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The FTC has announced the mailing of checks totaling nearly $3 million to over 6,300 consumers who were victims of a mortgage relief scheme. The defendants allegedly made false promises that they could help consumers save their homes from foreclosure or lower their mortgage payments.

The FDIC has announced that insured commercial banks and savings institutions reported aggregate net income of $37.2 billion in the first quarter of 2014, down $3.1 billion (7.6 percent) from earnings of $40.3 billion a year earlier. Despite the decline in earnings, more than half of the 6,730 insured institutions reporting had year-over-year growth in quarterly earnings. The proportion of banks that were unprofitable during the first quarter fell to 7.3 percent from 8.5 percent a year earlier.

The Federal Reserve Board has published its previously announced final rules repealing its Regulation P (GLBA privacy provisions) [79 FR 30708] and Regulation DD (Truth in Savings) [79 FR 30711] and amending its Regulation V (Identity Theft Red Flags) [79 FR 30709]. Each of the final rules will be effective June 30, 2014.

The Bureau of Engraving and Printing has published [79 FR 30724] an Interim Final Rule amending its regulations on exchange of mutilated paper currency in order to update mutilated currency procedures and eliminate references to obsolete practices and terms. The amendments will also serve to deter fraud and abuse in the mutilated currency redemption process. The rule is effective immediately, with comments accepted through July 28, 2014.

A news release from the OCC has announced significant changes intended to strengthen both the supervisory process and the examining force supervising the nation's largest and most complex financial institutions. The changes include:

• the expansion of organization, functions, and responsibilities of its large bank lead expert program to improve horizontal perspective and analysis, systemic risk identification, quality control and assurance, and resource prioritization
• the establishment of a formal rotation program for all examiners to provide them with broader, fresh perspectives on a regular basis
• the formalizing of an enterprise risk management framework, that will involve developing a risk appetite statement, creating a decision-tree process, and enhancing the OCC's existing National Risk Committee framework and processes

The FDIC has released the Quarterly Banking Profile for the First Quarter 2014, which includes a new section on the performance of community banks. The Profile reports:

• Net income of $37.2 billion is $3.1 billion below year-ago level
• Reduced mortgage activity contributed to decline in revenue
• 54 percent of banks report year-over-year improvement in earnings
• Balances at Federal Reserve Banks account for almost half of asset growth

The E.16 Country Exposure Lending Survey for December 31, 2013, has been posted on the FFIEC Web site.

The Federal Reserve Board has released the minutes of its April 14 and 28, 2014, discount rate meetings.

The Federal Housing Finance Agency (FHFA) has announced that the U.S. house prices rose 1.3 percent in the first quarter 2014, the 11th consecutive quarter price increase in the purchase-only, seasonally adjusted index.

The President has executed an Executive Order terminating the prohibitions contained in Executive Order 13303 of May 22, 2003, as amended, on any attachment, judgment, decree, lien, execution, garnishment, or other judicial process with respect to the Development Fund for Iraq and Iraqi petroleum, petroleum products, and interests therein, and the accounts, assets, investments, and other property of the Central Bank of Iraq.

The Spring 2014 issue of FDIC Consumer News has been released, featuring questions to ask plus money-saving tips and strategies to consider when banking and borrowing. The edition also includes a variety of simple suggestions for safe shopping, buying and ways to pay.

HUD and the Census Bureau have released the April 2014 residential housing sales report. The seasonally adjusted annual rate was above that of March but below that of April 2013.

The Consumer Financial Protection Bureau has posted the semi-annual update of its rulemaking agenda. The announcement includes a link to several agenda items in the pre-rule, proposed rule and final rule stages of completion.

The CFPB has announced the release of its Spring 2014 Supervisory Highlights, focusing on the illegal actions uncovered by its supervision of the payday, debt collection, and consumer reporting markets. More than $70 million in remediation to approximately 775,000 consumers resulted from the first time federal supervision of the activities of nonbank financial institutions.

Federal Reserve Bank Services has announced the elimination of the minimum threshold for check adjustments on "not our item" (NOI) and "entry in error" (ERR) investigation types. The change will be effective June 23, 2014. Beginning on that date, no NOI or ERR entry will be too small.

A new brochure for credit unions considering a merger, "Truth in Mergers: A Guide for Merging Credit Unions," has been released by the NCUA. The new brochure provides a framework for credit union managers and directors to begin discussions about the future direction of a credit union.

Treasury has announced sanctions against Morteza Tamaddon, an Iranian government official, for being involved in censorship and other activities that limit the freedom of expression and freedom of assembly of Iran's citizens. His name has been added to the SDN List with the TRA designation. Information regarding the designation has been posted in a BOL OFAC Update.

The FDIC has announced the closing of Columbia Savings Bank, Cincinnati, Ohio. All of the failed bank's deposits were assumed by United Fidelity Bank, fsb, Evansville, Indiana. This is the eighth FDIC-insured institution to fail this year, and the first in Ohio.

The NCUA has announced the closing of Life Line Credit Union, Inc., Richmond, Virginia, and the assumption of all member shares by Virginia Credit Union, Inc., North Chesterfield, Virginia. This is the fifth federally insured credit union liquidation in 2014.

The Federal Reserve Board has announced rules finalizing the repeal of its Regulation DD (Truth in Savings, 12 CFR Part 230)) and Regulation P (Privacy of Consumer Financial Information, 12 CFR Part 216) and the issuance of final amendments to the Identity Theft Red Flags rule in Regulation V (Fair Credit Reporting, 12 CFR Part 222). The repeal of Regs DD and P resulted from the Dodd-Frank Act transfer of rulemaking authority for several consumer protection laws from the FRB to the CFPB.

The NCUA has announced the beginning of the process to assess civil money penalties (CMPs) for the late filing of 2014 first-quarter Call Reports.

The Federal Reserve has announced it will conduct a fixed-rate offering of term deposits through its Term Deposit Facility (TDF) on May 27, 2014. Seven-day term deposits with an interest rate of 0.26000 percent and a maximum tender amount of $5,000,000,000 will be offered.

The Federal Reserve System has announced six “Payment System Improvement Town Halls” will be hosted during June 2014 at Reserve Banks in New York, Chicago, Atlanta, San Francisco, Dallas, and St. Louis.
Advance registration is required.

The statement and minutes of the April 29–30, 2014, meeting of the Federal Open Market Committee (FOMC) have been released by the Federal Reserve.

The Board of Governors of the Federal Reserve System has issued its 100th Annual Report to Congress. The central bank was created by legislation enacted on December 23, 1913.

The Federal Reserve Board has released the March 2014 G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit report.

OCC Bulletin 2014-22 has announced a Notice of Proposed Rulemaking (NPRM) that would integrate OCC rules for national banks and federal savings associations relating to policies and procedures for corporate activities and transactions (licensing rules). The integration is intended to create filing parity for national banks and federal savings associations for all activities and transactions addressed in the OCC's licensing rules. Comments on the proposal will be due within 60 days after the proposal is published in the Federal Register.

Treasury's Office of Foreign Asset Control (OFAC) has announced the availability of a secure download capability for Specially Designation Nationals (SDN) and Foreign Sanction Evaders (FSE) lists via Secure Socket Layer (SSL) transmission. Users need only change the URL header to "https."

The Bureau has announced that, beginning with the June 18, 2014, meeting of the Consumer Advisory Board in Reno, Nevada, the public may attend or view via livestream meetings of the Bureau's Consumer Advisory Board and Council meetings. A schedule of upcoming meetings was also posted.

The Consumer Financial Protection Bureau has announced the release of a research report that found consumers' credit scores may be overly penalized for medical debt that goes into collections and shows up on their credit report. The study, "CFPB Data Point: Medical Debt and Credit Scores," indicates credit scoring models may underestimate the creditworthiness of consumers who owe medical debt in collections. The scoring models also may not be crediting consumers who repay medical debt once in collection status.

FinCEN Advisory FIN-2014-A004 has been issued
to alert financial institutions that certain foreign individuals are abusing the Citizenship-by-Investment program sponsored by the Federation of St. Kitts and Nevis (SKN) to obtain SKN passports for the purpose of engaging in illicit financial activity. The program offers citizenship to a non-citizen who either invests in designated real estate with a value of at least $400,000 US, or contributes $250,000 US to the St. Kitts and Nevis Sugar Industry Diversification Foundation.

The Federal Reserve Board has posted the Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks for the First Quarter 2014.

The Bureau Blog also features an article on the impact a summer job can have on students between the ages of 16 and 24 who may be entering the workforce for the first time, particularly as an opportunity for students to acquire good money management skills.

OFAC has posted a notice listing twelve individuals who have been designated under the Magnitsky Sanctions Program, which represents the implementation of multiple legal authorities, including the Sergei Magnitsky Rule of Law Accountability Act of 2012 (Public Law 112-208) and the International Emergency Economic Powers Act (IEEPA) (50 U.S.C. §§ 1701-1706). Information regarding the designations has been posted to a BOL OFAC Update page.

The Federal Reserve Board has issued a New Mexico bank an Order of Assessment of a Civil Money Penalty for violations of the National Flood Act in the amount of $5,410. Details of the Order are available on BOL's Flood Penalties Watch page.

Treasury has announced the pricing of a secondary public offering of the remaining 1,085,554 shares of common stock of CommunityOne Bancorp it holds, at $9.35 per share. The closing is expected to occur on or about May 23, 2014, subject to customary closing conditions.

In remarks at the 2014 Boulder Summer Conference on Consumer Financial Decision Making, Directory Cordray discussed observations of consumer financial decisions and how they impact the entire economic picture. He focused a portion of his presentation on student loan debt and the actions of the CFPB to address various problems.

In actions coordinated with the Federal Reserve Board and the New York State Department of Financial Services, Attorney General Holder yesterday announced the filing of a criminal complaint against Credit Suisse AG on charges of conspiracy to help U.S. taxpayers evade taxes. Holder announced that the Swiss banking giant has agreed to pay a fine of over $1.13 billion and nearly $670 million in restitution to the IRS. The Federal Reserve Board announced its imposition of a consent order for a $100 million civil money penalty and order to cease and desist requiring the bank to address deficiencies in its oversight, management, and controls governing compliance with U.S. laws. Under the order, Credit Suisse agreed to terminate its relationship with, and not re-employ or otherwise engage, nine individuals who were involved in the actions that resulted in the violation of U.S. laws.


The New York Department of Financial Services announced its imposition of a $715 million penalty against the bank, and the installation of an independent monitor of the agency's choosing within the bank to further the department's investigation of the bank's activities. According to the Federal Reserve's press release, the combined monetary penalties against the bank total over $2.6 billion. Indictments against several individual bank official have been issued, and the agencies' investigations continue.

The FDIC has released the results of research on the trends in rural depopulation and the implication of these trends for rural community banks. The text of an article titled "Long-Term Trends in Rural Depopulation and Their Implications for Community Banks" will be published in the first quarter 2014 issue of FDIC Quarterly, to be released May 28, 2014.

The May 2014 issue of The NCUA Report has been published. This edition features articles on the stress testing rule for large credit unions, little known facts about risk-based capital, and the proposed common bond rule.