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Top Story Compliance Related


Written Agreement with Illinois BHC

The Federal Reserve Board has announced the execution of a Written Agreement with Allied First Bancorp, Inc., Oswego, Illinois.


OCC executive changes

The Office of the Comptroller of the Currency has announced the following executive changes:

  • Jennifer Kelly will succeed John Lyons as the agency's Senior Deputy Comptroller for Bank Supervision Policy and Chief National Examiner when Mr. Lyons retires August 1.
  • Toney Bland will replace Ms. Kelly as Senior Deputy Comptroller for Midsize and Community Bank Supervision.
  • Senior Deputy Comptroller for Management and Chief Financial Officer Tom Bloom will be loaned to NeighborWorks America to serve as its acting Chief Financial Officer.
  • Deputy Comptroller and Chief Accountant Kathy Murphy will serve as acting Senior Deputy Comptroller for Management and Chief Financial Officer while Mr. Bloom is at NeighborWorks.


Term deposits offering

The results of the June 9th offering of fixed-rate term deposits have been announced by the Federal Reserve.


Volcker Rule FAQs

The FRB, OCC, FDIC, SEC and Commodity Futures Trading Commission have collectively developed and issued an FAQ on Section 619 of the Dodd-Frank Act (the "Volcker Rule").


Written Agreement with Illinois BHC

The Federal Reserve Board has announced the execution of a Written Agreement with Allied First Bancorp, Inc., Oswego, Illinois.


Top Stories for November 2006

  • FDIC Publishes Designated Reserve Ratio in FR

    The FDIC must by regulation set the Designated Reserve Ratio (DRR) for the Deposit Insurance Fund (DIF) within a range of 1.15 percent to 1.50 percent. In this rulemaking, the FDIC establishes the DRR for the DIF at 1.25 percent. 71FR69323 txt 71FR69323 pdf 11/30/06

  • Changes to FDIC Assessments Published in FR

    Under the amendments set out in this final rule, deposit insurance assessments will be collected after each quarter ends--which will allow for consideration of more current information than under the prior rule. Ratings changes will become effective when the rating change is transmitted to the institution. 71FR69270 txt 71FR69270 pdf 71FR69282 txt 71FR69282 pdf 11/30/06

  • TIAC Executives and New Members Announced

    The FRB has announced the names of five new members of its Thrift Institutions Advisory Council (TIAC) and designated a new President and Vice President of the council for 2007.
    TIAC 11/30/06

  • Large Commercial Bank Assets Report Released

    The FRB has released the ranking by commercial assets of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of September 30, 2006. Ranking 11/30/06

  • Beige Book Published

    The FRB has published a new issue of the Beige Book that contains data current as of November 20, 2006.
    Beige Book Summary;
    Beige Book Full Report 11/30/06

  • Operational Risk Working Paper Released

    The OCC has released a working paper on the topic of “Multivariate Estimation for Operational Risk with Judicious Use of Extreme Value Theory.”Working Paper 11/30/06

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Union State Bank, Nanuet, New York. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/29/06

  • Twenty-Seven Entities Added To OFAC List

    OFAC has added five Colombian individuals and twenty-two entities to the SDN list with the Specially Designated Narcotics Traffickers (SDNTs) designation for their ties to the North Valle drug cartel. Information regarding the additions has been posted on the BOL OFAC page.   11/29/06

  • Comptroller's Licensing Manual Revised

    The OCC has revised its "Branches and Relocations" booklet and placed it on the agency's Web site for immediate use. The booklet discusses what is not considered a branch office and other changes. Booklet   11/29/06

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced new FedReceipt routing numbers that will be effective December 4, 2006. Routing Numbers   11/29/06

  • Currency Must Be Redesigned

    The Treasury Department's failure to design, produce and issue paper currency that is readily distinguishable to blind and visually impaired individuals violates Section 504 of the federal Rehabilitation Act according to a ruling by the U.S. District Court for the District of Columbia issued on November 28, 2006 in the case of American Council for the Blind v. Secretary of the Treasury. The Treasury is directed to come up with feasible alternatives and present them at a status conference within 30 days. Treasury may, instead, file an interlocutory appeal. Memorandum Order   11/29/06

  • Consumer Tips For Gift Card Gifts

    The OCC has issued a warning for consumers who are considering giving gift cards as holiday gifts. Consumers are urged to consult a previously issued Consumer Advisory that provides important information about such issues as fees and expiration dates, and explains how to handle complaints and lost or stolen cards. Advisory   11/29/06

  • Paulson Discusses International Economics

    In a presentation before the Confederation of British Industry Annual Conference, Treasury Secretary Paulson comments on issues which are vital to the international economy. He noted, "Stable, non-inflationary, broad-based growth is the best way to improve living standards around the world." Speech   11/29/06

  • Bernanke Comments On The U.S. Economy

    In a presentation to the National Italian American Foundation, FRB Chairman Bernanke discussed the economic outlook for the United States. He observed the reasonable projection is that economic growth will be modestly below trend in the near term but that, over the course of the coming year, it will return to a rate that is roughly in line with the growth rate of the economy's underlying productive capacity. Speech   11/29/06

  • Electronic Collection Of Return Item Fees Final Rule Issued

    The FRB has announced approval of a final rule that amends Reg E regarding consumer authorization requirements when a person, such as a merchant, seeks to electronically collect a fee for checks or other items that are returned unpaid. Public comment was also requested on a proposed rule to except transactions of $15 or less from Reg E's requirement that receipts be made available to consumers for transactions initiated at an electronic terminal. Final Rule; Proposed Rule   11/28/06

  • Certification Authority Certification Practice Statement Revised

    The FRB Certification Authority (FR-CA) Certification Practice Statement (CPS) has been revised to incorporate a number of changes related to FedLine CommandSM and a new EUAC self-service role. Revisions; Practice Statement   11/28/06

  • Finance Companies Reports Issued

    The G.20 Finance Companies Owned And Managed Receivables Outstanding and Auto Loans: Terms of Credit reports for September 2006 have been issued by the FRB. G.20   11/28/06

  • IFDP Working Papers Released

    The FRB has released three working papers in the International Finance Discussion Papers series on the topics of Predictive Regressions with Panel Data; Ramsey Meets Hosios: The Optimal Capital Tax and Labor Market Efficiency; and Real-Time Price Discovery in Global Stock, Bond and Foreign Exchange Markets. Predictive Abstract; Predictive Full Paper; Ramsey Abstract; Ramsey Full Paper; Real-Time Abstract; Real-Time Full Paper   11/28/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of November 24, 2006. Reserve Position   11/28/06

  • OTS Publishes Proposed Rulemaking in FR to revise its rule implementing the CRA

    In this notice, the OTS is proposing changes to its Community Reinvestment Act (CRA) regulations in four areas to reestablish uniformity between its regulations and those of the other Federal banking agencies. TXT, PDF .   11/27/06

  • Comment Period Extended

    The FRB has extended for ninety days to March 15, 2007 the comment period on a consultation paper on intraday liquidity management issues and the long-term evolution of its Payment System Risk (PSR) Policy.
    Extension   11/27/06

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the November 2006 New Electronic Interpretations and Actions. New Electronic   11/27/06

  • Credit Unions Report Growth

    According to Call Report data submitted by the nation's 8,462 federally insured credit unions, lending and net worth increased and the number of members continued to grow through the third quarter of 2006. Growth   11/27/06

  • EDS Working Papers Published

    Five working papers in the FEDS series have been published by the FRB on the following topics: Incorporating Judgement in Fan Charts; Acquisition Targets and Motives in the Banking Industry; The Profitability of Small, Single-Market Banks In an Era of Multimarket Banking; An Estimate of the Inflation Risk Premium Using a Three-Factor Affine Term Structure Model; and Inflation Measurement. Incorporating Abstract; Incorporating Full Paper; Acquisition Abstract; Acquisition Full Paper; Profitability Abstract; Profitability Full Paper; Estimate Abstract; Estimate Full Paper; Inflation Abstract; Inflation Full Paper   11/27/06

  • Names Removed From OFAC List

    OFAC has removed three names designated as SDNTs from the SDN list. Information regarding the removals has been posted on the BOL OFAC page.   11/22/06

  • 314a Fact Sheet Updated

    FinCEN has updated the 314a Fact Sheet with the addition of data as of November 21. 2006. 314a   11/22/06

  • Werner Leaving FinCEN

    Robert W. Werner, Director of FinCEN, has announced that he will be leaving his position at the end of the year and will be joining Merrill Lynch & Co., Inc. Werner   11/22/06

  • Discount Rate Meetings Minutes Released

    The FRB has released the minutes of its discount rate meetings from October 10 through October 23, 2006. Minutes   11/22/06

  • Third Quarter Earnings Strong

    The FDIC has announced that commercial banks and savings institutions insured by the agency reported net income of $37.6 billion for the third quarter of 2006, the second-highest total ever. A comprehensive summary of financial results for all FDIC-insured institutions can be found in the Quarterly Banking Profile (QBP). QBP   11/22/06

  • NCUA publishes Revisions to the Official Sign Indicating Insured Status

    NCUA publishes Final Rule in Federal Register to revise the official sign indicating a credit union's share
    accounts are insured by the NCUA to reflect recent share insurance increases and by including a statement that NCUA-insured share accounts are backed by the full faith and credit of the
    United States Government. TXT, PDF .   11/22/06

  • NCUA publishes Rule for Share Insurance Appeals; Clarification
    of Enforcement Authority of the NCUA Board

    NCUA publishes Interim Final Rule in FR to amend 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). TXT, PDF .   11/22/06

  • Counterfeit Checks Alerts

    The OCC has issued an Alert regarding counterfeit official checks issued in the name of Simmons First National Bank, Pine Bluff, Arkansas. The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the name of First American Bank and Trust, Vacherie, Louisiana; Bank 2, Oklahoma City, Oklahoma; and Bank Reale, Pasco, Washington. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   11/21/06

  • Unauthorized Banking Alert

    The Financial Institutions Commission of the Republic of Palau has revoked the banking license of Pacific Savings Bank, Ltd., and placed the bank into receivership. Unauthorized Banking   11/21/06

  • SAR Activity Review Published

    FinCEN has published the seventh issue of the SAR Activity Review - By the Numbers that contains information regarding the SARs filed by depository institutions from April 1, 1996 to June 30, 2006. SAR   11/21/06

  • FedCash Cross-shipping Reports Available Online

    FRB Financial Services has announced that the FedCash cross-shipping reports are now available online via the FedLine Web. Reports; FedLine Web   11/21/06

  • Consumer Complaint Information-Sharing Plan Announced

    An Agreement has been announced by the OCC and the Conference of State Bank Supervisors (CSBS) to share consumer complaint information between state banking departments and the OCC. Information-Sharing   11/21/06

  • MSB Registration List Updated

    FinCEN has updated the MSB Registration List to include 32,081 entries as of November 1, 2006. MSB List; MSA State Selector   11/21/06

  • OTS to Host National Housing Forum

    OTS has announced that the agency will sponsor a National Housing Forum on December 11, 2006, at the National Press Club in Washington, DC. Leading experts are scheduled to discuss critical housing finance issues affecting financial institutions, housing market participants, consumers and regulators. Forum   11/21/06

  • International Reserve Position Update

    Treasury has updated the U.S. International reserve Position Report with the addition of data current as of November 10, 2006. Reserve Position   11/21/06

  • Counterfeit Checks and Money Orders Special Alerts

    The FDIC has issued seven Special Alerts regarding the counterfeit checks and money orders drawn on or issued by the following institutions or agencies:

    • Winona National Bank, Winona, Minnesota (Counterfeit Cashier's Checks)
    • The Bank of Romney, Romney, West Virginia (Counterfeit Official Checks)
    • North Easton Savings Bank, North Easton, Massachusetts (Counterfeit Checks)
    • State of Florida (Counterfeit Checks)
    • Bank of Prairie du Sac, Prairie du Sac, Wisconsin (Counterfeit Official Checks)
    • Columbia State Bank (doing business as Columbia Bank), Tacoma, Washington (Counterfeit Money Orders)
    • Country Bank for Savings, Ware, Massachusetts (Counterfeit Cashier's Checks)

    Information regarding the counterfeits checks and money orders has been posted on the BOL Alerts & Counterfeits page.    11/20/06

  • OFAC Issues Sudanese Guidance

    An interpretive guidance has been issued by OFAC to assist in compliance with the provisions of a recently issued Executive Order regarding financial transactions in Sudan. Information regarding the guidance has been posted on the BOL OFAC page.    11/20/06

  • CRA Ratings Released

    The OCC has released the ratings received for nineteen national banks that were recently evaluated for compliance with the CRA.
    CRA Ratings    11/20/06

  • FDIC One-Time Assessment Credit Reminder

    The FDIC has issued a FIL reminder that Preliminary Statements of One-Time Assessment Credit are available for viewing through FDICconnect. Insured depository institutions have only until December 18, 2006, to submit a Request for Review to correct any errors in their Statements.
    FDICconnect    11/20/06

  • Federal Reserve Bank Chairmen Announced

    The appointment of chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2007 has been announced by the FRB.
    Chairmen    11/20/06

  • FHC List Updated

    The list of bank holding companies that have elected as of November 10, 2006, to be treated as financial holding companies (FHC) has been released by the FRB.
    FHC List    11/20/06

  • Third Quarter TRF Data Released

    OTS has released the Aggregated Thrift Financial Report (TFR) Data for the Third Quarter 2006.
    TRF Data    11/20/06

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Home Federal Savings Bank, Detroit, Michigan. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/17/06

  • December 2006 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 December 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. Daily H.15; Weekly H.15   11/17/06

  • September TIC Data Released

    Treasury has released the Treasury International Capital (TIC) Data for September 2006 and posted it online. TIC Data   11/17/06

  • Industrial Production and Capacity Utilization Report Issued

    The FRB has issued the G.17 Industrial Production and Capacity Utilization report for
    October 2006. G.17   11/17/06

  • Dugan Discusses Nontraditional Mortgage Risks

    In a presentation to the Pittsburgh Community Reinvestment Group and bankers who toured area reinvestment projects, Comptroller of the Currency Dugan highlighted the federal regulators' guidance to address risks associated with nontraditional mortgages and the increasing trend of marketing these products to subprime borrowers who are least able to handle payment shock that occurs with these loans. Speech   11/17/06

  • Global Retail Opportunities and Challenges Outlined By Reich

    OTS Director Reich reviewed the opportunities and challenges related to global retail finance in a presentation at a Special Seminar on International Banking and Finance in Tokyo, Japan. He stressed that growth in retail and consumer lending is rapidly expanding beyond developed countries to emerging markets all over the world. Speech   11/17/06

  • Fall 2006 Issue of FDIC Consumer News Published

    The FDIC has published the Fall 2006 issue of Consumer News. Common Mistakes that Cost Bank Customers Money is the featured article and other topics articles: Avoiding Costly Banking Mistakes: No Trivial Pursuit, Fraudulent E-Mails Claim to Be From the FDIC, Beware of Phone-Based "Vishing" Scams, and New Safety Procedures for Internet Banking. Consumer News   11/17/06

  • Counterfeit Cashier's Checks Alerts Issued

    The OCC has issued three Alerts regarding counterfeit cashier's checks issued in the name of:

    • Progressive Bank, N.A., Wheeling, West Virginia; and
    • American Bank of Texas, N.A., Marble Falls, Texas.

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

    • Alamerica Bank, Birmingham, Alabama;
    • Pelham Banking Company, Pelham, Georgia;
    • Citizens Guaranty Bank, Richmond, Kentucky;
    • Greater Buffalo Savings Bank, Buffalo, New York; and
    • Fifth Third Bank, Lexington, Kentucky, (Fifth Third Bank, Cincinnati, Ohio).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    11/16/06

  • FOMC Minutes Released

    The FRB and the Federal Open Market Committee (FOMC) have released the minutes of the Committee meeting held on October 24-25, 2006. Minutes   11/16/06

  • Strategies For Reaching Minority Markets Report Published

    The OCC has published a new Community Developments Insights report, "Reaching Minority Markets: Community Bank Strategies," which examines a variety of methods that banks are using to target specific minority markets in the United States. Report   11/16/06

  • Third Quarter Strong For Thrift Industry

    OTS has announced that the thrift industry posted strong numbers for earnings and solid profitability in the third quarter of 2006.Third Quarter Earnings; Highlights; Selected Indicators; Charts; Asset/Liability Price Tables; Cost of Funds Historical; Cost of Funds Current   11/16/06

  • Member Service Assessment Results Released

    NCUA has released the results of the Member Service Assessment Pilot Program (MSAP). The MSAP collected data on the membership profile of FCUs, the types of services provided to their memberships, and the total compensation of FCU executives. Results    11/16/06

  • 37 Years of FTC Decisions Available Online

    The FTC has announced that actions from the past 37 years, including documents previously available to the general public only in book form, are now available on the agency's Web site. Virtually all administrative documents issued by the Commission since 1969 are viewable, including Opinions, Final Orders, Complaints, and Consent Orders that result from negotiated consent agreements, as well as all Initial Decisions issued by Administrative Law Judges in administrative trial proceedings. FTC    11/16/06

  • FRB Approves 2007 Fee Schedules

    The 2007 fee schedules for Federal Reserve Bank payment services for depository institutions have been approved by the FRB. Fee Schedules   11/15/06

  • Enforcement Actions Released

    The OCC has released a list of the new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. The actions included three CMP assessed for flood violations. For information regarding these violations check out the BOL Flood Penalties Watch page. Enforcement Actions   11/15/06

  • Micro Data Reference Manual Online

    The FRB has posted online the Micro Data Reference (MDRM) which contains a catalog of data series included in the Board's micro data (Financial and Structure) files. MDRM   11/15/06

  • Updated Environmental Risk Program Guidelines Issued

    The FDIC has issued a FIL announcing the issuance of updated Guidelines for an Environmental Risk Program to reflect changes to the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) regarding the EPA All Appropriate Inquiry Rule. FIL; Guidelines; EPA Rule   11/14/06

  • Bernanke Discusses FRB History

    In a presentation at the Fourth ECB Central Banking Conference in Frankfurt, Germany, FRB Chairman Bernanke examined the historical role of monetary aggregates in economic analysis and monetary policymaking at the Federal Reserve. He noted that while a heavy reliance on monetary aggregates as a guide to policy would seem to be unwise in the U.S. context, money growth may still contain important information about future economic developments. Speech   11/13/06

  • Dugan Says Management Of Derivatives Risk Is Essential

    Comptroller Dugan told the participants at the New York Bankers Association annual convention that ensuring effective management of the large credit risks that have accumulated in the derivatives portfolios of the major trading banks is a matter of concern for all banks. He stated, "significant mismanagement of these risks could precipitate market disruptions that affect public confidence in financial institutions generally." Speech    11/13/06

  • OTS Challenges Outlined By Reich

    In a presentation at the annual meeting of the New York Bankers Association, OTS Director Reich discussed the long term challenges facing the agency and an update on the ongoing interagency activity regarding Basel II. He indicated that he is deeply concerned about the continued reduction in the number of community banks and current direction of the housing market. Speech    11/13/06

  • New Logo for FDIC

    The FDIC published a final rule in the FR today revising its regulation governing official FDIC signs and advertising of FDIC membership. The final rule replaces the separate signs used by Bank Insurance Fund
    (BIF) and Savings Association Insurance Fund (SAIF) members with a new sign, or insurance logo, to be used by all insured depository institutions. TXT, PDF .   11/13/06

  • Shell Companies Risks Advisory Issued

    FinCEN has issued an advisory to U.S. financial institutions on identifying, assessing and managing the potential risks associated with accounts maintained for shell companies. An assessment that shows how shell companies can be exploited by money launderers and other perpetrators of financial crime was also released. Advisory; Assessment   11/10/06

  • New Jersey Credit Union Closed

    NCUA has announced that the La Casa Federal Credit Union in Newark, New Jersey, has been liquidated. La Casa   11/10/06

  • November 2006 FedFlash Issue Posted

    Federal Reserve Financial Services has posed the November 2006 issue of FedFlash online. Featured articles include information regarding: FedCash cross-shipping reports; a new name for FRB Cash Services; the 2007 pricing schedule; FedACH International Canada Service; a change in fees for Treasury check reclamations; and changing the paper stock for substitute checks. FedFlash   11/10/06

  • CEO Letter Issued

    OTS has issued a CEO Letter regarding the securities activities of savings associations and the impact of the Financial Services Regulatory Relief Act of 2006. CEO Letter   11/10/06

  • FIL Regarding FDIC Late Assessments Penalties

    The FDIC has issued a FIL regarding the previously announced final rule imposing penalties for the late payment of FDIC insurance assessments. Information regarding the penalties was posted in the BOL November 3, 2006 Top Stories. FIL   11/10/06

  • Social Security Issues Email Scam Alert

    Social Security has issued a warning about a phishing email scam with the subject “Cost-of-Living for 2007 update” that purports to be from the agency. The recipients are directed to a fake SSA web site and instructed to enter personal information, including financial data, or their SS benefits will be terminated. Scam   11/10/06

  • 314a Fact Sheet Update

    An update of the 314a Fact Sheet, which includes data current as of November 7, 2006, has been published by FinCEN. Update   11/10/06

  • Working Papers Published

    The FRB has published six working papers in the FEDS and IFDP series on the following topics:

    • Closing Open Economy Models,
    • How Do FOMC Actions and U.S. Macroeconomic Data Announcements, Move Brazilian Sovereign Yield Spreads and Stock Prices?,
    • Realized Jumps on Financial Markets and Predicting Credit Spreads,
    • Incompatibility and Investment in ATM Networks,
    • Social Security's Delayed Retirement Credit and the Labor Supply of Older Men, and
    • A Model in Which Outside and Inside Money are Essential.

    Closing Abstract; Closing Full Paper; How Do Abstract; How Do Full Paper; Realized Abstract; Realized Full Paper; Incompatibility Abstract; Incompatibility Full Paper; Social Security Abstract; Social Security Full Paper; A Model Abstract; A Model Full Paper   11/10/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Report with the addition of November 3, 2006 data. Reserve Position   11/10/06

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks bearing the name of Winona National Bank, Winona, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/09/06

  • FDIC Publishes Final Rule in FR for Penalty for Failure to Timely Pay Assessments

    The FDIC is adopting its final rule amending its regulations concerning penalties for failure to timely pay assessments. The statute generally provides that an insured depository institution which fails or
    refuses to pay any assessment shall be subject to a penalty of not more than 1 percent of the assessment due for each day the violation continues. TXT, PDF .   11/09/06

  • Fraudulent Checks Special Alert Issued

    The FDIC has issued a Special Alert regarding fraudulent checks bearing the name Horizon Bank, Arlington, Texas, and routing numbers assigned to various other financial institutions. Information concerning the fraudulent checks has been posted on the BOL Alerts & Counterfeits page.   11/8/06

  • FIL Issued Regarding Proposed Call Report Revisions

    A FIL has been issued by the FDIC regarding requests by federal financial regulatory agencies for comments on the proposed revisions to the Consolidated Reports of Condition and Income (Call Report) and the Thrift Financial Report (TFR). FDIC FIL   11/8/06

  • October Statistical Supplement To FR Bulletin Issued

    The FRB has issued the October 2006 Statistical Supplement to the Federal Reserve Bulletin. Supplement   11/8/06

  • Consumer Credit Report Released

    The September 2006 G.19 Consumer Credit Report has been released by the FRB. G.19   11/8/06

  • Counterfeit Checks Alert

    The OCC has issued an Alert regarding counterfeit official checks bearing the name of Webster Bank, N.A., Waterbury, Connecticut. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits pag.   11/7/06

  • CRA Ratings Released

    The FDIC has released a list of state nonmember banks recently evaluated for compliance with the CRA and the ratings they received. Ratings   11/7/06

  • OFAC Announces Enforcement Actions

    Civil money penalties (CMPs) have been announced by OFAC for entities and individuals that have been cited for violations of the various OFAC sanctions programs. The November 2006 list does not include any financial institutions. CMPs   11/7/06

  • Enhanced NPV Model Announced

    OTS has announced the implementation of an Enhanced NPV Model that will expand the regulator's off-site monitoring capability of the interest rate risk exposure of individual thrift institutions and improve the efficiency and effectiveness of on-site examinations. NPV   11/7/06

  • Assets Reports Released

    The FRB has released the October 2006 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report. Reports   11/7/06

  • Counterfeit Official Checks Alert

    The OCC has issued an Alert regarding counterfeit official checks bearing the name of Sterling National Bank, New York, New York. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   11/6/06

  • Mortgage Loan Fraud Increases

    FinCEN has released an assessment which indicates that suspected mortgage loan fraud in the U. S. has risen 35 percent in the past year. Assessment   11/6/06

  • Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit official checks bearing the name of American State Bank, Lubbock, Texas, and stolen money orders stolen drawn on North Fork Bank, Mattituck, New York. Information concerning the counterfeits official checks and the stolen money orders has been posted on the BOL Alerts & Counterfeits page.   11/3/06

  • Unauthorized Banking Alert

    A Special Alert has been issued by the FDIC regarding five entities that may be conducting banking operations without authorization in the U.S. and Canada. Special Alert   11/3/06

  • Risk-Based FDIC Insurance Premiums Approved

    The FDIC has approved a new rule on the risk-based assessment system that will more closely tie each bank's premiums to the risk it poses to the deposit insurance fund. The rule is among the final regulations that were adopted to implement the Federal Deposit Insurance Reform Act of 2005. Other actions included the setting of the designated reserve ratio, uniform signage requirements, and the establishment of penalties for failing to pay premiums timely. Premiums   11/3/06

  • Money Laundering And Terrorist Financing Report Issued

    The Financial Action Task Force (FATF) has issued two reports regarding the ways in which new payment technologies utilizing prepaid cards, Internet payment systems, mobile payments, and digital precious metals along with corporations, trusts, foundations and partnerships with limited liability can be exploited for money laundering or terrorist financing purposes. New Payment; Corporations   11/3/06

  • FDIC Forms Economic Exclusion Advisory Committee

    The FDIC has announced the establishment of an Advisory Committee on Economic Inclusion to provide advice and recommendations on important initiatives focused on expanding access to banking services by underserved populations. Committee   11/3/06

  • CRA Ratings Released

    The ratings received by savings associations that were recently evaluated for compliance with the CRA have been released by OTS. Ratings    11/2/06

  • Enforcement Actions Announced

    The FDIC has announced the issuance of seventeen orders of administrative enforcement actions taken against banks and individuals in September 2006 including seven removal and prohibition orders, seven civil money penalty orders, one cease and desist order, one written agreement, and one termination of insurance order. Enforcement Actions

  • March 2007 Reporting Forms Drafts Available

    The FFIEC has posted the drafts of the March 2007 Reporting Forms 031 and 041. Form 031; Form 041   11/2/06

  • Bernanke Discusses the Impact of CDFIs

    In a presentation before at the Opportunity Finance Network's Annual Conference in Washington, D.C., FRB Chairman Bernanke noted the ways that community development financial institutions (CDFIs) work to strengthen communities and improve the lives of lower-income people. Speech   11/2/06

  • Third Quarter Asset & Liability Price Tables Released

    OTS has released the Asset & Liability Price Tables for the Third Quarter 2006. Tables   11/2/06

  • Small Businesses Survey Result Released

    The FRB has released the results of the 2003 Survey of Small Business Finances (SSBF) which collects information on small businesses with fewer than 500 employees in the United States. Owner characteristics, firm size, use of financial services, and the income and balance sheets of the firm are some of the types of information collected. Survey Results   11/2/06

  • South Dakota Quarter Distribution Schedule Announced

    FRB FedCash Services has announced the distribution schedule for the new South Dakota commemorative quarter. Schedule   11/2/06

  • Foreign Exchange Rates Report Released

    The G.5 Foreign Exchange Rates report for November 1, 2006 has been released by the FRB. G.5   11/2/06

  • Counterfeit Checks Alerts Issued

    The OCC has issued two Alerts regarding counterfeit official checks issued in the name of Park National Bank of Newark, Ohio, and counterfeit cashier's checks issued in the name of Century Bank, N.A., of Texarkana, Texas. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    11/1/06

  • Drug Leader's Associates Added To OFAC List

    OFAC has designated seven individuals and ten entities associated with North Valle drug cartel leader Carlos Alberto Renteria Mantilla aka Beto Renteria as SDNTs and added their names to the SDN list. Information regarding the additions has been posted on the BOL OFAC page.    11/1/06

  • $12 Million CMP Assessed For BSA/AML Violations

    FinCEN, the FDIC, and the New York State Banking Department have announced the assessment of civil money penalties of $12 million against Israel Discount Bank of New York for violations of federal and state anti-money laundering laws and regulations including the failure to establish due diligence policies, procedures and controls reasonably designed to detect and report instances of money laundering through its correspondent accounts for non-U.S. persons.
    FinCEN Penalty;
    FDIC Penalty;
    New York Penalty    11/1/06

  • FRB Legal Interpretations Released

    The FRB has released letters containing legal interpretations issued by the agency's legal staff during 2006 regarding Section 23A and Reg W, Reg O, and NOW accounts.

  • Thrift Industry Charge-Off Rates Announced

    OTS has announced the Thrift Industry Charge-Off Rates for the Second Quarter 2006.
    Charge-Off Rates    11/1/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of data current as of October 27, 2006.
    Reserve Position    11/1/06


Cordray delivers report to Congress

In written testimony before the Senate Banking, Housing and Urban Affairs Committee, Director Cordray discussed CFPB's fifth Semi-Annual Report to Congress. He noted "we have been focused on making consumer financial markets work better for the American people, the honest businesses that serve them, and the economy as a whole." He also stated "we have aided in efforts to refund more than $3.8 billion to consumers who fell victim to various violations of consumer financial protection laws. We have also fined wrongdoers more than $141 million, all of which has gone into our Civil Penalty Fund and can be used to compensate wronged consumers and, to the extent compensating consumers is not practicable, to pay for consumer education and financial literacy programs."


OCC proposes integration of licensing rules

The Office of the Comptroller of the Currency has published in today's Federal Register a proposed rule [79 FR 33259] that would integrate its rules relating to policies and procedures for corporate activities and transactions involving national banks and Federal savings associations, to revise some of those rules in order to eliminate unnecessary requirements consistent with safety and soundness, and to make other technical and conforming changes. The OCC also is proposing amendments to update its rules for agency organization and function. Comments are due by August 11, 2014.


Proposal to revise large position reporting

The Department of the Treasury has published a notice of proposed rulemaking [79 FR 33145] in this morning's Federal Register to solicit public comment on proposed amendments to Treasury's rules for reporting large positions in certain Treasury securities, as required by the Government Securities Act (GSA). The proposed amendments are designed to improve the information available to Treasury and simplify the reporting process for many entities subject to the large position reporting rules. Comments on this proposal are due by August 9, 2014.


Upgraded SDN search tool

OFAC has posted a notice that it has updated its SDN Search tool, which has been relabeled "Sanctions List Search." As the name-change suggests, the upgraded tool now allows users to search for a name on the Specially Designated Nationals (SDN) List, the Foreign Sanctions Evaders (FSE) List, or both the SDN and FSE Lists simultaneously. The tool can be found on OFAC's site at An FAQ on the operation of the tool is also available.


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