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Top Story Lending Related

07/31/2005

Top Stories for August 2005

  • Availability Changes For New Orleans Items

    FRB Services has announced that the Reserve Banks have modified the availability for New Orleans zone items due to the probability that it will be several days before the FRB of Atlanta is able to reopen and resume normal check processing operations.
    Availability 8/31/05

  • Agencies Publish CRA Nonmetropolitan Middle-Income Geographies List

    The federal banking agencies have announced the availability of the list of distressed and underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive CRA consideration as "community development" pursuant to the revised CRA rules issued by the agencies on August 2, 2005.
    List;
    FRB PR;
    OCC NR;
    FDIC PR 8/31/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position to include information as of August 26, 2005.
    Reserve Position 8/31/05

  • FHC List Updated

    The FRB has updated the FHC list to include those BHCs that have elected to be treated as FHCs as of August 26, 2005.
    FHC List 8/31/05

  • FOMC Minutes Released

    The minutes of the August 9, 2005, meeting of the FOMC has been released.
    Minutes 8/31/05

  • Bulletin Regarding Employment Restrictions For Examiners

    The OCC has issued a Bulletin explaining the previously announced proposed Rule regarding post-employment restrictions for senior examiners of national banks. Information concerning the proposed Rule was posted in the August 5, 2005, BOL Top Stories.
    Bulletin 8/31/05

  • Money Smart News Summer 2005 Issue Published

    The FDIC has published the Summer 2005 issue of Money Smart News.
    Money Smart News 8/31/05

  • Financial Services Impacted By Katrina

    The FRB is posting information regarding how Hurricane Katrina is affecting financial services on a Web page which is updated when new information is available.
    Web Page 8/30/05

  • Agencies Encourage Banks and Thrifts To Assist Hurricane Victims

    The OCC, FDIC and NCUA have announced ways in which banks and thrifts can assist customers and members affected by Hurricane Katrina and have granted relief from certain regulatory requirements.
    OCC;
    FDIC FIL
    NCUA 8/30/05

  • HMDA Reporting May Create Mortgage-Lending Opportunities

    The OCC has published the Summer 2005 edition of the Community Developments newsletter, which provides various perspectives and strategies on how the revised HMDA reporting requirements could enhance mortgage-lending opportunities for national banks and their customers.
    Community Developments Newsletter 8/30/05

  • Call Report Data Finalized

    The FDIC has announced that the final data for the June 30, 2005 Call Reports is now available.
    Call Reports 8/30/05

  • Georgia FCU Liquidated

    NCUA has announced the liquidation of Jilapuhn Federal Credit Union, located in East Point, Georgia.
    Liquidation 8/30/05

  • FedExchange Seminar Registration Available Online

    Federal Reserve Financial Services has announced that registrations for various FedExchange seminars may be made online.
    Seminar Invitation;
    Registration Forms 8/30/05

  • Katrina Forces Fed Branch To Close

    The Atlanta FRB has announced that most normal financial services will not be available through its New Orleans branch on Monday, August 29, 2005, due to the impending arrival of Hurricane Katrina.
    Financial Services
    8/29/05

  • Greenspan Observations On Central Banking Changes

    In a separate presentation and the closing remarks to the participants in a FRB sponsored symposium, the Chairman reflected on the changes he has observed in the central banking system over the last eighteen years. He indicated in his opinion, the major contribution of the Federal Reserve to fashioning the events of the past decade or so was to recognize that the U.S. and global economies were evolving in profound ways and to calibrate inflation-containing policies to gain most effectively from those changes. He also observed that the Federal Reserve will almost surely face as many uncertainties over the next eighteen years as it has over the past eighteen.
    Presentation;
    Closing Remarks 8/29/05

  • Banks Authorized To Close

    The Comptroller has issued a proclamation that authorizes offices of national banks affected by Hurricane Katrina to close.
    Proclamation 8/26/05

  • Wal-Mart Bank Application Released

    The FDIC has released the public portion of an application for Federal deposit insurance for a Utah industrial bank that has been filed on behalf of Wal-Mart Bank, a proposed state nonmember bank.
    Application 8/26/05

  • Second Quarter Bank And Thrift Earnings Released

    The earnings for banks and thrifts for the second quarter 2005, which were the second highest on record, have been released by the FDIC.
    Summary;
    Full Report 8/26/05

  • Reg E ATM Disclosures PR Published in FR

    The proposed revisions would clarify the disclosure obligations of ATM operators with respect to fees imposed
    on a consumer for initiating an electronic fund transfer or a balance inquiry at an ATM. 70FR49891 (txt) 70FR49891 (pdf) 8/25/05

  • Counterfeit Cashier’s Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier’s checks drawn on American Bank of Commerce, Provo, Utah. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 8/25/05

  • OCC Issues CRA Bulletins

    Two bulletins have been issued by the OCC regarding the previously announced CRA Joint Final Rules published by the federal banking regulators and the revisions to the Joint Interagency CRA examination procedures concerning small and intermediate small banks. Information regarding the new procedures was posted on the July 20, 2005 BOL Top Stories http://www.bankersonline.com/topstory/july05.html and information regarding the Joint Final Rules was posted in the BOL Top Stories for August 2, 2005.
    Final Rule Bulletin;
    Exam Procedures Bulletin 8/25/05

  • OFAC FIL Issued By FDIC

    The FDIC has issued a FIL regarding previously announced additions and changes to existing SDNTK entries on the OFAC SDN List. Information concerning the additions was posted in the BOL Top Stories for August 19, 2005.
    FIL 8/25/05

  • IFDP Paper Published

    The FRB has published a discussion paper in the IFDP series on the topic of “General-to-specific Modeling: An Overview and Selected Bibliography”.
    Abstract;
    Full Paper 8/25/05

  • FRB Assets Reports Published

    The 3.12 U.S. Reserve Assets report and 3.13 Foreign Official Assets Held at Federal Reserve Banks report for June 2005 have been issued by the FRB. Reports 8/25/05

  • Call Report Revisions Proposed

    The Federal banking regulators have proposed changes to the Call Report aimed at reducing the amount of regulatory burdens by eliminating and/or modifying current provisions while adding new time saving sections. The changes will be effective for the March 31, 2006 report and comments are due on or before October 24, 2005.
    Proposal 8/24/05

  • New York FCU Closed

    The NCUA has liquidated Homesteaders Federal Credit Union of New York, New York, and transferred its member accounts to the Lower East Side People’s Federal Credit Union of New York City.
    Closing 8/24/05

  • International Reserve Position Updated

    Treasury has updated the U.S. international Reserve Position to include data as of August 19, 2005.
    Reserve Position 8/24/05

  • August FHC List Released

    The FRB has released the list of BHCs that have elected to be treated as FHCs as of August 19, 2005.
    FHC List 8/24/05

  • June G.20 Report Issued

    The FRB has issued the G.20 Finance Companies report of owned and managed receivables outstanding and auto loans terms of credit for June 2005.
    G.20 8/24/05

  • August FedFocus Published

    The August 2005 issue of FedFocus has been published by FRB Financial Services and contains articles on evolving security solutions for electronic times and moving beyond password protection.
    FedFocus 8/23/05

  • FIL Regarding Stored Value Card Proposed Rule

    The FDIC has issued an FIL regarding the previously announced proposed rule concerning the insurability of funds underlying stored value cards and those accessible through other nontraditional access devices. Information regarding the proposed rule was posted in BOL Top Stories http://www.bankersonline.com/topstory/topstory.html on August 8, 2005.
    FIL 8/23/05

  • Second Quarter Charge-Off And Delinquencies Report Released

    The FRB has released the charge-off and delinquency rates on loans and leases for commercial banks report for the second quarter of 2005.
    Charge-Off Report 8/23/05

  • Counterfeit Treasurer’s Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit treasurer’s checks drawn on Bangor Savings Bank, Bangor, Maine. Information concerning the counterfeit treasurer’s checks has been posed on the BOL Alerts & Counterfeits page. 8/22/05

  • Unauthorized Banking Special Alert

    A Special Alert has been issued by the FDIC regarding unauthorized banking activities being conducted by Destiny Capital Mortgage Inc., doing business as Destiny Capital Mortgage Bank, Irving, Texas. Information regarding the unauthorized banking activities has been posted on the SA-111-2005. 8/22/05

  • Reg E ATM Disclosures Amendments Proposed

    The FRB is seeking comments regarding proposed amendments to Reg E that clarify the disclosure obligations of ATM operators with respect to fees imposed on a consumer for initiating an electronic fund transfer or a balance inquiry at an ATM.
    Summary;
    Proposed Amendments 8/22/05

  • August 2005 New Electronic Interpretations and Actions Announced

    The OCC has announced the New Electronic Interpretations and Actions for August 2005.
    Electronic Interpretations and Actions 8/22/05

  • Thrift Industry Reports Strong Second Quarter

    OTS has announced that the thrift industry posted record levels of earnings and equity capital in the second quarter of 2005.
    Second Quarter Earnings;
    Graphs;
    Highlights;
    Selected Indicators 8/22/05

  • Deposit Funds Experience Growth

    The FDIC has announced that the BIF and SAIF funds increased by a modest amounts during the second quarter of 2005.
    Growth 8/22/05

  • Eight Counterfeit Checks And Money Orders Special Alerts Issued

    Eight Special Alerts have been issued by the FDIC regarding counterfeit cashier’s checks drawn on White Oak State Bank, White Oak, Texas, Newtown Savings Bank, Newtown, Connecticut, and Waldo State Bank, Waldo, Wisconsin; counterfeit official checks drawn on HomeStreet Bank, Seattle, Washington, and Cathay Bank, Los Angeles, California; counterfeit checks drawn on NCB, FSB, Hillsboro, Ohio; counterfeit treasurer’s checks drawn on Laconia Savings Bank, Laconia, New Hampshire; and counterfeit money orders drawn on Shell Lake State Bank, Shell Lake, Wisconsin. Information concerning the counterfeit checks and money orders has been posted on the BOL Alerts & Counterfeits page.   8/19/05

  • OFAC Modifies Burmese Sanctions Program

    Modifications to the Burmese Sanctions Program have been announced by OFAC. The BOL OFAC Sanctions Matrix has been revised to incorporate the updated material. BOL OFAC Matrix; OFAC Overview   8/19/05

  • SDNTK Designations Announced By OFAC

    Pursuant to the provisions of the Foreign Narcotics Kingpin Designation Act ("Kingpin Act"),OFAC has designated 30 companies and individuals associated with two Mexican drug trafficking organizations as SDNTKs and added then to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.  8/19/05

  • FDIC Updates IT Exam Procedures

    The FDIC has issued an FIL regarding the update of its risk-focused IT examination procedures for FDIC-supervised financial institutions. FIL; IT Exam Procedures.  8/19/05

  • Counterfeit Cashier’s Checks Special Alert

    A Special Alert regarding counterfeit cashier’s checks drawn on Castle Bank & Trust Company, Meriden, Connecticut, has been issued by the FDIC. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  8/18/05

  • BSA Violations Cost Bank $24 Million

    FinCEN and the OCC have imposed a $24 million CMP on the New York branch of Arab Bank, plc, for systemic BSA failures. FinCEN PR; Treasury PR   8/18/05

  • Order Of Prohibition Issued Against Former Texas Banker

    The FRB has issued a Final Decision and Order of Prohibition against a former employee of First National Bank, Lubbock, Texas, which prohibits him from participating in the conduct of the affairs of any financial institution or holding company. Order  8/18/05

  • Twenty-Six CRA Ratings Released

    The OCC has released the ratings received by twenty-six national bank that were recently evaluated for CRA compliance. Ratings  8/18/05

  • 314(a) Fact Sheet Update

    FinCEN has updated the information on the 314(a) Fact Sheet to include data as of August 16, 2005. 314(a) Fact Sheet  8/18/05

  • FEDS Working Paper Published

    A working paper in the FEDS series on the topic of “Why and When do Spot Prices of Crude Oil Revert to Futures Price Levels?” has been published by the FRB. Abstract; Full Paper  8/18/05

  • FRB publishes final amendments to Reg A in Federal Register

    This final rule approves an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate is automatically increased by formula as a result of the Board’s primary credit rate action. 70FR16322 PDF, 70FR16322 TXT  8/17/05

  • Treasurer’s Checks Special Alert

    The FDIC has issued a Special Alert regarding Treasurer’s Checks bearing the name of Middlesex Savings Bank, Natick, Massachusetts, that are missing, lost, or stolen in transit. Information regarding the Treasurer’s Checks has been posted on the BOL Alerts & Counterfeits Page  8/17/05

  • 23A Exemption Letter Released

    A letter containing a legal interpretation which grants an exemption from section 23A of the Federal Reserve Act and from Regulation W for certain extensions of credit made by a bank in connection with its securities borrowing transactions has been released by the FRB. Letter  8/17/05

  • Sixteen Enforcement Actions Announced

    The OCC has announced sixteen Enforcement Actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  8/17/05

  • Experian Settles With FTC

    Experian Consumer Direct has settled with the FTC regarding charges that it deceptively marketed “free credit reports” by not adequately disclosing that consumers automatically would be signed up for a credit report monitoring service and charged $79.95 if they didn’t cancel within 30 days. The settlement requires payments to deceived consumers, bars deceptive and misleading claims about “free” offers, requires disclosure of terms and conditions of any “free” offers, and the payment of $950,000 to the FTC. Compliant; Settlement and Final Order  8/17/05

  • Implementation Of Fraud Hotline Guidance Issued

    The FDIC has issued a FIL that contains a Guidance to financial institutions on implementing a fraud hotline to minimize potential and actual fraud risks as part of a bank's governance and enterprise risk management program. FIL; Guidance  8/17/05

  • September HOEPA Rates Published

    The Federal Reserve has published the new reference rates which lenders must use to determine if loans for which applications are received in September 2005 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. H.15  8/17/05

  • FDIC Consumer News Summer 2005 Issue Published

    The FDIC has published the Summer 2005 issue of the FDIC Consumer News which features a "shopper's guide" to finding bank products and services. It also includes tips and information on various programs and services offered consumers by financial institutions. Consumer News  8/17/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position to include data as of August 12, 2005. Reserve Position  8/17/05

  • Industrial Production And Capacity Utilization Report Issued

    The FRB has issued the G.17 Industrial Production And Capacity Utilization Report for July 2005. G.17  8/17/05

  • OCC Updates Permissible Activities Information

    The OCC has published the 2004 issue of Activities Permissible For National Banks which contains interpretations and decisions authorizing activities for national banks and their operating subsidiaries.
    Permissible Activities  8/16/05


  • The Quarterly Review Of Interest Rate Risk First Quarter 2005 Issue Published

    The First Quarter 2005issue of The Quarterly Review of Interest Rate Risk has been published by OTS and features an article on model risk. Quarterly Review  8/16/05


  • Lending Practices Survey Result Published

    The FRB has published the results of its Senior Loan Officer Opinion Survey on Bank Lending Practices. Responses were received from fifty-four domestic banking institutions and twenty U.S. branches and agencies of foreign banks. Summary; Full Report  8/16/05


  • Agricultural Finance Databook Updated

    The E. 15 Agricultural Finance Databook has been updated to include information for March and June 2005 regarding the amount and characteristics of farm loans, selected statistics from the quarterly Call Reports, and Reserve Bank surveys of farm credit conditions and land values. E.15  8/16/05


  • FedFlash August 2005 Issue Online

    FRB Financial Services has posted the August 2005 Issue of FedFlash online. August FedFlash PDF; HTML  8/16/05


  • Average Cost Of Funds Ratios Released

    OTS has released the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; Current  8/16/05


  • June International Capital Data Released

    Treasury has released the International Capital Data report for June 2005. International Capital  8/16/05


  • CTR Completion FAQs Issued

    FinCEN has issued FAQs which provide guidance concerning the completion of Part II of Form 104.
    CTR FAQs  8/15/05

  • FedLine Advantage Training Available

    The FRB has announced that a number of training resources for FedLine Advantage are available, including phone-facilitated sessions and online tools. Training  8/15/05

  • FRB Routing Number Changes Published in FR

    The Federal Reserve Board has published in the Federal Register a final rule which amends Appendix A of Regulation CC to delete the reference to the Portland branch office of the Federal Reserve Bank of San Francisco and reassign the Federal Reserve routing symbols to the Seattle branch office of the Federal Reserve Bank of San Francisco. 70FR15598 PDF, 70FR15598 TXT  8/12/05

  • OCC Licensing Manual Updated

    The "Investment in Subsidiaries and Equities" booklet of the OCC Licensing Manual has been revised to clarify the treatment of affiliated business arrangements. Booklet   8/12/05

  • Unauthorized Banking Alert

    The OCC has issued an Alert following the announcement by the State of Texas Department of Banking and the Texas Savings and Loan Department that cease-and-desist orders have been issued against Destiny Capital Mortgage, Inc., dba Destiny Capital Mortgage Bank, for unauthorized banking activity and unauthorized mortgage banking activities. Orders  8/12/05

  • 2004 International Directory of Deposit Insurers Published

    The FDIC has published the 2004 International Directory of Deposit Insurers which provides information on how to contact deposit insurers, central banks and other entities involved in deposit insurance functions in over 70 countries. Directory  8/12/05

  • Joint Agencies (OCC, FDIC, OTS, FRB) request comments for proposed rule

    Comments and suggestions are requested for ways to reduce burden in rules categorized as Banking Operations; Directors, Officers and Employees; and Rules of Procedure.70FR15568 PDF, 70FR15568 TXT  8/11/05

  • FRB Issues CA Letter

    A CA Letter has been issued by the FRB regarding the previously announced revisions of CRA regulations made by the federal banking regulators. Information concerning the revisions was posted in the July 20, 2005 BOL Top Stories. CA Letter   8/11/05




  • Annotated Bibliography of Deposit Insurance Updated

    The annual update of the Annotated Bibliography of Deposit Insurance has been posted online by the FDIC. Annotated Bibliography; Update   8/11/05

  • OCC Publishes Final Rule in Federal Register

    This final rule requires that all reports filed with the OCC under section 16(a) of the Securities Exchange Act of 1934 must be filed electronically and posted on a registered national bank’s Web site, if it has one, as soon as practicable. 70FR15568 PDF, 70FR15568 TXT  8/10/05

  • Missing Money Orders And Counterfeit Checks Special Alerts

    The FDIC has issued five Special Alerts regarding money orders missing from Nara Bank, Los Angeles, California; counterfeit treasurer’s checks drawn on Fulton Savings Bank, Fulton, New York; counterfeit treasurer’s checks drawn on Eastern Bank, Boston, Massachusetts; counterfeit cashier’s checks drawn on Sterling Bank, Houston, Texas; and counterfeit official checks drawn on Merchants Bank, Jackson, Alabama. Information concerning the money orders and counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  8/10/05

  • Reduction Of Regulatory Burdens Comments Sought

    Interagency Proposal has been submitted for comment on ways to reduce burden in rules categorized as Banking Operations; Directors, Officers, and Employees; and Rules of Procedure. Proposal;
    Submit Comments page.  8/10/05

  • Twelfth District Check Processing Restructured

    The FRB has announced a Final Rule that amends Appendix A of Regulation CC to reflect the restructuring of the Federal Reserve's check processing operations in the Twelfth District. As a result, some checks deposited in the affected regions that currently are nonlocal checks will become local checks that are subject to shorter permissible hold periods. Final Rule  8/10/05

  • FIL Issued Regarding CRA Joint Final Rules

    The FDIC has issued a FIL regarding the previously announced CRA Joint Final Rules published by the federal banking regulators. Information regarding the Joint Final Rules was posted in the BOL Top Stories for August 2, 2005.
    FIL   8/10/05

  • Liquidated Credit Union

    NCUA has announced that the Lock Haven Area Federal Credit Union, Lock Haven, Pennsylvania, has been liquidated and its members’ accounts transferred to Horizon Federal Credit Union, Williamsport, Pennsylvania. Liquidated  8/10/05

  • Rates Raised

    The FOMC has raised the target for the federal funds rate and the discount rate by 25 basis points.
    Rates  8/10/05

  • Working Papers Published

    The FRB has published three working papers in the IFDP series on the following subjects: “SIGMA: A New Open Economy Model for Policy Analysis”; “Estimating Elasticities for U.S. Trade in Services”; and “Currency Crashes and Bond Yields in Industrial Countries”. SIGMA abstract; SIGMA full paper; Elasticities abstract; Elasticities full paper; Currency abstract; Currency full paper  8/10/05

  • OTS Director Reich Sworn In

    John M. Reich was sworn in on August 9, 2005 as Director of OTS. Reich  8/10/05

  • Truth in Lending (Reg Z) Final Rule published in Federal Register

    The Rederal Reserve has amended the staff commentary that interprets the requirements of Regulation Z. The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. The adjusted dollar amount for 2006 is $528. 70FR15568 PDF, 70FR15568 TXT  8/9/05

  • Agencies To Present BSA/AML Webcast

    The federal banking and thrift agencies, along with FinCEN, have announced registration details for a live Webcast of a BSA/AML Examination Manual Outreach Event that will be held in New York on August 22, 2005. The Webcast is scheduled from 9 a.m. to noon EDT and is open to all parties, but registration is required.
    Registration; FRB PR; OCC NR; OTS PR; FDIC PR; FinCEN PR; FFIEC PR  8/9/05

  • Prohibition Orders Issued

    NCUA has issued orders prohibiting eight individuals from participating in any manner in the affairs of federally insured financial institutions. Orders  8/9/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Report to include data as of August 5, 2005. Reserve Position  8/9/05

  • FDIC publishes Proposed Rule

    to promulgate a regulation that would clarify the insurance coverage of funds subject to transfer or withdrawal through the use of stored value cards and other nontraditional access mechanisms. It addresses certain issues raised by commenters in response to the original proposal. 70FR15568 PDF, 70FR15568 TXT  8/8/05

  • FinCEN Issues SAR Reporting Ruling

    An Administrative Ruling has been issued by FinCEN concerning whether or not a financial institution must establish a program to monitor currency transactions to detect and report “structuring” when the transaction does not required the filing of a CTR. Ruling  8/8/05

  • CRA Ratings Released

    The FDIC has released the ratings received by financial institutions recently examined for CRA compliance. CRA Ratings  8/8/05

  • August OFAC CMP Announced

    OFAC has announced the Civil Penalties Enforcement Actions for August 5, 2005 and no financial institutions were cited for violations of any OFAC sanctions program. OFAC CMP  8/8/05

  • June Consumer Credit Report Released

    The FRB has released the G.19 Consumer Credit report for June 2005. G.19  8/8/05

  • Mortgage Disclosure Fee-Based Trigger Updated

    The FRB has published its annual adjustment of the dollar amount that triggers additional disclosure requirements under the TILA for home mortgage loans that bear rates or fees above a certain amount.
    Trigger 8/5/05

  • ABCP Interagency Guidance Issued

    An interagency guidance has been issued by the federal banking regulatory agencies that clarifies the application of the asset quality test for determining the eligibility or ineligibility of an ABCP liquidity facility and the resulting risk-based capital treatment of such a facility for banking organizations.
    Guidance
    FRB SL;
    OCC Bulletin;
    OTS CEO Letter;
    FDIC FIL 8/5/05

  • OCC Warns Against Sham Controlled Business Arrangements

    The OCC has issued a Bulletin regarding third parties that have approached some national banks to form affiliated business arrangements (ABAs) to offer real estate
    settlement services. National banks that choose to enter into ABAs with third parties must ensure that such arrangements comply with the provisions of RESPA.
    Bulletin 8/5/05

  • Ex-Bank Examiners Job Restrictions Proposed

    The federal banking regulatory agencies today issued proposed rules to implement a special post-employment restriction on certain senior examiners employed by an agency or Federal Reserve Bank.
    Proposed Rule;
    FRB PR;
    OCC NR;
    FDIC PR;
    OTS PR 8/5/05

  • Comptroller Dugan Takes Office

    John C. Dugan has assumed office on August 4, 2005 as the 29th Comptroller of the Currency. He was confirmed by the Senate on July 29, 2005.
    Comptroller 8/5/05

  • 314a Fact Sheet Revised

    FinCEN has revised the 314a Facts Sheet report to include data as of August 2, 2005.
    314a 8/5/05

  • Mugabe Associates' Businesses Added To SDN List

    OFAC has designated twenty-six Zimbabwean entities, 24 commercial farms and two businesses, controlled by key members of the Mugabe regime and added them to the SDN list. Information regarding the new additions has been posted on the BOL OFAC page. 8/4/05

  • Mortgage Discrimination Working Paper Published

    The OCC has published a working pager entitled, “Searching for Age and Gender Discrimination in Mortgage Lending," which reviews tests for the presence of age and gender discrimination in the loan underwriting process.
    Working Paper 8/4/05

  • Tobacco Payment Program Guidance Issued

    The FDIC has issued a FIL regarding an Examiner Guidance concerning the proper treatment of assignments of tobacco transition payments and successor-in-interest contracts.
    FIL;
    Guidance HTML;
    Guidance PDF 8/4/05

  • Enforcement Actions Released

    The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in June 2005. The actions include three removal and prohibition orders, five civil money penalty orders, one order to cease and desist, and four orders terminating orders to cease and desist.
    Enforcement Actions 8/4/05

  • CRA Lending Data Available

    The four FFIEC agencies have announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings institutions, pursuant to the CRA. The FFIEC has prepared a disclosure statement from the reported 2004 CRA data, in electronic form, for each reporting commercial bank and savings institution and aggregate disclosure statements of small business and small farm lending for each of the MSA and each of the non-metropolitan counties in the U.S.
    CRA Fact Sheet;
    CRA Data Order Form 8/4/05

  • Check Writing Consumer Advisory Issued

    The OCC has issued a Consumer Advisory on the topic, “Writing a Check: Understanding Your Rights”, which discusses the different ways checks can be processed, the significance for consumers of those differences, the different laws and regulations governing check transactions, how consumers’ rights may vary depending on how a check is processed, and how consumers may resolve problems if something goes wrong. Advisory 8/3/05

  • HMDA Data Collection Procedures To Change

    The FFIEC has announced that effective January 1, 2006, for 2005 HMDA data collection, a complete resubmission will be required for all changes to the LAR following an institution’s initial HMDA submission. In addition, manual changes will no longer be accepted via e-mail, fax or telephone. LAR Changes 8/3/05

  • Interagency Intermediate Small Bank CRA Exam Procedures Overview

    The FFIEC has posted an overview of the previously announced revisions to the joint interagency CRA examination procedures for intermediate small banks. Information regarding the new procedures was posted on the July 20, 2005 BOL Top Stories. Overview 8/3/05

  • Part 363 Amendments Proposed

    The FDIC has issued a FIL announcing a proposal to amend Part 363 of its regulations regarding the asset size threshold for requirements relating to internal control assessments and reports by management and external auditors, and the requirement that members of the audit committee, who must be outside directors, be independent of management. Comments are due by September 16, 2005.
    FIL; Proposal 8/3/05

  • Comments Sought By FRB

    The FRB has published a proposal to approve the extension for three years, with revision, the following information collection activities reports: FR 2248; FR 3033; FR 2083, 2083A, 2083B, and 2083C; FR 2030, FR 2030a, FR 2056, FR 2086, FR 2086a, and FR 2087. The closing date for comments is September 26, 2005.
    Proposal;
    Submit Comments 8/3/05

  • OTS Seeks Comments

    OTS is seeking comments on proposed rules regarding: Recordkeeping and Confirmation Requirements for Securities Transactions, Fiduciary Powers of Savings Associations, and Voluntary Dissolution.
    Recordkeeping; Fiduciary Powers; Voluntary Dissolution 8/3/05

  • August FedFlash Online

    FRB Services has posted the August 1, 2005 issue of FedFlash on its Web site.
    FedFlash HTML; FedFlash PDF 8/3/05

    Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report to include data as of July 29, 2005.
    Reserve Position 8/3/05

  • Final CRA Rules Published in FR

    The final rules are intended to reduce regulatory burden on community banks while making CRA evaluations more effective in encouraging banks to meet community development needs. 70FR44256 txt 70FR44256 pdf 8/2/05

  • FDIC Published Audit Requirements in FR

    The FDIC is proposing to amend its regulations concerning annual independent audits and reporting requirements. 70FR44293 txt 70FR44293 pdf 8/2/05

  • New SDGT Designations

    OFAC has designated three individuals residing in Italy as SDGTs for providing financial and/or material support to a group tied to al Qaida and added them to the SDN List. Information regarding the additions has been posted on the BOL OFAC page. 8/2/05

  • Preliminary Call Report and TFR Data Posted

    The FDIC has posted online the Preliminary June 30, 2005, Call Report and TFR data.
    Data 8/2/05

  • Reg O Enforcement Action Announced

    The FRB has announced the issuance of a Cease and Desist Order and Order of Assessment of a Civil Money Penalty against a former institution-affiliated party of the Montana State Bank, Plentywood, Montana, for alleged violations of Regulation O.
    Reg O 8/2/05

  • Fraudulent Emails Special Alert

    The FDIC has issued a Special Alert regarding a previously announced Alert issued by the OCC concerning fictitious e-mails that are circulating world-wide and claim to be authored by the OCC. Information regarding the original OCC Alert and the fraudulent emails was posted in the July 20, 2005 BOL Top Stories.
    FDIC SA 8/2/05

  • National Campaign to Promote Direct Deposits

    Treasury and the FRB have announced the expansion the Go Direct program nationwide to encourage more Americans to select direct deposit for their federal benefit payments.
    Go Direct 8/2/05

  • Market Financing Estimates Released

    Treasury has released its market financing estimates for the third and fourth quarters of 2005.
    Borrowing Estimates 8/2/05

  • Foreign Exchange Rates Report Issued

    The G.5 Foreign Exchange Rates Report for July 2005 has been issued by the FRB.
    G.5 8/2/05

  • Counterfeit Checks Special Alerts Issued

    The OCC has issued three Special Alerts regarding counterfeit cashier’s checks drawn on Rockport National Bank, Rockport, Massachusetts and The Citizens Bank, Farmington, New Mexico; and counterfeit official checks bearing the name of Southbridge Savings Bank, Southbridge, Massachusetts. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 8/1/05

  • FDCPA Report Released

    The FTC has release its 27th Annual Report to Congress on the Fair Debt Collection Practices Act which summarizes the Commission’s administration and enforcement of the FDCPA during 2004.
    FDCPA Report 8/1/05

  • June 2005 Quarterly Journal Published

    The OCC has published and posted online the June 2005 issue of the Quarterly Journal which contains first quarter 2005 condition and performance of commercial banks; licensing decisions; appeals; links to speeches, testimony, and interpretations; mergers; and financial performance data. June 2005 Quarterly Journal 8/1/05

07/14/2005

Alabama weather relief

FDIC FIL-24-2014 has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Alabama affected by severe weather.

07/14/2005

Bureau proposes relaxation of privacy notice rule

The CFPB has announced a proposed amendment to Regulation P (12 CFR Part 1016, Privacy of Consumer Financial Information). The proposal would promote more effective privacy disclosures from financial institutions to their customers and allow companies that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually. Use of the interagency-approved model notice would be required. The proposal would make no change in requirements for delivery of the initial privacy policy notice. Comments will be accepted by the Bureau for 30 days after the date of publication in the Federal Register.

06/30/2005

Top Stories for July 2005

  • Special Alerts Issued Regarding Counterfeit Official Checks, Cashier's Checks, And International Money Orders

    The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on State Bank, La Grange, Texas; counterfeit official checks drawn on Irwin Bank & Trust Company, Irwin, Pennsylvania; and counterfeit TravelersExpress International Money Orders. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   7/29/05

  • BSA/AML Examination InfoBase Released

    The FFIEC has announced the release of its BSA/AML Examination InfoBase, an automated tool for examiners and financial industry. The InfoBase features the entire FFIEC BSA/AML Examination Manual, including background materials, examination procedures, and appendices, as well as FAQs and links to other resources that may be helpful in understanding BSA/AML requirements and examination expectations.
    InfoBase   7/29/05

  • OCC Handbook Revised

    The Home Mortgage Disclosure booklet, a part of the Comptroller's Handbook for Consumer Compliance, has been revised to incorporate the FRB changes to Regulation C that require lenders to include additional information on their HMDA LARs.
    Handbook   7/29/05

  • FTC Wins $10 Million Judgment Against Fraudulent Debt Collectors

    The FTC has won a $10.2 million judgment against a debt- collection operation and its principals who are also permanently barred from conducting debt-collection activities.
    FTC NR; Judgment  7/29/05

  • Credit Underwriting Standards Survey Results Released

    The OCC has released the results of its eleventh annual Survey of Credit Underwriting Practices which indicate a significant easing in both commercial and retail credit underwriting standards over the past year.
    Survey Results   7/29/05

  • Second Quarter A & L Price Tables Published

    OTS has published Selected Asset & Liability Price Tables for the Second Quarter 2005.
    Tables   7/29/05

  • Counterfeit Treasury Checks Special Alert

    The FDIC has issued a Special Alert regarding two counterfeit scams involving U.S. Treasury checks. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   7/28/05

  • VoIP Guidance Issued

    The FDIC has issued a FIL announcing Guidance to financial institutions regarding the security risks associated with voice over Internet protocol (VoIP), the delivery of traditional telephone voice communications over the Internet.
    FIL; Guidance   7/28/05

  • Prescreen Opt-out Notice Rule Takes Effect August 1

    Remember beginning August 1, 2005, financial institutions and other companies that send "prescreened" solicitations of credit or insurance to consumers will be required to provide simple and easy-to-understand notices that explain consumers' right to opt out of receiving future offers. The FTC, as required by FACTA, issued a Final Rule on January 31, 2005, which specified the format, type size, and manner for these opt-out notices.
    FTC Final Rule FTC Consumer Brochure   7/28/05

  • New Edition Of Beige Book Released

    The FRB has released a new edition of the Beige Book based on information collected on or before July 18, 2005.
    Beige Book Summary; Full Report   7/28/05

  • Community Developments Investments On-Line Newsletter Posted

    The OCC has posted online the Summer 2005 edition of the Community Developments Investments newsletter which features discussion of "double bottom line" investments.
    Community Developments Investments   7/28/05

  • FRB And USA Today Join Forces To Teach Students

    The FRB and USA Today have launched a new online project to teach middle school and high school students about economics and personal finances by challenging them to construct a newspaper front page. Participating students will be provided a template of the front page of The Fed Today and will utilize a FRB education web site for information needed to complete the project.
    FRB Education Site; The FED Today   7/27/05

  • International Reserve Position Update

    An update to the U.S. International Reserve Position has been posted by Treasury and includes data as of July 22, 2005.
    Reserve Position   7/27/05

  • Comptroller and OTS Director Nominees Appear Before Senate

    John C. Dugan, Nominee for Comptroller of the Currency, and John M. Reich, Nominee for Director, Office of Thrift Supervision, both appeared before and presented statements to the Senate Committee on Banking, Housing, and Urban Affairs.
    Dugan Statement; Reich Statement   7/27/05

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Ohio Heritage Bank, Coshocton, Ohio. Information concerning the counterfeit checks has been posted on the
    BOL Alerts & Counterfeits page.   7/26/05

  • Merger Report Presented To Congress

    The Annual Merger Report required by the Bank Merger Act has been presented to Congress by the FDIC. The report covers the merger applications that were approved by the FDIC during the year 2004.
    Merger Report   7/26/05

  • Spyware Guidance Issued

    The FDIC has issued a FIL which contains a Guidance and an informational supplement that discusses the risks associated with spyware from both a bank and consumer perspective and provides recommendations to mitigate these risks.
    FIL;
    Supplement.  7/25/05

  • Assets Reports Released

    The FRB has released the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for May 2005. Reports   7/25/05

  • Financial Management Seminars Announced

    OTS has announced that three Outreach and Financial Management Seminars will be held later this year in Cleveland, Providence and Newark. Invitation; Registration Form   7/25/05

  • Hussein's Nephews Added To SDN List

    OFAC has announced that six individuals, all nephews of Saddam Hussein, have been added to the SDN List with the designation of IRAQ2. Information regarding the additions has been posted on the BOL OFAC page.  7/22/05

  • Order Of Prohibition Issued Against Former Bank Employee

    The FRB has announced the issuance of an Order of Prohibition against a former employee of Fifth Third Bank in Grand Rapids, Michigan, based on her alleged participation in violations of law and breaches of fiduciary duty in connection with embezzlement of funds at the bank, as well as similar violations and breaches at other banks. Order   7/22/05

  • FOMC Minutes Released

    The FRB and the FOMC have released the minutes of the FOMC meeting held on June 29-30, 2005. Minutes  7/22/05

  • New Electronic Interpretations And Actions Announced

    The OCC has announced the posting online of the June 2005 edition of New Electronic Interpretations and Actions. New  7/22/05

  • Bank Find Research Tool

    FDIC Bank Find makes finding information about a FDIC insured institution easy. A researcher can obtain the answers to questions such as: Is My Bank Insured?; Where are My Bank's Branches Located?; Where is My Bank's Home (Main) Office Located?; What is My Bank's Web Site Address?; What Happened to My Bank (Historical List of Events)?; Does My Bank have a New Name?; and Is My Bank Still Open?. Bank Find  7/22/05

  • 14(a) FACT Sheet Update
    The FDIC has updated the 314(a) Fact Sheet by adding data collected as of July 19, 2005. 314(a) Fact Sheet  7/22/05

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks bearing the name of Rockport National Bank, Rockport, Massachusetts. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  7/21/05

  • Greenspan Reports To Congress

    Chairman Greenspan presented the FRB's semi-annual report to Congress and noted despite the challenges that face the U.S. economy, it has remained on a firm footing, inflation continues to be well contained, and the prospects are favorable for a continuation of those trends. Testimony; Full Report   7/21/05

  • OCC Releases CRA Ratings

    The OCC has released the ratings received by nineteen national banks that were examined for compliance with CRA that became public during the period of June 15, 2004 through July 14, 2005. CRA Ratings  7/21/05

  • Enforcement Actions Announced

    The FDIC has announced nineteen administrative enforcement actions taken against banks and individuals in May, 2005. Enforcement Actions  7/21/05

  • Military "Active Duty" Alerts

    The FTC has issued a Consumer Alert which describes how military personnel can place an "active duty" alert on a credit report that requires creditors to take extra steps to verify a person's identity before granting credit in their name. Consumer Alert   7/21/05

  • OFAC Announces Changes To SDN List

    OFAC has deleted six entries and modified others on the SDN List. Information regarding the changes has been posted on the BOL OFAC page.  7/20/05

  • Final CRA Rules Approved

    The federal banking agencies have approved final CRA rules that are essentially as the agencies proposed them in March 2005. The final rules are intended to reduce regulatory burden on community banks while making CRA evaluations more effective in encouraging banks to meet community development needs. Final Rules; FRB PR; OCC NR; FDIC PR  7/20/05

  • Insurance For Stored Value Cards Proposed

    The FDIC has proposed a new rule on the insurability of funds subject to transfer or withdrawal through the use of stored value cards and other nontraditional access devices, such as computers. Under the new proposed rule, these funds would be insurable "deposits" provided the funds have been placed at an insured depository institution. Proposed Rule  7/20/05

  • FDIC Amends Annual Audit Reporting Requirements

    The FDIC has approved a proposed amendment to the FDIC's annual audit and reporting requirements that raises the asset-size threshold from $500 million to $1 billion for internal control assessments by management and attestations by external auditors and members of the audit committee. Amendment  7/20/05

  • Fictitious OCC Emails

    The OCC has issued an Alert regarding fictitious e-mails that are circulating world-wide and claim to be authored by the OCC. They fraudulently encourage recipients to reply to receive funds owed by the OCC and other agencies. Emails  7/20/05

  • FTC Settles With Fraudulent Debt Negotiators

    A group of defendants promising negotiation services that would "drastically" reduce consumers' debts have settled FTC charges that their deceptive claims violated federal law and harmed consumers who engaged the defendants' services and stopped contacting creditors. The defendants are barred from advertising or participating in any debt negotiation business in the future. Settlement  7/20/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report to include data as of July 15, 2005.
    International Reserve Position  7/20/05

  • Agencies Schedule BSA/AML Programs

    The Federal banking and thrift agencies along with FinCEN have announced the scheduling of three conference calls and five regional meetings regarding the newly released BSA/AML Examination Manual. The text will be discussed, examination expectations will be provided along with the opportunity to provide feedback, ask questions, and address implementation issues. Conference Call Instructions; Meeting Fact Sheet; FRB NR; OCC NR;
    FDIC NR; OTS PR; FinCEN NR  7/19/05

  • August HOEPA Rates Posted

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in August 2005 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. H.15  7/19/05

  • Pharming Guidance Issued

    The FDIC has issued a FIL announcing a guidance which describes the practice of "pharming," how it occurs, and potential preventive approaches. "Pharming" is the process of redirecting Internet domain name requests to false Web sites to collect personal information. Information collected from these sites may be used to commit fraud and identity theft. FIL; Guidance  7/19/05

  • FedLine Advantage Final Step Announced

    FRB Financial Services has announced the final step that will be taken by the Federal Reserve Banks to implement FedLine Advantage. Final Step  7/19/05

  • May TIC Report Issued

    The TIC data for May 2005 has been released and posted on the Treasury web site. TIC  7/19/05

  • OCC Announces Enforcement Actions

    The OCC has announced twenty-five Enforcement Actions and one Termination. Enforcement Actions  7/18/05

  • June Call Report Filing Information Available

    Filing information for the June 15, 2005 Call Report is available online. Filing Information  7/18/05

  • FinCEN Administrative Rulings Released

    Five Administrative Ruling issued by FinCEN on the following topics have been released: Currency Transaction Reporting: Aggregation by Casinos at Slot Machines; Difficulties Encountered by Money Services Businesses in Obtaining Banking Services; Ceasing to be a Money Services Business; "Doing Business" as a Money Services Business; and Casinos as Money Services Businesses. CTR; Difficulties; Ceasing; Doing Business; Casinos  7/18/05

  • OTS Cost Of Funds Reports Issued

    The OTS has issued the National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions historical and current reports. Historical Current  7/18/05

  • CUs Look To Ways To Protect Tax Exemption

    In a presentation before the NAFCU Annual Conference in Las Vegas, NCUA Board Member Matz suggested ways CUs can protect their tax exemption and invest in their communities. Tax Exemption  7/18/05

  • Industrial Production Report Released

    The FRB has released the G.17 Industrial Production and Capacity Utilization report for June 2005. G.17  7/18/05

  • FHC List Updated

    The list of BHCs that have elected as of July 15, 2005, to be treated as FHCs has been published by the FRB. FHC List  7/18/05

  • FedFlash July 2005 Issue Published

    The July 15, 2005 edition of FedFlash has been published and features article on cash intrastructure changes, FedACH Mexico Services, Operating Circular 12 and how to subscribe to FedLine Advantage. FedFlash  7/18/05

  • Proposal to change the Federal Credit Union (FCU) Bylaws

    NCUA proposes to change, clarify and simplify the federal credit union by laws because of the numerous amendments approved in the last five years that have become obsolete. 70FR13312 (txt) 70FR12212 (pdf)  7/15/05

  • Two Special Alerts Issued Regarding Counterfeit Checks

    The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on City National Bank, Beverly Hills, California, and counterfeit cashier's checks drawn on Peoples Bank & Trust Company of Hazard, Hazard, Kentucky. Information concerning the counterfeits checks has been posted on the BOL Alerts & Counterfeits page.  7/15/05

  • Unauthorized Banking Special Alert

    A Special Alert has been issued by the FDIC regarding an entity, Maritime Financial & Security Co., of Toronto, Ontario, Canada, that may be conducting banking activities without authorization in Canada and the United States. Special Alert page.  7/15/05

  • Organization Supporting al Qaida Added To OFAC List

    Treasury has designated a U.K.-based Saudi oppositionist organization which provides material support to al Qaida as a SDGT and added it to the SND List. Information regarding the organization has been posted on the BOL OFAC page page.  7/15/05

  • FRB Announces Written Agreement With Montana Bank

    The FRB has announced the execution of a Written Agreement by and among the First Citizens Bank of Butte, Butte, Montana; the Montana Division of Banking and Financial Institutions; and the Federal Reserve Bank of Minneapolis. Written Agreement page.  7/15/05

  • New York CU Closed

    NCUA and the New York State Banking Department have announced that NCUA has accepted appointment as receiver/liquidator of Jamaica Postal Credit Union, located in Queens, New York, following the New York State Banking Department's decision to close the credit union. Closing page.  7/15/05

  • FEDS Working Paper Published

    A Working Paper in the FEDS series entitled "Using Federal Funds Futures Contracts for Monetary Policy Analysis" has been published by the FRB. Abstract; Full Paper page.  7/15/05

  • Acting Comptroller Williams Comments On Issues

    In a presentation before a meeting of the New York Bankers Association in Washington, D.C., Acting OCC Comptroller Williams discussed the history and characteristics of national banks and the bank supervisory process in light of current issues facing the industy. Speech page.  7/15/05

  • The FDIC has issued a FIL

    The FIL announces the issuance of the regulator's quarterly Letter to Stakeholders containing reports on the FDIC's priorities and activities for the second quarter of 2005. FIL; Letter page.  7/15/05

  • Hurricane Relief FIL Issued

    The FDIC has issued a FIL which announces a series of supervisory practices intended to facilitate the rebuilding process in areas damaged by Hurricane Dennis and severe storms. FIL; Supervisory Practices  7/14/05

  • Fraudulent Check Special Alert

    The FDIC has issued a Special Alert regarding fraudulent checks issued via Qchex.com, an online service that enables users to print checks or send checks by e-mail to recipients who could then print them. Information concerning the fraudulent checks has been posted on the BOL Alerts & Counterfeits page.  7/13/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report to include data as of July 8, 2005. International Reserve Position  7/13/05

  • July 2005 FedFocus Published

    Issue 3 of Volume 3 of FedFocus has been published by FR Financial Services and contains articles on the following topics: new account statement enhancements, solutions for web-based access, changes in the cash infrastructure analysis, full service solutions, and a Check 21 case study.
    July FedFocus  7/13/05

  • Four Counterfeit Checks Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on Pacific Continental Bank, Eugene, Oregon; counterfeit trust checks drawn on Fiserv Trust Company, Denver, Colorado; counterfeit treasurer's checks drawn on Cambridge Savings Bank, Cambridge, Massachusetts; and counterfeit official checks drawn on Rhinebeck Savings Bank, Rhinebeck, New York. Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  7/12/05

  • ACH Availability Time To Improve

    The Federal Reserve Banks and Banco de Mexico have announced that beginning July 25, 2005, the funds availability for ACH transactions will be reduced from two days to one day. ACH Availability  7/12/05

  • Banks Encouraged To Work With Hurricane Victims

    The OCC has issued a statement encouraging national banks to assist victims of Hurricane Dennis by extending the terms of loan repayments; restructuring a borrower's debt obligations; and, easing credit terms for new loans to certain borrowers, consistent with prudent banking practice. Statement  7/12/05

  • Bank Closings Authorized

    The Acting Comptroller Williams has issued a Proclamation that allows national bank offices affected by Hurricane Dennis to close. Proclamation   7/11/05

  • FinCEN Assesses $700,000 CMP

    A CMP in the amount of $700,000 has been assessed by FinCEN against Gulf Corporation for willful violations of BSA involving the failure to timely file 2,434 CTRs and 47 SARs. CMP  7/11/05

  • May Consumer Credit Report Released

    The FRB has released the G.19 Consumer Credit Report for May 2005. G.19  7/11/05

  • Host State Loans-To-Deposits Ratios Issued

    The Federal banking regulators have issued the host state loan-to-deposit ratios that the agencies will use to determine compliance with section 109 of Riegle-Neal.
    Ratios;
    FRB PR;
    FDIC PR;
    OCC NR 7/8/05

  • CRA Rating Released

    OTS has released the ratings for savings associations examined for CRA compliance that became publicly available in June 2005.
    CRA Ratings 7/8/05

  • Banks Assessed CMPs

    The FRB has assessed CMPs against Security Bank, Ralls, Texas, and Frontier Bank, Everett, Washington, for violations of Reg H and the National Flood Insurance Act.
    Security Bank
    Frontier Bank 7/7/05

  • OTS Releases Third Quarter 2005 CRA Exam Schedule

    OTS has announced that thirty-six savings associations will be examined during the Third Quarter 2005 for compliance with CRA.
    Exam Schedule 7/7/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report to include data as of July 1, 2005.
    Reserve Position 7/7/05

  • Treasury Checks Scams Identified

    Two counterfeit scams have been identified by Treasury involving Treasury Checks. Information regarding the scams and the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 7/6/05

  • OFAC Issues $17,831 CMP

    OFAC has released its Enforcement Information for July 2005 and assessed one bank a CMP of $17,831 for a funds transfer violation under the Iran Sanctions Program.
    CMP 7/6/05

  • FDIC Releases CRA Ratings

    The list of banks examined for CRA compliance and assigned evaluation ratings in April 2005 has been released by the FDIC.
    CRA Ratings 7/6/05

  • FDIC Revises "Purposes And Functions"

    A revised edition of "Purposes And Functions" has been published by the FDIC. The volume contains seven chapters on various topics including an overview of the Federal Reserve System; monetary policy and the economy; and supervision and regulation.
    Purposes And Functions 7/6/05

  • Payroll Cards Subject Of Insights Paper

    The OCC has issued a Community Development Insights Paper entitled "Payroll Cards: An Innovative Product for Reaching the Unbanked and Underbanked" which examines the growth of payroll cards and their potential to attract the nearly 10 million unbanked households into the financial mainstream.
    Payroll Cards 7/6/05

  • Five Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued five Special Alerts regarding counterfeit cashier's checks drawn on Ebank, Atlanta, Georgia; Commercial Bank of Texas, National Association, Nacogdoches, Texas; Presidential Bank, FSB, Bethesda, Maryland; Parish National Bank, Covington, Louisiana; and First Federal Savings Bank of Twin Falls, Twin Falls, Idaho. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 7/5/05

  • Special Alert Regarding Unauthorized Banking

    A Special Alert has been issued by the FDIC regarding unauthorized banking activities that may be conducted in the U.S. and/or Canada by three entities representing themselves as financial institutions.
    Special Alert 7/5/05

  • Supervision Of Weakened Banks Study Released

    The FRB has released a paper which describes and compares the state insurance and banking supervisory frameworks for identifying and supervising companies in weakened financial condition.
    Study 7/5/05

  • Web-Site Spoofing Response Guidance Issued

    The OCC has issued a Bulletin which contains guidance on how a bank should respond to incidents of Web-site spoofing including recommended procedures to mitigate the risks and identification of the types of information that can be provided to law enforcement authorities.
    Bulletin 7/5/05

  • FDIC Announced New Online Business Applications

    The FDIC has announced that online business applications for consent to exercise trust powers, applications for a brokered deposit waiver, and applications pursuant to prompt corrective actions are now available through FDICconnect.
    Applications 7/5/05

  • 314a Facts And Figures Updated

    FinCEN has updated the 314a Facts and Figures Report to include data as of July 5, 2005.
    314a 7/5/05

  • March 2005 Quarterly Journal Online

    The OCC has posted online the March 2005 issue of the Quarterly Journal which contains organizational charts, 4thQ 2004 condition of banks, household debt study, special supervision and enforcement, licensing decisions, appeals, speeches, interpretations, and corporate structure data.
    Quarterly Journal 7/5/05

  • June Foreign Exchange Rate Report Issued

    The FRB has issued the G.5 Foreign Exchange Rate Report for June 2005.
    G.5 7/1/05

  • BSA/AML Examination Manual Published

    The manual was published by Federal financial regulatory agencies on June 30, 2005, along with the announcement of plans for a series of nationwide conference calls, regional outreach meetings and a simulcast to brief bankers and examiners. For more information read the BOL Special Briefing.
    FinCEN PR 7/1/05

  • Syrian SDNs Added To OFAC List

    OFAC has announced the addition of two individuals to the SDN List who have directed the Syrian Arab Republic Government's (SARG) military and security presence in Lebanon and/or contributed to the SARG's support for terrorism. Information regarding the additions has been posted on the BOL OFAC page. 7/1/05

  • HMDA Data Collection Procedure Changes

    The FFIEC has announced that effective January 1, 2006, for 2005 HMDA data collection, a complete resubmission is required for all changes to the loan application register following an institution's initial HMDA submission.
    HMDA Changes 7/1/05

  • Paperless Legal Transfer Program To Updated

    The Securities Transfer Association and DTC have announced five updates to the Paperless Legal Transfer Program which will be effective July 5, 2005.
    Updates;
    Paperless Legal Program 7/1/05

  • G.20 Finance Companies Report Released

    The FRB has released the April 2005 G.20 Finance Companies Owned and Managed Receivable Outstanding and Auto Loans: Terms of Credit Report.
    G.20 7/1/05

  • Fed Funds Rate Raised

    The FOMC has announced that the target for the federal funds rate has been raised by 25 basis points to 3-1/4 percent.
    Rate 7/1/05

06/14/2005

CRA ratings released

The list of banks recently examined for CRA compliance and the ratings they received has been released by the FDIC. Four of the listed banks received an outstanding rating.

06/14/2005

Regulation Z proposal published

The Consumer Financial Protection Bureau has published in today's Federal Register its previously-announced proposed rule and request for public comment that would amend the 2013 mortgage rules under the Truth in Lending Act as implemented in Regulation Z. The proposal includes two changes that would help certain nonprofit organizations continue to provide mortgage credit and servicing to underserved populations. It also lays out limited circumstances where lenders that exceed the points and fees cap for Qualified Mortgages (QMs) can refund the excess amount to consumers and still have the loans be considered QMs. Comments on proposed amendments to benefit nonprofit lenders and provide a points and fees "cure" are due by June 5, 2014. Comments relating to a possible "cure" for debt-to-income errors and other matters are due by July 7, 2014. For more information, see our May 1, 2014, Top Stories.

06/14/2005

April bank lending practices SLOOS release

The Federal Reserve Board has released the April 2014 Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices. The survey reports on changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months.

06/14/2005

CRA ratings released

The list of banks recently examined for CRA compliance and the ratings they received has been released by the FDIC. Four of the listed banks received an outstanding rating.

06/14/2005

Regulation Z proposal published

The Consumer Financial Protection Bureau has published in today's Federal Register its previously-announced proposed rule and request for public comment that would amend the 2013 mortgage rules under the Truth in Lending Act as implemented in Regulation Z. The proposal includes two changes that would help certain nonprofit organizations continue to provide mortgage credit and servicing to underserved populations. It also lays out limited circumstances where lenders that exceed the points and fees cap for Qualified Mortgages (QMs) can refund the excess amount to consumers and still have the loans be considered QMs. Comments on proposed amendments to benefit nonprofit lenders and provide a points and fees "cure" are due by June 5, 2014. Comments relating to a possible "cure" for debt-to-income errors and other matters are due by July 7, 2014. For more information, see our May 1, 2014, Top Stories.

05/31/2005

Top Stories for June 2005

  • WMD Providers Added To OFAC List

    President Bush has issued an Executive Order which designates and adds to OFAC's SDN list eight organizations in North Korea, Iran and Syria responsible for WMD and missile programs. Information regarding the organizations has been posted on the BOL OFAC page.   6/30/05

  • FACT Act Deadline Approaches

    Under the consumer information disposal rules promulgated under the FACT Act, all financial institutions should ensure their information security programs are revised, if necessary, by July 1, 2005 to address the proper disposal of information derived from credit reports.
    Final Rule   6/30/05

  • FFIEC CDR Required Enrollment Begins Soon

    The FFIEC Call Report agencies (the FDIC, the FRB and the OCC) have created a secure, shared database for collecting, managing, validating and distributing Call Report data which will be implemented for the third Call Report period of 2005 and will be the only method available for banks to submit their Call Reports. In preparation for the October 2005 implementation of the CDR, financial institutions are required to enroll in the CDR during an eight-week period beginning in July, 2005.
    CDR Enrollment;
    CRD Information   6/30/05

  • SEC Charges Individuals In Bank Stock Fraud Scheme

    The SEC has announced the filing of civil fraud charges against five individuals in connection with the initial public offering of NewAlliance Bancshares, Inc.
    Charges;
    Complaint   6/30/05

  • FOMC 2006 Schedule Announced

    The Federal Open Market Committee has announced its tentative meeting schedule for 2006.
    Schedule   6/30/05

  • June Call Report Information

    A FIL has been issued by the FDIC which provides information and forms for the June 30, 2005 Call Report.
    FIL   6/29/05

  • Enforcement Orders Issued

    The FRB has announced the issuance of an Order of Prohibition and Order to Cease and Desist against a former financial advisor at J.P. Morgan Chase & Co., New York, New York, based on his alleged participation in violations of law and breaches of fiduciary duty to the bank and its customers.
    Orders   6/29/05

  • Counterfeit Checks Special Alerts

    The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on America California Bank, San Francisco, California, and counterfeit expense checks drawn on First Coweta Bank, Newnan, Georgia. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/29/05

  • Mutual-to-Stock Conversions Investor Guidance Issued

    The FDIC, SEC and OTS have issued an Investor Alert which provides useful information on mutual-to-stock conversions and highlights key concepts that eligible depositors need to be mindful of when participating in the initial public offering of a converting mutual bank or savings association.
    Guidance;
    FDIC Special Alert   6/29/05

  • International Reserve Position Updated

    Treasury has updated the U. S. International Reserve Position report to include data as of June 24, 2005.
    Reserve Position   6/29/05

  • FRB Cash Infrastructure Changes Announced

    The Federal Reserve Banks have announced changes to cash services that are intended to improve operating effectiveness by switching in the next six to twelve months from branch-based cash services to cash depots in Birmingham, Ala.; Oklahoma City, Okla.; and Portland, Ore.
    Changes   6/29/05

  • Structure And Share Data Report Released

    The March 2005 Structure and Share Data for U.S. Offices of Foreign Banks report has been released by the FRB.
    Structure And Share Data   6/29/05

  • Spring 2005 Federal Reserve Bulletin Published

    The Spring 2005 issue of the Federal Reserve Bulletin has been published and posted online.
    Spring 2005 FRB Bulletin   6/29/05

  • Summer 2005 State Profiles Issued

    The FDIC has issued the State Profiles for the Summer of 2005 which provide a quarterly summary of state banking and economic conditions.
    State Profiles   6/29/05

  • FDIC Says New Internet Banking Safeguards Needed

    A supplement to an FDIC study issued in December about ways to fight "phishing" scams indicates that new ways are needed to safeguard Internet banking. The FDIC has concluded that the risk assessment financial institutions are required to perform regarding information security also should utilize "multifactor authentication” to verify a customer's identity.
    Supplement   6/28/05

  • Summer Issue Supervisory Insights Released

    The FDIC has issued a FIL announcing the release of the Summer 2005 issue of Supervisory Insights, a professional journal that promotes the practice of bank supervision, which includes articles on the following topics: "A Changing Rate Environment Challenges Bank Interest Rate Risk Management"; "Fair Lending Implications of Credit Scoring Systems"; and "The Changing Landscape of Indirect Automobile Lending".
    FIL;
    Supervisory Insights   6/28/05

  • Financial Holding Company List Update

    The FRB has revised the list of bank holding companies that have elected to the treated as financial holding companies as of June 24, 2005.
    FHCs   6/28/05

  • BOS Released

    OTS has released the results of its 2005 annual branch office survey.
    BOS   6/28/05

  • Counterfeit Cashier's Check Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Parish National Bank of Covington, Louisiana that are being presented for payment. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/27/05

  • Survey of Terms of Business Lending Results Released

    The FRB has released the results of the E.2 Survey of Terms of Business Lending for May 2-6. 2005.
    E.2   6/27/05

  • Derivatives Volume Tops $90 Trillion

    The OCC has reported that the derivatives volume for the first quarter 2005 has topped $90 Trillion.
    Derivatives   6/27/05

  • Summer 2005 FDIC Outlook Published

    The FDIC has published the Summer 2005 edition of FDIC Outlook which features a series of reports by FDIC analysts addressing several different aspects of expanding global trade and finance.
    FDIC Outlook   6/27/05

  • CRA Evaluations Released

    The OCC has released the CRA evaluations for thirty-one national banks examined for CRA compliance that became public during the period of May 15, 2004 through June 14, 2005. CRA  6/24/05

  • Greenspan Speaks Out On China

    In testimony before the Senate Committee on Finance, Chairman Greenspan expressed his views on China's trade and exchange rate regime. He noted that he was aware of no credible evidence that supports the conclusion that a marked increase in the exchange value of the Chinese RMB relative to the U.S. dollar would significantly increase manufacturing activity and jobs in the United States. Testimony  6/24/05

    Counterfeit Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on Gate City Bank, Fargo, North Dakota and counterfeit cashier's checks drawn on Bank of the Pacific, Aberdeen, Washington. Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/23/05

  • Bulletin Issued Regarding TISA Final Rule

    The OCC has issued a Bulletin concerning the previously announced Final Rule under the Truth in Savings Act (Reg DD) which addresses bounced check or courtesy overdraft protection and requires institutions to disclose total fees for these services on periodic statements for both the statement period and the calendar year to date. Information about the Final Rule was posted in the BOL Top Stories on May 24, 2005. Bulletin   6/23/05

  • June 2005 New Electronic Interpretations and Actions Announced

    The OCC has announced the New Electronic Interpretations and Actions for June 2005.
    Interpretations and Actions   6/23/05

  • 314(a) Fact Sheet Updated

    FinCEN has updated the 314(a) Fact Sheet to include data as of June 21, 2005.
    314(a) Fact Sheet   6/23/05

  • Alert Issued For Bogus Emails

    The FTC has issued a Consumer Alert regarding bogus emails containing false and misleading information about the alleged release of personal information starting July 1, 2005 by the major credit bureaus. Consumer Alert   6/22/05

  • Regulators Urge New Approach to Consumer Disclosure Requirements

    In testimony before the Senate Banking Committee, acting Comptroller of the Currency Williams, FDIC Vice Chairman Reich and acting OTS Director Riccobono each spoke in favor of regulatory burden relief legislation to streamline the massive consumer disclosure requirements and improve the quality of information provided to consumers.
    Williams Statement;
    Williams Testimony;
    Riccobono Statement
    Reich Testimony;   6/22/05

  • FRB Issues Assets Reports

    The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports have been issued by the FRB.
    Reports   6/21/05

  • Minority-Owned Banks Data Released

    The FRB has released the list of minority-owned banks and their branches as of March 31, 2005.
    Minority-Owned Banks http://www.federalreserve.gov/releases/mob/current/default.htm   6/21/05

  • Aggregate Exposure Reports Issued

    OTS has issued the First Quarter 2005 Interest Rate Exposure Reports for the FHLB 11th District, the Northeast, the Southeast, the Midwest; the West; the State of Ohio; Assets > $1 Billion; Assets $100 Million to $1 Billion; and Assets < $100 Million.
    11th District;   
    Northeast;   
    Southeast;   
    Midwest;   
    West;   
    Ohio;   
    Assets > $1 Billion;   
    Assets $100 Million to $1 Billion;   
    Assets < $ 100 Million   6/21/05

  • OCC Files Suit Against NY AG

    A suit has been filed against the New York Attorney General by the OCC, seeking a declaratory judgment and preliminary injunction to prevent him from interfering in the OCC's fair lending examination and supervision processes at national banks. News Release; Motion for Preliminary Injunction;
    Compliant; Memo In Support of Motion  6/20/05

  • Iraq Insurgency Financial Supporter Added To OFAC List

    Treasury has added the name of an individual who is a financial facilitator and instrumental in providing guidance, financial support and coordination of insurgent attacks throughout Iraq to the SDN list. Information regarding the individual has been posted on the BOL OFAC page which also contains the updated BOL OFAC Sanctions Matrix.  6/20/05

  • Order of Prohibition Issued

    The FRB has announced that an Order of Prohibition has been issued against a former branch manager of the former Farmers Bank of Maryland, Annapolis, Maryland, for alleged embezzlement of funds and falsification of the bank's books and records. Order.  6/20/05

  • New FedFlash Issue Published

    The June 17, 2005 issue of FedFlash has been published by FRB Services. The issue features information regarding service fees, the noncash collection service paying agent database, a Check 21 cash letter form, the updated FedACH Security Procedure Agreement and new services available through the FedLine Web. FedFlash.  6/20/05

  • OFAC Amends Sudanese Sanctions

    OFAC has amended its Sudanese Sanctions Regulations pertaining to the transfer of funds from the United States to Sudan, as well as the operation of accounts in U.S. financial institutions for individuals ordinarily resident in Sudan. Information regarding the amendments has been posted on the BOL OFAC page.  6/17/05

  • July HOEPA Reference Rates Posted

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in July 2005 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; < href="http://www.federalreserve.gov/releases/h15/Current/">Weekly H. 15  6/17/05

  • OTS Updates Examination Handbook

    The Asset Quality section of the OTS Examination Handbook has been updated with a new section added and others being substantially revised. Handbook  6/17/05

  • FFIEC Posts Comment Letters

    Comment Letters received by the FFIEC regarding the proposed advisory on the limitation of liability provisions in audit engagement letters have been posted on the FFIEC Web site. Comment Letters; Proposal  6/17/05

  • Call Report Validation Criteria for June 2005 Posted

    The FFIEC has posted the June 2005 Call Report Validation Criteria. Criteria (Excel); Criteria (PDF)  6/17/05

  • First Quarter Household Debt Service Report Released

    The FRB has released the Household Debt Service and Financial Obligations Ratios report for the First Quarter 2005. Report  6/17/05

  • May G.17 Industrial Production Report Issued

    The G.17 Industrial Production and Capacity Utilization report for May 2005 has been issued by the FRB. G.17  6/17/05

  • Reporting Forms Posted Online

    The FFIEC has posted the June 2005 FFIEC 031 and FFIEC 041 reporting forms on its Web site.
    Forms  6/16/05

  • TIC Report Released

    Treasury has released the Treasury International Capital (TIC) data for April 2005. TIC  6/16/05

  • CAC Nominations Sought

    The FRB has announced that it is seeking nominations for appointments to its Consumer Advisory Council. Ten new members will be appointed to serve three-year terms beginning in January 2006. Nominations  6/16/05

  • Beige Book Published

    The FRB has published a new edition of the Beige Book containing information collected before June 6, 2005 by the Federal Reserve Banks of current economic conditions in their Districts. Summary; Full Report  6/16/05

  • Cost Of Funds Reports Released

    OTS has released the April 2005 and Historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. April; Historical  6/16/05

  • Enforcement Actions Announced By OCC

    The OCC has announced nine new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and five terminations of existing enforcement actions. Enforcement Actions  6/15/05

  • FDIC Issues OFAC FILs

    The FDIC has issued two FILs regarding previously announced changes made by OFAC to the SDN List. Information regarding the changes was posted June 1 and June 9, 2005, on the BOL OFAC page. FIL-49-20005; FIL-50-2005  6/15/05

  • FinCEN Seeks Comments

    FinCEN has requested comments on a proposed extension of a currently approved requirement that futures commission merchants and introducing brokers establish a customer identification program. Comments  6/15/05

  • SEC Issues C&D To Ford Motor Credit

    A Cease and Desist Order was issued by the SEC to Ford Motor Credit regarding solicitation information that did not meet SEC requirements being provided to prospective investors in the Ford Money Market Account. C & D  6/15/05

  • Five Counterfeit Checks Special Alerts Issued

    The FDIC has issued five Special Alerts regarding: a) counterfeit cashier's checks drawn on The Citizens Banking Company, Sandusky, Ohio; Frontier Bank, Everett, Washington; and Sonoma Valley Bank, Sonoma, California; b) counterfeit trust checks drawn on Pacific Capital Bank, National Association, operating as Santa Barbara Bank & Trust, Santa Barbara, California; and c) counterfeit official checks drawn on Community Bank of Southern Indiana, New Albany, Indiana. Information on all of the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  6/14/05

  • Unauthorized Banking Special Alert

    A Special Alert has been issued by the FDIC regarding Gulf International Bank, Bahrain and Dubai, and Gulf Aviation International, Ltd., Philadelphia, Pennsylvania, that may be conducting unauthorized banking activities. Special Alert  6/14/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report to include data as of June 10, 2005.
    Reserve Position   6/14/05

  • Paying Agent Database Online

    Federal Reserve Financial Services has made its Noncash Collection Service Paying Agent Database available online. Database   6/14/05

  • OFAC Changes Designations And Removes One

    OFAC has announced the removal of one individual from the SDN list and changes to other existing entries. Information regarding the removal and the changes has been posted on the BOL OFAC page.  6/13/05

  • FRB Consumer Information Brochures Published

    Two consumer information brochures have been published by the FRB on the subjects of mortgage lock-ins and mortgage settlement costs. Lock-ins; Settlement Costs.  6/13/05

  • FACT Act Medical Information Interim Rule Published in FR

    The interim final rules create exceptions to the statute's general prohibition on creditors obtaining or using medical information pertaining to a consumer in connection with any determination of the consumer's eligibility, or continued eligibility, for credit for all creditors. 70FR33957 txt 70FR33957 pdf 6/10/05

  • Saddam Supporters Added To OFAC List

    Treasury has announced the addition to the SDN list with the IRAQ2 designation of a Syrian-based company and two senior officials that acted on behalf of Saddam Hussein's fallen regime. Information regarding the new entries has been posted on the BOL OFAC page. 6/10/05

  • CMP Assessments For Flood Violations

    The assessment of CMPs against the Bank of Pontiac and the First Bank and Trust Company for alleged violations of the National Flood Act and Reg H has been announced by the FRB.
    Bank of Pontiac;
    First Bank 6/10/05

  • Regulators Seek Reduction in Regulatory Burdens

    In presentations before the House Subcommittee on Financial Institutions and Consumer Credit, Acting Comptroller Williams; FDIC Vice Chairman Reich; and Acting OTS Director Riccobono all urged Congress to reduce unnecessary regulatory burden on financial institutions.
    Williams Testimony;
    Reich Testimony;
    Riccobono Testimony 6/10/05

  • Prohibition Orders Issued By NCUA

    NCUA has issued orders prohibiting eight individuals from participating in any manner in the affairs of federally insured financial institutions.
    Orders 6/10/05

  • Flow Of Funds Report Issued

    The FRB has issued the Z.1 Flow of Funds accounts of the United States for the First Quarter 2005.
    Z.1 6/10/05

  • Greenspan Gives Economic Outlook To Congress

    Chairman Greenspan discussed his views regarding the economic outlook in a presentation before the Joint Economic Committee of the U.S. Congress. He noted that despite some of risks, the U.S. economy seems to be on a reasonably firm footing, and underlying inflation remains contained.
    Speech 6/10/05

  • First Quarter Interest Rate Measures Published

    OTS has published the First Quarter 2005 Interest Rate Measures report.
    Interest Rate Measures 6/10/05

  • FDIC Launches Hispanic Education Media Campaign

    FDIC Chairman Powell has announced the launch of a Hispanic media campaign to raise awareness of the importance of financial education in Hispanic communities across the United States.
    Campaign;
    En Español 6/10/05

  • OFAC Fraud Alert

    Treasury has issued an Alert regarding a scam involving a contract that looks like it originated from OFAC and contains the forged signatures of OFAC officials. Victims of this scam would allegedly receive a substantial sum of money in exchange for a small initial investment.
    Fraud Alert 6/9/05

  • Summary Of Deposits Survey

    The FDIC has issued a FIL concerning the annual Summary of Deposits Survey which all FDIC-insured institutions with branch offices must submit by June 30, 2005 unless they are filing electronically. Forms and instructions will not be mailed out automatically for the 2005 survey; however, instructions, contact information, survey facsimiles and electronic filing information can be found on the FDIC's Interactive SOD Survey Web site.
    Survey FIL; SOD Web Site 6/9/05

  • 314a Fact Sheet Updated

    FinCEN has updated its 314a Fact Sheet to include data as of June 8, 2005.
    314a Fact Sheet 6/9/05

  • FDIC Interim Rule on 529 Plans Published in FR

    The FDIC is revising its insurance regulations for accounts of qualified tuition savings programs under section 529 of the Internal Revenue Code. 70FR33689 txt 70FR33689 pdf 6/9/05

  • CRA Exam Results Released

    The FDIC has issued its monthly list of state nonmember banks recently evaluated for compliance with the CRA. The list covers evaluation ratings that the FDIC assigned to institutions in March 2005.
    CRA List 6/8/05

  • Enforcement Orders Announced

    The FRB has announced the issuance of a Final Decision and Cease and Desist Order against eighteen former institution-affiliated parties of First Western Bank, Cooper City, Florida, and an Order of Prohibition against one of the former institution-affiliated parties.
    Enforcement Orders 6/8/05

  • April Consumer Credit Repost Released

    The G. 19 Consumer Credit Report for April 2005 has been released by the FRB.
    G. 19 6/8/05

  • OCC Web Site Enhanced

    The OCC has “freshened" it's Web site by changing the appearance to include new banners and menus with blue backgrounds in addition to changing the organization of the home page to make it easier to use. A new "Features" section spotlights new or high-priority OCC information and a new "Resource Highlights" column provides quick access to popular information for either consumer or bankers.
    OCC Web Site 6/8/05

  • International Reserve Position Update

    Treasury had updated the U.S. International Reserve Position to include data from the week ending June 3, 2005.
    International Reserve Position 6/8/05

  • FACT Act Medical Information Interim Final Rules Issued

    The federal financial regulatory agencies have issued interim final rules under the FCRA that create exceptions to the statutory prohibition against obtaining or using medical information in connection with credit eligibility determinations and also address the sharing of medically related information among affiliates.
    Interim Final Rules;
    FRB NR;
    OCC NR;
    FDIC PR;
    OTS PR;
    NCUA PR 6/7/05

  • Fedwire Funds Service Fees Announced

    The Federal Reserve Banks have announced in a letter sent to current customers that Fedwire Funds service fees will be maintained at current levels.
    Letter 6/7/05

  • OCC Publishes Ombudsman Report and Customer Assistance Brochure

    The OCC has published the 2004 Report of the Ombudsman along with a customer assistance brochure that outlines how to file a written complaint and what happens when a customer contacts the Customer Assistance Group.
    Report;
    Brochure 6/7/05

  • Hispanic Education Program Announced

    The FDIC has launched a Hispanic Outreach Financial Education Program intended to reach "unbanked" persons with little or no banking experience.
    Hispanic Program;
    Extensión hispana del programa de educación financiera 6/7/05

  • FDIC To Discuss Preemption Petition

    In a presentation before the CSBS annual conference in San Antonio, Chairman Powell indicated that the board will discuss the Financial Services Roundtable's preemption petition later this year. The FDIC was asked to issue a rule that would preempt the application of certain state laws to the interstate operations and activities of state banks.
    Speech 6/6/05

  • Enforcement Actions By FDIC Announced

    Information regarding thirteen Enforcement Actions taken in April 2005 against banks and individuals has been released by the FDIC. The actions include three cease and desist orders, two removal and prohibition orders, four civil money penalty orders, three terminations of cease and desist orders, and one termination of a suspension and prohibition order.
    Enforcement Actions 6/6/05

  • FinCEN Rules Now Cover Precious Metal Dealers

    An interim Final Rule and a FAQ have been issued by FinCEN that requires dealers in precious metals, stones or jewels to establish AML programs.
    Final Rule;
    FAQ 6/6/05

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Banner Bank, Walla Walla, Washington. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 6/3/05

  • FinCEN And State Banking Agencies To Share Information

    FinCEN has announced that it has signed Memorandums of Understandings regarding the sharing of information with thirty state banking agencies and Puerto Rico. The agreements will allow FinCEN to better administer the BSA and also assist the state agencies in their roles as financial regulators.
    Agreements 6/3/05

  • Additions Made To OFAC List

    OFAC has announced that eight individuals and one entity have been designated as SDNTKs and added to the SDN list. Information regarding the new entries has been posted on the BOL OFAC Page. 6/2/05

  • OCC CRA Exam Third Quarter Schedule Released

    The list of national banks scheduled for CRA compliance examinations during the Third Quarter 2005 has been released by the OCC.
    CRA Exam Schedule 6/2/05

  • CRA Ratings Released By OTS

    The CRA ratings for thrifts examined for compliance with CRA in May 2005 have been released by OTS.
    CRA Ratings 6/2/05

  • Guidance Issued Regarding Pre-Employment Screening

    The FDIC has issued a FIL that contains guidance regarding developing an effective pre-employment background screening process.
    FIL 6/2/05

  • FACTA Disposal Goes Into Effect

    The FTC has issued a Business Alert regarding the FACTA Disposal Rule that requires businesses (including financial institutions) and individuals to take appropriate measures to dispose of sensitive information derived from consumer reports that went into effect June 1, 2005. The Rule requires disposal practices that are reasonable and appropriate to prevent the unauthorized access to or the use of information in a consumer report.
    Business Alert 6/2/05

  • International Reserve Position Updated

    Treasury has updated the U.S. International Reserve Position to include data as of May 27, 2005.
    Reserve Position 6/2/05

  • May Foreign Exchange Rates Released

    The FRB has released the G.5 Foreign Exchange Rates report for May 2005.
    Exchange Rates 6/2/05

  • FRB Issues First Quarter Fedwire Data

    The Fedwire data for the First Quarter 2005 has been issued by the FRB.
    Fedwire Data 6/2/05

  • June Issue FedFlash Published

    The June 1, 2005 issue of FedFlash has been published and contains highlights of national and district Federal Reserve Financial Services operational news.
    FedFlash pdf;
    FedFlash html 6/2/05

  • Third Quarter CRA Exam Schedule Released

    The FDIC has released the schedule of institutions that will be examined for CRA compliance in the Third Quarter 2005.
    CRA Exam Schedule 6/1/05

  • Cashier's Checks Special Alert

    A Special Alert has been issued by the FDIC regarding two hundred cashier's checks bearing the name of East West Bank, San Marino, California, that are missing, lost or stolen. Information concerning the cashier's checks has been posted on the BOL Alerts & Counterfeits page. 6/1/05

  • Asset Size Ranking Report Released

    The FRB has released the rankings of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of March 31, 2005.
    Bank Rankings 6/1/05

  • FHC List Updated

    The list of BHCs that have elected as of May 27, 2005 to be treated as a FHC has been issued by the FRB.
    FHC List
    6/1/05

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