Top Stories for July 2008

Reg DD Exam Procedures Updated

The FRB has announced that the examination procedures for compliance with the provisions of Reg DD (Truth in Savings) have been updated. Procedures  7/31/08

Liquidity Facilities Enhancements Announced

Several steps to enhance the effectiveness existing liquidity facilities have been announced by the FRB, including longer terms to maturity in its Term Auction Facility. Enhancements  7/31/08

Joint Agencies Publish Final Rule in FR for Supervisory Guidance related to the Implementation of the Basel II Advanced Capital Framework

The agencies are publishing guidance regarding the supervisory review process for capital adequacy (Pillar 2) provided in the Basel II advanced approaches final rule, which was published in the Federal Register on December 7, 2007 (advanced approaches final rule), which outlines the agencies' standards for satisfying the qualification requirements provided in the advanced approaches final rule. Text; PDF  7/31/08

MMM Published

The OTS has published the July 30, 2008 issue of the Monthly Market Monitor (MMM) which includes articles on the following topics: Market Commentary, Economic Conditions, Inflation and Housing Conditions. MMM  7/31/08

TBAC Minutes and Report Released

The minutes of the July 28, 2008, meeting of the Treasury Borrowing Advisory Committee (TBAC) of the Securities Industry and Financial Markets Association have been released by Treasury along with the committee's second quarter 2008 report. Minutes; Report  7/31/08

Burmese State-Owned Companies Added to OFAC List

The Treasury has announced financial sanctions against ten companies owned or controlled by the Government of Burma or its officials, including companies involved in the gem-mining industry. Their names have been added to the SDN List with the BURMA designation. Information concerning the additions has been posted on the BOL OFAC page.  7/30/08

314(a) Fact Sheet Updated

FinCEN has updated the 314(a) Fact Sheet with data current as of July 29, 2008. 314(a)  7/30/08

FRB Publishes Final Rule in FR for Truth in Lending

The Board is publishing final rules amending Regulation Z, which implements the Truth in Lending Act and Home Ownership and Equity Protection Act. The goals of the amendments are to protect consumers in the mortgage market from unfair, abusive, or deceptive lending and servicing practices while preserving responsible lending and sustainable homeownership; ensure that advertisements for mortgage loans provide accurate and balanced information and do not contain misleading or deceptive representations; and provide consumers transaction-specific disclosures early enough to use while shopping for a mortgage. Text; PDF  7/30/08

RB Proposes Rulemaking for Home Mortgage Disclosure

The Board is proposing to amend Regulation C (Home Mortgage Disclosure) to revise the rules for reporting price information on higher-priced loans. The rules would be conformed to the definition of "higher-priced mortgage loan" adopted by the Board under Regulation Z (Truth in Lending) contemporaneously with this proposal. Under the proposal, a lender would report the spread between the loan's APR and a survey-based estimate of rates currently offered on prime mortgage loans of a comparable type if the spread meets or exceeds 1.5 percentage points for a first-lien loan (or 3.5 percentage points for a subordinate-lien loan). Text; PDF  7/30/08

NCUA Proposes Rulemaking for Prompt Corrective Action; Amended Definition of Post-Merger Net Worth

NCUA requests public comment on a proposed rule implementing a statutory amendment to the definition of a natural person credit union's "`net worth" that applies solely to NCUA's system of regulatory capital standards, known as "prompt corrective action." The amendment expands the definition of "net worth" to allow the acquiring credit union, in a merger of natural person credit unions, to include the merging credit union's retained earnings with its own to determine the acquirer's post-merger "net worth." Text; PDF  7/30/08

Credit Auction Results

The FRB has announced the results of auction of $75 billion in 28-day credit held on July 28, 2008. Results  7/30/08

New Electronic Interpretations and Actions

The OCC has published the June 2008 issue of New Electronic Interpretations and Actions. June 2008 Issue  7/30/08

ID Theft Telephone Briefing

The OTS has announced that it will conduct on August 11, 2008, a live, ninety-minute, telephone briefing to provide savings associations with valuable information about Federal Identity Theft rules and guidelines that go into effect on November 1, 2008. OTS compliance and information security experts will conduct the session and participants will have an opportunity to ask questions and get answers. Briefing   7/30/08

New Chairman Sworn In

Michael E. Fryzel has been sworn in as the new Chairman of NCUA. Chairman  7/30/08

FEDS Working Paper Published

A working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "Does Distance Matter in Banking?" has been published by the FRB. Abstract; Full Paper  7/30/08

Counterfeit Checks Alerts

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

• Community First National Bank of West Plains, West Plains, Missouri (Counterfeit Cashier's Checks);
• First National Bank of Waynesboro, Waynesboro, Georgia (Counterfeit Official Checks);
• Crystal Lake Bank and Trust, N.A., Crystal Lake, Illinois (Counterfeit Cashier's Checks).

Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  7/29/08

Flood CMP Issued

A $125,000 civil money penalty (CMP) has been issued by the OCC against a national bank for violation of the National Flood Disaster Protection Act. Information regarding the penalty has been posted on the BOL Flood CMP page.  7/29/08

Enforcement Actions Announced

The OCC has announced the Enforcement Actions recently taken against national banks and individuals associated or formerly associated with a national bank. Actions  7/29/08

Joint Agencies Propose Rulemaking for Risk-Based Capital and Capital Adequacy Guidelines

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the agencies) propose a new risk-based capital framework (standardized framework) based on the standardized approach for credit risk and the basic indicator approach for operational risk described in the capital adequacy framework titled "International Convergence of Capital Measurement and Capital Standards: A Revised Framework" (New Accord) released by the Basel Committee on Banking Supervision. Text;
PDF  7/29/08

Best Practices for Residential Covered Bonds Issued

In order to encourage additional sources of mortgage finance and strengthen financial institutions, the Treasury has issued a Guide containing the Best Practices for Residential Covered Bonds. Summary; Fact Sheet; Guide  7/29/08

Marketable Borrowing Estimates Announced

The Treasury has announced its quarterly marketable borrowing estimates for the third and fourth quarters of 2008. Estimates  7/29/08

Asset & Liability Price Tables

The OTS has released the Asset & Liability Price Tables for the second Quarter 2008. Tables  7/29/08

IFDP Working Papers Published

Three working papers in the International Finance Discussion Papers (IFDP) series have been published by Treasury on the following topics: "An Anatomy of Credit Booms: Evidence From Macro Aggregates and Micro Data," "Simple Monetary Rules Under Fiscal Dominance", and "Political Disagreement, Lack of Commitment and the Level of Debt". Anatomy Abstract; Anatomy Full Paper;
Simple Abstract; Simple Full Paper; Political Abstract;
Political Full Paper  7/29/08

Two National Bank Closed and Assets Acquired

The OCC has closed First National Bank of Nevada, Reno, Nevada; and First Heritage Bank, N.A., Newport Beach, California, and appointed the FDIC as receiver of each bank. The FDIC has entered into purchase and assumption agreements with Mutual of Omaha Bank, Omaha, Nebraska, to take over all of the deposits and certain assets of both banks. OCC First National; OCC First Heritage; FDIC  7/28/08

OFAC Adds Eighteen

One individual and seventeen Zimbabwean parastatals (companies or agencies owned or controlled wholly or partly by the government) have been designated by OFAC for supporting Robert Mugabe's regime contributions to the undermining of democratic processes and institutions in Zimbabwe. Their names have been added to the SDN List with the Zimbabwe designation. Information concerning the additions has been posted on the BOL OFAC page.  7/28/08

Enforcement Actions Announced

The FRB has announced that it has entered into a Written Agreement with Capital Corp of the West, Merced, California, and issued a Cease and Desist Order against First National Holding Company, Scottsdale, Arizona. Agreement; Order  7/28/08

FDIC Proposes Rulemaking for Recordkeeping Requirements for Qualified Financial Contracts

The FDIC proposes recordkeeping requirements for qualified financial contracts (QFCs) held by insured depository institutions in a troubled condition as defined in this proposed rule. The appendix to the proposed rule would require an institution in a troubled condition, upon written notification by the FDIC, to produce immediately at the close of processing of the institution's business day, for a period provided in the notification, electronic files for certain position level and counterparty level data; electronic or written lists of QFC counterparty and portfolio location identifiers, certain affiliates of the institution and the institution's counterparties to QFC transactions, contact information and organizational charts for key personnel involved in QFC activities, and contact information for vendors for such activities; and copies of key agreements and related documents for each QFC. Text; | PDF  7/28/08

Depositor's Bill Of Rights

In an article recently published, Chairman Bair listed the rights of insured depositors. She stated, "As Chairman, I believe that the FDIC has a promise to keep to our nation's bank customers. A promise spelled out in the following Depositor Bill of Rights..." Bill Of Rights  7/25/08

New NCUA Seal Proposed

NCUA has announced that it will request the President to issue an Executive Order approving a new agency seal that incorporates the eagle and shield of the Great Seal of the United States to more clearly convey a federal government image. Seal  7/25/08

National Banks Authorized To Close

The OCC has issued a Proclamation authorizing national banks in areas affected by Hurricane Dolly to close at their discretion. Proclamation  7/24/08

Beige Book Update

The FRB has updated the Beige Book with data current as of July 14, 2008. Summary; Full Report  7/24/08

Compliance Hot Topics Workshops Announced

OTS has announced that four compliance workshops will be held during August 2008 at its regional offices in Irving, Texas; Kansas City; New Orleans; and Minneapolis. Workshops  7/24/08

Legal Interpretations Released

The FRB has released two Legal Interpretations. One regarding granting an exemption from the Board's risk-based capital guidelines for bank holding companies and state member banks; and the other clarifying that a bank could underwrite debt protection services for its customers and continue to qualify for the "credit card bank exemption". Risk-based; Credit Card  7/24/08

Retirement of BSA Magnetic Media Filing Program

FinCEN has announced details its intention to retire the BSA Magnetic Media Filing Program. Magnetic media filers must transition to BSA Electronic Filing (E-Filing) no later than December 31, 2008. Announcement; BSA E-Filing  7/23/08

FRB Discount Rate Meetings Minutes

The Federal Reserve Board has released the minutes of its discount rate meetings held on May 19 and June 23, 2008. Minutes  7/23/08

Keys to Restoring Consumer Confidence

In a presentation at the summer meeting of the American Bankers Association, OTS Director Reich cited three keys to restoring the confidence of consumers and investors in the financial services industry. He stated, "The first key is for managers of financial institutions and regulators to refocus attention on risk management, he said. Secondly, all entities that originate home mortgages must abide by the same set of rules. The third key is to end the speculation about the condition of particular financial institutions." Speech  7/22/08

Enforcement Action Handbook Updated

OTS has updated the Enforcement Section of its Examination Handbook. Handbook  7/21/08

2008 Regulatory Reports Filing Schedule

The filing schedule for regulatory reports to be filed with OTS in 2008 has been released. Schedule  7/21/08

IndyMac Depositors' FDIC Insurance Web Site

The FDIC has established a Web site to assist IndyMac depositors in determining the FDIC insurance coverage of their accounts. Web Site; Instructions  7/21/08

FFIEC Updates Geocoding System

The FFIEC CRA and HMDA Geocoding System has been updated the 2008 Census information. Geocoding  7/21/08

Financial Scam Reminder

FinCEN has been issued a reminder to the public regarding financial scams in which individuals misrepresent themselves as FinCEN officials and try to trick victims into revealing confidential information. Reminder  7/21/08

Court Orders Credit Repair Company To Halt Operations

A federal court has issued a temporary order stopping a credit repair company and its owner from conducting operations which the FTC charges violates federal law by falsely promising to remove derogatory information from consumers' credit reports. Summary; Order  7/21/08

Freddie Mac Registers Stock

The SEC has announced that Freddie Mac has voluntarily registered common stock and is now subject to periodic and current reporting requirements. As a reporting company, Freddie Mac has publicly disclosed, and will continue to disclose, key information about the company's finances and operations. SEC  7/21/08

Algerian al Qaida Group Members Added to OFAC

Treasury has designated four leaders of al Qaida in the Lands of the Islamic Maghreb (AQIM), a terrorist organization that has carried out numerous attacks in Algeria, as SDGTs and added their names to the SDN List. Information regarding the individuals has been posted on the BOL OFAC page.  7/18/08

CRA Ratings Released

The OCC has released the ratings received by twenty-one national banks recently evaluated for compliance with the provisions of the CRA. Ratings  7/18/08

FRB Publishes Technical Amendments to Final Rule

The Board of Governors (Board) is amending appendix A of Regulation CC to delete the reference to the Windsor Locks office of the Federal Reserve Bank of Boston and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Philadelphia. These amendments reflect
the restructuring of check-processing operations within the Federal Reserve System.Text; PDF  7/18/08

Payment of IndyMac Official Checks

The FDIC has issued a FIL clarifying the procedure for payment of IndyMac official checks. FIL  7/18/08

Government Monitoring Information

The Government Accountability Office (GAO) released a feasibility report on the gathering of Government Monitoring Information on non-mortgage loans. This report includes the value of the data to analysts and the costs to lenders. The one page synopsis may be found here, while the complete 42-page report is here.  7/18/08

Processing Deposit Accounts After Bank Fails

The FDIC has issued a FIL containing an interim rule establishing the FDIC's practices for determining deposit and other liability account balances at a failed insured depository institution. FIL; Rule  7/18/08

Large-Bank Insurance Determination Modernization Final Rule

A FIL has been issued by the FDIC regarding a final rule requiring certain large depository institutions to facilitate the process for determining the insurance status of depositors of an insured depository institution in the event of failure. FIL; Rule  7/18/08

Reserve Position Update

The U.S. International Reserve Position Report for July 11, 2008 has been released. Report  7/18/08

Dugan Discusses Minority-Owned Bank Challenges

In a presentation at the Interagency Minority Depository Institutions National Conference, Comptroller Dugan discussed the challenges and opportunities facing minority-owned banks. Speech  7/18/08

Low-Income Housing Tax Credit Funds Seminar Announced

The OCC will host a live Web and telephone seminar on opportunities for banks that invest in projects funded through Low-Income Housing Tax Credits (LIHTC) from 2 to 3:30 p.m. (EDT) on September 10, 2008. Seminar  7/18/08

Connecticut CU Closed

NCUA has placed Meriden F. A. Federal Credit Union of Meriden, Connecticut, into liquidation. The credit union served 206 members and had assets of approximately $337,968. Closed  7/17/08

August 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 August, 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. H.15  7/17/08

FDIC Publishes Final Rule in FR for Large-Bank Deposit Insurance Determination Modernization

The FDIC is adopting a final rule requiring the largest insured depository institutions to adopt mechanisms that would, in the event of the institution's failure: provide the FDIC with standard deposit account and other customer information; and allow the placement and release of holds on liability accounts, including deposits. It applies only to insured depository institutions having at least $2 billion in domestic deposits and either: more than 250,000 deposit accounts (currently estimated to be 152 institutions); or total
assets over $20 billion, regardless of the number of deposit accounts (currently estimated to be 7 institutions).Text;
PDF  7/17/08

FDIC Publishes Interim Rule in FR for Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure

The FDIC is adopting an interim rule establishing the FDIC's practices for determining deposit and other liability account balances at a failed insured depository institution. Except as noted, the FDIC practices defined in the interim rule represent a continuation of long-standing FDIC procedures in processing such balances at a failed depository institution. The FDIC is adopting the interim rule concurrently with its adoption of a related final rule requiring the largest insured depository institutions to adopt mechanisms that would, in the event of the institution's failure: Provide the FDIC with standard deposit account and other customer information; and allow the placement and release of holds on liability accounts, including deposits. This interim rule applies to all insured depository institutions.Text; PDF  7/17/08

314(a) Fact Sheet Updated

FinCEN has updated the 314(a) Fact Sheet with data current as of July 15, 2008. 314(a)  7/17/08

FDIC Board Minutes

The minutes of the July 15, 2008 meeting of the Board of the FDIC have been released. Minutes  7/17/08

May TIC Data Released

Treasury has released the Treasury International Capital (TIC) Data Report for May 2008. TIC  7/17/08

FOMC Minutes

The minutes of June 24-25, 2008 meeting of the Federal Open Market Committee (FOMC) have been released. Minutes  7/17/08

Industrial Production Report Issued

The G. 17 Industrial Production and Capacity Utilization Report has been issued by the Federal Reserve. G.17  7/17/08

Fair Lending Conference Announced

The OCC has announced that the agency will host a conference on statistical analysis and modeling for fair lending risk assessment at the Astor Crowne Plaza in New Orleans' French Quarter on September 9-10, 2008. Conference  7/17/08

Burmese Sanctions General License Extended

OFAC issued General License 14A under the Burma Sanctions. GL 14A extends until 1/3/2009 the expiration of GL 14, which allows the exportation or re-exportation of financial services to Burma in support of not-for-profit humanitarian or religious activities of U.S. or third-country nongovernmental organizations (in connection with relief efforts in the aftermath of Cyclone Nagris). BOL has updated its OFAC Sanctions Matrix to reflect the OFAC action.  7/16/08

Final Covered Bond Policy Statement Approved

The FDIC has approved a final covered bond policy statement that will facilitate the development of the U.S. covered bond market by providing bondholders expedited access to collateral if the FDIC declines to continue the covered bonds after a bank failure. Statement  7/16/08

Credit Auction Results

The FRB has announced the results of auction of $75 billion in 28-day credit held on July 14, 2008. Results  7/16/08

Reg CC Appendix Amended

The FRB has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the First and Third Districts. Appendix  7/16/08

Pillar 2 Final Guidance Issued

The Federal banking and thrift regulatory agencies have issued a final guidance on supervisory review process (Pillar 2) related to implementation of Basel II advanced approaches rule. Guidance; FRB PR; OCC NR; FDIC PR; OTS PR  7/16/08

FRB Monetary Policy Report To Congress

Chairman Bernanke has presented the FRB's semiannual monetary policy report to Congress. He noted that over 4,500 comment letters were received during the review process regarding the newly announced regulations to prohibit unfair or deceptive practices in the mortgage market. In addition, more than 20,000 comment letters have been received in response to the proposed rules under the Federal Trade Commission Act to address unfair or deceptive practices for credit card accounts and overdraft protection plans. Report; Bernanke Testimony  7/16/08

FedFlash Published

The July 15, 2008 issue of FedFlash has been posted online by FRB Financial Services. The issue contains articles on the Andrew Jackson $1 coin, new FedReceipts RTNs, the Custodial Inventory Manual of Procedures, FedInsights, new pricing policy for carrier documents, and Canadian item processing. FedFlash  7/16/08

Cost of Funds Reports

The current and historical reports of the National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions have been published by OTS. Current; Historical  7/16/08

TIL Final Rule Issued

A Final Rule has been issued by the FRB which amends the home mortgage provisions of Regulation Z (Truth in Lending). The rule prohibits unfair, abusive or deceptive home mortgage lending practices and restricts certain other mortgage practices, establishes advertising standards and requires certain mortgage disclosures to be given to consumers earlier in the transaction. Final Rule  7/15/08

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and among KCB Bank, Kearney, Missouri, the Federal Reserve Bank of Kansas City, and the Missouri Division of Finance. Written Agreement  7/15/08

FEDS Working Paper Published

A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Monetary Policy in a Forward-Looking Input-Output Economy" has been published by the FRB. Abstract; Full Paper  7/15/08

Reserve Position Reports Released

Treasury has released the U. S. International Reserve Position Reports for June 13, June 20, and June 27, 2008. June 13; June 20; June 27  7/15/08

IndyMac Closed

OTS has closed IndyMac Bank, FSB and transferred operations to the FDIC. The FDIC has been named conservator and has establishes IndyMac Federal Bank, FSB as the successor to IndyMac. Chairman Bair has issued a statement regarding the conservatorship and the FDIC has posted information on its Failed Bank Information page. OTS; FDIC; Bair Statement; Information  7/14/08

Loans to Freddie and Fannie Authorized

The FRB has authorized the Federal Reserve Bank of New York to make loans if necessary to Freddie Mac and Fannie Mae. Authorization  7/14/08

Syrian Phone Company and Retail Chain Added to OFAC List

Treasury has added Syria's largest mobile phone operator and a chain of duty free stores to the SDN List with the Syrian designation. Information regarding the additions has been posted on the BOL OFAC page.  7/11/08

De Novo Application Process Streamlined

The FRB has issued a SR Letter announcing the streamlining of the application process for de novo banks and enhancing coordination with other banking supervisory agencies in that process. SR Letter  7/11/08

23A Exemption Legal Interpretations Released

Two letters have been released by the FRB regarding the granting of exemptions from the provisions of section 23A of the Federal Reserve Act. Letter 1; Letter 2  7/11/08

Counterfeit Checks Special Alerts

The FDIC has issued twelve Special Alerts regarding counterfeit checks bearing the name of the following institutions:

• Community First Bank, Butler, Missouri (Counterfeit Cashier's Checks);
• Decorah Bank & Trust Company, Decorah, Iowa (Counterfeit Cashier's Checks);
• Bank of Lexington, Inc., Lexington, Kentucky (Counterfeit Cashier's Checks);
• First Independent Bank, Russell, Minnesota (Counterfeit Cashier's Checks);
• American Savings Bank, FSB, Honolulu, Hawaii (Counterfeit Cashier's Checks);
• The First National Bank of Dozier, Dozier, Alabama (Counterfeit Cashier's Checks);
• Choice Financial Group, Grafton, North Dakota (Counterfeit Cashier's Checks);
• Main Street Bank Corp., Wheeling, West Virginia (Counterfeit Cashier's Checks);
• Bank of Jones County, Laurel, Mississippi (Counterfeit Official Checks);
• Southern First Bank, National Association (doing business as Greenville First Bank), Greenville, South Carolina (Counterfeit Cashier's Checks);
• StonehamBank, a Co-operative Bank, Stoneham, Massachusetts (Counterfeit Cashier's Checks); and
• Anchor Bank St. Paul, National Association, St. Paul, Minnesota (Counterfeit Cashier's Checks).

Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  7/10/08

Prohibition Orders Issued

NCUA has issued orders prohibiting three individuals from participating in the affairs of any federally insured financial institution. Orders  7/10/08

MSB Registration List Updated

FinCEN has updated the MSB Registration List with data current as of June 19, 2008. List  7/10/08

Home Equity Credit Consumer Guide Revised

The "What You Should Know about Home Equity Lines of Credit" consumer information guide has been revised by the FRB. What You Should Know  7/10/08

Agricultural Finance Databook Updated

The FRB has published the June 2008 E.15 Agricultural Finance Databook. E.15  7/10/08

Bernanke Announces Homebuyer Protection Regs

In a presentation at the FDIC's Forum on Mortgage Lending for Low and Moderate Income Households, Chairman Bernanke indicated that the Fed will soon issue new rules aimed at protecting future homebuyers from dubious lending practices. He stated, "Next week, the Federal Reserve Board will issue new rules on mortgage lending, using its authorities under the Home Ownership and Equity Protection Act. These new rules, which will apply to all lenders and not just banks, will address some of the problems that have surfaced in recent years in mortgage lending, especially high-cost mortgage lending." Speech  7/09/08

NPWMD Designations and IRAQ2 Removal

OFAC has added the names of six individuals and five entities to the SDN List with the NPWMD designation and deleted the name of an individual previously designated as an IRAQ2. Information regarding the changes has been posted on the BOL OFAC page.  7/09/08

Credit Rating Agencies Fail Exam

The SEC has released findings from extensive 10-month examinations of three major credit rating agencies that uncovered significant weaknesses in ratings practices and the need for remedial action by the firms to provide meaningful ratings and the necessary levels of disclosure to investors. Report  7/09/08

Basel II Interagency Statement Issued

The federal banking and thrift agencies have issued an interagency statement outlining the qualification process for banking organizations implementing the new Basel II advanced capital adequacy framework. Statement; FRB SR; OCC NR; FDIC PR; OTS PR  7/09/08

Consumer Credit Report Released

The G. 19 Consumer Credit Report for May 2008 has been released by the FRB. G.19  7/09/08

IFDP Working Papers Published

Three working papers in the International Finance Discussion Paper Series (IFDP) have been published by the FRB on the following topics: "Predicting Global Stock Returns", "Trade Elasticity of Substitution and Equilibrium Dynamics" and "How Long Can the Unsustainable U.S. Current Account Deficit Be Sustained?" Prediction Abstract; Predicting Full Paper; Trade Abstract; Trade Full Paper; How Long Abstract; How Long Full Paper  7/09/08

CRA Ratings Released

The FDIC has released a list of the ratings received by state nonmember banks recently examined for compliance with the provisions of the CRA. Ratings  7/08/08

Examiners Instructed To Focus On Consumer Compliance

In a presentation to OCC Examiners at the OCC Compliance Conference, Comptroller Dugan stated "We know how to deal with credit issues, and we will work our way through these very difficult problems. What I don't want, though, is to finish dealing with the industry's safety and soundness issues only to find that we've allowed significant compliance problems to develop in their place." Speech  7/08/08

Section 19 Letters Released

The FRB has released letters regarding Section 19 enforcement actions. Letters  7/08/08

TFR Instruction Manual Updated

OTS has updated the TFR Instruction Manual through June 2008. Manual  7/08/08

FRB and SEC to Share Information

The FRB and SEC have announced the signed a memorandum of understanding (MOU) between the two agencies that will deepen their information sharing and cooperation, permitting both agencies to better perform their responsibilities. MOU ; FRB PR; SEC PR  7/08/08

Financial Reporting Bulletin Published

The June 2008 Financial Reporting Bulletin has been published by OTS. Bulletin  7/08/08

OCC Approves Basel Proposal

The OCC has announced that it has approved for publication a notice of proposed rulemaking that would implement the standardized approach of the Basel II Capital Accord. Preamble; Proposal  7/07/08

314(a) Fact Sheet Update

FinCEN has updated the 314(a) Fact Sheet with data current as of July 1, 2008. 314(a)  7/07/08

Economic Update Released

Treasury has released it economic update for July 3, 2008. Update  7/07/08

$1.13 Billion in Trading Revenues

The OCC has reported that insured U.S. commercial banks reported $1.13 billion in revenues from trading cash and derivative instruments in the first quarter, compared to a loss of $9.97 billion in the fourth quarter of 2007. Revenues  7/07/08

Aggregate Exposure and CMR Report Issued

The First Quarter 2008 Aggregate Exposure and CMR Report has been released by OTS. Report  7/07/08

Initial Mortgage Metrics Report Released

OTS has released the Initial Mortgage Metrics Report. Report  7/07/08

OFAC Designations Updated

Treasury has announced the update of two existing SDGT entries on the SDN List Information regarding the changes has been posted on the BOL OFAC Page.  7/03/08

Basel Alternate Proposal Approved By OTS

OTS has approved an interagency proposal for public comment that would offer savings institutions the option of adopting a less complex alternative for calculating risk-based capital requirements under the international Basel II capital accord. Proposal  7/03/08

FDIC Announces LMI Forum

A FDIC-sponsored Forum on Mortgage Lending for Low and Moderate Income (LMI) Households will be held on July 8th in Arlington, VA. Strategies for promoting responsible and sustainable LMI families will be the focus of the session. LMI Forum  7/03/08

FR Bulletin Statistical Supplement Published

The May 2008 Statistical Supplement to the FR Bulletin has been published. Supplement  7/03/08

ORE Guidance Issued

The FDIC has issued a FIL containing a Guidance which reminds bank management of the importance of developing and implementing policies and procedures for acquiring, holding, and disposing of other real estate (ORE). FIL; Guidance  7/02/08

Credit Unions Liquidated

NCUA has announced the liquidation of two state chartered California credit unions and the subsequent purchase of assets and assumption of most shares of both institutions. Liquidation  7/02/08

2008 Census Data

The FFIEC has posted the 2008 Census Data online. The FFIEC updates the Windows Application and the Census Reports annually to reflect changes to MSA/MD boundaries announced by OMB, income estimates developed by HUD, and include CRA distressed/underserved tracts as announced by the federal banking regulatory agencies. Data  7/02/08

ML Best Practices Paper Issued

The Financial Action Task Force (FATF) has issued a new best practices paper on trade based money laundering and terrorist financing to raise awareness and improve the ability of government authorities to collect and effectively utilize trade data for the purpose of detecting and investigating money laundering and terrorist financing. Summary; Full Paper  7/02/08

Credit Auction Schedule and Results

The FRB released the results of the auction of $75 billion in 28-day credit held on June 30, 2008 and announced that two additional auctions will be held on July 14 and 28, 2008. Results; New Auctions  7/02/08

Final First Quarter 2008 Interest Rate Measures

OTS has issued the Final First Quarter 2008 Interest Rate Measures. Final  7/02/08

Reserve Position Reports Issued

Treasury has issued the U.S. International Reserve Position Reports for June 13 and 20, 2008. June 13; June 20  7/02/08

Assets Report

The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks as of May 2008 report has been issued by the FRB. Report  7/02/08

June 2008 Foreign Exchange Rates

The FRB has issued the G. 5 Foreign Exchange Rates Table for June 2008. Rates  7/02/08

Counterfeit Checks Alert

The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Baker Boyer National Bank, Walla Walla, Washington. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  7/01/08

Enforcement Actions Announced

The administrative enforcement actions taken against banks and individuals in May 2008 have been announced by the FDIC. There were three flood penalties issued totaling $6,650. These are detailed on the BOL Flood CMP page. Actions  7/01/08

Second Quarter Call Report Information

The FDIC has issued a FIL containing materials pertaining to the June 30, 2008 Call Report. Additional information has also been posted by the FFIEC on its Web site. FIL; FFIEC  7/01/08

Fake Homeland Security Letters Alert

An Alert has been issued by the OCC regarding fraudulent correspondence attributed to the Department of Homeland Security concerning funds supposedly controlled by the U.S. consular in the United Kingdom is being sent to bank customers to elicit funds. Alert  7/01/08

New Electronic Interpretations and Actions Announced

The OCC has announced the New Electronic Interpretations and Actions for June 2008. New Electronic  7/01/08

Structure and Share Data Report Released

The FRB has released the March 2008 Structure and Share Data for U.S. Offices of Foreign Banks. Report  7/01/08

Finance Companies Report Issued

The G.20 Finance Companies Owned and Managed Receivables Outstanding Report for March 2008 has been released by the FRB. G.20  7/01/08