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Top Story Lending Related

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.

01/31/2007

Top Stories for February 2007

  • Counterfeit Special Alerts Issued

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

    • KleinBank, Big Lake, Minnesota (Counterfeit Personal Money Orders),
    • Central Bank, Lebanon, Missouri (Counterfeit Cashier's Checks),
    • Merchants and Farmers Bank, Kosciusko, Mississippi (Counterfeit Cashier's Checks),
    • Peoples National Bank, Hallstead, Pennsylvania (Counterfeit Money Orders), and
    • United Community Bank, Lawrenceburg, Indiana (Counterfeit Official Checks).

    In addition, the OCC has issued an Alert regarding counterfeit official checks issued in the name of Harleysville National Bank, Harleysville, Pennsylvania. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits Page.   2/28/07

  • Six Individuals added To OFAC List

    Treasury has added to the OFAC SDN List the names of six Belarusian Government officials who played important roles in the oppressive regime of Alexander Lukashenka and were active in the crackdown on civil society and democratic opposition during the March 2006 Presidential elections in Belarus. Information regarding the additions has been posted on the BOL OFAC Page.   2/28/07

  • Missing Cashier's Checks Special Alert

    A Special Alert has been issued by the FDIC regarding eighty-four (84) cashier's checks bearing the name of Pacific Western Bank, San Diego, California, that are missing, lost or stolen. Special Alert   2/28/07

  • Comments Sought on Insurance Assessments Proposal

    The FDIC has issued a FIL announcing that comments are sought on proposed guidelines for determining how adjustments of up to 0.50 basis points would be made to the quarterly assessment rates of insured institutions defined as large Risk Category I institutions. FIL; Proposal   2/28/07

  • Late HMDA Reporting Results in CMPs

    The NCUA has announced that during the fourth quarter of 2006 twenty-two federally insured credit unions were assessed civil money penalties (CMPs)t for being late in submitting 2005 HMDA data. CMP   2/28/07

  • 314(a) Fact Sheet and Sharing Report Update

    FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with Financial Institutions Report with data current as of February 27, 2007. 314(a); Sharing Report    2/28/07

  • Winter 2006 Issue FDIC Outlook Published

    The FDIC has published the Winter 2006 issue of the FDIC Outlook provides a quarterly analysis of current national and regional trends that may affect the risk exposure of insured depository institutions. Outlook   2/28/07

  • Cayman Islands Updates Unauthorized Banking List

    The FDIC has issued a Special Alert regarding the publication by the Cayman Islands Monetary Authority (CIMA) of a list of financial entities whose Web sites note a Cayman Island address, but the entities are neither registered nor licensed to undertake activities regulated by the CIMA, as of January 31, 2007. Special Alert; List   2/28/07

  • FRB Releases Discount Rate Meeting Minutes

    The minutes of the January 29, 2007, meeting of the FRB regarding discount rates ahs been released. Minutes   2/28/07

  • Charge-Off and Loan Delinquency Report Issued

    The FRB has issued the Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks Report for the 4th Quarter 2006. Report   2/28/07

  • Dugan Discusses Risk Mamagement

    In a presentation before a meeting of the Global Association of Risk Professionals, the Comptroller Dugan noted that because the goals of bank risk managers are so closely aligned to those of the regulators, the regulations and guidance issued by regulatory agencies can support the managers in meeting their firms' objectives. Speech   2/28/07

  • New Markets Tax Credit Program Featured By OCC

    The OCC has published the February 2007 issue of Community Development Insights that features report entitled, "New Markets Tax Credits: Unlocking Investment Potential. The report highlights the key features of the New Markets Tax Credit (NMTC) program and major considerations facing bank investors who use the credits to develop and support community and economic development activities. Insights    2/28/07

  • Banking Accounting Advisory Series January 2007 Edition Published

    The OCC has published the January 2007 edition of the Banking Accounting Advisory Series that contains the OCC's current views on accounting topics of interest to national banks. One new topic, Financial Statement Presentation, has been added and questions have been added or revised to other topics previously discussed. Accounting Advisory Series   2/27/07

  • IFDP Working Papers Published

    The FRB has published two working papers in the International Finance Discussion Papers (IFDP) series on the topics of "Flying Geese or Sitting Ducks: China's Impact on the Trading Fortunes of other Asian Economies" and "Are Antidumping Duties for Sale? Case-Level Evidence on the Grossman-Helpman Protection for Sale Model". Flying Geese Abstract; Flying Geese Full Paper; Antidumping Abstract; Antidumping Full Paper   2/27/07

  • $197,000 Embezzlements Results in Prohibition Order

    The FRB has announced the issuance of a consent Order of Prohibition against a former employee of Civitas BankGroup, Inc., Franklin, Tennessee, for violations of law, unsafe and unsound banking practices, and breaches of fiduciary duty related to the embezzlement of over $197,000. Order   2/26/07

  • Fraudulent FDIC Emails Sent To Financial Institutions

    The FDIC has issued a Special Alert regarding emails that are being sent to financial institutions and appear to be from the FDIC or VeriSign, Inc. The emails ask the institutions run a security guard script to secure Web sites. Special Alert    2/23/07

  • 23A Exemption Granted

    A letter granting an exemption from section 23A of the Federal Reserve Act for certain covered transactions between a national bank and an affiliate of the bank in connection with the bank's securities lending program has been issued by the FRB. The bank proposed a securities lending program in which the bank would lend to the affiliate securities that have been pledged to bank as collateral by unaffiliated customers. Letter   2/23/07

  • Regulators Agree On Hedge Funds Issues Approach

    The President's Working Group on Financial Markets (PWG) has released a set of principles and guidelines to guide U.S. financial regulators as they address public policy issues associated with the rapid growth of private pools of capital, including hedge funds. The PWG is chaired by the Treasury Secretary and composed of the chairmen of the FRB, the SEC, and the Commodity Futures Trading Commission. Guidelines    2/23/07

  • FEDS Working Paper Published

    The FRB has published a working paper in the FEDS series on the topic of "Rounding and the Impact of News: A Simple Test of Market Rationality". Abstract; Full Paper   2/23/07

  • Fourth Quarter 2006 TRF Data Released

    OTS has released the Aggregated Thrift Financial Report (TFR) Data for the fourth quarter 2006. TRF Data   2/23/07

  • FDIC Insured Institutions Report Record Earnings

    The FDIC has issued the Quarterly Banking Profile that indicates commercial banks and savings institutions insured by the agency reported net income of $145.7 billion in 2006, eclipsing the previous record of $133.9 billion set in 2005. Earnings; Quarterly Banking Profile   2/23/07

  • 2007 TFR Instruction Manual Published

    OTS has published the 2007 Thrift Financial Report Instruction Manual. Manual   2/22/07

  • NCUA Publishes Final Rule in Federal Register for General Lending Maturity Limit and
    Other Financial Services

    NCUA is amending its rules to implement amendments to the Federal Credit Union Act (FCU Act)
    made by the Financial Services Regulatory Relief Act of 2006 (Reg Relief Act). The final rule revises the maturity limit in the general lending rule and permits federal credit unions to provide certain, limited financial services to nonmembers within their fields of membership.TXT, PDF .   2/22/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of data as of February 16, 2007. Reserve Position   2/22/07

  • FOMC Minutes Released

    The Federal Open Market Committee of the FRB has released the minutes of its January 30-31, 2007 meeting. Minutes   2/22/07

  • Thrift Industry Posts Strong 2006 Earnings

    OTS has reported that OTS-regulated thrifts posted historically strong earnings and profitability in 2006 despite weakening in the fourth quarter from the slowdown in the housing markets. Earnings    2/22/07

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of The Bank of Napa, N.A., Napa, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/21/07

  • SDGT Added To OFAC List

    Treasury has been designated a construction company formed and operated by Hizballah, a Lebanon-based terrorist group, as a SDGT and added it to the SDN List. Information regarding the company has been posted on the BOL OFAC Page.   2/21/07

  • Insurance Funds 2006 Financials Released

    The FDIC has released the year-end 2006 financial results for the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF). Financials Summary; Annual Report   2/21/07

  • CU Conservatorship Announced

    NCUA has announced that the Huron River Area Credit Union, a state-chartered, federally insured credit union serving individuals working primarily in the Ann Arbor, Michigan, area has been placed into conservatorship and is being operated by the agency. Conservatorship   2/21/07

  • Seven Working Papers Published

    The FRB has published one working paper in the FEDS series on the topic of Rational Seasonality and six in the IFD series on the following topics:

    • Predicting Sharp Depreciations in Industrial Country Exchange Rates,
    • Changes in Job Quality and Trends in Labor Hours,
    • Measurement Matters for Modeling U.S. Import Prices,
    • International Asset Markets And Real Exchange Rate Volatility,
    • Of Nutters and Doves, and
    • Global Asset Prices and FOMC Announcements.

    Rational Abstract; Rational Full Paper; Predicting Abstract; Predicting Full Paper; Changes Abstract; Changes Full Paper; Measurement Abstract; Measurement Full Paper; International Abstract; International Full Paper; Of Nutters Abstract; OF Nutters Full Paper; Global Abstract; Global Full Paper   2/21/07

  • March HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in March 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.   2/20/07

  • Iranian Companies Designated By OFAC

    Three Iranian companies owned or controlled by the Atomic Energy Organization of Iran have been designated as proliferators of weapons of mass destruction by Treasury and added to the OFAC SDN List. Information concerning the companies has been posted on the BOL OFAC page.   2/20/07

  • CRA Evaluations Released

    The OCC has released the ratings received by twenty-one national banks that were recently evaluated for compliance with the CRA. Ratings   2/20/07

  • DST Change Bulletin Issued

    A Bulletin has been issued by the OCC regarding the risks posed to servers, mainframes, other important systems, and essential computer clock-dependent processes due to the change in the effective dates of daylight savings time (DST). Bulletin   2/20/07

  • FR Corrects Article Error Regarding Check Processing

    FRB Financial Services has issued a statement concerning an article that stated that the FR intended to exit the paper check processing business by 2010. The reference to service withdrawal in 2010 regarded the Reserve Banks' plans to transition electronic check payor bank services to Check 21 presentment services by that date. Check Processing   2/20/07

  • CRA Direct Mail Program Alert

    The FRB has issued an alert to the public concerning direct mail solicitations directed at homeowners that may be read to indicate that the Federal Reserve endorses or supports the offers contain in the solicitations. The offers that suggest there is a "Community Reinvestment Act (CRA) program" that entitles certain homeowners to cash grants or equity disbursements. Solicitations   2/20/07

  • FDIC 2006 Annual Report Online

    The FDIC has posted the agency's 2006 Annual Report on its Web page. Index.   2/20/07

  • Enforcement Actions Announced

    The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions   2/16/07

  • Comments Sought on Basel II Proposed Guidance

    The federal bank and thrift regulatory agencies are seeking public comment on three proposed supervisory guidance documents related a previously issued notice of proposed rulemaking on new risk-based capital requirements (known as Basel II) for large, internationally active banking organizations. Comment Request; Proposed Guidance; FRB PR; OCC NR; FDIC PR; OTS PR   2/16/07

  • FedFlash February 2007 Issue Published

    FRB Financial Services has announced the publication of the February 15, 2007 issue of FedFlash that contains articles on the new CheckImage Central Web site, improvements to FedACH derived returns functionality, the FedCash cross-shipping reports and custodial inventory program, and new NACHA network administration fees. FedFlash   2/16/07

  • December 2007 TIC Data Released

    Treasury has released the Treasury International Capital (TIC) data for December 2006. TIC   2/16/07

  • Cost of Funds Reports Published

    OTS has published the historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Report. Report   2/16/07

  • Industrial Production and Capacity Utilization Report Issued

    The January 2007 G.15 Industrial Production and Capacity Utilization report has been issued by the FRB. G.15    2/16/07

  • Finance Companies Report Released

    The FRB has released the G.20 finance companies on owned and managed receivables outstanding and auto loans: terms of credit report. G.20   2/16/07

  • Interest Rates Working Paper Published

    A working paper in the FEDS series has been published by the FRB on the topic of Linear Cointegration of Nonlinear Time Series with an Application to Interest Rate Dynamics. Abstract; Full Paper   2/16/07

  • FRB Monetary Report Presented to Congress

    FRB Chairman Bernanke has presented the regulator's semiannual Monetary Policy Report to Congress. In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, he noted that the U.S. economy seems likely to expand at a moderate pace this year and next, with growth strengthening somewhat as the drag from housing diminishes. Testimony; Report   2/15/07

  • February 2007 OFAC Enforcement Actions Released

    OFAC has released the February 2007 list of enforcement actions taken and civil money penalties (CMP) issued for violations of various Sanctions Programs. No financial institutions were listed. OFAC CMP   2/14/07

  • Prohibition Orders Issued

    NCUA has issued orders prohibiting four individuals from participating in the affairs of any federally insured financial institution. Orders   2/14/07

  • Missing, Lost, or Stolen Checks Special Alert

    The FDIC has issued a Special Alert regarding 259 CD interest checks that are missing, lost or stolen and bear the name of Independent Bank of Austin, SSB, Austin, Texas. Special Alert   2/14/07

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with information current as of February 13, 2007 and released new data regarding law enforcement information sharing with financial institutions. Fact Sheet; Information Sharing   2/14/07

  • FRB CAC Meeting Scheduled

    The next meeting of the FRB Consumer Advisory Council (CAC) is scheduled for March 8, 2007, in Washington D.C. The meeting is open to the public and registration is required. The Council will discuss the following topics: home mortgage foreclosures, model financial privacy notices, amendments to the Electronic Fund Transfers Act/Regulation E, and check holding practices. Meeting; Registration   2/14/07

  • International Reserve Position Update

    Treasury has updated the U. S. International Reserve Position report with the addition of data as of February 9, 2007. Reserve Position   2/14/07

  • CIP and Banks Serving as Insurance Agents Guidance Issued

    FinCEN has issued Guidance in the FAQ format regarding Customer Information Programs (CIP) and banks serving as insurance agents. The following question is answered. Is an account established with the bank, for purposes of the bank's Customer Identification Program, when a person purchases insurance through the bank under this arrangement? Guidance   2/13/07

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of The Cape Cod Five Cents Savings Bank, Harwich Port, Massachusetts, and Trust One Bank, Memphis, Tennessee. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    2/12/07

  • Revised SAR and SAR-MSB Electronic Filing Instructions Issued

    FinCEN has issued new general specifications for electronic filing of BSA reports to be followed for electronic filing of all revised SARs and new record specifications for magnetic, electronic media filing and e-filing of SAR-MSBs. BSA Reports; SAR-MSBs    2/12/07

  • Blair Discusses AML Issues and Challenges

    In a presentation before the Fourth Puerto Rican Symposium of Anti-Money Laundering, FDIC Chairman Blair reviewed the efforts the FDIC is engaged in to ensure a strong anti-money laundering program across the banking industry without needlessly increasing regulatory burden. She noted banks and financial services providers find themselves on the front lines of the efforts to combat terrorist activities and the difference they can all make in preventing terrorist activity and financial crimes cannot be overstated. Speech   2/12/07

  • FDIC Announces Enforcement Decisions

    The list of Enforcement Decisions and Orders for December 2006 announced by the FDIC includes a Civil Money Penalty (CMP) of $800,000.
    Decisions
       2/09/07

  • Fake E-Mail Special Alert

    The FDIC has issued a Special Alert regarding fraudulent e-mails appearing to be sent from ViewPoint Bank Financial Solutions and the FDIC. The e-mail requests the recipient to register for a code to protect against credit card fraud and describe fictitious relationships between the FDIC and VISA, MasterCard, Yahoo, eBay, Amazon.com, and Half.com. Special Alert   2/09/07

  • Counterfeit Check Scams Brochure Published

    The FTC has published a new brochure, Giving the Bounce to Counterfeit Check Scams, which explains common angles used in these scams, the responsibilities of banks and consumers when it comes to counterfeit checks, and advice on how to avoid these increasingly common traps. Brochure   2/09/07

  • Consumer Complaint Brochure Available

    OTS has announced the availability of a consumer information brochure on how they can resolve complaints with financial institutions. Consumers are encouraged to try to resolve a problem directly with an institution by contacting senior management or the institution's consumer affairs department. Brochure   2/09/07

  • Counterfeit Cashier's Checks and Money Orders Alert Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks and money orders
    issued in the name of Peoples National Bank, Hallstead, Pennsylvania. Information regarding the counterfeit cashier's checks and money orders has been posted on the BOL Alerts & Counterfeits page.   2/08/07

  • Early Savings Bond Redemptions Authorized

    Treasury has authorized the early redemption of certain EE and I series savings bonds by savings bond agents serving one or more of the Florida Counties of Lake, Seminole, Sumter, and Volusia recently affected by severe weather. Early Redemptions   2/08/07

  • HMDA and CRA Data Collection Reminders Issued

    The FFIEC has issued a reminder of previously announced information that relates to HMDA and CRA data collection for calendar year 2007 that will be reported in 2008. HMDA Reminder; CRA Reminder   2/08/07

  • FTC Top Complaints List Published

    The FTC issued its annual report, "Consumer Fraud and Identity Theft Complaint Data" on complaints consumers have filed with the agency. List   2/08/07

  • Consumer Credit Report Issued

    The FRB has issued the G.19 Credit Report for December 2006. G.19   2/08/07

  • Counterfeit Cashier's Checks Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Stillwater National Bank & Trust Company, Stillwater, Oklahoma, and First National Bank of Gillette, Gillette, Wyoming. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/07/07

  • Names Removed From OFAC List

    Treasury has announced that the names of six individuals with the Columbia anti-narcotics designation have been deleted from the SDN List. Information concerning the deletions has been posted on the BOL OFAC Page.    2/07/07

  • Soft Dollar Guidance Bulletin Issued

    The OCC has issued a Bulletin regarding the previously released SEC Guidance concerning the use of commission payments by fiduciaries. Bulletin; Guidance   2/07/07

  • Gift Card Consumer Brochure Published

    OTS has published brochure for consumers on the purchase and use of gift cards. Brochure   2/07/07

  • Bernanke Discusses Economic Opportunities

    In a presentation before the Greater Omaha Chamber of Commerce, Chairman Bernanke discussed the American idea that all individuals should have the opportunity to succeed on the basis of their own effort, skill, and ingenuity. He noted that three principles seem to be broadly accepted in our society: that economic opportunity should be as widely distributed and as equal as possible; that economic outcomes need not be equal but should be linked to the contributions each person makes to the economy; and that people should receive some insurance against the most adverse economic outcomes, especially those arising from events largely outside the person's control. Speech    2/07/07

  • FHC List Updated

    The FRB has updated the list of bank holding companies that have elected as of February 3, 2007, to be treated as a financial holding company (FHC). FHC List   2/07/07

  • Katrina Guidance Still In Effect

    The FRB and the FFIEC have issued reminders to financial institutions that the previously issued interagency Hurricane Katrina guidance remains in effect and there are borrowers who may need additional time to resolve financial uncertainties related to the effects of the hurricane. FRB SR; FFIEC PR; Katrina Guidance   2/06/07

  • OCC Licensing Manual Updated

    The OCC has announced that its Licensing Manual has been updated with a revision to the Change in Bank Control booklet that discusses rebuttals of control and acting in concert filings. The revised booklet is available online. Booklet   2/06/07

  • January 2007 Senior Loan Officer Opinion Survey Results

    The results of the January 2007 Senior Loan Officer Opinion Survey on Bank Lending Practices has been published by the FRB. The survey contained special questions about changes in terms on commercial real estate loans during 2006, the effects of the 2005 bankruptcy reforms, and expected changes in asset quality over 2007. Summary; Full Report   2/06/07

  • Winter Issue FDIC Consumer News Published

    The FDIC has published and posted online the Winter 2006/2007 issue of the Consumer News. The issue focuses on ways consumers can be prepared, be informed, and be in charge. Summary; Winter Consumer News   2/06/07

  • Directo a Mexico Seminars Announced

    The Federal Reserve Banks, Banco de México and Bansefi are hosting two teleseminars on March 13 and 19, 2007, to provide information to credit unions about the Directo a México service and the new Beneficiary Account Registration (BAR) Web site. Seminar Information; Registration   2/06/07

  • 2008 Blue Book Released

    The General Explanations of the Administration's Fiscal Year 2008 Revenue Proposals, also known as the Blue Book, has been released by Treasury. Blue Book   2/06/07

  • Reserve Position Updated

    Treasury has updated the U.S. International Reserve Position report with the addition of data current as February 2, 2007. Reserve Position    2/06/07

  • Daylight-Savings Time Changes Impact FR Banks

    New starting and ending dates for daylight-saving time will go into effect this year. The FRB recommends that all computers used to connect to the Federal Reserve Banks be upgraded with operating system patches provided by vendors. Daylight-Savings   2/05/07

  • Spanish Online EDIE Available

    The FDIC has issued a FIL announcing that a Spanish language version of its Electronic Deposit Insurance Estimator for consumers, also known as Online EDIE, is available. FIL; Spanish EDIE   2/05/07

  • Savings Bank Deposits Assumed

    The FDIC has announced that Metropolitan Savings Bank, Pittsburgh, Pennsylvania, has been closed and its insured deposits have been assumed by Allegheny Valley Bank of Pittsburgh, Pittsburgh, Pennsylvania. Information for depositors has been posted online. Assumption; Closing Information   2/05/07

  • FDIC publishes notice of proposed rulemaking for Industrial Bank Subsidiaries of Financial Companies

    The FDIC is proposed rules that would impose certain conditions and requirements on each deposit insurance application approval and non-objection to a change in control notice that would
    result in an insured industrial loan company or industrial bank becoming a subsidiary of a company that is engaged solely in financial activities and that is not subject to consolidated bank supervision by the Federal Reserve Board or the Office of Thrift Supervision.TXT, PDF    2/05/07

  • Treasury Releases Quarterly Economic Update

    The quarterly economic update has been released by Treasury. The report indicates that GDP growth in the fourth quarter was 3.5 percent and inflation was moderate at 1.5 percent. Update   2/05/07

  • FR Bulletin Statistical Supplement Published

    The January 2007 statistical supplement to the Federal Reserve Bulletin has been published. SupplementTXT, PDF    2/05/07

  • Fourth Quarter Price Tables Released

    OTS has released the asset and liability price table for the fourth quarter 2006. Price Tables   2/05/07

  • Seven Counterfeit Checks Special Alerts Issued

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

    • Pinnacle Bank - Wyoming, Torrington, Wyoming (Counterfeit Cashier's Checks),
    • Bank of Clarkson, Clarkson, Kentucky (Counterfeit Cashier's Checks),
    • Ridgewood Savings Bank, New York, New York (Counterfeit Cashier's Checks),
    • Indiana First Savings Bank, doing business as Indiana First Bank, Indiana, Pennsylvania (Counterfeit Checks),
    • State Bank of Alcester, Alcester, South Dakota (Counterfeit Cashier's Checks),
    • Liberty Bank of Arkansas, Jonesboro, Arkansas (Counterfeit Cashier's Checks), and
    • River Valley Financial Bank, Madison, Indiana (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   2/02/07

  • Prohibition Order Issued

    The FRB has announced the issuance of an Order of Prohibition against Perry D. Lane, former president, chief executive officer and director of Exchange Bank of Missouri, Fayette, Missouri. The Order was based on Mr. Lane's alleged participation in violations of law, unsafe and unsound banking practices, and breaches of fiduciary duty in connection with reports to the bank's management and board of directors of the delinquency status and other information concerning borrower's loans, and other actions related to loan documentation, property appraisals, and loan purpose statements. Order   2/02/07

  • CRA Ratings Announced

    OTS has announced the ratings received by savings associations that were recently evaluated for compliance with the CRA. Ratings    2/02/07

  • Amendment To Operating Circular Clarifies New Coin Public Release Dates

    The FRB has announced a revision to OC-2 to address the pre-release of new and special coin. A new section 5.8 states that depository institutions are prohibited from releasing such coin to customers or the public prior to the official release date, but may distribute the coin within their institution, to their cash vaults and to their respondent banks. OC-2   2/02/07

  • New Routing Numbers Announced

    FRB Financial Services has announced new routing numbers that have been added to the Reserve Banks' FedReceipt forward collection product. Routing Numbers   2/02/07

  • Foreign Exchange Rates Report Released

    The G.5 Foreign Exchange Rates Report for January 2007 has been released by the FRB. G.5   2/02/07

  • Monetary Aggregates Working Paper Published

    The FRB has published a working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Measurement of Monetary Aggregates across Countries". Abstract; Full Paper    2/02/07

  • January FedFocus Online

    The January 2007 issue of FedFocus has been posted online. The issue features the outlook or 2007 and building customer-focused solutions. FedFocus   2/02/07

  • February FedFlash Published

    The February 1, 2007 issue of FedFlash features articles on: ordering savings bond forms online, the ordering process for the new $1 Washington coin, the update of the Check Adjustment CIPS requirements, and the amendment of Operating Circular 2. FedFlash   2/02/07

  • ILC Moratorium Extended

    The FDIC Board of Directors have voted to continue for one year a moratorium on applications for deposit insurance and change in control notices for industrial loan companies (ILCs) that will be owned by commercial companies. The Board also issued for public comment a proposed rule to strengthen the framework for consideration of applications or notices for industrial banks owned by financial companies not subject to federal consolidated bank supervision.
    Extension
    ; Moratorium; Proposed Rule   2/01/07

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee (FOMC) has decided to keep its target for the federal funds rate at 5-1/4 percent. FOMC   2/01/07

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the new electronic interpretations and actions report for January 2007. Report   2/01/07

  • Access Across America Summit Registration Information

    NCUA has announced that registrations are now being accepted for its Access America. Summit Information; Registration   2/01/07

01/14/2007

$200 million for ineligible loans

A Justice Department release reports that U.S. Bank has agreed to pay $200 million to resolve allegations that it violated the False Claims Act by knowingly origination and underwriting mortgage loans insured by the FHA that did not meet applicable requirements. As part of the settlement, U.S. Bank admitted that, from 2006 through 2011, it repeatedly certified for FHA insurance mortgage loans that did not meet HUD underwriting requirements. The bank also admitted that its quality control program did not meet FHA requirements, and as a result, it failed to identify deficiencies in many of the loans it had certified for FHA insurance, failed to self-report many deficient loans to HUD, and failed to take the corrective action required under the program.

01/14/2007

FHA issues reverse mortgage guidance

A HUD press release has been issued announcing Federal Housing Agency (FHA) Mortgage Letter 2014-10, which reminds lenders participating in the agency's Home Equity Conversion Mortgage (HECM) Program to make certain senior borrowers are fully informed of all their options when applying for reverse mortgages. The advisory states that the FHA prohibits the utilization of misleading or deceptive advertising, and that the prohibition extends to misleading or deceptive descriptions of the HECM program.

01/14/2007

FHA seeks feedback on new single-family handbook sections

HUD has announced Federal Housing Administration requests for feedback on two new handbook sections posted on The Drafting Table, an agency website for posting draft policies and handbook sections. The new sections are:

Comments on both sections are due by July 29, 2014.

01/14/2007

Distressed or Underserved list

The Federal Reserve, FDIC and OCC have announced the availability of the 2014 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development."

01/14/2007

FHA issues reverse mortgage guidance

A HUD press release has been issued announcing Federal Housing Agency (FHA) Mortgage Letter 2014-10, which reminds lenders participating in the agency's Home Equity Conversion Mortgage (HECM) Program to make certain senior borrowers are fully informed of all their options when applying for reverse mortgages. The advisory states that the FHA prohibits the utilization of misleading or deceptive advertising, and that the prohibition extends to misleading or deceptive descriptions of the HECM program.

01/14/2007

FHA seeks feedback on new single-family handbook sections

HUD has announced Federal Housing Administration requests for feedback on two new handbook sections posted on The Drafting Table, an agency website for posting draft policies and handbook sections. The new sections are:

Comments on both sections are due by July 29, 2014.

12/31/2006

Top Stories for January 2007

  • Counterfeit Cashier's checks Alerts Issued

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

    • Bank of Cumberland (A Division of First National Bank Columbia) Burkesville, Kentucky,
    • The Summit National Bank, Atlanta, Georgia, and
    • Fairfield National Bank, Lancaster, Ohio.

    Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   1/31/07

  • FDIC Revises Compliance Examination Handbook

    The FDIC has issued a FIL announcing the revision of the Compliance Examination Handbook and its availability online. FIL; Handbook   1/31/07

  • 314a Fact Sheet Update

    FinCEN has updated the 31a Fact Sheet with information current as of January 30, 2007. 314a   1/31/07

  • Global Terrorism Sanctions Regulations Amended

    OFAC has published an amendment to the Global Terrorism Sanctions Regulations to better define the term "otherwise associated with" and to clarify the procedures for seeking reconsideration of a designation as a SDGT. No changes were made at this time to the SDN List as a result of the amendment. Amendment   1/31/07

  • Reich Praises Work of Financial Literacy and Education Commission

    In a presentation at the 10th meeting of the Financial Literacy and Education Commission, OTS Director Reich applauded the efforts of the Commission in promoting awareness of the importance of financial education and specifically its work in assisting Americans in understanding the complexities of everyday financial products, such as credit cards, checking accounts and mortgages. Speech   1/31/07

  • Reserve Assets Report Issued

    The FRB has issued the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets held at FR Banks reports for January 2007. Reports   1/31/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of January 26, 2007. Reserve Position   1/30/07

  • Market Financing Estimates Announced

    The market financing estimates for first and second quarters of 2007 have been announced by Treasury. Estimates   1/30/07

  • Al Qaida Facilitators Added To OFAC List

    Treasury has designated and added to the SDN List as SDGTs two South African individuals and a related entity for financing and facilitating al Qaida. Any assets the designees have under U.S. jurisdiction are frozen and transactions are prohibited between U.S. persons and the designees. Information regarding the additions has been posted on the BOL OFAC page.   1/29/07

  • Washington $1 Coin and Montana Quarter Distribution Schedules Announced

    The U.S. Mint distribution schedule for the George Washington Presidential $1 coin and the Montana state quarter has been posted on the FR Financial Services Web site. Schedules   1/29/07

  • OCC and State Banking Department To Share Information

    The OCC and the Mississippi Department of Banking and Consumer Finance have announced the signing of a Memorandum of Understanding that provides a mechanism for sharing consumer complaint information between the two regulatory agencies. Sharing   1/29/07

  • Guidance Issued on Using Automated Valuation Methods to Evaluate Collateral

    NCUA has issued a guidance that authorizes credit unions to use an automated valuation method (AVM) in the lending process provided each market valuation calculated by the AVM is reviewed by an individual with knowledge, training, and experience in the local real estate market. Guidance   1/29/07

  • FIL Regarding Elimination of Executive Indebtedness Report Form

    The FDIC has issued a FIL regarding the previously announced elimination of the statutory provisions that required reporting indebtedness of executive officers and principal shareholders to a financial institution and its correspondent bank. Information concerning the demise of the FFIEC 004 was posted in the December 29, 2006 BOL Top Stories. FIL   1/29/07

  • FTC Issues Annual Financial Acts Enforcement Report

    The FTC has issued its annual report to the FRB on enforcement activities in 2006 related to the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), Equal Credit Opportunity Act (ECOA), and Electronic Fund Transfer Act (EFTA). Report   1/29/07

  • HUD Publishes SCRA Disclosure Form

    A Servicemembers Civil Relief Act (SCRA) notice disclosure form has been published by HUD. Form   1/26/07

  • FRB Launches Career Web Site

    The FRB has announced the launch of a new Web site, Career Opportunities, which features positions available with the agency. Career Opportunities   1/26/07

  • Bank Registered Transfer Agents Must File SEC Form Electronically

    The OCC has issued a Bulletin regarding the recent rule change by the SEC that requires national bank registered transfer agents, to file Form TA-2, "Form for Reporting Activities of Transfer Agents," electronically through the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. Bulletin; Rule   1/26/07

  • MSB List Updated

    FinCEN has updated the MSB Registration List. The new January 2007 List, which is current as of January 3, 2007, contains data on 34,214 registered MSBs. List   1/26/07

  • Federal Reserve Publishes CFR Correction

    The FRB has published a date correction to its rule for Availability of Funds and Collection of Checks, which was revised as of 1/01/06.TXT, PDF    1/26/07

  • Five Special Alerts Issued

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

    • Central Bank, Springville, Utah (Counterfeit Cashier's Checks),
    • Union Trust Company, Ellsworth, Maine (Counterfeit Cashier's Checks),
    • Guaranty Bank and Trust Company, Denver, Colorado (Counterfeit Cashier's Checks),
    • PathFinder Bank, Oswega, New York (Counterfeit Money Orders), and
    • First United Security Bank, Thomasville, Alabama (Counterfeit Cashier's Checks).

    Information regarding the counterfeit cashier's checks and money orders has been posted on the BOL Alerts & Counterfeits page.   1/25/07

  • Flood and BSA Enforcement Actions Announced

    The FRB has announced that a $6,850 civil money penalty (CMP) has been assessed against Pacific Mercantile Bank for violations of the provisions of the National Flood Insurance Act. In addition, a written agreement has been entered into with Sumitomo Mitsui Banking Corporation regarding the Bank Secrecy Act (BSA) and anti-money laundering compliance policies and practices at its New York branch. Flood CMP;
    BSA Written Agreement
       1/25/07

  • Prohibition Orders Issued

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

    • Betty Jean Barachie,
    • Catherine Lee Couch,
    • Twyla M. Davis,
    • Latifa Joseph, and
    • James R. Straley.

    Orders; Barachie; Couch; Davis; Joseph; Straley   1/25/07

  • Reg C Asset Size Exemption Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced final rule amending the staff commentary that interprets the requirements of Regulation C. The amendment raises the asset size exemption threshold to $36 million for depository institutions that are required to report data under HMDA. Information concerning the raising of the threshold was posted in the December 26, 2006 BOL Top Stories. Bulletin   1/25/07

  • Reg R Proposed

    The OCC has issued a Bulletin notifying all national banks and national bank examiners that recently the SEC and the Federal Reserve Board jointly issued proposed rules that define the extent to which securities brokerage activities of banks are subject to SEC regulation. The proposed rules, known as "Regulation R," would implement provisions of the Gramm–Leach–Bliley Act of 1999 (GLBA) regarding certain exemptions for banks from the broker-dealer registration requirements of the Securities Exchange Act of 1934. Information concerning Reg R was posted in the December 26, 2006 BOL Top Stories. Bulletin   1/25/07

  • Third Quarter Charge-Off Rates Released

    OTS has released the thrift industry charge-off rates for the third quarter 2006. Rates   1/24/07

  • Supervisory Policy On Predatory Lending Released

    The FDIC has issued a FIL that announces the release of the regulator's Supervisory Policy on predatory lending. The policy describes certain characteristics of predatory lending and reaffirms that such activities are inconsistent with safe and sound lending and undermine individual, family and community economic well-being. FIL; Policy   1/23/07

  • Bulletin Issued Regarding CRA Changes

    The OCC has issued a Bulletin regarding the previously announced changes to the CRA concerning the adjustment of the asset-size threshold to be used to define "small bank" and "intermediate small bank" based on the annual percentage change in the Consumer Price Index. Information concerning the adjustments was posted in the December 29, 2006 BOL Top Stories. Bulletin   1/23/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of current data as of January 19. 2006. Reserve Position   1/23/07

  • CRA Evaluations Released

    The OCC has released a list of CRA performance evaluations that became public during the period of December 15, 2006 through January 14, 2007. CRA    1/22/07

  • New Routing Numbers Announced

    FRB Financial Service has announced new FedReceipt routing numbers that will be effective the business day of January 22, 2007. New Routing Numbers   1/19/07

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet with the addition of data current as of January 16, 2007. 314a   1/19/07

  • NCUA Announces BSA Compliance Webinar

    NCUA has announced that the agency will host with FinCEN a BSA Compliance Webinar on February 6, 2007. Registration is available online. Information; Registration   1/19/07

  • Bernanke Issues Entitlements Warning

    In a presentation before the Senate Budget Committee, Chairman Bernanke expresses his view on the federal budget and related issues. He noted that spending on entitlement programs currently at 8-1/2 percent of the gross domestic product (GDP) are expected to reach about 15 percent by 2030. The increases are due in part to the oldest baby boomers being eligible for Social Security benefits starting in 2008 and the expected continued increase in medical costs per beneficiary. He concluded that dealing with the resulting fiscal strains will pose difficult choices, but if early and meaningful action is not taken, the U.S. economy could be seriously weakened. Speech   1/19/07

  • Quarterly Journal Online

    The OCC has posted the September issue of the Quarterly Journal online. The issue contains articles on special supervision and enforcement activities, corporate structure tables, second quarter 2006 condition and performance of banks; links to speeches and interpretive letters, and other policy and data. Index; Full Journal   1/19/07

  • Community Affairs Conference Agenda Announced

    The FRB has announced the agenda for its Fifth Annual Community Affairs Conference to be held in Washington D.C. on March 29-30, 2007. The conference features discussion of research papers on trends and innovations in products serving low- and moderate-income communities and people. Agenda; Papers; Registration   1/19/07

  • Dugan Says Financial Literacy Programs Important

    In remarks to the participants of a telephone conference sponsored by the American Bankers Association, Comptroller Dugan highlighted the importance of financial literacy programs. He stated that financial literacy really is a win for everyone involved. Remarks   1/19/07

  • Enforcement Actions Released

    The OCC has released the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions   1/18/07

  • OFAC CPs Announced

    Treasury has announced the civil penalties (CPs) recently imposed for violations of various OFAC Sanctions Programs. No financial institutions were listed for January 2007. CPs   1/18/07

  • Comptroller Discusses Customer Complaints

    In a speech before the Exchequer Club and Women in Housing and Finance, Comptroller Dugan highlighted the OCC's efforts to assist national bank customers with questions and complaints and said the information gathered from that process has a direct impact upon bank supervision and bank retail practices generally. Speech   1/18/07

  • Beige Book Update

    The FRB has issued an update to the Beige Book that contains data on the current economic conditions in the various Federal Reserve Districts based on information collected before January 8, 2007. Beige Book Summary; Beige Book Full Report   1/18/07

  • Third Quarter Issue Quarterly Review of Interest Rate Risk Published

    OTS has published the Third Quarter 2006 issue of the Quarterly Review of Interest Rate Risk which contains a Q & A on core deposit valuations. Quarterly Review    1/18/07

  • Subordinated Debt Final Rule

    The OTS has issued a Final Rule regarding Subordinated Debt Securities and Mandatorily Redeemable Preferred Stock. Final Rule   1/18/07

  • Cross-Border Wire Transfer Report Delivered To Congress

    FinCEN has announced that Treasury has delivered a mandated report to Congress that states the reporting of cross-border wire transfer data by financial institutions is technically feasible for the government and may be valuable to the government's efforts to combat money laundering and terrorist financing. Report   1/18/07

  • Regulatory Review List Issued By NCUA

    NCUA has issued posted its 2007 Regulatory Review List, which includes the regulations the Board has scheduled to review this year. List    1/18/07

  • November 2007 TIC Released

    Treasury has released the Treasury International Capital data for November 2007. TIC   1/18/07

  • Industrial Production and Capacity Utilization Report Issued

    The December 2006 G.17 Industrial Production and Capacity Utilization Report has been issued by the FRB. G17   1/18/07

  • OTS Publishes Final Rule in FR for Subordinated Debt Securities and Mandatorily Redeemable Preferred Stock

    This final rule updates OTS regulations that require a savings association to obtain approval (or nonobjection) before it may include subordinated debt securities or mandatorily redeemable preferred stock in supplementary (tier 2) capital. It removes several unnecessary or outdated requirements and conforms certain provisions, such as maturity period requirements and purchaser
    restrictions, to the rules issued by the other federal banking agencies.TXT, PDF .   1/17/07

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of The First National Bank, Vandalia, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits Page.   1/17/07

  • February 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 February 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 January 15 was a federal legal holiday, use the rate on January 12, the business day immediately preceding the 15th. Daily H.15; Weekly H.15   1/17/07

  • Consumer Tips For Avoiding Cashier's Check Fraud

    The OCC has issued an advisory for consumers that contains tips for avoiding becoming a victim of a cashier's check fraud scheme. Advisory   1/17/07

  • Mortgage Loan Fraud Financial Industry Analysis Available Online

    The FDIC has issued a FIL regarding an assessment of mortgage loan fraud based on an analysis by FinCEN of information contained in SARs. The assessment, entitled "Mortgage Loan Fraud," is available on FinCEN's Web site. FIL; Summary; Assessment   1/17/07

  • VITA Provides CRA Credit Opportunities

    A FIL has been issued by the FDIC that highlights the opportunities for financial institutions to partner with the IRS Volunteer Income Tax Assistance (VITA) program to increase opportunities to develop new business by promoting financial education, banking products and other financial services to underserved and low- and moderate-income taxpayers. In a separate Press Release, the FDIC reminded banks that their participation can result in favorable consideration under Community Reinvestment Act (CRA) rules. FIL; Press Release   1/17/07

  • FRB To Re-Study Retail Payments

    The FRB has announced that additional studies are planned to determine the composition of the nation's retail payments market, including checks, credit and debit cards, and ACH transactions. Similar studies were conducted in 2001 and 2004. Studies   1/17/07

  • NCUA Announced Outreach Task Force

    The members of an Outreach Task Force have been announced by NCUA. The Task Force was created to provide a better understanding of and evaluation of NCUA's outreach efforts and in further response to the findings in the agency's Member Service Assessment Pilot Program. Task Force   1/17/07

  • Cost of Funds Reports Released

    OTS has released the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports. Historical; Current    1/17/07

  • Implications of Population Aging Working Paper Published

    The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "A Primer on the Macroeconomic Implications of Population Aging". Abstract; Full Paper   1/17/07

  • Banks Selected For Community Support Review Announced

    The Federal Housing Finance Board has announced the Federal Home Loan Bank members selected for the 2006-07 fourth quarter community support requirements review. Review   1/16/07

  • FDIC Year In Review

    In a presentation at the California Bank Presidents Seminar, Chairman Bair reviewed the issues addressed by the FDIC in 2006 and what is anticipated in 2007. Speech   1/16/07

  • FRB Policy on Payments System Risks Revised

    The FRB has approved changes to its Policy on Payments System Risk that revise the Board's expectations for systemically important payments and settlement systems subject to its authority and update and clarify the policy with regard to central counterparties. The revisions also incorporate the Recommendations for Central Counterparties developed by the Committee on Payment and Settlement Systems of the central banks of the Group of Ten countries and the Technical Committee of the International Organization of Securities Commissions. FRB Statement; Policy; Recommendations   1/16/07

  • Finance Companies Report Released

    The G.20 Finance Companies report for November 2006 regarding owned and managed receivables outstanding and auto loans: terms of credit has been released by the FRB. G20   1/16/07

  • FedFlash January 2007 Issue Online

    Federal Reserve Financial Services has posted the January 15, 2007 issue of FedFlash on its Web page. The issue contains articles on new FedReceipt routing numbers, Canadian item processing; changes to the ACH Reclamation process; and District news. FedFlash   1/16/07

  • IFDP Working Papers Published

    Four working papers in the International Finance Discussion Papers (IFDP) series have been published by the FRB on the following topics: International Cross-listing, Firm Performance and Top Management Turnover: A Test of the Bonding Hypothesis; Sovereign Debt Crises and Credit to the Private Sector; Efficiency in Housing Markets: Do Home Buyers Know how to Discount?; and Optimal Fiscal and Monetary Policy When Money is Essential. International Abstract; International Full Paper; Sovereign Abstract; Sovereign Full Paper; Efficiency Abstract; Efficiency Full Paper; Optimal Abstract; Optimal Full Paper   1/16/07

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of Hillcrest Bank Florida, Naples, Florida, and Lake Area Bank, Lindstrom, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   1/12/07

  • MSA Definition Changes Impact Banks

    The FFIEC has announced that approximately 510 banks have been reassigned to different peer groups after changes to MSA code definitions were incorporated in the December 31, 2006 Uniform Bank Performance Report (UBPR). Reassigned Banks   1/12/07

  • Agencies Announce BSA Compliance Webinar

    The NCUA and the FinCEN have announced that an online seminar, "BSA: A Year in Review and Setting the Table for 2007," will be held on Tuesday, February 6, 2007. The webinar will be co-hosted by the NCUA Chairman Johnson, and FinCEN Associate Director El-Hindi. FinCEN; NCUA   1/12/07

  • 2007 FHA Maximum Mortgage Limits Announced

    HUD has announced the FHA Maximum Mortgage Limits for 2007. FHA Limits   1/12/07

  • Web Page For Directors Launched

    The FRB has announced the launch of a new web site, Resources for Bank Directors, that offers numerous resources designed to assist bank directors with their management oversight responsibilities. The existing online director training course, Insights, which introduces bank directors to corporate governance and director duties and responsibilities; covers basic bank financial analysis; and discusses the sources, control, and monitoring of portfolio risks, including credit, liquidity, and market risks has been updated. Resources; Insights   1/12/07

  • Google Added To OCC Web Site

    The OCC has announced that the search capability of its Web site has been enhanced with the addition of Google Search Appliance. Search   1/12/07

  • Complex Transactions FIL issued

    The FDIC has issued an FIL regarding the previously announced final Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities. Information concerning the statement was posted in the January 8, 2007, BOL Top Stories. FIL; Statement   1/12/07

  • State Profiles Has New Format

    The FDIC has announced that effective January 2007, FDIC State Profiles have been reformatted as a quarterly data sheet summation of banking and economic conditions in each state and the Third Quarter 2006 Profiles are available online. Third Quarter Profiles   1/12/07

  • Joint Agencies publish Interim Rule in FR for Depository Institution Management Interlocks Act

    The OTC, FRB, FDIC and OCC are amending their rules regarding management interlocks to implement section 610 of the Financial Services Regulatory Relief Act of 2006 (FSRRA) and to correct
    inaccurate cross-references.TXT; PDF   1/11/07

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the December 2006 New Electronic Interpretations and Actions. New Electronic   1/11/07

  • Iranian Bank Added to OFAC List

    Treasury has designated Bank Sepah, a state-owned Iranian financial institution, as a NPWMD for providing support and services Iran's missile procurement network and actively assisting Iran's pursuit of missiles capable of carrying weapons of mass destruction,. The bank Chairman and a wholly owned bank subsidiary were also designated and all were added to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.   1/10/07

  • CRA Ratings Released

    The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings   1/10/07

  • December Call Report Filing Information Available

    The FDIC has posted online the filing information and forms for the December 2006 Call Report. Call Report   1/10/07

  • Joint Agencies Publish Correction to Proposed Rule of 12/26/06

    FRB, FDIC, OCC and OCC publish proposed rule in FR to correct proposed rule published 12/26/06 for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Domestic Capital
    Modifications. TXT; PDF   1/10/07

  • Consumer Advisory Council Appointments Announced

    The FRB has announced the appointment of ten new members to its Consumer Advisory Council for three-year terms and the designation of a new Chair and Vice Chair of the Council for 2007. Council   1/10/07

  • Discount Rate Meetings Minutes Released

    The FRB has released the minutes of its discount rate meetings from November 6 through December 11, 2006. Minutes   1/10/07

  • Transcript of OTS National Housing Forum Available

    OTS has posted online the transcript of the proceedings of the National Housing Forum held on December 11, 2006. Transcript   1/10/07

  • Reserve Banks Income and Expense Data Released

    The FRB has released the Reserve Bank income and expense data and transfers to the Treasury for 2006. Data   1/10/07

  • Counterfeits Special Alerts

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

    • BPD Bank, New York, New York (Counterfeit Treasurer Checks)
    • Peoples State Bank, Lake City, Florida (Counterfeit Personal Money Orders)
    • The Adirondack Trust Company, Saratoga Springs, New York (Counterfeit Treasurer's Checks)
    • First State Bank (also known as 1st State Bank), Saginaw, Michigan (Counterfeit Official Checks)
    • State Bank & Trust, Fargo. North Dakota (Counterfeit Cashier's Checks)
    • Alliant Bank, Madison, Missouri (Counterfeit Cashier's Checks)
    • Gardiner Savings Institution, FSB, Gardiner, Maine (Counterfeit Treasurer Checks)
    • First Heritage Bank, Snohomish, Washington (Counterfeit Official Checks)

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    1/09/07

  • Fraudulent Cashier's Checks Bulletin Issued

    The OCC has issued a Bulletin regarding the risks posed by scams involving fraudulent bank cashier's checks and recommended actions that can taken to protect the bank and its customers. Bulletin   1/09/07

  • Concentrations in Commercial Real Estate Subject of SR Letter

    The FRB has issued a Supervisory Letter regarding the previously announced Interagency Guidance on concentrations in commercial real estate. Information concerning the Guidance was posted in the December 7, 2006, BOL Top Stories. SR Letter; Guidance    1/09/07

  • Payment Processor Sued By FTC

    InterBill Ltd., a payment processor, has been sued by the FTC for allegedly violating federal law when it debited, or tried to debit, more than $9.9 million from consumers' bank accounts without their approval. Summary; Lawsuit   1/09/07

  • Agricultural Finance Databook Update

    The FRB has issued the December 2006 update of the E.15 Agricultural Finance Databook. E.15   1/09/07

  • November 2006 Consumer Credit Report Released

    The G.19 Consumer Credit Report for November 2006 has been released by the FRB. G19   1/09/07

  • International Reserve Position Reports Released

    Treasury has released the U.S. International Reserve Position Reports for the periods ending December 22, 2006; December 29, 2006; and January 5, 2007. December 22; December 29; January 5    1/09/07

  • 2006 Financial Report Issued

    OTS has issued the agency's 2006 Financial Report. Report   1/09/07

  • Fifteen Counterfeit Checks Special Alerts Issued

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

    • Palmyra State Bank, Palmyra, Missouri (Counterfeit Cashier's Checks)
    • United Community Bank, Gonzales, Louisiana (Counterfeit Official Checks)
    • Clay County Bank, Inc., Clay, West Virginia (Counterfeit Cashier's Checks)
    • Peoples Bank of Louisiana, Amite, Louisiana (Counterfeit Cashier's Checks)
    • Lamar National Bank, Paris, Texas (Counterfeit Cashier's Checks)
    • Bremer Bank, National Association, South St. Paul, Minnesota (Bremer Bank, National Association, Menomonie, Wisconsin) (Counterfeit Official Checks)
    • Watertown Savings Bank, Watertown, Massachusetts (Counterfeit Cashier's Checks)
    • Covenant Bank, Tunica, Mississippi (Covenant Bank, Clarksdale, Mississippi) (Counterfeit Cashier's Checks)
    • Pacific Trust Bank, FSB, Chula Vista, California (Counterfeit Checks)
    • Sterling National Bank, New York, New York (Counterfeit Checks)
    • Alliance Bank & Trust, Gastonia, North Carolina (Counterfeit Checks)
    • Webster Bank, National Association, Waterbury, Connecticut (Counterfeit Official Checks)
    • Sky Bank, Findlay, Ohio (Counterfeit Checks)
    • First Premier Bank, Sioux Falls, South Dakota (Counterfeit Checks)
    • Bank of Wedowee, Wedowee, Alabama (Counterfeit Cashier's Checks)

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   1/08/07

  • Agencies Issue CFT Final Statement

    Federal financial institution regulators and the SEC have issued a final statement on the complex structured finance activities of financial institutions (CSFTs) that describes the types of internal controls and risk management procedures that should help financial institutions identify, manage, and address the heightened legal and reputational risks that may arise from certain complex structured finance transactions. Statement; FRB PR; OCC Bulletin; FDIC PR; OTS PR; SEC NR   1/08/07

  • Minority-Owned Banks Report UpdateM

    The FRB has updated the Minority-Owned Banks Report with data current as of September 30, 2006. Report    1/08/07

  • FR Bulletin Supplement Published

    The December 2006 Statistical Supplement to the Federal Reserve Bulletin has been published. December Supplement   1/08/07

  • Bernanke Discusses Bank Supervision

    In a presentation at the annual meeting of the Allied Social Science Association, Chairman Bernanke discussed the supervision of the U.S. banking system and whether the central bank should act as a supervisor of the system. Speech    1/08/07

  • Counterfeit Cashier's Checks Special Alerts Issued

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

    • Community Bank, Staunton, Virginia;
    • First Republic Bank, Las Vegas, Nevada;
    • Texas State Bank, McAllen, Texas; and
    • American Banking Company, Moultrie, Georgia (also known as Ameris Bank)

    Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   1/05/07

  • New SDN List Designations Announced

    OFAC has announced that three Syrian entities identified as proliferators of weapons of mass destruction have been added to the SDN List with the NPWMD designation. Information concerning the additions has been posted on the BOL OFAC page.    1/04/07

  • MSB Registration List Update

    FinCEN has updated the MSB Registration List to include data current as of December 31, 3006. List   1/05/07

  • CRA Ratings Published

    OTS has published the CRA performance evaluations received by savings associations that became publicly available during December 2006. CRA    1/04/07

  • Handling Security Breaches

    The Winter 2006 edition of Supervisory Insights has been issued by the FDIC and features an article regarding how a financial institution can create an effective incident response program to mitigate a data security breach. Other articles concern an update on CRE lending nationwide; the increasing number of unfair or deceptive acts or practices and how examiners identify and address those violations; and highlights of recent USA PATRIOT Act changes and the types of BSA related violations that examiners are citing. Supervisory Insights   1/04/07

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet with data current as of January 2, 2007. 314a   1/04/07

  • Foreign Exchange Rates Reports Issued

    The FRB has issued the 2006 G.5A and December 2006 G. 5 Foreign Exchange Rates reports. G5A; G.5   1/04/07

  • FOMC Minutes Released

    The minutes of the December 12, 2006, meeting of the Federal Open Market Committee (FOMC) have been released by the FRB. Minutes
       1/04/07

  • National Day of Mourning

    The OCC has issued a proclamation that national banks may close their offices Tuesday, January 2, 2007, at their discretion, in any state in which the governor or other authorized official has declared a legal holiday in recognition of the National Day of Mourning for President Gerald Ford. Proclamation    1/02/07

  • 2007 HMDA Asset-Size Exemption Announced

    The FRB has announced the annual notice of the asset-size exemption threshold for depository institutions under Reg C, which implements HMDA. Depository institutions with assets of $36 million or less as of December 31, 2006, are exempt from collecting data in 2007. NOTE: An institution's exemption from collecting data in 2007 does not affect its responsibility to report the data it was required to collect in 2006. Exemption   1/02/07

  • Bank Manuals Updated

    The FRB has released the semiannual update of the Commercial Bank Examination Manual that provides examination objectives and procedures that Federal Reserve System examiners follow in evaluating the safety and soundness of state member banks. An update to the Trading and Capital-Markets Activities Manual has also been released. Examination Manual Index; Full Examination Manual; Trading Full Manual    1/02/07

  • FHC Elections Announced

    The FRB has announced the list of bank holding companies that have elected to be treated as a financial holding company (FHC) as of December 29, 2006. List    1/02/07

  • U.S. Holdings of Foreign Securities Survey

    The annual survey of U.S. portfolio holdings of foreign securities at year-end has been released by Treasury and posted on the agency's web site. Summary; Full Report   1/02/07

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