Top Stories for January 2007

Counterfeit Cashier's checks Alerts Issued

The OCC has issued three Alerts regarding counterfeit cashier's checks issued in the names of the following banks:

• Bank of Cumberland (A Division of First National Bank Columbia) Burkesville, Kentucky,
• The Summit National Bank, Atlanta, Georgia, and
• Fairfield National Bank, Lancaster, Ohio.

Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   1/31/07

FDIC Revises Compliance Examination Handbook

The FDIC has issued a FIL announcing the revision of the Compliance Examination Handbook and its availability online. FIL; Handbook   1/31/07

314a Fact Sheet Update

FinCEN has updated the 31a Fact Sheet with information current as of January 30, 2007. 314a   1/31/07

Global Terrorism Sanctions Regulations Amended

OFAC has published an amendment to the Global Terrorism Sanctions Regulations to better define the term "otherwise associated with" and to clarify the procedures for seeking reconsideration of a designation as a SDGT. No changes were made at this time to the SDN List as a result of the amendment. Amendment   1/31/07

Reich Praises Work of Financial Literacy and Education Commission

In a presentation at the 10th meeting of the Financial Literacy and Education Commission, OTS Director Reich applauded the efforts of the Commission in promoting awareness of the importance of financial education and specifically its work in assisting Americans in understanding the complexities of everyday financial products, such as credit cards, checking accounts and mortgages. Speech   1/31/07

Reserve Assets Report Issued

The FRB has issued the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets held at FR Banks reports for January 2007. Reports   1/31/07

Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of January 26, 2007. Reserve Position   1/30/07

Market Financing Estimates Announced

The market financing estimates for first and second quarters of 2007 have been announced by Treasury. Estimates   1/30/07

Al Qaida Facilitators Added To OFAC List

Treasury has designated and added to the SDN List as SDGTs two South African individuals and a related entity for financing and facilitating al Qaida. Any assets the designees have under U.S. jurisdiction are frozen and transactions are prohibited between U.S. persons and the designees. Information regarding the additions has been posted on the BOL OFAC page.   1/29/07

Washington $1 Coin and Montana Quarter Distribution Schedules Announced

The U.S. Mint distribution schedule for the George Washington Presidential $1 coin and the Montana state quarter has been posted on the FR Financial Services Web site. Schedules   1/29/07

OCC and State Banking Department To Share Information

The OCC and the Mississippi Department of Banking and Consumer Finance have announced the signing of a Memorandum of Understanding that provides a mechanism for sharing consumer complaint information between the two regulatory agencies. Sharing   1/29/07

Guidance Issued on Using Automated Valuation Methods to Evaluate Collateral

NCUA has issued a guidance that authorizes credit unions to use an automated valuation method (AVM) in the lending process provided each market valuation calculated by the AVM is reviewed by an individual with knowledge, training, and experience in the local real estate market. Guidance   1/29/07

FIL Regarding Elimination of Executive Indebtedness Report Form

The FDIC has issued a FIL regarding the previously announced elimination of the statutory provisions that required reporting indebtedness of executive officers and principal shareholders to a financial institution and its correspondent bank. Information concerning the demise of the FFIEC 004 was posted in the December 29, 2006 BOL Top Stories. FIL   1/29/07

FTC Issues Annual Financial Acts Enforcement Report

The FTC has issued its annual report to the FRB on enforcement activities in 2006 related to the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), Equal Credit Opportunity Act (ECOA), and Electronic Fund Transfer Act (EFTA). Report   1/29/07

HUD Publishes SCRA Disclosure Form

A Servicemembers Civil Relief Act (SCRA) notice disclosure form has been published by HUD. Form   1/26/07

FRB Launches Career Web Site

The FRB has announced the launch of a new Web site, Career Opportunities, which features positions available with the agency. Career Opportunities   1/26/07

Bank Registered Transfer Agents Must File SEC Form Electronically

The OCC has issued a Bulletin regarding the recent rule change by the SEC that requires national bank registered transfer agents, to file Form TA-2, "Form for Reporting Activities of Transfer Agents," electronically through the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. Bulletin; Rule   1/26/07

MSB List Updated

FinCEN has updated the MSB Registration List. The new January 2007 List, which is current as of January 3, 2007, contains data on 34,214 registered MSBs. List   1/26/07

Federal Reserve Publishes CFR Correction

The FRB has published a date correction to its rule for Availability of Funds and Collection of Checks, which was revised as of 1/01/06.TXT, PDF    1/26/07

Five Special Alerts Issued

The FDIC has issued four Special Alerts regarding counterfeit cashier's checks and one regarding counterfeit money orders bearing the name of the following financial institutions:

• Central Bank, Springville, Utah (Counterfeit Cashier's Checks),
• Union Trust Company, Ellsworth, Maine (Counterfeit Cashier's Checks),
• Guaranty Bank and Trust Company, Denver, Colorado (Counterfeit Cashier's Checks),
• PathFinder Bank, Oswega, New York (Counterfeit Money Orders), and
• First United Security Bank, Thomasville, Alabama (Counterfeit Cashier's Checks).

Information regarding the counterfeit cashier's checks and money orders has been posted on the BOL Alerts & Counterfeits page.   1/25/07

Flood and BSA Enforcement Actions Announced

The FRB has announced that a $6,850 civil money penalty (CMP) has been assessed against Pacific Mercantile Bank for violations of the provisions of the National Flood Insurance Act. In addition, a written agreement has been entered into with Sumitomo Mitsui Banking Corporation regarding the Bank Secrecy Act (BSA) and anti-money laundering compliance policies and practices at its New York branch. Flood CMP;
BSA Written Agreement    1/25/07

Prohibition Orders Issued

NCUA has issued five orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution:

• Betty Jean Barachie,
• Catherine Lee Couch,
• Twyla M. Davis,
• Latifa Joseph, and
• James R. Straley.

Orders; Barachie; Couch; Davis; Joseph; Straley   1/25/07

Reg C Asset Size Exemption Bulletin Issued

The OCC has issued a Bulletin regarding the previously announced final rule amending the staff commentary that interprets the requirements of Regulation C. The amendment raises the asset size exemption threshold to $36 million for depository institutions that are required to report data under HMDA. Information concerning the raising of the threshold was posted in the December 26, 2006 BOL Top Stories. Bulletin   1/25/07

Reg R Proposed

The OCC has issued a Bulletin notifying all national banks and national bank examiners that recently the SEC and the Federal Reserve Board jointly issued proposed rules that define the extent to which securities brokerage activities of banks are subject to SEC regulation. The proposed rules, known as "Regulation R," would implement provisions of the Gramm–Leach–Bliley Act of 1999 (GLBA) regarding certain exemptions for banks from the broker-dealer registration requirements of the Securities Exchange Act of 1934. Information concerning Reg R was posted in the December 26, 2006 BOL Top Stories. Bulletin   1/25/07

Third Quarter Charge-Off Rates Released

OTS has released the thrift industry charge-off rates for the third quarter 2006. Rates   1/24/07

Supervisory Policy On Predatory Lending Released

The FDIC has issued a FIL that announces the release of the regulator's Supervisory Policy on predatory lending. The policy describes certain characteristics of predatory lending and reaffirms that such activities are inconsistent with safe and sound lending and undermine individual, family and community economic well-being. FIL; Policy   1/23/07

Bulletin Issued Regarding CRA Changes

The OCC has issued a Bulletin regarding the previously announced changes to the CRA concerning the adjustment of the asset-size threshold to be used to define "small bank" and "intermediate small bank" based on the annual percentage change in the Consumer Price Index. Information concerning the adjustments was posted in the December 29, 2006 BOL Top Stories. Bulletin   1/23/07

Reserve Position Update

Treasury has updated the U.S. International Reserve Position report with the addition of current data as of January 19. 2006. Reserve Position   1/23/07

CRA Evaluations Released

The OCC has released a list of CRA performance evaluations that became public during the period of December 15, 2006 through January 14, 2007. CRA    1/22/07

New Routing Numbers Announced

FRB Financial Service has announced new FedReceipt routing numbers that will be effective the business day of January 22, 2007. New Routing Numbers   1/19/07

314a Fact Sheet Update

FinCEN has updated the 314a Fact Sheet with the addition of data current as of January 16, 2007. 314a   1/19/07

NCUA Announces BSA Compliance Webinar

NCUA has announced that the agency will host with FinCEN a BSA Compliance Webinar on February 6, 2007. Registration is available online. Information; Registration   1/19/07

Bernanke Issues Entitlements Warning

In a presentation before the Senate Budget Committee, Chairman Bernanke expresses his view on the federal budget and related issues. He noted that spending on entitlement programs currently at 8-1/2 percent of the gross domestic product (GDP) are expected to reach about 15 percent by 2030. The increases are due in part to the oldest baby boomers being eligible for Social Security benefits starting in 2008 and the expected continued increase in medical costs per beneficiary. He concluded that dealing with the resulting fiscal strains will pose difficult choices, but if early and meaningful action is not taken, the U.S. economy could be seriously weakened. Speech   1/19/07

Quarterly Journal Online

The OCC has posted the September issue of the Quarterly Journal online. The issue contains articles on special supervision and enforcement activities, corporate structure tables, second quarter 2006 condition and performance of banks; links to speeches and interpretive letters, and other policy and data. Index; Full Journal   1/19/07

Community Affairs Conference Agenda Announced

The FRB has announced the agenda for its Fifth Annual Community Affairs Conference to be held in Washington D.C. on March 29-30, 2007. The conference features discussion of research papers on trends and innovations in products serving low- and moderate-income communities and people. Agenda; Papers; Registration   1/19/07

Dugan Says Financial Literacy Programs Important

In remarks to the participants of a telephone conference sponsored by the American Bankers Association, Comptroller Dugan highlighted the importance of financial literacy programs. He stated that financial literacy really is a win for everyone involved. Remarks   1/19/07

Enforcement Actions Released

The OCC has released the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions   1/18/07

OFAC CPs Announced

Treasury has announced the civil penalties (CPs) recently imposed for violations of various OFAC Sanctions Programs. No financial institutions were listed for January 2007. CPs   1/18/07

Comptroller Discusses Customer Complaints

In a speech before the Exchequer Club and Women in Housing and Finance, Comptroller Dugan highlighted the OCC's efforts to assist national bank customers with questions and complaints and said the information gathered from that process has a direct impact upon bank supervision and bank retail practices generally. Speech   1/18/07

Beige Book Update

The FRB has issued an update to the Beige Book that contains data on the current economic conditions in the various Federal Reserve Districts based on information collected before January 8, 2007. Beige Book Summary; Beige Book Full Report   1/18/07

Third Quarter Issue Quarterly Review of Interest Rate Risk Published

OTS has published the Third Quarter 2006 issue of the Quarterly Review of Interest Rate Risk which contains a Q & A on core deposit valuations. Quarterly Review    1/18/07

Subordinated Debt Final Rule

The OTS has issued a Final Rule regarding Subordinated Debt Securities and Mandatorily Redeemable Preferred Stock. Final Rule   1/18/07

Cross-Border Wire Transfer Report Delivered To Congress

FinCEN has announced that Treasury has delivered a mandated report to Congress that states the reporting of cross-border wire transfer data by financial institutions is technically feasible for the government and may be valuable to the government's efforts to combat money laundering and terrorist financing. Report   1/18/07

Regulatory Review List Issued By NCUA

NCUA has issued posted its 2007 Regulatory Review List, which includes the regulations the Board has scheduled to review this year. List    1/18/07

November 2007 TIC Released

Treasury has released the Treasury International Capital data for November 2007. TIC   1/18/07

Industrial Production and Capacity Utilization Report Issued

The December 2006 G.17 Industrial Production and Capacity Utilization Report has been issued by the FRB. G17   1/18/07

OTS Publishes Final Rule in FR for Subordinated Debt Securities and Mandatorily Redeemable Preferred Stock

This final rule updates OTS regulations that require a savings association to obtain approval (or nonobjection) before it may include subordinated debt securities or mandatorily redeemable preferred stock in supplementary (tier 2) capital. It removes several unnecessary or outdated requirements and conforms certain provisions, such as maturity period requirements and purchaser
restrictions, to the rules issued by the other federal banking agencies.TXT, PDF .   1/17/07

Counterfeit Cashier's Checks Alert

The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of The First National Bank, Vandalia, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits Page.   1/17/07

February HOEPA Rates Set

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in February 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. Since January 15 was a federal legal holiday, use the rate on January 12, the business day immediately preceding the 15th. Daily H.15; Weekly H.15   1/17/07

Consumer Tips For Avoiding Cashier's Check Fraud

The OCC has issued an advisory for consumers that contains tips for avoiding becoming a victim of a cashier's check fraud scheme. Advisory   1/17/07

Mortgage Loan Fraud Financial Industry Analysis Available Online

The FDIC has issued a FIL regarding an assessment of mortgage loan fraud based on an analysis by FinCEN of information contained in SARs. The assessment, entitled "Mortgage Loan Fraud," is available on FinCEN's Web site. FIL; Summary; Assessment   1/17/07

VITA Provides CRA Credit Opportunities

A FIL has been issued by the FDIC that highlights the opportunities for financial institutions to partner with the IRS Volunteer Income Tax Assistance (VITA) program to increase opportunities to develop new business by promoting financial education, banking products and other financial services to underserved and low- and moderate-income taxpayers. In a separate Press Release, the FDIC reminded banks that their participation can result in favorable consideration under Community Reinvestment Act (CRA) rules. FIL; Press Release   1/17/07

FRB To Re-Study Retail Payments

The FRB has announced that additional studies are planned to determine the composition of the nation's retail payments market, including checks, credit and debit cards, and ACH transactions. Similar studies were conducted in 2001 and 2004. Studies   1/17/07

NCUA Announced Outreach Task Force

The members of an Outreach Task Force have been announced by NCUA. The Task Force was created to provide a better understanding of and evaluation of NCUA's outreach efforts and in further response to the findings in the agency's Member Service Assessment Pilot Program. Task Force   1/17/07

Cost of Funds Reports Released

OTS has released the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports. Historical; Current    1/17/07

Implications of Population Aging Working Paper Published

The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "A Primer on the Macroeconomic Implications of Population Aging". Abstract; Full Paper   1/17/07

Banks Selected For Community Support Review Announced

The Federal Housing Finance Board has announced the Federal Home Loan Bank members selected for the 2006-07 fourth quarter community support requirements review. Review   1/16/07

FDIC Year In Review

In a presentation at the California Bank Presidents Seminar, Chairman Bair reviewed the issues addressed by the FDIC in 2006 and what is anticipated in 2007. Speech   1/16/07

FRB Policy on Payments System Risks Revised

The FRB has approved changes to its Policy on Payments System Risk that revise the Board's expectations for systemically important payments and settlement systems subject to its authority and update and clarify the policy with regard to central counterparties. The revisions also incorporate the Recommendations for Central Counterparties developed by the Committee on Payment and Settlement Systems of the central banks of the Group of Ten countries and the Technical Committee of the International Organization of Securities Commissions. FRB Statement; Policy; Recommendations   1/16/07

Finance Companies Report Released

The G.20 Finance Companies report for November 2006 regarding owned and managed receivables outstanding and auto loans: terms of credit has been released by the FRB. G20   1/16/07

FedFlash January 2007 Issue Online

Federal Reserve Financial Services has posted the January 15, 2007 issue of FedFlash on its Web page. The issue contains articles on new FedReceipt routing numbers, Canadian item processing; changes to the ACH Reclamation process; and District news. FedFlash   1/16/07

IFDP Working Papers Published

Four working papers in the International Finance Discussion Papers (IFDP) series have been published by the FRB on the following topics: International Cross-listing, Firm Performance and Top Management Turnover: A Test of the Bonding Hypothesis; Sovereign Debt Crises and Credit to the Private Sector; Efficiency in Housing Markets: Do Home Buyers Know how to Discount?; and Optimal Fiscal and Monetary Policy When Money is Essential. International Abstract; International Full Paper; Sovereign Abstract; Sovereign Full Paper; Efficiency Abstract; Efficiency Full Paper; Optimal Abstract; Optimal Full Paper   1/16/07

Counterfeit Cashier's Checks Special Alerts Issued

The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of Hillcrest Bank Florida, Naples, Florida, and Lake Area Bank, Lindstrom, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   1/12/07

MSA Definition Changes Impact Banks

The FFIEC has announced that approximately 510 banks have been reassigned to different peer groups after changes to MSA code definitions were incorporated in the December 31, 2006 Uniform Bank Performance Report (UBPR). Reassigned Banks   1/12/07

Agencies Announce BSA Compliance Webinar

The NCUA and the FinCEN have announced that an online seminar, "BSA: A Year in Review and Setting the Table for 2007," will be held on Tuesday, February 6, 2007. The webinar will be co-hosted by the NCUA Chairman Johnson, and FinCEN Associate Director El-Hindi. FinCEN; NCUA   1/12/07

2007 FHA Maximum Mortgage Limits Announced

HUD has announced the FHA Maximum Mortgage Limits for 2007. FHA Limits   1/12/07

Web Page For Directors Launched

The FRB has announced the launch of a new web site, Resources for Bank Directors, that offers numerous resources designed to assist bank directors with their management oversight responsibilities. The existing online director training course, Insights, which introduces bank directors to corporate governance and director duties and responsibilities; covers basic bank financial analysis; and discusses the sources, control, and monitoring of portfolio risks, including credit, liquidity, and market risks has been updated. Resources; Insights   1/12/07

Google Added To OCC Web Site

The OCC has announced that the search capability of its Web site has been enhanced with the addition of Google Search Appliance. Search   1/12/07

Complex Transactions FIL issued

The FDIC has issued an FIL regarding the previously announced final Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities. Information concerning the statement was posted in the January 8, 2007, BOL Top Stories. FIL; Statement   1/12/07

State Profiles Has New Format

The FDIC has announced that effective January 2007, FDIC State Profiles have been reformatted as a quarterly data sheet summation of banking and economic conditions in each state and the Third Quarter 2006 Profiles are available online. Third Quarter Profiles   1/12/07

Joint Agencies publish Interim Rule in FR for Depository Institution Management Interlocks Act

The OTC, FRB, FDIC and OCC are amending their rules regarding management interlocks to implement section 610 of the Financial Services Regulatory Relief Act of 2006 (FSRRA) and to correct
inaccurate cross-references.TXT; PDF   1/11/07

New Electronic Interpretations and Actions Announced

The OCC has announced the December 2006 New Electronic Interpretations and Actions. New Electronic   1/11/07

Iranian Bank Added to OFAC List

Treasury has designated Bank Sepah, a state-owned Iranian financial institution, as a NPWMD for providing support and services Iran's missile procurement network and actively assisting Iran's pursuit of missiles capable of carrying weapons of mass destruction,. The bank Chairman and a wholly owned bank subsidiary were also designated and all were added to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.   1/10/07

CRA Ratings Released

The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings   1/10/07

December Call Report Filing Information Available

The FDIC has posted online the filing information and forms for the December 2006 Call Report. Call Report   1/10/07

Joint Agencies Publish Correction to Proposed Rule of 12/26/06

FRB, FDIC, OCC and OCC publish proposed rule in FR to correct proposed rule published 12/26/06 for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Domestic Capital
Modifications. TXT; PDF   1/10/07

Consumer Advisory Council Appointments Announced

The FRB has announced the appointment of ten new members to its Consumer Advisory Council for three-year terms and the designation of a new Chair and Vice Chair of the Council for 2007. Council   1/10/07

Discount Rate Meetings Minutes Released

The FRB has released the minutes of its discount rate meetings from November 6 through December 11, 2006. Minutes   1/10/07

Transcript of OTS National Housing Forum Available

OTS has posted online the transcript of the proceedings of the National Housing Forum held on December 11, 2006. Transcript   1/10/07

Reserve Banks Income and Expense Data Released

The FRB has released the Reserve Bank income and expense data and transfers to the Treasury for 2006. Data   1/10/07

Counterfeits Special Alerts

The FDIC has issued eight Special Alerts regarding counterfeit official checks, cashier's checks, treasurer's checks, and personal money orders bearing the names of the following institutions:

• BPD Bank, New York, New York (Counterfeit Treasurer Checks)
• Peoples State Bank, Lake City, Florida (Counterfeit Personal Money Orders)
• The Adirondack Trust Company, Saratoga Springs, New York (Counterfeit Treasurer's Checks)
• First State Bank (also known as 1st State Bank), Saginaw, Michigan (Counterfeit Official Checks)
• State Bank & Trust, Fargo. North Dakota (Counterfeit Cashier's Checks)
• Alliant Bank, Madison, Missouri (Counterfeit Cashier's Checks)
• Gardiner Savings Institution, FSB, Gardiner, Maine (Counterfeit Treasurer Checks)
• First Heritage Bank, Snohomish, Washington (Counterfeit Official Checks)

Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    1/09/07

Fraudulent Cashier's Checks Bulletin Issued

The OCC has issued a Bulletin regarding the risks posed by scams involving fraudulent bank cashier's checks and recommended actions that can taken to protect the bank and its customers. Bulletin   1/09/07

Concentrations in Commercial Real Estate Subject of SR Letter

The FRB has issued a Supervisory Letter regarding the previously announced Interagency Guidance on concentrations in commercial real estate. Information concerning the Guidance was posted in the December 7, 2006, BOL Top Stories. SR Letter; Guidance    1/09/07

Payment Processor Sued By FTC

InterBill Ltd., a payment processor, has been sued by the FTC for allegedly violating federal law when it debited, or tried to debit, more than $9.9 million from consumers' bank accounts without their approval. Summary; Lawsuit   1/09/07

Agricultural Finance Databook Update

The FRB has issued the December 2006 update of the E.15 Agricultural Finance Databook. E.15   1/09/07

November 2006 Consumer Credit Report Released

The G.19 Consumer Credit Report for November 2006 has been released by the FRB. G19   1/09/07

International Reserve Position Reports Released

Treasury has released the U.S. International Reserve Position Reports for the periods ending December 22, 2006; December 29, 2006; and January 5, 2007. December 22; December 29; January 5    1/09/07

2006 Financial Report Issued

OTS has issued the agency's 2006 Financial Report. Report   1/09/07

Fifteen Counterfeit Checks Special Alerts Issued

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

• Palmyra State Bank, Palmyra, Missouri (Counterfeit Cashier's Checks)
• United Community Bank, Gonzales, Louisiana (Counterfeit Official Checks)
• Clay County Bank, Inc., Clay, West Virginia (Counterfeit Cashier's Checks)
• Peoples Bank of Louisiana, Amite, Louisiana (Counterfeit Cashier's Checks)
• Lamar National Bank, Paris, Texas (Counterfeit Cashier's Checks)
• Bremer Bank, National Association, South St. Paul, Minnesota (Bremer Bank, National Association, Menomonie, Wisconsin) (Counterfeit Official Checks)
• Watertown Savings Bank, Watertown, Massachusetts (Counterfeit Cashier's Checks)
• Covenant Bank, Tunica, Mississippi (Covenant Bank, Clarksdale, Mississippi) (Counterfeit Cashier's Checks)
• Pacific Trust Bank, FSB, Chula Vista, California (Counterfeit Checks)
• Sterling National Bank, New York, New York (Counterfeit Checks)
• Alliance Bank & Trust, Gastonia, North Carolina (Counterfeit Checks)
• Webster Bank, National Association, Waterbury, Connecticut (Counterfeit Official Checks)
• Sky Bank, Findlay, Ohio (Counterfeit Checks)
• First Premier Bank, Sioux Falls, South Dakota (Counterfeit Checks)
• Bank of Wedowee, Wedowee, Alabama (Counterfeit Cashier's Checks)

Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   1/08/07

Agencies Issue CFT Final Statement

Federal financial institution regulators and the SEC have issued a final statement on the complex structured finance activities of financial institutions (CSFTs) that describes the types of internal controls and risk management procedures that should help financial institutions identify, manage, and address the heightened legal and reputational risks that may arise from certain complex structured finance transactions. Statement; FRB PR; OCC Bulletin; FDIC PR; OTS PR; SEC NR   1/08/07

Minority-Owned Banks Report UpdateM

The FRB has updated the Minority-Owned Banks Report with data current as of September 30, 2006. Report    1/08/07

FR Bulletin Supplement Published

The December 2006 Statistical Supplement to the Federal Reserve Bulletin has been published. December Supplement   1/08/07

Bernanke Discusses Bank Supervision

In a presentation at the annual meeting of the Allied Social Science Association, Chairman Bernanke discussed the supervision of the U.S. banking system and whether the central bank should act as a supervisor of the system. Speech    1/08/07

Counterfeit Cashier's Checks Special Alerts Issued

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

• Community Bank, Staunton, Virginia;
• First Republic Bank, Las Vegas, Nevada;
• Texas State Bank, McAllen, Texas; and
• American Banking Company, Moultrie, Georgia (also known as Ameris Bank)

Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   1/05/07

New SDN List Designations Announced

OFAC has announced that three Syrian entities identified as proliferators of weapons of mass destruction have been added to the SDN List with the NPWMD designation. Information concerning the additions has been posted on the BOL OFAC page.    1/04/07

MSB Registration List Update

FinCEN has updated the MSB Registration List to include data current as of December 31, 3006. List   1/05/07

CRA Ratings Published

OTS has published the CRA performance evaluations received by savings associations that became publicly available during December 2006. CRA    1/04/07

Handling Security Breaches

The Winter 2006 edition of Supervisory Insights has been issued by the FDIC and features an article regarding how a financial institution can create an effective incident response program to mitigate a data security breach. Other articles concern an update on CRE lending nationwide; the increasing number of unfair or deceptive acts or practices and how examiners identify and address those violations; and highlights of recent USA PATRIOT Act changes and the types of BSA related violations that examiners are citing. Supervisory Insights   1/04/07

314a Fact Sheet Update

FinCEN has updated the 314a Fact Sheet with data current as of January 2, 2007. 314a   1/04/07

Foreign Exchange Rates Reports Issued

The FRB has issued the 2006 G.5A and December 2006 G. 5 Foreign Exchange Rates reports. G5A; G.5   1/04/07

FOMC Minutes Released

The minutes of the December 12, 2006, meeting of the Federal Open Market Committee (FOMC) have been released by the FRB. Minutes
   1/04/07

National Day of Mourning

The OCC has issued a proclamation that national banks may close their offices Tuesday, January 2, 2007, at their discretion, in any state in which the governor or other authorized official has declared a legal holiday in recognition of the National Day of Mourning for President Gerald Ford. Proclamation    1/02/07

2007 HMDA Asset-Size Exemption Announced

The FRB has announced the annual notice of the asset-size exemption threshold for depository institutions under Reg C, which implements HMDA. Depository institutions with assets of $36 million or less as of December 31, 2006, are exempt from collecting data in 2007. NOTE: An institution's exemption from collecting data in 2007 does not affect its responsibility to report the data it was required to collect in 2006. Exemption   1/02/07

Bank Manuals Updated

The FRB has released the semiannual update of the Commercial Bank Examination Manual that provides examination objectives and procedures that Federal Reserve System examiners follow in evaluating the safety and soundness of state member banks. An update to the Trading and Capital-Markets Activities Manual has also been released. Examination Manual Index; Full Examination Manual; Trading Full Manual    1/02/07

FHC Elections Announced

The FRB has announced the list of bank holding companies that have elected to be treated as a financial holding company (FHC) as of December 29, 2006. List    1/02/07

U.S. Holdings of Foreign Securities Survey

The annual survey of U.S. portfolio holdings of foreign securities at year-end has been released by Treasury and posted on the agency's web site. Summary; Full Report   1/02/07