Top Stories for April 2006

Executive Order Blocks Sudanese Property

A new Executive Order has been issued which blocks property of persons in connection with the conflict in the Darfur Region of Sudan. The names of four individuals have been added to the SDN list with the designation - SUDAN. In an unrelated action, OFAC has updated an existing SDN entry. Information regarding the names and the update have been posted on the BOL OFAC page.   4/28/06

OFAC Releases Comments Received Regarding Proposed Economic Sanctions Enforcement Procedures

The comments received by OFAC related to its proposed Economic Sanctions Enforcement Procedures for Banking Institutions Regulated by FFIEC-member Supervisory Agencies have released. Notice; Comments    4/28/06

Insurance Funds Merger FIL Issued

The FDIC has issued a FIL regarding the previously announced merger of the BIF and SAIF insurance funds. Information concerning the merger was posted on the April 21, 2006, BOL Top Stories. FIL   4/28/06

Bernanke's Economic Outlook

In a testimony to the Joint Economic Committee of Congress, Chairman Bernanke offered his views on the outlook for the U.S. economy and commented on some of the major economic challenges that the nation faces. He noted that the economy has been performing well and the near-term prospects look good, although as always there are risks to the outlook. The FRB will continue to pursue its objectives of helping the economy to grow at a strong, sustainable pace while seeking to keep inflation firmly under control. Testimony    4/28/06

Agencies Report To Congress Published

The FRB, OCC, and SEC have published a joint report to Congress regarding efforts of the private sector to implement the Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System. Report   4/28/06

Thrift Satisfaction Survey Invitation Extended

OTS has issued a CEO letter containing an invitation to complete online the voluntary Annual Thrift Satisfaction Survey.CEO Letter Survey    4/28/06

$20 Million CMP BSA Enforcement Orders Issued

FinCEN and OTS have announced that each agency has assessed a $10 million civil money penalty against BankAtlantic of Fort Lauderdale, Florida, for violations of the BSA. The Orders are part of a coordinated action with the Department of Justice who has executed a Deferred Prosecution Agreement with BankAtlantic. The CMPs assessed by FinCEN and the OTS will be satisfied by a single $10 million payment to the Department of Justice. FinCEN NR; FinCEN Order; OTS PR; OTS Order; DOJ PR   4/27/06

Counterfeit Cashier's Check Special Alert

The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Republic Bank, Inc., Duluth, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/27/06

Executive Order Blocks Assets Of Terrorists

An Executive Order has been signed by the President against the Government of Syria that blocks the property of persons connected with terrorist acts in Lebanon. Currently, no persons have been designated under this Executive Order, but the Secretary of Treasury is authorized to take such action. Information regarding the Executive Order has been posted on the BOL OFAC page.   4/27/06

CRA Median Family Income Data Released

The OCC has issued a Bulletin regarding the release by HUD of the estimated median family incomes for MSAs, MDs, and nonmetropolitan portions of each state. The data is used to determine income levels of geographies in CRA performance evaluations. Bulletin; Income Data   4/27/06

Consumer Compliance Booklet Revised

The OCC has revised the consumer compliance booklet in the Comptroller's Handbook to reflect several changes in Reg. B and incorporate the Interagency Fair Lending Procedures issued in 2004.Booklet    4/27/06

April Beige Book Published

The FRB has published the April 2006 issue of the Beige Book that was prepared at the Federal Reserve Bank of Boston and based on information collected on or before April 17, 2006. Summary; Full Report   4/27/06

FRB Discount Rate Meetings Minutes Released

The minutes of the discount rate meetings from February 6 through March 28, 2006, have been released by the FRB. Minutes   4/27/06

NCUA finalizes its rule for Truth in Savings

NCUA publishes final rule in FR to complete its rule and official staff interpretation to address the uniformity and adequacy of information provided to members when they overdraw their share accounts. 71FR06-3916 TXT, 71FR06-3916 PDF   4/26/06

Counterfeit Cashier's Checks Special Alert

The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Hampden Bank, Springfield, Massachusetts. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/26/06

Customer ID Program Q & A Released

FinCEN has released a Guidance in the form of a Q & A regarding customer identification program responsibilities under the agency lending disclosure initiative. Q & A.   4/26/06

South Dakota CU Closed

NCUA has liquidated Yankton Employees Federal Credit Union of Yankton, South Dakota. Checks for insured share deposits will be issued by NCUA to the seventy-seven members. Liquidation.   4/26/06

First Quarter A & L Price Tables Published

OTS has published the Asset & Liability Price Tables for the first quarter 2006. Tables.   4/26/06

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position report with the addition of data as of April 21, 2006. Reserve Position.   4/26/06

IFDP Working Paper Published

The FRB has published a working paper in the IFDP series on the following topic: The U.S. Current Account Deficit and the Expected Share of World Output. Abstract; Full Paper.   4/26/06

FDIC Budget Summary And CFO Report Published

The 2006 Budget Executive Summary and the fourth quarter 2005 CFO Report to the Board have been published by the FDIC. Budget Summary; CFO Report.   4/26/06

FRB Announces Enforcement Actions

The FRB has announced that Written Agreements have been entered into with The Bank of New York and Sella Holding Banca. Orders of Prohibition have also been issued against Robert Ray and David Cronin, former officers of Allfirst Bank, Baltimore, Maryland. Bank of New York; Sella Holding Banca; David Cronin   4/25/06

Section 312 Implementation Dates Extended

FinCEN has issued a final rule extending the applicability dates for implementing the international correspondent banking provisions and the private banking provisions of Section 312 of the USA PATRIOT Act.
Final Rule   4/25/06

Community Bank Directors Workshop Announced

The OCC will host another of its workshops for national community bank directors at the Park Hotel, in Charlotte, N.C., on May 16. The workshops, geared primarily for outside directors of national community banks with assets of less than $1 billion, will cover bank risk and is limited to the first 50 registrants. Other workshops are scheduled for Springfield, IL.; Morristown, NJ.; Memphis, TN.; and New Orleans, LA. Workshop   4/25/06

Guidance for Filing Notices of Proposed Class Action Settlements

The OCC has issued a Bulletin containing Guidance to national banks for filing notices to appropriate federal and state officials of proposed class action settlement as required by the Class Action Fairness Act of 2005. If a proposed settlement is reached, each institution must provide to its primary federal regulator the notice required by the statute. Bulletin; Class Action Fair Act   4/24/06

Counterfeit Cashier's Check Special Alerts Issued

The FDIC has issued five Special Alerts regarding counterfeit cashier's checks drawn on:

• Peoples National Bank, Hallstead, Pennsylvania;
• Washington Business Bank, Olympia, Washington;
• The Delaware County Bank and Trust Company, Lewis Center, Ohio;
• The Pittsfield Cooperative Bank, Pittsfield, Massachusetts; and
• Annandale State Bank, Annandale, Minnesota

Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/24/06

Cayman Islands Unauthorized Banking List Published

A Special Alert has been issued by the FDIC regarding the publication by the Cayman Islands Monetary Authority of a list of thirty-seven financial entities whose websites note a Cayman Islands address; but are not registered or licensed to conduct activities regulated by the CIMA. Special Alert; List.   4/24/06

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with the addition of data as of April 14, 2006. Reserve Position.   4/24/06

FDIC publishes Revisions to Reflect the Merger of the Bank Insurance Fund and the Savings Association Insurance Fund

FDIC publishes final rule in FR to amend its regulations reflecting the recent merger of the two deposit insurance funds required by the Federal Deposit Insurance Reform Act of 2005.71FR06-3721 TXT, 71FR06-3721 PDF   4/21/06

CRA Ratings Announced

The OCC has released the list of CRA performance evaluations received by twenty-two national banks that became public during the period of March 15, 2005 through April 14, 2006. CRA Ratings   4/21/06

Counterfeit Cashier's Checks Special Alert Issued

The FDIC has issued a Special Alert regarding counterfeit cashier's checks containing the routing number assigned to Schertz Bank & Trust, Schertz, Texas, that bear the name and location of Northridge Bank, San Antonio, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/21/06

Bernanke Discusses Community Economic Development

In a presentation at the Greenlining Institute's Thirteenth Annual Economic Development Summit, Chairman Bernanke reviewed specific ways data and quantitative measurements have been used in community development activities. He noted that accountability and feedback, facilitated by data development and quantitative analysis are critical for the success of a project. Speech.   4/21/06

Unauthorized Banking Special Alert Issued

The FDIC has issued a Special Alert regarding three entities (Global Financial Services, Foundland Financial, and 1st Line Financial Group) that may be conducting banking operations in Canada or the United States without authorization. Special Alert.   4/21/06

Dugan Expresses Concern Regarding New Mortgages

Controller Dugan told the participants at the Greenlining Institute's Thirteenth Annual Economic Development Summit that the new types of mortgages aimed at making homes more affordable may offer low monthly payments initially, but will lead to significantly higher payments later. He indicated that the increased monthly payments could put the homes at risk and lead to losses for lenders. Speech.   4/21/06

Comment Letter Published Regarding RE Lending Proposed Guidance

OTS has published a comment letter that was received from the Massachusetts Bankers Association regarding the proposed Guidance concerning concentrations in commercial real estate lending. Comment Letter.   4/21/06

IT Risk Bulletin Issued

A Regulatory Bulletin has been issued by OTS, which announces the revision of the Information Technology Risks and Controls section of the OTS Examination Handbook. Bulletin.   4/21/06

UBPR Changes Announced

The FFIEC has announced that several additions have been made to the UBPR effective March 31, 2006. The additions include a comparison of the allowance for loan and lease losses to loan not held for sale, several new concentrations of credit ratios, and new OREO detail. UBPR.   4/21/06

New Electronic Interpretations and Actions Announced

The OCC has announced the posting online of the New Electronic Interpretations and Actions for April 2006. Electronic.   4/21/06

Foreign Banks Data Share Report Released

The FRB has released the December 31, 2005, Structure and Data Share Report for U.S. offices of foreign banks. Share Report.   4/21/06

Compliance Examination Procedures Revised

The FDIC has issued a FIL that announces the revision of the compliance examination procedures that were issued in 2003. The new examination procedures incorporate banker feedback and results of internal reviews. Changes include templates for standard examination documents, a new interview sheet, an entry letter, a Compliance Information and Document Request form, and the Report of Examination. FIL; Procedures   4/20/06

Interactive Access To FRB Data

FRB has announced its new Data Download application, which provides interactive access to Federal Reserve statistical data in a variety of electronic formats. Data Download allows the user to customize data packages that are created in the technical statistical data standard known as SDMX-ML. Data Download   4/20/06

OCC Brochure Available In Spanish

The OCC has published a Spanish-language brochure that explains how the agency can answer questions, offer guidance, and help resolve complaints about national banks and their subsidiaries. Spanish Brochure   4/20/06

Enforcement Actions Released

The OCC has released information regarding enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. Enforcement Actions   4/20/06

FRB Consolidates Advisory Committees

The consolidation of two internal advisory committees on payments system matters has been announced by the FRB. The duties of the Payments System Policy Advisory Committee will be expanded to encompass the responsibilities and activities of the Payments System Development Committee, which will be discontinued. Committees   4/20/06

Changes Made To Operating Circular 2

FRB Financial Services has issued a notice that changes have been made to Operating Circular 2 that become effective May 1, 2006. Circular; References PDF   4/19/06

Bulletin Issued Regarding Syrian Banks

The OCC has issued a Bulletin regarding the previously announced issuance of a Final Rule by FinCEN concerning the imposition of Special Measures against the Commercial Bank of Syria and its subsidiary, the Syrian Lebanese Commercial Bank, as financial institutions of primary money laundering concern. Information regarding the Final Rule was posted in the March 16, 2006, BOL Top Stories. Bulletin PDF   4/19/06

Call Report Filing Information Available

The FDIC has posted the March 31, 2006, Call Report and Thrift Financial Report filing information on its Web site. Filing Information PDF   4/19/06

FOMC Minutes Released

The minutes of the March 27-28, 2006, meeting of the Federal Open Market Committee have been released and posted online. Minutes PDF   4/19/06

OTS Publishes Technical Amendments to Relect BIF and SAIF Merger

The OTS published a Final Rule in the FR to
amend its regulations to incorporate numerous technical and conforming amendments necessary to reflect the recent merger of the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund(SAIF).71FR06-3720 TXT, 71FR06-3720 PDF   4/18/06

Counterfeit Official Checks Alert issued

The OCC has issued an Alert regarding counterfeit official checks drawn on KeyBank National Association, East Syracuse, New York. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   4/18/06

Reporting Requirement Reduced

The FRB has issued a SR Letter that announces the reporting requirements for examinations of government securities custodial activities of state member banks, branches, and agencies have been reduced. Effective immediately, AD 91-26 is withdrawn and the form FR 1468 is eliminated. Securities Reporting   4/18/06

314a Fact Sheet Updated

FinCEN has updated the data contained in the 314a Fact Sheet to include information as of April 17, 2006. Fact Sheet   4/18/06

February TIC Data Released

Treasury has released the TIC data for February 2006. TIC   4/18/06

Counterfeit Cashier's Checks Special Alerts Issued

The FDIC has issued four Special Alert regarding counterfeit cashier's checks drawn on:

• Mascoma Savings Bank, Lebanon, New Hampshire;
• Wells River Savings Bank, Wells River, Vermont;
• The Chelsea Groton Savings Bank, Norwich, Connecticut;
• 1st Security Bank of Washington, Mountlake Terrace, Washington.

Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/17/06

Early Savings Bond Redemptions Authorized

FRB Financial Services has announced that agents serving areas recently ravaged by severe storms in Tennessee and Missouri are authorized to redeem EE and I savings bonds less than one year old that are presented during the months of Posted April and May 2006. Redemptions   4/17/06

Routing Numbers And Check 21 Availability Changes Announced

The FRB has announced additional changes that are effective Posted April24, 2006, in the routing numbers to be utilized with the FedReceipt forward collection product. Changes   4/17/06

Posted April Issue FedFlash Online

The Posted April 15, 2006 issue of FedFlash has been posted online and contains articles on amendment to Operating Circulars 3 and 4, deposit guidelines for non-imageable items, current cash-letter forms, and RCPC Premium Plus deposit changes. FedFlash   4/17/06

FTC Issues FDCPA Report

The FTC has released its 28th Annual Report to Congress on the Fair Debt Collection Practices Act. The report summarizes the FTC's administration and enforcement of the FDCPA during 2005. Report   4/17/06

RB Annual Budget Report Released

The 2006 FRB Annual Budget Report contains the current annual budgeted expenses of the Federal Reserve Banks and discusses their 2005 income and expenses. The budgeting process for the Board and Banks is described and shows trends in expenses and employment. Budget Report   4/17/06

Capacity And Utilization Report Published

The FRB has published the G.17 Industrial Capacity and Utilization Report for March 2006. G.17   4/17/06

Cost Of Funds Reports Issued

OTS has issued the historical and February 2006 reports of the national average cost of funds ratio to OTS regulated, SAIF - insured institutions. Historical; February   4/17/06

OFAC Creates NS-PLC List

A new OFAC list has been created that contains the names of individuals who are affiliated with terrorist organizations and have been elected to the Palestinian Authority. The individuals listed on the NS-PLC List are PLC members who were elected on the party slate of an FTO, SDT, or SDGT. Their names do not, however, appear on the SDN List. All transactions involving these individuals must be rejected. Information concerning the NS-PLC List has been posted on the BOL OFAC page.  4/14/06

Four Added To SDN List

OFAC has announced that the names and aliases of four individuals have been added to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.
 4/14/06

Counterfeit Checks And Money Orders Special Alerts Issued

The FDIC has issued eight Special Alerts regarding the following:
a) Counterfeit Official Checks drawn on Cape Ann Savings Bank, Gloucester, Massachusetts; and First Community Bank, Chatom, Alabama;
b) Counterfeit Cashier's Checks drawn on Great Western Bank, Omaha, Nebraska; Pinnacle National Bank, Nashville, Tennessee; The Foster Bank, Chicago, Illinois; and Citizens Tri-County Bank, Dunlap, Tennessee;
c) Counterfeit Cashier's Checks bearing the name of Prosperity Bank, St. Augustine, Florida; and
d) Counterfeit Personal Money Orders drawn on First Security Bank, Batesville, Mississippi.
Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  4/14/06

FACT Act Bulletin Issued

The OCC has issued a Bulletin regarding the previously announced interagency request for comments and suggestions regarding the development of the guidelines and regulations required by section 312 of the FACT Act. Information regarding the request was posted in the March 22, 2006, BOL Top Stories.
Bulletin  4/14/06

OTS Fact Book Released

The 2005 annual update of the OTS Fact Book, which contains the compilation of statistics concerning the OTS-Regulated thrift industry, has been released.
Fact Book  4/14/06

Spring Outlook published

The 2006 Spring issue of the FDIC Outlook has been published and contains an analysis of the financial implications of aging baby boom demographics. The issue describes how the aging of the U.S. population, caused by declining birth rates in the 1960s and 1970s and by rising longevity, is making it increasingly difficult for both public and private pension plans to keep their financial footing.
Spring Outlook  4/14/06

Counterfeit, Fraudulent And Stolen Checks Special Alerts Issued

The FDIC has issued eight Special Alerts regarding a) counterfeit cashier's checks drawn on or bearing the name of The Cape Cod Five Cents Savings Bank, Harwich Port, Massachusetts; Pacific Western National Bank (also known as Pacific Western Bank), Santa Monica, California; and California Oaks State Bank, Thousand Oaks, California; b) counterfeit official checks drawn on Unizan Bank, Canton, Ohio; c) fraudulent cashier's checks drawn on First Fidelity Bank, Burke, South Dakota; and Monson Savings Bank, Monson, Massachusetts; d) fraudulent treasury checks drawn on Charlevoix State Bank, Charlevoix, Michigan; and e) cashier's checks missing, lost or stolen from Citrus and Chemical Bank, Bartow, Florida. Information regarding the checks has been posted on the BOL Alerts & Counterfeits page.  4/13/06

CRA Definitions Revised

OTS has published a Final Rule revising the definition of community development in its CRA regulations and a Notice and Request for Comment on proposed revisions to its CRA guidance.
Final Rule;
Notice  4/13/06

Counterfeit And Stolen Instruments List Published

An Alert has been issued regarding the publication of a list of counterfeit or stolen instruments named in OCC alerts from the year 2002 to date. Information regarding the list has been posted on the BOL Alerts & Counterfeits page.  4/12/06

2006 HUD Median Family Income Data Available

The FFIEC has posted the 2006 HUD median family income figures.
Median Family Income  4/12/06

Counterfeit Checks Special Alerts Issued

The FDIC has issued five Special Alerts regarding counterfeit official checks drawn on HomeStreet Bank, Seattle, Washington and Unity National Bank, Cartersville, Georgia, in addition to counterfeit cashier's checks drawn on Oak Valley Community Bank, Oakdale, California; Community Bank of the Midwest, Great Bend, Kansas; and K Bank, Randallstown, Maryland. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  4/12/06

Registration Required To Receive Paper Special Alerts

The FDIC has issued a FIL regarding the conversion of the delivery of Special Alerts from a paper via mail to electronic delivery on a secure Web site. Registration is required by May 15, 2006 receive paper alerts after June 1, 2006.
FIL;
Paper Delivery Form 4/11/06

FinCEN Issues ML Threat Advisory

An Advisory has been issued by FinCEN regarding a potential money laundering threat involving Belarusian government officials seeking to move misappropriated state assets to or through the U.S. financial system.
Advisory 4/11/06

International Reserve Position Update

The U.S. International Reserve Position report has been updated by Treasury to include information as of Posted April 7, 2005.
Reserve Position 4/11/06

March Agricultural Finance Databook Released

The FRB has published the March 2006 E.15 Agricultural Databook which contains sections regarding the amount and characteristics of farm loans made by commercial banks; selected statistics from the quarterly reports of condition of commercial banks; and reserve bank surveys of farm credit conditions and farm land values.
E.15 4/11/06

Assets Reports Issued

The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets held at Federal Reserve Banks reports for February 2006 have been issued the FRB.
Reports 4/11/06

Quarterly Review Features Option ARMS

The Fourth Quarter 2005 issue of The Quarterly Review Of Interest Rate Risk features an article on option ARMS.
Quarterly Review 4/11/06

North Korean Sanctions Updated

OFAC has amended the Foreign Assets Control Regulations to prohibit U.S. persons from owning, leasing, operating, or insuring any vessel flagged by North Korea. Information regarding the amendments has been posted on the BOL OFAC page. 4/10/06

CRA Exam Procedures Revised

The OCC has issued a Bulletin that contains recent revisions to CRA regulations regarding updated CRA examination procedures for large, small, limited purpose or wholesale banks, and banks operating under the previously announced approved interagency CRA strategic plans.
Bulletin;
Large;
Small;
Limited/Wholesale;
Strategic ;
FDIC FIL; FRB CA Letter;
FFIEC 4/10/06

Consumer Credit Released

The February 2006 G.19 Consumer Credit Report has been released by the FRB.
G.19 4/10/06

Dugan Discusses Concentrations In Commercial RE Lending

In a presentation to the New York Bankers Association, Comptroller Dugan indicated that while concentrations in commercial real estate lending do raise safety and soundness concerns, bank regulators believe they can be safe if they are effectively managed. He also noted that commercial real estate lending has historically been a volatile business and the degree to which banks participated in the run-up of the commercial real estate market in the early 1980s was one of the best predictors of subsequent bank failure.
Speech 4/7/06

CRA Q & A Bulletin Issued

The OCC has issued a Bulletin regarding the previously announced interagency Q&A that address topics such as the asset threshold for small banks and the new category of intermediate small banks in recently revised CRA regulations. Information concern the Q& A was posted in the March 10, 2006, BOL Top Stories.
Bulletin 4/7/06

Credit Quality Concerns OTS

At a speech before the New York Bankers Association, OTS Director Reich expressed concerns about weakening credit quality with some financial institutions. He indicated that OTS has increased its vigilance, is digging deeper into loan portfolios, and paying close attention to the fundamentals, including loan documentation, pricing, loan-to-value ratios, and overall underwriting standards.
Speech 4/7/06

CRA Ratings Released

The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the CRA.
Ratings 4/7/06

CTR Zip Code Validation List Updated

FinCEN has updated the zip code validation list for the magnetic media filing of the CTR Form 104 and Designation of Exempt Person Form 110.
Zip Code 4/7/06

Final Agenda For Wal-Mart Application Meetings Released

The FDIC has released the final agenda for the Posted April 2006 public hearings on the proposed Wal-Mart Bank's application for federal deposit insurance. The draft contains the names of parties who are scheduled to give oral presentations, as well as the speaking times and the locations where the parties are scheduled to speak.
Final Agenda 4/7/06

Florida CU Closed

NCUA has liquidated Potter's House Federal Credit Union of Jacksonville, Florida, and will issue checks to the approximately 1,500 members.
Liquidation 4/7/06

Operating Circulars Amended

The FRB has amended Operating Circular 3, Collection of Cash Items and Returned Checks, and Operating Circular 4, Automated Clearing House Items.
Notice;
OC 3;
OC 4 4/6/06

Regulators Issue Counterfeit Checks And Correspondence Alerts

The FDIC has issued four Special Alerts concerning counterfeit official checks drawn on Investors Savings Bank, Short Hills, New Jersey; and United Community Bank Tennessee, Lenoir City, Tennessee, in addition to cashier's checks drawn on United Community Bank, Blairsville, Georgia. An Alert regarding counterfeit cashier's checks and fraudulent lottery- and loan-related correspondence bearing the name of Pinnacle National Bank, Nashville, Tennessee, has also been issued by the OCC. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 4/5/06

Unauthorized Banking Alert Issued

The OCC has issued an Alert regarding an entity calling itself Trinity Savings Bank, Ltd. in Nassau, Bahamas, is not authorized to conduct banking business in the United States.
Unauthorized Banking 4/5/06

Ponzi Scheme Alert Issued

FRB Financial Services has issued an information alert at the request of the court-appointed receiver regarding an alleged Ponzi scheme.
Alert; Receiver Information Page 4/5/06

FDIC Updates Deposit Insurance Information

FDIC has announced that it is in the process of updating its publications, videos, and other informational resources on deposit insurance coverage to reflect recent regulatory changes affecting insurance coverage of certain retirement accounts which became effective Posted April 1, 2006.
FDIC Insurance 4/5/06

Prohibition Orders Issued

NCUA has issued orders prohibiting eight individuals from participating in any manner in the affairs of federally insured financial institutions.
Orders 4/5/06

New York CU Closed

NCUA has announced the liquidation of St. Charles Borromeo Church Federal Credit Union of New York, New York. Checks will be issued to verified share account holder within one week.
Liquidation 4/5/06

Spring 2006 State Profiles Published

The FDIC has published the Spring 2006 edition of State Profiles which indicate despite regional disparities in job growth and a high degree of reliance on real estate, the economy and the banking industry both continue to perform well across most areas of the nation.
State Profiles 4/5/06

FOMC Meetings Transcripts Online

The FRB has posted the transcripts of the 2000 FOMC meetings on its Web page.
Transcripts 4/5/06

FEDS Working Paper Published

A working paper in the FEDS series on the topic of Currents and Undercurrents: Changes in the Distribution of Wealth, 1989-2004 has been published by the FRB.
Abstract;
Full Paper 4/5/06

Agencies Update HMDA Price Data FAQs

The federal regulatory agencies, along with HUD, have released updated FAQs to aid interpretation of the 2005 home loan data to be disclosed this year under HMDA.
FAQs;
FFIEC HMDA;
FRB PR;
OCC NR;
FDIC PR;
OTS PR;
NCUA PR 4/4/06

CRA Ratings Announced

OTS has announced the March 2006 evaluation ratings for savings associations recently examined for compliance with the CRA.
Ratings 4/4/06

BSA Timeline Updated

FinCEN has updated its BSA timeline which list the regulatory major events and milestones of the efforts to fight against financial crimes.
Timeline 4/4/06

Foreign Exchange Rates Released

The G.5 Foreign Exchange Rates report for March 2006 has been released by the FRB.
G.5 4/4/06

FEDS Working Papers Published

The FRB has published three working papers in the FEDS series on the topics of Forecasting Professional Forecasters; Credit Market Competition and Capital Regulation; and A Fully-Rational Liquidity-Based Theory of IPO Underpricing and Underperformance.
Forecasting Abstract;
Forecasting Full Paper;
Credit Market Abstract;
Credit Market Full Paper;
IPO Underpricing Abstract;
IPO Underpricing Full Paper 4/4/06

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with the addition of data as of March 31, 2006.
Reserve Position 4/4/06

Improving Customer Privacy Notices Report Issued By Regulators

The federal financial regulators have released the Evolution of a Prototype Financial Privacy Notice, a report which summarizes consumer research commissioned by the regulators, as part of their ongoing efforts to develop improved financial privacy notices. The report indicates that it is possible for financial privacy notices to include all of the information required by law in a short document that consumers can readily understand.
Report;
FRB PR;
OCC NR;
OTS PR;
FDIC PR;
NCUA PR;
SEC PR;
FTC PR 4/3/06

Enforcement Actions Announced

The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in February 2006. The actions included seven removal and prohibition orders, five civil money penalty orders, one cease and desist order, and one termination of a cease and desist order.
Enforcement Actions 4/3/06

Businesses Cashing Checks MSB Or Not?

FinCEN has issued a Guidance that contains FAQs regarding business that cash checks and whether or not they are MSBs.
Guidance 4/3/06

New Jersey CU Liquidated

NCUA has liquidated St. John Baptist Federal Credit Union, Scotch Plains, New Jersey, and transferred its 180 members' accounts to United Financial Services Federal Credit Union in Scotch Plains.
St. John 4/3/06

Country Exposure Reports Released

The FFIEC has released the December 31, 2005, E.16 Country Exposure Statistical Release and the Country Exposure Information Report.
E.16;
Information Report 4/3/06

Derivatives Volume Exceeds $100 Trillion

The OCC has issued the Fourth Quarter 2006\5 Banker Derivatives Report which indicates the notional amount of derivatives held by U.S. commercial banks increased by $2.7 trillion in the fourth quarter, to a record $101.5 trillion.
Banker Derivatives Report 4/3/06