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Top Story Lending Related

08/14/2007

Independent Foreclosure Review report published

A Federal Reserve press release has been issued to announce the publication of a report on the Independent Foreclosure Review (IFR) and the Payment Agreement that replaced the IFR. The report provides information on the process for the review of the foreclosure files during the IFR and file review results.

07/31/2007

Top Stories for August 2007

  • DoD Lending Rules Finalized

    The Department of Defense has published final rules setting forth new requirements for loans to servicemembers and their dependents under the John Warner National Defense Authorization Act. The implementation date is October 1, 2007. While banks, thrifts and credit unions are not exempted from coverage by the new regulation, the impact on those entities will likely not be substantial because of the narrow scope of the final rules. For example, loans secured by an interest in a dwelling are exempt, as are open-end credit products. The three loan types that are covered under the new §232.3 include:

    1. payday loans, which are 91 days or less and do not exceed $2,000,
    2. vehicle title loans, which are 181 days or less and exclude purchase money loans, and
    3. tax refund anticipation loans.

    TXT; PDF   8/31/07

  • Counterfeit Checks Special Alerts

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

    • First FarmBank, Greeley, Colorado (Counterfeit Cashier's Checks);
    • First PREMIER Bank, Sioux Falls, South Dakota (Counterfeit Expense Checks);
    • The Bank of Delmarva, Seaford, Delaware (Counterfeit Official Checks);
    • Peoples Bank, Clifton, Tennessee; and
    • Bank of the San Juans, Durango, Colorado (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeit page.  8/31/07

  • Colombian Drug Traffickers and Related Interests Added to OFAC List

    OFAC has designated four Colombian drug traffickers and five of their related interests (entities and individuals) as Specially Designated Narcotics Traffickers (SDNT) and added their names to the Specially Designated Nationals (SDN) List. Information regarding the new entries has been posted on the BOL OFAC Page.  8/31/07

  • Fraudulent OCC Letters Alerts

    The OCC, the FDIC, and the European Commission have issued Alerts regarding fraudulent letters appearing to be sent by the OCC concerning the release of funds supposedly under the control of the European Commission in Belgium. The letter is being sent to U.S. bank customers and indicates that monies are being held until the recipient can produce the necessary documents, which will cost the customer $25,000. FDIC Special Alert; European Commission Warning  8/31/07

  • CHARM Booklet Deadline Approaches

    This is a reminder that you can use your existing stock of Consumer Handbook on Adjustable-Rate Mortgages (CHARM) booklets until September 30, 2007. To comply with Regulation Z beginning October 1, 2007, creditors must provide a copy of the revised CHARM booklet, or a suitable substitute, to consumers with every application for an adjustable rate mortgage loan. Deadline; CHARM Booklet English; CHARM Booklet Spanish  8/31/07

  • OCC Issues BSA Bulletins

    Three Bulletins have been issued by the OCC regarding previously announced compliance with the provisions of the Bank Secrecy Act (BSA):

    • BSA Enforcement Policy Interagency Statement:
    • 2007 National Money Laundering Strategy; and
    • Suspicious Activity Report (SAR) Supporting Documentation.

    Interagency Statement Bulletin; Strategy Bulletin; SAR Bulletin  8/31/07

  • Treasury Updates Homepage

    Treasury's homepage has a new look and allows web-users to access press releases, speeches and reports on key issues. Links have been consolidated and reorganized to provide easier access and a new feature called the Secretary's Corner has been added. Homepage  8/31/07

  • Counterfeit Checks Special Alerts Issued

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

    • Brenham National Bank, Brenham, Texas (Counterfeit Cashier's Checks);
    • Commerce Bank/Harrisburg National Association (Commerce Bank), Lemoyne, Pennsylvania (Counterfeit Cashier's Checks);
    • Citizens Bank, Mooresville, Indiana (Counterfeit Cashier's Checks);
    • Haven Savings Bank, Hoboken, New Jersey (Counterfeit Official Checks);
    • First Western Bank, Wall, South Dakota (Counterfeit Cashier's Checks); and
    • Liberty Bank, Alton, Illinois (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  8/30/07

  • Counterfeit Money Orders Alert

    The OCC has issued an Alert regarding counterfeit personal money orders issued in the name of Canandaigua National Bank & Trust, Canandaigua, New York, are being presented for payment nationwide in connection with a mystery shopping scam. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.  8/30/07

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and among Premier Bank, Denver, Colorado, the State of Colorado Division of Banking, Denver, Colorado, and the Federal Reserve Bank of Kansas City. Agreement   8/30/07

  • Banks Encouraged to Work with Customers Affected by Flooding

    The OCC has announced that prudent efforts by national banks to adjust or alter terms on existing loans in areas affected by flooding and related problems flooding in Wisconsin, Minnesota, Illinois, and Ohio should not be subject to bank examiner criticism. Flooding   8/30/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with data current as of August 24, 2007. Reserve Position  8/30/07

  • Illegitimate Checks and Currency Alerts Given

    The FRB has issued an Alert regarding illegitimate checks being drawn on an entity named TUC Private Currency Office and currency called "The United States Private Dollar" being promoted by The United Cities Corp., Miami, Florida. Information regarding the illegitimate checks and currency has been posted on the BOL Alerts & Counterfeits page.  8/29/07

  • Counterfeit Checks Special Alerts Issued

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

    • S&T Bank, Indiana, Pennsylvania (Counterfeit Treasurer's Checks);
    • First Lowndes Bank, Fort Deposit, Alabama (Counterfeit Cashier's Checks);
    • CapitalBank, Greenwood, South Carolina (Counterfeit Official Checks); and
    • The Talbot Bank of Easton, Easton, Maryland (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits Page.  8/29/07

  • $85,045 Flood CMP Announced

    The FRB has announced that a civil money penalty (CMP) in the amount of $85,045 has been assessed against Capital City Bank, Tallahassee, Florida, for alleged violations of Reg. H. CMP  8/29/07

  • Early Savings Bond Redemptions Authorized

    FRB Financial Services has announced that savings bond agents serving specified Minnesota, Wisconsin and Oklahoma counties recently affected by severe weather are authorized to redeem EE and I savings bonds less than one year old presented during the months of August, September, and October 2007. Early Redemptions  8/29/07

  • Section 312 Final Rule Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced FinCEN Final Rule concerning Section 312 of the USA PATRIOT Act. Information regarding the Final Rule was posted in the August 9, 2007 BOL Top Stories. Bulletin  8/29/07

  • FOMC Minutes Published

    The minutes of the August 7, 2007 meeting of the Federal Open Market Committee have been published by the FRB. Minutes   8/29/07

  • Employer-Assisted Mortgage Programs Report Released

    The OCC has released a Community Developments Insights report entitled, "Understanding Employer-Assisted Mortgage Programs: A Primer for National Banks," which highlights key features of employer assisted mortgage programs and opportunities for bank involvement with these initiatives. Report  8/28/07

  • Annual Dollar Trigger Final Rule Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced annual adjustment by the FRB to its Regulation Z Commentary related to the dollar amount that triggers requirements for certain home mortgage loans. Information concerning the 2008 dollar amount was posted in the August 7, 2007 BOL Top Stories. Bulletin  8/28/07

  • Prohibition on Bank Political Contributions Bulletin

    The OCC has issued a Bulletin that describes and emphasizes the prohibitions on political contributions or expenditures by national banks pursuant to the Federal Election Campaign Act of 1971. Bulletin  8/28/07

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  • BSA/AML Manual Revised

    The Federal Financial Institutions Examination Council (FFIEC) has issued the 2007 Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. Revised Manual; Interagency Statement; FRB SL; FDIC FIL; OCC Bulletin; OTS PR; NCUA PR  8/27/07

  • Early Savings Bond Redemption Authorized

    FRB Financial Services has announced that the early redemption of certain savings bonds has been authorized in specified counties of Minnesota recently affected by severe weather. Early Redemption  8/27/07

  • Revised Exam Procedures Announced

    The OCC has issued a Bulletin that announces the examination procedures for compliance with the provisions of the Telephone Consumer Protection Act and Junk Fax Prevention Act have been revised. Bulletin; Procedures; Worksheet  8/27/07

  • FRB Legal Interpretations Published

    Three legal interpretations have been published by the FRB regarding: 1) granting exemptions from section 23A of the Federal Reserve Act and Regulation W for certain securities financing transactions between a bank and an affiliate: and 2) a nonvoting convertible preferred stock investment permissible under section 4(c)(6) of the Bank Holding Company Act. Exemptions; Stock Investment  8/27/07

  • Preventing and Detecting Child Pornography

    The FDIC has issued a FIL regarding the distribution of "Internet Merchant Acquisition and Monitoring Best Practices for the Prevention and Detection of Commercial Child Pornography," a brochure prepared by the Financial Coalition Against Child Pornography. FIL; Brochure  8/27/07

  • Prohibition Orders Issued

    NCUA has issued orders prohibiting five individuals from participating in the affairs of any federally insured financial institution. One former credit union manager was ordered participate in a Pretrial Intervention Program, pay $20,000 in restitution, undergo 36 months of supervised probation, and provide 50 hours of community service. Orders  8/24/07

  • Mergers and Asset Purchases Working Paper Published

    The FRB has published a working paper in the Financial and Economic Discussion Series (FEDS) on the topic of "An Efficiency Perspective on the Gains from Mergers and Asset Purchases". Abstract; Full Paper  8/24/07

  • FRB Publishes Final Rule in FR for eExtensions of credit by Federal Reserve Banks (Regulation A):

    The Board of Governors of the Federal Reserve System (Board) has adopted final amendments to its
    Regulation A to reflect the Board's approval of a reduction in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board's primary credit rate action. TXT; PDF  8/24/07

  • 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 of Holdrege, Holdrege, Nebraska. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  8/23/07

  • Eight New Flood CMPs

    The FDIC has announced that eight institutions were recently assessed civil money penalties in excess of $126,000 for flood violations. The year-to-date fines average $3,927 per day for a current total of $914,941. Annualized, at the current pace, $1.4 Million in files will be imposed in 2007. Information regarding all of the fines has been posted on the BOL Flood Penalties Watch page.  8/23/07

  • Change in Control Legal Interpretation Released

    A legal interpretation has been released by the FRB regarding an inquiry on the appropriate risk-based capital treatment of certain collateralized loans of cash under the Board's risk-based capital guidelines for state member banks and bank holding companies. Interpretation  8/23/07

  • Second Quarter Bank Earnings Released

    The FDIC has released the earnings at FDIC insured banks for the second quarter 2007. Summary; Full Report  8/23/07

  • Mid-Year CU Earnings Released

    NCUA has released the earning at federally insured credit unions for the second mid-year 2007. Summary; Full Report  8/23/07

  • Consumer Foreclosure Resources Webpage

    The FRB has created a Web page that contains links to regulatory information for consumers having difficulty making mortgage payments. Webpage  8/23/07

  • FATF Annual Report Issued

    The Financial Action Task Force (FATF) has issued its Annual Report which provides an overview of the achievements of the FATF against its mandate over the course of 2006-2007. FATF is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing. Abstract; Full Annual Report  8/23/07

  • Enforcement Actions Announced

    The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in June 2007. List  8/22/07

  • Compliance Risk Workshop Scheduled

    The OCC will hold a compliance risk workshop for community bank directors on September 25, 2007 in Lexington, Kentucky. The workshop is limited to the first 50 registrants and is geared primarily to outside directors of national community banks with assets of less than $1 billion. Online registration is available. Agenda; Registration   8/22/07

  • Nontraditional Mortgage Products Bulletin Issued

    A Bulletin has been issued by the OCC regarding the previously announced interagency Final Rule contains illustrations of consumer information on nontraditional mortgage products. Information concerning the Final Rule was posted in the June 1, 2007 BOL Top Stories. Bulletin   8/22/07

  • Thrift Industry Second Quarter Earnings Solid

    OTS has reported that the nation's thrift industry posted solid earnings and profitability in the second quarter of 2007 despite the effects of a slowing housing market and flat-to-inverted yield curve. Highlights; Charts; Selected Indicators  8/22/07

  • Transaction Costs Working Paper Published

    A working paper in the Financial and Economic Discussion Series (FEDS) on the topic of "Transaction Costs and Consumption" has been published by the FRB. Abstract; Full Paper  8/22/07

  • Large Commercial Banks Report Issued

    The FRB has issued the Report of Insured U.S. Chartered Commercial Banks That Have Consolidated Assets of $300 Million or More, Ranked by Consolidated Assets as of June 30, 2007. Report  8/22/07

  • Wyoming State Quarter Information Available

    FRB Financial Services have published information regarding the distribution of the Wyoming State quarter. Quarter  8/22/07

  • FinCEN Launches Search Engine

    A new search engine has been launched by FinCEN which allows users to search through more than 220 file types, including forms and regulations. Users will also have the capability to sort results by relevancy or date and the option to fine tune searches for all materials. Search Engine  8/21/07

  • Cross-Shipping Waivers Granted

    FRB Financial Services has announced that cross-shipping waivers may be granted for certain weather related and natural disasters. Waivers  8/21/07

  • Second Quarter 2007 TRF Data Released

    OTS has released the Aggregated Thrift Financial Report (TFR) Data for the 2nd Quarter 2007. TRF  8/21/07

  • FHC List Published

    The list of bank holding companies that have elected as of August 17, 2007 to be treated as financial holding companies (FHCs) has been published by the FRB. List  8/21/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with data current as
    of August 17, 2007. Reserve Position  8/21/07

  • Counterfeit Cashier's Checks Special Alerts

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of the Mid-America Bank, Baldwin City, Kansas, and Pacific Global Bank, Chicago, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  8/20/07

  • Fed Reduces Rates

    The FRB has approved a 50 basis point reduction in the primary credit rate to 5-3/4 percent which narrows the spread between the primary credit rate and the Federal Open Market Committee (FMOC) target federal funds rate to 50 basis points. In addition, the FRB will allow the provision of term financing for as long as 30 days, renewable by the borrower. Rate; FOMC Statement  8/20/07

  • 314a Fact Sheet Updated

    FinCEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of August 15, 2007. 314a; Sharing Report  8/20/07

  • FDIC Consumer News 2007 Summer Special Edition

    The FDIC has published the Summer 2007 issue of the FDIC Consumer News, a Special Edition featuring 51 Ways to Save Hundreds on Loans and Credit Cards. Consumer News  8/20/07

  • Reserve Position Report Issued

    Treasury has issued the U.S. International Reserve Position Report for August 10, 2007. Reserve position Report  8/20/07

  • Worthless and Counterfeit Checks Alerts

    The OCC has issued an Alert regarding worthless checks listing The United Cities Corp., Miami, Florida, as the maker, drawn on an unknown entity by the name of TUC Private Currency Office, Kissimmee, Florida, and using an invalid ABA routing number. In addition, the FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of Century Bank, FSB, Santa Fe, New Mexico. Information concerning the worthless and counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  8/17/07

  • September 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 September 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. Daily H.15; Weekly H.15  8/17/07

  • FRB Publishes Technical Amendment to Availability of Funds and Collection of Checks

    The FRB is amending appendix A of Regulation CC to delete the reference to the Helena branch office of the Federal Reserve Bank of Minneapolis and reassign the Federal Reserve routing symbols currently listed under that office to the Denver branch office of the Federal Reserve Bank of Kansas City.TXT; PDF  8/17/07

  • Written Agreements Announced

    The FRB has announced that it has entered into two written agreements, one by and among Marco Community Bank, Marco Island, Florida, the Florida Office of Financial Regulation, and the Federal Reserve Bank of Atlanta; and the other by and among Anadarko Bank & Trust Company, Anadarko, Oklahoma, the Oklahoma State Banking Department, and the Federal Reserve Bank of Kansas City. Marco Agreement; Anadarko Agreement  8/17/07

  • June Receivables Report Released

    The G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report for June 2007 has been released by the FRB. G.20  8/17/07

  • FR Bulletin Statistical Supplement Published

    The July 2007 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  8/17/07

  • 46 Names Added To OFAC List

    OFAC has added 23 individuals and 23 companies tied to a leader of Colombia's North Valle drug cartel to the SDN list with the designation of Specially Designated Narcotics Traffickers (SDGT). Information regarding the additions has been posted on the BOL OFAC page.  8/16/07

  • Consumer Credit Score Tips Brochure

    The FRB has issued a consumer brochure containing five tips for ways to improve a credit score. Brochure  8/16/07

  • August FedFlash Published

    FRB Financial Services has published the August 2007 issue of FedFlash which contains articles on minimizing the impact of Check Relay changes, compliance with Check 21, same-day Federal tax payment wire transfers, new FedReceipt RTNs, and cash letter deferment deadlines. FedFlash  8/16/07

  • Credit Scoring Report Delivered to Congress

    As required by the Fair and Accurate Credit Transactions Act of 2003, the FRB and the FTC have delivered a report to Congress regarding the effects of credit scoring on credit and insurance markets. Report  8/16/07

  • Defined Benefit Pension Plans Working Paper

    The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "Why Do Firms Offer Risky Defined Benefit Pension Plans?". Abstract; Full Paper  8/16/07

  • Cost of Funds Reports Issued

    OTS has issued the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports for August 15, 2007. Historical; Current  8/16/07

  • June 2007 TIC Data

    Treasury has issued the TIC Data Report for June 2007. TIC  8/16/07

  • Industrial Production Report Released

    The G.17 Industrial Production and Capacity Utilization Report for July 2007 has been released by the FRB. G.17  8/16/07

  • Counterfeit Checks Special Alerts

    The FDIC has issued five Special Alerts regarding stolen expense checks and counterfeit cashiers, official and treasurer's checks bearing the names of the following institutions:

    • Sun West Bank, Las Vegas, Nevada (Stolen Expense Checks);
    • First State Bank of Newcastle, Newcastle, Wyoming (Counterfeit Cashier's Checks);
    • MainSource Bank, Greensburg, Indiana (Counterfeit Official Checks);
    • Merchants Bank, Burlington, Vermont (Counterfeit Treasurer's Checks); and
    • Bank of Tennessee, Kingsport, Tennessee (Counterfeit Official Checks).

    Information concerning the stolen and counterfeit items has been posted on the BOL Alerts & Counterfeits page.   8/15/07

  • Consumer Subprime Lending Illustrations Proposed

    The federal financial regulatory agencies are requesting comments on proposed illustrations of consumer information for certain adjustable-rate mortgage (ARM) products described in the agencies previously issued Statement on Subprime Mortgage Lending (Subprime Statement). Information regarding the Subprime Statement was posted in the July 2, 2007 BOL Top Stories. Illustrations; Statement; FRB PR; OCC NR; FDIC FIL; OTS PR; NCUA PR  8/15/07

  • $16,245 Flood Violation CMP Announced

    The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) of $16,245 against Chemical Bank, Midland, Michigan, in connection with alleged violations of the Board's Reg. H which implements the National Flood Insurance Act. Read about this and other flood related civil money penalties on BOL Flood Penalties Watch.  8/15/07

  • Enforcement Actions Announced

    The OCC has announced new enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions  8/15/07

  • Flood Relief Guidance Updated

    The FDIC has issued a FIL announcing the update of a previously issued Guidance regarding a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in additional areas of Texas and Oklahoma that are suffering from storms and flooding. FIL  8/15/07

  • Entity Added To OFAC List

    An entity designated as a SDGT has been added to the OFAC SDN List. Information regarding the addition has been posted on the BOL OFAC page.  8/14/07

  • CRA Ratings Released

    The OCC has released the ratings received by twenty-two national banks that were recently evaluated for compliance with the provisions of the CRA. Ratings  8/14/07

  • FRB Restructures Check Processing Operations

    The FRB has announced amendments effective October 20, 2007, to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Ninth and Tenth Districts. These amendments are part of a series of amendments to Appendix A associated with the previously-announced restructuring of the Reserve Banks' check processing operations. Amendments  8/14/07

  • Pandemic Readiness Testing Urged

    The Federal Financial Institutions Examination Council (FFIEC) agencies are inviting financial institutions to participate in the Treasury sponsored industry-wide business continuity exercise for members of the financial services sector. The purpose of the exercise is to test the financial sector's ability to respond to a pandemic like crisis, such as an influenza pandemic. The exercise will simulate one wave of a pandemic like event and is scheduled to begin September 24, 2007, and conclude on October 10, 2007. Test; OCC NR; FFIEC PR  8/14/07

  • FEDS Executive Compensation Working Paper Published

    A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of " Executive Compensation: A New View from a Long-Term Perspective, 1936-2005" has been published by the FRB. Abstract; Full Paper  8/14/07

  • Loan Officer Opinion Survey Results

    The FRB has issued the results of the July 2007 Senior Loan Officer Opinion Survey on Bank Lending Practices. Summary; Full Report  8/14/07

  • Counterfeit Official Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of Sentry Bank & Trust, Cheraw, South Carolina. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.  8/13/07

  • CRA Ratings Announced

    The OTS has announced the ratings received by savings associations recently evaluated for compliance with the provisions of the CRA. Ratings  8/13/07

  • Fed To Provide Liquidity

    The Federal Reserve has announced that it will provide reserves as necessary through open market operations to promote trading in the federal funds market at rates close to the Federal Open Market Committee's (FOMC) target rate of 5-1/4 percent. Fed  8/13/07

  • SSN Use SR Letter Issued

    The FRB has issued a SR Letter regarding the previously announced request for comments by the FTC on the use of SSNs in the financial services industry, and within the private sector more generally, in response to recommendations established by the President's Task Force on Identity Theft. SR Letter; Comments  8/13/07

  • CMPs Announced

    The Treasury has announced the civil money penalties (CMPs) recently assessed individuals and entities for violations of various OFAC Sanctions Programs. No financial institutions were listed. CMPs  8/13/07

  • Community Bank Directors Compliance Risk Workshop

    The OCC will a Compliance Risk Workshop for community bank directors on September 11, 2007 in Little Rock, Arkansas. The workshop entitled, "Compliance Risk: What Directors Need to Know," will provide practical information to expand bank directors' skills and understanding of issues facing their banks. Workshop; Registration  8/13/07

  • Counterfeit Checks and Money Orders Special Alerts

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

    • Pinnacle Bank, Lincoln, Nebraska (Counterfeit Cashier's Checks);
    • Citizens Bank, Batesville, Arkansas (Counterfeit Cashier's Checks);
    • American National Bank of Sidney, Sidney, Nebraska (Counterfeit Money Orders); and
    • Muenster State Bank, Muenster, Texas (Counterfeit Cashier's Checks).

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   8/10/07

  • Flood Violation CMP Assessed

    The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty in the amount of $8,835 against Hanmi Bank, Los Angeles, California, in connection with the institution's alleged violations of the Board's Reg H implementing the National Flood Insurance Act. CMP  8/10/07

  • Fake "Guarantees" or "Proof of Funds" Letters Special Alert

    The FDIC has issued a Special Alert regarding the publication of a "Warning Notice" by the Office of the Superintendent of Financial Institutions (OSFI) of Canada concerning "guarantees" or "proof of funds" letters reflecting the name Banco Central del Ecuador that are circulating in international financial markets. Special Alert  8/10/07

  • State of the Economy Working Paper Published

    A working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "News, Noise, and Estimates of the 'True' Unobserved State of the Economy" has been published by the FRB. Abstract; Full Paper  8/10/07

  • OCC Booklet to Help Banks Fight Child Pornography

    In a letter to CEOs of national banks and other interested groups, Comptroller Dugan announced that the OCC is collaborating with The Financial Coalition Against Child Pornography to distribute a booklet, "Internet Merchant Acquisition and Monitoring Best Practices for the Prevention and Detection of Commercial Child Pornography", to national banks and other interested parties. Booklet  8/10/07

  • Five Counterfeit Cashier's Checks Alerts Issued

    The OCC has issued one Alert and the FDIC has issued four Special Alerts regarding counterfeit cashier's checks issued in or bearing the names of the following institutions:

    • The First, National Association, Damariscotta, Maine;
    • Town Center Bank, Frankfort, Illinois;
    • Northmark Bank, North Andover, Massachusetts;
    • First National Bank of the Mid-Cities, Bedford, Texas; and
    • Jefferson Bank of Missouri, Jefferson City, Missouri.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  8/09/07

  • Section 312 of the USA PATRIOT ACT Final Rule Issued

    FinCEN has issued a Final Rule which implements a key provision of Section 312 of the USA PATRIOT Act by clarifying the risk-based procedures that U.S. financial institutions should use in tailoring their enhanced due diligence to assess the risks of some foreign banking relationships. The rule applies to the accounts of three specific and relatively small categories of foreign banks, including those with an offshore banking license and certain high-risk banks subject to well-recognized international or Treasury determinations. Final Rule  8/09/07

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and among Marshall BankFirst Corp., Minneapolis, Minnesota; BANKFIRST, Sioux Falls, South Dakota; the South Dakota Department of Revenue and Regulation, Division of Banking; and the Federal Reserve Bank of Minneapolis. Agreement  8/09/07

  • First Quarter Issue Quarterly Review of Interest Rate Risk Published

    OTS has published the First Quarter 2007 issue of the "Quarterly Review of Interest Rate Risk" which features a Q & A with Indymac Bank's Chris Pappalardo on ALM Models. Quarterly Review   8/09/07

  • IFDP Working Papers Published

    Two working papers in the International Finance Discussion Papers (IFDP) series on the topics of "Three Great American Disinflations" and "What Can the Data Tell Us about Carry Trades in Japanese Yen?" have been published by the FRB. Three Abstract; Three Full Paper; What Abstract; What Full Paper   8/09/07

  • Reserve Position Updated

    Treasury has updated the U.S. International Reserve Position Report with data current as of August 3, 2007. Reserve Position  8/09/07

  • Counterfeit Checks Special Alerts

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

    • Indiana First Savings Bank, Indiana, Pennsylvania (Counterfeit Official Checks);
    • Financial Bank USA, Dakota Dunes, South Dakota (Counterfeit Bank Checks);
    • Union Bank and Trust Company, Lincoln, Nebraska (Counterfeit Cashier's Checks); and
    • Paragon National Bank, Memphis, Tennessee (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  8/08/07

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee has announced that it has decided to keep the target for the federal funds rate at 5-1/4 percent. Rate  8/08/07

  • Unauthorized Banking Alert

    The OCC has issued an Alert regarding IFT Bank, N.A. aka IFT N.A., an entity that is not authorized to conduct banking activities, that is representing itself as a national bank on the Internet and is offering banking products and services to the general public. Alert  8/08/07

  • Business Relationships and Director Interlocks Legal Interpretations Published

    The FRB has published two legal interpretations regarding whether or not certain proposed investments, proposed business relationships and director interlocks between investors and a financial institution would cause the investors to be deemed in control of the financial institution for purposes of the Bank Holding Company Act. Legal 1; Legal 2  8/08/07

  • OTS To Hold Housing Forum

    OTS will hold its Second Annual National Housing Forum (NHF) on December 3, 2007, at the National Press Club in Washington, D.C. The NHF will address the outlook for housing markets nationwide, challenges and risks in the home mortgage market, the influence of the capital markets on the housing sector, and key consumer protection issues, including the growing problem of foreclosures, and other issues. NHF  8/08/07

  • FDIC Issues Stakeholder Letter

    A FIL has been issued by the FDIC regarding the publication of a Letter to Stakeholders which reports on the regulator's priorities and activities for the second quarter of 2007. FIL; Letter  8/08/07

  • Consumer Credit Report Released

    The FRB has released the G. 19 Consumer Credit Report for June 2007. G. 19   8/08/07

  • Monetary Policy FEDS Working Paper Published

    A working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "Robust Monetary Policy with Imperfect Knowledge" has been published by the FRB. Abstract; Full Paper  8/08/07

  • Eight Counterfeit Alerts Issued

    The OCC and the FDIC have issued eight Alerts regarding counterfeit accounts payable, cashier's, official and treasurer's checks issued in or bearing the names of the following institutions:

    • Bridgehampton National Bank, Bridgehampton, New York (Counterfeit Accounts Payable Checks),
    • Colonial American Bank, West Conshohocken, Pennsylvania (Counterfeit Cashier's Checks),
    • Keystone Nazareth Bank & Trust Company, Bethlehem, Pennsylvania (Counterfeit Cashier's Checks),
    • First Harrison Bank, Corydon, Indiana (Counterfeit Cashier's Checks),
    • Affinity Bank of Pennsylvania, Wyomissing, Pennsylvania (Counterfeit Cashier's Checks),
    • Bank of the Sierra, Porterville, California (Counterfeit Cashier's Checks),
    • Skylands Community Bank, Hackettstown, New Jersey (Counterfeit Treasurer's Checks), and
    • Commercial Bank & Trust Company, Paris, Tennessee (Counterfeit Official Checks).

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  8/07/07

  • CMP Assessed Against American Express Entities

    The FRB and FinCEN have announced the assessment of $20 million in civil money penalties (CMP) against American Express Bank International (AEBI) of Miami, Florida, for violations of the Bank Secrecy Act (BSA). In addition, FinCEN announced a separate $5 million civil money penalty against American Express Travel Related Services Company, Inc., a money services business, located in Salt Lake City, Utah, also for violations of the BSA. Adding in a related Department of Justice Deferred Prosecution Agreement and forfeiture order, the two companies are obliged to pay a total of $70 million. A summary of the orders has been added to BOL's BSA/AML Penalties Page. FRB CMP; FinCEN CMP  8/07/07

  • Names Added to OFAC List

    OFAC has announced that one name has been added to the SDN list in addition to several entities. Information regarding the deletions has been posted on the BOL OFAC page.  8/07/07

  • FRB Publishes Final Rule in FR for Truth in Lending (Reg Z)

    The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. In keeping with the
    statute, the Board has annually adjusted the $400 amount based on the annual percentage change reflected in the Consumer Price Index that is in effect on June 1. The adjusted dollar amount for 2008 is $561.TXT; PDF  8/07/07

  • CRA Ratings Released

    The FDIC has issued the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings   8/07/07

  • Counterfeit and Stolen Checks Special Alerts

    The FDIC has issued three Special Alerts regarding counterfeit and stolen checks bearing names of the following institutions:

    • Liberty Bank, Geraldine, Alabama (Counterfeit Cashier's Checks);
    • Citizens First Bank, Wartburg, Tennessee (Stolen Certificate of Deposit Interest Checks); and
    • First Georgia Banking Company, Franklin Georgia (Counterfeit Official Checks).

    Information concerning the counterfeit and stolen checks has been posted on the BOL Alerts & Counterfeits page.  8/06/07

  • Executive Order Blocks Property of Persons Undermining the Sovereignty of Lebanon

    President Bush has issued an Executive Order blocking the property and interests in property of persons determined by the Secretary of the Treasury to have taken, or to pose a significant risk of taking, actions, including acts of violence, that have the purpose or effect of (1) undermining Lebanon's democratic processes or institutions; (2) contributing to the breakdown of the rule of law in Lebanon; (3) supporting the reassertion of Syrian control or contributing to Syrian interference in Lebanon; or (4) infringing upon or undermining Lebanese sovereignty. Since no determinations have been made at the present time, no new entries have been added to the OFAC SDN List. Executive Order  8/06/07

  • OTS Publishes Proposed Rulemaking for Unfair or Deceptive Acts or Practices in Federal Register

    OTS has issued an Advance Notice of Proposed Rulemaking (ANPR) seeking public comment on approaches for the OTS to consider in expanding its regulatory authority to address unfair or deceptive acts or practices (UDAP) in the thrift industry. Public comments are sought on whether, and how, a UDAP regulation could provide greater clarity to supervised institutions and benefit customers by promoting fair and equitable practices in lending, deposit-taking and related activities. ANPR; TXT; PDF  8/06/07

  • Treasury Issues Economic Update

    An U.S. economic update as of August 3, 2007 has been issued by Treasury. Update  8/06/07

  • Town Hall Meeting Registration Available

    Online registration is now available for the last of the NCUA 2007 Outreach Task Force Town Hall meetings to be held on October 2, 2007, in Washington, D.C. Registration  8/06/07

  • Working Papers Published

    A working paper in the Finance and Economics Discussion Series (FEDS) has been published by the FRB on the subject of "Labor Reallocation over the Business Cycle: New Evidence from Internal Migration". The OCC has also published a working paper on the subject of "Loss Given Default of High Loan-to-Value Residential Mortgages". Labor Abstract; Labor Full Paper; Loss Full Paper  8/06/07

  • Counterfeit Cashier's and Official Checks Alerts

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Winona National Bank, Winona, Minnesota. In addition, the FDIC has issued two Special Alerts regarding counterfeit official checks bearing the names of Colony Bank of Dodge County, Eastman, Georgia, and Farmers & Merchants Bank, Eatonton, Georgia. Information concerning the counterfeit cashier's and official checks has been posted on the BOL Alerts & Counterfeits page.  8/03/07

  • Order of Prohibition Issued

    The FRB has issued a Consent Order of Prohibition against Richard N. DeLong, a former chief lending officer, director, and institution-affiliated party of Mid America Bank and Trust Company, Dixon, Missouri. The action resulted from his alleged participation in unsafe and unsound practices and breaches of fiduciary duty to the Bank involving the Bank's granting of loans to alleged nominee borrowers and the granting of loans based on allegedly false purpose statements, to the alleged misapplication of loan proceeds, and to the alleged submission of false and misleading information to the Bank's board of directors. Order  8/03/07

  • New Electronic Interpretations and Actions Announced

    The OCC has announced and posted online the July 2007 New Electronic Interpretations and Actions. Electronic  8/03/07

  • Seminar for Thrift Financial Managers Scheduled

    OTS will hold a seminar for Thrift Financial Managers which is designed for chief executive officers, chief financial officers, controllers, or others responsible for accounting and financial reporting. The agenda focuses on various technical accounting issues, and regulatory capital standards. The sessions are scheduled for September 11 in Denver, Colorado; September 13 in Los Angeles, California; and September 17 in Seattle, Washington. Seminar  8/03/07

  • FDIC and China Sign MOU

    A Memorandum of Understanding (MOU) has been signed by the FDIC and the People's Republic of China. The is designed to forge a formal international working relationship between the two entities, with the purpose of developing expanded methods of interaction on economic and financial issues. MOU  8/03/07

  • Reg Z Loan Disclosures Triggers Adjusted

    The FRB has published the amendment to Reg Z regarding the annual adjustment of the dollar amount that triggers additional disclosure requirements under the Truth in Lending Act for home mortgage loans that bear rates or fees above a certain amount. The adjustments are effective January 1, 2008. Adjustments  8/02/07

  • Cross-Shipping Waiver Request Forms Available

    In limited circumstances, the Federal Reserve Banks will waive the cross-shipping fees that went into effect on July 2, 2007. Customers who experience special circumstances that they believe qualify for a waiver should notify their Federal Reserve cash office within 5 days of the onset of the situation and submit the waiver request form. Waiver Information; Form  8/02/07

  • 314a Fact Sheet Update

    Fin CEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of July 31, 2007. 314a; Report  8/02/07

  • NCUA Publishes Final Rule in FR for Records Preservation Program and Appendices—Record Retention
    Guidelines

    This final rule clarifies the meaning of catastrophic act and the requirements for preserving vital records. The agency also provides a new Appendix B that offers guidelines for developing a program to prepare for a catastrophic act.TXT; PDF  8/02/07

  • TBAC Meeting Minutes Released

    Treasury has released the minutes of the July 31, 2007 meeting of the Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association (TBAC). Minutes   8/02/07

  • August FedFlash Online

    FRB Financial Services has posted online the August 1, 2007 issue of FedFlash which contains articles on accessing Technical and Service-Setup Support starts with having current CCC telephone numbers, the Treasury check data verification service, the released date for the Thomas Jefferson $1 coin, a savings bond seminar series, and changes to consolidated deadlines. FedFlash  8/02/07

  • Summer 2007 Community Liaisons Published

    OTS has published the Summer 2007 issue of Community Liaisons, the regulator's community affairs newsletter. Community Liaisons  8/02/07

  • Foreign Exchange Rates Report Issued

    The G.5 Foreign Exchange Rates Report for July 2007 has been issued by the FRB. G.5   8/02/07

  • Counterfeit Money Orders Alert

    The OCC has issued an Alert regarding counterfeit money orders issued in the name of The Canandaigua National Bank & Trust, Canandaigua, New York. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.  8/01/07

  • Fraudulent Correspondence Alert

    An Alert has been issued by the OCC regarding fraudulent correspondence that appears to be from the OCC regarding funds controlled by the European Commission. The letter is being sent to United States bank customers in an attempt to elicit funds from them. Alert  8/01/07

  • Mortgage Banking Bulletin and CEO Letter Issued

    OTS has issued a Regulatory Bulletin and a CEO Letter regarding Mortgage Banking. Bulletin; CEO Letter  8/01/07

  • NCUA Proposes Rulemaking for Permissible Foreign Currency Investments for Federal and Corporate Credit Unions

    NCUA is considering whether to amend its investment rules to permit natural person federal credit unions
    (FCUs) and corporate credit unions (corporates) to make certain investments denominated in foreign currency.TXT; PDF  8/01/07

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with data current as of July 27, 2007. Reserve Position  8/01/07

  • Receivables and Auto Loans Report Issued

    The G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report for May 2007 has been issued by the FRB. G.20  8/01/07

07/14/2007

2014 geocoding system updates

The Federal Financial Institutions Examination Council (FFIEC) has updated its Geocoding System with the 2014 census demographic data.

07/14/2007

CRA ratings released

The ratings received by national banks, federal savings associations, and state nonmember banks recently evaluated for CRA compliance have been released by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.

07/14/2007

Ocwen settlement claim forms available

The CFPB has posted an article on the submission of a claims by consumers who were foreclosure victims of Ocwen Financial Corporation and Ocwen Loan Servicing (Ocwen). The National Ocwen Settlement Administrator, who will distribute $125 million to the victims, has created an informational website with a commonly asked questions page. Filing a claim is free and can be done online. Claims must be submitted online or postmarked by September 15, 2014.

07/14/2007

CRA ratings released

The ratings received by national banks, federal savings associations, and state nonmember banks recently evaluated for CRA compliance have been released by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.

07/14/2007

Ocwen settlement claim forms available

The CFPB has posted an article on the submission of a claims by consumers who were foreclosure victims of Ocwen Financial Corporation and Ocwen Loan Servicing (Ocwen). The National Ocwen Settlement Administrator, who will distribute $125 million to the victims, has created an informational website with a commonly asked questions page. Filing a claim is free and can be done online. Claims must be submitted online or postmarked by September 15, 2014.

06/30/2007

Top Stories for July 2007

  • OFAC List FIL

    The FDIC has issued an FIL regarding previously announced changes to the OFAC SDN List. Information concerning the changes was posted in BOL Top Stories on July 25, 2007. FIL  7/31/07

  • Second Quarter Asset and Liability Price Table Released

    The OTS has released the Asset and Liability Price Table for the second Quarter 2007. Table  7/31/07

  • FAS 159 and Risk-Based Capital-Market Risk Bulletin Issued

    The OCC has issued a Bulletin regarding the Financial Accounting Standards Board Statement No. 159 (FAS 159) and compliance with the Market Risk Capital Rule. Bulletin  7/30/07

  • Municipal Securities Dealer and Transfer Agent CEO Letter Issued

    The OTS has issued a CEO Letter regarding notification requirements for saving associations that are conducting either municipal securities and/or transfer agent activities. CEO Letter  7/30/07

  • FinCEN Director Freis Addresses Pan-American Congress On Terrorism

    In a presentation at the Pan-American Congress on Asset Laundering and Financing Terrorism Prevention and Control in Cartagena De Indias, Columbia, FinCEN Director Freis discussed the various programs utilized by the to address the problems. Speech  7/30/07

  • FRA 23A and 9 Legal Interpretations Released

    The FRB has released two legal interpretations regarding an exemption from section 23A of the Federal Reserve Act (FRA) and Regulation W for certain covered transactions between a bank and its affiliates in connection with the bank's securities borrowing transactions and the approval of an acquisition by a bank of equity securities under section 9 of the FRA solely for the purpose of hedging the bank's exposure from equity derivative transactions with third parties. 23A; 9  7/27/07

  • Regulators Announce Availability of 2006 Community Development Lending Data

    The four federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) have announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings institutions, pursuant to the Community Reinvestment Act (CRA). A disclosure statement in electronic form is available for each reporting commercial bank and savings institution. FFIEC PR; Lending Data   7/27/07

  • CAC 2008 Meeting Dates Announced

    The dates of the meetings to be held in 2008 by the Federal Reserve Board Consumer Advisory Council (CAC) have been announced. Dates  7/27/07

  • Jefferson Presidential Coin Information Released

    FRB Financial Services has released information regarding the distribution dates of the Thomas Jefferson Presidential $1 Coin. Jefferson Coin   7/27/07

  • Two Counterfeit Check Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's and official checks issued in the names of Hiawatha National Bank, Hager City, Wisconsin, and KeyBank National Association, Niagara Falls, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  7/26/07

  • $50,000 CMP Issued

    The FRB has announced the issuance of a consent Order of Prohibition and Order of Assessment of Civil Money Penalty (CMP) in the amount of $50,000 against Josephine Wang, a former director, controlling shareholder and institution-affiliated party of Asian Bank, Philadelphia, Pennsylvania, and its parent, Asian Financial Corporation. The Orders were based on Ms. Wang's alleged participation in unsafe and unsound practices, breaches of fiduciary duty and violations of law and regulation by repeatedly overdrawing her accounts at the bank and depositing checks which she knew would be dishonored to cover overdrafts. CMP  7/26/07

  • Market Capital Rule SR Letter Issued

    A SR Letter has been issued by the FRB that reminds banking organizations that reporting an amount of gross trading assets and liabilities that equals 10 percent or more of total assets, or $1 billion or more, may subject a banking organization to the market risk capital rule. SR Letter  7/26/07

  • HOEPA Public Hearing Transcript Released

    The transcript of the June 14, 2007 HOEPA Public Hearing has been released by the FRB. Transcript  7/26/07

  • Subprime Statement SR Letter and Bulletin Issued

    The FRB has issued a SR Letter and the OCC has issued a Bulletin regarding the previously announced Statement on Subprime Mortgage Lending (Subprime Statement) to address issues and questions related to certain adjustable-rate mortgage (ARM) products marketed to subprime borrowers. The Subprime Statement was issued by the federal financial institutions regulatory agencies and posted in the July 2, 2007 BOL Top Stories. SR Letter; Bulletin  7/26/07

  • Check 21 Business Value Calculator Online

    FRB Financial Services has posted online a Check 21 Business Value Calculator that allows financial institutions to determine the business case for Check 21-enabled products. Value Calculator  7/26/07

  • Beige Book Updated

    The FRB has updated the Beige Book with the addition of data current as of July 16, 2007. Beige Book   7/26/07

  • Hizballah Related Entities Added To OFAC List

    Treasury has added members of Hizballah's support network to the OFAC SDN List by designating five entities including the Iran-based Martyrs Foundation, its U.S. branch, and the finance firm Al-Qard al-Hassan (AQAH) as SDGTs along with two individuals. Information regarding the new designations has been posted on the BOL OFAC page.  7/25/07

  • Unauthorized Use of Bank Name Alert Issued

    The OCC has issued an Alert regarding the unauthorized use of the name of Cumberland Valley National Bank & Trust Company of East Bernstadt, Kentucky, by a debit card Web site. Alert   7/25/07

  • Discount Rate Meetings Minutes Released

    The Federal Reserve Board has released the minutes of its discount rate meetings for May 21 and June 25, 2007. Minutes  7/25/07

  • IFDP and FEDS Working Papers Published

    Two working papers have been published by the FRB, one in the International Finance Discussion Papers (IFDP) series on "Oil Shocks and External Adjustment" and the other in the Finance and Economics Discussion Series (FEDS) series on "Employer-to-Employer Flows in the United States: Estimates Using Linked Employer-Employee Data". Oil Shocks Abstract; Oil Shocks Full Paper; Employer Abstract; Employer Full Paper  7/25/07

  • International Reserve Position Update.

    The U.S. International Reserve Position Report has been updated by Treasury with data current as of July 20, 2007. Reserve Position  7/25/07

  • CRA Ratings Released

    OTS has released the ratings received by savings associations that were recently evaluated for compliance with the CRA. CRA Ratings  7/24/07

  • Reg T Risk-Based Capital Adequacy Guidelines Exemption Granted

    The FRB has released a legal opinion regarding the granting of an exemption to the regulator's Risk-Based Capital Adequacy Guidelines concerning the regulatory capital treatment of the Regulation T margin loans. Legal Opinion  7/24/07

  • Cash Letter and Deposit Availability Changes Announced

    Availability changes, effective August 20, 2007, for Check 21 image cash letter and paper-to-image deposits resulting from the upcoming San Francisco to Los Angeles check processing shift have been announced by the FRB. Availability Changes   7/23/07

  • Enforcement Actions Released

    The FDIC has released the list of twenty-three administrative enforcement actions taken against banks and individuals in May 2007. Enforcement Actions  7/23/07

  • Unauthorized Banking Special Alert

    A Special Alert has been issued by the FDIC regarding the publication by the Cayman Islands Monetary Authority (CIMA) of a list of financial entities, whose Web sites note a Cayman Island address, that neither registered nor licensed to undertake activities regulated by the CIMA who may be operating offering banking or other financial services to individuals, businesses or financial institutions located in the United States. Special Alert;   7/23/07

  • Agencies Issue Basel II Implementation Agreement

    The federal financial institution regulators have announced the reaching of an agreement regarding the implementation of Basel II in the United States. The agreement resolves major outstanding issues and will lead to finalization of a rule implementing the advanced approaches for computing large banks' risk-based capital requirements. FRB PR; OCC NR; FDIC PR; OTS PR  7/23/07

  • Enforcement of BSA AML Requirements

    A statement has been issued by the federal financial regulatory agencies regarding the their policies for enforcing specific anti-money laundering (AML) requirements of the Bank Secrecy Act (BSA). Statement; FRB SR; OCC NR; FDIC PR; OTS PR; NCUA PR; FinCEN PR  7/20/07

  • Enforcement Orders Issued

    The FRB has issued a consent Order of Prohibition and Order to Cease and Desist against Rick W. Bouse, the former president and director of Progress Bank of Missouri, Sullivan, Missouri, and a former institution-affiliated party of Progress Bancshares, Inc. The orders were based on based on Mr. Bouse's alleged participation in unsafe and unsound practices and alleged breaches of fiduciary duty to the bank. Orders  7/20/07

  • FOMC Minutes Released

    The Federal Reserve Board and the Federal Open Market Committee (FOMC) have released the minutes of the Committee meeting held on June 27-28, 2007. Minutes  7/20/07

  • Securities Settlement Systems Compliance Assessment Issued

    The FRB has issued an assessment of compliance of the Fedwire Securities Service and recommendations for securities settlement systems. Assessment  7/20/07

  • Congress Receives Presidential Coin Report

    The FRB has presented to Congress the agency's Annual Report to the Congress on the Presidential $1 Coin Program. Coin Program   7/20/07

  • President Issues Iraq Executive Order

    The President has issued a new Executive Order that blocks the property and interests in property of persons determined by the Secretary of the Treasury to have committed or to pose a significant risk of committing an act or acts of violence that have the purpose or effect of (1) threatening the peace or stability of Iraq or the Government of Iraq, or (2) undermining efforts to promote economic reconstruction and political reform in Iraq or to provide humanitarian assistance to the Iraqi people. No names of individuals or entities were listed at this time and the OFAC list remains unchanged. Order  7/19/07

  • Market Risk Capital FIL Issued

    A FIL has been issued by the FDIC regarding market risk capital rules. Banks that report a significant amount of trading assets on the balance sheet or increase the percentage of assets reported as trading assets are reminded that they may be subject to the regulator's market risk capital requirement. FIL  7/19/07

  • Bulletin Issued Regarding Proposed CRA Q & As

    The OCC has issued a Bulletin regarding the previously announced Community Reinvestment Act (CRA) proposed 2007 interagency questions and answers (Q & As). Information concerning the proposed Q & As was posted in the July 12, 2007 BOL Top Stories. Proposed Q & A  7/19/07

  • Monetary Policy Report Presented To Congress

    FRB Chairman Bernanke testified before the House Committee on Financial Services and presented the agency's Semiannual Monetary Policy Report to Congress. He reviewed the current economic situation and the outlook, beginning with developments in the real economy and the situation regarding inflation and commented on issues related to lending to households and consumer protection. Testimony; Monetary Policy Report  7/19/07

  • International Reserve Position Report Update

    Treasury has updated the U.S. International Reserve Position Report with data current as of July 13, 2007. Position Report  7/19/07

  • Counterfeits Alert Issued

    An Alert has been issued by the OCC regarding counterfeit money orders and official checks issued in the name of The American National Bank, Sidney, Nebraska. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  7/18/07

  • CRA Evaluations Released

    The OCC has released the rating received by twenty-eight national banks recently examined for compliance with the Community Reinvestment Act (CRA). Ratings  7/18/07

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing Report with the Financial Industry Report with data current as of July 17, 2007. 314(a); Information Sharing  7/18/07

  • Supervision of Subprime Mortgage Lenders Pilot Project

    Three federal agencies, the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators have announced that beginning in the fourth quarter 2007 they will launch an innovative pilot project to conduct targeted consumer-protection compliance reviews of selected non-depository lenders with significant subprime mortgage operations. FRB PR; OTS PR; FTC NR  7/18/07

  • Industrial Production Report Issued

    The FRB has issued the G.17 Industrial production and Capacity Utilization Report for June 2007. G.17  7/18/07

  • May TIC Data Released

    Treasury has released the May 2007 Treasury International Capital (TIC) data. TIC  7/18/07

  • Special Alerts Issued

    The OCC has issued five Special Alerts regarding counterfeit and stolen cashier's checks, money orders and temporary checks bearing the names of the following institutions:

    • Bank of Walterboro, Walterboro, South Carolina (Counterfeit Cashier's Checks),
    • Peoples Bank and Trust Company, McPherson, Kansas (Counterfeit Cashier's Checks),
    • First Community Bank of Crawford County, Van Buren, Arkansas (Stolen Cashier's Checks, Money Orders and Temporary Checks),
    • Great Western Bank, Watertown, South Dakota (Counterfeit Cashier's Checks), and
    • Oshkosh Bank, Oshkosh, Wisconsin and The American National Bank of Beaver Dam, Beaver Dam, Wisconsin (Counterfeit Cashier's Checks).

    Information concerning the counterfeit and stolen items has been posted on the BOL Alerts & Counterfeits page.  7/17/07

  • August 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 August 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 July 15 was a Sunday, use the rate on July 13, the business day immediately preceding the 15th. Weekly H.15  7/17/07

  • Enforcement Action Released

    The OCC has released the new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  7/17/07

  • "Help With My Bank" Web Site Launched

    The OCC has launched a new Web site named "Help With My Bank" dedicated to providing answers and assistance to national bank customers. The site will provide answers to common questions based on thousands of calls made to the OCC Customer Assistance Group each year. Help With My Bank  7/17/07

  • FDIC To Aid At Risk Customers

    The FDIC and the NeighborWorks Center for Foreclosure Solutions have entered into a partnership to promote foreclosure-prevention strategies for consumers at risk of foreclosure from subprime and nontraditional mortgage lending. Partnership  7/17/07

  • Community Bank Strategic Lending Working Paper Published

    The OCC has published a working paper on the topic of "Community Bank Strategic Lending Choices and Performance". The paper examines whether the lending strategy chosen by any community bank is a key determinant of its survival. Working Paper  7/17/07

  • National Average Cost of Funds Reports Issued

    NCUA has issued the Current and Historical National Average Cost of Funds Ratio to OTS Regulated SAIF Insured Institutions Reports. CurrentHistorical  7/17/07

  • Final Rule to Amend Mgmt Interlocks Published in FR

    The regulators are amending their rules regarding management interlocks to implement section 610 of the Financial Services Regulatory Relief Act of 2006 and to correct inaccurate cross-references. TXT; PDF  7/16/07

  • Risk-Based Money Laundering and Terrorist Financing Guidance

    The Financial Action Task Force (FATF) has developed a Guidance on the Risk-Based Approach to combating Money Laundering and Terrorist Financing. The Guidance supports the development of a common understanding of what the risk-based approach involves, outlines the high-level principles involved in applying the risk-based approach, and indicates good public and private sector practice in the design and implementation of an effective risk-based approach.
    Guidance   7/16/07

  • Loan Fair Value Practices Working Paper

    A working paper in the Finance and Economic Discussion Series (FEDS) has been published by the FRB on the topic of "Bank Commercial Loan Fair Value Practices".
    Abstract;
    Full Paper   7/16/07

  • Credit Card Profitability Report

    The FRB has delivered its annual report to Congress on the profitability of creditcard operations of depository institutions. The report is required by the provisions of the Fair Credit and Charge Card Disclosure Act of 1988 and contains an analysis of the profitability over time of depository institutions' credit card activities by examining the performance of larger institutions that specialize in such activities and of a sample of smaller commercial banks that offer a range of credit services.
    Report   7/16/07

  • Early Savings Bonds Redemptions Authorized

    FRB Financial Services has announced that as a result of recent severe weather, savings bond agents in designated counties of Kansas, Oklahoma, and Texas are authorized to redeem EE and I savings bonds less than one year old presented during the months of July and August 2007. Redemptions  7/13/07

  • Rules Proposed To Reduce Regulatory Burden

    The OCC has issued a Bulletin regarding the previously announced proposed rules to reduce unnecessary regulatory burden, to update certain rules, and to make certain technical, clarifying, and conforming changes to its regulations. Information concerning the proposed rules was posted in the July 3, 2007 BOL Top Stories. Bulletin; Purposed Rule  7/13/07

  • FinCEN Launches New Web Page

    A new Regulatory Efficiency and Effectiveness Initiative Web page has been launched by FinCEN. The purpose of the page is to provide information to the public regarding the efforts of the agency to administer and implement a Bank Secrecy Act regulatory environment that is both efficient for the regulated industries and effective for law enforcement, analytical, and regulatory purposes. Web Page   7/13/07

  • ComE-IN Meeting to Discuss Subprime Mortgages

    The FDIC has announced a meeting of the Advisory Committee on Economic Inclusion (ComE-IN) at 9:00 a.m. on Monday, July 16, 2007. "The Subprime Mortgage Situation - How Did We Get Here and What Can We Do?" will be the focus of the meeting which is open to the public. Participants will discuss efforts to help troubled borrowers, examine the role of mortgage brokers and discuss the issues associated with crafting national lending standards. Meeting Information; Agenda  7/13/07

  • Profits and Balance Sheets

    "Profits and Balance Sheet Developments at U.S. Commercial Banks in 2006" in the topic of the feature article in the July 12, 2007 issue of the Federal Reserve Bulletin. Bulletin  7/13/07

  • New CRA Q&A Comments Sought

    The federal bank and thrift regulatory agencies have requested public comment on a series of proposed new and revised interagency questions and answers (Q&A) pertaining to the Community Reinvestment Act (CRA). Comments Sought; FRB PR; OCC NR; Comptroller's Statement; FDIC PR; FDIC FIL; OTS PR   7/12/07

  • OFAC CMPs Announced

    Treasury has announced the civil money penalties (CMPs) recently assessed against individuals and entities for violations of various OFAC Sanctions Programs. No financial institutions were listed the most recent report. CMPs  7/12/07

  • 2007 Census Data Added To Geocoding System

    The FFIEC has added the 2007 Census Data to its Geocoding System. Geocoding System; Census Data  7/12/07

  • July FedFocus Published

    Federal Reserve Financial Services has published the July 2007 issue of FedFocus. The theme of the issue is, "Industry catalyst for electronic payments innovations" and features articles regarding the rewards of Check 21; managing cross shipping with cost-saving tools; moving to an all-electronic check environment; and pumping up your financial superhero powers with FedACH Origination Kit. FedFocus  7/12/07

  • OCC Chief Counsel Discusses Wachovia Case

    In a presentation before the New York Bankers Association, Chief Counsel and First Senior Deputy Comptroller Julie L. Williams discussed the Supreme Court's decision in Watters v. Wachovia Bank. Speech  7/12/07

  • Reserve Assets Reports Issued

    The FRB has issued the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks Reports for June 2007. Reports  7/12/07

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced new FedReceipt routing numbers that are effective the business day of July 16, 2007. Routing Numbers  7/11/07

  • BSA/AML C& D Order Issued

    The National Credit Union Administration (NCUA) has issued an administrative cease and desist (C&D) order compelling Garden Savings Federal Credit Union to implement an adequate Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program. C&D  7/11/07

  • OCC and Puerto Rico Agree to Share Consumer Complaints

    A Memorandum of Understanding has been signed by the OCC and the Office of the Commissioner of Financial Institutions for the Commonwealth of Puerto Rico provides a mechanism for sharing consumer complaints between the two agencies. The agreement, based on a template created by the OCC and the Conference of State Bank Supervisors, is the twentieth such agreement entered into by the OCC. Agreement  7/11/07

  • Bernanke On Inflation

    In a presentation At the Monetary Economics Workshop of the National Bureau of Economic Research Summer Institute in Cambridge, Massachusetts, FRB Chairman Bernanke discussed the relationships among monetary policy, inflation, and the public's expectations of inflation. He also gave an overview of the way the FRB staff forecasts inflation, including discussion of how they incorporate information about expected inflation into the forecasting process. Speech  7/11/07

  • Supplement to FR Bulletin Published

    The FRB has published the June 2007 Supplement to the Federal Reserve Statistical Bulletin. Index; Supplement  7/11/07

  • FRB Order of Prohibition Issued

    The issuance of a Final Decision and Order of Prohibition against Michelle M. Moore, a former employee of RBC Centura Bank, Rocky Mount, North Carolina, has been announced by the FRB. The order prohibits Ms. Moore from participating in the conduct of the affairs of any financial institution or holding company and orders her to make restitution to the bank in the sum of $59,823.53. Order  7/10/07

  • NCUA Prohibition Orders Issued

    The National Credit Union Administration (NCUA) has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution:

    • Margaret H. Burton, former manager of Progressive Teachers Federal Credit Union Chattanooga, Tennessee;
    • Louise Jacobson, former president of Peoples and Employees Federal Credit Union, Fort Wayne, Indiana; and
    • Joseph E. Pogue and Jean T. Pogue, former officials of Unified Singers Federal Credit Union of Thomasville, Georgia.

    Burton Order; Jacobson Order; Joseph Pogue Order; Jean Pogue Order  7/10/07

  • Authorized Activities

    The OCC has released and posted online two publications, "2006 Significant Legal, Licensing, and Community Development Precedents for National Banks" and "Activities Permissible for a National Bank, Cumulative: 2006," that provide the latest OCC interpretations and decisions authorizing activities for national banks and their operating subsidiaries. Significant; Activities  7/10/07

  • May Consumer Credit Report Released

    The G. 19 Consumer Credit Report for May 2007 has been released by the FRB. G.19  7/10/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with data current as of July 6, 2007. Reserve Position  7/10/07

  • Flood Relief FILs Issued

    The FDIC has issued two FILs announcing a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Nebraska, Missouri, Kansas, Oklahoma, and Texas. FIL 1; FIL 2  7/09/07

  • CRA Rating Released

    The FDIC has released the list of state non-member banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. CRA Ratings  7/09/07

  • MSB Registration List Updated

    FinCEN has updated the MSB Registration List with data current as of June 6, 2007. MSB List  7/09/07

  • NCUA Extends Comment Period for Proposed Rulemaking on Bylaws

    The NCUA Board recently issued a proposed rule to reincorporate the Federal Credit Union (FCU) Bylaws
    into NCUA regulations that provided a 60-day comment period. 72 FR 30984
    (June 5, 2007). NCUA received a request to extend the comment period and the NCUA Board has decided to extend it for an additional two weeks.TXT; PDF  7/09/07

  • Economic Update Released

    Treasury has released its July 7, 2007 Economic Update that indicates that 132,000 new jobs were created in June and over 2 million new jobs have been created in the past 12 months. Economic Update  7/09/07

  • $3.6 Million For Economically Distressed Native American Communities

    Treasury has announced that awards totaling $3,632,292 to 19 organizations serving Native American or Alaskan Native communities in 12 states have been made through the agency's Community Development Financial Institutions (CDFI) Fund Native American Assistance Program. Awards; CDFI  7/09/07

  • Nontraditional Mortgage Products Information For Consumers

    The OCC has posted online illustrations of consumer information for nontraditional mortgage products that can be downloaded and printed. The illustrations of consumer information are intended to help institutions implement the consumer protection portion of the Interagency Guidance on Nontraditional Mortgage Product Risks previously published by the federal financial regulators.

    National banks are encouraged to make the information, which is printed in both English and Spanish, available to their customers.   7/06/07

  • Counterfeit Special Alerts - 27 and Counting

    So far this week the FDIC has issued twenty-seven Special Alerts regarding counterfeit items. The latest five concern counterfeit checks and money orders bearing the names of the following institutions:

    • Commerce Bank, Geneva, Minnesota (Counterfeit Money Orders);
    • Brickyard Bank, Lincolnwood, Illinois (Counterfeit Cashier's Checks);
    • Chester National Bank, Chester, Illinois, and Chester National Bank of Missouri, Perryville, Missouri (Counterfeit Cashier's Checks);
    • Bank of Greeleyville, Greeleyville, South Carolina (Counterfeit Cashier's Checks); and
    • First Community Bank, National Association, Lexington, South Carolina (Counterfeit Checks).

    Information regarding all twenty-seven of the counterfeit items has been posted on the BOL Alerts & Counterfeits page.
      7/06/07

  • Final Rule on Consumer Receipts (Reg E) published in FR

    The FRB has issued a final rule excepting transactions of $15 or less from requirement that receipts be made available to consumers for transactions at electronic terminals. TXT; PDF  7/05/07

  • Ten More Counterfeit Special Alerts

    The FDIC has issued ten new Special Alerts regarding counterfeit checks and money orders for a total of twenty-two in the last two days. The new items bear the names of the following institutions:

    • First Tuskegee Bank, Tuskegee, Alabama (Counterfeit Official Checks);
    • Chevy Chase Bank, F.S.B., McLean, Virginia (Counterfeit Cashier's Checks);
    • First State Bank, New Braunfels, Texas (Fraudulent Cashier's Checks);
    • Cornhusker Bank, Lincoln, Nebraska (Counterfeit Cashier's Checks);
    • CommunityAmerica Credit Union, Lenexa, Kansas (Counterfeit Official Checks);
    • Fitchburg Savings Bank, FSB, Fitchburg, Massachusetts (Counterfeit Official Checks);
    • First Mutual Bank, Bellevue, Washington (Counterfeit Cashier's Checks);
    • SouthwestUSA Bank, Las Vegas, Nevada (Counterfeit Cashier's Checks);
    • Umpqua Bank, Roseburg, Oregon (Counterfeit Cashier's Checks); and
    • American Bank, Eau Claire, Wisconsin (Alliance Bank, Lake City, Minnesota) (Counterfeit Cashier's Checks)

    Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   7/05/07

  • Consumer Compliance Handbook updated

    The FRB has updated its Consumer Compliance Handbook with the addition of a new handbook chapter, VI. Community Reinvestment Act, regarding the recently issued guidance on Community Reinvestment Act (CRA) examinations. The new chapter also provides guidance on the sampling of CRA data, community contact procedures, and the writing of public evaluations.
    Handbook   7/05/07

  • FDIC Fraudulent Email Reminder

    The FDIC has issued a Special Alert to remind financial institutions that the regulator is continuing to receive reports that fraudulent emails that appear to have been sent by the FDIC are being received by institutions and individuals.
    Special Alert
      7/05/07

  • 314(a) Fact Sheet Updated

    FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with information current as of July 3, 2007.Fact Sheet; Report   7/05/07

  • 2007 BOS Information

    OTS is conducting the 2007 Branch Office Survey (BOS). The Survey form, an introduction letter, and instructions for completing the Survey are available online. The filing deadline is Monday, August 27, 2007. Letter; Survey; Instructions   7/05/07

  • NCUA Town Hall Meeting Registration

    Registration for the NCUA Outreach Task Force "Town Hall" meeting to be held in Denver, Colo., on Wednesday, August 15, 2007 is available online. Town Hall;
    Registration   7/05/07

  • Twelve Counterfeit Special Alerts

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

    • Venture Bank, Bloomington, Minnesota (Counterfeit Cashier's Checks);
    • Danversbank, Danvers, Massachusetts (Counterfeit Official Cashier's Checks);
    • Greystone Bank, Raleigh, North Carolina (Counterfeit Cashier's Checks);
    • First Texas Bank, Killeen, Texas (Counterfeit Money Orders);
    • The Lenox National Bank, Lenox, Massachusetts (Counterfeit Official Checks);
    • Ameriana Bank, SB (formerly named Ameriana Savings Bank), New Castle, Indiana (Counterfeit Cashier's Checks);
    • 1st Bank Yuma, Yuma, Arizona (Counterfeit Cashier's Checks);
    • Meridian Bank Texas, Fort Worth, Texas (Counterfeit Cashier's Checks);
    • Parkvale Savings Bank (known as Parkvale Bank), Monroeville, Pennsylvania (Counterfeit Cashier's Checks);
    • First Century Bank, National Association, Bluefield, West Virginia (Counterfeit Cashier's Checks);
    • Lone Star Bank, Houston, Texas (Counterfeit Cashier's Checks); and
    • Apollo Trust Company, Apollo, Pennsylvania (Counterfeit Treasurer's Checks).

      7/03/07

  • Forms 031 and 041 Online with Instructions

    The FFIEC has posted online Forms 031 and 041 and the instructions for the completion of the forms. Form 031; Form 041 Instructions  7/03/07

  • OCC Proposes Rulemaking for Regulatory Rule Amendments

    The Office of the Comptroller of the Currency (OCC) is proposing to revise its rules in order to reduce
    unnecessary regulatory burden, to update certain rules, and to make certain technical, clarifying, and
    conforming changes to its regulations. TXT; PDF  7/03/07

  • New CRA Bulletin Issued

    OTS has issued a new Regulatory Bulletin concerning the revision of Examination Handbook Section 1500 regarding the Community Reinvestment Act (CRA) and the rescission of Thrift Bulletin 85. Bulletin  7/03/07

  • Community Bank Directors Workshop on Credit Risk

    The OCC will hold a credit risk workshop on July 31, 2007 in St. Louis geared primarily for outside directors of national community banks with assets of less than $1 billion. Registration  7/03/07

  • FILs Regarding OFAC

    The FDIC has issued two FILs regarding previously announced changes made to the SDN list by OFAC. Information regarding the changes was posted in the BOL Top Stories on June 4 and June 11, 2007. FIL 1; FIL 2  7/03/07

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with data current as of June 29, 2007. Reserve Position  7/03/07

  • June Foreign Exchange Rates

    The G.5 Foreign Exchange Rates Report for June 2007 has been posted online by the FRB. G.5  7/03/07

  • OFAC Issues New Palestinian Authority Guidelines

    New guidelines on dealing with the Palestinian Authority have been issued by OFAC regarding the scope of General License No. 7 of June 20, 2007, which authorizes all approved transactions with the Palestinian Authority. Guidelines  7/02/07

  • Agencies Issue Subprime Lending ARM Final Statement

    The federal financial regulatory agencies have issued a final statement on subprime mortgage lending to address issues relating to certain adjustable-rate mortgage (ARM) products that can cause payment shock. The statement describes the prudent safety and soundness and consumer protection standards that institutions should follow to ensure borrowers obtain loans they can afford to repay and includes a fully indexed, fully amortized qualification for borrowers and cautions on risk-layering features. Statement; FRB PR; OCC NR; FDIC PR; OTS PR; NCUA PR  7/02/07

  • C&D Order Issued

    The OCC has issued a Stipulation and a Cease and Desist (C&D) Order against Commerce Bank, National Association, Philadelphia, Pennsylvania. Stipulation; C&D  7/02/07

  • New Electronic Interpretations and Actions Announced

    The OCC has announced June 2007 New Electronic Interpretations and Actions. Interpretations and Actions  7/02/07

  • Retail Payments Fraud Roundtable Discussion Summary

    The FRB has issued a summary of the March, 2007, roundtable discussion on retail payments fraud. Summary  7/02/07

  • Bank Trading Revenues Set Record

    The OCC's Quarterly Report on Bank Derivatives Activities for the First Quarter 2007 indicates that insured U.S. commercial banks posted a record $7 billion in trading revenues during the first quarter of 2007, 24 percent higher than the first quarter of 2006, and 82 percent higher than the fourth quarter of 2006. Quarterly Report  7/02/07

  • April 2007 Finance Companies Receivables Report

    The April, 2007, G. 20 Finance Companies Owned and Managed Receivables and Auto Loans: Terms of Credit Report has been released by the FRB. G.20  7/02/07

  • July FedFlash Published

    FRB Financial Services has published and posted online the July 1, 2007, issue of FedFlash. The issued contains articles regarding security token renewals, the online resource center for account management information, registration for the check adjustments webinar and my FedDirectory. FedFlash  7/02/07

  • OTS Strategic Plan Released

    OTS has released its 2007-2012 Strategic Plan sets forth the agency's vision and mission statements and outlines objectives and strategies that will be used to accomplish its goals. Strategic Plan  7/02/07

  • ComE-IN Meeting Scheduled

    The FDIC will host its second meeting of the Advisory Committee on Economic Inclusion (ComE-IN) on July 16, 2007. The meeting is open to the public and the agenda will focus on the subprime mortgage issues. ComE-IN was formed to provide advice and recommendations on initiatives to expand access to banking services by underserved populations. Meeting Notice; Agenda  7/02/07

  • OTS 2006 Fact Book Published

    The 2006 Fact Book which contains the annual update to the compilation of statistics concerning the OTS-Regulated thrift industry had been published. Fact Book  7/02/07

05/31/2007

Top Stories for June 2007

  • Counterfeit Cashier's Checks Special Alerts

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of Acacia Federal Savings Bank, Falls Church, Virginia; and Altura State Bank, Altura, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/29/07

  • Names Removed From OFAC List

    OFAC has announced that two names with the SDNT designation have been removed from the SDN List. Information regarding the deletions has been posted on the BOL OFAC page.  6/29/07

  • Don't Forget the Payroll Cards Rules Mandatory Compliance Date

    The compliance date for the new Reg E provisions regarding payroll cards is July 1, 2007. For more information read the article by BOL Gurus Andy Zavoina and John Burnett, "New Reg E Rules on Check Conversions, Payroll Cards".  6/29/07

  • Reg E Final Rules Exemption of Certain Consumer Receipts

    The FRB has issued a final rule excepting transactions of $15 or less from requirement that receipts be made available to consumers for transactions at electronic terminals.Final Rule  6/29/07

  • Unauthorized Banking Special Alert

    The FDIC has issued a Special Alert after being notified by the Office of the Superintendent of Financial Institutions (OSFI) of Canada that Golden Merchant Bank, Verdun, Quebec, and Dexia Financial Trust, Brantford, Ontario, may be conducting unauthorized banking operations in the United States and Canada. Special Alert  6/29/07

  • Prompt Corrective Action Q&A Issued

    The National Credit Union Administration (NCUA) has posted the questions and answers discussed at last week's monthly NCUA Board meeting by the Board and staff pertaining to prompt corrective action (PCA) reform. Q&A  6/29/07

  • TFR Instruction Manual Updated

    OTS has updated the 2007 Thrift Financial Report (TFR) Instruction Manual. Manual  6/29/07

  • CRA Ratings Released

    The ratings received by savings associations recently evaluated for compliance with the provisions of the CRA have been released by OTS. CRA Ratings  6/29/07

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee (FOMC) has announced its decision to keep the target for the federal funds rate at 5-1/4 percent. FOMC  6/29/07

  • IFDP Working Paper Published

    A working paper in the International Finance Discussion (IFDP) series on the topic of "Price Setting during Low and High Inflation: Evidence from Mexico" has been published by the FRB. Abstract; Full Paper  6/29/07

  • FRB Conducts Survey of Consumer Finances

    The Survey of Consumer Finances (SCF) conducted every three years by FRB. The main purpose of the survey is to help the government and, ultimately, the public at large understand the financial condition of families in the United States and to study the effects of changes in the economy. SCF  6/29/07

  • First Quarter 2007 Interest Rate Risk Measures

    OTS has published the First Quarter 2007 issue of Interest Rate Risk Measures. Interest Rate Risk Measures  6/29/07

  • June 30 Call Report Instructions

    A Financial Institution Letter has been issued by the FDIC that contains the instructions for completing and filing the June 30, 2007 Call Report. FIL  6/28/07

  • Second Quarter 2006 Banking Industry Condition Report Published

    The FRB has published the Second Quarter 2006 Report on the Condition of the U.S. Banking Industry. Report  6/28/07

  • BSA FILs

    Two FILs have been issued by the FDIC regarding previously announced FFIEC guidance on the topics of providing all documentation supporting the filing of a Suspicious Activity Report (SAR) and requests by a law enforcement agency to keep particular accounts open. Information concerning the guidance was posted in the June 14, 2007 BOL Top Stories. SAR FIL; Open Accounts FIL  6/27/07

  • Secure Exchange of Electronic Examination Information

    The FDIC has issued a FIL that announces starting July 9, 2007 participating state bank regulators will have access to the FDICconnect Examination File Exchange system. Financial institutions are encouraged to use the system to quickly and securely transmit examination information to the FDIC and/or their state regulator. FIL  6/27/07

  • NTB Capital and Liquidity Guidance Revised

    The OCC has issued a Bulletin concerning the rescission of Bulletin 2000-26 and issuance of a revised guidance that clarifies the OCC's capital and liquidity policy for national trust banks (NTBs). Bulletin  6/27/07

  • Foreclosure Prevention Best Practices Report

    The OCC has published an Insights report on the subject of "Foreclosure Prevention: Improving Contact with Borrowers," which highlights the best practices that loan servicers are using to improve their contact rate with delinquent mortgage borrowers to help prevent foreclosures. Report  6/27/07

  • FDIC Proposes Rulemaking to Extend the Time Period for Quarterly Reporting of Bank Officers' and
    Certain Employees' Personal Securities Transactions

    The FDIC proposes to amend its rule concerning the period of time that officers and all employees of state
    nonmember banks who make or participate in investment decisions for the accounts of customers have to report their personal securities transactions after the end of the calendar quarter. TXT; PDF  6/27/07

  • NCUA Publishes Proposed Rule for the Purchase, Sale, and Pledge of Eligible Obligations

    NCUA proposes to amend its rule governing the purchase, sale, and pledge of eligible obligations, as a result of recommendations from its annual regulatory review process, by adding a conflict of interest provision substantially similar to the conflict of interest provision in NCUA's general lending rule. TXT; PDF  6/27/07

  • OTS Publishes Final Rule in Federal Register for Stock Benefit Plans in Mutual-to-Stock Conversions and Mutual Holding Company Structures

    The Office of Thrift Supervision (OTS) is clarifying its regulations regarding stock benefit plans established after mutual-to-stock company structures, and modifying the voting requirements for the adoption of certain stock benefit plans in mutual holding company structures and several other minor
    changes to the regulations governing mutual-to-stock conversions and minority stock issuances. TXT; PDF  6/27/07

  • OTS Proposes Rulemaking for Optional Charter Provisions in Mutual Holding Company Structures

    The Office of Thrift Supervision (OTS) is proposing to amend its mutual holding company (MHC) regulations to permit certain MHC subsidiaries to adopt an optional charter provision that would prohibit any person from acquiring, or offering to acquire, beneficial ownership of more than ten percent of the MHC subsidiary's minority stock (stock held by persons other than the subsidiary's MHC). TXT; PDF  6/27/07

  • Check Operations Changes Announced By FRB

    The FRB has announced changes beginning in 2008 to check operations as a result of the shift from using paper checks toward electronic payments. In order to increase check service efficiency, some regional check processing sites will have their operations scaled back. The scaled-back sites will all print substitute checks, but some will also capture paper checks. Changes  6/27/07

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with data current as of June 22, 2007. Reserve Position  6/27/07

  • OCC Licensing Manual Updated

    The revised Branches and Relocations booklet is now posted on the OCC Web site for immediate use. It no longer requires a Messenger Service/Mobile Branch log. Booklet  6/26/07

  • PSA Ads Aimed at Delinquent Borrowers

    In a presentation at symposium on preventing foreclosures sponsored by NeighborWorks America, Comptroller Dugan unveiled two new Public Service Announcements (PSAs) aimed at encouraging delinquent mortgage borrowers to get help by contacting their lenders or a trusted housing counselor in order to avoid foreclosure have been announced by the OCC. He stated, "As these ads so powerfully underscore, doing nothing is the worst thing a delinquent borrower can do". Speech  6/26/07

  • Treasury Publishes Final Rule for Financial Crimes Enforcement Network; Amendments to Bank
    Secrecy Act Regulations Regarding Casino Recordkeeping and Reporting Requirements

    The Financial Crimes Enforcement Network (FinCEN) publishes final rule in FR to amend the Bank
    Secrecy Act regulation requiring casinos to report transactions in currency. The amendments exempt,
    as reportable transactions in currency, jackpots from slot machines and video lottery terminals, as well as transactions, under certain conditions, involving certain money plays and bills inserted into electronic gaming devices. TXT; PDF  6/26/07

  • First Quarter Aggregate Exposure and CMR Report Released

    The OTS has released the Aggregate Exposure and CMR Report for the First Quarter 2007. Report  6/26/07

  • REMINDER: Payroll Cards Rules Mandatory Compliance Date

    Don't forget the mandatory compliance date for the new Reg E provisions regarding payroll cards is July 1, 2007. For more information read the article by BOL Gurus Andy Zavoina and John Burnett, "New Reg E Rules on Check Conversions, Payroll Cards". Reg E  6/25/07

  • BSA Effectiveness and Efficiency Fact Sheet Released

    FinCEN has released a Fact Sheet that contains data concerning the effectiveness and efficiency of the Bank Secrecy Act (BSA). Fact Sheet  6/25/07

  • FRB Publishes Technical Amendment to Final Rule for Reg CC

    The Board of Governors is amending appendix A of Regulation CC to delete the reference to the head office of the Federal Reserve Bank of San Francisco and reassign the Federal Reserve routing symbols currently listed under that office to the Los Angeles branch office of the Federal Reserve Bank of San Francisco. TXT; PDF  6/25/07

  • Agricultural Finance Databook Update

    The FRB has published the June 2007 E.15 Agricultural Finance Databook which contains data regarding the amount and characteristics of farm loans made by commercial banks, selected statistics from the quarterly reports of condition of commercial banks, and the Reserve Bank surveys of farm credit conditions and farm land values. E.15  6/25/07

  • Five Counterfeit Cashier's Checks Alerts

    The OCC has issued five Alerts regarding counterfeit cashier's check issued in the names of the following national banks:

    • Whitney National Bank, New Orleans, Louisiana;
    • Rabobank, N.A., El Centro, California;
    • Chester National Bank, Chester, Illinois, and of Chester National Bank of Missouri, Perryville, Missouri;
    • Oshkosh Bank, a Branch of The American National Bank of Beaver Dam, Wisconsin; and
    • Fort Sill National Bank, Fort Sill, Oklahoma.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/22/07

  • Special Alert Counterfeit Business Checks

    The FDIC has issued a Special Alert regarding counterfeit business checks that are being used in connection with various consumer scams. Special Alert   6/22/07

  • HMDA MSA/MD Changes for CY2007

    The FFIEC has posted online downloadable software that contains the HMDA and CRA MSA/MD changes for calendar year 2007. Software  6/22/07

  • New SAR Activity Review Published

    Issue 8 of the SAR Activity Review - By The Numbers has been published by FinCEN. The Issue includes the following new enhancements: representations of the numerical depository institution SAR data for individual states; charts and graphs highlighting SAR filing trends and patterns between April 1, 1996 and December 31, 2006 for each state and territory; and maps for calendar year 2006. Issue 8  6/22/07

  • Supervisory Insights Journal Summer 2007 Issue

    The FDIC has published the Summer 2007 issue of the Supervisory Insights Journal. The issue contains articles on how banks can manage risks associated with third-party arrangements for products and services, the need for vigilance toward mortgage fraud, challenges in maintaining wind insurance, the electronic exchange of documentation in bank examinations, and recent decisions affecting the accounting for split-dollar life insurance. Index  6/22/07

  • Casino CTR Final Rule Announced

    FinCEN has announced a final rule that exempts casinos from the requirement to file currency transactions reports (CTRs) on jackpots from slot machines and video lottery terminals. The final rule also exempts reportable transactions in currency, under certain conditions, involving certain money plays and bills inserted into electronic gaming devices. Final Rule  6/22/07

  • IFDP Working Paper Published

    The FRB has published a working paper in the International Financial Discussion Paper (IFDP) series on the topic of "A Note on the Coefficient of Determination in Models with Infinite Variance Variables". Abstract; Full Paper  6/22/07

  • Six Counterfeit Cashier's Checks Special Alerts

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

    • Peoples Bank & Trust Company, Manchester, Tennessee;
    • Timberland Bank, Hoquiam, Washington;
    • First State Bank, Noble, Oklahoma;
    • Oritani Savings Bank, Township of Washington, New Jersey;
    • Sandy Spring Bank, Olney, Maryland; and
    • The Pleasant Hill Bank, Pleasant Hill, Missouri.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/21/07

  • Twelfth District Check Processing Restructured

    The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Twelfth District. As of August 18, 2007, the head office of the Federal Reserve Bank of San Francisco no longer will process checks, and banks currently served by that office will be reassigned to the Los Angeles branch office of the Federal Reserve Bank of San Francisco. Reg CC  6/21/07

  • Receive HMDA and CRA Reports Via Email

    The FFIEC has issued a memorandum explaining how financial institutions can receive HMDA and CRA data edit reports via email. Memo  6/21/07

  • Paulson Discusses International Finance System

    In testimony before the House Committee on Financial Services, Treasury Secretary Paulson discussed the state of the International Finance System. He stated that policies to embrace openness, promote trade and assist developing economies will enhance economic security and prosperity for people around the world. Testimony  6/21/07

  • FEDS Working Papers Published

    Two working papers in the Financial and Economics Discussion Series (FEDS) have been published by the FRB on the topics of "Corporate Asset Purchases and Sales: Theory and Evidence" and "Racial Dispersion in Consumer Credit Interest Rates". Corporate Assets Abstract; Corporate Assets Full Paper; Racial Dispersion Abstract; Racial Dispersion Full Paper  6/21/07

  • $106,930 Flood CMP Announced

    The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $106,930 against RBC Centura Bank, Raleigh, North Carolina for alleged violations of the Board's Regulations implementing the National Flood Insurance Act. Information regarding the CMP has been posted on the BOL Flood Penalties Watch page.  6/20/07

  • CRA Ratings Released

    The OCC has released the ratings received by twenty-three national banks recently evaluated for compliance with the provisions of the CRA. Ratings  6/20/07

  • Affordable Small-Dollar Loan Guidelines Published

    The FDIC has issued an FIL announcing the publication of Affordable Small-Dollar Loan Guidelines that encourage financial institutions to offer small-dollar credit products and to promote these products to their customers. FIL; Guidelines  6/20/07

  • Small-Dollar Loan Review Pilot Project Announced

    The FDIC has approved a two year pilot project to review affordable and responsible small dollar loan programs in financial institutions. The project is designed to assist bankers by identifying information on replicable business models for affordable small-dollar loans. Project  6/20/07

  • Order of Prohibition Issued

    A consent Order of Prohibition has been issued by the FRB against Joy McClard, a former employee of the former Cumberland Bank, Franklin, Tennessee, based on her alleged participation in the embezzlement of funds from the bank and falsification of the bank's books and records. Order  6/20/07

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and among Mid America Bank and Trust Company, Dixon, Missouri; the Missouri Division of Finance; and the Federal Reserve Bank of St. Louis. Written Agreement  6/20/07

  • Online Mortgage Comparison Calculator

    The FRB has made available online a mortgage comparison calculator that consumers can use to compare monthly mortgage payments and the amount of equity they will build for up to six types of fixed and adjustable rate mortgages. Calculator  6/20/07

  • First Quarter DIF Results

    The FDIC has released the first quarter 2007 financial results for the Deposit Insurance Fund (DIF). Results  6/20/07

  • July 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 July 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find the 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. Weekly H.15; Daily H.15  6/19/07

  • Houston Workshops For Community Bank Directors Scheduled

    The OCC has scheduled two workshops for community bank directors on the following topics: "Compliance Risk: What Directors Need to Know," on July 17, 2007, and "Credit Risk: A Director's Focus," on July 18, 2007. Workshops  6/19/07

  • Final Guidance Consumer Information for Nontraditional Mortgage Products

    OTS has issued a Final Guidance regarding consumer information for nontraditional mortgage products. Guidance  6/19/07

  • Fake Email Warning Issued By FTC

    The FTC has issued a warning regarding a bogus e-mail supposedly sent by the agency but actually sent by third parties hoping to install spyware on computers. Consumers, including corporate and banking executives, appear to be targets of the e-mail which poses as an acknowledgment of a complaint filed by the recipient, and includes an attachment. Recipients who open the attachment unleash malicious spyware onto their computers. Emails  6/19/07

  • FDIC Quarterly Discusses IDAs

    The First Quarter 2007 issue of the FDIC Quarterly contains a report "IDAs and Banks: A Solid 'Match,'" which is the first in a series of articles looking at underbanked consumers and the delivery of alternative financial services. The Quarterly is a new publication that consolidates research and information that was previously available in the FDIC Outlook, the FDIC Banking Review, and the Quarterly Banking Profile. FDIC Quarterly  6/19/07

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with data current as of June 15, 2007. Reserve Position  6/19/07

  • Five SDGT and NPWMD Designations Added To SDN List

    Treasury has designated two Iranian individuals for their involvement in Iran's nuclear program and three Libyan individuals who are members of both al-Qaida and the Libyan Islamic Fighting Group (LIFG). Information concerning the additions has been posted on the BOL OFAC page.   6/18/07

  • Commercial Bank Examination Manual Updated

    The FRB has published the semi-annual update to the Commercial Bank Examination Manual.
    Update   6/18/07

  • SOD Filing FIL

    The FDIC has issued a FIL concerning the June 30, 2007 filing of Summary of Deposits (SOD) survey, the annual survey of branch office deposits to be filed all FDIC-insured commercial banks, FDIC-supervised savings banks, and insured branches of foreign banks.
    FIL   6/18/07

  • Revised SAR Implementation FIL

    A FIL has been issued by the FDIC regarding the previously announced delay by FinCEN of the implementation of the revised SAR form. Information concerning the delay was posted in the April 26, 2007 BOL Top Stories. FIL   6/18/07

  • Deposit Insurance Changes Summary

    The FIDC has post online a summary of the assessment related changes that have been implemented as a result of the Federal Deposit Insurance Reform Act of 2005.
    Assessment Changes   6/18/07

  • New Jersey CU Placed in Conservatorship

    NCUA has announced that the board of directors of Peoples First Choice Federal Credit Union voluntarily consented to conservatorship and the National Credit Union Administration (NCUA) has assumed control of the credit union located in Glen Rock, New Jersey.
    Conservatorship   6/18/07

  • April TIC Data Released

    The Treasury International Capital (TIC) report for April 2007 has been released by Treasury.
    TIC   6/18/07

  • June FedFlash Published

    The FRB Financial Services has published the June 15, 2007 issue of FedFlash which features articles on the following topics: the full implementation of Check Relay changes, a reminder to use the standard cash letter forms, detection of duplicate substitute checks, FR-ETA changes to same day Federal tax payment options, new FedReceipt RTNs, and changes to HDGS and PPGS transit number listings.
    FedFlash   6/18/07

  • First Quarter Charge-Off Rates

    The thrift industry charge-off rates for the first quarter 2007 have been released by OTS.
    Charge-off Rates   6/18/07

  • Cost of Funds Reports Released

    OTS has released the current and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF-Insured Institutions reports.
    Current;
    Historical   6/18/07

  • CAC Nominations Sought

    The FRB is seeking nominations for appointments to its Consumer Advisory Council. The Council, which meets three times a year in Washington D.C., advises the Board on the exercise of its responsibilities under various consumer financial services laws and on other matters. Ten new members will be appointed to serve three-year terms beginning in January 2008.
    Nominations   6/18/07

  • Bernanke Discusses the Financial Accelerator and the Credit Channel

    In a presentation the conference on The Credit Channel of Monetary Policy in the Twenty-first Century, FRB Chairman Bernanke commented on how important it is for a developing economy to establishing a modern, well-functioning financial system. He noted that critical idea is that the cost of funds to borrowers depends inversely on their creditworthiness, as measured by indicators such as net worth and liquidity.
    Speech   6/18/07

  • Industrial Production Report Issued

    The FRB has issued the G. 17 Industrial Production and Capacity Utilization report for May 2007.
    G.17   6/18/07

  • Survey of Terms of Business Lending Released

    The E. 2 Survey of Business Lending Terms for the week of May 4-11, 2007 has been released by the FRB.
    E. 2   6/18/07

  • Enforcement Actions Released

    The OCC has released a list of new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  6/15/07

  • Consumer Complaint Information Sharing Agreement Announced

    An agreement for sharing consumer complaint information between the OTS and state banking regulators has been announced by the Office of Thrift Supervision (OTS) and the Conference of State Banking Supervisors (CSBS). Sharing Agreement  6/15/07

  • First Quarter State Profiles Available

    The FDIC has posted online the State Profiles for the First Quarter 2007 with data sheets summarizing the banking and economic conditions for each state. State Profiles  6/15/07

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Sonabank, N.A., Clifton Forge, Virginia. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/14/07

  • FinCEN Issues Guidance

    Guidance has been issued by FinCEN regarding two topics: Suspicious Activity Reporting (SAR) Documentation and Requests by Law Enforcement for Financial Institutions to Maintain Accounts. SAR Documentation; Account Request  6/14/07

  • Regulators Discuss Federal Consumer Protection Standards With House Committee

    In testimony before the House Committee on Financial Services, Comptroller Dugan indicated that OCC supervision plays a unique and critical role in ensuring compliance with federal consumer protection standards. FDIC Chairman Bair discussed the current legal tools available to regulators and reforms that would improve the ability of consumer protections to keep pace with innovation in the financial marketplace. Dugan Oral Statement; Dugan Written Testimony; Bair Statement  6/14/07

  • Bulletin Issued Regarding CRA 2007 List of Distressed or Underserved Geographies

    The OCC has issued a bulletin regarding the previously announced publication by the federal bank and thrift regulatory agencies of the 2007 list of distressed or underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development." Information concerning the list was posted in the June 4, 2007, BOL Top Stories. Bulletin  6/14/07

  • FRB Publishes Proposed Rulemaking for Reg Z

    The Board proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, following a comprehensive review of TILA's rules for open-end (revolving) credit that is not home-secured. The proposed revisions take into consideration comments from the public on an initial advance notice of proposed rulemaking (ANPR) published in December 2004.TXT; PDF  6/14/07

  • Beige Book News

    The FRB has published the June 13, 2007 issue of the Beige Book that contains a summary of current economic conditions in each of the Federal Reserve Districts. Summary; Full Report  6/14/07

  • SB Registration List Updated

    FinCEN has updated the Money Services Businesses (MSB) list with data current as of May 9, 2007. The list now contains information on 32,595 MSBs. List  6/14/07

  • Semiannual Report on International Economic and Exchange Rate Policies Released

    The Treasury has released the Semiannual Report on International Economic and Exchange Rate Policies. Report  6/14/07

  • First Quarter Household Debt Service and Financial Obligations Ratios

    The FRB has published the Household Debt Service and Financial Obligations Ratios for the First Quarter 2007. Ratios  6/14/07

  • FRB Publishes Proposed Rulemaking for Reg Z

    The Board proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, following a comprehensive review of TILA's rules for open-end (revolving) credit that is not home-secured. The proposed revisions take into consideration comments from the public on an initial advance notice of proposed rulemaking (ANPR) published in December 2004.  6/14/07

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Perryton National Bank of Perryton, TX, that are being presented for payment. Information concerning the counterfeit cashier's checks is posted on the BOL Alerts and Counterfeits page.  6/13/07

  • Counterfeit Instruments and Stolen Official Documents 2002-2007

    The OCC has issued an Alert that contains a list which provides information regarding counterfeit and stolen instruments dating from 2002-2007. Alert; List  6/13/07

  • Host State Loan-to-Deposit Ratios Issued

    The federal banking regulators have issued the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Section 109 prohibits a bank from establishing or acquiring a branch or branches outside of its home state primarily for the purpose of deposit production and prohibits branches of banks controlled by out-of-state bank holding companies from operating primarily for the purpose of deposit production. Ratios; FRB PR; OCC NR; FDIC PR  6/13/07

  • Unauthorized Banking 1996-2007

    The OCC has issued an Alert that contains a list which provides information regarding unauthorized banking activities, both offshore and domestic from 1996-2007. Alert; List  6/13/07

  • Assets Reports 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 April 2007. Reports  6/13/07

  • Inflation History Working Paper Published

    The FRB has published a working paper in the Finance and Economic Discussion series (FEDS) on the topic of "The Rise and Fall of U.S. Inflation Persistence". Abstract; Full Paper  6/13/07

  • Third Quarter CRA Exam Schedule Announced

    The OTS has announced its CRA examination schedule for the Third Quarter 2007. Schedule  6/12/07

  • Regulators To Host Minority Depository Institution National Conference

    The four Federal financial institution regulatory agencies are hosting a conference at the Miami Beach Resort and Spa in Miami Beach, Florida, from July 31- August 2, 2007, for minority depository institutions (MDIs) on the challenges and issues facing the MDI segment of the banking industry. The conference will present a unique opportunity for minority bankers, regulatory officials, and private industry representatives to exchange knowledge and increase awareness on matters affecting MDIs. Agenda; Registration   6/12/07

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with data current as of June 8, 2007. Reserve Position   6/12/07

  • Entities Added To SDN List

    Treasury has designated four Iranian companies for their role in Iran's proliferation of weapons of mass destruction and added their names to the SDN List with the NPWMD designation. Information regarding the additions has been posted on the BOL OFAC page.   6/11/07

  • CRA Ratings Released

    The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. CRA Ratings  6/11/07

  • CMPs Announced By OFAC

    OFAC has announced the civil money penalties (CMP) recently imposed for violations of various sanctions programs. No financial institutions were penalized. CMPs  6/11/07

  • HOEPA Public Hearing Agenda

    The FRB has posted online the agenda for the previously announced Home Ownership and Equity Protection Act (HOEPA) public meeting to be held June 14, 2007, in Washington, D.C. Agenda; Registration  6/11/07

  • Community Directors' Workshops Scheduled

    The OCC will host workshops for national community bank directors at the Arrowwood Conference Center, Alexandria, Minnesota, July 10-12. Three workshops will be held on consecutive days on risk assessment ("Understanding the OCC's Risk Assessment Process"), compliance risk ("Compliance Risk: What Directors Need to Know"), and credit risk ("Credit Risk: A Director's Focus"). Registration   6/11/07

  • FEDS Working Papers Published

    Two working papers in the Finance and Economic Discussion Series (FEDS) on the topics of "Sectoral Productivity in the United States: Recent Developments and the Role of IT" and "Estimating the Long-Run User Cost Elasticity for a Small Open Economy: Evidence Using Data from South Africa" have been published by the FRB. Sectoral Abstract; Sectoral Full Paper; Estimating Abstract; Estimating Full Paper  6/11/07

  • First Quarter 2007 Legal Developments

    The FRB has published in the June 2007 FRB Bulletin the First Quarter 2007 Legal Developments (orders issued under the Bank Holding Act, orders issued under the International Banking Act, and final enforcement actions issued by the Board). Legal Developments  6/11/07

  • Money Smart Program Improves Consumer' Money-Management Practices

    The FDIC has issued a FIL that contains the results of a survey that indicate the Money Smart financial education curriculum positively influenced how course participants manage their finances as well as their financial confidence. FIL; Survey  6/11/07

  • Seven Counterfeit Special Alerts Issued

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

    • Table Rock Community Bank, Kimberling City, Missouri (Counterfeit Cashier's Checks);
    • Territorial Savings Bank, Honolulu, Hawaii (Counterfeit Cashier's Checks);
    • Zavala County Bank, Crystal City, Texas (Counterfeit Cashier's Checks);
    • Sevier County Bank, Sevierville, Tennessee (Counterfeit Cashier's Checks);
    • Perryton National Bank, Perryton, Texas (Counterfeit Cashier's Checks);
    • The Commercial and Savings Bank of Millersburg, Ohio, Millersburg, Ohio (Counterfeit Cashier's Checks);
    • The North Country Savings Bank, Canton, New York (Counterfeit Treasurer's Checks).

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  6/08/07

  • Regulators Express Credit Card Concerns

    In testimony presented to a before a subcommittee of the House Committee on Financial Services, FDIC Chairman Bair discussed credit card practices that have raised concerns at the agency; OCC Comptroller Dugan indicated that current credit card disclosure rules should be changed to improve consumers' ability to make well-informed decisions about the credit cards they choose; and NCUA Chairman Johnson stated that NCUA is looking forward to working with Congress, the Fed and other agencies to make certain that consumers are well informed and protected so they can wisely and prudently use their credit. Bair Statement; Dugan Written Testimony; Dugan Oral Statement; Johnson Testimony  6/08/07

  • First Quarter Flow of Funds Report Released

    The FRB has released the Z.1 Flow of Funds Report for the First Quarter 2007. Z.1  6/08/07

  • FR Bulletin Statistical Supplement Published

    The May 2007 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  6/08/07

  • Consumer Credit Report Released

    The G.19 Consumer Credit Outstanding and Terms of Credit Report for April 2007 has been released by the FRB.
    G.19   6/08/07

  • Six Counterfeit Special Alerts

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

    • Arrowhead Bank, Llano, Texas (Counterfeit Cashier's Checks);
    • Harford Bank, Aberdeen, Maryland (Counterfeit Cashier's Checks);
    • Piscataqua Savings Bank, Portsmouth, New Hampshire (Counterfeit Cashier's Checks);
    • Bonneville Bank, Provo, Utah (Counterfeit Cashier's Checks);
    • First American Bank, Birmingham, Alabama (Counterfeit Official Checks); and
    • First Texas Bank, Killeen, Texas (Counterfeit Money Orders).

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  6/07/07

  • Order of Prohibition Issued

    The FRB has announced the issuance of a consent Order of Prohibition against William R. Kahler, a former officer of Primebank, LeMars, Iowa, based on his conviction for an offense taking place during his previous employment at Iowa-Nebraska State Bank, Sioux City, Iowa. Order  6/07/07

  • Fake OCC Correspondence Alert

    The OCC has issued an Alert regarding fictitious emails, faxes, and regular mail items circulating worldwide that claim to be authored by the OCC. They fraudulently encourage recipients to reply to receive funds owed by the OCC and other agencies. Alert; Fake Sample  6/07/07

  • Enforcement Actions Released

    The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in April 2007. List  6/07/07

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of June 5, 2007. Fact Sheet; Sharing Report  6/07/07

  • OCC Publishes Interim Rule in FR for Special Lending Limits

    The Office of the Comptroller of the Currency (OCC) is amending Part 32 to permanently incorporate special
    lending limits for 1–4 family residential real estate loans, small business loans, and small farm loans or extensions of credit. TXT; PDF  6/07/07

  • FRB Annual Report To Congress

    The FRB has delivered its 93rd Annual Report to Congress. Full Report; Index  6/07/07

  • Working Papers Published

    The FRB has published two workings papers, one in the FEDS series on the topic of "Incorporating Vintage Differences and Forecasts into Markov Switching Models" and the other in the IFDP series on the topic of "The Stability of Large External Imbalances: The Role of Returns Differentials." Incorporating Abstract; Incorporating Full Paper; Stability Abstract; Stability Full Paper  6/07/07

  • Fraudulent FDIC Letters Special Alert

    The FDIC has issued a Special Alert regarding fraudulent letters appearing to be from the FDIC that are being faxed to financial institutions. The letters state that "information is sought pursuant to sections 5318(J) and 5318(k) of Title 31 of the United States Code, as added by sections 313 and 319(b) of the USA PATRIOT ACT OF 2001 (Public Law 107-56)." Special Alert  6/06/07

  • Reg D Retail Sweep Guidance Summary Issued

    The FRB has issued a summary of the previously released guidance relating to requirements for a retail sweep program under the Board's Regulation D. Summary  6/06/07

  • Bernanke Discusses the Housing Market and Subprime Lending

    In a presentation via satellite to the participants at the 2007 International Monetary Conference, in Cape Town, South Africa, FRB Chairman Bernanke discussed the U.S. housing market and the impact of subprime lending. He noted that emergence of some serious stresses in subprime mortgage markets have resulted in initiatives taken or planned by the Federal Reserve to respond to the problems in subprime mortgage lending. He stated, "Effective disclosures are the first line of defense against improper lending. If consumers are well informed, they are in a much better position to make decisions in their own best interest." Speech  6/06/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of June 1, 2007. Report  6/06/07

  • Discount Rate Meetings Minutes Released

    The FRB has released the minutes of its discount rate meetings for April 23 and May 7, 2007. Minutes  6/06/07

  • OCC CRA Exam Schedule Released

    The OCC has released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the third quarter of 2007. Schedule   6/05/07

  • Deposit Insurance Late Payment of Assessment Penalties

    The FDIC has issued a FIL that reminds insured institutions that the previously announced new late assessment penalties rule will be effective beginning with the June 29, 2007, assessment collection. Information regarding the new rule was posted in BOL Top Stories November 3, 2006. FIL  6/05/07

  • NCUA Proposes Rulemaking for Chartering and Field of Membership for Federal Credit Unions

    The NCUA Board is proposing amendments to its chartering and field of membership manual to update community chartering policies in response to NCUA's experience with reviewing applications of credit unions seeking community charters. TXT; PDF  6/05/07

  • NCUA Proposes Rulemaking for Federal Credit Union Bylaws

    NCUA is proposing to reincorporate the Federal Credit Union (FCU) Bylaws into NCUA regulations.
    This change clarifies NCUA's ability to use a range of enforcement authorities, in appropriate cases, to enforce the FCU Bylaws. TXT; PDF  6/05/07

  • Wage Bargaining Working Papers Published

    Working papers in the International Finance Discussion Papers (IFDP) series on the topic of "Optimal Fiscal and Monetary Policy with Costly Wage Bargaining" and the Finance and Economics Discussion Series (FEDS) series on the topic of "Bond Risk Premia and Realized Jump Volatility" have been published by the FRB. Optimal Abstract; Optimal Full Paper; Bond Abstract; Bond Full Paper  6/05/07

  • SDN List Additions and Updates Announced

    Treasury has added the names of five individuals and one entity to the SDN List with the SDNTK (Narcotics Kingpin Act) designation. Changes have also been made to twelve existing SGDT (Global Terrorism) entries. Information regarding the additions and the changes has been posted on the BOL OFAC page.  6/04/07

  • CRA Distressed or Underserved Nonmetropolitan Middle-Income Geographies List

    The federal bank and thrift regulatory agencies have made available online the 2007 list of distressed or underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development." The 2007 list and lists from previous years can be found on the FFIEC web site. List; FRB NR; OCC NR; FDIC PR; OTS PR  6/04/07

  • Treasury Economic Update

    Treasury has issued its June 1, 2007 economic update which states that "The economy is on track to rebound in the second quarter and beyond following a slowdown of late-2006 and early this year. The strong labor market will support household spending, and this in turn will drive a continued upturn in business investment." Update  6/04/07

  • FedFlash June 2007 Issue Published

    The June 1, 2007 issue of FedFlash features articles on the following topics: the upcoming change in verification procedures for Electronic Access requests; new FedReceipt RTNs; new cross-shipping fees and standard UCAP fees; changes to deposit of items in carrier documents; changes to the HDGS and PPGS transit number listings; the end of the John Adams $1 Coin special order period; and the removal of 12th District: Endpoints from the Forward Remote Fine Sort program. FedFlash  6/04/07

  • Idaho Quarter Information

    The distribution schedule for the Idaho quarter is now available online. Idaho Quarter  6/04/07

  • New Electronic Interpretations and Actions Announced

    The OCC has announced May 2007 New Electronic Interpretations and Actions. Interpretations and Actions  6/04/07

  • FOMC 2008 Meeting Schedule

    The Federal Open Market Committee (FOMC) has announced its tentative meeting schedule for 2008. Schedule  6/04/07

  • May 2007 Foreign Exchange Rates

    The FRB has released the G.5 Foreign Exchange Rates Report for May 2007. G.5  6/04/07

  • Minority-Owned Banks Report

    The fourth quarter 2007 Minority-Owned Banks Report has been published by the FRB. Report  6/04/07

  • CRA Exam Schedule

    The FDIC has published the list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the third quarter of 2007. Exam Schedule  6/01/07

  • Agencies Issue Nontraditional Mortgage Products Consumer Information Illustrations

    The federal bank, thrift, and credit union regulatory agencies have issued final illustrations of consumer information intended to help institutions implement the consumer protection portion of the Interagency Guidance on Nontraditional Mortgage Product Risks that the agencies adopted October 4, 2006. Illustrations; FRB PR; OCC NR; FDIC PR; OTS PR; NCUA PR  6/01/07

  • FRB Publishes Final Rule in FR for Loans to Executive Officers, Directors and Principal Shareholders in Member Banks

    The Board is adopting amendments to the Board's Regulation O to eliminate certain reporting requirements. These amendments implement section 601 of the Financial Services Regulatory Relief Act of 2006.TXT; PDF  6/01/07

  • OTS Publishes Interim Final Rule in FR for Personal Transactions in Securities

    In this interim final rule, OTS is amending 12 CFR 551.150(a) to provide that certain officers and employees of savings associations file reports of personal securities transactions with the savings association no later than 30 calendar days after the end of each calendar quarter.TXT; PDF  6/01/07

  • First Quarter Earnings Released

    The FDIC has published the Quarterly Banking Profile which announces that commercial banks and savings institutions insured by the regulator reported net income of $36.0 billion in the first quarter of 2007, the fourth highest ever reported by the industry. Earnings  6/01/07

  • Owned and Managed Receivables Report

    The FRB has issued the March 2007 G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report. G.20  6/01/07

  • May 2007 FRB Bulletin Published

    The May 2007 issue of the Federal Reserve Bulletin contains an article entitled, "Industrial Production and Capacity Utilization: The 2006 Annual Revision." Bulletin  6/01/07

04/30/2007

Top Stories for May 2007

  • Counterfeit Cashier's Checks and Money Orders Alerts

    The OCC has issued three Alerts regarding counterfeit cashier's checks and money orders issued in the names of Extraco Banks, N.A., Temple, Texas; Shamrock Bank, N.A., Coalgate, Oklahoma; and First National Bank, Mountain View, Missouri. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  5/31/07

  • 2007 HMDA Guide Online

    The 2007 issue of A Guide to HMDA Reporting has been posted online by the FFIEC. The Guide provides a summary of responsibilities and requirements, directions for assembling the necessary tools, and step-by-step instructions for reporting HMDA data. The Guide is only available online. HMDA Guide  5/31/07

  • HMDA Data Collection Procedures Change

    The FRB has announced that the Federal Reserve Bank of St. Louis has agreed to transfer the collection and processing of HMDA data from each Federal Reserve District to the HMDA Operations Unit at the FRB beginning with the calendar year 2007 HMDA data collected in 2008. HMDA Data  5/31/07

  • NCUA Publishes Technical Amendments to Final Rule

    NCUA is amending a number of its regulations by making minor technical corrections, clarifications and
    grammatical changes. Among those is the addition of a cross-reference between two regulations addressing credit union borrowing authority; addition of a statement in the provision on insurance coverage for volunteer officials to note, etc. It is also removing certain regulatory references to NCUA's FCU Bylaws that are no longer accurate due to revisions. TXT; PDF  5/31/07

  • Reserve Position Report Update

    Treasury has updated the U.S. International Reserve Position Report to include data as of May 25, 2007. Reserve Position  5/31/07

  • FOMC Minutes Released

    The FRB and the Federal Open Market Committee have released the minutes of the Committee meeting held on May 9, 2007. Minutes  5/31/07

  • Large Banks Assets Report Issued

    The March 30, 2007 Insured U.S. Chartered Commercial Banks That Have Consolidated Assets of 4300 Million or More Report has been issued by the FRB. Report  5/31/07

  • Reg O Final Rule

    The Federal Reserve Board announced its adoption of final amendments to Regulation O to eliminate certain reporting requirements. These amendments, identical to those previously adopted as an interim rule on 12/11/2006, implement section 601 of the Financial Services Regulatory Relief Act of 2006. Final Rule  5/30/07

  • HOEPA Meeting Discussion Topics Announced

    The following discussion topics for the previously announced FRB June 14 public hearing under HOEPA have been identified:

    • Prepayment penalties
    • Escrow accounts for taxes and insurance on subprime loans
    • "Stated income" or "low doc" loans
    • Consideration of a borrower's ability to repay a loan

    The purpose of the hearing is to gather information about how the Board might use its rulemaking authority to curb abusive lending practices in the home mortgage market, including the subprime sector, in a way that preserves incentives for responsible lenders to provide credit to borrowers. Comments are also being sought. HOEPA Meeting; Registration  5/30/07

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced new FedReceipt Routing Numbers that will be effective June 4, 2007. Numbers  5/29/07

  • Entities Added To OFAC List

    Three names have been added to the SDN list pursuant to E.O. 13400 of April 26, 2006 as contribuing to
    the conflict in the Darfur region. with the description of [DARFUR]. Thirty-one other entities havea been added to OFAC's SDN list. Information regarding the new additions has been posted on the BOL OFAC page.  5/29/07

  • FHC List Update

    The FRB has updated the Financial Holding Company List with data current as of May 25, 2007. The List contains the names of the bank holding companies that have elected to be treated as a financial holding company (FHC). List  5/29/07

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Community First National Bank of West Plains, West Plains, Missouri. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/25/07

  • SAR Research Guide Updated

    BOL's SAR Research Guide has been updated to include excerpts from FinCEN's May 2007 SAR Activity Review: Trends, Tips and Issues. There are new articles on suspicious activity trends with MSBs, New SAR form completion tips, and 11 new examples of cases resulting from BSA filings.  5/25/07

  • First Quarter 2007 TFR Data and Interest Rate Risk Measure Reports Online

    OTS has posted online the Aggregated Thrift Financial Report (TFR) and the Preliminary Interest Rate Risk Measure Report for the first quarter 2007. TRF; Interest Rate Risk  5/25/07

  • Counterfeit and Fraudulent Checks Special Alerts Issued

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

    • Capital Crossing Bank, a division of Lehman Brothers Bank, FSB, Boston, Massachusetts (Counterfeit Cashier's Checks),
    • Hoosac Bank, North Adams, Massachusetts (Fraudulent Cashier's Checks),
    • CIB Marine Bancshares, Inc., Brookfield, Wisconsin, and Riggs Bank, Washington, DC (Fraudulent Checks), and
    • Independence Bank of Kentucky, Owensboro, Kentucky (Counterfeit Cashier's Checks).

    Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page.  5/24/07

  • Reg Z Amendments Proposed

    The FRB has issued for public comment proposed amendments to Regulation Z (Truth in Lending) that are intended to improve the effectiveness of the disclosures consumers receive in connection with credit card accounts and other revolving credit plans by ensuring that information is provided in a timely manner and in a form that is readily understandable. The proposed amendments principally focus on the rules for open-end credit accounts that are not home-secured, chiefly general-purpose and retail credit card plans. Amendments  5/24/07

  • CMPs Assessed

    Civil money penalties (CMPs) have been assessed by the FRB against East West Bank, Pasadena, California, in the amount of $16,245 and First Sentinel Bank, Richlands, Virginia, in the amount of $4,235 for violations of the National Flood Insurance Act. East West Bank; First Sentinel  5/24/07

  • Consumer Bank Complaint Form Online

    The FRB has posted online instructions and a form to be used by a consumer who wants to file a complaint against a bank. Form  5/24/07

  • HOEPA Public Hearing Registration Online

    A registration form for the FRB public HOEPA hearings on curbing abusive lending practices in the home mortgage market to be held on June 14, 2007, has been posted online. Registration Form  5/24/07

  • Stated Income Subprime Loans Concern Dugan

    In a presentation to the Neighborhood Housing Services of New York, Comptroller Dugan expressed his concern over stated income subprime loans. He noted that in a market where house prices are rising, the risks of stated income loans are masked, since borrowers can refinance if they run into trouble. Speech  5/24/07

  • 2007 National Money Laundering Strategy FIL Issued

    A FIL has been issued by the FDIC regarding the previously announced 2007 National Money Laundering Strategy jointly released by the Departments of Treasury, Justice, and Homeland Security. Information concerning the 2007 National Money Laundering Strategy was posted on the BOL Top Stories May 4, 2007. FIL  5/24/07

  • Thrift Industry First Quarter Earnings Released

    OTS has announced that the nation's thrift industry posted solid earnings and profitability in the first quarter of 2007 despite continued weakness in the housing market and a flat-to-inverted yield curve. Earnings; Charts; Selected Indicators  5/24/07

  • Sanctions Implemented Against Charles Taylor

    OFAC has issued regulations implementing sanctions against the regime of former Liberian President Charles Taylor. The sanctions are not directed against the country of Liberia, the Government of Liberia, or the Central Bank of Liberia. A general license has been issued to authorize transactions previously prohibited with respect to the importation of round logs or timber products originating in Liberia. BOL's OFAC Sanctions Matrix has been updated.  5/24/07

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of May 22, 2007. 314(a); Sharing Report  5/23/07

  • Counterfeit Cashier's Checks Special Alerts

    Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the names of East West Bank, Pasadena, California, and USA Bankchares of Miami, Miami, Florida. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/22/07

  • CRA Ratings Released

    The OCC has released the ratings received by twenty-nine national banks that were recently examined for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  5/22/07

  • CU Assets, Savings and Membership Grow

    Credit unions reported strong savings and asset growth while membership grew to over 86 million people during the first quarter of 2007 according to Call Report data submitted by the country's 8,305 federally insured credit unions. First Quarter Data  5/22/07

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with data current as of May 18, 2007. Reserve Position  5/22/07

  • CRA Median Family Income Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced publication of the U.S. Census and 2007 Department of Housing and Urban Development (HUD) estimated median family incomes for metropolitan statistical areas (MSAs), metropolitan divisions (MDs), and nonmetropolitan portions of each state. The data is used to determine income levels of geographies in Community Reinvestment Act (CRA) performance evaluations. Information concerning the family income data was posted in BOL Top Stories May 8, 2007. Bulletin; Family Income Data  5/21/07

  • IFD Working Paper Published

    A working paper in the International Finance Discussion series on the topic of " U.S. External Adjustment: Is It Disorderly? Is It Unique? Will It Disrupt the Rest of the World?" has been published by the FRB. Abstract; Full Paper  5/21/07

  • No Harm No Foul

    The United Stated Court of Appeals for the First Circuit dismissed a case where the lender used the incorrect model rescission form. The plaintiffs argued that the general rescission form was used instead of one denoting a refinance by the same lender. The court ruled that the disclosure provided may have been incorrect, but was clear, conspicuous and acceptable. Read why in BOL Court Watch under Santos/Rojas vs. Doral.  5/18/07

  • FRB Publishes Technical Amendment to Final Rule for Availability of Funds and Collection of Checks

    The Board of Governors is amending appendix A of Regulation CC to delete the reference to the Nashville
    branch office of the Federal Reserve Bank of Atlanta and reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Atlanta and
    is amending appendix B of Regulation CC to delete the reference to the Nashville branch office.TXT; PDF  5/18/07

  • Anti-Narcotics Designations By OFAC

    OFAC has designated six companies and twelve individuals in Mexico that act as fronts for Ismael Zambada Garcia, the leader of a Sinaloa, Mexico-based drug trafficking organization and added the names to the SDN List. Information regarding the designations has been posted on the BOL OFAC page.  5/18/07

  • Order to Cease and Desist Issued

    OTS has issued an Order to Cease and Desist to The Clifton Heights Savings and Loan Company, Cincinnati, Ohio. The Order, which was effective May 9, 2007, regarded the making of loans to one borrower that exceeded the federal lending limit. Order  5/18/07

  • Delayed Implementation of Revised SAR Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced decision by FinCEN to delay the implementation of the revised SAR form. Information concerning the delay was posted in the BOL Top Stories on April 26, 2007. Bulletin  5/18/07

  • FinCEN Withdrawals Nigerian Advisory

    FinCEN has issued an Advisory informing banks and other financial institutions operating in the United States that Financial Crimes Enforcement Network (FinCEN) Advisory Issue 32, regarding the Federal Republic of Nigeria, is hereby withdrawn. Advisory  5/18/07

  • CAC Meeting Scheduled

    The FRB has announced that the Consumer Advisory Council (CAC) will hold its next meeting at 9:00 a.m., Thursday, June 21, 2007, in the Board's Martin Building, Washington, D.C. The session is open to the public, but registration is necessary for security purposes and may be made online. Agenda; Registration  5/18/07

  • Regulators Discuss Subprime Mortgage Market and Regulatory Reform

    In presentations at the Federal Reserve Bank of Chicago's 43rd Annual Conference on Bank Structure and Competition, in Chicago, Illinois, FRB Chairman Bernanke discussed the subprime lending market and FDIC Chairman Bair discussed regulatory reform. Bernanke Speech; Bair Speech  5/18/07

  • Freis Pledges Commitment to BSA Effectiveness and Efficiency

    FinCEN Director Freis hosted the 27th plenary of the Bank Secrecy Act Advisory Group (BSAAG) and pledged to work closely with all BSAAG members to ensure that the Bank Secrecy Act (BSA) is being administered in the most effective and efficient way. BSAAG  5/18/07

  • 5th Annual Community Development Policy Summit Set

    The Federal Reserve Bank of Cleveland will host "Partnering for Success", the 5th Annual Community Development Policy Summit, on June 21-22, 2007 at the Cleveland Marriot Downtown. Summit; Registration  5/18/07

  • Counterfeit Cashier's/Official Checks Special Alerts

    The FDIC has issued two Special Alerts regarding counterfeit cashier's and official checks bearing the names of Merrimac Savings Bank, Merrimac, Massachusetts, and Provident Bank of Maryland, Baltimore, Maryland. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  5/17/07

  • Unauthorized Banking Special Alert

    The FDIC has issued a Special Alert after being notified by Office of the Superintendent of Financial Institutions (OSFI) of Canada that Borealis International may be conducting banking operations in Canada or the United States without authorization. Other names associated with Borealis International are "The Laiki Group", "The Synergy Group", and "Atlantic Trust Company." Special Alert

  • HUD Race and Ethnic Data Reporting Forms

    HUD has posted online its Race and Ethnic Data Reporting Forms (HUD-27061 and HUD-27061-H) in fillable pdf and Word formats. 2706; 27061-H  5/17/07

  • June 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 June 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. Daily H.15; Weekly H.15  5/17/07

  • Enforcement Actions Released

    The OCC has released the list of enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  5/17/07

  • Flood Violation CMP Assessed

    The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) against Orrstown Bank, Shippensburg, Pennsylvania in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. The Order requires the bank to pay a civil money penalty of $1,665. Order  5/17/07

  • Deposit Insurance Guidelines for Risk Category I Institutions

    The FDIC has issued a FIL regarding the recent approval of guidelines for determining adjustments to be made to the quarterly assessment rates of large Risk Category I insured institutions. FIL  5/17/07

  • SAR Activity Review May 2007 Issue

    The May 2007 issue of the SAR Activity Review Trends, Tips and Issues has been published by FinCEN. SAR Activity Review  5/17/07

  • Industrial Production Report Released

    The FRB has released the G.17 Industrial Production Report for April 2007. G.17  5/17/07

  • IFDP Working Paper Published

    A working paper in the International Finance Discussion Paper series has been published by the FRB on the topic of "Some Simple Tests of the Globalization and Inflation Hypothesis". Abstract; Full Paper  5/17/07

  • Reg CC Amendments Approved

    The FRB has announced the approval of amendments to Appendix A of Regulation CC that reflect the restructuring of the check processing operations of the Federal Reserve Bank of Atlanta and provide notice relating to future changes to Appendix A. Summary; Amendments  5/16/07

  • Enforcement Actions Announced

    The FDIC has announced twenty-one enforcement actions recently taken against banks and individuals in March 2007. The actions included five removal and prohibition orders, 10 civil money penalty orders, and six cease and desist orders. Enforcement Actions  5/16/07

  • May 2007 FedFlash Published

    The May 15, 2007 issue of FedFlash has been published and contains article on Check Relay, Canadian deposit item deadlines, detection of duplicate substitute checks, a change to same day Fed tax payment options, and changes in the delivery of CD images. FedFlash  5/16/07

  • Bernanke Discusses Regulation and Financial Innovation

    In a presentation via satellite to the participants at the Federal Reserve Bank of Atlanta's 2007 Financial Markets Conference, in Sea Island, Georgia, Chairman Bernanke noted that central banks and other regulators should resist the temptation to devise ad hoc rules for each new type of financial instrument or institution. He remarked that the goal of regulation should be to preserve those benefits while achieving important public policy objectives, including financial stability, investor protection, and market integrity. Speech  5/16/07

  • Spring 2007 Issue Consumer News Published

    The FDIC has published the Spring 2007 issue of Consumer News that features a look at some revolutionary new ways to conduct daily financial transactions using high-tech cards and cell phones, along with tips for choosing and using these services. Other articles include advice for adjustable-rate mortgage (ARM) borrowers that may help them avoid losing their home if they are unable to make monthly payments when the interest rate goes up, and tips for avoiding inappropriate or fraudulent investments. Consumer News  5/16/07

  • User's Guide to U.S. Cross-Border Derivatives Data

    The May 20007 Federal Reserve Bulletin contains an article regarding a user's guide to U. S. cross-derivatives data. Bulletin  5/16/07

  • Cost of Funds Reports Released

    OTS has released the current and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Current; Historical  5/16/07

  • March TIC Data Released

    Treasury has released the Treasury International Capital (TIC) data for March 2007. TIC  5/16/07

  • Expanded Examination Cycle SR Letter Issued

    The FRB has issued a Supervisory Letter regarding the previously announced expanded examination cycle for certain financial institutions. Information regarding the new cycle was posted on the April 4, 2007, BOL Top Stories. SR Letter  5/15/07

  • OCC To Host Community Bank Directors Credit Risk Workshop

    The OCC will host a credit risk workshop for national community bank directors at the Congress Hotel, Cape May, New Jersey, on June 19, 2007. Workshop Information; Online Registration  5/15/07

  • Bank Lending Practices Opinion Survey Results Released

    The results of the April 2007 Senior Loan Officer Opinion Survey on Bank Lending Practices has been released by the FRB. Summary; Full Report  5/15/07

  • International Reserve Position Update

    Treasury Department has released U.S. reserve assets data for the week ending May 11, 2007. Reserve Position  5/15/07

  • Counterfeit Cashier's Checks Special Alerts

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

    • The First Bank and Trust Company, Abingdon, Virginia;
    • Metcalf Bank, Overland Park, Kansas;
    • Marblehead Savings Bank, Marblehead, Massachusetts;
    • First Community Bank, Winston- Salem, North Carolina; and
    • Empire Bank, Indianapolis, Indiana.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/14/07

  • Unauthorized Banking Special Alert

    The FDIC has issued a Special Alert after being notified by Superintendencia de Bancos de Panama that an entity calling itself, Ready State Bank of Panama, is promoting several banking services and products, primarily in Caracas, Venezuela. The entity is not authorized to engage in the business of banking within or from the Republic of Panama. Special Alert  5/14/07

  • Notice of Settlement Guidance Issued

    The FRB has issued a SR/CA letter to provide guidance to banking organizations under its supervision of requirements for filing notice of proposed settlements of class action litigation. Letter  5/11/07

  • Bank Examination Cycle Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced interim rule that amends 12 CFR 4 to expand description of banks qualified for the 18-month examination cycle. Information concerning the interim rule was posted on the April 10, 2007 BOL Top Stories. Bulletin; Interim Rule  5/11/07

  • Assistance For Kansas Institutions and Communities Announced

    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 Kiowa County, Kansas, which suffered major damage from tornadoes on May 4, 2007. FIL  5/11/07

  • CU Liquidated

    NCUA has announced that Sharebuilders Federal Credit Union, of Northridge, California, was liquidated on April 25, 2007. Liquidation  5/11/07

  • CRA Ratings Released

    The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) containing the evaluation ratings assigned to institutions in February 2007. Ratings  5/10/07

  • Fed Funds Rate Unchanged

    The FRB FOMC has announced that the committee has decided at its May 9, 2007 meeting to keep the target for the federal funds rate at 5-1/4 percent. Meeting  5/10/07

  • Prohibition Orders Issued

    NCUA has issued orders prohibiting Glenn W. Culler, former CEO of the former Ackerman Credit Union, Columbus, Ohio; and Michael D. Monette, former collections supervisor of Vermont Federal Credit Union, Burlington, Vermont, from participating in the affairs of any federally insured financial institution. Culler Order; Monette Order  5/10/07

  • Advance Fee Credit Card Scam Stopped

    A federal district court in Illinois has entered final orders against three people based in Canada who allegedly defrauded U.S. consumers out of more than $9 million through the sale of phony advance-fee credit cards. Summary; Orders  5/10/07

  • Early Savings Bonds Redemptions Authorized

    FRB Financial Services has authorized savings bond agent serving Kiowa County, Kansas, to redeem Series EE and I savings bonds less than one year old presented during the months of May and June 2007. Early Redemptions  5/09/07

  • 314(a) Fact Sheet New Information

    FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with Financial Industry Report with the inclusion of data current as of May 8, 2007. 314(a) Fact Sheet; Sharing Report  5/09/07

  • International Reserve Position Update

    The U.S. International Reserve Position Report has updated by Treasury with data current as of May 4, 2007. Reserve Position  5/09/07

  • Seven Counterfeit Checks Alerts Issued

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

    • City National Bank of West Virginia, Charleston, West Virginia;
    • Temecula Valley Bank, Temecula, California;
    • Lincoln County Bank, Merrill, Wisconsin;
    • TriCentury Bank, Simpson, Kansas;
    • North Shore Bank, a Co-operative Bank (also known as North Shore Bank), Peabody, Massachusetts;
    • Millennium State Bank of Texas, Dallas, Texas; and
    • The Bank of Carbondale, Carbondale, Illinois.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/08/07

  • 2007 Estimated Metropolitan Area Median Family Income Data Online

    The FFIEC has posted on its Web page the HUD 2007 Estimated Metropolitan Area Median Family Income data. Family Income  5/08/07

  • OTS Publishes Interim Final Rule in Federal Register for Prohibited Service at Savings and Loan Holding Companies

    OTS is adopting an interim final rule implementing section 710(a) of the Financial Services Regulatory
    Relief Act of 2006, which added a new section 19(e) to the Federal Deposit Insurance Act (FDIA) prohibiting any person who has been convicted of any criminal offense involving dishonesty, breach of trust, money laundering or has agreed to enter into a pretrial diversion or similar program in connection with a
    prosecution for such an offense from holding certain positions with respect to a savings and loan holding company (SLHC).TXT; PDF  5/08/07

  • April 2007 FRB Bulletin Statistical Supplement Published

    The FRB has published the April 2007 Statistical Supplement to the FRB Bulletin. Supplement  5/08/07

  • OFAC CMPs Announced

    OFAC has announced the civil money penalties assessed for violations of various Sanctions Programs. One financial institution, Fleet National Bank, remitted $7,277 to settle allegations of violations of the Iranian Transactions Regulations. CMPs  5/07/07

  • Prohibition Orders Issued

    NCUA has issued orders prohibiting Willie Brown, a former official and chairman of the former Mt. Hebron Baptist Federal Credit Union, Philadelphia, Pennsylvania, and Dorothea Brown, former treasurer of the former Mt. Hebron Baptist Federal Credit Union, Philadelphia, Pennsylvania, from participating in the affairs of any federally insured financial institution. W. Brown Order; D. Brown Order  5/07/07

  • CRA Ratings Announced

    OTS has announced the ratings received by the savings associations that were recently examined for compliance with the CRA. Ratings  5/07/07

  • HMDA FAQs Updated

    The FFIEC has updated its HMDA frequently asked questions (FAQs) Web page with the addition of Reverse Mortgages questions. FAQs  5/07/07

  • OFAC Cartel Impact Report Released

    OFAC released the Impact Report on Economic Sanctions Against Colombian Drug Cartels, a report reviewing OFAC's efforts to expose and isolate significant Colombian narcotics traffickers and their associates, and disrupt and dismantle their business empires. The report provides detailed documentation on each of the 21 Colombian drug cartel principals and organizations that have been targeted by OFAC. Report  5/07/07

  • Fraudulent FDIC Email Contains Malicious Software

    The FDIC has issued a Consumer Alert regarding report of an e-mail that appears be from the FDIC and delivers malicious software to the recipient's computer. Consumer Alert  5/07/07

  • OTS Performance Plan Published

    OTS has published its 2007 Performance Plan. Plan  5/07/07

  • 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:

    • Border State Bank, Greenbush, Minnesota;
    • Mercantile Southern Maryland Bank, Leonardtown, Maryland;
    • The Citizens Bank of Philadelphia, Philadelphia, Mississippi; and
    • Frontenac Bank, Earth City, Missouri.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/04/07

  • 2007 National Money Laundering Strategy Announced

    The Departments of Treasury, Justice, and Homeland Security have jointly issued the 2007 National Money Laundering Strategy that details in one hundred twelve pages the continued efforts to dismantle money laundering and terrorist financing networks and bring these criminals to justice. Strategy; Treasury PR  5/04/07

  • HOEPA Hearing Scheduled

    The FRB has announced that it will hold a public hearing, under the provisions of Home Ownership and Equity Protection Act (HOEPA), to gather information on how the regulator might use its rulemaking authority to curb abusive lending practices in the home mortgage market, including the subprime sector. The hearing is scheduled for Thursday, June 14, 2007, at the Federal Reserve Board offices at 20th and C Streets, N.W., Washington, D.C. HOEPA Hearing  5/04/07

  • Unauthorized Banking Alert Issued

    The OCC has issued an Alert regarding the Ready State Bank of Panama who is promoting several banking services and products through an office located in the State of Florida. The Superintendecia de Bancos de Panamahas informed the OCC that the Bank is not a banking entity authorized to engage in the banking business within or from the Republic of Panama. Alert   5/04/07

  • March Asset and Liability Price Tables Published

    OTS has published the Asset and Liability Price Tables as of March 31, 2007. Tables  5/04/07

  • FDIC Issues First Quarter Letter to Stakeholders

    The FDIC has issued a FIL regarding the First Quarter 2007 Letter to Stakeholders that summarizes the agency's performance in depositor protection, mission support, and resource management. FIL; Letter  5/04/07

  • Reserve Assets Report Release

    The April 2007 Statistical Supplement to the Federal Reserve Bulletin, that contains the 3.12 U.S. Reserve Assets and the 3.13 Foreign Official Assets Held at Federal Reserve Banks reports, has been issued. Statistical Supplement  5/04/07

  • Counterfeit Cashier's Checks Special Alerts

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of Latimer State Bank, Wilburton, Oklahoma, and River Valley State Bank, Wausau, Wisconsin. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/03/07

  • March 2007 Call Report Information

    The filing information for March 31, 2007 Call Reports is now available. March Call Reports  5/03/07

  • FRB Consumer Survey Distributed

    The FRB has begun the mailing to over 10,000 households the annual Survey of Consumer Finances that provides policymakers with important insight into the economic condition of all types of American families. A letter from Chairman Bernanke urges participation in the study. Survey Information; Letter  5/03/07

  • Fraudulent Letter Special Alert

    The FDIC has issued a Special Alert regarding fraudulent letters that are being sent to financial institutions in the United States and other countries. The letters instruct the financial institution to deposit an enclosed official or cashier's check into a customer's account. Information concerning the fraudulent letters has been posted on the BOL Alerts & Counterfeits Page.  5/02/07

  • Bulletin Issued Regarding BSA/AML Final Rule

    The OCC has issued a Bulletin regarding the previously announced Final Rule issued by FinCEN that imposed special measures against Banco Delta Asia (BDA) designated by Treasury as a financial institution of primary money laundering concern. Information regarding the Final Rule was posted in the March 15, 2007 BOL Top Stories. Bulletin  5/02/07

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the New Electronic Interpretations and Actions for April 2007. Electronic  5/02/07

  • Bernanke Discusses Free Trade and The Global Economy

    In a presentation at the Montana Economic Development Summit 2007, Chairman Bernanke discussed the crucial economic benefits received from the ongoing expansion of international trade. He noted that our continued prosperity depends on our embracing the many opportunities provided by trade, even as we provide a helping hand to individuals and communities that may have suffered adverse consequences. Speech  5/02/07

  • FedFlash May Issue Published

    FRB Financial Services has published the May 2007 issue of FedFlash that features articles on the following topics: the release date for the new John Adams $1 coin, the FedReceipt RTNs, the implementation of ACH weekend file landing, and the elimination of the Off-Peak National Sort Product. FedFlash  5/02/07

  • April Foreign Exchange Rates Released

    The FRB has issued the G.5 Foreign Exchange Rates report for April 2007. G.5  5/02/07

  • Orders of Prohibition Issued

    The FRB has issued two Orders of Prohibition, one against Bonnie C. Milne, a former employee and institution-affiliated party of First Interstate Bank, Casper, Wyoming, and the other against Cheryl McMillan, a former cashier and institution-affiliated party of the Bank of Durango, Durango, Colorado. Milne Order; McMillan Order  5/01/07

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced the availability of new FedReceipt routing numbers. Routing Numbers  5/01/07

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with data current as of April 27, 2007. Reserve Position  5/01/07

  • Market Financing Estimates Announced

    Treasury has announced its current estimates of net marketable financing for the second and third quarters of 2007. Estimates  5/01/07

  • Money Start Program Aids Consumers

    A Gallup survey results indicate that those who took the FDIC Money Smart course were more likely to open deposit accounts, save money, use and adhere to a budget, and have increased confidence in their financial abilities. FDIC Chairman Blair, in testimony before a subcommittee of the Senate Committee On Homeland Security And Governmental Affairs, described the program and stated, "This unprecedented survey shows that financial education works and can make a significant difference in the way people save and spend their money". Survey Summary; Full Results; Statement  5/01/07

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