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Top Story Lending Related

10/31/2004

Top Stories for November 2004

  • Loan Delinquency Rates Report Revised

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

  • NCUA - Fair and accurate Credit Transactions Act implementation

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

  • OFAC Adds Mexican Cartel Members And WMD Designation

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

  • PSR Policy Revised

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

  • Reg T Opinions Released

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

  • Unauthorized Internet Bank Alert Issued

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

  • Assessment Certified Statement Rule FIL Issued

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

  • Third Quarter Preliminary Interest Rate Risk Measure Report Released

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

  • NCUA Proposed Rule for Credit Unions:

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

  • OTS - Community Reinvestment Act:

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

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

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

  • Counterfeit Cashier's Checks Bulletin

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

  • Three Special Alerts Issued

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

  • Credit Bureaus Announce How Consumers Can Access Free Credit Reports

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

  • Executive Officer 004 Report Form

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

  • 314a Fact Sheet Updated

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

  • Bank And Thrift Third Quarter Income Sets Record

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

  • FDIC Final Rule published in Federal Register

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

  • Unauthorized Banking Special Alerts

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

  • 2005 CRA And HMDA Software Available

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

  • OFAC To Change SDN File Format

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

  • Bulletin Issued Regarding CMP Inflation Adjustment

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

  • International Reserve Position Released

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

  • Three Counterfeit Cashier's Checks Special Alerts Issued

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

  • FIL Issued Regarding New SDGTs

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

  • FCRA And FACTA Consumer Notices Issued

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

  • OTS Announces Final EGRPRA Rule and CRA Streamlining Proposal

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

  • CU Placed In Conservatorship

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

  • Greenspan Discusses Globalization

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

  • FTC Issues Final Regulation on Consumer Information and Records Disposal

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

  • C&D Issued Against Colorado BHC And Bank

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

  • Twenty-Four CRA Evaluations Released

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

  • November 2004 Issue Of Electronic Interpretations and Actions Now Online

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

  • Schedule RED March 2005 Specifications Issued

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

  • 2005 TIAC New Members And Officers Announced

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

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

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

  • Three Year Extension For HMDA Loan/Application Register Proposed

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

  • Guidance Issued Regarding Internal Control Attestation Standards for Independent Auditors

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

  • OCC Issues Bulletin Regarding Proposed Reg E Amendments

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

  • Cali Cartel Entities Added To SDNT List

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

  • G.17 Report Issued

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

  • Thrift Industry Third Quarter Earnings Released

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

  • HOEPA December Reference Rates

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

  • Reg E Amendments Proposed

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

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  • Software Due Diligence Guidance Issued

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

  • OTS Issues Legal Opinions

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

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

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

  • OFAC To Issue Specific Licenses

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

  • September TIC Data Released

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

  • U.S. Reserve Assets Supplements Issued

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

  • Third Quarter BIF and SAIF Financials Released

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

  • Two Flood CMPs Announced

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

  • OCC Enforcement Actions Announced

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

  • FDIC Assessment Rates Unchanged

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

  • Bank Lending Practices Survey Results

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

  • Financial Holding Companies List Updated

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

  • Cost Of Funds Reports Issued

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

  • Violations Requiring OCC Action Listed

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

  • FDIC Issues Four Special Alerts

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

  • Airline Designated SDNTK

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

  • FRB Raises Fed Funds And Discount Rates

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

  • Enforcement Guidance Issued For BSA/AML Program Deficiencies

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

  • Unauthorized Internet Banks Alert

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

  • FDIC Enforcement Actions Released

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

  • FDIC Insurance DVD Available

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

  • OCC Publishes CMP Inflation Adjustment in FR

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

  • OCC Seeks C&D And CMP Against Bank Auditor

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

  • Counterfeit Cashier's Checks Special Alert

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

  • 314(a) Facts And Feedback Updates

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

  • Four Working Papers Published

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

  • Survey Reports Easing Of Loan And Underwriting Standards

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

  • November G.20 Released

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

  • CMP Inflation Adjustment

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


  • International Reserve Position Update

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


  • FR Publishes PR on Proposed Fee for Credit Scores

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

  • OCC Updates Reg CC Examination Procedures

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

  • OFAC Cites One Bank

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

  • FDIC CRA Evaluations Released

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

  • Regulatory Reports Monitoring Program Terminated

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

  • Legal Opinion Regarding FSAs and State Licensing Requirements

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

  • OCC 2004 Annual Report Published

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

  • OCC Telephone Seminar Transcripts Online

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

  • September 2004 Consumer Credit Report Released

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

  • OCC- Final Rule published in Federal Register

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

  • Disclosure Violations Result In $37 Million Penalty

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

  • FRB 2005 Fee Schedules Released

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

  • 2004 CRA/HMDA Reporter Newsletter Published

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


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

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

  • Banking Agencies Finalized Basel II Survey Documents

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

  • FTC Seeks Comments on Proposed Fee for Credit Scores

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

  • Second Quarter 2004 Quarterly Review Published

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

  • CRA Ratings Released By OTS

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

  • Counterfeit Bank Money Orders Special Alert

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

  • GLBA Bank Broker Registration Deadlines Extended

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

  • International Reserve Position

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

  • Check 21 Processing Report

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

  • 314(a) Fact Sheet Published

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

  • October Foreign Exchange Rates Released

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

  • Department of Housing and Urban Development

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

  • Department of Housing and Urban Development

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

  • Written Agreement With California Bank Announced

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

  • FTC Issues Final Rules Regarding FACT Act ID Theft Provisions

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

  • OCC Announces New Electronic Interpretations and Actions

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

  • FDIC To Host Phishing Teleconference

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

10/14/2004

Banking study shows strength of community banks

The FDIC has released a the results of a research study on long-term consolidation in banking and the implications of this trend for community banks. A key finding of the study is that institutions with assets between $100 million and $10 billion, most of which can be considered community banks, have increased in both number and in total assets since 1985.

10/14/2004

BofA hit with $727 M reimbursement order and CMP

The Consumer Financial Protection Bureau has announced it has ordered Bank of America and its FIA Card Services, N.A. subsidiary to provide relief to consumers harmed by B of A and FIA's practices related to card add-on products. Payments to consumers under the order are estimated to be $727 million. The Bureau has also ordered Bank of America to pay a $20 million civil money penalty. The CFPB found that B of A and FIA employed deceptive marketing of add-on credit insurance products, and illegally charged about 1.9 million consumer accounts for credit monitoring and credit reporting services they were not receiving. According to the Bureau's press release, the bank has already completed major portions of the consumer reimbursements required by the order. The Bureau's efforts followed up on work begun by the OCC, which announced its imposition of a separate $25 million CMP on B of A and FIA. [CFPB Consent Order; OCC Consent Order; OCC Consent Order for CMP]

The CFPB has posted an "Explainer" on its Blog to provide information about who is eligible for compensation under the Bureau's order, and in what amounts.

10/14/2004

Call Report changes

FDIC FIL-15-2014 has been issued to highlight the following call report changes which take effect with the March 31, 2014, Call Report submission due by April 30, 2014:

  • Questions about international remittance transfers for all institutions and, for those institutions with more than 100 transactions per calendar year, the estimated number and dollar value of international remittance transfers. This information will be collected in Schedule RC-M, Memoranda, initially in March 2014 and semiannually thereafter each June and December.
  • The reporting in Schedule RC-M of trade names used to identify physical offices and addresses of public-facing Internet websites at which the reporting institution accepts or solicits deposits from the public
  • A question in Schedule RC-E, Deposit Liabilities, asking whether the reporting institution offers deposit account products primarily intended for consumers
  • For institutions with $1 billion or more in total assets that offer consumer deposit account products, the total balances of those products in Schedule RC-E

10/14/2004

CFPB mortgage closing process forum

The Bureau will hold a mortgage closing process forum in Washington, D.C. on April 23 at 1:30 p.m. ET. The forum is open to the public, subject to an RSVP requirement. It can be viewed live on the Bureau Blog.

10/14/2004

Oil and Gas Production Lending added to Comptroller's Handbook

OCC Bulletin 2014-15 announces the addition of a new booklet, "Oil and Gas Production Lending," to the Comptroller's Handbook. The booklet—

  • provides guidance to bankers and examiners in identifying risks that are pertinent to oil and gas production lending
  • establishes supervisory expectations pertaining to risk management of oil and gas production loans
  • includes expanded examination procedures, an internal control questionnaire, and verification procedures for examiners

The following OCC publications were rescinded—

  • Banking Circular 215, "Guidelines for Collateral Evaluation and Classification of Troubled Energy Loans," June 18, 1986
  • Examining Circular 223, "Guidelines for Collateral Evaluation and Classification of Troubled Energy Loans," August 24, 1984
  • Examining Circular 223, Supplement #1, "Guidelines for Collateral Evaluation and Classification of Troubled Energy Loans," June 18, 1986


10/14/2004

Treasury prices secondary public offering of TARP CPP stock

Treasury has announced a secondary public offering of the remaining 2,089,022 shares of common stock of Hampton Roads Bankshares, Inc., priced at $1.57 per share. The aggregate net proceeds to Treasury from the offering are expected to be approximately $3.3 million. The offering closing is expected to occur on or about April 14, 2014, subject to customary closing conditions.

10/14/2004

Oil and Gas Production Lending added to Comptroller's Handbook

OCC Bulletin 2014-15 announces the addition of a new booklet, "Oil and Gas Production Lending," to the Comptroller's Handbook. The booklet—

  • provides guidance to bankers and examiners in identifying risks that are pertinent to oil and gas production lending
  • establishes supervisory expectations pertaining to risk management of oil and gas production loans
  • includes expanded examination procedures, an internal control questionnaire, and verification procedures for examiners

The following OCC publications were rescinded—

  • Banking Circular 215, "Guidelines for Collateral Evaluation and Classification of Troubled Energy Loans," June 18, 1986
  • Examining Circular 223, "Guidelines for Collateral Evaluation and Classification of Troubled Energy Loans," August 24, 1984
  • Examining Circular 223, Supplement #1, "Guidelines for Collateral Evaluation and Classification of Troubled Energy Loans," June 18, 1986


10/14/2004

Treasury prices secondary public offering of TARP CPP stock

Treasury has announced a secondary public offering of the remaining 2,089,022 shares of common stock of Hampton Roads Bankshares, Inc., priced at $1.57 per share. The aggregate net proceeds to Treasury from the offering are expected to be approximately $3.3 million. The offering closing is expected to occur on or about April 14, 2014, subject to customary closing conditions.

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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