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Top Story Lending Related

12/14/2006

NMLS quarterly industry report

The NMLS Mortgage Industry Report for the first quarter of 2014 has been released. The report contains an analysis of companies, branches, and mortgage loan originators who were licensed or registered through NMLS to conduct mortgage activities.

11/30/2006

Top Stories for December 2006

  • Annual CRA Asset-Size Threshold Adjustments Published in FR

    As required by the 2005 CRA regulatory amendments, the federal bank regulatory agencies have announced the annual adjustment to the asset-size thresholds used to define "small bank" and "intermediate small bank". 71FR78335 txt 71FR78335 pdf    12/29/06

  • Fraudulent and Counterfeit Checks Special Alerts Issued

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

    • The New Washington State Bank, New Washington, Indiana (Counterfeit Cashier's Checks);
    • First Star Bank, Arlington, Texas (Fraudulent Checks);
    • South Georgia Bank, Glennville, Georgia (Counterfeit Checks);
    • HFS Federal Credit Union, Hilo, Hawaii (Counterfeit Cashier's Checks);
    • Security State Bank, Odessa, Texas (Counterfeit Cashier's Checks);
    • The Cape Cod Five Cents Savings Bank, Harwich Port, Massachusetts (Counterfeit Cashier's Checks); and
    • Heritage Federal Credit Union, Newburgh, Indiana (Counterfeit Cashier's Checks).

    Information concerning the fraudulent and counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    12/29/06

  • FRB Board of Governors To Close On National Day Of Mourning

    The Board of Governors of the Federal Reserve System in Washington, D.C. have announced that their office will be closed on Tuesday, January 2, 2007, in observance of the national day of mourning for former President Ford. The twelve regional Reserve Banks will be open and operating during normal business hours and will provide all financial services as usual.
    Day of Mourning    12/29/06

  • Prohibition Order Issued

    NCUA has issued an order prohibiting Christopher T. Renzo from participating in the affairs of any federally insured financial institution. The former teller of Hudson Valley Federal Credit Union was convicted of 2nd degree grand larceny, sentenced to five years of supervised probation, and ordered to pay $105,886 in restitution.
    Order    12/29/06

  • Revocation of Banking License Special Alert

    The FDIC has announced that the Financial Institutions Commission, Republic of Palau, has revoked the banking license of Pacific Savings Bank, Ltd., and placed the bank into receivership.
    Special Alert    12/29/06

  • FDIC Publishes in FR a rule to Repeal Reports and Public Disclosure of Indebtedness of
    Executive Officers and Principal Shareholders to a State Nonmember Bank and Its Correspondent Banks

    The FDIC is repealing its regulations governing reporting on lending by a State nonmember bank and its correspondent banks to executive officers and principal shareholders. 71FR78337 txt 71FR78337 pdf    12/29/06

  • Fraudulent Checks and Counterfeit Money Orders Special Alerts

    The FDIC has issued two Special Alerts regarding fraudulent official checks bearing the name of Harrison Bank, Arlington, Texas, and counterfeit money orders bearing the name of Basin State Bank, Stanford, Montana. Information concerning the fraudulent and counterfeit items has been posted on the BOL Alerts & Counterfeits page.    12/28/06

  • $800,000 CMPs Announced

    FinCEN, the FDIC, and the Florida Office of Financial Regulation have announced the assessment of civil money penalties totaling $800,000 against Beach Bank, Miami Beach, Florida, for failing to implement an adequate anti-money laundering program and monitor the bank's high-risk accounts, which resulted in the failure to timely report suspicious activity.
    FinCEN;
    FDIC;
    Florida    12/28/06

  • Annual CRA Asset-Size Threshold Adjustments Announced

    As required by the 2005 CRA regulatory amendments, the federal bank regulatory agencies have announced the annual adjustment to the asset-size thresholds used to define "small bank" and "intermediate small bank".
    Adjustments;
    FRB PR;
    FDIC PR;
    OCC NR    12/28/06

  • FDIC Signage Final Rule

    The FDIC has issued a FIL announcing the approval of the final rule amending FDIC Part 328, regarding the Advertisement of Membership. Recent amendments to the FDIC Act required the agency to prescribe an official sign that all FDIC-insured depository institutions would be required to display. New signs are available from the FDIC and must be displayed on or before November 13, 2007.
    Final Rule;
    FIL;
    New Signs    12/28/06

  • Federal ID Theft Task Force Seeks Comments

    Comments are being sought by the Federal Identity Theft Task Force on ways to improve the effectiveness and efficiency of federal government efforts to reduce identity theft. Additional information is available on the task force Web site.
    Comments;
    Web site    12/28/06

  • Loan Fraud and ML Reports Released

    OTS has released two reports regarding assessments based upon suspicious activity report analysis of mortgage fraud and money laundering in the commercial real estate industry.
    Mortgage Fraud Report;
    ML Report    12/28/06

  • Operating Circular 4 Amended

    The FRB Financial Services has announced that a technical amendment has been made to Operating Circular 4. The amendment, which is effective January 30, 2007, concerns the "Fedline Command Security and Implementation Guide" as part of the security procedures for sending banks.
    Amendment

  • Five Names Removed From OFAC List

    OFAC has removed from the SDN List the names of five individuals who had been previously designated as SDNTs. Information regarding the deleted names has been posted on the BOL OFAC page.

  • December Call Report FIL Issued

    A FIL has been issued by the FDIC regarding the December 31, 2006 Call Report deadlines, current filing information, and elimination of certain previously required report information.
    FIL

  • ARM Consumer Handbook Revised

    The Consumer Handbook on Adjustable-Rate Mortgages (ARM) has been revised.
    ARM Handbook

  • Third Quarter DSR and FOR Data Released

    The FRB has released the household debt service (DSR) and financial obligations (FOR) ratios for the third quarter 2006.
    Ratios

  • Interagency Capital Notice Published

    The bank regulators have published proposed revisions to the existing risk-based capital framework that would apply to banks that don't use the BASEL II NPR and are extending the comment period. TXT, PDF .

  • Agencies Publish Proposed Capital Revisions

    Proposed revisions to the existing risk-based capital framework have been published. They are intended to enhance the capital framework's risk sensitivity without unduly increasing regulatory burden. The changes would apply to banks, bank holding companies, and savings associations. TXT, PDF .

  • HMDA Asset Size Exemption Published

    The Federal Reserve Board has published in the Federal Register the 2007 asset-size exemption threshold increase for 2007. This action amends the staff commentary for Regulation C to adjust to $36 million the asset-size exemption threshold for coverage under HMDA. TXT, PDF .

  • SEC and FRB Publish Bank-Related Proposals in FR

    The Securities and Exchange Commission and the Federal Reserve Board have jointly published two sets of proposed rules in the Federal Register. The first would implement certain of the exceptions for banks from the definition of "broker" and would define terms used in the statutory exceptions and certain related exemptions. The second requests comment on proposed rules to implement the broker exceptions for banks relating to third-party networking arrangements, trust and fiduciary activities, sweep activities, and safekeeping activities. In addition, the SEC published an order extending the temporary exemption of banks from the definition of broker. Definitional changes: TXT, PDF ; Implementation of broker exceptions:
    TXT, PDF ; Temporary Exemption Extension: TXT, PDF .

  • NCUA Publishes Final Rule in FR for Conversion of Insured Credit Unions to
    Mutual Savings Banks

    NCUA is issuing final revisions to its rules regarding the conversion of insured credit unions to mutual savings banks or mutual savings associations. The final rule
    includes revised disclosures, revised voting procedures, procedures to facilitate communications among
    members, and procedures for members to provide their comments to directors before the credit union board votes on a conversion plan. TXT, PDF .   12/22/06

  • Counterfeit Cashier's checks Special alert

    A Special Alert has been issued by the FDIC regarding counterfeit cashier's checks bearing the name of The Grundy National Bank of Grundy Center (d/b/a Grundy National Bank), Grundy Center, Iowa. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   12/22/06

  • SAR Filing Form Revised

    FinCEN and the federal banking agencies have announced that the format for the Suspicious Activity Report by Depository Institutions (SAR-DI) has been revised to support a new joint filing initiative, which will reduce the number of duplicate SARs filed for a single suspicious transaction. The approved final form should not be filed until the actual effective implementation date of June 30, 2007. Form; FinCEN PR; FRB PR; OCC NR; FDIC PR; OTS PR; NCUA PR    12/22/06

  • Weather Closes Denver FRB Branch

    The Denver Branch of the Federal Reserve Bank of Kansas City was closed due to weather conditions on Thursday, December 21, 2006. The Federal Reserve will grant credit availability for check deposits received by the deposit deadline. Branch Closed   12/22/06

  • Flood and BSA Enforcement Actions Announced

    The FRB has announced CMPs in the amounts of $ 6,750 have been assessed against Planters Bank and Trust Company, Staunton, Virginia, and $4,950 have been assessed against Oregon Pacific Bank, Florence, Oregon, regarding alleged violations of the Board's Regulations implementing the National Flood Insurance Act. A written agreement was also entered into with Habib Bank Limited, Karachi, Pakistan, and the bank's branch in New York, New York, concerning BSA and anti-money laundering compliance. CMP Planters Bank; CMP Oregon Pacific Bank; Written Agreement Habib Bank   12/22/06

  • FDIC Enforcement Actions Announced

    The FDIC has announced the list of Enforcement Decisions and Orders taken in November 2006. Enforcement Actions   12/22/06

  • Large-bank Deposit Insurance Proposal Comments Sought

    The FDIC has issued a FIL regarding comments on whether and how the largest insured depository institutions should be required to modify their deposit systems so that the FDIC may calculate deposit insurance coverage quickly in the event of an institution's failure. FIL; Proposal   12/22/06

  • TIL Booklet Revised

    The OCC has revised the TIL Booklet in the Comptroller's Handbook. TIL Booklet   12/22/06

  • OCC Announces Amendments to FCRA Examination Procedures

    The OCC has issued a Bulletin that announces amendments to FCRA examination procedures which update section 604(g) of Module 2 of the interagency examination procedures and address provisions in the medical information rule. Bulletin; Amendments   12/22/06

  • FinCEN and SEC Sign BSA Information Sharing Agreement

    FinCEN and the SEC have announced that the agencies have reached an agreement for the routine exchange of examination and enforcement information relating to SEC-regulated firms' compliance with the BSA. Agreement   12/22/06

  • Fall 2006 Issue of FDIC Outlook Published

    The FIDC has published the Fall 2006 issue of the FDIC Outlook which contains articles on how financial innovation and information technology have widened institutions' options for funding their activities through off-balance sheet securitization structures, explore the relevance of traditional balance sheet measures of liquidity, and describe strategies banks have used to manage their net interest margins under the various yield curve environments. FDIC Outlook   12/22/06

  • FED Working Paper Published

    A working paper in the FEDS series has been published by the FRB on the topic of "The Competitive Effects of Risk-Based Bank Capital Regulation: An Example from U.S. Mortgage Markets." Summary; Full Paper   12/22/06

  • Community Development Newsletter Features Minority-Owned Institutions

    The OCC has published the Winter 2006/2007 edition of its Community Developments newsletter which focuses on minority-owned financial institutions and the strategies many employ to serve their niche markets. Newsletter   12/22/06

  • HSA Options Increased

    President Bush has signed the Health Opportunity Patient Empowerment Act of 2006. New opportunities for health savings account (HSA) participants to build their funds, include: rollovers from health FSAs and HRAs into HSAs through 2011, an increase in the annual HSA contribution, full HSA contribution regardless of month individual becomes eligible, a one-time transfer from IRAs to HSAs, certain FSA coverage treated as disregarded coverage, earlier indexing of cost of living adjustments, and allowing greater employer contributions for lower-paid employees. HSA   12/21/06

  • Reg O Revisions Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced amendments to 12 CFR 215 (Regulation O) made by the FRB which removing certain reporting requirements regarding extensions of credit to bank insiders. Information concerning the amendments was posted in the December 11, 2006, BOL Top Stories. Bulletin   12/21/06

  • FTC Stops Credit Card Fraud

    A federal court order requested by the FTC has halted a payment processing operation that allegedly helped fraudulent telemarketers take millions of dollars from consumers' bank accounts. The operation aided at least nine Canada-based, advance-fee credit card schemes that induce consumers to allow an electronic debit of several hundred dollars from their bank account in exchange for an unsecured credit card that they never received. Summary; Order    12/21/06

  • IFDP Working Papers Published

    The FRB has published five working papers in the International Finance Discussion Paper (IFDP) series on the following topics: The Monetary Origins of Asymmetric Information in International Equity Markets; Monetary Policy, Oil Shocks, and TFP: Accounting for the Decline in U.S. Volatility; Informed and Strategic Order Flow in the Bond Markets; A Bivariate Model of Fed and ECB Main Policy Rates; and An Empirical Analysis of Specialist Trading Behavior at the New York Stock Exchange. Monetary Origins Abstract; Monetary Origins Full Paper; Monetary Policy Abstract; Monetary Policy Full Paper; Informed Abstract; Informed Full Paper; Bivariate Abstract; Bivariate Full Paper; Empirical Abstract; Empirical Full Paper    12/21/06

  • IRS Reminder of Tax Law Change for IRA Participants

    The IRS issued a reminder of tax law changes included in the 2006 Pension Protection Act that provide incentives for charitable donations by IRA owners who have reached the age of 70 1/2. The option is available only for tax years 2006 and 2007, and does not apply to employer-sponsored plans such as SIMPLE IRAs and SEP plans. Transferred amounts are counted in determining whether the owner has met the IRA's required minimum distribution rules. Where individuals have made nondeductible contributions to their traditional
    IRAs, a special rule treats transferred amounts as coming first from taxable funds, instead of proportionately from taxable and nontaxable funds, as would be the case with regular distributions.
    IR-2006-192    12/20/06

  • NCUA Investment Rule Published in FR

    NCUA is amending its investments rule to allow federal credit unions to enter into investment repurchase transactions in which
    the instrument consists of first-lien mortgage notes subject to certain limitations. The final rule expands FCU authority to invest in
    mortgage-related securities while addressing safety and soundness concerns associated with this new investment activity. 71fr76122 txt 71fr76122 pdf    12/20/06

  • SDGT Added To OFAC List

    A naturalized British citizen who provides material and logistical support to al Qaida and other terrorist organizations has been designated a SDGT and added to the SDN List. Information regarding the individual has been posted on the BOL OFAC Page.    12/20/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the inclusion of data as of December 15, 2006.
    Reserve Position    12/20/06

  • Exchange Rate Report Issued

    Treasury has released its Semiannual Report on International and Economic and Exchange Rate Policies.
    Report    12/20/06

  • New Reg R Proposed

    The FRB and the SEC have announced the release of joint proposed rules to implement the "broker" exceptions for banks under Section 3(a)(4) of the Securities Exchange Act of 1934 which were adopted as part of the Gramm-Leach-Bliley Act of 1999 (GLB Act). The proposed rules, to be known as Regulation R, would implement the statutory exceptions that allow a bank, subject to certain conditions, to continue to conduct securities transactions for its customers as part of the bank's trust and fiduciary, custodial and deposit "sweep" functions, and to refer customers to a securities broker-dealer pursuant to a networking arrangement with the broker-dealer. Reg R; FRB PR; SEC NR   12/19/06

  • FFIEC Form 004 Eliminated

    The FDIC has issued a FIL regarding the elimination of the FFIEC 004 report by executive officers and principal shareholders in complying with the annual reporting requirements pertaining to extensions of credit from correspondent banks. The statutory reporting requirements relating to insider lending by insured banks and savings associations were removed effective October 13, 2006, by provisions of the Financial Services Regulatory Relief Act of 2006. FIL   12/19/06

  • Enforcement Actions Announced Against Japanese Bank

    The FDIC, the FRB, and the New York State Banking Department have announced the issuance of separate but coordinated enforcement actions regarding The Bank of Tokyo-Mitsubishi UFJ, Ltd., Tokyo, Japan, and some of its U.S. operations. The actions include an Order to Cease and Desist and a Written Agreement regarding the failure to implement adequate Bank Secrecy Act and anti-money laundering compliance programs. Order; Written Agreement; FRB PR; FDIC PR   12/19/06

  • January 2007 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 January 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15   12/19/06

  • CRA Ratings Released

    The OCC has released the ratings received by twenty-five national banks that were recently examined for compliance with CRA. Ratings   12/19/06

  • Third Quarter Interest Rate Risk Report Issued

    The OTS has issued the Aggregate Exposure and CMR Report for the Third Quarter 2006. Report   12/19/06

  • First Quarter CRA Exam Schedule Released

    The OTS released a list of 64 savings associations that are scheduled for Community Reinvestment Act (CRA) examinations during the first quarter of 2007. CRA Examinations   12/18/06

  • FDIC Publishes Final Rule for Procedures for Corporate Debt Collection

    The FDIC published a final fule in the Federal Register today to amending 12 CFR part 313, Procedures
    for Corporate Debt Collection, to include delinquent criminal restitution debt within the debt covered by part 313.TXT, PDF .   12/18/06

  • TIC Data Report

    Treasury has published the Treasury International Capital (TIC) data report for October 2006. TIC   12/18/06

  • U.S. Government Financial Report Released

    Treasury and the Office of Management and Budget (OMB) have released the fiscal year 2006 Financial Report which details the financial position and condition of the United States Government. The report also provides information about significant future obligations by looking at prospective Social Security and Medicare costs. Summary; Index; Full Report   12/18/06

  • Bernanke Discusses Chinese Economy

    In a presentation at the Chinese Academy of Social Sciences in Beijing, China, FRB Chairman Bernanke discussed the progress made by and the challenges facing the Chinese economy. He noted that for the past twenty years, the Chinese economy has achieved a growth rate averaging nearly 10 percent per year, resulting in a quintupling of output per person. He observed that the continued growth and modernization of the Chinese economy will require a substantial loosening of current restrictions on the flow of financial capital into and out of the country. He also stated, the economic relationship between China and the United States is of extraordinary importance, and both countries have much to gain from interactions with each other. Speech   12/18/06

  • Cost of Funds Reports Released

    OTS has released the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; Current   12/18/06

  • November Industrial Production Report Issued

    The FRB has issued the November 2006 G.17 Industrial Production and Capacity Utilization report. G.17   12/18/06

  • Fedwire Funds Transfer System Assessment Published

    The FRB has published the results of an assessment of the Fedwire Funds Transfer System for compliance with the Core Principles for Systemically Important Payment Systems. Assessment   12/18/06

  • Business Lending Survey Results Released

    The FRB has released the results of the most recent E.2 Survey of Terms of business Lending. The data is collected during the middle month of each quarter and is released in the middle of the succeeding month. E.2   12/18/06

  • FRB Data Download Available

    The FEB has posted on its Web site links to download data related to selected Federal Reserve Board statistical releases. Downloads   12/18/06

  • Third Quarter Bank Trading Revenues Announced

    The OCC issued the Quarterly Report on Bank Derivatives Activities that indicates that insured U.S. commercial banks generated revenues of $4.5 billion from trading cash instruments and derivative products in the third quarter of 2006. Summary; Full Report   12/18/06

  • Failure to Implement BSA Plan Results In $2 Million CMP

    FinCEN has imposed a $2 Million CMP against The Foster Bank, Chicago, Illinois, for failure to implement an adequate BSA compliance program including an AML program with adequate controls and failure to file SARs and CTRs. CMP  12/15/06

  • Impact of FAS 158 on Regulatory Capital Decision Announced

    The federal financial institution regulatory agencies have announced an interim decision that the Statement of Financial Accounting Standards No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans (FAS 158), will not affect banking organizations' regulatory capital. FAS 158; FRB PR; OCC NR; OTS NR; FDIC PR  12/15/06

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced new FedReceipt routing numbers. Routing Numbers  12/15/06

  • New HUD Settlement Statements Available Online

    HUD has posted new HUD-1 and HUD 1-A settlement statements on its Web site. The new statements reflect the new OMB expiration date of November 30, 2009. HUD-1; HUD 1-A  12/15/06

  • Structure and Share Data Report Released

    The FRB has released the September 2006 Structure and Share Data Report for U.S. Offices of foreign banks. Report  12/15/06

  • OCC Annual Report Released

    The OCC has released the agency's Fiscal Year 2006 Annual Report. Annual Report  12/15/06

  • Counterfeit Cashier's Checks Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of City National Bank of New Jersey, Newark, New Jersey, and First National Bank of Shelby, Shelby, North Carolina. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   12/14/06

  • New HUD Requirement Imposes SCRA Default Notification

    HUD has issued a Mortgage Letter regarding obligations under the provisions of the Servicemembers Civil Relief Act (SCRA) and a new legal requirement to notify homeowners in default of the mortgage and foreclosure rights of servicemembers and their dependents. All homeowners who are in default on a residential mortgage must be sent within 45 days from the date a missed payment was due, a notice that includes the toll-free military one-source number to call for assistance.
    HUD Letter   12/14/06

  • Agencies Issue ALLL Guidance

    A new interagency policy statement on the Allowance for Loan and Lease Losses (ALLL) and supplemental Frequently Asked Questions (FAQs) has been announced by the federal financial regulatory agencies. The new statement updates the 1993 policy statement to ensure consistency with GAAP and more recent guidance.
    Statement;    
    FAQs;    
    FRB SR Letter;    
    OCC Bulletin;    
    FDIC FIL;    
    OTS CEO Letter;    
    NCUA PR   12/14/06

  • Enforcement Actions Announced

    The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks.
    Enforcement Actions   12/14/06

  • Legal Opinion Issued Regarding Securities Clearing Activities and Paying Interest on Free Credit Balances

    The OTS has issued a legal opinion regarding the permissibility of certain securities clearing activities and the payment by an operating subsidiary of interest on customers' free credit balances.
    Legal Opinion   12/14/06

  • Prohibition Order Issued

    NCUA has issued an order prohibiting Crystal Bottomley, a former employee of NATCO Credit Union, Richmond, Indiana, from participating in the affairs of any federally insured financial institution.
    Order   12/14/06

  • Names Removed From OFAC List

    Three names with the WMD designation have been removed from the SDN list by OFAC. Information regarding the entities removed has been posted on the BOL OFAC page.  12/13/06

  • CIP Programs and Banks As Insurance Agents Guidance Published

    FinCEN has published a Guidance in the frequently asked question (FAQ) format concerning CIP programs and banks serving as insurance agents. Guidance  12/13/06

  • Lending Concentration Guidance FIL Issued

    The FDIC has issued a FIL regarding the previously announced interagency Guidance concerning concentrations in commercial real estate lending. Information regarding the Guidance was posted in the December 7, 2006, BOL Top Stories. FIL  12/13/06

  • FDIC proposes rulemaking for Large Bank Deposit Insurance Determination Modernization

    The FDIC is seeking comment on whether and how the largest insured depository institutions should be
    required to modify their deposit account systems to speed depositor access to funds in the event of a failure. In December 2005 the FDIC issued a prior advance notice of proposed rulemaking on this subject (2005 ANPR).1 This ANPR is a follow-up to that issuance. TXT, PDF .  12/13/06

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee (FOMC) has decided to keep its target for the federal funds rate at 5-1/4 percent. FOMC  12/13/06

  • Preliminary Third Quarter Interest Rate Measures Published

    OTS has published the preliminary Interest Rate Measures for the Third Quarter 2006. Preliminary   12/13/06

  • FEDS Working Papers Published

    Two working papers in the FEDS series have been published by the FRB on the following topics: Shifting Trends in Semiconductor Prices and the Pace of Technological Progress and A Quantitative Comparison of Sticky-Price and Sticky-Information Models of Price Setting. Shifting Abstract; Shifting Full Paper; Quantitative Abstract; Quantitative Full Paper   12/12/06

  • Annual Revision Of Industrial Production Report Issued

    The FRB has issued the Annual 2006 historical and annual revision of the G.17 Industrial Production and Capacity Utilization report. G.17   12/12/06

  • October Finance Companies Reports Released

    The October 2006 G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit report has been released by the FRB. G.20   12/12/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition data current as of November 8, 2006. Reserve Position   12/12/06

  • Defense Secretary Asks for Comments on Lending Regulations

    The Department of Defense has published a notice in the Federal Register asking for public comment in advance of issuing proposed regulations implementing § 670 of Public Law 109-364, the John Warner National Defense Authorization Act for Fiscal Year 2007. That section of the law creates new limits on the terms of consumer credit extended to members of the armed forces and their dependents. The Secretary of Defense is charged with issuing regulations to be effective by October 1, 2007. The Department "views this requirement as an opportunity to ensure the protections included in the statute do not create unintended limitations on Service members and their families obtaining favorable credit products." TXT, PDF. BankersOnline featured Andy Zavoina's analysis of the new law in its January 7, 2007, Executive Briefing.   12/11/06

  • 2007 CRA/HMDA Entry Data Available

    The free FFIEC CRA and HMDA Data Entry Software, version 3.30 for CY 2007 data due March 1, 2008, is only available by download from the FFIEC web site. Download   12/11/06

  • CMP Issued Against Grant Thornton

    A $300,000 civil money penalty and a cease and desist order has been issued by the OCC against Grant Thornton LLP for reckless conduct in performing an audit of First National Bank of Keystone. In a written decision, Comptroller Dugan noted that Grant Thornton ignored "unequivocal, written evidence" that nearly 25 percent of the bank's assets could not be accounted for. Decision; Appendix to Decision; Order    12/11/06

  • Supplement To FRB Bulletin Issued

    The FRB has issued a statistical supplement to the Federal Reserve Bulletin. Index Full Supplement   12/11/06

  • OTS Adjusts Fees

    The Thrift Bulletin announcing the semi-annual adjustment of fees for inflation and loans serviced for others has been issued by OTS. Bulletin  12/11/06

  • FRB publishes Interim Rule for Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks

    The FRB published an interim rule in the Federal Register for Reg O, adopting, on an interim basis, and soliciting comment on amendments to the Board's Regulation O to eliminate certain
    reporting requirements. TXT, PDF .  12/11/06

  • Terrorist Facilitators Added To OFAC List

    Treasury has designated five individuals as SDGTs and added their names to the SDN List for providing financial support to al Qaida and other terrorist organizations, as well as facilitating terrorist activity. Information regarding the new entries has been posted on the BOL OFAC page.    12/08/06

  • BSA Advisory Group Application

    The FFIEC is soliciting applicants for membership in its Bank Secrecy Act Advisory Group.
    Application Information    12/08/06

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet with the addition of data current as of December 5, 2006.
    Fact Sheet    12/08/06

  • Consumer Credit Report Issued

    The FRB has issued the October 2006 G.19 Consumer Credit Report which indicates that consumer credit decreased at an annual rate of 1/2 percent in October, following an upward-revised increase of 5-3/4 percent in the third quarter.
    G.19    12/08/06

  • Fictitious Email Warning

    The OCC has issued a warning regarding fictitious emails that are circulating worldwide claiming to be authored by the agency and fraudulently encouraging recipients to reply to receive funds owed by the OCC and other agencies.
    Warning    12/08/06

  • Flow Of Funds Report Released

    The Z.1 Flow of Funds Accounts of the United States Report for December 7, 2006 has been released by the FRB.
    Z.1    12/08/06

  • Counterfeit Checks Special Alerts Issued

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

    • Astoria Federal Savings, Lake Success, New York
    • Beneficial Mutual Savings Bank (also known as Beneficial Savings Bank), Philadelphia, Pennsylvania
    • Bay State Savings Bank, Worcester, Massachusetts
    • Bank of Ripley, Ripley, Tennessee

    Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/07/06

  • Comment Sought On Elimination Of Certain Reg O Reporting Requirements

    The FRB is seeking comments on a proposed interim rule that would eliminate several Reg O reporting and disclosure requirements relating to insider lending by insured depository institutions. The interim rule does not alter the substantive restrictions on loans by insured depository institutions to their insiders or to insiders of their correspondent banks. Interim Rule   12/07/06

  • Hizballah Fundraisers Added To OFAC List

    Treasury has designated as SDGTs and added to the SDN List the names of nine individuals and two entities located in the Tri-Border Area (TBA) of Argentina, Brazil, and Paraguay that have provided financial and logistical support to the Hizballah terrorist organization. Information regarding the additions has been posted on the BOL OFAC page.   12/07/06

  • Commercial Real Estate Lending Concentration Guidance Issued

    A Guidance has been issued by the federal banking agencies regarding sound risk management practices for concentrations in commercial real estate lending. The guidance is intended to help ensure that institutions pursuing a significant commercial real estate lending strategy remain healthy and profitable while continuing to serve the credit needs of their communities. Guidance; FRB PR; OCC Bulletin; FDIC PR   12/07/06

  • CRA Ratings Released

    The FDIC has released the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). CRA   12/07/06

  • Unauthorized Banking Special Alert

    The FDIC has issued a Special Alert regarding CanadaBank, a Canadian entity, that may be conducting unauthorized banking activities in the U.S. and Canada. Special Alert   12/07/06

  • Counterfeit Checks Special Alerts Issued

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

    • North Valley Bank, Thornton, Colorado
    • First Bank of Northern Kentucky, Inc., Fort Mitchell, Kentucky
    • Jefferson Bank and Trust, Eureka, Missouri

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/06/06

  • $1 Million Settlement For Deceptive Debt Collection Practices

    The FTC has announced that Capital Acquisitions and Management Corp. and affiliated companies will pay $1 million to settle charges that their debt collection practices violated federal law. Settlement   12/06/06

  • FTC Issues FACT Act Report

    The FTC has issued a report to Congress as required by the FACT Act regarding the accuracy and completeness of information in consumers' credit reports and to consider methods for improving the accuracy and completeness of such information. Report    12/06/06

  • MSB Renewal Registration Notice

    The FinCEN has issued a guidance to certain MSBs that the registration renewal deadline in December 31, 2006. Guidance   12/06/06

  • Commercial RE ML Grows

    FinCEN has released an assessment showing considerable growth in money laundering-related suspicious activity reporting associated with the commercial real estate industry. Assessment   12/06/06

  • Enforcement Decisions Released

    The FDIC has released the October 2006 report of recent enforcement decisions. Enforcement    12/06/06

  • Basel IA Rule Proposed

    The FRB has released a draft interagency notice of proposed rulemaking that would revise the existing risk-based capital framework by giving many financial institutions the option of either continuing to use the existing Basel I-based capital rule or adopting a more risk sensitive rule, known as Basel IA. Summary; Preamble; Draft Notice    12/06/06

  • Insurance Fund Third Quarter Financials Released

    The FDIC has released the Third Quarter 2006 financial report for the deposit insurance fund. Third Quarter   12/06/06

  • Insured Deposits Additional Comments Sought

    The FDIC is soliciting additional comments on proposed improvements to the process of determining the insurance status of depositors of larger institutions in the event of a failure. Comments were initially sought in December 2005 and the agency has decided that more input is desired. Comments   12/06/06

  • Assets Reports Released

    The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports fro October 2006 have been released by the FRB. Reports   12/06/06

  • FFIEC Reporting Forms Online

    The FFIEC has posted the December 2006 031 and 041 reporting forms on the agency's Web page. 031; 041   12/05/06

  • 504 CDC Teleseminar Scheduled

    The OCC will host a teleseminar from 2:00 to 3:30 p.m. (EST) on January 31, 2007 for those interested in taking advantage of the Small Business Administration 504 Certified Development Company (CDC) Loan Program. Brochure; Registration    12/05/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of data as of December 1, 2006. Reserve Position   12/05/06

  • Counterfeit Official Checks Special Alert Issued

    The FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of The Huntington National Bank, Columbus, Ohio, and the routing number assigned to Central Bank, Lebanon, Missouri. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   12/04/06

  • Proposed Rulemaking for Supplemental Standards of Ethical
    Conduct for FDIC Employees

    FCID publishes notice of of proposed rulemaking in FR that would amend existing FDIC ethics regulations
    involving extensions of credit, ownership of stock, and definitions. This proposal would implement the
    Preserving Independence of Financial Institution Examinations Act of 2003. TXT, PDF .   12/04/06

  • CRA Ratings Announced

    OTS has announced the ratings received by savings associations recently evaluated for compliance with the CRA. Ratings   12/04/06

  • CRA Exam Schedule Released

    The OCC has released the list of national banks scheduled for a CRA examination during the first quarter 2007. Schedule   12/04/06

  • CRA/HMDA Reporter Published

    The 2006 issue of the CRA/HMDA Reporter, a yearly newsletter that provides information on various topics to assist in the collection and reporting of CRA and HMDA data, has been published by the FFIEC. Reporter   12/04/06

  • OFAC CMP Announced

    OFAC has announced the issuance of new civil money penalties (CMP) for violations of various sanctions programs as of December 1, 2006. No financial institutions were listed. OFAC CMP   12/04/06

  • 2007 OCC Fees

    The OCC has issued a Bulletin regarding the agency's 2007 fee structure. Bulletin   12/04/06

  • Money Laundering Report Published

    The FATF has issued a report that examines the ways in which money can be laundered through the exploitation of new payment technologies such as: prepaid cards, Internet payment systems, mobile payments, and digital precious metals. ML Report   12/04/06

  • NCUA and NASCUS to Hold Joint Meeting

    The NCUA and the National Association of State Credit Union Supervisors (NASCUS) have announced that the agencies will hold a joint meeting March 25-27, 2007, in Salt Lake City. Joint Meeting   12/04/06

  • Foreign Exchange Rates Report Released

    The FRB has released the G.5 Foreign Exchange Rates report for November 2006. G.5   12/04/06

  • Charge-Off Report Issued

    The December 1, 2006 Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks report has been issued by the FRB. Charge-Off   12/04/06

  • FedFlash Published

    The December 1, 2006 issue of FedFlash has been published and features articles on new FedLine Customer Access Services, new FedReceipt routing numbers, special ordering procedures for the $1 Presidential coins, date for non-acceptance of contaminated coin, and changes in procedures for access solutions and FedCash Services requests. FedFlash   12/04/06

  • CRA Exam Schedule Announced

    The FDIC has announced the CRA examination schedule for the first quarter of 2007. Schedule   12/01/06

  • Deposit Insurance Assessment Final Rules Announced

    The FDIC has issued two FILs that announce Final Rules regarding amendments to Part 327 of the FDIC Rules and Regulations. The first FIL concerns assessments and the designated reserve ratio and the second FIL regards the operational processes intended to make the deposit insurance assessment system react more quickly and more accurately. Assessments and Reserve Ratio FIL; Operational Processes FIL   12/01/06

  • OCC and State Banking Department to Share Complaint Information

    The OCC and the New York State Banking Department have announced the signing of a Memorandum of Understanding (MOU) that provides a mechanism for sharing consumer complaint information between their two agencies. The agreement is patterned on a template created by the OCC and the Conference of State Bank Supervisors. Agreement    12/01/06

  • FRB Seeks Comment for proposed Rulemaking for Electronic fund transfers (Regulation E):

    The Board is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, and
    the official staff commentary to the regulation, which interprets the requirements of Regulation E. The
    proposed amendments would create an exception for certain small-dollar transactions from the requirement that terminal receipts be made available to consumers at the time of the transaction. TXT, PDF .   12/01/06

  • FRB publishes Final Rule in FR for Electronic Fund Transfers

    The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the
    official staff commentary to the regulation. The final rule clarifies the requirement to obtain a consumer's authorization to initiate an electronic fund transfer to the consumer's account. TXT, PDF .   12/01/06

11/14/2006

Builder pays $650,000 CMP

The Federal Trade Commission has announced that a Pennsylvania-based home builder that offers home financing has paid $650,000 to settle charges that it deceived consumers by advertising low-cost mortgages while hiding fees and not disclosing vital information about the true cost of the mortgages. The FTC complaint alleged the operation violated the Federal Trade Commission Act; the Mortgage Acts and Practices Advertising Rule (or "MAP" Rule) and CFPB Regulation N; and the Truth in Lending Act and Regulation Z.

10/31/2006

Top Stories for November 2006

  • FDIC Publishes Designated Reserve Ratio in FR

    The FDIC must by regulation set the Designated Reserve Ratio (DRR) for the Deposit Insurance Fund (DIF) within a range of 1.15 percent to 1.50 percent. In this rulemaking, the FDIC establishes the DRR for the DIF at 1.25 percent. 71FR69323 txt 71FR69323 pdf 11/30/06

  • Changes to FDIC Assessments Published in FR

    Under the amendments set out in this final rule, deposit insurance assessments will be collected after each quarter ends--which will allow for consideration of more current information than under the prior rule. Ratings changes will become effective when the rating change is transmitted to the institution. 71FR69270 txt 71FR69270 pdf 71FR69282 txt 71FR69282 pdf 11/30/06

  • TIAC Executives and New Members Announced

    The FRB has announced the names of five new members of its Thrift Institutions Advisory Council (TIAC) and designated a new President and Vice President of the council for 2007.
    TIAC 11/30/06

  • Large Commercial Bank Assets Report Released

    The FRB has released the ranking by commercial assets of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of September 30, 2006. Ranking 11/30/06

  • Beige Book Published

    The FRB has published a new issue of the Beige Book that contains data current as of November 20, 2006.
    Beige Book Summary;
    Beige Book Full Report 11/30/06

  • Operational Risk Working Paper Released

    The OCC has released a working paper on the topic of “Multivariate Estimation for Operational Risk with Judicious Use of Extreme Value Theory.”Working Paper 11/30/06

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Union State Bank, Nanuet, New York. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/29/06

  • Twenty-Seven Entities Added To OFAC List

    OFAC has added five Colombian individuals and twenty-two entities to the SDN list with the Specially Designated Narcotics Traffickers (SDNTs) designation for their ties to the North Valle drug cartel. Information regarding the additions has been posted on the BOL OFAC page.   11/29/06

  • Comptroller's Licensing Manual Revised

    The OCC has revised its "Branches and Relocations" booklet and placed it on the agency's Web site for immediate use. The booklet discusses what is not considered a branch office and other changes. Booklet   11/29/06

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced new FedReceipt routing numbers that will be effective December 4, 2006. Routing Numbers   11/29/06

  • Currency Must Be Redesigned

    The Treasury Department's failure to design, produce and issue paper currency that is readily distinguishable to blind and visually impaired individuals violates Section 504 of the federal Rehabilitation Act according to a ruling by the U.S. District Court for the District of Columbia issued on November 28, 2006 in the case of American Council for the Blind v. Secretary of the Treasury. The Treasury is directed to come up with feasible alternatives and present them at a status conference within 30 days. Treasury may, instead, file an interlocutory appeal. Memorandum Order   11/29/06

  • Consumer Tips For Gift Card Gifts

    The OCC has issued a warning for consumers who are considering giving gift cards as holiday gifts. Consumers are urged to consult a previously issued Consumer Advisory that provides important information about such issues as fees and expiration dates, and explains how to handle complaints and lost or stolen cards. Advisory   11/29/06

  • Paulson Discusses International Economics

    In a presentation before the Confederation of British Industry Annual Conference, Treasury Secretary Paulson comments on issues which are vital to the international economy. He noted, "Stable, non-inflationary, broad-based growth is the best way to improve living standards around the world." Speech   11/29/06

  • Bernanke Comments On The U.S. Economy

    In a presentation to the National Italian American Foundation, FRB Chairman Bernanke discussed the economic outlook for the United States. He observed the reasonable projection is that economic growth will be modestly below trend in the near term but that, over the course of the coming year, it will return to a rate that is roughly in line with the growth rate of the economy's underlying productive capacity. Speech   11/29/06

  • Electronic Collection Of Return Item Fees Final Rule Issued

    The FRB has announced approval of a final rule that amends Reg E regarding consumer authorization requirements when a person, such as a merchant, seeks to electronically collect a fee for checks or other items that are returned unpaid. Public comment was also requested on a proposed rule to except transactions of $15 or less from Reg E's requirement that receipts be made available to consumers for transactions initiated at an electronic terminal. Final Rule; Proposed Rule   11/28/06

  • Certification Authority Certification Practice Statement Revised

    The FRB Certification Authority (FR-CA) Certification Practice Statement (CPS) has been revised to incorporate a number of changes related to FedLine CommandSM and a new EUAC self-service role. Revisions; Practice Statement   11/28/06

  • Finance Companies Reports Issued

    The G.20 Finance Companies Owned And Managed Receivables Outstanding and Auto Loans: Terms of Credit reports for September 2006 have been issued by the FRB. G.20   11/28/06

  • IFDP Working Papers Released

    The FRB has released three working papers in the International Finance Discussion Papers series on the topics of Predictive Regressions with Panel Data; Ramsey Meets Hosios: The Optimal Capital Tax and Labor Market Efficiency; and Real-Time Price Discovery in Global Stock, Bond and Foreign Exchange Markets. Predictive Abstract; Predictive Full Paper; Ramsey Abstract; Ramsey Full Paper; Real-Time Abstract; Real-Time Full Paper   11/28/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of November 24, 2006. Reserve Position   11/28/06

  • OTS Publishes Proposed Rulemaking in FR to revise its rule implementing the CRA

    In this notice, the OTS is proposing changes to its Community Reinvestment Act (CRA) regulations in four areas to reestablish uniformity between its regulations and those of the other Federal banking agencies. TXT, PDF .   11/27/06

  • Comment Period Extended

    The FRB has extended for ninety days to March 15, 2007 the comment period on a consultation paper on intraday liquidity management issues and the long-term evolution of its Payment System Risk (PSR) Policy.
    Extension   11/27/06

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the November 2006 New Electronic Interpretations and Actions. New Electronic   11/27/06

  • Credit Unions Report Growth

    According to Call Report data submitted by the nation's 8,462 federally insured credit unions, lending and net worth increased and the number of members continued to grow through the third quarter of 2006. Growth   11/27/06

  • EDS Working Papers Published

    Five working papers in the FEDS series have been published by the FRB on the following topics: Incorporating Judgement in Fan Charts; Acquisition Targets and Motives in the Banking Industry; The Profitability of Small, Single-Market Banks In an Era of Multimarket Banking; An Estimate of the Inflation Risk Premium Using a Three-Factor Affine Term Structure Model; and Inflation Measurement. Incorporating Abstract; Incorporating Full Paper; Acquisition Abstract; Acquisition Full Paper; Profitability Abstract; Profitability Full Paper; Estimate Abstract; Estimate Full Paper; Inflation Abstract; Inflation Full Paper   11/27/06

  • Names Removed From OFAC List

    OFAC has removed three names designated as SDNTs from the SDN list. Information regarding the removals has been posted on the BOL OFAC page.   11/22/06

  • 314a Fact Sheet Updated

    FinCEN has updated the 314a Fact Sheet with the addition of data as of November 21. 2006. 314a   11/22/06

  • Werner Leaving FinCEN

    Robert W. Werner, Director of FinCEN, has announced that he will be leaving his position at the end of the year and will be joining Merrill Lynch & Co., Inc. Werner   11/22/06

  • Discount Rate Meetings Minutes Released

    The FRB has released the minutes of its discount rate meetings from October 10 through October 23, 2006. Minutes   11/22/06

  • Third Quarter Earnings Strong

    The FDIC has announced that commercial banks and savings institutions insured by the agency reported net income of $37.6 billion for the third quarter of 2006, the second-highest total ever. A comprehensive summary of financial results for all FDIC-insured institutions can be found in the Quarterly Banking Profile (QBP). QBP   11/22/06

  • NCUA publishes Revisions to the Official Sign Indicating Insured Status

    NCUA publishes Final Rule in Federal Register to revise the official sign indicating a credit union's share
    accounts are insured by the NCUA to reflect recent share insurance increases and by including a statement that NCUA-insured share accounts are backed by the full faith and credit of the
    United States Government. TXT, PDF .   11/22/06

  • NCUA publishes Rule for Share Insurance Appeals; Clarification
    of Enforcement Authority of the NCUA Board

    NCUA publishes Interim Final Rule in FR to amend its rules to implement amendments to the
    Federal Credit Union Act (FCU Act) made by the Financial Services Regulatory Relief Act of 2006 (Reg Relief
    Act). TXT, PDF .   11/22/06

  • Counterfeit Checks Alerts

    The OCC has issued an Alert regarding counterfeit official checks issued in the name of Simmons First National Bank, Pine Bluff, Arkansas. The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the name of First American Bank and Trust, Vacherie, Louisiana; Bank 2, Oklahoma City, Oklahoma; and Bank Reale, Pasco, Washington. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   11/21/06

  • Unauthorized Banking Alert

    The Financial Institutions Commission of the Republic of Palau has revoked the banking license of Pacific Savings Bank, Ltd., and placed the bank into receivership. Unauthorized Banking   11/21/06

  • SAR Activity Review Published

    FinCEN has published the seventh issue of the SAR Activity Review - By the Numbers that contains information regarding the SARs filed by depository institutions from April 1, 1996 to June 30, 2006. SAR   11/21/06

  • FedCash Cross-shipping Reports Available Online

    FRB Financial Services has announced that the FedCash cross-shipping reports are now available online via the FedLine Web. Reports; FedLine Web   11/21/06

  • Consumer Complaint Information-Sharing Plan Announced

    An Agreement has been announced by the OCC and the Conference of State Bank Supervisors (CSBS) to share consumer complaint information between state banking departments and the OCC. Information-Sharing   11/21/06

  • MSB Registration List Updated

    FinCEN has updated the MSB Registration List to include 32,081 entries as of November 1, 2006. MSB List; MSA State Selector   11/21/06

  • OTS to Host National Housing Forum

    OTS has announced that the agency will sponsor a National Housing Forum on December 11, 2006, at the National Press Club in Washington, DC. Leading experts are scheduled to discuss critical housing finance issues affecting financial institutions, housing market participants, consumers and regulators. Forum   11/21/06

  • International Reserve Position Update

    Treasury has updated the U.S. International reserve Position Report with the addition of data current as of November 10, 2006. Reserve Position   11/21/06

  • Counterfeit Checks and Money Orders Special Alerts

    The FDIC has issued seven Special Alerts regarding the counterfeit checks and money orders drawn on or issued by the following institutions or agencies:

    • Winona National Bank, Winona, Minnesota (Counterfeit Cashier's Checks)
    • The Bank of Romney, Romney, West Virginia (Counterfeit Official Checks)
    • North Easton Savings Bank, North Easton, Massachusetts (Counterfeit Checks)
    • State of Florida (Counterfeit Checks)
    • Bank of Prairie du Sac, Prairie du Sac, Wisconsin (Counterfeit Official Checks)
    • Columbia State Bank (doing business as Columbia Bank), Tacoma, Washington (Counterfeit Money Orders)
    • Country Bank for Savings, Ware, Massachusetts (Counterfeit Cashier's Checks)

    Information regarding the counterfeits checks and money orders has been posted on the BOL Alerts & Counterfeits page.    11/20/06

  • OFAC Issues Sudanese Guidance

    An interpretive guidance has been issued by OFAC to assist in compliance with the provisions of a recently issued Executive Order regarding financial transactions in Sudan. Information regarding the guidance has been posted on the BOL OFAC page.    11/20/06

  • CRA Ratings Released

    The OCC has released the ratings received for nineteen national banks that were recently evaluated for compliance with the CRA.
    CRA Ratings    11/20/06

  • FDIC One-Time Assessment Credit Reminder

    The FDIC has issued a FIL reminder that Preliminary Statements of One-Time Assessment Credit are available for viewing through FDICconnect. Insured depository institutions have only until December 18, 2006, to submit a Request for Review to correct any errors in their Statements.
    FIL;
    FDICconnect    11/20/06

  • Federal Reserve Bank Chairmen Announced

    The appointment of chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2007 has been announced by the FRB.
    Chairmen    11/20/06

  • FHC List Updated

    The list of bank holding companies that have elected as of November 10, 2006, to be treated as financial holding companies (FHC) has been released by the FRB.
    FHC List    11/20/06

  • Third Quarter TRF Data Released

    OTS has released the Aggregated Thrift Financial Report (TFR) Data for the Third Quarter 2006.
    TRF Data    11/20/06

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Home Federal Savings Bank, Detroit, Michigan. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/17/06

  • December 2006 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 December 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. Daily H.15; Weekly H.15   11/17/06

  • September TIC Data Released

    Treasury has released the Treasury International Capital (TIC) Data for September 2006 and posted it online. TIC Data   11/17/06

  • Industrial Production and Capacity Utilization Report Issued

    The FRB has issued the G.17 Industrial Production and Capacity Utilization report for
    October 2006. G.17   11/17/06

  • Dugan Discusses Nontraditional Mortgage Risks

    In a presentation to the Pittsburgh Community Reinvestment Group and bankers who toured area reinvestment projects, Comptroller of the Currency Dugan highlighted the federal regulators' guidance to address risks associated with nontraditional mortgages and the increasing trend of marketing these products to subprime borrowers who are least able to handle payment shock that occurs with these loans. Speech   11/17/06

  • Global Retail Opportunities and Challenges Outlined By Reich

    OTS Director Reich reviewed the opportunities and challenges related to global retail finance in a presentation at a Special Seminar on International Banking and Finance in Tokyo, Japan. He stressed that growth in retail and consumer lending is rapidly expanding beyond developed countries to emerging markets all over the world. Speech   11/17/06

  • Fall 2006 Issue of FDIC Consumer News Published

    The FDIC has published the Fall 2006 issue of Consumer News. Common Mistakes that Cost Bank Customers Money is the featured article and other topics articles: Avoiding Costly Banking Mistakes: No Trivial Pursuit, Fraudulent E-Mails Claim to Be From the FDIC, Beware of Phone-Based "Vishing" Scams, and New Safety Procedures for Internet Banking. Consumer News   11/17/06

  • Counterfeit Cashier's Checks Alerts Issued

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

    • Progressive Bank, N.A., Wheeling, West Virginia; and
    • American Bank of Texas, N.A., Marble Falls, Texas.

    The FDIC has issued five Special Alerts regarding counterfeit cashier's checks bearing the name of;

    • Alamerica Bank, Birmingham, Alabama;
    • Pelham Banking Company, Pelham, Georgia;
    • Citizens Guaranty Bank, Richmond, Kentucky;
    • Greater Buffalo Savings Bank, Buffalo, New York; and
    • Fifth Third Bank, Lexington, Kentucky, (Fifth Third Bank, Cincinnati, Ohio).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    11/16/06

  • FOMC Minutes Released

    The FRB and the Federal Open Market Committee (FOMC) have released the minutes of the Committee meeting held on October 24-25, 2006. Minutes   11/16/06

  • Strategies For Reaching Minority Markets Report Published

    The OCC has published a new Community Developments Insights report, "Reaching Minority Markets: Community Bank Strategies," which examines a variety of methods that banks are using to target specific minority markets in the United States. Report   11/16/06

  • Third Quarter Strong For Thrift Industry

    OTS has announced that the thrift industry posted strong numbers for earnings and solid profitability in the third quarter of 2006.Third Quarter Earnings; Highlights; Selected Indicators; Charts; Asset/Liability Price Tables; Cost of Funds Historical; Cost of Funds Current   11/16/06

  • Member Service Assessment Results Released

    NCUA has released the results of the Member Service Assessment Pilot Program (MSAP). The MSAP collected data on the membership profile of FCUs, the types of services provided to their memberships, and the total compensation of FCU executives. Results    11/16/06

  • 37 Years of FTC Decisions Available Online

    The FTC has announced that actions from the past 37 years, including documents previously available to the general public only in book form, are now available on the agency's Web site. Virtually all administrative documents issued by the Commission since 1969 are viewable, including Opinions, Final Orders, Complaints, and Consent Orders that result from negotiated consent agreements, as well as all Initial Decisions issued by Administrative Law Judges in administrative trial proceedings. FTC    11/16/06

  • FRB Approves 2007 Fee Schedules

    The 2007 fee schedules for Federal Reserve Bank payment services for depository institutions have been approved by the FRB. Fee Schedules   11/15/06

  • Enforcement Actions Released

    The OCC has released a list of the new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. The actions included three CMP assessed for flood violations. For information regarding these violations check out the BOL Flood Penalties Watch page. Enforcement Actions   11/15/06

  • Micro Data Reference Manual Online

    The FRB has posted online the Micro Data Reference (MDRM) which contains a catalog of data series included in the Board's micro data (Financial and Structure) files. MDRM   11/15/06

  • Updated Environmental Risk Program Guidelines Issued

    The FDIC has issued a FIL announcing the issuance of updated Guidelines for an Environmental Risk Program to reflect changes to the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) regarding the EPA All Appropriate Inquiry Rule. FIL; Guidelines; EPA Rule   11/14/06

  • Bernanke Discusses FRB History

    In a presentation at the Fourth ECB Central Banking Conference in Frankfurt, Germany, FRB Chairman Bernanke examined the historical role of monetary aggregates in economic analysis and monetary policymaking at the Federal Reserve. He noted that while a heavy reliance on monetary aggregates as a guide to policy would seem to be unwise in the U.S. context, money growth may still contain important information about future economic developments. Speech   11/13/06

  • Dugan Says Management Of Derivatives Risk Is Essential

    Comptroller Dugan told the participants at the New York Bankers Association annual convention that ensuring effective management of the large credit risks that have accumulated in the derivatives portfolios of the major trading banks is a matter of concern for all banks. He stated, "significant mismanagement of these risks could precipitate market disruptions that affect public confidence in financial institutions generally." Speech    11/13/06

  • OTS Challenges Outlined By Reich

    In a presentation at the annual meeting of the New York Bankers Association, OTS Director Reich discussed the long term challenges facing the agency and an update on the ongoing interagency activity regarding Basel II. He indicated that he is deeply concerned about the continued reduction in the number of community banks and current direction of the housing market. Speech    11/13/06

  • New Logo for FDIC

    The FDIC published a final rule in the FR today revising its regulation governing official FDIC signs and advertising of FDIC membership. The final rule replaces the separate signs used by Bank Insurance Fund
    (BIF) and Savings Association Insurance Fund (SAIF) members with a new sign, or insurance logo, to be used by all insured depository institutions. TXT, PDF .   11/13/06

  • Shell Companies Risks Advisory Issued

    FinCEN has issued an advisory to U.S. financial institutions on identifying, assessing and managing the potential risks associated with accounts maintained for shell companies. An assessment that shows how shell companies can be exploited by money launderers and other perpetrators of financial crime was also released. Advisory; Assessment   11/10/06

  • New Jersey Credit Union Closed

    NCUA has announced that the La Casa Federal Credit Union in Newark, New Jersey, has been liquidated. La Casa   11/10/06

  • November 2006 FedFlash Issue Posted

    Federal Reserve Financial Services has posed the November 2006 issue of FedFlash online. Featured articles include information regarding: FedCash cross-shipping reports; a new name for FRB Cash Services; the 2007 pricing schedule; FedACH International Canada Service; a change in fees for Treasury check reclamations; and changing the paper stock for substitute checks. FedFlash   11/10/06

  • CEO Letter Issued

    OTS has issued a CEO Letter regarding the securities activities of savings associations and the impact of the Financial Services Regulatory Relief Act of 2006. CEO Letter   11/10/06

  • FIL Regarding FDIC Late Assessments Penalties

    The FDIC has issued a FIL regarding the previously announced final rule imposing penalties for the late payment of FDIC insurance assessments. Information regarding the penalties was posted in the BOL November 3, 2006 Top Stories. FIL   11/10/06

  • Social Security Issues Email Scam Alert

    Social Security has issued a warning about a phishing email scam with the subject “Cost-of-Living for 2007 update” that purports to be from the agency. The recipients are directed to a fake SSA web site and instructed to enter personal information, including financial data, or their SS benefits will be terminated. Scam   11/10/06

  • 314a Fact Sheet Update

    An update of the 314a Fact Sheet, which includes data current as of November 7, 2006, has been published by FinCEN. Update   11/10/06

  • Working Papers Published

    The FRB has published six working papers in the FEDS and IFDP series on the following topics:

    • Closing Open Economy Models,
    • How Do FOMC Actions and U.S. Macroeconomic Data Announcements, Move Brazilian Sovereign Yield Spreads and Stock Prices?,
    • Realized Jumps on Financial Markets and Predicting Credit Spreads,
    • Incompatibility and Investment in ATM Networks,
    • Social Security's Delayed Retirement Credit and the Labor Supply of Older Men, and
    • A Model in Which Outside and Inside Money are Essential.

    Closing Abstract; Closing Full Paper; How Do Abstract; How Do Full Paper; Realized Abstract; Realized Full Paper; Incompatibility Abstract; Incompatibility Full Paper; Social Security Abstract; Social Security Full Paper; A Model Abstract; A Model Full Paper   11/10/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Report with the addition of November 3, 2006 data. Reserve Position   11/10/06

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks bearing the name of Winona National Bank, Winona, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/09/06

  • FDIC Publishes Final Rule in FR for Penalty for Failure to Timely Pay Assessments

    The FDIC is adopting its final rule amending its regulations concerning penalties for failure to timely pay assessments. The statute generally provides that an insured depository institution which fails or
    refuses to pay any assessment shall be subject to a penalty of not more than 1 percent of the assessment due for each day the violation continues. TXT, PDF .   11/09/06

  • Fraudulent Checks Special Alert Issued

    The FDIC has issued a Special Alert regarding fraudulent checks bearing the name Horizon Bank, Arlington, Texas, and routing numbers assigned to various other financial institutions. Information concerning the fraudulent checks has been posted on the BOL Alerts & Counterfeits page.   11/8/06

  • FIL Issued Regarding Proposed Call Report Revisions

    A FIL has been issued by the FDIC regarding requests by federal financial regulatory agencies for comments on the proposed revisions to the Consolidated Reports of Condition and Income (Call Report) and the Thrift Financial Report (TFR). FDIC FIL   11/8/06

  • October Statistical Supplement To FR Bulletin Issued

    The FRB has issued the October 2006 Statistical Supplement to the Federal Reserve Bulletin. Supplement   11/8/06

  • Consumer Credit Report Released

    The September 2006 G.19 Consumer Credit Report has been released by the FRB. G.19   11/8/06

  • Counterfeit Checks Alert

    The OCC has issued an Alert regarding counterfeit official checks bearing the name of Webster Bank, N.A., Waterbury, Connecticut. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits pag.   11/7/06

  • CRA Ratings Released

    The FDIC has released a list of state nonmember banks recently evaluated for compliance with the CRA and the ratings they received. Ratings   11/7/06

  • OFAC Announces Enforcement Actions

    Civil money penalties (CMPs) have been announced by OFAC for entities and individuals that have been cited for violations of the various OFAC sanctions programs. The November 2006 list does not include any financial institutions. CMPs   11/7/06

  • Enhanced NPV Model Announced

    OTS has announced the implementation of an Enhanced NPV Model that will expand the regulator's off-site monitoring capability of the interest rate risk exposure of individual thrift institutions and improve the efficiency and effectiveness of on-site examinations. NPV   11/7/06

  • Assets Reports Released

    The FRB has released the October 2006 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report. Reports   11/7/06

  • Counterfeit Official Checks Alert

    The OCC has issued an Alert regarding counterfeit official checks bearing the name of Sterling National Bank, New York, New York. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   11/6/06

  • Mortgage Loan Fraud Increases

    FinCEN has released an assessment which indicates that suspected mortgage loan fraud in the U. S. has risen 35 percent in the past year. Assessment   11/6/06

  • Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit official checks bearing the name of American State Bank, Lubbock, Texas, and stolen money orders stolen drawn on North Fork Bank, Mattituck, New York. Information concerning the counterfeits official checks and the stolen money orders has been posted on the BOL Alerts & Counterfeits page.   11/3/06

  • Unauthorized Banking Alert

    A Special Alert has been issued by the FDIC regarding five entities that may be conducting banking operations without authorization in the U.S. and Canada. Special Alert   11/3/06

  • Risk-Based FDIC Insurance Premiums Approved

    The FDIC has approved a new rule on the risk-based assessment system that will more closely tie each bank's premiums to the risk it poses to the deposit insurance fund. The rule is among the final regulations that were adopted to implement the Federal Deposit Insurance Reform Act of 2005. Other actions included the setting of the designated reserve ratio, uniform signage requirements, and the establishment of penalties for failing to pay premiums timely. Premiums   11/3/06

  • Money Laundering And Terrorist Financing Report Issued

    The Financial Action Task Force (FATF) has issued two reports regarding the ways in which new payment technologies utilizing prepaid cards, Internet payment systems, mobile payments, and digital precious metals along with corporations, trusts, foundations and partnerships with limited liability can be exploited for money laundering or terrorist financing purposes. New Payment; Corporations   11/3/06

  • FDIC Forms Economic Exclusion Advisory Committee

    The FDIC has announced the establishment of an Advisory Committee on Economic Inclusion to provide advice and recommendations on important initiatives focused on expanding access to banking services by underserved populations. Committee   11/3/06

  • CRA Ratings Released

    The ratings received by savings associations that were recently evaluated for compliance with the CRA have been released by OTS. Ratings    11/2/06

  • Enforcement Actions Announced

    The FDIC has announced the issuance of seventeen orders of administrative enforcement actions taken against banks and individuals in September 2006 including seven removal and prohibition orders, seven civil money penalty orders, one cease and desist order, one written agreement, and one termination of insurance order. Enforcement Actions
       11/2/06

  • March 2007 Reporting Forms Drafts Available

    The FFIEC has posted the drafts of the March 2007 Reporting Forms 031 and 041. Form 031; Form 041   11/2/06

  • Bernanke Discusses the Impact of CDFIs

    In a presentation before at the Opportunity Finance Network's Annual Conference in Washington, D.C., FRB Chairman Bernanke noted the ways that community development financial institutions (CDFIs) work to strengthen communities and improve the lives of lower-income people. Speech   11/2/06

  • Third Quarter Asset & Liability Price Tables Released

    OTS has released the Asset & Liability Price Tables for the Third Quarter 2006. Tables   11/2/06

  • Small Businesses Survey Result Released

    The FRB has released the results of the 2003 Survey of Small Business Finances (SSBF) which collects information on small businesses with fewer than 500 employees in the United States. Owner characteristics, firm size, use of financial services, and the income and balance sheets of the firm are some of the types of information collected. Survey Results   11/2/06

  • South Dakota Quarter Distribution Schedule Announced

    FRB FedCash Services has announced the distribution schedule for the new South Dakota commemorative quarter. Schedule   11/2/06

  • Foreign Exchange Rates Report Released

    The G.5 Foreign Exchange Rates report for November 1, 2006 has been released by the FRB. G.5   11/2/06

  • Counterfeit Checks Alerts Issued

    The OCC has issued two Alerts regarding counterfeit official checks issued in the name of Park National Bank of Newark, Ohio, and counterfeit cashier's checks issued in the name of Century Bank, N.A., of Texarkana, Texas. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    11/1/06

  • Drug Leader's Associates Added To OFAC List

    OFAC has designated seven individuals and ten entities associated with North Valle drug cartel leader Carlos Alberto Renteria Mantilla aka Beto Renteria as SDNTs and added their names to the SDN list. Information regarding the additions has been posted on the BOL OFAC page.    11/1/06

  • $12 Million CMP Assessed For BSA/AML Violations

    FinCEN, the FDIC, and the New York State Banking Department have announced the assessment of civil money penalties of $12 million against Israel Discount Bank of New York for violations of federal and state anti-money laundering laws and regulations including the failure to establish due diligence policies, procedures and controls reasonably designed to detect and report instances of money laundering through its correspondent accounts for non-U.S. persons.
    FinCEN Penalty;
    FDIC Penalty;
    New York Penalty    11/1/06

  • FRB Legal Interpretations Released

    The FRB has released letters containing legal interpretations issued by the agency's legal staff during 2006 regarding Section 23A and Reg W, Reg O, and NOW accounts.
    Interpretations
       11/1/06

  • Thrift Industry Charge-Off Rates Announced

    OTS has announced the Thrift Industry Charge-Off Rates for the Second Quarter 2006.
    Charge-Off Rates    11/1/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of data current as of October 27, 2006.
    Reserve Position    11/1/06

09/30/2006

Top Stories for October 2006

  • DRCONGO Related Individuals Added to OFAC List

    Five individuals related to or doing business with the Democratic Republic of the Congo (DRCONGO) have been added by Treasury to the SDN list. In addition, the SDN List entries for two previously listed individuals have been changed. Information regarding the additions and changes has been posted on the BOL OFAC page.   10/31/06

  • Lending Practices Survey Results Released

    The FRB has released the results of the October 2006 Senior Officer Opinion Survey on Bank Lending Practices. Special questions were included in the survey regarding the extent to which the recent strength in commercial and industrial lending reflected a surge in loans to fund merger and acquisition activity. Summary; Full Report   10/31/06

  • Market Financing Estimates Announced

    Treasury has announced the agency's current estimates of net marketable financing for the Fourth Quarter 2006 and First Quarter 2007. Estimates   10/31/06

  • New Routing Numbers Announced

    Federal Reserve Financial Services has announced new FedReceipt routing numbers. Effective the business day of November 6, 2006, the Reserve Banks will modify the credit availability and pricing schedule on the FedReceipt routing numbers for FedForward deposits. Routing Numbers   10/30/06

  • Counterfeit Official Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit official checks issued in the name of Lafayette Bank & Trust Company, N.A. of Lafayette, Indiana. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   10/27/06

  • OCC Publishes Counterfeit Instruments and Stolen Official Documents List

    A list of all Alerts issued from 2002 to date by the OCC regarding counterfeit instruments and stolen official documents has been published. List   10/27/06

  • 2006 TFR Instruction Manual Updated

    OTS has updated the March 2006 TFR Instruction Manual with the addition of data through December 2006. Manual Updates   10/27/06

  • NCUA Publishes Interim Final Rule in FR for General Lending Maturity Limit

    NCUA is amending its rules to implement amendments to the Federal Credit Union Act (FCU Act)
    made by the Financial Services Regulatory Relief Act of 2006 (Reg Relief Act). The interim final rule revises the maturity limit in the general lending rule and permits Federal credit unions to provide certain, limited financial services to nonmembers within their fields of membership. TXT, PDF .   10/27/06

  • NCUA Publishes Rule for Filing Requirements for Suspicious Activity Reports

    NCUA publishes final rule in FR to describe in greater detail the requirements for reporting and filing a
    Suspicious Activity Report (SAR) and to address prompt notification of the board of directors of SAR filings, the confidentiality of reports, and liability protection. NCUA seeks to enhance credit union
    compliance with SAR reporting requirements by providing greater detail in its rule on the thresholds and
    procedures for filing a SAR. TXT, PDF .   10/27/06

  • North Valle Drug Cartel Entities Added to OFAC List

    Treasury has announced the addition of two North Valle drug cartel leaders along with six entities and 16 individuals that have been controlled by or worked on behalf of the leaders to the SDN list with the Specially Designated Narcotics Traffickers (SDNTs) designation. Information regarding the new additions has been posted on the BOL OFAC page.   10/26/06

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the posting online of the October 2006 issue of New Electronic Interpretations and Actions. October 2006   10/26/06

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee (FOMC) has decided to keep its target for the federal funds rate at 5-1/4 percent. FOMC   10/26/06

  • Counterfeiting of U.S. Currency Abroad Report Issued

    Treasury, the FRB and the U.S. Secret Service have issued their third collaborative report on the use and counterfeiting of U.S. currency abroad that updates the first reports issued in 2000 and 2003. 2006 Report; 2003; 2000   10/26/06

  • Money Smart News Published

    The Fall 2006 issue of Money Smart News has been published by the FDIC. Money Smart   10/26/06

  • Summary Of Deposits Data Report Issued

    The latest issue of the FDIC FYI features highlights from the 2006 Summary of Deposits Data survey. FYI   10/26/06

  • National Housing Forum Draft Agenda Released

    OTS has released the draft agenda of its National Housing Forum to be held in Washington D.C. on December 11, 2006. Draft Agenda   10/26/06

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet with data current as of October 24, 2006. 314a   10/25/06

  • Small Business Financial Services Survey Results Released

    An article that discusses the results of the 2003 Survey of Small Business Finances regarding the financial services utilized by small business has been printed in the October 2006 issue of the FRB Bulletin. Article   10/25/06

  • September 2006 Supplement of the Federal Reserve Statistical Bulletin

    The FRB has published the September 2006 Supplement to the Federal Reserve Statistical Bulletin. Index; Supplement   10/25/06

  • VAR IFDP Published

    The FRB has published a working paper in the International Finance Discussion Papers (IFDP) series on the topic of "Assessing Structural VARs". Abstract; Full Paper   10/25/06

  • FRB Publishes Rule for Reserve Requirements of Depository Institutions

    The FRB publishes Final Rule in the FR to amend Reg D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2007. The Reg D amendment also sets the amount of net transaction accounts at each depository institution. TXT, PDF .   10/24/06

  • Enforcement Actions Released

    The FDIC has released the September 2006 list of formal enforcement actions taken against financial institutions that are regulated by the agency. Enforcement Actions   10/24/06

  • Investment Limit Increase Bulletin Issued

    The OCC has issued a Bulletin regarding an increase in the limits for public welfare investments. The Financial Services Regulatory Relief Act of 2006 raised the maximum aggregate public welfare investment limit for a national bank from 10 to 15 percent of the bank's unimpaired capital and surplus. Bulletin   10/24/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of October 20, 2006. Reserve Position Report   10/24/06

  • CRA Evaluations Released

    The OCC has released the ratings received by twenty-five national banks that were recently evaluated for compliance with CRA. Ratings   10/23/06

  • FDIC Booklets Now Available In Korean and Chinese

    The FDIC has issued a FIL that announced two deposit insurance booklets for consumers, Insuring Your Deposits and Your Insured Deposits, are now available in Korean and Chinese. In addition, other deposit insurance information resources have been updated and are now available at no cost to FDIC-insured institutions. FIL   10/23/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of October 13, 2006. Reserve Report   10/23/06

  • TIC Report Format To Be Expanded

    Treasury has announced that the November release of Treasury International Capital (TIC) reporting system data will feature an expanded table summarizing monthly data being released on the U.S. Treasury web site. Expanded TIC Format   10/23/06

  • Phishing Email Alert

    The FDIC has issued a Consumer Alert regarding reports by businesses and consumers of a phishing e-mail that has the appearance of being sent from the FDIC. The fraudulent emails are similar to those announced earlier, but this is a new variation that includes a new and more dangerous hyperlink. Phishing Email   10/20/06

  • Identity Theft Symposium Announced

    The FDIC has announced that the agenda for its next free symposium on the importance of consumer confidence in e-commerce, to be held October 25 in Miami Beach, Florida. The half-day meeting features experts from government and the private sector discussing ways to combat online identity theft and help maintain public confidence in e-commerce. Agenda; Registration Information   10/20/06

  • Four FEDS Papers Published

    The FRB has published four papers in the FEDS series on the following topics:

    • Why are Plant Deaths Countercyclical: Reallocation Timing or Fragility?,
    • What Do Financial Asset Prices Say About the Housing Market?,
    • The Relocation Decisions of Working Couples, and
    • Requirements and Prospects for a New Time to Payoff Disclosure for Open End Credit Under Truth in Lending.

    Requirements Abstract; Requirements Full Paper; Relocation Abstract; Relocation Full Paper; What Do Abstract; What Do Full Paper; Why Abstract; Why Full Paper    10/20/06

  • Assets Reports Issued

    The 3.12 U.S. Reserve Assets and 3.13 Foreign Assets Held at Federal Reserve Banks reports have been issued by the FRB. Assets Reports   10/20/06

  • Another Counterfeit Cashier's Checks Special Alert

    One more Special Alert has been issued by the FDIC, this time regarding counterfeit cashier's checks bearing the name of BNC National Bank, Phoenix, Arizona. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   10/19/06

  • 2006 HMDA Guide

    The FFIEC has posted the 2006 HMDA Guide online. The Guide is posted on the Internet only and paper copies are not available. The 2006 version is used for guidance on collecting and reporting calendar year (CY) 2006 data (due March 1, 2007). HMDA Guide   10/19/06

  • Annual Adjustments for Reserve Calculations and Deposit Reporting Announced

    The FRB has announced the issuance of a Final Rule regarding the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2007, which are used in the calculation of reserve requirements of depository institutions. Final Rule   10/19/06

  • Director's Guides Published

    OTS has published two guides for directors, The Directors' Guide to Responsibilities and The Directors' Guide to Management Reports. Responsibilities; Management Reports   10/19/06

  • Regulators Announce Nontraditional Mortgage Loans Guide For Consumers

    The federal financial institution regulatory agencies have announced the publication of a new resource, Interest-Only Mortgage Payments and Payment-Option ARMs--Are They for You?, to help consumers make more informed choices when considering nontraditional mortgage loans. The brochure features a glossary of lending terms, a mortgage shopping worksheet, and a list of additional information sources. A PDF version is provided so that financial institutions and other organizations can download and print copies for distribution to their clients and customers. Joint PR; FRB; FDIC; OCC; OTS; NCUA   10/19/06

  • Condition of Banking Industry Report Issued

    The FRB has issued its Report on the Condition of the U.S. Banking Industry for the Fourth Quarter 2005. Condition Report   10/19/06

  • Survey Indicates Easing of Underwriting Standards

    The OCC has released its twelfth annual Survey of Credit Underwriting Practices which reports that competitive pressures have led to a third consecutive year of eased commercial and retail credit underwriting standards. Survey    10/19/06

  • Discount Rate Meeting Minutes Released

    The minutes of the FRB discount rate meetings from August 21 through September 19, 2006 have been released. Minutes   10/19/06

  • Housing Summit for Hurricane Victims Announced

    The FDIC, in conjunction with NeighborWorks® America, will hold a three-day summit in New Orleans on October 23-25 to discuss housing-related challenges and opportunities faced in the Gulf Coast states affected by Hurricanes Katrina, Wilma and Rita. Registration is available via online or facsimile. Agenda; Registration   10/19/06

  • FDIC adopts Final Rule for Dividend Requirements

    The FDIC published the Final Rule in the FR to implement the dividend requirements of the 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.TXT, PDF .   10/18/06

  • FDIC adopts Final Rule for One-time Assessment Credit

    The FDIC is amending its assessments regulations to implement the one-time assessment credit required by the Federal Deposit Insurance Act (FDI Act), as amended by the Federal Deposit Insurance Reform Act of 2005
    (Reform Act). The final rule covers: The aggregate amount of the one-time credit; the institutions that are eligible to receive credits; and how to determine the amount of each eligible institution's credit.TXT, PDF .   10/18/06

  • Counterfeit Cashier's Checks Special Alerts Issued

    Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the name of Artisans' Bank, Wilmington, Delaware, and California National Bank (doing business as CalNational), Los Angeles, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   10/18/06

  • Comptroller Says Mortgage Guidance Should Apply To All Mortgage Originators

    In a presentation to the annual convention of America's Community Bankers, Comptroller Dugan noted it is vital that the key principles of the federal nontraditional mortgage guidance not be watered down, that they should be applied to all mortgage originators and not create an unlevel playing field that plainly distorts competition in the nontraditional mortgage business. Speech   10/18/06

  • August TIC Data Released

    Treasury has released the Treasury International Capital (TIC) data report for August 2006. TIC   10/18/06

  • Quarterly Review of Interest Rate Risk Published

    The Second Quarter 2006 issue of the Quarterly Review of Interest Rate Risk has been published by OTS and features an article titled, "Sensitivity Rises for Fourth Consecutive Quarter". Quarterly Review    10/18/06

  • September Industrial Production and Capacity Utilization Report Issued

    The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for September 2006. G.17   10/18/06

  • Cost of Funds Reports Published

    OTS has published the Historical and Current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports. Historical; Current   10/18/06

  • G.20 Finance Companies Report Released

    The August 2006 G.20 Finance Companies Owned and Managed Receivables Auto Loans: Terms of Credit Report has been released by the FRB. G.20   10/18/06

  • Structure and Share Data Report Published

    The FRB has published the June 2006 Structure and Share Data Report for U.S. banking offices of foreign entities. Data Report   10/18/06

  • Five Special Alerts Issued

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

    • FirstBank of Parker (also known as 1STBank), Parker, Colorado,
    • American Bank, Eau Claire, Wisconsin,
    • Morton Community Bank, Morton, Illinois,
    • Archer Bank, Chicago, Illinois, and
    • The Manhattan State Bank, Manhattan, Montana

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   10/17/06

  • November 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 November 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 November, you will use the rates posted on October 13th since October 15th fell on the weekend. Weekly H.15   10/17/06

  • Executive Order Blocks Sudanese Assets

    The President has signed an Executive Order (EO) that blocks all property and interests in property of the Government of Sudan that are in or come within the U.S., or that are or come within the possession or control of U.S. persons, including their overseas branches, and prohibits U.S. persons from engaging in any transactions involving such property or interests in property. Information regarding the EO has been posted on the BOL OFAC page and the BOL OFAC Sanctions Matrix has been updated.   10/17/06

  • Enforcement Actions Released

    The OCC has released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions   10/17/06

  • Bernanke Discusses Bank Regulation And Supervision Via Satellite

    In a presentation via satellite to the attendees at the Annual Convention of the American Bankers Association, in Phoenix, Arizona, and the Annual Convention of America's Community Bankers, in San Diego, California, FRB Chairman Bernanke noted that good regulatory and supervisory policies should implement congressional intent in ways that maximize social benefits and minimize social costs. Speech   10/17/06

  • 2006 Holiday Currency Now Available

    FRB Financial Services has announced that during the two-week period beginning Monday, November 6, 2006 (first available shipping date) and ending Friday, November 17, 2006 (last available shipping date), Federal Reserve Cash offices will fulfill customers' requests for new currency for the holidays. Holiday Cash   10/17/06

  • Comptroller Issues Credit Risk and Loan Loss Warnings

    Comptroller Dugan, in a presentation before the Annual Convention of the American Bankers Association, in Phoenix, Arizona, cautioned bankers against easing underwriting practices and inappropriately lowering loan loss reserves. He noted, "We don't want to see lending decisions bankers make today result in excessive foreclosures and reduced affordable credit tomorrow." Speech    10/17/06

  • FDIC Chairman Blair Seeks Feedback

    In a presentation to the Annual Convention of the American Bankers Association, in Phoenix, Arizona, FDIC Chairman Blair stressed the importance of receiving feedback from the financial community regarding the issues of deposit insurance implementation, capital reform and economic inclusion. She observed that deposit insurance reform would not have been enacted without the kind of open dialogue that the FDIC has had with the industry and the trade associations. Speech   10/17/06

  • Counterfeit Official Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit official checks drawn on Alliance Bank, N.A., Syracuse, New York. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   10/16/06

  • FDIC Proposes Rulemaking for Initial Regulatory Flexibility Analysis for Assessements

    On July 24, 2006, FDIC issued a notice of proposed rulemaking to better price deposit insurance for risk as
    required by the Federal Deposit Insurance Act, as amended by the Federal Deposit Insurance Reform Act. The FDIC is supplementing that notice of proposed rulemaking with an initial regulatory flexibility analysis
    to aid the public in commenting upon the small business impact of its proposed rule.TXT, PDF .   10/16/06

  • October Issue Of FedFlash Published

    The October 15, 2006 issue of FedFlash has been published by Federal Reserve Financial Services and contains articles on the following topics: Consolidation of ACH claims functions, new currency available for 2006 holiday season, changes to the FedPayments Manager application, new George Washington $1 coin to be released, and additional FedReceipt routing numbers to be released. FedFlash   10/16/06

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Grundy National Bank, Grundy Center, Iowa. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  10/13/06

  • FRB Announces CMP Against Former Kansas Banker

    The FRB has announced the issuance of a consent Order of Assessment of Civil Money Penalty in the amount of $5,000 against John Price, a former Senior Vice-President of the former Gold Bank, Leawood, Kansas, based on his alleged unsafe and unsound practices in connection with the record-keeping at the bank. CMP  10/13/06

  • FDIC Revises Retirement Account Bulletin

    A previously issued bulletin entitled "What You Should Know About Higher FDIC Coverage for Retirement Accounts" has been revised by the FDIC. Retirement Account Bulletin  10/13/06

  • Regulators Discuss Assistance To Minority-Owned Institutions

    In presentations to the annual convention of the National Bankers Association, Comptroller Dugan and OTS Director Reich each discussed the activities and programs that their respective agencies have initiated to assist minority-owned institutions. Dugan Speech; Reich Speech  10/13/06

  • New Issue of Beige Book Published

    The FRB has published a new issue of the Beige Book that contains data current as of October 2, 2006. Beige Book Summary; Beige Book Full Report  10/13/06

  • Ombudsman Report to the Industry Posted

    The FDIC has announced that the October 11, 2006 issue of Ombudsman Report to the Industry, a periodic on-line publication that summarizes some of the comments the agency has received through its outreach efforts, is now available on its Web site. Ombudsman Report  10/13/06

  • Large Commercial Bank Ranking Report Released

    The June 30, 2006 Large Commercial Bank Ranking Report that lists the banks with consolidated assets of $300 Million or more by asset size has been released by the FRB. Ranking Report  10/13/06

  • Minority-Owned Bank Report Issued

     
    The FRB has issued a report as of June 30, 2006, which lists minority-owned banks sorted by state. Minority-Owned Banks  10/13/06

  • Household Debt Service and Financial Obligations Ratios Report Update

    The FRB has released the Household Debt Service and Financial Obligations Ratios report that has been updated with data for the second quarter 2006. Ratios Report  10/13/06

  • Prohibition Orders Issued

    NCUA has announced the issuance of orders prohibiting Michael G. Hannagan, former manager of Seaport Federal Credit Union, Elizabeth, New Jersey, and Kari L. Kuechenmeister, former manager of Headwaters Federal Credit Union, Bemidji, Minnesota, from participating in the affairs of any federally insured financial institution. Hannagan Order; Kuechnmeister Order  10/12/06

  • FOMC Meeting Minutes Released

    The FRB and the Federal Open Market Committee (FOMC) have released the minutes of the Committee meeting held on September 20, 2006. Minutes  10/12/06

  • Nontraditional Mortgage Product Risks SR Letter Issued

    A Supervision and Regulation (SR) Letter regarding the recently issued Interagency Guidance on Nontraditional Mortgage Product Risks has been issued by the FRB to it's supervisory and examination staff. SR Letter  10/12/06

  • FEMA Announces Mid-Course Adjustment to Flood Hazard ID Plan

    At about the half-way point in its Multi-Year Flood Hazard Identification Plan (MFIP), the Federal Emergency Management Agency (FEMA) on October 9 announced "Version 2.0" of the MFIP, which the agency billed as a mid-course adjustment, based on congressional input, new standards, and feedback from stakeholders. Essentially, the change reflects a shift of agency priorities for the project to improve the quality of digital map quality, with a focus on areas with greatest flood risk. A notice of FEMA's announcement was posted in the October 10, 2006, Top Stories.  10/11/06

  • OFAC Releases October Civil Penalties List

    The October 2006 list of entities that have been assessed civil penalties for violations of an OFAC sanctions program has been released. No financial institutions were cited. Civil Penalties  10/11/06

  • FinCEN Director Discusses the Value of BSA Data

    In a presentation to the attendees of the American Bankers Association/American Bar Association Money Laundering Enforcement Conference, Director Werner discusses the value of the data generated by the BSA and the cost associated with the collection efforts. He noted that effective implementation of the BSA regulatory regime requires it to be based on the concept of building an effective partnership between the government and private sector and one of FinCEN's central responsibilities is to strike the right balance between the cost and benefit of this regulatory regime. The challenge before the FDIC is to examine how to more effectively tailor this regime to minimize the costs borne by financial institutions while at the same time ensuring that the agency continues receiving the information it needs to do its job. Speech  10/11/06

  • 314(a) Fact Sheet Updated

    FinCEN has updated the 314(a) Fact Sheet with data current as of October 10, 2006. 314 (a)  10/11/06

  • FDIC To Give Insured Institutions One Time Assessment Credit

    The FDIC has approved a regulation to implement a one-time credit of $4.7 billion to banks and thrifts that were in existence prior to December 31, 1996, and paid insurance assessments before that date. The credit will be used to offset future assessments charged by the FDIC. Credit  10/11/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of October 6, 2006. Reserve Position   10/11/06

  • OTS Issues Policy Statement on Minority Owned Institutions

    A Thrift Bulletin has been issued by OTS which contains a policy statement regarding minority owned institutions. Bulletin  10/11/06

  • FEMA Announces Mid-Course Adjustment

    The Federal Emergency Management Agency (FEMA) announced it was making a mid-course adjustment to its Multi-Year Flood Hazard Identification Plan (MFIP). At the same time, FEMA published its revised MFIP, dubbed "Version 2.0." Mid-course adjustment.  10/10/06


  • Counterfeit Official Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of Gorham Savings Bank, Gorham, Maine. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   10/10/06

  • Treasury Issues Economic Update

    Treasury has released its economic update and Secretary Paulsen stated, "We continue to see solid productivity growth and job growth, and continue to make progress in bringing down our fiscal deficit." Update   10/10/06

  • Consumer Credit Report Released

    The FRB has released the G.19 Consumer Credit Report for August 2006. G.19   10/10/06

  • New Orleans and Memphis Community Bank Directors Workshops Scheduled

    The OCC has announced that the agency will host two workshops for community bank directors to be held in Memphis on November 7, 2006, and New Orleans on November 14-15, 2006. Online registration is available. Memphis; New Orleans; Registration    10/10/06

  • CRA Evaluations Issued

    The FDIC has issued a list of the state nonmember banks recently evaluated for compliance with the CRA and the ratings they received. CRA    10/06/06

  • Non-Traditional Mortgage Product Guidance FILs Issued

    The FDIC has issued two FILs regarding the previously announced Interagency Non-traditional Mortgage Product Guidance, Illustrations of Consumer Information, and an addendum to the Credit Risk Management Guidance for Home Equity Lending. Notice of the Guidance, Illustrations, and Addendum was posted in the October 2, 2006, BOL Top Stories. Guidance and Addendum FIL; Illustrations FIL   10/06/06

  • Fraudulent Emails Special Alert

    A Special Alert has been issued by the FDIC regarding fraudulent emails appearing to have been sent by the agency that ask recipients to click on a hyperlink titled "Take the Corrective Action – Implement the LinkBank System". A Consumer Alert concerning similar phishing emails was previously issued by the FDIC and reported in the October 2, 2006, BOL Top Stories. Special Alert   10/06/06

  • FDIC Fall State Profiles Released

    The FDIC has released the Fall 2006 State Profiles that show strong financial performance for FDIC-insured institutions continued through mid-2006 in virtually every region of the nation. State Profiles   10/06/06

  • Non-Traditional Mortgage Product Guidance Bulletins Issued

    The OCC has issued three Bulletins regarding the previously announced Interagency Non-traditional Mortgage Product Guidance, Illustrations of Consumer Information, and an addendum to the May 2005 Interagency Credit Risk Management Guidance for Home Equity Lending. Notice of the Guidance, Illustrations, and Addendum was posted in the October 2, 2006, BOL Top Stories. Guidance Bulletin; Illustrations Bulletin; Addendum Bulletin   10/05/06

  • Mutual Funds SAR Guidance Issued

    FinCEN has issued a Guidance containing FAQs to assist mutual funds in complying with their suspicious transaction reporting requirements on transactions occurring after October 31, 2006. SAR FAQs   10/05/06

  • Baby Boomers May Break Budget

    In a presentation before the Washington Economic Club, Chairman Bernanke discussed the implications of the approaching retirement of the baby boomers and the impact on the budget and the economy. He indicated that currently there are about five working age persons for each person aged sixty-five and older. By 2030 when most of the baby boomers will have retired, the ratio will have fallen from five to about three. Bernanke noted the most dramatic effects will be seen in the Social Security and Medicare programs and that from a broad economic perspective, the question is how the burden of an aging population is to be shared between our generation and the generations that will follow us. Speech   10/05/06

  • Enforcement Actions Announced

    The FDIC released a list of eight orders of administrative enforcement actions taken against banks and individuals in August 2006. The actions included five removal and prohibition orders, one civil money penalty order, one cease and desist order, and one termination of a cease and desist order. Enforcement Actions   10/04/06

  • 2007 HMDA And CRA Edits and File Specs Online

    The FFIEC has posted the 2007 HMDA and CRA Edits and File Specs online and updated the previously posted 2006 data. HMDA Edits; HMDA File Specs; CRA Edits; CRA File Specs   10/04/06

  • Wire Transfer Study Findings Released

    The Federal Reserve Banks and The Clearing House have conducted a joint research study regarding the customer demand for wire transfers and future growth potential. The study entitled "Business to Business Wire Transfer Payments: Customer Preferences and Opportunities for Financial Institutions" offers an in-depth view of the issues facing organizations that routinely make wire transfer payments and focuses on the motivations driving payment decisions as well as potential opportunities for achieving growth in wire payments. Study   10/04/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Report with data current as of September 29, 2006.

  • $7.5 Million Settlement Reached In Money Laundering Case

    Bank of America Corporation (BAC) has agreed to pay $7.5 million to settle a case filed by the Manhattan District Attorney regarding the handling of foreign money services for Brazilian customers at a Manhattan Bank of America branch office. Over a two period, more than $3 billion originating from offshore shell companies flowed through the account in question. Settlement   10/03/06

  • CRA Ratings Announced

    OTS has announced the ratings received by savings associations that were recently evaluated for compliance with CRA regulations. CRA Ratings   10/03/06

  • Restraining Order Stops Online Check Processing Firm

    The FTC has announced that its request for a temporary restraining order has been granted by a U.S. District Court and Qchex, an internet-based check creation and delivery service has agreed to halt its activities. The FTC charged that Qchex creates and sends checks drawn on any bank account identified by a Qchex customer without verifying that the customer has authority to write checks drawn on that account. Court Order   10/03/06

  • Call Report Information Available

    The FDIC has announced that the September 30, 2006 filing information for Call Reports is now available online. Call Reports   10/03/06

  • September Foreign Exchange Rates Report Released

    The G. 5 Foreign Exchange Rates Report for September 2006 has been released by the FRB. G.5   10/03/06

  • FedLine Web Savings Bond Changes In Effect

    Effective October 1, 2006, all FedLine Web Savings Bond customer technical support has moved from the Customer Contact Centers to the Treasury Retail Securities Sites. As part of this transition, the name "FedLine Web Savings Bond" has changed to "Savings Bonds Direct" and the Internet address (URL) has changed to www.savingsbondsdirect.gov. The changes were previously announced in August 16, 2006, BOL Top Stories. Changes   10/03/06

  • Counterfeit Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Placer Sierra Bank, Auburn, California, and Bay Bank & Trust Co., Panama City, Florida, and one Special Alert regarding counterfeit teller's checks bearing the name of First Madison Bank & Trust, Colbert, Georgia. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   10/02/06

  • Non-traditional Mortgage Product Guidance Issued

    The federal financial regulators have issued an Interagency Guidance that addresses the risks posed by residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest. Two additional related documents, Proposed Illustrations of Consumer Information for Nontraditional Mortgage Products and an addendum to the May 2005 Interagency Credit Risk Management Guidance for Home Equity Lending, were also issued. Guidance; Illustrations; Addendum; FRB PR; FDIC PR; OCC NR; NCUA PR; OTS PR   10/02/06

  • Phishing E-Mail Alert Issued

    The FDIC has issued a Consumer Alert regarding phishing emails that appear to have been sent by the agency and refer to the LinkBank System. Recipients are asked for their bank's name, username, and password. Phishing Email Alert   10/02/06

  • Section 3(a)(4) Broker Exemption Extended

    The SEC has extended until January 15, 2007, the temporary exemption of banks, savings associations, and savings banks from the definition of "broker" under Section 3(a)(4) of the Securities Exchange Act of 1934. The exemption was repealed by Gramm-Leach-Bliley, but the SEC previously issued an interim rule extending the exemption until September 30. 2006. Exemption   10/02/06

  • September Financial Reporting Bulletin Published

    OTS has published the September 2006 Financial Reporting Bulletin that contains information regarding deadlines and requirements for filing reports with the agency. Reporting Bulletin   10/02/06

  • FHC List Update

    The FRB has released the list of bank holding companies that have elected as of September 29, 2006, to be treated as a financial holding company (FHC). FHC List   10/02/06

  • Wire Transfer Roundtable Comments Released

    A summary of the comments made at a roundtable discussion with the payments industry and relevant payments system participants on the role of wire transfers in making low-value payments and barriers to innovation has been released by the FRB. Roundtable Comments   10/02/06

  • Operation Circular 10 Changes Made

    An errata disclosure has been made by FRB Financial Services to correct typos in the previously announced changes to Operating Circular 10. Errata; Operating Circular 10   10/02/06

  • October Issued FedFlash Published

    FRB Financial Services has published the October 1, 2006 issue of FedFlash. Featured articles include eLearning tools available online; contaminated coin no longer accepted; holiday currency request schedule; and additional FedReceipt routing numbers. FedFlash   10/02/06

  • Country Exposure Reports Online

    The FFIEC has posted on its Web site the March 31, 2006, and the June 30, 2006, E16 Country Exposure Statistical Release and the Country Exposure Information Report for March 31, 2006, and the June 30, 2006. March E16; March Report; June E16; June Report   10/02/06

09/14/2006

FEMA to suspend three more communities

The Federal Emergency Management Agency has published a notice [79 FR 32876] in today's Federal Register to identify three communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on June 16, 2014, because of noncompliance with the floodplain management requirements of the program. The communities to be suspended are:

  • the City of Maricopa, Pinal County, Arizona (community 040052)
  • the City of Knox, Starke County, Indiana (community 180242)
  • Unincorporated areas of Starke County, Indiana (community 180240)

09/14/2006

G.19 Consumer Credit report

The Federal Reserve has released the April 2014 G.19 Consumer Credit report. Consumer credit increased at a seasonally adjusted annual rate of 10¼ percent. Revolving credit increased at an annual rate of 12¼ percent, while nonrevolving credit increased at an annual rate of 9½ percent.

09/14/2006

FEMA to suspend three more communities

The Federal Emergency Management Agency has published a notice [79 FR 32876] in today's Federal Register to identify three communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on June 16, 2014, because of noncompliance with the floodplain management requirements of the program. The communities to be suspended are:

  • the City of Maricopa, Pinal County, Arizona (community 040052)
  • the City of Knox, Starke County, Indiana (community 180242)
  • Unincorporated areas of Starke County, Indiana (community 180240)

09/14/2006

G.19 Consumer Credit report

The Federal Reserve has released the April 2014 G.19 Consumer Credit report. Consumer credit increased at a seasonally adjusted annual rate of 10¼ percent. Revolving credit increased at an annual rate of 12¼ percent, while nonrevolving credit increased at an annual rate of 9½ percent.

08/31/2006

Top Stories for September 2006

  • Drug Traffickers And Narco-Terrorists Added To OFAC List

    Treasury has announced the identification of five companies and six individuals that have acted as fronts for the Arellano Felix Drug Kingpin Organization in addition to the designation of nine leaders and key figures of a Colombian narco-terrorist organization as SDNTKs. The individuals and entities have been added to the SDN List and their information has been posted on the BOL OFAC page.   9/29/06

  • ID Theft Symposia Announced

    The FDIC has announced that it will hold its next symposia on the importance of consumer confidence in e-commerce on October 5, 2006 in Mesa, Arizona, and on October 25, 2006 in Miami Beach, Florida. Registration Information   9/29/06

  • 314a Fact Sheet Update

    The FDIC has updated the 314a fact Sheet with data current as of September 26, 2006. 314a   9/29/06

  • Receivables Report Issued

    The G.20 Owned and Managed Receivable Outstanding and Auto Loans Terms of Credit Report for July 2006 has been issued by the FRB. G.20   9/29/06

  • Quarterly Derivatives Report Released

    The OCC has released the Quarterly Derivatives Report that indicates insured commercial banks earned $4.7 billion from trading cash instruments and derivative products in the second quarter 2006. Derivatives Report   9/29/06

  • House Subcommittee Questions OCC Interpretative Letters

    In response to an invitation from the House Subcommittee on Government Management, Finance, and Accountability of the House Committee on Government Reform, OCC First Senior Deputy Controller and Chief Counsel Williams discussed three interpretative letters issued by the OCC in December 2005. Two of the letters related to the utilization of bank owned property and the third concerned a bank's financing of an energy project. Williams noted that the scope and application of all three letters was limited in scope and within the framework of existing precedent for activities of national banks. Oral Statement; Written Statement   9/28/06

  • OTS CRA Regulations To Change

    OTS has announced that it plans to issue a NPR to amend its CRA regulations to bring them alignment with those of the other federal banking regulators. CRA Regulations    9/28/06

  • Counterfeit Items Alerts Issued

    The FDIC has issued seven Special Alerts regarding counterfeit checks bearing the name of the following institutions:

    • Delaware National Bank, Georgetown, Delaware (Counterfeit Cashier's Checks),
    • ViewPoint Bank, Plano, Texas (Counterfeit Cashier's Checks),
    • St. Mary's Bank, Manchester, New Hampshire (Counterfeit Treasurer's Checks),
    • Androscoggin Savings Bank, Lewiston, Maine (Counterfeit Cashier's Checks),
    • The Provident Bank, Amesbury, Massachusetts (Counterfeit Treasurer's Checks),
    • RBC Centura Bank, Rocky Mount, North Carolina (Counterfeit Official and Cashier's Checks), and
    • First Hawaiian Bank, Honolulu, Hawaii (Counterfeit Cashier's Checks).

    In addition, the OCC has issued an Alert regarding counterfeit money orders issued in the name of:

    • American State Bank & Trust Company, N.A., Great Bend, Kansas.

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    9/27/06

  • Prohibition Orders Issued

    NCUA has issued orders prohibiting Lisa Sudo, former head teller of the UFCW Federal Credit Union, Wyoming, Pennsylvania, and Sarah Marie Shelton, former accounting clerk with Peoples Advantage Federal Credit Union, Chester, Virginia, from participating in the affairs of any federally insured financial institution. Orders    9/27/06

  • Regulators Discusses Basel II With Senate

    In testimony before the Senate Committee on Banking, Housing and Urban Affairs, OCC Comptroller Dugan, OTS Director Reich, and FDIC Chairman Blair discussed the provisions of Basel II. Dugan Oral Statement; Dugan Testimony; Reich Testimony; Blair Testimony    9/27/06

  • OCC Seeks Basel II And Market Risk Comments

    The OCC has issued a Bulletin that summarizes two Notices of Proposed Rulemaking (NPR) concerning the Basel II provisions which would implement new risk-based capital requirements for large or internationally active U.S. banking organizations and the proposes changes to the current risk-based capital charge for market risk. Bulletin    9/27/06

  • New Electronic Interpretations And Actions Announced

    The OCC has announced the publication of the September 2006 New Electronic Interpretations and Actions. Interpretations   9/27/06

  • Regulators Release Shared National Credit Review Report

    The federal bank and thrift regulators have released the Shared National Credit (SNC) review report for the second quarter 2006. The information released reflects good credit quality performance, a large increase in credit commitment volume, and a small rise in riskier deals. FRB PR; OCC NR; OTS PR; FDIC PR   9/26/06

  • OCC To Host Bank Directors In Orlando

    The OCC has announced that the agency will host a workshop for national community bank directors at the Peabody Hotel, Orlando, Florida, on October 24, 2006. The workshop will cover compliance risk in addition to providing practical information to expand bank directors' skills and understanding of issues facing their banks. The session is limited to the first 50 registrants and is geared primarily to outside directors of national community banks with assets of less than $1 billion. Information; Registration Form   9/26/06

  • NCUA publishes Final Rule for Share Insurance in FR

    The final rule: defines the "standard maximum share insurance amount" as $100,000 and provides that beginning in 2010, and in each 5-year period thereafter, NCUA and the FDIC will jointly consider if an
    inflation adjustment is appropriate to increase that amount; increases the share insurance limit for certain retirement accounts from $100,000 to $250,000, and provides pass-through coverage to each participant of an employee benefit plan. TXT, PDF .   9/26/06

  • Reserve Position Update

    Treasury has issued the U.S. International Reserve Position Report for September 22, 2006. Reserve Position   9/26/06

  • FinCEN Answers MSB BSA Questions

    FinCEN has issued a Guidance containing answers to frequently asked questions (FAQs) regarding conducting independent reviews of money services business anti-money laundering programs. Guidance    9/25/06

  • Third Quarter Call Report Information Released

    The FDIC has issued a FIL containing information, instructions, and forms regarding the Third Quarter Call Report. Institutions are urged to submission of their Call Report data to the FDIC Central Data Repository (CDR) as early as possible. FIL; CDR; Forms   9/25/06

  • White Paper Examines Loan Default Estimations

    The OCC has published a white paper that examines the problem in estimating the default probability for low-default portfolios. Abstract; Full Paper   9/25/06

  • Reich Discusses Mortgage Fraud

    In a presentation before a joint conference of the Ohio Bankers League and the Illinois League of Financial Institutions, OTS Director Reich discussed the proliferation of fraudulent activity in the mortgage industry attendant to the mortgage boom, and the ways in which bankers and regulators can identify and fight mortgage fraud. He urged the attendees to familiarize themselves with all of the aspects of mortgage fraud; to understand the red flags; to be vigilant with third parties involved in the lending process; and to develop systems and controls that aid in the detection and prevention of mortgage fraud. Speech   9/25/06

  • Proposed Rulemaking for Risk-Based Capital Standards: Advanced Capital Adequacy Framework

    The joint agencies (OCC, FRB, FDIC, OTS) are proposing a new risk-based capital adequacy framework. The proposed rule describes the qualifying criteria for banks required or seeking to operate under the proposed framework and the applicable risk-based capital requirements for banks that operate under the framework. TXT, PDF .   9/25/06

  • Announcement of Proposed Rulemaking for Risk-Based Capital Standards: Market Risk

    The joint agencies (OCC, FRB, FDIC, OTS) are proposing revisions to the market risk capital rule to enhance its risk sensitivity and introduce requirements for public disclosure of certain qualitative and quantitative information about the market risk of a bank or bank holding company.TXT, PDF .   9/25/06

  • Second Quarter Interest Rate Exposure Report Issued

    OTS has issued the Aggregate Interest Rate Exposure and CMR Report for the Second Quarter 2006. Exposure Report   9/25/06

  • Counterfeit Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit checks bearing the name of:

    • Bank Fund Staff Federal Credit Union, Washington, D.C., and the routing number assigned to Southern Bank and Trust Company, Mount Olive, North Carolina;
    • Horizon Bank, Bellingham, Washington
    • Hillcrest Bank, Overland Park, Kansas

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    9/22/06

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced effective October 2, 2006, the conversion of additional routing numbers to the FedReceipt forward collection and return item products. Routing Numbers   9/22/06

  • TFR Instruction Manual Updated

    OTS has published the March 2006 Thrift Instruction Manual with updates through September 2006 and December 2006. September Update; December Update   9/22/06

  • Exchange Rate Working Paper Published

    A working papers in the IFDP series on the topic of Does The Time Inconsistency Problem Make Flexible Exchange Rates Look Worse Than You Think? has been published by the FRB. Abstract; Full Paper   9/22/06

  • CRA Ratings Released

    The OCC has released the ratings received by 29 national banks recently examined for compliance with the CRA. CRA Ratings    9/21/06

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee (FOMC) has announced its decision to keep the target for the federal funds rate at 5-1/4 percent. FOMC Statement   9/21/06

  • Operating Circular 10 To Be Revised

    FRB Financial Services has issued a notice that Operating Circular 10 will be revised by the Federal Reserve Banks effective October 15, 2006. Operating Circular 10 regards the obtaining advances from, incurring obligations to, or pledging collateral to a Federal Reserve Bank. Notice; Operating Circular 10   9/21/06

  • FR Announces Holiday Currency Ordering Schedule

    The Federal Reserve cash offices will fill holiday currency special requests during a standard two-week timeframe from November 6-17, 2006. Ordering Schedule   9/21/06

  • Counterfeit Checks Special Alerts Issued

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

    • Sterling Savings Bank, Spokane, Washington - Counterfeit Official Checks
    • Brentwood Bank, Bethel Park, Pennsylvania - Counterfeit Cashier's Checks
    • Lafayette Savings Bank, FSB, Lafayette, Indiana - Counterfeit Cashier's Checks
    • Rabobank, N.A., El Centro, California - Counterfeit Cashier's Checks
    • Nara Bank, Los Angeles, - California Counterfeit Official Checks

    Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   9/20/06

  • ID Theft Task Force Recommendations Announced

    The Identity Theft Task Force has issued an interim report containing recommendations that can be implemented immediately. The Task Force, comprised of 17 federal agencies and departments, was established by Executive Order and will deliver its final report to the President in November 2006. The recommendations include the development of a "universal police report" that an ID theft victim can complete online; requiring that defendants pay ID theft victims for the value of their lost time trying to repair their credit; reduce the access to SS numbers; and the development of "alternate" ways to verify identity. Recommendations; ID Theft Fact Sheet   9/20/06

  • Flow Of Funds Report Released

    The FRB has released the Z.1 Flow of Funds Report for September 19, 2006. Z.1   9/20/06

  • Counterfeit Cashier's Checks Alert

    An Alert has been issued by the OCC regarding counterfeit cashier's checks issued in the name of Delaware National Bank, Georgetown, Delaware. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   9/19/06

  • Special Alerts Issued

    Two Special Alerts have been issued by the FDIC regarding cashier's checks drawn on Cornerstone Community Bank, Grafton, Wisconsin that are missing, lost, or stolen; and counterfeit money orders bearing the name of The New Washington State Bank, New Washington, Indiana. Information concerning the missing cashier's checks and the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.   9/19/06

  • Unauthorized Banking Alert

    The FDIC has issued a Special Alert regarding five Canadian entities that may be conducting unauthorized banking activities in the U.S. and Canada. Unauthorized Banking    9/19/06

  • October HOEPA Reference 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 October 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. H.15   9/19/06

  • Access Across America Agenda Available

    NCUA had posted the agenda and registration information for its Access Across America Economic Empowerment Summit to be held in Norfolk, Virginia on Tuesday, October 3, 2006. The one-day summit is free of charge and will include presentations from the various federal agencies and non-profit organizations. Agenda; Registration   9/19/06

  • Counterfeit Checks Alerts

    The OCC has issued an Alert regarding counterfeit Cashier's Checks issued in the name of TexStar Bank, Midland, Texas, a division of First National Bank of Monahans, Monahans, Texas. The FDIC has issued one Special Alert concerning counterfeit official checks bearing the name of NewMil Bank, New Milford, Connecticut; and two Special Alerts regarding counterfeit cashier's checks bearing the name of Ozark Mountain Bank, Branson, Missouri; and Macatawa Bank, Holland, Michigan. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   9/18/06

  • Unauthorized Financial Activities Special Alert

    The FDIC has issued a Special Alert regarding entities that are listing a Cayman Island address but are not authorized to conduct financial activities by the Cayman Islands Monetary Authority. Special Alert   9/18/06

  • Fourth Quarter CRA Exam Schedule Announced

    OTS has announced a list of 52 savings associations that are scheduled for CRA examinations during the fourth quarter of 2006. CRA Exam Schedule   9/18/06

  • September Issue FedFlash Published

    The FRB has published the September 15, 2006 issue of FedFlash that features articles on revisions to Operating Circular 10, the new Courtesy Delivery Service, a customer video on the FedACH Risk Web Resource Center, and the Check 21 Electronic Fine Sort deposit service. FedFlash PDF; FedFlash HTML   9/18/06

  • 2006 Annual Thrift Satisfaction Survey Results

    A CEO Letter has been issued by OTS that contains the results of the 2006 Annual Thrift Satisfaction Survey. CEO Letter    9/18/06

  • Industrial Production Report Released

    The G.17 Industrial Production and Capacity Utilization Report for August 2006 has been released by the FRB. G.17    9/18/06

  • Enforcement Actions Announced

    The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions    9/15/06

  • Regulators Testify On Basel II

    In testimony before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, OCC Comptroller Dugan, OTS Director Reich, and FDIC Chairman Blair all commented on the Basel II Capital Framework and the recently proposed Commercial Real Estate Guidance. Dugan Testimony; Reich Testimony; Blair Testimony   9/15/06

  • Fraudulent Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding fraudulent cashier's checks bearing the name of Prosperity Bank, St. Augustine, Florida. Information concerning the fraudulent cashier's checks has been posted on the BOL Alerts & Counterfeits page.   9/14/06

  • OCC Updates Depository Services Handbook

    The OCC has updated the Depository Services Comptroller's Handbook. The revised booklet covers reserve requirements, changes to regulations, electronic fund transfers, expedited funds availability, and truth in savings. Handbook   9/14/06

  • Fraudulent E-Mail Alerts

    A Special Alert has been issued by the FDIC regarding e-mails that appear to be sent from the FDIC which ask recipients to install unknown software on personal computers. The subject line of the e-mail includes the phrase “Urgent Notification - Security Reminder.” A separate Consumer Alert has also been issued by the FDIC regarding another fraudulent e-mail that touts something called the SON - Secure Online Network. Urgent Notification; SON   9/14/06

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet to include data current as of September 12, 2006. Fact Sheet   9/14/06

  • FinCEN Director Testifies

    Director Werner appeared before the Senate Banking committee and discussed FinCEN's ongoing initiatives and efforts to combat money laundering and terrorist financing in the post 9/11 world. He noted FinCEN's goal is to increase the transparency of the U.S. financial system so that money laundering, terrorist financing and other economic crime can be deterred, detected, investigated, prosecuted – and, ultimately, prevented.
    Testimony   9/14/06

  • First Quarter 2006 Quarterly Journal Published

    The OCC has published the First Quarter 2006 issue of the Quarterly Journal that includes reports of condition and performance of banks, new tables on bank performance by OCC district, and other policy and data. Quarterly Journal   9/13/06

  • FDIC finalizes Rule for Deposit Insurance Regulations; Inflation Index; Certain Retirement
    Employee Benefit Plan Accounts

    The FDIC published a final rule in the Federal Register today that finalizes its interim rule, with changes, that amended regulations to implement deposit insurance revisions made by the Federal Deposit Insurance Reform Act of 2005 and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005. TXT, PDF .   9/12/06

  • Phishing E-Mail Consumer Alert Issued

    The FDIC has issued a Consumer Alert regarding a phishing e-mail that appears to have been sent by the agency. Unlike the typical phishing scam that might ask the recipient to click on a hyperlink to a spoofed Web site, this e-mail asks consumers to install a malicious software program on their computers. Consumer Alert   9/12/06

  • Written Agreement With Missouri Bank Announced

    The FRB has announced the execution of a Written Agreement by and among the Exchange Bank of Missouri, Fayette, Missouri, the Missouri Division of Finance and the Federal Reserve Bank of Kansas City. Agreement   9/12/06

  • Fannie and Freddie Working Paper Published

    A working paper in the FEDS series has been published by the FRB on the topic of GSEs, Mortgage Rates, and Secondary Market Activities. The paper discusses Fannie Mae and Freddie Mac, both government-sponsored enterprises (GSEs), and their participation in the secondary mortgage market on behalf of their own investment portfolios. Abstract; Full Paper    9/12/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of September 8, 2006. Reserve Position Report   9/12/06

  • Eight Counterfeit Cashier's Checks Special Alerts Issued

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

    • Wilshire State Bank, Los Angeles, California;
    • Bank of the Ozarks, Little Rock, Arkansas;
    • Community Banking Company of Fitzgerald, Fitzgerald, Georgia;
    • American National Bank, Omaha, Nebraska;
    • Savannah Bank, N.A., Savannah, New York;
    • Pacific International Bank, Seattle, Washington;
    • Peoples Bank of Graceville, Graceville, Florida.

    A Special Alert for the following institution was issued regarding official checks:

    • Ireland Bank, Malad City, Idaho

    Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   9/11/06

  • 2005 HMDA Date Available

    The FFIEC has announced that 2005 HMDA data is available and can be ordered. 2005 HMDA Data; Order Form   9/11/06

  • $1 Million COPPA Penalty Announced

    The FTC has announced that a $1 million penalty will be paid by a social networking Web site for knowingly violating provisions of the Children Online Privacy Protections Act (COPPA). The penalty, which is double the next largest penalty, was reached in a settlement with Xanga.com, Inc., who allegedly used and disclosed personal information from children under the age of 13 without first notifying parents and obtaining their consent. Penalty   9/11/06

  • Treasury Cuts Off Iranian Bank Access To U.S. Financial System

    The Iranian Transactions Regulations (ITR) have been amended to cut off Bank Saderat, one of Iran's largest government-owned banks, from the U.S. financial system. The changes exclude Bank Saderat from the general license allowing for "U-turn" payments, which must be stopped immediately. Bank Saderat; Amended ITR   9/11/06

  • Prohibition Orders Issued

    NCUA has issued two separate Prohibition Orders which prohibit George Gracie (former financial officer of Metropolitan Credit Union, Chelsea, Massachusetts, and treasurer of the Boston Taxi Fund) and Patricia Diaab (former branch manager of Brightstar Credit Union, previously Broward Schools Credit Union, Davie, Florida) from participating in the affairs of any federally insured financial institution. Gracie Order; Diaab Order   9/11/06

  • OTS Revises CRA Q&A Guidance

    OTS has announced and published in the Federal Register a revision of its previously published Guidance containing questions and answers about CRA regulations. CRA   9/11/06

  • Customer Authentication and Internet Banking Alert Issued

    The OCC has issued an Alert regarding customer authentication and internet banking fraud. It is anticipated that there will be an increase in the number of false communications seeking customer information for the purposes of fraud and ID theft prior to the December 31, 2006, implementation date of the FFIEC guidance on Authentication in an Internet Banking Environment. Alert; FFIEC Guidance   9/11/06

  • September OFAC Civil Penalties Released

    OFAC has updated, as of September 1, 2006, the list of entities that have been assessed civil money penalties (CMP) for violations of sanctions regulations. No financial institutions were added to the list. OFAC CMP   9/11/06

  • HMDA Article Published

    The September 2006 FR Bulletin contains an article on the topic of "Higher-Priced Home Lending and the 2005 HMDA Data." Article   9/11/06

  • FHC And Consumer Credit Reports Released

    The FRB has released the September 8, 2006, report which lists the bank holding companies may elect to be financial holding companies (FHC); and the July 2006 G.19 Consumer Credit report. FHC; G.19   9/11/06

  • FDIC Redesigns Home Page

    The FDIC has redesigned it Web site Home Page. The changes include:

    • Moving the "Quick Links by User" to the left side of the page to allow users to easily find this navigation tool;
    • Moving What's New and Press Releases and adding more information to describe the links; and
    • Adding color to the Special Features, Subscription, and Feedback boxes the to make items more accessible, to promote the use of the online subscription service, and to continue to encourage user feedback.

       9/11/06

  • Hizballah Financiers Added To OFAC List

    Treasury has designated two financial companies and one individual that provide financial support to the Iran-funded Hizballah terrorist network as SDGTs and added their names to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.   9/8/06

  • FRB Discount Rate Meeting Minutes Released

    The minutes of the FRB Discount Rate meeting from July 17 through August 7, 2006, have been released online. Minutes   9/8/06

  • CRA Ratings Announced

    The FDIC has announced the ratings received by state nonmember banks and OTS has announced the ratings received by savings associations that were recently evaluated for compliance with the CRA. FDIC Ratings; OTS Ratings    9/7/06

  • Beige Book Update

    The FRB has updated the Beige Book with the addition of data as of August 28, 2006. Beige Book Summary; Beige Book Full Report   9/7/06

  • Second Quarter Interest Rate Risk Measures Report Released

    OTS has released the Interest Rate Risk Measures Report for the Second Quarter 2006. Report   9/7/06

  • Regulators Seek Basel II And Market Risk NPR Comments

    The federal bank and thrift regulatory agencies have announced that they are requesting public comment on a notice of proposed rulemaking (NPR) that would implement new risk-based capital requirements in the United States for large, internationally active banking organizations, (Basel II). In addition, comments are also sought on proposed revisions to the market risk capital rules that the OCC, FRB, and FDIC have used since 1997 for banking organizations with significant exposure to market risk. Basel II; Market Risk; Comptroller's Statement; FRB PR; OTS PR; FDIC PR   9/6/06

  • Initial Notices For FFIEC Report Forms Published

    The FFIEC has published drafts of the initial notices and the instructions for Report Forms 101 and 102. 101 Notice; 101 Bank Instructions; 101 Savings Association Instructions; 102 Notice; 102 Instructions   9/6/06

  • FR Bulletin Statistical Supplement Published

    The FRB has published the August 2006 Federal Reserve Bulletin Statistical Supplement. Supplement   9/6/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Positions Report by adding data as of September 1, 2006. Reserve Position    9/6/06

  • OFAC Publishes in FR Additional Designation of Entries

    The OFAC is publishing the names of six newly-designated persons whose property and interests in property are blocked pursuant to Executive Order 12978 of October 21, 1995, ``Blocking Assets and Prohibiting Transactions with Significant Narcotics Traffickers.'' In addition, OFAC is publishing a change to the listing of a person previously designated pursuant to Executive Order 12978. BOL OFAC Page 71FR52370 (txt) 71FR52370 (pdf)    9/5/06

  • The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Rabobank, N.A., El Centro, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    9/5/06
  • BSA Conference Call Registration Deadline

    The registration for two conference calls on the revised FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual will close on September 6, 2006.
    Registration Information    9/5/06

  • CRA Revisions Featured In OCC Newsletter

    The OCC has published the Summer 2006 issue of the Community Developments Investments newsletter which features articles discussing how banks and examiners are applying the new rules and how banks can satisfy the new CRA requirements.
    Newsletter    9/5/06

  • Fourth Quarter CRA Exam Schedule Released

    The list of national banks scheduled to be examined in the fourth quarter 2006 for compliance with the CRA has been released by the OCC. Exam Schedule    9/5/06

  • ACH Risk Management Guidance Issued

    The OCC has issued a Bulletin containing a Guidance regarding ACH Risk Management.
    Bulletin    9/5/06

  • Foreign Exchange Rates Report Issued

    The FRB has issued the August 2006 G. 5 Foreign Exchange Rates Report.
    G. 5    9/5/06

  • September FedFlash Published

    The September 1, 2006 issue of FedFlash has been published by the FRB. Featured articles include: Changes to the U.S. Treasury ACH Reclamation process; Access to DOS-based FedLine will be discontinued; FedACH® Services updated to reflect upcoming rule changes; and OPM makes change to FedACH deposit schedule.
    FedFlash    9/5/06

  • Counterfeit Cashier's Checks Alerts

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Community National Bank of Sarasota County, Venice, Florida, and the FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Capitol City Bank & Trust Company, Atlanta, Georgia. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    9/1/06

  • Fourth Quarter CRA Exam Schedule Announced

    The FDIC has announced the CRA examinations schedule for the fourth quarter 2006.
    CRA Exam    9/1/06

  • Enforcement Actions Released

    The FDIC has released the list of orders of administrative enforcement actions taken against banks and individuals in July 2006.
    Enforcement Orders    9/1/06

  • Embezzlement Results In Prohibition Order

    The FRB has announced the issuance of an Order of Prohibition against a former institution-affiliated party of Capital One Bank, Glen Allen, Virginia, based on his alleged participation in violations of law, unsafe and unsound banking practices, and breaches of fiduciary duty in connection with the embezzlement of $85,000 from the bank and falsification of bank books and records.
    Order    9/1/06

  • Bernanke Discusses The Economic Impact Of Labor Productivity

    In a presentation before a Leadership South Carolina meeting in Greenville, South Carolina, Chairman Bernanke noted that the sustained increase in the growth rate of labor productivity has been one of the most important economic developments in the United States in the past decade. He also remarked that if the recent gains in productivity growth are to be sustained, ensuring that we have a workforce that is comfortable with and adaptable to new technologies will be essential.
    Speech    9/1/06

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data as of August 25, 2006.
    Reserve Position    9/1/06

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