Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Top Stories for January 2003
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FDIC Issues Alert on Counterfeit Money Orders and Cashier's Checks
Counterfeit money orders issued by Peoples State Bank of Munising, Munising, Michigan, and counterfeit cashier's checks drawn on Treasury Bank, N.A., Alexandria, Virginia, are in circulation. FDIC:SA-4-2003 1/31/03
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FDIC Issues Alert on Entities Not Authorized by the Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority (CIMA) has added two institutions, Trans Ocean Bank and First Cayman Bank, to its list of entities that provide a Cayman Island contact address, but are not licensed or registered to conduct business activities regulated by the CIMA. FDIC:SA-5-2003 1/31/03
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OTS Says New York Law Doesn't Apply To Federal Thrifts
The OTS announced that federal law preempts provisions of the New York predatory lending law from applying to federal savings associations and their operating subsidiaries. The New York law imposes various restrictions on loans based upon the annual percentage rate and amount of points and fees charged. OTS 03-04 1/31/03
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Canadian-Based Defendants to Pay $25,000 for Conducting Credit Card Protection Scheme
The Federal Trade Commission once again warned consumers to be wary of telemarketers and to "Ditch the Pitch." The agency announced a settlement with Canadian-based defendants, who allegedly defrauded hundreds of consumers by pressuring them over the phone to purchase essentially worthless "credit card protection" insurance for up to $369. FTC Press Release 1/31/03
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Revised FFIEC guidance for examiners and financial institutions in identifying information security risks
The FFIEC issued revised guidance for examiners and financial institutions to use in identifying information security risks and evaluating the adequacy of controls and applicable risk management practices of financial institutions. FRB Press Release FFIEC OTS 03-03 1/30/03
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FDIC Seeks Comment on Draft Payday Lending Guidance
The FDIC has developed guidelines for payday lending. A draft of this guidance is available. The FDIC intends to issue on March 31, 2003. FDIC:PR-5-2003 FYI 1/30/03
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The Future of Financial Regulation: Structural Reform or Status Quo?
A March 13, 2003, symposium – "The Future of Financial Regulation: Structural Reform or Status Quo?" – will evaluate the U.S. financial regulatory system. The symposium will examine the current financial regulatory structure, identify challenges and obstacles to reform, and explore alternatives for the future. Symposium 1/30/03
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FOMC Statement
The Federal Open Market Committee decided to keep its target for the federal funds rate unchanged at 1-1/4 percent. FRB Press Release 1/30/03
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Approval of application of BBVA Bancomer, S.A.
The Federal Reserve Board announced the approval of the application of BBVA Bancomer, S.A., Mexico City, Mexico, to establish an agency in Houston, Texas. FRB Press Release 1/30/03
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OFAC Publishes Proposed Rule on Economic Sanctions Enforcement Guidelines
The Office of Foreign Assets Control of the U.S. Department of the Treasury is publishing for public comment an updated
version of its internal Economic Sanctions Enforcement Guidelines. 68FR4422 (txt) 68FR4422 (pdf) 1/29/03 -
OCC Transmits Final Rule Regarding Foreign Correspondent Banks
This bulletin transmits a final rule issued by the Treasury Department amending a previously published rule and extends the time for obtaining information from foreign banks in which a covered financial institution maintains a correspondent account.
OCC 2003-3 1/29/03 -
FRB Issues Changes to Reg H
These amendments vest the Board with the authority to administer and enforce several of the enhanced reporting,
disclosure and corporate governance obligations imposed by the Sarbanes-Oxley Act with respect to state member banks that have a class of securities registered under the Securities Exchange Act of 1934. 68FR4092 (text) 68FR4092 (pdf) 1/28/03 -
Specifications for Magnetic Media Filing
The purpose of this specification is to provide the requirements and conditions for filing Suspicious Activity Report by Money Services Business (SAR-MSB), Treasury Form TDF 90-22.56 on magnetic media. Specifications 1/28/03
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2003 Savings Bond Seminar Schedule
The Federal Reserve Financial Services published the 2003 Savings Bond Seminar Schedule. Schedule 1/27/03
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OCC Announces New Electronic Interpretations and Actions
Interpretive Letters and No-Objection Letters reflect the views of the Comptroller's legal staff. Corporate Decisions, CRA Decisions and Conditional Approvals are from the office of Bank Organization and Structure. January 2003 1/27/03
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FDIC Issues Special Alert on Counterfeit Cashier's Checks
The FDIC has learned that counterfeit cashier's checks drawn on State Bank of Kimball, St. Cloud, Minnesota, are currently in circulation. SA-3-2003 1/27/03
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FDIC FIL about OFAC Change
The Department of the Treasury's Office of Foreign Assets Control has updated its list of approved service providers to Cuba. FDIC:FIL-7-2003 [This was previously announced on BOL] 1/27/03
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FDIC FIL about OFAC Change
The Department of the Treasury's Office of Foreign Assets Control has amended its list of Specially Designated Nationals and Blocked Persons. FDIC:FIL-8-2003 [This was previously announced on BOL] 1/27/03
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FTC Releases Top 10 Consumer Complaint Categories in 2002
The FTC has released its annual report detailing consumer complaints about identity theft and listing the top 10 fraud complaint categories reported by consumers. As in 2000 and 2001, identity theft topped the list, accounting for 43 percent of the complaints lodged in the FTC's Consumer Sentinel database. The number of fraud complaints jumped from 220,000 in 2001 to 380,000 in 2002, and the dollar loss consumers attributed to the fraud they reported grew from $160 million in 2001 to $343 million in 2002. FTC Press Release 1/24/03
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Civil Money Penalty against Central State Bank
The Federal Reserve Board announced the issuance of an Order of Assessment of a Civil Money Penalty against the Central State Bank, Calera, Alabama, a state member bank. FRB Press Release 1/24/03
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Civil Money Penalty against La Salle State Bank
The Federal Reserve Board announced the issuance of an Order of Assessment of a Civil Money Penalty against the La Salle State Bank, La Salle, Illinois, a state member bank. FRB Press Release 1/24/03
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Civil Money Penalty against Simmons First Bank of Russellville
The Federal Reserve Board announced the issuance of an Order of Assessment of a Civil Money Penalty against the Simmons First Bank of Russellville, Russellville, Arkansas, a state member bank. FRB Press Release 1/24/03
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Civil Money Penalty against Bank of Yellville
The Federal Reserve Board announced the issuance of an Order of Assessment of a Civil Money Penalty against The Bank of Yellville, Yellville, Arkansas, a state member bank. FRB Press Release 1/24/03
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FDIC Issues Warning on Entities That May Be Conducting Banking Operations Without Authorization
The OSFI of Canada has published "Monthly Warning Advisory" (Issue No. 38), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. FDIC:SA-2-2003 1/23/03
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FDIC Issues Special Alert on Stolen or Missing Money Orders
The FDIC has learned that 1,200 stolen or missing money orders, drawn on Normandy Bank, St. Louis, Missouri, may be in circulation. FDIC:SA-1-2003 1/23/03
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OTS Says Georgia Law Doesn't Apply to Federal Thrifts
The OTS announced that federal law preempts provisions of the Georgia Fair Lending Act (GFLA) from applying to federal savings associations and their operating subsidiaries. The GFLA imposes various restrictions on loans based upon the annual percentage rate and amount of points and fees charged. OTS 03-02 1/23/03
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OCC Announces Nine New Enforcement Actions and Three Terminations
The OCC announced nine new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and three terminations of existing enforcement actions. OCC:NR 2003-04 1/23/03
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OCC Releases CRA Evaluations For 39 National Banks
The OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of December 15, 2002 through January 14, 2003. The list contains only national banks and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.
OCC:NR 2003 - 05 1/23/03 -
Fedwire Securities Guide
This guide provides a brief description, and contact information, of governmental and international agencies issuing book-entry securities through the Federal Reserve Banks. The guide lists each of the agency's products by class code. Guide 1/22/03
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OCC Concludes Case Against FNB in Brookings Involving Payday Lending, Unsafe Merchant Processing, and Deceptive Marketing of Credit Cards
The OCC has concluded an enforcement action against First National Bank in Brookings requiring the Brookings, S.D. institution to pay restitution to credit card customers harmed by its marketing practices, terminate its payday lending business and stop merchant processing activities through one vendor. OCC:NR 2003 - 03 Consent Order 1/22/03
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FDIC FIL about OFAC Change
Treasury's Office of Foreign Assets Control (OFAC) has unblocked certain property and assets owned by FRY. FDIC:FIL-6-2003 [This was previously announced on BOL] 1/22/03
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HOEPA APR Reference Rates for February Released
The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in February 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, use the yield in effect on the 15th of the month that precedes the month you received the application. FRB: H.15 Releases 1/21/03
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Money Laundering: A Banker's Guide to Avoiding Problems, December 2002
This booklet, which updates a 1993 publication, discusses how bankers can identify and manage the risks associated with money laundering and terrorist financing. The revision was prompted by the growing sophistication of money launderers, a growing international response to money laundering, changes to anti-money laundering laws, and recent anti-terrorist financing legislation.
Booklet 1/21/03 -
Federal Register publishes Proposed Rule to Make it a Requirement That Mutual Funds Report Suspicious Transactions
The amendment would require mutual funds to report suspicious transactions to the Department of the Treasury. [This was earlier reported on BOL] 68FR2716 (text) 68FR2716 (pdf) 1/21/03
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Fourth Quarter 2002 Edition of the FDIC's Letter to Stakeholders
The FDIC issues its third Letter to Stakeholders, a report of the agency's activities in the fourth quarter of 2002. FDIC:FIL-5-2003 Letter to Stakeholders 1/21/03
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FinCEN Issues Large Civil Penalty Assessment in Conjunction with Criminal Information
A criminal information filed at U.S. District Court in the District of Puerto Rico charges Banco Popular with one count of failing to file Suspicious Activity Reports (SARs) in violation of Title 31 USC 5318(g)(1) and 5322(a). Banco Popular waived indictment, agreed to the filing of the information, and accepted and acknowledged responsibility for its behavior in a factual statement accompanying the information. The company will forfeit $21.6 million to the United States to settle any and all civil claims held by the government. FinCEN Press Release 1/17/03
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FRB Makes Available "Identity Theft" Booklet
"Identity Theft" was developed by the Federal Reserve Bank of Boston and complements the Bank's 2001 issuance of the video, "Identity Theft: Protect Yourself." Addressed to consumers, the booklet describes the dangers posed by identity thieves, what people can do to protect themselves, and what they should do if they discover their identities have been stolen. FRB Press Release 1/17/03
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Statement by Chairman Greenspan on the retirement of William J. McDonough, president of the FRB of New York
I will greatly miss Bill McDonough's counsel and advice. After a decade of exemplary service to the Federal Reserve System, his retirement will leave a pronounced void. FRB Press Release 1/17/03
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Further Test Shows No Anthrax Presence on Sample from Mail to FRB
The FRB received results from further testing conducted by the State of North Carolina, under the guidance of the Centers for Disease Control. It showed no anthrax bacteria present on a sample from a piece of mail which earlier had tested presumptively positive for the bacteria in a private laboratory. FRB Press Release 1/17/03
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FinCEN Waiver from Civil Money Penalties for Failure to Timely File Report of Foreign Bank and Financial Accounts
This serves notice that the Director of the Financial Crimes Enforcement Network (FinCEN) has granted a waiver from civil money penalties for violations of the Bank Secrecy Act, 31 U.S.C. 5314, and its implementing regulation, 31 C.F.R. Part 103.24, to persons who enter into settlement and comply with the terms and conditions of the Offshore Voluntary Compliance Initiative, as provided by the Internal Revenue Service, U.S. Department of the Treasury. FinCEN Notice 1/16/03
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FTC Issues Consumer Alert on Home Borrowing
The Federal Trade Commission has issued a revised alert to consumers warning about the dangers of predatory lending. Titled "Need a Loan? Think Twice About Using Your Home as Collateral," the alert points out pitfalls of home borrowing, talks about laws (such as HOEPA) that may provide rights to the consumer, and provides tips for those seeking a loan. PDF version of alert, HTML version, FTC Announcement 1/15/03
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Reauthorization by the Congress of the National Flood Insurance Program
The FRB informed state member banks of the reauthorization of the National Flood Insurance Program (NFIP) by the Congress, retroactive to December 31, 2002. FRB Press Release, FDIC:PR-4-2003 FDIC:FIL-4-2003 OCC 2003-2 1/15/03
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The FDIC is seeking public comment on certain proposed changes to Part 303 of the FDIC's Rules and Regulations
The FDIC is requesting public comment on a proposed rule clarifying the filing and processing of applications submitted by insured depository institutions. Comments on this proposed rule are due by February 25, 2003. FDIC:FIL-3-2003 1/15/03
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FinCEN Issues Proposed Rule to Make it a Requirement That Mutual Funds Report Suspicious Transactions
The amendment would require mutual funds to report suspicious transactions to the Department of the Treasury. FinCEN Press Release 1/15/03
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FDIC to Demystify Basel II Capital Regulation
The FDIC will analyze impending changes in international capital regulation that could have a far reaching impact on the financial services industry and the global economy, and publish its findings in a series of papers. FDIC:PR-3-2003 FYI 1/15/03
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NFIP Retroactively Reauthorized
H.R. 11, the "National Flood Insurance Program Reauthorization Act of 2003" was signed into law by President George W. Bush. It retroactively reauthorizes the National Flood Insurance Program until December 31, 2003, effectively ending the untenable position many lenders found themselves in after the program lapsed 1/1/03. White House Press Release 1/14/03
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Adoption of Regulation W Implementing Sections 23A and 23B of the Federal Reserve Act
On December 12, 2002, Regulation W, the rule that comprehensively implements sections 23A and 23B of the Federal Reserve Act, was published in the Federal Register.1 The rule is effective April 1, 2003. SR 03-2 gives a summary of significant issues addressed in the rule. FRB: SR 03-2 1/14/03
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HUD Issues Proposed Rule to Make Lender Accountability for Appraisals
This proposed rule clarifies and strengthens HUD's regulations concerning the responsibilities of lenders approved by the Federal Housing Administration (FHA) in the selection of appraisers to perform appraisals on properties that will be the security for FHA insured mortgages. 68FR1765 (text) 68FR1765 (pdf) 1/14/03
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FRB Issues Final Rule to Reg A to Reflect Interest Rate Change
The FRB is publishing final amendments to Regulation A to reflect its approval of the initial interest rates for extensions of primary and secondary credit. 68FR1793 (text) 68FR1793 (pdf) 1/14/03
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Approval of proposal of Royal Bank of Canada and RBC Centura Banks, Inc.
The Federal Reserve Board today announced its approval of the applications by Royal Bank of Canada, Montreal, Canada, and RBC Centura Banks, Inc., Rocky Mount, North Carolina, under section 3 of the Bank Holding Company Act, to acquire Admiralty Bancorp, Inc., and its wholly owned subsidiary, Admiralty Bank, both in Palm Beach Gardens, Florida. FRB Press Release 1/14/03
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OCC Proposed Rule Encourages Public Welfare Investments by National Banks
The OCC proposes to amend its regulation governing national bank investments that are designed primarily to promote the public welfare. National banks and their community partners committed $995 million to public welfare investments in 2001. In order to encourage additional public welfare investments by national banks, the proposal simplifies the regulation and reduces unnecessary burden associated with these investments.
NR 2003-02 68FR1394 (txt) 68FR1394 (pdf) 1/10/03 -
House Passes Retroactive Flood Insurance Bill
On January 8, 2003, the House of Representatives passed H.R.11, the National Flood Insurance Reauthorization Act of 2003. The Act extends the Flood Insurance program through Dec. 31, 2003 and makes the effective date for the extension retroactive to December 31, 2002. The legislation now moves to the Senate. News Release H.R.11 1/9/03
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FRB Issues Final Rule to Reg K - International Lending
The FRB is amending its regulations relating to international lending by simplifying the discussion concerning the accounting
for fees on international loans to make the regulation consistent with generally accepted accounting principles (GAAP). 68FR1158 (txt) 68FR1158 (pdf) 1/9/03 -
Regulators Issue Account Management and Loss Allowance Guidance for Credit Card Lending
Banking supervisory agencies have jointly issued "Account Management and Loss Allowance Guidance for Credit Card Lending." The guidance is to ensure that financial institutions conduct credit card lending in a safe and sound manner by establishing sound account management, risk management, and loss allowance management practices. This guidance is effective immediately. OCC 2003-1 Guidance FDIC-PR-02-2003 1/9/03
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Reserve Bank income and expense data and transfers to the Treasury for 2002
Preliminary figures indicate that the Federal Reserve Banks distributed approximately $24.497 billion of their $26.758 billion total income to the U.S. Treasury during 2002. FRB Press Release 1/9/03
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FFIEC Abandons Collection of Subprime Lending Data Plan
On January 7, 2003 the FFIEC announced the proposed plan to collect subprime lending information from quarterly regulatory reports was being dropped. The data will continue to be gathered in the examination process, which will remain the focal point of the regulatory supervision of subprime consumer lending activities. FFIEC Press Release 1/8/03
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FinCEN Offers Guidance on Definition of Check Casher and BSA Requirements
Guidance 1/8/03
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Regulators Request Comment on Removal, Suspension, and Debarment of Accountants From Performing
Audit ServicesThis proposal would amend the Agencies' rules to establish rules of practice and procedure for the removal, suspension, and debarment of accountants and their firms from performing section 36 audit services for insured depository institutions.
68FR1115 (text) 68FR1115 (pdf) FDIC:FIL-1-2003, FRB Press Release, OTS 03-01 OCC: 2003-1
1/8/03 -
Primary and secondary credit rates established
The Federal Reserve Board announced it has approved requests by the twelve Federal Reserve Banks to establish primary and secondary credit rates of 2-1/4 percent and 2-3/4 percent, respectively, effective January 9, 2003. FRB Press Release 1/8/03
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Holiday District Announcements
The Federal Reserve Banks will be closed on Monday, January 20, 2003, for the Martin Luther King, Jr. holiday. Announcement 1/8/03
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FRB Approves Revisions to Subpart D of Regulation K, Governing International Banking Operations
The final rule will reduce the regulatory burden on banking institutions engaged in international lending by simplifying the requirements concerning accounting for fees on international loans to make the regulation consistent with generally accepted accounting principles (GAAP). FRB Press Release, Final Rule 1/7/03
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FDIC Issues January List of Banks Examined for CRA Compliance
The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in October 2002. FDIC:PR-1-2003 List 1/7/03
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Consumer Advisory Council appointments for 2003
The Federal Reserve Board named ten new members to its Consumer Advisory Council for three-year terms and designated a new Chair and Vice Chair of the Council for 2003. FRB Press Release 1/6/03
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OCC Issues Buy-Sell Agreements between Subchapter S Corporations and National Bank Directors
This advisory letter is intended to refer national banks, especially community national banks, that seek to qualify as Subchapter S corporations for federal tax purposes to an Internal Revenue Service ruling that may be relevant to them. OCC:AL 2003-1 1/2/03
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FDIC Issues Final Rule on Governing Filing Procedures and Delegations of Authority
The FDIC Board of Directors has revised the agency's regulation and related policy statements that govern the filing and processing of applications submitted by insured depository institutions. FDIC:FIL-146-2002 1/2/03
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FDIC Makes Public November Enforcement Actions; One Administrative Hearing Scheduled
The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in November. One administrative hearing is scheduled for January 2003. FDIC:PR-135-2002 1/2/03
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Treasury, SEC and Federal Reserve Submit USA PATRIOT Act Report on Investment Companies to Congress
The Treasury Department, the Securities and Exchange Commission, and the Board of Governors of the Federal Reserve System today released a report to Congress under the USA PATRIOT Act containing recommendations for applying anti-money laundering controls to investment companies. PO-3721 Treasury Press Release 1/2/03
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