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Top Story Security Related

10/31/2005

Top Stories for November 2005

  • OCC Updates Licensing Manual

    The "General Policies and Procedures" booklet of the OCC Licensing Manual has been revised with the addition of guidance and procedures for filing an application to substantially increase or decrease the bank's assets and guidance for operating branches at historic properties.
    Manual   11/30/05

  • Bulletin Issued Regarding FACT Act Medical Information Final Rule

    The OCC has issued a bulletin regarding the previously announced Final Rule concerning creditors obtaining or using medical information pertaining to a consumer in connection with any determination of the consumer's eligibility, or continued eligibility for credit. Information regarding the Final Rule was posted in the BOL Top Stories for November 22, 2005.
    Bulletin;
    Final Rule Correction   11/30/05

  • Three Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on East West Bank, San Marino, California; First National Bank, Hermitage, Pennsylvania; and San Angelo National Bank, San Angelo, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/30/05

  • Anti-Fraud Resources Added To OCC Web Site

    The OCC Web site now provides consumers and bankers with information and resources to effectively identify, report, and combat fraud.
    Anti-Fraud Resources   11/30/05

  • Minutes Of Discount Rate Meetings Released

    The FRB has released the minutes of its discount rate meetings from October 3 through November 1, 2005.
    Minutes   11/30/05

  • International Reserve Position Update

    Treasury has updated the U. S. International Reserve Position with the inclusion of new data as of November 25, 2005.
    Reserve Position   11/30/05

  • TIAC Officers And Directors Announced

    The FRB has announced the names of five new members of the TIAC and the 2006 President and Vice President.
    TIAC
      11/30/05

  • Independent Audit Threshold Raised

    The FDIC has issued a FIL regarding the publication of a Final Rule that raises the asset-size threshold for internal control assessments by management and external auditors.
    FIL;
    Final Rule   11/29/05

  • FRB Publishes Remotely Created Checks Final Rule in FR

    The FRB has approved amendments to Reg CC that define "remotely created checks" and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited. 70FR71218 pdf 70FR71218 txt   11/28/05

  • Revised Trust Examination Manual Online

    The FDIC has revised the Trust Examination Manual by adding a new section to cover Registered Transfer Agent activities. It is available free online and for purchase in a CD format.
    Manual;
    Order CD   11/28/05

  • IT Examiner Training Program Modified

    The FRB has issued a SL that modifies the training program for IT examiners.
    SL   11/28/05

  • Zimbabwe SDN Designations Recertified

    OFAC has recertified some of the SDNs previously designated under the Zimbabwe program. All of the recertified names appear as changes in OFAC’s SDN changes files, but not all of the recertified names have actually changed. Information concerning the recertification has been posted on the BOL OFAC page.   11/28/05

  • 2006 FRB Chairmen And Deputy Chairmen Announced

    The FRB has announced the appointment of chairmen and deputy chairmen for 2006 for each of the twelve FR banks.
    Appointments   11/28/05

  • Twelve CRA Evaluations Released

    The OCC has released the ratings received by twelve national banks that were recently evaluated for compliance with the CRA.
    Ratings   11/23/05

  • FCRA Exam Procedures

    A bulletin has been issued by the OCC regarding the approval of the FFIEC's Task Force on Consumer Compliance of revised interagency FCRA examination procedures for consumer compliance issues. New requirements apply to banks that are consumer reporting agencies or that use consumer reports. Bulletin    Exam Procedures   11/23/05

  • Unauthorized Banking Special Alert

    A Special Alert has been issued by the FDIC regarding three entities that may be conducting unauthorized banking activities connected with Nigerian letter scams in the U. S. and Canada. Unauthorized   11/23/05

  • Four Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on Sheridan State Bank, Sheridan, Wyoming; First National Bank USA, Boutte, Louisiana; Applied Card Bank (formerly known as Cross Country Bank), Wilmington, Delaware; and Mills County State Bank, Goldthwaite, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/23/05

  • 314a Facts And Figures Updated

    FinCEN has updated the 314a Fact Sheet to include data as of November 22, 2005. Over fourteen million dollars has been located involving over three thousand transactions.
    314a   11/23/05

  • November Electronic Interpretations and Actions Announced

    The OCC has announced the New Electronic Interpretations and Actions for November 2005.
    Electronic   11/23/05

  • FDIC Reports Earnings At Record Levels

    Commercial banks and savings institutions insured by the FDIC reported record net income for the third quarter of 2005. Strong growth in noninterest income at larger institutions provided much of the improvement in earnings. Provisions for loan losses and net loan chargeoffs both increased for the first time in three years. Preliminary results for the third quarter are contained in the FDIC's latest Quarterly Banking Profile.
    Quarterly Banking Profile   11/23/05

  • Third Quarter TFR Data Released

    OTS has released the TFR Data for the Third Quarter 2005.
    TFR Data   11/23/05

  • Remotely Created Checks Final Rule Issued

    The FRB has approved amendments to Reg CC that define "remotely created checks" and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited. Final Rule   11/22/05

  • 2006 Financial Services District Fee Schedules Announced

    FRB Financial Services has announced the district fee schedules for 2006. Fee Schedule   11/22/05

  • Counterfeit Checks Alerts Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on First National Bank, Hermitage, Pennsylvania, and the FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on Chinatrust Bank (U.S.A.), Torrance, California, and Bay Cities National Bank, Redondo Beach, California; missing, lost, or stolen cashier's checks drawn on The Heritage Bank, Hinesville, Georgia; and counterfeit official and expense checks drawn on Prosperity Bank, El Campo, Texas. Information concerning the counterfeit and missing items has been posted on the BOL Alerts & Counterfeits page.   11/22/05

  • FACTA Medical Information Rules Published

    The OCC/FRB/FDIC/OTS/NCUA published the final rule to the Fair Credit Reporting Medical Information Regulations in the Federal Register. This final rule was previously reported in the Top Stories on 11/18/05. Final Rules   11/22/05

  • Consumer News Focuses On Helping Seniors Remain Fiscally Fit

    The Fall 2005 issue of FDIC Consumer Guide features a special guide for senior and families that contains articles on the following topics: Helping Your Money Last... After Your Last Paycheck; Annuities for Retirees: What to Consider Before You Invest; Retirement Strategies for All Ages: A "To-Do" List; Avoiding Frauds that Target the Elderly; How to Simplify and Organize Your Finances; Giving Others Access to Bank Accounts and Safe Deposit Boxes; and 7 Things to Know About FDIC Insurance. Consumer Guide   11/22/05

  • Thrift Industry Has Record Quarter

    The financial results of the nation’s thrift industry for the third quarter of 2005 have been released by OTS. The industry posted its fourth consecutive record of quarterly earnings.
    Third Quarter Highlights   
    Charts   
    Selected Indicators  11/22/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of the data from November 18, 2005.
    Reserve Position   11/22/05

  • Three Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the name of or a name similar to Guaranty Bond Bank, Mount Pleasant, Texas; The San Francisco, California, branch of First Republic Bank, Las Vegas, Nevada; and Chino Commercial Bank, N.A., Chino, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/21/05

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on the First National Bank USA of Boutte, Louisiana. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  11/18/05

  • FACT ACT Medical Information Rules Finalized

    The federal financial institution regulatory agencies have finalized the FACT Act rules on medical information, Regulation V and Regulation FF. Final Rule; FRB PR; OCC NR; OTS; FDIC; NCUA.  11/18/05

  • Form 4 Online

    The FDIC has issued a FIL which contains a copy of the FFIEC 004 report that may be used to comply with the reporting requirements of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 which requires the executive officers and principal shareholders of each bank to submit an annual report to their board of directors on their indebtedness, and that of their related interests, to correspondent banks. FIL; Form 004  11/18/05

  • Enforcement Actions Released

    The OCC has released a list of the new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions.
    Actions  11/18/05

  • Post-Employment Restrictions for Senior Examiners Announced



    The federal bank and thrift regulatory agencies have issued final rules to implement a special post-employment restriction on certain senior examiners employed by an agency or Federal Reserve Bank.
    Post-Employment FRB PR; OCC NR; OTS; FDIC  11/18/05

  • RESPA Violations Mortgage Kickback Case Settled

    The FDIC and HUD have announced a $150,000 settlement with a mortgage company in New England for violations of the RESPA. HUD and FDIC found that the company solicited and received tickets from certain settlement service providers to athletic events as well as music concerts and restaurant gift certificates in exchange for the referral of business. Settlement  11/18/05

  • FDIC Conducts Survey

    The FDIC is conducting a confidential nationwide banker survey to evaluate, among other things, the effectiveness and adequacy of the FDIC's current inventory of deposit insurance publications and job aids designed to help bank employees understand deposit insurance coverage. Survey   11/18/05

  • G.17 Report Issued

    The G.17 Industrial Production and Capacity Utilization Report for October 2005 has been issued by the FRB.
    G.17  11/18/05

  • December HOEPA Reference Rates Established

    The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in December 2005 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15  11/17/05

  • Regulators Seek Comments On Proposed CRA Q & As

    The FDIC, the FRB and the OCC have published an informal staff guidance on community reinvestment in the form of thirteen proposed Q & As and are seeking public comments. FDIC FIL; Proposal  11/17/05

  • FedFlash November Issue Published

    FRB Financial Services has published the November 2005 issue of FedFlash which contains articles on the new notification system for expiring FedLine credentials, additional FedReceipt endpoints, security measures for FedLine credentials, help reducing risks of clearing Canadian checks, and news from the Fed Districts. FedFlash  11/17/05

  • September International Capital Data Released

    Treasury has released the September 2005 International Capital Data report. Capital Data  11/17/05

  • OCC Issues Interim Final Rule to amend its regulation concerning the timing of
    payments of OCC assessments.

    This interim final rule replaces the current
    process of assessment collection, which requires national banks to make the initial calculation of the amount due to the OCC. This interim rule changes the assessment collection
    process only. PDF; TXT   11/17/05

  • Joint Agencies Publish Final Rule implementing the Intelligence Reform Act

    The OCC, Board, FDIC and OTS (the Agencies) have jointly adopted final rules to implement section 6303(b)
    of the Intelligence Reform and Terrorism Prevention Act of 2004, which imposes post-employment restrictions
    on senior examiners of depository institutions and depository institution holding companies. PDF; TXT   11/17/05

  • Revised SOP On NHPA Proposed

    The FDIC has issued a FIL regarding the proposed revision of its Statement of Policy (SOP) on the National Historic Preservation Act of 1966 (NHPA) to reflect the FDIC's experience and practices in applying the current SOP and statutory changes to the NHPA and its implementing regulations. FIL; Proposed Statement  11/16/05

  • Enforcement Actions Announced

    Twenty-six administrative enforcement actions taken against banks and individuals in September 2005 have been announced by the FDIC. The actions include fourteen removal and prohibition orders, nine civil money penalty orders, one cease and desist order, and two terminations of cease and desist orders. Enforcement Actions  11/16/05

  • BSA/AML Examination InfoBase Updated

    The FFIEC has updated the InfoBase to include questions and answers from the August 2005 BSA/AML Examination Manual Outreach events and a user-friendly bookmarked version of the Manual. Q & As; Manual  11/15/05

  • Greenspan Discusses The Role Of The Central Bank

    In a video presentation to the participants at the Banco de Mexico's 80th Anniversary International Conference in Mexico City, FRB Chairman Greenspan discussed the role of the Central Bank and its impact on stability and economic growth. He noted that an environment of greater economic stability has been the key to the impressive growth in the standards of living and economic welfare in the Untied States. Speech  11/15/05

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report to include data as of November 10, 2005. Reserve Position  11/15/05

  • Check Alerts Issued

    The OCC has issued two Alerts regarding fraudulent official checks issued in the name of Chino Commercial Bank, N.A., Chino, California, and counterfeit cashier's checks issued in the name of Bay Cities National Bank, Redondo Beach, California. Information concerning the checks has been posted on the BOL Alerts & Counterfeits page.  11/14/05

  • Regulators' Comments Regarding Basel II

    In testimony before the Senate Banking Committee, Comptroller Dugan stated, "Basel II will promote significant advances in risk management that will benefit supervisors and banks alike and substantially enhance safety and soundness," and FDIC Chairman Powell noted, "The FDIC views the extremely low capital numbers coming out of Basel II's formulas . . . as examples of why, under Basel II, the leverage ratio would play a more important role than ever in ensuring the soundness of our banking system." Dugan Statement; Dugan Testimony; Powell Testimony   11/14/05

  • Interstate Banking & Interest Rates - Notice of Proposed Rulemaking

    The FDIC issued a FIL containing a notice of proposed rulemaking to clarify which state laws apply to branches of out-of-state, state-chartered banks and to clarify the interest rates that state-chartered banks may charge. FIL  11/14/05

  • NCUA Chairman Responds To ABA Complaints

    NCUA Chairman Johnson has issued a statement regarding the complaints filed by the American Bankers Association in United States District Courts in Utah and Pennsylvania. NCUA Statement; ABA NR; Utah Compliant; Pennsylvania Compliant  11/14/05

  • FRB Published Final Rule to Reg A increasing Credit Rate

    The Federal Reserve Board
    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. PDF; TXT  11/14/05

  • Columbia Drug Lord and Associates Added to OFAC List

    Treasury has announced the designation of Wilber Varela, a.k.a. "Jabon," as a principal SDNT of the North Valle drug cartel and the addition of his name to the SDN list along with those of four related companies and ten other North Valle associates. Information regarding the additions has been posted on the BOL OFAC page.   11/10/05

  • BIF and SAIF Third Quarter Results Released

    The FDIC has released the Third Quarter 2005 results for the BIF and SAIF insurance funds.
    Third Quarter Results   11/10/05

  • Three Counterfeit Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on Legacy Bank, Milwaukee, Wisconsin; and counterfeit official checks drawn on PFF Bank & Trust, Pomona, California, and The Farmers National Bank, Lebanon, Kentucky. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeit page.   11/9/05

  • 2006 HMDA Edits And File Specs Posted

    The FFIEC has posted online the 2006 HMDA Edits and File Specifications. Edits; File Specifications  11/9/05

  • FDIC Rates Unchanged

    The FDIC has announced that the current deposit insurance assessment rates charged to insured banks and savings associations will remain unchanged for the first half of 2006. Rates  11/9/05

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report to include data as of November 4, 2005. Reserve Position  11/9/05

  • Monetary Policy Working Paper Published

    The FRB has published a working paper in the FEDS series on the topic of "Monetary Policy with Imperfect Knowledge". Abstract; Full Paper  11/9/05

  • Counterfeit Checks Special Alerts Issued

    Three Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on BankNewport (formerly known as Bank of Newport), Newport, Rhode Island; counterfeit official checks drawn on Putnam Savings Bank, Putnam, Connecticut; and counterfeit checks drawn on Indiana First Savings Bank, Indiana, Pennsylvania. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  11/8/05

  • G.17 And G.19 Reports Released

    The FRB has released the 2005 Annual Revision of the G.17 Industrial Production and Capacity Utilization Report and the September 2005 G.19 Consumer Credit Report. G.17; G.19.  11/8/05

  • Bank Lending Practices Survey Results Published

    The results of the October 2005 Senior Loan Officer Opinion Survey on Bank Lending Practices have been published by the FRB. Survey Results.  11/8/05

  • FRB Publishes Interim Rules Regarding Equal Opportunity

    FRB published an Interim Rule in the FR that would amend the section of its Rules Regarding Equal Opportunity governing the employment of persons who are not citizens consistent with the Board’s requirements for the security of its information. The amendments would clarify the limitations on access to sensitive information for non-citizen employees. PDF; TXT Comments are requested by 1/9/06. This interim rule is effective 11/8/05.  11/7/05

  • Counterfeit Checks Special Alerts

    The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on Webster Bank, National Association, Waterbury, Connecticut, and counterfeit cashier's checks bearing the name of Citizens National Bank, N. A., Bossier City, Louisiana. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  11/7/05

  • Enforcement Action Requires Bank Subsidiary To Reimburse Borrowers

    The OCC has announced a Formal Agreement with The Laredo National Bank, Laredo, Texas, and its subsidiary, Homeowners Loan Corporation (HLC) which requires HLC to strengthen its policies and control systems to ensure compliance with all applicable consumer protection laws, regulations and OCC guidance, and reimburse borrowers who were harmed due to the lack of appropriate controls.
    Formal Agreement  11/7/05

  • CRA Ratings Released

    The FDIC has released the CRA ratings assigned in August 2005 to state nonmember banks that were evaluated for compliance with the CRA. CRA Ratings  11/7/05

  • Working Papers Published

    The FRB has published new working papers in both the FEDS and IFDP series on the following topics: FEDS – "Measuring Counterparty Credit Exposure to a Margined Counterparty”: and IFDP – "DSGE Models of High Exchange-Rate Volatility and Low Pass-Through" and "Explaining the Global Pattern of Current Account Imbalances". DSGE Abstract; DSGE Full Paper; Explaining Abstract; Explaining Full Paper; Measuring Abstract; Measuring Full Paper  11/7/05

  • Counterfeit Cashier's Checks Alerts

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on The Farmers National Bank of Lebanon, Kentucky. The FDIC has issued two Special Alerts regarding counterfeit expense checks drawn on Peoples Bank of Louisiana, Amite, Louisiana, and Counterfeit money orders and cashier's checks drawn on Monson Savings Bank, Monson, Massachusetts. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   11/4/05

  • SE Asian Drug Traffickers Added To OFAC List

    Treasury has identified 11 individuals and 16 companies that are part of the financial and commercial network of designated significant foreign narcotics trafficker Wei Hsueh-kang and the United Wa State Army (UWSA). Their names were added to the SDN list and designated as SDNTKs. Information regarding the additions was been posted on the BOL OFAC page.   11/4/05

  • 2006 FRB Services Fee Schedule Announced

    The FRB has approved fee schedules for FRB priced services for depository institutions, effective January 3, 2006.
    Fees;
    Customer Letter;
    Check Pricing   11/4/05

  • Economic Outlook From Greenspan

    In testimony before the Joint Economic Committee of Congress, Chairman Greenspan expressed his view on the outlook for the economy. He noted the longer-term prospects for the U.S. economy remain favorable; however, more uncertainty surrounds the outlook for inflation.
    Testimony   11/4/05

  • FedFocus Year End Review Published

    The special November FedFocus 2005 Year-in-review issue looks back at 2005 to highlight the year's innovations, enhancements and important developments. It also provides a sneak peek at what's to come in 2006.
    FedFocus   11/4/05

  • NCUA Chairman Testifies On CU Taxation

    In testimony before the House Ways and Means Committee, Chairman Johnson stated that the credit unions’ tax exemption is vital to the long-term stability and safety and soundness of the nation’s credit union system.
    Testimony   11/4/05

  • International Reserve Position Update

    The U.S. International Reserve Position has been updated by Treasury to include data as of October 28, 2005.
    Position   11/4/05

  • Guidance Issued Regarding Examination Treatment Of Tobacco Payments

    The FRB has issued a SR that provides guidance to examiners with regard to the proper treatment of assignments of tobacco transition payments and successor-in-interest contract payments under the USDA Tobacco Transition Payment Program (TTPP or Tobacco Buyout Program).
    SR   11/3/05

  • New Edition Of Banking Accounting Advisory Series Published

    The OCC has published the October 2005 edition in the Banking Accounting Advisory Series which expresses the regulator's current views on topic of interest to national banks including but not limited to: troubled debt restructurings, commitments, loan recoveries, account for acquisitions, push-down purchase accounting and related party transactions.
    Advisory Series   11/3/05

  • Five More Counterfeit Special Alerts Issued

    The FDIC has issued five Special Alerts regarding counterfeit money orders and treasurer's checks drawn on Country Bank for Savings, Ware, Massachusetts; counterfeit cashier's checks drawn on Valley National Bank, Wayne, New Jersey; counterfeit checks drawn on Ulster Savings Bank, Kingston, New York; counterfeit cashier's checks drawn on Millbury Savings Bank, Millbury, Massachusetts; and counterfeit official checks drawn on Hampden Bank, Springfield, Massachusetts. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   11/2/05

  • OCC Committed To Effective BSA/AML Supervision

    In a presentation to the participants attending the money laundering conference sponsored jointly by the American Bankers Association and the American Bar Association, Comptroller Dugan stated that the OCC is committed to a process of BSA/AML supervision and enforcement that is not only effective, but also measured and fair.
    Speech   11/2/05

  • CRA Ratings Released

    OTS has released the CRA ratings received by savings associations that were recently evaluated for compliance with the CRA.
    Ratings   11/2/05

  • Rates Raised

    The FOMC has announced that it has raise its target for the federal funds rate by 25 basis points and the Board of Governors approved a 25-basis point increase in the discount rate.
    Rates   11/2/05

  • Powell Resigns

    FDIC Chairman Powell has announced his resignation to assume a new position to coordinate the efforts to rebuild the Gulf Coast areas affected by the recent hurricanes.
    Resignation   11/2/05

  • Foreign Exchange Rates Report Issued

    The G.15 Foreign Exchange Rate report for October 2005 has been issued by the FRB.
    G.15   11/2/05

  • Eight Stolen And Counterfeit Items Special Alerts Issued

    The FDIC has issued eight Special Alerts regarding counterfeit and stolen expense checks as well as stolen trust and asset management checks of American Bank, National Association, Corpus Christi, Texas; stolen official checks and money orders drawn on TCF National Bank, Wayzata, Minnesota; counterfeit cashier's checks drawn on Union Bank of California, National Association, San Francisco, California; counterfeit cashier's checks drawn on Washington Trust Bank, Spokane, Washington; counterfeit cashier's checks drawn on Marine Bank, Springfield, Illinois; counterfeit cashier's checks drawn on Farmers and Merchants Bank of South Carolina, Holly Hill, South Carolina; counterfeit official checks drawn on Concordia Bank & Trust Company, Vidalia, Louisiana; and counterfeit official checks drawn on First National Bank in Alamogordo, Alamogordo, New Mexico. Information concerning the stolen and counterfeit items has been posted on the BOL Alerts & Counterfeits page.   11/1/05

  • New Issue SAR Activity Review Published

    FinCEN has published the 9th issue of the SAR Activity Review which features trends, tips and issues regarding SARs.
    Activity Review   11/1/05

  • NCUA Enforcement Orders Announced

    An order of assessment of a $22,000 civil money penalty against Arrowhead Central Credit Union, San Bernadino, California for late submissions of data required HMDA has been announced by NCUA along with three Prohibition Orders against former CU officers.
    CMP; Prohibition Orders   11/1/05

10/01/2005

Top Stories for October 2005

  • FinCEN Announces New BSA Service

    BSA Direct, a new FinCEN service that will allow authorized users to access and analyze BSA data, is scheduled to be operational in January 2006.
    BSA Direct   10/31/05

  • MSB Registration List And Order Form Back Online

    FinCEN has reposted the MSB Registration List State Selector and the MSB Material Information Order Form on its Web site. They both were taken offline in September 2005 for a security analysis.
    MSB   10/31/05

  • Working Paper Published

    The FRB has published a working paper in the IFD series on the topic of “The Response of Global Equity Indexes to U.S. Monetary Policy Announcements”.
    Abstract;
    Full Paper   10/31/05

  • August G.20 Report Release

    The G.20 Finance Companies report for August 2005 has been released the FRB.
    G.20   10/31/05

  • FDIC Final Rule on 529 Plans Published in FR

    The FDIC is adopting a final rule governing the insurance coverage of deposits of qualified tuition savings programs under
    section 529 of the Internal Revenue Code. The deposits will be insured up to $100,000 for the interest of each
    participant in aggregation with the participant's other deposits at the same insured depository institution. 70FR62057 (txt) 70FR62057 (pdf)   10/28/05

  • Comptroller Discusses Credit Risk

    In a presentation to attendees at the OCC Credit Risk Conference, Comptroller Dugan discussed the implications for national banks of rising credit risk.
    Speech   10/28/05

  • CIF Handbook Released

    The OCC has released a new booklet in the Controllers Handbook series titled, "Collective Investment Funds", which examines bank-administered trusts for the commingled assets of fiduciary accounts and establishes a framework for managing their risks.
    CIF Booklet   10/28/05

  • MSB Registration List Update

    FinCEN has updated the MSB Registration List to include those entities that have registered as of October 1, 2005.
    List   10/28/05

  • Working Paper Published

    The FRB has published a working paper in the FEDS series on the topic of "Job Creation and Housing Construction: Constraints on Metropolitan Area Employment Growth".
    Abstract;
    Full Paper   10/28/05

  • FDIC Makes Bank Data Available

    The FDIC has created a Web page which provides links to summaries and examples of bank data that is available online.
    Index;
    Bank Data Guide   10/28/05

  • NCUA Seeks Comments On Strategic Plan

    NCUA is seeking comments on a draft of its Strategic Plan for 2006-2011.
    Comments;
    Plan   10/28/05

  • Greenspan's Reflections On CEA

    In his remarks on receipt of the Truman Medal for Economic Policy, Chairman Greenspan reflected on the establishment of the CEA by President Truman and his personal observations as a member of the Council.
    Remarks   10/27/05

  • FEDS Working Paper Published

    The FRB has published a working paper in the FEDS series on the topic of "Term Structure Estimation with Survey Data on Interest Rate Forecasts".
    Abstract;
    Full Paper   10/27/05

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report to include data as of October 21, 2005.
    Reserve Position   10/27/05

  • FDIC Issues Wilma FIL

    An FIL has been issued by the FDIC regarding the supervisory practices that the regulator will follow concerning institutions impacted by Wilma and related severe storms. A link to the FIL has been posted on the BOL Disaster Recovery Center.   10/26/05

  • CRA Evaluations Released

    The OCC has released the evaluations for 22 national banks that were recently examined for compliance with the CRA.
    Evaluations   10/26/05

  • October New Electronic Interpretations And Actions Announced

    The New Electronic Interpretations and Actions for October 2005 have been announced by the OCC.
    New Electronic   10/26/05

  • Third Quarter A&L Price Tables Released

    OTS has released the Asset and Liability Price Tables for the Third Quarter 2005.
    Tables   10/26/05

  • Wilma Affecting Bank Operations

    The Federal Reserve Bank of Atlanta is posting updates on how Hurricane Wilma is affecting bank operations in the area. A link to the web page containing the updates has been posted on the
    BOL Disaster Recovery page
    .   10/25/05

  • Counterfeit and Stolen Check Alerts Issued

    The OCC has issued two Alerts, one regarding counterfeit cashier's checks drawn on Valley National Bank in Wayne, New Jersey; and the concerning stolen official checks and money orders bearing the name of TCF National Bank, Minneapolis, Minnesota. Information on the Alerts has been posted on the BOL Alerts & Counterfeits page.   10/25/05

  • Iowa Banker Subject Of Enforcement Action

    FRB has announced the issuance of a Consent Notice of Suspension and Prohibition against William R. Kahler, an officer of Primebank, LeMars, Iowa.
    Notice   10/25/05

  • Bernanke To Follow Greenspan

    President Bush has appointed White House economic adviser Ben Bernanke as chairman of the FRB to succeed Chairman Alan Greenspan, who will retire when his current term runs out at the end of January 2006. Chairman Greenspan was present for the announcement and issued a statement on the selection of Bernanke.
    Appointment;
    Greenspan Statement   10/25/05

  • Counterfeit Checks Alert

    An alert has been issued by the OCC regarding counterfeit cashier's checks drawn on Citizens National Bank, N.A., Bossier City, La. Information regarding the counterfeit checks has been posted on the BOL Alerts and Counterfeits page.   10/24/05

  • North Korean Entities Added To SDN List

    Treasury has designated eight North Korean entities as proliferators of weapons of mass destruction and added their names to the SDN List. The action prohibits all transactions between the designated entities and any U.S. person and freezes any assets the entities may have under U.S. jurisdiction. Information regarding the entities has been posted on the BOL OFAC page.   10/24/05

  • National Bank Offices Affected by Hurricane Wilma May Close

    The OCC has issued a Proclamation that authorizes national banks, at their discretion, to close offices in areas affected by Hurricane Wilma. Proclamation   10/24/05

  • Code Of Conduct FIL Issued

    The FDIC has issued a FIL that contains guidance to financial institutions to remind them of the importance of an effective internal corporate code of conduct or written ethics policy.
    FIL   10/24/05

  • Working Papers Published

    The FRB has published two working papers, one in the FEDS series on the topic of Stock Market Volatility and the Great Moderation; and the other in the IFDP series on the topic of Accounting Standards and Information: Inferences from Cross-Listed Financial Firms.
    FEDS Abstract;
    FEDS Full Paper;
    IFDP Abstract;
    IFDP Full Paper   10/24/05

  • FHC List Updated

    The FRB has updated the list of BHCs that have elected to be treated as FHCs to include those companies making the election as of October 21, 2005. FHC List   10/24/05

  • Assets Reports Released

    The FRB has released the 3.12 U.S. Reserve Assets report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks report. Reports  10/21/05

  • Joint Agencies Publish Proposed Rule for Modifications to Capital Guidelines and Maintenance

    The OCC, OTS, FRB, and OTS are considering various revisions to the existing risk-based capital framework that would enhance its risk sensitivity. These changes would apply to banks, bank holding companies, and savings associations ("banking organizations"). PDF
      TXT    FRB PR; OCC Bulletin; FDIC FIL; OTS PR  10/20/05

  • CRA Examination Information Online

    The FFIEC has posted links to CRA examination information on one of its Web pages. Information regarding regulator exam schedules, distressed or underserved nonmetropolitan middle income geographies, exam procedures by size of institution, and public evaluations is available. CRA Information  10/20/05

  • CRA/HMDA Corrections Available

    A patch for the errors contained in the previously distributed 2004 CRA and HMDA Aggregrate and Disclosure CDs is available from the FFIEC. HMDA Corrections; Patch  10/20/05

  • Tardy HMDA Disclosures Results In CMP

    NCUA has announced that a $19,000 CMP has been assessed against a CU for late submissions of HMDA data. CMP  10/20/05

  • Prohibition Orders Issued

    Orders of prohibition have been issued by NCUA against former CU affiliated individuals. Orders   10/20/05

  • Beige Book Update

    The FRB has updated the Beige Book to include information collected before October 11, 2005, which indicates that economic activity continued to expand in September 2005 even though the Atlanta and Dallas districts reported notable disruptions due to hurricane activity. Summary; Full Report  10/20/05

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Union Bank of California, N.A. Information concerning the counterfeit checks has been on the BOL Alerts & Counterfeits page.   10/19/05

  • SDN List Changes Announced

    OFAC has announced that thirty-six changes have been made to SDGT designations on the SDN list. Information regarding the changes has been posted on the BOL OFAC page.  10/19/05

  • Consent Order issued Against Ohio Bank

    The OCC has announced that a Consent Order has been issued against Key Bank, N.A., Cleveland, Ohio, regarding violations of the BSA and OFAC regulations. The institution is required to develop and implement BSA policies and procedures including but not limited to, identification and monitoring of high-risk transactions, compliance risk assessment, filing SARs, conducting a BSA audit, and BSA training. Consent Order  10/19/05

  • NCCT List Reduced By One

    FATF has announced the removal of Nauru from its non-cooperative countries and territories (NCCT) list due to the abolishment by Nauru of 400 shell banks. NCCT List  10/19/05

  • Greenspan On Energy

    In a presentation in Tokyo before the Japan Business Federation, the Japan Chamber of Commerce and Industry, and the Japan Association of Corporate Executives, Chairman Greenspan noted oil prices had been persistently edging higher since 2002 but the average price of crude oil, despite its recent surge, is still in real terms below the price peak of February 1981. He also observed that despite improved technology and high prices, proved reserves in the developed countries are being depleted because additions to these reserves have not kept pace with production. Speech  10/19/05

  • Non-Traditional Mortgages May Be Risky

    FDIC Chairman Powell in a presentation before the America's Community Bankers Annual Convention in Orlando, Florida, warned that so-called 'non-traditional' mortgages such as 'piggyback' mortgages, low- and no-doc loans, interest-only loans, and loans with optional payment terms allowing for considerable negative amortization may result in increased risk for some bank and their customers. Risk  10/19/05

  • FYI Highlights 2005 Deposits Data

    The October 18, 2005 issue of FYI features the official release of the 2005 Summary of Deposits (SOD) data, a report detailing total deposits at the individual office level for every FDIC-insured institution. FYI  10/19/05

  • August International Capital Data Released

    Treasury has released the International Capital Data for August 2005. Capital Data  10/19/05

  • FRB Publishes Technical Amendment to Appendix A of Regulation CC

    The FRB is amending appendix A of Regulation CC to delete the reference to the Oklahoma City and Columbus branch offices of the Federal Reserve Bank of Kansas City and reassign the Federal Reserve routing symbols currently listed under those offices to the head office of the Federal Reserve Bank of Dallas and Cincinnati, respectively. PDF
      TXT   10/18/05

  • FDIC Publishes Interpretive Rule in FR

    The FDIC is amending an interpretive rule stating that insured State nonmember banks not exercising trust powers may offer self-directed traditional IRA and Keogh accounts without the prior written consent of the FDIC. PDF
      TXT   10/18/05

  • Atlanta To Process New Orleans Items

    FRB Financial Services has announced that the Atlanta office of the FRB will begin on October 17, 2005, overnight processing of New Orleans zones items and availability will return to “re-Katrina” levels. Item Processing   10/18/05

  • November 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 November 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 November, you will use the rates posted on October 14th since October 15th fell on the weekend. H.15 Weekly Rates  10/18/05

  • Enforcement Actions Announced

    The OCC has announced seventeen Enforcement Actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  10/18/05

  • Cost Of Funds Reports Issued

    OTS has issued the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; Current  10/18/05

  • Reserve Position Update

    The FRB has updated the U.S. International Reserve Position data to include information as of October 14, 2005. Reserve Position  10/18/05

  • IFDP Working Paper Published

    A working paper in the IFDP series on the topic of Alternative Procedures for Estimating Vector Autoregressions Identified with Long-Run Restrictions has been published by the FRB. Abstract; Full Paper  10/18/05

  • FRB publishes Proposed Rule for Truth in Lending (Reg Z)

    The Federal Reserve Board requests comments for proposed rule regarding the open-end (revolving) credit rules of the Board's Regulation Z, which implements the Truth in Lending Act (TILA). PDF; TXT  10/17/05

  • Additional Hurricane Accounting And Regulatory Reporting Guidance Issued

    The federal financial regulatory agencies have prepared additional supervisory guidance on regulatory and reporting issues related to Hurricanes Katrina and Rita. A link to the guidance from each agency has been posted on the BOL Disaster Recovery Center.  10/17/05

  • Counterfeit Cashier's Checks Special Alerts

    The FDIC has issued Two Special Alerts regarding counterfeit cashier's checks drawn on Premier Valley Bank, Fresno, California, and Alpine Bank, Glenwood Springs, Colorado. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  10/17/05

  • Court Denies SARs Disclosure

    The Court in the case of Wuliger vs. OCC has held that action by the OCC to deny disclosure of SAR information was consistent with the authorizing legislation and a reasonable implementation of the statute regarding the reporting and disclosure of SARs. Opinion  10/17/05

  • Written Agreement Announced

    The FRB has announced that it has entered into a Written Agreement with the Deutsche Bank Trust Company Americas, New York, N.Y., which addresses BSA and AML compliance at Deutsche Bank Trust Company Americas and a Written Agreement with Surety Capital Corporation, Fort Worth, Texas, regarding the activities of Surety Bank, Fort Worth, Texas. Deutsche Bank;
    Surety Capital
      10/17/05

  • BIF Insurance Rates May Increase

    In a presentation before the National Bankers Association's Annual Convention, FDIC Chairman Powell noted with the reserve ratio trending toward a key statutory tripwire and Congress considering deposit insurance reforms, some change in the way banks pay for their deposit insurance is more likely. He stated, "Higher assessment rates could happen as early as the beginning of next year." Presentation  10/17/05

  • Hurricanes Impact G.17 Report

    The FRB has released the G.17 Industrial Production and Capacity Utilization Report for September 2005 which indicates that storm-related production declines are estimated to have held down total industrial production. G.17  10/17/05

  • FDIC Publishes Proposed Rule for Interstate Banking and the Federal Interest
    Rate Authority

    This proposed rule will preempt certain state laws with the stated purpose of establishing parity between national banks and state-chartered banks in interstate activities and operations, and to implement the interest rate authority contained in the Federal Deposit
    Insurance Act.PDF TXT  10/14/05

  • FDIC Publishes Proposed Rule for Notification of Changes of Insured Status

    This proposed rule will revise the regulation addressing the certification to the FDIC of the assumption of deposits and the notification to depositors of a change in insured status. The proposed revision also clarifies other requirements. PDF TXT  10/14/05

  • Regulators Publish Real Estate Appraisal Exception in Major Disaster Areas

    The joint agencies (OCC, FRB, FDIC, OTC, NCUA) publish a statement in the Federal Register, effective immediately, authorizing the Agencies to make exceptions to statutory and regulatory requirements relating to appraisals for certain transactions. PDF
      TXT
      10/14/05

  • Thrift Industry Charge-Off Rates Released

    OTS has released the Second Quarter 2005 thrift industry charge-off rates. Rates.  10/14/05

  • Counterfeit Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks and stolen checks issued in the name of American Bank, N.A. Corpus Christi, Texas, that are being presented for payment. Information regarding the counterfeit and stolen checks has been posted on the BOL Alerts & Counterfeits page.  10/13/05

  • $3 Million CMP Assessed For BSA/AML Violations

    The OCC and FinCEN have assessed a $3 million CMP against Banco de Chile, New York, New York, after an examination revealed deficiencies in the bank's BSA and AML compliance programs. OCC FinCEN   10/13/05

  • Authentication in Internet Banking Environment Guidance Issued

    The FFIEC has issued a Guidance to assist banks in improving customer awareness and authentication systems to mitigate risks of Internet-related identity theft and fraud. Guidance OCC Bulletin; FDIC FIL  10/13/05

  • PSAF Modification Announced

    The FRB has announced modifications to the methodology used to calculate the private sector adjustment factor (PSAF), which is used in setting fees for certain payment services provided to depository institutions. PSAF  10/13/05

  • FRB Districts Restructure Check Processing

    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 Fourth, Tenth, and Eleventh Districts. Restructuring  10/13/05

  • Greenspan Discusses Economic Flexibility

    In a presentation before the National Italian American Foundation, Chairman Greenspan commented on the ability of the U.S. economy to absorb and recover from the shocks of stock market crashes, credit crunches, terrorism, and hurricanes. He noted that flexibility has made the economy more resilient to shocks and more stable overall during the past couple of decades and has been the key to the impressive growth in the standards of living and economic welfare so evident in the United States. Speech  10/13/05

  • Reg Z Amendment Comments Sought

    The FRB has issued a request for comments on how the Board should implement amendments to the open-end credit rules of Regulation Z mandated by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Comments  10/12/05

  • FDIC's FYI Features Bankruptcy Reform

    The latest edition of FYI features an article that examines the effect that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 will have on financial market contracts. FYI  10/12/05

  • FDIC Issues Quarterly Letter

    The FDIC has issued its quarterly Letter to Stakeholders, which reports on the FDIC's priorities and activities for the third quarter of 2005. Letter  10/12/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position to include data as of October 7, 2005. Reserve Position  10/12/05

  • Counterfeit Checks Alert and Special Alerts

    An Alert has been issued by the OCC regarding counterfeit official checks issued in the name of First National Bank in Alamogordo, New Mexico. Three Special Alerts have been issued by the FDIC concerning counterfeit official checks drawn on Applied Card Bank (formerly known as Cross Country Bank), Wilmington, Delaware; and Peoples Bank & Trust, Buford, Georgia; in addition to counterfeit cashier's checks drawn on North Fork Bank, Mattituck, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  10/11/05

  • FACT Act Prescreen Rule Implementation Delay Denied

    The FTC has denied a petition submitted by the American Financial Services Association requesting a delay of the effective date of the Pre-Screen Opt-Out Disclosure Rule (Prescreen Rule) of the FACT Act.
    Denial  10/11/05

  • Consumer Credit Report Released

    The August 2005 G.19 Consumer Credit Report has been released by the FRB. G.19  10/11/05

  • Reg D Adjustment Published in FR

    The FRB has amended Reg D to reflect the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2006 that will be used in the calculation of reserve requirements and deposit reporting. 70FR58603 (txt) 70FR58603 (pdf)   10/7/05

  • Agencies Announce Additional Hurricane Guidance

    The FFIEC member agencies have announced the availability of additional supervisory guidance on regulatory and reporting issues related to Hurricane Katrina and Hurricane Rita. This information, in the form Q & As, provides guidance on he agencies' expectations for regulatory reports, appropriate allowances for loan and lease losses in third quarter regulatory reports, accounting treatment of sales of held-to-maturity securities to meet increased liquidity needs, and temporary hardship programs for credit card customers. BOL Disaster Issuances   10/7/05

  • Agencies Grant Three Year Wavier Of Appraisal Requirements

    The Federal financial institution regulators have the waiving of appraisal requirements for three years for regulated financial institutions affected by Hurricanes Katrina and Rita. The waiver covers transactions involving real estate located in certain Alabama, Mississippi, and Texas counties and Louisiana parishes. BOL Disaster Issuances   10/7/05

  • September Call Report Information Online

    The FDIC has posted on its Web site the filing information for the September 30, 2005 Call and Thrift Financial Reports.
    Reports   10/7/05

  • Electronic Filing Final Rule Issued

    The OCC has issued a Bulletin that contains a Final Rule that applies to national banks that register their securities with the regulator.
    Bulletin;
    Final Rule   10/7/05

  • Basel I Revisions Comments Sought

    The Federal banking agencies are seeking public comment on proposed revisions to the U.S. risk-based capital standards for banking organizations known as Basel I.
    FRB PR;
    OCC NR;
    FDIC PR;   10/7/05

  • FEDS Working Papers Published

    The FRB has published five working papers in the FEDS series on the following topics: Nowcasting GDP and Inflation: The Real-Time Informational Content of Macroeconomic Data Releases; The Effects of Mortgage Prepayments on M2;
    Nowcasting Abstract; The Effect of Anticipated Tax Changes on Intertemporal Labor Supply and the Realization of Taxable; The Effects of Welfare Reform and Related Policies on Single Mothers' Welfare Use and Employment in the 1990s; and ATM Surcharge Bans and Bank Market Structure: The Case of Iowa and its Neighbors.
    Nowcasting Abstract;
    Nowcasting Full Paper;
    Mortgage Abstract;
    Mortgage Full Paper;
    Tax Changes Abstract;
    Tax Changes Full Paper;
    Welfare Abstract;
    Welfare Full Paper;
    ATM Abstract;
    ATM Full Paper
      10/7/05

  • RPM Program Implemented

    The FDIC has issued a FIL regarding the implementation of the Relationship Manager Program (RMP) for all FDIC-supervised financial institutions. A relationship manager who will serve as a local point-of-contact will be assigned to each institution.
    FIL   10/7/05

  • Counterfeit Cashier's Checks and Fake Lottery Letters

    The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Rockport National Bank, Rockport, Massachusetts, and fraudulent lottery claim letters that are being mailed to persons with the last names of Cook and White from a London address. On October 3, 2005, the FDIC issued a Special Alert regarding counterfeit official checks drawn on the same bank. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   10/6/05

  • CRA Ratings Released

    The FDIC has issued its monthly list of state nonmember banks recently evaluated for compliance with the CRA. The list covers evaluation ratings that the FDIC assigned to institutions in July 2005.
    CRA Ratings   10/6/05

  • Guidance Issued Regarding Processing Of Contaminated Checks

    The FRB has issued a specific operational guidance regarding the processing of contaminated Treasury checks supplements the guidelines issued on September 19, 2005, concerning checks contaminated by Hurricane Katrina.
    Disaster Issuances   10/5/05

  • OCC and Operation HOPE Sign Hurricane Relief Agreement

    An agreement has been signed by the OCC and Operation HOPE, Inc. to assist victims of the recent Gulf Coast hurricanes who have been financially displaced. Victims can utilize HOPE call centers to contact the OCC's Customer Assistance Group (CAG) in Houston regarding information about accounts, lost financial records, ATM cards, direct deposits, and how to contact a national bank branch.
    Disaster Issuances   10/5/05

  • Reg D Annual Adjustments Announced

    The FRB has amended Reg D to reflect the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2006 that will be used in the calculation of reserve requirements and deposit reporting.
    Reg D Adjustments   10/5/05

  • FDIC State And Regional Profiles Include Hurricane Assessments

    The FDIC has posted the Fall 2005 State Profiles online and added a new Regional Profile which highlight trends through the second quarter of 2005 and provides an initial assessment of the impact of Hurricanes Katrina and Rita on local economies as well as the state of the housing boom in local markets.
    State Profiles;
    Regional Profile   10/5/05

  • International Reserve Position Update

    The U.S. International Reserve Position has been updated by Treasury to include data as of September 30, 2005.
    Reserve Position   10/5/05

  • Counterfeit Official Checks Special Alerts Issued

    The FDIC has issued three Special Alerts regarding counterfeit official checks drawn on The Rockport National Bank, Rockport, Massachusetts; High Point Bank and Trust Company, High Point, North Carolina; and The Simsbury Bank & Trust Company, Simsbury, Connecticut. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   10/4/05

  • OTS Releases CRA Evaluations

    The CRA evaluations for savings associations that became publicly available during September 2005 have been released by OTS.
    CRA Evaluations   10/4/05

  • Seven SDGTs Added To OFAC List

    OFAC has designated seven individuals as SDGTs and added their names to the SDN list. Information regarding the new entries has been posted on the BOL OFAC Page.   10/3/05

  • Fraudulent And Counterfeit Checks Special Alerts

    The FDIC has issued three Special Alerts regarding fraudulent checks that bear the name of the Federal Reserve Bank of San Francisco and counterfeit official checks drawn on Farmington Savings Bank, Farmington, Connecticut, and Savings Institute Bank and Trust Company, Willimantic, Connecticut. Information concerning the fraudulent checks and the counterfeits checks has been posted on the BOL Alerts & Counterfeits page.   10/3/05

  • Quarterly Journal Released Online

    The OCC has posted on its Web site the Second Quarter 2005 Quarterly Journal which contains condition and performance tables; special supervision and enforcement, licensing decisions; appeals; links to speeches, testimony, and interpretations; and corporate structure data.
    Quarterly Journal   10/3/05

  • Derivatives Volume Tops $96 Trillion

    The Second Quarter 2005 Bank Derivatives Report has been issued by the OCC and indicates derivatives held by U.S. commercial banks increased by $5.1 trillion in the second quarter of 2005 to $96.2 trillion.
    Bank Derivatives Report

  • Basel II implementation Plan Revised

    The federal banking agencies have announced revised plan for implementation of Basel II framework.
    FRB PR;
    OCC NR;
    FDIC PR;
    OTS PR   10/3/05

  • FHC List Update

    The FRB has updated the list of BHCs that have elected to be treated as FHCs to include those making the decision as of September 30, 2005.
    FHC List   10/3/05

  • Country Exposure Data Released

    The FFIEC has released the June 30, 2005 E.16 which contains the Country Exposure Statistical Release and the Country Exposure Information Report.
    E.16   10/3/05

  • Agricultural Finance Databook Revised

    The E.15 Agricultural Finance Databook has been revised by the FRB to correct annual totals of some tables that were posted incorrectly in the March and June 2005 editions of the databook.
    E.15   10/3/05

09/14/2005

AIG OFAC settlement

OFAC has announced that American International Group, Inc. (AIG), an international insurance and financial services organization headquartered in New York City, has agreed to pay $279,038 to settle potential civil liability for 3,560 apparent violations of the Cuban Assets Control Regulations.

09/14/2005

Curry on efforts to enhance risk assessment

In remarks at the Risk Management Association's Governance, Compliance, and Operational Risk Conference, Comptroller Curry discussed the efforts of the OCC to enhance risk management in supervised banks.

09/14/2005

Syria designations

The Treasury Department has announced actions to increase pressure on the Syrian regime and its supporters. Treasury designated Moscow-based Tempbank and Mikhail Gagloev, a senior executive of the bank, pursuant to Executive Order (E.O.) 13582, for providing material support and services to the Government of Syria, including the Central Bank of Syria and SYTROL, Syria's state oil-marketing firm. In addition, six senior officials of the Syrian Government were designated pursuant to E.O. 13573, including Brigadier General Bassam Al-Hassan, an advisor to President Bashar Al-Assad. The Banias Refinery Company and the Homs Refinery Company were also designated pursuant to E.O. 13582. More information concerning the designations has been posted in a BOL OFAC Update.

09/14/2005

Curry on efforts to enhance risk assessment

In remarks at the Risk Management Association's Governance, Compliance, and Operational Risk Conference, Comptroller Curry discussed the efforts of the OCC to enhance risk management in supervised banks.

09/14/2005

Syria designations

The Treasury Department has announced actions to increase pressure on the Syrian regime and its supporters. Treasury designated Moscow-based Tempbank and Mikhail Gagloev, a senior executive of the bank, pursuant to Executive Order (E.O.) 13582, for providing material support and services to the Government of Syria, including the Central Bank of Syria and SYTROL, Syria's state oil-marketing firm. In addition, six senior officials of the Syrian Government were designated pursuant to E.O. 13573, including Brigadier General Bassam Al-Hassan, an advisor to President Bashar Al-Assad. The Banias Refinery Company and the Homs Refinery Company were also designated pursuant to E.O. 13582. More information concerning the designations has been posted in a BOL OFAC Update.

08/31/2005

Top Stories for September 2005

  • HMDA CDs Contain Errors

    The CD ROM recently sent to institutions by the FFIEC, containing 2004 HMDA Aggregate and Disclosure Data Reports, has errors. The FFIEC has posted a letter on its website that explains the problems along with a link to a downloadable "fix". However, there is an additional error has been discovered which occurs in both the data on the website and that on your CD ROM. According to a HMDA spokesperson, it will take a couple of days to fix this new problem.
    Letter   9/30/05

  • Outlook Spotlights "Stroke-Of-The-Pen" Risks

    The Fall 2005 edition of FDIC Outlook features an article that examines changes in monetary, tax, agricultural and other policies that have led to or may lead to significant and unintended negative consequences for banks.
    Fall Outlook   9/30/05

  • July G.20 Released

    The FRB has released the July 2005 G.20 Financial Companies report of owned and managed receivables outstanding and auto loans terms of credit.
    G.20   9/30/05

  • Prohibition Order Issued Against Former Atlanta Banker

    The FRB has announced the issuance of an Order of Prohibition against a former employee and institution-affiliated party of SunTrust Bank, Atlanta, Georgia, resulting from alleged embezzlement of funds and falsification of the bank's books and records at a cash vault processing center.
    Order   9/29/05

  • CRA Evaluations Released

    The OCC has released the evaluations received by thirty-five national banks that were recently examined for compliance with CRA.
    Evaluations   9/29/05

  • Information Security Charges Settled By FTC

    The FTC has announced that Superior Mortgage Corp., a lender with 40 branch offices in 10 states and multiple Web sites, has agreed to settle charges that it violated federal law by failing to provide reasonable security for sensitive customer data and falsely claiming that it encrypted data submitted online.
    Settlement Agreement;
    Complaint   9/29/05

  • New Hamiltons Unveiled

    In a ceremony on Ellis Island, NY, U.S. Treasury Secretary Snow and U.S. Treasurer Cabral unveiled a new, more secure design for the $10 note that will go into circulation in early 2006. The security features include subtle shades of orange, yellow and red along with images of the Statue of Liberty's torch and the words "We the People".
    New $10 Note   9/29/05

  • Agencies Grant Relief To Transfer Agents

    The federal banking agencies have announced the issuance of orders granting emergency relief to bank transfer agents affected by Hurricane Katrina from compliance with Section 17A of the Securities Exchange Act of 1934. BOL Disaster Issuances   9/29/05

  • September Electronic Interpretations and Actions Announced

    The OCC has announced the posting of the September 2005 New Electronic Interpretations and Actions.
    Electronic I And A   9/29/05

  • TFR Instruction Manual and Related Forms Released

    OTS has released the 2005 TFR Instruction Manual along with the September Financial Reporting Bulletin, Schedule VA; TFR Schedules, and the Listing of September Form Changes.
    Manual;
    Bulletin;
    Schedule VA;
    TRS Schedules;
    Form Changes   9/29/05

  • FRB Increases Primary Credit Rate

    Published in the FR, the FRB has adopted final amendments to its Regulation A to reflect the approval of an increase in the primary credit rate at each Federal Reserve Bank. 70FR56563 txt 70FR56563 pdf   9/28/05

  • FinCEN Sites Back Up

    The FinCEN public web sites are now online, but some links are still disabled as the investigation of the compromise of the FinCEN QuikNews system continues.
    FinCEN Sites   9/28/05

  • FTC Takes Action Against Credit Card Scams

    The FTC has announced that federal court action has been taken against two groups of Canadian-based defendants, each allegedly engaged in widespread cross-border fraud schemes that involved unsolicited telemarketing calls to U.S. consumers, falsely offering them pre-approved MasterCard and Visa credit cards.
    Scams   9/28/05

  • Greenspan Says Flexibility Aids Economy

    In a presentation to the participants at the annual meeting of the National Association for Business Economics, Chairman Greenspan commented on some of the ways economic policy is influenced by the increasing flexibility of the U.S. economy. He noted flexibility has made the economy more resilient to shocks and more stable overall during the past couple of decades and is the result in part, of the efforts of policymakers to remove rigidities and promote competition.
    Speech   9/28/05

  • International Reserve Position Update

    The FRB has updated the U.S. International Reserve Position to include data as of September 23, 2005.
    Reserve Position   9/28/05

  • Large Commercial Banks Ranking Report Released

    The FRB has released the ranking by consolidated assets of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more, as of June 30, 2005.
    Ranking   9/28/05

  • Early Redemption Of Savings Bonds Authorized

    FRB Financial Services has authorized the early redemption of EE and I savings bonds less than one year old that are presented during the months of September, October, and November 2005 to authorized agents in designated Louisiana parishes and Texas counties.
    BOL Disaster Issuances Page
      9/27/05

  • Counterfeit Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on The Ohio Valley Bank Company, Gallipolis, Ohio, and counterfeit cashier’s checks drawn on Royal Oaks Bank, ssb, Houston, Texas. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   9/27/05

  • Greenspan Shares View On Mortgage Banking

    In a presentation via satellite, Chairman Greenspan shared his views on mortgage banking with the participants at the ABA annual meeting. He noted that the FRB will closely follow the consequences of the recent devastating events in the Gulf Coast region in order to assess their implications for our economy. His remarks focused on the sharp rise in housing valuations and the associated buildup in mortgage debt over the last decade. He also cited the Working Paper listed below.
    Presentation   9/27/05

  • Greenspan Co-Authors Working Paper

    Working papers in the FEDS and IFDP series have been published by the FRB on the following topics: "Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-Four-Family Residences" authored by Alan Greenspan and James Kennedy; and "Monetary Policy and House Prices: A Cross-Country Study" authored by Alan G. Ahearne; John Ammer; Brian M. Doyle; Linda S. Kole; and Robert F. Martin.
    Estimates Abstract
    Estimates Full Paper;
    Monetary Policy Abstract;
    Monetary Policy Full Paper   9/27/05

  • Comptroller Highlights Regulatory Reforms And Consumer Products

    Comptroller Dugan noted in a presentation at the ABA Annual Conference that both consumers and banks have benefited from the long fight to shed outdated laws and regulations in addition to the efforts of bankers to offer new products to consumers. He also indicated that it will be one of his priorities to try and alleviate unnecessary regulatory burdens.
    Speech   9/27/05

  • Future Of Dual Banking System Depends On Federal Action

    Speaking before the bankers in attendance at the ABA Annual Convention, FDIC Chairman Powell called for action at the federal level to preserve healthy federal and state banking systems. He indicated that a strong dual system could be jeopardized as the industry asset share of state-chartered banks continues to decline. He stated, "that the FDIC, as a federal regulator, has a responsibility to implement all existing laws for state-chartered banks".
    Speech   9/27/05

  • FDIC Creates Hurricane Relief Web Page

    The FDIC has announced the creation of a special Web page for victims of Katrina and Rita that includes FAQs, tips on re-establishing identity as well as an up-to-date list of financial institutions affected by the hurricanes, such as customer contact information and branch status. If you are on the list, you may want to check and make sure the information is current. BOL Disaster Issuance Page   9/26/05

  • FinCEN Email Service Compromised

    FinCEN has announced the apparent compromise of the e-mail addresses of subscribers to FinCEN QuickNews. The current system has been permanently shut down. The compromise is under criminal investigation and it is thought that no information other than the e-mail addresses was obtained. The public website of FinCEN www.fincen.gov was temporarily taken down over the weekend to perform system maintenance and replace servers as a precaution. It was brought live again Monday morning.
    QuickNews   9/26/05

  • Composite Ratings Definitions List Updated

    The FDIC has updated the Composite Ratings Definition List.
    List   9/26/05

  • Three Working Papers Published

    The FRB has published three new working papers in the FEDS series on the topics of: How Biased Are Measures of Cyclical Movements in Productivity and Hours?; Do Nonfinancial Firms Use Interest Rate Derivatives to Hedge?; and Risk, Uncertainty, and Asset Prices.
    Biased Abstract;
    Biased Full Paper;
    Nonfinancial Abstract;
    Nonfinancial Full Paper;
    Risk Abstract;
    Risk Full Paper   9/26/05

  • Summer FR Bulletin Online

    The FRB has posted the Summer 2004 issue of the Bulletin online. The issue contains articles on the monetary policy report to the Congress, new information reported under HMDA and its application in fair lending enforcement and a report on the condition of the U.S. banking industry for the first quarter 2005, plus legal developments and announcements.
    Summer Bulletin   9/26/05

  • Bank Servicers May Be Using Unauthorized Reference To FRB

    The FRB has issued a SR letter warning that certain firms may promoting their services by claiming that the regulator plans increased scrutiny of banking organizations' business continuity and disaster recovery plans in the wake of Hurricane Katrina. The letter states that the FRB does not anticipate any additional or more intensive reviews of these plans stemming from Katrina.
    BOL Disaster Recovery Center   9/23/05

  • OTS Issues Rita Guidance

    A CEO Letter has been issued by OTS regarding recommendations concerning actions that savings associations may take in response to Hurricane Rita.
    BOL Disaster Recovery Center   9/23/05

  • Call Report FIL Issued

    The FDIC has issued a FIL regarding the filing of the Third Quarter 2005 Call Report and the implementation of the Central Data Repository (CDR).
    FIL   9/23/05

  • FRB To Halt Publishing Of Paper Issues Of Quarterly Federal Reserve Bulletin

    The FRB has announced that beginning in 2006 the Federal Reserve Bulletin will be published on the Board's public web site and the quarterly paper version of the Bulletin will no longer be published.
    Bulletin   9/23/05

  • OCC Urges National Banks To Assist Rita Victims

    The OCC encourages national banks to consider various alternatives to assist customers affected by Hurricane Rita, including extending the terms of loan repayments; restructuring a borrower’s debt obligations; and easing credit terms for new loans to certain borrowers, consistent with prudent banking practice.
    BOL Disaster Issuances Page   9/22/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position to include data as of September 16, 2005.
    Reserve Position   9/22/05

  • Second Quarter Flow Of Funds Report Released

    The Z.1 Flow of Funds Report for the Second Quarter 2005 has been released by the FRB.
    Z.1   9/22/05

  • IFDP Working Paper Published

    The FRB has published a working paper in the IFDP series on the topic of "International Capital Flows and U.S. Interest Rates".
    Abstract
    Full Paper   9/22/05

  • Handling Of Contaminated Checks Recommendations Issued

    FRB Financial Services has issued a list of recommended alternatives regarding the handling of checks that may have been contaminated as a result of Hurricane Katrina.
    Alternatives   9/21/05

  • National Banks Affected By Rita May Close

    Comptroller Dugan has issued a proclamation authorizing national banks affected by Hurricane Rita to close offices.
    Proclamation   9/21/05

  • Order of Prohibition Announced

    The FRB has announced the issuance of a Final Decision and Order of Prohibition against a former employee of National City Bank, Cleveland, Ohio, who allegedly diverted customer loan proceeds to his own accounts.
    Order   9/21/05

  • Fed Boosts Rate

    By a 9 to 1 vote, the FOMC raised the Fed Funds rate by twenty-five basis points.
    Rate   9/21/05

  • Working Group To Discuss Katrina Issues

    The FFIEC has announced the formation of an interagency working group to enhance the agencies’ coordination and communication on, and supervisory responses to, issues facing the industry in the aftermath of Hurricane Katrina.
    Katrina Working Group   9/20/05

  • Counterfeit Cashier’s Checks Special Alerts

    The FDIC has issued three Special alerts regarding counterfeit cashier’s checks drawn on First Bank of Conroe, National Association, Conroe, Texas; Greenfield Savings Bank, Greenfield, Massachusetts; and Skagit State Bank, Burlington, Washington. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.   9/20/05

  • Bin Laden Associate Added To OFAC List

    Treasury has designated a Bin Laden associate as a SDGT and added his name to the OFAC SDN list. Information regarding the new addition has been posted on the BOL OFAC page.   9/20/05

  • OCC Licensing Manual Updated

    The Capital and Dividends booklet of the OCC Licensing Manual has been revised to incorporate an advisory on reverse stock splits.
    Licensing Manual   9/20/05

  • October HOEPA Rates Published

    The Federal Reserve has published the new reference rates which lenders must use to determine if loans for which applications are received in October 2005 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application.
    H.15   9/19/05

  • Enforcement Actions Announced

    The OCC has announced twenty-five enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.
    Enforcement Actions   9/19/05

  • Final Second Quarter Interest Rate Risk Measures Issued

    OTS has issued the final Interest Rate Risk Measures for the second quarter 2005.
    Risk Measures   9/19/05

  • July International Capital Data Released

    Treasury has released the International Capital Data for July 2005.
    Capital Data   9/19/05

  • FRB Reminds Banks Of Regulatory Flexibility To Aid Recovery

    FRB has issued a statement reminding banking organizations that regulatory flexibility is available to facilitate recovery in areas affected by this disaster and encourages them to work with borrowers and other customers in communities affected by Hurricane Katrina. The statement has been posted on the FRB section of the BOL Disaster Recovery Center page.   9/16/05

  • Treasury Issues Special Notice Updating Guidance Regarding Cashing FEMA Checks

    The previously issued guidance regarding the cashing of FEMA checks and government benefit assistance checks issued by Treasury for Katrina victims has been updated. The update has been posted on the BOL Disaster Recovery Center page.   9/16/05

  • Treasury And IRS Allow 401(k) Plans To Make Withdrawals To Katrina Victims

    Treasury Department and the IRS have announced that 401(k) plans and similar plans, such as those under section 403(b), will be permitted to make loans and hardship distributions to Hurricane Katrina victims.
    401(k) Withdrawals  9/16/05

  • Special Alert Regarding Counterfeit Checks

    The FDIC has issued a Special Alert regarding counterfeit checks bearing the name of Ulster Savings Bank, Kingston, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  9/16/05

  • Former Banker Ordered To Pay $70 Million Restitution And $1 Million Fine

    The FRB has issued an Order of Prohibition against a former private banker in the New York Branch of UBS AG, Zurich, Switzerland, relating to his embezzlement of more than $70 million from at least 22 private client accounts. The Order imposed restitution of $70 million and a fine of $1 million. Order  9/16/05

  • Chinese Bank Designated As Primary ML Concern

    Banco Delta Asia SARL, located in the Macau Special Administrative Region of China, has been designated by Treasury and FinCEN as a "primary money laundering concern" under Section 311 of the USA PATRIOT Act because it represents an unacceptable risk of money laundering and other financial crimes. Treasury Designation; FinCEN Finding  9/16/05

  • Unauthorized Banking Special Alert

    A Special Alert has been issued by the FDIC regarding an entity, (Manulife Financial Services, Waterloo, Ontario, Canada), that may be conducting banking operations in Canada or the United States without authorization. Special Alert  9/16/05

  • CDR Implementation Set For October 2005

    The FDIC has issued a FIL regarding the implementation of the Central Data Repository (CDR) to process the Reports of Condition and Income (Call Reports) beginning with the third quarter 2005. FIL  9/16/05

  • Survey of Terms of Business Lending Issued

    The E.2 Survey of Terms of Business Lending August 1-5, 2005 has been issued by the FRB. E.2   9/16/05

  • Shared National Credits Review Released

    The federal financial institution regulators have released the Shared National Credits Review report which indicated the quality of the credits showed continue improvement. FRB PR; OCC NR; FDIC PR  9/16/05

  • Cost of Funds Reports Issued

    OTS has issued the July 2005 and the historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. July; Historical  9/16/05

  • Assistance For Displaced Social Security Recipients Announced

    FRB Financial Services has announced that Treasury is activating its accelerated direct deposit enrollment procedures for displaced Social Security and Supplemental Social Security check recipient evacuees. Information regarding the announcement has been posted in the FRB section of the BOL Disaster Recovery Center.  9/15/05

  • Counterfeit Checks Specials Alert Issued

    The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on the Bank of Richmondville, Richmondville, New York, and counterfeit checks drawn on The Chelsea Groton Savings Bank, Norwich, Connecticut. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  9/15/05

  • Banks Affected By Ophelia May Close

    Comptroller Dugan has issued a proclamation authorizing national banks affected by Hurricane Ophelia to close. Proclamation  9/15/05

  • Enforcement Actions Released

    The FDIC has released a list of twenty-three orders of administrative enforcement actions taken against banks and individuals in July. Enforcement Actions  9/15/05

  • 314a Fact Sheet Update

    FinCEN has update the 314a Fact Sheet to include data as of September 13, 2005. 314a  9/15/05

  • FEDS Working Papers Published

    Two working papers in the FEDS series have been published by the FRB on the topics of "Large Investors: Implications for Equilibrium Asset, Returns, Shock Absorption, and Liquidity" and "A Computationally Efficient Characterization of Pure Strategy Nash Equilibria in Large Entry Games". Large Investors Abstract;
    Large Investors Full Paper; Characterization Abstract; Characterization Full Paper  9/15/05

  • Structure And Share Data Report Issued

    The FRB has issued the Structure and Share Data for U.S. Offices of Foreign Banks Report for June 2005.
    Report  9/15/05

  • Industrial Production Report Released

    The August 2005 G.17 Industrial Production and Capacity Utilization Report has been released by the FRB.
    G.17  9/15/05

  • U.S. Reserve Assets Report Published

    The FRB has published the 3.12 U.S. Reserve Assets and Foreign Official Assets held at Federal Reserve Banks report for July 2005. 3.12  9/15/05

  • 2004 HMDA Data Available

    The FFIEC has announced the availability of data for the year 2004 regarding mortgage lending transactions at 8,853 financial institutions covered by HMDA in metropolitan statistical areas throughout the nation. 2004 HMDA Data; Order Form  9/14/05

  • Fourth Quarter CRA Exam Schedule Released

    OTS has released the schedule of savings associations that are scheduled for CRA examinations during the fourth quarter of 2005. Schedule  9/14/05

  • HMDA And Its Application in Fair Lending Enforcement

    The FRB has released early an article that will be included in the forthcoming Summer 2005 issue of the Federal Reserve Bulletin that analyzes new data that mortgage lenders were required to report for the first time in 2004 under revisions to Regulation C. Article  9/14/05

  • FDIC Insurance of Living Trust Accounts Seminars Announced

    The FDIC has announced the scheduling of three nationwide one-hour seminars to demonstrate how an institution can use the FDIC’s many deposit insurance tools and resources to help employees explain FDIC insurance coverage to depositors. Seminar Information  9/14/05

  • Fair Lending Exam Preparation Working Paper Published

    The OCC has published a working paper on the topic of "Searching for an Optimal Strategy for Identifying Files to Review for Fair Lending Exams". The author of the paper used Monte Carlo simulation to compare how well six outlier identification strategies identify disadvantaged mortgage applicants. Working Paper  9/14/05

  • OCC Issues Katrina FAQ

    A FAQ has been issued by the OCC regarding national banks and Katrina related issues including space and employee sharing, temporary banking facilities and branches, branch closings, and minimum payments. Information concerning the FAQ has been posted in the OCC section on the BOL Disaster Recovery Center page.   9/13/05

  • Early Redemption Of Savings Bonds Authorized

    To assist those impacted by Hurricane Katrina, FRB Financial Services has announced that the Bureau of Public Debt has authorized savings bonds paying agents to redeem Series EE and I savings bonds that are less than one year old. Early Redemption  9/13/05

  • U.S. International Position Update

    Treasury has updated the U.S. International Reserve Position to include data as of September 9, 2005. Reserve Position   9/13/05

  • BSA Katrina Related FAQ Issued

    The FRB, in consultation with the other federal banking agencies and FinCEN, have issued the attached responses to questions frequently asked by financial institutions regarding the applicability of certain provisions of the BSA in providing services to victims of Hurricane Katrina. The FAQ has been posted on the BOL Regulatory Disaster Issuances page.   9/12/05

  • NO Zone Availability and Louisiana Armored Car Service

    FRB Financial Services has announced modifications to the availability of New Orleans zone items and the establishment of special armored car runs. Details of the availability modifications and the armored car routes have been posted on the BOL Regulatory Disaster Issuances page.  9/12/05

  • SEC Extends Time for Banks to Comply with GLBA Broker Registration Requirements

    The SEC has announced that the compliance date for banks with respect to certain broker registration requirements contained in GLBA have been extended until September 30, 2006. Compliance Date  9/12/05

  • ATM Fee Waivers Requested For Katrina FEMA Debit Cards

    Treasury has requested that financial institutions refrain from imposing ATM fees on the MasterCard-branded debit cards being issued by FEMA to Katrina victims. Information regarding the request has been posted on the BOL Disaster Recovery Center page.  9/09/05

  • Residential Tract Development Lending FAQs Issued

    The Federal financial institution regulators have jointly issued FAQs to assist institutions in complying with the agencies' appraisal and real estate lending requirements for financing residential tract developments. FAQs; OCC Bulletin; FDIC FIL; OTS CEO LT.  9/09/05

  • Fourth Quarter CRA Exams Scheduled

    OTS has released the list of thrifts that will be examined for CRA compliance during the fourth quarter 2005. CRA Exam List  9/09/05

  • September 2005 FFIEC Reporting Forms Online

    The FFIEC has posted the September 2005 031 and 041 reporting forms on its Web page. 031; 041  9/09/05

  • Consumer Credit Report Issued

    The FRB has issued the July 2005 G.19 Consumer Credit Report. G.19  9/09/05

  • Counterfeit Checks And Missing Money Orders Special Alerts Issued

    The FDIC has issued five Special Alerts regarding counterfeit cashier’s checks drawn on Banner Bank, Walla Walla, Washington, and Stafford Savings Bank, Stafford Springs, Connecticut; counterfeit official checks drawn on The Bank of Delmarva, Seaford, Delaware and Melrose Co-operative Bank, Melrose, Massachusetts; and missing money orders drawn on Bayonne Community Bank, Bayonne, New Jersey. Information concerning the counterfeit checks and the missing money orders has been posted on the BOL Alerts & Counterfeits page.  9/08/05

  • Treasury Provides Guidance on Government Benefit Checks and the Use of Third Party Drafts

    Guidance has been issued by Treasury regarding the verification of the identity of individuals cashing government benefit checks and third party drafts. Information concerning the Guidance has been posted on the BOL Disaster Recovery Center.  9/08/05

  • Expansion Of Definition Of Small BHC Proposed

    The FRB has proposed expanding the definition of a small BHC under the Board's policy and risk-based and leverage capital guidelines. The proposal raises the small BHC asset size threshold and amends the related qualitative criteria for determining eligibility as a small BHC. Proposal  9/08/05

  • Beige Book Updated

    The Beige Book has been updated by the FRB based on information collected before August 29, 2005 and, thus, before Hurricane Katrina made landfall on the Gulf Coast. Summary; Full Report  9/08/05

  • CRA Exam List Released

    The FDIC has released the September 2005 list of banks examined for CRA compliance and the ratings they received. CRA Exam List   9/07/05

  • Magnetic Media Filing Of CTRs

    FinCEN has published the requirements for magnetic media filing of CTRs and the Designation of Exempt Person forms. Requirements  9/07/05

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report to include data as of September 2, 2005. International Reserve Position  9/07/05

  • Second Quarter Interest Rate Risk Matters

    OTS has released the preliminary Interest Rate Risk Measures for the Second Quarter 2005. Interest Rate Risk   9/07/05

  • FRB Discount Rate Minutes Released
    The FRB has released the minutes of its discount rate meetings from July 18 through August 9, 2005. Minutes  9/07/05

  • Agencies Encourage Insured Depository Institutions to Assist Displaced Customers

    Agencies are asking insured depository institutions to consider all reasonable and prudent steps to assist customers' and credit union members' cash and financial needs in areas affected by Hurricane Katrina. The agencies are working with state regulatory agencies, financial industry trade groups, and affected financial institutions to identify customer needs and monitor institutions' restoration of services. FRB PR; OCC NR; FDIC FIL; OTS PR; NCUA PR  9/06/05

  • Regulatory Disaster-Related Issuances

    BankersOnline has compiled links to all of the recent regulatory issuances which deal with financial institution obligations in the wake of Hurricane Katrina. On this new page within BOL's Disaster Recovery Center, you'll find the bulletins, guidance, and press release organized by regulatory agency.  9/06/05

  • Relaxation Of SS Check ID Procedures For Hurricane Victims

    Treasury has issued a statement that encourages financial institutions to ease ID requirements for hurricane victims without normal government issued identification who attempt to cash SS and SSI checks. The FDIC has issued an FIL that indicates that certain Social Security Administration offices are issuing handwritten, typewritten, and laser Social Security checks. An 800 number for institutions to call to verify the identity of a presenter has been established. Treasury Statement; FDIC FIL  9/06/05

  • NCUA Issues Katrina FAQ

    FAQs for CU members regarding additional information that those affected by Hurricane Katrina can use to obtain information on accessing their accounts has been issued by NCUA. Katrina FAQs  9/06/05

  • FinCEN Responds Question Regarding Non-English AML Program

    Guidance has been issued by FinCEN which answers that question of whether or not an AML program and records can be maintained in a language other than English. AML Guidance  9/06/05

  • OFAC Releases September CP List

    The September 2005 list of entities cited for violations of OFAC Sanctions Programs has been released and contains no financial institutions. OFAC CP  9/06/05

  • Designation of Exempt Person Form Revised

    FinCEN Form 110, Designation of Exempt Person, has been issued to replace form TD F 90-22.53. Previous editions of old form will not be accepted after January 2006. Form 110  9/06/05

  • Fourth Quarter CRA Exam Schedule Released

    The OCC has released the CRA Examination schedule for the fourth quarter 2005. CRA Exam Schedule  9/06/05  9/06/05

  • TIL Home Mortgage Trigger Annual Adjustment

    The OCC has issued a Bulletin regarding the previously announced adjustment of the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. Information concerning the adjustment was posted in the August 9, 2005, BOL Top Stories. Bulletin  9/06/05

  • FIL Issued Regarding Proposed Call Report Changes

    The FDIC has a FIL regarding the previously announced changes to the Call Report proposed by the Federal Banking regulators. Information concerning the changes was posted in the August 24, 2005 BOL Top Stories. FIL  9/06/05

  • September FedFlash Published

    The September 1, 2005, issue of FedFlash has been published by the FRB Financial Services and contains article on the application of the midnight deadline to image items and substitute checks; access solutions for FIRD files; FedPayments Manager training; FedACH enhancements; and the handling of Treasury ACH reclamations over 60 business days old. FedFlash PDF; FedFlash HTML  9/06/05

  • Foreign Exchange Rates Report Released

    The FRB has released the G.5 Foreign Exchange Rates Report for August 2005. G.5  9/06/05

  • Five Working Papers Published

    The FRB has published five working papers in the FEDS series on the following topics: Has Output Become More Predictable? Changes in Greenbook Forecast Accuracy; The Household Spending Response to the 2003 Tax Cut: Evidence from Survey; An Arbitrage-Free Three-Factor Term Structure Model and the Recent Behavior of Long-Term Yields and Distant-Horizon Forward Rates; and Optimal Policy Projections. Output Abstract Output Full Paper; Household Abstract; Household Full Paper; Arbitrage Abstract; Arbitrage Full Paper; Optimal Abstract; Optimal Full Paper  9/06/05

  • Agencies Encourage Insured Depository Institutions to Assist Displaced Customers

    Agencies are asking insured depository institutions to consider all reasonable and prudent steps to assist customers' and credit union members' cash and financial needs in areas affected by Hurricane Katrina. The agencies are working with state regulatory agencies, financial industry trade groups, and affected financial institutions to identify customer needs and monitor institutions' restoration of services. Press Release BOL Disaster Recovery 9/2/05

  • Regulatory Disaster-Related Issuances

    BankersOnline has compiled links to all of the recent regulatory issuances which deal with financial institution obligations in the wake of Hurricane Katrina. On this new page within BOL's Disaster Recovery Center, you'll find the bulletins, guidance, and press release organized by regulatory agency.
    9/2/05

  • Counterfeit Cashier’s Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier’s checks drawn on The Wilton Bank, Wilton, Connecticut, and The Jackson State Bank, Jackson, Wyoming. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 9/1/05

  • NCUA Establishes Katrina Taskforce

    NCUA has announced that a taskforce has been assembled to address the consequences of Hurricane Katrina on CUs and their members in the states of Alabama, Louisiana and Mississippi. A toll-free number and e-mail addresses have been established to provide information to CUs, their members and vendors.
    Taskforce 9/1/05

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet to included information as of August 30, 2005.
    Fact Sheet 9/1/05

  • Final Regulatory Burden Reduction Rule Announced

    OTS has announced that it has finalized a rule, pursuant to the Economic Growth and Regulatory Paperwork Reduction Act, that will reduce regulatory burden on savings associations by updating and revising various application and reporting requirements.
    Summary;
    Final Rule 9/1/05

  • Conversion Cases Settled By NCUA

    NCUA has announced that the agency had settled the lawsuit against it involving Community Credit Union and OmniAmerican Credit Union. Settlement 9/1/05

  • Additional Consumers Can Receive Free Credit Reports

    Starting September 1, consumers in 14 East Coast states qualify for a free annual credit report from each of the three nationwide consumer reporting companies.
    Credit Reports 9/1/05

  • FRB Issues Corporate Notes Report

    The 2004 Corporate Medium-Term Notes Report has been issued by the FRB.
    Summary; http://www.federalreserve.gov/releases/medterm/default.htm
    Full Report 9/1/05

08/14/2005

FFIEC Cybersecurity webinar for CEOs

If senior managers in your institution missed yesterday's FFIEC cybersecurity webinar, a press release has announced the availability of the slides used in the presentation, which was viewed by approximately 5,000 chief executive officers and senior managers from community financial institutions. The FFIEC offered the webinar to raise awareness about the pervasiveness of cyber threats, discuss the role of executive leadership in managing these risks, and to share actions being taken by the FFIEC.

08/14/2005

Four Oaks settlement approved

The Department of Justice (DOJ) has announced the approval of
a settlement with Four Oaks Fincorp, Inc. and Four Oaks Bank & Trust Company, Four Oaks, North Carolina, in connection with a complaint filed by DOJ alleging the bank knew or was deliberately ignorant of the use of its accounts and its access to the national banking system in furtherance of a scheme to defraud customers. According to the complaint, Four Oaks unlawfully allowed third party merchants to work through the bank to defraud consumers. Four Oaks' clients included a Texas-based third-party payment processor, a company that acts as an intermediary between a bank and a merchant in a financial transaction, and often provides access to the national payment system to a wide variety of merchants. It was also alleged that the bank allowed the third-party payment processor to originate $2.4 billion of debit transactions against consumers' bank accounts in exchange for more than $850,000 in fees that were paid to the bank. The consent order approved by the court requires Four Oaks Bank to pay $1 million to the U.S. Treasury as a civil monetary penalty and to forfeit $200,000 to the U.S. Postal Inspection Service's Consumer Fraud Fund. Four Oaks had agreed to settle the complaint shortly after it was filed in January.

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