Top Story Security Related

• FDIC Publishes Interim Final Rule in Federal Register

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

• Regulators Issue MSB Expectations Statement

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

• Counterfeit Cashier's Checks Special Alerts issued

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

• Survey of Terms of Business Lending Report Released

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

• FIDC Brochures Available In Korean And Chinese

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

• FRB Issues ABCP Guidance SL

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

• FRS Publishes Final Rule in Federal Register

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

• FDIC Enforcement Actions Announced

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

• Stock Options FASB Guidance Issued

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

• International Reserve Position

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

• Finance Companies Reports Issued

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

• HUD Publishes Interim Final Rule in Federal Register

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

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

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

• Names Removed From OFAC List

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

• Regulators Proposed Changes To Credit Classifications

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

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

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

• Historical List Of Unauthorized Banking Alerts Issued

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

• West Virginia Credit Union Closed

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

• Minority-Owned Banks Report Released

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

• FCRA Prescreen Opt-Out Disclosure Final Rule

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

• Counterfeit Cashier's Checks Special Alerts

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

• March Report Form Instructions Posted

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

• Agencies Issue FAQ On Appraisal Regulations

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

• CRA Exam Schedule Released

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

• International Reserve Position Updated

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

• FOMC And BOG Raises Rates

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

• Helping Hispanic Customers Bridge Homeownership Information Gap

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

• Bulletin Issued Regarding Proposed CRA Changes

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

• Comptroller Urges Bankers To Adjust Ways They Monitor Loan Risk

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

• FDIC Issues Ombudsman Report

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

• Inflation Volatility Working Paper Published

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

• Counterfeit Cashier's Checks Alert

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

• Interagency Guidance Issued Regarding Notice Of Information Release

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

• Greenspan Discusses Community Development

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

• March 2005 Issue Electronic Interpretations and Actions Published

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

• Columbian Drug Cartel Leader And Associates Added To SDN List

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

3/18/05

• March 31, 2005 Call Report Information

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

3/18/05

• Deceptive Claims of FDIC Insurance Coverage

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

3/18/05

• Counterfeit Cashier's Checks Special Alert

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

3/18/05

• Structure And Share Data Report Released

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

3/18/05

• Assets Reports Issued

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

3/18/05

• FDIC Chairman Discusses Deposit Insurance Reform

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

3/18/05

• FRB Assesses Three CMPs

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

• Consumer Affairs Letters Released

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

• HOEPA April 2005 Reference Rate Published

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in April 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month prior to the month you received the application.
  Daily H.15 Rates;
  Weekly H.15 Rates 3/17/05

• OCC Releases CRA Evaluations

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

• Thirty-Four Enforcement Actions Announced

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

• Prohibition Orders Issued

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

• Public Hearing To Be Held On Preemption Petition

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

• Industrial Production And Utilization Report Issued

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

• FTC Issues PR on Deposit Insurance

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

• Counterfeit Postal Money Orders Alert

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

• BSA/AML Director Named

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

• FDIC Insurance Video Now On CD-Rom

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

• Greenspan Discusses Aging and Retirement

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

• January International Capital Data Released

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

• Cost Of Funds Reports Issued

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

• Counterfeit Cashier's Checks Special Alerts Issued

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

• OCC and Basel II

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

• Chairman Powell Discusses Regulatory Burdens, Basel II and BSA

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

• International Reserve Position Update

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

• Counterfeit Cashier's Checks Special Alert

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

• Greenspan Presents Views On Regulatory Burdens

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

• Regulatory Burdens Discussed By Comptroller Williams

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

• Quarterly Derivatives Report Issued

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

• Fourth Quarter 2004 Interest Rate Risk Measures Published

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

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

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

• Four Special Alerts Issued

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

• FDIC Enforcement Actions Announced

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

• 2004 FinCEN Annual Report Published

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

• March 2005 FFIEC Reporting Forms Online

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

• Flow Of Funds Report Released

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

• Household Ratios Published

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

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

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

• Interest Rate Challenges Subject Of FDIC Outlook

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

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

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

• Counterfeit Postal Money Orders Special Alert

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

• Snow's Comments To ABA

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

• Beige Book Published

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

• to Comply with Registration Requirements

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

• FinCEN Reports On MSB Fact Finding Meeting

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

• 341a Fact Sheet Updated

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

• Federal Credit Union Liquidated

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

• Counterfeit Cashier's Checks Alert

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

• FDIC Releases CRA Ratings

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

• International Reserve Position Update

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

• Statistical Releases Issued By FRB

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

• March 2004 Financial Holding Company List Released

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

• Three FEDS Papers Published

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

• OFAC Cites Bank For Kingpin Program Violation

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

• BSA Violations Results In $750,000 CMP

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

• Federal Reserve - Regulations J and CC

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

• SDNTKs Added To SDN List

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

• OTS Seeks Comments

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

• Greenspan On The Tax System

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

• Payday Lending Guidance Revised

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

• Greenspan Expresses Views On Economic Outlook

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

• FRB Releases Minutes

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

• Winter Issue Of Federal Reserve Bulletin Published

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

• IDAs A Tool For Bankers

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

• Three Working Papers Released

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

• OTS Publishes Final CRA Rule in Federal Register

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

• OTS Published Interim Final Rule in Federal Register

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

• Reg CC Amendment Proposed Regarding Remotely Generated Checks

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

• Counterfeit Cashier's Checks Special Alert

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

• Trust Preferred Securities Final Rule Announced

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

• OCC Second Quarter 2005 CRA Exam Schedule Released

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

• OTS Releases February 2005 CRA Ratings

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

• 2004 FTC Enforcement Actions Report Issued

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

• Agreements With Ohio Institutions Announced

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

• Pennsylvania Banker Issued Prohibition Order

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

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

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

• Chicago Title Pays $7.5 Million CMP For RESPA Violations

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

• CAMELS Confidentiality Advisory Issued

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

• Final CRA Rule Announced By OTS

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

• OTS Amends Holding Company Rules

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

• FDIC CRA Exam Schedule Released

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

• FinCEN Adjusts Strategic Plan

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

• FRB To Stop Providing Definitive Municipal Securities Services

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

• International Reserve Position Update

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

The Federal Reserve Bank of Atlanta has issued a letter with information sources for hurricane preparations and contingency instructions concerning any weather-related impacts to payment services (check, cash, and ACH), discount window, bank supervision and other vital information.

OFAC has designated Afghan national Atiqullah Ahmady Mohammad Din as a specially designated narcotics trafficker under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for his significant role in international narcotics trafficking. OFAC also designated his brother, Sadiq Ahmady, and four entities in Afghanistan and the United Arab Emirates (UAE) that act for or on behalf of Mohammad Din and provide support to his narcotics trafficking activities. As a result of this action, all property and interests in property in the United States or in the possession or control of U.S. persons in which Mohammad Din, Sadiq Ahmady, or the companies have an interest are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. More information on this OFAC action can be found in a BOL OFAC Update.

The Department of Justice has announced that a former senior vice president at a California branch of an Israeli bank has been charged with conspiracy to defraud the United States, the Justice Department and the IRS. The indictment alleges he conspired to conceal the existence of undeclared accounts owned and controlled by U.S. customers in Israel. The accounts were concealed from the IRS by opening them under pseudonyms, code names and the names of nominee entities set up in the British Virgin Islands and on the island of Nevis.

OFAC has designated Afghan national Atiqullah Ahmady Mohammad Din as a specially designated narcotics trafficker under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for his significant role in international narcotics trafficking. OFAC also designated his brother, Sadiq Ahmady, and four entities in Afghanistan and the United Arab Emirates (UAE) that act for or on behalf of Mohammad Din and provide support to his narcotics trafficking activities. As a result of this action, all property and interests in property in the United States or in the possession or control of U.S. persons in which Mohammad Din, Sadiq Ahmady, or the companies have an interest are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. More information on this OFAC action can be found in a BOL OFAC Update.

• FRB Requests CRA Revision Comments

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

• Regulators Enter Written Agreement With Individuals

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

• BSA And AML Deficiencies Result In Order

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

• FDIC Issues 2004 Annual Report

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

• ABA Urges Action On Bankruptcy Legislation

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

• Winter Issue Consumer News Published

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

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

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

• Bank And Thrift Earnings Set Record

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

• Fourth Quarter Edition of Quarterly Banking Profile Published

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

• Final Guidance On OD Protection Published in FR

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

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

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

• OCC Updates Handbook

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

• NCUA Releases Reform Proposal

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

• International Reserve Position Released

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

• Fourth Quarter 2004 Charge-Off Report Issued

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

• December 2005 G. 20 Released

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

• Fedwire Forms Available Online

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

• Reg CC Technial Amendment Published in FR

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

• Agencies Issue Final Guidance On OD Protection Programs

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

• CRA Evaluations Released By OCC

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

• February Issue New Electronic Interpretations and Actions Posted

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

• OTS Regulatory Bulletins Issued

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

• Check Processing Changes Announced For Three Fed Districts

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

• FRB Website Gets Makeover

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

• HOEPA March 2005 Reference Rates Posted

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in March 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month prior to the month you received the application.
  Daily H. 15;
  Weekly H. 15    2/17/05

• Enforcement Actions Announced

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

• Greenspan Presents Money Policy Report To Congress

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

• FEDS Working Paper Published

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

• G. 17 Report Issued

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

• Thrift Industy 2004 Earnings Announced

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

• Money Smart Winter 2005 Issue Published

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

• al Qaida Leader Added To SDN List

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

• IDIG Available On CD-ROM

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

• Deputy Comptroller for Large Bank Supervision Named

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

• February FedFocus Published

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

• FDIC Releases 2005-2010 Strategic Plan

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

• December TIC Data Released

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

• International Reserve Position Update

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

• Cost Of Funds Reports Issued

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

• FDIC 2004 Annual Report Submitted

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

• Special Alert Counterfeit Cashier’s Checks

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

• Unauthorized Banking Special Alert

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

• Three Countries Removed From NCCT List

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

• FRB Revises Q & A

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

• OD Protection Programs Final Guidance Issued

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

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

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

• BIF And SAIF Year End Results Released

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

• Reg CC Technial Amendment Published in FR

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

• Counterfeit Cashier’s Checks Special Alert

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

• Comment Period Extended

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

• OCC Updates Licensing Manual

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

• Joint Enforcement Actions Issued

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

• Prohibition Orders Issued By NCUA

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

• Regulators Discuss BSA And AML Compliance

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

• FYI Focuses On Home Price Cycle

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

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

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

• Comments Sought Regarding Extension Of Federal Reserve Reports

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

• Federal Reserve Final Rule in FR

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

• Sixth District Check Processing Restructuring To Start In March

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

• Unauthorized Banking Alert

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

• International Reserve Position Update

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

• OTS Budget Plan Released

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

• CRA Ratings Issued By FDIC

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

• Loan Officer Opinion Survey Results Published

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

• Consumer Credit Report Released

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

• Blue Book Released

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

• OCC Predatory Lending Guidance Published

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

• Seven Banks Pay CMP For OFAC Violations

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

• Examiner Borrowing Rule Amended

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

• FDIC Announces Enforcement Orders

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

• Greenspan Observations On U.S. Trade Deficit

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

• Proposed Rule: NCUA

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

• Request For Comments Creates Buzz On Treads

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

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

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

• OCC Issues Predatory Lending Guidelines

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

• C & D And Consent Orders Issued

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

• Disposal Of CI FIL Issued

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

• FOMC And Board Raise Rates

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

• FEDS Working Paper Published

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

• Counterfeit Money Orders Special Alert

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

• FDIC Updates Insurance Guide and EDIE

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

• Fraudulent FDIC Email Phishing Special Alert

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

• CRA Ratings Announced

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

• Winter Edition Of Community Developments Investments Published

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

• NCUA Issues Examiner Guidance White Paper

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

• International Reserve Position

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

• January Foreign Exchange Rates Released

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

• Two International Finance Discussion Papers Published

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

• CEO Letter Regarding OFAC Blocked Transaction And SARs

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

• FDIC ID Theft Symposium Information

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

• Market Financing Estimates Announced

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

The OCC has issued two alerts concerning counterfeit official checks bearing the correct routing number of Old Florida National Bank, Orlando, FL and counterfeit cashier's checks bearing the correct routing number of The First National Bank of Weatherford, Weatherford, TX. Information on the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.

FDIC FIL-22-2014 announces steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Arkansas affected by severe storms, tornadoes, and flooding on April 27, 2014:

• A federal disaster for selected areas in Arkansas was declared on April 29, 2014. Additional designations may be made after damage assessments are completed in the affected areas. A current list of designated areas is available at www.fema.gov.
• The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather.
• Extending repayment terms, restructuring existing loans, or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the local community and serve the long-term interests of the lending institution.
• Banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.
• The FDIC also will consider regulatory relief from certain filing and publishing requirements.

The OCC has issued two alerts concerning counterfeit official checks bearing the correct routing number of Old Florida National Bank, Orlando, FL and counterfeit cashier's checks bearing the correct routing number of The First National Bank of Weatherford, Weatherford, TX. Information on the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.

FDIC FIL-22-2014 announces steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Arkansas affected by severe storms, tornadoes, and flooding on April 27, 2014:

• A federal disaster for selected areas in Arkansas was declared on April 29, 2014. Additional designations may be made after damage assessments are completed in the affected areas. A current list of designated areas is available at www.fema.gov.
• The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather.
• Extending repayment terms, restructuring existing loans, or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the local community and serve the long-term interests of the lending institution.
• Banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.
• The FDIC also will consider regulatory relief from certain filing and publishing requirements.