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Top Story Compliance Related

09/30/2006

Top Stories for October 2006

  • DRCONGO Related Individuals Added to OFAC List

    Five individuals related to or doing business with the Democratic Republic of the Congo (DRCONGO) have been added by Treasury to the SDN list. In addition, the SDN List entries for two previously listed individuals have been changed. Information regarding the additions and changes has been posted on the BOL OFAC page.   10/31/06

  • Lending Practices Survey Results Released

    The FRB has released the results of the October 2006 Senior Officer Opinion Survey on Bank Lending Practices. Special questions were included in the survey regarding the extent to which the recent strength in commercial and industrial lending reflected a surge in loans to fund merger and acquisition activity. Summary; Full Report   10/31/06

  • Market Financing Estimates Announced

    Treasury has announced the agency's current estimates of net marketable financing for the Fourth Quarter 2006 and First Quarter 2007. Estimates   10/31/06

  • New Routing Numbers Announced

    Federal Reserve Financial Services has announced new FedReceipt routing numbers. Effective the business day of November 6, 2006, the Reserve Banks will modify the credit availability and pricing schedule on the FedReceipt routing numbers for FedForward deposits. Routing Numbers   10/30/06

  • Counterfeit Official Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit official checks issued in the name of Lafayette Bank & Trust Company, N.A. of Lafayette, Indiana. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   10/27/06

  • OCC Publishes Counterfeit Instruments and Stolen Official Documents List

    A list of all Alerts issued from 2002 to date by the OCC regarding counterfeit instruments and stolen official documents has been published. List   10/27/06

  • 2006 TFR Instruction Manual Updated

    OTS has updated the March 2006 TFR Instruction Manual with the addition of data through December 2006. Manual Updates   10/27/06

  • NCUA Publishes Interim Final Rule in FR for General Lending Maturity Limit

    NCUA is amending its rules to implement amendments to the Federal Credit Union Act (FCU Act)
    made by the Financial Services Regulatory Relief Act of 2006 (Reg Relief Act). The interim final rule revises the maturity limit in the general lending rule and permits Federal credit unions to provide certain, limited financial services to nonmembers within their fields of membership. TXT, PDF .   10/27/06

  • NCUA Publishes Rule for Filing Requirements for Suspicious Activity Reports

    NCUA publishes final rule in FR to describe in greater detail the requirements for reporting and filing a
    Suspicious Activity Report (SAR) and to address prompt notification of the board of directors of SAR filings, the confidentiality of reports, and liability protection. NCUA seeks to enhance credit union
    compliance with SAR reporting requirements by providing greater detail in its rule on the thresholds and
    procedures for filing a SAR. TXT, PDF .   10/27/06

  • North Valle Drug Cartel Entities Added to OFAC List

    Treasury has announced the addition of two North Valle drug cartel leaders along with six entities and 16 individuals that have been controlled by or worked on behalf of the leaders to the SDN list with the Specially Designated Narcotics Traffickers (SDNTs) designation. Information regarding the new additions has been posted on the BOL OFAC page.   10/26/06

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the posting online of the October 2006 issue of New Electronic Interpretations and Actions. October 2006   10/26/06

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee (FOMC) has decided to keep its target for the federal funds rate at 5-1/4 percent. FOMC   10/26/06

  • Counterfeiting of U.S. Currency Abroad Report Issued

    Treasury, the FRB and the U.S. Secret Service have issued their third collaborative report on the use and counterfeiting of U.S. currency abroad that updates the first reports issued in 2000 and 2003. 2006 Report; 2003; 2000   10/26/06

  • Money Smart News Published

    The Fall 2006 issue of Money Smart News has been published by the FDIC. Money Smart   10/26/06

  • Summary Of Deposits Data Report Issued

    The latest issue of the FDIC FYI features highlights from the 2006 Summary of Deposits Data survey. FYI   10/26/06

  • National Housing Forum Draft Agenda Released

    OTS has released the draft agenda of its National Housing Forum to be held in Washington D.C. on December 11, 2006. Draft Agenda   10/26/06

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet with data current as of October 24, 2006. 314a   10/25/06

  • Small Business Financial Services Survey Results Released

    An article that discusses the results of the 2003 Survey of Small Business Finances regarding the financial services utilized by small business has been printed in the October 2006 issue of the FRB Bulletin. Article   10/25/06

  • September 2006 Supplement of the Federal Reserve Statistical Bulletin

    The FRB has published the September 2006 Supplement to the Federal Reserve Statistical Bulletin. Index; Supplement   10/25/06

  • VAR IFDP Published

    The FRB has published a working paper in the International Finance Discussion Papers (IFDP) series on the topic of "Assessing Structural VARs". Abstract; Full Paper   10/25/06

  • FRB Publishes Rule for Reserve Requirements of Depository Institutions

    The FRB publishes Final Rule in the FR to amend Reg D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2007. The Reg D amendment also sets the amount of net transaction accounts at each depository institution. TXT, PDF .   10/24/06

  • Enforcement Actions Released

    The FDIC has released the September 2006 list of formal enforcement actions taken against financial institutions that are regulated by the agency. Enforcement Actions   10/24/06

  • Investment Limit Increase Bulletin Issued

    The OCC has issued a Bulletin regarding an increase in the limits for public welfare investments. The Financial Services Regulatory Relief Act of 2006 raised the maximum aggregate public welfare investment limit for a national bank from 10 to 15 percent of the bank's unimpaired capital and surplus. Bulletin   10/24/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of October 20, 2006. Reserve Position Report   10/24/06

  • CRA Evaluations Released

    The OCC has released the ratings received by twenty-five national banks that were recently evaluated for compliance with CRA. Ratings   10/23/06

  • FDIC Booklets Now Available In Korean and Chinese

    The FDIC has issued a FIL that announced two deposit insurance booklets for consumers, Insuring Your Deposits and Your Insured Deposits, are now available in Korean and Chinese. In addition, other deposit insurance information resources have been updated and are now available at no cost to FDIC-insured institutions. FIL   10/23/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of October 13, 2006. Reserve Report   10/23/06

  • TIC Report Format To Be Expanded

    Treasury has announced that the November release of Treasury International Capital (TIC) reporting system data will feature an expanded table summarizing monthly data being released on the U.S. Treasury web site. Expanded TIC Format   10/23/06

  • Phishing Email Alert

    The FDIC has issued a Consumer Alert regarding reports by businesses and consumers of a phishing e-mail that has the appearance of being sent from the FDIC. The fraudulent emails are similar to those announced earlier, but this is a new variation that includes a new and more dangerous hyperlink. Phishing Email   10/20/06

  • Identity Theft Symposium Announced

    The FDIC has announced that the agenda for its next free symposium on the importance of consumer confidence in e-commerce, to be held October 25 in Miami Beach, Florida. The half-day meeting features experts from government and the private sector discussing ways to combat online identity theft and help maintain public confidence in e-commerce. Agenda; Registration Information   10/20/06

  • Four FEDS Papers Published

    The FRB has published four papers in the FEDS series on the following topics:

    • Why are Plant Deaths Countercyclical: Reallocation Timing or Fragility?,
    • What Do Financial Asset Prices Say About the Housing Market?,
    • The Relocation Decisions of Working Couples, and
    • Requirements and Prospects for a New Time to Payoff Disclosure for Open End Credit Under Truth in Lending.

    Requirements Abstract; Requirements Full Paper; Relocation Abstract; Relocation Full Paper; What Do Abstract; What Do Full Paper; Why Abstract; Why Full Paper    10/20/06

  • Assets Reports Issued

    The 3.12 U.S. Reserve Assets and 3.13 Foreign Assets Held at Federal Reserve Banks reports have been issued by the FRB. Assets Reports   10/20/06

  • Another Counterfeit Cashier's Checks Special Alert

    One more Special Alert has been issued by the FDIC, this time regarding counterfeit cashier's checks bearing the name of BNC National Bank, Phoenix, Arizona. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   10/19/06

  • 2006 HMDA Guide

    The FFIEC has posted the 2006 HMDA Guide online. The Guide is posted on the Internet only and paper copies are not available. The 2006 version is used for guidance on collecting and reporting calendar year (CY) 2006 data (due March 1, 2007). HMDA Guide   10/19/06

  • Annual Adjustments for Reserve Calculations and Deposit Reporting Announced

    The FRB has announced the issuance of a Final Rule regarding the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2007, which are used in the calculation of reserve requirements of depository institutions. Final Rule   10/19/06

  • Director's Guides Published

    OTS has published two guides for directors, The Directors' Guide to Responsibilities and The Directors' Guide to Management Reports. Responsibilities; Management Reports   10/19/06

  • Regulators Announce Nontraditional Mortgage Loans Guide For Consumers

    The federal financial institution regulatory agencies have announced the publication of a new resource, Interest-Only Mortgage Payments and Payment-Option ARMs--Are They for You?, to help consumers make more informed choices when considering nontraditional mortgage loans. The brochure features a glossary of lending terms, a mortgage shopping worksheet, and a list of additional information sources. A PDF version is provided so that financial institutions and other organizations can download and print copies for distribution to their clients and customers. Joint PR; FRB; FDIC; OCC; OTS; NCUA   10/19/06

  • Condition of Banking Industry Report Issued

    The FRB has issued its Report on the Condition of the U.S. Banking Industry for the Fourth Quarter 2005. Condition Report   10/19/06

  • Survey Indicates Easing of Underwriting Standards

    The OCC has released its twelfth annual Survey of Credit Underwriting Practices which reports that competitive pressures have led to a third consecutive year of eased commercial and retail credit underwriting standards. Survey    10/19/06

  • Discount Rate Meeting Minutes Released

    The minutes of the FRB discount rate meetings from August 21 through September 19, 2006 have been released. Minutes   10/19/06

  • Housing Summit for Hurricane Victims Announced

    The FDIC, in conjunction with NeighborWorks® America, will hold a three-day summit in New Orleans on October 23-25 to discuss housing-related challenges and opportunities faced in the Gulf Coast states affected by Hurricanes Katrina, Wilma and Rita. Registration is available via online or facsimile. Agenda; Registration   10/19/06

  • FDIC adopts Final Rule for Dividend Requirements

    The FDIC published the Final Rule in the FR to implement the dividend requirements of the Federal Deposit Insurance Reform Act of 2005 (Reform Act) and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Amendments Act) for an initial two-year period.TXT, PDF .   10/18/06

  • FDIC adopts Final Rule for One-time Assessment Credit

    The FDIC is amending its assessments regulations to implement the one-time assessment credit required by the Federal Deposit Insurance Act (FDI Act), as amended by the Federal Deposit Insurance Reform Act of 2005
    (Reform Act). The final rule covers: The aggregate amount of the one-time credit; the institutions that are eligible to receive credits; and how to determine the amount of each eligible institution's credit.TXT, PDF .   10/18/06

  • Counterfeit Cashier's Checks Special Alerts Issued

    Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the name of Artisans' Bank, Wilmington, Delaware, and California National Bank (doing business as CalNational), Los Angeles, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   10/18/06

  • Comptroller Says Mortgage Guidance Should Apply To All Mortgage Originators

    In a presentation to the annual convention of America's Community Bankers, Comptroller Dugan noted it is vital that the key principles of the federal nontraditional mortgage guidance not be watered down, that they should be applied to all mortgage originators and not create an unlevel playing field that plainly distorts competition in the nontraditional mortgage business. Speech   10/18/06

  • August TIC Data Released

    Treasury has released the Treasury International Capital (TIC) data report for August 2006. TIC   10/18/06

  • Quarterly Review of Interest Rate Risk Published

    The Second Quarter 2006 issue of the Quarterly Review of Interest Rate Risk has been published by OTS and features an article titled, "Sensitivity Rises for Fourth Consecutive Quarter". Quarterly Review    10/18/06

  • September Industrial Production and Capacity Utilization Report Issued

    The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for September 2006. G.17   10/18/06

  • Cost of Funds Reports Published

    OTS has published the Historical and Current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports. Historical; Current   10/18/06

  • G.20 Finance Companies Report Released

    The August 2006 G.20 Finance Companies Owned and Managed Receivables Auto Loans: Terms of Credit Report has been released by the FRB. G.20   10/18/06

  • Structure and Share Data Report Published

    The FRB has published the June 2006 Structure and Share Data Report for U.S. banking offices of foreign entities. Data Report   10/18/06

  • Five Special Alerts Issued

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

    • FirstBank of Parker (also known as 1STBank), Parker, Colorado,
    • American Bank, Eau Claire, Wisconsin,
    • Morton Community Bank, Morton, Illinois,
    • Archer Bank, Chicago, Illinois, and
    • The Manhattan State Bank, Manhattan, Montana

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   10/17/06

  • November HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in November 2006 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 November, you will use the rates posted on October 13th since October 15th fell on the weekend. Weekly H.15   10/17/06

  • Executive Order Blocks Sudanese Assets

    The President has signed an Executive Order (EO) that blocks all property and interests in property of the Government of Sudan that are in or come within the U.S., or that are or come within the possession or control of U.S. persons, including their overseas branches, and prohibits U.S. persons from engaging in any transactions involving such property or interests in property. Information regarding the EO has been posted on the BOL OFAC page and the BOL OFAC Sanctions Matrix has been updated.   10/17/06

  • Enforcement Actions Released

    The OCC has released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions   10/17/06

  • Bernanke Discusses Bank Regulation And Supervision Via Satellite

    In a presentation via satellite to the attendees at the Annual Convention of the American Bankers Association, in Phoenix, Arizona, and the Annual Convention of America's Community Bankers, in San Diego, California, FRB Chairman Bernanke noted that good regulatory and supervisory policies should implement congressional intent in ways that maximize social benefits and minimize social costs. Speech   10/17/06

  • 2006 Holiday Currency Now Available

    FRB Financial Services has announced that during the two-week period beginning Monday, November 6, 2006 (first available shipping date) and ending Friday, November 17, 2006 (last available shipping date), Federal Reserve Cash offices will fulfill customers' requests for new currency for the holidays. Holiday Cash   10/17/06

  • Comptroller Issues Credit Risk and Loan Loss Warnings

    Comptroller Dugan, in a presentation before the Annual Convention of the American Bankers Association, in Phoenix, Arizona, cautioned bankers against easing underwriting practices and inappropriately lowering loan loss reserves. He noted, "We don't want to see lending decisions bankers make today result in excessive foreclosures and reduced affordable credit tomorrow." Speech    10/17/06

  • FDIC Chairman Blair Seeks Feedback

    In a presentation to the Annual Convention of the American Bankers Association, in Phoenix, Arizona, FDIC Chairman Blair stressed the importance of receiving feedback from the financial community regarding the issues of deposit insurance implementation, capital reform and economic inclusion. She observed that deposit insurance reform would not have been enacted without the kind of open dialogue that the FDIC has had with the industry and the trade associations. Speech   10/17/06

  • Counterfeit Official Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit official checks drawn on Alliance Bank, N.A., Syracuse, New York. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   10/16/06

  • FDIC Proposes Rulemaking for Initial Regulatory Flexibility Analysis for Assessements

    On July 24, 2006, FDIC issued a notice of proposed rulemaking to better price deposit insurance for risk as
    required by the Federal Deposit Insurance Act, as amended by the Federal Deposit Insurance Reform Act. The FDIC is supplementing that notice of proposed rulemaking with an initial regulatory flexibility analysis
    to aid the public in commenting upon the small business impact of its proposed rule.TXT, PDF .   10/16/06

  • October Issue Of FedFlash Published

    The October 15, 2006 issue of FedFlash has been published by Federal Reserve Financial Services and contains articles on the following topics: Consolidation of ACH claims functions, new currency available for 2006 holiday season, changes to the FedPayments Manager application, new George Washington $1 coin to be released, and additional FedReceipt routing numbers to be released. FedFlash   10/16/06

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Grundy National Bank, Grundy Center, Iowa. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  10/13/06

  • FRB Announces CMP Against Former Kansas Banker

    The FRB has announced the issuance of a consent Order of Assessment of Civil Money Penalty in the amount of $5,000 against John Price, a former Senior Vice-President of the former Gold Bank, Leawood, Kansas, based on his alleged unsafe and unsound practices in connection with the record-keeping at the bank. CMP  10/13/06

  • FDIC Revises Retirement Account Bulletin

    A previously issued bulletin entitled "What You Should Know About Higher FDIC Coverage for Retirement Accounts" has been revised by the FDIC. Retirement Account Bulletin  10/13/06

  • Regulators Discuss Assistance To Minority-Owned Institutions

    In presentations to the annual convention of the National Bankers Association, Comptroller Dugan and OTS Director Reich each discussed the activities and programs that their respective agencies have initiated to assist minority-owned institutions. Dugan Speech; Reich Speech  10/13/06

  • New Issue of Beige Book Published

    The FRB has published a new issue of the Beige Book that contains data current as of October 2, 2006. Beige Book Summary; Beige Book Full Report  10/13/06

  • Ombudsman Report to the Industry Posted

    The FDIC has announced that the October 11, 2006 issue of Ombudsman Report to the Industry, a periodic on-line publication that summarizes some of the comments the agency has received through its outreach efforts, is now available on its Web site. Ombudsman Report  10/13/06

  • Large Commercial Bank Ranking Report Released

    The June 30, 2006 Large Commercial Bank Ranking Report that lists the banks with consolidated assets of $300 Million or more by asset size has been released by the FRB. Ranking Report  10/13/06

  • Minority-Owned Bank Report Issued

     
    The FRB has issued a report as of June 30, 2006, which lists minority-owned banks sorted by state. Minority-Owned Banks  10/13/06

  • Household Debt Service and Financial Obligations Ratios Report Update

    The FRB has released the Household Debt Service and Financial Obligations Ratios report that has been updated with data for the second quarter 2006. Ratios Report  10/13/06

  • Prohibition Orders Issued

    NCUA has announced the issuance of orders prohibiting Michael G. Hannagan, former manager of Seaport Federal Credit Union, Elizabeth, New Jersey, and Kari L. Kuechenmeister, former manager of Headwaters Federal Credit Union, Bemidji, Minnesota, from participating in the affairs of any federally insured financial institution. Hannagan Order; Kuechnmeister Order  10/12/06

  • FOMC Meeting Minutes Released

    The FRB and the Federal Open Market Committee (FOMC) have released the minutes of the Committee meeting held on September 20, 2006. Minutes  10/12/06

  • Nontraditional Mortgage Product Risks SR Letter Issued

    A Supervision and Regulation (SR) Letter regarding the recently issued Interagency Guidance on Nontraditional Mortgage Product Risks has been issued by the FRB to it's supervisory and examination staff. SR Letter  10/12/06

  • FEMA Announces Mid-Course Adjustment to Flood Hazard ID Plan

    At about the half-way point in its Multi-Year Flood Hazard Identification Plan (MFIP), the Federal Emergency Management Agency (FEMA) on October 9 announced "Version 2.0" of the MFIP, which the agency billed as a mid-course adjustment, based on congressional input, new standards, and feedback from stakeholders. Essentially, the change reflects a shift of agency priorities for the project to improve the quality of digital map quality, with a focus on areas with greatest flood risk. A notice of FEMA's announcement was posted in the October 10, 2006, Top Stories.  10/11/06

  • OFAC Releases October Civil Penalties List

    The October 2006 list of entities that have been assessed civil penalties for violations of an OFAC sanctions program has been released. No financial institutions were cited. Civil Penalties  10/11/06

  • FinCEN Director Discusses the Value of BSA Data

    In a presentation to the attendees of the American Bankers Association/American Bar Association Money Laundering Enforcement Conference, Director Werner discusses the value of the data generated by the BSA and the cost associated with the collection efforts. He noted that effective implementation of the BSA regulatory regime requires it to be based on the concept of building an effective partnership between the government and private sector and one of FinCEN's central responsibilities is to strike the right balance between the cost and benefit of this regulatory regime. The challenge before the FDIC is to examine how to more effectively tailor this regime to minimize the costs borne by financial institutions while at the same time ensuring that the agency continues receiving the information it needs to do its job. Speech  10/11/06

  • 314(a) Fact Sheet Updated

    FinCEN has updated the 314(a) Fact Sheet with data current as of October 10, 2006. 314 (a)  10/11/06

  • FDIC To Give Insured Institutions One Time Assessment Credit

    The FDIC has approved a regulation to implement a one-time credit of $4.7 billion to banks and thrifts that were in existence prior to December 31, 1996, and paid insurance assessments before that date. The credit will be used to offset future assessments charged by the FDIC. Credit  10/11/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of October 6, 2006. Reserve Position   10/11/06

  • OTS Issues Policy Statement on Minority Owned Institutions

    A Thrift Bulletin has been issued by OTS which contains a policy statement regarding minority owned institutions. Bulletin  10/11/06

  • FEMA Announces Mid-Course Adjustment

    The Federal Emergency Management Agency (FEMA) announced it was making a mid-course adjustment to its Multi-Year Flood Hazard Identification Plan (MFIP). At the same time, FEMA published its revised MFIP, dubbed "Version 2.0." Mid-course adjustment.  10/10/06


  • Counterfeit Official Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of Gorham Savings Bank, Gorham, Maine. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   10/10/06

  • Treasury Issues Economic Update

    Treasury has released its economic update and Secretary Paulsen stated, "We continue to see solid productivity growth and job growth, and continue to make progress in bringing down our fiscal deficit." Update   10/10/06

  • Consumer Credit Report Released

    The FRB has released the G.19 Consumer Credit Report for August 2006. G.19   10/10/06

  • New Orleans and Memphis Community Bank Directors Workshops Scheduled

    The OCC has announced that the agency will host two workshops for community bank directors to be held in Memphis on November 7, 2006, and New Orleans on November 14-15, 2006. Online registration is available. Memphis; New Orleans; Registration    10/10/06

  • CRA Evaluations Issued

    The FDIC has issued a list of the state nonmember banks recently evaluated for compliance with the CRA and the ratings they received. CRA    10/06/06

  • Non-Traditional Mortgage Product Guidance FILs Issued

    The FDIC has issued two FILs regarding the previously announced Interagency Non-traditional Mortgage Product Guidance, Illustrations of Consumer Information, and an addendum to the Credit Risk Management Guidance for Home Equity Lending. Notice of the Guidance, Illustrations, and Addendum was posted in the October 2, 2006, BOL Top Stories. Guidance and Addendum FIL; Illustrations FIL   10/06/06

  • Fraudulent Emails Special Alert

    A Special Alert has been issued by the FDIC regarding fraudulent emails appearing to have been sent by the agency that ask recipients to click on a hyperlink titled "Take the Corrective Action – Implement the LinkBank System". A Consumer Alert concerning similar phishing emails was previously issued by the FDIC and reported in the October 2, 2006, BOL Top Stories. Special Alert   10/06/06

  • FDIC Fall State Profiles Released

    The FDIC has released the Fall 2006 State Profiles that show strong financial performance for FDIC-insured institutions continued through mid-2006 in virtually every region of the nation. State Profiles   10/06/06

  • Non-Traditional Mortgage Product Guidance Bulletins Issued

    The OCC has issued three Bulletins regarding the previously announced Interagency Non-traditional Mortgage Product Guidance, Illustrations of Consumer Information, and an addendum to the May 2005 Interagency Credit Risk Management Guidance for Home Equity Lending. Notice of the Guidance, Illustrations, and Addendum was posted in the October 2, 2006, BOL Top Stories. Guidance Bulletin; Illustrations Bulletin; Addendum Bulletin   10/05/06

  • Mutual Funds SAR Guidance Issued

    FinCEN has issued a Guidance containing FAQs to assist mutual funds in complying with their suspicious transaction reporting requirements on transactions occurring after October 31, 2006. SAR FAQs   10/05/06

  • Baby Boomers May Break Budget

    In a presentation before the Washington Economic Club, Chairman Bernanke discussed the implications of the approaching retirement of the baby boomers and the impact on the budget and the economy. He indicated that currently there are about five working age persons for each person aged sixty-five and older. By 2030 when most of the baby boomers will have retired, the ratio will have fallen from five to about three. Bernanke noted the most dramatic effects will be seen in the Social Security and Medicare programs and that from a broad economic perspective, the question is how the burden of an aging population is to be shared between our generation and the generations that will follow us. Speech   10/05/06

  • Enforcement Actions Announced

    The FDIC released a list of eight orders of administrative enforcement actions taken against banks and individuals in August 2006. The actions included five removal and prohibition orders, one civil money penalty order, one cease and desist order, and one termination of a cease and desist order. Enforcement Actions   10/04/06

  • 2007 HMDA And CRA Edits and File Specs Online

    The FFIEC has posted the 2007 HMDA and CRA Edits and File Specs online and updated the previously posted 2006 data. HMDA Edits; HMDA File Specs; CRA Edits; CRA File Specs   10/04/06

  • Wire Transfer Study Findings Released

    The Federal Reserve Banks and The Clearing House have conducted a joint research study regarding the customer demand for wire transfers and future growth potential. The study entitled "Business to Business Wire Transfer Payments: Customer Preferences and Opportunities for Financial Institutions" offers an in-depth view of the issues facing organizations that routinely make wire transfer payments and focuses on the motivations driving payment decisions as well as potential opportunities for achieving growth in wire payments. Study   10/04/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Report with data current as of September 29, 2006.

  • $7.5 Million Settlement Reached In Money Laundering Case

    Bank of America Corporation (BAC) has agreed to pay $7.5 million to settle a case filed by the Manhattan District Attorney regarding the handling of foreign money services for Brazilian customers at a Manhattan Bank of America branch office. Over a two period, more than $3 billion originating from offshore shell companies flowed through the account in question. Settlement   10/03/06

  • CRA Ratings Announced

    OTS has announced the ratings received by savings associations that were recently evaluated for compliance with CRA regulations. CRA Ratings   10/03/06

  • Restraining Order Stops Online Check Processing Firm

    The FTC has announced that its request for a temporary restraining order has been granted by a U.S. District Court and Qchex, an internet-based check creation and delivery service has agreed to halt its activities. The FTC charged that Qchex creates and sends checks drawn on any bank account identified by a Qchex customer without verifying that the customer has authority to write checks drawn on that account. Court Order   10/03/06

  • Call Report Information Available

    The FDIC has announced that the September 30, 2006 filing information for Call Reports is now available online. Call Reports   10/03/06

  • September Foreign Exchange Rates Report Released

    The G. 5 Foreign Exchange Rates Report for September 2006 has been released by the FRB. G.5   10/03/06

  • FedLine Web Savings Bond Changes In Effect

    Effective October 1, 2006, all FedLine Web Savings Bond customer technical support has moved from the Customer Contact Centers to the Treasury Retail Securities Sites. As part of this transition, the name "FedLine Web Savings Bond" has changed to "Savings Bonds Direct" and the Internet address (URL) has changed to www.savingsbondsdirect.gov. The changes were previously announced in August 16, 2006, BOL Top Stories. Changes   10/03/06

  • Counterfeit Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Placer Sierra Bank, Auburn, California, and Bay Bank & Trust Co., Panama City, Florida, and one Special Alert regarding counterfeit teller's checks bearing the name of First Madison Bank & Trust, Colbert, Georgia. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   10/02/06

  • Non-traditional Mortgage Product Guidance Issued

    The federal financial regulators have issued an Interagency Guidance that addresses the risks posed by residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest. Two additional related documents, Proposed Illustrations of Consumer Information for Nontraditional Mortgage Products and an addendum to the May 2005 Interagency Credit Risk Management Guidance for Home Equity Lending, were also issued. Guidance; Illustrations; Addendum; FRB PR; FDIC PR; OCC NR; NCUA PR; OTS PR   10/02/06

  • Phishing E-Mail Alert Issued

    The FDIC has issued a Consumer Alert regarding phishing emails that appear to have been sent by the agency and refer to the LinkBank System. Recipients are asked for their bank's name, username, and password. Phishing Email Alert   10/02/06

  • Section 3(a)(4) Broker Exemption Extended

    The SEC has extended until January 15, 2007, the temporary exemption of banks, savings associations, and savings banks from the definition of "broker" under Section 3(a)(4) of the Securities Exchange Act of 1934. The exemption was repealed by Gramm-Leach-Bliley, but the SEC previously issued an interim rule extending the exemption until September 30. 2006. Exemption   10/02/06

  • September Financial Reporting Bulletin Published

    OTS has published the September 2006 Financial Reporting Bulletin that contains information regarding deadlines and requirements for filing reports with the agency. Reporting Bulletin   10/02/06

  • FHC List Update

    The FRB has released the list of bank holding companies that have elected as of September 29, 2006, to be treated as a financial holding company (FHC). FHC List   10/02/06

  • Wire Transfer Roundtable Comments Released

    A summary of the comments made at a roundtable discussion with the payments industry and relevant payments system participants on the role of wire transfers in making low-value payments and barriers to innovation has been released by the FRB. Roundtable Comments   10/02/06

  • Operation Circular 10 Changes Made

    An errata disclosure has been made by FRB Financial Services to correct typos in the previously announced changes to Operating Circular 10. Errata; Operating Circular 10   10/02/06

  • October Issued FedFlash Published

    FRB Financial Services has published the October 1, 2006 issue of FedFlash. Featured articles include eLearning tools available online; contaminated coin no longer accepted; holiday currency request schedule; and additional FedReceipt routing numbers. FedFlash   10/02/06

  • Country Exposure Reports Online

    The FFIEC has posted on its Web site the March 31, 2006, and the June 30, 2006, E16 Country Exposure Statistical Release and the Country Exposure Information Report for March 31, 2006, and the June 30, 2006. March E16; March Report; June E16; June Report   10/02/06

09/14/2006

Board appoints new Consumer and Community Affairs head

The Federal Reserve Board has announced its appointment of Eric S. Belsky as its Director of Consumer and Community Affairs. Dr. Belsky, who is expected to assume the directorship in August, currently serves as Managing Director of the Joint Center for Housing Studies of Harvard University and is Lecturer in Urban Planning and Design at the Harvard Graduate School of Design.

09/14/2006

FEMA to suspend three more communities

The Federal Emergency Management Agency has published a notice [79 FR 32876] in today's Federal Register to identify three communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on June 16, 2014, because of noncompliance with the floodplain management requirements of the program. The communities to be suspended are:

  • the City of Maricopa, Pinal County, Arizona (community 040052)
  • the City of Knox, Starke County, Indiana (community 180242)
  • Unincorporated areas of Starke County, Indiana (community 180240)

09/14/2006

FEMA to suspend three more communities

The Federal Emergency Management Agency has published a notice [79 FR 32876] in today's Federal Register to identify three communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on June 16, 2014, because of noncompliance with the floodplain management requirements of the program. The communities to be suspended are:

  • the City of Maricopa, Pinal County, Arizona (community 040052)
  • the City of Knox, Starke County, Indiana (community 180242)
  • Unincorporated areas of Starke County, Indiana (community 180240)

08/31/2006

Top Stories for September 2006

  • Drug Traffickers And Narco-Terrorists Added To OFAC List

    Treasury has announced the identification of five companies and six individuals that have acted as fronts for the Arellano Felix Drug Kingpin Organization in addition to the designation of nine leaders and key figures of a Colombian narco-terrorist organization as SDNTKs. The individuals and entities have been added to the SDN List and their information has been posted on the BOL OFAC page.   9/29/06

  • ID Theft Symposia Announced

    The FDIC has announced that it will hold its next symposia on the importance of consumer confidence in e-commerce on October 5, 2006 in Mesa, Arizona, and on October 25, 2006 in Miami Beach, Florida. Registration Information   9/29/06

  • 314a Fact Sheet Update

    The FDIC has updated the 314a fact Sheet with data current as of September 26, 2006. 314a   9/29/06

  • Receivables Report Issued

    The G.20 Owned and Managed Receivable Outstanding and Auto Loans Terms of Credit Report for July 2006 has been issued by the FRB. G.20   9/29/06

  • Quarterly Derivatives Report Released

    The OCC has released the Quarterly Derivatives Report that indicates insured commercial banks earned $4.7 billion from trading cash instruments and derivative products in the second quarter 2006. Derivatives Report   9/29/06

  • House Subcommittee Questions OCC Interpretative Letters

    In response to an invitation from the House Subcommittee on Government Management, Finance, and Accountability of the House Committee on Government Reform, OCC First Senior Deputy Controller and Chief Counsel Williams discussed three interpretative letters issued by the OCC in December 2005. Two of the letters related to the utilization of bank owned property and the third concerned a bank's financing of an energy project. Williams noted that the scope and application of all three letters was limited in scope and within the framework of existing precedent for activities of national banks. Oral Statement; Written Statement   9/28/06

  • OTS CRA Regulations To Change

    OTS has announced that it plans to issue a NPR to amend its CRA regulations to bring them alignment with those of the other federal banking regulators. CRA Regulations    9/28/06

  • Counterfeit Items Alerts Issued

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

    • Delaware National Bank, Georgetown, Delaware (Counterfeit Cashier's Checks),
    • ViewPoint Bank, Plano, Texas (Counterfeit Cashier's Checks),
    • St. Mary's Bank, Manchester, New Hampshire (Counterfeit Treasurer's Checks),
    • Androscoggin Savings Bank, Lewiston, Maine (Counterfeit Cashier's Checks),
    • The Provident Bank, Amesbury, Massachusetts (Counterfeit Treasurer's Checks),
    • RBC Centura Bank, Rocky Mount, North Carolina (Counterfeit Official and Cashier's Checks), and
    • First Hawaiian Bank, Honolulu, Hawaii (Counterfeit Cashier's Checks).

    In addition, the OCC has issued an Alert regarding counterfeit money orders issued in the name of:

    • American State Bank & Trust Company, N.A., Great Bend, Kansas.

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    9/27/06

  • Prohibition Orders Issued

    NCUA has issued orders prohibiting Lisa Sudo, former head teller of the UFCW Federal Credit Union, Wyoming, Pennsylvania, and Sarah Marie Shelton, former accounting clerk with Peoples Advantage Federal Credit Union, Chester, Virginia, from participating in the affairs of any federally insured financial institution. Orders    9/27/06

  • Regulators Discusses Basel II With Senate

    In testimony before the Senate Committee on Banking, Housing and Urban Affairs, OCC Comptroller Dugan, OTS Director Reich, and FDIC Chairman Blair discussed the provisions of Basel II. Dugan Oral Statement; Dugan Testimony; Reich Testimony; Blair Testimony    9/27/06

  • OCC Seeks Basel II And Market Risk Comments

    The OCC has issued a Bulletin that summarizes two Notices of Proposed Rulemaking (NPR) concerning the Basel II provisions which would implement new risk-based capital requirements for large or internationally active U.S. banking organizations and the proposes changes to the current risk-based capital charge for market risk. Bulletin    9/27/06

  • New Electronic Interpretations And Actions Announced

    The OCC has announced the publication of the September 2006 New Electronic Interpretations and Actions. Interpretations   9/27/06

  • Regulators Release Shared National Credit Review Report

    The federal bank and thrift regulators have released the Shared National Credit (SNC) review report for the second quarter 2006. The information released reflects good credit quality performance, a large increase in credit commitment volume, and a small rise in riskier deals. FRB PR; OCC NR; OTS PR; FDIC PR   9/26/06

  • OCC To Host Bank Directors In Orlando

    The OCC has announced that the agency will host a workshop for national community bank directors at the Peabody Hotel, Orlando, Florida, on October 24, 2006. The workshop will cover compliance risk in addition to providing practical information to expand bank directors' skills and understanding of issues facing their banks. The session is limited to the first 50 registrants and is geared primarily to outside directors of national community banks with assets of less than $1 billion. Information; Registration Form   9/26/06

  • NCUA publishes Final Rule for Share Insurance in FR

    The final rule: defines the "standard maximum share insurance amount" as $100,000 and provides that beginning in 2010, and in each 5-year period thereafter, NCUA and the FDIC will jointly consider if an
    inflation adjustment is appropriate to increase that amount; increases the share insurance limit for certain retirement accounts from $100,000 to $250,000, and provides pass-through coverage to each participant of an employee benefit plan. TXT, PDF .   9/26/06

  • Reserve Position Update

    Treasury has issued the U.S. International Reserve Position Report for September 22, 2006. Reserve Position   9/26/06

  • FinCEN Answers MSB BSA Questions

    FinCEN has issued a Guidance containing answers to frequently asked questions (FAQs) regarding conducting independent reviews of money services business anti-money laundering programs. Guidance    9/25/06

  • Third Quarter Call Report Information Released

    The FDIC has issued a FIL containing information, instructions, and forms regarding the Third Quarter Call Report. Institutions are urged to submission of their Call Report data to the FDIC Central Data Repository (CDR) as early as possible. FIL; CDR; Forms   9/25/06

  • White Paper Examines Loan Default Estimations

    The OCC has published a white paper that examines the problem in estimating the default probability for low-default portfolios. Abstract; Full Paper   9/25/06

  • Reich Discusses Mortgage Fraud

    In a presentation before a joint conference of the Ohio Bankers League and the Illinois League of Financial Institutions, OTS Director Reich discussed the proliferation of fraudulent activity in the mortgage industry attendant to the mortgage boom, and the ways in which bankers and regulators can identify and fight mortgage fraud. He urged the attendees to familiarize themselves with all of the aspects of mortgage fraud; to understand the red flags; to be vigilant with third parties involved in the lending process; and to develop systems and controls that aid in the detection and prevention of mortgage fraud. Speech   9/25/06

  • Proposed Rulemaking for Risk-Based Capital Standards: Advanced Capital Adequacy Framework

    The joint agencies (OCC, FRB, FDIC, OTS) are proposing a new risk-based capital adequacy framework. The proposed rule describes the qualifying criteria for banks required or seeking to operate under the proposed framework and the applicable risk-based capital requirements for banks that operate under the framework. TXT, PDF .   9/25/06

  • Announcement of Proposed Rulemaking for Risk-Based Capital Standards: Market Risk

    The joint agencies (OCC, FRB, FDIC, OTS) are proposing revisions to the market risk capital rule to enhance its risk sensitivity and introduce requirements for public disclosure of certain qualitative and quantitative information about the market risk of a bank or bank holding company.TXT, PDF .   9/25/06

  • Second Quarter Interest Rate Exposure Report Issued

    OTS has issued the Aggregate Interest Rate Exposure and CMR Report for the Second Quarter 2006. Exposure Report   9/25/06

  • Counterfeit Checks Special Alerts Issued

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

    • Bank Fund Staff Federal Credit Union, Washington, D.C., and the routing number assigned to Southern Bank and Trust Company, Mount Olive, North Carolina;
    • Horizon Bank, Bellingham, Washington
    • Hillcrest Bank, Overland Park, Kansas

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    9/22/06

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced effective October 2, 2006, the conversion of additional routing numbers to the FedReceipt forward collection and return item products. Routing Numbers   9/22/06

  • TFR Instruction Manual Updated

    OTS has published the March 2006 Thrift Instruction Manual with updates through September 2006 and December 2006. September Update; December Update   9/22/06

  • Exchange Rate Working Paper Published

    A working papers in the IFDP series on the topic of Does The Time Inconsistency Problem Make Flexible Exchange Rates Look Worse Than You Think? has been published by the FRB. Abstract; Full Paper   9/22/06

  • CRA Ratings Released

    The OCC has released the ratings received by 29 national banks recently examined for compliance with the CRA. CRA Ratings    9/21/06

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee (FOMC) has announced its decision to keep the target for the federal funds rate at 5-1/4 percent. FOMC Statement   9/21/06

  • Operating Circular 10 To Be Revised

    FRB Financial Services has issued a notice that Operating Circular 10 will be revised by the Federal Reserve Banks effective October 15, 2006. Operating Circular 10 regards the obtaining advances from, incurring obligations to, or pledging collateral to a Federal Reserve Bank. Notice; Operating Circular 10   9/21/06

  • FR Announces Holiday Currency Ordering Schedule

    The Federal Reserve cash offices will fill holiday currency special requests during a standard two-week timeframe from November 6-17, 2006. Ordering Schedule   9/21/06

  • Counterfeit Checks Special Alerts Issued

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

    • Sterling Savings Bank, Spokane, Washington - Counterfeit Official Checks
    • Brentwood Bank, Bethel Park, Pennsylvania - Counterfeit Cashier's Checks
    • Lafayette Savings Bank, FSB, Lafayette, Indiana - Counterfeit Cashier's Checks
    • Rabobank, N.A., El Centro, California - Counterfeit Cashier's Checks
    • Nara Bank, Los Angeles, - California Counterfeit Official Checks

    Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   9/20/06

  • ID Theft Task Force Recommendations Announced

    The Identity Theft Task Force has issued an interim report containing recommendations that can be implemented immediately. The Task Force, comprised of 17 federal agencies and departments, was established by Executive Order and will deliver its final report to the President in November 2006. The recommendations include the development of a "universal police report" that an ID theft victim can complete online; requiring that defendants pay ID theft victims for the value of their lost time trying to repair their credit; reduce the access to SS numbers; and the development of "alternate" ways to verify identity. Recommendations; ID Theft Fact Sheet   9/20/06

  • Flow Of Funds Report Released

    The FRB has released the Z.1 Flow of Funds Report for September 19, 2006. Z.1   9/20/06

  • Counterfeit Cashier's Checks Alert

    An Alert has been issued by the OCC regarding counterfeit cashier's checks issued in the name of Delaware National Bank, Georgetown, Delaware. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   9/19/06

  • Special Alerts Issued

    Two Special Alerts have been issued by the FDIC regarding cashier's checks drawn on Cornerstone Community Bank, Grafton, Wisconsin that are missing, lost, or stolen; and counterfeit money orders bearing the name of The New Washington State Bank, New Washington, Indiana. Information concerning the missing cashier's checks and the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.   9/19/06

  • Unauthorized Banking Alert

    The FDIC has issued a Special Alert regarding five Canadian entities that may be conducting unauthorized banking activities in the U.S. and Canada. Unauthorized Banking    9/19/06

  • October HOEPA Reference Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in October 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H.15   9/19/06

  • Access Across America Agenda Available

    NCUA had posted the agenda and registration information for its Access Across America Economic Empowerment Summit to be held in Norfolk, Virginia on Tuesday, October 3, 2006. The one-day summit is free of charge and will include presentations from the various federal agencies and non-profit organizations. Agenda; Registration   9/19/06

  • Counterfeit Checks Alerts

    The OCC has issued an Alert regarding counterfeit Cashier's Checks issued in the name of TexStar Bank, Midland, Texas, a division of First National Bank of Monahans, Monahans, Texas. The FDIC has issued one Special Alert concerning counterfeit official checks bearing the name of NewMil Bank, New Milford, Connecticut; and two Special Alerts regarding counterfeit cashier's checks bearing the name of Ozark Mountain Bank, Branson, Missouri; and Macatawa Bank, Holland, Michigan. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   9/18/06

  • Unauthorized Financial Activities Special Alert

    The FDIC has issued a Special Alert regarding entities that are listing a Cayman Island address but are not authorized to conduct financial activities by the Cayman Islands Monetary Authority. Special Alert   9/18/06

  • Fourth Quarter CRA Exam Schedule Announced

    OTS has announced a list of 52 savings associations that are scheduled for CRA examinations during the fourth quarter of 2006. CRA Exam Schedule   9/18/06

  • September Issue FedFlash Published

    The FRB has published the September 15, 2006 issue of FedFlash that features articles on revisions to Operating Circular 10, the new Courtesy Delivery Service, a customer video on the FedACH Risk Web Resource Center, and the Check 21 Electronic Fine Sort deposit service. FedFlash PDF; FedFlash HTML   9/18/06

  • 2006 Annual Thrift Satisfaction Survey Results

    A CEO Letter has been issued by OTS that contains the results of the 2006 Annual Thrift Satisfaction Survey. CEO Letter    9/18/06

  • Industrial Production Report Released

    The G.17 Industrial Production and Capacity Utilization Report for August 2006 has been released by the FRB. G.17    9/18/06

  • Enforcement Actions Announced

    The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions    9/15/06

  • Regulators Testify On Basel II

    In testimony before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, OCC Comptroller Dugan, OTS Director Reich, and FDIC Chairman Blair all commented on the Basel II Capital Framework and the recently proposed Commercial Real Estate Guidance. Dugan Testimony; Reich Testimony; Blair Testimony   9/15/06

  • Fraudulent Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding fraudulent cashier's checks bearing the name of Prosperity Bank, St. Augustine, Florida. Information concerning the fraudulent cashier's checks has been posted on the BOL Alerts & Counterfeits page.   9/14/06

  • OCC Updates Depository Services Handbook

    The OCC has updated the Depository Services Comptroller's Handbook. The revised booklet covers reserve requirements, changes to regulations, electronic fund transfers, expedited funds availability, and truth in savings. Handbook   9/14/06

  • Fraudulent E-Mail Alerts

    A Special Alert has been issued by the FDIC regarding e-mails that appear to be sent from the FDIC which ask recipients to install unknown software on personal computers. The subject line of the e-mail includes the phrase “Urgent Notification - Security Reminder.” A separate Consumer Alert has also been issued by the FDIC regarding another fraudulent e-mail that touts something called the SON - Secure Online Network. Urgent Notification; SON   9/14/06

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet to include data current as of September 12, 2006. Fact Sheet   9/14/06

  • FinCEN Director Testifies

    Director Werner appeared before the Senate Banking committee and discussed FinCEN's ongoing initiatives and efforts to combat money laundering and terrorist financing in the post 9/11 world. He noted FinCEN's goal is to increase the transparency of the U.S. financial system so that money laundering, terrorist financing and other economic crime can be deterred, detected, investigated, prosecuted – and, ultimately, prevented.
    Testimony   9/14/06

  • First Quarter 2006 Quarterly Journal Published

    The OCC has published the First Quarter 2006 issue of the Quarterly Journal that includes reports of condition and performance of banks, new tables on bank performance by OCC district, and other policy and data. Quarterly Journal   9/13/06

  • FDIC finalizes Rule for Deposit Insurance Regulations; Inflation Index; Certain Retirement
    Employee Benefit Plan Accounts

    The FDIC published a final rule in the Federal Register today that finalizes its interim rule, with changes, that amended regulations to implement deposit insurance revisions made by the Federal Deposit Insurance Reform Act of 2005 and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005. TXT, PDF .   9/12/06

  • Phishing E-Mail Consumer Alert Issued

    The FDIC has issued a Consumer Alert regarding a phishing e-mail that appears to have been sent by the agency. Unlike the typical phishing scam that might ask the recipient to click on a hyperlink to a spoofed Web site, this e-mail asks consumers to install a malicious software program on their computers. Consumer Alert   9/12/06

  • Written Agreement With Missouri Bank Announced

    The FRB has announced the execution of a Written Agreement by and among the Exchange Bank of Missouri, Fayette, Missouri, the Missouri Division of Finance and the Federal Reserve Bank of Kansas City. Agreement   9/12/06

  • Fannie and Freddie Working Paper Published

    A working paper in the FEDS series has been published by the FRB on the topic of GSEs, Mortgage Rates, and Secondary Market Activities. The paper discusses Fannie Mae and Freddie Mac, both government-sponsored enterprises (GSEs), and their participation in the secondary mortgage market on behalf of their own investment portfolios. Abstract; Full Paper    9/12/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of September 8, 2006. Reserve Position Report   9/12/06

  • Eight Counterfeit Cashier's Checks Special Alerts Issued

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

    • Wilshire State Bank, Los Angeles, California;
    • Bank of the Ozarks, Little Rock, Arkansas;
    • Community Banking Company of Fitzgerald, Fitzgerald, Georgia;
    • American National Bank, Omaha, Nebraska;
    • Savannah Bank, N.A., Savannah, New York;
    • Pacific International Bank, Seattle, Washington;
    • Peoples Bank of Graceville, Graceville, Florida.

    A Special Alert for the following institution was issued regarding official checks:

    • Ireland Bank, Malad City, Idaho

    Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   9/11/06

  • 2005 HMDA Date Available

    The FFIEC has announced that 2005 HMDA data is available and can be ordered. 2005 HMDA Data; Order Form   9/11/06

  • $1 Million COPPA Penalty Announced

    The FTC has announced that a $1 million penalty will be paid by a social networking Web site for knowingly violating provisions of the Children Online Privacy Protections Act (COPPA). The penalty, which is double the next largest penalty, was reached in a settlement with Xanga.com, Inc., who allegedly used and disclosed personal information from children under the age of 13 without first notifying parents and obtaining their consent. Penalty   9/11/06

  • Treasury Cuts Off Iranian Bank Access To U.S. Financial System

    The Iranian Transactions Regulations (ITR) have been amended to cut off Bank Saderat, one of Iran's largest government-owned banks, from the U.S. financial system. The changes exclude Bank Saderat from the general license allowing for "U-turn" payments, which must be stopped immediately. Bank Saderat; Amended ITR   9/11/06

  • Prohibition Orders Issued

    NCUA has issued two separate Prohibition Orders which prohibit George Gracie (former financial officer of Metropolitan Credit Union, Chelsea, Massachusetts, and treasurer of the Boston Taxi Fund) and Patricia Diaab (former branch manager of Brightstar Credit Union, previously Broward Schools Credit Union, Davie, Florida) from participating in the affairs of any federally insured financial institution. Gracie Order; Diaab Order   9/11/06

  • OTS Revises CRA Q&A Guidance

    OTS has announced and published in the Federal Register a revision of its previously published Guidance containing questions and answers about CRA regulations. CRA   9/11/06

  • Customer Authentication and Internet Banking Alert Issued

    The OCC has issued an Alert regarding customer authentication and internet banking fraud. It is anticipated that there will be an increase in the number of false communications seeking customer information for the purposes of fraud and ID theft prior to the December 31, 2006, implementation date of the FFIEC guidance on Authentication in an Internet Banking Environment. Alert; FFIEC Guidance   9/11/06

  • September OFAC Civil Penalties Released

    OFAC has updated, as of September 1, 2006, the list of entities that have been assessed civil money penalties (CMP) for violations of sanctions regulations. No financial institutions were added to the list. OFAC CMP   9/11/06

  • HMDA Article Published

    The September 2006 FR Bulletin contains an article on the topic of "Higher-Priced Home Lending and the 2005 HMDA Data." Article   9/11/06

  • FHC And Consumer Credit Reports Released

    The FRB has released the September 8, 2006, report which lists the bank holding companies may elect to be financial holding companies (FHC); and the July 2006 G.19 Consumer Credit report. FHC; G.19   9/11/06

  • FDIC Redesigns Home Page

    The FDIC has redesigned it Web site Home Page. The changes include:

    • Moving the "Quick Links by User" to the left side of the page to allow users to easily find this navigation tool;
    • Moving What's New and Press Releases and adding more information to describe the links; and
    • Adding color to the Special Features, Subscription, and Feedback boxes the to make items more accessible, to promote the use of the online subscription service, and to continue to encourage user feedback.

       9/11/06

  • Hizballah Financiers Added To OFAC List

    Treasury has designated two financial companies and one individual that provide financial support to the Iran-funded Hizballah terrorist network as SDGTs and added their names to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.   9/8/06

  • FRB Discount Rate Meeting Minutes Released

    The minutes of the FRB Discount Rate meeting from July 17 through August 7, 2006, have been released online. Minutes   9/8/06

  • CRA Ratings Announced

    The FDIC has announced the ratings received by state nonmember banks and OTS has announced the ratings received by savings associations that were recently evaluated for compliance with the CRA. FDIC Ratings; OTS Ratings    9/7/06

  • Beige Book Update

    The FRB has updated the Beige Book with the addition of data as of August 28, 2006. Beige Book Summary; Beige Book Full Report   9/7/06

  • Second Quarter Interest Rate Risk Measures Report Released

    OTS has released the Interest Rate Risk Measures Report for the Second Quarter 2006. Report   9/7/06

  • Regulators Seek Basel II And Market Risk NPR Comments

    The federal bank and thrift regulatory agencies have announced that they are requesting public comment on a notice of proposed rulemaking (NPR) that would implement new risk-based capital requirements in the United States for large, internationally active banking organizations, (Basel II). In addition, comments are also sought on proposed revisions to the market risk capital rules that the OCC, FRB, and FDIC have used since 1997 for banking organizations with significant exposure to market risk. Basel II; Market Risk; Comptroller's Statement; FRB PR; OTS PR; FDIC PR   9/6/06

  • Initial Notices For FFIEC Report Forms Published

    The FFIEC has published drafts of the initial notices and the instructions for Report Forms 101 and 102. 101 Notice; 101 Bank Instructions; 101 Savings Association Instructions; 102 Notice; 102 Instructions   9/6/06

  • FR Bulletin Statistical Supplement Published

    The FRB has published the August 2006 Federal Reserve Bulletin Statistical Supplement. Supplement   9/6/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Positions Report by adding data as of September 1, 2006. Reserve Position    9/6/06

  • OFAC Publishes in FR Additional Designation of Entries

    The OFAC is publishing the names of six newly-designated persons whose property and interests in property are blocked pursuant to Executive Order 12978 of October 21, 1995, ``Blocking Assets and Prohibiting Transactions with Significant Narcotics Traffickers.'' In addition, OFAC is publishing a change to the listing of a person previously designated pursuant to Executive Order 12978. BOL OFAC Page 71FR52370 (txt) 71FR52370 (pdf)    9/5/06

  • The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Rabobank, N.A., El Centro, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    9/5/06
  • BSA Conference Call Registration Deadline

    The registration for two conference calls on the revised FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual will close on September 6, 2006.
    Registration Information    9/5/06

  • CRA Revisions Featured In OCC Newsletter

    The OCC has published the Summer 2006 issue of the Community Developments Investments newsletter which features articles discussing how banks and examiners are applying the new rules and how banks can satisfy the new CRA requirements.
    Newsletter    9/5/06

  • Fourth Quarter CRA Exam Schedule Released

    The list of national banks scheduled to be examined in the fourth quarter 2006 for compliance with the CRA has been released by the OCC. Exam Schedule    9/5/06

  • ACH Risk Management Guidance Issued

    The OCC has issued a Bulletin containing a Guidance regarding ACH Risk Management.
    Bulletin    9/5/06

  • Foreign Exchange Rates Report Issued

    The FRB has issued the August 2006 G. 5 Foreign Exchange Rates Report.
    G. 5    9/5/06

  • September FedFlash Published

    The September 1, 2006 issue of FedFlash has been published by the FRB. Featured articles include: Changes to the U.S. Treasury ACH Reclamation process; Access to DOS-based FedLine will be discontinued; FedACH® Services updated to reflect upcoming rule changes; and OPM makes change to FedACH deposit schedule.
    FedFlash    9/5/06

  • Counterfeit Cashier's Checks Alerts

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Community National Bank of Sarasota County, Venice, Florida, and the FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Capitol City Bank & Trust Company, Atlanta, Georgia. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    9/1/06

  • Fourth Quarter CRA Exam Schedule Announced

    The FDIC has announced the CRA examinations schedule for the fourth quarter 2006.
    CRA Exam    9/1/06

  • Enforcement Actions Released

    The FDIC has released the list of orders of administrative enforcement actions taken against banks and individuals in July 2006.
    Enforcement Orders    9/1/06

  • Embezzlement Results In Prohibition Order

    The FRB has announced the issuance of an Order of Prohibition against a former institution-affiliated party of Capital One Bank, Glen Allen, Virginia, based on his alleged participation in violations of law, unsafe and unsound banking practices, and breaches of fiduciary duty in connection with the embezzlement of $85,000 from the bank and falsification of bank books and records.
    Order    9/1/06

  • Bernanke Discusses The Economic Impact Of Labor Productivity

    In a presentation before a Leadership South Carolina meeting in Greenville, South Carolina, Chairman Bernanke noted that the sustained increase in the growth rate of labor productivity has been one of the most important economic developments in the United States in the past decade. He also remarked that if the recent gains in productivity growth are to be sustained, ensuring that we have a workforce that is comfortable with and adaptable to new technologies will be essential.
    Speech    9/1/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of August 25, 2006.
    Reserve Position    9/1/06

07/31/2006

Top Stories for August 2006

  • FedReceipt Routing Numbers And Immediate Availability Announced

    FRB Financial Services has announced that new routing numbers have added to the FedReceipt forward collection product, effective September 11, 2006. In addition, the Federal Reserve Banks will offer immediate availability at the 7:00 AM ET deadline on select 12th District RCPC endpoints, also effective September 11, 2006. Routing Numbers; Availability 8/31/06

  • FRB Revised Policy Governing Access to Confidential Supervisory Information

    The FRB has issued a SR Letter announcing an immediately effective interim rule to permit the hiring of certain non-citizens into positions requiring access to confidential supervisory information, subject to certain conditions. SR Letter 8/31/06

  • Counterfeit Cashier's Checks Special Alerts

    Seven Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the names of the following institutions:

    First Security Bank, Bozeman, Montana
    Washington First International Bank, Seattle, Washington
    North Canton Bank and North Oak Bank, Newton, Texas
    Northern Neck State Bank, Warsaw, Virginia
    Columbia State Bank (also known as Columbia Bank), Tacoma, Washington
    > Community National Bank of Sarasota County, Venice, Florida
    First National Bank of Midland, Midland, Texas
    Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/30/06

  • Hizballah Fundraiser and Colombian Drug Traffickers Added to OFAC List

    Treasury has announced that a key Hizballah fundraising organization has been designated a SDGT. Four individuals and two companies tied to a leader of a Colombian drug cartel have also been designated as SDNTs. All designated entities have been added to the SDN list. Information regarding the new designations has been posted on the BOL OFAC page. 8/30/06

  • FRB publishes Interim Final Rule for Reg E

    The FRB is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The amendments clarify requirements for collecting certain service fees and clarify notice requirements for electronic check conversion transactions and for collecting insufficient funds fees electronically.TXT, PDF . 8/30/06

  • FRB publishes Final Rule for Reg E in Federal Register

    The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation. This final rule provides that Regulation E covers payroll card accounts that are established directly or indirectly through an employer, and to which transfers employee compensation are made on a recurring basis.TXT, PDF . 8/30/06

  • Counterfeit "Original Financial Instruments" Special Alert

    The FDIC has issued a Special Alert regarding counterfeit items referred to as "Original Financial Instruments" bearing the name The First State Bank & Trust Co., Larned, Kansas. The counterfeit items are associated with a scam involving a letter that directs the recipient to send an e-mail to a verification department at vaset@consultant.com after "depositing the cheque at your bank stating the availability of funds." Special Alert 8/30/06

  • National Banks Affected By Ernesto May Close

    The OCC has issued a proclamation allowing national bank offices affected by Tropical Storm/Hurricane Ernesto to close at their discretion. Proclamation 8/30/06

  • Comments Sought Regarding Industrial Loan Company Charters

    The FDIC has issued a FIL announcing that comments are being sought on wide-ranging issues involving industrial loan company charters. FIL 8/30/06

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet to include data as of August 29, 2006. 314(a) 8/30/06

  • Money Management For Teens

    The Summer 2006 issue of FDIC Consumer News features articles on money management of interest to teenagers. Summary; Consumer News 8/30/06

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the New Electronic Interpretations and Actions for August 2006. Electronic 8/30/06

  • Predatory Lending Practices Working Paper Published

    Foreclosures of Subprime Mortgages in Chicago: Analyzing the Role of Predatory Lending Practices, a new working published by the OCC, examines whether long prepayment penalty periods and balloon payments increase the probability of foreclosure. Abstract; Full Paper 8/30/06

  • FOMC Meeting Minutes Released

    The FRB and the Federal Open Market Committee (FOMC) have released the attached minutes of the Committee meeting held on August 8, 2006. Minutes 8/30/06

  • Procedures To Safeguard Examination Information Updated

    The FDIC has issued a FIL that announces an update of the procedures to be followed by examiners in safeguarding information received or obtained during the course of an examination. FIL 8/29/06

  • SMLLC Eligibility For NOW Accounts Clarified

    The FRB has issued a legal interpretation clarifying whether a single member limited liability company (SMLLC) may maintain a NOW account under Regulation D. The opinion letter concludes that unless it is operated for primarily for religious, philanthropic, charitable, educational, political, or similar purposes and non-profit, a SMLLC is not eligible to maintain a NOW account. SMLLC NOW Account 8/28/06

  • OCC To Host Community Bank Directors Workshops

    The OCC has announced that Compliance Risk workshops for community bank directors will be held on September 21, 2006 in Albany, New York, and September 26, 2006 in San Antonio, Texas. Online registration for each workshop is available. Information 8/28/06

  • Bernanke Discusses Impact Of Global Economic Integration

    In a presentation at the Federal Reserve Bank of Kansas City's Thirtieth Annual Economic Symposium in Jackson Hole, Wyoming, Chairman Bernanke noted that the pace of global economic change in recent decades has been breathtaking and the full implications will not be known for many years. He observed that geopolitical concerns, including international tensions and the risks of terrorism, already constrain the pace of worldwide economic integration and may do so even more in the future. Speech 8/28/06

  • Owned and Managed Receivables Report Released

    The FRB has released the June 2006 G.20 Owned and Managed Receivables Outstanding report. G.20 8/28/06

  • SDGT Removed From OFAC List

    Treasury has removed an individual with a SDGT designation from the SDN List. Information regarding the change has been posted on the BOL OFAC page. 8/25/06

  • Counterfeit Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Savannah Bank, N.A., Savannah, New York and American National Bank, Omaha, Nebraska. The FDIC has issued three Special Alerts regarding counterfeit money orders bearing the name of First-Knox National Bank, Mount Vernon, Ohio; counterfeit cashier's checks bearing the name of Security State Bank, Anahuac, Texas; and counterfeit checks bearing the name of Citizens Community Federal, Eau Claire, Wisconsin. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 8/25/06

  • Reg E Final Rules Announced The FRB has announced a Final Rule that payroll card accounts are covered by Reg E.

    Under the rule, institutions are not required to provide paper periodic statements to consumers if the institution makes account transaction information available by telephone, electronically, and, upon the consumer's request, in writing. In addition, comments are sought on an Interim Final Rule that provides additional clarification regarding Reg. E's coverage of the electronic collection of insufficient funds fees by merchants and other payees and consumer notice requirements for electronic check conversion transactions. Final Rule; Interim Final Rule 8/25/06

  • Insured Institution Report Record Second Quarter Earnings

    The FDIC has announced that for the fifth time in the last six quarters commercial banks and savings institutions insured by the agency have reported record industry earnings. Record Earnings 8/25/06

  • Exchange Rate Working Paper Published

    A working paper in the IFDP series on the topic of Trade Integration, Competition, and the Decline in Exchange-Rate Pass-Through has been published by the FRB. Abstract; Full Paper 8/25/06

  • Second Quarter Quarterly Banking Profile Published

    The FDIC has published the Second Quarter 2006 Quarterly Banking Profile, which contains a comprehensive summary of financial results for all FDIC-insured institutions. Quarterly Banking Profile 8/25/06

  • Counterfeit Alerts Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of ANB Financial N.A., Bentonville, Arkansas. In addition, the FDIC has issued seven Special Alerts regarding counterfeit items bearing the name of the following institutions:

    Counterfeit Cashier's Checks

    The Jackson State Bank & Trust, Jackson, Wyoming The Farmers State Bank, Quinton, Oklahoma Central Pacific Bank, Honolulu, Hawaii Metropolitan National Bank, Little Rock, Arkansas Counterfeit Official Checks N.J.M. Bank, FSB, West Trenton, New Jersey Columbia River Bank, The Dalles, Oregon Counterfeit Money Orders First Commonwealth Bank, Indiana, Pennsylvania

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 8/24/06

  • FFIEC Forms Final Notices Published

    The FFIEC has published in the Federal Register the final notices for Form 002 (Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks) and Form 019 (Country Exposure Report for U.S. Branches and Agencies of Foreign Banks). Form 002; Form 019 8/24/06

  • Quarterly Thrift Industry Data Released

    OTS has released the Thrift Industry Graphs and Tables, Industry Highlights, and Selected Indicators for the Second Quarter 2006. Graphs and Tables; Industry Highlights; Selected Indicators 8/24/06

  • International Reserve Position Update Treasury has updated the U.S. International Reserve Position Report with the addition of data as of August 18, 2006. Reserve Position 8/24/06

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts concerning counterfeit cashier's checks bearing the names of North Laredo Bank, Laredo, Texas and Fulton Bank, Lancaster, Pennsylvania. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/23/06

  • C&D Issued Against Alabama Bank

    The FRB has announced the issuance of a consent Cease and Desist Order against the Bank of York, York, Alabama. Order 8/23/06

  • Telemarketing Bulletin Issued

    The OCC has issued a Bulletin regarding the Telephone Consumer Protection Act (TCPA) and its requirements for national banks that conduct "telemarketing" either directly or through a third party. Note, even if a bank makes telemarketing calls only to its existing customers, it must have a written Do Not Call (DNC) policy and conduct employee training. Bulletin 8/23/06

  • Charge-Offs Report Released

    The FRB has released the Second Quarter 2006 Charge-Offs and Delinquency Rates on Loans and Leases at Commercial Banks Report. Report 8/23/06

  • CU Mid-Year Financials Strong

    NCUA has announced that according to the mid-year 2006 Call Report data, credit unions' lending increased, shares grew, delinquencies declined and net worth increased. Mid-Year Financials 8/23/06

  • North Dakota Quarter Distribution Schedule Announced

    Federal Reserve Financial Services has posted online the distribution schedule for the North Dakota quarter. Schedule 8/23/06

  • BSA/AML Exam Manual Conference Call Fact Sheet

    The FFIEC has posted online a BSA/AML Examination Manual Outreach Fact Sheet that includes registration information for two nationwide interagency conference calls regarding the release of the revised 2006 FFIEC BSA/AML Examination Manual. Each one-hour teleconference is open to all banking organizations and will provide an overview of significant revisions and updates to the manual. Fact Sheet 8/22/06

  • FRB Legal Developments Published

    The legal developments that were announced by the FRB in the Second Quarter 2006 have been posted online. Legal Developments 8/22/06

  • Capital Treatment Of Securities Lending Transactions Legal Opinion Released

    The FRB has released a legal opinion in response to a request to allow a financial institution to assess regulatory capital against certain of its indemnified agency securities lending transactions by using a loan equivalent methodology. Opinion 8/22/06

  • FEDS Working Paper Published

    A working paper in the FEDS series has been published by the FRB on the topic of A Trend and Variance Decomposition of the Rent-Price Ratio in Housing Markets. Abstract; Full Paper 8/22/06

  • Counterfeits Special Alerts Issued

    The FDIC has issued seven Special Alerts regarding counterfeit cashier's checks, counterfeit official checks, counterfeit bank drafts, and counterfeit money orders.

    Counterfeit Cashier's Checks Old National Bank, Evansville, Indiana Greater Buffalo (The Bank of Castile, Castile, New York) Galena State Bank & Trust Co., Galena, Illinois

    Counterfeit Official Checks Belmont Savings Bank, Belmont, Massachusetts

    Counterfeit Bank Drafts Bank of China, New York Branch, New York, New York

    Counterfeit Money Orders Belmont Savings Bank, Belmont, Massachusetts Apple Bank for Savings, Manhasset, New York

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 8/21/06

  • Counterfeit And Stolen Cashier's Checks And Money Orders Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the names of:

    Community National Bank of Sarasota County, Venice, Florida, and

    First National Bank of Midland, Midland, Texas.

    8/18/06

  • The FDIC has issued four Special Alerts regarding counterfeit cashier's checks bearing the names of:

    Rose Hill Bank, Rose Hill, Kansas,

    The Milford Bank, Milford, Connecticut,

    First Community Bank of Galena (Illinois), a branch of Apple River State Bank, Apple River, Illinois,

    The Kaw Valley State Bank and Trust Company, Topeka, Kansas.

    8/18/06

    • Two additional Special Alerts have been issued by the FDIC regarding stolen cashier's checks bearing the name of First National Bank in Whitney, Whitney, Texas, and counterfeit money orders bearing the name of State Bank of Park Rapids, Park Rapids, Minnesota. Information concerning the counterfeit checks, counterfeit money orders and the stolen checks has been posted on the BOL Alerts & Counterfeits page. 8/18/06
  • BSA/AML Q&As Released

    OTS has released the first set of answers to questions submitted during the BSA/AML "Getting It Right" conference call held on July 31, 2006. Q&As 8/18/06

  • ILC Comments Sought

    The FDIC is seeking public comment on a variety of issues relating to Industrial Loan Companies (ILCs). As previously reported in the July 31, 2006 BOL Top Stories, the FDIC has imposed a six-month moratorium on ILC deposit insurance applications and change in control notices. Comments 8/18/06

  • DIF Financials Published

    The FDIC has published the Second Quarter 2006 financial results for the DIF. DIF 8/18/06

  • Airline Added To OFAC List

    Treasury has announced that a Chinese airline company has been added to the SDN List. Information regarding the airline has been posted on the BOL OFAC page. 8/17/06

  • September HOEPA Rates Set

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in September 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H.15 8/17/06

  • CRA Ratings Announced

    The ratings received by seventeen national banks that were recently examined for compliance with the CRA have been announced by the OCC. Ratings 8/17/06

  • Enforcement Actions Released

    The OCC has released enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 8/17/06

  • Industrial Production Report Released

    The July 2005 G.17 Industrial Production and Capacity Utilization Report has been released by the FRB. G.17 8/17/06

  • Internet Banking Guidance FAQs Released

    The FFIEC member agencies have released FAQs to aid in the implementation of the previously issued interagency guidance on Authentication in an Internet Banking Environment. FAQs; Guidance 8/16/06

  • Syrian Generals Added to OFAC List

    Treasury has designated a Syrian Major General and a Brigadier General as SDGTs and added their names to the SDN list for significantly contributing to the Syrian Government's support for designated terrorist organizations in Lebanon. Information regarding the Generals has been posted on the BOL OFAC page. 8/16/06

  • Phishing Consumer Alert Issued

    The FDIC has issued a consumer alert concerning a phishing e-mail that has the appearance of being sent from the FDIC. The e-mail claims that the FDIC has received an application from the recipient's bank to insure their checking or savings account against fraud, phishing and identity theft. The recipient is directed to a spoofed FDIC Web page that requests personal information. Phishing Alert 8/16/06

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with the addition of data as of August 15, 2006. 314(a) Fact Sheet 8/16/06

  • BAR Demonstration Webinars Scheduled

    The Federal Reserve Banks and Bansefi are hosting two 60 minute Webinars on September 28 and October 25, 2006 to educate U.S. financial institutions about Directo a México and a live demonstration of the BAR Web site. BAR Webinars 8/16/06

  • TIC And International Reserve Position Reports Released

    Treasury has released and posted online the June 2006 Treasury International Capital report and the August 11, 2006 U.S. International Reserve Position report. TIC; Reserve Position 8/16/06

  • FedFlash Features Seminars and Videos

    The August 15, 2006 issue of FedFlash features articles on BAR seminars, new FedReceipt routing numbers and Check 21 videos. FedFlash 8/16/06

  • FedLine Web Savings Bond Changes Announced

    FRB Financial Services has announced beginning October 1, 2006, all FedLine Web Savings Bond customer technical support will move from the Customer Contact Centers to the Treasury Retail Securities Sites. In addition, the name of the service will change to "Savings Bonds Direct" and the URL will change to www.savingsbondsdirect.gov. Savings Bond Changes 8/16/06

  • Gift Card Guidance Issued

    The OCC has issued a Bulletin containing a guidance on disclosure and marketing issues associated with gift cards which focuses on the need for national banks that issue gift cards to do so in a manner in which both purchasers and recipients are fully informed of the product’s terms and conditions. Bulletin 8/15/06

  • Bankers Bank Reg D Exemption Revision Comments Sought

    The FRB has requested comment on proposed revisions to its 1980 interpretation of Regulation D that established the criteria for the ”bankers’ bank” exemption from reserve requirements. The proposed revisions would authorize the Board to determine, on a case by case basis, whether certain entities not already expressly authorized in the interpretation may become customers of bankers’ banks to a limited extent. Comments 8/15/06

  • Bank Lending Practices Survey Results Released

    The results of the July 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released by the FRB. Survey Summary; Full Report 8/15/06

  • OFAC Announces Enforcement Actions

    Enforcement actions as of August 11, 2006, resulting from violations of Sanction Programs have been announced by OFAC. No financial institutions were cited. OFAC Enforcement 8/14/06

  • FHC List Update

    The list of bank holding companies that have elected to become or be treated as financial holding companies has been updated to include elections made as of August 11, 2006. FHC List 8/14/06

  • FDIC Insurance Spanish Language Video Available

    The FDIC has issued a FIL that announces a new Spanish language video for bank employees and customers explaining federal deposit insurance coverage. The new thirty minute video, which is posted on the FDIC Web site, can be ordered by insured institutions. FIL 8/14/06

  • Liquidating Distribution Available to Shareholders

    The FDIC, as successor receiver of the Benj. Franklin Federal Savings and Loan Association of Portland, Oregon, which was closed September 7, 1990, has announced that a liquidating distribution is available for shareholders. Distribution 8/14/06

  • FRB publishes Final Rule in Federal Register to annually adjust dollar amount for Reg Z

    The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount.TXT, PDF . 8/14/06

  • FRB Publishes Proposed Rulemaking for Reg D

    The Board proposes to revise its 1980 interpretation of Regulation D (Reserve Requirements of Depository Institutions) setting forth criteria for the "bankers' bank" exemption from reserve requirements.TXT, PDF . 8/14/06

  • Counterfeit Cashier's Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit cashier's check bearing the name of Metropolitan National Bank, Little Rock, Arkansas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/11/06

  • New FedReceipt Routing Numbers Announced

    Additional new routing numbers have been added for the Reserve Banks' FedReceipt forward collection product. Effective August 21, 2006, the Reserve Banks will modify the credit availability and pricing schedule on the announced FedReceipt routing numbers for FedForward deposits. Routing Numbers 8/11/06

  • Appeals Court Rules on Fee for Mortgage Payoff Statement

    The U.S. Court of Appeals for the Eighth Circuit has ruled that neither RESPA nor HUD's Regulation X prohibits a mortgage servicer from charging a fee for providing a payoff statement to the borrower. The court did not address whether the size of GMAC Mortgage Corporation's fee was excessive or a breach of its loan contract. Read more about this case in Court Watch. 8/10/06

  • FCRA Consumer Dispute Study Results

    The FTC and FRB have issued a joint report to Congress on compliance with the consumer dispute provisions of the FCRA. The agencies are required to conduct a study of the extent to which consumer reporting agencies and furnishers of information the entities complied with certain FCRA requirements. Study 8/10/06

  • 2007 TILA Disclosure Trigger Announced

    The FRB has published the annual adjustment of the dollar amount that triggers additional disclosure requirements under the TILA for home mortgage loans that bear rates or fees above a certain amount. Trigger 8/10/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of data current as of August 4, 2006. Reserve Position 8/09/06

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee has announced that by a 9 to 1 vote the target for the federal funds rate will remain at 5-1/4 percent. Fed Funds 8/09/06

  • MSB List Updated

    FinCEN has updated the list of entities that have registered as a MSB. MSB List 8/09/06

  • Consumer Credit Card Knowledge and Behavior Survey Results Published

    The results of a survey undertaken to assess consumers' knowledge of, familiarity with, and attitudes about credit card disclosures, credit card solicitations, and privacy notices received from their financial institutions have been published in the August 7, 2006 issue of the FRB Bulletin. Survey Results 8/08/06

  • June Consumer Credit Report Released

    The FRB has released the G.19 Consumer Credit Report for June 2006. G.19 8/08/06

  • FRB publishes Equal Opportunity Interim Rule in FR

    The Federal Reserve Boad is soliciting comments on a new interim rule that would amend the section of its Rules Regarding Equal Opportunity (EEO Rules) which governs the employment of persons who are not United States citizens consistent with the Board’s requirements for the security of its information. This amendment is issued as an immediately effective interim rule, with opportunity for comment. TXT, PDF . 8/07/06

  • Counterfeit Cashier’s Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier’s checks issued in the name of Old National Bank, Evansville, Indiana. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/07/06

  • Operating Circular 6 Updated

    Federal Reserve Financial Services has announced that Operating Circular 6, Funds Transfer through FedWire, has been updated and the changes are effective September 6, 2006. Operating Circular 6 8/07/06

  • New OFAC SDGT Designations Announced

    Treasury has designated as SDGTs the Philippine and Indonesian branch offices of the Saudi-based International Islamic Relief Organization (IIRO) and the Executive Director of the Eastern Province Branch of IIRO in the Kingdom of Saudi Arabia for facilitating fundraising for al Qaida and affiliated terrorist groups. Information regarding the designations has been posted on the BOL OFAC page. 8/04/06

  • CRA Ratings Released

    The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the CRA and the ratings assigned to institutions in May 2006. In addition, OTS has released the CRA performance evaluations for the savings associations that publicly became available during July 2006. FDIC CRA; OTS CRA 8/04/06

  • 314a Fact Sheet and Information Sharing Update

    FinCEN has updated the 314a Fact Sheet with the inclusion of data as of August 1, 2006, and published a revised Law Enforcement Information Sharing with the Financial Industry Chart. 314a Fact Sheet Information Sharing 8/04/06

  • San Francisco HOEPA Hearing Transcript Online

    The FRB has posted online the agenda and the transcript of the HOEPA hearing held recently in San Francisco. Agenda; Transcript 8/04/06

  • OFAC Develops RSS Feed

    An RSS feed has been developed by OFAC that users can subscribe to and receive recent actions notices using the RSS reader of their choice. RSS 8/04/06

  • Thrift Financial Managers Seminars Scheduled

    OTS has announced that a seminar for thrift financial managers be held in Denver, Seattle and Los Angeles during September 2006. Seminar Information 8/04/06

  • Access American Summit Announced

    NCUA will host an Access Across America Economic Empowerment Summit on October 3, 2006, in Norfolk, Virginia. Credit unions from the District of Columbia, Delaware, Maryland, North Carolina, Virginia and West Virginia are invited to attend. Summit Information 8/04/06

  • Counterfeit Check Special Alert

    The FDIC has issued a Special Alert regarding counterfeit checks bearing the name of Merrill Lynch Trust Company, FSB, Pennington, New Jersey. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 8/03/06

  • 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. Reports 8/03/06

  • FHC List Update

    The list of bank holding companies that have elected to become or be treated as financial holding companies has been updated to include elections made as of July 28, 2006. FHC List 8/03/06

  • Four Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's checks bearing the names of First United Bank & Trust, Oakland, Maryland; Quantum National Bank, Suwanee, Georgia; Peoples Bank, National Association, Marietta, Ohio; and Commercial Bank of Florida, Miami, Florida. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/02/06

  • Identification Numbers To Be Masked

    Treasury has announced in order to help protect investor privacy and help guard against identity theft, TINs (SSNs and EINs) will be partially masked starting August 1, 2006 on paper savings and retirement securities inscribed and mailed by the Federal Reserve print site or by savings bond consignment issuing agents. TINs 8/02/06

  • FDIC Revises National Historic Preservation Act SOP

    A FIL had been issued by the FDIC that announces the revision of the agency's SOP concerning the National Historic Preservation Act. The SOP is relevant to applications for deposit insurance for de novo institutions, applications for establishment of domestic branches, and applications for the relocation of domestic branches or main offices. FIL; SOP; Act 8/02/06

  • Enforcement Orders Released

    The FDIC has released information regarding twenty-four orders of administrative enforcement actions taken against banks and individuals in June 2006. The actions include sixteen removal-and-prohibition orders, two civil money penalty orders, one cease-and-desist order, two terminations of insurance, and three terminations of cease-and-desist orders. Orders 8/02/06

  • CU Placed Into Receivership

    NCUA has announced that the Mt. Hebron Baptist Federal Credit Union of Philadelphia, Pennsylvania, has been placed into receivership under the control of the agency, as conservator. Service will continue uninterrupted and the members are free to make deposits and access their funds. Receivership 8/02/06

  • New OFAC Director Named

    Adam Szubin has been named as the new OFAC Director by Treasury Secretary Paulson. Szubin 8/02/06

  • Unauthorized Banking Special Alert Issued

    The FDIC has issued a Special Alert regarding an entity that may be conducting banking operations in Canada or the United States without authorization. Broad Way Bank, 5906 N. Broadway, Washington, DC 20026 USA (www.broadwaybk.com) is representing itself as a bank and is offering banking products and services to the general public via the Internet. The entity is not registered as a bank and the listed address does not exist. Special Alert 8/02/06

  • August FedFlash Published

    FRB Financial Services has published the August 2006 issued of FedFlash that features articles on topics including amendment to Operating Circular 6, the masking of TINs on savings bonds, the effective date of FedReturn service enhancements, and a reminder that check endorsements must be in black ink. FedFlash 8/02/06

  • Foreign Exchange Rates Report Released

    The G.5 Foreign Exchange Rates Report for July 2006 has been released by Treasury. G.5 8/02/06

  • FR Bulletin Statistical Supplement Published

    The July 2006 Federal Reserve Statistical Supplement has been published. Supplement 8/02/06

  • HOEPA Hearing Transcript Available

    The FRB has posted online the agenda and the transcript of the HOEPA hearing held recently in Philadelphia. Agenda; Transcript 8/01/06

  • OTS Legal Opinions Released

    Two legal opinions on the topics of a) Operating Subsidiaries and the Most Favored Lender Doctrine and b) the Authority of a Federal Savings Association to Make a Pass-Through Investment in a Title Insurance Company have been released by OTS. Operating Subsidiaries; Investment 8/01/06

  • Market Financing Estimates Announced

    Treasury has announced its current estimates of net marketable financing for the third and fourth quarters of 2006. Estimates 8/01/06

  • International Reserve Position Update

    The U.S. International Reserve Position report has been updated by Treasury with the addition of data as of July 28, 2006. Reserve Position 8/01/06

06/30/2006

Top Stories for July 2006

  • Bank Added To OFAC List

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

  • Fraudulent And Counterfeit Checks Special Alerts Issued

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

  • BSA/AML Examination Manual Revised

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

  • Moratorium On Insurance Applications By ILCs Announced

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

  • Junk Fax Rules Effective August 1, 2006

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

  • SDN List Updated

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

  • OCC Issues Alerts

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

  • Nine Special Alerts Issued By FDIC

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

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

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

  • Regulators Revise Information Security Booklet

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

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

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

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

  • Beige Book

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

  • Call and Thrift Financial Report Preliminary Data Available

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

  • International Reserve Position Update

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

  • Money Smart News

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

  • Federal Financial Institution Regulators Release 2005 CRA Lending Data

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

  • Discount Rate Minutes Released

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

  • Finance Companies Receivables And Auto Loan Report Issued

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

  • NCUA Publishes Final Rule for Loan Interest Rates in FR

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

  • NCUA Proposed Rulemaking for Permissible Investments for Credit Unions

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

  • FDIC Outlook Summer 2006 Issue Published

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

  • SEC Issues No-Action Letter

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

  • Second Quarter A & L Price Tables Released

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

  • OCC Publishes Final Rule in FR for Assessment of Fees

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

  • FDIC Proposes Rule for Designated Reserve Ratio

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

  • FDIC Publishes Proposed Rulemaking for Assessments

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

  • HOEPA Hearing Transcript

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

  • Three FEDS Working Papers Published

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

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

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

  • Counterfeit Cashier's Checks Alerts Issued

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

  • CRA Evaluations Released

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

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

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

  • Estimating Operational Risk Capital Working Paper Published

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

  • FOMC Releases Tentative 2007 Meeting Schedule

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

  • FDIC To Host Minority Depository Institution National Conference

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

  • Counterfeit Checks Special Alert

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

  • PSR Policy Statement Now Effective

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

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

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

  • September Call Report Forms Drafts Posted Online

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

  • Bair Reviews Implementation Of Insurance Reforms

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

  • Monetary Policy Report Issued To Congress

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

  • OTS Proposes Rule for Stock Benefit Plans

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

  • FDIC Proposes Penalty for Failure to Timely Pay Assessments

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

  • NPWMD Designations Added To OFAC List

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

  • OCC Enforcement Actions Announced

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

  • FDIC Schedules Deposit Insurance Seminars

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

  • 314(a) Fact Sheet Update

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

  • Country Exposure Reports Issued

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

  • May 2006 TIC Released

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

  • Red Flag ID Theft and Address Discrepancy Proposals Published

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

  • Counterfeit Cashier's Checks Alert Issued

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

  • August HOEPA Rates Established

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

  • Industrial Production And Capacity Utilization Report Issued

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

  • Reserve Position Update

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

  • FDIC Proposes Rulemaking for Advertisement of Membership

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

  • Ten Counterfeit And Fraudulent Checks Special Alerts Issued

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

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

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

  • Fictitious Internet Bank Alert

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

  • FRB Executes Written Agreement With Venezuelan Bank

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

  • New FedFlash Issue Published

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

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

  • Early Savings Bond Redemption Authorized

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

  • Call And Thrift Financial Reports Filing Information Online

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

  • BSA Direct Retrieval and Sharing Project Terminated

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

  • May 2006 Assets Reports Released

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

  • FRB Publishes First Quarter Legal Developments

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

  • Thirty-Four Companies And Individuals Added To OFAC List

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

  • FinCEN Announces Actions Regarding Latvian Banks

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

  • 2006 Web Census Data And Geocoding System Available Online

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

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

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

  • CRA Ratings Released

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

  • New FedReceipt Routing Numbers Announced

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

  • HMDA Guide Information Letter Issued

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

  • First Quarter 2006 Quarterly Review Of Interest Rate Risk Published

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

  • Treasury Updates Reserve Position Report

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

  • Consumer Credit Report Issued

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

  • First Quarter 2006 Ratios Released

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

  • Commemorative Coin Distribution Schedule Online

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

  • OFAC Enforcement Actions Announced

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

  • Counterfeit Cashier's Check Special Alert

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

  • CRA Ratings Released

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

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

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

  • Summer 2006 State Profiles Published

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

  • International Reserve Position Update

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

  • Thrift Financial Report Released

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

  • Counterfeit Cashier's Checks Alerts Issued

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

  • Treasury Issues Call For Large Position Reports

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

  • C&D Issued Against Missouri BHC And Subsidiary Bank

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

  • Enforcement Actions Released

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

  • FDIC Updates Insurance Information Resources

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

  • June Statistical Supplement to the Federal Reserve Bulletin Published

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

  • OCC Issues Bulletin on Prohibition Against Interstate Deposit Production

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

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

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

  • June 2006 Foreign Exchange Rates

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

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

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

  • Counterfeit and Missing Cashier's Checks Alerts Issued

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

  • Destroy Old Flood Forms Now

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

  • FFIEC Posts Reporting Forms And Country Exposure Reports

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

  • OTS Schedules BSA/AML Conference Call

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

  • Foreign Holdings of U.S. Securities Report Released

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

  • New Issue FedFlash Published

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

  • Summer 2006 Issue Of Supervisory Insights Released

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

  • FRB Issues Consumer Credit Industry Report To Congress

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

  • First Quarter 2006 Bank Derivatives Report Released

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

06/14/2006

$10.5M OFAC settlemen

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

06/14/2006

FDIC State Profiles

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

06/14/2006

FOMC meeting schedule

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

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