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Top Story Compliance Related

01/14/2005

GAO financial literacy report

The Government Accountability Office (GAO), with the assistance of the Financial Literacy and Education Commission (Commission), has released an overview of federal activities, programs, and challenges regarding the financial literacy programs and activities currently conducted by eleven federal agencies and the Bureau of Consumer Financial Protection (CFPB). GAO observed improvements or successes in four areas—coordination, partnerships, delineating CFPB's role, and evaluation tools—but significant work remains to be done in one major area—determining the most effective and efficient allocation of federal resources.

  • Coordination. Coordination among federal agencies has improved in recent years, largely due to the role of the Commission. Recent efforts include a research clearinghouse and a coordinated initiative on youth education.
  • Partnerships. The Commission has continued to build and promote partnerships. Several initiatives have partnered with academics, nonprofits, and other entities.
  • Delineating CFPB's role. To help avoid unnecessary overlap, CFPB has further delineated its role in financial literacy efforts, discussing respective roles with federal agencies that have overlapping responsibilities and signing agreements on cooperation and areas of focus.
  • Evaluation tools. The Commission and CFPB have helped develop and disseminate evaluation tools to assess outcomes and effectiveness of financial literacy programs. CFPB also contracted with a company to develop metrics and outcome measures and with a nonprofit to evaluate and report on financial education programs and activities.

01/14/2005

IFR payment agreements status report

An OCC News Release has provided a status report on Independent Foreclosure Review (IFR) Payment Agreements that required large mortgage servicers to provide $3.9 billion in payments to 4.4 million eligible borrowers and $6.1 billion in other loss mitigation and foreclosure prevention assistance.

01/14/2005

Prohibition orders

The NCUA issued five orders in April 2014 prohibiting the following individuals from participating in the affairs of any federally insured financial institution:

  • Jayme Cather, aka Jayme Suiter
  • Aaron Kyle Harris
  • Susanne Jenness
  • Kelly Osborne
  • Erin Trevathan

01/14/2005

TBAC minutes and report

Treasury has released the minutes of the April 29, 2014 meeting of the Treasury Borrowing Advisory Committee (TBAC) and the TBAC report to Treasury Secretary Lew.

12/31/2004

Top Stories for January 2005

  • FTO Designation Changes

    OFAC has changed an existing FTO designation on the SDN List. Information regarding the change has been posted on the BOL OFAC page.   1/31/05

  • CDR Rollout Schedule Announced

    The federal banking agencies have announced that the Central Data Repository (CDR), an Internet-based system created to modernize and streamline how the agencies collect, validate, manage, and distribute Call Report data will be available for testing by banks and software vendors early this summer.
    FRB PR;
    OCC NR;
    FDIC PR    1/31/05

  • AML/BSA Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and between the Asian Bank, Philadelphia, Pennsylvania and the Federal Reserve Bank of Philadelphia regarding correction of deficiencies in the bank’s AML and BSA policies and procedures.
    Written Agreement
       1/31/05

  • Assets Reports Released
    The FRB has released the December 2004 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports.
    Assets Reports
       1/31/05

  • Winter State Profiles Online

    The FDIC has posted on its Web site the Winter 2004 State Profiles which contain banking and economic conditions for each state. State Profiles    1/31/05

  • SDGT FIL Issued

    The FDIC has issued a FIL regarding the previously announced addition of an individual to the SDN list with the designation of SDGT. Information concerning the addition was posted January 25, 2004 on the BOL OFAC page.    1/31/05

  • NCUA Final Rule in FR on conversion of insured credit unions to mutual savings banks (MSBs). Final Rule Published in FR 1/28/05.   1/28/05

  • Counterfeit Cashier’s Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier’s checks bearing the name of Benton Banking Company, Benton, Tennessee. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.    1/28/05

  • Regulators Issue Basel II Implementation Guidance

    The federal banking and thrift regulators have released an interagency statement on implementation of the Basel II framework and the qualification process for the framework's "advanced approaches."
    Statement
    FRB PR;
    OCC NR;
    OTS PR    1/28/05

  • C&D Issued Against Riggs

    FRB has announced the issuance of a consent Order to Cease and Desist against Riggs National Corporation, Washington, D.C., regarding management, capital, and contingency planning matters. The OCC has also announced the modification of a prior Consent Order. In another action, Riggs pled guilty to criminal violations of the BSA relating to the bank's failure to timely and accurately report suspicious transactions.
    FRB PR;
    FRB Order
    OCC Order    1/28/05

  • Bond Liquidity Working Paper Published

    A working paper in the FEDS series has been published by the FRB on the topic, “Does Trading Frequency Affect Subordinated Debt Spreads?”. Working Paper    1/28/05

  • NCUA Final Rule in FR on Mergers


    NCUA - The National Credit Union Administration (NCUA) is issuing final revisions to its rule on credit union mergers, federal share insurance terminations, and conversions from federal share insurance to nonfederal insurance. Final Rule Published in FR 1/24/05.    1/27/05

  • 314a Facts And Feedback

    FinCEN has issued a fact sheet containing the latest feedback received from law enforcement agencies concerning the responses filed by financial institutions to 314a requests.
    314a Fact Sheet    1/27/05

  • Financial Holding Companies List Updated

    The FRB has updated the list of bank holding companies that have elected to be treated as financial holding companies as of January 14, 2004. List    1/27/05

  • 2005 Economic Outlook Roundtable Report

    The FDIC has published a new edition of FYI which contains a report on the comments regarding the outlook for the U.S. consumer sector made by various panelists at the 2005 Economic Outlook Roundtable.
    FYI;
    Roundtable Transcript
       1/27/05

  • Counterfeit Cashier’s Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier’s checks bearing the name of Cornerstone Community Bank, Chattanooga, Tennessee. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.    1/26/05

  • Terrorist Financier Added To OFAC List

    OFAC has added the name of an individual, who has been providing financial and material support to the al-Zarqawi Network and al Qaida, to the SDN list as a SDGT. Information regarding the individual has been posted on the BOL OFAC page.    1/26/05

  • International Reserve Position

    Treasury has released the U.S. International Reserve Position as of the week ending January 21, 2005.
    Reserve Position    1/26/05

  • Basel II White Paper Published

    The FRB has published a White Paper on the topic “The Potential Impact of Explicit Basel II Operational Risk Capital Charges on the Competitive Environment of Processing Banks in the United States”.
    White Paper    1/26/05

  • HMDA Data Collection Exemption Threshold Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced increase in the HMDA data collection exemption threshold for depository institutions under Reg C. Information concerning the increase was posted in the December 22 and December 27, 2004 BOL Top Stories Bulletin 2005-2    1/25/05

  • Credit Unions Add Over 27 Million Potential New Members

    NCUA has announced that federal credit unions added over 27.4 million potential new members in 2004.
    New Members    1/25/05

  • NCUA - Final Rule in FR on Mergers

    The National Credit Union Administration (NCUA) is issuing final revisions to its rule on credit union mergers, federal share insurance terminations, and conversions from federal share insurance to nonfederal insurance. Final Rule Text version    1/24/05

  • International Reserve Position

    Treasury has released the U.S. International Reserve Position for the week ending January 14, 2005.
    Reserve Position    1/24/05

  • Missing Cashier’s Checks Special Alert

    A Special Alert has been issued by the FDIC regarding missing cashier's checks drawn on Bank of America, National Association, Charlotte, North Carolina. Information concerning the cashier’s checks has been posted on the BOL Alerts & Counterfeits page.    1/20/05

  • Banking License Revoked

    The FDIC has issued a Special Alert concerning the revocation by the Financial Institutions Commission of the Republic of Palau of the banking license of the Sunra International Bank & Trust Corporation.
    Special Alert    1/20/05

  • September 30 Call Reports Available Online

    The FDIC has announced that the September 30, 2004 Call Reports are available for download from its Web site.
    Call Reports    1/20/05

  • Beige Book

    The FRB has published an update of the Beige Book based on information collected before January 10, 2005.
    Summary;
    Beige Book    1/20/05

  • 314a FIL

    A FIL has been issued by the FDIC regarding FinCEN’s previously announced plans to release its 314(a) search requests to financial institutions through a new secure Web-based system. Information concerning the plan was included in the January 18, 2005 BOL Top Stories. FIL    1/20/05

  • SDNKT FIL Issued

    The FDIC has issued a FIL regarding the previously announced addition by OFAC of thirty-nine individuals and entities to its list of SDNTKs and SDNs. Information concerning the additions was posted in the January 13, 2005 BOL Top Stories. http://www.bankersonline.com/topstory/topstory.html
    FIL    1/20/05

  • OCC Opposes Proposal To Expand FDIC Special Examination Authority

    Acting Comptroller Williams spoke in opposition to a proposal to expand the Federal Deposit Insurance Corporation’s special examination authority at the January 18, 2005 FDIC board meeting.
    Statement    1/19/05

  • February HOEPA Reference Rates

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in February 2005 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 February, you will use the rates posted on January 14th since January 15th fell on the weekend.
    H. 15 Daily Rates;
    H. 15 Weekly Rates    1/19/05

  • OCC CRA Evaluations Released

    The OCC has released a list of twenty-five CRA performance evaluations that became public during the period of December 15, 2004 through January 14, 2005.
    CRA    1/19/05

  • November 2004 TIC Data Released

    Treasury has released the Treasury International Capital Data for November 2004.
    TIC    1/19/05

  • Fourth Quarter Asset & Liability Price Tables

    OTS has released the Asset & Liability Price Tables for the Fourth Quarter 2004.
    Tables    1/19/05

  • FDIC Issues Letter To Stakeholders

    The FDIC has issued its quarterly Letter to Stakeholders, which reports on the FDIC's priorities and activities for the fourth quarter of 2004.Letter    1/19/05

  • FDIC Insurance Employee Training Video Available

    The FDIC has issued a FIL announcing that a ninety minute video-seminar targeted for bank employees on the FDIC's rules and requirements for deposit insurance coverage is now available online.
    FIL    1/18/05

  • Online 314a Distribution System Being Tested

    The OCC has issued an Alert to inform national banks and federal branches that FinCEN plans to introduce a new Web-based section314(a) delivery and reporting system during the month of February that should be fully operational by March 1, 2005. The Alert contains a memorandum received by those institutions that were arbitrarily selected to test the system.
    314a Alert
    FinCEN Memo    1/18/05

  • December G. 17 Released

    The FRB has released the G. 17 Industrial Production and Capacity Utilization report for December 2004.
    G. 17    1/18/05

  • Costs Of Funds Ratios Announced

    OTS has announced the historical and current Cost of Funds Ratios to OTS Regulated, SAIF - Insured Institutions as for November 2004. Historical;
    Current    1/18/05

  • OCC Enforcement Actions Announced

    Six new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and two terminations of existing actions have been announced by the OCC.
    Enforcement Actions    1/14/05

  • Merger Disclosure Requirements Final Rule Issued

    NCUA has issued final rule amending the disclosure requirements to credit union members of an institution’s intention to convert to private deposit insurance or to a mutual savings bank.
    Final Rule    1/14/05

  • Three More Working Papers Published

    The FRB has published three new FEDS series working papers with the following titles: The GSE Implicit Subsidy and the Value of Government Ambiguity; The Effect of Housing Government-Sponsored Enterprises on Mortgage Rates; and GSEs, Mortgage Rates, and Secondary Market Activities.
    GSE; Effect; Activities    1/14/05

  • G.20 Released

    The G. 20 Financial Companies report for November 2004 has been released by the FRB. G. 20    1/14/05

  • 39 Named To OFAC List

    Treasury has identified 15 companies and 24 individuals associated with a money laundering cell of a violent drug trafficking ring operating out of Mexico. OFAC has added the names of the 39 entities to the SDN list as SDNTKs. Information regarding the new additions has been posted on the BOL OFAC page
    .    1/13/05

  • OCC Urges Rethinking Of Consumer Protection Disclosures

    In a presentation before the Women in Housing Finance and The Exchequer Club, Acting Comptroller Williams urged bankers, government officials, and consumer advocates to work together to improve our current system of disclosure for financial consumers. She noted that the current system does not work well for consumers and imposes unnecessary burdens on bankers.
    Speech    1/13/05

  • Bulletin Issued Regarding Disposal Of Consumer Information

    The OCC has issued a Bulletin regarding the previously announced Final Rule regarding the disposal of consumer information. Notice of the Final Rule was posted December 22, 2004 in
    BOL Top Stories
    .
    Bulletin;
    Final Rule    1/13/05

  • New FEDS Paper Online

    The FRB has posted online a new working paper in the FEDS series entitled “Econometric Tests of Asset Price Bubbles: Taking Stock”.
    Abstract;
    Full Paper    1/13/05

  • FDIC Enforcement Actions Announced

    The FDIC has announced sixteen enforcement actions taken against banks and individuals in November 2004 which include: three cease and desist orders, four removal and prohibition orders, seven civil money penalty orders, and two terminations of insurance.
    Enforcement Actions    1/12/05

  • December 2004 Financial Reporting Bulletin Published

    OTS has released the December 2004 Financial Reporting Bulletin which contains information regarding filing deadlines and software, implementation of schedule red, public availability of the TFR, and an instruction manual update.
    Bulletin; Instruction Manual    1/12/05

  • 2005 Regulatory Report Filing Schedule Released

    The 2005 filing schedule for regulatory reports to be filed by thrifts has been released by OTS.
    Filing Schedule    1/12/05

  • Discount Rate Meeting Minutes Online

    The FRB has posted the minutes of the discount rate meeting held from November 22 through December 14, 2004.
    Minutes    1/12/05

  • International Reserve Position Update

    Treasury has released the U.S. International Reserve Position for the week ending January 7, 2005.
    Reserve Position    1/11/05

  • FEDS Working Papers Published

    The FRB has published three new working papers in the FEDS series with the following titles: Precautionary Savings Motives and Tax Efficiency of Household Portfolios: An Empirical Analysis; The Reform of October 1979: How It Happened and Why; and Who Competes with Whom? The Case of Depository Institutions.
    Household Portfolios;
    Reform;
    Competes    1/11/05

  • OFAC Cites Three Banks

    OFAC has released the civil penalties enforcement information for January 7, 2005. Three banks settled actual or alleged violations of Iranian and Libyan sanction programs for amounts ranging from $5,500 to $42,833.
    Civil Penalties    1/10/05

  • Unauthorized Bank Alert Issued

    The OCC has been advised by the Financial Institutions Commission, Republic of Palau, that the banking license of Sunra International Bank & Trust Corporation was revoked on January 6, 2005.
    Unauthorized Banking    1/10/05

  • December 2004 Thrift CRA Evaluations Released

    OTS has released the CRA evaluations for saving association that became publicly available in December 2004.
    CRA Evaluations    1/10/05

  • December Call Report Filing Information Available Online

    The FDIC has posted the December 31, 2004 Call and Thrift Financial Report forms and filing information on its Web page. Call Report Info    1/10/05

  • Consumer Advisory Council 2005 Appointments Announced

    The FRB has announced the appointments to the Consumer Advisory Council for 2005. Eleven new members were named to three-year terms and a new Chair and Vice Chair were designated.
    CAC Appointments    1/10/05

  • Consumer Credit Report Released

    The FRB has released the G. 19 Consumer Credit Report for November 2004.
    Consumer Credit Report    1/10/05

  • Counterfeit Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier’s checks drawn on First American Bank, SSB, Bryan, Texas and counterfeit official checks drawn on UmbrellaBank.com, Summit, Illinois, an Internet division of New South Federal Savings Bank, Irondale, Alabama. Information concerning the counterfeits checks has been posted on the BOL Alerts & Counterfeits page.    1/06/05

  • Cross-Border Merger Regulations Proposed

    Treasury and the IRS have issued proposed regulations providing guidance on the tax consequences of certain cross-border corporate mergers. Summary Proposed Regs    1/06/05

  • CRA Ratings Released

    The FDIC has issued its monthly list of state nonmember banks recently evaluated for CRA compliance. The list contains the evaluation ratings assigned to institutions in October 2004.
    CRA Ratings    1/06/05

  • Written Agreement Announced With Oregon BHC

    The FRB has announced the execution of a Written Agreement by and among Prineville Bancorporation, Prineville, Oregon; the Community First Bank, Prineville Oregon; the Oregon Division of Financial and Corporate Securities, Salem, Oregon; and the Federal Reserve Bank of San Francisco.
    Written Agreement
       1/06/05

  • FDIC Updates State Profiles

    The Winter 2004 State Profiles have been released by the FDIC. State Profiles    1/06/05   1/06/05

  • Country Exposure Reports Issued

    The FFIEC has issued the September 30, 2004 E.16 Country Exposure Statistical Release and Country Exposure Information Report. E.16; Report    1/06/05

  • Three Counterfeit Cashier’s Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit cashier’s checks drawn on Bank Mutual, Milwaukee, Wisconsin; Evergreen Bank, Seattle, Washington; and The Bank/First Citizens Bank, Cleveland, Tennessee. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   1/05/05

  • Comments Sought Regarding Management Interlocks Reports

    The OCC has published in the FR a notice and request for comments regarding the collection of information concerning management interlocks. The comment period ends on January 31, 2005.
    Management Interlocks    1/05/05

  • International Reserve Position Update

    Treasury has released the U.S. International Reserve Position for the week ending December 31, 2004.
    Reserve Position    1/05/05

  • December 2004 Agricultural Finance Databook Released

    The FRB has released the December 2004 edition of the E. 15 Agricultural Finance Databook.
    E. 15    1/05/05

  • Minority-Owned Banks Report Issued
    The FRB has issued the list of minority-owned banks as of September 30, 2004.
    Minority-Owned Banks   1/05/05

  • Agency Information Collection Activities Proposals Issued



  • The FRB has issued proposals to approve the extension for three years, with minor revision, the ongoing intermittent survey of households, and without revision, the recordkeeping requirements associated with the real estate lending standards for State Member Banks. Proposal   1/04/05

  • Foreign Exchange Rates Released



  • The FRB has released the December 2004 G.5 and Annual 2004 G.5A foreign exchange rate reports.
    G.5; G.5A   1/04/05

  • Two FEDS Papers Published



  • Two working papers in the FEDS series have been published by the FRB on the following topics: “Alternative Estimates of the Presidential Premium” and “The Magnitude and Cyclical Behavior of Financial Market Frictions”. Alternative Estimates; Magnitude   1/04/05

11/30/2004

Top Stories for December 2004

  • MSB Registration List Updated

    FinCEN has released an updated list of the entities that have registered as an MSB from December 2001 to December 2004. MSB Registration nbsp;  1/04/05

  • MSB Registration List

    FinCEN published the MSB Registration List. This is a list of entities that have registered as Money Services Businesses (MSBs), from December 2001 through December 2004. There are 22,347 entries.
    MSB List Release    12/29/04

  • Credit Scoring Working Paper Published

    The OCC has published a working paper entitled; "Specification and Informational Issues in Credit Scoring," that explores the possibility that estimates generated by models developed with data drawn solely from extended loans are less valuable than they should be because of selectivity bias.
    Credit Scoring    12/28/04

  • FDIC To Hold Minority Bankers Roundtables

    The FDIC has announced the creation of a series of roundtables for minority bankers to improve communication by providing forums for the FDIC to hear the MDI community's views on regulatory and supervisory issues.
    Roundtables    12/28/04

  • Proper Disposal of Consumer Information Under FACTA

    The Federal Reserve published in today's Federal Register the final rule concerning the proper disposal of consumer information under FACTA. These also impact Regs H, K, and Y. This was previously reported in the agencies news release in the 12-22-04 Top Story.
    69FR77610 (txt)
    69FR77610 (pdf)    12/28/04

  • Auditor Of Failed Bank To Pay $125 Million

    OTS and the FDIC have announced that settlements have been reached that resolve the regulators’ charges against Ernst & Young LLP, the former independent auditor of Superior Bank, FSB, Hinsdale, IL. Under the terms of a Consent Order, the auditor agreed to adopt and implement specific internal controls and policies concerning its audits of federally-insured savings associations; provide periodic reports concerning such audits to the OTS; and pay $85,000,000 which will be transferred to the FDIC as receiver for Superior Bank. Under the terms a separate settlement with the FDIC, Ernst & Young will pay the FDIC an additional $40 million in restitution.
    OTS Consent Order;
    FDIC Press Release    12/27/04

  • Five SDGTs Removed From SDN List

    OFAC has removed five individuals designated as SDGTs from the SDN list. Information regarding the individuals that were removed has been posted on the BOL OFAC page. Information concerning the changes was posted December 23, 2004 on the BOL OFAC page.    12/27/04

  • FFIEC Posts Country Exposure Forms Online

    The FFIEC has posted the December 2004 009 and 009a Country Exposure forms on its Web site.
    009;
    009a    12/27/04

  • Reg. C, HMDA Final Rule

    The Federal Reserve published in today's Federal Register the final rule amending the Reg. C commentary to increase the asset-size exemption based on the CPI. (This was previously reported in the 12-22-04 Top Story.)
    69FR77139 (txt)
    69FR77139(pdf)
       12/27/04

  • Retail Lending Examination Procedures Issued By OCC

    The OCC has issued a Bulletin regarding the Retail Lending Examination Procedures that address the various risk management and control functions that banks need to manage more diverse and complex portfolios and provide targeted procedures for specific credit functions and types of retail loans.
    Bulletin;
    Procedures    12/23/04

  • Special Alerts Issued Regarding Counterfeit Cashier’s Checks and Money Orders

    The FDIC has issued two Special Alerts regarding counterfeit cashier’s checks bearing the name of Comerica Bank, Detroit, Michigan; and counterfeit cashier’s checks and money orders bearing the routing number of The Provident Bank, Jersey City, New Jersey. Information regarding the counterfeit cashier’s checks and money orders have been posted on the BOL Alerts & Counterfeits page.    12/23/04

  • Edward Jones Settles For $75 Million

    The SEC has announced enforcement proceedings against Edward D. Jones & Co., L.P., related to allegations that the firm failed to adequately disclose revenue sharing payments that it received from a select group of mutual fund families that were recommended to its customers. Edward Jones will pay $75 million in disgorgement and civil penalties which will be distribution its customers.
    Settlement   12/23/04

  • California Trust Company Issued C&D

    The FDIC has issued a Special Alert regarding a California trust company has been issued a cease and desist letter by the State of California. The entity may be conducting unauthorized banking services and is not insured by the FDIC.
    Special Alert    12/23/04

  • Implementation of Schedule RED Postponed By OTS

    OTS has postponed the March 31, 2005 implementation of Schedule RED.
    Schedule RED    12/23/04

  • Third Quarter Survey Of Terms Of Business Lending Released

    The E.2 Survey of Terms of Business Lending for the Third Quarter 2004 has been released by the FRB. The data is collected during the middle month of each quarter and released in the middle of the succeeding month.
    E.2    12/23/04

  • Learn About FRB’s Cash Services Online

    FRB Financial Services has posted information on its Web site regarding its new Cash Services.
    Cash Services    12/23/04

  • FRB Revises IP Index

    The FRB has revised the G.17 index of industrial production and the related measures of capacity and capacity utilization for the period from January 1972 to November 2004.
    IP Revision    12/23/04

  • OFAC Blocked Account SAR Filing Guidance Published in FR

    The interpretive guidance clarifies that reports filed with OFAC of blocked transactions with SDGT, SDT, Foreign Terrorist
    Organizations, Specially Designated Narcotics Trafficker Kingpins, and Specially Designated Narcotics Traffickers will be deemed by FinCEN to fulfill the requirement to file suspicious activity reports on such transactions for purposes of FinCEN's suspicious activity reporting rules. 69FR76847 (txt) 69FR76847 (pdf)    12/23/04

  • FTC Notice on FCRA Disclosure Fees

    The FTC announces that the ceiling on allowable charges under section 612(f) of the Fair Credit Reporting Act (‘‘FCRA’’) will increase from $9.00 to $9.50 on January 1, 2005. 69FR76767 (txt) 69FR76767 (pdf)    12/22/04

  • Agencies Announce Final Rule On Disposal Of Consumer Information

    The federal bank and thrift regulatory agencies have announced an interagency final rule implementing section 216 of the FACT Act which requires financial institutions to adopt measures for properly disposing of consumer information derived from credit reports.
    Final Rule;
    FRB PR;
    OCC NR;
    OTS NR;
    FDIC PR    12/22/04

  • HMDA Data Collection Asset-Size Exemption Threshold Increased

    The FRB has announced an increase in the HMDA data collection asset-size exemption threshold for depository institutions.
    Threshold    12/22/04

  • OFAC Adds al Qaida Associates

    Two individuals with ties to al Qaida have been designated SDGTs by Treasury and added to the OFAC SDN list. Information regarding the new additions has been posted on the BOL OFAC page.
       12/22/04

  • FDIC Follows SEC Lead Regarding Deadline Extension

    The FDIC has issued a FIL announcing that the agency is following the lead of the SEC and extending the filing date for certain internal control reports.
    FIL    12/22/04

  • International Reserve Position Update

    Treasury updated the U.S. International Reserve Position for the week ending December 17, 2004.
    Reserve Position    12/22/04

  • September 2004 Structure And Share Data Report Released

    The Structure and Share Data for Offices of U.S. Offices of Foreign Banks report for September 2004 has been released by the FRB.
    Report    12/22/04

  • G.20 Finance Companies Receivables Report Issued

    The FRB has issued the G.20 Finance Companies Owned and Managed Receivables report for October 2004.
    G.20    12/22/04

  • Inflation Forecast Working Paper Published

    A working paper in the FEDS series entitled, “The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time”, has been published by the FRB.
    Working Paper    12/22/04

  • Derivatives Volume Tops $84 Trillion

    The OCC has published the Third Quarter 2004 Bank Derivatives Report which reports that derivatives held by U. S. commercial banks increased $3.2 trillion in the third quarter to $84 trillion.
    Derivatives Report    12/22/04

  • OCC Issues Supplemental ACH Guidance

    A Bulletin has been issued by the OCC regarding three previously announced amendments to NACHA Operating Rules that became effective in 2004. The bulletin
    supplements guidance on ACH activities outlined in the FFIEC IT Handbook, "Retail Payment Systems," which was released in March 2004.
    Bulletin; IT Handbook    12/21/04

  • SDN Changes Subject Of FIL

    The FDIC has issued a FIL regarding previously announced changes made by OFAC to the SDN list. Information concerning the changes was posted December 16, 2004 on the BOL OFAC page.
    FIL    12/21/04

  • FDICconnect Expansion Announced

    The FDIC has announced the inclusion of seven new business transactions on FDICconnect. The new items include: the expansion of electronic application filings with participating State Banking Departments, additional online applications, distribution of Special Alerts, the ability to exchange information between the FDIC and institutions during the examination process, and the ability to exchange files with the FDIC's Consumer Response Center on consumer complaint investigations.
    FIL;
    Transaction List    12/21/04

  • SDN List Changes

    OFAC has added an individual and changed an existing listing on the SDN List. The new information has been posted on the BOL OFAC page.    12/20/04

  • Preliminary Annual Report on U.S. Holdings Of Foreign Securities Released

    Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2003 has been released by Treasury. Foreign Holdings    12/20/04

  • First Quarter 2004 Issue Of Quarterly Journal Now Online

    The OCC has posted the First Quarter 2004 issue of the Quarterly Journal on its Web site. The issue continues the tradition of reporting on the condition of commercial banks, as well as recent licensing decision, speeches and testimony, interpretive letters, mergers, and financial performance data for national banks.
    Quarterly Journal
       12/20/04

  • Balkan Individuals And Entities Added To OFAC List

    Treasury has added six individuals and three entities to the SDN List for obstructing the implementation of the Dayton Peace Accords in Bosnia through the continued protection and material support of Persons Indicted for War Crimes by the International Criminal Tribunal for the former Yugoslavia (ICTY) and through organized criminal activity. Information regarding the additions has been posted on the BOL OFAC page.    12/17/04

  • Shared National Credits Data Collection Changes Proposed

    The federal banking and thrift regulatory agencies have requested public comment on proposed changes to the data collection process that supports the Shared National Credit review of large syndicated loans.
    Interagency Notice;
    FRB PR;
    OCC NR;
    OTS PR;
    FDIC PR    12/17/04

  • Thirty-Six CRA Evaluations Announced

    The OCC has announced the CRA evaluations of thirty-six national banks that were examined for compliance during the period of November 15, 2004 through December 14, 2004.
    CRA Evaluations    12/17/04

  • December 2004 Electronic Interpretations and Actions Posted Online

    The December 2004 issue of Electronic Interpretations and Actions has been posted on the OCC Web site.
    Interpretations and Actions    12/17/04

  • HOEPA January 2005 Reference Rates

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in January 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month prior to the month you received the application.
    Daily H.15;
    Weekly H.15    12/17/04

  • Winter Issue Supervisory Insights Published

    The Winter 2004 issue of Supervisory Insights has been published by the FDIC and features articles on the following topics: "Linking International Remittance Flows to Financial Services: Tapping the Latino Immigrant Market" and "Economic Capital and the Assessment of Capital Adequacy".
    Supervisory Insights
       12/17/04

  • Counterfeit Checks And Money Orders Special Alerts Issued

    Three Special Alerts have been issued by the FDIC regarding counterfeit cashier’s checks drawn on Orange Savings Bank, ssb, Orange, Texas; counterfeit official checks drawn on Main Street Bank, Covington, Georgia; and counterfeit bank money orders bearing the name of Southern Missouri Bank & Trust Co., Poplar Bluff, Missouri. Information regarding the counterfeit checks and money orders ahs been posted on the BOL Alerts & Counterfeits page.
       12/17/04

  • NCUA Liquidates CU

    NCUA has placed the Midwood Federal Credit Union of Brooklyn, New York, into liquidation. Member funds are insured and will be released within five days.
    Midwood Federal    12/17/04

  • OFAC Blocked Account SAR Filing Guidance Issued

    FinCEN has issued a Guidance regarding the filing of an SAR upon the discovery of an OFAC blocked account.
    Guidance    12/16/04

  • December 2004 Call Report Subject Of FIL

    The FFIEC has issued a FIL which contains sample forms and supplemental instructions regarding the Call Report for the Fourth Quarter 2004.
    FIL;
    Instructions;
    031 Form;
    041 Form    12/16/04

  • OCC Enforcement Actions Announced

    The OCC has announced six new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and one termination of an existing enforcement action.
    Enforcement Actions    12/16/04

  • First Quarter 2004 CRA Exam Schedule Released

    OTS has announced that 31 savings associations are scheduled for CRA examinations during the First Quarter of 2005.
    CRA Exams    12/16/04

  • NCUA Issues Prohibition Orders

    Three Prohibition Orders have been issued by NCUA against former credit union officers and employees.
    Orders    12/16/04

  • Interest Rate Risk Exposure Report Issued

    OTS has issued the Interest Rate Risk Exposure Report for the Third Quarter 2004.
    Interest Rate Risk Report    12/16/04

  • FRB Publishes Holiday List

    The list of holidays and the dates observed by the FRB in 2005-2009 has been published.
    Holidays    12/16/04

  • October TIC Data Released

    Treasury has released the TIC data for October 2004.
    TIC    12/16/04

  • Foreign Bank Subsidiaries Authorized To Manage Trust Investments In U.S. Real Estate

    The FRB has issued a legal interpretation which clarifies the fiduciary exemptions in Reg K and Reg Y. The opinion permits two asset management subsidiaries of a foreign bank to sponsor and manage foreign-based investment trusts that invest in U.S. real estate. Legal Interpretation
       12/15/04

  • FDIC ID Theft Study Results Released

    The FDIC has issued a FIL which announces the results of its “Putting An End To Account-Hijacking Identity Theft” study and is requesting comments. The study regarded the unauthorized access to financial institution accounts and the ways the risks can be mitigated.
    FIL;
    Study    12/15/04

  • FRB Raises Rates

    The FOMC has raised the fed funds rate and the Board of Governors has raised the discount rate by twenty-five basis points each.
    Rates    12/15/04

  • International Reserve Position Updated

    Treasury has released the U.S. International Reserve Position for the week ending December 10, 2004.
    Reserve Position    12/15/04

  • G.17 Report Released

    The FRB has released the G.17 Industrial Production and Capacity Utilization report for November 2004.
    G.17 http://www.federalreserve.gov/Releases/G17/Current/default.htm
    Study    12/15/04

  • AML Program Requirements Guidance from FinCEN Published in FR

    This Interpretive Release sets forth an interpretation of the regulation requiring Money Services Businesses that are required to
    register with FinCEN to establish and maintain anti-money laundering programs. 69FR74439 (pdf) 69FR74439 (txt)   12/14/04

  • October FDIC Enforcement Actions Announced

    The FDIC has announced that twenty-seven enforcement actions were taken in October 2004 against banks and individuals. The actions included four cease and desist orders, seven removal and prohibition orders, eight civil money penalty orders, one termination of insurance order, and seven orders terminating orders to cease and desist.
    Enforcement Actions    12/14/04

  • Unauthorized Internet Banking Special Alert

    The FDIC has issued a Special Alert regarding Atlantic Standard Chartered Bank & Trust, N.A. who is offering a full range of deposit and banking services via the Internet. The entity is not chartered by the OCC and its products or services are not insured by the FDIC. Special Alert    12/14/04

  • Special Alert Regarding Missing Cashier’s Checks

    A Special Alert has been issued by the FDIC regarding cashier’s checks that are missing from and drawn on Community Trust Bank, Inc., Pikeville, Kentucky. Information regarding the missing cashier’s checks has been posted on the BOL Alerts & Counterfeits page.    12/14/04

  • FIL Issued Regarding FACT Act Effective Dates

    The FDIC has issued a FIL regarding the previously released Interagency Letter to the ABA and other trade associations responding to questions as to the effective dates of various provisions of the FACT Act. The Letter and other information regarding the FACT Act was the subject of December 1, 2004 BOL Special Banker Briefing.
    FIL    12/14/04

  • Final Third Quarter Interest Rate Measures Report Released

    The Economic Analysis Division of OTS has released the Final Third Quarter 2004 Thrift Industry Interest Rate Measures Report.
    Final Report    12/14/04

  • Money Smart CBI Version Now Available

    A FIL has been issued by the FDIC announcing that a CBI version of its Money Smart program in English and Spanish is available on CD-ROM and accessible online. Money Smart FIL    12/14/04

  • HMDA Disclosure Tables Revised

    The FRB has announced changes to the tables used to publicly release data collected by lenders under HMDA. The formats for some of the existing disclosure tables have been revised, one set of existing tables has been deleted, and new tables have been added.
    Changes;
    HMDA Tables    12/13/04

  • Thrift Assessments And Fees Adjusted

    OTS has published the semiannual adjustments for inflation of thrift assessments and fees.
    Adjustments    12/13/04

  • FinCEN 314a Fact Sheet Updated

    FinCEN has updated the 314a Fact Sheet to included data collected as of December 7, 2004.
    314a Fact Sheet    12/13/04

  • The FDIC has issued three Special Alerts

    , two of which regard counterfeit cashier’s checks drawn on United Bank, Fairfax, Virginia and Bank North, Crivitz, Wisconsin, and the other concerning counterfeit bank money orders drawn on Allegiance Community Bank, South Orange, New Jersey. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    12/10/04

  • FinCEN Issues AML Program Requirements Guidance

    FinCEN has issued a Guidance to MSBs on AML Program Requirements for dealing with foreign agents and foreign counterparts. AML Guidance    12/10/04

  • Flow Of Funds And Household Debt Reports Issued

    The FRB has issued the Z.1 Flow of Funds and Household Debt Service Burden statistical releases for the Third Quarter 2004. Z.1   Household Debt    12/10/04

  • Autumn 2004 Issue FR Bulletin Published

    The Autumn 2004 issue of the FR Bulletin has been posted online and contains the following articles: Federal Reserve Banks as Fiscal Agents and Depositories of the United States in a Changing Financial Environment; Federal Reserve Personal Financial Education Initiatives; and Report of the Conditions of the U.S. Banking Industry: Second Quarter, 2004. Autumn FR Bulletin    12/10/04

  • Cuban Travel Agency Added To SDN List

    OFAC has added to its SDN list a Cuban travel agency that facilitates the evasion of U.S. sanction policy. Information regarding the addition has been posted on the BOL OFAC page.    12/09/04

  • Opt Out Report Submitted To Congress

    The FRB has submitted a report to Congress regarding the results of a study of unsolicited written offers of credit and insurance that have been made to consumers. The report, which is required by the FACT Act, addresses five issues regarding the ability of consumers to “opt out”.
    Report    12/09/04

  • NCUA Announces Free PALS Workshop

    A free Partnering and Leadership Successes (PALS) workshop will be held by NCUA in Orlando, Florida, on Feb. 8, 2005. The agenda will focus on reaching new members outside the workplace, targeting all demographics, expanding into new markets, and building partnerships. PALS    12/09/04

  • Federal Reserve Proposed Rule for Truth in Lending - Reg Z:

    Open-end (revolving) credit rules, disclosures and protection. PR, TXT, in FR    12/08/04

  • Regulators Issue BOLI Guidance

    The FRB, OCC, FDIC and OTS have issued an Interagency Statement which discusses the safety and soundness and risk management implications of purchases and holdings of life insurance by financial institutions.
    Interagency Statement;
    FRB SR; OCC Bulletin; FDIC FIL   12/08/04

  • Critical Financial Infrastructure Protection Report Released

    Treasury has released the results of a Critical Financial Infrastructure Protection Study which provide a model for the nation's regional financial centers to protect and strengthen their critical financial services infrastructure at the local level. Study    12/08/04

  • OCC Offers Consumers Holiday Tips On Utilization Of Gift Cards

    The OCC has issued a consumer advisory which contains important information that holiday shoppers should have about the terms and conditions that apply to gift cards. Tips   12/08/04

  • International Reserve Position Updated

    The U. S. International Reserve Position for the week ending December 3, 2004 has been issued by Treasury.
    International Reserve Position    12/08/04

  • October Consumer Credit Report Released

    The G.19 Consumer Credit Report for October 2004 has been released by the FRB. G.19   12/08/04

  • Comments Sought On Proposal To Continue Utilization Of Certain Forms

    The FRB is seeking comments on a proposal to approve the extension for three years, without revision, the utilization of the FR G-1, FR G-2, FR G-4, FR T-4, and FR U-1 report forms. Proposal   12/08/04

  • FR-CA CPS Amended

    The FRB has announced that in order to support new Check 21 related services requiring special connectivity features, the FR-CA CPS will be amended effective December 15, 2004. CPS    12/08/04

  • Counterfeit Cashier’s Check Special Alert

    A Special Alert had been issued by the FDIC regarding counterfeit cashier’s checks drawn on City National Bank of Florida, Miami, Florida. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.   12/07/04

  • CRA Ratings Announced

    The FDIC has announced the ratings received by state nonmember banks evaluated in September 2004 for CRA compliance. CRA   12/07/04

  • E-Payments Exceed Checks

    The FRB has announced that the results of the 2004 Federal Reserve Payments Study indicate that electronic payments in the United States have exceeded payments by check for the first time.
    Summary;
    Study    12/07/04

  • FRB Issues SL Regarding FOSS

    The FRB has issued a SL regarding the previously announced FFIEC Guidance on the use of Free and Open Source Software. Information concerning the Guidance was posted in the October 22, 2004 BOL Top Stories. SL; Guidance   12/07/04

  • December Financial Holding Companies List Released

    The FRB has released the list as of December 3, 2004 of BHCs that have elected to be treated as a financial holding company.
    List
       12/07/04

  • BHC Rating System Revision SL Issued

    A SL has been issued by the FRB concerning the previously announced revision by the FRB of the regulator’s rating system for BHCs. Information regarding the revision was posted in the December 2, 2004 BOL Top Stories. SL; Revision    12/07/04

  • Acting Comptroller Williams Addresses CFO Roundtable

    Acting OCC Comptroller Williams noted the banking industry in excellent health, but warned against complacency in a presentation before BAI’s “Roundtable for CFOs” in New York City. Speech    12/06/04

  • Reg Z ANPR Issued

    The FRB has issued an ANPR and request for comments regarding its review of Reg Z’s open-ending credit rules concerning the format of disclosures, the content of disclosures, and the substantive protections provided under the Reg. ANPR   12/06/04

  • OCC Working Paper Examines Post-Preemption Announcement Effects

    A working paper has been published by the OCC that offers empirical evidence on how preemption affects national banks' performance. The study finds that preemption benefits are larger for smaller, multistate national bank holding companies than they are for larger national bank companies or similarly sized companies operating in one state. Working Paper Abstract; Full Paper   12/06/04

  • OFAC Cites Bahaman Bank

    Only one bank was listed on the December 3, 2004 OFAC CMP list and it is located in the Bahamas.
    OFAC CMP List   12/06/04

  • Fall 2004 Issue FDIC Consumer News Now Online

    The Fall 2004 issue of FDIC Consumer News has been published and posted on the FDIC Web site. Featured articles include: Strategies and Help for Fighting ID Theft; New Consumer Rights to Their Credit Records; The Basics of Deposit Insurance for Businesses; and New Financial Education from the FDIC.
    FDIC Consumer News    12/06/04

  • Treasury Delivers International Economic Report To Congress

    As required by federal law, Treasury has delivered to Congress a report which reviews its policies regarding international economics and exchange rates for the first half of 2004. Economic Report    12/06/04

  • FFIEC Issues Additional Guidance on HMDA Reporting

    The FFIEC has issued additional guidance to ensure that data in the following areas is reported accurately: transition rules; ethnicity, race, and sex (government monitoring information); property location information on refinancings and preapprovals; lien status reporting; loans subject to HOEPA; and reporting the sale of home purchase loans. Guidance   12/03/04

  • Enforcement Actions Announced Against Affiliated Parties

    The FRB has announced the issuance of a C & D Order against a former institution-affiliated party and the execution of Written Agreements with two additional institution-affiliated parties relating to a commitment made in connection with an application involving Kenco Bancshares, Inc., Jayton, Texas. C & D; Written Agreement 1; Written Agreement 2   12/03/04

  • Sample Board Resolutions For Fed Reserve Account Holders

    FRB Financial Services has posted online a sample of the board resolutions that are required of all Federal Reserve account holders and FedLine Advantage early adopters. Sample Resolutions    12/03/04

  • OCC First Quarter 2005 CRA Exam Schedule Released

    The OCC has released the schedule for national banks that will be examined for CRA compliance during the first quarter 2005. CRA Exam Schedule    12/03/04

  • OTS Announces CRA Evaluations

    OTS has announced the CRA performance evaluations for saving associations which became publicly available during November 2004. CRA Ratings    12/03/04

  • Bulletin Issued Regarding Annual Operating Subsidiaries Report Final Rule

    The OCC has issued a Bulletin regarding the previous announced Final Rule concerning the Annual Report on Operating Subsidiaries. Information regarding the Final Rule was posted in the November 5, 2004 BOL Top Stories. Bulletin    12/03/04

  • Two FEDS Working Papers Published

    The FRB has published two working papers in the FEDS series entitled: Measuring Capital and Technology: An Expanded Framework; and Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements. Measuring Capital; Do Actions Speak    12/03/04

  • FDIC Outlook Winter 2004 Issue Published

    Consumer spending in 2005 will be much more dependent on the growth of jobs and incomes than has been the case in recent years, according to the Winter 2004 issue of the FDIC Outlook. Other articles in the report cover trends in housing markets, risks facing home equity and auto lenders, and the growing Hispanic market for banking services. FDIC Outlook    12/03/04

  • September UBPR Available Online

    The September 30, 2004 Uniform Bank Performance Report (UBPR) is now available on line and contains 5 years of continuous financial history that is restated quarterly to reflect call report amendments. Sept UBPR    12/03/04

  • HUD HMDA Data Collection Transferred To FRB

    HUD and the FRB have reached an agreement to transfer the HUD HMDA data collection process to the Board.
    Agreement   12/02/04

  • FRB BHC Rating System Revised

    The FRB has announced that its rating system for BHCs has been revised. The new system more closely aligns the rating process with the focus of the regulator’s current supervisory practices and is effective January 1, 2005. Rating System Revisions    12/02/04

  • OCC 2005 Fee Schedule Issued

    The OCC has issued a bulletin regarding its fee schedule for 2005. Bulletin; Fee Schedule    12/02/04

  • Existing FTO/SDGT Designation Changed

    OFAC has changed the listing of an existing FTO/SDGT designated entity. Information regarding the change has been posted on the BOL OFAC page.    12/02/04

  • New Issue Beige Book Published

    The FRB has published the December 1, 2004 issue of the Beige Book which contains economic reports from each of the twelve Federal Reserve Districts. Beige Book    12/02/04

  • FRB Issues Statistical Releases

    The FRB has issued the November 2004 3.12 , 3.13 and G.5 statistical releases regarding U.S. Reserve Assets, Foreign Official Assets Held at Federal Reserve Banks, and Foreign Exchange Rates.
    3.12 and 3.13
    ; G.5    12/02/04

  • FDIC FIL Regarding OFAC Changes

    The FDIC has issued a FIL regarding previously announced changes made by OFAC to the SDN List. Information concerning the changes was posted on the BOL OFAC page on November 24, 2004. FIL    12/02/04

  • Supreme Court Decides Reg Z Case

    In Koons Buick Pontiac GMC, Inc. v. Nigh, the U.S. Supreme Court determined the effect of the 1995 amendments to the damages limits for Truth in Lending violations. In so doing, they also shed light on what "subparagraph" and "clause" mean in the context of statutory interpretation. Bottom line: the $100/$1,000 limitation still stands. Court Decision   12/01/04

  • FDIC Issues First Quarter 2005 CRA Exam Schedule

    The schedule of institutions scheduled for CRA examinations by the FDIC in the first quarter 2005 has been issued. CRA Exam Schedule    12/01/04

  • Sarbanes-Oxley Internal Control Reports Deadline Extended

    The SEC and the Public Company Accounting Oversight Board have extended the deadline for the filing by many SEC registrants, including banks, of management reports and auditor attestations on internal controls required by Sarbanes-Oxley. Registrants that qualify are granted a 45-day extension. Deadline Extension    12/01/04

  • New Iraqi Executive Order Issued

    The President has issued a new Executive Order which extends to the Central Bank of Iraq the same immunity from attachment and other judicial process granted to the Development Fund for Iraq and to Iraqi petroleum and petroleum products. Information regarding the Executive Order has been posted on the BOL OFAC page.   12/01/04

  • Large Banks Ranking Released

    The FRB has released the ranking by consolidated assets of insured U.S.-chartered commercial banks with consolidated assets of $300 million or more as of September 30, 2004. Ranking    12/01/04

  • September 30, 2004 Call Report Data Finalized

    The Call Report and TFT Data for September 30, 2004 has been finalized and is available from the FDIC Web site. Call Report Data   12/01/04

11/14/2004

OCC San Diego workshops

The OCC will host two workshops in San Diego on May 6–7. The "Compliance Risk" and "Risk Assessment" workshops are designed exclusively for directors of institutions supervised by the OCC. The compliance risk workshop focuses on major compliance risks and consumer protection regulations, such as the Qualified Mortgage Rule and Bank Secrecy Act, along with key elements of an effective compliance risk management program. The risk assessment workshop discusses the OCC's approach to risk-based supervision, and best practices to identify, measure, monitor and control risk.

11/14/2004

OCC San Diego workshops

The OCC will host two workshops in San Diego on May 6–7. The "Compliance Risk" and "Risk Assessment" workshops are designed exclusively for directors of institutions supervised by the OCC. The compliance risk workshop focuses on major compliance risks and consumer protection regulations, such as the Qualified Mortgage Rule and Bank Secrecy Act, along with key elements of an effective compliance risk management program. The risk assessment workshop discusses the OCC's approach to risk-based supervision, and best practices to identify, measure, monitor and control risk.

10/31/2004

Top Stories for November 2004

  • Loan Delinquency Rates Report Revised

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

  • NCUA - Fair and accurate Credit Transactions Act implementation

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

  • OFAC Adds Mexican Cartel Members And WMD Designation

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

  • PSR Policy Revised

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

  • Reg T Opinions Released

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

  • Unauthorized Internet Bank Alert Issued

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

  • Assessment Certified Statement Rule FIL Issued

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

  • Third Quarter Preliminary Interest Rate Risk Measure Report Released

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

  • NCUA Proposed Rule for Credit Unions:

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

  • OTS - Community Reinvestment Act:

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

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

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

  • Counterfeit Cashier's Checks Bulletin

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

  • Three Special Alerts Issued

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

  • Credit Bureaus Announce How Consumers Can Access Free Credit Reports

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

  • Executive Officer 004 Report Form

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

  • 314a Fact Sheet Updated

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

  • Bank And Thrift Third Quarter Income Sets Record

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

  • FDIC Final Rule published in Federal Register

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

  • Unauthorized Banking Special Alerts

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

  • 2005 CRA And HMDA Software Available

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

  • OFAC To Change SDN File Format

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

  • Bulletin Issued Regarding CMP Inflation Adjustment

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

  • International Reserve Position Released

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

  • Three Counterfeit Cashier's Checks Special Alerts Issued

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

  • FIL Issued Regarding New SDGTs

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

  • FCRA And FACTA Consumer Notices Issued

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

  • OTS Announces Final EGRPRA Rule and CRA Streamlining Proposal

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

  • CU Placed In Conservatorship

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

  • Greenspan Discusses Globalization

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

  • FTC Issues Final Regulation on Consumer Information and Records Disposal

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

  • C&D Issued Against Colorado BHC And Bank

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

  • Twenty-Four CRA Evaluations Released

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

  • November 2004 Issue Of Electronic Interpretations and Actions Now Online

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

  • Schedule RED March 2005 Specifications Issued

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

  • 2005 TIAC New Members And Officers Announced

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

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

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

  • Three Year Extension For HMDA Loan/Application Register Proposed

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

  • Guidance Issued Regarding Internal Control Attestation Standards for Independent Auditors

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

  • OCC Issues Bulletin Regarding Proposed Reg E Amendments

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

  • Cali Cartel Entities Added To SDNT List

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

  • G.17 Report Issued

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

  • Thrift Industry Third Quarter Earnings Released

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

  • HOEPA December Reference Rates

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

  • Reg E Amendments Proposed

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

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  • Software Due Diligence Guidance Issued

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

  • OTS Issues Legal Opinions

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

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

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

  • OFAC To Issue Specific Licenses

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

  • September TIC Data Released

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

  • U.S. Reserve Assets Supplements Issued

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

  • Third Quarter BIF and SAIF Financials Released

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

  • Two Flood CMPs Announced

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

  • OCC Enforcement Actions Announced

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

  • FDIC Assessment Rates Unchanged

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

  • Bank Lending Practices Survey Results

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

  • Financial Holding Companies List Updated

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

  • Cost Of Funds Reports Issued

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

  • Violations Requiring OCC Action Listed

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

  • FDIC Issues Four Special Alerts

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

  • Airline Designated SDNTK

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

  • FRB Raises Fed Funds And Discount Rates

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

  • Enforcement Guidance Issued For BSA/AML Program Deficiencies

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

  • Unauthorized Internet Banks Alert

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

  • FDIC Enforcement Actions Released

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

  • FDIC Insurance DVD Available

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

  • OCC Publishes CMP Inflation Adjustment in FR

    The OCC is amending its rules of practice and procedure to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction to account for inflation. 69FR65067 (txt) 69FR65067 (pdf) 11/10/04

  • OCC Seeks C&D And CMP Against Bank Auditor

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

  • Counterfeit Cashier's Checks Special Alert

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

  • 314(a) Facts And Feedback Updates

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

  • Four Working Papers Published

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

  • Survey Reports Easing Of Loan And Underwriting Standards

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

  • November G.20 Released

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

  • CMP Inflation Adjustment

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


  • International Reserve Position Update

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


  • FR Publishes PR on Proposed Fee for Credit Scores

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

  • OCC Updates Reg CC Examination Procedures

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

  • OFAC Cites One Bank

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

  • FDIC CRA Evaluations Released

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

  • Regulatory Reports Monitoring Program Terminated

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

  • Legal Opinion Regarding FSAs and State Licensing Requirements

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

  • OCC 2004 Annual Report Published

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

  • OCC Telephone Seminar Transcripts Online

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

  • September 2004 Consumer Credit Report Released

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

  • OCC- Final Rule published in Federal Register

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

  • Disclosure Violations Result In $37 Million Penalty

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

  • FRB 2005 Fee Schedules Released

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

  • 2004 CRA/HMDA Reporter Newsletter Published

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


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

    The Federal Civil Penalties Inflation Adjustment Act of 1990 requires all federal agencies with statutory authority to impose civil money penalties (CMPs) to evaluate and adjust those CMPs every four years. The Office of Thrift Supervision (OTS) last adjusted its CMP statutes in 2000. Consequently, OTS is issuing this final rule to implement the required adjustments to OTS's CMP statutes. Text PDF  11/4/04

  • Banking Agencies Finalized Basel II Survey Documents

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

  • FTC Seeks Comments on Proposed Fee for Credit Scores

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

  • Second Quarter 2004 Quarterly Review Published

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

  • CRA Ratings Released By OTS

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

  • Counterfeit Bank Money Orders Special Alert

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

  • GLBA Bank Broker Registration Deadlines Extended

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

  • International Reserve Position

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

  • Check 21 Processing Report

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

  • 314(a) Fact Sheet Published

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

  • October Foreign Exchange Rates Released

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

  • Department of Housing and Urban Development

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

  • Department of Housing and Urban Development

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

  • Written Agreement With California Bank Announced

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

  • FTC Issues Final Rules Regarding FACT Act ID Theft Provisions

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

  • OCC Announces New Electronic Interpretations and Actions

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

  • FDIC To Host Phishing Teleconference

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

09/30/2004

Top Stories for October 2003

  • Preemption of State Escrow Laws

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

  • Treasury Check Security Features

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

  • Asset & Liability Price Tables

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

  • Greenspan Comments On Check 21

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

  • Counterfeit Cashier's Checks Special Alert

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

  • Regulators ANPR on Basel II

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

  • FIL Regarding Announced SDGTs

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

  • California Fire Damage Relief

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

  • Check 21 Signed

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

  • Collateral Appraisals Concern Regulators

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

  • Director's Corporate Governance Aids

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

  • Illegal Lending Practices Halted

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

  • International Reserve Position

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

  • Fed Funds Rate Unchanged

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

  • Changing Paradigm in Commercial Real Estate

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

  • Stolen Payroll Checks Alert

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

  • Fourteen Enforcement Actions Announced

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

  • FIL Regarding FFIEC IT Guidance

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

  • New Cash Management Tool

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

  • Counterfeit Official Checks Special Alerts

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

  • New SDGTs Added to OFAC List

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

  • Minority Business Development Advisory Letter

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

  • FTC To Share ID Theft Data With Canadians

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

  • Bank Accounting Advisory Series

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

  • Income Imputing Method Modified

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

  • FIL Regarding Announced SDNTs

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

  • Dual Banking System Paper

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

  • International Reserve Positions

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

  • New FRB Fees and Consolidations

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

  • G.20 Finance Companies Report Released

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

  • FRB Bulletin Featured Article Selected

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

  • Extraordinary Transaction Rule Withdrawn

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

  • Thirty-Three CRA Evaluations Released

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

  • New Electronic Interpretations and Actions

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

  • FILs Regarding Announced OFAC Additions

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

  • International Finance Discussion Papers Released

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

  • Foreign Shell Bank BSA Exam Procedures

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

  • FY 2003 Federal Budget Results Released

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

  • OCC Announces Thirteen Enforcement Actions

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

  • New FDIC BSA Examination Procedures

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

  • SAR Activity Review - Issue No. 1

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

  • Cali Cartel Entities Designated SNDTs

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

  • Counterfeit And Stolen Checks Plus Stop Payment

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

  • New SDGT Named

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

  • November HOEPA APR Reference Rates

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

  • U.S. International Trade Position

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

  • September G.17 Statistical Release

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

  • Summer 2003 Statistics of Income Bulletin Released

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

  • FRB Written Agreement With Illinois Bank

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

  • Enforcement Orders Issued Against Bankers

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

  • FDIC FIL Regarding Iraqi Sanctions

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

  • The Beige Book Updated

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

  • FRB Staff Paper Regarding Mortgages and Basel II

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

  • Cost of Funds Reports Issued

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

  • OFAC Adds SDGTs

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

  • Executive Order Adds Aliases to OFAC List

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

  • Financial Holding Company List Updated

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

  • Counterfeit Canadian Postal Money Orders

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

  • Risk-Based Capital Standards OCC Bulletin

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

  • U.S. International Reserve Position

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

  • New Leadership for Federal Reserve Banks

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

  • FDIC Letter To Stakeholders

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

  • OTS September CRA Evaluations

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

  • New $20 Bills Released

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

  • Cash Services Changes Comment Requested

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

  • Payroll Cards a Resource For New Customers

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

  • ID Theft Notification Comment Deadline Nears

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

  • Consumer Predatory Lending Brochure

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

  • Counterfeit Checks Special Alert

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

  • CRA Ratings Released

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

  • G.19 Consumer Credit Report Released

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

  • OTS Affiliate Transactions Final Rule

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

  • Reserve Requirements of Depository Institutions

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

  • Special Alert Unauthorized Banking

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

  • Counterfeit Cashier's Checks Special Alert

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

  • Credit Card Scammers Must Pay Up

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

  • Fall 2003 FDIC State Profiles

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

  • E-Mail Delivery of TIP & PATAX Statements

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

  • 4 Banks Hit With OFAC Penalties

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

  • Written Agreement Involving BSA and AML

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

  • FR Bulletin To Be Published Quarterly

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

  • FATF Suggestions On Freezing Terrorist Assets

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

  • Board and Bankers Subject of FDIC Actions

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

  • September 2003 Treasury Bulletin Online

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

  • OCC Alert For Bogus Loan Pay-Off Documents

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

  • FDIC Enforcement Actions Announced

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

  • NCUA Prohibition Orders Issued

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

  • General License Issued Regarding Iraq

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

  • Annual Adjustments to Reserve Calculations

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

  • Interim Rule and NPR Issued By Regulators

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

  • Special Alerts Issued by FDIC

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

  • 2003 CRA/HMDA Newsletter and Quick Tips

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

  • E.2 Survey of Terms of Business Lending

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

  • September Foreign Exchange Rates

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

  • FedACH Information Services To Be Expanded

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

  • FFIEC 030 Form Available Online

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

  • E-Banking, IT Audit and FedLine Guidances

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

  • FTC Says No Constitutional Right For Calls

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

  • E. 15 Agricultural Finance Databook Updated

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

  • G. 20 Finance Companies Statistical Release

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

  • 2003 Survey of Credit Underwriting Practices

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

  • The Quarterly Review of Interest Rate Risk

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

  • Country Exposure Data Released

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

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