Top Stories for May 2007

Counterfeit Cashier's Checks and Money Orders Alerts

The OCC has issued three Alerts regarding counterfeit cashier's checks and money orders issued in the names of Extraco Banks, N.A., Temple, Texas; Shamrock Bank, N.A., Coalgate, Oklahoma; and First National Bank, Mountain View, Missouri. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  5/31/07

2007 HMDA Guide Online

The 2007 issue of A Guide to HMDA Reporting has been posted online by the FFIEC. The Guide provides a summary of responsibilities and requirements, directions for assembling the necessary tools, and step-by-step instructions for reporting HMDA data. The Guide is only available online. HMDA Guide  5/31/07

HMDA Data Collection Procedures Change

The FRB has announced that the Federal Reserve Bank of St. Louis has agreed to transfer the collection and processing of HMDA data from each Federal Reserve District to the HMDA Operations Unit at the FRB beginning with the calendar year 2007 HMDA data collected in 2008. HMDA Data  5/31/07

NCUA Publishes Technical Amendments to Final Rule

NCUA is amending a number of its regulations by making minor technical corrections, clarifications and
grammatical changes. Among those is the addition of a cross-reference between two regulations addressing credit union borrowing authority; addition of a statement in the provision on insurance coverage for volunteer officials to note, etc. It is also removing certain regulatory references to NCUA's FCU Bylaws that are no longer accurate due to revisions. TXT; PDF  5/31/07

Reserve Position Report Update

Treasury has updated the U.S. International Reserve Position Report to include data as of May 25, 2007. Reserve Position  5/31/07

FOMC Minutes Released

The FRB and the Federal Open Market Committee have released the minutes of the Committee meeting held on May 9, 2007. Minutes  5/31/07

Large Banks Assets Report Issued

The March 30, 2007 Insured U.S. Chartered Commercial Banks That Have Consolidated Assets of 4300 Million or More Report has been issued by the FRB. Report  5/31/07

Reg O Final Rule

The Federal Reserve Board announced its adoption of final amendments to Regulation O to eliminate certain reporting requirements. These amendments, identical to those previously adopted as an interim rule on 12/11/2006, implement section 601 of the Financial Services Regulatory Relief Act of 2006. Final Rule  5/30/07

HOEPA Meeting Discussion Topics Announced

The following discussion topics for the previously announced FRB June 14 public hearing under HOEPA have been identified:

• Prepayment penalties
• Escrow accounts for taxes and insurance on subprime loans
• "Stated income" or "low doc" loans
• Consideration of a borrower's ability to repay a loan

The purpose of the hearing is to gather information about how the Board might use its rulemaking authority to curb abusive lending practices in the home mortgage market, including the subprime sector, in a way that preserves incentives for responsible lenders to provide credit to borrowers. Comments are also being sought. HOEPA Meeting; Registration  5/30/07

New FedReceipt Routing Numbers Announced

FRB Financial Services has announced new FedReceipt Routing Numbers that will be effective June 4, 2007. Numbers  5/29/07

Entities Added To OFAC List

Three names have been added to the SDN list pursuant to E.O. 13400 of April 26, 2006 as contribuing to
the conflict in the Darfur region. with the description of [DARFUR]. Thirty-one other entities havea been added to OFAC's SDN list. Information regarding the new additions has been posted on the BOL OFAC page.  5/29/07

FHC List Update

The FRB has updated the Financial Holding Company List with data current as of May 25, 2007. The List contains the names of the bank holding companies that have elected to be treated as a financial holding company (FHC). List  5/29/07

Counterfeit Cashier's Checks Alert

The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Community First National Bank of West Plains, West Plains, Missouri. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/25/07

SAR Research Guide Updated

BOL's SAR Research Guide has been updated to include excerpts from FinCEN's May 2007 SAR Activity Review: Trends, Tips and Issues. There are new articles on suspicious activity trends with MSBs, New SAR form completion tips, and 11 new examples of cases resulting from BSA filings.  5/25/07

First Quarter 2007 TFR Data and Interest Rate Risk Measure Reports Online

OTS has posted online the Aggregated Thrift Financial Report (TFR) and the Preliminary Interest Rate Risk Measure Report for the first quarter 2007. TRF; Interest Rate Risk  5/25/07

Counterfeit and Fraudulent Checks Special Alerts Issued

The FDIC has issued four Special Alerts regarding counterfeit and fraudulent checks bearing the names of the following institutions:

• Capital Crossing Bank, a division of Lehman Brothers Bank, FSB, Boston, Massachusetts (Counterfeit Cashier's Checks),
• Hoosac Bank, North Adams, Massachusetts (Fraudulent Cashier's Checks),
• CIB Marine Bancshares, Inc., Brookfield, Wisconsin, and Riggs Bank, Washington, DC (Fraudulent Checks), and
• Independence Bank of Kentucky, Owensboro, Kentucky (Counterfeit Cashier's Checks).

Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page.  5/24/07

Reg Z Amendments Proposed

The FRB has issued for public comment proposed amendments to Regulation Z (Truth in Lending) that are intended to improve the effectiveness of the disclosures consumers receive in connection with credit card accounts and other revolving credit plans by ensuring that information is provided in a timely manner and in a form that is readily understandable. The proposed amendments principally focus on the rules for open-end credit accounts that are not home-secured, chiefly general-purpose and retail credit card plans. Amendments  5/24/07

CMPs Assessed

Civil money penalties (CMPs) have been assessed by the FRB against East West Bank, Pasadena, California, in the amount of $16,245 and First Sentinel Bank, Richlands, Virginia, in the amount of $4,235 for violations of the National Flood Insurance Act. East West Bank; First Sentinel  5/24/07

Consumer Bank Complaint Form Online

The FRB has posted online instructions and a form to be used by a consumer who wants to file a complaint against a bank. Form  5/24/07

HOEPA Public Hearing Registration Online

A registration form for the FRB public HOEPA hearings on curbing abusive lending practices in the home mortgage market to be held on June 14, 2007, has been posted online. Registration Form  5/24/07

Stated Income Subprime Loans Concern Dugan

In a presentation to the Neighborhood Housing Services of New York, Comptroller Dugan expressed his concern over stated income subprime loans. He noted that in a market where house prices are rising, the risks of stated income loans are masked, since borrowers can refinance if they run into trouble. Speech  5/24/07

2007 National Money Laundering Strategy FIL Issued

A FIL has been issued by the FDIC regarding the previously announced 2007 National Money Laundering Strategy jointly released by the Departments of Treasury, Justice, and Homeland Security. Information concerning the 2007 National Money Laundering Strategy was posted on the BOL Top Stories May 4, 2007. FIL  5/24/07

Thrift Industry First Quarter Earnings Released

OTS has announced that the nation's thrift industry posted solid earnings and profitability in the first quarter of 2007 despite continued weakness in the housing market and a flat-to-inverted yield curve. Earnings; Charts; Selected Indicators  5/24/07

Sanctions Implemented Against Charles Taylor

OFAC has issued regulations implementing sanctions against the regime of former Liberian President Charles Taylor. The sanctions are not directed against the country of Liberia, the Government of Liberia, or the Central Bank of Liberia. A general license has been issued to authorize transactions previously prohibited with respect to the importation of round logs or timber products originating in Liberia. BOL's OFAC Sanctions Matrix has been updated.  5/24/07

314(a) Fact Sheet Update

FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of May 22, 2007. 314(a); Sharing Report  5/23/07

Counterfeit Cashier's Checks Special Alerts

Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the names of East West Bank, Pasadena, California, and USA Bankchares of Miami, Miami, Florida. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/22/07

CRA Ratings Released

The OCC has released the ratings received by twenty-nine national banks that were recently examined for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  5/22/07

CU Assets, Savings and Membership Grow

Credit unions reported strong savings and asset growth while membership grew to over 86 million people during the first quarter of 2007 according to Call Report data submitted by the country's 8,305 federally insured credit unions. First Quarter Data  5/22/07

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with data current as of May 18, 2007. Reserve Position  5/22/07

CRA Median Family Income Bulletin Issued

The OCC has issued a Bulletin regarding the previously announced publication of the U.S. Census and 2007 Department of Housing and Urban Development (HUD) estimated median family incomes for metropolitan statistical areas (MSAs), metropolitan divisions (MDs), and nonmetropolitan portions of each state. The data is used to determine income levels of geographies in Community Reinvestment Act (CRA) performance evaluations. Information concerning the family income data was posted in BOL Top Stories May 8, 2007. Bulletin; Family Income Data  5/21/07

IFD Working Paper Published

A working paper in the International Finance Discussion series on the topic of " U.S. External Adjustment: Is It Disorderly? Is It Unique? Will It Disrupt the Rest of the World?" has been published by the FRB. Abstract; Full Paper  5/21/07

No Harm No Foul

The United Stated Court of Appeals for the First Circuit dismissed a case where the lender used the incorrect model rescission form. The plaintiffs argued that the general rescission form was used instead of one denoting a refinance by the same lender. The court ruled that the disclosure provided may have been incorrect, but was clear, conspicuous and acceptable. Read why in BOL Court Watch under Santos/Rojas vs. Doral.  5/18/07

FRB Publishes Technical Amendment to Final Rule for Availability of Funds and Collection of Checks

The Board of Governors is amending appendix A of Regulation CC to delete the reference to the Nashville
branch office of the Federal Reserve Bank of Atlanta and reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Atlanta and
is amending appendix B of Regulation CC to delete the reference to the Nashville branch office.TXT; PDF  5/18/07

Anti-Narcotics Designations By OFAC

OFAC has designated six companies and twelve individuals in Mexico that act as fronts for Ismael Zambada Garcia, the leader of a Sinaloa, Mexico-based drug trafficking organization and added the names to the SDN List. Information regarding the designations has been posted on the BOL OFAC page.  5/18/07

Order to Cease and Desist Issued

OTS has issued an Order to Cease and Desist to The Clifton Heights Savings and Loan Company, Cincinnati, Ohio. The Order, which was effective May 9, 2007, regarded the making of loans to one borrower that exceeded the federal lending limit. Order  5/18/07

Delayed Implementation of Revised SAR Bulletin Issued

The OCC has issued a Bulletin regarding the previously announced decision by FinCEN to delay the implementation of the revised SAR form. Information concerning the delay was posted in the BOL Top Stories on April 26, 2007. Bulletin  5/18/07

FinCEN Withdrawals Nigerian Advisory

FinCEN has issued an Advisory informing banks and other financial institutions operating in the United States that Financial Crimes Enforcement Network (FinCEN) Advisory Issue 32, regarding the Federal Republic of Nigeria, is hereby withdrawn. Advisory  5/18/07

CAC Meeting Scheduled

The FRB has announced that the Consumer Advisory Council (CAC) will hold its next meeting at 9:00 a.m., Thursday, June 21, 2007, in the Board's Martin Building, Washington, D.C. The session is open to the public, but registration is necessary for security purposes and may be made online. Agenda; Registration  5/18/07

Regulators Discuss Subprime Mortgage Market and Regulatory Reform

In presentations at the Federal Reserve Bank of Chicago's 43rd Annual Conference on Bank Structure and Competition, in Chicago, Illinois, FRB Chairman Bernanke discussed the subprime lending market and FDIC Chairman Bair discussed regulatory reform. Bernanke Speech; Bair Speech  5/18/07

Freis Pledges Commitment to BSA Effectiveness and Efficiency

FinCEN Director Freis hosted the 27th plenary of the Bank Secrecy Act Advisory Group (BSAAG) and pledged to work closely with all BSAAG members to ensure that the Bank Secrecy Act (BSA) is being administered in the most effective and efficient way. BSAAG  5/18/07

5th Annual Community Development Policy Summit Set

The Federal Reserve Bank of Cleveland will host "Partnering for Success", the 5th Annual Community Development Policy Summit, on June 21-22, 2007 at the Cleveland Marriot Downtown. Summit; Registration  5/18/07

Counterfeit Cashier's/Official Checks Special Alerts

The FDIC has issued two Special Alerts regarding counterfeit cashier's and official checks bearing the names of Merrimac Savings Bank, Merrimac, Massachusetts, and Provident Bank of Maryland, Baltimore, Maryland. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  5/17/07

Unauthorized Banking Special Alert

The FDIC has issued a Special Alert after being notified by Office of the Superintendent of Financial Institutions (OSFI) of Canada that Borealis International may be conducting banking operations in Canada or the United States without authorization. Other names associated with Borealis International are "The Laiki Group", "The Synergy Group", and "Atlantic Trust Company." Special Alert

HUD Race and Ethnic Data Reporting Forms

HUD has posted online its Race and Ethnic Data Reporting Forms (HUD-27061 and HUD-27061-H) in fillable pdf and Word formats. 2706; 27061-H  5/17/07

June 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 June 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15  5/17/07

Enforcement Actions Released

The OCC has released the list of enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  5/17/07

Flood Violation CMP Assessed

The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) against Orrstown Bank, Shippensburg, Pennsylvania in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. The Order requires the bank to pay a civil money penalty of $1,665. Order  5/17/07

Deposit Insurance Guidelines for Risk Category I Institutions

The FDIC has issued a FIL regarding the recent approval of guidelines for determining adjustments to be made to the quarterly assessment rates of large Risk Category I insured institutions. FIL  5/17/07

SAR Activity Review May 2007 Issue

The May 2007 issue of the SAR Activity Review Trends, Tips and Issues has been published by FinCEN. SAR Activity Review  5/17/07

Industrial Production Report Released

The FRB has released the G.17 Industrial Production Report for April 2007. G.17  5/17/07

IFDP Working Paper Published

A working paper in the International Finance Discussion Paper series has been published by the FRB on the topic of "Some Simple Tests of the Globalization and Inflation Hypothesis". Abstract; Full Paper  5/17/07

Reg CC Amendments Approved

The FRB has announced the approval of amendments to Appendix A of Regulation CC that reflect the restructuring of the check processing operations of the Federal Reserve Bank of Atlanta and provide notice relating to future changes to Appendix A. Summary; Amendments  5/16/07

Enforcement Actions Announced

The FDIC has announced twenty-one enforcement actions recently taken against banks and individuals in March 2007. The actions included five removal and prohibition orders, 10 civil money penalty orders, and six cease and desist orders. Enforcement Actions  5/16/07

May 2007 FedFlash Published

The May 15, 2007 issue of FedFlash has been published and contains article on Check Relay, Canadian deposit item deadlines, detection of duplicate substitute checks, a change to same day Fed tax payment options, and changes in the delivery of CD images. FedFlash  5/16/07

Bernanke Discusses Regulation and Financial Innovation

In a presentation via satellite to the participants at the Federal Reserve Bank of Atlanta's 2007 Financial Markets Conference, in Sea Island, Georgia, Chairman Bernanke noted that central banks and other regulators should resist the temptation to devise ad hoc rules for each new type of financial instrument or institution. He remarked that the goal of regulation should be to preserve those benefits while achieving important public policy objectives, including financial stability, investor protection, and market integrity. Speech  5/16/07

Spring 2007 Issue Consumer News Published

The FDIC has published the Spring 2007 issue of Consumer News that features a look at some revolutionary new ways to conduct daily financial transactions using high-tech cards and cell phones, along with tips for choosing and using these services. Other articles include advice for adjustable-rate mortgage (ARM) borrowers that may help them avoid losing their home if they are unable to make monthly payments when the interest rate goes up, and tips for avoiding inappropriate or fraudulent investments. Consumer News  5/16/07

User's Guide to U.S. Cross-Border Derivatives Data

The May 20007 Federal Reserve Bulletin contains an article regarding a user's guide to U. S. cross-derivatives data. Bulletin  5/16/07

Cost of Funds Reports Released

OTS has released the current and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Current; Historical  5/16/07

March TIC Data Released

Treasury has released the Treasury International Capital (TIC) data for March 2007. TIC  5/16/07

Expanded Examination Cycle SR Letter Issued

The FRB has issued a Supervisory Letter regarding the previously announced expanded examination cycle for certain financial institutions. Information regarding the new cycle was posted on the April 4, 2007, BOL Top Stories. SR Letter  5/15/07

OCC To Host Community Bank Directors Credit Risk Workshop

The OCC will host a credit risk workshop for national community bank directors at the Congress Hotel, Cape May, New Jersey, on June 19, 2007. Workshop Information; Online Registration  5/15/07

Bank Lending Practices Opinion Survey Results Released

The results of the April 2007 Senior Loan Officer Opinion Survey on Bank Lending Practices has been released by the FRB. Summary; Full Report  5/15/07

International Reserve Position Update

Treasury Department has released U.S. reserve assets data for the week ending May 11, 2007. Reserve Position  5/15/07

Counterfeit Cashier's Checks Special Alerts

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

• The First Bank and Trust Company, Abingdon, Virginia;
• Metcalf Bank, Overland Park, Kansas;
• Marblehead Savings Bank, Marblehead, Massachusetts;
• First Community Bank, Winston- Salem, North Carolina; and
• Empire Bank, Indianapolis, Indiana.

Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/14/07

Unauthorized Banking Special Alert

The FDIC has issued a Special Alert after being notified by Superintendencia de Bancos de Panama that an entity calling itself, Ready State Bank of Panama, is promoting several banking services and products, primarily in Caracas, Venezuela. The entity is not authorized to engage in the business of banking within or from the Republic of Panama. Special Alert  5/14/07

Notice of Settlement Guidance Issued

The FRB has issued a SR/CA letter to provide guidance to banking organizations under its supervision of requirements for filing notice of proposed settlements of class action litigation. Letter  5/11/07

Bank Examination Cycle Bulletin Issued

The OCC has issued a Bulletin regarding the previously announced interim rule that amends 12 CFR 4 to expand description of banks qualified for the 18-month examination cycle. Information concerning the interim rule was posted on the April 10, 2007 BOL Top Stories. Bulletin; Interim Rule  5/11/07

Assistance For Kansas Institutions and Communities Announced

The FDIC has issued a FIL that announces a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in Kiowa County, Kansas, which suffered major damage from tornadoes on May 4, 2007. FIL  5/11/07

CU Liquidated

NCUA has announced that Sharebuilders Federal Credit Union, of Northridge, California, was liquidated on April 25, 2007. Liquidation  5/11/07

CRA Ratings Released

The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) containing the evaluation ratings assigned to institutions in February 2007. Ratings  5/10/07

Fed Funds Rate Unchanged

The FRB FOMC has announced that the committee has decided at its May 9, 2007 meeting to keep the target for the federal funds rate at 5-1/4 percent. Meeting  5/10/07

Prohibition Orders Issued

NCUA has issued orders prohibiting Glenn W. Culler, former CEO of the former Ackerman Credit Union, Columbus, Ohio; and Michael D. Monette, former collections supervisor of Vermont Federal Credit Union, Burlington, Vermont, from participating in the affairs of any federally insured financial institution. Culler Order; Monette Order  5/10/07

Advance Fee Credit Card Scam Stopped

A federal district court in Illinois has entered final orders against three people based in Canada who allegedly defrauded U.S. consumers out of more than $9 million through the sale of phony advance-fee credit cards. Summary; Orders  5/10/07

Early Savings Bonds Redemptions Authorized

FRB Financial Services has authorized savings bond agent serving Kiowa County, Kansas, to redeem Series EE and I savings bonds less than one year old presented during the months of May and June 2007. Early Redemptions  5/09/07

314(a) Fact Sheet New Information

FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with Financial Industry Report with the inclusion of data current as of May 8, 2007. 314(a) Fact Sheet; Sharing Report  5/09/07

International Reserve Position Update

The U.S. International Reserve Position Report has updated by Treasury with data current as of May 4, 2007. Reserve Position  5/09/07

Seven Counterfeit Checks Alerts Issued

The OCC and FDIC have issued seven Alerts regarding counterfeit cashier's checks issued in or bearing the names of the following institutions:

• City National Bank of West Virginia, Charleston, West Virginia;
• Temecula Valley Bank, Temecula, California;
• Lincoln County Bank, Merrill, Wisconsin;
• TriCentury Bank, Simpson, Kansas;
• North Shore Bank, a Co-operative Bank (also known as North Shore Bank), Peabody, Massachusetts;
• Millennium State Bank of Texas, Dallas, Texas; and
• The Bank of Carbondale, Carbondale, Illinois.

Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/08/07

2007 Estimated Metropolitan Area Median Family Income Data Online

The FFIEC has posted on its Web page the HUD 2007 Estimated Metropolitan Area Median Family Income data. Family Income  5/08/07

OTS Publishes Interim Final Rule in Federal Register for Prohibited Service at Savings and Loan Holding Companies

OTS is adopting an interim final rule implementing section 710(a) of the Financial Services Regulatory
Relief Act of 2006, which added a new section 19(e) to the Federal Deposit Insurance Act (FDIA) prohibiting any person who has been convicted of any criminal offense involving dishonesty, breach of trust, money laundering or has agreed to enter into a pretrial diversion or similar program in connection with a
prosecution for such an offense from holding certain positions with respect to a savings and loan holding company (SLHC).TXT; PDF  5/08/07

April 2007 FRB Bulletin Statistical Supplement Published

The FRB has published the April 2007 Statistical Supplement to the FRB Bulletin. Supplement  5/08/07

OFAC CMPs Announced

OFAC has announced the civil money penalties assessed for violations of various Sanctions Programs. One financial institution, Fleet National Bank, remitted $7,277 to settle allegations of violations of the Iranian Transactions Regulations. CMPs  5/07/07

Prohibition Orders Issued

NCUA has issued orders prohibiting Willie Brown, a former official and chairman of the former Mt. Hebron Baptist Federal Credit Union, Philadelphia, Pennsylvania, and Dorothea Brown, former treasurer of the former Mt. Hebron Baptist Federal Credit Union, Philadelphia, Pennsylvania, from participating in the affairs of any federally insured financial institution. W. Brown Order; D. Brown Order  5/07/07

CRA Ratings Announced

OTS has announced the ratings received by the savings associations that were recently examined for compliance with the CRA. Ratings  5/07/07

HMDA FAQs Updated

The FFIEC has updated its HMDA frequently asked questions (FAQs) Web page with the addition of Reverse Mortgages questions. FAQs  5/07/07

OFAC Cartel Impact Report Released

OFAC released the Impact Report on Economic Sanctions Against Colombian Drug Cartels, a report reviewing OFAC's efforts to expose and isolate significant Colombian narcotics traffickers and their associates, and disrupt and dismantle their business empires. The report provides detailed documentation on each of the 21 Colombian drug cartel principals and organizations that have been targeted by OFAC. Report  5/07/07

Fraudulent FDIC Email Contains Malicious Software

The FDIC has issued a Consumer Alert regarding report of an e-mail that appears be from the FDIC and delivers malicious software to the recipient's computer. Consumer Alert  5/07/07

OTS Performance Plan Published

OTS has published its 2007 Performance Plan. Plan  5/07/07

Counterfeit Cashier's Checks Special Alerts

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

• Border State Bank, Greenbush, Minnesota;
• Mercantile Southern Maryland Bank, Leonardtown, Maryland;
• The Citizens Bank of Philadelphia, Philadelphia, Mississippi; and
• Frontenac Bank, Earth City, Missouri.

Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/04/07

2007 National Money Laundering Strategy Announced

The Departments of Treasury, Justice, and Homeland Security have jointly issued the 2007 National Money Laundering Strategy that details in one hundred twelve pages the continued efforts to dismantle money laundering and terrorist financing networks and bring these criminals to justice. Strategy; Treasury PR  5/04/07

HOEPA Hearing Scheduled

The FRB has announced that it will hold a public hearing, under the provisions of Home Ownership and Equity Protection Act (HOEPA), to gather information on how the regulator might use its rulemaking authority to curb abusive lending practices in the home mortgage market, including the subprime sector. The hearing is scheduled for Thursday, June 14, 2007, at the Federal Reserve Board offices at 20th and C Streets, N.W., Washington, D.C. HOEPA Hearing  5/04/07

Unauthorized Banking Alert Issued

The OCC has issued an Alert regarding the Ready State Bank of Panama who is promoting several banking services and products through an office located in the State of Florida. The Superintendecia de Bancos de Panamahas informed the OCC that the Bank is not a banking entity authorized to engage in the banking business within or from the Republic of Panama. Alert   5/04/07

March Asset and Liability Price Tables Published

OTS has published the Asset and Liability Price Tables as of March 31, 2007. Tables  5/04/07

FDIC Issues First Quarter Letter to Stakeholders

The FDIC has issued a FIL regarding the First Quarter 2007 Letter to Stakeholders that summarizes the agency's performance in depositor protection, mission support, and resource management. FIL; Letter  5/04/07

Reserve Assets Report Release

The April 2007 Statistical Supplement to the Federal Reserve Bulletin, that contains the 3.12 U.S. Reserve Assets and the 3.13 Foreign Official Assets Held at Federal Reserve Banks reports, has been issued. Statistical Supplement  5/04/07

Counterfeit Cashier's Checks Special Alerts

The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of Latimer State Bank, Wilburton, Oklahoma, and River Valley State Bank, Wausau, Wisconsin. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/03/07

March 2007 Call Report Information

The filing information for March 31, 2007 Call Reports is now available. March Call Reports  5/03/07

FRB Consumer Survey Distributed

The FRB has begun the mailing to over 10,000 households the annual Survey of Consumer Finances that provides policymakers with important insight into the economic condition of all types of American families. A letter from Chairman Bernanke urges participation in the study. Survey Information; Letter  5/03/07

Fraudulent Letter Special Alert

The FDIC has issued a Special Alert regarding fraudulent letters that are being sent to financial institutions in the United States and other countries. The letters instruct the financial institution to deposit an enclosed official or cashier's check into a customer's account. Information concerning the fraudulent letters has been posted on the BOL Alerts & Counterfeits Page.  5/02/07

Bulletin Issued Regarding BSA/AML Final Rule

The OCC has issued a Bulletin regarding the previously announced Final Rule issued by FinCEN that imposed special measures against Banco Delta Asia (BDA) designated by Treasury as a financial institution of primary money laundering concern. Information regarding the Final Rule was posted in the March 15, 2007 BOL Top Stories. Bulletin  5/02/07

New Electronic Interpretations and Actions Announced

The OCC has announced the New Electronic Interpretations and Actions for April 2007. Electronic  5/02/07

Bernanke Discusses Free Trade and The Global Economy

In a presentation at the Montana Economic Development Summit 2007, Chairman Bernanke discussed the crucial economic benefits received from the ongoing expansion of international trade. He noted that our continued prosperity depends on our embracing the many opportunities provided by trade, even as we provide a helping hand to individuals and communities that may have suffered adverse consequences. Speech  5/02/07

FedFlash May Issue Published

FRB Financial Services has published the May 2007 issue of FedFlash that features articles on the following topics: the release date for the new John Adams $1 coin, the FedReceipt RTNs, the implementation of ACH weekend file landing, and the elimination of the Off-Peak National Sort Product. FedFlash  5/02/07

April Foreign Exchange Rates Released

The FRB has issued the G.5 Foreign Exchange Rates report for April 2007. G.5  5/02/07

Orders of Prohibition Issued

The FRB has issued two Orders of Prohibition, one against Bonnie C. Milne, a former employee and institution-affiliated party of First Interstate Bank, Casper, Wyoming, and the other against Cheryl McMillan, a former cashier and institution-affiliated party of the Bank of Durango, Durango, Colorado. Milne Order; McMillan Order  5/01/07

New FedReceipt Routing Numbers Announced

FRB Financial Services has announced the availability of new FedReceipt routing numbers. Routing Numbers  5/01/07

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with data current as of April 27, 2007. Reserve Position  5/01/07

Market Financing Estimates Announced

Treasury has announced its current estimates of net marketable financing for the second and third quarters of 2007. Estimates  5/01/07

Money Start Program Aids Consumers

A Gallup survey results indicate that those who took the FDIC Money Smart course were more likely to open deposit accounts, save money, use and adhere to a budget, and have increased confidence in their financial abilities. FDIC Chairman Blair, in testimony before a subcommittee of the Senate Committee On Homeland Security And Governmental Affairs, described the program and stated, "This unprecedented survey shows that financial education works and can make a significant difference in the way people save and spend their money". Survey Summary; Full Results; Statement  5/01/07