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Top Story Lending Related

05/14/2005

FDIC Mississippi storm relief

FDIC FIL-23-2014 has been issued to announce steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Mississippi affected by severe storms, tornadoes, and flooding.

05/14/2005

FEMA to suspend communities

The Federal Emergency Management Agency (FEMA) has published a final rule identifying communities in California, Indiana, Iowa, Maryland, Massachusetts, Mississippi, Pennsylvania and Texas that are scheduled for suspension from the National Flood Insurance Program (NFIP) on June 9, 2014, because of noncompliance with the floodplain management requirements of the program. If FEMA receives documentation that a listed community has adopted the required floodplain management measures prior to June 9, the suspension will not occur and a notice of this fact will be provided by publication in the Federal Register on a subsequent date.

05/14/2005

FDIC Mississippi storm relief

FDIC FIL-23-2014 has been issued to announce steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Mississippi affected by severe storms, tornadoes, and flooding.

05/14/2005

FEMA to suspend communities

The Federal Emergency Management Agency (FEMA) has published a final rule identifying communities in California, Indiana, Iowa, Maryland, Massachusetts, Mississippi, Pennsylvania and Texas that are scheduled for suspension from the National Flood Insurance Program (NFIP) on June 9, 2014, because of noncompliance with the floodplain management requirements of the program. If FEMA receives documentation that a listed community has adopted the required floodplain management measures prior to June 9, the suspension will not occur and a notice of this fact will be provided by publication in the Federal Register on a subsequent date.

04/30/2005

Top Stories for May 2005

  • OCC Working To Reduce Regulatory Burdens

    In a presentation before a Bankers Outreach Meeting, Acting Comptroller Williams indicated that the OCC recognizes the burdens imposed on bankers by government regulations and is working hard to make them more efficient and less burdensome. She noted œShorter, focused consumer disclosures can meaningfully reduce your regulatory burden and œthe time you spend on compliance matters and the money you spend on lawyers and consultants navigating through complicated requirements could be redirected to better serving your customers and improving returns to your stockholders.Speech   5/31/05

  • New Edition Of Quarterly Journal Online

    The OCC has posted online the December 2004 issue of the Quarterly Journal for the 3rd quarter 2004 which contains the condition and performance of commercial banks press briefing; as well as recent licensing decisions; links to speeches, testimony, interpretive letters; mergers; and financial performance data. Quarterly Journal   5/31/05

  • Insured Institutions Report Record Earnings

    The FDIC has reported that commercial banks and savings institutions insured by the agency reported net income for the first quarter of 2005, eclipsing the previous quarterly record set in the third quarter of 2004. Preliminary results for the first quarter are contained in the FDIC's latest Quarterly Banking Profile, which was released May 26, 2005.Earnings; Quarterly Banking Profile   5/31/05

  • Receivables And Auto Loans Report Released

    The FRB has released the G.20 Finance Companies Owned and Managed Receivables and Auto Loans Terms of Credit Report for March 2005.G.20   5/31/05

  • Prohibition Orders Issued By NCUA

    NCUA has issued orders prohibiting six individuals from participating in any manner in the affairs of federally insured financial institutions. Orders  5/27/05

  • 2004 Fact Book Released

    The 2004 Fact Book which contains the annual update to the compilation of statistics concerning the OTS-Regulated thrift industry has been released by OTS. Fact Book  5/27/05

  • Quarterly Banking Profile Published

    The FDIC has published the Quarterly Banking Profile for the first quarter 2005. Quarterly Banking Profile  5/27/05

  • Entity Added to SDN List

    OFAC has added one entity with numerous a/k/as to the SDN list. Information regarding the addition has been posted on the BOL OFAC page.  5/26/05

  • 314a Fact Sheet Updated

    FinCEN has updated the 314a Fact Sheet to include data received as of May 25, 2005. 314a  5/26/05

  • First Quarter Call Report And TFR Data Available

    The FDIC has made available online the First Quarter 2005 Call Report and TFR Data. Call Report  5/26/05

  • FRB Announce Additional 2006 Check Processing Changes

    The FRB has announced that it will discontinue check processing at the Federal Reserve Bank of New York's East Rutherford Operations Center. The change is aimed at increasing the efficiency of the Reserve Banks'
    check-processing operations. Closing  5/26/05

  • TFR Industry Aggregate Report Released

    OTS has released the First Quarter TFR Industry Aggregate Report. Report  5/26/05

  • FDIC Issues BIF And SAIF First Quarter Reports

    The First Quarter 2005 financial reports for the BIF and SAIF insurance funds have been issued by the FDIC. Funds   5/26/05

  • Proposal to amend fidelity bond rule

    NCUA proposes to amend its fidelity bond rule to increase the maximum allowable deductible, presently $200,000, and change the minimum required coverage. This proposal will discontinue listing approved bonds in the rule, but continue to list and update them on its website. 70FR10348 (txt) 70FR10380 (pdf)  5/25/05

  • FTC Responses To GLB Preemption Request

    The FTC has issued a letter response to Flagstar Bank, which had requested a preemption determination under the GLB Financial Privacy Act concerning California law. Response Letter  5/25/05

  • International Reserve Position Report

    Treasury has released the U.S. International Reserve Position Report for the week ending May 20, 2005.Reserve Report  5/25/05

  • FOMC Minutes Released

    The minutes of the May 3, 2005 meeting of the FOMC have been released by the FRB. Minutes  5/25/05

  • First Quarter Charge-Off and Delinquency Rates Report Issued

    The FRB has issued the Charge-off and Delinquency Rates on Loans and Leases at Commercial Banks Report for the First Quarter 2005. Report  5/25/05

  • Financial Holding Companies List Updated

    The list of bank holding companies that have elected to be treated as financial holding companies has been updated by the FRB to include elections made as of May 20, 2005. FHC List  5/25/05

  • Concentration and Risk Report Released

    The FRB has released the Concentration and Risk in the OTC Markets for U.S. Dollar Interest Rate Options Report for March 2005. Concentration Report  5/25/05

  • FRB publishes amendment to Final Rule for Truth in Savings (Reg DD)

    , which addresses bounced check or courtesty 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. 70FR10348 (txt) 70FR10348 (pdf)  5/24/05

  • Five Counterfeit Cashier's Checks Alerts Issued

    The FDIC has issued five counterfeit cashier's checks regarding checks drawn on the following institutions: Commerce Bank of Arizona, Tucson, Arizona; First Citizens Bank and Trust Company, Inc., Columbia, South Carolina; Downey Savings and Loan Association, F.A., Newport Beach, California; Merchants & Southern Bank, Gainesville, Florida; and Bank of Grandin, Grandin, Missouri. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/23/05

  • Unauthorized Banking Alert

    The OCC has issued an Alert regarding Gulf International Bank Group, Bahrain and Dubai, and Gulf Aviation International, Ltd., Philadelphia, PA. who are falsely representing that they are affiliated with Gulf International Bank, B.S.C., Bahrain, its federal branch in New York City, or with Gulf International Bank (UK) Limited, London, England. Alert  5/23/05

  • FDIC Issues OFAC Changes FILs

    Three FILs have been issued by the FDIC regarding previously announced changes made by OFAC to the SDN list. Information contained in each of the FILs was previously posted in BOL Top Stories and the BOL OFAC page. FIL-42-2005; FIL-43-2005; FIL-44-2005  5/23/05

  • Greenspan On Energy

    Chairman Greenspan expressed his views on current and future energy related topics in a presentation before the Economic Club of New York. He noted that the resolution of current major geopolitical uncertainties will materially affect oil prices in the years ahead and the extraordinary uncertainties about oil prices of late are reminiscent of the early years of oil development. Speech  5/23/05

  • May Electronic Interpretations And Actions Announced

    The OCC has announced its new Electronic Interpretations and Actions for May 2005. Electronic  5/23/05

  • Reg DD Amendments And Commentary Published

    The FRB has published a Final Rule containing amendments to Regulation DD and official staff commentary which address "bounced-check protection" or "courtesy overdraft protection programs and the uniformity and adequacy of information provided to consumers. The final rule is effective July 1, 2006. Final Rule 5/20/05

  • Greenspan Discusses GSEs

    In a presentation made via satellite, Chairman Greenspan expressed his views regarding GSEs to the participants at the Conference on Housing, Mortgage Finance, and the Macroeconomy, hosted by the Federal Reserve Bank of Atlanta. He noted that the GSEs need a regulator with authority on par with that of banking regulators and without the needed restrictions on the size of the GSE balance sheets, we put at risk our ability to preserve safe and sound financial markets in the United States. Speech
    5/20/05

  • Williams' Response to Spitzer

    Acting Comptroller Williams has issued a statement in response to published reports of comments made by New York Attorney General Spitzer regarding the ability and desire of federal agencies to fulfill their fundamental mandates. Response
    5/20/05

  • Preemption Petition Public Hearing Scheduled

    The FDIC will hold a public hearing on May 24, 2005, in the its Washington D.C. headquarters on a petition for rulemaking submitted by the Financial Services Roundtable regarding the issuance of a rule that would preempt the application of certain state laws to the interstate operations and activities of state banks. Public Hearing 5/20/05

  • International Journal of Central Banking Inaugural Issue

    The FRB has announced the publication of the first issue of the International Journal of Central Banking and the launch of a web site hosted by the Bank for International Settlements. The new quarterly publication, features articles on central bank theory and practice, with a special emphasis on research relating to monetary and financial stability. Journal Information; Table of Contents; Web Site 5/20/05

  • Five FEDS Working Papers Published

    Five working papers in the FEDS series have been published by the FRB on the following topics: Growing Old Together: Firm Survival and Employee Turnover; Raising the Bar for Models of Turnover; Gestation Lags for Capital, Cash Flows, and Tobins's Q; Prices, Production, and Inventories over the Automotive Model Year; and From the Horse's Mouth: Gauging Conditional Expected Stock Returns from Investor Surveys.Growing Old; | Raising the Bar; | Gestation Lags; | Prices; | Horse's Mouth 5/20/05

  • Unauthorized Banking Special Alert

    The FDIC has issued a Special Alert regarding information received from the Cayman Islands Monetary Authority (CIMA) concerning thirty-three financial entities that may be conducting unauthorized banking activities in the Cayman Islands. Information regarding the entities has been posted on the Authority's Web site.Special Alert | CIMA 5/19/05

  • FRB Seeks Comments

    The FRB has requested comments on alternative approaches to imputing a private-sector-like return on capital that would be considered in setting fees for certain payment services provided to depository institutions. Comments on the targeted ROE capital measure contained in the PSAF are specifically requested. Comments 5/19/05

  • Thrift Industy First Quarter Financials Released

    OTS has released the First Quarter 2005 earnings and capital reports for the Thrift Industy. Highlights; | Charts; | Selected Indicators 5/19/05

  • Williams Discusses Credit Card Disclosure Problems

    In testimony before the Senate Banking Committee, acting Comptroller of the Currency Williams observed that there has been much criticism of current credit card disclosures and that there is room for improvement. She noted, "quick fixes without consumer input and issue-by-issue "patches" to information gaps are not in the long-term best interest of consumers." Testimony 5/18/05

  • OCC Announces Enforcement Actions

    The OCC has announced 18 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 5/18/05

  • CRA Ratings Released

    The OCC has released the CRA performance evaluations given to 23 national banks that became public during the period of April 15, 2005 through May 14, 2005. CRA Ratings 5/18/05

  • Special Young Adult Issue Of Consumer News Published

    The Spring 2005 issue of FDIC Consumer News is a special issue devoted to helping young adults, including those just beginning a career or family and others still in college or high school, learn the right ways to save and manage money right from the start. Spring Consumer News 5/18/05

  • FDIC CFO Report TO Board Released

    The First Quarter 2005 CFO Report, formerly known as the Executive Management Report, has been presented to the FDIC Board. CFO Report 5/18/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Report to include data as of the week ending May 13, 2005. Reserve Position 5/18/05

  • FOREX Report Presented To Congress

    Secretary Snow has presented the FOREX Report to Congress and issued a statement on its contents. Report | Statement 5/18/05

  • April G.17 Report Issued

    The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for April 2005.
    G.17 5/18/05

  • Regulators Issue Home Equity Lending Guidance

    The federal financial institution regulators have issued a guidance which outlines the agencies' expectations for sound underwriting standards and effective credit risk management practices for a financial institution's home equity lending activity. Guidance; | FRB SR Letter | FDIC PR | OCC Bulletin | NCUA NR | OTS PR 5/17/05

  • June HOEPA Reference Rates

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in June 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. For June, you will use the rates posted on May 13th since May 15th fell on the weekend. Rates 5/17/05

  • FDIC Sets Assessment Rates

    The FDIC has announced that the assessment rates charged to insured banks and savings associations will be unchanged for the second half of 2005.Rates 5/17/05

  • Cost OF Funds Reports Issued

    OTS has issued the historical and March 2005 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports.March; | Historical 5/17/05

  • 2nd Quarter 2005 Quarterly Journal Online

    The OCC has posted the 2nd Quarter 2005 issue of the Quarterly Journal on its Web site. Quarterly Journal 5/17/05

  • eLearning Tools Available From FRFS

    Federal Reserve Financial Services has announced that eLearning Tools regarding its services are now available online.Tools 5/17/05

  • March ITC Data Released

    Treasury has released the International Trade Capital data for March 2005. ITC Data 5/17/05

  • FRB Issues Prohibition Order

    The FRB has announced that an Order of Prohibition has been issued against a former Texas banker which prohibits him from participating in the conduct of the affairs of any financial institution or holding company. Order  5/16/05

  • al Qaida Linked Terrorists Added To OFAC List

    Treasury has designated three individuals as SDGTs for their role in Jemaah Islamiyah (JI), a terrorist group in Southeast Asia with links to al Qaida, and made changes to an exiting entry. Information regarding the new additions and changes has been posted on the BOL OFAC page. 5/13/05

  • Williams Says Consumer Disclosures Aren't Working

    In a presentation before the EGRPRA Outreach Meeting in Phoenix, Acting Comptroller of the Currency Williams said consumer protection disclosures are not working well for consumers, and are imposing unnecessary burdens on bankers. Speech 5/13/05

  • FDIC Trust Examination Manual Online

    The FDIC has posted its Trust Examination Manual on its Web site. Manual 5/13/05

  • Columbian Cartel Entities Added To OFAC List

    OFAC has added 32 companies and 31 individuals to its list of SDNTs. Information regarding the additions have been posted on the BOL OFAC page. 5/12/05

  • FinCEN Files Statement In SAR Disclosure Case

    A Statement of Interest has been filed by FinCEN in a U.S. District Court case regarding an attempt by two defendants to compel the FDIC to disclose the contents of a filed SAR. Statement 5/12/05

  • BSA Direct E-Filing Fact Sheet Published

    A fact sheet has been published by FinCEN which contains Q& As regarding the BSA Direct E-Filing system. E-Filing Fact Sheet 5/12/05

  • Reporting Forms Drafts Released

    The FFIEC has released drafts of the June 031 and 041 reporting forms. 031 | 041 5/12/05

  • Regulators Discusses Basel II

    In testimony before two House subcommittees, acting Comptroller of the Currency Williams, acting OTS Director Riccobono and FDIC Director Curry discussed the impact of the recent results of the fourth qualitative impact study on the implementation of the Basel II Framework and the bank regulatory agencies' commitment to modernize the current Basel I capital rules for those banks that will not be governed by the Basel II rules.Williams Testimony; | Riccobono Testimony; | Curry Testimony 5/12/05

  • 314a Fact Sheet Updated

    FinCEN has updated its 314a Fact Sheet to include data as of May 11, 2005.314a Fact Sheet 5/12/05

  • FFIEC Issues External Audit Engagement Letters Interagency Advisory

    A proposed Interagency Advisory has been issued by the FFIEC on behalf of the federal financial regulators which alerts financial institutions that agreements limiting an auditor's liability for a financial statement audit present safety and soundness concerns. Comments are sought and due on or before June 9, 2005.Advisory; | OCC Bulletin; | OTS; | FDIC FIL; | NCUA 5/11/05

  • Comments Sought Regarding Proposed Check 21 Survey

    The Federal Reserve is seeking comments on a draft of a survey of the implementation of Check 21 and its impact on various aspects of check processing. The survey is required by the Act and a report must be made to Congress by April 27, 2007. The comment deadline is July 8, 2005. Comment Request; | href="http://www.federalreserve.gov/generalinf...p;date=20050510">Submit Comment 5/11/05

  • 23A Exemption Granted

    The FRB has issued a legal interpretation granting an exemption to allow a subsidiary bank to make certain guarantees on behalf of and extensions of credit to an affiliate in connection with the affiliate's securities lending program. | 23A Exemption 5/11/05

  • SCRA Reminder Consumer Affairs Letter Issued

    A Consumer Affair Letter has been issued by the FRB to remind financial organizations of their obligations under SCRA. Letter 5/11/05

  • Interest Rate Shock in Exposure Reports Reinstated

    OTS has issued a CEO Letter regarding the reinstatement of the downward 200 basis point interest rate shock in Exposure Reports. CEO Letter 5/11/05

  • FDIC Releases 2005 Budget Executive Summary

    An executive summary of its 2005 Budget has been released by the FDIC. | Summary: | Budget By Categories 5/11/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position to include data as of the end ending May 6, 2005. | Reserve Position 5/11/05

  • Four Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on the following banks: The Necedah Bank, Necedah, Wisconsin; Independent Bank, Memphis, Tennessee; American Bank of Commerce, Wolfforth, Texas; and Keystone Nazareth Bank & Trust Company, Bethlehem, Pennsylvania. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 5/10/05

  • SEC To Release Comment Letters

    The SEC has announced that beginning May 12, 2005; it will begin publicly releasing comment letters and response letters relating to disclosure filings made after Aug. 1, 2004. | Comment Letters 5/10/05

  • CAMELS Working Paper Published

    The OCC has published a working paper on the topic of "A Hazard Model of CAMELS Downgrades of Low-Risk Community Banks" which predicts the probability that a low-risk community bank will be downgraded to high-risk status within two years. | Summary; | Full Paper 5/10/05

  • Assets Reports Released

    The FRB has released the April 2005 3.12 U.S. Reserve Assets and 3.13 Foreign Assets Held at Federal Reserve Banks Reports. | Reports 5/10/05

  • Financial Holding Companies List Updated

    The list of bank holding companies that have elected to be treated as financial holding companies as of May 6, 2005 has been published by the FRB. | FHC List 5/10/05

  • Senior Office Opinion Survey Released

    The FRB has released the results of the April 2005 Senior Loan Officer Opinion Survey on Bank Lending Practices that addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. | Survey Results Summary; | Full Report 5/10/05

  • FRB Final Rule Published in FR on Extensions of Credit

    The FRB has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action. 70FR24303 (txt) 70FR24303 (pdf) 5/9/05

  • Williams Discusses Bank Reputation Risk And Ethics

    In a presentation before the Conference on Bank Structure and Competition hosted by the Federal Reserve Bank of Chicago, Acting Comptroller Williams noted that there may be no more feared risk than reputation risk for large banking organizations. She also observed while the OCC can't œregulate corporate ethics, the agency will notice and comment on whether a banking organization has a corporate organizational framework, and policies or practices that support, or undermine, sound corporate values and an ethical climate. Speech 5/9/05

  • OFAC Releases May CMP Information

    The May 2005 list of entities assessed CMPs for violations of various OFAC sanction programs has been released and no financial institutions were cited. | CMP 5/9/05

  • OCC Announces 2005 Fee Changes

    The OCC has issued a Bulletin to inform all national banks, federal branches and agencies of revised fees beginning June 6, 2005. A new fee is being added and one eliminated. Revised Fees 5/9/05

  • FDIC Amends International Banking Rules

    A FIL has been issued by the FDIC regarding various amendments and revisions to its international banking rules, effective July 1, 2005. FIL 5/9/05

  • Consumer Credit Report Released

    The FRB has released the G. 19 Consumer Credit Report for March 2005. G. 19 5/9/05

  • Greenspan Discusses Derivatives Market Risks

    In a presentation before the Federal Reserve Bank of Chicago's Forty-first Annual Conference on Bank Structure, Chairman Greenspan expresses his concern of the risks posed by concentration in certain derivatives markets, the use of credit derivatives and the growing role of hedge funds in bearing risk in derivatives markets and the financial system generally. Speech 5/6/05

  • FDIC Enforcement Actions Announced

    The FDIC has released a list of twenty-one orders of administrative enforcement actions taken against banks and individuals in March 2005. The actions included four cease and desist orders, five removal and prohibition orders, seven civil money penalty orders, two orders terminating insurance, and three terminations of cease-and-desist orders. March Enforcement Actions 5/6/05

  • CRA Rating Released By FDIC

    The FDIC has issued its monthly list of state nonmember banks evaluated for compliance with the CRA and the ratings assigned to institutions in February 2005. CRA Ratings 5/6/05

  • ID Theft Symposium Video Available

    The FDIC has made the video of the Identity Theft Symposium: Fighting Back Against Phishing and Account Hijacking available online. The video includes three panel presentations by experts from federal and state government, the banking industry, and consumer organizations, who discuss current efforts to combat phishing, account hijacking and other forms of identity theft. Video 5/6/05

  • Palestinian Islamic Jihad Charity Added To SDN List

    OFAC has designated a charitable front for the Palestinian Islamic Jihad as a SDGT and added it to the SDN list. Information regarding the addition has been posted on the BOL OFAC page. 5/5/05

  • Regulators Issue Loan Commitment Accounting Guidance

    The federal regulators have issued an Interagency Advisory on Accounting and Reporting for Commitments to Originate and Sell Mortgage Loans. The advisory provides guidance on the appropriate accounting and reporting for both derivative loan commitments and forward loan sales commitments. Advisory; | FRB SR; | OCC Bulletin; | FDIC FIL; | OTS CEO Ltr; | NCUA Accounting Bulletin 5/4/05

  • OTS CRA Ratings Released

    OTS has released its CRA Performance Evaluations for thrifts that became publicly available in March and April 2005. | March Ratings; | April Ratings 5/4/05

  • 2005 Thrift Financial Report Form Online

    OTS has posted the 2005 Thrift Financial Report Form 1313 online. | Form 1313 5/4/05

  • FOMC And Board Raise Rates

    The FOMC has raised its target for the federal funds rate by 25 basis points and the Board of Governors unanimously approved a 25-basis-point increase in the discount rate. | Rates 5/4/05

  • Financial Holding Company List Released

    The FRB has released the list of bank holding companies that have elected to become or be treated as financial holding companies as of April 29, 2005. List 5/4/05

  • Two FEDS Working Papers Published

    Two new working papers in the FEDS series have been published by the FRB on the topics of: œBranch Banking, Bank Competition, and Financial Stability and œA Review of Backtesting and Backtesting Procedures. Branch Banking; | Backtesting 5/4/05

  • Fedflash Highlights Operations

    The May 2, 2005 issue of Fedflash features national and district operations news regarding FedACH Service enhancements, Board resolutions required prior to FedLine Advantage conversion, and the District restructuring impact on hold periods for consumer checks. FedFlash 5/4/05

  • International Reserve Position Update

    Treasury has posted the U.S. International Reserve Position for the week ending April 29, 2005 | Reserve Position 5/4/05

  • FinCEN Chief Counsel Issues BSA Safe Harbor Opinion

    An opinion has been issued by FinCEN Chief Counsel Starr regarding the applicability of the BSA Safe Harbor provisions following a SAR notification to law enforcement. Opinion 5/3/05

  • HMDA FAQs Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced the interagency HMDA FAQs that address the new home loan price data. Information concerning the FAQs was posted in the April 1, 2005 BOL Top Stories.
    OCC Bulletin 5/3/05

  • Market Financing Estimates Announced By Treasury

    Treasury has announced its marketing finance estimates for the second and third quarters of 2005. Estimates 5/3/05

  • FYI Home Prices Update

    In February 2005, the FDIC released an FYI report containing an article that examined the historical pattern of home price booms and busts for U.S. metropolitan areas. The new issue of FYI updates the home price analysis from the previous article, using recently released 2004 data for the HPI published by OFHEO. FYI 5/3/05

  • PALS Panelists Discuss Market Initiatives

    Credit union leaders from 35 states attended the 10th PALS workshop in St. Louis and shared a wide variety of success stories proving that reaching new markets really is good business. PALS Workshop 5/3/05

  • April 2005 Foreign Exchange Rates Released

    Treasury has released the G.5 Foreign Exchange Rates report for April 2005. G.5 5/3/05

  • FRB Issues 2004 Annual Report

    The FRB has issued its 91st Annual Report which discusses operations of the Board during the year; provides minutes of FOMC meetings, financial statements of the Board and combined financial statements of the Reserve Banks, financial statements for Federal Reserve priced services, information on other services provided by the Reserve Banks, directories of Federal Reserve officials and advisory committees, statistical tables, and maps of the System's District and Branch boundaries. Full Annual Report; | Report By Section 5/3/05

  • NCUA Publishes Response Programs Rule

    The NCUA has published in the Federal Register a final rule requiring federally insured credit unions to include response programs to address instances of unauthorized access to member information in their security programs. The rule is effective June 1, 2005. PDF TXT  4/21/05

  • Basel II Rule Delayed

    The four federal banking agencies have announced a delay in publication of notice of proposed rulemaking with respect to U. S. implementation of Basel II in order to assess the results of a recently completed quantitative impact study. FRB PR; OCC NR; FDIC NR; OTS NR  5/02/05

  • Written Agreement Announced With Venezuelan Bank

    The FRB has announced the execution of a Written Agreement by and among Banco Industrial de Venezuela, C.A., Caracas, Venezuela; Banco Industrial de Venezuela, C.A. New York Agency; Banco Industrial de Venezuela, C.A. Miami Agency; the New York State Banking Department; the State of Florida Office of Financial Regulation; the Federal Reserve Bank of New York and the Federal Reserve Bank of Atlanta. Written Agreement  5/02/05

  • Reg Y Legal Interpretation Issued

    A Legal Interpretation has been issued by the FRB which indicates that a certain package of services to customers would be within the scope of permissible data processing and data transmission activities under Regulation Y. | Interpretation  5/02/05

  • FDIC to Hold ID Theft Symposiums

    The FDIC is sponsoring identity theft symposiums in Atlanta, Los Angeles, and Chicago. The symposiums will focus on fighting back against phishing and account hijacking in addition to exploring ways to further educate consumers about the problem. Symposiums  5/02/05

  • Agricultural Finance Databook Published

    The March 2005 E.15 Agricultural Finance Databook has been published by the FRB. Ag Finance Databook  5/02/05

  • FEDS Working Paper Released

    The FRB has released a working paper in the FEDS series on the topic, œTemporary Partial Expensing in a General-Equilibrium Model. Working Paper  5/02/05

  • FRB Issues 2005 Annual Budget Review Report

    The FRB has issued its 2005 Annual Budget Review Report that covers budgeted expenses of the Reserve Banks for 2005, the 2005 phase of the Board's current two-year (2004-05) budget, and income and expenses for 2004. Budget Report  5/02/05

  • NCUA Schedules Summit

    NCUA has announced that it will sponsor an Access Across America Economic Empowerment Summit in Los Angeles, CA on Tuesday, June 28, 2005. The free, one-day event will focus on federal resources available to credit unions. Summit  5/02/05

03/31/2005

Top Stories for April 2005

  • NCUA Publishes Response Programs Rule

    The NCUA has published in the Federal Register a final rule requiring federally insured credit unions to include response programs to address instances of unauthorized access to member information in their security programs. The rule is effective June 1, 2005.
    PDF TXT  4/21/05

  • Basel II Rule Delayed

    The four federal banking agencies have announced a delay in publication of notice of proposed rulemaking with respect to U. S. implementation of Basel II in order to assess the results of a recently completed quantitative impact study. FRB PR; OCC NR; FDIC NR; OTS NR  5/02/05

  • Written Agreement Announced With Venezuelan Bank

    The FRB has announced the execution of a Written Agreement by and among Banco Industrial de Venezuela, C.A., Caracas, Venezuela; Banco Industrial de Venezuela, C.A. New York Agency; Banco Industrial de Venezuela, C.A. Miami Agency; the New York State Banking Department; the State of Florida Office of Financial Regulation; the Federal Reserve Bank of New York and the Federal Reserve Bank of Atlanta.
    Written Agreement  5/02/05

  • Reg Y Legal Interpretation Issued

    A Legal Interpretation has been issued by the FRB which indicates that a certain package of services to customers would be within the scope of permissible data processing and data transmission activities under Regulation Y.
    Interpretation
      5/02/05

  • FDIC to Hold ID Theft Symposiums

    The FDIC is sponsoring identity theft symposiums in Atlanta, Los Angeles, and Chicago. The symposiums will focus on fighting back against phishing and account hijacking in addition to exploring ways to further educate consumers about the problem. Symposiums  5/02/05

  • Agricultural Finance Databook Published

    The March 2005 E.15 Agricultural Finance Databook has been published by the FRB. Ag Finance Databook  5/02/05

  • FEDS Working Paper Released

    The FRB has released a working paper in the FEDS series on the topic, “Temporary Partial Expensing in a General-Equilibrium Model”. Working Paper  5/02/05

  • FRB Issues 2005 Annual Budget Review Report

    The FRB has issued its 2005 Annual Budget Review Report that covers budgeted expenses of the Reserve Banks for 2005, the 2005 phase of the Board's current two-year (2004-05) budget, and income and expenses for 2004. Budget Report  5/02/05

  • NCUA Schedules Summit

    NCUA has announced that it will sponsor an Access Across America Economic Empowerment Summit in Los Angeles, CA on Tuesday, June 28, 2005. The free, one-day event will focus on federal resources available to credit unions. Summit  5/02/05

  • Regulators Issue FAQs On CIP

    The federal bank, thrift, and credit union regulators, along with FinCEN and Treasury, have issued a new Interagency Interpretive Guidance on Customer Identification Program Requirements under Section 326 of the USA PATRIOT Act. Read the BOL Special Briefing to see how it might impact your CIP practices and procedures.
    Guidance; FDIC FIL; OCC Bulletin; FRB SR Ltr; FinCEN  4/29/05

  • Two Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier’s checks drawn on the First Bank and Trust, New Orleans, Louisiana and Citizens Community Federal, Eau Claire, Wisconsin. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  4/28/05

  • Preliminary Call Report And TFR Data Released

    The March 31, 2005 Preliminary Call Report and Thrift Financial Report data has been released by the FDIC.
    Reports  4/28/05

  • Liberian Individuals And Entities Added To SDN List

    OFAC has added four individuals and thirty entities linked to Viktor Bout, an international arms dealer and war profiteer, to the SDN List with the Liberia designation. One of the new additions is Daytona Pools, Inc. of Richardson, Texas. Information on all of the listings has been posted on the BOL OFAC page.  4/27/05

  • Guidance Clarifies Risks Of Providing Service To MSBs

    The Federal Banking Agencies have issued an interpretive guidance designed to clarify the requirements for, and assist banking organizations in, appropriately assessing and minimizing risks posed by providing banking services to MSBs. FinCEN also has issued a concurrent advisory to MSBs to emphasize their BSA obligations and to notify them of the types of information that they will be expected to provide to a banking organization in the course of opening or maintaining account relationships. For more information, read the BOL MSB Special Guidance Report. Banking Guidance; FRB SR Ltr; OCC Bulletin; FDIC FIL; OTS CEO Ltr; NCUA NR; MSB Guidance   4/27/05

  • Williams and Fox Discuss BSA In MSB Context

    In testimony before the Senate Banking Committee Acting Comptroller of the Currency Williams and FinCEN Director Fox discussed the implementation of the BSA as it applies to MSBs. Williams Oral Statement; Williams Testimony; Fox Oral Statement; Fox Testimony  4/27/05

  • FDIC 2004 Annual Report Issued

    The FDIC has issued its annual report for 2004. 2004 Annual Report   4/27/05

  • Money Smart News Spring 2005 Issue Published

    The Spring 2005 issue of Money Smart News has been published by the FDIC. Money Smart News    4/27/05

  • FDIC Sets Performance Targets

    The FDIC has released its 2005 Corporate Annual Performance Plan which sets out specific annual performance goals, indicators and targets for each of FDIC’s three major business lines – Insurance, Supervision, and Receivership Management. Performance Plan  4/27/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position to include data as of the week ending April 22, 2005. International Reserve position.   4/27/05

  • Counterfeit Cashier's Checks Special Alert

    A Special Alert has been issued by the FDIC regarding counterfeit cashier’s checks drawn on Greene County Bank, Greenville, Tennessee. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  4/26/05

  • OCC Updates Licensing Manual

    "A Guide to the National Banking System" in the Comptroller’s Licensing Manual series has been revised and is available on the OCC’s Internet site. Guide  4/26/05

  • Written Agreement Announced

    The FRB has announced the execution of a Written Agreement by and between the Civitas BankGroup, Inc., Franklin, Tennessee, and the Federal Reserve Bank of Atlanta. Written Agreement  4/26/05

  • MSB Registration List Updated

    FinCEN has updated the MSB Registration List to include all registrants from December 2001 to April 2005.
    MSB List   4/26/05

  • April Issue FedFocus Published

    FRB Financial Services has published the April 2005 issue of FedFocus which highlights the challenges posed by risks in an electronic world. April FedFocus  4/26/05>

  • Technical Amendments to Reg CC published

    Amendments to appendix A of Regulation CC were published in the Federal Register. The amendments delete the reference to the Salt Lake City branch office of the Federal Reserve Bank of San Francisco and reassign the Federal Reserve routing symbols currently listed under that office to the Denver branch office of the Federal Reserve Bank of Kansas City. PDF TXT   4/25/05

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Security First Bank of North Dakota, New Salem, North Dakota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/25/05

  • Unauthorized Banking Alert

    A Special Alert has been issued by the FDIC regarding the Caribbean International Bank, also known as Caribbean International Credit & Trust, an entity that may be conducting unauthorized banking activities. In addition, the OCC has published an updated aggregate list of unauthorized financial institutions.
    Caribbean International Bank;
    List  4/25/05

  • New Edition Bank Accounting Advisory Series Published

    The OCC has published the April 2005 edition of the Bank Accounting Advisory Series which contains the views of the OCC Office of the Chief Accountant on accounting topics of interest to national banks. Advisory Series  4/25/05

  • FILs Regarding OFAC SDNs Issued

    The FDIC has issued two FILS regarding previously announced changes to the OFAC list concerning SDNs and Blocked Persons. Information regarding the changes was posted April 18, 2005 on the BOL OFAC page. FIL 1; FIL 2  4/25/05

  • Latvian Banks Designated Primary Money Laundering Concerns

    Treasury has utilized powers granted by section 311 of the USA PATRIOT Act to designate two Latvian financial institutions, Multibanka and VEF Bank, as "primary money laundering concerns." FinCEN also issued proposed rules that will prohibit U.S. financial institutions from establishing, maintaining, administering or managing any correspondent account in the U.S. for or on behalf of the two banks.
    Treasury Action;
    Multibanka NPR;
    VEF Bank NPR 4/22/05

  • Flood Violations Resulting In CMPs

    The FRB has issued a $46,050 CMP against The Bank, Warrior, Alabama, and a $22.300 CMP against Irwin Union Bank, Columbus, Indiana for alleged violations of Reg H.
    The Bank;
    Irwin Union 4/22/05

  • Greenspan Issues Deficit Warning

    In a presentation before the Senate Budget Committee, Chairman Greenspan warned that unless the trend of increasing deficits is reversed, they would cause the U. S. economy to stagnate or worse. He noted, that “crafting a budget strategy that meets the nation's longer-run needs will become ever more difficult the more we delay.”
    Speech 4/22/05

  • More IFDP Working Papers Published

    The FRB has published two additional working papers in the IFDP series on the topics of: A Flexible Finite-Horizon Identification of Technology Shocks; and Exchange Rate Pass-through to U.S. Import Prices: Some New Evidence.
    Technology Shocks;
    Exchange Rate 4/22/05

  • FDIC

    publishes correction to Final Rule first published in Federal Register on April 6, 2005, corrects the final rule by adding the regulations in subpart C of part 347 to the regulatory text. PDF TXT  4/21/05

  • FRS

    published correction to Final Rule which amends a footnote reference in the text of 12 CFR part 225, Appendix A. Published in FR 4/21/05PDF TXT   4/21/05

  • Regulators Respond To BSA “Zero Tolerance” Questions

    The Federal banking regulators have issued a reply to a letter from the ABA and state banking associations regarding the enforcement of BSA and the so-called “zero tolerance” policy. Response; ABA Letter   4/21/05

  • OTS Issues CRA Ratings

    The CRA evaluation ratings for the savings associations became publicly available during March 2004 have been issued by OTS. CRA Ratings  4/21/05

  • OCC Releases CRA Family Income Data

    The OCC has released a Bulletin regarding the U.S. Census and 2005 HUD estimated median family incomes for MSAs, MDs, and nonmetropolitan portions of each state which are used to determine 2005 borrower income levels in CRA performance evaluations. Bulletin; Data  4/21/05

  • New Electronic Interpretations and Actions Announced

    The OCC has announced new Electronic Interpretations and Actions for April 2005. Electronic Interpretations  4/21/05

  • Beige Book Update Published

    The FRB has published new edition of the Beige Book based on information collected on or before April 11, 2005. Beige Book Summary; Beige Book Full Report   4/21/05

  • IFDP Working Papers Released

    The FRB has released two new working papers in the IFDP series on the topics, Order Flow and Exchange Rate Dynamics in Electronic Brokerage System Data; and Adjusting Chinese Bilateral Trade Data: How Big is China's Trade Surplus. Order Flow; Adjusting Chinese   4/21/05

  • NCUA proposes to revise its member business loans (MBL) rule

    to clarify the minimum capital requirements a federally insured corporate credit union (Corporate CU) must meet to make unsecured MBLs to
    its members other than member credit unions and corporate credit union service organizations (Corporate
    CUSOs). PDF TXT  4/20/05

  • CRA Evaluations Released

    The OCC has released the CRA evaluations for thirty-two national banks that became public during the period of March 15, 2004 through April 14, 2005. CRA   4/20/05

  • OCC Announces Enforcement Actions

    Fifteen new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and two terminations of existing enforcement actions have been announced by the OCC. Enforcement Actions   4/20/05

  • 2005 TFR Instruction Manual Published

    OTS has published the 2005 TFR Instruction Manual, which contains three hundred and fifty pages. TRF Manual  4/20/05

  • Fed Districts Continue Check Processing Changes

    The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Tenth and Twelfth Districts. Reg CC Amendments   4/20/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position for the week ending April 15, 2005. International Reserve position   4/20/05

  • SDN List Changes Made

    OFAC has made changes to an existing listing on the SDN List. Information regarding the changes has been posted on the BOL OFAC page.  4/19/05

  • HOEPA May 2005 Reference Rate Published

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in May 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly 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 prior to the month you received the application. Daily H. 15 Rate; Weekly H. 15 Rate   4/19/05

  • New Look For Financial Education Web Site

    The FRB has redesigned its financial education web site which has material intended for the general public, as well as materials specifically geared toward teachers, high school and college students. The site features include: easier access to free educational materials, a teacher resource search engine, personal financial education, as well as new multilevel games for various ages and knowledge levels. Education Web Site  4/19/05

  • Five FEDS Papers Published

    The FRB has published five working papers in the FEDS series on the following topics: Tracking the Source of the Decline in GDP Volatility: An Analysis of the Automobile Industry; The Effects of Competition from Large, Multimarket Firms on the Performance of Small, Single-Market Firms: Evidence from the Banking Industry; The Effects of Local Banking Market Structure on the Banking-Lending Channel of Monetary Policy; Are Firms or Workers Behind the Shift Away from DB Pension; and Yesterday's Bad Times are Today's Good Old Times: Retail Price Changes in the 1890s were Smaller, Less Frequent, and More Permanent
    Tracking; Competition; Local Banking; Firms; Yesterday’s  4/19/05

  • Fourth Quarter 2004 Review of Interest Rate Risk Released

    OTS has released Volume 9, Issue 4 of The Quarterly Review of Interest Rate Risk for the fourth quarter 2004. Quarterly Review   4/19/05

  • Asset & Liability Price Tables Issued

    The Asset & Liability Price Tables for the first quarter 2005 have been issued by OTS. Tables  4/19/05

  • IDIG Available On CD-Rom

    The FDIC has announced that the Inventory of Deposit Insurance Guidance (IDIG) is available on one CD-ROM and provides bankers all of the resources on the FDIC's rules and requirements for deposit insurance coverage in a categorized, searchable format. IDIG Order Form  4/18/05

  • New Issue Of SAR Activity Review Published

    The eighth issue of the SAR Activity Review Trends, Tips, and Issues has been published. In a new section, “Director’s Forum”, Director Fox addresses the need for greater clarity and consistency in the application of suspicious activity reporting. SAR Review   4/18/05

  • February International Capital Data Released

    Treasury has released the International Capital Data report for February 2005. International Capital  4/18/05

  • Treasury Issues March G.17

    The G.17 Industrial Production and Capacity Utilization Report for March 2005 has been released by Treasury.
    G. 17  4/18/05

  • Inaugural Issue Of FedFlash

    The first issue of FedFlash, a new source for the latest Federal Reserve Financial Services operational news, has been published. Each bulletin will report on of issues critical to day-to-day operations, provide national and District updates regarding Fed products and services, processes, technical protocols and contact information.
    FedFlash   4/18/05

  • National Average Cost of Funds Reports Released

    OTS has released the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; Current  4/18/05

  • Bulletin Issued Regarding Customer Notification Procedures Interagency Guidance

    The OCC has issued a Bulletin regarding the previously announced “Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice" that states that financial institutions should develop and implement a response program to address security breaches involving customer information, including customer notification procedures. Information concerning the guidance was posted in the March 29, 2005 BOL Top Stories. Bulletin 4/15/05

  • Counterfeit Cashier’s Check Alert

    An Alert has been issued by the OCC regarding counterfeit cashier’s checks drawn on the Bankers Trust Company, N.A., Des Moines, Iowa. Information regarding the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page. 4/14/05

  • Al-Zarqawi Financier Added To OFAC List

    Treasury has announced that an individual has been designated as an SDGT and added to the OFAC SND list for providing financial support to the Zarqawi Network, an al Qaida-affiliated terrorist group active in the insurgency in Iraq. Information regarding the addition has been posted on the BOL OFAC page. 4/14/05

  • Bulletin Issued Regarding ABCP Programs

    The OCC has issued a Bulletin concerning a previously announced Interagency Guidance which allows banks whose internal risk rating systems qualify to use internal ratings applied to their unrated direct credit substitutes extended to ABCP programs when calculating regulatory capital. Information regarding the Guidance was posted in the March 31, 2005 BOL Top Stories. Bulletin 4/14/05

  • International Reserve Position Update

    Treasury has issued an update to the U.S. International Reserve Position for the week ending April 8, 2005.
    Update 4/14/05

  • OTS To Hold Financial Management Seminars

    The OTS will hold a series of Financial Management Seminars in various mid-western locations during June 2005.
    Invitation;
    Meeting Information;
    Discussion Topics;
    Registration Form 4/14/05

  • Court Rules On Motion In Unlicensed Money Transmitter Case

    A Michigan U.S. District Count has rejected a defendant’s motion to dismiss his indictment for violation of federal law by conducting an unlicensed money transmitting business. The defendant is charged with the transmittal within the U.S. and abroad of at least $4,000,000. Court Ruling 4/14/05

  • CRA Final Rule Issued

    The Federal financial regulating agencies have jointly issued a final rule on CRA. The rule adopts changes in the Standards for Defining Metropolitan and Micropolitan Statistical Areas, census tracts designations, and the FRB's Regulation C. It also makes a correction to a cross-reference within the CRA regulations.
    Joint Final Rule;
    OCC Bulletin 4/13/05

  • Counterfeit Cashier’s Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier’s checks drawn on the Riverside Bank, Marietta, Georgia. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alert’s & Counterfeits page. 4/13/05

  • Parent of Converting Bank Retains Rights

    The FRB has issued a legal opinion to Leucadia National Corporation opining that the conversion of its subsidiary, American Investment Bank, N.A., Salt Lake City, Utah, from a national bank to a Utah-chartered commercial bank would not cause Leucadia to lose certain grandfather rights that it maintains under section 4(f) of the Bank Holding Company Act.
    Opinion 4/13/05

  • FOMC Minutes Released

    The minutes of the FOMC meeting held on March 22, 2005 have been released.
    Minutes 4/13/05

  • Finance Companies Report Issued

    The G. 20 report of Finance Companies Owned and Managed Receivables Outstanding for February 2005 has been issued.
    G. 20 4/13/05

  • Counterfeit Cashier’s Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier’s checks drawn on the First National Bank & Trust Co. of Ada, Oklahoma, n/k/a Vision Bank, N.A. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page. 4/12/05

  • CRA Assigned Ratings Information

    OTS has issued a Bulletin which contains information regarding the previously announced Final Rule which allows savings institutions select a combination of weighted components to that will be utilized to determine its CRA rating. Information concerning the Final Rule was posted on BOL Top Stories on March 1, 2005.
    Bulletin
    Final Rule 4/12/05

  • Powell Discusses Minimum Capital Requirements

    In a presentation before a derivatives conference co-sponsored by the FDIC, Cornell University and the University of Houston, Chairman Don Powell commented on the relationship between the new Basel capital framework and the leverage capital requirement mandated by FDICIA.
    Speech 4/12/05

  • Basel II White Paper Published

    A white paper entitled “An Analysis of the Potential Competitive Impacts of Basel II Capital Standards on U.S. Mortgage Rates and Mortgage Securitization” has been published by the FRB.
    White Paper 4/12/05

  • International ACH Funds Availability Time To Improve

    The FRB and Banco de Mexico have announced that beginning in July 2005 the funds availability on ACH payments from the U.S. to Mexico will improve from two days to one day at no additional charge to the financial institutions involved in the transaction.
    Funds Availability 4/12/05

  • ACH Risk Management Service Announced

    The FRB has announced that it plans to offer to originating banks an ACH risk management service, know as FedACH Risk. The new service will be piloted during the fall of 2005 with plans to be generally available in 2006 and will banks to monitor payments originated by corporate customers in real time.
    FedACH Risk 4/12/05

  • FDIC First Quarter Letter To Stakeholders

    The FDIC has issued an FIL announcing the publication of its First Quarter 2005 Letter to stakeholders, which reports on the priorities and activities for the first quarter of 2005.
    FIL;
    Stakeholder Letter 4/12/05

  • OCC Revises Investment Booklet

    The revised “Investment in Subsidiaries and Equities” booklet of the Comptroller’s Licensing Manual series is available on the OCC’s Internet site. The revisions incorporate many regulatory and policy changes, such as, establishing a financial subsidiary; performing insurance activities pursuant to 12 U.S.C. 92; making a noncontrolling investment; or filing the annual operating subsidiary report.
    Investment Booklet 4/11/05

  • Counterfeit Cashier’s Checks Special Alert

    The OCC has issued a Special Alert regarding counterfeit cashier’s checks drawn on First Federal Savings & Loan Association of Charleston, Charleston, South Carolina. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page. 4/11/05

  • Greenspan Discusses Consumer Finance

    In remarks at the FRS’s Fourth Annual Community Affairs Research Conference in Washington, D.C., Chairman Greenspan noted that the consumer finance industry is central to the functioning of a robust consumer sector. He also observed that innovation and structural change in the financial services industry have been critical in providing expanded access to credit for the vast majority of consumers.
    Speech 4/11/05

  • FinCEN Withdrawals AML Advisories

    FinCEN has announced the advisories concerning transactions regarding the Philippines and The Cook Islands have both been withdrawn due to the implementation of significant reforms to each country’s counter-money laundering systems.
    Philippines;
    The Cook Islands 4/11/05

  • Justice Department Takes Action In SAR Disclosure Case

    The U. S. Department of Justice has filed a Statement of Interest in the case of Wuliger vs. OCC, being heard in an Ohio U. S. District Court. The litigation involves an attempt by a private party to compel the OCC to provide him a SAR.
    Statement 4/8/05

  • Unauthorized Banking Alert Issued

    The OCC has issued an Alert regarding unauthorized banking activities being conducted by Caribbean International Bank of Bridgetown, Barbados, also known as Caribbean International Credit & Trust, which has not been licensed to operate as a bank in Barbados or the United States.
    Alert 4/8/05

  • February Consumer Credit Report Released

    The FRB has released the G.19 Consumer Credit Report of February 2005.
    G.19 4/8/05

  • Assets Reports Issued

    The 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report for February 2005 have been issued by the FRB.
    Assets Reports 4/8/05

  • March Financial Reporting Bulletin Published

    OTS has published the March 2005 issue of the Financial Reporting Bulletin which contains a list of filing deadlines, information on new software, and TRF Manual updates.
    Bulletin 4/8/05

  • Bulletin Issued Regarding Amendments Proposed to Regulations CC And J

    The OCC has issued a Bulletin regarding the previously announced proposal by the FRB to amend Reg CC and Reg J. Information concerning the amendments was posted in the March 4, 2005 BOL Top Stories.
    Bulletin;
    Proposal 4/7/05

  • Overdraft Protection Program Bulletin

    A Bulletin has been issued by the OCC concerning the previously announced issuance by the federal financial regulators of a Joint Guidance on Overdraft Protection Programs. The issuance of the Guidance was reported in BOL Top Stories on February 24, 2005.
    Bulletin;
    Guidance 4/7/05

  • Greenspan Discusses Role Of GSEs

    In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, FDIC Chairman Greenspan discussed the role of housing-related government-sponsored enterprises (GSEs) in our economy. He remarked that a recent study by FRB found no link between the size of the GSE portfolios and mortgages rates. He stated that the GSEs need a regulator with authority on a par with banking regulators.
    Speech 4/7/05

  • Spring 2005 State Profiles Published

    The FDIC has published the Spring 2005 State Profiles which provide a quarterly summary of state banking and economic conditions.
    State Profiles 4/7/05

    April 2005 Issue Financial Connection Available
    The FMS has published the April 2005 issue of Financial Connection and posted it online. Topics include: Transaction Reporting System: Changing the face of collection; Direct deposit, e-file popularity grows among federal income tax filers; Debt call center improves service for Spanish-speaking customers; Uncollectible debt: How to be a terminator; and Cash or check won't do? Consider US Debit Card.
    Financial Connection 4/7/05

  • FDIC's International Banking Regs Amended

    FDIC has adopted amendments to its international banking regulations in conformity with reg burden reduction efforts under EGRPRA. The changes affect address relocation of U.S. branches of foreign banks, adoption of a risk-based asset pledge requirement, and exam requirements for foreign banks that own branches or subsidiaries seeking FDIC insurance. 70FR17549 (txt) 70FR17549 (pdf) 4/7/05

  • CRA Ratings Released

    The FDIC has released the ratings given to state nonmember banks evaluated in January 2005 for compliance with the CRA.
    CRA Ratings 4/6/05

  • SEC And Connecticut Banking Department Announce Enforcement Actions

    The Connecticut Department of Banking and the SEC have announced that they have taken actions against David M. Faubert, of Avon, Connecticut. The Connecticut Department of Banking has issued an order suspending his agent’s license and the SEC has obtained a temporary restraining order and a freeze of his assets. Mr. Faubert allegedly defrauded approximately 15 Connecticut residents of upwards of $4 million.
    Actions 4/6/05

  • Greenspan On Energy

    In a presentation before the National Petrochemical and Refiners Association Conference, in San Antonio, Texas, Chairman Greenspan noted that while it is not possible to judge with certainty how technological possibilities will play out in the future, but we can say with some assurance that developments in energy markets will remain central in determining the longer-run health of our nation's economy.Speech 4/6/05

  • AML Anti-Terrorism Symposium To Be Co-Sponsored By Agencies

    FinCEN and the FDIC have announced that they will co-sponsor a half-day symposium on "Anti-Money Laundering and Anti-Terrorist Financing" on April 6 at the Hyatt Hotel in Austin, Texas. Interested participants are directed to contact the FDIC.
    Symposium Information 4/5/05

  • NCUA Sends Risk-Based Reform Proposal To Congress

    NCUA has delivered a report entitled “Prompt Corrective Action Proposal for Reform” to Congress which details recommended statutory changes and provides a proposal as to how NCUA would design a new risk-based system for federally insured credit unions.
    Summary;
    Proposal 4/5/05

  • International Reserve Position released

    Treasury has released the U.S. International Reserve Position for the week ending April 1, 2005.
    Reserve Position 4/5/05

  • Fraudulent and Counterfeit Cashier’s Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding fraudulent checks drawn on The Bankers Bank, Atlanta, Georgia, and counterfeit checks drawn on TCF National Bank, Wayzata, Minnesota. Information concerning the fraudulent checks and the counterfeits cashier’s checks has been posted on the BOL Alert’s & Counterfeits page.
    4/4/05

  • Four FIs Assessed OFAC Penalties

    OFAC has released the Civil Penalties Enforcement Actions for April 1, 2005. Four financial institutions were cited for violations of various Sanctions Programs and assessed CMPs ranging from $2,586.44 to $40,423.00.
    CMP 4/4/05

  • March Foreign Exchange Rates Announced

    The FRB has issued the G.5 Foreign Exchange Rates release for March 2005.
    G.5 4/4/05

  • Self-Insured Depositors Working Paper Published

    The FDIC has published a working paper with the title: “FDIC-Sponsored Self-Insured Depositors: Using Insurance to Broaden Market Discipline and Strengthen Bank Funding”.
    Working Paper 4/4/05

  • FFIEC Annual Report Issued

    The FFIEC has issued its 2004 Annual Report.
    Annual Report 4/4/05

  • Agencies Release HMDA FAQs

    The federal bank, credit union, and thrift supervisory agencies, along with HUD, have released a set of FAQs that address the new home loan price data disclosed this year for the first time under HMDA. The FAQs will aid users of the data with their evaluation and interpretation of the data, and will be posted on each of the agencies’ websites. FRB; FDIC; OCC; OTS; NCUA; HUD  4/01/05

  • FDIC Issues Counterfeit Cashier’s Checks Special Alerts

    Two Special Alerts have been issued by the FDIC regarding counterfeit cashier’s checks drawn on Silver State Bank, Henderson, Nevada and Community First National Bank, Fargo, North Dakota. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  4/01/05

  • FDIC Examination Policies Manual Available Online

    The FDIC has posted its Manual of Examination Policies on its Web site. Manual  4/01/05

  • C & D Issued Against Florida BHC

    The FDIC has issued a Cease and Desist Order against Eagle National Holding Company, Doral, Florida, a registered bank holding company that owns and controls the Eagle National Bank of Miami, Doral, Florida. Order   4/01/05

  • Country Exposure Reports Released

    The FFIEC has released the E.16 Country Exposure Statistical Release and the Country Exposure Information Report for December 31, 2004. E.16; Information Report  4/01/05

02/28/2005

Top Stories for March 2005

  • FDIC Publishes Interim Final Rule in Federal Register

    regarding non-member insured banks with securities. They are now required to be registered under section 12 of the Securities Exchange Act of 1934 (Exchange Act). The interim final rule reflects amendments to the Securities Exchange Act of 1934 made by the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act), and accommodates certain operational changes within the FDIC. PDF TXT  3/31/05

  • Regulators Issue MSB Expectations Statement

    FinCEN and the federal financial institution regulators have issued a joint statement regarding their expectations regarding banking institutions' obligations under BSA for MSBs. The statement provides that BSA does not require and the regulators do not expect banking institutions to serve as the de facto regulator of the MSB industry. In addition, guidance on relationships with MSBs will be issued shortly that will outline compliance expectations. Statement; Treasury Comments; FRB SL; OCC; FDIC FIL; NCUA NR   3/31/05

  • Counterfeit Cashier's Checks Special Alerts issued

    Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Sky Bank, Salineville, Ohio, and Peoples Bank, N.A., Marietta, Ohio. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   3/31/05

  • Survey of Terms of Business Lending Report Released

    The FRB has released the E.2 Survey of Terms of Business Lending Report for February 7-11, 2005.
    E.2   3/31/05

  • FIDC Brochures Available In Korean And Chinese

    The FDIC has announced that two popular FDIC brochures on deposit insurance coverage are now available in Korean and Chinese. FIL; Brochures   3/31/05

  • FRB Issues ABCP Guidance SL

    A SL has been issued by the FRB regarding the previously announced interagency guidance concerning the amendment by the federal banking regulators of the Securitization Capital Rule. The guidance clarified how banking organizations are to use internal ratings that they assign to asset pools purchased by their ABCP programs in order to risk weight appropriately any direct credit substitutes extended to such programs.
    Guidance FRB SL   3/31/05

  • FRS Publishes Final Rule in Federal Register

    (Reg. A) extending credit by Federal Reserve Banks adopting final amendments to Regulation A to reflect the Board's approval of an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.PDF TXT  3/30/05

  • FDIC Enforcement Actions Announced

    Twenty-seven Enforcement Actions taken against banks and individuals in February 2005 have been announced by the FDIC. The actions include two cease and desist orders, one written agreement, thirteen removal and prohibition orders, eight civil money penalty orders, one termination of insurance, and two terminations of cease-and-desist orders. Enforcement Actions  3/30/05

  • Stock Options FASB Guidance Issued

    The SEC's Office of the Chief Accountant and its Division of Corporation Finance have released of a Staff Accounting Bulletin relating to the FASB accounting standard for stock options and other share-based payments. The SEC staff believes the interpretive guidance will assist both public entities, investors and other users of financial statements in analyzing information. Bulletin   3/30/05

  • International Reserve Position

    Treasury has released the U.S. International Reserve Position for the week ending March 25, 2005. Reserve Position  3/30/05

  • Finance Companies Reports Issued

    The January 2005 G.20 Finance Companies Report regarding owned and managed receivables outstanding and auto loans: terms of credits has been issued by the FRB. G.20  3/30/05

  • HUD Publishes Interim Final Rule in Federal Register

    This rule makes available a new adjustable rate mortgage (ARM) product. It enables the Secretary to insure five-year hybrid ARMs with interest rates adjustable up to two percentage points annually (this type of mortgage is known as a 5/1 ARM). The lifetime cap on annual interest rate adjustments for five-year ARMs is set at six percentage points. PDF TXT  3/29/05

    OCC, FRS, FDIC, OTC Publishes Final Rule in Federal Register.

    This interpretation guidance of the Gramm-Leach-Bliley Act (GLBA)is being published as a supplement to the Security Guidelines in the Code of Federal Regulations in order to make the interpretation more accessible to financial institutions and to the general public. It clarifies the responsibilities of financial institutions under law. OTS is also making a conforming, technical change to its Security Procedures Rule. PDF TXT  3/29/05

  • Names Removed From OFAC List

    OFAC has announced that the names of seven individuals designated as SDNTs have been removed from the SDN list. Information regarding the removed names has been posted on the BOL OFAC page  3/29/05.

  • Regulators Proposed Changes To Credit Classifications

    The federal bank and thrift regulatory agencies have requested comment on proposed changes to the supervisory framework for the classification of commercial credit exposures that would replace the current commercial loan classification system categories: "special mention," "substandard," and "doubtful".
    Interagency Proposal; FRB PR; OCC NR; FDIC FIL; OTS PR  3/29/05

  • OCC, FRB, FDIC, OTC Publishes Interim Final Rule in Federal Regsiter

    This joint final rule implements the Community Reinvestment Act (CRA) with changes in: the Standards for Defining Metropolitan
    and Micropolitan Statistical Areas published by the U.S. Office of Management and Budget (OMB) in
    December 2000; census tracts designated by the U.S. Census Bureau (Census); and the Board's Regulation C,
    which implements the Home Mortgage Disclosure Act (HMDA). PDF TXT  3/28/05

  • Historical List Of Unauthorized Banking Alerts Issued

    The OCC has issued an alphabetical list of all Alerts issued regarding unauthorized banking from 1996 to present. Alert List  3/28/05

  • West Virginia Credit Union Closed

    The Randolph County Federal Credit Union of Elkins, West Virginia, has been liquidated by NCUA and checks representing share deposits will be issued within one week to the members. Randolph County  3/28/05

  • Minority-Owned Banks Report Released

    A list, sorted by state, of minority-owned banks as of December 31, 2004, has been released by the FRB.
    Minority-Owned  3/28/05

  • FCRA Prescreen Opt-Out Disclosure Final Rule

    The OCC has issued a Bulletin regarding a Final Rule previously published by the FTC which seeks to improve the required notice to consumers regarding their right to opt out of prescreened solicitations for credit or insurance. The rule becomes effective August 1, 2005, and requires that each prescreened offer contain a short notice that provides basic opt-out information, a toll-free number to call to opt out, and a separate long notice that provides additional information. It also establishes criteria relating to location, type size, manner of presentation, and other matters for both notices. Model notices in English and Spanish are provided.
    Bulletin;
    Final Rule 3/25/05

  • Counterfeit Cashier's Checks Special Alerts

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Alaska Pacific Bank, Juneau, Alaska and First Hawaiian Bank, Honolulu, Hawaii. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/23/05

  • March Report Form Instructions Posted

    The instructions for preparation of FFIEC 031 and FFIEC 041 March 2005 reporting forms have been posted online.
    Instructions 3/23/05

  • Agencies Issue FAQ On Appraisal Regulations

    In response to questions from regulated institutions about the agencies' real estate appraisal regulations, the federal banking agencies have issued a FAQ which address common questions on the requirements of the appraisal regulations and the October 2003 Interagency Statement on Independence of Appraisal and Evaluation Functions.
    FAQ;
    October 2003 Statement;
    FRB SL;
    OCC Bulletin;
    FDIC FIL 3/23/05

  • CRA Exam Schedule Released

    OTS has released its CRA examination schedule for the Second Quarter 2005.
    Exam Schedule 3/23/05

  • International Reserve Position Updated

    Treasury has updated the U.S. International Reserve Position for the week ending March 18, 2005.
    Reserve Position 3/23/05

  • FOMC And BOG Raises Rates

    The FOMC has announced its decision to raise the target for the federal funds rate by 25 basis points to 2-3/4 percent. In a related action, the Board of Governors unanimously approved a 25-basis-point increase in the discount rate to 3-3/4 percent.
    Rates 3/23/05

  • Helping Hispanic Customers Bridge Homeownership Information Gap

    The March 2005 issue of FYI focuses on ways financial institutions can assist their Hispanic customers and other in the Hispanic community by providing information concerning ways to achieve homeownership.
    FYI 3/23/05

  • Bulletin Issued Regarding Proposed CRA Changes

    The OCC has issued a Bulletin regarding the previously announced interagency proposal to revise CRA regulations. Information concerning the revisions was posted on the March 11, 2005 BOL Top Stories. Bulletin 3/22/05

  • Comptroller Urges Bankers To Adjust Ways They Monitor Loan Risk

    In a presentation before the BAI National Loan Review Conference, Acting Comptroller Williams noted that retail lending has undergone a dramatic transformation in recent years and urged bankers to respond by altering the way they think about consumer credit and to adopt new approaches to managing it.
    Speech 3/22/05

  • FDIC Issues Ombudsman Report

    The FDIC has published the second in a series of periodic reports to financial industry representatives designed to provide current information about the activities of the FDIC Office of the Ombudsman.
    Report 3/22/05

  • Inflation Volatility Working Paper Published

    The FRB has published a working paper in the IFDP series on the topic of “Optimal Inflation Persistence: Ramsey Taxation with Capital and Habits”.
    Working Paper 3/22/05

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Neffs National Bank, Neffs, Pennsylvania. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/21/05

  • Interagency Guidance Issued Regarding Notice Of Information Release

    The federal financial regulatory agencies have issued an interpretative guidance, “Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice”. The intent of the guidance is to clarify the responsibilities of financial institutions to notify their customers under federal law.
    Guidance
    FRB PR;
    OCC NR;
    FDIC PR;
    OTS PR 3/21/05

  • Greenspan Discusses Community Development

    In a presentation before the National Community Reinvestment Coalition Conference, Chairman Greenspan discussed empowering communities, attracting development capital, and creating opportunities for economic advancement. His commented on the use of CDCs and the CDIF fund and asset and rating system in community development programs.
    Speech 3/21/05

  • March 2005 Issue Electronic Interpretations and Actions Published

    The OCC has published the March 2005 issue of Electronic Interpretations and Actions.
    Interpretations and Actions 3/21/05

  • Columbian Drug Cartel Leader And Associates Added To SDN List

    OFAC has designated a Columbian drug cartel leader as a SDNT and added his name to the SDN list along with 11 front companies and individuals operating on his behalf. Information regarding the additions has been posted on the BOL OFAC page.

  • 3/18/05

  • March 31, 2005 Call Report Information

    The FDIC has issued an FIL which contains instructions for completing the March 31, 2005 Call Report.
    FIL

  • 3/18/05

  • Deceptive Claims of FDIC Insurance Coverage

    The FDIC has issued a Special Alert regarding Asiacentury Bank that is unlawfully advertising FDIC membership on its Internet Web site.
    Special Alert

  • 3/18/05

  • Counterfeit Cashier's Checks Special Alert

    A Special Alert has been issued by the FDIC regarding counterfeit cashier's checks drawn on Fiduciary Trust Company International, New York, New York. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.

  • 3/18/05

  • Structure And Share Data Report Released

    The FRB has released the structure and share data for U.S. offices of foreign banks report for December 2004.
    Structure

  • 3/18/05

  • Assets Reports Issued

    The FRB has issued the 3.12 U. S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports.
    Reports

  • 3/18/05

  • FDIC Chairman Discusses Deposit Insurance Reform

    In testimony before the House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, FDIC Chairman Powell discussed his view on deposit insurance reform.
    Speech

  • 3/18/05

  • FRB Assesses Three CMPs

    The FRB has announced the assessment of three separate CMPs against the following institutions for alleged violations of the National Flood Insurance Act: Midwest Bankcentre, St. Louis, Missouri; the HomeFederal Bank, Columbus Ohio; and First Interstate Bank, Billings, Montana. The CMPs ranged from $2,450 to $57,250.
    Midwest Bankcentre;
    HomeFederal;
    First Interestate 3/17/05

  • Consumer Affairs Letters Released

    Two new Consumer Affairs Letters on the following topics have been released by the FRB: “Interagency Guidance on Overdraft Protection Programs”, and “Provisional HMDA Data Sampling Procedures”.
    OD Programs;
    HMDA Data 3/17/05

  • HOEPA April 2005 Reference Rate Published

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in April 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly 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 prior to the month you received the application.
    Daily H.15 Rates;
    Weekly H.15 Rates 3/17/05

  • OCC Releases CRA Evaluations

    The OCC has released the list of CRA performance evaluations that became public during the period of February 15, 2004 through March 14, 2005. Of the 21 evaluations made public, 3 institutions were rated outstanding, 18 were satisfactory, and none were needs to improve or substantial noncompliance.
    CRA 3/17/05

  • Thirty-Four Enforcement Actions Announced

    The OCC has announced thirty-four Enforcement Actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 3/17/05

  • Prohibition Orders Issued

    NCUA has announced the issuance of orders prohibiting three individuals from participating in any manner in the affairs of federally insured financial institutions. Orders
    3/17/05

  • Public Hearing To Be Held On Preemption Petition

    The FDIC has scheduled a public hearing on May 24, 2005, to seek public comments on a preemption petition from the Financial Services Roundtable, a trade association for integrated financial services companies. The FDIC has been asked by the Roundtable to issue a rule that would provide that a state bank's home state law governs its interstate activities and those of its subsidiaries to the same extent that the National Bank Act governs a national bank's interstate business.
    Hearing Notice;
    Petition
    Submit Comments 3/17/05

  • Industrial Production And Utilization Report Issued

    The FRB has issued the G.17 Industrial Production and Utilization report for February 2005.
    G.17 3/17/05

  • FTC Issues PR on Deposit Insurance

    The FDICIA directs the FTC to prescribe the manner and content of certain disclosures that must be used by depository institutions that do not have federal deposit insurance. The Commission seeks comment on these proposed disclosure rules for non-federally
    insured depository institutions. 70FR12328 (txt)
    70FR12328 (txt) 3/16/05

  • Counterfeit Postal Money Orders Alert

    Federal Reserve Financial Services has issued a letter to alert financial institutions and their customers regarding a fraud scheme that utilizes counterfeit postal money orders.
    Letter 3/16/05

  • BSA/AML Director Named

    The OCC has announced that John Wagner is the new Director for BSA and AML Compliance and will direct the development of examination policy and procedures.
    Director 3/16/05

  • FDIC Insurance Video Now On CD-Rom

    The FDIC has issued a FIL that announces the Video-Overview on Deposit Insurance Coverage is now available in English or Spanish on CD-ROM to supplement the previously available DVD video.
    FIL 3/16/05

  • Greenspan Discusses Aging and Retirement

    In testimony before the Senate Special Committee on Aging, Chairman Greenspan discussed the issues of population aging and retirement. He noted the bottom line in the success of all retirement programs is the availability of real resources at retirement. Due to the fact the Social Security trustees estimate the unfunded liability over the indefinite future to be $10.4 trillion, he stated that a thorough review of Social Security commitments--and at least some adjustment in those commitments--is urgently needed.
    Testimony 3/16/05

  • January International Capital Data Released

    Treasury has released the International Capital Data for January 2005.
    Data 3/16/05

  • Cost Of Funds Reports Issued

    OTS has issued the current and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - insured institutions reports.
    Current;
    Historical 3/16/05

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alert regarding counterfeit cashier's checks drawn on Central California Bank, Sonora, California and State Bank & Trust of Seguin, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/15/05

  • OCC and Basel II

    In a presentation before the Institute of International Banking, Acting Comptroller Williams noted that within the next 15 months, regulators must confront a daunting list of Basel II challenges ranging from analyzing data to issuing proposed rules, supervisory guidance and a final rule.
    Speech 3/15/05

  • Chairman Powell Discusses Regulatory Burdens, Basel II and BSA

    FDIC Chairman Powell discussed the efforts of the agency to address the problems of regulatory burdens, the challenges of Basel II, and CRA issues in a presentation to the ICBA National Convention in San Antonio, Texas.
    Speech 3/15/05

  • International Reserve Position Update

    Treasury has released the U.S. International Reserve Position for the week ending March 11, 2005.
    Reserve Position 3/15/05

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Citrus Bank, Orlando, Florida. The bank is no longer in operation as it was acquired by Mercantile Bank, Orlando, Florida, a subsidiary of The South Financial Group, on July 1, 1999. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/14/05

  • Greenspan Presents Views On Regulatory Burdens

    In a video presentation before the Independent Community Bankers of America National Convention, Chairman Greenspan expressed his thoughts on regulatory burdens regarding Basel II, HMDA, BSA and SARs. He remarked that when implementing the law, the FRB tries to avoid unintended consequences and excessive burden by conducting intensive initial reviews that include extensive public comment, periodic review, and more-or-less continuous evaluation.
    Greenspan 3/14/05

  • Regulatory Burdens Discussed By Comptroller Williams

    Acting OCC Comptroller Williams discussed issued raised by regulatory burdens in a speech before the Independent Community Bankers of America National Convention and noted that compliance requirements represent a serious drain on bank resources and regulatory relief should be a national priority.
    Speech 3/14/05

  • Quarterly Derivatives Report Issued

    The OCC has issued the Quarterly Derivatives Report for the Fourth Quarter 2004.
    Derivatives Report 3/14/05

  • Fourth Quarter 2004 Interest Rate Risk Measures Published

    OTS has published the final Interest Rate Risk Measures for the Fourth Quarter 2004.
    Interest Rate Risk 3/14/05

  • OCC, Federal Reserve and FDIC issue a PR on CRA

    This proposed rule making would revise certain provisions implementing the Community Reinvestment Act (CRA). The current proposal would address regulatory burden imposed on some smaller banks by revising the eligibility requirements for CRA evaluation under the lending, investment, and service tests, and would provide a simplified lending test and flexible new community development including any personal information provided. PDF TXT  
    3/11/05

  • Four Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on the following institutions: Teachers Credit Union, South Bend, Indiana; Pilgrim Bank, Pittsburg, Texas; New Era Bank, Fredericktown, Missouri; and missing cashier's checks drawn on Inwood National Bank, Dallas, Texas. Information concerning the counterfeit and missing cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/11/05

  • FDIC Enforcement Actions Announced

    The FDIC has announced that eight administrative enforcement actions were taken against banks and individuals in January 2005. The actions included one cease and desist order, one removal and prohibition order, four civil money penalty orders, and two terminations of cease and desist orders.
    Enforcement Actions   3/11/05

  • 2004 FinCEN Annual Report Published

    FinCEN has published its 2004 Annual Report which contains a list of BSA filing by type. Annual Report  3/11/05

  • March 2005 FFIEC Reporting Forms Online

    The FFIEC has posted the 031 and 041 reporting forms for March 2005 on its Web site.
    031; 041  3/11/05

  • Flow Of Funds Report Released

    The FRB has released the Z.1 Flow of Funds Report for the Fourth Quarter 2004. Z.1   3/11/05

  • Household Ratios Published

    The Household Debt Service and Financial Obligations Ratios Report for the Fourth Quarter 2004 have been published by the FRB. Ratios  3/11/05

  • Fourth Quarter Interest Rate Risk And Charge-Off Reports Issued

    OTS has issued the Interest Rate Risk Exposure Report and the Charge-Off Rates Report for the Fourth Quarter 2004. Interest Rate Risk; Charge-Off  3/11/05

  • Interest Rate Challenges Subject Of FDIC Outlook

    The Spring 2005 issue of FDIC Outlook features articles on how institutions are managing the challenges from rising interest rates. Topics include: the development of off-site profiles of depository institutions that may be vulnerable to rising interest rates; use of rate/volume analysis to estimate the sensitivity of bank earnings to changes in interest rates; and regional perspectives on alternative methods banks are using to fund asset growth in a rising interest rate environment. Spring Outlook  3/11/05

  • Federal Reserve Publishes Final Rule for Reg H and Y in Federal Register

    This final rule amends risk-based capital stards for bank holding companies and addresses supervisory concerns, competitive equity considerations, and changes in generally accepted accounting principles and to strengthen the definition of regulatory capital. PDF TXT  3/10/05

  • Counterfeit Postal Money Orders Special Alert

    The FDIC has issued a Special Alert regarding counterfeit U.S. postal money orders that have been presented for payment at financial institutions. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.  3/10/05

  • Snow's Comments To ABA

    Treasury Secretary Snow presented his views on the economy, Social Security, HSAs and BSA in remarks prepared for ABA. Remarks   3/10/05

  • Beige Book Published

    The FRB has published a new edition of the Beige Book based on information collected on or before February 28, 2005. Summary; Full Report  3/10/05

  • to Comply with Registration Requirements

    The SEC has announced the issuance of an order further extending until Sept. 30, 2005, the compliance dates for banks with respect to certain broker registration requirements contained in the GLBA. As a result, banks are not expected to develop compliance systems to meet the terms of the "broker" exceptions until the Commission amends its rules. SEC PR; Order  3/09/05

  • FinCEN Reports On MSB Fact Finding Meeting

    FinCEN has issued a statement regarding the issues discussed at the fact finding meeting held on March 8, 2005 concerning the ability of money services businesses to obtain banking services. The next steps the agency will take to attempt to resolve the complex problem are also listed in the statement.
    Statement   3/09/05

  • 341a Fact Sheet Updated

    FinCEN has updated its 314a Fact Sheet to include data as of March 1, 2005. Fact Sheet  3/09/05

  • Federal Credit Union Liquidated

    NCUA has announced that the KO-AM Federal Credit Union (KO-AM FCU) of Oakland, California, has been closed and liquidated. Checks representing share deposits will be issued within one week to the approximate 1,200 KO-AM FCU members. NCUA NR  3/09/05

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Peoples Bank National Association, Marietta, Ohio. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/08/05

  • FDIC Releases CRA Ratings

    The FDIC has issued its monthly list of state nonmember banks evaluated for compliance with the CRA in December 2004. CRA  3/08/05

  • International Reserve Position Update

    Treasury has released the U.S. International Reserve Position for the week ending March 4, 2005.
    Reserve Position   3/08/05

  • Statistical Releases Issued By FRB

    The FRB has issued the December 31, 2005 Large Commercial Bank and January 2005 G.19 Consumer Credit statistical releases. Large Commercial Bank; G.19  3/08/05

  • March 2004 Financial Holding Company List Released

    The FRB has released the list of bank holding companies that have elected to be treated as financial holding companies as of March 4, 2005. FHC List  3/08/05

  • Three FEDS Papers Published

    Three working papers in the FEDS series with the following titles have been published by the FRB: “Job-Hopping in Silicon Valley: Some Evidence Concerning the Micro-Foundations of a High Technology Cluster”; “A Nonlinear Look at Trend MFP Growth and the Business Cycle: Result from a Hybrid Kalman/Markov Switching Model”; and “Housing, House Prices, and the Equity Premium Puzzle”.
    Job-Hopping; Nonlinear Look; Puzzle  3/08/05

  • OFAC Cites Bank For Kingpin Program Violation

    OFAC has released its Enforcement Information for March 2005 and assessed one bank a CMP of $4,650 for a funds transfer violation under the Kingpin Sanctions Program. CMP   3/07/05

  • BSA Violations Results In $750,000 CMP

    The OCC has announced that a Consent Order has been entered into and a CMP issued of $750,000 has been issued against City National Bank, Beverly Hills, California, for violations of law regarding compliance with BSA. Consent Order; CMP   3/07/05

  • Federal Reserve - Regulations J and CC

    Proposed Rule dealing with the collection and availability of checks and other items by Federal Reserve banks and funds transfers through Fedwire: remotely created checks; definition and presentment warranties transfer and creation, with the purpose of shifting liability for unauthorized checks to the depositary bank. TXT   3/04/05

  • SDNTKs Added To SDN List

    OFAC has added four companies with ties to a Jamaican Kingpin to the SDN list as SDNTKs. Information regarding the additions has been posted on the BOL OFAC page.   3/04/05

  • OTS Seeks Comments

    OTS has solicited comments on the following: Minority Thrift Certification Form; Procedures for Monitoring Bank Secrecy Act; and Special Rules for Adjudicatory Proceedings for Certain Holding Companies. Certification Form; Monitoring BSA; Special Rules   3/04/05

  • Greenspan On The Tax System

    Chairman Greenspan presented his views on the tax system in testimony before the President's Advisory Panel on Federal Tax Reform. He noted that an important principal to consider is predictability in the tax code to allow households and businesses can look into the future and have some reasonable degree of certainty about the future tax implications of decisions made today.
    Testimony   3/04/05

  • Payday Lending Guidance Revised

    The FDIC has issued a FIL regarding the revisions of its payday lending guidance to ensure that this high-cost, short-term credit product is not provided repeatedly to customers with longer-term credit needs. FDIC PR; FIL; Guidance  3/03/05

  • Greenspan Expresses Views On Economic Outlook

    In testimony before the House Budget Committee, Chairman Greenspan presented his view on the outlook on the economy and current fiscal issues. He noted that the U.S. economy delivered a solid performance in 2004, and thus far this year, activity appears to be expanding at a reasonably good pace. He also observed that the current budget position is unlikely to improve substantially in the coming years unless major deficit-reducing actions are taken. Testimony  3/03/05

  • FRB Releases Minutes

    The FRB has released the minutes of its discount rate meetings from January 3 through February 2, 2005.
    Minutes  3/03/05

  • Winter Issue Of Federal Reserve Bulletin Published

    The Winter 2005 issue of the Federal Reserve Bulletin had been published and includes articles on the following topics: “Indexes of the Foreign Exchange Value of the Dollar”; “Industrial Production and Capacity Utilization: The 2004 Annual Revision”; “Fair Value Accounting”; and “Report on the Condition of the U.S. Banking Industry: Third Quarter, 2004”. Winter Issue   3/03/05

  • IDAs A Tool For Bankers

    The OCC has published an edition of Community Developments Insights addressing Individual Development Accounts, or IDAs which describes how banks can use these matched savings programs as a tool to encourage lower-income persons and families to save money and thus build assets for particular financial goals.
    Insights   3/03/05

  • Three Working Papers Released

    The FRB has released International Finance Discussion working papers entitled: “International Risk-Sharing and the Transmission of Productivity Shocks”; ” Financial Market Developments and Economic Activity during Current Account Adjustments in Industrial Economies” and “Investment-Specific and Multifactor Productivity in Multi-Sector Open Economies: Data and Analysis”. Risk-Sharing; Market Developments; Productivity   3/03/05

  • OTS Publishes Final CRA Rule in Federal Register

    OTS has announced the publication of its final CRA rule to provide for additional flexibility to savings associations evaluated under the large retail institution test to determine the combination of lending, investment, and service it will use to meet the credit needs of the local communities in which it is chartered, consistent with safe and sound operations. PDF TXT  3/02/05

  • OTS Published Interim Final Rule in Federal Register

    OTS has issued an interim final regulation amending its rules of practice and procedure to provide streamlined to provide for expedited processing of certain actions to determine if a company is exercising a controlling influence over the management or policies of a savings association or
    savings and loan holding company. Under the new procedure, a company that holds no more than ten percent of the stock of a savings association may be found to control that savings association, thereby
    becoming an OTS-regulated entity. PDF TXT  3/02/05

  • Reg CC Amendment Proposed Regarding Remotely Generated Checks

    The FRB has requested public comment on a proposal to amend Regulation CC to set forth rules governing remotely created checks. The proposed amendments would create transfer and presentment warranties under which the depositary bank would warrant that the remotely created check that it is transferring or presenting to the paying bank is authorized by the person on whose account the check is drawn.
    Proposed Amendment  3/02/05

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding cashier's checks drawn on Flagstar Bank, Troy, Michigan. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/02/05

  • Trust Preferred Securities Final Rule Announced

    The FRB has announced the issuance of a Final Rule regarding trust preferred securities that allows the continued limited inclusion of trust preferred securities in the tier 1 capital of BHCs, in addition to addressing supervisory concerns, competitive equity considerations, and the accounting for trust preferred securities. Final Rule   3/02/05

  • OCC Second Quarter 2005 CRA Exam Schedule Released

    The OCC has released its CRA examination schedule for the second quarter 2005. CRA Exam Schedule   3/02/05

  • OTS Releases February 2005 CRA Ratings

    OTS has released the CRA ratings for savings associations that became publicly available during February 2005. CRA Ratings  3/02/05

  • 2004 FTC Enforcement Actions Report Issued

    The FTC has issued its annual report of Enforcement Actions taken in 2004 related to the TILA, CLA, ECOA, and EFTA. Annual Report   3/02/05

  • Agreements With Ohio Institutions Announced

    The FRB has announced the execution of a Written Agreement by and between Huntington Bancshares Incorporated, Columbus, Ohio, a bank holding company, and the Federal Reserve Bank of Cleveland, which addresses deficiencies relating to the company's corporate governance, internal audit, risk management and internal controls over financial reporting, accounting policies and procedures, and regulatory reporting. In addition, the OCC announced the execution of a formal agreement with Huntington National Bank, Columbus, Ohio, a wholly owned subsidiary of Huntington Bancshares Incorporated.
    FRB Written Agreement; OCC Formal  3/02/05

  • Pennsylvania Banker Issued Prohibition Order

    The FRB has announced that an Order of Prohibition has been issued against a former employee of two Pennsylvania banks who stole funds from his employers by inflating the amount of customer deposits and adding the surplus to his personal account. Order  3/02/05

  • Counterfeit Treasurer's And Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit treasurer's checks drawn on Eastern Bank, Boston, Massachusetts, and counterfeit cashier's checks drawn on First American Bank & Trust Company, Athens, Georgia. Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  3/01/05

  • Chicago Title Pays $7.5 Million CMP For RESPA Violations

    The OCC, OTS and HUD have announced that Chicago Title Company has consented to a cease and desist order and a concurrent $5 million civil money penalty as well as a $1.2 million penalty by the Texas Department of Insurance issued as part of joint investigation of the company's settlement practices. The agencies determined that Chicago Title engaged in a pattern of violations of section 4 of RESPA, by providing inaccurate HUD-1 Settlement Statements to federally insured depository institutions and borrowers. The OCC also announced today that two former bank officers involved in the fraudulent scheme have entered into consent prohibition and civil money penalty orders. OCC NR; OTS NR; Chicago Title Consent Order; Prohibition Order 1; Prohibition Order 2  3/01/05

  • CAMELS Confidentiality Advisory Issued

    The federal banking and thrift agencies have issued an interagency advisory to remind financial institutions that they are prohibited by law from disclosing their CAMELS rating and other nonpublic supervisory information without permission from the appropriate federal banking agency. The advisory results from insurers who have requested or required banks and savings associations to disclose their CAMELS rating during the underwriting process for directors and officers liability coverage. Advisory; FRB SL; OCC Bulletin; FDIC FIL; OTS NR  3/01/05

  • Final CRA Rule Announced By OTS

    OTS has announced the publication of its final CRA rule amending the large retail institution test for savings associations which is intended to reduce regulatory burden and improve the effectiveness of CRA.
    CRA Rule  3/01/05

  • OTS Amends Holding Company Rules

    OTS has issued an interim final regulation amending its rules of practice and procedure to provide streamlined procedures to determine whether a company qualifies as a savings and loan holding company, subject to certain aspects of OTS regulatory authority.
    Holding Company Rules
      3/01/05

  • FDIC CRA Exam Schedule Released

    The FDIC has released its CRA examination schedule for the Second Quarter 2005. CRA Exam Schedule  3/01/05

  • FinCEN Adjusts Strategic Plan

    FinCEN has announced some interim adjustments to its Strategic Plan for 2003-2008 to reflect the agencies growing role detecting terrorist financing and also reflect an organizational realignment. Plan  3/01/05

  • FRB To Stop Providing Definitive Municipal Securities Services

    The FRB has issued notice that it will stop providing services to depository institutions for the collection and processing of definitive municipal securities. The agency will stop accepting deposits of bonds and coupons on September 30, 2005, in addition to the withdrawal from the noncash collection service on December 30, 2005. Notice
      3/01/05

  • International Reserve Position Update

    Treasury has posted the U.S. International Reserve Position for the week ending February 25, 2005.
    International Reserve Position  3/01/05

02/14/2005

CRA ratings released

The OCC has released the ratings received by 41 national banks, federal savings associations and insured federal branches of foreign banks that were recently evaluated for compliance with the Community Reivestment Act (CRA). Five were rated outstanding, and 36 satisfactory.

02/14/2005

CRA ratings released

The OCC has released the ratings received by 41 national banks, federal savings associations and insured federal branches of foreign banks that were recently evaluated for compliance with the Community Reivestment Act (CRA). Five were rated outstanding, and 36 satisfactory.

01/31/2005

Top Stories for February 2005

  • FRB Requests CRA Revision Comments

    The FRB has requested public comment on proposed revisions to its regulations implementing the CRA that are intended to reduce regulatory burden on community banks. The proposed rulemaking is identical to proposals previously announced by the OCC and the FDIC. FRB PR  2/28/05

  • Regulators Enter Written Agreement With Individuals

    The FRB and the FDIC have announced the execution of a joint Written Agreement by and among the Federal Reserve Bank of New York and the FDIC with two individuals affiliated with NorCrown Trust.
    FRB PR; FDIC PR; Written Agreement  2/28/05

  • BSA And AML Deficiencies Result In Order

    The OCC has announced that due to deficiencies in internal controls regarding BSA and AML compliance, the Federal Branch of Arab Bank, PLC, New York, New York, has consented to an order under which it will contract its activities and convert to an agency office. The order replaced a previously interim order. Consent Order; Interim Order  2/28/05

  • FDIC Issues 2004 Annual Report

    The FDIC has issued its 2004 Annual Report. Index; Full Report  2/28/05

  • ABA Urges Action On Bankruptcy Legislation

    In emails sent to ABA members, Chairman Duke urged bankers to call their U.S. Senators regarding passage of Senate Bill 256, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. According to the ABA, the bipartisan legislation, which is scheduled to be voted on the week of February 28, would establish a bankruptcy system that protects those who most need protection while ensuring that those who can afford to pay at least part of their debts do pay.
    Senate Bill 256 2/25/05

  • Winter Issue Consumer News Published

    The FDIC has published the Winter 2004/2005 issue of Consumer News which contains information on following subjects: Tips for Simplifying Your Financial Life; Expecting a Tax Refund? Beware of Costly Loans and Other Pitfalls; New Studies Highlight Different ID Thefts; and Updates on FDIC Insurance.
    Winter Consumer News 2/25/05

  • Fourth Quarter Preliminary Interest Rate Risk Measures And Charge-Off Rates Released

    OTS has released the preliminary interest rate risk measures and the thrift industry charge-off rates for the fourth quarter 2004.
    Preliminary Measures; Charge-Off Rates 2/25/05

  • Bank And Thrift Earnings Set Record

    FDIC insured commercial banks and savings institutions reported net income of $123 billion in 2004, surpassing the previous record set in 2003 and representing the fourth consecutive year that industry earnings set a new record.
    Earnings Record 2/25/05

  • Fourth Quarter Edition of Quarterly Banking Profile Published

    The FDIC has published the fourth quarter edition of the Quarterly Banking Profile along with related publications.
    Quarterly Banking Profile;
    QBP Graph Book;
    QBP Statistics At-A-Glance;
    State Banking Performance Summary 2/25/05

  • Final Guidance On OD Protection Published in FR

    This guidance is intended to assist insured depository institutions in the responsible disclosure and administration of
    overdraft protection services. 70FR9127 txt 70FR9127 pdf 2/24/05

  • Changes To Regs Z And E To Be Discussed By CAC

    The FRB has announced that the Consumer Advisory Council will hold its next meeting on Thursday, March 17, 2005 in the Board's Martin Building in Washington, D.C. The session will begin at 9:00 a.m. and is open to the public. Anyone planning to attend the meeting must register online. Among the topics for discussion are proposed revisions of Reg Z and Reg E.
    Notice of Meeting;
    Registration Form 2/24/05

  • OCC Updates Handbook

    The OCC has revised the “Other Consumer Protection Laws and Regulations” booklet in the Comptroller’s Handbook. Interagency examination procedures have been updated for such laws and regulations including the Homeowners Protection Act, the Consumer Leasing Act, the "Disclosure and Reporting of CRA-Related Agreements," and the "Prohibition Against Use of Interstate Branches Primarily for Deposit Production." Update
    2/24/05

  • NCUA Releases Reform Proposal

    NCUA has released its January 2005 draft report entitled “Prompt Corrective Action Proposal for Reform”. The report discusses recommended statutory changes and provides details as to how NCUA would design a new risk-based system for federally insured credit unions. The proposed changes are designed to achieve comparability with the capital standards for FDIC-insured institutions by eliminating disparate differences in the standards.
    Proposal 2/24/05

  • International Reserve Position Released

    Treasury has released the U. S. International Reserve Position for the week ending February 18, 2005.
    Reserve Position 2/24/05

  • Fourth Quarter 2004 Charge-Off Report Issued

    The FRB has issued the Charge-Off and Delinquency Rates on Loan and Leases at Commercial Banks report for the Fourth Quarter 2004.
    Charge-Off Report 2/24/05

  • December 2005 G. 20 Released

    The G.20 Financial Companies report for December 2004 has been released by the FRB.
    G.20 2/24/05

  • Fedwire Forms Available Online

    FRB Financial Services has announced that Fedwire Funds and Fedwire Securities Authorization forms and instructions are now available online.
    Forms and Instructions 2/24/05

  • Reg CC Technial Amendment Published in FR

    The FRB is amending appendix A of Regulation CC to delete the reference to the Detroit branch office of the Federal
    Reserve Bank of Chicago and reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland and delete the reference to the Houston branch office of the Federal Reserve Bank of Dallas and reassign the routing numbers listed under that office to the head office of that Reserve Bank. 70FR8716 (txt) 70FR8716 (pdf) 2/24/05

  • Agencies Issue Final Guidance On OD Protection Programs

    The federal bank and credit union regulatory agencies have announced a final joint guidance to assist insured depository institutions in the disclosure and administration of overdraft protection programs.
    Fed Reg Notice;
    FRB PR;
    OCC NR;
    FDIC FIL;
    NCUA 2/22/05

  • CRA Evaluations Released By OCC

    The OCC has released the CRA evaluations for sixteen national banks that became public during the period of January 15, 2005 through February 14, 2005. Two of the banks received an outstanding rating, fourteen were rated satisfactory and none received a needs to improve or substantial noncompliance rating.
    CRA 2/22/05

  • February Issue New Electronic Interpretations and Actions Posted

    The OCC has posted online the February 2005 issue of New Electronic Interpretations and Actions.
    Electronic Interpretations 2/22/05

  • OTS Regulatory Bulletins Issued

    OTS has issued two regulatory bulletins, one dealing with Check 21 and the other concerning HMDA.
    Check 21 Bulletin;
    HMDA Bulletin 2/22/05

  • Check Processing Changes Announced For Three Fed Districts

    The FRB has announced amendments to Appendix A of Reg CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth, Seventh, and Eleventh Districts.Check Processing    2/18/05

  • FRB Website Gets Makeover

    The FRB has implemented improvements to its web site to make the statistical releases and historical data easier to use. The statistical releases are now grouped by the following subject areas: principal economic indicators, bank asset quality, bank assets and liabilities, bank structure data, business finance, exchange rates and international data, flow of funds accounts, household finance, industrial activity, interest rates, and money stock and reserve balances. The site also now has links to Board surveys.Redesigned    2/18/05

  • HOEPA March 2005 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 March 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly 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 prior to the month you received the application.
    Daily H. 15;
    Weekly H. 15    2/17/05

  • Enforcement Actions Announced

    The OCC has announced thirteen new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and seven terminations of existing enforcement actions.
    Enforcement Actions    2/17/05

  • Greenspan Presents Money Policy Report To Congress

    Chairman Greenspan presented the FRB’s semiannual Money Policy Report and testimony before the Senate Committee on Banking, Housing, and Urban Affairs.
    Testimony;
    Money Policy    2/17/05

  • FEDS Working Paper Published

    The FRB has published a working paper in the FEDS series entitled “An Empirical Analysis of Bond Recovery Rates: Exploring a Structural View of Default”.
    Abstract;
    Full Paper    2/17/05

  • G. 17 Report Issued

    The FRB has issued the G. 17 Industrial Production and Capacity Utilization report for January 2005.
    G. 17    2/17/05

  • Thrift Industy 2004 Earnings Announced

    OTS has announced that the nation’s thrift industry reported another year of sound financial results which were highlighted by record earnings and equity capital for the calendar year and last quarter of 2004.
    Highlights;
    Graphs and Charts;
    Selected Indicators    2/17/05

  • Money Smart Winter 2005 Issue Published

    The Winter 2005 issue of Money Smart News has been published by the FDIC.
    Money Smart    2/17/05

  • al Qaida Leader Added To SDN List

    OFAC has added an individual to the SDN list with the designation of SDGT. Information regarding the individual has been posted on the BOL OFAC page.    2/16/05

  • IDIG Available On CD-ROM

    The FDIC has issued a FIL that announces that the Inventory of Deposit Insurance Guidance (IDIG), is now available on a free CD-ROM as a resource tool primarily for bank employees who work with deposit insurance coverage issues.
    FIL;
    IDIG Order Form    2/16/05

  • Deputy Comptroller for Large Bank Supervision Named

    The OCC has announced that Joseph Evers has been appointed Deputy Comptroller for Large Bank Supervision.
    Evers    2/16/05

  • February FedFocus Published

    The Federal Reserve Financial Services has published the February 2005 issue of FedFocus which contains articles regarding: Highlighting the Check Payments Study, FedLine Advantage Availability, and the Benefits of Check 21.
    FedFocus    2/16/05

  • FDIC Releases 2005-2010 Strategic Plan

    The FDIC has released its strategic plan for the years 2005-2010.
    Strategic Plan    2/16/05

  • December TIC Data Released

    Treasury has released the TIC data for December 2004.
    TIC    2/16/05

  • International Reserve Position Update

    The International Reserve Position for the week ending February 11, 2004 has posted by Treasury.
    International Reserve    2/16/05

  • Cost Of Funds Reports Issued

    OTS has issued the December 2004 and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports.
    December Report;
    Historical Report    2/16/05

  • FDIC 2004 Annual Report Submitted

    As required by law, the FDIC has submitted its 2004 Annual Report to the President of the United States, the President of the U.S. Senate, and the Speaker of the U.S. House of Representatives.
    Annual Report    2/16/05

  • Special Alert Counterfeit Cashier’s Checks

    The FDIC has issued a Special Alert regarding counterfeit cashier’s checks drawn on BancFirst, Oklahoma City, Oklahoma. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    2/15/05

  • Unauthorized Banking Special Alert

    A Special Alert has been issued by the FDIC regarding First National of America Banc, Chicago, Illinois. The entity is not chartered by the OCC. There is no record of such a company being authorized or licensed to conduct the business of banking by the state of Illinois and the FDIC does not insure the entity or any products or services it may offer.
    Special Alert    2/15/05

  • Three Countries Removed From NCCT List

    FATF has announced that the Cook Islands, Indonesia and the Philippines have been removed from the NCCT list and that China has been invited to attend FATF meetings as an observer. In addition, a Best Practices paper has been published regarding the detecting and preventing the cross-border transportation of cash by terrorists and other criminals.
    FATF PR;
    Paper    2/15/05

  • FRB Revises Q & A

    The FRB has revised the Q & A found in the previously released Resolution Package regarding the board resolutions required from all Federal Reserve account holders and FedLine Advantage early adopters.
    Resolution Package    2/15/05

  • OD Protection Programs Final Guidance Issued

    OTS has issued a final guidance on overdraft protection programs for savings associations. The guidance is intended to assist institutions in ensuring adequate disclosures in connection with, and the responsible administration of, overdraft protection programs made available to their customers.
    Final Guidance    2/15/05

  • New Issue Of The Quarterly Review of Interest Rate Risk Published

    The Third Quarter 2004 issue of The Quarterly Review of Interest Rate Risk has been published by OTS and features an article on stripped mortgage-backed securities and risk management.
    Quarterly Review    2/15/05

  • BIF And SAIF Year End Results Released

    The FDIC has released the 2004 year end financial results for the BIF and SAIF funds.
    Results    2/15/05

  • Reg CC Technial Amendment Published in FR

    The FRB is amending appendix A of Regulation CC to delete the reference to the Birmingham branch office of the Federal Reserve Bank of Atlanta and reassign the Federal Reserve routing symbols currently listed under that office to the
    head office of the Federal Reserve Bank of Atlanta. 70FR7379   2/14/05

  • Counterfeit Cashier’s Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier’s checks bearing the name of First Bank of Canyon Creek, Richardson, Texas, a branch of First National Bank of Crockett, Crockett, Texas. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits Page.
       2/14/05

  • Comment Period Extended

    The federal banking and thrift regulatory agencies have extended for 45 days the comment period on the proposed changes to the data collection process that supports the Shared National Credit review of large syndicated loans. The public comment period will now end April 7, 2005.
    FRB;
    OCC;
    FDIC;
    OTS    2/14/05

  • OCC Updates Licensing Manual

    The OCC has revised the "Charters " and "General Policies and Procedures" booklets of the Comptroller’s Licensing Manual series and posted them on the OCC’s Web site. In addition, the “Internet” and the “National Bank Charter” booklets have been deleted from the Manual’s series.
    Charters;
    General Policies;
    Licensing Manual    2/14/05

  • Joint Enforcement Actions Issued

    The FRB and the FDIC have announced the issuance of joint enforcement actions against The NorCrown Trust and Charles Kushner who are required to pay civil money penalties totaling at least $12.5 million, to divest The NorCrown Trust's shares of NorCrown Bank, and to transfer the shares to a voting trust administered by an independent trustee until the divestiture is completed. Joint Orders;
    FRB PR
    ; FDIC PR   2/11/05

  • Prohibition Orders Issued By NCUA

    NCUA has issued orders prohibiting six individuals from participating in any manner in the affairs of federally insured financial institutions. NCUA PR; Orders    2/11/05

  • Regulators Discuss BSA And AML Compliance

    In separate presentations before the Florida International Bankers Association’s “Anti-Money Laundering & USA Patriot Act Compliance Conference”, OCC Acting Chief Counsel Stipano and FinCEN Director Fox addressed BSA and AML compliance issues. Stipano Speech Fox Speech    2/11/05

  • FYI Focuses On Home Price Cycle

    The FDIC has posted online the February edition of FYI which features an article on the topic, “U.S. Home Prices: Does Bust Always Follow Boom?”. FYI    2/11/05

  • B of A Executes Enforcement Agreements and Pays $375 Million

    The FRB has announced the execution of a Written Agreement by and between Bank of America Corporation, Charlotte, N.C., a bank holding company, and the Federal Reserve Bank of Richmond. In addition, OCC announced the execution of a Written Agreement with Bank of America, N.A., Charlotte, N.C. and the SEC announced the execution of an administrative Order against Banc of America Capital Management LLC, a registered investment adviser, BACAP Distributors, LLC, a registered investment adviser, and Banc of America Securities, LLC, a registered investment adviser and broker dealer, which requires the payment of $375 million and the exiting of the mutual funds clearing business.FRB Written Agreement; OCC Written Agreement; SEC Order    2/10/05

  • Comments Sought Regarding Extension Of Federal Reserve Reports

    The FRB is seeking comments regarding a proposal to approve the extension for three years, without revision, of the following reports: FR 2226, FR 2225, FR Y-3, FR Y3N, FR Y-4, and FR K-1. Proposal    2/10/05

  • Federal Reserve Final Rule in FR

    on the Extension of Credit by Federal Reserve Banks. The final amendments to Regulation A have been adopted to reflect the Board’s approval of an increase in the primary credit rate at each Federal Reserve Bank, which also increases the secondary credit rate at each
    Reserve Bank automatically by formula as a result of the Board’s primary credit rate action. Effective date: The amendments to part 201 (Regulation A) are effective February 9, 2005. The rate changes for primary and secondary credit were effective on the dates specified in 12 CFR 201.51, as amended. Final Rule Published in FR 2/09/05.    2/09/05

  • Sixth District Check Processing Restructuring To Start In March

    The FRB has announced amendments to Appendix A of Reg. CC that reflect the restructuring of the check processing operations in the Sixth Federal Reserve District. These amendments, which are effective March 26, 2005, are the first in a series will take place through the first quarter of 2006, associated with the previously-announced restructuring of the Reserve Banks' check processing operations which were featured in the September 28, 2004 BOL Top Stories. Restructuring   2/09/05

  • Unauthorized Banking Alert

    The OCC has issued an Alert regarding an entity that calls itself "First National of America Banc," and uses a Chicago, Illinois address. The OCC has not authorized this entity to operate as a bank, and no record exists of its being authorized or licensed by the state of Illinois to conduct the business of banking. Alert    2/09/05

  • International Reserve Position Update

    Treasury has released the U.S. International Reserve Position for the week ending February 4, 2005.
    Reserve Position    2/09/05

  • OTS Budget Plan Released

    OTS has released its FY 2005 Performance Budget Plan. Plan    2/09/05

  • CRA Ratings Issued By FDIC

    The FDIC has announced the CRA evaluation ratings that were issued to state nonmember banks in November 2004.
    CRA Ratings; FDIC PR    2/08/05

  • Loan Officer Opinion Survey Results Published

    The results of the January 2005 Senior Loan Officer Opinion Survey on Bank Lending Practices, along with tables and charts, has been published by Treasury. Survey questions included: why nonbank investors have increased their participation in the C&I loan market, the effect of changes over the past year in their terms on commercial real estate loans, and why the share of industry assets accounted for by residential real estate loans has increased over the past three years. Full Report; Table 1; Table 2; Charts   2/08/05

  • Consumer Credit Report Released

    The December 2004 G.19 Consumer Credit Report has been released by the FRB. G.19   2/08/05

  • Blue Book Released

    Treasury has released the Blue Book which summarizes the revenue proposals in the President's Fiscal Year 2006 Budget. Blue Book   2/08/05

  • OCC Predatory Lending Guidance Published

    The new OCC Guidelines designed to protect against national bank involvement in predatory, abusive, unfair, or deceptive residential mortgage lending practices have now been published in the Federal
    Register. Effective Date: 4/18/05 PDF; TXT   2/07/05

  • Seven Banks Pay CMP For OFAC Violations

    The monthly OFAC CMP Enforcement Information report for February 2004 reveals that seven banks were cited for violations of OFAC Sanctions Programs regarding Sudan, Iran, Libya and Cuba. The CMPs imposed ranged from $2,760 to $30,800. Only one of the banks voluntarily disclosed its violation.
    OFAC CMP   2/07/05

  • Examiner Borrowing Rule Amended

    The FRB has issued a SL that announces the amendment of the rules regarding borrowings by a bank examiner. The amendment provides narrow exceptions that enable an examiner to obtain credit cards and certain home mortgage loans from a broader range of lenders.
    SL; Amendment   2/07/05

  • FDIC Announces Enforcement Orders

    The FDIC has announced that nineteen administrative enforcement actions were taken against banks and individuals in December 2004. The actions included six cease and desist orders, three removal and prohibition orders, three civil money penalty orders, one termination of insurance order, and six orders terminating orders to cease and desist. Orders   2/07/05

  • Greenspan Observations On U.S. Trade Deficit

    In a presentation before the Advancing Enterprise 2005 Conference in London, FDIC Chairman Greenspan noted that the advance of information and communications technology has effectively shrunk the time and distance that separates world markets. He observed that the movement of saving accounts across national borders to fund investments has negatively impacted the U.S. trade deficit. In addition, he remarked that the increase in U.S. home mortgage debt correlates significantly with the trade deficit.
    Speech   2/07/05

  • Proposed Rule: NCUA

    Request for Burden Reduction Recommendation; Safety and Soundness and Anti-Money Laundering Regulations; Economic Growth and Regulatory Paperwork Reduction Act of 1996 Review. Today, we request input to help identify which requirements in two regulatory categories—Safety and Soundness and Anti-Money Laundering—are outdated, unnecessary, or unduly burdensome. Comment Deadline 5/5/05. PDF; TXT    2/04/05

  • Request For Comments Creates Buzz On Treads

    A notice posted in the Federal Register and a FIL regarding a request by the federal financial institution regulators for comments and suggestions is a hot topic on the Watercooler and CIP and BSA/PATRIOT Act Issues forums of BOL Bankers’ Threads. The topic that has created the uproar is - how to reduce the regulatory burdens regarding money laundering, safety and soundness, and securities rules. Read the notice and the reactions of your fellow BOL Users, add your thoughts to theirs and submit your comments.
    Notice;
    Fed Reg;
    FIL;
    BOL Watercooler Forum; BOL CIP and BSA/PATRIOT Act Issues Forum; Submit Comments   2/0/05

  • Proposed Rule: The OCC, Board, FDIC, and OTS

    (‘‘we’’ or ‘‘the Agencies’’) are reviewing our regulations to identify outdated, unnecessary, or unduly burdensome regulatory requirements pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). Commment Deadline 5/4/05 PDF; TXT    2/03/05

  • OCC Issues Predatory Lending Guidelines

    The OCC has issued a Bulletin announcing new residential real estate lending standards as an additional step to protect against national banks becoming involved in predatory, abusive, unfair, or deceptive residential mortgage lending practices. The standards described in the guidelines are to be enforcead by part 30 of the OCC’s regulations. Bulletin;
    Guidelines; Part 30    2/03/05

  • C & D And Consent Orders Issued

    A cease and desist order regarding BSA and AML compliance has been issued by the FRB against Banco de Chile, Santiago, Chile, and Banco de Chile's Miami branch. In a separate, coordinated action, the OCC issued a Consent Order against the institution and branch. C & D; Consent Order    2/03/05

  • Disposal Of CI FIL Issued

    The FDIC has issued a FIL regarding the previously announced Interagency Guidelines Requiring the Proper Disposal of Consumer Information. Notice of the Guidelines was posted in the December 22 and 28, 2004 BOL Top Stories. FIL    2/03/05

  • FOMC And Board Raise Rates

    The FOMC has raised its target for the federal funds rate by 25 basis points and the Board of Governors has approved a 25-basis-point increase in the discount rate. Rates   2/03/05

  • FEDS Working Paper Published

    The FRB has published a working paper in the FEDS series entitled, “Density Selection and Combination Under Model Ambiguity: An Application to Stock Returns’. Working Paper    2/03/05

  • Counterfeit Money Orders Special Alert

    A Special Alert has been issued by the FDIC regarding counterfeit money orders bearing the name and routing number of Boone Bank & Trust Co., Boone, Iowa. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.    2/02/05

  • FDIC Updates Insurance Guide and EDIE

    The FDIC has updated The Financial Institution Employee’s Guide to Deposit Insurance and the Electronic Deposit Insurance Estimator (EDIE) System–Banker Version 2.1, both of which can be downloaded from the FDIC’s Web site. Guide; EDIE   2/02/05

  • Fraudulent FDIC Email Phishing Special Alert

    The FDIC has issued a Special Alert regarding emails that are being sent to consumers that appear to be from the FDIC. Consumers are requested to go to a fraudulent Web site is designed to look like a page from the FDIC's authentic Web page, where the individual is then directed to provide sensitive financial and personal information. Phishing Special Alert   2/02/05

  • CRA Ratings Announced

    OTS has announced the CRA performance evaluations for the savings associations that became publicly available during January 2005. CRA Evaluations   2/02/05

  • Winter Edition Of Community Developments Investments Published

    The OCC has published the Winter 2004/2005 edition of Community Developments Investments, which provides a guide for banks interested in creating and operating a CDC within their institutions.Winter 2004 Investments   2/02/05

  • NCUA Issues Examiner Guidance White Paper

    An examiner guidance white paper entitled, “Supervising Community Development Credit Unions – Balancing Their Mission and NCUA’s Regulatory Responsibilities,” has been issued by NCUA. White Paper   2/02/05

  • International Reserve Position

    Treasury has released the U.S. International Reserve Position for the week ending January 28, 2005.
    Reserve Position   2/02/05

  • January Foreign Exchange Rates Released

    The G. 5 foreign exchange rates report for January 2005 has been released by the FRB. G.5   2/02/05

  • Two International Finance Discussion Papers Published

    The FRB has published two working papers in the International Finance Discussion series with the following titles: “An Assessment of the Impact of Japanese Foreign Exchange Intervention: 1991-2004” and “Expansionary Fiscal Shocks and the Trade Deficit”. Assessment; Expansionary   2/02/05

  • CEO Letter Regarding OFAC Blocked Transaction And SARs

    OTS has issued a CEO Letter regarding the previously announced FinCEN interpretive guidance that clarifies that reports filed with OFAC of blocked transactions will fulfill the requirement to file a SAR. Information regarding the guidance was posted December 23, 2004 in BOL Top Stories.
    CEO Letter   2/01/05

  • FDIC ID Theft Symposium Information

    The FDIC has posted on its Web site the agenda and registration information for a ID Theft Symposium, “Fighting Back against Phishing and Account Hijacking”, to be held February 11, 2005 at the AED Conference Center in Washington, D.C.
    Symposium Information
       2/01/05

  • Market Financing Estimates Announced

    Treasury has announced its market financing estimates for the first and second quarters of 2005.
    Estimates   2/01/05

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