Top Stories for May 2006

Snow Resigns

Treasury Secretary Snow submitted his resignation to President Bush in a letter dated May 30. 2006. The President accepted his resignation and nominated Hank Paulson, Chairman and Chief Executive Officer of the Goldman Sachs Group, as his replacement. Letter; Nomination    5/31/06

BSA Direct Project Assessment Extended

FinCEN has announced that the temporary stop work order on the Retrieval and Sharing Component of the BSA Direct project will be extend for an additional 30 days at the request of the team working on an assessment of the project. Extension   5/31/06

Reg CC Check Processing Amendments Announced

The FRB has announced amendments to Appendix A of Regulation CC that reflect the previously announced restructuring of the Federal Reserve's check processing operations in the Second and Third Districts. Reg CC
   5/31/06

New Electronic Interpretations and Actions Online

The OCC has posted online the May 2006 issue of New Electronic Interpretations and Actions. Electronic   5/31/06

Reserve Position Update

Treasury has updated the U.S. International Reserve Position report with the addition of data as of May 26, 2006. Reserve Position   5/31/06

Misprinted Treasury Checks Special Notice Issued

The Federal Reserve Financial Services has issued a special notice concerning Treasury checks dated May 24, May 26 and June 1, 2006, that may contains a partially printed MICR line. Financial institutions are instructed to accept the Treasury checks. Information regarding the misprinted Treasury checks has been posted on the BOL Alerts & Counterfeits page.   5/30/06

FedACH Monitoring Service Online Seminar

Federal Reserve Financial Services has announced that an online seminar is available regarding the FedACH Risk Origination Monitoring Service. The presentation, Shedding Light On ACH Risk, features video webisodes and an ACH risk quiz. Seminar.   5/30/06

Bank Failure Record Set

The FDIC has announced that there has not been a failure of an FDIC-insured institution in more than seven quarters. The last failure was on June 25, 2004. This is the longest interval without an insured institution failure in the FDIC's 73-year history. In addition, commercial banks and savings institutions insured by the FDIC reported a record quarterly net income of $37.3 billion for the first three months of 2006, eclipsing the previous quarterly high of $34.6 billion set in the third quarter of 2005.Records.   5/30/06

FRB publishes Correction to Final Rule for Reg Z

FRB published a CFR correction in the FR to the periodic statement for Final Rule for Reg Z, originally published in FR on 1/01/06. TXT, PDF .    5/30/06

FCRA Medical Information Compliance Examination Procedures Issued

The FDIC has issued a FIL announcing that the FFIEC Task Force on Consumer Compliance has approved examination procedures to assess compliance with the medical information regulations that became effective on April 1, 2006. The regulations implement the Protection of Medical Information provisions of the FCRA, as amended by the FACT Act. The new procedures are effective with the issuance of the FIL.
Procedures; FIL    5/26/06

Fraudulent And Counterfeit Checks Alerts Issued

The OCC has issued two Alerts regarding fraudulent checks issued with a fictitious bank name, Northridge Bank, Austin, Texas, are being presented for payment and counterfeit cashier's checks bearing the name of The Honesdale National Bank of Honesdale, Pennsylvania. Information regarding the checks has been posted on the BOL Alerts & Counterfeits page    5/26/06

Special Alerts Issued

Four Special Alerts regarding counterfeit cashier's, official, and dividend checks have been issued by the FDIC. Cashier's Checks bearing the name of:

• Northrim Bank, Anchorage, Alaska
• 1st Constitution Bank, Cranbury, New Jersey
• Official Checks bearing the name of East Cambridge Savings Bank, Cambridge, Massachusetts
• Dividend Checks bearing the name of Delta National Bancorp, Manteca, California

Information regarding the checks has been posted on the BOL Alerts & Counterfeits page    5/26/06

FRB Issues 2006 Hurricane Contact Information

The FRB of Atlanta has released its 2006 hurricane season preparation and contact information. Hurricane Information    5/26/06

First Quarter 2006 Quarterly Banking Profile Published

The FDIC has published the Quarterly Banking Profile for the first quarter 2006. Quarterly Banking Profile    5/26/06

CU First Quarter Call Report Information Released

NCUA has released the CU Call Report information for the first quarter 2006. Call Report    5/26/06

Reich Appears Before House Oversight Subcommittee

The OTS Director has made a presentation at the Oversight Hearing on the OTS before the House Subcommittee on Oversight and Investigations of the Committee on Financial Services. He reviewed the activities of the OTS and the current state of the thrift industry. Speech    5/26/06

Chinese World Trade Working Paper Published

A working paper in the IFDP series on the topic of Exchange-Rate Effects on China's Trade: An Interim Report has been published by the FRB. Abstract; Full Paper    5/26/06

ID Theft Prevention Special Alert

The FDIC has issued a Special Alert that urges financial institutions to be vigilant against the misuse of personal information for both new and existing customers. The Alert specifically references the recent announcement by the VA that electronic data on approximately 26.5 million veterans and some spouses may have been compromised. Special Alert    5/25/06

Issue 6 Of SAR Activity Review Published

FinCEN has published Issue 6 of the SAR Activity Review - By the Numbers that contains information on SARs filed from April 1, 1996 to December 31, 2005. SAR   5/25/06

314(a) Fact Sheet Update

The 314(a) Fact Sheet has been updated by FinCEN to include data received from financial institutions as of May 23, 2006. Fact Sheet    5/25/06

FDIC Proposed Rulemaking Correction regarding Assessments

FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
published in the Federal Register of May 18, 2006, regarding Assessments. TXT, PDF .    5/25/06

FDIC Proposed Rulemaking Correction regarding One-Time Assessment Credits

FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
published in the Federal Register of May 18, 2006, regarding the One-time Assessment Credit. TXT, PDF .    5/25/06

FDIC Proposed Rulemaking Correction regarding Dividends

FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
published in the Federal Register of May 18, 2006, regarding Dividends. TXT, PDF .    5/25/06

Community Director Workshops To be Held in New Jersey And Illinois

 
The OCC will hold workshops for national community bank directors on June 20-21, 2006 in Springfield, Illinois, and on June 27, 2006 in Morristown, New Jersey. Springfield Workshop; Morristown Workshop   5/24/06

Bernanke Discusses The Need For Financial Literacy

In a presentation to the Senate Committee on Banking, Housing, and Urban Affairs, Chairman Bernanke emphasize the importance of financial literacy, both as a source of better decision making by consumers and as a means of improving the functioning of financial markets. He also listed some of the significant System and Federal Reserve District programs and collaborative efforts in financial and economic education.
Speech   5/24/06

FDIC Performance Plan Released

The FDIC has released the agency's Corporate Annual Performance Plan that sets out specific annual performance goals, indicators and targets for each of its three major business lines of Insurance, Supervision, and Receivership Management. Plan   5/24/06

Monetary Policy Working Paper Published

The FRB has published a working paper in the IFDP series with the title of Can the U.S. Monetary Policy Fall (Again) in an Expectation Trap? Abstract; Full Paper   5/24/06

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position with the addition of data as of May 19, 2006.
Reserve Position   5/24/06

AML Deficiencies Result In Written Agreement

The FRB has announced the execution of a Written Agreement by and among Texas State Bank, McAllen, Texas, the Federal Reserve Bank of Dallas, and the Texas Department of Banking. The bank has agreed to develop an acceptable written BSA/AML program to insure compliance with all applicable AML laws, rules, and regulations. Written Agreement   5/22/06

Order Of Prohibition Issued

An Order of Prohibition has been issued by the FRB against Yolanda Salido, a former institution-affiliated party of Gulf Bank, Miami, Florida, due to her alleged participation in violations of law and breaches of fiduciary duty to the bank and its customers regarding her alleged embezzlement of funds from the bank through a variety of schemes over several years. Order   5/22/06

BSA/AML Violations CMPs Assessed

FinCEN, the FDIC, and the New York State Banking Department have announced the assessment of $600,000 in CMPs against Liberty Bank of New York for violations of federal and state anti-money laundering laws and regulations. The bank failed to implement an adequate BSA/AML program, with internal controls and appropriate measures to detect and report money laundering and other suspicious activity in a timely manner. FDIC Order; FinCEN Order; New York Banking Dept Order   5/22/06

Dugan Says Supervisory Process Must Support Banking Industry

In a presentation at the Conference on Bank Structure and Competition, sponsored by the Federal Reserve Bank of Chicago, Comptroller Dugan noted that the supervisory process must support a competitive banking industry that takes risks and innovates, while also ensuring a safe and sound system that avoids excessive risks. He stated, "Knowing when to intervene in business of the banking system, and to what degree, will always demand the exercise of subjective judgment." Speech   5/22/06

Strong First Quarter Posted By Thrift Industry

OTS has reported that the nation's thrift industry posted strong earnings and profitability, solid loan growth and healthy asset quality in the first quarter of 2006. Highlights; Charts; Selected Indicators   5/22/06

Twenty-Four CRA Ratings Released

The OCC has released the ratings received by twenty-four national banks that were recently examined for compliance with the provisions of the CRA. Ratings   5/19/06

Enforcement Actions Announced

Thirteen new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks have been announced by the OCC. Enforcement Action    5/19/06

Bernanke Analyses Basel II

In a presentation at the FRB of Chicago's 42nd Annual Conference on Bank Structure and Competition, Chairman Bernanke commented on the promises and challenges banks will face with the implementation of Basel II. He noted that Basel II represents the concerted efforts of the supervisory community, in consultation with banks and other stakeholders, to develop a more risk-sensitive and more comprehensive framework for assessing capital adequacy. The step-by-step implementation plan, which all the U.S. banking agencies support, should ensure that banking organizations maintain strong capital positions throughout the transition years and after. Speech   5/19/06

Working Papers Published

The FRB has published two working papers in the IFDP series on the topics of Currency Hedging and Corporate Governance: A Cross-country Analysis and Trade Adjustment and the Composition of Trade. Currency Abstract; Currency Full Paper; Trade Abstract; Trade Full Paper   5/18/06

FDIC Proposes Dividend Requirements Implementation

The FDIC publishes proposed rule in FR to amend 12 CFR 327 to implement the
dividend requirements in the recently enacted 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. 71FRE6-7585 TXT, 71FRE6-7585 PDF.    5/18/06

FDIC Proposes One-Time Assessment Credit

FDIC publishes proposed rule in FR to amend 12 CFR part 327 to implement the one-time assessment
credit for certain eligible insured depository institutions required by the Federal Deposit Insurance Act ("FDI Act") as amended by the Federal Deposit Insurance Reform Act of 2005 ("Reform Act"). 71FRE6-7583 TXT, 71FRE6-7583 PDF.    5/18/06

FDIC Proposes Quarterly Assessment Collection and 3-Year Retention Period

The FDIC publishes proposed rule in FR to amend 12 CFR part 327 to make the deposit insurance assessment system react more quickly and more accurately to changes in institutions' risk profiles, and to eliminate causes for complaint by insured depository institutions. 71FRE6-4657 TXT, 71FRE6-4657 PDF.    5/18/06

FRB publishes Amendment to Equal Credit Opportunity Rule

The FRB publishes technical amendments to Equal Credit Opportunity Final Rule that
corrects the address of the Office of the Comptroller of the Currency as published in the Federal Register on March 7, 2006. FR Vol. 71, No. 95, Page 28563 TXT, FR Vol. 71, No. 95, Page 28563 PDF.    5/17/06

FRB publishes Final Rule to Extend Credit by Federal Reserve Banks

FRB publishes Final Rule in FR that adopts final amendments to Regulation A to reflect the Board's
approval of an increase in the primary credit rate at each Federal Reserve Bank.71FR06-4592 TXT, 71FR06-4592 PDF.    5/17/06

June HOEPA Rate Set

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in June 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. Daily H.15; (A weekly rate inclusive of the 15th will not be published until next week.)    5/17/06

Financial Literacy Programs May Qualify For CRA Credit

In comments during his attendance at the Financial Literacy and Education Commission, Comptroller Dugan noted that involvement in financial literacy programs helps banks develop new customers while enhancing their visibility in the communities they serve and that participation may receive positive consideration under the Community Reinvestment Act. Comments    5/17/06

Spring Issue FDIC Consumer News Published

The FDIC has published the Spring 2006 Issue of the FDIC Consumer News which contains articles on the following topics: FDIC Insurance: Do You Know As Much As You Think You Know?; Misconceptions: A Top 10 List; FDIC Insurance: What's New, What's Not; How to Fully Insure Much More than $100,000; and Answers to Common Questions About Debit Cards. Consumer News    5/17/06

FIL Issued Regarding Interagency Statement

The FDIC has issued a FIL regarding the previously announced interagency statement concerning internal controls and risk-management procedures that should be used by financial institutions to identify, manage and address the heightened legal or reputational risks that may arise from their involvement in certain complex structured finance transactions. Information regarding the statement was posted in the May 10, 2006 BOL Top Stories. FDIC FIL    5/17/06

Industrial Production Report Issued

The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for April 2006. G.17    5/17/06

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with the addition of data as of May 12, 2006. Reserve Position    5/17/06

Seven Counterfeit Special Alerts Issued

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

• North Valley Bank, Redding, California
• Heritage Bank of Schaumburg, Schaumburg, Illinois
• First American Bank & Trust, Sioux Falls, South Dakota
• MB Financial Bank, N.A., Chicago, Illinois,
• Farmers Bank, San Antonio, Texas
• Bank of Lake Mills, Lake Mills, Wisconsin

Another Special Alert was issued concerning counterfeit bank drafts bearing the name of Farmers State Bank, Pittsfield, Illinois. Information concerning the counterfeit checks and drafts has been posted on the BOL Alerts & Counterfeits page.   5/16/06

Mortgage Fraud Data To Be Shared

FinCEN and the Office of Federal Housing Enterprise Oversight (OFHEO) have reached an agreement to facilitate the sharing of information by OFHEO of its examination findings regarding actual or suspected mortgage fraud with FinCEN, who will include the information in its BSA database. Agreement   5/16/06

March TIC Data Released

Treasury has released the TIC Data for March 2006. TIC   5/16/06

Lending Practices Opinion Survey Results Published

The FRB has published the April 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices which addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. The survey also contained a set of special questions on the minimum required payment on outstanding credit card balances of individuals and households. Full Report; Table 1; Table 2; Charts   5/16/06

May Issue Of FedFlash Online

FRB Financial Services has posted online the May 15, 2006 issued of FedFlash which features articles on the following topics: Go Direct Online enrollment; information for TT&L FedMail and TT&L Plus users; national pricing for the Electronic Reject Repair Service; processing returns if FedACH interruptions occur; Account Service updates; and new FedReceipt routing numbers. May FedFlash   5/16/06

Cost Of Funds Reports Issued

OTS has issued the historical and March 2006 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; March 2006   5/16/06

Counterfeit Cashier's Checks Alerts Issued

The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Rockport National Bank of Rockport, Massachusetts, and the FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Farmers Bank, San Antonio, Texas, and the routing number assigned to Extraco Banks, N.A., Temple, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   5/12/06

Terrorist Assets Report Issued By OFAC

OFAC has issued its annual report to Congress of assets in the United States of terrorist countries and international terrorist program designees. Report   5/12/06

FDIC Reference Book Compiled

A Legal Support Services Deskbook has been prepared by the FDIC to provide policies and procedures, shell contracts, and standard forms for in-house attorneys, experts, and legal support services providers. Deskbook   5/12/06

314(a) Fact Sheet Update

FinCEN has updated the 314(a) Fact Sheet with the addition of data as of May 9, 2006. 314(a) Fact Sheet   5/12/06

FRB Bulletin Statistical Supplement Published

The April 2006 Statistical Supplement to the FRB Bulletin has been published. Supplement   5/12/06

Flood Violation CMP Issued

The FRB has issued a consent Order of Assessment of a $16,350 CMP against United Bank, Parkersburg, West Virginia, for alleged violations of Reg H. Order   5/11/06

OCC Issues Counterfeit Checks Alerts

The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Peoples National Bank of Hallstead, Pennsylvania, and counterfeit cashier's checks and fictitious business checks issued in the name of First Bank & Trust, N.A., Canton, South Dakota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts &Counterfeits page   5/11/06

Fed Funds Rate To 5%

The FOMC has raised the target for the federal funds rate and the discount rate by 25 basis points to 5 percent and 6 percent respectfully. Rates   5/11/06

Belarus Guidance Issued

FinCEN has issued a Bulletin that contains an advisory to U.S. financial institutions regarding a potential ML threat involving Belarusian government senior foreign political officials and their related interests.
Bulletin; Advisory   5/11/06

FTC Announces ID Theft Education Program

The FTC and the Justice Department have launched a nationwide ID theft campaign and will send "AvoID Theft: Deter, Detect, Defend" education kits to victim advocates across the country including financial institutions. A Web site has been created that contains links to information of regarding combating ID theft. Campaign; Web Site   5/11/06

FILs Issued

The FDIC has issued two FILs regarding the effect of the Federal Deposit Insurance Reform Act on the Call Report and update of FDIC deposit insurance brochures. Call Report FIL; Brochures FIL   5/11/06

Five FEDS Working Papers Published

The FRB has published five working papers in the FEDS series on the following topics: Do Macro Variables, Asset Markets, or Surveys Forecast Inflation Better?; Consumer Use of Debit Cards: Patterns, Preferences, and Price Response; The Choice at the Checkout: Quantifying Demand Across Payment Instruments; Captive Markets: The Impact of Kidnappings on Corporate Investment in Colombia; and A Retrospective Evaluation of the Effects of Temporary Partial Expensing. Macro Variables Abstract; Marco Variables Full Paper; Debit Cards Abstract; Debit Cards Full Paper; Checkout Abstract; Checkout Full Paper; Captive Markets Abstract; Captive Markets Full Paper; Evaluation Abstract; Evaluation Full Paper   5/11/06

Assets Reports Released

The 3.12 U.S. Reserve Assets report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks report for March 2006 have been released by the FRB. Reports   5/11/06

MSB Assessed CMP By FinCEN

FinCEN has announced the assessment of a $10,000 CMP against Frosty Food Mart, a money services business located in Tampa, Florida, for failing to develop and implement a written AML program reasonably designed to ensure compliance with the BSA and the failure to file 80 CTRs. CMP   5/10/06

Comments Requested On Revised Elevated Risk Statement

The FRB, OCC, FDIC, OTS and SEC have requested public comment on a revised proposed statement on the complex structured finance activities of financial institutions. The statement describes the types of internal controls and risk management procedures that can be implemented by financial institutions to identify, manage and address the legal and reputational risks that may arise from certain complex structured finance transactions. Statement; FRB PR; OCC Bulletin; FDIC PR; OTS PR; SEC PR   5/10/06

FinCEN Extends MSB Comment Period

The comment period of the previously announced ANPR that seeks input from both the money services business industry and the banking industry on the issue of money services businesses obtaining access to banking services has been extend by FinCEN for an additional 60 days to July 10, 2006. Extension; ANPR   5/10/06

FDIC Assessment Rates Unchanged

FDIC has announced that the assessment rates charged to insured banks and savings associations unchanged for the second half of 2006. Rates   5/10/06

One-Time Credit Proposed For Deposit Insurance Assessments

The FDIC is seeking comments on three proposed rules governing deposit insurance assessments under the Deposit Insurance Reform Act of 2005, regarding the allocate a one-time $4.7 billion assessment credit among insured institutions; establishment of a two-year interim rule governing the payment of dividends from the Deposit Insurance Fund; and operational and procedural changes to the FDIC's assessment regulations. Comments; Credit; Dividend Payment; Regulations   5/10/06

Credit Card Lending Bulletin Issued

OTS has issued a Bulletin announcing an update of the credit card lending section of the Examination Handbook that provides guidance to OTS examiners and savings association personnel regarding credit card operations. Bulletin   5/09/06

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with the addition of data as of May 5, 2006. Reserve Position   5/09/06

CRA Ratings Announced

OTS has announced the ratings that become publicly available in April 2006 for savings associations that were recently evaluated for compliance with the CRA. Ratings   5/08/06

Counterfeit Cashier's Checks Special Alert Issued

The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Enterprise Federal Savings Bank, Largo, Maryland, and the routing number assigned to First Liberty National Bank, Washington, D.C. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    5/08/06

New Flood Form Information

In the May 1, 2006 Top Stories (below) we told you about a new flood form which was made available on the FEMA website. We saw no press release or instructions. But FEMA has now posted more information denoting a mandatory use date of July 1, 2006.   5/08/06

Consumer Credit Report Released

The FRB has released the March 2006 G.19 Consumer Credit Report. G.19   5/08/06

Counterfeit Checks Special Alerts Issued

 
The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Gateway Bank & Trust Company, Elizabeth City, North Carolina; and counterfeit teller's checks bearing the name of Calvert Bank and Trust Company, Prince Frederick, Maryland, which has merged into Mercantile Southern Maryland Bank, Leonardtown, Maryland. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   5/05/06

CRA Ratings Released

The FDIC has released the CRA ratings assigned in February 2006 to state nonmember banks recently evaluated for compliance with the CRA. CRA Ratings   5/05/06

Mutual Funds To File SARs

FinCEN has announced a final rule that requires mutual funds to file SARs on suspicious transactions. The final rule creates a reporting requirement that is uniform with reporting requirements already established for banks, broker-dealers, casinos, and money services businesses. Final Rule   5/05/06

Cross-Border Securities Bulletin Issued

The FRB has issued a Bulletin regarding an article, Understanding U.S. Cross-Border Securities Data, that discusses current data on U.S. cross-border securities holdings and transactions. The system that collects the data is described and how to make the best use of the information available is explained. Bulletin   5/05/06

Counterfeit Checks Alerts Issued

The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Farmers Bank, San Antonio, Texas, but bearing a retired routing number of Extraco Bank, N.A., Temple, Texas; and counterfeit cashier's checks issued in the name of MB Financial Bank, N.A., Chicago, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   5/04/06

Enforcement Actions Released

The FDIC has released a list of thirty orders of administrative enforcement actions taken against banks and individuals in March 2006. The actions include eight removal and prohibition orders, eighteen civil money penalty orders, three cease and desist orders, and one termination of a cease and desist order. Actions   5/04/06

Bernanke and Dugan On Community Revitalization

In presentations at Operation HOPE's Anacostia Economic Summit, Chairman Bernanke and Comptroller Dugan expressed their thoughts on economic revitalization. Bernanke commented on the importance in community economic development of strategic collaboration among public, private, and nonprofit organizations plus the need for a comprehensive approach to revitalizing communities. Dugan noted the importance of residents holding a financial stake in the redevelopment of their communities and that the odds of successfully investing in community development are dramatically increased when there are genuine community-based and community-accountable partnerships. Bernanke Speech; Dugan Speech   5/04/06

Direct Investment Valuation Adjustments Working Paper Published

The FRB has published a working paper in the IFDP series on the topic of Modeling Direct Investment Valuation Adjustments and Estimating Quarterly Positions. Abstract; Full Paper   5/04/06

May FedFocus Published

The May issue of FedFocus explores the accelerated pace of payments in articles that provide the latest information about Federal Reserve Financial Services and how they respond to a changing payments industry. Topics include the Destination Check 21 Online Resource Center, the Regional Mixed deposit option, FedLine DirectSM access solution, FedACH RiskSM Origination Monitoring Service and Check into AMI. FedFocus   5/03/06

Directo a Mexico Schedule Announced

The FRB and Banco de Mexico have announce the schedule for the 2006 Directo a Mexico roadshow which will visit twelve U. S. cities to provide financial institutions information regarding a more a efficient way for their customers to transfer funds to Mexico. Schedule   5/03/06

FIL Issued Regarding MSBs And BSA

The FDIC has issued a FIL regarding the announcement by FinCEN that it is seeking public comment on an ANPR regarding the impact of BSA regulations on the ability of MSBs to open and maintain accounts and obtain other banking services at banks and other depository institutions. Information concerning the ANPR was posted in the March 9, 2006, BOL Top Stories. FIL   5/03/06

314(a) Fact Sheet Update

FinCEN has updated the 314(a) Fact Sheet with the addition of data as of April 25, 2006. Fact Sheet   5/03/06

Spring 2006 State Profiles Released

The FDIC has released the Spring 2006 issue of the State Profiles, which provide a quarterly summary of state banking and economic conditions. State Profiles   5/03/06

Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with the addition of data as of April 28, 2006. Reserve Position   5/03/06

Condition of the U.S. Banking Industry Report Issued

The FRB has issued the Third Quarter 2005 Report on the Condition of the U.S. Banking Industry. Report   5/03/06

Seven More Counterfeit Special Alerts Issued

The FDIC has issued four Special Alerts regarding counterfeit cashier's check drawn on or bearing the name of the following institutions:

• Citizens State Bank, Woodville, Texas
• Rockport National Bank, Rockport, Massachusetts
• Norstates Bank, Waukegan, Illinois
• Alliance Bank, Francesville, Indiana

Special Alerts have also been issued regarding counterfeit official checks bearing the name of: KeyBank National Association, East Syracuse, New York; and Pioneer Bank, Roswell, New Mexico . Fraudulent checks bearing the name of >Bankers' Bank, Northeast, Glastonbury, Connecticut , are also in circulation. Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page.   5/02/06

FRB To Hold HOEPA Hearings

Consumers, consumer advocacy organizations, lenders, and other interested parties to participate in four public hearings on the home equity lending market to be held by the FRB. The hearings, which are required by periodically by HOEPA, were last conducted in 2000 and will held during June and July 2006, in Chicago, Illinois; Philadelphia, Pennsylvania; San Francisco, California; and Atlanta, Georgia. Hearings.   5/02/06

May FedFlash Published

FRB Financial Services has published the May 1, 2006 issue of FedFlash. Featured articles include discussions of the FedACH Risk Origination Monitoring Service, the Destination Check 21 Online Resource Center, and changes to Operating Circular 2. FedFlash.   5/02/06

Market Financing Estimates Released

Treasury has announced its current estimates of net marketable financing for the second and third quarters of 2006. Estimates.   5/02/06

April Foreign Exchange Rates Published

The G.5 Foreign Exchange Rates Report for April 2006 has been published by the FRB. G.5.   5/02/06

Executive Incentives And Payout Policy Working Paper

The FRB has published a working paper in the FEDS series on the topic of Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut. Abstract; Full Paper.   5/02/06

Eleven Counterfeit Special Alerts Issued

The FDIC has issued nine Special Alerts regarding counterfeit cashier's check drawn on or bearing the name of the following institutions:

• Savings Bank of Walpole, Walpole, New Hampshire
• Sterling Savings Bank, Spokane, Washington
• Heritage Bank of Commerce, San Jose, California
• Dime Bank, Norwich, Connecticut
• The Bank of the Pacific, Aberdeen, Washington
• King Southern Bank, Chaplin, Kentucky
• Stafford Savings Bank, Stafford Springs, Connecticut
• United Commercial Bank, San Francisco, California
• First Sentinel Bank, Richlands, Virginia

Special Alerts have also been issued regarding counterfeit personal money ordered issued in the name of:
United Roosevelt Savings Bank, Carteret, New Jersey, and counterfeit official checks bearing the name of:
Citizens South Bank, Gastonia, North Carolina. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   5/01/06

New Flood Hazard Determination Form Released

FEMA has posted online a new Standard Flood Hazard Determination Form which replaces the previous form that expired October 31, 2005, but remained in effect until the new form was released. Flood Form   5/01/06

U.S. Currency Smuggled Into Mexico Guidance Issued

FinCEN has issued a Guidance to financial institutions regarding the ML threat involving the smuggling of bulk U.S. currency into Mexico. Institutions are warned concerning the potential for abuse of U. S. financial services by certain Mexican financial institutions. Guidance    5/01/06

IRS And State To Share ML Information

Thirty-three states and Puerto Rico have signed agreements with the IRS to share BSA information on money services businesses. Sharing Information    5/01/06

Receivables Report Issued

The FRB has issued the G.20 Finance Companies Owned and Managed Receivables Outstanding Report for February 2006. G.20   5/01/06

OCC Publishes New Newsletter

Community Developments, a new OCC publication, provides strategies and recommendations aimed at preserving homeownership by preventing mortgage foreclosures. The initial issue features articles on ways banks can help to reduce foreclosures through partnering with non-profits and implementing early intervention strategies with troubled borrowers. Community Developments   5/01/06

March Issue Of Quarterly Journal Published

The OCC has published online the March 2006 issue of the Quarterly Journal which contains OCC organization charts, special supervision and enforcement activities, corporate structure tables, fourth quarter 2005 condition and performance of banks, and other policy and data. Quarterly Journal    5/01/06