision for the future. Speech 6/17/04

  • Final Interest Rate Risk Measures Published

    OTS has published the First Quarter 2004 Final Thrift Industry Interest Rate Risk Measures Report.
    Final Report 6/17/04

  • OFAC Changes Cuban Assets Control Regs

    OFAC has announced changes to the Cuban Assets Control Regulations. Information regarding the changes has been posted on the BOL OFAC page. 6/17/04

  • FRB Announces Payment System Evolution Strategy

    The FRB has announced a strategy to adapt to the changes that will occur in the payments system as the result of the implementation of Check 21. Strategy 6/17/04

  • May G.17 Report Issued

    The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for May 2004.
    G.17 6/17/04

  • Foreign Bank Structure And Share Data Released

    The March 2004 structure and share data for U.S. offices of foreign banks report has been released by the FRB.
    Structure And Share 6/17/04

  • Classification Of Bank Assets Revised

    The federal financial regulators have revised the Agencies' Uniform Agreement on the Classification of Assets and Appraisal of Securities Held by Banks and Thrifts. The revision, which is the first since 1979, does not change the classification of loans.
    Uniform Agreement;
    FRB SR;
    OCC Bulletin;
    OTS CEO Letter;
    FDIC FIL 6/16/04

  • HMDA Data Collection Rules Reference Materials

    The FDIC has issued a FIL that highlights the changes to Reg C, reviews the transition rules, and lists the OMB's new geographic definitions. FIL-71-2004 6/16/04

  • FTC to Conduct Credit Score Study

    The FTC has announced plans to conduct a study on the effects of credit scores and credit-based insurance scores on the price and availability of mortgages, auto loans, credit cards, insurance, and other financial products. As required by law, public comments are being sought regarding the prescribed methodology and research design of the study. Credit Score Study 6/16/04

  • International Reserve Position and TIC Data Released

    Treasury has released the U.S. International Reserve Position data for the week ending June 11, 2004 and the Treasury International Capital data for April 2004. International Reserve
    TIC 6/16/04

  • Bank Merger Study Published

    The FRB has published a study of the bank merger activity in the United States from 1994 to 2003.
    Merger Study 6/16/04

  • Four FEDS Papers Released

    The FRB has announced the release of four working papers in the FEDS series with the following titles: The Decline in Household Saving and the Wealth Effect; To Leave or Not to Leave: The Distribution of Bequest Motives; Employer-to-Employer Flows in the U.S. Labor Market: The Complete Picture of Gross Worker Flows; and Transparency and Monetary Policy: What Does the Academic Literature tell Policymakers?. Decline;
    Leave;
    Flows;
    Transparency 6/16/04

  • Cost Of Funds Ratios Issued

    OTS has issued the current and historical national average cost of funds ratios for OTS regulated, SAIF insured institutions.
    Current; Historical
    6/16/04

  • Reg V Final Rule adds Model Notices

    The revisions add model notices that financial institutions may use to comply with the notice requirement relating to furnishing negative information contained in section 217 of the Fair and Accurate Credit Transactions Act of 2003. 69FR33281 (txt) 69FR33281 (pdf) 6/16/04

  • Morgan And Bank One Merger Approved

    The FRB has issued an Order approving the merger of J.P. Morgan Chase & Co. and Bank One Corporation resulting in the creation of second largest depository institution in the U.S. with total consolidated assets of approximately $1.1 Trillion.
    Merger Order 6/15/04

  • SDN FIL Issued

    The FDIC has issued FIL-68-2004 regarding previously announced SDGT additions to the OFAC SDN list. Information concerning the new SDGTs was posted June 10, 2004 on the BOL OFAC page. 6/15/04

  • Changes To Call Report Instructions Proposed

    The federal financial regulators have issued a joint notice and request for comment regarding two proposed instructional changes that will affect how information concerning certain securitized loans and "when-issued" securities are listed on the Call Report.
    Joint Notice 6/11/04

  • Supervisory Decisions Appeals Process Updated

    OTS has announced that the appeals process regarding supervisory decisions has been updated to include the review and appeal of the risk or complexity classification that OTS uses in calculating holding company assessments. Appeals Process 6/11/04

  • FRB Small Business Finance Survey Underway

    The FRB has commenced a Survey of Small Business Finances aimed at increasing policymakers' understanding of how economic and regulatory changes affect small firms' access to credit. A letter from Chairman Greenspan encouraging participation in the survey will be mailed to about 12,000 small-business owners. FRB Survey;
    Greenspan Letter 6/11/04

  • FIL Issued Regarding SAR Safe Harbor Status

    The FDIC has issued FIL-76-2004 regarding a previously released Interagency Guidance which addressed the Federal Court reaffirmation protecting financial institutions and their employees from civil liability for filing a SAR. Information concerning the Guidance was posted May 26, 2004 in BOL Top Stories. SAR 04-86/11/04

  • OFAC Adds SDGTs

    OFAC has announced that one individual and two entities have been designated as SDGTs and added to the SDN list. Information regarding the new names has been posted on the BOL OFAC page. 6/11/04

  • Flow of Funds Report Released

    The FRB has released the June 2004 Z.1 Flow of Funds Accounts of the United States report
    Z.1 6/11/04

  • OCC Extends Lending Limits Pilot Program

    Under the pilot program, eligible national banks with main offices located in states that prescribe a higher lending limit for residential real estate loans or small business loans than the current Federal limit may apply to take part in the program and use the higher limits. 69FR32435 (txt) 69FR32435 (pdf) 6/10/04

  • OTS Closed Friday

    OTS has announced that it will close on Friday, June 11 in observance of the National Day of Mourning for former President Ronald Reagan. The agency also indicated that OTS-chartered federal savings associations choosing to close on Friday may do so without objection from OTS. OTS Friday 6/10/04

  • FFIEC Posts June Reporting Forms

    The FFIEC has posted the 031 and 041 June 2004 Reporting Forms on its Web Site.
    031; 041 6/10/04

  • Spring 2004 Federal Reserve Bulletin Published

    The FRB has published the Spring 2004 issue of the Federal Reserve Bulletin.
    Spring 2004 Bulletin 6/10/04

  • Some National Banks May Close Friday

    The OCC has issued a proclamation advising national banks that under federal law they may close their offices Friday, at their discretion, in any state in which the governor or other authorized official has declared a legal holiday in recognition of the National Day of Mourning for President Reagan. Proclamation 6/9/04

  • Counterfeit Cashier's Checks Special Alert



  • The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Santa Clara Valley Bank, N.A., Santa Paula, California and Bank of Brookhaven, Brookhaven, Mississippi. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 6/9/04

  • Disposal Of Consumer Information NPR

    The federal financial regulators have issued a NPR regarding the proper disposal of consumer information under the provisions of the FACT Act. The proposal would require institutions to develop, implement and maintain as part of their information security programs appropriate measures to dispose of consumer information to guard against identity theft. This was previously announced in Top Stories on June 8th. NPR;
    FRB PR;
    OCC PR;
    FDIC;
    OTS PR 6/9/04

  • Reg V Amendments Issued

    The FRB has issued a Final Rule amending Reg V by adding model notices for financial institutions to use if they furnish negative information to consumer reporting agencies. Reg V 6/9/04

  • Third Quarter CRA Exam Schedule Announced

    OTS has announced that 113 CRA examinations are scheduled to be conducted in the third quarter 2004.
    CRA Schedule 6/9/04

  • C & D Issued Against Arkansas CU

    NCUA has announced that a Cease and Desist Order has been issued against the Northeast Arkansas Federal Credit Union.
    Order;
    Stipulation 6/9/04

  • FTC Seeks Comments Regarding Providing Credit Reports To Consumers

    The Federal Trade Commission is seeking public comment to aid its staff in preparing a study examining “the effects of requiring that a consumer who has experienced an adverse action based on a credit report receive a copy of the same credit report that the creditor relied on in taking the adverse action." Comments
    6/9/04

  • 2003 Corporate Medium-Term Notes Report Released

    The 2003 Corporate Medium-Term Notes Report has been released by the FRB. Corporate Medium-Term Notes 6/9/04

  • FCRA Proposal on Disposal of Consumer Information

    The proposal would require each financial institution to develop, implement, and maintain appropriate measures to properly dispose of consumer information derived from consumer reports to address the risks associated with identity theft. 69FR31913 (pdf) 69FR31913 (txt) 6/8/04

  • FDIC Issued PR on Deposit Insurance Assessment

    The FDIC proposes to modernize and simplify its deposit insurance assessment regulations governing certified statements, to provide regulatory burden relief to insured depository institutions. Under the proposal, insured institutions would be required to obtain their certified statements on the Internet via the FDIC's transaction-based e-business website, FDICconnect. 69FR31922 (pdf) 69FR31922 (txt) 6/8/04

  • Regional Reserve Banks To Be Open Friday

    The FRB has announced that its Washington, D.C. office will be closed on Friday, June 11 in observance of the national day of mourning for former President Reagan. The regional Reserve Banks will be open during normal business hours and will provide all financial services as usual. FRB PR
    6/8/04

  • Computer Virus Protection Guidance Issued

    The FDIC has issued an FIL concerning the importance of developing and maintaining an effective computer virus protection program.
    Virus Guidance 6/8/04

  • "Offshoring" Risks Examined

    The results of a study regarding the associated risks of offshore outsourcing by financial institutions from a safety and soundness perspective and with particular emphasis on the threats posed to customer privacy has been released by the FDIC. Offshoring Study 6/8/04

  • FIL Regarding Overdraft Protection Guidance

    The FDIC has issued FIL-63-2004 regarding the previously announced proposed Interagency Guidance concerning overdraft protection plans. The proposal was published in the Federal Register on June 7, 2004 and comments are due on or before August 6, 2004. Information regarding the Guidance was posted in the June 1, 2004 BOL Top Stories.
    6/8/04

  • CRA Ratings Announced

    The FDIC has announced the June 2004 list of CRA ratings that were issued for banks examined in March 2004.
    CRA Ratings 6/8/04

  • Failed Bank Data Available Online

    The FDIC has posted the balance sheet summaries on all failed banks that have been placed in FDIC receivership since October 2000 on its Web site. Failed Bank Data 6/8/04

  • June FHC List Released

    The FRB has released the list of bank holding companies that have elected to become or be treated as financial holding companies as of June 4, 2004. FHC List 6/8/04

  • April Consumer Credit Report Issued

    The G. 19 Consumer Credit Report for April 2004 has been issued by the FRB.
    G. 19 6/8/04

  • Truth in Savings Reg. DD - Proposed Rule

    SUMMARY: The Board proposes to amend Regulation DD, which implements the Truth in Savings Act, and the staff commentary to the regulation, to address concerns about the uniformity and adequacy of information provided to consumers when they overdraw their accounts. The proposed amendments, in part, address a specific service offered by depository institutions, commonly referred to as ‘‘bounced-check protection’’ or ‘‘courtesy overdraft protection.’’ Text Version; PDF Version 6/7/04

  • Privacy Act Implementation - Proposed Rule

    SUMMARY: The Board of Governors of the Federal Reserve System (Board) proposes to amend its regulation implementing the Privacy Act of 1974. The primary proposed changes concern the waiver of copying fees charged to current or former Board employees for access to records under the Privacy Act, and the special procedures for release of medical records. In addition, the Board is proposing to make minor editorial
    and technical changes. Text Version; PDF Version 6/7/04

  • Interagency Guidance on Overdraft Protection Services

    Member agencies of the Federal Financial Institutions Examination Council (FFIEC), the OCC, Board, FDIC, OTS, and NCUA (the Agencies), request comments on this proposed Interagency Guidance on Overdraft Protection Programs (Guidance). This proposed Guidance is intended to assist insured depository institutions in the responsible disclosure and administration of overdraft protection services.
    Text Notice;
    PDF Notice 6/7/04

  • Free Annual Credit Reports Final Rule

    The FTC has issued a final rule regarding the providing of free annual credit reports to consumers under FACTA and FCRA. A centralized source will be created to accept consumers' requests for their reports.
    FTC PR;
    Final Rule 6/7/04

  • Reg J Amendment Proposed

    The FRB has proposed an amendment to Regulation J, which governs Reserve Banks' collection of checks and other cash items, to cover the entire range of check processing services that the Reserve Banks plan to offer once Check 21 becomes effective.
    Reg J 6/7/04

  • AML Guidance On MSB Customers

    The OCC has issued an Advisory Letter that provides guidance to national banks that provide banking services to money services businesses (MSBs).
    Guidance 6/7/04

  • Charge-Off And Delinquency Rate Data Released

    The FRB has released the charge-off and delinquency rates on loans and leases at commercial banks that were compiled from the quarterly FFIEC Consolidated Reports of Condition and Income.
    Charge-Off 6/7/04

  • Privacy Act Amendment Regarding Disclosure of Medical Information

    The FRB has issued a proposed amendment to the Privacy Act which provides special procedures for the release of medical records.
    Privacy Act 6/7/04

  • First Quarter Preliminary IRR Measures Released

    OTS has issued the preliminary IRR Measures report for the first quarter 2004.
    IRR 6/7/04

  • Spring 2004 Issue FDIC Consumer News Published

    The Spring 2004 issue of the FDIC Consumer News has been published and contains article on using ATMs, ways to learn about FDIC insurance, fraudulent emails, predatory lending and warnings about some credit counseling firms.
    Consumer News 6/7/04

  • Large Bank Ranking Released

    The ranking of insured U.S.-chartered commercial banks that have consolidated assets of $300 million or more as March 31, 2004 has been released by the FRB.
    Ranking 6/7/04

  • May Issue FedFocus Published

    The May 2004 issue of FedFocus has been published and contains articles on Check 21, FedLine Advantage, information security; and Fed ACH service to Mexico.
    May FedFocus 6/7/04

  • FRB Announces Written Agreement With Utah BHC And Bank

    A Written Agreement has been executed by and among Utah Bancshares, Ephraim, Utah; the Bank of Ephraim, Ephraim, Utah; the Utah State Department of Financial Institutions; and the Federal Reserve Bank of San Francisco. Written Agreement 6/4/04

  • OCC Review Own Actions Regarding Riggs

    Comptroller Hawke indicated in testimony before the Senate Banking committee that the OCC is conducting a review of the agency's handling of the BSA compliance at Riggs Bank, N.A. Oral Statement;
    Testimony 6/4/04

  • International Reserve Position Update

    The data regarding the U.S. International Reserve Position as of the week ending May 28, 2004 has been released by Treasury.
    International Reserve Position 6/4/04

  • OFAC Adds SDGT

    An individual has been added to the OFAC SDN list as a SDGT. Information regarding the new entry has been posted on the BOL OFAC page. 6/4/04

  • Lessons Learned From Regulatory Failures

    In testimony before a House sub-committee, Thomas C. Baxter, Jr., Executive Vice President and General Counsel of the Federal Reserve Bank of New York, discussed the regulatory failures at Riggs Bank and UBS.
    FRB Testimony 6/3/04

  • SEC Proposes New Bank Broker Regulation

    The SEC has announced that it will publish for comment a proposed Regulation B. This new regulation is designed to implement provisions of the GLB Act that delineate the securities activities banks may engage in without registering as brokers under the Securities Exchange Act of 1934. Proposal 6/3/04

  • Challenges Of Combating ML

    The Deputy Chief Counsel of the OCC, Daniel Stipano, in testimony before a House sub-committee, reviewed the challenges facing the OCC and other regulators in combating money laundering. OCC Testimony 6/3/04

  • It's SOD Time Again

    The FDIC has issued a FIL regarding the annual Summary of Deposits survey filing deadlines which vary depending on the method of filing.
    FIL-61-2004 6/3/04

  • Mortgage Broker Tricked Customers

    The FTC has charged a California mortgage broker of tricking customers by deceptive advertisements that offered "fixed rate loans" that were actually adjustable rate mortgages. Deceptive Ads 6/3/04

  • Nine FEDS Papers Published

    The FRB has published nine working papers in the FEDS series with the following titles: 401(k) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers; Commercial Lending and Distance: Evidence from Community Reinvestment Act Data; Optimal Inflation in an Open Economy with Imperfect Competition; Cross-Border Diversification in Bank Asset Portfolios; Loan Commitments and Private Firms; Fresh Start or Head Start? The Effect of Filing for Personal Bankruptcy on the Labor Supply; Overnight Interbank Loan Markets; Technology, Capital Spending, and Capacity Utilization; and How Fast Do Personal Computers Depreciate? Concepts and New Estimates.
    401(k);
    Commercial Lending;
    Optimal Inflation;
    Cross-Border;
    Loan Commitments;
    Fresh Start;
    Overnight;
    Capital Spending;
    How Fast 6/3/04

  • Branches Of Islamic Foundation Added To OFAC List

    OFAC has added five branches of the Al-Haramain Islamic Foundation and its former leader to the SDN list. Information regarding the additions has been placed on the BOL OFAC page. 6/3/04

  • Steps to Improve Information Security

    A just-released GAO report focuses on information security problems found within the FDIC, but the lessons learned should be adapted and applied to financial institutions as well. We’ll summarize the report and give you advice on what steps you should take immediately to ensure that you are doing all you can to secure the sensitive information that you control. And, be sure and take advantage of the special tool we've included as well.
    Read the Article 6/2/04

  • June HOEPA Reference Rates

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in June 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For June, you will use the rates posted on May 14th since May 15th fell on the weekend.
    H. 15 Daily Rates; H. 15 Weekly Rates 6/2/04

  • Written Agreement With Wisconsin BHC

    The FRB has announced the execution of a Written Agreement with CIB Marine Bancshares, Inc., Pewaukee, Wisconsin.
    Written Agreement 6/2/04

  • Bogus Mortgage Brokers Charged By FTC

    The FTC has charged a group of Colorado-based mortgage brokers with violating federal laws by deceptively claiming that they will refinance consumers’ mortgages at the lowest rates available at no cost to the consumer. A U.S. district court judge has issued a TRO barring the defendants’ illegal business practices and freezing their assets. Bogus Brokers 6/2/04

  • Third Quarter CRA Exam Schedule Issued

    The CRA examination schedule for the third quarter 2004 has been issued by the OCC. Exam Schedule 6/2/04

  • IRS ID Theft Scheme Warning

    The IRS has issued a warning of a fraudulent scheme targeting non-resident aliens who have income from a United States source. The scheme uses fictitious IRS correspondence and an altered IRS form in an attempt to trick the foreign persons into disclosing their personal and financial data. IRS Warning 6/2/04

  • May Foreign Exchange Rates Released

    The G. 5 Foreign Exchange Rates for May 2004 have been released by the FRB.
    Exchange Rates 6/2/04

  • 2003 Fact Book Published By OTS

    OTS has announced the publication of the 2003 Fact Book which contains a statistical profile of the thrift industry.
    Fact Book 6/2/04

  • March UBPR Available

    FFIEC has announced that the March 31, 2004 UBPR is now available online.
    March UBPR 6/2/04

  • Narcotics Kingpins Added To OFAC List

    OFAC has announced the addition of ten individuals to the SDN list with the designation of SDNTK and the blocking of all assets of an additional thirteen entities. Information regarding the additions has been posted on the BOL OFAC page. 6/2/04

  • Reg DD Amendments Proposed

    The FRB has proposed a Rule amending Reg DD as a result of concerns regarding the information that is provided to consumers about some overdraft protection plans. In addition, the federal regulators have issued a proposed Interagency Guidance on the marketing, disclosure, and implementation of overdraft protection programs. FRB Reg DD NPR;   
    Interagency Guidance;   
    FRB NR;   
    OCC NR;   
    OTS NR;   
    FDIC PR;   
    NCUA PR 6/1/04

  • FinCEN al Qaeda Special Alert

    Pursuant to a request from the U.S. Attorney General regarding assistance in locating seven individuals, FinCEN has issued a Special Alert which provides identifying information for use by financial institutions. al Qaeda 6/1/04

  • OCC Fraudulent Emails

    The OCC has issued an Alert regarding fraudulent emails that appear to be sent by the OCC involving international payments being held by the OCC. Email Alert 6/1/04

  • FTC Comments On FACT Act Proposals

    The FTC has issued comments to the federal banking regulators regarding the proposal to prohibit creditors from obtaining or using medical information in credit decisions. FTC Comments 6/1/04

  • Assessments And Fees Final Rule

    The OTS has issued a Final Rule regarding its assessments and fees.
    Final Rule 6/1/04

  • Changes To OFAC SDN Data Files

    OFAC issued a reminder of the previously announced upcoming changes to the SDN data files. Information regarding the changes has been posted on the BOL OFAC Page. 6/1/04

  • March G. 20 Released

    The FRB has released the G. 20 Finance Companies Report for March 2004.
    G. 20 6/1/04

04/30/2004

Top Stories for May 2004

  • OCC Exclusive Visitorial Powers Upheld

    The U.S. District Court for the District of Connecticut has issued an opinion in a case regarding whether a state regulator could exercise "visitorial powers" over a subsidiary of a national bank. The Court determined that the OCC's recent issuance of a Final Rule regarding the exclusive nature of federal regulator's powers was a reasonable interpretation and must be upheld. The Court reject the arguments presented by banking officials and attorneys general representing forty-three states who filed a brief in support of the Connecticut Bank Commissioner. Information regarding the Final Rule was posted January 7, 2004 in BOL Top Stories.

    Court Decision;   
    Other Top Stories Regarding the Final Rule January 14 and 29, 2004    February 13, 2004    March 10, 2004    April 8, 2004 5/28/04

  • $70 Million CMP Assessed Against Citigroup

    The FRB has announced the issuance of a consent Order to Cease and Desist and an Order of Civil Money Penalty in the amount of seventy million dollars against Citigroup, Inc. and a non-banking subsidiary for alleged violations of Reg. B regarding the requirement of co-applicant signatures on loan documents and other violations of HOEPA and Reg. Z.
    Order 5/28/04

  • May Electronic Interpretations And Actions Announced

    The OCC has released the May 2004 issue of Electronic Interpretations and Actions which contains infromation regarding community development letters, corporate decisions, approvals, final enforcement actions, and CRA evaluations.
    Electronic Interpretations 5/28/04

  • OTS Issues Final Rule

    OTS has issued a Final Rule regarding holding company assessments.
    Final Rule 69FR30554 (txt) 69FR30554 (pdf) 5/28/04

  • Participation in Group Mortgage Guaranty Reinsurance Program Authorized

    A legal opinion has been issued by OTS that authorizes federal savings associations to participate directly, or indirectly, in a group mortgage guaranty reinsurance program. Opinion 5/28/04

  • Structure Note Holdings Examiner Guidance Issued

    The FDIC has issued a FIL that provides guidance to examiners on the review of structured note holdings at FDIC-supervised institutions.
    FIL-59-2004 5/28/04

  • Information Systems Guidance Issued

    The FFIEC has issued revised guidance for examiners, financial institutions, and technology service providers on the development, acquisition, and maintenance of information systems. IS Guidance 5/28/04

  • First Quarter Record Earnings Reported

    The FDIC has announced that FDIC-insured institutions have reported record earnings for the First Quarter 2004.
    Earnings 5/28/04

  • QBP For First Quarter Released

    The FDIC has released the Quarterly Banking Profile for First Quarter 2004.
    QBP 5/28/04

  • FDIC Enforcement Actions Announced

    The FDIC has announced thirty-six Enforcement Actions against institutions and individuals in April, 2004. The actions included: four cease-and-desist orders, six removal-and-prohibition orders, ten civil money penalty orders, thirteen terminations of insurance orders, two terminations of cease-and-desist orders, and one termination of a consent order. Enforcement Actions 5/27/04

  • Phishing Report Released By Treasury

    Treasury has announced the release of a report regarding the prevention, detection and response to phishing schemes.
    Phishing 5/27/04

  • Online Subscriptions Offered By FDIC

    An online subscription service has been announced by the FDIC. Subscribers can select the publications that they want to receive free via email. Online Subscriptions 5/27/04

  • NCUA Announces Express Emails

    NCUA has announced the activation of its Express email subscription service which offers expedited electronic retrieval of NCUA information. Express Email 5/27/04

  • Thrift Industry First Quarter Results

    OTS reports that the thrift industry profitability remains strong in the First Quarter 2004.
    Profitability;
    Highlights;
    Charts;
    Selected Indicators 5/27/04

  • Changes Made To UPBR

    The FDIC has issued an FIL regarding changes made to the UPBR peer grouping methodology and the distribution of the report.
    FIL-58-2004 5/27/04

  • Outlook Examines Bank Earning

    The Summer 2004 issue of the FDIC Outlook examines the earnings performance of FDIC-insured depository institutions in three different reports: addressing the role of net interest margin in industry earnings, the effect of higher interest rates on securities gains, and how demographic trends are affecting banks in rural areas. Outlook 5/27/04

  • Federal Court Reaffirms SAR Safe Harbor

    The federal financial regulators have issued an Interagency Advisory regarding a recent federal court case that reaffirmed the protection from civil liability afforded financial institutions and their employees who file SARs. Interagency Advisory
    FRB SR 5/26/04

  • Twelve Enforcement Actions Announced

    The OCC has announced 12 enforcement actions against national banks and individuals who are current or former affiliates of the institutions. The actions involved banks and individuals in the District of Columbia, Nevada, Ohio, Virginia, Kansas, Illinois, Louisiana, Texas, California, and New York. Enforcement Actions 5/26/04

  • Counterfeit FDIC Expense Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit FDIC expense checks which are drawn on Mellon Bank, N.A., Pittsburg, Pennsylvania. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits Page. 5/26/04

  • FDIC Website Updates Include BSA, Analysis Report and Payment Changes

    The FDIC has added information on its Web site concerning BSA and AML, the March 2004 Financial Analysis Report, and the impact on U.S. banking of payment system payments. BSA;
    Analysis Report;
    Payment Changes 5/26/04

  • Greenspan Urges Participation in Consumer Study

    The FRB has announced plans to conduct a study of household finances to provide insight regarding the economic condition of American families. The study, known as the Survey of Consumer Finances, has been conducted every three years since 1983. A letter from Chairman Greenspan has been sent to approximately 10,000 households urging their participation in the study. Letter;
    FRB PR 5/26/04

  • Storm Relief FIL Issued

    The FDIC has issued a FIL announcing a series of steps to facilitate the rebuilding process in areas recently impacted by severe weather in the state of Nebraska, Kansas, Iowa, and Missouri. FDIC FIL-57-2004 5/26/04

  • International Reserve Position Released

    Treasury has release the U.S. International Reserve Position for the week ending May 21, 2004.
    International Reserve 5/26/04

  • $10 Million In Restitution Ordered

    The OCC has ordered a Las Vegas based bank to set aside at least $10 million as restitution for customers who were charged excessive interest and opening fees on a credit card with limit of $260 which resulted in an initial available balance of $2.50. The OCC contended the practice was unfair and deceptive and violated the FTC Act. Order
    5/25/04

  • 62 CRA Ratings Released

    The OCC has released the CRA ratings for sixty-two national banks. Seven banks received an outstanding rating, fifty-five were satisfactory and none were needs to improve or substantial noncompliance. CRA
    5/25/04

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Florida Bank, N.A., Tampa, Florida. Information regarding the counterfeit items has been placed on the BOL Alerts & Counterfeits page.
    5/25/04

  • Is Inflation Targeting Best-Practice Monetary Policy?

    The latest International Finance Discussion paper issued by the FRB examines the inflation targeting framework and monetary policy.
    Discussion Paper 5/25/04

  • 23A Exemption Granted

    The FRB has released a legal interpretation which grant the request of Citigroup, Inc. for an exemption from the provisions of 23A of the FRA and Reg W which would allow the acquisition of all the shares of an affiliate.
    Exemption 5/24/04

  • Check 21 FIL Issued

    The FDIC has issued an FIL advising institutions that they should start planning for the operational changes that will be necessary to implement Check 21.Check 21 5/24/04

  • OTS Issues Electronic Initiatives CEO Letter

    The OTS has issued a CEO Letter regarding electronic initiatives which describes the availability and transferability of electronic information between OTS and the institutions it regulates.CEO Letter 5/24/04

  • Registration For FDICconnect Encouraged

    The FDIC is encouraging institutions to immediately register for FDICconnect, a secure Website developed to facilitate transactions with the regulator.
    Registration
    5/24/04

  • FDIC Insurance Funds First Quarter Results

    The First Quarter 2004 financial results for BIF and SAIF have been announced by the FDIC.
    Results.5/24/04

  • FDIC SDN FIL

    A FIL has been issued by the FDIC regarding previously announced entries designated as SDNs buy OFAC. Information concerning the new designations was posted May 18, 2004 on the BOL OFAC page.5/24/04

  • The FFIEC has updated the Technical Information section of the UBPR User's Guide. User's Guide 5/21/04

  • Bulletin Issued On Fact Act NPR

    The OCC has issued a Bulletin concerning the previously announced NPR regarding implementation of section 411 of the Fact Act. Information regarding the NPR was posted in the April 26, 2004 BOL Top Stories. Fast Act NPR 5/21/04

  • Effects Of Interest Rates on MMMFs

    The FDIC has published an analysis of the effects of interest rates on money market mutual funds in the latest edition of FYI. FYI 5/21/04

  • Check 21 Services Introduced By FRB

    The FRB has announced three new services: FedForward, FedReturn, and FedReceipt, which are designed to help financial institutions take advantage of Check 21 opportunities. New Products 5/19/04

  • NPR Concerning BSA And Syrian Bank

    FinCEN has issued pursuant to the provisions of the BSA a NPR regarding the imposition of a special measure against a Syrian Bank as financial institution of primary money laundering concern. NPR 5/19/04

  • Amendments to Reg CC

    The FRB has announced additional amendments to Appendix A of Reg CC which reflect the restructuring of the check processing operations in the Seventh and Eight Districts. These amendments have now been published in the Federal Register. 69FR28819 (txt) 69FR28819 (pdf) 5/19/04

  • Comments Sought For Prescreened Study

    The FRB is seeking comments to assist on a study concerning prescreened solicitations required by the FACT Act.
    Study 5/19/04

  • Greenspan Accepts Nomination

    In response to the announcement that President Bush intends to nominate Alan Greenspan as Chairman of the FRB for an additional four year term, the Chairman issued a statement indicating his willingness to serve. Statement; Announcement 5/19/04

  • Trends In Community Banking Subject Of FYI

    The latest issue of FYI contains three new reports dealing with trends in community banking. The reports are the second installment of papers in the FDIC's Future of Banking Study. FYI 5/19/04

  • Uday's Business Partners Added To OFAC List

    OFAC has designated six individuals and two business that were associated with Uday Saddam as SDNs. Information regarding the additions has been posted on the BOL OFAC page. 5/19/04

  • FRB To Study Debit Card Fees

    A study will be conducted by the FRB regarding debit card fees. Comments are sought concerning the adequacy of the disclosures currently given to consumers. Debit Card Study 5/19/04

  • International Reserve Position Released

    Treasury has released the U.S. International Reserve Position for the week ending May 14, 2004.
    Reserve Position 5/19/04

  • FinCEN Issues Special Measure for Syria Bank

    FinCEN is issuing a notice of proposed rulemaking to impose a special measure against Commercial Bank of Syria as a financial
    institution of primary money laundering concern. 69FR28098 (txt) 69FR28098 (pdf) 5/18/04

  • Cash Letters Delayed By Plan Crash

    Due to the crash of a plane transporting items between Fed offices, the FRB has given notice that some cash letters have been lost. The missing letters are being reconstructed which will cause a delay in the presentment of some items.
    Cash Letters 5/18/04

  • Amendments To Reg CC Continue

    The FRB has announced additional amendments to Appendix A of Reg CC which reflect the restructuring of the check processing operations in the Seventh and Eight Districts.
    Amendments 5/18/04

  • Fedwire Hours Extended

    The FRB has announced that beginning May 16, 2004 the operating hours of the Fedwire Funds Services have been extended to 21.5 hours per day. Fedwire 5/18/04

  • Hawke Reviews OCC And Banking History

    In a presentation before the Conference on Credit rating and Credit Scoring, Comptroller Hawke reviewed the history of the OCC, the evolution of its examination process and changes in the banking industry.
    Speech 5/18/04

  • Regulators Seek Comments Regarding Structured Financial Activities

    The OCC, OTS, FRB, SEC, and FDIC have issued an interagency statement requesting public comments on a proposal regarding complex structured financial activities of regulated institutions.
    Statement;
    OCC PR;
    OTS PR;
    FRB PR;
    SEC PR;
    FDIC PR 5/17/04

  • Counterfeit Cashier's Check Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on the Oceanside Bank, Jacksonville Beach, Florida, Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.

  • FRB Enters Written Agreement With Georgia Institutions

    The FRB has entered into a Written Agreement with a Georgia BHC and its subsidiary banks.
    Written Agreement 5/17/04

  • Payroll Card System Advisory Issued

    The OCC has issued an AL in response to inquiries that the OCC has received from bankers and examiners regarding supervisory expectations for payroll card systems. AL
    5/17/04

  • FATF Mandate Renewed

    The representatives of FATF's thirty-three member countries have reaffirmed their commitment to FATF it's mandate to combat money laundering and terrorist financing for an additional eight years. Mandate Renewed 5/17/04

  • Cost Of Funds Reports Released

    OTS has release the current and historical National Cost of Funds Ratio to OTS Regulated Institutions reports
    Current; Historical 5/17/04

  • Riggs Assessed $25 Million CMP

    The OCC and FinCEN have announced that a CMP in the amount of $25 million has been assessed against Riggs Bank N.A. for numerous violations of BSA including the failure to implement an effective AML program and file SARs. The assessment is the largest CMP brought against a U.S. financial institution BSA violations. Consent Order; CMP; FinCEN 5/14/04

  • Largest FCRA Penalty Imposed

    A debt collection firm has agreed to pay the largest penalty ever imposed by the FTC, $1.5 million, for violations of the FCRA by reporting inaccurate consumer account information to credit bureaus. FCRA Compliant; Consent Decree 5/14/04

  • Prohibition Orders Issued Against Former CU Officials

    NCUA has announced the issuance of Orders of Prohibition against five former CU officials and employees from Texas, Wyoming, New York, and Louisiana. Orders 5/14/04

  • Financial Holding Company Elections Released

    The FRB has released the list of bank holding companies that have elected as of May 7, 2004 to be treated as financial holding companies. Financial Holding Companies 5/14/04

  • FDIC Votes On Assessment Rates

    The FDIC Board of Directors has voted to keep the current assessment rates for the remainder of 2004.
    Assessment Rates 5/14/04

  • Community Banks Survival Threatened

    In testimony before the House Subcommittee on Financial Institutions and Consumer Credit, FDIC Vice Chairman Reich warned that existing bank regulations may threathen the survival of community banks. Speech 5/13/04

  • APRWIN And APY Software Available

    The OCC has updated its APRWIN and APY compliance software programs, both which can be downloaded free. Software 5/13/04

  • International Reserve Position Updated

    The U.S. International Reserve Position for the week ending May 7, 2004 has been released by Treasury.
    Reserve Position 5/13/04

  • Managing Risks Of New Products

    The OCC has issued a bulletin which provides guidance regarding managing risks associated with new products or the expansion or modification of existing products and the regulator's expectations of management action to implement an effective risk management process. Guidance 5/12/04

  • $100 Million CMP Assessed

    The FRB has announced the issuance of a civil money penalty in the amount of $100 Million against UBS, AG, Zurich, Switzerland for violations of OFAC program sanctions. $100 Million 5/11/04

  • C & D Against BHC and Sole Shareholder

    A Cease and Desist Order has been issued by the FRB against CAB Holdings, LLC, Wilmington, Delaware and its sole shareholder.
    C & D 5/11/04

  • SDGTs FIL

    The FDIC has issued a FIL regarding previously announced SDGT additions to the OFAC SDN list. Information concerning the additions was placed May 6, 2004 on the BOL OFAC page. 5/11/04

  • Reg CC Appendix Amended

    Amendments to Appendix A of Reg CC resulting from the restructuring of check processing operations in the Eleventh District have now been published in the Federal Register. 69FR25826 (txt)
    69FR25826 (pdf) 5/10/04

  • Six FIs Penalized By OFAC

    The OFAC Civil Penalties Enforcement Information list for May 2004 contained six financial Institutions cited for violations of the Cuban, Sudan, Iran, and Kosovo sanctions programs with penalties ranging from $850 to over $25,000.
    Civil Penalties 5/10/04

  • SAR Report Published

    FinCEN has published the May 2004 issue of The SAR Activity Review - By the Numbers which contains data from SARs filed from April 1996 to December 2003. SAR Review 5/10/04

  • Senior Loan Officer Opinion Survey Results

    The FRB has announced the results of the April 2004 Senior Loan Officer Opinion Survey on Bank Lending Practices.
    Survey Results 5/10/04

  • CU Closed

    NCUA has announced the placing of the Dallas Educators Federal Credit Union of Selma, Ala. into liquidation and the issuance to checks to members as their account are verified. Closing 5/10/04

  • G.19 Consumer Credit Report Issued

    The March 2004 G.19 Consumer Credit Statistical Release has been issued by the FRB.
    G.19 5/10/04

  • Household Debt Service Burden Announced

    The FRB has released the household debt service and financial obligations ratios for the 4th Quarter 2003.
    Household Ratios 5/10/04

  • OCC Bulletin Regarding Reg. Z

    The OCC has issued a bulletin regarding the previously announced revisions of Reg. Z and its official commentary. Information concerning the revisions and the commentary was included in the March 31, 2004 BOL Top Stories. 5/10/04

  • OFAC Additions FIL Issued

    A FIL has been issued by the FDIC regarding previously announced additions to the OFAC list of SDNs. Information regarding the additions was posted April 30, 2004 on the BOL OFAC page. 5/10/04

  • Credit Card Fee Income Guidance Issued

    Treasury and the IRS have issued guidance on the timing of income recognition of credit card annual fees and late fees.
    Fee Income 5/7/04

  • NPR Regarding Trust Preferred Securities and Tier 1

    The FRB has issued a NPR that would retain trust preferred securities in the tier 1 capital of BHCs. The comment deadline is July 11, 2004.  NPR 5/7/04

  • Greenspan On Globalization

    Chairman Greenspan noted in a presentation before the Conference on Bank Structure and Competition that global and technological innovations will be among the most significant developments affecting banking in the next decades. He also remarked that protectionism could significantly erode global flexibility and undermine the global adjustment process. Speech 5/7/04

  • Terrorist Financing Report Published

    FATF has published its 2003-2004 Money Laundering and Terrorist Financing Typologies report which contains case studies of terrorist financing activities. ML Report 5/7/04

  • New SDGTs Added to OFAC List

    OFAC has added three new SDGTs to the SDN list. Information regarding the additions has been posted on the BOL OFAC page. 5/7/04

  • CRA Exam Results Announced

    The FDIC has announced the ratings assigned to banks examined for CRA compliance in February 2004.
    CRA Ratings 5/6/04

  • OCC Licensing Manual Revised

    The OCC has announced the revision of the "Conversions" booklet of the Comptroller's Licensing Manual to incorporate recent policy and procedure changes. Conversions 5/6/04

  • International Reserve Position Updated

    Treasured has issued the U.S. International Reserve Position for the week ending April 30, 2004.
    International Reserve 5/6/04

  • Quarterly Refunding Statement Issued

    Treasury has issued the May 2004 Quarterly Refunding Statement.
    Refunding 5/6/04

  • FRB Publishes Eleven Working Papers

    The FRB has published eleven new working papers in the International Finance Discussion series.
    Working Papers 5/6/04

  • Burmese Banks Bulletin Issued By OCC

    The OCC has issued a Bulletin regarding the special measure previously imposed by FinCEN against Burma (Myanmar) and two Burmese banks. Information concerning the final rules issued by FinCEN under the provisions of the USA PATRIOT Act was posted in the April 12, 2004 BOL Top Stories. 5/6/04

  • Reg CC Appendix Amended

    The FRB has announced amendments to Appendix A of Reg CC resulting from the restructuring of check processing operations in the Eleventh District. Amendments
    5/5/04

  • Fed Funds Target Rate Announced

    The FOMC has announced its target for the federal funds rate. Target Rate 5/5/04

  • UBPR User's Guide Updated

    The FFIEC has updated the UBPR User's Guide.
    UBPR User's Guide 5/4/04

  • Special Measures Imposed Against Burmese Banks

    The FRB has issued a SR Letter regarding special measure previously imposed by FinCEN against Burma (Myanmar) and two Burmese banks. Information concerning the final rules issued by FinCEN under the provisions of the USA. PATRIOT Act was posted in the April 12, 2004 BOL Top Stories. 5/4/04

  • Evaluating Retail Payment Systems Guidance FIL Issued

    The FDIC has issued an FIL regarding the previously announced FFIEC booklet which provides guidance on evaluating retail payment systems. Information concerning the FFIEC booklet was posted in the April 1, 2004 BOL Top Stories. 5/4/04

  • Marketing Financing Estimates Announced

    Treasury has announced the Marketing Financing Estimates for the Second Quarter 2004.
    Estimates 5/4/04

  • FRB Issues 90th Annual Report To Congress

    The FRB has issued its 90th Annual Report to Congress.
    Index;
    Full Report 5/4/04

  • FDICSales.com Utilizes Outcry Auction

    The FDIC has completed its first quarter 2004 asset sales offering by utilizing for the first time the outcry auction process.
    Outcry Auction 5/4/04

  • FRB And Utah BHC Execute Written Agreement

    The FRB has announced the execution of a Written Agreement with a Utah BHC and its subsidiary bank.
    Written Agreement 5/3/04

  • Twenty Enforcement Actions Announced By FDIC

    The FDIC has announced that twenty enforcement actions were processed in March 2004 resulting in orders concerning cease-and-desist, removal-and-prohibition, civil money penalties, and termination of insurance.
    Actions 5/3/04

  • April 2004 Issue of Interpretations And Actions Published

    The OCC has published and placed online the April 2004 issue of Interpretations And Actions.
    Interpretations 5/3/04

  • OFAC Adds Four SDGTs

    Four individuals have been added to the OFAC SDN list as SDGTs. Information regarding the new listings has been posed on the BOL OFAC page. 5/3/04

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