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Top Story Lending Related

02/28/2006

Top Stories for March 2006

  • FACT Act Rules Reminder

    The new FACT Act Medical Information rules take effect on April 1. FACT Act  3/31/06

  • Swiss Entities Added To OFAC List

    Treasury has added a Swiss company and individual to the SDN list with the designation NPWMD for supporting North Korean WMD proliferation. Information regarding the company and the individual has been posted on the BOL OFAC page.  3/31/06

  • Basel II Risk-Based Capital Requirements NPR Issued

    An NPR that would implement Basel II risk-based capital requirements in the United States for large, internationally active banking organizations has been issued by the FRB. The proposed rule requires the largest internationally active banks to enhance the measurement and management of their risks, to have rigorous processes for assessing overall capital adequacy in relation to their total risk profile, and to publicly disclose information regarding their risk profile and capital adequacy. Basel II NPR  3/31/06

  • OCC Counsel Calls For Improved Consumer Financial Disclosures

    In a presentation to the attendees at the University of North Carolina School of Law 2006 Banking Institute, Chief Counsel and First Senior Deputy Comptroller Williams called for more effective consumer-oriented disclosures in the financial services business as a vital part of consumer protection. Speech  3/31/06

  • TCPA and the Junk Fax Prevention Act Examination Procedures Announced

    The OCC has issued a Bulletin that contains information regarding the procedures that examiners will follow when conducting examinations for compliance with the TCPA and the Junk Fax Prevention Act. Bulletin; Examination Procedures; Examiner Worksheet  3/31/06

  • CAN-SPAN Bulletin Issued

    A Bulletin has been issued by the OCC that contains information regarding the procedures that examiners will follow when conducting examinations for compliance with CAN-SPAM. Bulletin; Examination Procedures; Examiner Worksheet  3/31/06

  • USA PATRIOT Act Foreign Account Compliance Date Extended

    FinCEN has announced a ninety-day extension of the compliance date for special due diligence programs for certain foreign accounts maintained by U.S. financial institutions. Extension  3/31/06

  • Disaster Relief Grant Application Deadline Extended

    NCUA announced the extension of the application deadline for the CDRLF disaster relief grants from March 31, 2006 to September 30, 2006. Deadline  3/31/06

  • Unauthorized Banking Alerts List Updated

    The OCC has issued a list of unauthorized offshore and domestic banking activities named in OCC alerts from the year 1996 to March 28, 2006, as an aid in the search for problem entities. Alerts List  3/30/06

  • Financial Management Seminar Information Announced

    OTS has announced the dates and registration information of the four OTS Midwest Region Financial Management Seminars to be held during the month of June 2006 in New Orleans, Kansas City, Milwaukee, and Dallas. Seminars  3/30/06

  • Interest Rate Risk Reports Issued

    OTS has issued the Interest Rate Risk Measures Final Report and the Aggregate Exposure and CMR Report for the Fourth Quarter 2005. Interest Rate Risk; Aggregate Exposure  3/30/06

  • FEDS Working Papers Published

    Two working papers in the FEDS series have been published by the FRB on the topics of Real-time Model Uncertainty in the United States: The Fed from 1996-2003 and Incentives and Prices for Motor Vehicles: What Has Been Happening in Recent Years? Real-time Abstract; Real-time Full Paper; Incentives Abstract; Incentives Full Paper  3/30/06

  • Gulf Coast Recovery Savings Bonds Available

    Treasury has designated Series I inflation-indexed savings bonds purchased through financial institutions as "Gulf Coast Recovery Bonds" to help encourage public support for the ongoing recovery and rebuilding efforts in those areas devastated by Hurricanes Katrina, Rita and Wilma. Beginning March 29, 2006, through December 2006 paper Series I saving bonds will be specially inscribed with the legend "Gulf Coast Recovery Bond." Bonds  3/30/06

  • Lending In Indian Country Featured In Insights

    The OCC has published the March 2006 issue of Community Developments Insights which contains a report, "Commercial Lending in Indian Country: Potential Opportunities in an Untapped Market," that highlights best practices for banks making commercial loans on tribal trust lands as well as to tribes and tribal enterprises. Insights  3/30/06

  • Deposit Insurance Changes Detailed in FIL

    A FIL has been issued by the FDIC regarding the recent changes to FDIC insurance coverage of certain accounts. The FDIC has adopted interim final rules, which take effect on April 1, 2006, to implement provisions of the Federal Deposit Insurance Reform Act of 2005. An attachment to the FIL provides details about the insurance coverage changes implemented by the rules; information about official FDIC signage; information about a special bulletin and statement stuffers; and the FDIC's plans to update its insurance coverage resources. FIL; Attachment; Bulletin; Stuffers  3/29/06

  • Deposit Items Drawn On Canadian Institutions To Be Separated

    Beginning May 1, 2006, FRB Financial Services will require all items deposited which are drawn on Canadian institutions to be separated from U.S. and other foreign deposits and be presented in a separate cash letter. Canadian Deposits  3/29/06

  • Counterfeit Cashier's Checks Special Alerts Issued

    Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Stockton Bank, Austin, Texas, and First Security Bank of Conway, Conway, Arkansas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/29/06

  • March 2006 Fed Focus Published

    FRB Financial Services has published the March 2006 issue of FedFocus which features articles on risk management including ways in which corporations are discovering more efficient and effective ways to use operational insights to help mitigate risk and risk exposure; upcoming service enhancements; industry trends; and also includes a review of the new FedACH Risk Origination Monitoring Service. FedFocus.  3/29/06

  • 2006 TFR Instruction Manual Published

    OTS has published the March 2006 TFR Instruction Manual which contains 348 pages. Manual.  3/29/06

  • March 2006 Financial Reporting Bulletin Released

    The March 2006 issue of the Financial Reporting Bulletin has been released by OTS. Bulletin.  3/29/06

  • Fed Raises Rates

    The target for the federal funds rate has been raised by 25 basis points to 4-3/4 percent by the FOMC. A 25-basis-point increase in the discount rate to 5-3/4 percent was also approved. Rates.  3/29/06

  • Receivables Report Released

    The G.20 Finance Companies Owned and Managed Receivables Outstanding Report for January 2006 has been released by the FRB. G.20.  3/29/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the inclusion of data as of March 24, 2006. Reserve Position.  3/29/06

  • Four Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on Woronoco Savings Bank, Westfield, Massachusetts; Redding Bank, Austin, Texas; Heritage Bank, Austin, Texas; and Brookline Savings Bank, Brookline, Massachusetts. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/28/06

  • FRB Launches Kids Page

    A new Web page designed to educate middle school students about the Federal Reserve System has been launched by the FRB. The new Federal Reserve Kids Page utilizes a user-friendly, question-and-answer format to ensure easy navigation and features information about the history, structure, and primary functions of the Federal Reserve; the structure of FOMC; and a kids quiz. Kids Page   3/28/06

  • Casino BSA Violations Result In $2.5 Million CMPs

    FinCEN has announced the consent to the assessment of civil money penalties, in the amounts of $1.5 million and $1 million, respectively against Edward E. Street and the Tonkawa Tribe of Oklahoma. FinCEN Director Warner noted the case involved the absence of an adequate anti-money laundering program, the use of fictitious social security numbers for customer identification, an unreported deposit of $300,000 in cash from a duffel bag, and other suspicious transactions. The actions represent the first enforcement actions against an individual and a tribe for violations under the casino provisions of the BSA. CMP http://www.fincen.gov/tonkawa.pdf.   3/27/06

  • Four Quarter Thrift Charge-Of Rates Released

    OTS has released the charge-off rates for thrifts during the fourth quarter 2005. Charge-Of Rates  3/27/06

  • Five Counterfeit Checks Special Alerts Issued

    The FDIC has issued five Special Alerts regarding a) counterfeit checks drawn on Farmers State Bank, Booneville, Kentucky; and b) counterfeit cashier's checks drawn on Mountain National Bank, Sevierville, Tennessee; Clinton Savings Bank, Clinton, Massachusetts; TeamBank, N.A., Paola, Kansas; Mid-Wisconsin Bank, Medford, Wisconsin. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   3/24/06

  • Hizballah Media Added To OFAC List

    Treasury has designated, pursuant to Executive Order 13224, the parent company of a satellite television operation and a radio station owned or controlled by the Iran-funded Hizballah terrorist network and added each of the entities to the OFAC SDN List as SDGTs. Information regarding the entities has been posted on the BOL OFAC page.   3/24/06

  • Order Of Prohibition Issued Against Former Georgia Banker

    As a result of an action brought by the OCC, the FRB has issued a Final Decision and Order of Prohibition against Oyeacholem Moseri, a former employee of First North American National Bank, Kenneshaw, Georgia. The Order prohibits him from participating in the conduct of the affairs of any financial institution or holding company. Order FRB PR  3/24/06

  • New FRB Governors Sworn In

    Kevin M. Warsh and Randall S. Kroszner were formally sworn in as members of the Board of Governors of the Federal Reserve System at a ceremony March 23, 2006, in Washington, D.C. Governor Warsh assumed his position on February 24 and Governor Kroszner assumed his position on March 1. Kroszner Bio; Warsh Bio  3/24/06

  • Investment Opportunity For Community Banks

    The Spring 2006 edition of Community Developments Investment, published by the OCC, focuses on Low-Income Housing Tax Credits. Articles describe the fundamentals of LIHTCs, with a particular emphasis on topics of interest to community bankers who may not be familiar with this investment option. Community Developments Investment   3/24/06

  • OTS Promotes Treasury ID Theft DVD

    OTS is encouraging savings institutions to take advantage of a previously announced Treasury Department program available on DVD, which was created to inform consumers about ID Theft by defining what it is, how they can protect themselves, and what they should do if they become a victim. Information regarding the DVD and other ID Theft information is posted on Treasury's Identity Theft Resource page and was included in the January 27, 2006, BOL Top Stories. OTS NR  3/24/06

  • March FYI Discusses Recession Scenarios

    The March 23, 2006, issue of the FDIC FYI outlines various scenarios for the next U.S. recession. FYI  3/24/06

  • FDIC publishes Interim Rule for Deposit Insurance Regulations covering Inflation Index, Certain Retirement Accounts and Employee Benefit Plan Accounts

    The FDIC is amending its deposit insurance regulations to the Federal Deposit Insurance Act 2005. This interim rule provides for consideration of inflation adjustments to increase the current standard maximum deposit insurance amount of $100,000 on a fiveyear cycle beginning in 2010; increases the deposit insurance limit for certain retirement accounts and provides per participant insurance coverage to employee benefit plan accounts.TXT, PDF.  3/23/06

  • NCUA publishes Interim Rule for Share Insurance

    NCUA is amending its share insurance rules to implement amendments to the Federal Credit
    Union Act (FCU Act) made by the Federal Deposit Insurance Reform Act of 2005 (Reform Act). This interim final rule defines the "standard maximum share insurance amount" as $100,000 and provides that beginning in
    2010, and in each subsequent 5-year period thereafter, NCUA and the Federal Deposit Insurance Corporation (FDIC) will jointly consider if an inflation adjustment is appropriate to increase that amount; increases the share insurance limit for certain retirement accounts, and provides pass-through coverage to each participant of an employee benefit plan.TXT, PDF.  3/23/06

  • Counterfeit Official Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit official checks issued in the name of Unity National Bank of Cartersville, Georgia, that are being presented for payment. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.  3/23/06

  • Fourth Quarter Legal Developments Announced

    The FRB has issued a Bulletin which announces certain legal developments that occurred during the fourth quarter 2005. Bulletin  3/23/06

  • Four IFDP Working Papers Published

    Four working papers in the IFDP series have been published by the FRB on the following topics: "Estimation of Average Local-to-Unity Roots in Heterogenous Panels"; "New Methods for Inference in Long-Run Predictive Regressions"; "Fully Modified Estimation With Nearly Integrated Regressors"; and "Should We Expect Significant Out-of-Sample Results When Predicting Stock Returns?". Estimation Abstract; Estimation Full Paper; New Methods Abstract; New Methods Full Paper; Fully Modified Abstract; Full Modified Full Paper; Should Abstract; Should Full Paper  3/23/06

  • OTS Announces Technology Managers Seminars

    Seminars for technology managers will be held by OTS in Boston, MA.; Newark, NJ; Pittsburg, PA. and Columbus, Ohio, during April and May 2006. Seminars  3/23/06

  • FTC To Host Non-Traditional Mortgage Workshop

    The FTC will host on a workshop, Protecting Consumers in the New Mortgage Marketplace, on consumer protection issues arising from the growth of "nontraditional" or "alternative" mortgage products in the residential mortgage marketplace. The workshop will be held May 24, from 8:30 a.m. to 5:30 p.m., at the FTC's Satellite Building Conference Center, 601 New Jersey Avenue, NW, Washington, DC. Workshop  3/23/06

  • Interagency Announce Proposed Rulemaking of Procedures to Enhance the Integrity of Information Furnished to Consumer Reporting Agencies

    The OCC, Board, FDIC, OTS, NCUA, and FTC (the Agencies) request comment to gather information useful
    for developing the guidelines and regulations required by section 312 of the Fair and Accurate Credit
    Transactions Act (FACT Act). FTC; FDIC PR; FRB PR; OCC NR; OTS PR; NCUA; TXT, PDF.  3/22/06

  • First Quarter Survey Of Terms Of Business Lending Report Released

    The FRB has released the E.2 Survey of Terms of Business Lending report regarding data collected on gross loan extensions made during the first full business week in the middle month of the first quarter. The authorized panel size for the survey is 348 domestically chartered commercial banks and 50 U.S. branches and agencies of foreign banks. E.2  3/22/06

  • OCC To Host Community Bank Directors Workshops

    The OCC will host nineteen workshops for national community bank directors at the Westin Great Southern Hotel, Columbus, Ohio, on April 25-26.The workshops will provide practical information that expands bank directors' skills and understanding of issues facing their banks. Workshops  3/22/06

  • FTC Seeks Court Order Against Debt Elimination Telemarketers

    The FTC and the Washington State Attorney General have filed a Complaint which asks a federal judge to order Debt Solutions Inc. and three other telemarketers to stop charging consumers hundreds of dollars for a "debt elimination program" that offers a false promise of substantially reduced interest rates and thousands of dollars in savings. Compliant  3/22/06

  • Call Report FIL Issued

    The FDIC has issued a FIL which contains information regarding the filing of the March 31, 2006, Call Report. Certain revisions to the Call Report are scheduled to take effect the First Quarter 2006 and other revisions will be phased in over the next two years. FIL  3/21/06

  • Draft Agenda For Wal-Mart Application Meetings Released

    The FDIC has released a draft agenda for the 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 currently scheduled to give oral presentations, as well as the speaking times and the locations where the parties are scheduled to speak. Draft Agenda  3/21/06

  • Comments Received By FDIC Now Online

    The FDIC Office of the Ombudsman has posted online the latest issue of the Report to the Industry that contains a summary of the comments received by the regulator and addresses questions and issues that were identified as being of particular concern during the period July 1, 2005, through December 31, 2005. Report  3/21/06

  • Share Insurance Coverage Increased

    NCUA has announced the issuance of an interim rule that increases the coverage of retirement accounts to $250,000. Interim Rule  3/21/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of March 17, 2006. Reserve Position  3/21/06

  • Bernanke Comments On Yield Curve And Monetary Policy

    In a presentation before the Economic Club of New York, Chairman Bernanke expressed his views on the yield curve and the current monetary policy. Speech  3/21/06

  • SS Direct Deposit Online Enrollment Made Easier

    FRB Financial Service has introduced a new online enrollment system for banks and credit unions that allows fast, convenient enrollment in direct deposit for Social Security and Supplemental Security Income (SSI). Online Enrollment  3/21/06

  • FRB Adopts Rule for International Banking Operations

    FRB published a final rule in the FR to require Edge and Agreement corporations to establish procedures to
    assure and monitor compliance with the Bank Secrecy Act.TXT, PDF.  3/20/06

  • Seven Counterfeit And Fraudulent Checks Special Alerts Issued

    The FDIC has issued seven Special Alerts regarding a) counterfeit official checks drawn on KeyBank National Association, Cleveland, Ohio; b) counterfeit cashier's checks drawn on The Harbor Bank of Maryland, Baltimore, Maryland; Greenfield Savings Bank, Greenfield, Massachusetts; People's Bank, Bridgeport, Connecticut; and Bank of Eureka Springs, Eureka Springs, Arkansas; c) counterfeit treasury checks drawn on Mercantile-Safe Deposit and Trust Company, Baltimore, Maryland; and d) fraudulent cashier's checks drawn on 1st Financial Bank USA, Dakota Dunes, South Dakota. Information concerning the counterfeit and fraudulent items has been posted on the BOL Alerts & Counterfeits page.  3/20/06

  • Q&A Issued Regarding CRA And Investments In Minority Owned FIs

    The OCC has issued a Q& A intended to clarify the criteria under which a national bank may make an investment in a minority-owned bank or thrift under the Part 24 community development investment authority.
    Q&A.  3/20/06

  • Three C&D Orders Issued

    The FRB has issued consent C& D orders against R&G Financial Corporation, Hato Rey, San Juan, Puerto Rico; First BanCorp, Santurce, Puerto Rico; and Doral Financial Corporation, San Juan, Puerto Rico.R& G; First BanCorp; Doral.  3/20/06

  • Incentives Offered To Reduce Use Of FRB Cash-Processing

    The FRB has announced policy changes that seek to reduce the overuse of its cash-processing services by providing incentives for depository institutions to recirculate currency among their customers. Incentives.  3/20/06

  • FTC Files Amicus Brief In FCRA Case

    The FTC has filed an amicus brief in the case of Whitfield et al v. Radian Guaranty, Inc., No. 05-5017 (3d Cir.) which urges the Third Circuit Court of Appeals to overturn a lower court ruling that held that a mortgage company was not required to provide a consumer with a FCRA adverse action notice even though, as a result of the information in a consumer report, the company had charged a higher mortgage insurance premium, and that premium was paid by the consumer. Brief.  3/20/06

  • 314a Fact Sheet Update Released

    FinCEN has updated the 314a Fact Sheet to include data as of March 14, 2006. 314a.  3/20/06

  • March 2006 New Electronic Interpretations and Actions Posted

    The OCC has posted on its Web site the March 2006 issue of New Electronic Interpretations and Actions. Electronic.  3/20/06

  • Industrial Capacity And Utilization Report Released

    The G.17 Industrial Capacity and Utilization Report for February 2006 has been released by the FRB. G.17.  3/20/06

  • Yield Curve Working Paper Published

    A working paper in the FEDS series has been published by the FRB on the topic of "The Yield Curve and Predicting Recessions". Abstract; Full Paper.  3/20/06

  • FHC List Update

    The FRB has updated the list of the BHCs have elected to become or be treated as FHCs to include those elections made as of March 17, 2006. List.  3/20/06

  • CRA Ratings Announced

    The OCC has released the list of CRA performance evaluations of eighteen national banks that became public during the period of February 15, 2005, through March 14, 2006.
    Ratings   3/17/06

  • Bulletin Issued Regarding Remotely Created Checks And Presentment Warranties

    The OCC has issued a Bulletin regarding amendments to Reg. CC that define “remotely created checks” and create transfer and presentment warranties plus the adoption of conforming cross-references to the proposed new warranties in Reg. J, which were previously announced by the FRB. Information concerning the amendments was posted in the November 29, 2005, BOL Top Stories.
    Bulletin;
    Amendments   3/17/06

  • Industrial Production And Capacity Utilization Report 2005 Annual Revision Published

    The FRB has published the 2005 Annual Revision of the Industrial Production and Capacity Utilization Report.
    Revision   3/17/06

  • Four Counterfeit Special Alerts Issued

    The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on The State Bank of Viroqua, Viroqua, Wisconsin; South Adams Savings Bank, Adams, Massachusetts; and Bridgewater Savings Bank, Raynham, Massachusetts; plus counterfeit official checks drawn on Fifth Third Bank, Cincinnati, Ohio. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   3/16/06

  • April HOEPA Rates Set

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in April 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 Rate;
    Weekly Rate   3/16/06

  • Kansas Credit Union Group Placed Into Receivership

    NCUA has announced the state-chartered credit union Credit Union Group of Lawrence, Kansas, has been placed into conservatorship by the Kansas Department of Credit Unions.
    Receivership   3/16/06

  • OCC Enforcement Actions Announced

    The OCC has announced new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.Actions   3/16/06

  • December 31 Call Report And TFR Data Available

    The Call Report and TFR Data for December 31, 2006, is now available from the FDIC Web site.
    Call Report   3/16/06

  • Syrian Banks Designated As Financial Institutions of Primary ML Concern

    FinCEN has announced an amendment to the BSA regulation regarding the designation of Commercial Bank of Syria and its subsidiary, Syrian Lebanese Commercial Bank, as a financial institution of primary money laundering concern.
    BSA   3/16/06

  • Flu Pandemic Awareness Advisory Issued

    The federal bank and thrift regulatory agencies have issued an interagency advisory to financial institutions and their technology service providers regarding the threat of a pandemic influenza outbreak and its potential impact on the delivery of critical financial services.
    Advisory;
    FRB PR;
    OCC Bulletin;
    OTS CEO Ltr;
    FDIC FIL   3/16/06

  • H&R Block Bank Application Approved

    OTS has announced the approval of an application from H&R Block, Inc. to organize a de novo federal stock savings bank to be known as H&R Block Bank (Savings Bank), which will be located in Kansas City, Missouri.
    Approval   3/16/06

  • Beige Book Released

    The FRB has released the March 15, 2006 issue of the Beige Book.
    Beige Book Summary;
    Beige Book Full Report   3/16/06

  • March Issue FedFlash Published

    Federal Reserve Financial Services has published the March 15, 2006, issue of FedFlash, which contains articles on FedLine Advantage training, the Premium Plus Sort Group deposit product, changes to FedReceipt endpoints, and District news.
    FedFlash   3/16/06

  • BSA Now Covers Edge Corporations

    The FRB has announced a final rule, which amends Regulation K to require Edge and Agreement corporations and certain offices of supervised foreign banks to establish and maintain procedures reasonably designed to ensure and monitor compliance with the BSA.
    Final Rule   3/16/06

  • Federal Reserve Bulletin Statistical Supplement Issued

    The FRB has issued the February 2006 Statistical Supplement to the Federal Reserve Bulletin.
    Supplement   3/16/06

  • January TIC Data Released

    Treasury has released the Treasury International Capital Data for January 2006.
    TIC   3/16/06

  • Semi-Annual Update of BHC Supervision Manual Published

    The FRB has published the January 2006 semi-annual update of the BHC Supervision Manual.
    Manual   3/15/06

  • FDIC Insurance for Retirement Accounts Increased

    The FDIC has approved final rules that will raise the deposit insurance coverage on certain retirement accounts at a bank or savings institution to $250,000 from $100,000.
    A Special Bulletin of the FDIC Consumer News features an article on the increased coverage.
    Retirement Accounts;
    Special Bulletin   3/15/06

  • Wal-Mart FIDC Insurance Hearings Sites Announced

    The sites for hearings by the FDIC on the application of Wal-Mart for FDIC insurance have been announced with locations in Arlington, Virginia, and Overland Park, Kansas.
    Sites   3/15/06

  • Taxation Working Paper Released

    A working paper in the FEDS series on the subject of Taxation with Representation: Intergovernmental Grants in a Plebiscite Democracy has been released by the FRB.
    Abstract;
    Full Paper   3/15/06

  • Published in FR Comment Period Extended for Lending Concentration Guidance

    The federal financial regulators have extended comment period on interagency guidance on concentrations in commercial real estate lending. 71FR13215 txt 71FR13215 pdf   3/14/06

  • Comptroller's Handbook Insider Activities Section Revised

    The OCC has revised the insider activities section of the Safety and Soundness booklet of the Comptroller's Handbook.
    Insider Activities   3/14/06

  • OTS Revises Examination Handbook

    The examination systems section of the Examination Handbook has been revised by OTS.
    Examination Systems   3/14/06

  • Comptroller Says Basel II Safeguards Needed

    In a presentation before The Institute of International Bankers regarding the transition to Basel II, Comptroller Dugan indicated that the continued safety and soundness of the banking system demands that regulators move away from the simplistic risk-based capital system now in use for internationally active banks to one that substantially enhances risk management and more closely aligns capital with risk.Speech   3/14/06

  • Cross-Border Electronic Transfer Of Funds Survey Announced

    FinCEN has announced that it is conducting a survey of financial institutions regarding cross-border electronic transmittals of funds.Survey   3/14/06

  • Comments Sought

    The FinCEN and the federal financial regulatory agencies are requesting comments on the Suspicious Activity Report by Depository Institutions and comments are also sought by the FRB on a Proposal to approve the implementation of the collection of information relating to studies to develop and test consumer regulatory disclosures.
    SAR Comments;
    FIL SAR;
    Proposal Comments   3/14/06

  • International Reserve Position Updated

    Treasury has updated the U.S. International Reserve Position Report with the addition of new data as of March 10, 2006.
    Reserve Position   3/14/06

  • Assets Reports Released

    The FRB has released the 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report for January 2006.
    Reports   3/14/06

  • Counterfeit Official Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit official checks drawn on KeyBank National Association of Cleveland, Ohio. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   3/13/06

  • FEDS Working Papers Published

    The FRB has published two working papers in the FEDS series on the topic of "Outstanding Outsourcers: A Firm- and Plant-Level Analysis of Production Sharing" and "The Road to Price Stability".
    Outstanding Abstract;
    Outstanding Full Paper;
    Road Abstract;
    Road Full Paper   3/13/06

  • Final CRA Guidance Published in FR

    The federal banking agencies have announced the issuance of a final guidance containing a Q & A regarding the implementation of the recent changes to their CRA regulations. 71FR12424 txt 71FR12424 pdf   3/10/06

  • Patriot Act Reauthorization Signed By President

    President Bush has signed The USA PATRIOT Improvement And Reauthorization Act Of 2005.
    Act;
    Fact Sheet;
    Statement;   3/10/06

  • Regulators Issue Five Counterfeits Alerts

    The OCC has issued two Alerts regarding counterfeit cashier's checks drawn on Woodhaven National Bank of Fort Worth, Texas, and TeamBank, N.A., of Paola, Kansas. The FDIC has Issued three Special Alerts regarding counterfeit cashier's checks drawn on First Bank of San Luis Obispo (a brand of Pacific Capital Bank, N. A.), San Luis Obispo, California; counterfeit expense checks drawn on The State Bank, La Grange, Texas; and counterfeit money orders drawn on Riverside National Bank, Fort Pierce, Florida. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   3/10/06

  • Lending Concentration Guidance Comment Period Extended

    The federal financial regulators have extended comment period on interagency guidance on concentrations in commercial real estate lending.
    Extension;
    FRB PR;
    OCC NR;
    OTS PR;
    FDIC PR   3/10/06

  • CCPA And ECOA FIL Issued

    The FDIC has issued a FIL which reminds institutions that the ECOA and its implementing regulation prohibit discrimination in credit transactions against consumers who have, in good faith, exercised any right under the CCPA.
    FIL   3/10/06

  • FRB Releases Fourth Quarter Reports

    The Z.1 Flow of Funds Report and the Household Debt Service and Financial Obligations Ratios Report for the Fourth Quarter 2005 have been released by the FRB.
    Z.1;
    Household Debt   3/10/06

  • Comptroller Addresses Community Bankers

    In a video presentation from the Basel Committee meeting in Switzerland, Comptroller Dugan addressed the participants at the annual convention of the Independent Community Banks of America, applauded the work of independent banks, and said America needs community institutions that are strong enough to help out in times of emergency.
    Speech Text;
    Video   3/10/06

  • C&D Issued Against Pennsylvania BHC And Bank.

    The FRB has announced the issuance of a consent Cease and Desist Order against Asian Financial Corporation, Philadelphia, Pennsylvania, and its subsidiary bank, Asian Bank, Philadelphia, Pennsylvania.
    Order   3/9/06

  • Twenty-Four Enforcement Actions Released

    The FDIC has released a list containing twenty-four orders of administrative enforcement actions taken against banks and individuals in January 2006. The actions include eight removal and prohibition orders, twelve civil money penalty orders, one cease, desist order, one termination of insurance order, and two terminations of cease, and desist orders.
    Enforcement Actions   3/9/06

  • MSB ANPR Issued

    FinCEN has issued an Advance Notice of Proposed Rulemaking seeking comments from both the money services business industry and the banking industry on the issue of money services businesses obtaining appropriate access to banking services.
    ANPR   3/9/06

  • Regulators Discuss Community Banking Issues

    In presentations before the Independent Community Bankers of America National Convention in Las Vegas, FRB Chairman Bernanke and OTS Director Reich discussed recent developments in community banking and the supervision of community banks in the twenty-first century.
    Bernanke Speech;
    Reich Speech   3/9/06

  • FEDS Working Papers Published

    The FRB has published two working papers in the FEDS series on the topics of "Paper or Plastic? The Effect of Time on the Use of Check and Debit Cards at Grocery Stores" and "Do Homeowners Know Their House Value and Mortgage Terms?"
    Paper Abstract;
    Paper Full Paper;
    Homeowners Abstract;
    Homeowners Full Paper   3/9/06

  • Regulatory Addresses Updated

    The Federal Reserve Board has published technical amendments to Regulation B (Equal Credit Opportunity Act) to update the addresses of certain federal enforcement agencies. 71FR11296 txt 71FR11296 pdf
      3/8/06

  • Consumer Complaint Addresses Updated

    The Federal Reserve Board has published technical amendments to Regulation AA (Unfair or Deceptive Acts or Practices) to update the addresses of the Federal Reserve Banks where consumer complaints regarding a state member bank may be sent.
    71FR11297 txt 71FR11297 pdf
      3/8/06

  • Opinion Says Local Lending Law Pre-Empted

    OTS has issued a legal opinion that concludes federal law preempts the application to federal savings associations of recent amendments to the Code of Montgomery County, Maryland. The opinion states that the county law, scheduled to become effective March 8. 2006, would infringe on the mortgage lending activities of federal savings associations in contravention of federal law, and could significantly impact the ongoing lending operations of institutions and lending opportunities of residents in the county.
    Opinion   3/8/06

  • Updated International Reserve Position

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of March 3, 2006.
    Reserve Position   3/8/06

  • January Consumer Credit Report Issued

    The FRB has issued the G.19 Consumer Credit Report for January 2006.
    G.19   3/8/06

  • Large Commercial Banks Rankings Released

    The Large Commercial Banks Report for December 31, 2006, which contains a ranking by consolidated assets, has been released by the FRB.
    LCB Report   3/8/06

  • Counterfeit Cashier's Checks And Money Orders Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on Strata Bank, Medway, Massachusetts; counterfeit cashier's checks that are drawn on First Bank, Austin, Texas, but bear the routing number of First Bank, Ketchikan, Alaska; and counterfeit money orders bearing the name of The Peoples Community Bank, Mazomanie, Wisconsin. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   3/7/06

  • Thirty-Two Second Quarter CRA Exams Scheduled

    OTS has announced that thirty-two savings associations will be examined during the second quarter 2006 for compliance with the CRA.
    CRA Exam Schedule   3/7/06

  • Advisory Letter Allows Subsidiary To Provide Real Estate Exchange Service

    FRB General Counsel Alvarez has issued an advisory letter that states certain proposed services for customers seeking to make exchanges of real property pursuant to section 1031 of the Internal Revenue Code are permissible nonbanking activities under section 225.28 of Regulation Y.
    Letter   3/06/06

  • CRA Ratings Released

    The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the CRA and the evaluation ratings that the assigned to institutions in December 2005.
    Ratings   3/06/06

  • FDIC Annual Report Online

    The FDIC has announced that its 2005 Annual Report is now available on its Web site.
    Annual Report   3/06/06

  • Counterfeit Cashier's Check Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Mountain National Bank, Sevierville, Tennessee. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/03/06

  • Final CRA Guidance Issued

    The federal banking agencies have announced the issuance of a final guidance containing a Q & A regarding the implementation of the recent changes to their CRA regulations. Guidance; FRB PR; OCC NR; FDIC PR  3/03/06

  • Dugan Says Regulators Determined To Help Hurricane Victims

    In a presentation before the Gulf States Bankers conference, Comptroller Dugan indicated that regulators want to facilitate dialogue between local bankers and institutions from outside the region to develop partnerships with the potential to make a real difference to the hard-pressed communities. Speech  3/03/06

  • Eleven Counterfeit Cashier's Checks Special Alert

    The FDIC has issued ten Special Alerts regarding counterfeit cashier's checks drawn on Bandera Bank, Bandera, Texas; Tecumseh Federal Bank, Tecumseh, Nebraska; Reading Co-operative Bank, Reading, Massachusetts; Athol Savings Bank, Athol, Massachusetts; Naugatuck Savings Bank, Naugatuck, Connecticut; Hamlin National Bank, Hamlin, Texas; Woodhaven National Bank, Fort Worth, Texas; Citizens National Bank, Cameron, Texas; Easthampton Savings Bank, Easthampton, Massachusetts; and North Brookfield Savings Bank, North Brookfield, Massachusetts. In addition, the OCC has issued an Alert regarding counterfeit cashier's checks drawn on First Bank of San Luis Obispo Pacific Capital Bank, N.A. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/02/06

  • OCC CRA Exam Schedule Announced

    The CRA examination schedule for the second quarter 2006 has been announced by the OCC. Exam Schedule.  3/02/06

  • Bulletin Issued Regarding OFAC–Economic Sanctions Enforcement Procedures

    The OCC has issued a Bulletin regarding the previously announced OFAC–Economic Sanctions Enforcement Procedures. Information concerning the procedures was posted in the January 13, 2006, BOL Top Stories. Bulletin.  3/02/06

  • Interpretations And Decisions Released

    OCC has released two publications titled "Significant Legal, Licensing, and Community Development Precedents for National Banks: 2005"; and "Activities Permissible for a National Bank: 2005" that provide the latest OCC interpretations and decisions authorizing activities for national banks and their operating subsidiaries. Precedents; Activities.  3/02/06

  • Agencies Testify Regarding Regulatory Relief

    OTS Director Reich, NCUA Chairman Johnson, CFRB Governor Kohn, OCC Chief Counsel Williams and FDIC Acting Counsel Jones all testified before Senate Committee on Banking, Housing, and Urban Affairs regarding the need for regulatory relief. Reich Testimony; Johnson Testimony; Kohn Testimony; Williams Testimony; Jones Testimony.  3/02/06

    • 314 (a) Fact Sheet Revised

      FinCEN has revised the 314 (a) Fact Sheet to include data collected as of March 1, 2006. 314 (a).  3/02/06

    • FILs Issued Regarding FinCEN Guidance

      Two FILs have been issued by the FDIC regarding two previous announced FinCEN Guidance regarding Registration and De-registration of Money Services Businesses and Foreign Bank Recertifications. Information regarding both Guidance was posted in the February 6, 2006 BOL Top Stories. MSBs; Foreign Bank.  3/02/06

    • February Foreign Exchange Rates Released

      The FRB has released the G.5 Foreign Exchange Rates Report for February 2006. G.5  3/02/06

    • March Issue FedFlash Published

      The March 1, 2006 issue of FedFlash has been published and contains articles on testing for FedWire security changes, changes to Operating Circular 5, deposit of savings bonds, and additional FedReceipt endpoints. FedFlash  3/02/06

    • CRA Examination Schedule Released

      The FDIC has released the CRA examination schedule for the second quarter 2006. Schedule   3/01/06

    • Earnings And Bank Failure Records Set

      The FDIC has published the Fourth Quarter 2005 Quarterly Banking Profile that announces that insured commercial banks and savings institutions reported record net income in 2005, representing the fifth consecutive year that industry earnings reached a new high. In addition, the agency also reached a milestone for the longest number of days during which it did not provide assistance to a failed or failing institution. QBP  3/01/06

    • Discount Rate Meetings Minutes Released

      The FRB has released the minutes of the discount rate meeting from January 9 through January 31, 2006. Minutes  3/01/06

    • Preliminary Interest Rate Risk Measures Report Issued

      OTS has issued a Preliminary Interest Rate Measures Report for the Fourth Quarter 2005. Preliminary Report  3/01/06

02/14/2006

FDIC enforcement actions

A list of thirty-one orders of administrative enforcement actions taken against banks and individuals in April 2014 has been released by the FDIC. The list includes an assessment of a civil money penalty of $485,000 and a removal/prohibition order against the former CEO and chairman of a failed Franklin, Tennessee, bank involving a series of alleged attempts to cover up loan fraud.

02/14/2006

Reminder of increased flood coverage cap

OCC Bulletin 2014-26, FRB CA Letter 14-3 and FDIC FIL-28-2014 have been issued regarding the Interagency Statement on increased maximum flood insurance coverage for other residential buildings. The increased coverage limits, effective June 1, 2014, required that lenders reevaluate the adequacy of flood coverage for affected buildings and compel coverage increases as necessary.

02/14/2006

Santander sued for mortgage bias

Santander Bank, N.A., the U.S. unit of Madrid, Spain's Banco Santander SA, is named in a suit filed May 29 in U.S. District Court, District of Rhode Island, reports the Insurance Journal. The City of Providence claims that the bank stopped issuing mortgages in minority neighborhoods after the housing bubble burst, beginning in 2009 when, as Sovereign Bank, it was acquired by its current Spanish parent company. The suit seeks millions in dollars in damages, arguing that the bank's alleged pull-back from minority neighborhoods led to boarded-up homes and other blight that was expensive for the city to maintain and deprived the city of property-tax revenue.

02/14/2006

Third quarter CRA exam schedule

The FDIC has issued its CRA examination schedule for the third quarter 2014.

02/14/2006

FDIC enforcement actions

A list of thirty-one orders of administrative enforcement actions taken against banks and individuals in April 2014 has been released by the FDIC. The list includes an assessment of a civil money penalty of $485,000 and a removal/prohibition order against the former CEO and chairman of a failed Franklin, Tennessee, bank involving a series of alleged attempts to cover up loan fraud.

02/14/2006

Reminder of increased flood coverage cap

OCC Bulletin 2014-26, FRB CA Letter 14-3 and FDIC FIL-28-2014 have been issued regarding the Interagency Statement on increased maximum flood insurance coverage for other residential buildings. The increased coverage limits, effective June 1, 2014, required that lenders reevaluate the adequacy of flood coverage for affected buildings and compel coverage increases as necessary.

02/14/2006

Santander sued for mortgage bias

Santander Bank, N.A., the U.S. unit of Madrid, Spain's Banco Santander SA, is named in a suit filed May 29 in U.S. District Court, District of Rhode Island, reports the Insurance Journal. The City of Providence claims that the bank stopped issuing mortgages in minority neighborhoods after the housing bubble burst, beginning in 2009 when, as Sovereign Bank, it was acquired by its current Spanish parent company. The suit seeks millions in dollars in damages, arguing that the bank's alleged pull-back from minority neighborhoods led to boarded-up homes and other blight that was expensive for the city to maintain and deprived the city of property-tax revenue.

02/14/2006

Third quarter CRA exam schedule

The FDIC has issued its CRA examination schedule for the third quarter 2014.

01/31/2006

Top Stories for February 2006

  • FRB publishes Guidance for Holding Companies (Reg Y)

    The FRB publishes Final Rule for Reg Y in the Federal Register that address the
    effects of inflation, industry consolidation, and normal asset growth of BHCs since the Board introduced the Policy Statement in 1980, providing guidlines and policy for Bank Holding Companies.TXT PDF  2/28/06

  • Small BHC Definition Expanded

    The FRB has announced the approval of a final rule that expands the definition of a small BHC by increasing the asset size threshold from $150 million to $500 million. Final Rule  2/28/06

  • Hurricane Relief CRA Credit Guidance Issued

    The FRB has issued a Guidance for state member banks regarding the availability of CRA consideration for bank activities that help revitalize or stabilize designated hurricane disaster areas. Guidance  2/28/06

  • Counterfeit Official Checks Special Alert Issued

    The FDIC has issued a Special Alert regarding counterfeit official checks drawn on Union Bank of California, National Association (N.A.), San Francisco, California. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.  2/28/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report to include data as of February 24, 2006. Reserve Position  2/28/06

  • Counterfeit Money Orders Alert Issued

    The OCC has issued an Alert regarding counterfeit money orders in the name of Riverside National Bank of Fort Pierce, Florida, that are being presented for payment. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.  2/27/06

  • BSA Direct Fact Sheet Published
    FinCEN has published a Fact Sheet regarding the implementation of BSA Direct, which improves a user's access and ability to analyze BSA data. Fact Sheet  2/27/06
  • Fourth Quantitative Impact Study Results Published

    The federal bank and thrift regulatory agencies have announced the publication of the Summary Findings of the Fourth Quantitative Impact Study. Study; FRB PR; OCC NR; FDIC PR; OTS PR  2/27/06

  • Bernanke On Price Stability

    In a presentation at the Center for Economic Policy Studies celebrating the seventy-fifth anniversary of the founding of the Woodrow Wilson School of Public and International Affairs, Chairman Bernanke expressed his views on the benefits of price stability. Speech  2/27/06

  • Owned And Managed Receivables Report Issued

    The G.20 Finance Companies Owned and Managed Receivables Outstanding Report for December 2005 has been issued by the FRB. G.20  2/27/06

  • FDIC Schedules Wal-Mart Bank Application Hearings

    The FDIC has announced that hearings will be held in Kansas City, Missouri, and Washington D.C. regarding the application for federal deposit insurance filed on behalf of the proposed Wal-Mart Bank. Copies of the public portion of Wal-Mart Bank's application and the more than 1,900 comment letters received on the application are available on the FDIC's Web site. Hearing Notice; Application; Comments  2/24/06

  • Three Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on BankFIRST, Winter Park, Florida; The Conway National Bank, Conway, South Carolina; and Western Bank, St. Paul, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  2/24/06

  • FedLine Direct Announced

    The Federal Reserve Banks have announced that they are moving their Computer Interface access solution from a Systems Network Architecture (SNA) solution to an Internet Protocol (IP) solution. The new solution, called FedLine Direct, was designed especially for financial institutions that conduct a high volume of FR transactions and require a highly-secure, unattended computer-to-computer interface.
    FedLine Direct  2/24/06

  • 504 Loan Program Report Released

    The OCC has released a new report, "SBA 504 Loan Program: Small Businesses' Window to Wall Street," which highlights the SBA's 504 loan program and how banks may team up with CDCs to make loans for long-term assets and promote economic development. Report  2/24/06

  • Market Risk Final Rule Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced interagency final rule amending the market risk rules that revise the risk-based capital treatment for cash collateral posted in connection with securities borrowing transactions. Information concerning the final rule was posted in the February 22, 2006, BOL Top Stories. Bulletin  2/24/06

  • OTS Examination Handbook Updated

    OTS has issued two Regulatory Bulletins announcing the update of its Examination Handbook to include new information concerning FCRA and transactions with affiliates and insiders plus new sections regarding the FACT Act, CAN-SPAM, and TCPA. RB 37-12; RB 37-13  2/24/06

  • FTC Settles With Card Processor

    CardSystems Solutions, Inc. has agreed to settle FTC charges that the processor of debit and credit cards failed to take appropriate security measures to protect the sensitive information of tens of millions of consumers. According to the FTC, the security breach resulted in millions of dollars in fraudulent purchases. The settlement will require CardSystems to implement a comprehensive information security program and obtain audits by an independent third-party security professional. Settlement Summary; Agreement; Complaint  2/24/06

  • 2006 CDRLF Loan and Grant Program Announced

    NCUA has announced the 2006 CDRLF Technical Assistance Grant Program that was established by Congress to support credit unions that serve low-income communities by providing loans and TAGs to qualifying institutions. Program  2/24/06

  • Changes In Family Finances Revealed By Survey

    The Federal Reserve Bulletin contains an article that the results of a survey regarding changes in the income and wealth of U.S. families between 2001 and 2004. Article  2/24/06

  • Fourth Quarter Charge-Off and Delinquency Rates Released

    The FRB has released the charge-off and delinquency rates on loans at commercial banks data for the fourth quarter 2005. Charge-Off SA; Charge-Off NSA; Delinquency SA; Delinquency NSA; Index  2/24/06

  • NCUA proposes rulemaking for supervisory committee audits

    The National Credit Union Administration (NCUA) publishes notice of proposed rulemaking on whether and how to modify its Supervisory Committee audit rules to require credit unions to obtain an "attestation on internal controls" for their annual audits. TXT PDF  2/23/06

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Bank of Tokyo-Mitsubishi Trust Company, New York, New York. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/23/06

  • MLTA Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced report of the first government-wide analysis of money laundering in the U.S. Information concerning MLTA was posted in the January 17, 2006, BOL Top Stories. Bulletin   2/23/06

  • Yield Curve Article Featured In FYI

    The February 22, 2006, issue of FYI features an article entitled, "What the Yield Curve Does (and Doesn't) Tell Us." FYI   2/23/06

  • Fourth Quarter TFR Data Released

    OTS has released the TFR Data reports for the Fourth Quarter 2005. TFR   2/23/06

  • Joint Agencies issue final rule to amend their market risk rules

    The OCC, FRB, OTC, and FDIC publish final rule in FR to amend their market risk
    rules that revise the risk-based capital treatment for cash collateral posted in connection with securities borrowing transactions. TXT PDF  2/22/06

  • SAR Revision Comments Sought

    FinCEN and the federal banking supervisory agencies are seeking comments on the proposed revision and reformatting of SARs to support joint filing for suspicious activities that do not involve insider abuse.
    SAR Revision  2/22/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the inclusion of data as of February 17, 2005. Reserve Position  2/22/06

  • FOMC Minutes Released

    The FRB has released the minutes of the January 31, 2006 meeting of the FOMC. Minutes  2/22/06

  • FDIC publishes rule to clarifiy procedures for deposit liabilities

    The FDIC publishes Final Rule in FR which clarifies and simplifies the procedures for deposit liabilities of an insured depository institution assumed by another insured depository institution. TXT PDF  2/21/06

  • Palestinian Charity's Assets Blocked Pending Investigation

    OFAC has announced that all property and interests in property of an alleged Palestinian charity, Kindhearts For Charitable Humanitarian Development, Inc., are blocked pending investigation pursuant to the provisions of the U.S.A. Patriot Act. The charity's name has been added to the SDN list with the descriptor "BPI-PA". Information regarding the charity has been posted on the BOL OFAC page.  2/21/06

  • Comment Period Extended

    The federal financial regulatory agencies have extended the comment period for 30 days to March 29, 2006, for the proposed guidance on nontraditional residential mortgage products. Notice of the initial comment period was posted in the December 30, 2005 Top Stories. RB PR; OCC NR; OTS PR; FDIC PR; Original Notice  2/21/06

  • NCUA Announces Insurance Reform Changes

    NCUA has announced highlights of the upcoming changes to share insurance coverage and information as to what federally-insured credit unions can expect in the near future as a result of the recent legislation regarding NCUSIF and FDIC insurance coverage. Insurance Changes  2/21/06

  • FinCEN Director Named

    Treasury Secretary Snow has named Robert W. Werner, the current OFAC Director, as the new Director of FinCEN. Werner  2/21/06

  • 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 December 2005. Reports  2/21/06

  • FHC List Update

    The FHC List has been updated by the FRB to include those BHCs that have elected to be treated as FHCs as of February 17, 2006. List  2/21/06

  • Special Alerts Issued

    The FDIC has issued two Special Alerts regarding fraudulent checks drawn on Atlantic Central Bankers Bank, Camp Hill, Pennsylvania, and counterfeit cashier's checks drawn on Greenfield Co-operative Bank, Greenfield, Massachusetts. Information regarding the fraudulent and counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 2/17/06

  • March HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in March 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;
    Weekly H.15 2/17/06

  • Comptroller Meets With NAR

    Comptroller Dugan issued a statement following a meeting with representatives of the National Association of Realtors (NAR) to discuss three recent OCC interpretive letters.
    Statement 2/17/06

  • OCC Announces New Electronic Interpretations and Actions

    The New Electronic Interpretations and Actions for February 2006 have been posted online by the OCC.
    Electronic Interpretations 2/17/06

  • 314a Fact Sheet Updated

    FinCEN has updated the 314a Fact Sheet to include data as of February 15, 2006.
    Fact Sheet 2/17/06

  • March Reporting Forms Online

    The FFIEC has posted online with instructions the March 2006 009 and 009a Reporting Forms.
    009;
    009a 2/17/06

  • Cost OF Fund Reports Released

    OTS has released the Current and Historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports.
    Current;
    Historical 2/17/06

  • CRA Evaluations Released

    The OCC has released the CRA ratings given to fifteen national banks recently evaluated for compliance with the CRA.
    Ratings 2/16/06

  • Enforcement Actions Announced

    OCC has announced nine new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and three terminations of existing enforcement actions.
    Actions 2/16/06

  • December TIC Data Released

    Treasury has released the Treasury International Capital (TIC) data for December 2005.
    TIC 2/16/06

  • G.17 Report Issued

    The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for January 2006.
    G.17 2/16/06

  • Monetary Report Present To Congress

    The Chairman Bernanke has presented the semiannual FRB Monetary Policy Report to Congress.
    Monetary Policy;
    Testimony 2/16/06

  • Strong Performances Reported By Thrifts

    OTS has announced that the industry set an annual earnings record in 2005 and posted its fifth consecutive quarter of record earnings.
    Earnings 2/16/06

  • Two 23A Exemptions Granted

    The FRB has granted two requests for exemption from certain provisions of Section 23A of the Federal Serve Act and Reg W.
    Exemption 1;
    Exemption 2
    2/15/06

  • OC 5 Amendments Announced

    FRB Financial Services has announced that changes have been made to Operating Circular 5, Electronic Access. The changes are summarized in a customer notice. The updated OC 5 and the Certification of Practice statement become effective March 15, 2006.
    Customer Notice;
    OC 5;
    Certification 2/15/06

  • Call Report Revision And Extension Proposed

    A joint proposal for approval to revise and extend for three years the Call Report forms FFIEC 031 and FFIEC 041 has been issued and the federal banking regulators seek comments.
    Proposal;
    Electronic Comment Form
    2/15/06

  • OTS Suggests Saving Associations Adopt Board Qualification Bylaw

    OTS has proposed that federal saving associations adopt a bylaw that would preclude certain person from serving on the Board of Directors.
    Proposed Bylaw
    2/15/06

  • Hurricane Relief Fraud FIL Issued

    The FDIC has issued a FIL regarding the previously announced FinCEN guidance warning institutions of the potential for fraudulent transactions involving hurricane relief funds. The guidance was posted in the February 6, 2006, BOL Top Stories.
    FIL
    2/15/06

  • CIP For Merchants And Brokers FAQ Published

    FinCEN has published a FAQ regarding CIP for futures commission merchants and introducing brokers.
    FAQ html;
    FAQ
    2/15/06

  • Winter 2005/2006 Issue Of FDIC Consumer News Published

    The FDIC has published the Winter 2005/2006 issue of the FDIC Consumer News. Featured articles include Fires, Floods and Other Misfortunes: Are You Prepared Financially?; Banks Are Required to Prepare for Disasters; Coming Soon to Internet Banking Customers: New Procedures for Verifying that "You are You"; Expanded FDIC Insurance for College Savings Accounts; and Reminder: Deposited Checks Subject to Temporary "Hold".
    Consumer News
    2/15/06

  • International Reserve Position Updated

    Treasury has updated the U.S. International Reserve Position report to include data as of February 10, 2006.
    Reserve Position
    2/15/06

  • Use Of Payment Instruments Working Paper Published

    The FRB has published a working paper in the FEDS series on the topic of "Families' Use of Payment Instruments During a Decade of Change in the U.S. Payment System".
    Abstract;
    Full Paper pdf;
    Full Paper screen reader
    2/15/06

  • Counterfeit Cashier's Check Alert Issued

    An Alert has been issued by the OCC regarding counterfeit cashier's checks drawn on Hamlin National Bank of Hamlin, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/14/06

  • FIL To Be Primarily Distributed Online

    The FDIC has announced that beginning April 1, 2006, FILs will be distributed primarily through its free online subscription service. To receive a paper FIL an institution must submit a request form prior by March 24, 2006.
    FILs   2/14/06

  • SAR Activity Review Published

    FinCEN has published Issue 5 of The SAR Activity Review – By the Numbers which contains data regarding SARs filed from April 1, 1996 to June 30, 2005.
    SAR Activity Review   2/14/06

  • FRB Releases Legal Interpretations

    The FRB has released two legal interpretations regarding the granting an exemption from section 23A and recommendations concerning Edge and Agreement corporations.
    23A;
    Corporations
      2/14/06

  • Quarterly Journal Online

    The OCC has placed online the December 2005 issue of the Quarterly Journal which contains articles on an analysis of payment option adjustable rate mortgages and automated clearing house payments; third quarter 2005 condition and performance of banks; and other policy and data.Quarterly Journal   2/14/06

  • Counterfeit Cashier's Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Citizens National Bank of Cameron, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/13/06

  • Legal Interpretations Issued

    The FRB has issued letters granting an exemption from section 23A and regarding the appropriate risk-based capital treatment of a BHC's equity investment in a consolidated financial guarantee reinsurance subsidiary.
    23A;
    Equity Investment   2/13/06

  • Third Quarter 2005 Issue Of The Quarterly Review Of Interest Rate Published

    The OTS has published the Third Quarter 2005 issue of The Quarterly Review of Interest Rate Risk.
    Quarterly Review   2/13/06

  • CRA Credit For Out Of Area Hurricane Relief Efforts

    The OCC has issued a bulletin allowing national banks located outside the disaster areas to receive positive CRA consideration for activities that support the revitalization and stabilization of areas affected by Hurricanes Katrina and Rita.
    Bulletin   2/10/06

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on UniBank for Savings, Whitinsville, Massachusetts; Fannin Bank, Windom, Texas; Earlham Savings Bank, West Des Moines, Iowa; and Spencer Savings Bank, SLA, Elmwood Park, New Jersey. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/10/06

  • OCC Forms Credit And Market Risk Unit

    The OCC has announced that two groups – Credit Risk and Risk Evaluation – are being combined in a new Credit and Market Risk unit which will function as the OCC's focal point for credit and market risk management issues.
    Unit   2/10/06

  • Individuals And Entities Added To OFAC List

    The President has issued an Executive Order declaring a national emergency to deal with the threat to the foreign policy of the U.S. posed by the conflict in Côte d'Ivoire. Three entries have been added to the SDN List with the COTED designation. In addition, Treasury has designated five individuals and four entities for their role in financing the Libyan Islamic Fighting Group, an al Qaida affiliate and added their names and numerous A/K/As to the SDN list as SDGTs. Information regarding the new additions has been posted on the BOL OFAC page.   2/09/06

  • Eleven Counterfeit Checks Special Alerts Issued

    The FDIC has issued eleven Special Alerts regarding: 1) counterfeit cashier's checks drawn on Auburn State Bank, Auburn, Nebraska; Hampden Bank (formerly Hampden Savings Bank), Springfield, Massachusetts; Northern Trust Bank of California, National Association, Santa Barbara, California; Centrix Bank & Trust, Bedford, New Hampshire; The Paducah Bank and Trust Company, Paducah, Kentucky; First Tennessee Bank, National Association, Memphis, Tennessee; Thomaston Savings Bank, Thomaston, Connecticut; Horicon Bank, Horicon, Wisconsin; and The Farmers National Bank of Seymour, Seymour, Texas; 2) counterfeit official checks drawn on BankAnnapolis, Annapolis, Maryland; and 3) counterfeit expense checks drawn on Gulf Coast Bank, Abbeville, Louisiana. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   2/09/06

  • National Community Reinvestment Conference Announced

    The federal financial regulators have announced that the 2006 National Community Reinvestment Conference will be held March 19-22, 2006, at the Green Valley Ranch in Las Vegas, Nevada. Deadline for registration is March 3, 2006.
    Conference Brochure;
    Registration;
    OCC NR;
    FRB NR;
    FDIC PR   2/09/06

  • Pennsylvania CU Closed

    The NCUA has announced the liquidation of Greater Harrisburg Community Credit Union, a state-chartered, federally insured credit union in Harrisburg, Pa.
    Closing   2/09/06

  • Senior Loan Officer Opinion Survey Results Released

    The results of the January 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released by the FRB.
    Summary;
    Full Report   2/09/06

  • External Audit Advisory Published in FR

    An interagency advisory has been issued by the federal financial regulatory agencies that addresses safety and soundness concerns that may arise when a financial institution agrees in an engagement letter to limit the liability of an external auditor. 71FR6847 txt 71FR6847 pdf Links OCC Bulletin;
    FIDC FIL   2/09/06

  • CTR Violations Result In Order Of Prohibition

    A former Florida banker who intentionally failed to file over two thousand CTRs is the subject of an Order of Prohibition issued by the FRB.
    Order   2/08/06

  • Enforcement Actions Announced

    The FDIC has released a list of ten orders of administrative enforcement actions taken against banks and individuals in December, 2005. The actions include one cease and desist order, three civil money penalty orders, one termination of insurance, and five terminations of cease and desist orders.
    Enforcement Actions   2/08/06

  • Consumer Credit Report Released

    The G.19 Consumer Credit Report for December 2005 has been released by the FRB.
    G.19   2/08/06

  • FHC List Update

    The FRB has updated the list of BHCs that have elected to be treated as FHCs to include elections made as of February 3, 2006.
    List   2/08/06

  • Risk-Based Capital Treatment Of Cash-Collateralized Securities Final Rule

    The FRB has announced the approval of a final rule for state member banks and bank holding companies that revises the risk-based capital treatment for cash collateral posted in connection with securities borrowing transactions. The final rule, pending approval by other federal banking regulators, makes permanent and expands the scope of an interim final rule issued in 2000.
    Final Rule   2/07/06

  • Workshops for National Community Bank Directors Announced

    The OCC has announced the 2006 workshop schedule for national community bank directors. The workshops provide practical information that expands bank directors' skills and understanding of issues facing their banks and cover risk assessment, credit risk, and compliance risk.
    Workshops   2/07/06

  • 2007 Blue Book Released

    Treasury has released its General Explanations of the Administration's Fiscal Year 2007 Revenue Proposals, otherwise known as the Blue Book, which includes several new initiatives, including: increased expensing for small businesses; a set of proposals to improve access to health care and expand HSAs; proposals to increase compliance, simplify the tax laws and reduce taxpayer burden; and a proposal to create a new Dynamic Analysis Division within Treasury.
    Blue Book   2/07/06

  • International Reserve Position Update

    The U.S. International Reserve Position Report has been updated by Treasury to include data as of February 3, 2006.
    Reserve Position   2/07/06

  • CRA Ratings Released

    The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the CRA and ratings assigned to each institution.
    Ratings   2/06/06

  • Limiting External Audit Advisory Issued

    An interagency advisory has been issued by the federal financial regulatory agencies that addresses safety and soundness concerns that may arise when a financial institution agrees in an engagement letter to limit the liability of an external auditor.
    Interagency Advisory;
    FRB PR;
    OCC NR;
    OTS PR;
    FDIC PR;
    NCUA PR   2/06/06

  • Hurricane Challenges Forum Announced

    The federal financial regulators have announced that a forum focusing on the short-term and long-term challenges facing banks and thrifts operating in the areas affected by Hurricanes Katrina and Rita and on ways of helping meet the needs of the local communities will be held in New Orleans on March 2 and 3, 2006.
    FRB PR;
    OCC NR;
    OTS PR;
    FDIC PR   2/06/06

  • FR Replaces SEER Models

    A SR letter has been issued announcing the replacement by the FR of the SEER models with a new econometric framework referred to as the Supervision and Regulation Statistical Assessment of Bank Risk model or SR-SABR. The letter briefly describes the new model, details the screening thresholds for SR-SABR within the State Member Bank Watch List program, and updates Watch List follow-up procedures.
    SR-SABR   2/06/06

  • FinCEN Issues Hurricane Relief Fraud Guidance

    A guidance has been issued by FinCEN warning institutions of the potential for fraudulent transactions involving hurricane relief funds. Hurricane Fraud Guidance   2/06/06

  • Examination Guidance Issued For Institutions Affected By Katrina

    Federal and state financial institutions regulators have developed a supervisory guidance to assist their examiners in the examination of regulated institutions affected by Hurricane Katrina.
    Examination Guidance;
    FRB SR;
    OCC Bulletin;
    OTS CEO Lt;
    FDIC FIL   2/06/06

  • Credit Model Validity Individual Bank Responsibility

    In a presentation to the participants at the Workshop on Validation of Credit Rating and Scoring Models hosted by the OCC, Comptroller Dugan indicated that responsibility for validating the models banks use to manage credit risk and other critical activities lies first and foremost with the institution itself.
    Speech   2/06/06

  • Foreign Bank Recertification FAQ Issued

    A guidance in the form of FAQs has been issued by FinCEN regarding clarification of the compliance date for recertification of foreign correspondent accounts. FAQ   2/06/06

  • Review Of MSB Regulatory Framework Announced

    FinCEN has announced that a review the regulatory framework for MSBs is being conducted and has issued a guidance regarding the registration and de-registration of the entities. MSB
      2/06/06

  • Interagencies Publish Correction to Interpretive Guidance on GLBA

    The Joint Agencies (OCC, FRB, FDIC, OTS) published a correction to Final Rule published in FR (3/29/05) on interpretive guidance on the Gramm-Leach-Bliley Act (GLBA) and the Interagency Guidelines Establishing Information Security Standards (Security Guidelines). TXT PDF  2/03/06

  • Congress Praised By Gruenberg For FDIC Insurance Reform

    FDIC Chairman Gruenberg has issued a statement praising the passage of deposit reform legislation by Congress and thanking the leadership for their support. The legislation merges the BIF and SAIF funds and lays the groundwork an increase in deposit insurance coverage. Gruenberg  2/03/06

  • Comptroller Urges Privacy Notice Overhaul

    In a presentation to the participants of the ALI-ABA Financial Services Institute, Comptroller Dugan noted that most bank customers don't find the privacy notices to be especially useful and recommended that an ongoing interagency process be implemented to simplify them. He observed that the statutory requirements are complex, specific disclosures using legal language are mandated, and there is no requirement for uniformity or consistency. Speech  2/03/06

  • Credit Repair Scammers Busted

    The FTC, U.S. Postal Inspection Service, and eight state law enforcement agencies have filed a compliant against entities that deceptively claim they can remove negative information from consumers' credit reports and a TRO has been issued to halt their activities. Scams; Complaint; TRO  2/03/06

  • Deliveries Of New Hamiltons Scheduled

    FR Financial Services has issued a customer letter to financial institutions which announces the distribution plan for the new Series 2004A $10 notes. Letter; New Notes  2/03/06

  • XBRL White Paper Published

    The FFIEC has published a white paper of the topic of "Improved Business Process Through XBRL: A Use Case For Business Reporting". Paper  2/03/06

  • FRB Announces New Due Diligence Procedures

    Information collected from the OAL List will be utilized by the FRB to implement new due diligence procedures for certain Cash Services requests. A pilot program will be started in three FR Districts beginning February 21, 2006 Due Diligence  2/02/06

  • CRA Ratings Released

    OTS has released the CRA ratings received by savings associations recently evaluated for compliance with the CRA. Ratings  2/02/06

  • HMDA Site Updated

    The Reg C Amendments site has been updated by HMDA to include information regarding asset threshold size and triggers relating to points and fees. Updates  2/02/06

  • EDIE Updated

    The FDIC has updated EDIE. EDIE  2/02/06

  • FedFlash February Issue Online

    The February 2006 issue of FedFlash is online and contains articles regarding cash services procedures, money order verification, reminders to DOS users, and District news. FedFlash  2/02/06

  • January Foreign Exchange Rates Report Released

    The FRB has released the G.5 Foreign Exchange Rates Report for January 2006. G.5  2/02/06

  • FR Bulletin Supplement Published

    The January 2006 Statistical Supplement to the FR Bulletin has been published. Supplement  2/02/06

  • Bernanke Sworn In

    Ben S. Bernanke has been sworn in as fourteenth Chairman of the Board of Governors of the Federal Reserve System. Bernanke  2/02/06

  • Greenspan's Last Day

    Chairman Greenspan, who had previously announced his retirement after serving over eighteen years, presided over his last meeting as Chairman of the Federal Reserve System in which the Board raised its targets for the federal funds rate and the discount rate by 25 basis points. The Senate has confirmed Ben S. Bernanke as the new Chairman and a private swearing-in ceremony is scheduled for Wednesday, February 1.
    Greenspan; Bernanke.  2/01/06

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