Top Stories for December 2007

Counterfeit Cashier's Checks Special Alerts

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

• The Bank of Kentucky, Inc., Crestview Hills, Kentucky:
• United Republic Bank, Omaha, Nebraska; and
• Blue Ridge Bank & Trust Company, Independence, Missouri.

Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/31/07

Names Removed From OFAC List

Treasury has removed the names of three individuals from the OFAC SDN List that were listed with the Specially Designated Narcotics Traffickers (SDNT) designation. Information concerning the deletions has been posted on the BOL OFAC page.  12/31/07

Spanish BSA/AML Training Manual Available

The FDIC has issued an FIL announcing that the Federal Financial Institutions Examination Council (FFIEC) Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual has translated into Spanish and is available to the public.FIL; Order Form   12/31/07

Quarterly Bank Trading Revenues Decline

The OCC has published the Quarterly Report on Bank Derivatives Activities that indicates the bank trading revenues for the third quarter 2007 totaled $2.8 billion, 62% less than the second quarter 2007 and 48% less than the third quarter 2006.
Quarterly Report  12/31/07

Counterfeit Cashier's Checks Alert

The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Carlinville National Bank, Carlinville, Illinois. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/28/07

Enforcement Actions Announced

The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in September 2007. Eight actions were flood penalties, detailed on the BOL Flood Penalties Watch page.
Actions  12/28/07

FR Bulletin Supplement Released

The FRB has released the November 2007 Statistical Supplement to the Federal Reserve Bulletin.
Supplement  12/28/07

IFDP Working Paper Published

A working paper in the International Finance Discussion Papers (IFDP) series on the topic of "Sovereign CDS and Bond Pricing Dynamics in Emerging Markets: Does the Cheapest-to-Deliver Option Matter?" has been published by the FRB.
Abstract;
Full Paper  12/28/07

Fourth Quarter News from FedACH

News from FedACH is the FRB's nationwide, quarterly ACH newsletter. This publication is designed for FedACH customers who are interested in seeing ACH fulfill its role as the nation's premier electronic payment service. The Fourth Quarter 2007 issue is now available.
News  12/28/07

OTS 2007 Financial Report Released

OTS has released the agency's 2007 Financial Report.
Report   12/28/07

FRB Check Processing Problems

FRB Financial Services has announced that the FRB of Cleveland check processing center experienced some problems processing Check 21 deposits and presentments from December 17- 19, 2007. Delays in posting credits and debits along with delays in the return of unpaid items may occur.
Problems  12/27/07

Fourth Quarter Call Report Information

The FDIC has issued a FIL containing information regarding the Fourth Quarter 2007 Consolidated Reports of Condition and Income (Call Report).The completed Call Report must be received by the FDIC by Wednesday, January 30, 2008.
FIL  12/27/07

Counterfeit Special Alerts

The FDIC has issued three Special Alerts regarding counterfeit cashier's bearing the name The Farmers State Bank, New Madison, Ohio; counterfeit official checks bearing the name Star Bank of Texas, Fort Worth, Texas, and counterfeit money orders bearing the name First Security State Bank, Evansdale, Iowa. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  12/26/07

Enforcement Action Announced

The OCC has announced the enforcement actions recently taken against national banks and their current or former affiliates. One action was a $125,000 flood penalty, also reported on the BOL Flood Penalty Watch page.
Actions  12/26/07

Unauthorized Banking Special Alert

The FDIC has issued a Special Alert regarding a warning notice issued by the Office of the Superintendent of Financial Institutions of Canada stating that Anishinabe Wampum (Bank), Sharbot Lake, Ontario, Canada, is claiming that it is a bank and is offering banking services in Canadian federal currency. This entity is not a bank organized under the Bank Act (Canada) nor is it an authorized bank under the act. Special Alert  12/26/07

TAF Auctions To Continue

The Federal Reserve intends to conduct biweekly Term Auction Facility (TAF) auctions for as long as necessary to address elevated pressures in short-term funding markets.
TAF  12/26/07

FACT Act, Flood Insurance, and USA PATRIOT Act FILs Issued

The FDIC has issued three FIL on the following topics: Fair and Accurate Credit Transactions Act (FACT Act) proposed procedures to enhance the accuracy and integrity of information furnished to consumer reporting agencies; managing risks associated With lapses in flood insurance coverage; and USA PATRIOT Act final regulation implementing Section 312.
FACT Act;
Flood Insurance;
USA PATRIOT Act  12/26/07

Margin Requirements Legal Interpretations Issued

The FRB has issued two opinion letters regarding legal interpretations of the exemption from the Board's risk-based capital guidelines for bank holding companies.
Letter 1;
Letter 2  12/26/07

Agricultural Finance Databook Update

The December 2007 update to the E.15 Agricultural Finance Databook has been published by the FRB.
E.15  12/26/07

Eleven Counterfeit Items Special Alerts Issued

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

• Security Bank of Pulaski County, Saint Robert, Missouri (Counterfeit Cashier's Checks);
• Central Bank and Trust Company, Hutchinson, Kansas (Counterfeit Money Orders);
• EagleBank, Bethesda, Maryland (Counterfeit Cashier's Checks);
• First State Bank, Saint Robert, Missouri (Counterfeit Cashier's Checks);
• Conestoga Bank, Philadelphia, Pennsylvania (Counterfeit Cashier's Checks);
• The Apple Valley Bank & Trust Company, Cheshire, Connecticut (Counterfeit Treasurer's Checks);
• Elsa State Bank and Trust Company, Elsa, Texas (Counterfeit Official Checks);
• Valley Bank and Trust, Brighton, Colorado (Counterfeit Cashier's Checks);
• Summit Bank, Arkadelphia, Arkansas (Counterfeit Official Checks);
• Renasant Bank, Tupelo, Mississippi (Counterfeit Official Checks); and
• The Heritage Bank, Hinesville, Georgia (Counterfeit Cashier's Checks).

Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  12/21/07

BSA and Flood Enforcement Actions Announced

The FDIC has announced the issuance of six BSA Cease and Desist (C&D) orders and six flood enforcement actions. Information regarding the C&D orders and the enforcement actions has been posted on the BOL BSA/AML Penalties List page and the BOL Flood Penalties Watch page.  12/21/07

Federal Reserve Banks Holiday Schedules

FRB Financial Services has announced the 2007, 2008, and 2009 holiday schedules for Federal Reserve Banks.
Schedules  12/21/07

CEO Letters Issued

OTS has issued two CEO Letters on the topics of "Changes to the Holding Company Rating System and Examination Components" and "FCRA Affiliate Marking Rule."
Rating System;
FCRA  12/21/07

Proposed Rule Withdrawn

The OTS has withdrawn a proposed rule regarding the integrity of directors.
Proposed Rule  12/21/07

CRA Asset-Size Threshold Adjustments Announced

In yesterday's Compliance Briefing we told you about the federal bank regulatory agencies announcement of the annual adjustment to the asset-size thresholds used to define "small bank", "small savings association," "intermediate small bank," and "intermediate small savings association" under the Community Reinvestment Act (CRA) regulations. The adjustment is promulgated in today's Federal Register. Federal Register  12/21/07

OTS 2007 Annual Report Released

The Annual Report for Fiscal Year 2007 has been released by OTS.
Annual Report  12/21/07

Third Quarter Interest Rate Risk Report Released

OTS has released the final statistics for the third quarter 2007 interest rate risk measures and the interest rate risk exposure report.
Statistics;
Exposure Report12/21/07

Ten Counterfeit and Stolen Checks Special Alerts Issued

The FDIC has issued ten Special Alerts regarding counterfeits and stolen checks bearing the names of the following institutions:

• Merchants Commercial Bank, St. Thomas, Virgin Islands (Counterfeit Official Checks);
• Texas Bank and Trust Company, Longview, Texas (Counterfeit Cashier's Checks);
• The Bancorp Bank, Wilmington, Delaware (Counterfeit Treasurer's Checks);
• Colony Bank Ashburn, Ashburn, Georgia (Stolen Official Checks);
• Fifth Third Bank, Cincinnati, Ohio (Counterfeit Official and Traveler's Checks);
• Alta Alliance Bank, Oakland, California (Counterfeit Cashier's Checks);
• Fort Knox Federal Credit Union, Radcliff, Kentucky (Counterfeit Teller Checks);
• Lafayette Ambassador Bank, Easton, Pennsylvania (Counterfeit Official and Cashier's Checks);
• PathFinder Bank, Oswego, New York (Counterfeit Cashier's Checks); and
• FSGBank, National Association, Chattanooga, Tennessee (Counterfeit Official and Cashier's Checks).

Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  12/20/07

Unauthorized Banking Special Alert

A Special Alert has been issued by the FDIC regarding an entity that may be conducting banking operations in Canada or the United States without authorization. Special Alert  12/20/07

CRA Asset-Size Threshold Adjustments Announced

The federal bank regulatory agencies have announced the annual adjustment to the asset-size thresholds used to define "small bank", "small savings association," "intermediate small bank," and "intermediate small savings association" under the Community Reinvestment Act (CRA) regulations.  12/20/07

• Adjustment;
• FRB PR;
• OCC NR;
• OTS PR;
• FDIC PR;
• FFIEC

Enforcement Actions Released

The FDIC has released a list of twenty-five orders of administrative enforcement actions taken against banks and individuals in August 2007. Six of these were civil money penalties for flood violations, detailed on BOL's Flood Penalties Watch.
Orders  12/20/07

FRB To Hold 35-Day Credit Auction

The FRB has announced that on December 20, 2007, it will offer $20 billion in 35-day credit through its Term Auction Facility.
Auction  12/20/07

Large Bank Failure Insurance Rule Proposed

The FDIC issued a proposed rule to improve the process for determining uninsured depositors at larger institutions in the event of a failure.
Proposed Rule   12/20/07

FRB Increases HMDA Asset-Size Exemption

Depository institutions with assets of $37 million or less as of December 31, 2007, are exempt from collecting data in 2008.
Federal Register 12/20/07

DIF Third Quarter Financials

The FDIC has announced that the Deposit Insurance Fund (DIF) earned $1.6 billion in comprehensive income for the first nine months of 2007. DIF assessments were $170 million for the third quarter of 2007, compared to $140 million for the second quarter.
DIF Financials  12/20/07

Receivables and Auto Loans Report Issued

The G.20 Finance Companies Owned and Managed Receivables and Auto Loans Report for October 2007 has been issued by the FRB.
G.20  12/20/07

Retirement Plan Services Booklet

A new Booklet in the Comptroller's Handbook for Asset Management describes the types of retirement plan services banks offer and effective methods of managing the associated risks.
Booklet  12/20/07

OTS to Expand Permissible Activities

The OTS is expanding the permissible activities of savings and loan holding companies (SLHCs) to the full
extent permitted under the Home Owners' Loan Act (HOLA).
Federal Register  12/20/07

OTS Withdraws Proposed Rule

The OTS is withdrawing the proposed rule that would have amended regulations concerning corporate governance to permit federally chartered savings associations and mutual holding companies to adopt a preapproved bylaw that would have precluded certain persons from serving on the adopting federal savings association's board of directors.
Federal Register  12/20/07

OTS Revises Rating System

The OTS is revising its savings and loan holding company rating system to better reflect and
communicate its supervisory expectations. The new SLHC rating system revises component descriptions to better emphasize risk management and adopts a numeric rating scale.
Federal Register  12/20/07

Reg Z TIL HOEPA Changes Proposed

FRB has proposed and asked for public comment changes to Reg. Z (Truth in Lending) to protect consumers from unfair or deceptive home mortgage lending and advertising practices. The rule, which would be adopted under the Home Ownership and Equity Protection Act (HOEPA), would restrict certain practices and would also require certain mortgage disclosures to be provided earlier in the transaction. Comments can be submitted online. Summary; Proposed Rule; Submit Comment  12/19/07

$3.5 Billion Tax Credits Competition

Treasury has announced the opening of the sixth round of competition for tax credits on $3.5 billion of equity investments under the New Markets Tax Credit (NMTC) Program which permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). Competition   12/19/07

$50,000 Penalty For Improper Disposal of Credit Records

A mortgage company that left loan documents with consumers' sensitive personal and financial information in and around an unsecured dumpster has agreed pay a $500,000 penalty to settle FTC charges that it violated federal regulations. The complaint filed by the FTC alleged that the Company violated the disposal, safeguards, and privacy rules by failing to properly dispose of credit reports or information taken from credit reports, failing to develop or implement reasonable safeguards to protect customer information, and not providing customers with privacy notices. Complaint  12/19/07

Pandemic Planning Bulletin Issued

The OCC has issued a Bulletin regarding previously announced Interagency Statement on Pandemic Planning. Information concerning the statement was posted in the December 13, 2007 BOL Top Stories. Bulletin  12/19/07

FRB Publishes Final Rule in FR for Extensions of Credit by Federal Reserve Banks

The Board of Governors of the Federal Reserve System (Board) has adopted final amendments to its Regulation A to reflect the Board's approval of a decrease in the primary
credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board's primary credit rate action.TXT; PDF  12/19/07

January 2008 HOEPA Rates Established

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in January 2008, 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, use the yield in effect on the 15th of the month that precedes the month you received the application. Since December 15 was a Saturday, use the rate on December 14, the business day immediately preceding the 15th. Weekly H.15  12/18/07

2008 Reg C Asset-Size Exemption Threshold Announced

The FRB has published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). Threshold  12/18/07

SLHC Rating System Revised

The OTS has revised its savings and loan holding company rating system to better reflect and communicate the regulator's expectations. The revision, which is effective for examinations beginning after January 1, 2008, places more emphasis on risk management and adopts a numeric rating scale. Rating System  12/18/07

Winter 2007 Supervisory Insights Journal Published

The FDIC has issued a FIL announcing the publication of the Winter 2007 issue of the Supervisory Insights Journal. Featured articles include: how liquidity management and measurement practices have changed; how banks can monitor and control commercial real estate concentrations; the critical role SARs play in fighting financial crimes; how examiners review and analyze HMDA loan data; how banks have responded to increasing risks in the Internet banking environment; and how community banks in the FDIC's Dallas Region are using leveraging strategies to enhance earnings and growth. FIL;
Journal  12/18/07

October TIC Data Released

Treasury has released the Treasury International Capital (TIC) Data for October 2007. TIC Data  12/18/07

2007 Fiscal Year U.S. Financial Report Released

Treasury and the Office of Management and Budget today released the Fiscal Year 2007 Financial Report of the United States Government. The report details the U.S. government's short-term and long-term financial outlook, including the government's biggest fiscal challenge- the unsustainable growth in entitlement programs. Report  12/18/07

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with data current as of December 14, 2007. Reserve Position  12/18/07

CRA Ratings Released

The OCC has released the ratings received by thirty-seven national banks that were recently examined for compliance with the CRA. Ratings  12/17/07

Guidance on Confidentiality Provisions in Third Party Agreements

A Supervisory Letter (SR Letter) has been issued which clarifies the Federal Reserve's expectations regarding confidentiality provisions in agreements between a banking organization and its counterparties. SR  12/17/07

Fake Treasury e-Mails Warning

Treasury has issued a warning to the public regarding e-mails which are a part of a scam seeking confidential information and appear to be from Treasury officials. Anyone who receives an email of this nature should file a complaint at http://www.ic3.gov. Warning   12/17/07

FRB Publishes Final Rule in FR for Extension of CRedit by Federal Reserve BAnks

The Board of Governors of the Federal Reserve System (Board) is amending its Regulation A, effective December 12, 2007, to allow the Board to authorize a temporary Term Auction
Facility (TAF) under section 10B of the Federal Reserve Act. This is a credit facility that allows a depository institution to obtain an advance from its local Federal Reserve Bank at an interest rate that is determined as the result of an auction.TXT; PDF  12/17/07

Colorado CU Conservatorship Announced

The NCUA has announced that the State of Colorado has assumed control of the operations of Zion United Community Credit Union, a state-chartered, federally insured credit union serving residents in Denver, Colorado. Conservatorship  12/17/07

December FedFlash Published

The December 15, 2007 issue of FedFlash has been published and posted online by FRB Financial Services. The issue includes articles on: the FedACH RDFI file alert service; new FedReceipt RTNs; the $5,000 annual purchase limit on U.S. savings bonds; cross-shipping fee dispute resolution; changes to the HDGS and PPGS transit number listings; new options for Check 21 Image Cash Letter deposits and the holiday processing schedule. FedFlash  12/17/07

$20 Billion Treasury Term Auction

The Federal Reserve will offer $20 billion in 28-day credit through the December 17, 2007 Term Auction Facility. Auction  12/17/07

Cost of Funds Reports Issued

OTS has issued the Current and Historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Current; Historical  12/17/07

Industrial Production Report Released

The November 2007 G.17 Industrial Production and Capacity Utilization Report has been released by the FRB. G.17  12/17/07

New FedReceipt Routing Numbers Announced

FRB Financial Services has announced new FedReceipt Routing Numbers which will be effective January 2, 2008. Routing Numbers  12/14/07

Examination Handbook - Loans To One Borrower Section Revised

A Regulatory Bulletin (RB) has been issued by the OTS the revisions of the Examination Handbook section regarding loans to one borrower. Revision  12/14/07

FRB Publishes Technical Amendment to Final Rule for Equal Credit Opportunity

The Board is revising the official staff commentary to Regulation B, which implements the Equal Credit Opportunity Act, to clarify an amendment published on November 9, 2007, which relates to the electronic delivery of disclosures under Regulation B.TXT; PDF  12/14/07

FRB Publishes Technical Amendment to Final Rule for Truth in Lending

The Board is revising the official staff commentary to Regulation Z, which implements the Truth in Lending Act, to clarify an amendment published on November 9, 2007, relating to the electronic delivery of disclosures under Regulation Z.TXT; PDF  12/14/07

TIAC Names New Leadership and Members

A new President and Vice President along with seven new members have been named to the 2008 Thrift Institutions Advisory Council (TIAC). TIAC  12/14/07

Survey of Terms of Business Lending Results Released

The results of the November 2007 E.2 Survey of Terms of Business Lending have released by the FRB. E.2  12/14/07

Mexican Money Launderer and Related Entities Added to SDN List

OFAC has designated a Mexican money launderer, twenty-two of her associates, and nineteen related entities as Specially Designated Narcotics Traffickers (SDNTK) and added their names to the SDN List. Information regarding the new entries has been posted on the BOL OFAC page.  12/13/07

Federal Reserve Addresses Short-Term Funding Markets Pressures

The Federal Reserve has announced the establishment a temporary Term Auction Facility (TAF) and foreign exchange swap lines with the European Central Bank (EBC) and the Swiss National Bank (SNB). The TAF Program will auction term funds to depository institutions against the wide variety of collateral that can be used to secure loans at the discount window. The swap lines will provide dollars in amounts of up to $20 billion and $4 billion to the ECB and the SNB, respectively, for use in their jurisdictions. Market Pressures; TAF Program  12/13/07

Interagency Notice of Proposed Rulemaking to Implement the Fair and Accurate Credit Transactions Act

The OCC, Board, FDIC, OTS, NCUA, and FTC (Agencies) are publishing for comment proposed
regulations and guidelines to implement the accuracy and integrity provisions in section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The proposed regulations and guidelines would implement the requirement that the Agencies issue guidelines for use by furnishers regarding the accuracy and integrity of the information about consumers that they furnish to consumer reporting agencies and prescribe regulations requiring furnishers to establish reasonable policies and procedures for implementing the guidelines.TXT; PDF  12/13/07

FFIEC Guidance on Pandemic Planning

The FFIEC has issued guidance for use by financial institutions in identifying the continuity planning that should be in place to minimize the potential adverse effects of a pandemic. Guidance; FFIEC PR; FRB SR; OTS PR; NCUA PR  12/13/07

IFDP Working Paper Published

A working paper in the International Finance Discussion Paper (IFDP) series on the topic of "Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Mercantilism" has been published by the FRB. Abstract; Full Paper  12/13/07

Household Ratios Released

The Household Debt Service (DSR) and Financial Obligations (FOR) ratios for the third quarter 2007 have been released by the FRB. Ratios  12/13/07

Rates Lowered

The Federal Open Market Committee (FOMC) has lowered its target for the federal funds rate 25 basis points to 4-1/4 percent. In a related action, the Board of Governors unanimously approved a 25-basis-point decrease in the discount rate to 4-3/4 percent. Rates  12/12/07

Prohibition Orders Issued

NCUA has issued orders prohibiting six individuals from participating in the affairs of any federally insured financial institution. Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million. Orders  12/12/07

Payment Processor Charged With Taking Millions from Consumers' Bank Accounts

The FTC and seven state attorneys general have charged a payment processor with violating federal and state laws by debiting, or attempting to debit from consumers' bank accounts on behalf of numerous fraudulent telemarketers and Internet-based merchants. Summary; Complaint  12/12/07

Operating Circular 9 Amended

FRB Financial Services has announced that Operating Circular 9 has been amended effective November 3, 2007 to eliminate the reference to non-value messages. Amendment Summary; Circular  12/12/07

First Quarter CRA Exam Schedule Released

The OTS has released the schedule of sixty-six savings associations that will be examined during the first quarter of 2008 for compliance with the provisions of the Community Reinvestment Act (CRA). Schedule  12/11/07

New Electronic Interpretations and Actions Announced

The OCC has announced the November 2007 New Electronic Interpretations and Actions Report. Report  12/11/07

2008 Assessments and Fees Bulletin Issued

OTS has issued a Thrift Bulletin announcing the Assessments and Fees that will be charged by OTS in 2008. Bulletin  12/11/07

Third Quarter FDIC State Profiles Online

The FDIC has posted online the State Profiles for the third quarter 2007. Profiles  12/11/07

Non-Electronic Payments Popular

The FRB has released the results of a study that shows more than two-thirds of noncash payments are now electronic. Study  12/11/07

Regulators Publish Basel II Final Rule

The final rule implementing the Basel II Capital Accord has been published jointly in the Federal Register by the OCC, the FRB, the FDIC, and the OTS. The final rule, which is effective April 1, 2008, requires some banks, and permits other banks, to use an internal ratings-based approach to calculate regulatory capital requirements for credit risk and an advanced measurement approach to calculate regulatory capital requirements for operational risk. Final Rule; FDIC FIL; OCC Bulletin  12/10/07

Economic Update Issued

Treasury has issued its economic update as of December 7, 2007. Update  12/10/07

Consumer Credit Report Released

The G. 19 Consumer Credit Report for October 2007 has been released by Treasury. G. 19  12/10/07

SDGT and IRAQ2 Designations Added To OFAC List

Treasury has added the names of seven individuals to the SDN List, six with the IRAQ2 designation and one as a SDGT. Information regarding the new additions has been posted on the BOL Alerts & Counterfeits page.  12/07/07

FEMA Updates Flood Guidance Booklet

The FDIC has issued a FIL regarding the release by the Federal Emergency Management Agency (FEMA) of an updated electronic edition of its booklet, Mandatory Purchase of Flood Insurance Guidelines. FIL; Booklet  12/07/07

Dugan and Bair Testify on Accelerating Loan Modifications

OCC Comptroller Dugan and FDIC Chairman Bair have testified before the House Committee on Financial Services during its hearing on "Accelerating Loan Modifications, Improving Foreclosure Prevention and Enhancing Enforcement." Dugan Oral Statement; Dugan Written Testimony; Bair Statement  12/07/07

Regulators Comment On Loan Modification Plan

FDIC Chairman Bair, Comptroller Dugan and OTS Director Reich have commented on the Loan Modification Plan for subprime mortgages. Bair Comments; Dugan Comments; Reich Comments  12/07/07

Assets Report Released

The FRB has released the October 2007 U.S. Reserve Assets; and Foreign Official Assets Held at Federal Reserve Banks Report. Assets Report  12/07/07

Third Quarter Flow of Funds Report Published

The Z. 1 Flow of Funds Report for the Third Quarter 2007 has been published by the FRB. Z. 1  12/07/07

FEDS Working Paper Published

The FRB has published a working paper in the Finance and Economics Discussion Series (FEDS) on the topic of Risk and Concentration in Payment and Securities Settlement Systems. Abstract; Full Paper  12/06/07

AL Qaida Leader Added To OFAC List

Treasury has designated the leader of Al Qaida in the Lands of the Islamic Maghreb (AQIM) as a Specially Designated Global Terrorist (SDGT) and added his name and AKAs to the SDN List. Information regarding the designation has been posted on the BOL OFAC page.  12/05/07

Regulators Release CRA Ratings

The FDIC has released ratings received by state nonmember banks and OTS has released the ratings received by savings associations recently evaluated for compliance with the CRA. FDIC Ratings; OTS Ratings  12/05/07

IT Officer's Questionnaire Revised

The FDIC has issued a FIL regarding the update of its risk-focused Information Technology (IT) examination procedures for FDIC-supervised financial institutions. As part of the revision, the IT Officer's Questionnaire was enhanced to provide greater coverage of vendor management and outsourcing topics, credit card and ACH payment system risks, and an institution's overall information security program. FIL; Questionnaire  12/05/07

Multi-Language Money Smart Training Videos Available

The FDIC Train-the-Trainer videos are now available in English and Spanish. The videos are designed to provide an overview of the curriculum components, demonstrate the usefulness of the instructor guide and how to use it effectively. The videos can be ordered online. Training Videos; Online Order Form  12/05/07

FinCEN e-Mail Service Usage Increases

FinCEN has announced that after one year in existence more than 18,000 people have subscribed to FinCEN Updates,its free e-mail subscription management service. The public and the media use FinCEN Updates to stay abreast of news, rulemakings, advisories, and other developments; obtain feedback on regulations; and see examples of how BSA information is used by FinCEN analysts, regulators and law enforcement agencies. FinCEN Updates  12/05/07

Reserve Report Update

Treasury has updated the U. S. International Reserve Report with data current as of November 30, 2007. Reserve Report  12/05/07

CRA Exam Schedule Released

The FDIC released the list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the first quarter of 2008. Schedule  12/04/07

Protecting Data Online Tutorial

The FTC has a new online tutorial to alert businesses and other organizations to practical and low- or no-cost ways to keep data secure. Tutorial  12/04/07

Non-Bank ATM Operators Guidance Issued

FINCEN has issued interpretive guidance to clarify whether a non-bank owner and operator of an automated teller machine (ATM) would be a money services business (MSB) as that term is defined under the Bank Secrecy Act and its implementing regulations. Guidance  12/04/07

2008 OCC Fee Schedule

The OCC has issued a Bulletin regarding its fee schedule for 2008. Bulletin  12/04/07

Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with data current as of November 23, 2007. Reserve Position  12/04/07

November Foreign Exchange Rates

The FRB has released the G.5 Foreign Exchange Rates report for November 2007. G.5  12/04/07

First Quarter 2008 CRA Examination Schedule

The OCC has announced the list of national banks that will be examined in the first quarter 2008 for compliance with the CRA. Schedule  12/03/07

December FedFlash Published

FRB Financial Services has published the December 1, 2007 issue of FedFlash which features articles on the following topics:

• new FRBservices.org features;
• two new AMI customer profiles;
• the RDFI File Alert Service;
• the establishment of a SNA-based CI asset selection solution sunset;
• cross-shipping ACH Adjustment Request Forms; and
• updated FedLine documentation.

FedFlash  12/03/07

FEDS and IFDP Working Papers Published

The FRB has published three working papers, one in the Finance and Economic Discussion Series (FEDS) on the topic of "The Evolution of Household Income Volatility" and two in the International Finance Discussion Papers (IFDP) series on the topics of "Quantitative Implications of Indexed Bonds in Small Open Economies" and "Monthly Estimates of U.S. Cross-Border Securities Positions." Evolution Abstract; Evolution Full Paper; Quantitative Abstract; Quantitative Full Pape; Monthly Abstract; Monthly Full Paper   12/03/07

Finance Companies Report Released

The September 2007 G.20 Finance Companies report has been released by the FRB. G.20  12/03/07