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Top Story Lending Related

04/30/2007

Top Stories for March 2007

  • Counterfeit Checks and Fraudulent Bank Guarantees Alerts

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of First National Bank of Dozier, Dozier, Alabama, and fraudulent bank guarantees issued in the name of Central Bank of Ecuador. Information concerning the counterfeit cashier's checks and the fraudulent guarantees has been posted on the BOL Alerts & Counterfeits page.   3/30/07

  • Compliance Training and CRA Updates Scheduled

    OTS has announced that a training regarding compliance with the CRA will be held in Boston, Massachusetts on Thursday, May 24, 2007. Training  3/30/07

  • Consumer Alert Issued

    The OCC has issued a Consumer Alert regarding solicitations about a CRA program that entitles certain homeowners to cash grants or equity disbursements. Consumer Alert  3/30/07

  • Structure and Share Data Report Issued

    The FRB has issued the December 2006 Structure and Share Data for U.S. Offices of Foreign Banks Report. Report  3/30/07

  • New Quarter and Dollar Information

    FRB Financial Services has posted information regarding the distribution of the new Washington State quarter and the new John Adams dollar commemorative coins online. Coins  3/30/07

  • Drug Trafficker and Associates Added to OFAC List

    OFAC has added a major drug trafficker along with related 45 companies and 64 individuals in Colombia, Belize, Ecuador, Guatemala, Honduras, Jamaica, Mexico, and Panama to the SDN List with the SDNT designation. Information concerning the additions has been posted on the BOL OFAC Page.  3/29/07

  • Small Dollar Lending Pilot Project Proposed

    The FDIC staff has proposed and the agency advisory committee has endorsed a two-year small-dollar loan program pilot project. Project  3/29/07

  • Joint Agencies Propose Rulemaking for Model Privacy Form Under Gramm-Leach-
    Bliley Act

    The OCC, Board, FDIC, OTS, NCUA, FTC, and SEC (the Agencies) are proposing amendments to
    their rules that implement the privacy provisions of the Gramm-Leach-Bliley Act (GLB Act), Title V, Subtitle A. These rules require financial institutions to provide initial and annual privacy notices to their customers.TXT; PDF  3/29/07

  • FEDS Working Paper Published

    A working paper in the Finance and Economics Discussion Series (FEDS) series on the topic of "Natural Rate Measures in an Estimated DSGE Model of the U.S. Economy" has been published by the FRB. Abstract; Full Paper  3/29/07

  • Bernanke's Economic Outlook

    In testimony before the Joint Economic Committee of Congress, Chairman Bernanke presented an update on the outlook for the U.S. economy. He observed that the Federal Open Market Committee has left its target for the federal funds rate unchanged, at 5-1/4 percent, since last June and that future policy decisions will depend on the evolution of the outlook for both inflation and economic growth. Testimony  3/29/07

  • Interest Rate Risk Reports Released

    The Aggregate Exposure and CMR Report along with the Historical and Current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports for the Fourth Quarter 2006 have been released by OTS. Aggregate Exposure; Historical; Current  3/29/07

  • Financial Reporting Bulletin Published

    OTS has published the March 2007 Financial Reporting Bulletin. Bulletin  3/29/07

  • Counterfeit Checks Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit official checks, cashier's checks and money orders bearing the names of the following financial institutions:

    • Orange County Teachers Federal Credit Union, Santa Ana, California (Counterfeit Money Orders);
    • Westside Community Bank, University Place, Washington (Counterfeit Cashier's Checks);
    • Farmers & Merchants Bank of Central California, Lodi, California (Counterfeit Cashier's Checks); and
    • McIntosh State Bank, Jackson, Georgia (Counterfeit Official Checks).

    Information concerning the counterfeit checks and money orders has been posted on the BOL Alerts & Counterfeits page.  3/28/07

  • Second Quarter 2007 CRA Exam Schedule Announced

    OTS has announced that seventy savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the second quarter of 2007. Schedule  3/28/07

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of March 27, 2007. Fact Sheet; Information Sharing Report  3/28/07

  • Call Report Instruction Book Update and Optional Worksheet

    The FFIEC has published and posted online an update to the Call Report Instruction Book and an Optional Worksheet for calculating Call Report applicable income taxes. Instruction Book; Worksheet  3/28/07

  • Guidance Issued For Financial Institutions To Facilitate Recovery in Southeast

    The FDIC has issued a FIL that announces a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in counties affected by severe storms and tornadoes in Georgia and Alabama. FIL  3/28/07

  • Court Stops "Reduce Debt Now" Scheme

    At the request of the FTC, a Federal Court has issued an Order that temporarily halts an operation that falsely claimed it could reduce consumers' credit card interest rates or the total amount of their credit card debt. Order  3/28/07

  • Online Survey For FRB Financial Services Customers

    FRB Financial Services is requesting its customers to complete an online survey regarding how the agency's Website can better support their business needs. Survey  3/28/07

  • New Electronic Interpretations and Actions

    The OCC has announced the new electronic interpretations and actions for March 2007. Interpretations and Actions  3/28/07

  • International Reserve Position Update

    Treasury has updated the U. S. International Reserve Position Report with the addition of data current as of March 23, 2007. Reserve Position  3/28/07

  • First Quarter 2007 Call Report Information

    The FDIC has issued a FIL and the FFIEC has issued Supplemental Instructions regarding the filling of the March 31, 2007 Call Report. FIL; Supplemental Instructions  3/27/07

  • Enforcement Actions Announced

    The FDIC has announced twenty-one orders of administrative enforcement actions taken against banks and individuals in February. Enforcement Actions  3/27/07

  • Faith Based Credit Union Chartered

    NCUA has approved a charter and low-income designation for New Covenant Dominion Federal Credit Union of Bronx, New York. The new CU will serve the members of the New Covenant Christian Church and students of New Covenant Christian Church schools. Faith Based  3/27/07

  • NCUA Announces Proposed Rulemaking for Catastrophic Preparedness

    NCUA proposes to amend its regulations to address a federally insured credit union's obligation to
    maintain a records preservation program. The proposed rule draws from existing guidance to clarify
    requirements for preserving vital records and to suggest important items for consideration in restoring vital member services.TXT; PDF  3/27/07

  • OTS Gives Notice of Proposed Rulemaking for Permissible Activities of Savings and Loan Holding Companies

    The Office of Thrift Supervision (OTS) is proposing to revise its regulations to expand the permissible activities of savings and loan holding companies (SLHCs) to the full extent permitted under the Home Owners' Loan Act (HOLA). It also proposes to amend the regulation to the statute that it is intended to implement by replacing the absolute prohibition on certain SLHC transactions that is currently in the regulation with a prior approval requirement.TXT; PDF  3/27/07

  • Financial Holding Company List Update

    The FRB has updated the list of bank holding companies that have elected to be treated as financial holding companies as of March 23, 2007. FHC List  3/27/07

  • March 2007 FedFocus Published

    FRB Financial Services has published and posted online the March issue of FedFocus that features an article regarding the accelerating adoption rate of electronic payments throughout the nation. Other topic of interest include: comments from one of the first Federal Reserve Financial Services customers to use FedLine Direct, how a credit unions utilizes Directo a México to help its customer base move electronic payments, and how the Electronic Check Adjustments Service makes some customers' jobs easier. March FedFocus  3/27/07

  • FDIC 2007 Performance Plan

    The FDIC has published its 2007 Performance Plan that sets out specific annual performance goals, indicators and targets for each of FDIC's three major business lines (Insurance, Supervision, and Receivership Management). Plan
      3/27/07

  • Counterfeit Cashier's Check Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Citizens National Bank, Cameron, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits Page.  3/26/07

  • Cease And Desist Order Issued

    The FRB has announced the issuance of a consent Cease and Desist Order against Cache Valley Banking Company and Cache Valley Bank, both of Logan, Utah. The termination of a previously issued Written Agreement by and among Cache Valley Bank Company, Cache Valley Bank, the Federal Reserve Bank of San Francisco, and the Utah State Department of Financial Institutions was also announced. Order  3/26/07

  • Imposition of Special Measures SR Letter

    A SR Letter has been issued by the FRB regarding the previously announced imposition of special measures by FinCEN against Banco Delta Asia SARL and its branches, offices, and subsidiaries. Information concerning the Special Measures was posted in the March 15, 2007 BOL Top Stories. SR Letter  3/26/07

  • IFDP Working Paper Published

    The FRB has published a working paper in the International Finance Discussion Paper series on the subject of "Markov Switching GARCH Models of Currency Turmoil in Southeast Asia". Abstract; Full Paper  3/26/07

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Bank of Kimberling City, Kimberling City, Missouri. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/23/07

  • Social Security Setoff Case To Be Reviewed

    The decision by a California state appellate court that Bank of America (BofA) did not act illegally when it accepted direct deposits of government benefits to overdrawn customer accounts will be reviewed by the California Supreme Court. In the case of Miller v. Bank of America, NT & SA, the appellate court overturned a lower court decision that could have cost BofA over one billion dollars in damages and agreed with BofA that applying direct deposits of Social Security and other government benefits to clear overdraft balances is not exercising a right of setoff. More information regarding this potentially landmark case can be found on the BOL Court Watch Page. California Supreme Court  3/23/07

  • FRB Announces Written Agreement With Ohio Bank

    The FRB has announced the execution of a Written Agreement by and among the North Valley Bank, Zanesville, Ohio, the Ohio Division of Financial Institutions and the Federal Reserve Bank of Cleveland. Written Agreement  3/23/07

  • Counterfeit Checks Alerts Issued

    The OCC has issued three alerts regarding counterfeit official and cashier's checks issued in the names of the following national banks:

    • Platte Valley National Bank, Scottsbluff, Nebraska (Counterfeit Cashier's Checks);
    • Unity National Bank, Houston, Texas (Counterfeit Cashier's Checks); and
    • Great Lakes Bank, N.A., Blue Island, Illinois (Counterfeit Official Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  3/22/07

  • Model Privacy Notice Comment Sought

    The federal financial institution regulators along with the FTC, SEC and CFTC have released a notice of proposed rulemaking (NPR) requesting comment on a model privacy form that financial institutions can use for their privacy notices to consumers required by the Gramm-Leach-Bliley Act (GLB Act). The proposed model privacy form is a prototype privacy notice and the NPR proposes that a financial institution that chooses to use the model form would satisfy the disclosure requirements for the notices and so could take advantage of a legal safe harbor. NPR; FRB PR; FDIC PR; OCC NR; OTS PR; NCUA NR; FTC PR; SEC PR; CFTC PR  3/22/07

  • Chairman Blair Discusses Large Bank Failure Procedures

    In a presentation at the Exchequer Club in Washington, D.C., FDIC Chairman Blair reviewed the procedures that the regulator would follow in the unlikely event of the failure of a large bank. She noted, "Stability and public confidence are easy to take for granted, and in good times such as these it is tempting to discount the probability of banking problems and the potential instability. The FDIC is resisting this temptation and is using this time to plan and prepare for what we hope will never happen." Speech  3/22/07

  • FDIC Enforcement Decisions Announced

    The FDIC has announced the Enforcement Decisions and Orders recently issued regarding financial institutions. Enforcement Decisions  3/22/07

  • Final Rule for OTS Community Reinvestment Act - Interagency Uniformity

    The Office of Thrift Supervision published a Final Rule in the Federal Register, changing
    its Community Reinvestment Act (CRA) regulations in four areas to reestablish uniformity between its
    regulations and those of the other federal banking agencies. It is making these revisions to promote consistency and facilitate objective evaluations of CRA performance across the banking and thrift industries. TXT PDF  3/22/07

  • Fed Funds Rate Unchanged

    A statement has been released by the FOMC that target for the federal funds rate will remain unchanged at 5-1/4 percent. Statement   3/22/07

  • Counterfeit Checks Special Alerts

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of Berkshire Bank, Pittsfield, Massachusetts, and The Farmers State Bank of Waupaca, Waupaca, Wisconsin. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   3/21/07

  • CRA Ratings Released

    The OCC has released a list of the ratings received by national banks that were recently examined for compliance with the Community Reinvestment Act (CRA). Ratings   3/21/07

  • Credit Card Fraudsters To Pay $8.1 Million

    A federal district court in Illinois has entered an order against several Canadian cross-border fraudsters that permanently bans their deceptive telemarketing pitches and requires them to pay $8.1 million gained from their sale of non-existent advance-fee Visa and MasterCard credit cards to U.S. consumers. $8.1 Million   3/21/07

  • OCC Publishes Strategic Plan

    The OCC has published its strategic plan for 2007-2012 that outlines long range goals and how the agency intends to accomplish them. Strategic Plan   3/21/07

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of March 16, 2007. Reserve Position   3/21/07

  • Counterfeit Checks and Money Orders Special Alerts

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

    • American Bank & Trust of the Cumberlands, Livingston, Tennessee (Counterfeit Cashier's Checks);
    • Central Progressive Bank, Lacombe, Louisiana (Counterfeit Cashier's Checks);
    • Tecumseh Federal Bank, Tecumseh, Nebraska (Counterfeit Cashier's Checks);
    • Community State Bank of Orbisonia, Orbisonia, Pennsylvania (Counterfeit Money Orders); and
    • MidSouth Bank, Beaumont, Texas (Counterfeit Cashier's Checks).

    Information concerning the counterfeit cashier's checks and money orders has been posted on the BOL Alerts & Counterfeits page.   3/20/07

  • Enforcement Actions Announced

    The OCC has announced the new enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions   3/20/07

  • OTS Final CRA Rule

    OTS has announced the publication of a final rule revising four areas of its Community Reinvestment Act (CRA) regulations to reestablish uniformity between its rules and those of the other federal banking agencies. OTS Director John Reich remarked that OTS is making the revisions to promote consistency and facilitate objective evaluations of CRA performance across the banking and thrift industries. Final Rule; Reich Remarks   3/20/07

  • New Community Bank Directors Workshop

    The OCC will host a workshop for new national community bank directors at the Westin Embassy Row Hotel in Washington, D.C. on April 16-18, 2007. The sessions are geared primarily for directors with less than three years of experience and will provide practical information to expand their skills and understanding of issues facing their banks. Online registration is available. Workshop   3/20/07

  • Eleven Counterfeit Checks Special Alerts Issued

    The FDIC has issued eleven Special Alerts regarding counterfeit cashier's and treasurer's checks bearing the names of the following financial institutions:

    • Guaranty Bond Bank, Mount Pleasant, Texas, (Counterfeit Cashier's Checks)
    • Washington Federal Savings Bank, Washington, Pennsylvania, (Counterfeit Cashier's Checks)
    • Skagit State Bank, Burlington, Washington, (Counterfeit Cashier's Checks)
    • Farmington Savings Bank, Farmington, Connecticut, (Counterfeit Cashier's Checks)
    • Capital Bank & Trust Company, Albany, New York, (Counterfeit Cashier's Checks)
    • PBI Bank, Louisville, Kentucky, (Counterfeit Cashier's Checks)
    • Palmetto State Bank, Hampton, South Carolina, (Counterfeit Cashier's Checks)
    • Clarke County State Bank, Osceola, Iowa, (Counterfeit Cashier's Checks)
    • New York Community Bank, Westbury, New York, (Counterfeit Cashier's Checks)
    • Hyde Park Bank and Trust Company, Chicago, Illinois, (Counterfeit Cashier's Checks) and
    • Lebanon Valley Farmers Bank, Lebanon, Pennsylvania (Counterfeit Treasurer's Checks).

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   3/19/07

  • Wal-Mart Withdraws ILC Application

    The President of Wal-Mart Financial Services has announced that the FDIC has been notified that Wal-Mart is withdrawing the application that was filed in July 2005 for an Industrial Loan Company (ILC) charter. FDIC Chairman Blair issued a statement regarding the Announcement. Withdrawal; Blair Statement   3/19/07

  • FEMA Announces Change in Notification Method for New or Modified Flood Maps

    FEMA currently publishes a legal notice in a local newspaper when a new or revised Flood Insurance Rate Map (FIRM) is prepared and new or modified Base Flood Elevations (BFEs) including revisions that are effected by Letter of Map Revision (LOMR) are for proposed for a community. Beginning April 1, 2007, the BFE notices will also be posted on a FEMA Website. BFE Notices   3/19/07

  • April HOEPA Rates Set

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in April 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15   3/19/07

  • FedACH Implements 2007 ACH Rules

    A letter has been issued by FedACH that encourages financial institutions to obtain a copy of the National Automated Clearing House Association (NACHA)'s 2007 ACH Rules that provides detailed information regarding the 2007 rule changes, their operational impact, and whether any software changes are required. Letter   3/19/07

  • Treasury Publishes Final Rule to impose a special measure relative to the BSA

    The Department of the Treasury Publishes Final Rule in FR to impose a special measure against the Banco Delta Asia SARL pursuant to the authority contained in 31 U.S.C. 5318A of the Bank Secrecy Act, including its subsidiaries, Delta Asia Credit Limited and Delta Asia Insurance Limited, as a Financial Institution of Primary Money Laundering Concern.TXT PDF  3/19/07

  • Minority Owned Thrifts List Updated

    OTS has updated its list of minority owned thrifts with data current as of March 2007. List   3/19/07

  • Industrial Production Report Released

    The G. 17 Industrial Production and Capacity Utilization Report for February 2007 has been released by the FRB. G.17   3/19/07

  • FEDS Working Paper Published

    A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Estimating Probabilities of Recession in Real Time Using GDP and GDI" has been published by the FRB. Abstract; Full Paper   3/19/07

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with information current as of March 15, 2007. Fact Sheet; Sharing Report   3/16/07

  • Credit Card Terms Survey Released

    The FRB has released its semi-annual survey of the terms of credit card plans offered by financial institutions that includes information from the largest credit card issuers in the country as well as other financial institutions that participated in the survey. Survey   3/16/07

  • FedCash Services Announces New Due Diligence Procedures

    The FRB has implemented new due diligence procedures for certain FedCash Services requests to use information collected through the Board Resolution and Official Authorization List (OAL) process. Procedures   3/16/07

  • FedFlash March Issue Published

    The March 15, 2007 issue of FedFlash has been published by FRB Financial Services and features articles on the following topics: CheckImage Central Web site as a valuable Check 21 resource; Cash Letter forms update; enhancements to FedACH Derived Returns functionality; and contaminated coin no longer accepted beginning March 31, 2007. FedFlash   3/16/07

  • NCUA Town Hall Meeting Online Registration

    NCUA has announced that registration is now open for the first of six upcoming Outreach Task Force "Town Hall" meetings. Registration   3/16/07

  • Cost of Funds Reports Released

    OTS has released the Historical and Current Reports of National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions. Historical; Current   3/16/07

  • January TIC Data Online

    The Treasury International Capital (TIC) data for January 2007 has been released and posted online. TIC   3/16/07

  • Treasury Cuts Off Bank From U.S. Financial System

    Treasury has issued a final rule against Banco Delta Asia SARL (BDA) under Section 311 of the USA PATRIOT Act that bars BDA from accessing the U.S. financial system, either directly or indirectly. Under the final rule, which takes effect in 30 days, U.S. financial institutions will be prohibited from opening or maintaining correspondent accounts for or on behalf of BDA. Summary; Final Rule   3/15/07

  • New SAR Form Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced revision of the format for the Suspicious Activity Report by Depository Institutions (SAR-DI). Information concerning the revision was posted in the December 22, 2006 BOL Top Stories. Bulletin; New SAR-DI   3/15/07

  • Counterfeit Cashier's Checks Special Alerts Issued

    Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the names of ESSA Bank & Trust, Stroudsburg, Pennsylvania, and First United Bank and Trust Company, Durant, Oklahoma. Information concerning the counterfeit cashier's checks has been posted on the BOL Alert & Counterfeits Page.   3/14/07

  • BSA and AML Written Agreement Announced

    The FRB and the New York State Banking Department have announced the execution of a Written Agreement with Intesa Sanpaolo S.p.A., Turin, Italy, that addresses BSA and anti-money-laundering compliance policies and practices at the institution's New York branch. Written Agreement   3/14/07

  • Survey of Terms of Business Lending Released

    The E. 2 Survey of Terms of Business Lending report for February 7-9, 2007, has been released by the FRB. E.2    3/14/07

  • Household Ratios Published

    The FRB has published the household debt service ratio (DSR) and financial obligations ratio (FOR) for the Fourth Quarter 2006. Ratios   3/14/07

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the New Electronic Interpretations and Actions for February 2007. The entries include an Interpretive Letter that concludes that banks can hold a non-controlling investment in company that sells fraud prevention, identity verification, credential validation, and payment/deposit risk services to financial institutions, credit card issuers, check acceptance companies, brokerage firms, mutual fund companies, retailers, government agencies, and others. Interpretations and Actions   3/13/07

  • International Reserve Position Update

    Treasury has updated the U. S. International Reserve Position Report with data current as of March 9, 2007. Reserve Position   3/13/07

  • OFAC CMPs Announced

    Treasury has announced the civil money penalties (CMPs) recently issued for violations of various Sanctions Programs. No financial institutions were listed. CMPs   3/12/07

  • Subprime Lending FIL Issued

    The FDIC has issued a FIL regarding the previously announced Interagency Proposed Statement on Subprime Mortgage Lending. Information concerning the proposed statement was posted in the March 5, 2007 BOL Top Stories. FIL   3/12/07

  • Economic Update Released

    Treasury has released its update of U.S. economic strength. Update   3/12/07

  • BSA Magnetic Media Filers Notice

    FinCEN has issued a notice reminds financial institutions who file Bank Secrecy Act (BSA) forms by magnetic media that the only approved filing media are 3.5 inch diskettes and 18/36 track cartridges. Filers Notice   3/09/07

  • NCUA Publishes Rule for Sharing Insurance Appeals and to Clarify Enforcement Authority of the NCUA
    Board

    The National Credit Union Administration (NCUA)publishes a final rule in the Federal Register to implement amendments to the Federal Credit Union Act (FCU Act) made by the Financial Services Regulatory Relief Act of 2006 (Reg Relief Act) enacted by Congress on October 13, 2006. This final rule amends NCUA's regulations to assure they are consistent with the statutory changes made by the Reg Relief Act and adopts the amendments as stated in the interim final rule issued in November 2006.TXT, PDF    3/09/07

  • Fourth Quarter Flow of Funds Report Issued

    The FRB has issued the Z.1 Flow of Funds Accounts of the U.S. Report for the Fourth Quarter 2006. Z.1    3/09/07

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Santa Clara Valley Bank, N.A., Santa Paula, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   3/08/07

  • Two Added To SDN List

    Treasury today added two U.S. companies to the OFAC SDN list of Specially Designated Narcotics Traffickers (SDNTs) for their ties to Colombia's North Valle drug cartel. In addition, changes have been made to existing entries. The new information has been added to the BOL OFAC page.   3/08/07

  • Early Savings Bonds Redemptions Authorized

    FRB Financial Services has announced that the early savings bonds redemptions are authorized in certain areas affected by recent storms. Early Redemptions   3/08/07

  • C&D Order Issued

    The FDIC has issued a Cease and Desist (C&D) Order against Fremont Investment & Loan, Brea, California, and its parent corporations for operating without effective risk management policies and procedures in place in relation to subprime mortgage and commercial real estate lending operations. C&D   3/08/07

  • Beige Book Update

    The March 7, 2007 issue of the Beige Book that contains an informal review by the Federal Reserve Banks of current economic conditions in their Districts has been published by the FRB. Beige Book Summary; Beige Book Full Report   3/08/07

  • Blair and Dugan Address ICBA Convention

    The Chairman of the FDIC and the Comptroller of the Currency each addressed the annual convention of the Independent Community Bankers of America. Chairman Blair noted that community banks play a critical role in the economic well-being of the towns and neighborhoods they serve. Comptroller Dugan observed that more than 90 percent of the banks supervised by the OCC are community institutions. Blair Speech; Dugan Speech   3/08/07

  • January Consumer Credit Report Released

    The G.19 Consumer Report for January 2007 has been released by the FRB. G.19   3/08/07

  • Unauthorized Banking Alert

    The OCC has issued an Alert regarding unauthorized banking activities that may be conducted by Deltec Financial & Trust Services, an entity that is not licensed under the to conduct banking and/or trust business in or from within The Bahamas or the United States. Unauthorized Banking   3/07/07

  • Reich On Community Banking

    OTS Director Reich the addressed the annual conference of the Independent Community Bankers of America (ICBA)in Honolulu, Hawaii, and discussed why community banking matters. Presentation   3/07/07

  • Bernanke Discuses Freddie and Fannie

    In a presentation by satellite, before the Independent Community Bankers of America's Annual Convention and Techworld in Honolulu, Hawaii, Chairman Bernanke discussed the regulation and supervision of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Presentation   3/07/07

  • Fourth Quarter Legal Developments Report Released

    The FRB has released the Legal Developments Report for the Fourth Quarter 2006. Legal Developments   3/07/07

  • CRA Ratings Released

    The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). CRA   3/06/07

  • FinCEN Director Named

    James Freis, Jr., the current Deputy Assistant General Counsel for Enforcement & Intelligence, has been named the new Director of FinCEN by Treasury Secretary Paulson. New Director   3/06/07

  • Reserve Position Updated

    Treasury has updated the U. S. International Reserve Position Report with the addition of data as of March 2, 2007. Reserve Position Report   3/06/07

  • Counterfeit Checks and Money Orders Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit checks and money orders bearing the names of the following institutions:

    • Patriot Bank Minnesota, Wyoming, Minnesota (Counterfeit Money Orders),
    • cPort Credit Union, Portland, Maine (Counterfeit Official Checks),
    • Pierce Commercial Bank, Tacoma, Washington (Counterfeit Checks), and
    • The Ravalli County Bank, Hamilton, Montana (Counterfeit Cashier's Checks)

    Information regarding the counterfeit checks and money orders has been posted on the BOL Alerts & Counterfeits page.   3/05/07

  • Comments Sought on Subprime Lending Proposed Guidance

    The federal financial regulatory agencies are seeking comments on a proposed Guidance that address certain risks and emerging issues relating to subprime mortgage lending practices, specifically, particular ARM lending products. Proposed Guidance; FRB PR; FDIC PR; OCC NR; OTS PR; NCUA PR   3/05/07

  • Enforcement Decisions Released

    The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in January. One bank was ordered to pay a civil money penalty (CMP) of $24,480 for violations of the Flood Disaster Protection Act. Enforcement Decisions   3/05/07

  • FIL Issued Regarding Call Report and TFR Revisions

    The FDIC has issued a FIL regarding the FFIEC approved revisions to the reporting requirements for the Consolidated Reports of Condition and Income (Call Report) and the Thrift Financial Report (TFR). The effective date of the revisions is March 31, 2007. FIL; FFIEC Revisions   3/05/07

  • "419" Scam E-mail Alert

    An Alert has been issued by the OCC regarding fraudulent correspondence, including e-mails that refer to the U.S. House Committee on Financial Services and appear to use the Committee's letterhead. The communications appear to be part of a Nigerian "419" scam. The potential victims are informed that they are due to receive large sums of money from an inheritance, but that they must first pay a large fee through lawyers to the Financial Services Committee in order to verify that the funds are not tied to terrorist financing. Recipients are requested to forward the emails to the United States Secret Service. Alert    3/05/07

  • OCC Revises Licensing Manual Booklet

    The OCC has revised the Charters booklet in its Licensing Manual series regarding cumulative voting rights for election of directors. Charters   3/05/07

  • 4th Quarter Interest Rate Measures Preliminary Report Issued

    OTS has issued the preliminary interest rate measures report for the 4th Quarter 2006. Preliminary Report   3/05/07

  • Bank Directors Workshops Announced

    The OCC has announced the 2007 schedule of the workshops that the agency will host for national bank directors at various locations. The one and two day workshops will be presented depending on the topics covered. Online registration is available. Workshops; Registration   3/05/07

  • FEDS Working Paper Published

    The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "A Closer Look at the Sensitivity Puzzle: The Sensitivity of Expected Future Short Rates and Term Premia to Macroeconomic News". Abstract; Full Paper   3/05/07

  • Counterfeits Checks Alert

    The OCC has issued an Alert regarding counterfeit official checks issued in the name of AMCORE Bank, N.A., Rockford, Illinois. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   3/02/07

  • CRA Ratings Announced

    OTS has announced the ratings received by saving associations recently evaluated for compliance with the CRA. CRA Ratings   3/02/07

  • CRA Examination Schedules Released

    The OCC and the FDIC have released their respective CRA examination schedules for the second quarter 2007. OCC Schedule; FDIC Schedule   3/02/07

  • New Routing Numbers Announced

    FRB Financial Services has announced new FedReceipt routing numbers that will be effective March 12, 2007. Routing Numbers   3/02/07

  • March Issue FedFlash Published

    The March 2007 issue of FedFlash has been published and posted online. The issue features articles regarding new studies to examine payments usage, a new case numbering scheme for Checks Adjustment cases, revisions to Operating Circular 1, security access review for certain FRB services, and the 2007 daylight saving time shifts. FedFlash   3/02/07

  • Paulson On Trade

    In a presentation to the Economic Club of Washington, Treasury Secretary Paulson detailed the major benefits trade and openness brings to our economy, addressed some of the concerns raised about trade, and discussed efforts to help more Americans tap into the potential of the economy. He noted that for more than 60 years, the United States has been the world's leader in advocating greater openness and increased trade. Speech   3/02/07

  • FR Bulletin Statistical Supplement Published

    The FRB has published the February 2007 Statistical Supplement to the Federal Reserve Bulletin. Supplement   3/02/07

  • Foreign Exchange Rates Report Issued

    The G.5 Foreign Exchange Rates Report for February 2007 has been issued by the FRB. G.5   3/02/07

  • Large Commercial Banks Ranking Report Released

    The FRB has released the ranking by consolidated assets of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of December 31, 2006. Ranking   3/02/07

  • Operating Circular 1 Revision Effective Date

    FRB Financial Services has announced April 1, 2007 as the effective date of the revisions to Operating Circular 1. Effective Date   3/01/07

  • Gift Card Guidance Issued

    OTS has issued a CEO Letter on the subject of Guidance on Gift Card Programs. CEO Letter   3/01/07

  • Basel II FIL and Bulletin Issued

    The FDIC has issued a FIL and the OCC has issued a Bulletin regarding the previously announced proposed Guidance concerning the implementation of Basel II. The initial announcement by the regulators of the proposed Guidance was featured in BOL Top Stories on February 16, 2007. FIL; Bulletin; Proposed Guidance   3/01/07

  • Special Process For Ordering Presidential Coins Announced

    FRB Financial Services has announced that a special process will be implemented regarding the ordering of the $1 Presidential coins. Ordering   3/01/07

  • Bernanke Discusses Long Term Challenges for the Economy

    In testimony before the House Budget Committee, FRB Chairman Bernanke presented his views on the federal budget and related issues. He noted that while projections suggest that the budget deficit may stabilize or moderate further over the next few years, spending on entitlement programs will begin to climb quickly during the next decade. He indicated that addressing the country's fiscal problems will take persistence and a willingness to make difficult choices by the Congress, the Administration, and the American people. Testimony   3/01/07

  • Reserve Assets Report Released

    The FRB has released the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks Reports for January 2007. Reports   3/01/07

03/31/2007

Top Stories for April 2007

  • FRB Proposes Rulemaking for the Following Regulations:

    Consumer Leasing (Reg M)
    The Board is proposing to amend Regulation M, which implements the Consumer Leasing Act, to withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001.
    The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF  4/30/07

  • Electronic fund transfers (Reg E)

    The Board is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, to
    withdraw the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with
    the requirements of the Electronic Signatures in Global and National Commerce Act. TXT; PDF  4/30/07

  • Equal Credit Opportunity (Reg B)

    The Board is proposing to amend Regulation B, which implements the Equal Credit Opportunity Act, to
    withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF  4/30/07

  • Truth in Lending (Reg Z)

    The Board is proposing to amend Regulation Z, which implements the Truth in Lending Act, to withdraw
    portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with
    the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF  4/30/07

  • Truth in Savings (Reg DD)

    The Board is proposing to amend Regulation DD, which implements the Truth in Savings Act, to withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF  4/30/07

  • Owned and Managed Receivables Report Released

    The February 2007 G.20 Owned and Managed Receivables Outstanding Report along with the Auto Loans: Terms of Credit Report has been released by the FRB. G. 20  4/27/07

  • FinCEN Delays Revised SAR Date

    FinCEN announced today it is delaying the effective date of its new SAR forms for use by depository institutions, casinos and card clubs, insurance companies, and the securities and futures industries. FinCEN said it would announce a revised effective date "at a future time." SAR Notice  4/26/07

  • Fourteen Special Alerts Issued

    The FDIC has issued fourteen Special Alerts regarding stolen and counterfeit money orders, cashier's checks and official checks bearing the names of the following institutions:

    • Mission Community Bank, San Luis Obispo, California (Counterfeit Cashier's Checks);
    • United Heritage Bank, Orlando, Florida (Counterfeit Checks);
    • Nature Coast Bank, Crystal River, Florida (Counterfeit Cashier's Checks);
    • The Bank of Marion, Marion, Virginia (Stolen Certificate of Deposit Interest Checks);
    • Union Savings Bank, Danbury, Connecticut (Counterfeit Cashier's Checks);
    • First Century Bank, Tazewell, Tennessee (Counterfeit Cashier's Checks);
    • CreekSide Bank, Woodstock, Georgia (Counterfeit Cashier's Checks);
    • EVB, Tappahannock, Virginia (Counterfeit Cashier's Checks);
    • Merchants & Planters Bank, Toone, Tennessee (Counterfeit Personal Money Orders);
    • Mercantile Bank, Orlando, Florida (Counterfeit Cashier's Checks);
    • Commercial Bank, Alma, Michigan (Counterfeit Cashier's Checks);
    • Community Bank of Nevada, Las Vegas, Nevada (Counterfeit Cashier's Checks);
    • The Bank of Brodhead, Brodhead, Wisconsin (Counterfeit Official Checks); and
    • First Indiana Bank, National Association, Indianapolis, Indiana (Counterfeit Cashier's Checks).

    Information regarding the stolen and counterfeit items has been posted on the BOL Alerts & Counterfeits Page.  4/26/07

  • 314(a) Fact Sheet Updated

    FinCEN has updated the 314(a) Fact Sheet and the Information Sharing Report with data current as of April 24, 2007. 314(a); Sharing Report  4/26/07

  • Beige Book Updated

    The FRB has updated the Beige Book with information current as of April 16, 2007. Summary; Full Report  4/26/07

  • Use of Home Equity Working Paper Published

    A working paper in the FEDS series on the topic of "Sources and Uses of Equity Extracted from Homes" has been published by the FRB. Abstract; Full Paper  4/26/07

  • Subprime Mortgage Foreclosures Concern Dugan

    In a presentation to the National Foundation for Credit Counseling, an organization for non-profit credit counselors, Comptroller Dugan focused on the risk of widespread foreclosures among subprime borrowers and the resulting costs for homeowners, communities, and financial institutions. He noted, "Foreclosures drag down neighborhood property values and make it harder to refinance or obtain new financing. Leaving a property vacant while in foreclosure often creates a negative cycle of disinvestment and decline for entire communities." Speech  4/25/07

  • Quarterly Review of Interest Rate Risk Published

    OTS has published the Fourth Quarter 2006 issue of the Quarterly Review of Interest Rate Risk, which features a Q & A on Enterprise Risk Management. Quarterly Review  4/25/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of April 20, 2007. Reserve Report  4/25/07

  • Counterfeit Cashiers' Checks Alerts Issued

    The OCC and the FDIC have issued Alerts regarding counterfeit cashier's checks issued in or bearing the name of the following institutions:

    • The Honesdale National Bank, Honesdale, Pennsylvania
    • Credit Union Central Falls, Central Falls, Rhode Island,
    • The Bartlett Farmers Bank, Barlow, Ohio,
    • Farmers Bank and Trust Company of Georgetown, Georgetown, Kentucky, and
    • The Bank of Edwardsville, Edwardsville, Illinois.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/24/07

  • ID Theft Website Launched and Strategic Plan Released

    A new Web site has been launched by the President's Task Force on Identity Theft. The intent of IDTheft.gov is to be a one-stop resource for government information about identity theft. The site contains a link to the Task Force's Strategic Plan, which was released April 23, 2007, and sets out recommendations to prevent identity theft, to assist identity theft victims in recovering from those crimes, and to prosecute and punish identity theft-related criminals. ID Theft Web Site; Strategic Plan  4/24/07

  • Check 21 Reports Delivered To Congress

    The FRB, as directed by the Check Clearing for the 21st Century Act of 2003 (Check 21), has prepared and issued to Congress a report on the law's effects on the nation's check-collection system and to assess the need for modifications to the funds-availability requirements established in and pursuant to the Expedited Funds Availability Act (EFAA). Report  4/24/07

  • Nine FEDS Working Papers Published

    The FRB has published nine working papers in the Finance and Economic Discussion Series (FEDS) on the following topics:

    • Anchoring Bias in Consensus Forecasts and its Effect on Market Prices;
    • A Brief History of the 1987 Stock Market Crash with a Discussion of the Federal Reserve Response;
    • Diagnosing and Treating Bifurcations in Perturbation Analysis of Dynamic Macro Models;
    • Learning By Investing--Embodied Technology and Business Cycles
    • Studying Consumption with the Panel Study of Income Dynamics: Comparisons with the Consumer Expenditure Survey and an Application to the Intergenerational Transmission of Well-being;
    • Do Households Have Enough Wealth for Retirement?;
    • Taylor Rules;
    • The Value Of Medicare Managed Care Plans and Their Prescription Drug Benefits; and
    • Sources and Uses of Equity Extracted from Homes.

    Anchoring Abstract;
    Anchoring Full paper;
    Brief History Abstract; Brief History Full Paper; Diagnosing Abstract;
    Diagnosing Full Paper;
    Learning Abstract;
    Learning Full Paper;
    Studying Abstract;
    Studying Full Paper;
    Do Households Abstract; Do Households Full Paper; Taylor Abstract;
    Taylor Full Paper;
    The Value Abstract;
    The Value Full Paper;
    Sources Abstract;
    Sources Full Paper  4/24/07

  • Fed Proposes Amendments to Five Regulations

    The Federal Reserve Board proposed Friday to amend five consumer financial services and fair lending regulations (Regulations B, E, M, Z and DD) to revise requirements for electronically providing consumer disclosures, and to implement provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The Board is accepting comments on the proposed changes for 60 days following their publication in the Federal Register. The proposed changes would remove unnecessary restatements of the Electronic Signatures in Global and National Commerce (E-Sign) Act, withdraw a requirement that customers be notified by email when disclosures are ready, eliminate a 90-day access requirement, and clarify which disclosures may be made without regard to the E-Sign Act. Amendments  4/23/07

  • ID Theft Prevention Workshop Announced

    The FTC has announced that it will host a workshop to explore methods to reduce identity theft The workshop, "Proof Positive: New Directions in ID Authentication," will be Webcast and will focus on technological and policy requirements for developing better authentication processes, including the incorporation of privacy standards and consideration of consumer usability issues. Workshop  4/23/07

  • Dugan Discusses CRA

    In a presentation at the Greenlining Coalition's Annual Economic Summit, Comptroller Dugan said that the 30-year old Community Reinvestment Act (CRA), once a source of conflict, is now characterized by a significant degree of cooperation between banks and community organizations. He noted that the revitalization projects he has seen in the last 20 months are the real world results of a kind of constructive cooperation that he did not see 15 years ago. Speech  4/23/07

  • OTS Announces New Central Region

    OTS has announced a restructuring and the formation of a new Central Region office to assume the oversight and supervision of OTS-regulated thrifts and their holding companies in five states: Ohio, Illinois, Indiana, Wisconsin and Michigan. Central Region; New Regional Structure Map  4/23/07

  • NCUA Proposes Rulemaking for Disclosure Mergers Related Compensation Arrangements

    NCUA is issuing a proposed rule on mergers to require all federally insured credit unions to include a
    description of any arrangements providing a material increase in compensation or benefits to senior
    management officials in connection with the merger in the merger plan. The proposed rule also requires federal credit unions to disclose the existence of such compensation arrangements in the materials provided to members voting on whether to approve the merger. TXT; PDF  4/23/07

  • NCUA Publishes Proposed Rule for Member Inspection of Credit Union Books

    The National Credit Union Administration (NCUA) is issuing a proposed rule on member inspection of
    federal credit union (FCU) books, records, and minutes. The rule provides that a group of members representing approximately one percent of the membership, with a proper purpose and upon petition, may inspect and copy the nonconfidential portions of the credit union's books, records, and minutes. TXT; PDF  4/23/07

  • IFD Working Paper Published

    The FRB has published a working paper in the International Finance Discussion series on the topic of "Dollarization and Financial Integration". Abstract; Full Paper  4/23/07

  • Reich Discusses Predatory Lending

    In a presentation before the Pittsburgh Community Development Group, OTS Director John Reich discussed the agency's efforts to combat predatory lending. He outlined a series of initiatives implemented to address predatory lending and stressed the need to continue responsible lending to borrowers with varied credit histories. Speech  4/19/07

  • Spam Summit Announced

    The FTC will host a two-day workshop to bring together experts from the business, government, and technology sectors, consumer advocates, and academics to explore consumer protection issues surrounding spam, phishing, and malware. The "Spam Summit: The Next Generation of Threats and Solutions," will be held in Washington, DC on July 11 and 12, 2007. Spam Summit  4/19/07

  • OCC Preemption Upheld

    The Supreme Court has upheld the OCC's regulation (12 C.F.R. 7.4006) preempting the applicability of state mortgage lending law to operating subsidiaries of national banks in the case of WATTERS v. WACHOVIA BANK. Upon learning of the decision Comptroller of the Currency Dugan stated, "We are pleased that the Court's decision supports the ability of national banks to continue to conduct business activities in their operating subsidiaries as they are now doing." Read a summary of the case in BOL Court Watch. Decision; 12 C.F.R. 7.4006; Dugan Statement  4/18/07

  • FDIC Publishes Rule for Supplemental Standards of Ethical Conduct for FDIC Employees

    The FDIC published a Final Rule in the Federal Register today is finalizing the proposed rule to amend existing FDIC ethics regulations involving extensions of credit, ownership of stock, and definitions. It implements the Preserving Independence of Financial Institution Examinations Act of 2003, which amended sections 212 and 213 of title 18 of the United States Code. TXT; PDF  4/18/07

  • May HOEPA Rates Posted

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in May 2007 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. Since April 15 was a Sunday, use the rate on April 13, the business day immediately preceding the 15th. Weekly H.15  4/18/07

  • Indiana CU Receivership Announced

    NCUA has assumed control of service and operations at Obelisk Federal Credit Union located in New Albany, Indiana. Receivership  4/18/07

  • Agencies Urge Working With Problem Mortgagors

    A statement has been issued by the federal financial institutions regulatory agencies' that encourages financial institutions to work constructively with residential borrowers who are financially unable to make their contractual payment obligations on their home loans. Statement; FRB SR; OCC Bulletin; FDIC FIL; OTS CEO Ltr; NCUA PR  4/18/07

  • Complex Structured Finance Activities SR Letter Issued

    The FRB has issued a Supervisory Letter (SR Letter) regarding the previously announced Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities. Information concerning the Statement was posted on January 12, 2007, BOL Top Stories. SR Letter; Statement  4/18/07

  • Discount Rate Meeting Minutes Released

    The FRB has released the minutes of its discount rate meetings from February 5 through March 19, 2007. Minutes  4/18/07

  • Industrial Production Report Released

    The G.17 Industrial Production and Capacity Utilization Report for March 2007 has been released by the FRB. G.17  4/18/07

  • FTC Redesigns Web Site

    The Federal Trade Commission (FTC) has unveiled a redesigned Web site to enhance consumers' ability to find the information they want quickly and easily. FTC Web Site  4/18/07

  • Enforcement Actions Announced

    The OCC has released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  4/17/07

  • OTS publishes Correction to Community Reinvestment Act Rule—Interagency Uniformity

    The OTS published a correction in the Federal Register for an inadvertent omission and incorrect
    word in a final rule that appeared in the Federal Register of March 22, 2007 (72 FR 13429). That final rule reestablishes uniformity between OTS's Community Reinvestment Act (CRA) regulations and
    those of the other federal banking agencies. TXT; PDF  4/17/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of April 13, 2007. Reserve Position Report  4/17/07

  • February 2007 TIC Data Released

    The Treasury International Capital (TIC) Data for February 2007 has been released by Treasury. TIC Data  4/17/07

  • Cost of Funds Reports

    OTS has issued the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports. Historical; Current  4/17/07

  • CRA Ratings Released

    The OCC has released the ratings received by thirty-three national banks that were recently examined for compliance with the provisions of the CRA. Ratings  4/16/07

  • FedACH Origination Power Kit

    FRB Financial Services has announced a complimentary CD copy of the FedACH
    Origination Power Kit can be ordered online. The Power Kit is a blueprint to optimizing your own origination services, including increasing the usage of Direct Deposit, Direct Payment and Account Receivable Conversion (ARC). Power Kit  4/16/07

  • April 2007 FedFlash Published

    The April 15, 2007 issue of FedFlash has been published and contains articles on the following topics: FedLine Learning announces New Support Center, FedLine Web Advancements available, cross-shipping fee assessments, and the Check adjustments new webinar series. FedFlash  4/16/07

  • 2006 HMDA Data

    The federal financial institution regulators and HUD have announced the availability of the 2006 HMDA that lenders are required to make available to the public within thirty days after receiving a request in the form of a Loan Application Register (LAR). FRB PR; OCC NR; FDIC PR; OTS PR; NCUA NR.  4/13/07

  • Community Bank Directors Compliance Risk Workshop

    A workshop for community bank directors on the topic of compliance risk will be hosted by the OCC in Tulsa, Oklahoma, on May 15, 2007. The session will provide practical information that expands bank directors' skills and understanding of issues facing their banks. Workshop  4/13/07

  • Spring Edition Community Development Investments Newsletter Released

    The OCC has released the Spring 2007 edition of Community Developments Investments, a newsletter that focusing on community development venture capital (CDVC). Community Development Investments  4/13/07

  • FEDS Working Papers Published

    The FRB has published two working papers in the FEDS series on the topics of "Alternative Methods of Unit Nonresponse Weighting Adjustments: An Application from the 2003 Survey of Small Business Finances" and "Expected Stock Returns and Variance Risk Premia". Alternative Abstract; Alternative Full Paper; Expected Abstract; Expected Full Paper  4/13/07

  • ID Theft Supervisory Policy Issued

    The FDIC has issued a FIL containing the agency's "Supervisory Policy on Identity Theft." The policy describes the characteristics of identity theft and sets forth the FDIC's expectations that institutions under its supervision take steps to detect and prevent identity theft and mitigate its effects in order to protect consumers and help ensure institutions' safe and sound operations. Policy  4/12/07

  • 314a Fact Sheet and Information Sharing Update

    FinCEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of April 10, 2007. 314a Fact Sheet; Information Sharing Report  4/12/07

  • CU Takes Action After Potential Data Breach

    New Horizons Community Credit Union of Denver, Colorado is in the process of members of a potential breach of confidential member loan information as the result of the theft of a consultant's laptop computer. Data Breach  4/12/07

  • Bernanke Comments On The "Invisible Hand"

    In a presentation at the New York University Law School, Chairman Bernanke discussed Adam Smith's concept of the free-market system as an "invisible hand" that harnesses the pursuit of private interest to promote the public good. He noted that for market-based regulation to work, the incentives of investors and other private actors must align with the objectives of the government regulator. Speech  4/12/07

  • Condition of the U.S. Banking Industry Report

    The April 2007 issue of the Federal Banking Bulletin, which contains the First Quarter 2006 Report of Condition of the U.S. Banking Industry, has been published by the FRB. Bulletin  4/12/07

  • FOMC Minutes Released

    The FRB has released the minutes of the March 20-21, 2007, meeting of the Federal Open Market Committee (FOMC). Minutes  4/12/07

  • FEDS Working Paper Published

    A working paper in the Finance and Economics Discussion Series (FEDS) has been published on the topic of "A Cohort-Based Model of Labor Force Participation". Abstract; Full Paper   4/12/07

  • Reich Discusses Federal Thrift Charter Advantages

    In a presentation at the California Bankers Association Strategic Issues Summit, OTS Director Reich discussed the advantages of the federal thrift charter. He noted the experience of California based thrifts with the federal thrift charter highlights these strategic benefits, including a unified institution/holding company regulator, seamless interstate branching, and the ability to lend under established uniform national standards. Speech  4/12/07

  • Defense Issues Proposed Lending Regulation

    The Department of Defense issued a notice of proposed rulemaking and request for comments relating to proposed new regulations titled "Limitations on Terms of Consumer Credit Extended to Service Members and Dependents." The proposed new 32 CFR Part 232 would implement the consumer protections in section 670 of Public Law 109-364, the John Warner National Defense Authorization Act for Fiscal Year 2007, enacted October 17, 2006. The proposal is intended to regulate the terms of consumer credit extended by creditors to active duty service members and their dependents. BankersOnline issued a Special Briefing on the proposal on Tuesday, April 10, 2007.  4/11/07

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Corus Bank, Schuamburg, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits Page.  4/11/07

  • BHC Supervision Manual Updated

    The FRB has updated the Bank Holding Company Supervision Manual that provides guidance supervisory personnel in planning and conducting inspections of bank holding companies and their nonbank subsidiaries. Manual  4/11/07

  • FinCEN Publishes Annual Report

    FinCEN has published its Annual Report for Fiscal Year 2006. Annual Report  4/11/07

  • Special Alerts Issued

    The FDIC has issued Three Special Alerts regarding counterfeit and fraudulent cashier's checks bearing the names of the following institutions:

    • The Madison Bank and Trust Company (MainSource Bank, Greensburg, Indiana)
      (Fraudulent Cashier's Checks);
    • Partners Trust Bank, Utica, New York (Counterfeit Cashier's Checks); and
    • Pioneer Bank, Roswell, New Mexico (Counterfeit Cashier's Checks).

    Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page.  4/10/07

  • Joint Agencies Publish Rule for Expanded Examination Cycle for Certain Small Insured Depository Institutions and U.S. Branches and Agencies of Foreign Banks

    The OCC, Board, FDIC, and OTS (collectively, the Agencies) are jointly issuing and requesting public
    comment on interim rules to implement the Financial Services Regulatory Relief Act of 2006 (FSRRA) and related legislation (collectively the Examination Amendments). The Examination Amendments permit insured depository institutions (institutions) that have up to $500 million in total assets, and that meet certain other criteria, to qualify for an 18-month (rather than 12-month) on-site examination cycle. TXT; PDF  4/10/07

  • Savings and Loan Holding Company Rating System Changes Proposed

    OTS has issued a Notice and Request for Comment of proposed changes to the savings and loan holding company rating system. Notice  4/10/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of April 6, 2007. Reserve Report   4/10/07

  • Consumer Credit Report Issued

    The February 2007 G.19 Consumer Credit Report has been issued by the FRB. G.19  4/10/07

  • Agricultural Finance Databook Released

    The FRB has released the E.15 Agricultural Finance Databook for March 2007. E.15  4/10/07

  • MSB List Update

    FinCEN has updated the MSB List with the inclusion of data current as of March 14, 2007. The list now contains information on 35,969 MSBs. MSB List  4/09/07

  • Treasury Economic Update Issued

    Treasury has issued an economic update that indicates that job creation and low unemployment continues along with increases in capital investment and tax revenues. Economic Update  4/09/07

  • Counterfeit Checks Special Alerts

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

    • Southern Bank & Trust, Aiken, South Carolina (Counterfeit Cashier's Checks);
    • Naugatuck Valley Savings and Loan, Naugatuck, Connecticut (Counterfeit Official Checks); and
    • First State Bank of Warren, Warren, Arkansas (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  4/06/07

  • CRA Ratings Released

    The FDIC has released the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. Ratings  4/06/07

  • Workshops For Bank Directors Announced

    The OCC has announced it will host the following workshops for national community bank directors: "Compliance Risk: What Directors Need to Know" at the Omni Charlottesville Hotel, Charlottesville, Virginia, May 2, 2007 and "Understanding the OCC's Risk Assessment Process" at the Francis Marion Hotel, Charleston, South Carolina, May 8, 2007. Compliance Risk; Understanding  4/06/07

  • FRB Publishes Final Rule in Federal Register for Reserve Requirements of Depository Institutions

    The Board of Governors is revising its 1980 interpretation of Regulation D (Reserve Requirements of
    Depository Institutions) setting forth criteria for the "bankers' bank" exemption from reserve requirements. The interpretation sets forth the standards that the Board uses in applying the statutory and regulatory requirements for the bankers' banks exemption to specific institutions. TXT; PDF  4/06/07

  • OTS Schedules Regional Financial Management Seminars

    OTS has announced the schedules for its Northeast and Midwest Regional Financial Management Seminars. Northeast; Midwest  4/06/07

  • First Quarter ACH Newsletter Published

    FRB Financial Services has published the ACH Newsletter for the First Quarter 2007. Newsletter  4/06/07

  • OFAC CMPs Announced

    Treasury has announced the Civil Money Penalties that were recently assessed against entities for violations of various Sanctions Programs. A credit union remitted $3,102 to settle allegations of violations of the Cuban Assets Control Regulations. CMPs  4/05/07

  • Reg D Interpretation Revised

    The FRB has announced final revisions to its 1980 interpretation of Regulation D, which sets forth criteria for the "bankers' bank" exemption from reserve requirements. The Board may now determine, on a case by case basis, whether certain entities may become customers of bankers' banks to a limited extent. Revisions  4/05/07

  • Joint Agencies Publish Correction to Proposed Rule

    The OCC, Board, FDIC, OTS, NCUA, FTC, and SEC (the Agencies) published a correction in the Federal Register to the proposed rulemaking for Privacy Form Under the Gramm–
    Leach–Bliley Act first published in BOL's Top Stories on March 29. The correction is relative to sharing personal information. TXT; PDF  4/05/07

  • March Statistical Supplement Published

    The March 2007 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  4/05/07

  • Regulators Propose Expanded Examination Cycle

    The federal bank and thrift regulators are requesting public comment on proposed interim rules expanding the range of small institutions eligible for an extended 18-month on-site examination cycle. Proposal; FRB PR; OCC NR; FDIC PR; OTS PR   4/04/07

  • BSA C&D Order Issued

    NCUA has issued a Cease and Desist (C&D) Order against Dover N. J. Spanish American Federal Credit Union to correct substantial Bank Secrecy Act (BSA) compliance problems. Order  4/04/07

  • Order of Prohibition Issued

    The FRB has issued an Order of Prohibition against Tracy Schroeder, a former branch manager and institution-affiliated party of First Interstate Bank, Bozeman, Montana, for the alleged embezzlement of $34,632 from the Bank and falsification of the Bank's books and records. Order  4/04/07

  • CRA Ratings Released

    OTS has released the ratings received by the savings associations recently evaluated for compliance with the CRA. Ratings   4/04/07

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced new FedReceipt routing numbers. Routing Numbers  4/04/07

  • Reserve Assets Report Issued

    The FRB has issued the Foreign Official Assets Held at Federal Reserve Banks report for March 2007. Assets Report  4/04/07

  • International Reserve Position Update

    The U.S. International Reserve Position report has been updated by Treasury to include data as of March 30, 2007. Reserve Position  4/04/07

  • Four Counterfeit Cashier's Checks Special Alerts

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

    • United Community Bank, Chatham, Illinois;
    • Atlantic Pacific Bank, Santa Rosa, California;
    • First National Bank of Gwinnett, Duluth, Georgia; and
    • Frontier Bank, Everett, Washington.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/03/07

  • March Reporting Forms Online

    The FFIEC has posted the March 2007 Form 031 and Form 041 online. Form 031; Form 041  4/03/07

  • FRB To Decommission Computer Interface

    The Federal Reserve Banks have announced plans to decommission the Systems Network Architecture (SNA)-based Computer Interface (CI) access solution. Customer conversion of all critical payment services is scheduled to be completed by December 31, 2008. Computer Interface  4/03/07

  • Fourth Quarter Thrift Industry Charge-Off Rates Released

    OTS has released the Thrift Industry Charge-Off Rates report for the fourth quarter 2006. Charge-Off Rates  4/03/07

  • 2007 Filing Schedule Online

    OTS has posted online the agency's 2007 filing schedule for regulatory reports. Schedule  4/03/07

  • Financial Management Seminars Scheduled

    OTS has scheduled three financial management seminars for Northeast Region to be held in May and June 2007. The sessions are designed to benefit CEOs, CFOs, Investment Managers, Controllers, and others responsible for accounting and financial reporting, coordination of auditing services or interest rate risk analysis at OTS supervised thrifts. Seminars  4/03/07

  • March 2006 Foreign Exchange Rates Released

    The FRB has released the G.5 Foreign Exchange Rates Report for March 2007. G. 5  4/03/07

  • Ten Entities Added To OFAC List

    OFAC has identified seven companies and three individuals who have supplied arms or provided support to armed militias or the leaders of foreign armed groups operating in the Democratic Republic of the Congo (DRC) and added the names to the SDN List with the DRCONGO designation. Information regarding the new additions has been posted on the BOL OFAC page.  4/02/07

  • Counterfeit Checks Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the names of the First National Community Bank, Dunmore, Pennsylvania, and the First National Bank & Trust, Beloit, Wisconsin. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/02/07

  • Bernanke on the CRA

    In a presentation at the Community Affairs Research Conference, in Washington, D.C., Chairman Bernanke noted that it is the thirtieth anniversary of the enactment of the Community Reinvestment Act (CRA) and presents an interesting case study of a regulatory regime that has evolved to adjust to changes in the economic, financial, and social environment. He remarked that in implementing the law, the banking agencies have tried to learn from market developments, research, the comments of financial institutions, consumers, and other interested parties. Speech  4/02/07

  • Agencies Revamp Banking Web Site

    The federal banking agencies have announced that the Quarterly Reports of Condition and Income (Call Report) data is now available online faster and in multiple formats through the Central Data Repository (CDR). CDR; FRB PR; OCC NR; FDIC PR  4/02/07

  • Permissible Activities NPR Issued

    OTS has issued a Notice of Proposed Rulemaking (NPR) regarding a proposal to expand the permissible activities of savings and loan holding companies (SLHCs) to the full extent permitted under the Home Owners' Loan Act (HOLA). NPR  4/02/07

  • Finance Companies Report Released

    The G.20 Finance Companies Report for March 30, 2007 has been released by the FRB. G.20  4/02/07

  • April 1 FedFlash Published

    The FRB Financial Services has published and posted online the April 1, 2007, issue of FedFlash that features articles on the restructuring the check transportation network; Savings Bond seminars; Back Office Conversion (BOC) online resource center; and the new FedReceipt RTN's. FedFlash  4/02/07

  • Fourth Quarter 2006 FDIC State Profiles Released

    The FDIC has released the State Profiles for the Fourth Quarter 2006. Profiles  4/02/07

  • 2006 Record Bank Trading Revenues Break Record

    The OCC has released the Fourth Quarter 2006 Report on Bank Derivatives Activities, which indicates that the insured U.S. commercial banks posted a record $18.8 billion in trading revenues in 2006, up 31 percent from the previous annual record of $14.4 billion, set in 2005. Report  4/02/07

  • Final Interest Rate Measure Report Issued

    OTS has issued the Final Interest Rate Measures Report of the Fourth Quarter 2006. Final Report  4/02/07

  • Working Papers Published

    The OCC has published two working papers on the topics of "The Probability Approach to Default Probabilities" and "Bank failure: Evidence from the Colombian financial crisis". Probability; Bank Failure  4/02/07

03/14/2007

June SCOOS released

The Federal Reserve has released the results of the June 2014 Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS), a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter (OTC) derivatives markets.

03/14/2007

Student loans and closed schools

An article on the CFPB Blog offers advice for students if they have a student loan and the school they are attending or have recently attended shuts its doors. The article discusses the impact on federal and private student loans and offers a cautionary note on how "teach-out" arrangements may affect a borrower's options.

03/14/2007

June SCOOS released

The Federal Reserve has released the results of the June 2014 Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS), a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter (OTC) derivatives markets.

03/14/2007

Student loans and closed schools

An article on the CFPB Blog offers advice for students if they have a student loan and the school they are attending or have recently attended shuts its doors. The article discusses the impact on federal and private student loans and offers a cautionary note on how "teach-out" arrangements may affect a borrower's options.

02/14/2007

HELOC 'end-of-draw' guidance

Four federal financial institutions regulatory agencies and the Conference of State Bank Supervisors (CSBS) today issued guidance to financial institutions regarding home equity lines of credit (HELOCs) nearing their "end-of-draw" periods, when the principal amount of the HELOC must begin to be repaid. The guidance encourages financial institutions to effectively communicate with borrowers about the pending reset and provides broad principles for managing risk as HELOCs reach their end-of-draw periods. Three of the agencies issued separate industry announcements on the Guidance:

02/14/2007

Mortgage lender pays $48,000 for Fair Housing violation

HUD has announced that Greenlight Financial Services, an Irvine, California-based mortgage lender, will pay $48,000 to settle allegations that it violated the Fair Housing Act when it denied or delayed mortgage loans to women because they were on maternity leave.

02/14/2007

Term deposit offering results

The results of the June 30, 2014, fixed-rate offering of term deposits has been released by the Federal Reserve.

02/14/2007

HELOC 'end-of-draw' guidance

Four federal financial institutions regulatory agencies and the Conference of State Bank Supervisors (CSBS) today issued guidance to financial institutions regarding home equity lines of credit (HELOCs) nearing their "end-of-draw" periods, when the principal amount of the HELOC must begin to be repaid. The guidance encourages financial institutions to effectively communicate with borrowers about the pending reset and provides broad principles for managing risk as HELOCs reach their end-of-draw periods. Three of the agencies issued separate industry announcements on the Guidance:

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