Top Stories for June 2006

http://www.bankersonline.com/topstory/topstory_0606.html

• Don't forget that you must use the newly revised FEMA Standard Flood Hazard Determination form starting July 1, 2006, and the amendments to Reg CC that define "remotely created checks" (RCC) and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited also become effective July Flood Form; RCC   6/30/06

• Counterfeit Checks Special Alerts Issued

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

  • City Bank, Everett, Washington;
  • Equity Bank, A National Association, Andover, Kansas;
  • First National Bank of Nevada, Scottsdale, Arizona;
  • Irwin Union Bank and Trust Company, Columbus, Indiana;
  • North Community Bank, Chicago, Illinois;
  • First International Bank, Plano, Texas;
  • Riverside Bank of the Gulf Coast, Cape Coral, Florida

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeit page.   6/30/06

• FOMC Raises Rates

  The Federal Open Market Committee has raised interest rates for a seventeenth straight time by increasing the fed funds rate by twenty-five basis points to 5.25 percent, its highest level since March 2001. The Board of Governors also unanimously approved a twenty-five basis point increase in the discount rate to 6.25 percent. Rates   6/30/06

• It's Lincoln's Turn for a Face Lift

  Treasury, the Federal Reserve and the Secret Service have announced plans to redesign the $5 note as part of ongoing security enhancements to U.S. currency. The redesigned note is expected to be issued in early 2008. $5 Note   6/30/06

• First Quarter Aggregate Exposure and CMR Report Released

  OTS has released the Aggregate Exposure and CMR Report for the first quarter 2006. Report   6/30/06

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the name of Alaska First Bank & Trust, N.A., Anchorage, Alaska; First Port City Bank, Bainbridge, Georgia; and Savings Bank of Danbury, Danbury, Connecticut. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    6/29/06

• Northeast Banks May Close

  The OCC has issued a proclamation allowing national bank offices affected by severe weather in the northeast to close at their discretion. Proclamation   6/29/06

• Blair Sworn In As FDIC Chairman

  Sheila C. Bair has been sworn in as the 19th FDIC Chairman. She formerly served as a Commissioner on the Commodity Futures Trading Commission, Senior Vice President for Government Relations of the NYSE Stock Exchange, Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury, and, most recently, Professor at the University of Massachusetts. Chairman   6/29/06

• FDIC Extends Comment Period for Proposed Rulemaking

  On May 18, 2006, FDIC issued a notice of proposed rulemaking with request for comments on the
  implementation of dividends. The FDIC is extending the comment period on that notice to August 16, 2006.TXT, PDF .    6/28/06

• FDIC Extends Comment Period for One-Time Asssessment Credit

  On May 18, 2006, FDIC issued a notice of proposed rulemaking with request for comments on the
  implementation of the one-time assessment credit for eligible insured depository institutions. The
  FDIC is extending the comment period on that notice of proposed rulemaking to August 16, 2006.TXT, PDF .    6/28/06

• FDIC Extends Comment Period for Asssessment Collection and Retention

  On May 18, 2006, FDIC issued a notice of proposed rulemaking with request for comments on revisions
  to 12 CFR part 327 (see 71 FR 28790). The rulemaking proposed changes to the reaction time
  in institutions' risk profiles to increase efficiency. The comment deadline period is extended to a
  August 16, 2006.TXT, PDF .    6/28/06

• NCUA Proposes Rulemaking for SAR Filing Requirements

  The proposed rule describes, in detail, the requirements for reporting and filing a Suspicious
  Activity Report (SAR)TXT, PDF .    6/28/06

• NCUA Proposes Rule for Conversion of Insured Credit Unions to Mutual Savings Banks

  NCUA proposes to amend its rules regarding the conversion of insured credit unions to mutual savings
  banks or mutual savings associations. The proposed revisions are intended to improve the information
  available to members and the board of directors as they consider a possible conversion. TXT, PDF .    6/28/06

• NCUA Proposes Revisions to the Official Sign Indicating Insured Status

  NCUA proposes 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 government. TXT, PDF .    6/28/06

• NCUA Final Rule for 3rd-Party Servicing of Indirect Vehicle Loans

  NCUA publishes Final Rule in FR to regulate purchases of indirect vehicle loans serviced by third parties, and to limit the aggregate amount of these loans.TXT, PDF .    6/28/06

• NCUA Publishes Final Rule for the Organization and Operation of Federal Credit Unions

  NCUA published Final Rule in FR to amend its field of membership rules regarding service to
  underserved areas that will limit underserved area additions to multiple commonbond credit unions.TXT, PDF .    6/28/06

• Nigeria Removed From FATF NCCT List

  The Financial Action Task Force (FATF) has removed Nigeria from its list of countries and territories that are non-cooperative in efforts to fight money laundering. Myanmar is the sole remaining jurisdiction on the list. NCCT List   6/28/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position with the addition of data as of June 23, 2006. Reserve Position   6/28/06

• Assets Reports Released

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for April 2006 have been released by the FRB. Reports    6/28/06

• First Quarter Final Interest Rate Risk Measures Published

  OTS has published the Final Interest Rate Risk Measures for the First Quarter 2006. Interest Rate Risk   6/28/06

• Counterfeit Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Fox Chase Bank, Hatboro, Pennsylvania, and counterfeit official checks bearing the name of Fifth Third Bank, Cincinnati, Ohio. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/27/06

• New Electronic Interpretations and Actions Online

  The OCC has posted online the June 2006 issue of New Electronic Interpretations and Actions. June 2006    6/27/06

• FRB Issues Annual Report

  The FRB has issued its 92nd Annual Report covering 2005 and presented it to Congress. Full Report; Report By Section   6/27/06

• FDIC Issues Unauthorized Banking Alert

  A Special Alert has been issued by the FDIC regarding unauthorized banking activities that may be conducted by an entity, International Money Transfer, that may be conducting banking operations in Canada or the United States without authorization. International Money Transfer (Unauthorized Banking)    6/26/06

• The FDIC issues Special Alerts

  Three special alerts regarding cashier's checks drawn on First Bank of Indiantown, Indiantown, Florida, that are missing, lost or stolen; counterfeit money orders bearing the name The Citizens Bank of Philadelphia, Philadelphia, Mississippi; counterfeit cashier's checks bearing the name Liberty Savings Bank, Middletown, Connecticut. Information concerning the checks and money orders has been posted on the BOL Alerts & Counterfeits page.   6/26/06

• CC Announces Workshops For Community Bank Directors

  The OCC will host three workshops for national community bank directors at the Millennium Knickerbocker Hotel, on July 25-26, 2006. The workshops, which are limited to the first fifty registrants, will provide practical information that expands bank directors' skills and understanding of issues facing their banks. Online registration is available. Workshops Information; Registration    6/26/06

• FHC List Update

  The FRB has updated the Financial Holding Company (FHC) list of bank holding companies that have elected to be treated as financial holding companies as of June 23, 2006. FHC List   6/26/06

• FRB Issues Statistical Releases

  The April 2006 G.20 Finance Companies and June 2006 E.15 Agricultural Finance Databook statistical releases for have been issued by the FRB.
  G.20; E.15   6/26/06

• Don't forget that you must use the newly revised FEMA Standard Flood Hazard Determination form starting July 1, 2006. You can start using the new form now and discard all of the old forms to avoid any problems. In addition, the amendments to Reg CC that define "remotely created checks" and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited also become effective July 1. The purpose of the amendments is to shift liability for unauthorized remotely created checks to the depositary bank, generally the bank for the person that initially created and deposited the remotely created check. Review your deposit agreement to determine if any revisions are necessary.
  Flood Form;
  Reg CC    6/23/06

• C&Ds Issued And CMPs Assessed

  The FRB has announced the issuance of a consent Order to Cease and Desist (C&D) and Assessment of Civil Money Penalties (CMP) against First Baird Bancshares, Inc., Bedford, Texas, and its president and chairman of the board of directors. The order was issued to address the alleged violation of the Bank Holding Company Act regarding the acquisition of more than five percent of the shares of another financial institution without the approval of the FRB. The respondents, without admitting to any allegations, agreed to the cease and desist order and to each pay civil money penalties in the amount of $87,500.
  Order    6/23/06

• PSR Policy Comments Sought

  Comments have been requested by the FRB regarding proposed revisions to Part I of its Policy on Payments System Risk (PSR policy), which addresses risk management in payments and settlement systems. Comments must be received by September 22, 2006.
  Comments    6/23/06

• Agencies Issue Uniform Standards of Professional Appraisal Practice Alert

  The federal financial institution regulators have issued a Joint Interagency Statement and FAQs to alert regulated institutions to revisions in Uniform Standards of Professional Appraisal Practice effective July 1, 2006.
  Statement;
  FAQs;
  OCC Bulletin;
  OTS CEO Letter; FRB SR Letter; FDIC FIL   6/23/06

• OCC Updates Licensing Manual

  The OCC has revised the "Charters" booklet to include amendments of the CRA highlights, S Corporation, and outside director requirements. It also incorporates FASB 123R guidance for accounting for stock options.
  Charters Booklet    6/23/06

• XBRL Seminar Announced By FDIC

  On Tuesday,June 27, 2006, XBRL-US and the FDIC will present a public event to promote the benefits of XBRL for government agencies. This event will be hosted by the FDIC at their conference facility in Arlington, VA.
  Agenda;
  Registration    6/23/06

• Appellate Decision Addresses HOEPA

  In the first reported decision we've seen emanating from the Home Ownership and Equity Protection Act (HOEPA), borrowers had sued asserting HOEPA disclosure violations. They claimed their loan was covered because of the total points and fees they paid at closing. Lender argued the appraisal and title insurance fees were bona fide and reasonable, and thus excluded from the definition of total points and fees under HOEPA. Borrowers disagreed and claimed the fees violated RESPA, and therefore weren't bona fide or reasonable. The court held they were paid to an unaffiliated third party for services actually performed; the lender derived no benefit from them. Therefore, held the 8th Circuit, those fees didn't violate RESPA, were bona fide and reasonable, were excludable from the points and fees calculation for HOEPA purposes, and the loan was thus not covered by HOEPA and no HOEPA disclosures were necessary.
  Mitchel vs. Beneficial Loan & Thrift Company   6/22/06

• Order Of Prohibition Issued Against Former Loan Officer

  The FRB has announced the issuance of an Order of Prohibition against a former loan officer of an Orlando, Florida branch of Regions Bank, Birmingham, Alabama. The officer consented to the issuance of the Order based on his actions relating to a mortgage he obtained from the bank; and his alleged use of the mortgage proceeds to fraudulently purchase, without the knowledge or consent of either the buyer or the seller, real property that a bank mortgage applicant had an option to purchase. Order   6/22/06

• Enforcement Actions Announced

  The OCC has announced twelve new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and seven terminations of existing actions. Enforcement Actions   6/22/06

• Managing Risk With Foreign Service Providers FIL Issued

  The FDIC has issued a FIL that contains a guidance that addressed the risks inherent in outsourcing relationships between U.S. financial institutions and foreign-based third-party service providers. The guidance provides steps that institutions should take to successfully manage such risks. FIL; Guidance   6/22/06

• FIL Regarding New Flood Form

  A FIL had been issued by the FDIC regarding the previously announced revision to the Standard Flood Hazard Determination Form, which includes a new OMB control number and a revised expiration date of October 31, 2008. The updated form must be used beginning July 1, 2006. Information regarding the new form and its instructions were posted in BOL Top Stories in May 1, May 8, and June 9, 2006. FIL    6/22/06

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with the addition of data current as of June 20, 2006. 314(a)    6/22/06

• Counterfeit Checks Special Alert Issued

  The FDIC has issued a Special Alert regarding counterfeit checks bearing the name of Carolina First Bank, Greenville, South Carolina. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/21/06

• FRB Proposed Rulemaking for Bank Secrecy Act Funds Transfer and Transmittal

  FRB publishes proposed rule in FR for proposed rulemaking relative to the threshold for the requirement to collect, retain, and transmit information on funds transfers and transmittals of funds. TXT, PDF .    6/21/06

• FDIC to Hold Three Identity Theft Symposia

  The FDIC has announced that it will hold a symposium on the importance of continued consumer confidence in e-commerce in San Francisco on June 23, 2006, at the Hyatt Regency Hotel. The half-day meeting will bring together experts from government and the private sector to discuss ways to combat online identity theft and help find ways to maintain public confidence in e-commerce. Two additional symposia are slated to be held in Arizona and Florida with the dates and sites to be determined. ID Theft    6/21/06

• June FedFocus Published

  The June 2006 issue of FedFocus has been published by FRB Financial Services and features articles on technology and innovations in today's financial sector. June FedFocus    6/21/06

• International Reserve Position Update

  The data for June16, 2006 has been posted on the U.S. International Reserve Position report. Reserve Position    6/21/06

• Working Papers Published

  The FRB has published one working paper in the IFDP series on the topic of Transmission of Volatility and Trading Activity in the Global Interdealer Foreign Exchange Market: Evidence from Electronic Broking Services (EBS) Data and four working papers in the FEDS series on the following topics: Explaining Cyclical Movements in Employment: Creative Destruction or Changes in Utilization; Intangible Capital and Economic Growth; The Price of Residential Land in Large U.S. Cities; and Solving Linear Rational Expectations Models: A Horse Race. Transmission Abstract; Transmission Full Paper; Explaining Abstract; Explaining Full Paper; Intangible Abstract; Intangible Full Paper; The Price Abstract; The Price Full Paper; Solving Abstract; Solving Full Report    6/21/06

• OTS Senior Management Directory Released

  OTS has released a directory of its senior management and their telephone numbers. Directory  6/21/06

• New SAR Form Submitted To OMB

  The Federal financial institution regulators have submitted the new SAR form to the OMB for review. The Agencies previously requested public comment on a major revision of the SAR form. The summary of the comments received and the corresponding responses and revisions by the agencies is included. Written comment concerning the revisions are due on or before July 19, 2006. Information regarding the initial request for public comments was posted in the February 22, 2006 BOL Top Stories. OMB Review    6/20/06

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Dollar Bank, FSB, Pittsburgh, Pennsylvania, and The National Bank of Blacksburg, Blacksburg, Virginia. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   6/20/06

• OFAC Additions And A Deletion

  The President has signed a new executive order blocking property of certain persons undermining democratic processes or institutions in Belarus. Numerous names have been added to the SDN list with the BELARUS designation and one name with the LIBERIA designation has deleted from the list. Information regarding the additions and the deletion has been posted on the BOL OFAC page.   6/20/06

• Prohibition Orders Issued

  NCUA has issued orders prohibiting three individuals from participating in the affairs of any federally insured financial institution. Orders   6/20/06

• July 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 July 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. A weekly rate inclusive of the 15th will not be published until Monday afternoon. Daily H.15   6/19/06

• Fund Transfer Recordkeeping Threshold ANPR Issued

  The FRB and FinCEN have issued an ANPR that seeks information on the potential benefit and burden of lowering or eliminating the $3,000 threshold in the recordkeeping rule for funds transfers and transmittals of funds by financial institutions. ANPR; FRB PR   6/19/06

• Clarification Letter Issued Regarding Reg. O And Insider Credit Card Use

  A legal interpretation letter has been sent by the FRB in response to a request by Douglas Jones, Acting General Counsel, Federal Deposit Insurance Corporation, to clarify the application of whether and under what circumstances an insider's use of a bank-owned credit card would be deemed an extension of credit by the bank to the insider for purposes of Reg. O. Legal Interpretation   6/19/06

• CA Letter Advises Of Revisions Of Flood Form

  The FRB has issued a CA Letter regarding the revisions to the Standard Flood Hazard Determination Form and its accompanying Instructions. Information regarding the new form and its instructions were posted in BOL Top Stories in May 1, May 8, and June 9, 2006. CA Letter   6/19/06

• Bank Accounting Updates

  The OCC has published the May 2006 update of its Banking Accounting Series that contains the advisories on accounting topics of interest to national banks. Two new topics, Employee Stock Options and Hedging Activities, have been added and other existing topics have been revised. Bank Accounting   6/19/06

• Lessons Learned From Katrina

  The FFIEC member agencies and the Conference of State Bank Supervisors published a booklet, LESSONS LEARNED FROM HURRICANE KATRINA: Preparing Your Institution for a Catastrophic Event, which contains financial institutions' experiences and lessons learned in the aftermath of Hurricane Katrina. Booklet; FRB PR; OCC NR; FDIC FIL; OTS CEO Letter; FFIEC PR   6/16/06

• CRA Ratings Released

  The OCC has released the list of CRA performance evaluations for twenty-three national banks that became public during the period of May 15, 2005 through June 14, 2006. CRA Ratings    6/16/06

• Counterfeit Checks Alerts Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on National Bank of Blacksburg, Blacksburg, Virginia; and the FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on The Citizens National Bank of Bluffton, Bluffton, Ohio; and counterfeit official checks bearing the name of ViewPoint Bank, Plano, Texas, or its previous name, Community Credit Union, Plano, Texas. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/16/06

• 2006 SOD Survey Information

  The FDIC has issued an FIL containing information regarding the filing of the 2006 Summary of Deposits (SOD) surveys that are due from all FDIC insured institutions with branches by July 30, 2006. FIL   6/16/06

• FTC Collects Nearly One Million For Do Not Call Violations

  A credit counseling service and related companies and individuals have agreed to pay $926,754 in consumer redress and civil penalties to settle FTC charges that they made false claims about their debt management program and violated the Do Not Call Rule. Settlement    6/16/06

• Comment Sought On Payment Risks Policy Paper

  The FRB has requested public comment on a consultation paper that is intended to help the Board obtain broader information on intraday liquidity management issues and to lay the groundwork for discussions about the long-term evolution of its Payment System Risk Policy. Comments   6/16/06

• Bernanke On Energy And The Economy

  In a presentation to the Economic Club of Chicago, Chairman Bernanke discussed the relationship between energy markets and the economy. He noted that higher relative prices of energy will create incentives for businesses to create new, energy-saving technologies and for energy consumers to adopt them. In addition, Government can contribute by working to create a regulatory environment that encourages the growth in energy supplies in a manner that is consistent with our nation's environmental and other objectives. Speech   6/16/06

• June FedFlash Published

  Federal Reserve Financial Services has published the June 15, 2006 issue of FedFlash that features articles on Risk Payment Policy changes, items in carrier documents, guide to cashing savings bonds, and a new off-peak check deposit program. FedFlash    6/16/06

• Costs Of Funds Reports Released

  OTS has released the historical and April 2006 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; April 2006    6/16/06

• April TIC Data Released

  Treasury has released the TIC Data report for April 2006. TIC    6/16/06

• CAC Nominations Sought

  The FRB has announced that it is seeking nominations for appointments to its Consumer Advisory Council which meets three times annually in Washington, D.C. Ten new members will be appointed to serve three-year terms beginning in January 2007. Nominations must be received prior to August 25. 2006. CAC    6/16/06

• Letter Of Understanding Issued

  NCUA has issued a Letter of Understanding and Agreement to the officials of Toledo Metro Federal Credit Union, Toledo, Ohio, in order to restore the credit union to safe and sound operation.
  Letter    6/15/06

• June Beige Book Published

  The FRB has published a new issue of the Beige Book based on information collected on or before June 5, 2006.
  Summary;
  Full Report    6/15/06

• Commercial Banks 2005 Balance Sheet Report Issued

  The Federal Reserve Bulletin contains an article on Profits and Balance Sheet Developments at U.S. Commercial Banks in 2005.
  Balance Sheet    6/15/06

• Counterfeit Cashier's Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on First National Bank of Nevada, Scottsdale, Arizona. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    6/14/06

• Treasury Designates Companies Supporting Iranian Missile Proliferation

  Four Chinese companies and one U.S. company have been designated by Treasury as proliferators of weapons of mass destruction who have supplied Iran's military and Iranian proliferators with missile-related and dual-use components. All transactions between the designees and any U.S. person are prohibited and any assets the designees may have under U.S. jurisdiction are frozen. Information regarding the designations has been posted on the BOL OFAC page.    6/14/06

• Columbian Drug Cartel Entities Added To OFAC List

  OFAC has added five individuals and twenty companies tied to Colombia's North Valle drug cartel to its list of SDNTs. Information regarding the additions has been posted on the BOL OFAC page.    6/14/06

• Fake FDIC Emails Consumer Alert Issued

  The FDIC has issued a Consumer Alert regarding fraudulent emails sent to financial institution customers that fraudulently claim to be from the FDIC. The e-mails falsely indicate that FDIC deposit insurance is suspended until highly sensitive personal information is provided. Information concerning the Alert has been posted on the BOL Alerts & Counterfeits page.   6/14/06

• National Banks Affected By Alberto Allowed To Close

  The OCC has issued a proclamation that allows national bank offices affected by Tropical Storm/Hurricane Alberto to close at their discretion. Alberto   6/14/06

• Agencies Issue Host State Loan-to-Deposit Ratios

  The Federal banking agencies have issued updated host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Ratios; FRB PR; OCC NR; FDIC PR   6/14/06

• 2006 UBPR User's Guide Online

  The FFIEC has posted the 2006 UBPR User's Guide online. Guide; Index   6/14/06

• Bernanke Promotes Increasing Economic Opportunities

  In a presentation to the attendees at the Fifteenth Congressional District of Texas' Fifth Regional Issues Conference, in Washington, D.C., Chairman Bernanke discussed strategies for helping families improve their economic and financial well-being. He noted financial education is clearly central to helping consumers make better decisions for themselves and their families, but the collaborative efforts of policymakers, regulators, nonprofit organizations, and financial service providers are necessary to ensure that consumers have the tools and the information they need to make better decisions. Speech   6/14/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report with the addition of data as of June 9, 2006. Reserve Position   6/14/06

• Counterfeit Cashier's Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Alaska First Bank & Trust, N.A., Anchorage, Alaska. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   6/13/06

• $4,000 Flood Violation CMP

  The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Bank of Tazewell County, Tazewell, Virginia, resulting from alleged violations of Reg H. The bank is required to pay a civil money penalty of $4,000, which will be remitted to the FEMA for deposit into the National Flood Mitigation Fund. CMP   6/13/06

• What Are Examiners Looking For?

  In a presentation at the ABA Regulatory Compliance Conference in Orlando, FRB Governor Olson discussed the expectations of bank examiners regarding the adequacy of a compliance-risk management program and its ability to manage the organization's compliance risk. Speech   6/13/06

• New FedReceipt Routing Numbers Announced

  Federal Reserve Financial Services has announced that new routing numbers have been added to the FedReceipt forward collection product and a new pricing schedule will be effective starting July 3, 2006. Routing Numbers   6/13/06

• Quicker LOMAs from FEMA

  Effective June 12, 2006, surveyors and engineers will be able to submit Letter of Map Amendment (LOMA) requests to FEMA through a simple web-based application. This will help expedite matters for borrowers, as FEMA says it will be able to provide a determination in minutes, if all pertinent information is provided and the request is not audited. eLOMA Information  
  6/13/06

• Bogus Credit Repair Firm Fined $322,000

  A bogus credit repair company and its owner who violated the law by making false and misleading claims, and billing in advance for its services, and has ordered by a federal judge to pay injured consumers more than $322,000. Court Order; News Release   6/13/06

• First Quarter 2006 Preliminary IRR Measures Released

  OTS has released the preliminary IRR measures report for the First Quarter 2006. IRR Measures   6/13/06

• Bulletin Issued Regarding Revised Flood Hazard Determination Form

  The OCC has issued a Bulletin regarding the previously announced revision by FEMA of the Standard Flood Hazard Determination form. Information regarding the new form and its instructions were posted in the May 1 and May 8, 2006 BOL Top Stories. Form; Bulletin   6/09/06

• Dugan On Basel II

  The Basel II capital accord was discussed by Comptroller Dugan in a presentation to the Centre for the Study of Financial Innovation. He noted that even though the OCC has been a frequent critic of the accord and worked to make important changes, the agency supports moving forward with implementation. Speech   6/09/06

• Flow Of Funds Report Released

  The Z.1 First Quarter 2006 Flow of Funds Report has been released by the Federal Reserve. Complete File; Index   6/09/06

• Institutions Pay Civil Penalties For OFAC Violations

  Civil penalties have been paid to OFAC by Chevy Chase Bank, Bethesda, Maryland, in the amount of $3,352.86 and Downey Savings and Loan, Newport Beach, California, in the amount of $44,898.65 to settle alleged violations of the Iran Sanctions Program. Penalties    6/08/06

• Enforcement Actions Released

  The FDIC has released information regarding nine removal and prohibition orders, and eight civil money penalty orders taken against banks and individuals in April 2006. Enforcement Orders    6/08/06

• FR Bulletin Supplement Published

  The FRB has published the May 2006 Statistical Supplement to the Federal Reserve Bulletin. Supplement    6/08/06

• Consumer Credit Report Issued

  The G.19 Consumer Credit Report for April 2006 has been issued by the FRB. G.19    6/08/06

• Special Alerts Issued

  The FDIC has issued two Special Alert regarding counterfeit cashier's checks listing the routing number assigned to First Northern Bank of Dixon, Dixon, California, and bearing the name of First Bank, Austin, Texas, and fraudulent money orders bearing the name of 1st United Bank, Boca Raton, Florida. Information concerning counterfeit cashier's checks and the fraudulent money orders has been posted on the BOL Alerts & Counterfeits page.    6/07/06

• 314(a) Fact Sheet Updated

  FinCEN has issued an updated 314(a) Fact Sheet that contains data current as of June 6, 2006.
  314(a) Fact Sheet   6/07/06

• Dugan Promotes Increased Investment Authority

  In identical letters the chairmen and ranking members of the Senate Banking Committee and House Financial Services Committee, Comptroller Dugan urged Congress to adopt legislation that would increase the authority of banks and thrifts to invest in projects that provide housing, community services, and jobs for low- and moderate-income communities and families across the nation. Letter   6/07/06

• CAC Meeting Scheduled

  The FRB has announced that the Consumer Advisory Council will hold its next meeting on Thursday, June 22, 2006, in Dining Room E, Terrace level, in the Board's Martin Building, in Washington D.C. The session will begin at 9:00 a.m. EDT and is open to the public. For security purposes, online registration is required no later than Tuesday, June 20, 2006. CAC; Registration   6/07/06

• Discount Rate Meetings Minutes Released

  The minutes of the FRB discount rate meetings from April 10 through May 10, 2006, have been released. Minutes   6/07/06

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Citizens National Bank of Bluffton, Ohio. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    6/06/06

• CRA Ratings Released

  The FDIC has issued the list of state nonmember banks recently evaluated for compliance with the CRA and the evaluation ratings assigned to the institutions. Ratings

• 50 CRA Exams Scheduled For Third Quarter

  OTS has announced that 50 savings associations are scheduled for CRA examinations during the third quarter of 2006. Schedule    6/06/06

• Bernanke Comments On Economic Outlook

  During his participation on a panel discussion at the International Monetary Conference, Chairman Bernanke commented on the outlook for the U.S. economy and monetary policy. He noted that is was reasonably clear that the U.S. economy is entering a period of transition. Monetary policy must be conducted with great care and with close attention to the evolution of the economic outlook. The medium-term outlook for inflation will receive particular scrutiny. Comments   6/06/06

• International Reserve Position Update

  The U.S. International Reserve Position report has been updated by Treasury to include data as of June 2, 2006. Reserve Position   6/06/06

• FRB publishes technical amendment in FR to Reg CC Final Rule

  The Board of Governors is amending appendix A of Regulation CC for the availability and collection of checks, to ensure that the information in appendix A accurately describes the actual structure of check processing operations within the Federal Reserve System. TXT, PDF .    6/05/06

• Counterfeit Checks Alert Issued

  The FDIC has issued an Alert regarding counterfeit checks bearing the name of Adams Co-operative Bank, Adams, Massachusetts. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    6/05/06

• Three ID Theft Symposiums Scheduled

  The FDIC has announced that three identity theft symposiums - Building Consumer Confidence in an E-Commerce World - will be held in San Francisco, California and at locations to be determined in the Phoenix area and Florida. A draft of the agenda was provided and online registration is available. Symposiums; Agenda; Registration   6/05/06

• Foreign Exchange Market Working Paper Published

  A working paper in the IFDP series on the topic - What Drives Volatility Persistence in the Foreign Exchange Market? – has been published by the FRB. Abstract; Full Paper    6/05/06

• SDN Additions and Changes Announced

  OFAC has announced that three individuals and two entities have been added to the SDN list with the designation of SDNTK. Changes have also been made to two existing individual SDN entries. Information regarding the additions and changes has been posted on the BOL OFAC page.    6/02/06

• CRA Community Development List Released

  The federal bank and thrift regulatory agencies have released the 2006 list of distressed or underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive CRA consideration as community development. List; FRB PR; FDIC PR; OCC NR; OTS PR    6/02/06

• CRA Ratings Released

  OTS has released the ratings received by savings associations that were recently evaluated for compliance with the CRA. Ratings   6/02/06

• Third Quarter 2006 CRA Examination Schedule Announced

  The OCC has announced the examination schedule for CRA compliance of national banks to be conducted during the third quarter 2006. Examination Schedule    6/02/06

• Agencies To Continue To Share ERISA Information

  An interagency agreement has been entered into between the federal banking agencies and the Department of Labor which replaces an 1981interagency agreement that established procedures for the sharing of documentation that pertained to possible violations of the ERISA. Agreement; OCC Bulletin   6/02/06

• Three FEDS Working Papers Published

  The FRB has published three working papers in the FEDS series on the following topics: Inflation Targeting under Imperfect Knowledge; Likelihood Ratio Tests on Cointegrating Vectors, Disequilibrium Adjustment Vectors, and their Orthogonal Complements; and Monetary Policy Implementation Without Averaging or Rate Corridors. Inflation Abstract; Inflation Full Paper; Likelihood Abstract; Likelihood Full Paper; Monetary Abstract; Monetary Full Paper    6/02/06

• May Foreign Exchange Rates Released

  The G.5 Foreign Exchange Rates report for May 2006 has been released by the FRB. G.5   6/02/06

• June FedFlash Published

  The June 1, 2006 issue of FedFlash features articles on Check 21, FedACH Risk Origination Monitoring Service, investigations of image cash letters and substitute checks, and changes to HDGS and PPGS transit number listings. FedFlash   6/02/06

• Third Quarter CRA Exam Schedule Issued

  The FDIC has issued its CRA examination schedule for the third quarter 2006. Schedule    6/01/06

• Counterfeit Checks Special Alerts Issued

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

  • The Somerville National Bank, Somerville, Ohio
  • Primebank, Le Mars, Iowa,
  • Western Commerce Bank, Carlsbad, New Mexico

  and counterfeit official checks bearing the name of Franklin Savings Bank, Franklin, New Hampshire and California Bank & Trust, San Diego, California. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    6/01/06

• Processing Centers To Close

  Federal Reserve Financial Services has announced that three check processing centers in San Francisco, Kansas City, Missouri, and Helena, Montana, will be closed as consumers and businesses continue the shift from using paper checks toward electronic payments. One additional center in Omaha, Nebraska, will be converted to a cash depot. The processing will be shifted to other Reserve Bank check processing centers. Closings Cash Depot    6/01/06

• OCC Updates Licensing Manual

  The Business Combinations booklet section of the Comptroller's Licensing Manual that contains guidance on perfecting dissenters' shareholder rights and requesting a stock appraisal has been revised and OCC Banking Circular 259 has been rescinded. Booklet    6/01/06

• Transactions Deemed Permissible Under Reg Y

  The FRB has issued a response letter that contains a legal interpretation confirming that certain volumetric production payment transactions in physical commodities are extensions of credit permissible for a bank holding company under section 225.28(b)(1) of Reg Y. Letter    6/01/06

• HOEPA Hearings Scheduled

  The FRB will hold four public hearings during June and July to examine the home equity lending market, and to assess the effectiveness of existing regulatory and legislative provisions in protecting the interests of consumers. Hearings    6/01/06

• Tenth Issue SAR Activity Review Published

  FinCEN has published Issue 10 of the SAR Activity Review – Trends, Tips & Issues. SAR    6/01/06

• March Owned And Managed Receivables Report Released

  The G.20 Owned and Managed Receivables Outstanding Report for March 2006 has been released by the FRB.
  G.20    6/01/06

• Large Commercial Bank Rankings Released

  The Ranking by Consolidated Assets of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of March 31, 2006 has been released by the FRB. Ranking    6/01/06