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04/30/2007

Top Stories for May 2007

  • Counterfeit Cashier's Checks and Money Orders Alerts

    The OCC has issued three Alerts regarding counterfeit cashier's checks and money orders issued in the names of Extraco Banks, N.A., Temple, Texas; Shamrock Bank, N.A., Coalgate, Oklahoma; and First National Bank, Mountain View, Missouri. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  5/31/07

  • 2007 HMDA Guide Online

    The 2007 issue of A Guide to HMDA Reporting has been posted online by the FFIEC. The Guide provides a summary of responsibilities and requirements, directions for assembling the necessary tools, and step-by-step instructions for reporting HMDA data. The Guide is only available online. HMDA Guide  5/31/07

  • HMDA Data Collection Procedures Change

    The FRB has announced that the Federal Reserve Bank of St. Louis has agreed to transfer the collection and processing of HMDA data from each Federal Reserve District to the HMDA Operations Unit at the FRB beginning with the calendar year 2007 HMDA data collected in 2008. HMDA Data  5/31/07

  • NCUA Publishes Technical Amendments to Final Rule

    NCUA is amending a number of its regulations by making minor technical corrections, clarifications and
    grammatical changes. Among those is the addition of a cross-reference between two regulations addressing credit union borrowing authority; addition of a statement in the provision on insurance coverage for volunteer officials to note, etc. It is also removing certain regulatory references to NCUA's FCU Bylaws that are no longer accurate due to revisions. TXT; PDF  5/31/07

  • Reserve Position Report Update

    Treasury has updated the U.S. International Reserve Position Report to include data as of May 25, 2007. Reserve Position  5/31/07

  • FOMC Minutes Released

    The FRB and the Federal Open Market Committee have released the minutes of the Committee meeting held on May 9, 2007. Minutes  5/31/07

  • Large Banks Assets Report Issued

    The March 30, 2007 Insured U.S. Chartered Commercial Banks That Have Consolidated Assets of 4300 Million or More Report has been issued by the FRB. Report  5/31/07

  • Reg O Final Rule

    The Federal Reserve Board announced its adoption of final amendments to Regulation O to eliminate certain reporting requirements. These amendments, identical to those previously adopted as an interim rule on 12/11/2006, implement section 601 of the Financial Services Regulatory Relief Act of 2006. Final Rule  5/30/07

  • HOEPA Meeting Discussion Topics Announced

    The following discussion topics for the previously announced FRB June 14 public hearing under HOEPA have been identified:

    • Prepayment penalties
    • Escrow accounts for taxes and insurance on subprime loans
    • "Stated income" or "low doc" loans
    • Consideration of a borrower's ability to repay a loan

    The purpose of the hearing is to gather information about how the Board might use its rulemaking authority to curb abusive lending practices in the home mortgage market, including the subprime sector, in a way that preserves incentives for responsible lenders to provide credit to borrowers. Comments are also being sought. HOEPA Meeting; Registration  5/30/07

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced new FedReceipt Routing Numbers that will be effective June 4, 2007. Numbers  5/29/07

  • Entities Added To OFAC List

    Three names have been added to the SDN list pursuant to E.O. 13400 of April 26, 2006 as contribuing to
    the conflict in the Darfur region. with the description of [DARFUR]. Thirty-one other entities havea been added to OFAC's SDN list. Information regarding the new additions has been posted on the BOL OFAC page.  5/29/07

  • FHC List Update

    The FRB has updated the Financial Holding Company List with data current as of May 25, 2007. The List contains the names of the bank holding companies that have elected to be treated as a financial holding company (FHC). List  5/29/07

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Community First National Bank of West Plains, West Plains, Missouri. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/25/07

  • SAR Research Guide Updated

    BOL's SAR Research Guide has been updated to include excerpts from FinCEN's May 2007 SAR Activity Review: Trends, Tips and Issues. There are new articles on suspicious activity trends with MSBs, New SAR form completion tips, and 11 new examples of cases resulting from BSA filings.  5/25/07

  • First Quarter 2007 TFR Data and Interest Rate Risk Measure Reports Online

    OTS has posted online the Aggregated Thrift Financial Report (TFR) and the Preliminary Interest Rate Risk Measure Report for the first quarter 2007. TRF; Interest Rate Risk  5/25/07

  • Counterfeit and Fraudulent Checks Special Alerts Issued

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

    • Capital Crossing Bank, a division of Lehman Brothers Bank, FSB, Boston, Massachusetts (Counterfeit Cashier's Checks),
    • Hoosac Bank, North Adams, Massachusetts (Fraudulent Cashier's Checks),
    • CIB Marine Bancshares, Inc., Brookfield, Wisconsin, and Riggs Bank, Washington, DC (Fraudulent Checks), and
    • Independence Bank of Kentucky, Owensboro, Kentucky (Counterfeit Cashier's Checks).

    Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page.  5/24/07

  • Reg Z Amendments Proposed

    The FRB has issued for public comment proposed amendments to Regulation Z (Truth in Lending) that are intended to improve the effectiveness of the disclosures consumers receive in connection with credit card accounts and other revolving credit plans by ensuring that information is provided in a timely manner and in a form that is readily understandable. The proposed amendments principally focus on the rules for open-end credit accounts that are not home-secured, chiefly general-purpose and retail credit card plans. Amendments  5/24/07

  • CMPs Assessed

    Civil money penalties (CMPs) have been assessed by the FRB against East West Bank, Pasadena, California, in the amount of $16,245 and First Sentinel Bank, Richlands, Virginia, in the amount of $4,235 for violations of the National Flood Insurance Act. East West Bank; First Sentinel  5/24/07

  • Consumer Bank Complaint Form Online

    The FRB has posted online instructions and a form to be used by a consumer who wants to file a complaint against a bank. Form  5/24/07

  • HOEPA Public Hearing Registration Online

    A registration form for the FRB public HOEPA hearings on curbing abusive lending practices in the home mortgage market to be held on June 14, 2007, has been posted online. Registration Form  5/24/07

  • Stated Income Subprime Loans Concern Dugan

    In a presentation to the Neighborhood Housing Services of New York, Comptroller Dugan expressed his concern over stated income subprime loans. He noted that in a market where house prices are rising, the risks of stated income loans are masked, since borrowers can refinance if they run into trouble. Speech  5/24/07

  • 2007 National Money Laundering Strategy FIL Issued

    A FIL has been issued by the FDIC regarding the previously announced 2007 National Money Laundering Strategy jointly released by the Departments of Treasury, Justice, and Homeland Security. Information concerning the 2007 National Money Laundering Strategy was posted on the BOL Top Stories May 4, 2007. FIL  5/24/07

  • Thrift Industry First Quarter Earnings Released

    OTS has announced that the nation's thrift industry posted solid earnings and profitability in the first quarter of 2007 despite continued weakness in the housing market and a flat-to-inverted yield curve. Earnings; Charts; Selected Indicators  5/24/07

  • Sanctions Implemented Against Charles Taylor

    OFAC has issued regulations implementing sanctions against the regime of former Liberian President Charles Taylor. The sanctions are not directed against the country of Liberia, the Government of Liberia, or the Central Bank of Liberia. A general license has been issued to authorize transactions previously prohibited with respect to the importation of round logs or timber products originating in Liberia. BOL's OFAC Sanctions Matrix has been updated.  5/24/07

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of May 22, 2007. 314(a); Sharing Report  5/23/07

  • Counterfeit Cashier's Checks Special Alerts

    Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the names of East West Bank, Pasadena, California, and USA Bankchares of Miami, Miami, Florida. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/22/07

  • CRA Ratings Released

    The OCC has released the ratings received by twenty-nine national banks that were recently examined for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  5/22/07

  • CU Assets, Savings and Membership Grow

    Credit unions reported strong savings and asset growth while membership grew to over 86 million people during the first quarter of 2007 according to Call Report data submitted by the country's 8,305 federally insured credit unions. First Quarter Data  5/22/07

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with data current as of May 18, 2007. Reserve Position  5/22/07

  • CRA Median Family Income Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced publication of the U.S. Census and 2007 Department of Housing and Urban Development (HUD) estimated median family incomes for metropolitan statistical areas (MSAs), metropolitan divisions (MDs), and nonmetropolitan portions of each state. The data is used to determine income levels of geographies in Community Reinvestment Act (CRA) performance evaluations. Information concerning the family income data was posted in BOL Top Stories May 8, 2007. Bulletin; Family Income Data  5/21/07

  • IFD Working Paper Published

    A working paper in the International Finance Discussion series on the topic of " U.S. External Adjustment: Is It Disorderly? Is It Unique? Will It Disrupt the Rest of the World?" has been published by the FRB. Abstract; Full Paper  5/21/07

  • No Harm No Foul

    The United Stated Court of Appeals for the First Circuit dismissed a case where the lender used the incorrect model rescission form. The plaintiffs argued that the general rescission form was used instead of one denoting a refinance by the same lender. The court ruled that the disclosure provided may have been incorrect, but was clear, conspicuous and acceptable. Read why in BOL Court Watch under Santos/Rojas vs. Doral.  5/18/07

  • FRB Publishes Technical Amendment to Final Rule for Availability of Funds and Collection of Checks

    The Board of Governors is amending appendix A of Regulation CC to delete the reference to the Nashville
    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 and
    is amending appendix B of Regulation CC to delete the reference to the Nashville branch office.TXT; PDF  5/18/07

  • Anti-Narcotics Designations By OFAC

    OFAC has designated six companies and twelve individuals in Mexico that act as fronts for Ismael Zambada Garcia, the leader of a Sinaloa, Mexico-based drug trafficking organization and added the names to the SDN List. Information regarding the designations has been posted on the BOL OFAC page.  5/18/07

  • Order to Cease and Desist Issued

    OTS has issued an Order to Cease and Desist to The Clifton Heights Savings and Loan Company, Cincinnati, Ohio. The Order, which was effective May 9, 2007, regarded the making of loans to one borrower that exceeded the federal lending limit. Order  5/18/07

  • Delayed Implementation of Revised SAR Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced decision by FinCEN to delay the implementation of the revised SAR form. Information concerning the delay was posted in the BOL Top Stories on April 26, 2007. Bulletin  5/18/07

  • FinCEN Withdrawals Nigerian Advisory

    FinCEN has issued an Advisory informing banks and other financial institutions operating in the United States that Financial Crimes Enforcement Network (FinCEN) Advisory Issue 32, regarding the Federal Republic of Nigeria, is hereby withdrawn. Advisory  5/18/07

  • CAC Meeting Scheduled

    The FRB has announced that the Consumer Advisory Council (CAC) will hold its next meeting at 9:00 a.m., Thursday, June 21, 2007, in the Board's Martin Building, Washington, D.C. The session is open to the public, but registration is necessary for security purposes and may be made online. Agenda; Registration  5/18/07

  • Regulators Discuss Subprime Mortgage Market and Regulatory Reform

    In presentations at the Federal Reserve Bank of Chicago's 43rd Annual Conference on Bank Structure and Competition, in Chicago, Illinois, FRB Chairman Bernanke discussed the subprime lending market and FDIC Chairman Bair discussed regulatory reform. Bernanke Speech; Bair Speech  5/18/07

  • Freis Pledges Commitment to BSA Effectiveness and Efficiency

    FinCEN Director Freis hosted the 27th plenary of the Bank Secrecy Act Advisory Group (BSAAG) and pledged to work closely with all BSAAG members to ensure that the Bank Secrecy Act (BSA) is being administered in the most effective and efficient way. BSAAG  5/18/07

  • 5th Annual Community Development Policy Summit Set

    The Federal Reserve Bank of Cleveland will host "Partnering for Success", the 5th Annual Community Development Policy Summit, on June 21-22, 2007 at the Cleveland Marriot Downtown. Summit; Registration  5/18/07

  • Counterfeit Cashier's/Official Checks Special Alerts

    The FDIC has issued two Special Alerts regarding counterfeit cashier's and official checks bearing the names of Merrimac Savings Bank, Merrimac, Massachusetts, and Provident Bank of Maryland, Baltimore, Maryland. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  5/17/07

  • Unauthorized Banking Special Alert

    The FDIC has issued a Special Alert after being notified by Office of the Superintendent of Financial Institutions (OSFI) of Canada that Borealis International may be conducting banking operations in Canada or the United States without authorization. Other names associated with Borealis International are "The Laiki Group", "The Synergy Group", and "Atlantic Trust Company." Special Alert

  • HUD Race and Ethnic Data Reporting Forms

    HUD has posted online its Race and Ethnic Data Reporting Forms (HUD-27061 and HUD-27061-H) in fillable pdf and Word formats. 2706; 27061-H  5/17/07

  • June HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in June 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15  5/17/07

  • Enforcement Actions Released

    The OCC has released the list of enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  5/17/07

  • Flood Violation CMP Assessed

    The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) against Orrstown Bank, Shippensburg, Pennsylvania in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. The Order requires the bank to pay a civil money penalty of $1,665. Order  5/17/07

  • Deposit Insurance Guidelines for Risk Category I Institutions

    The FDIC has issued a FIL regarding the recent approval of guidelines for determining adjustments to be made to the quarterly assessment rates of large Risk Category I insured institutions. FIL  5/17/07

  • SAR Activity Review May 2007 Issue

    The May 2007 issue of the SAR Activity Review Trends, Tips and Issues has been published by FinCEN. SAR Activity Review  5/17/07

  • Industrial Production Report Released

    The FRB has released the G.17 Industrial Production Report for April 2007. G.17  5/17/07

  • IFDP Working Paper Published

    A working paper in the International Finance Discussion Paper series has been published by the FRB on the topic of "Some Simple Tests of the Globalization and Inflation Hypothesis". Abstract; Full Paper  5/17/07

  • Reg CC Amendments Approved

    The FRB has announced the approval of amendments to Appendix A of Regulation CC that reflect the restructuring of the check processing operations of the Federal Reserve Bank of Atlanta and provide notice relating to future changes to Appendix A. Summary; Amendments  5/16/07

  • Enforcement Actions Announced

    The FDIC has announced twenty-one enforcement actions recently taken against banks and individuals in March 2007. The actions included five removal and prohibition orders, 10 civil money penalty orders, and six cease and desist orders. Enforcement Actions  5/16/07

  • May 2007 FedFlash Published

    The May 15, 2007 issue of FedFlash has been published and contains article on Check Relay, Canadian deposit item deadlines, detection of duplicate substitute checks, a change to same day Fed tax payment options, and changes in the delivery of CD images. FedFlash  5/16/07

  • Bernanke Discusses Regulation and Financial Innovation

    In a presentation via satellite to the participants at the Federal Reserve Bank of Atlanta's 2007 Financial Markets Conference, in Sea Island, Georgia, Chairman Bernanke noted that central banks and other regulators should resist the temptation to devise ad hoc rules for each new type of financial instrument or institution. He remarked that the goal of regulation should be to preserve those benefits while achieving important public policy objectives, including financial stability, investor protection, and market integrity. Speech  5/16/07

  • Spring 2007 Issue Consumer News Published

    The FDIC has published the Spring 2007 issue of Consumer News that features a look at some revolutionary new ways to conduct daily financial transactions using high-tech cards and cell phones, along with tips for choosing and using these services. Other articles include advice for adjustable-rate mortgage (ARM) borrowers that may help them avoid losing their home if they are unable to make monthly payments when the interest rate goes up, and tips for avoiding inappropriate or fraudulent investments. Consumer News  5/16/07

  • User's Guide to U.S. Cross-Border Derivatives Data

    The May 20007 Federal Reserve Bulletin contains an article regarding a user's guide to U. S. cross-derivatives data. Bulletin  5/16/07

  • Cost of Funds Reports Released

    OTS has released the current and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Current; Historical  5/16/07

  • March TIC Data Released

    Treasury has released the Treasury International Capital (TIC) data for March 2007. TIC  5/16/07

  • Expanded Examination Cycle SR Letter Issued

    The FRB has issued a Supervisory Letter regarding the previously announced expanded examination cycle for certain financial institutions. Information regarding the new cycle was posted on the April 4, 2007, BOL Top Stories. SR Letter  5/15/07

  • OCC To Host Community Bank Directors Credit Risk Workshop

    The OCC will host a credit risk workshop for national community bank directors at the Congress Hotel, Cape May, New Jersey, on June 19, 2007. Workshop Information; Online Registration  5/15/07

  • Bank Lending Practices Opinion Survey Results Released

    The results of the April 2007 Senior Loan Officer Opinion Survey on Bank Lending Practices has been released by the FRB. Summary; Full Report  5/15/07

  • International Reserve Position Update

    Treasury Department has released U.S. reserve assets data for the week ending May 11, 2007. Reserve Position  5/15/07

  • Counterfeit Cashier's Checks Special Alerts

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

    • The First Bank and Trust Company, Abingdon, Virginia;
    • Metcalf Bank, Overland Park, Kansas;
    • Marblehead Savings Bank, Marblehead, Massachusetts;
    • First Community Bank, Winston- Salem, North Carolina; and
    • Empire Bank, Indianapolis, Indiana.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/14/07

  • Unauthorized Banking Special Alert

    The FDIC has issued a Special Alert after being notified by Superintendencia de Bancos de Panama that an entity calling itself, Ready State Bank of Panama, is promoting several banking services and products, primarily in Caracas, Venezuela. The entity is not authorized to engage in the business of banking within or from the Republic of Panama. Special Alert  5/14/07

  • Notice of Settlement Guidance Issued

    The FRB has issued a SR/CA letter to provide guidance to banking organizations under its supervision of requirements for filing notice of proposed settlements of class action litigation. Letter  5/11/07

  • Bank Examination Cycle Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced interim rule that amends 12 CFR 4 to expand description of banks qualified for the 18-month examination cycle. Information concerning the interim rule was posted on the April 10, 2007 BOL Top Stories. Bulletin; Interim Rule  5/11/07

  • Assistance For Kansas Institutions and Communities Announced

    The FDIC has issued a FIL that announces a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in Kiowa County, Kansas, which suffered major damage from tornadoes on May 4, 2007. FIL  5/11/07

  • CU Liquidated

    NCUA has announced that Sharebuilders Federal Credit Union, of Northridge, California, was liquidated on April 25, 2007. Liquidation  5/11/07

  • CRA Ratings Released

    The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) containing the evaluation ratings assigned to institutions in February 2007. Ratings  5/10/07

  • Fed Funds Rate Unchanged

    The FRB FOMC has announced that the committee has decided at its May 9, 2007 meeting to keep the target for the federal funds rate at 5-1/4 percent. Meeting  5/10/07

  • Prohibition Orders Issued

    NCUA has issued orders prohibiting Glenn W. Culler, former CEO of the former Ackerman Credit Union, Columbus, Ohio; and Michael D. Monette, former collections supervisor of Vermont Federal Credit Union, Burlington, Vermont, from participating in the affairs of any federally insured financial institution. Culler Order; Monette Order  5/10/07

  • Advance Fee Credit Card Scam Stopped

    A federal district court in Illinois has entered final orders against three people based in Canada who allegedly defrauded U.S. consumers out of more than $9 million through the sale of phony advance-fee credit cards. Summary; Orders  5/10/07

  • Early Savings Bonds Redemptions Authorized

    FRB Financial Services has authorized savings bond agent serving Kiowa County, Kansas, to redeem Series EE and I savings bonds less than one year old presented during the months of May and June 2007. Early Redemptions  5/09/07

  • 314(a) Fact Sheet New Information

    FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with Financial Industry Report with the inclusion of data current as of May 8, 2007. 314(a) Fact Sheet; Sharing Report  5/09/07

  • International Reserve Position Update

    The U.S. International Reserve Position Report has updated by Treasury with data current as of May 4, 2007. Reserve Position  5/09/07

  • Seven Counterfeit Checks Alerts Issued

    The OCC and FDIC have issued seven Alerts regarding counterfeit cashier's checks issued in or bearing the names of the following institutions:

    • City National Bank of West Virginia, Charleston, West Virginia;
    • Temecula Valley Bank, Temecula, California;
    • Lincoln County Bank, Merrill, Wisconsin;
    • TriCentury Bank, Simpson, Kansas;
    • North Shore Bank, a Co-operative Bank (also known as North Shore Bank), Peabody, Massachusetts;
    • Millennium State Bank of Texas, Dallas, Texas; and
    • The Bank of Carbondale, Carbondale, Illinois.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/08/07

  • 2007 Estimated Metropolitan Area Median Family Income Data Online

    The FFIEC has posted on its Web page the HUD 2007 Estimated Metropolitan Area Median Family Income data. Family Income  5/08/07

  • OTS Publishes Interim Final Rule in Federal Register for Prohibited Service at Savings and Loan Holding Companies

    OTS is adopting an interim final rule implementing section 710(a) of the Financial Services Regulatory
    Relief Act of 2006, which added a new section 19(e) to the Federal Deposit Insurance Act (FDIA) prohibiting any person who has been convicted of any criminal offense involving dishonesty, breach of trust, money laundering or has agreed to enter into a pretrial diversion or similar program in connection with a
    prosecution for such an offense from holding certain positions with respect to a savings and loan holding company (SLHC).TXT; PDF  5/08/07

  • April 2007 FRB Bulletin Statistical Supplement Published

    The FRB has published the April 2007 Statistical Supplement to the FRB Bulletin. Supplement  5/08/07

  • OFAC CMPs Announced

    OFAC has announced the civil money penalties assessed for violations of various Sanctions Programs. One financial institution, Fleet National Bank, remitted $7,277 to settle allegations of violations of the Iranian Transactions Regulations. CMPs  5/07/07

  • Prohibition Orders Issued

    NCUA has issued orders prohibiting Willie Brown, a former official and chairman of the former Mt. Hebron Baptist Federal Credit Union, Philadelphia, Pennsylvania, and Dorothea Brown, former treasurer of the former Mt. Hebron Baptist Federal Credit Union, Philadelphia, Pennsylvania, from participating in the affairs of any federally insured financial institution. W. Brown Order; D. Brown Order  5/07/07

  • CRA Ratings Announced

    OTS has announced the ratings received by the savings associations that were recently examined for compliance with the CRA. Ratings  5/07/07

  • HMDA FAQs Updated

    The FFIEC has updated its HMDA frequently asked questions (FAQs) Web page with the addition of Reverse Mortgages questions. FAQs  5/07/07

  • OFAC Cartel Impact Report Released

    OFAC released the Impact Report on Economic Sanctions Against Colombian Drug Cartels, a report reviewing OFAC's efforts to expose and isolate significant Colombian narcotics traffickers and their associates, and disrupt and dismantle their business empires. The report provides detailed documentation on each of the 21 Colombian drug cartel principals and organizations that have been targeted by OFAC. Report  5/07/07

  • Fraudulent FDIC Email Contains Malicious Software

    The FDIC has issued a Consumer Alert regarding report of an e-mail that appears be from the FDIC and delivers malicious software to the recipient's computer. Consumer Alert  5/07/07

  • OTS Performance Plan Published

    OTS has published its 2007 Performance Plan. Plan  5/07/07

  • Counterfeit Cashier's Checks Special Alerts

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

    • Border State Bank, Greenbush, Minnesota;
    • Mercantile Southern Maryland Bank, Leonardtown, Maryland;
    • The Citizens Bank of Philadelphia, Philadelphia, Mississippi; and
    • Frontenac Bank, Earth City, Missouri.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/04/07

  • 2007 National Money Laundering Strategy Announced

    The Departments of Treasury, Justice, and Homeland Security have jointly issued the 2007 National Money Laundering Strategy that details in one hundred twelve pages the continued efforts to dismantle money laundering and terrorist financing networks and bring these criminals to justice. Strategy; Treasury PR  5/04/07

  • HOEPA Hearing Scheduled

    The FRB has announced that it will hold a public hearing, under the provisions of Home Ownership and Equity Protection Act (HOEPA), to gather information on how the regulator might use its rulemaking authority to curb abusive lending practices in the home mortgage market, including the subprime sector. The hearing is scheduled for Thursday, June 14, 2007, at the Federal Reserve Board offices at 20th and C Streets, N.W., Washington, D.C. HOEPA Hearing  5/04/07

  • Unauthorized Banking Alert Issued

    The OCC has issued an Alert regarding the Ready State Bank of Panama who is promoting several banking services and products through an office located in the State of Florida. The Superintendecia de Bancos de Panamahas informed the OCC that the Bank is not a banking entity authorized to engage in the banking business within or from the Republic of Panama. Alert   5/04/07

  • March Asset and Liability Price Tables Published

    OTS has published the Asset and Liability Price Tables as of March 31, 2007. Tables  5/04/07

  • FDIC Issues First Quarter Letter to Stakeholders

    The FDIC has issued a FIL regarding the First Quarter 2007 Letter to Stakeholders that summarizes the agency's performance in depositor protection, mission support, and resource management. FIL; Letter  5/04/07

  • Reserve Assets Report Release

    The April 2007 Statistical Supplement to the Federal Reserve Bulletin, that contains the 3.12 U.S. Reserve Assets and the 3.13 Foreign Official Assets Held at Federal Reserve Banks reports, has been issued. Statistical Supplement  5/04/07

  • Counterfeit Cashier's Checks Special Alerts

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of Latimer State Bank, Wilburton, Oklahoma, and River Valley State Bank, Wausau, Wisconsin. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/03/07

  • March 2007 Call Report Information

    The filing information for March 31, 2007 Call Reports is now available. March Call Reports  5/03/07

  • FRB Consumer Survey Distributed

    The FRB has begun the mailing to over 10,000 households the annual Survey of Consumer Finances that provides policymakers with important insight into the economic condition of all types of American families. A letter from Chairman Bernanke urges participation in the study. Survey Information; Letter  5/03/07

  • Fraudulent Letter Special Alert

    The FDIC has issued a Special Alert regarding fraudulent letters that are being sent to financial institutions in the United States and other countries. The letters instruct the financial institution to deposit an enclosed official or cashier's check into a customer's account. Information concerning the fraudulent letters has been posted on the BOL Alerts & Counterfeits Page.  5/02/07

  • Bulletin Issued Regarding BSA/AML Final Rule

    The OCC has issued a Bulletin regarding the previously announced Final Rule issued by FinCEN that imposed special measures against Banco Delta Asia (BDA) designated by Treasury as a financial institution of primary money laundering concern. Information regarding the Final Rule was posted in the March 15, 2007 BOL Top Stories. Bulletin  5/02/07

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the New Electronic Interpretations and Actions for April 2007. Electronic  5/02/07

  • Bernanke Discusses Free Trade and The Global Economy

    In a presentation at the Montana Economic Development Summit 2007, Chairman Bernanke discussed the crucial economic benefits received from the ongoing expansion of international trade. He noted that our continued prosperity depends on our embracing the many opportunities provided by trade, even as we provide a helping hand to individuals and communities that may have suffered adverse consequences. Speech  5/02/07

  • FedFlash May Issue Published

    FRB Financial Services has published the May 2007 issue of FedFlash that features articles on the following topics: the release date for the new John Adams $1 coin, the FedReceipt RTNs, the implementation of ACH weekend file landing, and the elimination of the Off-Peak National Sort Product. FedFlash  5/02/07

  • April Foreign Exchange Rates Released

    The FRB has issued the G.5 Foreign Exchange Rates report for April 2007. G.5  5/02/07

  • Orders of Prohibition Issued

    The FRB has issued two Orders of Prohibition, one against Bonnie C. Milne, a former employee and institution-affiliated party of First Interstate Bank, Casper, Wyoming, and the other against Cheryl McMillan, a former cashier and institution-affiliated party of the Bank of Durango, Durango, Colorado. Milne Order; McMillan Order  5/01/07

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced the availability of new FedReceipt routing numbers. Routing Numbers  5/01/07

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with data current as of April 27, 2007. Reserve Position  5/01/07

  • Market Financing Estimates Announced

    Treasury has announced its current estimates of net marketable financing for the second and third quarters of 2007. Estimates  5/01/07

  • Money Start Program Aids Consumers

    A Gallup survey results indicate that those who took the FDIC Money Smart course were more likely to open deposit accounts, save money, use and adhere to a budget, and have increased confidence in their financial abilities. FDIC Chairman Blair, in testimony before a subcommittee of the Senate Committee On Homeland Security And Governmental Affairs, described the program and stated, "This unprecedented survey shows that financial education works and can make a significant difference in the way people save and spend their money". Survey Summary; Full Results; Statement  5/01/07

04/30/2007

Top Stories for March 2007

  • Counterfeit Checks and Fraudulent Bank Guarantees Alerts

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of First National Bank of Dozier, Dozier, Alabama, and fraudulent bank guarantees issued in the name of Central Bank of Ecuador. Information concerning the counterfeit cashier's checks and the fraudulent guarantees has been posted on the BOL Alerts & Counterfeits page.   3/30/07

  • Compliance Training and CRA Updates Scheduled

    OTS has announced that a training regarding compliance with the CRA will be held in Boston, Massachusetts on Thursday, May 24, 2007. Training  3/30/07

  • Consumer Alert Issued

    The OCC has issued a Consumer Alert regarding solicitations about a CRA program that entitles certain homeowners to cash grants or equity disbursements. Consumer Alert  3/30/07

  • Structure and Share Data Report Issued

    The FRB has issued the December 2006 Structure and Share Data for U.S. Offices of Foreign Banks Report. Report  3/30/07

  • New Quarter and Dollar Information

    FRB Financial Services has posted information regarding the distribution of the new Washington State quarter and the new John Adams dollar commemorative coins online. Coins  3/30/07

  • Drug Trafficker and Associates Added to OFAC List

    OFAC has added a major drug trafficker along with related 45 companies and 64 individuals in Colombia, Belize, Ecuador, Guatemala, Honduras, Jamaica, Mexico, and Panama to the SDN List with the SDNT designation. Information concerning the additions has been posted on the BOL OFAC Page.  3/29/07

  • Small Dollar Lending Pilot Project Proposed

    The FDIC staff has proposed and the agency advisory committee has endorsed a two-year small-dollar loan program pilot project. Project  3/29/07

  • Joint Agencies Propose Rulemaking for Model Privacy Form Under Gramm-Leach-
    Bliley Act

    The OCC, Board, FDIC, OTS, NCUA, FTC, and SEC (the Agencies) are proposing amendments to
    their rules that implement the privacy provisions of the Gramm-Leach-Bliley Act (GLB Act), Title V, Subtitle A. These rules require financial institutions to provide initial and annual privacy notices to their customers.TXT; PDF  3/29/07

  • FEDS Working Paper Published

    A working paper in the Finance and Economics Discussion Series (FEDS) series on the topic of "Natural Rate Measures in an Estimated DSGE Model of the U.S. Economy" has been published by the FRB. Abstract; Full Paper  3/29/07

  • Bernanke's Economic Outlook

    In testimony before the Joint Economic Committee of Congress, Chairman Bernanke presented an update on the outlook for the U.S. economy. He observed that the Federal Open Market Committee has left its target for the federal funds rate unchanged, at 5-1/4 percent, since last June and that future policy decisions will depend on the evolution of the outlook for both inflation and economic growth. Testimony  3/29/07

  • Interest Rate Risk Reports Released

    The Aggregate Exposure and CMR Report along with the Historical and Current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports for the Fourth Quarter 2006 have been released by OTS. Aggregate Exposure; Historical; Current  3/29/07

  • Financial Reporting Bulletin Published

    OTS has published the March 2007 Financial Reporting Bulletin. Bulletin  3/29/07

  • Counterfeit Checks Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit official checks, cashier's checks and money orders bearing the names of the following financial institutions:

    • Orange County Teachers Federal Credit Union, Santa Ana, California (Counterfeit Money Orders);
    • Westside Community Bank, University Place, Washington (Counterfeit Cashier's Checks);
    • Farmers & Merchants Bank of Central California, Lodi, California (Counterfeit Cashier's Checks); and
    • McIntosh State Bank, Jackson, Georgia (Counterfeit Official Checks).

    Information concerning the counterfeit checks and money orders has been posted on the BOL Alerts & Counterfeits page.  3/28/07

  • Second Quarter 2007 CRA Exam Schedule Announced

    OTS has announced that seventy savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the second quarter of 2007. Schedule  3/28/07

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of March 27, 2007. Fact Sheet; Information Sharing Report  3/28/07

  • Call Report Instruction Book Update and Optional Worksheet

    The FFIEC has published and posted online an update to the Call Report Instruction Book and an Optional Worksheet for calculating Call Report applicable income taxes. Instruction Book; Worksheet  3/28/07

  • Guidance Issued For Financial Institutions To Facilitate Recovery in Southeast

    The FDIC has issued a FIL that announces a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in counties affected by severe storms and tornadoes in Georgia and Alabama. FIL  3/28/07

  • Court Stops "Reduce Debt Now" Scheme

    At the request of the FTC, a Federal Court has issued an Order that temporarily halts an operation that falsely claimed it could reduce consumers' credit card interest rates or the total amount of their credit card debt. Order  3/28/07

  • Online Survey For FRB Financial Services Customers

    FRB Financial Services is requesting its customers to complete an online survey regarding how the agency's Website can better support their business needs. Survey  3/28/07

  • New Electronic Interpretations and Actions

    The OCC has announced the new electronic interpretations and actions for March 2007. Interpretations and Actions  3/28/07

  • International Reserve Position Update

    Treasury has updated the U. S. International Reserve Position Report with the addition of data current as of March 23, 2007. Reserve Position  3/28/07

  • First Quarter 2007 Call Report Information

    The FDIC has issued a FIL and the FFIEC has issued Supplemental Instructions regarding the filling of the March 31, 2007 Call Report. FIL; Supplemental Instructions  3/27/07

  • Enforcement Actions Announced

    The FDIC has announced twenty-one orders of administrative enforcement actions taken against banks and individuals in February. Enforcement Actions  3/27/07

  • Faith Based Credit Union Chartered

    NCUA has approved a charter and low-income designation for New Covenant Dominion Federal Credit Union of Bronx, New York. The new CU will serve the members of the New Covenant Christian Church and students of New Covenant Christian Church schools. Faith Based  3/27/07

  • NCUA Announces Proposed Rulemaking for Catastrophic Preparedness

    NCUA proposes to amend its regulations to address a federally insured credit union's obligation to
    maintain a records preservation program. The proposed rule draws from existing guidance to clarify
    requirements for preserving vital records and to suggest important items for consideration in restoring vital member services.TXT; PDF  3/27/07

  • OTS Gives Notice of Proposed Rulemaking for Permissible Activities of Savings and Loan Holding Companies

    The Office of Thrift Supervision (OTS) is proposing to revise its regulations to expand the permissible activities of savings and loan holding companies (SLHCs) to the full extent permitted under the Home Owners' Loan Act (HOLA). It also proposes to amend the regulation to the statute that it is intended to implement by replacing the absolute prohibition on certain SLHC transactions that is currently in the regulation with a prior approval requirement.TXT; PDF  3/27/07

  • Financial Holding Company List Update

    The FRB has updated the list of bank holding companies that have elected to be treated as financial holding companies as of March 23, 2007. FHC List  3/27/07

  • March 2007 FedFocus Published

    FRB Financial Services has published and posted online the March issue of FedFocus that features an article regarding the accelerating adoption rate of electronic payments throughout the nation. Other topic of interest include: comments from one of the first Federal Reserve Financial Services customers to use FedLine Direct, how a credit unions utilizes Directo a México to help its customer base move electronic payments, and how the Electronic Check Adjustments Service makes some customers' jobs easier. March FedFocus  3/27/07

  • FDIC 2007 Performance Plan

    The FDIC has published its 2007 Performance Plan that sets out specific annual performance goals, indicators and targets for each of FDIC's three major business lines (Insurance, Supervision, and Receivership Management). Plan
      3/27/07

  • Counterfeit Cashier's Check Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Citizens National Bank, Cameron, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits Page.  3/26/07

  • Cease And Desist Order Issued

    The FRB has announced the issuance of a consent Cease and Desist Order against Cache Valley Banking Company and Cache Valley Bank, both of Logan, Utah. The termination of a previously issued Written Agreement by and among Cache Valley Bank Company, Cache Valley Bank, the Federal Reserve Bank of San Francisco, and the Utah State Department of Financial Institutions was also announced. Order  3/26/07

  • Imposition of Special Measures SR Letter

    A SR Letter has been issued by the FRB regarding the previously announced imposition of special measures by FinCEN against Banco Delta Asia SARL and its branches, offices, and subsidiaries. Information concerning the Special Measures was posted in the March 15, 2007 BOL Top Stories. SR Letter  3/26/07

  • IFDP Working Paper Published

    The FRB has published a working paper in the International Finance Discussion Paper series on the subject of "Markov Switching GARCH Models of Currency Turmoil in Southeast Asia". Abstract; Full Paper  3/26/07

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Bank of Kimberling City, Kimberling City, Missouri. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/23/07

  • Social Security Setoff Case To Be Reviewed

    The decision by a California state appellate court that Bank of America (BofA) did not act illegally when it accepted direct deposits of government benefits to overdrawn customer accounts will be reviewed by the California Supreme Court. In the case of Miller v. Bank of America, NT & SA, the appellate court overturned a lower court decision that could have cost BofA over one billion dollars in damages and agreed with BofA that applying direct deposits of Social Security and other government benefits to clear overdraft balances is not exercising a right of setoff. More information regarding this potentially landmark case can be found on the BOL Court Watch Page. California Supreme Court  3/23/07

  • FRB Announces Written Agreement With Ohio Bank

    The FRB has announced the execution of a Written Agreement by and among the North Valley Bank, Zanesville, Ohio, the Ohio Division of Financial Institutions and the Federal Reserve Bank of Cleveland. Written Agreement  3/23/07

  • Counterfeit Checks Alerts Issued

    The OCC has issued three alerts regarding counterfeit official and cashier's checks issued in the names of the following national banks:

    • Platte Valley National Bank, Scottsbluff, Nebraska (Counterfeit Cashier's Checks);
    • Unity National Bank, Houston, Texas (Counterfeit Cashier's Checks); and
    • Great Lakes Bank, N.A., Blue Island, Illinois (Counterfeit Official Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  3/22/07

  • Model Privacy Notice Comment Sought

    The federal financial institution regulators along with the FTC, SEC and CFTC have released a notice of proposed rulemaking (NPR) requesting comment on a model privacy form that financial institutions can use for their privacy notices to consumers required by the Gramm-Leach-Bliley Act (GLB Act). The proposed model privacy form is a prototype privacy notice and the NPR proposes that a financial institution that chooses to use the model form would satisfy the disclosure requirements for the notices and so could take advantage of a legal safe harbor. NPR; FRB PR; FDIC PR; OCC NR; OTS PR; NCUA NR; FTC PR; SEC PR; CFTC PR  3/22/07

  • Chairman Blair Discusses Large Bank Failure Procedures

    In a presentation at the Exchequer Club in Washington, D.C., FDIC Chairman Blair reviewed the procedures that the regulator would follow in the unlikely event of the failure of a large bank. She noted, "Stability and public confidence are easy to take for granted, and in good times such as these it is tempting to discount the probability of banking problems and the potential instability. The FDIC is resisting this temptation and is using this time to plan and prepare for what we hope will never happen." Speech  3/22/07

  • FDIC Enforcement Decisions Announced

    The FDIC has announced the Enforcement Decisions and Orders recently issued regarding financial institutions. Enforcement Decisions  3/22/07

  • Final Rule for OTS Community Reinvestment Act - Interagency Uniformity

    The Office of Thrift Supervision published a Final Rule in the Federal Register, changing
    its Community Reinvestment Act (CRA) regulations in four areas to reestablish uniformity between its
    regulations and those of the other federal banking agencies. It is making these revisions to promote consistency and facilitate objective evaluations of CRA performance across the banking and thrift industries. TXT PDF  3/22/07

  • Fed Funds Rate Unchanged

    A statement has been released by the FOMC that target for the federal funds rate will remain unchanged at 5-1/4 percent. Statement   3/22/07

  • Counterfeit Checks Special Alerts

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of Berkshire Bank, Pittsfield, Massachusetts, and The Farmers State Bank of Waupaca, Waupaca, Wisconsin. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   3/21/07

  • CRA Ratings Released

    The OCC has released a list of the ratings received by national banks that were recently examined for compliance with the Community Reinvestment Act (CRA). Ratings   3/21/07

  • Credit Card Fraudsters To Pay $8.1 Million

    A federal district court in Illinois has entered an order against several Canadian cross-border fraudsters that permanently bans their deceptive telemarketing pitches and requires them to pay $8.1 million gained from their sale of non-existent advance-fee Visa and MasterCard credit cards to U.S. consumers. $8.1 Million   3/21/07

  • OCC Publishes Strategic Plan

    The OCC has published its strategic plan for 2007-2012 that outlines long range goals and how the agency intends to accomplish them. Strategic Plan   3/21/07

  • International Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of March 16, 2007. Reserve Position   3/21/07

  • Counterfeit Checks and Money Orders Special Alerts

    Five Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks and money orders bearing the names of the following institutions:

    • American Bank & Trust of the Cumberlands, Livingston, Tennessee (Counterfeit Cashier's Checks);
    • Central Progressive Bank, Lacombe, Louisiana (Counterfeit Cashier's Checks);
    • Tecumseh Federal Bank, Tecumseh, Nebraska (Counterfeit Cashier's Checks);
    • Community State Bank of Orbisonia, Orbisonia, Pennsylvania (Counterfeit Money Orders); and
    • MidSouth Bank, Beaumont, Texas (Counterfeit Cashier's Checks).

    Information concerning the counterfeit cashier's checks and money orders has been posted on the BOL Alerts & Counterfeits page.   3/20/07

  • Enforcement Actions Announced

    The OCC has announced the new enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions   3/20/07

  • OTS Final CRA Rule

    OTS has announced the publication of a final rule revising four areas of its Community Reinvestment Act (CRA) regulations to reestablish uniformity between its rules and those of the other federal banking agencies. OTS Director John Reich remarked that OTS is making the revisions to promote consistency and facilitate objective evaluations of CRA performance across the banking and thrift industries. Final Rule; Reich Remarks   3/20/07

  • New Community Bank Directors Workshop

    The OCC will host a workshop for new national community bank directors at the Westin Embassy Row Hotel in Washington, D.C. on April 16-18, 2007. The sessions are geared primarily for directors with less than three years of experience and will provide practical information to expand their skills and understanding of issues facing their banks. Online registration is available. Workshop   3/20/07

  • Eleven Counterfeit Checks Special Alerts Issued

    The FDIC has issued eleven Special Alerts regarding counterfeit cashier's and treasurer's checks bearing the names of the following financial institutions:

    • Guaranty Bond Bank, Mount Pleasant, Texas, (Counterfeit Cashier's Checks)
    • Washington Federal Savings Bank, Washington, Pennsylvania, (Counterfeit Cashier's Checks)
    • Skagit State Bank, Burlington, Washington, (Counterfeit Cashier's Checks)
    • Farmington Savings Bank, Farmington, Connecticut, (Counterfeit Cashier's Checks)
    • Capital Bank & Trust Company, Albany, New York, (Counterfeit Cashier's Checks)
    • PBI Bank, Louisville, Kentucky, (Counterfeit Cashier's Checks)
    • Palmetto State Bank, Hampton, South Carolina, (Counterfeit Cashier's Checks)
    • Clarke County State Bank, Osceola, Iowa, (Counterfeit Cashier's Checks)
    • New York Community Bank, Westbury, New York, (Counterfeit Cashier's Checks)
    • Hyde Park Bank and Trust Company, Chicago, Illinois, (Counterfeit Cashier's Checks) and
    • Lebanon Valley Farmers Bank, Lebanon, Pennsylvania (Counterfeit Treasurer's Checks).

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   3/19/07

  • Wal-Mart Withdraws ILC Application

    The President of Wal-Mart Financial Services has announced that the FDIC has been notified that Wal-Mart is withdrawing the application that was filed in July 2005 for an Industrial Loan Company (ILC) charter. FDIC Chairman Blair issued a statement regarding the Announcement. Withdrawal; Blair Statement   3/19/07

  • FEMA Announces Change in Notification Method for New or Modified Flood Maps

    FEMA currently publishes a legal notice in a local newspaper when a new or revised Flood Insurance Rate Map (FIRM) is prepared and new or modified Base Flood Elevations (BFEs) including revisions that are effected by Letter of Map Revision (LOMR) are for proposed for a community. Beginning April 1, 2007, the BFE notices will also be posted on a FEMA Website. BFE Notices   3/19/07

  • April HOEPA Rates Set

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in April 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15   3/19/07

  • FedACH Implements 2007 ACH Rules

    A letter has been issued by FedACH that encourages financial institutions to obtain a copy of the National Automated Clearing House Association (NACHA)'s 2007 ACH Rules that provides detailed information regarding the 2007 rule changes, their operational impact, and whether any software changes are required. Letter   3/19/07

  • Treasury Publishes Final Rule to impose a special measure relative to the BSA

    The Department of the Treasury Publishes Final Rule in FR to impose a special measure against the Banco Delta Asia SARL pursuant to the authority contained in 31 U.S.C. 5318A of the Bank Secrecy Act, including its subsidiaries, Delta Asia Credit Limited and Delta Asia Insurance Limited, as a Financial Institution of Primary Money Laundering Concern.TXT PDF  3/19/07

  • Minority Owned Thrifts List Updated

    OTS has updated its list of minority owned thrifts with data current as of March 2007. List   3/19/07

  • Industrial Production Report Released

    The G. 17 Industrial Production and Capacity Utilization Report for February 2007 has been released by the FRB. G.17   3/19/07

  • FEDS Working Paper Published

    A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Estimating Probabilities of Recession in Real Time Using GDP and GDI" has been published by the FRB. Abstract; Full Paper   3/19/07

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with information current as of March 15, 2007. Fact Sheet; Sharing Report   3/16/07

  • Credit Card Terms Survey Released

    The FRB has released its semi-annual survey of the terms of credit card plans offered by financial institutions that includes information from the largest credit card issuers in the country as well as other financial institutions that participated in the survey. Survey   3/16/07

  • FedCash Services Announces New Due Diligence Procedures

    The FRB has implemented new due diligence procedures for certain FedCash Services requests to use information collected through the Board Resolution and Official Authorization List (OAL) process. Procedures   3/16/07

  • FedFlash March Issue Published

    The March 15, 2007 issue of FedFlash has been published by FRB Financial Services and features articles on the following topics: CheckImage Central Web site as a valuable Check 21 resource; Cash Letter forms update; enhancements to FedACH Derived Returns functionality; and contaminated coin no longer accepted beginning March 31, 2007. FedFlash   3/16/07

  • NCUA Town Hall Meeting Online Registration

    NCUA has announced that registration is now open for the first of six upcoming Outreach Task Force "Town Hall" meetings. Registration   3/16/07

  • Cost of Funds Reports Released

    OTS has released the Historical and Current Reports of National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions. Historical; Current   3/16/07

  • January TIC Data Online

    The Treasury International Capital (TIC) data for January 2007 has been released and posted online. TIC   3/16/07

  • Treasury Cuts Off Bank From U.S. Financial System

    Treasury has issued a final rule against Banco Delta Asia SARL (BDA) under Section 311 of the USA PATRIOT Act that bars BDA from accessing the U.S. financial system, either directly or indirectly. Under the final rule, which takes effect in 30 days, U.S. financial institutions will be prohibited from opening or maintaining correspondent accounts for or on behalf of BDA. Summary; Final Rule   3/15/07

  • New SAR Form Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced revision of the format for the Suspicious Activity Report by Depository Institutions (SAR-DI). Information concerning the revision was posted in the December 22, 2006 BOL Top Stories. Bulletin; New SAR-DI   3/15/07

  • Counterfeit Cashier's Checks Special Alerts Issued

    Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the names of ESSA Bank & Trust, Stroudsburg, Pennsylvania, and First United Bank and Trust Company, Durant, Oklahoma. Information concerning the counterfeit cashier's checks has been posted on the BOL Alert & Counterfeits Page.   3/14/07

  • BSA and AML Written Agreement Announced

    The FRB and the New York State Banking Department have announced the execution of a Written Agreement with Intesa Sanpaolo S.p.A., Turin, Italy, that addresses BSA and anti-money-laundering compliance policies and practices at the institution's New York branch. Written Agreement   3/14/07

  • Survey of Terms of Business Lending Released

    The E. 2 Survey of Terms of Business Lending report for February 7-9, 2007, has been released by the FRB. E.2    3/14/07

  • Household Ratios Published

    The FRB has published the household debt service ratio (DSR) and financial obligations ratio (FOR) for the Fourth Quarter 2006. Ratios   3/14/07

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the New Electronic Interpretations and Actions for February 2007. The entries include an Interpretive Letter that concludes that banks can hold a non-controlling investment in company that sells fraud prevention, identity verification, credential validation, and payment/deposit risk services to financial institutions, credit card issuers, check acceptance companies, brokerage firms, mutual fund companies, retailers, government agencies, and others. Interpretations and Actions   3/13/07

  • International Reserve Position Update

    Treasury has updated the U. S. International Reserve Position Report with data current as of March 9, 2007. Reserve Position   3/13/07

  • OFAC CMPs Announced

    Treasury has announced the civil money penalties (CMPs) recently issued for violations of various Sanctions Programs. No financial institutions were listed. CMPs   3/12/07

  • Subprime Lending FIL Issued

    The FDIC has issued a FIL regarding the previously announced Interagency Proposed Statement on Subprime Mortgage Lending. Information concerning the proposed statement was posted in the March 5, 2007 BOL Top Stories. FIL   3/12/07

  • Economic Update Released

    Treasury has released its update of U.S. economic strength. Update   3/12/07

  • BSA Magnetic Media Filers Notice

    FinCEN has issued a notice reminds financial institutions who file Bank Secrecy Act (BSA) forms by magnetic media that the only approved filing media are 3.5 inch diskettes and 18/36 track cartridges. Filers Notice   3/09/07

  • NCUA Publishes Rule for Sharing Insurance Appeals and to Clarify Enforcement Authority of the NCUA
    Board

    The National Credit Union Administration (NCUA)publishes a final rule in the Federal Register to implement amendments to the Federal Credit Union Act (FCU Act) made by the Financial Services Regulatory Relief Act of 2006 (Reg Relief Act) enacted by Congress on October 13, 2006. This final rule amends NCUA's regulations to assure they are consistent with the statutory changes made by the Reg Relief Act and adopts the amendments as stated in the interim final rule issued in November 2006.TXT, PDF    3/09/07

  • Fourth Quarter Flow of Funds Report Issued

    The FRB has issued the Z.1 Flow of Funds Accounts of the U.S. Report for the Fourth Quarter 2006. Z.1    3/09/07

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Santa Clara Valley Bank, N.A., Santa Paula, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   3/08/07

  • Two Added To SDN List

    Treasury today added two U.S. companies to the OFAC SDN list of Specially Designated Narcotics Traffickers (SDNTs) for their ties to Colombia's North Valle drug cartel. In addition, changes have been made to existing entries. The new information has been added to the BOL OFAC page.   3/08/07

  • Early Savings Bonds Redemptions Authorized

    FRB Financial Services has announced that the early savings bonds redemptions are authorized in certain areas affected by recent storms. Early Redemptions   3/08/07

  • C&D Order Issued

    The FDIC has issued a Cease and Desist (C&D) Order against Fremont Investment & Loan, Brea, California, and its parent corporations for operating without effective risk management policies and procedures in place in relation to subprime mortgage and commercial real estate lending operations. C&D   3/08/07

  • Beige Book Update

    The March 7, 2007 issue of the Beige Book that contains an informal review by the Federal Reserve Banks of current economic conditions in their Districts has been published by the FRB. Beige Book Summary; Beige Book Full Report   3/08/07

  • Blair and Dugan Address ICBA Convention

    The Chairman of the FDIC and the Comptroller of the Currency each addressed the annual convention of the Independent Community Bankers of America. Chairman Blair noted that community banks play a critical role in the economic well-being of the towns and neighborhoods they serve. Comptroller Dugan observed that more than 90 percent of the banks supervised by the OCC are community institutions. Blair Speech; Dugan Speech   3/08/07

  • January Consumer Credit Report Released

    The G.19 Consumer Report for January 2007 has been released by the FRB. G.19   3/08/07

  • Unauthorized Banking Alert

    The OCC has issued an Alert regarding unauthorized banking activities that may be conducted by Deltec Financial & Trust Services, an entity that is not licensed under the to conduct banking and/or trust business in or from within The Bahamas or the United States. Unauthorized Banking   3/07/07

  • Reich On Community Banking

    OTS Director Reich the addressed the annual conference of the Independent Community Bankers of America (ICBA)in Honolulu, Hawaii, and discussed why community banking matters. Presentation   3/07/07

  • Bernanke Discuses Freddie and Fannie

    In a presentation by satellite, before the Independent Community Bankers of America's Annual Convention and Techworld in Honolulu, Hawaii, Chairman Bernanke discussed the regulation and supervision of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Presentation   3/07/07

  • Fourth Quarter Legal Developments Report Released

    The FRB has released the Legal Developments Report for the Fourth Quarter 2006. Legal Developments   3/07/07

  • CRA Ratings Released

    The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). CRA   3/06/07

  • FinCEN Director Named

    James Freis, Jr., the current Deputy Assistant General Counsel for Enforcement & Intelligence, has been named the new Director of FinCEN by Treasury Secretary Paulson. New Director   3/06/07

  • Reserve Position Updated

    Treasury has updated the U. S. International Reserve Position Report with the addition of data as of March 2, 2007. Reserve Position Report   3/06/07

  • Counterfeit Checks and Money Orders Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit checks and money orders bearing the names of the following institutions:

    • Patriot Bank Minnesota, Wyoming, Minnesota (Counterfeit Money Orders),
    • cPort Credit Union, Portland, Maine (Counterfeit Official Checks),
    • Pierce Commercial Bank, Tacoma, Washington (Counterfeit Checks), and
    • The Ravalli County Bank, Hamilton, Montana (Counterfeit Cashier's Checks)

    Information regarding the counterfeit checks and money orders has been posted on the BOL Alerts & Counterfeits page.   3/05/07

  • Comments Sought on Subprime Lending Proposed Guidance

    The federal financial regulatory agencies are seeking comments on a proposed Guidance that address certain risks and emerging issues relating to subprime mortgage lending practices, specifically, particular ARM lending products. Proposed Guidance; FRB PR; FDIC PR; OCC NR; OTS PR; NCUA PR   3/05/07

  • Enforcement Decisions Released

    The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in January. One bank was ordered to pay a civil money penalty (CMP) of $24,480 for violations of the Flood Disaster Protection Act. Enforcement Decisions   3/05/07

  • FIL Issued Regarding Call Report and TFR Revisions

    The FDIC has issued a FIL regarding the FFIEC approved revisions to the reporting requirements for the Consolidated Reports of Condition and Income (Call Report) and the Thrift Financial Report (TFR). The effective date of the revisions is March 31, 2007. FIL; FFIEC Revisions   3/05/07

  • "419" Scam E-mail Alert

    An Alert has been issued by the OCC regarding fraudulent correspondence, including e-mails that refer to the U.S. House Committee on Financial Services and appear to use the Committee's letterhead. The communications appear to be part of a Nigerian "419" scam. The potential victims are informed that they are due to receive large sums of money from an inheritance, but that they must first pay a large fee through lawyers to the Financial Services Committee in order to verify that the funds are not tied to terrorist financing. Recipients are requested to forward the emails to the United States Secret Service. Alert    3/05/07

  • OCC Revises Licensing Manual Booklet

    The OCC has revised the Charters booklet in its Licensing Manual series regarding cumulative voting rights for election of directors. Charters   3/05/07

  • 4th Quarter Interest Rate Measures Preliminary Report Issued

    OTS has issued the preliminary interest rate measures report for the 4th Quarter 2006. Preliminary Report   3/05/07

  • Bank Directors Workshops Announced

    The OCC has announced the 2007 schedule of the workshops that the agency will host for national bank directors at various locations. The one and two day workshops will be presented depending on the topics covered. Online registration is available. Workshops; Registration   3/05/07

  • FEDS Working Paper Published

    The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "A Closer Look at the Sensitivity Puzzle: The Sensitivity of Expected Future Short Rates and Term Premia to Macroeconomic News". Abstract; Full Paper   3/05/07

  • Counterfeits Checks Alert

    The OCC has issued an Alert regarding counterfeit official checks issued in the name of AMCORE Bank, N.A., Rockford, Illinois. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   3/02/07

  • CRA Ratings Announced

    OTS has announced the ratings received by saving associations recently evaluated for compliance with the CRA. CRA Ratings   3/02/07

  • CRA Examination Schedules Released

    The OCC and the FDIC have released their respective CRA examination schedules for the second quarter 2007. OCC Schedule; FDIC Schedule   3/02/07

  • New Routing Numbers Announced

    FRB Financial Services has announced new FedReceipt routing numbers that will be effective March 12, 2007. Routing Numbers   3/02/07

  • March Issue FedFlash Published

    The March 2007 issue of FedFlash has been published and posted online. The issue features articles regarding new studies to examine payments usage, a new case numbering scheme for Checks Adjustment cases, revisions to Operating Circular 1, security access review for certain FRB services, and the 2007 daylight saving time shifts. FedFlash   3/02/07

  • Paulson On Trade

    In a presentation to the Economic Club of Washington, Treasury Secretary Paulson detailed the major benefits trade and openness brings to our economy, addressed some of the concerns raised about trade, and discussed efforts to help more Americans tap into the potential of the economy. He noted that for more than 60 years, the United States has been the world's leader in advocating greater openness and increased trade. Speech   3/02/07

  • FR Bulletin Statistical Supplement Published

    The FRB has published the February 2007 Statistical Supplement to the Federal Reserve Bulletin. Supplement   3/02/07

  • Foreign Exchange Rates Report Issued

    The G.5 Foreign Exchange Rates Report for February 2007 has been issued by the FRB. G.5   3/02/07

  • 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 December 31, 2006. Ranking   3/02/07

  • Operating Circular 1 Revision Effective Date

    FRB Financial Services has announced April 1, 2007 as the effective date of the revisions to Operating Circular 1. Effective Date   3/01/07

  • Gift Card Guidance Issued

    OTS has issued a CEO Letter on the subject of Guidance on Gift Card Programs. CEO Letter   3/01/07

  • Basel II FIL and Bulletin Issued

    The FDIC has issued a FIL and the OCC has issued a Bulletin regarding the previously announced proposed Guidance concerning the implementation of Basel II. The initial announcement by the regulators of the proposed Guidance was featured in BOL Top Stories on February 16, 2007. FIL; Bulletin; Proposed Guidance   3/01/07

  • Special Process For Ordering Presidential Coins Announced

    FRB Financial Services has announced that a special process will be implemented regarding the ordering of the $1 Presidential coins. Ordering   3/01/07

  • Bernanke Discusses Long Term Challenges for the Economy

    In testimony before the House Budget Committee, FRB Chairman Bernanke presented his views on the federal budget and related issues. He noted that while projections suggest that the budget deficit may stabilize or moderate further over the next few years, spending on entitlement programs will begin to climb quickly during the next decade. He indicated that addressing the country's fiscal problems will take persistence and a willingness to make difficult choices by the Congress, the Administration, and the American people. Testimony   3/01/07

  • Reserve Assets Report Released

    The FRB has released the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks Reports for January 2007. Reports   3/01/07

03/31/2007

Top Stories for April 2007

  • FRB Proposes Rulemaking for the Following Regulations:

    Consumer Leasing (Reg M)
    The Board is proposing to amend Regulation M, which implements the Consumer Leasing Act, to withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001.
    The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF  4/30/07

  • Electronic fund transfers (Reg E)

    The Board is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, to
    withdraw the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with
    the requirements of the Electronic Signatures in Global and National Commerce Act. TXT; PDF  4/30/07

  • Equal Credit Opportunity (Reg B)

    The Board is proposing to amend Regulation B, which implements the Equal Credit Opportunity Act, to
    withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF  4/30/07

  • Truth in Lending (Reg Z)

    The Board is proposing to amend Regulation Z, which implements the Truth in Lending Act, to withdraw
    portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with
    the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF  4/30/07

  • Truth in Savings (Reg DD)

    The Board is proposing to amend Regulation DD, which implements the Truth in Savings Act, to withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF  4/30/07

  • Owned and Managed Receivables Report Released

    The February 2007 G.20 Owned and Managed Receivables Outstanding Report along with the Auto Loans: Terms of Credit Report has been released by the FRB. G. 20  4/27/07

  • FinCEN Delays Revised SAR Date

    FinCEN announced today it is delaying the effective date of its new SAR forms for use by depository institutions, casinos and card clubs, insurance companies, and the securities and futures industries. FinCEN said it would announce a revised effective date "at a future time." SAR Notice  4/26/07

  • Fourteen Special Alerts Issued

    The FDIC has issued fourteen Special Alerts regarding stolen and counterfeit money orders, cashier's checks and official checks bearing the names of the following institutions:

    • Mission Community Bank, San Luis Obispo, California (Counterfeit Cashier's Checks);
    • United Heritage Bank, Orlando, Florida (Counterfeit Checks);
    • Nature Coast Bank, Crystal River, Florida (Counterfeit Cashier's Checks);
    • The Bank of Marion, Marion, Virginia (Stolen Certificate of Deposit Interest Checks);
    • Union Savings Bank, Danbury, Connecticut (Counterfeit Cashier's Checks);
    • First Century Bank, Tazewell, Tennessee (Counterfeit Cashier's Checks);
    • CreekSide Bank, Woodstock, Georgia (Counterfeit Cashier's Checks);
    • EVB, Tappahannock, Virginia (Counterfeit Cashier's Checks);
    • Merchants & Planters Bank, Toone, Tennessee (Counterfeit Personal Money Orders);
    • Mercantile Bank, Orlando, Florida (Counterfeit Cashier's Checks);
    • Commercial Bank, Alma, Michigan (Counterfeit Cashier's Checks);
    • Community Bank of Nevada, Las Vegas, Nevada (Counterfeit Cashier's Checks);
    • The Bank of Brodhead, Brodhead, Wisconsin (Counterfeit Official Checks); and
    • First Indiana Bank, National Association, Indianapolis, Indiana (Counterfeit Cashier's Checks).

    Information regarding the stolen and counterfeit items has been posted on the BOL Alerts & Counterfeits Page.  4/26/07

  • 314(a) Fact Sheet Updated

    FinCEN has updated the 314(a) Fact Sheet and the Information Sharing Report with data current as of April 24, 2007. 314(a); Sharing Report  4/26/07

  • Beige Book Updated

    The FRB has updated the Beige Book with information current as of April 16, 2007. Summary; Full Report  4/26/07

  • Use of Home Equity Working Paper Published

    A working paper in the FEDS series on the topic of "Sources and Uses of Equity Extracted from Homes" has been published by the FRB. Abstract; Full Paper  4/26/07

  • Subprime Mortgage Foreclosures Concern Dugan

    In a presentation to the National Foundation for Credit Counseling, an organization for non-profit credit counselors, Comptroller Dugan focused on the risk of widespread foreclosures among subprime borrowers and the resulting costs for homeowners, communities, and financial institutions. He noted, "Foreclosures drag down neighborhood property values and make it harder to refinance or obtain new financing. Leaving a property vacant while in foreclosure often creates a negative cycle of disinvestment and decline for entire communities." Speech  4/25/07

  • Quarterly Review of Interest Rate Risk Published

    OTS has published the Fourth Quarter 2006 issue of the Quarterly Review of Interest Rate Risk, which features a Q & A on Enterprise Risk Management. Quarterly Review  4/25/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of April 20, 2007. Reserve Report  4/25/07

  • Counterfeit Cashiers' Checks Alerts Issued

    The OCC and the FDIC have issued Alerts regarding counterfeit cashier's checks issued in or bearing the name of the following institutions:

    • The Honesdale National Bank, Honesdale, Pennsylvania
    • Credit Union Central Falls, Central Falls, Rhode Island,
    • The Bartlett Farmers Bank, Barlow, Ohio,
    • Farmers Bank and Trust Company of Georgetown, Georgetown, Kentucky, and
    • The Bank of Edwardsville, Edwardsville, Illinois.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/24/07

  • ID Theft Website Launched and Strategic Plan Released

    A new Web site has been launched by the President's Task Force on Identity Theft. The intent of IDTheft.gov is to be a one-stop resource for government information about identity theft. The site contains a link to the Task Force's Strategic Plan, which was released April 23, 2007, and sets out recommendations to prevent identity theft, to assist identity theft victims in recovering from those crimes, and to prosecute and punish identity theft-related criminals. ID Theft Web Site; Strategic Plan  4/24/07

  • Check 21 Reports Delivered To Congress

    The FRB, as directed by the Check Clearing for the 21st Century Act of 2003 (Check 21), has prepared and issued to Congress a report on the law's effects on the nation's check-collection system and to assess the need for modifications to the funds-availability requirements established in and pursuant to the Expedited Funds Availability Act (EFAA). Report  4/24/07

  • Nine FEDS Working Papers Published

    The FRB has published nine working papers in the Finance and Economic Discussion Series (FEDS) on the following topics:

    • Anchoring Bias in Consensus Forecasts and its Effect on Market Prices;
    • A Brief History of the 1987 Stock Market Crash with a Discussion of the Federal Reserve Response;
    • Diagnosing and Treating Bifurcations in Perturbation Analysis of Dynamic Macro Models;
    • Learning By Investing--Embodied Technology and Business Cycles
    • Studying Consumption with the Panel Study of Income Dynamics: Comparisons with the Consumer Expenditure Survey and an Application to the Intergenerational Transmission of Well-being;
    • Do Households Have Enough Wealth for Retirement?;
    • Taylor Rules;
    • The Value Of Medicare Managed Care Plans and Their Prescription Drug Benefits; and
    • Sources and Uses of Equity Extracted from Homes.

    Anchoring Abstract;
    Anchoring Full paper;
    Brief History Abstract; Brief History Full Paper; Diagnosing Abstract;
    Diagnosing Full Paper;
    Learning Abstract;
    Learning Full Paper;
    Studying Abstract;
    Studying Full Paper;
    Do Households Abstract; Do Households Full Paper; Taylor Abstract;
    Taylor Full Paper;
    The Value Abstract;
    The Value Full Paper;
    Sources Abstract;
    Sources Full Paper  4/24/07

  • Fed Proposes Amendments to Five Regulations

    The Federal Reserve Board proposed Friday to amend five consumer financial services and fair lending regulations (Regulations B, E, M, Z and DD) to revise requirements for electronically providing consumer disclosures, and to implement provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The Board is accepting comments on the proposed changes for 60 days following their publication in the Federal Register. The proposed changes would remove unnecessary restatements of the Electronic Signatures in Global and National Commerce (E-Sign) Act, withdraw a requirement that customers be notified by email when disclosures are ready, eliminate a 90-day access requirement, and clarify which disclosures may be made without regard to the E-Sign Act. Amendments  4/23/07

  • ID Theft Prevention Workshop Announced

    The FTC has announced that it will host a workshop to explore methods to reduce identity theft The workshop, "Proof Positive: New Directions in ID Authentication," will be Webcast and will focus on technological and policy requirements for developing better authentication processes, including the incorporation of privacy standards and consideration of consumer usability issues. Workshop  4/23/07

  • Dugan Discusses CRA

    In a presentation at the Greenlining Coalition's Annual Economic Summit, Comptroller Dugan said that the 30-year old Community Reinvestment Act (CRA), once a source of conflict, is now characterized by a significant degree of cooperation between banks and community organizations. He noted that the revitalization projects he has seen in the last 20 months are the real world results of a kind of constructive cooperation that he did not see 15 years ago. Speech  4/23/07

  • OTS Announces New Central Region

    OTS has announced a restructuring and the formation of a new Central Region office to assume the oversight and supervision of OTS-regulated thrifts and their holding companies in five states: Ohio, Illinois, Indiana, Wisconsin and Michigan. Central Region; New Regional Structure Map  4/23/07

  • NCUA Proposes Rulemaking for Disclosure Mergers Related Compensation Arrangements

    NCUA is issuing a proposed rule on mergers to require all federally insured credit unions to include a
    description of any arrangements providing a material increase in compensation or benefits to senior
    management officials in connection with the merger in the merger plan. The proposed rule also requires federal credit unions to disclose the existence of such compensation arrangements in the materials provided to members voting on whether to approve the merger. TXT; PDF  4/23/07

  • NCUA Publishes Proposed Rule for Member Inspection of Credit Union Books

    The National Credit Union Administration (NCUA) is issuing a proposed rule on member inspection of
    federal credit union (FCU) books, records, and minutes. The rule provides that a group of members representing approximately one percent of the membership, with a proper purpose and upon petition, may inspect and copy the nonconfidential portions of the credit union's books, records, and minutes. TXT; PDF  4/23/07

  • IFD Working Paper Published

    The FRB has published a working paper in the International Finance Discussion series on the topic of "Dollarization and Financial Integration". Abstract; Full Paper  4/23/07

  • Reich Discusses Predatory Lending

    In a presentation before the Pittsburgh Community Development Group, OTS Director John Reich discussed the agency's efforts to combat predatory lending. He outlined a series of initiatives implemented to address predatory lending and stressed the need to continue responsible lending to borrowers with varied credit histories. Speech  4/19/07

  • Spam Summit Announced

    The FTC will host a two-day workshop to bring together experts from the business, government, and technology sectors, consumer advocates, and academics to explore consumer protection issues surrounding spam, phishing, and malware. The "Spam Summit: The Next Generation of Threats and Solutions," will be held in Washington, DC on July 11 and 12, 2007. Spam Summit  4/19/07

  • OCC Preemption Upheld

    The Supreme Court has upheld the OCC's regulation (12 C.F.R. 7.4006) preempting the applicability of state mortgage lending law to operating subsidiaries of national banks in the case of WATTERS v. WACHOVIA BANK. Upon learning of the decision Comptroller of the Currency Dugan stated, "We are pleased that the Court's decision supports the ability of national banks to continue to conduct business activities in their operating subsidiaries as they are now doing." Read a summary of the case in BOL Court Watch. Decision; 12 C.F.R. 7.4006; Dugan Statement  4/18/07

  • FDIC Publishes Rule for Supplemental Standards of Ethical Conduct for FDIC Employees

    The FDIC published a Final Rule in the Federal Register today is finalizing the proposed rule to amend existing FDIC ethics regulations involving extensions of credit, ownership of stock, and definitions. It implements the Preserving Independence of Financial Institution Examinations Act of 2003, which amended sections 212 and 213 of title 18 of the United States Code. TXT; PDF  4/18/07

  • May HOEPA Rates Posted

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in May 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Since April 15 was a Sunday, use the rate on April 13, the business day immediately preceding the 15th. Weekly H.15  4/18/07

  • Indiana CU Receivership Announced

    NCUA has assumed control of service and operations at Obelisk Federal Credit Union located in New Albany, Indiana. Receivership  4/18/07

  • Agencies Urge Working With Problem Mortgagors

    A statement has been issued by the federal financial institutions regulatory agencies' that encourages financial institutions to work constructively with residential borrowers who are financially unable to make their contractual payment obligations on their home loans. Statement; FRB SR; OCC Bulletin; FDIC FIL; OTS CEO Ltr; NCUA PR  4/18/07

  • Complex Structured Finance Activities SR Letter Issued

    The FRB has issued a Supervisory Letter (SR Letter) regarding the previously announced Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities. Information concerning the Statement was posted on January 12, 2007, BOL Top Stories. SR Letter; Statement  4/18/07

  • Discount Rate Meeting Minutes Released

    The FRB has released the minutes of its discount rate meetings from February 5 through March 19, 2007. Minutes  4/18/07

  • Industrial Production Report Released

    The G.17 Industrial Production and Capacity Utilization Report for March 2007 has been released by the FRB. G.17  4/18/07

  • FTC Redesigns Web Site

    The Federal Trade Commission (FTC) has unveiled a redesigned Web site to enhance consumers' ability to find the information they want quickly and easily. FTC Web Site  4/18/07

  • Enforcement Actions Announced

    The OCC has released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  4/17/07

  • OTS publishes Correction to Community Reinvestment Act Rule—Interagency Uniformity

    The OTS published a correction in the Federal Register for an inadvertent omission and incorrect
    word in a final rule that appeared in the Federal Register of March 22, 2007 (72 FR 13429). That final rule reestablishes uniformity between OTS's Community Reinvestment Act (CRA) regulations and
    those of the other federal banking agencies. TXT; PDF  4/17/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of April 13, 2007. Reserve Position Report  4/17/07

  • February 2007 TIC Data Released

    The Treasury International Capital (TIC) Data for February 2007 has been released by Treasury. TIC Data  4/17/07

  • Cost of Funds Reports

    OTS has issued the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports. Historical; Current  4/17/07

  • CRA Ratings Released

    The OCC has released the ratings received by thirty-three national banks that were recently examined for compliance with the provisions of the CRA. Ratings  4/16/07

  • FedACH Origination Power Kit

    FRB Financial Services has announced a complimentary CD copy of the FedACH
    Origination Power Kit can be ordered online. The Power Kit is a blueprint to optimizing your own origination services, including increasing the usage of Direct Deposit, Direct Payment and Account Receivable Conversion (ARC). Power Kit  4/16/07

  • April 2007 FedFlash Published

    The April 15, 2007 issue of FedFlash has been published and contains articles on the following topics: FedLine Learning announces New Support Center, FedLine Web Advancements available, cross-shipping fee assessments, and the Check adjustments new webinar series. FedFlash  4/16/07

  • 2006 HMDA Data

    The federal financial institution regulators and HUD have announced the availability of the 2006 HMDA that lenders are required to make available to the public within thirty days after receiving a request in the form of a Loan Application Register (LAR). FRB PR; OCC NR; FDIC PR; OTS PR; NCUA NR.  4/13/07

  • Community Bank Directors Compliance Risk Workshop

    A workshop for community bank directors on the topic of compliance risk will be hosted by the OCC in Tulsa, Oklahoma, on May 15, 2007. The session will provide practical information that expands bank directors' skills and understanding of issues facing their banks. Workshop  4/13/07

  • Spring Edition Community Development Investments Newsletter Released

    The OCC has released the Spring 2007 edition of Community Developments Investments, a newsletter that focusing on community development venture capital (CDVC). Community Development Investments  4/13/07

  • FEDS Working Papers Published

    The FRB has published two working papers in the FEDS series on the topics of "Alternative Methods of Unit Nonresponse Weighting Adjustments: An Application from the 2003 Survey of Small Business Finances" and "Expected Stock Returns and Variance Risk Premia". Alternative Abstract; Alternative Full Paper; Expected Abstract; Expected Full Paper  4/13/07

  • ID Theft Supervisory Policy Issued

    The FDIC has issued a FIL containing the agency's "Supervisory Policy on Identity Theft." The policy describes the characteristics of identity theft and sets forth the FDIC's expectations that institutions under its supervision take steps to detect and prevent identity theft and mitigate its effects in order to protect consumers and help ensure institutions' safe and sound operations. Policy  4/12/07

  • 314a Fact Sheet and Information Sharing Update

    FinCEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of April 10, 2007. 314a Fact Sheet; Information Sharing Report  4/12/07

  • CU Takes Action After Potential Data Breach

    New Horizons Community Credit Union of Denver, Colorado is in the process of members of a potential breach of confidential member loan information as the result of the theft of a consultant's laptop computer. Data Breach  4/12/07

  • Bernanke Comments On The "Invisible Hand"

    In a presentation at the New York University Law School, Chairman Bernanke discussed Adam Smith's concept of the free-market system as an "invisible hand" that harnesses the pursuit of private interest to promote the public good. He noted that for market-based regulation to work, the incentives of investors and other private actors must align with the objectives of the government regulator. Speech  4/12/07

  • Condition of the U.S. Banking Industry Report

    The April 2007 issue of the Federal Banking Bulletin, which contains the First Quarter 2006 Report of Condition of the U.S. Banking Industry, has been published by the FRB. Bulletin  4/12/07

  • FOMC Minutes Released

    The FRB has released the minutes of the March 20-21, 2007, meeting of the Federal Open Market Committee (FOMC). Minutes  4/12/07

  • FEDS Working Paper Published

    A working paper in the Finance and Economics Discussion Series (FEDS) has been published on the topic of "A Cohort-Based Model of Labor Force Participation". Abstract; Full Paper   4/12/07

  • Reich Discusses Federal Thrift Charter Advantages

    In a presentation at the California Bankers Association Strategic Issues Summit, OTS Director Reich discussed the advantages of the federal thrift charter. He noted the experience of California based thrifts with the federal thrift charter highlights these strategic benefits, including a unified institution/holding company regulator, seamless interstate branching, and the ability to lend under established uniform national standards. Speech  4/12/07

  • Defense Issues Proposed Lending Regulation

    The Department of Defense issued a notice of proposed rulemaking and request for comments relating to proposed new regulations titled "Limitations on Terms of Consumer Credit Extended to Service Members and Dependents." The proposed new 32 CFR Part 232 would implement the consumer protections in section 670 of Public Law 109-364, the John Warner National Defense Authorization Act for Fiscal Year 2007, enacted October 17, 2006. The proposal is intended to regulate the terms of consumer credit extended by creditors to active duty service members and their dependents. BankersOnline issued a Special Briefing on the proposal on Tuesday, April 10, 2007.  4/11/07

  • Counterfeit Cashier's Checks Special Alert

    The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Corus Bank, Schuamburg, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits Page.  4/11/07

  • BHC Supervision Manual Updated

    The FRB has updated the Bank Holding Company Supervision Manual that provides guidance supervisory personnel in planning and conducting inspections of bank holding companies and their nonbank subsidiaries. Manual  4/11/07

  • FinCEN Publishes Annual Report

    FinCEN has published its Annual Report for Fiscal Year 2006. Annual Report  4/11/07

  • Special Alerts Issued

    The FDIC has issued Three Special Alerts regarding counterfeit and fraudulent cashier's checks bearing the names of the following institutions:

    • The Madison Bank and Trust Company (MainSource Bank, Greensburg, Indiana)
      (Fraudulent Cashier's Checks);
    • Partners Trust Bank, Utica, New York (Counterfeit Cashier's Checks); and
    • Pioneer Bank, Roswell, New Mexico (Counterfeit Cashier's Checks).

    Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page.  4/10/07

  • Joint Agencies Publish Rule for Expanded Examination Cycle for Certain Small Insured Depository Institutions and U.S. Branches and Agencies of Foreign Banks

    The OCC, Board, FDIC, and OTS (collectively, the Agencies) are jointly issuing and requesting public
    comment on interim rules to implement the Financial Services Regulatory Relief Act of 2006 (FSRRA) and related legislation (collectively the Examination Amendments). The Examination Amendments permit insured depository institutions (institutions) that have up to $500 million in total assets, and that meet certain other criteria, to qualify for an 18-month (rather than 12-month) on-site examination cycle. TXT; PDF  4/10/07

  • Savings and Loan Holding Company Rating System Changes Proposed

    OTS has issued a Notice and Request for Comment of proposed changes to the savings and loan holding company rating system. Notice  4/10/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of April 6, 2007. Reserve Report   4/10/07

  • Consumer Credit Report Issued

    The February 2007 G.19 Consumer Credit Report has been issued by the FRB. G.19  4/10/07

  • Agricultural Finance Databook Released

    The FRB has released the E.15 Agricultural Finance Databook for March 2007. E.15  4/10/07

  • MSB List Update

    FinCEN has updated the MSB List with the inclusion of data current as of March 14, 2007. The list now contains information on 35,969 MSBs. MSB List  4/09/07

  • Treasury Economic Update Issued

    Treasury has issued an economic update that indicates that job creation and low unemployment continues along with increases in capital investment and tax revenues. Economic Update  4/09/07

  • Counterfeit Checks Special Alerts

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

    • Southern Bank & Trust, Aiken, South Carolina (Counterfeit Cashier's Checks);
    • Naugatuck Valley Savings and Loan, Naugatuck, Connecticut (Counterfeit Official Checks); and
    • First State Bank of Warren, Warren, Arkansas (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  4/06/07

  • CRA Ratings Released

    The FDIC has released the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. Ratings  4/06/07

  • Workshops For Bank Directors Announced

    The OCC has announced it will host the following workshops for national community bank directors: "Compliance Risk: What Directors Need to Know" at the Omni Charlottesville Hotel, Charlottesville, Virginia, May 2, 2007 and "Understanding the OCC's Risk Assessment Process" at the Francis Marion Hotel, Charleston, South Carolina, May 8, 2007. Compliance Risk; Understanding  4/06/07

  • FRB Publishes Final Rule in Federal Register for Reserve Requirements of Depository Institutions

    The Board of Governors is revising its 1980 interpretation of Regulation D (Reserve Requirements of
    Depository Institutions) setting forth criteria for the "bankers' bank" exemption from reserve requirements. The interpretation sets forth the standards that the Board uses in applying the statutory and regulatory requirements for the bankers' banks exemption to specific institutions. TXT; PDF  4/06/07

  • OTS Schedules Regional Financial Management Seminars

    OTS has announced the schedules for its Northeast and Midwest Regional Financial Management Seminars. Northeast; Midwest  4/06/07

  • First Quarter ACH Newsletter Published

    FRB Financial Services has published the ACH Newsletter for the First Quarter 2007. Newsletter  4/06/07

  • OFAC CMPs Announced

    Treasury has announced the Civil Money Penalties that were recently assessed against entities for violations of various Sanctions Programs. A credit union remitted $3,102 to settle allegations of violations of the Cuban Assets Control Regulations. CMPs  4/05/07

  • Reg D Interpretation Revised

    The FRB has announced final revisions to its 1980 interpretation of Regulation D, which sets forth criteria for the "bankers' bank" exemption from reserve requirements. The Board may now determine, on a case by case basis, whether certain entities may become customers of bankers' banks to a limited extent. Revisions  4/05/07

  • Joint Agencies Publish Correction to Proposed Rule

    The OCC, Board, FDIC, OTS, NCUA, FTC, and SEC (the Agencies) published a correction in the Federal Register to the proposed rulemaking for Privacy Form Under the Gramm–
    Leach–Bliley Act first published in BOL's Top Stories on March 29. The correction is relative to sharing personal information. TXT; PDF  4/05/07

  • March Statistical Supplement Published

    The March 2007 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  4/05/07

  • Regulators Propose Expanded Examination Cycle

    The federal bank and thrift regulators are requesting public comment on proposed interim rules expanding the range of small institutions eligible for an extended 18-month on-site examination cycle. Proposal; FRB PR; OCC NR; FDIC PR; OTS PR   4/04/07

  • BSA C&D Order Issued

    NCUA has issued a Cease and Desist (C&D) Order against Dover N. J. Spanish American Federal Credit Union to correct substantial Bank Secrecy Act (BSA) compliance problems. Order  4/04/07

  • Order of Prohibition Issued

    The FRB has issued an Order of Prohibition against Tracy Schroeder, a former branch manager and institution-affiliated party of First Interstate Bank, Bozeman, Montana, for the alleged embezzlement of $34,632 from the Bank and falsification of the Bank's books and records. Order  4/04/07

  • CRA Ratings Released

    OTS has released the ratings received by the savings associations recently evaluated for compliance with the CRA. Ratings   4/04/07

  • New FedReceipt Routing Numbers Announced

    FRB Financial Services has announced new FedReceipt routing numbers. Routing Numbers  4/04/07

  • Reserve Assets Report Issued

    The FRB has issued the Foreign Official Assets Held at Federal Reserve Banks report for March 2007. Assets Report  4/04/07

  • International Reserve Position Update

    The U.S. International Reserve Position report has been updated by Treasury to include data as of March 30, 2007. Reserve Position  4/04/07

  • Four Counterfeit Cashier's Checks Special Alerts

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

    • United Community Bank, Chatham, Illinois;
    • Atlantic Pacific Bank, Santa Rosa, California;
    • First National Bank of Gwinnett, Duluth, Georgia; and
    • Frontier Bank, Everett, Washington.

    Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/03/07

  • March Reporting Forms Online

    The FFIEC has posted the March 2007 Form 031 and Form 041 online. Form 031; Form 041  4/03/07

  • FRB To Decommission Computer Interface

    The Federal Reserve Banks have announced plans to decommission the Systems Network Architecture (SNA)-based Computer Interface (CI) access solution. Customer conversion of all critical payment services is scheduled to be completed by December 31, 2008. Computer Interface  4/03/07

  • Fourth Quarter Thrift Industry Charge-Off Rates Released

    OTS has released the Thrift Industry Charge-Off Rates report for the fourth quarter 2006. Charge-Off Rates  4/03/07

  • 2007 Filing Schedule Online

    OTS has posted online the agency's 2007 filing schedule for regulatory reports. Schedule  4/03/07

  • Financial Management Seminars Scheduled

    OTS has scheduled three financial management seminars for Northeast Region to be held in May and June 2007. The sessions are designed to benefit CEOs, CFOs, Investment Managers, Controllers, and others responsible for accounting and financial reporting, coordination of auditing services or interest rate risk analysis at OTS supervised thrifts. Seminars  4/03/07

  • March 2006 Foreign Exchange Rates Released

    The FRB has released the G.5 Foreign Exchange Rates Report for March 2007. G. 5  4/03/07

  • Ten Entities Added To OFAC List

    OFAC has identified seven companies and three individuals who have supplied arms or provided support to armed militias or the leaders of foreign armed groups operating in the Democratic Republic of the Congo (DRC) and added the names to the SDN List with the DRCONGO designation. Information regarding the new additions has been posted on the BOL OFAC page.  4/02/07

  • Counterfeit Checks Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the names of the First National Community Bank, Dunmore, Pennsylvania, and the First National Bank & Trust, Beloit, Wisconsin. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/02/07

  • Bernanke on the CRA

    In a presentation at the Community Affairs Research Conference, in Washington, D.C., Chairman Bernanke noted that it is the thirtieth anniversary of the enactment of the Community Reinvestment Act (CRA) and presents an interesting case study of a regulatory regime that has evolved to adjust to changes in the economic, financial, and social environment. He remarked that in implementing the law, the banking agencies have tried to learn from market developments, research, the comments of financial institutions, consumers, and other interested parties. Speech  4/02/07

  • Agencies Revamp Banking Web Site

    The federal banking agencies have announced that the Quarterly Reports of Condition and Income (Call Report) data is now available online faster and in multiple formats through the Central Data Repository (CDR). CDR; FRB PR; OCC NR; FDIC PR  4/02/07

  • Permissible Activities NPR Issued

    OTS has issued a Notice of Proposed Rulemaking (NPR) regarding a proposal to expand the permissible activities of savings and loan holding companies (SLHCs) to the full extent permitted under the Home Owners' Loan Act (HOLA). NPR  4/02/07

  • Finance Companies Report Released

    The G.20 Finance Companies Report for March 30, 2007 has been released by the FRB. G.20  4/02/07

  • April 1 FedFlash Published

    The FRB Financial Services has published and posted online the April 1, 2007, issue of FedFlash that features articles on the restructuring the check transportation network; Savings Bond seminars; Back Office Conversion (BOC) online resource center; and the new FedReceipt RTN's. FedFlash  4/02/07

  • Fourth Quarter 2006 FDIC State Profiles Released

    The FDIC has released the State Profiles for the Fourth Quarter 2006. Profiles  4/02/07

  • 2006 Record Bank Trading Revenues Break Record

    The OCC has released the Fourth Quarter 2006 Report on Bank Derivatives Activities, which indicates that the insured U.S. commercial banks posted a record $18.8 billion in trading revenues in 2006, up 31 percent from the previous annual record of $14.4 billion, set in 2005. Report  4/02/07

  • Final Interest Rate Measure Report Issued

    OTS has issued the Final Interest Rate Measures Report of the Fourth Quarter 2006. Final Report  4/02/07

  • Working Papers Published

    The OCC has published two working papers on the topics of "The Probability Approach to Default Probabilities" and "Bank failure: Evidence from the Colombian financial crisis". Probability; Bank Failure  4/02/07

01/31/2007

Top Stories for February 2007

  • Counterfeit Special Alerts Issued

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

    • KleinBank, Big Lake, Minnesota (Counterfeit Personal Money Orders),
    • Central Bank, Lebanon, Missouri (Counterfeit Cashier's Checks),
    • Merchants and Farmers Bank, Kosciusko, Mississippi (Counterfeit Cashier's Checks),
    • Peoples National Bank, Hallstead, Pennsylvania (Counterfeit Money Orders), and
    • United Community Bank, Lawrenceburg, Indiana (Counterfeit Official Checks).

    In addition, the OCC has issued an Alert regarding counterfeit official checks issued in the name of Harleysville National Bank, Harleysville, Pennsylvania. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits Page.   2/28/07

  • Six Individuals added To OFAC List

    Treasury has added to the OFAC SDN List the names of six Belarusian Government officials who played important roles in the oppressive regime of Alexander Lukashenka and were active in the crackdown on civil society and democratic opposition during the March 2006 Presidential elections in Belarus. Information regarding the additions has been posted on the BOL OFAC Page.   2/28/07

  • Missing Cashier's Checks Special Alert

    A Special Alert has been issued by the FDIC regarding eighty-four (84) cashier's checks bearing the name of Pacific Western Bank, San Diego, California, that are missing, lost or stolen. Special Alert   2/28/07

  • Comments Sought on Insurance Assessments Proposal

    The FDIC has issued a FIL announcing that comments are sought on proposed guidelines for determining how adjustments of up to 0.50 basis points would be made to the quarterly assessment rates of insured institutions defined as large Risk Category I institutions. FIL; Proposal   2/28/07

  • Late HMDA Reporting Results in CMPs

    The NCUA has announced that during the fourth quarter of 2006 twenty-two federally insured credit unions were assessed civil money penalties (CMPs)t for being late in submitting 2005 HMDA data. CMP   2/28/07

  • 314(a) Fact Sheet and Sharing Report Update

    FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with Financial Institutions Report with data current as of February 27, 2007. 314(a); Sharing Report    2/28/07

  • Winter 2006 Issue FDIC Outlook Published

    The FDIC has published the Winter 2006 issue of the FDIC Outlook provides a quarterly analysis of current national and regional trends that may affect the risk exposure of insured depository institutions. Outlook   2/28/07

  • Cayman Islands Updates Unauthorized Banking List

    The FDIC has issued a Special Alert regarding the publication by the Cayman Islands Monetary Authority (CIMA) of a list of financial entities whose Web sites note a Cayman Island address, but the entities are neither registered nor licensed to undertake activities regulated by the CIMA, as of January 31, 2007. Special Alert; List   2/28/07

  • FRB Releases Discount Rate Meeting Minutes

    The minutes of the January 29, 2007, meeting of the FRB regarding discount rates ahs been released. Minutes   2/28/07

  • Charge-Off and Loan Delinquency Report Issued

    The FRB has issued the Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks Report for the 4th Quarter 2006. Report   2/28/07

  • Dugan Discusses Risk Mamagement

    In a presentation before a meeting of the Global Association of Risk Professionals, the Comptroller Dugan noted that because the goals of bank risk managers are so closely aligned to those of the regulators, the regulations and guidance issued by regulatory agencies can support the managers in meeting their firms' objectives. Speech   2/28/07

  • New Markets Tax Credit Program Featured By OCC

    The OCC has published the February 2007 issue of Community Development Insights that features report entitled, "New Markets Tax Credits: Unlocking Investment Potential. The report highlights the key features of the New Markets Tax Credit (NMTC) program and major considerations facing bank investors who use the credits to develop and support community and economic development activities. Insights    2/28/07

  • Banking Accounting Advisory Series January 2007 Edition Published

    The OCC has published the January 2007 edition of the Banking Accounting Advisory Series that contains the OCC's current views on accounting topics of interest to national banks. One new topic, Financial Statement Presentation, has been added and questions have been added or revised to other topics previously discussed. Accounting Advisory Series   2/27/07

  • IFDP Working Papers Published

    The FRB has published two working papers in the International Finance Discussion Papers (IFDP) series on the topics of "Flying Geese or Sitting Ducks: China's Impact on the Trading Fortunes of other Asian Economies" and "Are Antidumping Duties for Sale? Case-Level Evidence on the Grossman-Helpman Protection for Sale Model". Flying Geese Abstract; Flying Geese Full Paper; Antidumping Abstract; Antidumping Full Paper   2/27/07

  • $197,000 Embezzlements Results in Prohibition Order

    The FRB has announced the issuance of a consent Order of Prohibition against a former employee of Civitas BankGroup, Inc., Franklin, Tennessee, for violations of law, unsafe and unsound banking practices, and breaches of fiduciary duty related to the embezzlement of over $197,000. Order   2/26/07

  • Fraudulent FDIC Emails Sent To Financial Institutions

    The FDIC has issued a Special Alert regarding emails that are being sent to financial institutions and appear to be from the FDIC or VeriSign, Inc. The emails ask the institutions run a security guard script to secure Web sites. Special Alert    2/23/07

  • 23A Exemption Granted

    A letter granting an exemption from section 23A of the Federal Reserve Act for certain covered transactions between a national bank and an affiliate of the bank in connection with the bank's securities lending program has been issued by the FRB. The bank proposed a securities lending program in which the bank would lend to the affiliate securities that have been pledged to bank as collateral by unaffiliated customers. Letter   2/23/07

  • Regulators Agree On Hedge Funds Issues Approach

    The President's Working Group on Financial Markets (PWG) has released a set of principles and guidelines to guide U.S. financial regulators as they address public policy issues associated with the rapid growth of private pools of capital, including hedge funds. The PWG is chaired by the Treasury Secretary and composed of the chairmen of the FRB, the SEC, and the Commodity Futures Trading Commission. Guidelines    2/23/07

  • FEDS Working Paper Published

    The FRB has published a working paper in the FEDS series on the topic of "Rounding and the Impact of News: A Simple Test of Market Rationality". Abstract; Full Paper   2/23/07

  • Fourth Quarter 2006 TRF Data Released

    OTS has released the Aggregated Thrift Financial Report (TFR) Data for the fourth quarter 2006. TRF Data   2/23/07

  • FDIC Insured Institutions Report Record Earnings

    The FDIC has issued the Quarterly Banking Profile that indicates commercial banks and savings institutions insured by the agency reported net income of $145.7 billion in 2006, eclipsing the previous record of $133.9 billion set in 2005. Earnings; Quarterly Banking Profile   2/23/07

  • 2007 TFR Instruction Manual Published

    OTS has published the 2007 Thrift Financial Report Instruction Manual. Manual   2/22/07

  • NCUA Publishes Final Rule in Federal Register for General Lending Maturity Limit and
    Other Financial Services

    NCUA is amending its rules to implement amendments to the Federal Credit Union Act (FCU Act)
    made by the Financial Services Regulatory Relief Act of 2006 (Reg Relief Act). The final rule revises the maturity limit in the general lending rule and permits federal credit unions to provide certain, limited financial services to nonmembers within their fields of membership.TXT, PDF .   2/22/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of data as of February 16, 2007. Reserve Position   2/22/07

  • FOMC Minutes Released

    The Federal Open Market Committee of the FRB has released the minutes of its January 30-31, 2007 meeting. Minutes   2/22/07

  • Thrift Industry Posts Strong 2006 Earnings

    OTS has reported that OTS-regulated thrifts posted historically strong earnings and profitability in 2006 despite weakening in the fourth quarter from the slowdown in the housing markets. Earnings    2/22/07

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of The Bank of Napa, N.A., Napa, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/21/07

  • SDGT Added To OFAC List

    Treasury has been designated a construction company formed and operated by Hizballah, a Lebanon-based terrorist group, as a SDGT and added it to the SDN List. Information regarding the company has been posted on the BOL OFAC Page.   2/21/07

  • Insurance Funds 2006 Financials Released

    The FDIC has released the year-end 2006 financial results for the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF). Financials Summary; Annual Report   2/21/07

  • CU Conservatorship Announced

    NCUA has announced that the Huron River Area Credit Union, a state-chartered, federally insured credit union serving individuals working primarily in the Ann Arbor, Michigan, area has been placed into conservatorship and is being operated by the agency. Conservatorship   2/21/07

  • Seven Working Papers Published

    The FRB has published one working paper in the FEDS series on the topic of Rational Seasonality and six in the IFD series on the following topics:

    • Predicting Sharp Depreciations in Industrial Country Exchange Rates,
    • Changes in Job Quality and Trends in Labor Hours,
    • Measurement Matters for Modeling U.S. Import Prices,
    • International Asset Markets And Real Exchange Rate Volatility,
    • Of Nutters and Doves, and
    • Global Asset Prices and FOMC Announcements.

    Rational Abstract; Rational Full Paper; Predicting Abstract; Predicting Full Paper; Changes Abstract; Changes Full Paper; Measurement Abstract; Measurement Full Paper; International Abstract; International Full Paper; Of Nutters Abstract; OF Nutters Full Paper; Global Abstract; Global Full Paper   2/21/07

  • March HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in March 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15.   2/20/07

  • Iranian Companies Designated By OFAC

    Three Iranian companies owned or controlled by the Atomic Energy Organization of Iran have been designated as proliferators of weapons of mass destruction by Treasury and added to the OFAC SDN List. Information concerning the companies has been posted on the BOL OFAC page.   2/20/07

  • CRA Evaluations Released

    The OCC has released the ratings received by twenty-one national banks that were recently evaluated for compliance with the CRA. Ratings   2/20/07

  • DST Change Bulletin Issued

    A Bulletin has been issued by the OCC regarding the risks posed to servers, mainframes, other important systems, and essential computer clock-dependent processes due to the change in the effective dates of daylight savings time (DST). Bulletin   2/20/07

  • FR Corrects Article Error Regarding Check Processing

    FRB Financial Services has issued a statement concerning an article that stated that the FR intended to exit the paper check processing business by 2010. The reference to service withdrawal in 2010 regarded the Reserve Banks' plans to transition electronic check payor bank services to Check 21 presentment services by that date. Check Processing   2/20/07

  • CRA Direct Mail Program Alert

    The FRB has issued an alert to the public concerning direct mail solicitations directed at homeowners that may be read to indicate that the Federal Reserve endorses or supports the offers contain in the solicitations. The offers that suggest there is a "Community Reinvestment Act (CRA) program" that entitles certain homeowners to cash grants or equity disbursements. Solicitations   2/20/07

  • FDIC 2006 Annual Report Online

    The FDIC has posted the agency's 2006 Annual Report on its Web page. Index.   2/20/07

  • Enforcement Actions Announced

    The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions   2/16/07

  • Comments Sought on Basel II Proposed Guidance

    The federal bank and thrift regulatory agencies are seeking public comment on three proposed supervisory guidance documents related a previously issued notice of proposed rulemaking on new risk-based capital requirements (known as Basel II) for large, internationally active banking organizations. Comment Request; Proposed Guidance; FRB PR; OCC NR; FDIC PR; OTS PR   2/16/07

  • FedFlash February 2007 Issue Published

    FRB Financial Services has announced the publication of the February 15, 2007 issue of FedFlash that contains articles on the new CheckImage Central Web site, improvements to FedACH derived returns functionality, the FedCash cross-shipping reports and custodial inventory program, and new NACHA network administration fees. FedFlash   2/16/07

  • December 2007 TIC Data Released

    Treasury has released the Treasury International Capital (TIC) data for December 2006. TIC   2/16/07

  • Cost of Funds Reports Published

    OTS has published the historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Report. Report   2/16/07

  • Industrial Production and Capacity Utilization Report Issued

    The January 2007 G.15 Industrial Production and Capacity Utilization report has been issued by the FRB. G.15    2/16/07

  • Finance Companies Report Released

    The FRB has released the G.20 finance companies on owned and managed receivables outstanding and auto loans: terms of credit report. G.20   2/16/07

  • Interest Rates Working Paper Published

    A working paper in the FEDS series has been published by the FRB on the topic of Linear Cointegration of Nonlinear Time Series with an Application to Interest Rate Dynamics. Abstract; Full Paper   2/16/07

  • FRB Monetary Report Presented to Congress

    FRB Chairman Bernanke has presented the regulator's semiannual Monetary Policy Report to Congress. In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, he noted that the U.S. economy seems likely to expand at a moderate pace this year and next, with growth strengthening somewhat as the drag from housing diminishes. Testimony; Report   2/15/07

  • February 2007 OFAC Enforcement Actions Released

    OFAC has released the February 2007 list of enforcement actions taken and civil money penalties (CMP) issued for violations of various Sanctions Programs. No financial institutions were listed. OFAC CMP   2/14/07

  • Prohibition Orders Issued

    NCUA has issued orders prohibiting four individuals from participating in the affairs of any federally insured financial institution. Orders   2/14/07

  • Missing, Lost, or Stolen Checks Special Alert

    The FDIC has issued a Special Alert regarding 259 CD interest checks that are missing, lost or stolen and bear the name of Independent Bank of Austin, SSB, Austin, Texas. Special Alert   2/14/07

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with information current as of February 13, 2007 and released new data regarding law enforcement information sharing with financial institutions. Fact Sheet; Information Sharing   2/14/07

  • FRB CAC Meeting Scheduled

    The next meeting of the FRB Consumer Advisory Council (CAC) is scheduled for March 8, 2007, in Washington D.C. The meeting is open to the public and registration is required. The Council will discuss the following topics: home mortgage foreclosures, model financial privacy notices, amendments to the Electronic Fund Transfers Act/Regulation E, and check holding practices. Meeting; Registration   2/14/07

  • International Reserve Position Update

    Treasury has updated the U. S. International Reserve Position report with the addition of data as of February 9, 2007. Reserve Position   2/14/07

  • CIP and Banks Serving as Insurance Agents Guidance Issued

    FinCEN has issued Guidance in the FAQ format regarding Customer Information Programs (CIP) and banks serving as insurance agents. The following question is answered. Is an account established with the bank, for purposes of the bank's Customer Identification Program, when a person purchases insurance through the bank under this arrangement? Guidance   2/13/07

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of The Cape Cod Five Cents Savings Bank, Harwich Port, Massachusetts, and Trust One Bank, Memphis, Tennessee. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    2/12/07

  • Revised SAR and SAR-MSB Electronic Filing Instructions Issued

    FinCEN has issued new general specifications for electronic filing of BSA reports to be followed for electronic filing of all revised SARs and new record specifications for magnetic, electronic media filing and e-filing of SAR-MSBs. BSA Reports; SAR-MSBs    2/12/07

  • Blair Discusses AML Issues and Challenges

    In a presentation before the Fourth Puerto Rican Symposium of Anti-Money Laundering, FDIC Chairman Blair reviewed the efforts the FDIC is engaged in to ensure a strong anti-money laundering program across the banking industry without needlessly increasing regulatory burden. She noted banks and financial services providers find themselves on the front lines of the efforts to combat terrorist activities and the difference they can all make in preventing terrorist activity and financial crimes cannot be overstated. Speech   2/12/07

  • FDIC Announces Enforcement Decisions

    The list of Enforcement Decisions and Orders for December 2006 announced by the FDIC includes a Civil Money Penalty (CMP) of $800,000.
    Decisions
       2/09/07

  • Fake E-Mail Special Alert

    The FDIC has issued a Special Alert regarding fraudulent e-mails appearing to be sent from ViewPoint Bank Financial Solutions and the FDIC. The e-mail requests the recipient to register for a code to protect against credit card fraud and describe fictitious relationships between the FDIC and VISA, MasterCard, Yahoo, eBay, Amazon.com, and Half.com. Special Alert   2/09/07

  • Counterfeit Check Scams Brochure Published

    The FTC has published a new brochure, Giving the Bounce to Counterfeit Check Scams, which explains common angles used in these scams, the responsibilities of banks and consumers when it comes to counterfeit checks, and advice on how to avoid these increasingly common traps. Brochure   2/09/07

  • Consumer Complaint Brochure Available

    OTS has announced the availability of a consumer information brochure on how they can resolve complaints with financial institutions. Consumers are encouraged to try to resolve a problem directly with an institution by contacting senior management or the institution's consumer affairs department. Brochure   2/09/07

  • Counterfeit Cashier's Checks and Money Orders Alert Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks and money orders
    issued in the name of Peoples National Bank, Hallstead, Pennsylvania. Information regarding the counterfeit cashier's checks and money orders has been posted on the BOL Alerts & Counterfeits page.   2/08/07

  • Early Savings Bond Redemptions Authorized

    Treasury has authorized the early redemption of certain EE and I series savings bonds by savings bond agents serving one or more of the Florida Counties of Lake, Seminole, Sumter, and Volusia recently affected by severe weather. Early Redemptions   2/08/07

  • HMDA and CRA Data Collection Reminders Issued

    The FFIEC has issued a reminder of previously announced information that relates to HMDA and CRA data collection for calendar year 2007 that will be reported in 2008. HMDA Reminder; CRA Reminder   2/08/07

  • FTC Top Complaints List Published

    The FTC issued its annual report, "Consumer Fraud and Identity Theft Complaint Data" on complaints consumers have filed with the agency. List   2/08/07

  • Consumer Credit Report Issued

    The FRB has issued the G.19 Credit Report for December 2006. G.19   2/08/07

  • Counterfeit Cashier's Checks Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Stillwater National Bank & Trust Company, Stillwater, Oklahoma, and First National Bank of Gillette, Gillette, Wyoming. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/07/07

  • Names Removed From OFAC List

    Treasury has announced that the names of six individuals with the Columbia anti-narcotics designation have been deleted from the SDN List. Information concerning the deletions has been posted on the BOL OFAC Page.    2/07/07

  • Soft Dollar Guidance Bulletin Issued

    The OCC has issued a Bulletin regarding the previously released SEC Guidance concerning the use of commission payments by fiduciaries. Bulletin; Guidance   2/07/07

  • Gift Card Consumer Brochure Published

    OTS has published brochure for consumers on the purchase and use of gift cards. Brochure   2/07/07

  • Bernanke Discusses Economic Opportunities

    In a presentation before the Greater Omaha Chamber of Commerce, Chairman Bernanke discussed the American idea that all individuals should have the opportunity to succeed on the basis of their own effort, skill, and ingenuity. He noted that three principles seem to be broadly accepted in our society: that economic opportunity should be as widely distributed and as equal as possible; that economic outcomes need not be equal but should be linked to the contributions each person makes to the economy; and that people should receive some insurance against the most adverse economic outcomes, especially those arising from events largely outside the person's control. Speech    2/07/07

  • FHC List Updated

    The FRB has updated the list of bank holding companies that have elected as of February 3, 2007, to be treated as a financial holding company (FHC). FHC List   2/07/07

  • Katrina Guidance Still In Effect

    The FRB and the FFIEC have issued reminders to financial institutions that the previously issued interagency Hurricane Katrina guidance remains in effect and there are borrowers who may need additional time to resolve financial uncertainties related to the effects of the hurricane. FRB SR; FFIEC PR; Katrina Guidance   2/06/07

  • OCC Licensing Manual Updated

    The OCC has announced that its Licensing Manual has been updated with a revision to the Change in Bank Control booklet that discusses rebuttals of control and acting in concert filings. The revised booklet is available online. Booklet   2/06/07

  • January 2007 Senior Loan Officer Opinion Survey Results

    The results of the January 2007 Senior Loan Officer Opinion Survey on Bank Lending Practices has been published by the FRB. The survey contained special questions about changes in terms on commercial real estate loans during 2006, the effects of the 2005 bankruptcy reforms, and expected changes in asset quality over 2007. Summary; Full Report   2/06/07

  • Winter Issue FDIC Consumer News Published

    The FDIC has published and posted online the Winter 2006/2007 issue of the Consumer News. The issue focuses on ways consumers can be prepared, be informed, and be in charge. Summary; Winter Consumer News   2/06/07

  • Directo a Mexico Seminars Announced

    The Federal Reserve Banks, Banco de México and Bansefi are hosting two teleseminars on March 13 and 19, 2007, to provide information to credit unions about the Directo a México service and the new Beneficiary Account Registration (BAR) Web site. Seminar Information; Registration   2/06/07

  • 2008 Blue Book Released

    The General Explanations of the Administration's Fiscal Year 2008 Revenue Proposals, also known as the Blue Book, has been released by Treasury. Blue Book   2/06/07

  • Reserve Position Updated

    Treasury has updated the U.S. International Reserve Position report with the addition of data current as February 2, 2007. Reserve Position    2/06/07

  • Daylight-Savings Time Changes Impact FR Banks

    New starting and ending dates for daylight-saving time will go into effect this year. The FRB recommends that all computers used to connect to the Federal Reserve Banks be upgraded with operating system patches provided by vendors. Daylight-Savings   2/05/07

  • Spanish Online EDIE Available

    The FDIC has issued a FIL announcing that a Spanish language version of its Electronic Deposit Insurance Estimator for consumers, also known as Online EDIE, is available. FIL; Spanish EDIE   2/05/07

  • Savings Bank Deposits Assumed

    The FDIC has announced that Metropolitan Savings Bank, Pittsburgh, Pennsylvania, has been closed and its insured deposits have been assumed by Allegheny Valley Bank of Pittsburgh, Pittsburgh, Pennsylvania. Information for depositors has been posted online. Assumption; Closing Information   2/05/07

  • FDIC publishes notice of proposed rulemaking for Industrial Bank Subsidiaries of Financial Companies

    The FDIC is proposed rules that would impose certain conditions and requirements on each deposit insurance application approval and non-objection to a change in control notice that would
    result in an insured industrial loan company or industrial bank becoming a subsidiary of a company that is engaged solely in financial activities and that is not subject to consolidated bank supervision by the Federal Reserve Board or the Office of Thrift Supervision.TXT, PDF    2/05/07

  • Treasury Releases Quarterly Economic Update

    The quarterly economic update has been released by Treasury. The report indicates that GDP growth in the fourth quarter was 3.5 percent and inflation was moderate at 1.5 percent. Update   2/05/07

  • FR Bulletin Statistical Supplement Published

    The January 2007 statistical supplement to the Federal Reserve Bulletin has been published. SupplementTXT, PDF    2/05/07

  • Fourth Quarter Price Tables Released

    OTS has released the asset and liability price table for the fourth quarter 2006. Price Tables   2/05/07

  • Seven Counterfeit Checks Special Alerts Issued

    The FDIC has issued six Special Alerts regarding counterfeit cashier's checks and one regarding counterfeit checks bearing the names of the following institutions:

    • Pinnacle Bank - Wyoming, Torrington, Wyoming (Counterfeit Cashier's Checks),
    • Bank of Clarkson, Clarkson, Kentucky (Counterfeit Cashier's Checks),
    • Ridgewood Savings Bank, New York, New York (Counterfeit Cashier's Checks),
    • Indiana First Savings Bank, doing business as Indiana First Bank, Indiana, Pennsylvania (Counterfeit Checks),
    • State Bank of Alcester, Alcester, South Dakota (Counterfeit Cashier's Checks),
    • Liberty Bank of Arkansas, Jonesboro, Arkansas (Counterfeit Cashier's Checks), and
    • River Valley Financial Bank, Madison, Indiana (Counterfeit Cashier's Checks).

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   2/02/07

  • Prohibition Order Issued

    The FRB has announced the issuance of an Order of Prohibition against Perry D. Lane, former president, chief executive officer and director of Exchange Bank of Missouri, Fayette, Missouri. The Order was based on Mr. Lane's alleged participation in violations of law, unsafe and unsound banking practices, and breaches of fiduciary duty in connection with reports to the bank's management and board of directors of the delinquency status and other information concerning borrower's loans, and other actions related to loan documentation, property appraisals, and loan purpose statements. Order   2/02/07

  • CRA Ratings Announced

    OTS has announced the ratings received by savings associations that were recently evaluated for compliance with the CRA. Ratings    2/02/07

  • Amendment To Operating Circular Clarifies New Coin Public Release Dates

    The FRB has announced a revision to OC-2 to address the pre-release of new and special coin. A new section 5.8 states that depository institutions are prohibited from releasing such coin to customers or the public prior to the official release date, but may distribute the coin within their institution, to their cash vaults and to their respondent banks. OC-2   2/02/07

  • New Routing Numbers Announced

    FRB Financial Services has announced new routing numbers that have been added to the Reserve Banks' FedReceipt forward collection product. Routing Numbers   2/02/07

  • Foreign Exchange Rates Report Released

    The G.5 Foreign Exchange Rates Report for January 2007 has been released by the FRB. G.5   2/02/07

  • Monetary Aggregates Working Paper Published

    The FRB has published a working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Measurement of Monetary Aggregates across Countries". Abstract; Full Paper    2/02/07

  • January FedFocus Online

    The January 2007 issue of FedFocus has been posted online. The issue features the outlook or 2007 and building customer-focused solutions. FedFocus   2/02/07

  • February FedFlash Published

    The February 1, 2007 issue of FedFlash features articles on: ordering savings bond forms online, the ordering process for the new $1 Washington coin, the update of the Check Adjustment CIPS requirements, and the amendment of Operating Circular 2. FedFlash   2/02/07

  • ILC Moratorium Extended

    The FDIC Board of Directors have voted to continue for one year a moratorium on applications for deposit insurance and change in control notices for industrial loan companies (ILCs) that will be owned by commercial companies. The Board also issued for public comment a proposed rule to strengthen the framework for consideration of applications or notices for industrial banks owned by financial companies not subject to federal consolidated bank supervision.
    Extension
    ; Moratorium; Proposed Rule   2/01/07

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee (FOMC) has decided to keep its target for the federal funds rate at 5-1/4 percent. FOMC   2/01/07

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the new electronic interpretations and actions report for January 2007. Report   2/01/07

  • Access Across America Summit Registration Information

    NCUA has announced that registrations are now being accepted for its Access America. Summit Information; Registration   2/01/07

12/31/2006

Top Stories for January 2007

  • Counterfeit Cashier's checks Alerts Issued

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

    • Bank of Cumberland (A Division of First National Bank Columbia) Burkesville, Kentucky,
    • The Summit National Bank, Atlanta, Georgia, and
    • Fairfield National Bank, Lancaster, Ohio.

    Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   1/31/07

  • FDIC Revises Compliance Examination Handbook

    The FDIC has issued a FIL announcing the revision of the Compliance Examination Handbook and its availability online. FIL; Handbook   1/31/07

  • 314a Fact Sheet Update

    FinCEN has updated the 31a Fact Sheet with information current as of January 30, 2007. 314a   1/31/07

  • Global Terrorism Sanctions Regulations Amended

    OFAC has published an amendment to the Global Terrorism Sanctions Regulations to better define the term "otherwise associated with" and to clarify the procedures for seeking reconsideration of a designation as a SDGT. No changes were made at this time to the SDN List as a result of the amendment. Amendment   1/31/07

  • Reich Praises Work of Financial Literacy and Education Commission

    In a presentation at the 10th meeting of the Financial Literacy and Education Commission, OTS Director Reich applauded the efforts of the Commission in promoting awareness of the importance of financial education and specifically its work in assisting Americans in understanding the complexities of everyday financial products, such as credit cards, checking accounts and mortgages. Speech   1/31/07

  • Reserve Assets Report Issued

    The FRB has issued the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets held at FR Banks reports for January 2007. Reports   1/31/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of January 26, 2007. Reserve Position   1/30/07

  • Market Financing Estimates Announced

    The market financing estimates for first and second quarters of 2007 have been announced by Treasury. Estimates   1/30/07

  • Al Qaida Facilitators Added To OFAC List

    Treasury has designated and added to the SDN List as SDGTs two South African individuals and a related entity for financing and facilitating al Qaida. Any assets the designees have under U.S. jurisdiction are frozen and transactions are prohibited between U.S. persons and the designees. Information regarding the additions has been posted on the BOL OFAC page.   1/29/07

  • Washington $1 Coin and Montana Quarter Distribution Schedules Announced

    The U.S. Mint distribution schedule for the George Washington Presidential $1 coin and the Montana state quarter has been posted on the FR Financial Services Web site. Schedules   1/29/07

  • OCC and State Banking Department To Share Information

    The OCC and the Mississippi Department of Banking and Consumer Finance have announced the signing of a Memorandum of Understanding that provides a mechanism for sharing consumer complaint information between the two regulatory agencies. Sharing   1/29/07

  • Guidance Issued on Using Automated Valuation Methods to Evaluate Collateral

    NCUA has issued a guidance that authorizes credit unions to use an automated valuation method (AVM) in the lending process provided each market valuation calculated by the AVM is reviewed by an individual with knowledge, training, and experience in the local real estate market. Guidance   1/29/07

  • FIL Regarding Elimination of Executive Indebtedness Report Form

    The FDIC has issued a FIL regarding the previously announced elimination of the statutory provisions that required reporting indebtedness of executive officers and principal shareholders to a financial institution and its correspondent bank. Information concerning the demise of the FFIEC 004 was posted in the December 29, 2006 BOL Top Stories. FIL   1/29/07

  • FTC Issues Annual Financial Acts Enforcement Report

    The FTC has issued its annual report to the FRB on enforcement activities in 2006 related to the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), Equal Credit Opportunity Act (ECOA), and Electronic Fund Transfer Act (EFTA). Report   1/29/07

  • HUD Publishes SCRA Disclosure Form

    A Servicemembers Civil Relief Act (SCRA) notice disclosure form has been published by HUD. Form   1/26/07

  • FRB Launches Career Web Site

    The FRB has announced the launch of a new Web site, Career Opportunities, which features positions available with the agency. Career Opportunities   1/26/07

  • Bank Registered Transfer Agents Must File SEC Form Electronically

    The OCC has issued a Bulletin regarding the recent rule change by the SEC that requires national bank registered transfer agents, to file Form TA-2, "Form for Reporting Activities of Transfer Agents," electronically through the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. Bulletin; Rule   1/26/07

  • MSB List Updated

    FinCEN has updated the MSB Registration List. The new January 2007 List, which is current as of January 3, 2007, contains data on 34,214 registered MSBs. List   1/26/07

  • Federal Reserve Publishes CFR Correction

    The FRB has published a date correction to its rule for Availability of Funds and Collection of Checks, which was revised as of 1/01/06.TXT, PDF    1/26/07

  • Five Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's checks and one regarding counterfeit money orders bearing the name of the following financial institutions:

    • Central Bank, Springville, Utah (Counterfeit Cashier's Checks),
    • Union Trust Company, Ellsworth, Maine (Counterfeit Cashier's Checks),
    • Guaranty Bank and Trust Company, Denver, Colorado (Counterfeit Cashier's Checks),
    • PathFinder Bank, Oswega, New York (Counterfeit Money Orders), and
    • First United Security Bank, Thomasville, Alabama (Counterfeit Cashier's Checks).

    Information regarding the counterfeit cashier's checks and money orders has been posted on the BOL Alerts & Counterfeits page.   1/25/07

  • Flood and BSA Enforcement Actions Announced

    The FRB has announced that a $6,850 civil money penalty (CMP) has been assessed against Pacific Mercantile Bank for violations of the provisions of the National Flood Insurance Act. In addition, a written agreement has been entered into with Sumitomo Mitsui Banking Corporation regarding the Bank Secrecy Act (BSA) and anti-money laundering compliance policies and practices at its New York branch. Flood CMP;
    BSA Written Agreement
       1/25/07

  • Prohibition Orders Issued

    NCUA has issued five orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution:

    • Betty Jean Barachie,
    • Catherine Lee Couch,
    • Twyla M. Davis,
    • Latifa Joseph, and
    • James R. Straley.

    Orders; Barachie; Couch; Davis; Joseph; Straley   1/25/07

  • Reg C Asset Size Exemption Bulletin Issued

    The OCC has issued a Bulletin regarding the previously announced final rule amending the staff commentary that interprets the requirements of Regulation C. The amendment raises the asset size exemption threshold to $36 million for depository institutions that are required to report data under HMDA. Information concerning the raising of the threshold was posted in the December 26, 2006 BOL Top Stories. Bulletin   1/25/07

  • Reg R Proposed

    The OCC has issued a Bulletin notifying all national banks and national bank examiners that recently the SEC and the Federal Reserve Board jointly issued proposed rules that define the extent to which securities brokerage activities of banks are subject to SEC regulation. The proposed rules, known as "Regulation R," would implement provisions of the Gramm–Leach–Bliley Act of 1999 (GLBA) regarding certain exemptions for banks from the broker-dealer registration requirements of the Securities Exchange Act of 1934. Information concerning Reg R was posted in the December 26, 2006 BOL Top Stories. Bulletin   1/25/07

  • Third Quarter Charge-Off Rates Released

    OTS has released the thrift industry charge-off rates for the third quarter 2006. Rates   1/24/07

  • Supervisory Policy On Predatory Lending Released

    The FDIC has issued a FIL that announces the release of the regulator's Supervisory Policy on predatory lending. The policy describes certain characteristics of predatory lending and reaffirms that such activities are inconsistent with safe and sound lending and undermine individual, family and community economic well-being. FIL; Policy   1/23/07

  • Bulletin Issued Regarding CRA Changes

    The OCC has issued a Bulletin regarding the previously announced changes to the CRA concerning the adjustment of the asset-size threshold to be used to define "small bank" and "intermediate small bank" based on the annual percentage change in the Consumer Price Index. Information concerning the adjustments was posted in the December 29, 2006 BOL Top Stories. Bulletin   1/23/07

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of current data as of January 19. 2006. Reserve Position   1/23/07

  • CRA Evaluations Released

    The OCC has released a list of CRA performance evaluations that became public during the period of December 15, 2006 through January 14, 2007. CRA    1/22/07

  • New Routing Numbers Announced

    FRB Financial Service has announced new FedReceipt routing numbers that will be effective the business day of January 22, 2007. New Routing Numbers   1/19/07

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet with the addition of data current as of January 16, 2007. 314a   1/19/07

  • NCUA Announces BSA Compliance Webinar

    NCUA has announced that the agency will host with FinCEN a BSA Compliance Webinar on February 6, 2007. Registration is available online. Information; Registration   1/19/07

  • Bernanke Issues Entitlements Warning

    In a presentation before the Senate Budget Committee, Chairman Bernanke expresses his view on the federal budget and related issues. He noted that spending on entitlement programs currently at 8-1/2 percent of the gross domestic product (GDP) are expected to reach about 15 percent by 2030. The increases are due in part to the oldest baby boomers being eligible for Social Security benefits starting in 2008 and the expected continued increase in medical costs per beneficiary. He concluded that dealing with the resulting fiscal strains will pose difficult choices, but if early and meaningful action is not taken, the U.S. economy could be seriously weakened. Speech   1/19/07

  • Quarterly Journal Online

    The OCC has posted the September issue of the Quarterly Journal online. The issue contains articles on special supervision and enforcement activities, corporate structure tables, second quarter 2006 condition and performance of banks; links to speeches and interpretive letters, and other policy and data. Index; Full Journal   1/19/07

  • Community Affairs Conference Agenda Announced

    The FRB has announced the agenda for its Fifth Annual Community Affairs Conference to be held in Washington D.C. on March 29-30, 2007. The conference features discussion of research papers on trends and innovations in products serving low- and moderate-income communities and people. Agenda; Papers; Registration   1/19/07

  • Dugan Says Financial Literacy Programs Important

    In remarks to the participants of a telephone conference sponsored by the American Bankers Association, Comptroller Dugan highlighted the importance of financial literacy programs. He stated that financial literacy really is a win for everyone involved. Remarks   1/19/07

  • Enforcement Actions Released

    The OCC has released the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions   1/18/07

  • OFAC CPs Announced

    Treasury has announced the civil penalties (CPs) recently imposed for violations of various OFAC Sanctions Programs. No financial institutions were listed for January 2007. CPs   1/18/07

  • Comptroller Discusses Customer Complaints

    In a speech before the Exchequer Club and Women in Housing and Finance, Comptroller Dugan highlighted the OCC's efforts to assist national bank customers with questions and complaints and said the information gathered from that process has a direct impact upon bank supervision and bank retail practices generally. Speech   1/18/07

  • Beige Book Update

    The FRB has issued an update to the Beige Book that contains data on the current economic conditions in the various Federal Reserve Districts based on information collected before January 8, 2007. Beige Book Summary; Beige Book Full Report   1/18/07

  • Third Quarter Issue Quarterly Review of Interest Rate Risk Published

    OTS has published the Third Quarter 2006 issue of the Quarterly Review of Interest Rate Risk which contains a Q & A on core deposit valuations. Quarterly Review    1/18/07

  • Subordinated Debt Final Rule

    The OTS has issued a Final Rule regarding Subordinated Debt Securities and Mandatorily Redeemable Preferred Stock. Final Rule   1/18/07

  • Cross-Border Wire Transfer Report Delivered To Congress

    FinCEN has announced that Treasury has delivered a mandated report to Congress that states the reporting of cross-border wire transfer data by financial institutions is technically feasible for the government and may be valuable to the government's efforts to combat money laundering and terrorist financing. Report   1/18/07

  • Regulatory Review List Issued By NCUA

    NCUA has issued posted its 2007 Regulatory Review List, which includes the regulations the Board has scheduled to review this year. List    1/18/07

  • November 2007 TIC Released

    Treasury has released the Treasury International Capital data for November 2007. TIC   1/18/07

  • Industrial Production and Capacity Utilization Report Issued

    The December 2006 G.17 Industrial Production and Capacity Utilization Report has been issued by the FRB. G17   1/18/07

  • OTS Publishes Final Rule in FR for Subordinated Debt Securities and Mandatorily Redeemable Preferred Stock

    This final rule updates OTS regulations that require a savings association to obtain approval (or nonobjection) before it may include subordinated debt securities or mandatorily redeemable preferred stock in supplementary (tier 2) capital. It removes several unnecessary or outdated requirements and conforms certain provisions, such as maturity period requirements and purchaser
    restrictions, to the rules issued by the other federal banking agencies.TXT, PDF .   1/17/07

  • Counterfeit Cashier's Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of The First National Bank, Vandalia, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits Page.   1/17/07

  • February HOEPA Rates Set

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in February 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Since January 15 was a federal legal holiday, use the rate on January 12, the business day immediately preceding the 15th. Daily H.15; Weekly H.15   1/17/07

  • Consumer Tips For Avoiding Cashier's Check Fraud

    The OCC has issued an advisory for consumers that contains tips for avoiding becoming a victim of a cashier's check fraud scheme. Advisory   1/17/07

  • Mortgage Loan Fraud Financial Industry Analysis Available Online

    The FDIC has issued a FIL regarding an assessment of mortgage loan fraud based on an analysis by FinCEN of information contained in SARs. The assessment, entitled "Mortgage Loan Fraud," is available on FinCEN's Web site. FIL; Summary; Assessment   1/17/07

  • VITA Provides CRA Credit Opportunities

    A FIL has been issued by the FDIC that highlights the opportunities for financial institutions to partner with the IRS Volunteer Income Tax Assistance (VITA) program to increase opportunities to develop new business by promoting financial education, banking products and other financial services to underserved and low- and moderate-income taxpayers. In a separate Press Release, the FDIC reminded banks that their participation can result in favorable consideration under Community Reinvestment Act (CRA) rules. FIL; Press Release   1/17/07

  • FRB To Re-Study Retail Payments

    The FRB has announced that additional studies are planned to determine the composition of the nation's retail payments market, including checks, credit and debit cards, and ACH transactions. Similar studies were conducted in 2001 and 2004. Studies   1/17/07

  • NCUA Announced Outreach Task Force

    The members of an Outreach Task Force have been announced by NCUA. The Task Force was created to provide a better understanding of and evaluation of NCUA's outreach efforts and in further response to the findings in the agency's Member Service Assessment Pilot Program. Task Force   1/17/07

  • Cost of Funds Reports Released

    OTS has released the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports. Historical; Current    1/17/07

  • Implications of Population Aging Working Paper Published

    The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "A Primer on the Macroeconomic Implications of Population Aging". Abstract; Full Paper   1/17/07

  • Banks Selected For Community Support Review Announced

    The Federal Housing Finance Board has announced the Federal Home Loan Bank members selected for the 2006-07 fourth quarter community support requirements review. Review   1/16/07

  • FDIC Year In Review

    In a presentation at the California Bank Presidents Seminar, Chairman Bair reviewed the issues addressed by the FDIC in 2006 and what is anticipated in 2007. Speech   1/16/07

  • FRB Policy on Payments System Risks Revised

    The FRB has approved changes to its Policy on Payments System Risk that revise the Board's expectations for systemically important payments and settlement systems subject to its authority and update and clarify the policy with regard to central counterparties. The revisions also incorporate the Recommendations for Central Counterparties developed by the Committee on Payment and Settlement Systems of the central banks of the Group of Ten countries and the Technical Committee of the International Organization of Securities Commissions. FRB Statement; Policy; Recommendations   1/16/07

  • Finance Companies Report Released

    The G.20 Finance Companies report for November 2006 regarding owned and managed receivables outstanding and auto loans: terms of credit has been released by the FRB. G20   1/16/07

  • FedFlash January 2007 Issue Online

    Federal Reserve Financial Services has posted the January 15, 2007 issue of FedFlash on its Web page. The issue contains articles on new FedReceipt routing numbers, Canadian item processing; changes to the ACH Reclamation process; and District news. FedFlash   1/16/07

  • IFDP Working Papers Published

    Four working papers in the International Finance Discussion Papers (IFDP) series have been published by the FRB on the following topics: International Cross-listing, Firm Performance and Top Management Turnover: A Test of the Bonding Hypothesis; Sovereign Debt Crises and Credit to the Private Sector; Efficiency in Housing Markets: Do Home Buyers Know how to Discount?; and Optimal Fiscal and Monetary Policy When Money is Essential. International Abstract; International Full Paper; Sovereign Abstract; Sovereign Full Paper; Efficiency Abstract; Efficiency Full Paper; Optimal Abstract; Optimal Full Paper   1/16/07

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of Hillcrest Bank Florida, Naples, Florida, and Lake Area Bank, Lindstrom, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   1/12/07

  • MSA Definition Changes Impact Banks

    The FFIEC has announced that approximately 510 banks have been reassigned to different peer groups after changes to MSA code definitions were incorporated in the December 31, 2006 Uniform Bank Performance Report (UBPR). Reassigned Banks   1/12/07

  • Agencies Announce BSA Compliance Webinar

    The NCUA and the FinCEN have announced that an online seminar, "BSA: A Year in Review and Setting the Table for 2007," will be held on Tuesday, February 6, 2007. The webinar will be co-hosted by the NCUA Chairman Johnson, and FinCEN Associate Director El-Hindi. FinCEN; NCUA   1/12/07

  • 2007 FHA Maximum Mortgage Limits Announced

    HUD has announced the FHA Maximum Mortgage Limits for 2007. FHA Limits   1/12/07

  • Web Page For Directors Launched

    The FRB has announced the launch of a new web site, Resources for Bank Directors, that offers numerous resources designed to assist bank directors with their management oversight responsibilities. The existing online director training course, Insights, which introduces bank directors to corporate governance and director duties and responsibilities; covers basic bank financial analysis; and discusses the sources, control, and monitoring of portfolio risks, including credit, liquidity, and market risks has been updated. Resources; Insights   1/12/07

  • Google Added To OCC Web Site

    The OCC has announced that the search capability of its Web site has been enhanced with the addition of Google Search Appliance. Search   1/12/07

  • Complex Transactions FIL issued

    The FDIC has issued an FIL regarding the previously announced final Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities. Information concerning the statement was posted in the January 8, 2007, BOL Top Stories. FIL; Statement   1/12/07

  • State Profiles Has New Format

    The FDIC has announced that effective January 2007, FDIC State Profiles have been reformatted as a quarterly data sheet summation of banking and economic conditions in each state and the Third Quarter 2006 Profiles are available online. Third Quarter Profiles   1/12/07

  • Joint Agencies publish Interim Rule in FR for Depository Institution Management Interlocks Act

    The OTC, FRB, FDIC and OCC are amending their rules regarding management interlocks to implement section 610 of the Financial Services Regulatory Relief Act of 2006 (FSRRA) and to correct
    inaccurate cross-references.TXT; PDF   1/11/07

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the December 2006 New Electronic Interpretations and Actions. New Electronic   1/11/07

  • Iranian Bank Added to OFAC List

    Treasury has designated Bank Sepah, a state-owned Iranian financial institution, as a NPWMD for providing support and services Iran's missile procurement network and actively assisting Iran's pursuit of missiles capable of carrying weapons of mass destruction,. The bank Chairman and a wholly owned bank subsidiary were also designated and all were added to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.   1/10/07

  • CRA Ratings Released

    The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings   1/10/07

  • December Call Report Filing Information Available

    The FDIC has posted online the filing information and forms for the December 2006 Call Report. Call Report   1/10/07

  • Joint Agencies Publish Correction to Proposed Rule of 12/26/06

    FRB, FDIC, OCC and OCC publish proposed rule in FR to correct proposed rule published 12/26/06 for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Domestic Capital
    Modifications. TXT; PDF   1/10/07

  • Consumer Advisory Council Appointments Announced

    The FRB has announced the appointment of ten new members to its Consumer Advisory Council for three-year terms and the designation of a new Chair and Vice Chair of the Council for 2007. Council   1/10/07

  • Discount Rate Meetings Minutes Released

    The FRB has released the minutes of its discount rate meetings from November 6 through December 11, 2006. Minutes   1/10/07

  • Transcript of OTS National Housing Forum Available

    OTS has posted online the transcript of the proceedings of the National Housing Forum held on December 11, 2006. Transcript   1/10/07

  • Reserve Banks Income and Expense Data Released

    The FRB has released the Reserve Bank income and expense data and transfers to the Treasury for 2006. Data   1/10/07

  • Counterfeits Special Alerts

    The FDIC has issued eight Special Alerts regarding counterfeit official checks, cashier's checks, treasurer's checks, and personal money orders bearing the names of the following institutions:

    • BPD Bank, New York, New York (Counterfeit Treasurer Checks)
    • Peoples State Bank, Lake City, Florida (Counterfeit Personal Money Orders)
    • The Adirondack Trust Company, Saratoga Springs, New York (Counterfeit Treasurer's Checks)
    • First State Bank (also known as 1st State Bank), Saginaw, Michigan (Counterfeit Official Checks)
    • State Bank & Trust, Fargo. North Dakota (Counterfeit Cashier's Checks)
    • Alliant Bank, Madison, Missouri (Counterfeit Cashier's Checks)
    • Gardiner Savings Institution, FSB, Gardiner, Maine (Counterfeit Treasurer Checks)
    • First Heritage Bank, Snohomish, Washington (Counterfeit Official Checks)

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    1/09/07

  • Fraudulent Cashier's Checks Bulletin Issued

    The OCC has issued a Bulletin regarding the risks posed by scams involving fraudulent bank cashier's checks and recommended actions that can taken to protect the bank and its customers. Bulletin   1/09/07

  • Concentrations in Commercial Real Estate Subject of SR Letter

    The FRB has issued a Supervisory Letter regarding the previously announced Interagency Guidance on concentrations in commercial real estate. Information concerning the Guidance was posted in the December 7, 2006, BOL Top Stories. SR Letter; Guidance    1/09/07

  • Payment Processor Sued By FTC

    InterBill Ltd., a payment processor, has been sued by the FTC for allegedly violating federal law when it debited, or tried to debit, more than $9.9 million from consumers' bank accounts without their approval. Summary; Lawsuit   1/09/07

  • Agricultural Finance Databook Update

    The FRB has issued the December 2006 update of the E.15 Agricultural Finance Databook. E.15   1/09/07

  • November 2006 Consumer Credit Report Released

    The G.19 Consumer Credit Report for November 2006 has been released by the FRB. G19   1/09/07

  • International Reserve Position Reports Released

    Treasury has released the U.S. International Reserve Position Reports for the periods ending December 22, 2006; December 29, 2006; and January 5, 2007. December 22; December 29; January 5    1/09/07

  • 2006 Financial Report Issued

    OTS has issued the agency's 2006 Financial Report. Report   1/09/07

  • Fifteen Counterfeit Checks Special Alerts Issued

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

    • Palmyra State Bank, Palmyra, Missouri (Counterfeit Cashier's Checks)
    • United Community Bank, Gonzales, Louisiana (Counterfeit Official Checks)
    • Clay County Bank, Inc., Clay, West Virginia (Counterfeit Cashier's Checks)
    • Peoples Bank of Louisiana, Amite, Louisiana (Counterfeit Cashier's Checks)
    • Lamar National Bank, Paris, Texas (Counterfeit Cashier's Checks)
    • Bremer Bank, National Association, South St. Paul, Minnesota (Bremer Bank, National Association, Menomonie, Wisconsin) (Counterfeit Official Checks)
    • Watertown Savings Bank, Watertown, Massachusetts (Counterfeit Cashier's Checks)
    • Covenant Bank, Tunica, Mississippi (Covenant Bank, Clarksdale, Mississippi) (Counterfeit Cashier's Checks)
    • Pacific Trust Bank, FSB, Chula Vista, California (Counterfeit Checks)
    • Sterling National Bank, New York, New York (Counterfeit Checks)
    • Alliance Bank & Trust, Gastonia, North Carolina (Counterfeit Checks)
    • Webster Bank, National Association, Waterbury, Connecticut (Counterfeit Official Checks)
    • Sky Bank, Findlay, Ohio (Counterfeit Checks)
    • First Premier Bank, Sioux Falls, South Dakota (Counterfeit Checks)
    • Bank of Wedowee, Wedowee, Alabama (Counterfeit Cashier's Checks)

    Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   1/08/07

  • Agencies Issue CFT Final Statement

    Federal financial institution regulators and the SEC have issued a final statement on the complex structured finance activities of financial institutions (CSFTs) that describes the types of internal controls and risk management procedures that should help financial institutions identify, manage, and address the heightened legal and reputational risks that may arise from certain complex structured finance transactions. Statement; FRB PR; OCC Bulletin; FDIC PR; OTS PR; SEC NR   1/08/07

  • Minority-Owned Banks Report UpdateM

    The FRB has updated the Minority-Owned Banks Report with data current as of September 30, 2006. Report    1/08/07

  • FR Bulletin Supplement Published

    The December 2006 Statistical Supplement to the Federal Reserve Bulletin has been published. December Supplement   1/08/07

  • Bernanke Discusses Bank Supervision

    In a presentation at the annual meeting of the Allied Social Science Association, Chairman Bernanke discussed the supervision of the U.S. banking system and whether the central bank should act as a supervisor of the system. Speech    1/08/07

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued four Special Alerts concerning counterfeit cashier's checks bearing the names of the following institutions:

    • Community Bank, Staunton, Virginia;
    • First Republic Bank, Las Vegas, Nevada;
    • Texas State Bank, McAllen, Texas; and
    • American Banking Company, Moultrie, Georgia (also known as Ameris Bank)

    Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   1/05/07

  • New SDN List Designations Announced

    OFAC has announced that three Syrian entities identified as proliferators of weapons of mass destruction have been added to the SDN List with the NPWMD designation. Information concerning the additions has been posted on the BOL OFAC page.    1/04/07

  • MSB Registration List Update

    FinCEN has updated the MSB Registration List to include data current as of December 31, 3006. List   1/05/07

  • CRA Ratings Published

    OTS has published the CRA performance evaluations received by savings associations that became publicly available during December 2006. CRA    1/04/07

  • Handling Security Breaches

    The Winter 2006 edition of Supervisory Insights has been issued by the FDIC and features an article regarding how a financial institution can create an effective incident response program to mitigate a data security breach. Other articles concern an update on CRE lending nationwide; the increasing number of unfair or deceptive acts or practices and how examiners identify and address those violations; and highlights of recent USA PATRIOT Act changes and the types of BSA related violations that examiners are citing. Supervisory Insights   1/04/07

  • 314a Fact Sheet Update

    FinCEN has updated the 314a Fact Sheet with data current as of January 2, 2007. 314a   1/04/07

  • Foreign Exchange Rates Reports Issued

    The FRB has issued the 2006 G.5A and December 2006 G. 5 Foreign Exchange Rates reports. G5A; G.5   1/04/07

  • FOMC Minutes Released

    The minutes of the December 12, 2006, meeting of the Federal Open Market Committee (FOMC) have been released by the FRB. Minutes
       1/04/07

  • National Day of Mourning

    The OCC has issued a proclamation that national banks may close their offices Tuesday, January 2, 2007, at their discretion, in any state in which the governor or other authorized official has declared a legal holiday in recognition of the National Day of Mourning for President Gerald Ford. Proclamation    1/02/07

  • 2007 HMDA Asset-Size Exemption Announced

    The FRB has announced the annual notice of the asset-size exemption threshold for depository institutions under Reg C, which implements HMDA. Depository institutions with assets of $36 million or less as of December 31, 2006, are exempt from collecting data in 2007. NOTE: An institution's exemption from collecting data in 2007 does not affect its responsibility to report the data it was required to collect in 2006. Exemption   1/02/07

  • Bank Manuals Updated

    The FRB has released the semiannual update of the Commercial Bank Examination Manual that provides examination objectives and procedures that Federal Reserve System examiners follow in evaluating the safety and soundness of state member banks. An update to the Trading and Capital-Markets Activities Manual has also been released. Examination Manual Index; Full Examination Manual; Trading Full Manual    1/02/07

  • FHC Elections Announced

    The FRB has announced the list of bank holding companies that have elected to be treated as a financial holding company (FHC) as of December 29, 2006. List    1/02/07

  • U.S. Holdings of Foreign Securities Survey

    The annual survey of U.S. portfolio holdings of foreign securities at year-end has been released by Treasury and posted on the agency's web site. Summary; Full Report   1/02/07

11/30/2006

Top Stories for December 2006

  • Annual CRA Asset-Size Threshold Adjustments Published in FR

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

  • Fraudulent and Counterfeit Checks Special Alerts Issued

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

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

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

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

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

  • Prohibition Order Issued

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

  • Revocation of Banking License Special Alert

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

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

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

  • Fraudulent Checks and Counterfeit Money Orders Special Alerts

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

  • $800,000 CMPs Announced

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

  • Annual CRA Asset-Size Threshold Adjustments Announced

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

  • FDIC Signage Final Rule

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

  • Federal ID Theft Task Force Seeks Comments

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

  • Loan Fraud and ML Reports Released

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

  • Operating Circular 4 Amended

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

  • Five Names Removed From OFAC List

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

  • December Call Report FIL Issued

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

  • ARM Consumer Handbook Revised

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

  • Third Quarter DSR and FOR Data Released

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

  • Interagency Capital Notice Published

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

  • Agencies Publish Proposed Capital Revisions

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

  • HMDA Asset Size Exemption Published

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

  • SEC and FRB Publish Bank-Related Proposals in FR

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

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

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

  • Counterfeit Cashier's checks Special alert

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

  • SAR Filing Form Revised

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

  • Weather Closes Denver FRB Branch

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

  • Flood and BSA Enforcement Actions Announced

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

  • FDIC Enforcement Actions Announced

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

  • Large-bank Deposit Insurance Proposal Comments Sought

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

  • TIL Booklet Revised

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

  • OCC Announces Amendments to FCRA Examination Procedures

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

  • FinCEN and SEC Sign BSA Information Sharing Agreement

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

  • Fall 2006 Issue of FDIC Outlook Published

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

  • FED Working Paper Published

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

  • Community Development Newsletter Features Minority-Owned Institutions

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

  • HSA Options Increased

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

  • Reg O Revisions Bulletin Issued

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

  • FTC Stops Credit Card Fraud

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

  • IFDP Working Papers Published

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

  • IRS Reminder of Tax Law Change for IRA Participants

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

  • NCUA Investment Rule Published in FR

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

  • SDGT Added To OFAC List

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

  • International Reserve Position Update

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

  • Exchange Rate Report Issued

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

  • New Reg R Proposed

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

  • FFIEC Form 004 Eliminated

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

  • Enforcement Actions Announced Against Japanese Bank

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

  • January 2007 HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in January 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15   12/19/06

  • CRA Ratings Released

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

  • Third Quarter Interest Rate Risk Report Issued

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

  • First Quarter CRA Exam Schedule Released

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

  • FDIC Publishes Final Rule for Procedures for Corporate Debt Collection

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

  • TIC Data Report

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

  • U.S. Government Financial Report Released

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

  • Bernanke Discusses Chinese Economy

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

  • Cost of Funds Reports Released

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

  • November Industrial Production Report Issued

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

  • Fedwire Funds Transfer System Assessment Published

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

  • Business Lending Survey Results Released

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

  • FRB Data Download Available

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

  • Third Quarter Bank Trading Revenues Announced

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

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

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

  • Impact of FAS 158 on Regulatory Capital Decision Announced

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

  • New FedReceipt Routing Numbers Announced

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

  • New HUD Settlement Statements Available Online

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

  • Structure and Share Data Report Released

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

  • OCC Annual Report Released

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

  • Counterfeit Cashier's Checks Alerts Issued

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

  • New HUD Requirement Imposes SCRA Default Notification

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

  • Agencies Issue ALLL Guidance

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

  • Enforcement Actions Announced

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

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

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

  • Prohibition Order Issued

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

  • Names Removed From OFAC List

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

  • CIP Programs and Banks As Insurance Agents Guidance Published

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

  • Lending Concentration Guidance FIL Issued

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

  • FDIC proposes rulemaking for Large Bank Deposit Insurance Determination Modernization

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

  • Fed Funds Rate Unchanged

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

  • Preliminary Third Quarter Interest Rate Measures Published

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

  • FEDS Working Papers Published

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

  • Annual Revision Of Industrial Production Report Issued

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

  • October Finance Companies Reports Released

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

  • International Reserve Position Update

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

  • Defense Secretary Asks for Comments on Lending Regulations

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

  • 2007 CRA/HMDA Entry Data Available

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

  • CMP Issued Against Grant Thornton

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

  • Supplement To FRB Bulletin Issued

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

  • OTS Adjusts Fees

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

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

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

  • Terrorist Facilitators Added To OFAC List

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

  • BSA Advisory Group Application

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

  • 314a Fact Sheet Update

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

  • Consumer Credit Report Issued

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

  • Fictitious Email Warning

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

  • Flow Of Funds Report Released

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

  • Counterfeit Checks Special Alerts Issued

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

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

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

  • Comment Sought On Elimination Of Certain Reg O Reporting Requirements

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

  • Hizballah Fundraisers Added To OFAC List

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

  • Commercial Real Estate Lending Concentration Guidance Issued

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

  • CRA Ratings Released

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

  • Unauthorized Banking Special Alert

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

  • Counterfeit Checks Special Alerts Issued

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

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

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

  • $1 Million Settlement For Deceptive Debt Collection Practices

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

  • FTC Issues FACT Act Report

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

  • MSB Renewal Registration Notice

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

  • Commercial RE ML Grows

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

  • Enforcement Decisions Released

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

  • Basel IA Rule Proposed

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

  • Insurance Fund Third Quarter Financials Released

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

  • Insured Deposits Additional Comments Sought

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

  • Assets Reports Released

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

  • FFIEC Reporting Forms Online

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

  • 504 CDC Teleseminar Scheduled

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

  • International Reserve Position Update

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

  • Counterfeit Official Checks Special Alert Issued

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

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

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

  • CRA Ratings Announced

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

  • CRA Exam Schedule Released

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

  • CRA/HMDA Reporter Published

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

  • OFAC CMP Announced

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

  • 2007 OCC Fees

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

  • Money Laundering Report Published

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

  • NCUA and NASCUS to Hold Joint Meeting

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

  • Foreign Exchange Rates Report Released

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

  • Charge-Off Report Issued

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

  • FedFlash Published

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

  • CRA Exam Schedule Announced

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

  • Deposit Insurance Assessment Final Rules Announced

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

  • OCC and State Banking Department to Share Complaint Information

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

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

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

  • FRB publishes Final Rule in FR for Electronic Fund Transfers

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

10/31/2006

Top Stories for November 2006

  • FDIC Publishes Designated Reserve Ratio in FR

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

  • Changes to FDIC Assessments Published in FR

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

  • TIAC Executives and New Members Announced

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

  • Large Commercial Bank Assets Report Released

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

  • Beige Book Published

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

  • Operational Risk Working Paper Released

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

  • Counterfeit Cashier's Checks Special Alert

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

  • Twenty-Seven Entities Added To OFAC List

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

  • Comptroller's Licensing Manual Revised

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

  • New FedReceipt Routing Numbers Announced

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

  • Currency Must Be Redesigned

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

  • Consumer Tips For Gift Card Gifts

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

  • Paulson Discusses International Economics

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

  • Bernanke Comments On The U.S. Economy

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

  • Electronic Collection Of Return Item Fees Final Rule Issued

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

  • Certification Authority Certification Practice Statement Revised

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

  • Finance Companies Reports Issued

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

  • IFDP Working Papers Released

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

  • Reserve Position Update

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

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

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

  • Comment Period Extended

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

  • New Electronic Interpretations and Actions Announced

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

  • Credit Unions Report Growth

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

  • EDS Working Papers Published

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

  • Names Removed From OFAC List

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

  • 314a Fact Sheet Updated

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

  • Werner Leaving FinCEN

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

  • Discount Rate Meetings Minutes Released

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

  • Third Quarter Earnings Strong

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

  • NCUA publishes Revisions to the Official Sign Indicating Insured Status

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

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

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

  • Counterfeit Checks Alerts

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

  • Unauthorized Banking Alert

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

  • SAR Activity Review Published

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

  • FedCash Cross-shipping Reports Available Online

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

  • Consumer Complaint Information-Sharing Plan Announced

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

  • MSB Registration List Updated

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

  • OTS to Host National Housing Forum

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

  • International Reserve Position Update

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

  • Counterfeit Checks and Money Orders Special Alerts

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

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

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

  • OFAC Issues Sudanese Guidance

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

  • CRA Ratings Released

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

  • FDIC One-Time Assessment Credit Reminder

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

  • Federal Reserve Bank Chairmen Announced

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

  • FHC List Updated

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

  • Third Quarter TRF Data Released

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

  • Counterfeit Cashier's Checks Special Alert

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

  • December 2006 HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in December 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15   11/17/06

  • September TIC Data Released

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

  • Industrial Production and Capacity Utilization Report Issued

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

  • Dugan Discusses Nontraditional Mortgage Risks

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

  • Global Retail Opportunities and Challenges Outlined By Reich

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

  • Fall 2006 Issue of FDIC Consumer News Published

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

  • Counterfeit Cashier's Checks Alerts Issued

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

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

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

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

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

  • FOMC Minutes Released

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

  • Strategies For Reaching Minority Markets Report Published

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

  • Third Quarter Strong For Thrift Industry

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

  • Member Service Assessment Results Released

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

  • 37 Years of FTC Decisions Available Online

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

  • FRB Approves 2007 Fee Schedules

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

  • Enforcement Actions Released

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

  • Micro Data Reference Manual Online

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

  • Updated Environmental Risk Program Guidelines Issued

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

  • Bernanke Discusses FRB History

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

  • Dugan Says Management Of Derivatives Risk Is Essential

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

  • OTS Challenges Outlined By Reich

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

  • New Logo for FDIC

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

  • Shell Companies Risks Advisory Issued

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

  • New Jersey Credit Union Closed

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

  • November 2006 FedFlash Issue Posted

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

  • CEO Letter Issued

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

  • FIL Regarding FDIC Late Assessments Penalties

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

  • Social Security Issues Email Scam Alert

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

  • 314a Fact Sheet Update

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

  • Working Papers Published

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

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

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

  • Reserve Position Update

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

  • Counterfeit Cashier's Checks Alert

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

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

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

  • Fraudulent Checks Special Alert Issued

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

  • FIL Issued Regarding Proposed Call Report Revisions

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

  • October Statistical Supplement To FR Bulletin Issued

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

  • Consumer Credit Report Released

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

  • Counterfeit Checks Alert

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

  • CRA Ratings Released

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

  • OFAC Announces Enforcement Actions

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

  • Enhanced NPV Model Announced

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

  • Assets Reports Released

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

  • Counterfeit Official Checks Alert

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

  • Mortgage Loan Fraud Increases

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

  • Special Alerts Issued

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

  • Unauthorized Banking Alert

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

  • Risk-Based FDIC Insurance Premiums Approved

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

  • Money Laundering And Terrorist Financing Report Issued

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

  • FDIC Forms Economic Exclusion Advisory Committee

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

  • CRA Ratings Released

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

  • Enforcement Actions Announced

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

  • March 2007 Reporting Forms Drafts Available

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

  • Bernanke Discusses the Impact of CDFIs

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

  • Third Quarter Asset & Liability Price Tables Released

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

  • Small Businesses Survey Result Released

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

  • South Dakota Quarter Distribution Schedule Announced

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

  • Foreign Exchange Rates Report Released

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

  • Counterfeit Checks Alerts Issued

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

  • Drug Leader's Associates Added To OFAC List

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

  • $12 Million CMP Assessed For BSA/AML Violations

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

  • FRB Legal Interpretations Released

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

  • Thrift Industry Charge-Off Rates Announced

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

  • Reserve Position Update

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

09/30/2006

Top Stories for October 2006

  • DRCONGO Related Individuals Added to OFAC List

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

  • Lending Practices Survey Results Released

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

  • Market Financing Estimates Announced

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

  • New Routing Numbers Announced

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

  • Counterfeit Official Checks Alert Issued

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

  • OCC Publishes Counterfeit Instruments and Stolen Official Documents List

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

  • 2006 TFR Instruction Manual Updated

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

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

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

  • NCUA Publishes Rule for Filing Requirements for Suspicious Activity Reports

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

  • North Valle Drug Cartel Entities Added to OFAC List

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

  • New Electronic Interpretations and Actions Announced

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

  • Fed Funds Rate Unchanged

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

  • Counterfeiting of U.S. Currency Abroad Report Issued

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

  • Money Smart News Published

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

  • Summary Of Deposits Data Report Issued

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

  • National Housing Forum Draft Agenda Released

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

  • 314a Fact Sheet Update

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

  • Small Business Financial Services Survey Results Released

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

  • September 2006 Supplement of the Federal Reserve Statistical Bulletin

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

  • VAR IFDP Published

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

  • FRB Publishes Rule for Reserve Requirements of Depository Institutions

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

  • Enforcement Actions Released

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

  • Investment Limit Increase Bulletin Issued

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

  • International Reserve Position Update

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

  • CRA Evaluations Released

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

  • FDIC Booklets Now Available In Korean and Chinese

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

  • Reserve Position Update

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

  • TIC Report Format To Be Expanded

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

  • Phishing Email Alert

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

  • Identity Theft Symposium Announced

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

  • Four FEDS Papers Published

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

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

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

  • Assets Reports Issued

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

  • Another Counterfeit Cashier's Checks Special Alert

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

  • 2006 HMDA Guide

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

  • Annual Adjustments for Reserve Calculations and Deposit Reporting Announced

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

  • Director's Guides Published

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

  • Regulators Announce Nontraditional Mortgage Loans Guide For Consumers

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

  • Condition of Banking Industry Report Issued

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

  • Survey Indicates Easing of Underwriting Standards

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

  • Discount Rate Meeting Minutes Released

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

  • Housing Summit for Hurricane Victims Announced

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

  • FDIC adopts Final Rule for Dividend Requirements

    The FDIC published the Final Rule in the FR to implement the dividend requirements of the Federal Deposit Insurance Reform Act of 2005 (Reform Act) and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Amendments Act) for an initial two-year period.TXT, PDF .   10/18/06

  • FDIC adopts Final Rule for One-time Assessment Credit

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

  • Counterfeit Cashier's Checks Special Alerts Issued

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

  • Comptroller Says Mortgage Guidance Should Apply To All Mortgage Originators

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

  • August TIC Data Released

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

  • Quarterly Review of Interest Rate Risk Published

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

  • September Industrial Production and Capacity Utilization Report Issued

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

  • Cost of Funds Reports Published

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

  • G.20 Finance Companies Report Released

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

  • Structure and Share Data Report Published

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

  • Five Special Alerts Issued

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

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

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

  • November HOEPA Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in November 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For November, you will use the rates posted on October 13th since October 15th fell on the weekend. Weekly H.15   10/17/06

  • Executive Order Blocks Sudanese Assets

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

  • Enforcement Actions Released

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

  • Bernanke Discusses Bank Regulation And Supervision Via Satellite

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

  • 2006 Holiday Currency Now Available

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

  • Comptroller Issues Credit Risk and Loan Loss Warnings

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

  • FDIC Chairman Blair Seeks Feedback

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

  • Counterfeit Official Checks Alert Issued

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

  • FDIC Proposes Rulemaking for Initial Regulatory Flexibility Analysis for Assessements

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

  • October Issue Of FedFlash Published

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

  • Counterfeit Cashier's Checks Alert

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

  • FRB Announces CMP Against Former Kansas Banker

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

  • FDIC Revises Retirement Account Bulletin

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

  • Regulators Discuss Assistance To Minority-Owned Institutions

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

  • New Issue of Beige Book Published

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

  • Ombudsman Report to the Industry Posted

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

  • Large Commercial Bank Ranking Report Released

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

  • Minority-Owned Bank Report Issued

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

  • Household Debt Service and Financial Obligations Ratios Report Update

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

  • Prohibition Orders Issued

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

  • FOMC Meeting Minutes Released

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

  • Nontraditional Mortgage Product Risks SR Letter Issued

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

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

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

  • OFAC Releases October Civil Penalties List

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

  • FinCEN Director Discusses the Value of BSA Data

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

  • 314(a) Fact Sheet Updated

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

  • FDIC To Give Insured Institutions One Time Assessment Credit

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

  • Reserve Position Update

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

  • OTS Issues Policy Statement on Minority Owned Institutions

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

  • FEMA Announces Mid-Course Adjustment

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


  • Counterfeit Official Checks Special Alert

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

  • Treasury Issues Economic Update

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

  • Consumer Credit Report Released

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

  • New Orleans and Memphis Community Bank Directors Workshops Scheduled

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

  • CRA Evaluations Issued

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

  • Non-Traditional Mortgage Product Guidance FILs Issued

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

  • Fraudulent Emails Special Alert

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

  • FDIC Fall State Profiles Released

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

  • Non-Traditional Mortgage Product Guidance Bulletins Issued

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

  • Mutual Funds SAR Guidance Issued

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

  • Baby Boomers May Break Budget

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

  • Enforcement Actions Announced

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

  • 2007 HMDA And CRA Edits and File Specs Online

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

  • Wire Transfer Study Findings Released

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

  • International Reserve Position Update

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

  • $7.5 Million Settlement Reached In Money Laundering Case

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

  • CRA Ratings Announced

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

  • Restraining Order Stops Online Check Processing Firm

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

  • Call Report Information Available

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

  • September Foreign Exchange Rates Report Released

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

  • FedLine Web Savings Bond Changes In Effect

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

  • Counterfeit Checks Special Alerts Issued

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

  • Non-traditional Mortgage Product Guidance Issued

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

  • Phishing E-Mail Alert Issued

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

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

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

  • September Financial Reporting Bulletin Published

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

  • FHC List Update

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

  • Wire Transfer Roundtable Comments Released

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

  • Operation Circular 10 Changes Made

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

  • October Issued FedFlash Published

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

  • Country Exposure Reports Online

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

08/31/2006

Top Stories for September 2006

  • Drug Traffickers And Narco-Terrorists Added To OFAC List

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

  • ID Theft Symposia Announced

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

  • 314a Fact Sheet Update

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

  • Receivables Report Issued

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

  • Quarterly Derivatives Report Released

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

  • House Subcommittee Questions OCC Interpretative Letters

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

  • OTS CRA Regulations To Change

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

  • Counterfeit Items Alerts Issued

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

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

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

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

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

  • Prohibition Orders Issued

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

  • Regulators Discusses Basel II With Senate

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

  • OCC Seeks Basel II And Market Risk Comments

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

  • New Electronic Interpretations And Actions Announced

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

  • Regulators Release Shared National Credit Review Report

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

  • OCC To Host Bank Directors In Orlando

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

  • NCUA publishes Final Rule for Share Insurance in FR

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

  • Reserve Position Update

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

  • FinCEN Answers MSB BSA Questions

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

  • Third Quarter Call Report Information Released

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

  • White Paper Examines Loan Default Estimations

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

  • Reich Discusses Mortgage Fraud

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

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

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

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

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

  • Second Quarter Interest Rate Exposure Report Issued

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

  • Counterfeit Checks Special Alerts Issued

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

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

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

  • New FedReceipt Routing Numbers Announced

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

  • TFR Instruction Manual Updated

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

  • Exchange Rate Working Paper Published

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

  • CRA Ratings Released

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

  • Fed Funds Rate Unchanged

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

  • Operating Circular 10 To Be Revised

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

  • FR Announces Holiday Currency Ordering Schedule

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

  • Counterfeit Checks Special Alerts Issued

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

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

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

  • ID Theft Task Force Recommendations Announced

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

  • Flow Of Funds Report Released

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

  • Counterfeit Cashier's Checks Alert

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

  • Special Alerts Issued

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

  • Unauthorized Banking Alert

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

  • October HOEPA Reference Rates Established

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in October 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H.15   9/19/06

  • Access Across America Agenda Available

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

  • Counterfeit Checks Alerts

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

  • Unauthorized Financial Activities Special Alert

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

  • Fourth Quarter CRA Exam Schedule Announced

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

  • September Issue FedFlash Published

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

  • 2006 Annual Thrift Satisfaction Survey Results

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

  • Industrial Production Report Released

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

  • Enforcement Actions Announced

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

  • Regulators Testify On Basel II

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

  • Fraudulent Cashier's Checks Special Alert

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

  • OCC Updates Depository Services Handbook

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

  • Fraudulent E-Mail Alerts

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

  • 314a Fact Sheet Update

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

  • FinCEN Director Testifies

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

  • First Quarter 2006 Quarterly Journal Published

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

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

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

  • Phishing E-Mail Consumer Alert Issued

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

  • Written Agreement With Missouri Bank Announced

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

  • Fannie and Freddie Working Paper Published

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

  • International Reserve Position Update

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

  • Eight Counterfeit Cashier's Checks Special Alerts Issued

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

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

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

    • Ireland Bank, Malad City, Idaho

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

  • 2005 HMDA Date Available

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

  • $1 Million COPPA Penalty Announced

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

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

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

  • Prohibition Orders Issued

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

  • OTS Revises CRA Q&A Guidance

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

  • Customer Authentication and Internet Banking Alert Issued

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

  • September OFAC Civil Penalties Released

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

  • HMDA Article Published

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

  • FHC And Consumer Credit Reports Released

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

  • FDIC Redesigns Home Page

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

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

       9/11/06

  • Hizballah Financiers Added To OFAC List

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

  • FRB Discount Rate Meeting Minutes Released

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

  • CRA Ratings Announced

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

  • Beige Book Update

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

  • Second Quarter Interest Rate Risk Measures Report Released

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

  • Regulators Seek Basel II And Market Risk NPR Comments

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

  • Initial Notices For FFIEC Report Forms Published

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

  • FR Bulletin Statistical Supplement Published

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

  • International Reserve Position Update

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

  • OFAC Publishes in FR Additional Designation of Entries

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

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

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

  • CRA Revisions Featured In OCC Newsletter

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

  • Fourth Quarter CRA Exam Schedule Released

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

  • ACH Risk Management Guidance Issued

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

  • Foreign Exchange Rates Report Issued

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

  • September FedFlash Published

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

  • Counterfeit Cashier's Checks Alerts

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

  • Fourth Quarter CRA Exam Schedule Announced

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

  • Enforcement Actions Released

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

  • Embezzlement Results In Prohibition Order

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

  • Bernanke Discusses The Economic Impact Of Labor Productivity

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

  • International Reserve Position Update

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

07/31/2006

Top Stories for August 2006

  • FedReceipt Routing Numbers And Immediate Availability Announced

    FRB Financial Services has announced that new routing numbers have added to the FedReceipt forward collection product, effective September 11, 2006. In addition, the Federal Reserve Banks will offer immediate availability at the 7:00 AM ET deadline on select 12th District RCPC endpoints, also effective September 11, 2006. Routing Numbers; Availability 8/31/06

  • FRB Revised Policy Governing Access to Confidential Supervisory Information

    The FRB has issued a SR Letter announcing an immediately effective interim rule to permit the hiring of certain non-citizens into positions requiring access to confidential supervisory information, subject to certain conditions. SR Letter 8/31/06

  • Counterfeit Cashier's Checks Special Alerts

    Seven Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the names of the following institutions:

    First Security Bank, Bozeman, Montana
    Washington First International Bank, Seattle, Washington
    North Canton Bank and North Oak Bank, Newton, Texas
    Northern Neck State Bank, Warsaw, Virginia
    Columbia State Bank (also known as Columbia Bank), Tacoma, Washington
    > Community National Bank of Sarasota County, Venice, Florida
    First National Bank of Midland, Midland, Texas
    Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/30/06

  • Hizballah Fundraiser and Colombian Drug Traffickers Added to OFAC List

    Treasury has announced that a key Hizballah fundraising organization has been designated a SDGT. Four individuals and two companies tied to a leader of a Colombian drug cartel have also been designated as SDNTs. All designated entities have been added to the SDN list. Information regarding the new designations has been posted on the BOL OFAC page. 8/30/06

  • FRB publishes Interim Final Rule for Reg E

    The FRB is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The amendments clarify requirements for collecting certain service fees and clarify notice requirements for electronic check conversion transactions and for collecting insufficient funds fees electronically.TXT, PDF . 8/30/06

  • FRB publishes Final Rule for Reg E in Federal Register

    The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation. This final rule provides that Regulation E covers payroll card accounts that are established directly or indirectly through an employer, and to which transfers employee compensation are made on a recurring basis.TXT, PDF . 8/30/06

  • Counterfeit "Original Financial Instruments" Special Alert

    The FDIC has issued a Special Alert regarding counterfeit items referred to as "Original Financial Instruments" bearing the name The First State Bank & Trust Co., Larned, Kansas. The counterfeit items are associated with a scam involving a letter that directs the recipient to send an e-mail to a verification department at vaset@consultant.com after "depositing the cheque at your bank stating the availability of funds." Special Alert 8/30/06

  • National Banks Affected By Ernesto May Close

    The OCC has issued a proclamation allowing national bank offices affected by Tropical Storm/Hurricane Ernesto to close at their discretion. Proclamation 8/30/06

  • Comments Sought Regarding Industrial Loan Company Charters

    The FDIC has issued a FIL announcing that comments are being sought on wide-ranging issues involving industrial loan company charters. FIL 8/30/06

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet to include data as of August 29, 2006. 314(a) 8/30/06

  • Money Management For Teens

    The Summer 2006 issue of FDIC Consumer News features articles on money management of interest to teenagers. Summary; Consumer News 8/30/06

  • New Electronic Interpretations and Actions Announced

    The OCC has announced the New Electronic Interpretations and Actions for August 2006. Electronic 8/30/06

  • Predatory Lending Practices Working Paper Published

    Foreclosures of Subprime Mortgages in Chicago: Analyzing the Role of Predatory Lending Practices, a new working published by the OCC, examines whether long prepayment penalty periods and balloon payments increase the probability of foreclosure. Abstract; Full Paper 8/30/06

  • FOMC Meeting Minutes Released

    The FRB and the Federal Open Market Committee (FOMC) have released the attached minutes of the Committee meeting held on August 8, 2006. Minutes 8/30/06

  • Procedures To Safeguard Examination Information Updated

    The FDIC has issued a FIL that announces an update of the procedures to be followed by examiners in safeguarding information received or obtained during the course of an examination. FIL 8/29/06

  • SMLLC Eligibility For NOW Accounts Clarified

    The FRB has issued a legal interpretation clarifying whether a single member limited liability company (SMLLC) may maintain a NOW account under Regulation D. The opinion letter concludes that unless it is operated for primarily for religious, philanthropic, charitable, educational, political, or similar purposes and non-profit, a SMLLC is not eligible to maintain a NOW account. SMLLC NOW Account 8/28/06

  • OCC To Host Community Bank Directors Workshops

    The OCC has announced that Compliance Risk workshops for community bank directors will be held on September 21, 2006 in Albany, New York, and September 26, 2006 in San Antonio, Texas. Online registration for each workshop is available. Information 8/28/06

  • Bernanke Discusses Impact Of Global Economic Integration

    In a presentation at the Federal Reserve Bank of Kansas City's Thirtieth Annual Economic Symposium in Jackson Hole, Wyoming, Chairman Bernanke noted that the pace of global economic change in recent decades has been breathtaking and the full implications will not be known for many years. He observed that geopolitical concerns, including international tensions and the risks of terrorism, already constrain the pace of worldwide economic integration and may do so even more in the future. Speech 8/28/06

  • Owned and Managed Receivables Report Released

    The FRB has released the June 2006 G.20 Owned and Managed Receivables Outstanding report. G.20 8/28/06

  • SDGT Removed From OFAC List

    Treasury has removed an individual with a SDGT designation from the SDN List. Information regarding the change has been posted on the BOL OFAC page. 8/25/06

  • Counterfeit Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Savannah Bank, N.A., Savannah, New York and American National Bank, Omaha, Nebraska. The FDIC has issued three Special Alerts regarding counterfeit money orders bearing the name of First-Knox National Bank, Mount Vernon, Ohio; counterfeit cashier's checks bearing the name of Security State Bank, Anahuac, Texas; and counterfeit checks bearing the name of Citizens Community Federal, Eau Claire, Wisconsin. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 8/25/06

  • Reg E Final Rules Announced The FRB has announced a Final Rule that payroll card accounts are covered by Reg E.

    Under the rule, institutions are not required to provide paper periodic statements to consumers if the institution makes account transaction information available by telephone, electronically, and, upon the consumer's request, in writing. In addition, comments are sought on an Interim Final Rule that provides additional clarification regarding Reg. E's coverage of the electronic collection of insufficient funds fees by merchants and other payees and consumer notice requirements for electronic check conversion transactions. Final Rule; Interim Final Rule 8/25/06

  • Insured Institution Report Record Second Quarter Earnings

    The FDIC has announced that for the fifth time in the last six quarters commercial banks and savings institutions insured by the agency have reported record industry earnings. Record Earnings 8/25/06

  • Exchange Rate Working Paper Published

    A working paper in the IFDP series on the topic of Trade Integration, Competition, and the Decline in Exchange-Rate Pass-Through has been published by the FRB. Abstract; Full Paper 8/25/06

  • Second Quarter Quarterly Banking Profile Published

    The FDIC has published the Second Quarter 2006 Quarterly Banking Profile, which contains a comprehensive summary of financial results for all FDIC-insured institutions. Quarterly Banking Profile 8/25/06

  • Counterfeit Alerts Issued

    The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of ANB Financial N.A., Bentonville, Arkansas. In addition, the FDIC has issued seven Special Alerts regarding counterfeit items bearing the name of the following institutions:

    Counterfeit Cashier's Checks

    The Jackson State Bank & Trust, Jackson, Wyoming The Farmers State Bank, Quinton, Oklahoma Central Pacific Bank, Honolulu, Hawaii Metropolitan National Bank, Little Rock, Arkansas Counterfeit Official Checks N.J.M. Bank, FSB, West Trenton, New Jersey Columbia River Bank, The Dalles, Oregon Counterfeit Money Orders First Commonwealth Bank, Indiana, Pennsylvania

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 8/24/06

  • FFIEC Forms Final Notices Published

    The FFIEC has published in the Federal Register the final notices for Form 002 (Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks) and Form 019 (Country Exposure Report for U.S. Branches and Agencies of Foreign Banks). Form 002; Form 019 8/24/06

  • Quarterly Thrift Industry Data Released

    OTS has released the Thrift Industry Graphs and Tables, Industry Highlights, and Selected Indicators for the Second Quarter 2006. Graphs and Tables; Industry Highlights; Selected Indicators 8/24/06

  • International Reserve Position Update Treasury has updated the U.S. International Reserve Position Report with the addition of data as of August 18, 2006. Reserve Position 8/24/06

  • Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued two Special Alerts concerning counterfeit cashier's checks bearing the names of North Laredo Bank, Laredo, Texas and Fulton Bank, Lancaster, Pennsylvania. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/23/06

  • C&D Issued Against Alabama Bank

    The FRB has announced the issuance of a consent Cease and Desist Order against the Bank of York, York, Alabama. Order 8/23/06

  • Telemarketing Bulletin Issued

    The OCC has issued a Bulletin regarding the Telephone Consumer Protection Act (TCPA) and its requirements for national banks that conduct "telemarketing" either directly or through a third party. Note, even if a bank makes telemarketing calls only to its existing customers, it must have a written Do Not Call (DNC) policy and conduct employee training. Bulletin 8/23/06

  • Charge-Offs Report Released

    The FRB has released the Second Quarter 2006 Charge-Offs and Delinquency Rates on Loans and Leases at Commercial Banks Report. Report 8/23/06

  • CU Mid-Year Financials Strong

    NCUA has announced that according to the mid-year 2006 Call Report data, credit unions' lending increased, shares grew, delinquencies declined and net worth increased. Mid-Year Financials 8/23/06

  • North Dakota Quarter Distribution Schedule Announced

    Federal Reserve Financial Services has posted online the distribution schedule for the North Dakota quarter. Schedule 8/23/06

  • BSA/AML Exam Manual Conference Call Fact Sheet

    The FFIEC has posted online a BSA/AML Examination Manual Outreach Fact Sheet that includes registration information for two nationwide interagency conference calls regarding the release of the revised 2006 FFIEC BSA/AML Examination Manual. Each one-hour teleconference is open to all banking organizations and will provide an overview of significant revisions and updates to the manual. Fact Sheet 8/22/06

  • FRB Legal Developments Published

    The legal developments that were announced by the FRB in the Second Quarter 2006 have been posted online. Legal Developments 8/22/06

  • Capital Treatment Of Securities Lending Transactions Legal Opinion Released

    The FRB has released a legal opinion in response to a request to allow a financial institution to assess regulatory capital against certain of its indemnified agency securities lending transactions by using a loan equivalent methodology. Opinion 8/22/06

  • FEDS Working Paper Published

    A working paper in the FEDS series has been published by the FRB on the topic of A Trend and Variance Decomposition of the Rent-Price Ratio in Housing Markets. Abstract; Full Paper 8/22/06

  • Counterfeits Special Alerts Issued

    The FDIC has issued seven Special Alerts regarding counterfeit cashier's checks, counterfeit official checks, counterfeit bank drafts, and counterfeit money orders.

    Counterfeit Cashier's Checks Old National Bank, Evansville, Indiana Greater Buffalo (The Bank of Castile, Castile, New York) Galena State Bank & Trust Co., Galena, Illinois

    Counterfeit Official Checks Belmont Savings Bank, Belmont, Massachusetts

    Counterfeit Bank Drafts Bank of China, New York Branch, New York, New York

    Counterfeit Money Orders Belmont Savings Bank, Belmont, Massachusetts Apple Bank for Savings, Manhasset, New York

    Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 8/21/06

  • Counterfeit And Stolen Cashier's Checks And Money Orders Alerts Issued

    The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the names of:

    Community National Bank of Sarasota County, Venice, Florida, and

    First National Bank of Midland, Midland, Texas.

    8/18/06

  • The FDIC has issued four Special Alerts regarding counterfeit cashier's checks bearing the names of:

    Rose Hill Bank, Rose Hill, Kansas,

    The Milford Bank, Milford, Connecticut,

    First Community Bank of Galena (Illinois), a branch of Apple River State Bank, Apple River, Illinois,

    The Kaw Valley State Bank and Trust Company, Topeka, Kansas.

    8/18/06

    • Two additional Special Alerts have been issued by the FDIC regarding stolen cashier's checks bearing the name of First National Bank in Whitney, Whitney, Texas, and counterfeit money orders bearing the name of State Bank of Park Rapids, Park Rapids, Minnesota. Information concerning the counterfeit checks, counterfeit money orders and the stolen checks has been posted on the BOL Alerts & Counterfeits page. 8/18/06
  • BSA/AML Q&As Released

    OTS has released the first set of answers to questions submitted during the BSA/AML "Getting It Right" conference call held on July 31, 2006. Q&As 8/18/06

  • ILC Comments Sought

    The FDIC is seeking public comment on a variety of issues relating to Industrial Loan Companies (ILCs). As previously reported in the July 31, 2006 BOL Top Stories, the FDIC has imposed a six-month moratorium on ILC deposit insurance applications and change in control notices. Comments 8/18/06

  • DIF Financials Published

    The FDIC has published the Second Quarter 2006 financial results for the DIF. DIF 8/18/06

  • Airline Added To OFAC List

    Treasury has announced that a Chinese airline company has been added to the SDN List. Information regarding the airline has been posted on the BOL OFAC page. 8/17/06

  • September HOEPA Rates Set

    The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in September 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H.15 8/17/06

  • CRA Ratings Announced

    The ratings received by seventeen national banks that were recently examined for compliance with the CRA have been announced by the OCC. Ratings 8/17/06

  • Enforcement Actions Released

    The OCC has released enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 8/17/06

  • Industrial Production Report Released

    The July 2005 G.17 Industrial Production and Capacity Utilization Report has been released by the FRB. G.17 8/17/06

  • Internet Banking Guidance FAQs Released

    The FFIEC member agencies have released FAQs to aid in the implementation of the previously issued interagency guidance on Authentication in an Internet Banking Environment. FAQs; Guidance 8/16/06

  • Syrian Generals Added to OFAC List

    Treasury has designated a Syrian Major General and a Brigadier General as SDGTs and added their names to the SDN list for significantly contributing to the Syrian Government's support for designated terrorist organizations in Lebanon. Information regarding the Generals has been posted on the BOL OFAC page. 8/16/06

  • Phishing Consumer Alert Issued

    The FDIC has issued a consumer alert concerning a phishing e-mail that has the appearance of being sent from the FDIC. The e-mail claims that the FDIC has received an application from the recipient's bank to insure their checking or savings account against fraud, phishing and identity theft. The recipient is directed to a spoofed FDIC Web page that requests personal information. Phishing Alert 8/16/06

  • 314(a) Fact Sheet Update

    FinCEN has updated the 314(a) Fact Sheet with the addition of data as of August 15, 2006. 314(a) Fact Sheet 8/16/06

  • BAR Demonstration Webinars Scheduled

    The Federal Reserve Banks and Bansefi are hosting two 60 minute Webinars on September 28 and October 25, 2006 to educate U.S. financial institutions about Directo a México and a live demonstration of the BAR Web site. BAR Webinars 8/16/06

  • TIC And International Reserve Position Reports Released

    Treasury has released and posted online the June 2006 Treasury International Capital report and the August 11, 2006 U.S. International Reserve Position report. TIC; Reserve Position 8/16/06

  • FedFlash Features Seminars and Videos

    The August 15, 2006 issue of FedFlash features articles on BAR seminars, new FedReceipt routing numbers and Check 21 videos. FedFlash 8/16/06

  • FedLine Web Savings Bond Changes Announced

    FRB Financial Services has announced beginning October 1, 2006, all FedLine Web Savings Bond customer technical support will move from the Customer Contact Centers to the Treasury Retail Securities Sites. In addition, the name of the service will change to "Savings Bonds Direct" and the URL will change to www.savingsbondsdirect.gov. Savings Bond Changes 8/16/06

  • Gift Card Guidance Issued

    The OCC has issued a Bulletin containing a guidance on disclosure and marketing issues associated with gift cards which focuses on the need for national banks that issue gift cards to do so in a manner in which both purchasers and recipients are fully informed of the product’s terms and conditions. Bulletin 8/15/06

  • Bankers Bank Reg D Exemption Revision Comments Sought

    The FRB has requested comment on proposed revisions to its 1980 interpretation of Regulation D that established the criteria for the ”bankers’ bank” exemption from reserve requirements. The proposed revisions would authorize the Board to determine, on a case by case basis, whether certain entities not already expressly authorized in the interpretation may become customers of bankers’ banks to a limited extent. Comments 8/15/06

  • Bank Lending Practices Survey Results Released

    The results of the July 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released by the FRB. Survey Summary; Full Report 8/15/06

  • OFAC Announces Enforcement Actions

    Enforcement actions as of August 11, 2006, resulting from violations of Sanction Programs have been announced by OFAC. No financial institutions were cited. OFAC Enforcement 8/14/06

  • FHC List Update

    The list of bank holding companies that have elected to become or be treated as financial holding companies has been updated to include elections made as of August 11, 2006. FHC List 8/14/06

  • FDIC Insurance Spanish Language Video Available

    The FDIC has issued a FIL that announces a new Spanish language video for bank employees and customers explaining federal deposit insurance coverage. The new thirty minute video, which is posted on the FDIC Web site, can be ordered by insured institutions. FIL 8/14/06

  • Liquidating Distribution Available to Shareholders

    The FDIC, as successor receiver of the Benj. Franklin Federal Savings and Loan Association of Portland, Oregon, which was closed September 7, 1990, has announced that a liquidating distribution is available for shareholders. Distribution 8/14/06

  • FRB publishes Final Rule in Federal Register to annually adjust dollar amount for Reg Z

    The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount.TXT, PDF . 8/14/06

  • FRB Publishes Proposed Rulemaking for Reg D

    The Board proposes to revise its 1980 interpretation of Regulation D (Reserve Requirements of Depository Institutions) setting forth criteria for the "bankers' bank" exemption from reserve requirements.TXT, PDF . 8/14/06

  • Counterfeit Cashier's Checks Alert Issued

    The OCC has issued an Alert regarding counterfeit cashier's check bearing the name of Metropolitan National Bank, Little Rock, Arkansas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/11/06

  • New FedReceipt Routing Numbers Announced

    Additional new routing numbers have been added for the Reserve Banks' FedReceipt forward collection product. Effective August 21, 2006, the Reserve Banks will modify the credit availability and pricing schedule on the announced FedReceipt routing numbers for FedForward deposits. Routing Numbers 8/11/06

  • Appeals Court Rules on Fee for Mortgage Payoff Statement

    The U.S. Court of Appeals for the Eighth Circuit has ruled that neither RESPA nor HUD's Regulation X prohibits a mortgage servicer from charging a fee for providing a payoff statement to the borrower. The court did not address whether the size of GMAC Mortgage Corporation's fee was excessive or a breach of its loan contract. Read more about this case in Court Watch. 8/10/06

  • FCRA Consumer Dispute Study Results

    The FTC and FRB have issued a joint report to Congress on compliance with the consumer dispute provisions of the FCRA. The agencies are required to conduct a study of the extent to which consumer reporting agencies and furnishers of information the entities complied with certain FCRA requirements. Study 8/10/06

  • 2007 TILA Disclosure Trigger Announced

    The FRB has published the annual adjustment of the dollar amount that triggers additional disclosure requirements under the TILA for home mortgage loans that bear rates or fees above a certain amount. Trigger 8/10/06

  • Reserve Position Update

    Treasury has updated the U.S. International Reserve Position report with the addition of data current as of August 4, 2006. Reserve Position 8/09/06

  • Fed Funds Rate Unchanged

    The Federal Open Market Committee has announced that by a 9 to 1 vote the target for the federal funds rate will remain at 5-1/4 percent. Fed Funds 8/09/06

  • MSB List Updated

    FinCEN has updated the list of entities that have registered as a MSB. MSB List 8/09/06

  • Consumer Credit Card Knowledge and Behavior Survey Results Published

    The results of a survey undertaken to assess consumers' knowledge of, familiarity with, and attitudes about credit card disclosures, credit card solicitations, and privacy notices received from their financial institutions have been published in the August 7, 2006 issue of the FRB Bulletin. Survey Results 8/08/06

  • June Consumer Credit Report Released

    The FRB has released the G.19 Consumer Credit Report for June 2006. G.19 8/08/06

  • FRB publishes Equal Opportunity Interim Rule in FR

    The Federal Reserve Boad is soliciting comments on a new interim rule that would amend the section of its Rules Regarding Equal Opportunity (EEO Rules) which governs the employment of persons who are not United States citizens consistent with the Board’s requirements for the security of its information. This amendment is issued as an immediately effective interim rule, with opportunity for comment. TXT, PDF . 8/07/06

  • Counterfeit Cashier’s Checks Alert

    The OCC has issued an Alert regarding counterfeit cashier’s checks issued in the name of Old National Bank, Evansville, Indiana. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/07/06

  • Operating Circular 6 Updated

    Federal Reserve Financial Services has announced that Operating Circular 6, Funds Transfer through FedWire, has been updated and the changes are effective September 6, 2006. Operating Circular 6 8/07/06

  • New OFAC SDGT Designations Announced

    Treasury has designated as SDGTs the Philippine and Indonesian branch offices of the Saudi-based International Islamic Relief Organization (IIRO) and the Executive Director of the Eastern Province Branch of IIRO in the Kingdom of Saudi Arabia for facilitating fundraising for al Qaida and affiliated terrorist groups. Information regarding the designations has been posted on the BOL OFAC page. 8/04/06

  • CRA Ratings Released

    The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the CRA and the ratings assigned to institutions in May 2006. In addition, OTS has released the CRA performance evaluations for the savings associations that publicly became available during July 2006. FDIC CRA; OTS CRA 8/04/06

  • 314a Fact Sheet and Information Sharing Update

    FinCEN has updated the 314a Fact Sheet with the inclusion of data as of August 1, 2006, and published a revised Law Enforcement Information Sharing with the Financial Industry Chart. 314a Fact Sheet Information Sharing 8/04/06

  • San Francisco HOEPA Hearing Transcript Online

    The FRB has posted online the agenda and the transcript of the HOEPA hearing held recently in San Francisco. Agenda; Transcript 8/04/06

  • OFAC Develops RSS Feed

    An RSS feed has been developed by OFAC that users can subscribe to and receive recent actions notices using the RSS reader of their choice. RSS 8/04/06

  • Thrift Financial Managers Seminars Scheduled

    OTS has announced that a seminar for thrift financial managers be held in Denver, Seattle and Los Angeles during September 2006. Seminar Information 8/04/06

  • Access American Summit Announced

    NCUA will host an Access Across America Economic Empowerment Summit on October 3, 2006, in Norfolk, Virginia. Credit unions from the District of Columbia, Delaware, Maryland, North Carolina, Virginia and West Virginia are invited to attend. Summit Information 8/04/06

  • Counterfeit Check Special Alert

    The FDIC has issued a Special Alert regarding counterfeit checks bearing the name of Merrill Lynch Trust Company, FSB, Pennington, New Jersey. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 8/03/06

  • Assets Reports Issued

    The FRB has issued the 3.12 U.S. Reserve Assets report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks report. Reports 8/03/06

  • FHC List Update

    The list of bank holding companies that have elected to become or be treated as financial holding companies has been updated to include elections made as of July 28, 2006. FHC List 8/03/06

  • Four Counterfeit Cashier's Checks Special Alerts Issued

    The FDIC has issued four Special Alerts regarding counterfeit cashier's checks bearing the names of First United Bank & Trust, Oakland, Maryland; Quantum National Bank, Suwanee, Georgia; Peoples Bank, National Association, Marietta, Ohio; and Commercial Bank of Florida, Miami, Florida. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/02/06

  • Identification Numbers To Be Masked

    Treasury has announced in order to help protect investor privacy and help guard against identity theft, TINs (SSNs and EINs) will be partially masked starting August 1, 2006 on paper savings and retirement securities inscribed and mailed by the Federal Reserve print site or by savings bond consignment issuing agents. TINs 8/02/06

  • FDIC Revises National Historic Preservation Act SOP

    A FIL had been issued by the FDIC that announces the revision of the agency's SOP concerning the National Historic Preservation Act. The SOP is relevant to applications for deposit insurance for de novo institutions, applications for establishment of domestic branches, and applications for the relocation of domestic branches or main offices. FIL; SOP; Act 8/02/06

  • Enforcement Orders Released

    The FDIC has released information regarding twenty-four orders of administrative enforcement actions taken against banks and individuals in June 2006. The actions include sixteen removal-and-prohibition orders, two civil money penalty orders, one cease-and-desist order, two terminations of insurance, and three terminations of cease-and-desist orders. Orders 8/02/06

  • CU Placed Into Receivership

    NCUA has announced that the Mt. Hebron Baptist Federal Credit Union of Philadelphia, Pennsylvania, has been placed into receivership under the control of the agency, as conservator. Service will continue uninterrupted and the members are free to make deposits and access their funds. Receivership 8/02/06

  • New OFAC Director Named

    Adam Szubin has been named as the new OFAC Director by Treasury Secretary Paulson. Szubin 8/02/06

  • Unauthorized Banking Special Alert Issued

    The FDIC has issued a Special Alert regarding an entity that may be conducting banking operations in Canada or the United States without authorization. Broad Way Bank, 5906 N. Broadway, Washington, DC 20026 USA (www.broadwaybk.com) is representing itself as a bank and is offering banking products and services to the general public via the Internet. The entity is not registered as a bank and the listed address does not exist. Special Alert 8/02/06

  • August FedFlash Published

    FRB Financial Services has published the August 2006 issued of FedFlash that features articles on topics including amendment to Operating Circular 6, the masking of TINs on savings bonds, the effective date of FedReturn service enhancements, and a reminder that check endorsements must be in black ink. FedFlash 8/02/06

  • Foreign Exchange Rates Report Released

    The G.5 Foreign Exchange Rates Report for July 2006 has been released by Treasury. G.5 8/02/06

  • FR Bulletin Statistical Supplement Published

    The July 2006 Federal Reserve Statistical Supplement has been published. Supplement 8/02/06

  • HOEPA Hearing Transcript Available

    The FRB has posted online the agenda and the transcript of the HOEPA hearing held recently in Philadelphia. Agenda; Transcript 8/01/06

  • OTS Legal Opinions Released

    Two legal opinions on the topics of a) Operating Subsidiaries and the Most Favored Lender Doctrine and b) the Authority of a Federal Savings Association to Make a Pass-Through Investment in a Title Insurance Company have been released by OTS. Operating Subsidiaries; Investment 8/01/06

  • Market Financing Estimates Announced

    Treasury has announced its current estimates of net marketable financing for the third and fourth quarters of 2006. Estimates 8/01/06

  • International Reserve Position Update

    The U.S. International Reserve Position report has been updated by Treasury with the addition of data as of July 28, 2006. Reserve Position 8/01/06

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