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Top Story Lending Related

05/14/2006

FDIC CRA ratings

The ratings received by banks recently examined for CRA compliance have been released by the FDIC.

05/14/2006

OCC Seattle workshops announced

The Office of the Comptroller of the Currency will host two workshops in Seattle on July 8–9. The "Risk Assessment" and "Credit Risk" workshops are designed exclusively for directors of institutions supervised by the OCC. The risk assessment workshop discusses the OCC's approach to risk-based supervision, and best practices to identify, measure, monitor and control risk. The credit risk workshop focuses on the roles of the board and bank management, current events, emerging industry trends, and a range of credit issues, from the credit approval process, to managing credit risk, to collections. Registration is open for each workshop.

04/30/2006

Top Stories for May 2006

  • Snow Resigns

    Treasury Secretary Snow submitted his resignation to President Bush in a letter dated May 30. 2006. The President accepted his resignation and nominated Hank Paulson, Chairman and Chief Executive Officer of the Goldman Sachs Group, as his replacement. Letter; Nomination    5/31/06

  • BSA Direct Project Assessment Extended

    FinCEN has announced that the temporary stop work order on the Retrieval and Sharing Component of the BSA Direct project will be extend for an additional 30 days at the request of the team working on an assessment of the project. Extension   5/31/06

  • Reg CC Check Processing Amendments Announced

    The FRB has announced amendments to Appendix A of Regulation CC that reflect the previously announced restructuring of the Federal Reserve's check processing operations in the Second and Third Districts. Reg CC
       5/31/06

  • New Electronic Interpretations and Actions Online

    The OCC has posted online the May 2006 issue of New Electronic Interpretations and Actions. Electronic   5/31/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of data as of May 26, 2006. Reserve Position   5/31/06

  • Misprinted Treasury Checks Special Notice Issued

    The Federal Reserve Financial Services has issued a special notice concerning Treasury checks dated May 24, May 26 and June 1, 2006, that may contains a partially printed MICR line. Financial institutions are instructed to accept the Treasury checks. Information regarding the misprinted Treasury checks has been posted on the BOL Alerts & Counterfeits page.   5/30/06

  • FedACH Monitoring Service Online Seminar

    Federal Reserve Financial Services has announced that an online seminar is available regarding the FedACH Risk Origination Monitoring Service. The presentation, Shedding Light On ACH Risk, features video webisodes and an ACH risk quiz. Seminar.   5/30/06

  • Bank Failure Record Set

    The FDIC has announced that there has not been a failure of an FDIC-insured institution in more than seven quarters. The last failure was on June 25, 2004. This is the longest interval without an insured institution failure in the FDIC's 73-year history. In addition, commercial banks and savings institutions insured by the FDIC reported a record quarterly net income of $37.3 billion for the first three months of 2006, eclipsing the previous quarterly high of $34.6 billion set in the third quarter of 2005.Records.   5/30/06

  • FRB publishes Correction to Final Rule for Reg Z

    FRB published a CFR correction in the FR to the periodic statement for Final Rule for Reg Z, originally published in FR on 1/01/06. TXT, PDF .    5/30/06

  • FCRA Medical Information Compliance Examination Procedures Issued

    The FDIC has issued a FIL announcing that the FFIEC Task Force on Consumer Compliance has approved examination procedures to assess compliance with the medical information regulations that became effective on April 1, 2006. The regulations implement the Protection of Medical Information provisions of the FCRA, as amended by the FACT Act. The new procedures are effective with the issuance of the FIL.
    Procedures; FIL    5/26/06

  • Fraudulent And Counterfeit Checks Alerts Issued

    The OCC has issued two Alerts regarding fraudulent checks issued with a fictitious bank name, Northridge Bank, Austin, Texas, are being presented for payment and counterfeit cashier's checks bearing the name of The Honesdale National Bank of Honesdale, Pennsylvania. Information regarding the checks has been posted on the BOL Alerts & Counterfeits page    5/26/06

  • Special Alerts Issued

    Four Special Alerts regarding counterfeit cashier's, official, and dividend checks have been issued by the FDIC. Cashier's Checks bearing the name of:

    • Northrim Bank, Anchorage, Alaska
    • 1st Constitution Bank, Cranbury, New Jersey
    • Official Checks bearing the name of East Cambridge Savings Bank, Cambridge, Massachusetts
    • Dividend Checks bearing the name of Delta National Bancorp, Manteca, California

    Information regarding the checks has been posted on the BOL Alerts & Counterfeits page    5/26/06

  • FRB Issues 2006 Hurricane Contact Information

    The FRB of Atlanta has released its 2006 hurricane season preparation and contact information. Hurricane Information    5/26/06

  • First Quarter 2006 Quarterly Banking Profile Published

    The FDIC has published the Quarterly Banking Profile for the first quarter 2006. Quarterly Banking Profile    5/26/06

  • CU First Quarter Call Report Information Released

    NCUA has released the CU Call Report information for the first quarter 2006. Call Report    5/26/06

  • Reich Appears Before House Oversight Subcommittee

    The OTS Director has made a presentation at the Oversight Hearing on the OTS before the House Subcommittee on Oversight and Investigations of the Committee on Financial Services. He reviewed the activities of the OTS and the current state of the thrift industry. Speech    5/26/06

  • Chinese World Trade Working Paper Published

    A working paper in the IFDP series on the topic of Exchange-Rate Effects on China's Trade: An Interim Report has been published by the FRB. Abstract; Full Paper    5/26/06

  • ID Theft Prevention Special Alert

    The FDIC has issued a Special Alert that urges financial institutions to be vigilant against the misuse of personal information for both new and existing customers. The Alert specifically references the recent announcement by the VA that electronic data on approximately 26.5 million veterans and some spouses may have been compromised. Special Alert    5/25/06

  • Issue 6 Of SAR Activity Review Published

    FinCEN has published Issue 6 of the SAR Activity Review - By the Numbers that contains information on SARs filed from April 1, 1996 to December 31, 2005. SAR   5/25/06

  • 314(a) Fact Sheet Update

    The 314(a) Fact Sheet has been updated by FinCEN to include data received from financial institutions as of May 23, 2006. Fact Sheet    5/25/06

  • FDIC Proposed Rulemaking Correction regarding Assessments

    FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
    published in the Federal Register of May 18, 2006, regarding Assessments. TXT, PDF .    5/25/06

  • FDIC Proposed Rulemaking Correction regarding One-Time Assessment Credits

    FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
    published in the Federal Register of May 18, 2006, regarding the One-time Assessment Credit. TXT, PDF .    5/25/06

  • FDIC Proposed Rulemaking Correction regarding Dividends

    FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
    published in the Federal Register of May 18, 2006, regarding Dividends. TXT, PDF .    5/25/06

  • Community Director Workshops To be Held in New Jersey And Illinois

     
    The OCC will hold workshops for national community bank directors on June 20-21, 2006 in Springfield, Illinois, and on June 27, 2006 in Morristown, New Jersey. Springfield Workshop; Morristown Workshop   5/24/06

  • Bernanke Discusses The Need For Financial Literacy

    In a presentation to the Senate Committee on Banking, Housing, and Urban Affairs, Chairman Bernanke emphasize the importance of financial literacy, both as a source of better decision making by consumers and as a means of improving the functioning of financial markets. He also listed some of the significant System and Federal Reserve District programs and collaborative efforts in financial and economic education.
    Speech
       5/24/06

  • FDIC Performance Plan Released

    The FDIC has released the agency's Corporate Annual Performance Plan that sets out specific annual performance goals, indicators and targets for each of its three major business lines of Insurance, Supervision, and Receivership Management. Plan   5/24/06

  • Monetary Policy Working Paper Published

    The FRB has published a working paper in the IFDP series with the title of Can the U.S. Monetary Policy Fall (Again) in an Expectation Trap? Abstract; Full Paper   5/24/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position with the addition of data as of May 19, 2006.
    Reserve Position   5/24/06

  • AML Deficiencies Result In Written Agreement

    The FRB has announced the execution of a Written Agreement by and among Texas State Bank, McAllen, Texas, the Federal Reserve Bank of Dallas, and the Texas Department of Banking. The bank has agreed to develop an acceptable written BSA/AML program to insure compliance with all applicable AML laws, rules, and regulations. Written Agreement   5/22/06

  • Order Of Prohibition Issued

    An Order of Prohibition has been issued by the FRB against Yolanda Salido, a former institution-affiliated party of Gulf Bank, Miami, Florida, due to her alleged participation in violations of law and breaches of fiduciary duty to the bank and its customers regarding her alleged embezzlement of funds from the bank through a variety of schemes over several years. Order   5/22/06

  • BSA/AML Violations CMPs Assessed

    FinCEN, the FDIC, and the New York State Banking Department have announced the assessment of $600,000 in CMPs against Liberty Bank of New York for violations of federal and state anti-money laundering laws and regulations. The bank failed to implement an adequate BSA/AML program, with internal controls and appropriate measures to detect and report money laundering and other suspicious activity in a timely manner. FDIC Order; FinCEN Order; New York Banking Dept Order   5/22/06

  • Dugan Says Supervisory Process Must Support Banking Industry

    In a presentation at the Conference on Bank Structure and Competition, sponsored by the Federal Reserve Bank of Chicago, Comptroller Dugan noted that the supervisory process must support a competitive banking industry that takes risks and innovates, while also ensuring a safe and sound system that avoids excessive risks. He stated, "Knowing when to intervene in business of the banking system, and to what degree, will always demand the exercise of subjective judgment." Speech   5/22/06

  • Strong First Quarter Posted By Thrift Industry

    OTS has reported that the nation's thrift industry posted strong earnings and profitability, solid loan growth and healthy asset quality in the first quarter of 2006. Highlights; Charts; Selected Indicators   5/22/06

  • Twenty-Four CRA Ratings Released

    The OCC has released the ratings received by twenty-four national banks that were recently examined for compliance with the provisions of the CRA. Ratings   5/19/06

  • Enforcement Actions Announced

    Thirteen new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks have been announced by the OCC. Enforcement Action    5/19/06

  • Bernanke Analyses Basel II

    In a presentation at the FRB of Chicago's 42nd Annual Conference on Bank Structure and Competition, Chairman Bernanke commented on the promises and challenges banks will face with the implementation of Basel II. He noted that Basel II represents the concerted efforts of the supervisory community, in consultation with banks and other stakeholders, to develop a more risk-sensitive and more comprehensive framework for assessing capital adequacy. The step-by-step implementation plan, which all the U.S. banking agencies support, should ensure that banking organizations maintain strong capital positions throughout the transition years and after. Speech   5/19/06

  • Working Papers Published

    The FRB has published two working papers in the IFDP series on the topics of Currency Hedging and Corporate Governance: A Cross-country Analysis and Trade Adjustment and the Composition of Trade. Currency Abstract; Currency Full Paper; Trade Abstract; Trade Full Paper   5/18/06

  • FDIC Proposes Dividend Requirements Implementation

    The FDIC publishes proposed rule in FR to amend 12 CFR 327 to implement the
    dividend requirements in the recently enacted Federal Deposit Insurance
    Reform Act of 2005 ("Reform Act") and the Federal Deposit Insurance
    Reform Conforming Amendments Act of 2005 ("Amendments Act") for an
    initial two-year period. 71FRE6-7585 TXT, 71FRE6-7585 PDF.    5/18/06

  • FDIC Proposes One-Time Assessment Credit

    FDIC publishes proposed rule in FR to amend 12 CFR part 327 to implement the one-time assessment
    credit for certain eligible insured depository institutions required by the Federal Deposit Insurance Act ("FDI Act") as amended by the Federal Deposit Insurance Reform Act of 2005 ("Reform Act"). 71FRE6-7583 TXT, 71FRE6-7583 PDF.    5/18/06

  • FDIC Proposes Quarterly Assessment Collection and 3-Year Retention Period

    The FDIC publishes proposed rule in FR to amend 12 CFR part 327 to make the deposit insurance assessment system react more quickly and more accurately to changes in institutions' risk profiles, and to eliminate causes for complaint by insured depository institutions. 71FRE6-4657 TXT, 71FRE6-4657 PDF.    5/18/06

  • FRB publishes Amendment to Equal Credit Opportunity Rule

    The FRB publishes technical amendments to Equal Credit Opportunity Final Rule that
    corrects the address of the Office of the Comptroller of the Currency as published in the Federal Register on March 7, 2006. FR Vol. 71, No. 95, Page 28563 TXT, FR Vol. 71, No. 95, Page 28563 PDF.    5/17/06

  • FRB publishes Final Rule to Extend Credit by Federal Reserve Banks

    FRB publishes Final Rule in FR that adopts final amendments to Regulation A to reflect the Board's
    approval of an increase in the primary credit rate at each Federal Reserve Bank.71FR06-4592 TXT, 71FR06-4592 PDF.    5/17/06

  • June HOEPA Rate Set

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in June 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; (A weekly rate inclusive of the 15th will not be published until next week.)    5/17/06

  • Financial Literacy Programs May Qualify For CRA Credit

    In comments during his attendance at the Financial Literacy and Education Commission, Comptroller Dugan noted that involvement in financial literacy programs helps banks develop new customers while enhancing their visibility in the communities they serve and that participation may receive positive consideration under the Community Reinvestment Act. Comments    5/17/06

  • Spring Issue FDIC Consumer News Published

    The FDIC has published the Spring 2006 Issue of the FDIC Consumer News which contains articles on the following topics: FDIC Insurance: Do You Know As Much As You Think You Know?; Misconceptions: A Top 10 List; FDIC Insurance: What's New, What's Not; How to Fully Insure Much More than $100,000; and Answers to Common Questions About Debit Cards. Consumer News    5/17/06

  • FIL Issued Regarding Interagency Statement

    The FDIC has issued a FIL regarding the previously announced interagency statement concerning internal controls and risk-management procedures that should be used by financial institutions to identify, manage and address the heightened legal or reputational risks that may arise from their involvement in certain complex structured finance transactions. Information regarding the statement was posted in the May 10, 2006 BOL Top Stories. FDIC FIL    5/17/06

  • Industrial Production Report Issued

    The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for April 2006. G.17    5/17/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of May 12, 2006. Reserve Position    5/17/06

  • Seven Counterfeit Special Alerts Issued

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

    • North Valley Bank, Redding, California
    • Heritage Bank of Schaumburg, Schaumburg, Illinois
    • First American Bank & Trust, Sioux Falls, South Dakota
    • MB Financial Bank, N.A., Chicago, Illinois,
    • Farmers Bank, San Antonio, Texas
    • Bank of Lake Mills, Lake Mills, Wisconsin

    Another Special Alert was issued concerning counterfeit bank drafts bearing the name of Farmers State Bank, Pittsfield, Illinois. Information concerning the counterfeit checks and drafts has been posted on the BOL Alerts & Counterfeits page.   5/16/06

  • Mortgage Fraud Data To Be Shared

    FinCEN and the Office of Federal Housing Enterprise Oversight (OFHEO) have reached an agreement to facilitate the sharing of information by OFHEO of its examination findings regarding actual or suspected mortgage fraud with FinCEN, who will include the information in its BSA database. Agreement   5/16/06

  • March TIC Data Released

    Treasury has released the TIC Data for March 2006. TIC   5/16/06

  • Lending Practices Opinion Survey Results Published

    The FRB has published the April 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices which addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. The survey also contained a set of special questions on the minimum required payment on outstanding credit card balances of individuals and households. Full Report; Table 1; Table 2; Charts   5/16/06

  • May Issue Of FedFlash Online

    FRB Financial Services has posted online the May 15, 2006 issued of FedFlash which features articles on the following topics: Go Direct Online enrollment; information for TT&L FedMail and TT&L Plus users; national pricing for the Electronic Reject Repair Service; processing returns if FedACH interruptions occur; Account Service updates; and new FedReceipt routing numbers. May FedFlash   5/16/06

  • Cost Of Funds Reports Issued

    OTS has issued the historical and March 2006 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; March 2006   5/16/06

  • Counterfeit Cashier's Checks Alerts Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Rockport National Bank of Rockport, Massachusetts, and the FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Farmers Bank, San Antonio, Texas, and the routing number assigned to Extraco Banks, N.A., Temple, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   5/12/06

  • Terrorist Assets Report Issued By OFAC

    OFAC has issued its annual report to Congress of assets in the United States of terrorist countries and international terrorist program designees. Report   5/12/06

  • FDIC Reference Book Compiled

    A Legal Support Services Deskbook has been prepared by the FDIC to provide policies and procedures, shell contracts, and standard forms for in-house attorneys, experts, and legal support services providers. Deskbook   5/12/06

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with the addition of data as of May 9, 2006. 314(a) Fact Sheet   5/12/06

  • FRB Bulletin Statistical Supplement Published

    The April 2006 Statistical Supplement to the FRB Bulletin has been published. Supplement   5/12/06

  • Flood Violation CMP Issued

    The FRB has issued a consent Order of Assessment of a $16,350 CMP against United Bank, Parkersburg, West Virginia, for alleged violations of Reg H. Order   5/11/06

  • OCC Issues Counterfeit Checks Alerts

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Peoples National Bank of Hallstead, Pennsylvania, and counterfeit cashier's checks and fictitious business checks issued in the name of First Bank & Trust, N.A., Canton, South Dakota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts &Counterfeits page   5/11/06

  • Fed Funds Rate To 5%

    The FOMC has raised the target for the federal funds rate and the discount rate by 25 basis points to 5 percent and 6 percent respectfully. Rates   5/11/06

  • Belarus Guidance Issued

    FinCEN has issued a Bulletin that contains an advisory to U.S. financial institutions regarding a potential ML threat involving Belarusian government senior foreign political officials and their related interests.
    Bulletin; Advisory   5/11/06

  • FTC Announces ID Theft Education Program

    The FTC and the Justice Department have launched a nationwide ID theft campaign and will send "AvoID Theft: Deter, Detect, Defend" education kits to victim advocates across the country including financial institutions. A Web site has been created that contains links to information of regarding combating ID theft. Campaign; Web Site   5/11/06

  • FILs Issued

    The FDIC has issued two FILs regarding the effect of the Federal Deposit Insurance Reform Act on the Call Report and update of FDIC deposit insurance brochures. Call Report FIL; Brochures FIL   5/11/06

  • Five FEDS Working Papers Published

    The FRB has published five working papers in the FEDS series on the following topics: Do Macro Variables, Asset Markets, or Surveys Forecast Inflation Better?; Consumer Use of Debit Cards: Patterns, Preferences, and Price Response; The Choice at the Checkout: Quantifying Demand Across Payment Instruments; Captive Markets: The Impact of Kidnappings on Corporate Investment in Colombia; and A Retrospective Evaluation of the Effects of Temporary Partial Expensing. Macro Variables Abstract; Marco Variables Full Paper; Debit Cards Abstract; Debit Cards Full Paper; Checkout Abstract; Checkout Full Paper; Captive Markets Abstract; Captive Markets Full Paper; Evaluation Abstract; Evaluation Full Paper   5/11/06

  • Assets Reports Released

    The 3.12 U.S. Reserve Assets report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks report for March 2006 have been released by the FRB. Reports   5/11/06

  • MSB Assessed CMP By FinCEN

    FinCEN has announced the assessment of a $10,000 CMP against Frosty Food Mart, a money services business located in Tampa, Florida, for failing to develop and implement a written AML program reasonably designed to ensure compliance with the BSA and the failure to file 80 CTRs. CMP   5/10/06

  • Comments Requested On Revised Elevated Risk Statement

    The FRB, OCC, FDIC, OTS and SEC have requested public comment on a revised proposed statement on the complex structured finance activities of financial institutions. The statement describes the types of internal controls and risk management procedures that can be implemented by financial institutions to identify, manage and address the legal and reputational risks that may arise from certain complex structured finance transactions. Statement; FRB PR; OCC Bulletin; FDIC PR; OTS PR; SEC PR   5/10/06

  • FinCEN Extends MSB Comment Period

    The comment period of the previously announced ANPR that seeks input from both the money services business industry and the banking industry on the issue of money services businesses obtaining access to banking services has been extend by FinCEN for an additional 60 days to July 10, 2006. Extension; ANPR   5/10/06

  • FDIC Assessment Rates Unchanged

    FDIC has announced that the assessment rates charged to insured banks and savings associations unchanged for the second half of 2006. Rates   5/10/06

  • One-Time Credit Proposed For Deposit Insurance Assessments

    The FDIC is seeking comments on three proposed rules governing deposit insurance assessments under the Deposit Insurance Reform Act of 2005, regarding the allocate a one-time $4.7 billion assessment credit among insured institutions; establishment of a two-year interim rule governing the payment of dividends from the Deposit Insurance Fund; and operational and procedural changes to the FDIC's assessment regulations. Comments; Credit; Dividend Payment; Regulations   5/10/06

  • Credit Card Lending Bulletin Issued

    OTS has issued a Bulletin announcing an update of the credit card lending section of the Examination Handbook that provides guidance to OTS examiners and savings association personnel regarding credit card operations. Bulletin   5/09/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of May 5, 2006. Reserve Position   5/09/06

  • CRA Ratings Announced

    OTS has announced the ratings that become publicly available in April 2006 for savings associations that were recently evaluated for compliance with the CRA. Ratings   5/08/06

  • Counterfeit Cashier's Checks Special Alert Issued

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Enterprise Federal Savings Bank, Largo, Maryland, and the routing number assigned to First Liberty National Bank, Washington, D.C. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    5/08/06

  • New Flood Form Information

    In the May 1, 2006 Top Stories (below) we told you about a new flood form which was made available on the FEMA website. We saw no press release or instructions. But FEMA has now posted more information denoting a mandatory use date of July 1, 2006.   5/08/06

  • Consumer Credit Report Released

    The FRB has released the March 2006 G.19 Consumer Credit Report. G.19   5/08/06

  • Counterfeit Checks Special Alerts Issued

     
    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Gateway Bank & Trust Company, Elizabeth City, North Carolina; and counterfeit teller's checks bearing the name of Calvert Bank and Trust Company, Prince Frederick, Maryland, which has merged into Mercantile Southern Maryland Bank, Leonardtown, Maryland. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   5/05/06

  • CRA Ratings Released

    The FDIC has released the CRA ratings assigned in February 2006 to state nonmember banks recently evaluated for compliance with the CRA. CRA Ratings   5/05/06

  • Mutual Funds To File SARs

    FinCEN has announced a final rule that requires mutual funds to file SARs on suspicious transactions. The final rule creates a reporting requirement that is uniform with reporting requirements already established for banks, broker-dealers, casinos, and money services businesses. Final Rule   5/05/06

  • Cross-Border Securities Bulletin Issued

    The FRB has issued a Bulletin regarding an article, Understanding U.S. Cross-Border Securities Data, that discusses current data on U.S. cross-border securities holdings and transactions. The system that collects the data is described and how to make the best use of the information available is explained. Bulletin   5/05/06

  • Counterfeit Checks Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Farmers Bank, San Antonio, Texas, but bearing a retired routing number of Extraco Bank, N.A., Temple, Texas; and counterfeit cashier's checks issued in the name of MB Financial Bank, N.A., Chicago, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   5/04/06

  • Enforcement Actions Released

    The FDIC has released a list of thirty orders of administrative enforcement actions taken against banks and individuals in March 2006. The actions include eight removal and prohibition orders, eighteen civil money penalty orders, three cease and desist orders, and one termination of a cease and desist order. Actions   5/04/06

  • Bernanke and Dugan On Community Revitalization

    In presentations at Operation HOPE's Anacostia Economic Summit, Chairman Bernanke and Comptroller Dugan expressed their thoughts on economic revitalization. Bernanke commented on the importance in community economic development of strategic collaboration among public, private, and nonprofit organizations plus the need for a comprehensive approach to revitalizing communities. Dugan noted the importance of residents holding a financial stake in the redevelopment of their communities and that the odds of successfully investing in community development are dramatically increased when there are genuine community-based and community-accountable partnerships. Bernanke Speech; Dugan Speech   5/04/06

  • Direct Investment Valuation Adjustments Working Paper Published

    The FRB has published a working paper in the IFDP series on the topic of Modeling Direct Investment Valuation Adjustments and Estimating Quarterly Positions. Abstract; Full Paper   5/04/06

  • May FedFocus Published

    The May issue of FedFocus explores the accelerated pace of payments in articles that provide the latest information about Federal Reserve Financial Services and how they respond to a changing payments industry. Topics include the Destination Check 21 Online Resource Center, the Regional Mixed deposit option, FedLine DirectSM access solution, FedACH RiskSM Origination Monitoring Service and Check into AMI. FedFocus   5/03/06

  • Directo a Mexico Schedule Announced

    The FRB and Banco de Mexico have announce the schedule for the 2006 Directo a Mexico roadshow which will visit twelve U. S. cities to provide financial institutions information regarding a more a efficient way for their customers to transfer funds to Mexico. Schedule   5/03/06

  • FIL Issued Regarding MSBs And BSA

    The FDIC has issued a FIL regarding the announcement by FinCEN that it is seeking public comment on an ANPR regarding the impact of BSA regulations on the ability of MSBs to open and maintain accounts and obtain other banking services at banks and other depository institutions. Information concerning the ANPR was posted in the March 9, 2006, BOL Top Stories. FIL   5/03/06

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with the addition of data as of April 25, 2006. Fact Sheet   5/03/06

  • Spring 2006 State Profiles Released

    The FDIC has released the Spring 2006 issue of the State Profiles, which provide a quarterly summary of state banking and economic conditions. State Profiles   5/03/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of April 28, 2006. Reserve Position   5/03/06

  • Condition of the U.S. Banking Industry Report Issued

    The FRB has issued the Third Quarter 2005 Report on the Condition of the U.S. Banking Industry. Report   5/03/06

  • Seven More Counterfeit Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's check drawn on or bearing the name of the following institutions:

    • Citizens State Bank, Woodville, Texas
    • Rockport National Bank, Rockport, Massachusetts
    • Norstates Bank, Waukegan, Illinois
    • Alliance Bank, Francesville, Indiana

    Special Alerts have also been issued regarding counterfeit official checks bearing the name of: KeyBank National Association, East Syracuse, New York; and Pioneer Bank, Roswell, New Mexico . Fraudulent checks bearing the name of >Bankers' Bank, Northeast, Glastonbury, Connecticut , are also in circulation. Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page.   5/02/06

  • FRB To Hold HOEPA Hearings

    Consumers, consumer advocacy organizations, lenders, and other interested parties to participate in four public hearings on the home equity lending market to be held by the FRB. The hearings, which are required by periodically by HOEPA, were last conducted in 2000 and will held during June and July 2006, in Chicago, Illinois; Philadelphia, Pennsylvania; San Francisco, California; and Atlanta, Georgia. Hearings.   5/02/06

  • May FedFlash Published

    FRB Financial Services has published the May 1, 2006 issue of FedFlash. Featured articles include discussions of the FedACH Risk Origination Monitoring Service, the Destination Check 21 Online Resource Center, and changes to Operating Circular 2. FedFlash.   5/02/06

  • Market Financing Estimates Released

    Treasury has announced its current estimates of net marketable financing for the second and third quarters of 2006. Estimates.   5/02/06

  • April Foreign Exchange Rates Published

    The G.5 Foreign Exchange Rates Report for April 2006 has been published by the FRB. G.5.   5/02/06

  • Executive Incentives And Payout Policy Working Paper

    The FRB has published a working paper in the FEDS series on the topic of Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut. Abstract; Full Paper.   5/02/06

  • Eleven Counterfeit Special Alerts Issued

    The FDIC has issued nine Special Alerts regarding counterfeit cashier's check drawn on or bearing the name of the following institutions:

    • Savings Bank of Walpole, Walpole, New Hampshire
    • Sterling Savings Bank, Spokane, Washington
    • Heritage Bank of Commerce, San Jose, California
    • Dime Bank, Norwich, Connecticut
    • The Bank of the Pacific, Aberdeen, Washington
    • King Southern Bank, Chaplin, Kentucky
    • Stafford Savings Bank, Stafford Springs, Connecticut
    • United Commercial Bank, San Francisco, California
    • First Sentinel Bank, Richlands, Virginia

    Special Alerts have also been issued regarding counterfeit personal money ordered issued in the name of:
    United Roosevelt Savings Bank, Carteret, New Jersey, and counterfeit official checks bearing the name of:
    Citizens South Bank, Gastonia, North Carolina. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   5/01/06

  • New Flood Hazard Determination Form Released

    FEMA has posted online a new Standard Flood Hazard Determination Form which replaces the previous form that expired October 31, 2005, but remained in effect until the new form was released. Flood Form   5/01/06

  • U.S. Currency Smuggled Into Mexico Guidance Issued

    FinCEN has issued a Guidance to financial institutions regarding the ML threat involving the smuggling of bulk U.S. currency into Mexico. Institutions are warned concerning the potential for abuse of U. S. financial services by certain Mexican financial institutions. Guidance    5/01/06

  • IRS And State To Share ML Information

    Thirty-three states and Puerto Rico have signed agreements with the IRS to share BSA information on money services businesses. Sharing Information    5/01/06

  • Receivables Report Issued

    The FRB has issued the G.20 Finance Companies Owned and Managed Receivables Outstanding Report for February 2006. G.20   5/01/06

  • OCC Publishes New Newsletter

    Community Developments, a new OCC publication, provides strategies and recommendations aimed at preserving homeownership by preventing mortgage foreclosures. The initial issue features articles on ways banks can help to reduce foreclosures through partnering with non-profits and implementing early intervention strategies with troubled borrowers. Community Developments   5/01/06

  • March Issue Of Quarterly Journal Published

    The OCC has published online the March 2006 issue of the Quarterly Journal which contains OCC organization charts, special supervision and enforcement activities, corporate structure tables, fourth quarter 2005 condition and performance of banks, and other policy and data. Quarterly Journal    5/01/06

04/14/2006

CU growth continues

The NCUA has released information from the first quarter 2014 Call Report data indicating outstanding loan balances were up 8.8 percent from the first quarter of 2013 to $652.7 billion. Annual growth also occurred in the following areas:

  • New auto loans grew 13.9 percent to $73.5 billion
  • Used auto loans increased 11.3 percent to $130.1 billion
  • Net member business loan balances rose 11.1 percent to $47.3 billion
  • Non-federally guaranteed student loans went up 26.5 percent to $2.8 billion
  • Short-term small loan originations, a consumer-friendly alternative to predatory payday loans, totaled $92.1 million at an annualized rate, up 34.8 percent from the first quarter of 2013

04/14/2006

CU growth continues

The NCUA has released information from the first quarter 2014 Call Report data indicating outstanding loan balances were up 8.8 percent from the first quarter of 2013 to $652.7 billion. Annual growth also occurred in the following areas:

  • New auto loans grew 13.9 percent to $73.5 billion
  • Used auto loans increased 11.3 percent to $130.1 billion
  • Net member business loan balances rose 11.1 percent to $47.3 billion
  • Non-federally guaranteed student loans went up 26.5 percent to $2.8 billion
  • Short-term small loan originations, a consumer-friendly alternative to predatory payday loans, totaled $92.1 million at an annualized rate, up 34.8 percent from the first quarter of 2013

04/14/2006

FTC releases 2013 financial enforcement data

The FTC has issued its summaries of FTC enforcement and related activities during annual year 2013 in connection with the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA) and the Equal Credit Opportunity Act (ECOA).

03/31/2006

Top Stories for April 2006

  • Executive Order Blocks Sudanese Property

    A new Executive Order has been issued which blocks property of persons in connection with the conflict in the Darfur Region of Sudan. The names of four individuals have been added to the SDN list with the designation - SUDAN. In an unrelated action, OFAC has updated an existing SDN entry. Information regarding the names and the update have been posted on the BOL OFAC page.   4/28/06

  • OFAC Releases Comments Received Regarding Proposed Economic Sanctions Enforcement Procedures

    The comments received by OFAC related to its proposed Economic Sanctions Enforcement Procedures for Banking Institutions Regulated by FFIEC-member Supervisory Agencies have released. Notice; Comments    4/28/06

  • Insurance Funds Merger FIL Issued

    The FDIC has issued a FIL regarding the previously announced merger of the BIF and SAIF insurance funds. Information concerning the merger was posted on the April 21, 2006, BOL Top Stories. FIL   4/28/06

  • Bernanke's Economic Outlook

    In a testimony to the Joint Economic Committee of Congress, Chairman Bernanke offered his views on the outlook for the U.S. economy and commented on some of the major economic challenges that the nation faces. He noted that the economy has been performing well and the near-term prospects look good, although as always there are risks to the outlook. The FRB will continue to pursue its objectives of helping the economy to grow at a strong, sustainable pace while seeking to keep inflation firmly under control. Testimony    4/28/06

  • Agencies Report To Congress Published

    The FRB, OCC, and SEC have published a joint report to Congress regarding efforts of the private sector to implement the Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System. Report   4/28/06

  • Thrift Satisfaction Survey Invitation Extended

    OTS has issued a CEO letter containing an invitation to complete online the voluntary Annual Thrift Satisfaction Survey.CEO Letter Survey    4/28/06

  • $20 Million CMP BSA Enforcement Orders Issued

    FinCEN and OTS have announced that each agency has assessed a $10 million civil money penalty against BankAtlantic of Fort Lauderdale, Florida, for violations of the BSA. The Orders are part of a coordinated action with the Department of Justice who has executed a Deferred Prosecution Agreement with BankAtlantic. The CMPs assessed by FinCEN and the OTS will be satisfied by a single $10 million payment to the Department of Justice. FinCEN NR; FinCEN Order; OTS PR; OTS Order; DOJ PR   4/27/06

  • Counterfeit Cashier's Check Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Republic Bank, Inc., Duluth, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/27/06

  • Executive Order Blocks Assets Of Terrorists

    An Executive Order has been signed by the President against the Government of Syria that blocks the property of persons connected with terrorist acts in Lebanon. Currently, no persons have been designated under this Executive Order, but the Secretary of Treasury is authorized to take such action. Information regarding the Executive Order has been posted on the BOL OFAC page.   4/27/06

  • CRA Median Family Income Data Released

    The OCC has issued a Bulletin regarding the release by HUD of the estimated median family incomes for MSAs, MDs, and nonmetropolitan portions of each state. The data is used to determine income levels of geographies in CRA performance evaluations. Bulletin; Income Data   4/27/06

  • Consumer Compliance Booklet Revised

    The OCC has revised the consumer compliance booklet in the Comptroller's Handbook to reflect several changes in Reg. B and incorporate the Interagency Fair Lending Procedures issued in 2004.Booklet    4/27/06

  • April Beige Book Published

    The FRB has published the April 2006 issue of the Beige Book that was prepared at the Federal Reserve Bank of Boston and based on information collected on or before April 17, 2006. Summary; Full Report   4/27/06

  • FRB Discount Rate Meetings Minutes Released

    The minutes of the discount rate meetings from February 6 through March 28, 2006, have been released by the FRB. Minutes   4/27/06

  • NCUA finalizes its rule for Truth in Savings

    NCUA publishes final rule in FR to complete its rule and official staff interpretation to address the uniformity and adequacy of information provided to members when they overdraw their share accounts. 71FR06-3916 TXT, 71FR06-3916 PDF   4/26/06

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Hampden Bank, Springfield, Massachusetts. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/26/06

  • Customer ID Program Q & A Released

    FinCEN has released a Guidance in the form of a Q & A regarding customer identification program responsibilities under the agency lending disclosure initiative. Q & A.   4/26/06

  • South Dakota CU Closed

    NCUA has liquidated Yankton Employees Federal Credit Union of Yankton, South Dakota. Checks for insured share deposits will be issued by NCUA to the seventy-seven members. Liquidation.   4/26/06

  • First Quarter A & L Price Tables Published

    OTS has published the Asset & Liability Price Tables for the first quarter 2006. Tables.   4/26/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of data as of April 21, 2006. Reserve Position.   4/26/06

  • IFDP Working Paper Published

    The FRB has published a working paper in the IFDP series on the following topic: The U.S. Current Account Deficit and the Expected Share of World Output. Abstract; Full Paper.   4/26/06

  • FDIC Budget Summary And CFO Report Published

    The 2006 Budget Executive Summary and the fourth quarter 2005 CFO Report to the Board have been published by the FDIC. Budget Summary; CFO Report.   4/26/06

  • FRB Announces Enforcement Actions

    The FRB has announced that Written Agreements have been entered into with The Bank of New York and Sella Holding Banca. Orders of Prohibition have also been issued against Robert Ray and David Cronin, former officers of Allfirst Bank, Baltimore, Maryland. Bank of New York; Sella Holding Banca; David Cronin   4/25/06

  • Section 312 Implementation Dates Extended

    FinCEN has issued a final rule extending the applicability dates for implementing the international correspondent banking provisions and the private banking provisions of Section 312 of the USA PATRIOT Act.
    Final Rule   4/25/06

  • Community Bank Directors Workshop Announced

    The OCC will host another of its workshops for national community bank directors at the Park Hotel, in Charlotte, N.C., on May 16. The workshops, geared primarily for outside directors of national community banks with assets of less than $1 billion, will cover bank risk and is limited to the first 50 registrants. Other workshops are scheduled for Springfield, IL.; Morristown, NJ.; Memphis, TN.; and New Orleans, LA. Workshop   4/25/06

  • Guidance for Filing Notices of Proposed Class Action Settlements

    The OCC has issued a Bulletin containing Guidance to national banks for filing notices to appropriate federal and state officials of proposed class action settlement as required by the Class Action Fairness Act of 2005. If a proposed settlement is reached, each institution must provide to its primary federal regulator the notice required by the statute. Bulletin; Class Action Fair Act   4/24/06

  • Counterfeit Cashier's Check Special Alerts Issued

    The FDIC has issued five Special Alerts regarding counterfeit cashier's checks drawn on:

    • Peoples National Bank, Hallstead, Pennsylvania;
    • Washington Business Bank, Olympia, Washington;
    • The Delaware County Bank and Trust Company, Lewis Center, Ohio;
    • The Pittsfield Cooperative Bank, Pittsfield, Massachusetts; and
    • Annandale State Bank, Annandale, Minnesota

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/24/06

  • Cayman Islands Unauthorized Banking List Published

    A Special Alert has been issued by the FDIC regarding the publication by the Cayman Islands Monetary Authority of a list of thirty-seven financial entities whose websites note a Cayman Islands address; but are not registered or licensed to conduct activities regulated by the CIMA. Special Alert; List.   4/24/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of April 14, 2006. Reserve Position.   4/24/06

  • FDIC publishes Revisions to Reflect the Merger of the Bank Insurance Fund and the Savings Association Insurance Fund

    FDIC publishes final rule in FR to amend its regulations reflecting the recent merger of the two deposit insurance funds required by the Federal Deposit Insurance Reform Act of 2005.71FR06-3721 TXT, 71FR06-3721 PDF   4/21/06

  • CRA Ratings Announced

    The OCC has released the list of CRA performance evaluations received by twenty-two national banks that became public during the period of March 15, 2005 through April 14, 2006. CRA Ratings   4/21/06

  • Counterfeit Cashier's Checks Special Alert Issued

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks containing the routing number assigned to Schertz Bank & Trust, Schertz, Texas, that bear the name and location of Northridge Bank, San Antonio, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/21/06

  • Bernanke Discusses Community Economic Development

    In a presentation at the Greenlining Institute's Thirteenth Annual Economic Development Summit, Chairman Bernanke reviewed specific ways data and quantitative measurements have been used in community development activities. He noted that accountability and feedback, facilitated by data development and quantitative analysis are critical for the success of a project. Speech.   4/21/06

  • Unauthorized Banking Special Alert Issued

    The FDIC has issued a Special Alert regarding three entities (Global Financial Services, Foundland Financial, and 1st Line Financial Group) that may be conducting banking operations in Canada or the United States without authorization. Special Alert.   4/21/06

  • Dugan Expresses Concern Regarding New Mortgages

    Controller Dugan told the participants at the Greenlining Institute's Thirteenth Annual Economic Development Summit that the new types of mortgages aimed at making homes more affordable may offer low monthly payments initially, but will lead to significantly higher payments later. He indicated that the increased monthly payments could put the homes at risk and lead to losses for lenders. Speech.   4/21/06

  • Comment Letter Published Regarding RE Lending Proposed Guidance

    OTS has published a comment letter that was received from the Massachusetts Bankers Association regarding the proposed Guidance concerning concentrations in commercial real estate lending. Comment Letter.   4/21/06

  • IT Risk Bulletin Issued

    A Regulatory Bulletin has been issued by OTS, which announces the revision of the Information Technology Risks and Controls section of the OTS Examination Handbook. Bulletin.   4/21/06

  • UBPR Changes Announced

    The FFIEC has announced that several additions have been made to the UBPR effective March 31, 2006. The additions include a comparison of the allowance for loan and lease losses to loan not held for sale, several new concentrations of credit ratios, and new OREO detail. UBPR.   4/21/06

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the posting online of the New Electronic Interpretations and Actions for April 2006. Electronic.   4/21/06

  • Foreign Banks Data Share Report Released

    The FRB has released the December 31, 2005, Structure and Data Share Report for U.S. offices of foreign banks. Share Report.   4/21/06

  • Compliance Examination Procedures Revised

    The FDIC has issued a FIL that announces the revision of the compliance examination procedures that were issued in 2003. The new examination procedures incorporate banker feedback and results of internal reviews. Changes include templates for standard examination documents, a new interview sheet, an entry letter, a Compliance Information and Document Request form, and the Report of Examination. FIL; Procedures   4/20/06

  • Interactive Access To FRB Data

    FRB has announced its new Data Download application, which provides interactive access to Federal Reserve statistical data in a variety of electronic formats. Data Download allows the user to customize data packages that are created in the technical statistical data standard known as SDMX-ML. Data Download   4/20/06

  • OCC Brochure Available In Spanish

    The OCC has published a Spanish-language brochure that explains how the agency can answer questions, offer guidance, and help resolve complaints about national banks and their subsidiaries. Spanish Brochure   4/20/06

  • Enforcement Actions Released

    The OCC has released information regarding enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. Enforcement Actions   4/20/06

  • FRB Consolidates Advisory Committees

    The consolidation of two internal advisory committees on payments system matters has been announced by the FRB. The duties of the Payments System Policy Advisory Committee will be expanded to encompass the responsibilities and activities of the Payments System Development Committee, which will be discontinued. Committees   4/20/06

  • Changes Made To Operating Circular 2

    FRB Financial Services has issued a notice that changes have been made to Operating Circular 2 that become effective May 1, 2006. Circular; References PDF   4/19/06

  • Bulletin Issued Regarding Syrian Banks

    The OCC has issued a Bulletin regarding the previously announced issuance of a Final Rule by FinCEN concerning the imposition of Special Measures against the Commercial Bank of Syria and its subsidiary, the Syrian Lebanese Commercial Bank, as financial institutions of primary money laundering concern. Information regarding the Final Rule was posted in the March 16, 2006, BOL Top Stories. Bulletin PDF   4/19/06

  • Call Report Filing Information Available

    The FDIC has posted the March 31, 2006, Call Report and Thrift Financial Report filing information on its Web site. Filing Information PDF   4/19/06

  • FOMC Minutes Released

    The minutes of the March 27-28, 2006, meeting of the Federal Open Market Committee have been released and posted online. Minutes PDF   4/19/06

  • OTS Publishes Technical Amendments to Relect BIF and SAIF Merger

    The OTS published a Final Rule in the FR to
    amend its regulations to incorporate numerous technical and conforming amendments necessary to reflect the recent merger of the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund(SAIF).71FR06-3720 TXT, 71FR06-3720 PDF   4/18/06

  • May HOEPA Rates Determined

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in May 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For May, you will use the rates posted on April 13th since April 15th fell on the weekend and the markets were closed on April 14th. Weekly H.15   4/18/06

  • Counterfeit Official Checks Alert issued

    The OCC has issued an Alert regarding counterfeit official checks drawn on KeyBank National Association, East Syracuse, New York. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   4/18/06

  • Reporting Requirement Reduced

    The FRB has issued a SR Letter that announces the reporting requirements for examinations of government securities custodial activities of state member banks, branches, and agencies have been reduced. Effective immediately, AD 91-26 is withdrawn and the form FR 1468 is eliminated. Securities Reporting   4/18/06

  • 314a Fact Sheet Updated

    FinCEN has updated the data contained in the 314a Fact Sheet to include information as of April 17, 2006. Fact Sheet   4/18/06

  • February TIC Data Released

    Treasury has released the TIC data for February 2006. TIC   4/18/06

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued four Special Alert regarding counterfeit cashier's checks drawn on:

    • Mascoma Savings Bank, Lebanon, New Hampshire;
    • Wells River Savings Bank, Wells River, Vermont;
    • The Chelsea Groton Savings Bank, Norwich, Connecticut;
    • 1st Security Bank of Washington, Mountlake Terrace, Washington.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/17/06

  • Early Savings Bond Redemptions Authorized

    FRB Financial Services has announced that agents serving areas recently ravaged by severe storms in Tennessee and Missouri are authorized to redeem EE and I savings bonds less than one year old that are presented during the months of Posted April and May 2006. Redemptions   4/17/06

  • Routing Numbers And Check 21 Availability Changes Announced

    The FRB has announced additional changes that are effective Posted April24, 2006, in the routing numbers to be utilized with the FedReceipt forward collection product. Changes   4/17/06

  • Posted April Issue FedFlash Online

    The Posted April 15, 2006 issue of FedFlash has been posted online and contains articles on amendment to Operating Circulars 3 and 4, deposit guidelines for non-imageable items, current cash-letter forms, and RCPC Premium Plus deposit changes. FedFlash   4/17/06

  • FTC Issues FDCPA Report

    The FTC has released its 28th Annual Report to Congress on the Fair Debt Collection Practices Act. The report summarizes the FTC's administration and enforcement of the FDCPA during 2005. Report   4/17/06

  • RB Annual Budget Report Released

    The 2006 FRB Annual Budget Report contains the current annual budgeted expenses of the Federal Reserve Banks and discusses their 2005 income and expenses. The budgeting process for the Board and Banks is described and shows trends in expenses and employment. Budget Report   4/17/06

  • Capacity And Utilization Report Published

    The FRB has published the G.17 Industrial Capacity and Utilization Report for March 2006. G.17   4/17/06

  • Cost Of Funds Reports Issued

    OTS has issued the historical and February 2006 reports of the national average cost of funds ratio to OTS regulated, SAIF - insured institutions. Historical; February   4/17/06

  • OFAC Creates NS-PLC List

    A new OFAC list has been created that contains the names of individuals who are affiliated with terrorist organizations and have been elected to the Palestinian Authority. The individuals listed on the NS-PLC List are PLC members who were elected on the party slate of an FTO, SDT, or SDGT. Their names do not, however, appear on the SDN List. All transactions involving these individuals must be rejected. Information concerning the NS-PLC List has been posted on the BOL OFAC page.  4/14/06

  • Four Added To SDN List

    OFAC has announced that the names and aliases of four individuals have been added to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.
     4/14/06

  • Counterfeit Checks And Money Orders Special Alerts Issued

    The FDIC has issued eight Special Alerts regarding the following:
    a) Counterfeit Official Checks drawn on Cape Ann Savings Bank, Gloucester, Massachusetts; and First Community Bank, Chatom, Alabama;
    b) Counterfeit Cashier's Checks drawn on Great Western Bank, Omaha, Nebraska; Pinnacle National Bank, Nashville, Tennessee; The Foster Bank, Chicago, Illinois; and Citizens Tri-County Bank, Dunlap, Tennessee;
    c) Counterfeit Cashier's Checks bearing the name of Prosperity Bank, St. Augustine, Florida; and
    d) Counterfeit Personal Money Orders drawn on First Security Bank, Batesville, Mississippi.
    Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  4/14/06

  • FACT Act Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced interagency request for comments and suggestions regarding the development of the guidelines and regulations required by section 312 of the FACT Act. Information regarding the request was posted in the March 22, 2006, BOL Top Stories.
    Bulletin  4/14/06

  • OTS Fact Book Released

    The 2005 annual update of the OTS Fact Book, which contains the compilation of statistics concerning the OTS-Regulated thrift industry, has been released.
    Fact Book  4/14/06

  • Spring Outlook published

    The 2006 Spring issue of the FDIC Outlook has been published and contains an analysis of the financial implications of aging baby boom demographics. The issue describes how the aging of the U.S. population, caused by declining birth rates in the 1960s and 1970s and by rising longevity, is making it increasingly difficult for both public and private pension plans to keep their financial footing.
    Spring Outlook  4/14/06

  • Counterfeit, Fraudulent And Stolen Checks Special Alerts Issued

    The FDIC has issued eight Special Alerts regarding a) counterfeit cashier's checks drawn on or bearing the name of The Cape Cod Five Cents Savings Bank, Harwich Port, Massachusetts; Pacific Western National Bank (also known as Pacific Western Bank), Santa Monica, California; and California Oaks State Bank, Thousand Oaks, California; b) counterfeit official checks drawn on Unizan Bank, Canton, Ohio; c) fraudulent cashier's checks drawn on First Fidelity Bank, Burke, South Dakota; and Monson Savings Bank, Monson, Massachusetts; d) fraudulent treasury checks drawn on Charlevoix State Bank, Charlevoix, Michigan; and e) cashier's checks missing, lost or stolen from Citrus and Chemical Bank, Bartow, Florida. Information regarding the checks has been posted on the BOL Alerts & Counterfeits page.  4/13/06

  • CRA Definitions Revised

    OTS has published a Final Rule revising the definition of community development in its CRA regulations and a Notice and Request for Comment on proposed revisions to its CRA guidance.
    Final Rule;
    Notice  4/13/06

  • Counterfeit And Stolen Instruments List Published

    An Alert has been issued regarding the publication of a list of counterfeit or stolen instruments named in OCC alerts from the year 2002 to date. Information regarding the list has been posted on the BOL Alerts & Counterfeits page.  4/12/06

  • 2006 HUD Median Family Income Data Available

    The FFIEC has posted the 2006 HUD median family income figures.
    Median Family Income  4/12/06

  • Counterfeit Checks Special Alerts Issued

    The FDIC has issued five Special Alerts regarding counterfeit official checks drawn on HomeStreet Bank, Seattle, Washington and Unity National Bank, Cartersville, Georgia, in addition to counterfeit cashier's checks drawn on Oak Valley Community Bank, Oakdale, California; Community Bank of the Midwest, Great Bend, Kansas; and K Bank, Randallstown, Maryland. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  4/12/06

  • Registration Required To Receive Paper Special Alerts

    The FDIC has issued a FIL regarding the conversion of the delivery of Special Alerts from a paper via mail to electronic delivery on a secure Web site. Registration is required by May 15, 2006 receive paper alerts after June 1, 2006.
    FIL;
    Paper Delivery Form 4/11/06

  • FinCEN Issues ML Threat Advisory

    An Advisory has been issued by FinCEN regarding a potential money laundering threat involving Belarusian government officials seeking to move misappropriated state assets to or through the U.S. financial system.
    Advisory 4/11/06

  • International Reserve Position Update

    The U.S. International Reserve Position report has been updated by Treasury to include information as of Posted April 7, 2005.
    Reserve Position 4/11/06

  • March Agricultural Finance Databook Released

    The FRB has published the March 2006 E.15 Agricultural Databook which contains sections regarding the amount and characteristics of farm loans made by commercial banks; selected statistics from the quarterly reports of condition of commercial banks; and reserve bank surveys of farm credit conditions and farm land values.
    E.15 4/11/06

  • Assets Reports Issued

    The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets held at Federal Reserve Banks reports for February 2006 have been issued the FRB.
    Reports 4/11/06

  • Quarterly Review Features Option ARMS

    The Fourth Quarter 2005 issue of The Quarterly Review Of Interest Rate Risk features an article on option ARMS.
    Quarterly Review 4/11/06

  • North Korean Sanctions Updated

    OFAC has amended the Foreign Assets Control Regulations to prohibit U.S. persons from owning, leasing, operating, or insuring any vessel flagged by North Korea. Information regarding the amendments has been posted on the BOL OFAC page. 4/10/06

  • CRA Exam Procedures Revised

    The OCC has issued a Bulletin that contains recent revisions to CRA regulations regarding updated CRA examination procedures for large, small, limited purpose or wholesale banks, and banks operating under the previously announced approved interagency CRA strategic plans.
    Bulletin;
    Large;
    Small;
    Limited/Wholesale;
    Strategic ;
    FDIC FIL; FRB CA Letter;
    FFIEC 4/10/06

  • Consumer Credit Released

    The February 2006 G.19 Consumer Credit Report has been released by the FRB.
    G.19 4/10/06

  • Dugan Discusses Concentrations In Commercial RE Lending

    In a presentation to the New York Bankers Association, Comptroller Dugan indicated that while concentrations in commercial real estate lending do raise safety and soundness concerns, bank regulators believe they can be safe if they are effectively managed. He also noted that commercial real estate lending has historically been a volatile business and the degree to which banks participated in the run-up of the commercial real estate market in the early 1980s was one of the best predictors of subsequent bank failure.
    Speech 4/7/06

  • CRA Q & A Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced interagency Q&A that address topics such as the asset threshold for small banks and the new category of intermediate small banks in recently revised CRA regulations. Information concern the Q& A was posted in the March 10, 2006, BOL Top Stories.
    Bulletin 4/7/06

  • Credit Quality Concerns OTS

    At a speech before the New York Bankers Association, OTS Director Reich expressed concerns about weakening credit quality with some financial institutions. He indicated that OTS has increased its vigilance, is digging deeper into loan portfolios, and paying close attention to the fundamentals, including loan documentation, pricing, loan-to-value ratios, and overall underwriting standards.
    Speech 4/7/06

  • CRA Ratings Released

    The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the CRA.
    Ratings 4/7/06

  • CTR Zip Code Validation List Updated

    FinCEN has updated the zip code validation list for the magnetic media filing of the CTR Form 104 and Designation of Exempt Person Form 110.
    Zip Code 4/7/06

  • Final Agenda For Wal-Mart Application Meetings Released

    The FDIC has released the final agenda for the Posted April 2006 public hearings on the proposed Wal-Mart Bank's application for federal deposit insurance. The draft contains the names of parties who are scheduled to give oral presentations, as well as the speaking times and the locations where the parties are scheduled to speak.
    Final Agenda 4/7/06

  • Florida CU Closed

    NCUA has liquidated Potter's House Federal Credit Union of Jacksonville, Florida, and will issue checks to the approximately 1,500 members.
    Liquidation 4/7/06

  • Operating Circulars Amended

    The FRB has amended Operating Circular 3, Collection of Cash Items and Returned Checks, and Operating Circular 4, Automated Clearing House Items.
    Notice;
    OC 3;
    OC 4 4/6/06

  • Regulators Issue Counterfeit Checks And Correspondence Alerts

    The FDIC has issued four Special Alerts concerning counterfeit official checks drawn on Investors Savings Bank, Short Hills, New Jersey; and United Community Bank Tennessee, Lenoir City, Tennessee, in addition to cashier's checks drawn on United Community Bank, Blairsville, Georgia. An Alert regarding counterfeit cashier's checks and fraudulent lottery- and loan-related correspondence bearing the name of Pinnacle National Bank, Nashville, Tennessee, has also been issued by the OCC. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 4/5/06

  • Unauthorized Banking Alert Issued

    The OCC has issued an Alert regarding an entity calling itself Trinity Savings Bank, Ltd. in Nassau, Bahamas, is not authorized to conduct banking business in the United States.
    Unauthorized Banking 4/5/06

  • Ponzi Scheme Alert Issued

    FRB Financial Services has issued an information alert at the request of the court-appointed receiver regarding an alleged Ponzi scheme.
    Alert; Receiver Information Page 4/5/06

  • FDIC Updates Deposit Insurance Information

    FDIC has announced that it is in the process of updating its publications, videos, and other informational resources on deposit insurance coverage to reflect recent regulatory changes affecting insurance coverage of certain retirement accounts which became effective Posted April 1, 2006.
    FDIC Insurance 4/5/06

  • Prohibition Orders Issued

    NCUA has issued orders prohibiting eight individuals from participating in any manner in the affairs of federally insured financial institutions.
    Orders 4/5/06

  • New York CU Closed

    NCUA has announced the liquidation of St. Charles Borromeo Church Federal Credit Union of New York, New York. Checks will be issued to verified share account holder within one week.
    Liquidation 4/5/06

  • Spring 2006 State Profiles Published

    The FDIC has published the Spring 2006 edition of State Profiles which indicate despite regional disparities in job growth and a high degree of reliance on real estate, the economy and the banking industry both continue to perform well across most areas of the nation.
    State Profiles 4/5/06

  • FOMC Meetings Transcripts Online

    The FRB has posted the transcripts of the 2000 FOMC meetings on its Web page.
    Transcripts 4/5/06

  • FEDS Working Paper Published

    A working paper in the FEDS series on the topic of Currents and Undercurrents: Changes in the Distribution of Wealth, 1989-2004 has been published by the FRB.
    Abstract;
    Full Paper 4/5/06

  • Agencies Update HMDA Price Data FAQs

    The federal regulatory agencies, along with HUD, have released updated FAQs to aid interpretation of the 2005 home loan data to be disclosed this year under HMDA.
    FAQs;
    FFIEC HMDA;
    FRB PR;
    OCC NR;
    FDIC PR;
    OTS PR;
    NCUA PR 4/4/06

  • CRA Ratings Announced

    OTS has announced the March 2006 evaluation ratings for savings associations recently examined for compliance with the CRA.
    Ratings 4/4/06

  • BSA Timeline Updated

    FinCEN has updated its BSA timeline which list the regulatory major events and milestones of the efforts to fight against financial crimes.
    Timeline 4/4/06

  • Foreign Exchange Rates Released

    The G.5 Foreign Exchange Rates report for March 2006 has been released by the FRB.
    G.5 4/4/06

  • FEDS Working Papers Published

    The FRB has published three working papers in the FEDS series on the topics of Forecasting Professional Forecasters; Credit Market Competition and Capital Regulation; and A Fully-Rational Liquidity-Based Theory of IPO Underpricing and Underperformance.
    Forecasting Abstract;
    Forecasting Full Paper;
    Credit Market Abstract;
    Credit Market Full Paper;
    IPO Underpricing Abstract;
    IPO Underpricing Full Paper 4/4/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of March 31, 2006.
    Reserve Position 4/4/06

  • Improving Customer Privacy Notices Report Issued By Regulators

    The federal financial regulators have released the Evolution of a Prototype Financial Privacy Notice, a report which summarizes consumer research commissioned by the regulators, as part of their ongoing efforts to develop improved financial privacy notices. The report indicates that it is possible for financial privacy notices to include all of the information required by law in a short document that consumers can readily understand.
    Report;
    FRB PR;
    OCC NR;
    OTS PR;
    FDIC PR;
    NCUA PR;
    SEC PR;
    FTC PR 4/3/06

  • Enforcement Actions Announced

    The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in February 2006. The actions included seven removal and prohibition orders, five civil money penalty orders, one cease and desist order, and one termination of a cease and desist order.
    Enforcement Actions 4/3/06

  • Businesses Cashing Checks MSB Or Not?

    FinCEN has issued a Guidance that contains FAQs regarding business that cash checks and whether or not they are MSBs.
    Guidance 4/3/06

  • New Jersey CU Liquidated

    NCUA has liquidated St. John Baptist Federal Credit Union, Scotch Plains, New Jersey, and transferred its 180 members' accounts to United Financial Services Federal Credit Union in Scotch Plains.
    St. John 4/3/06

  • Country Exposure Reports Released

    The FFIEC has released the December 31, 2005, E.16 Country Exposure Statistical Release and the Country Exposure Information Report.
    E.16;
    Information Report 4/3/06

  • Derivatives Volume Exceeds $100 Trillion

    The OCC has issued the Fourth Quarter 2006\5 Banker Derivatives Report which indicates the notional amount of derivatives held by U.S. commercial banks increased by $2.7 trillion in the fourth quarter, to a record $101.5 trillion.
    Banker Derivatives Report 4/3/06

03/14/2006

Bay State AG sues FHFA and GSEs

Massachusetts Attorney General Martha Coakley has announced the filing of a complaint on behalf of the Commonwealth in a civil action against the Federal Housing Finance Agency (FHFA) and the government-sponsored enterprises Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal National Mortgage Association (Fannie Mae) to compel them to comply with a Massachusetts law that forbids banks and lenders from refusing to allow the sale of homes in foreclosure to non-profit organizations if the property will be resold or leased by the non-profit to the former homeowner. In the complaint, the Commonwealth alleges that two of FHFA's policies violate state law. Coakley asserts that Fannie and Freddie's "arm's length transaction" policy prohibits property sales to non-profits who resell to the original homeowner, and the "make whole" policy has the same effect, as it prevents Fannie and Freddie from accepting anything less than the outstanding loan amount from the former homeowner or anyone seeking to resell or rent to the former homeowner.

03/14/2006

OCC announces CRA ratings and exam schedule

The Office of the Comptroller of the Currency has released the ratings received by 36 national banks and savings associations recently evaluated for Community Reinvestment Act compliance. Eight were rated outstanding and 28 received satisfactory ratings. The agency also announced its third quarter 2014 CRA evaluation schedule.

03/14/2006

OCC announces CRA ratings and exam schedule

The Office of the Comptroller of the Currency has released the ratings received by 36 national banks and savings associations recently evaluated for Community Reinvestment Act compliance. Eight were rated outstanding and 28 received satisfactory ratings. The agency also announced its third quarter 2014 CRA evaluation schedule.

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