Top Stories for January 2010

Counterfeit Cashier's Checks Special Alerts

Four Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the name of the following institutions:

1. Bank of Granite, Granite Falls, NC;
2. Bay Bank & Trust Company, Panama City, FL;
3. Olde Cypress Community Bank, Clewiston, FL;
4. Intermountain Community Bank, Payette, ID

Information regarding the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  1/29/10

Bernanke Confirmed

The Senate has confirmed Ben Bernanke to a second term as chairman of the Federal Reserve by a 70 to 30 vote, three days before his current tenure was to expire. Confirmed  1/29/10

Mortgage Modification Program Updated Guidance

The Treasury and HUD have released updated guidance for servicers participating in the Administration's mortgage modification program. Treasury PR; HUD PR; Guidance  1/29/10

314(a) Fact Sheet Updated

The FinCEN has updated the 314(a) Fact Sheet with data current as of January 28, 2010. 314(a)  1/29/10

Fed Funds Rates Unchanged

The Federal Open Market Committee (FOMC) has announced that it will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. Rates  1/28/10

The OTS Adds New Chapter and Section to Handbook

A Regulatory Bulletin has been issued by the OTS announcing a new chapter in the Trust and Asset Management Handbook entitled "Specialty Examinations" which will contain a new section: Introduction to Document Custody. Bulletin  1/28/10

Joint Agencies Publish Final Rule in FR for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the agencies) are amending their general risk-based and advanced risk-based capital adequacy frameworks by adopting a final rule that eliminates the exclusion of certain consolidated asset-backed commercial paper programs from risk-weighted assets; provides for an optional two-quarter implementation delay followed by an optional two-quarter partial implementation of the effect on risk-weighted assets that will result from changes to U.S. generally accepted accounting principles; provides for an optional two-quarter delay, followed by an optional two-quarter phase-in, of the application of the agencies' regulatory limit on the inclusion of the allowance for loan and lease losses (ALLL) in tier 2 capital for the portion of the ALLL associated with the assets a banking organization consolidates as a result of changes to U.S. generally accepted accounting principles; and provides a reservation of authority to permit the agencies to require a banking organization to treat entities that are not consolidated under accounting standards as if they were consolidated for risk-based capital purposes, commensurate with the risk relationship of the banking organization to the structure. TXT; PDF Effective:  March 29, 2010. Banking organizations may elect to comply with this final rule as of the beginning of their first annual reporting period that begins after November 15, 2009.  1/28/10

Geithner Testifies Regarding AIG

In testimony before the House Committee on Oversight and Government Reform, Secretary Geithner explained the actions taken in the AIG bailout. Testimony  1/28/10

Reserve Position Report

The Treasury has released the U.S. International Reserve Position Report for January 22, 2010. Report  1/28/10

Two Written Agreements Announced

The FRB has announced the execution of the following Written Agreements:

1. by and between Riverside Banking Company, Fort Pierce, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
2. by and among Northfield Bancshares, Inc., a registered bank holding company, Community Resource Bank, a state member bank, both of Northfield, MN, and the Federal Reserve Bank of Minneapolis.

Riverside; Northfield  1/27/10

Prohibition Orders Issued

The NCUA has announced the issuance of orders prohibiting ten individuals from participating in the affairs of any federally insured financial institution. Orders  1/27/10

Online Regulatory Filing System Announced

The availability of Electronic Applications, or "E-Apps," a new free Internet-based system for financial institutions to submit regulatory filings, has been announced by the FRB. E-Apps allows institutions and their representatives to sign up to file applications online, eliminating the time and expense of printing, copying, and mailing the documents. E-Apps; Sign Up  1/26/10

Written Agreement Executed

The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among Cornerstone Bancshares, Inc., a registered bank holding company, Cornerstone Bank, a state chartered bank that is a member of the Federal Reserve System, both of Overland Park, KS, the Federal Reserve Bank of Kansas City, and the Kansas Office of the State Bank Commissioner. Agreement  1/26/10

BSA Advisory Members Sought

The FinCEN has issued a notice and request for nominations for membership in its Bank Secrecy Act (BSA) Advisory Group. Nominations  1/26/10

Town Hall Meeting Agenda Released

The NCUA has released the agenda for the town hall meeting to be held in Lake Buena Vista, FL, on February 4, 2010. Agenda  1/26/10

2010 Call Report Revisions FIL

A FIL has been issued by the FDIC regarding the approval by the FFIEC of revisions to the reporting requirements for the Consolidated Reports of Condition and Income (Call Report) for implementation in 2010. The revisions incorporate certain modifications made in response to comments received on the proposed revisions which were published on August 19, 2009. FIL  1/25/10

Five Banks Closed

The following banks have been closed by their primary regulator:

1. Premier American Bank, Miami, FL, by the Florida Office of Financial Regulation; the FDIC as receiver entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, FL, a newly-chartered national institution, to assume all of the deposits;
2. Bank of Leeton, Leeton, MO, by the Missouri Division of Finance; the FDIC as receiver entered into a purchase and assumption agreement with Sunflower Bank, National Association, Salina, KS, to assume all of the deposits;
3. Charter Bank, Santa Fe, NM, by the OTS; the FDIC as receiver entered into a purchase and assumption agreement with Charter Bank, Albuquerque, New Mexico, a newly-chartered federal savings bank and a subsidiary of Beal Financial Corporation, Plano, TX, to assume all of the deposits;
4. Evergreen Bank, Seattle, WA, by the Washington Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, OR, to assume all of the deposits;
5. Columbia River Bank, The Dalles, OR, by the Oregon Division of Finance and Corporate Securities; the FDIC as receiver entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, WA, to assume all of the deposits.

Premier American; Bank of Leeton; Charter; Evergreen; Columbia River  1/25/10

SAR Activity Review “ By the Numbers

The FinCEN has released the 2009 mid-year issue of the SAR Activity Review “ By the Numbers. Summary; Activity Review  1/25/10

FDIC and Bank of England: Troubled Institutions MOU

A Memorandum of Understanding (MOU) has been agreed to by the FDIC and the Bank of England which expands their cooperation when they act as resolution authorities in resolving troubled deposit-taking financial institutions with activities in the United States and United Kingdom. MOU  1/25/10

Quarterly Review of Interest Rate Risk

The OTS has published the Third Quarter 2009 issue of the Quarterly Review of Interest Rate Risk. Quarterly Review  1/25/10

Final Risk-Based Capital Rule Announced

The federal banking and thrift regulatory agencies have announced the final risk-based capital rule related to the Financial Accounting Standards Board's (FASB) adoption of Statements of Financial Accounting Standards Nos. 166 and 167. The new accounting standards make substantive changes to how banking organizations account for many items, including securitized assets, that had been previously excluded from these organizations' balance sheets. Final Rule; FRB PR; FDIC FIL; OCC NR;
OTS PR  1/22/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and between Tamalpais Bancorp, San Rafael, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  1/22/10

2010 HMDA Edits Updated

The FFIEC has updated the 2010 HMDA Edits. Edits  1/22/10

FTC Consumer Privacy Roundtable Agenda Released

The FTC has released the agenda for its January 28, 2010, roundtable on consumer privacy issues. Agenda  1/22/10

Check and E-Payment Studies Announced

The FRB has announced plans to conduct a series of studies regarding the volume and composition of U.S. check and electronic payments similar to those conducted in 2001, 2004, and 2007. Studies  1/21/10

Reverse Mortgage Proposed Guidance Bulletin

The OCC has issued a bulletin regarding the previously announced FFIEC proposed Guidance on Reverse Mortgages that helps financial institutions address risks raised by lending through reverse mortgages. Information concerning the Guidance was posted in the December 18, 2009, Top Stories. Bulletin  1/21/10

Fair Lending Booklet Bulletin

The OCC has issued a bulletin announcing the revision of the electronic version of the Fair Lending Booklet of the Comptroller's Handbook. Changes in the booklet include sections of Regulation B, 12 CFR 202, Appendix L, Appendix J, the examination scope section and a new appendix. Bulletin; Booklet  1/21/10

$35,000 For Dumping Consumer Records

The Federal Trade Commission (FTC) has announced that $35,000 has been paid by a mortgage broker to settle charges of discarding consumers' personal financial records in a dumpster. Records  1/21/10

IRR FIL

The FDIC has issued a FIL regarding the previously issued FFIEC Advisory on financial institution management of interest rate risk (IRR). Information concerning the Advisory was posted in the January 8, 2010, Top Stories. FIL  1/21/10

Mystery/Secret Shopper Employment FBI E-Scams Warning

A warning has been issued by the FBI regarding email and U.S. mail scams involving employment schemes pertaining to mystery/secret shopper positions. As part of the scheme, the shopper receives a check to be deposited into the employee's bank account and funds are then wired to the employer. The check is a counterfeit and the shopper is responsible for the loss. Warning  1/21/10

Bair on Commercial Real Estate

In a presentation to the Commercial Mortgage Securities Association Annual Conference, Chairman Bair discussed the impact on commercial real estate (CRE) regarding the current market situation, bank credit problems, securitization reform, underwriting expectations, problem credit work-outs, promotion of good securitization and underwriting practices, and compensation reforms. Speech  1/21/10

Reserve Position Update

The Treasury has updated the U.S. International Reserve Position Report with data current as of January 20, 2010. Report  1/21/10

OTS Financial Report

The OTS has released its 2009 Financial Report. Report  1/21/10

Counterfeit Checks Special Alerts

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

1. The Citizens Bank of Philadelphia, Philadelphia, MS (Counterfeit Official Checks);
2. The Dime Bank, Honesdale, PA (Counterfeit Cashier's Checks);
3. First Volunteer Bank of Tennessee, Chattanooga, TN (Counterfeit Cashier's Checks).

Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  1/20/10

February 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 February, 2010, 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  1/20/10

SDGTSs Added to OFAC List

Two individuals and one entity have been designated as Specially Designated Global Terrorists (SDGTs) by OFAC and their names added to the SDN List. SDN List  1/20/10

Written Agreements Announced

The FRB has announced the execution of the following Written Agreements by and among:

• Bank of Virginia, a state chartered member bank, Midlothian, VA, the Federal Reserve Bank of Richmond, and the Virginia Bureau of Financial Institutions,
• Community Financial Holding Company, Inc., Duluth, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia.

Bank of Virginia; Community Financial  1/20/10

Bernanke Sends GAO AIG Review Letter

Chairman Bernanke has sent a letter to the Government Accounting Office (GAO) welcoming a full review of the Federal Reserve's involvement in the extension of credit to AIG. Letter  1/20/10

FDIC Opens Midwest Satellite Office

A temporary satellite office in suburban Chicago has been opened by the FDIC to manage assets of failed institutions. Office  1/20/10

FHC List Updated

The FRB has updated the list of banking holding companies that have elected to become or be treated as financial holding companies (FHCs) as of January 19, 2010. List  1/20/10

Annual Thrift Satisfaction Survey

A CEO Letter had been issued regarding the 2010 Annual Thrift Satisfaction Survey. CEO Letter  1/20/10

New Electronic Interpretations and Actions

The OCC has announced the January, 2010, New Electronic Interpretations and Actions. New  1/20/10

November 2009 TIC

The Treasury has released the Treasury International Capital (TIC) data for November, 2009. TIC  1/20/10

Counterfeit Checks Special Alerts

Three Special Alerts have been issued by the FDIC regarding counterfeit checks bearing the name of the following institutions:

1. Iberville Bank, Plaquemine, LA (Counterfeit Official Checks);
2. Silvergate Bank, La Jolla, CA(Counterfeit Cashier's Checks);
3. Grand Bank of Texas, Grand Prairie, TX (Counterfeit Cashier's Checks).

Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  1/19/10

Three Banks Closed

The FDIC has announced that following banks have been closed by their primary regulator:

1. Town Community Bank and Trust, Antioch, IL, by the Illinois Department of Financial Professional Regulation, Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with First American Bank, Elk Grove Village, IL, to assume all of the deposits;
2. St. Stephen State Bank, St. Stephen, MN, by the Minnesota Department of Commerce; the FDIC as receiver entered into a purchase and assumption agreement with First State Bank of St. Joseph, St. Joseph, MN, to assume all of the deposits;
3. Barnes Banking Company, Kaysville, UT, by the Utah Department of Financial Institutions; the FDIC as receiver created the Deposit Insurance National Bank of Kaysville (DINB), which will remain open until February 12, 2010 to allow depositors access to their insured deposits and time to open accounts at other insured institutions.

Town; St. Stephen; Barnes  1/19/10

FDIC Propsoes Rulemaking for Incorporating Employee Compensation Criteria Into The Risk Assessment System

The FDIC is seeking comment on ways that the FDIC's risk-based deposit insurance assessment system (risk-based assessment system) could be changed to account for the risks posed by certain employee compensation programs. Section 7 of the Federal Deposit Insurance Act (FDI Act) sets forth the risk-based assessment authorities underlying the FDIC's deposit insurance system.TXT; PDF  1/19/10

Enforcement Actions Released

The OCC has released the list of Enforcement Action recently taken against national banks and individuals. Actions  1/19/10

Interest Rate Risk Management Symposium Announced

The FDIC has announced that it will host a symposium on interest rate risk management in Arlington, VA, on January 29, 2010. Symposium  1/19/10

Liquidity Risk Management Regulatory Bulletin

A Regulatory Bulletin has been issued by the OTS regarding liquidity risk management and investment securities. Bulletin  1/19/10

Consumer Mortgage Guide Updated

The Consumer's Guide to Mortgage Settlement Costs has been updated by the FR. Guide  1/19/10

January 2010 FedFlash Online

The Federal Reserve Financial Services has posted the January, 2010, issue of FedFlash online. FedFlash  1/19/10

Cost of Funds Reports Updated

The OTS has updated the historical and current Cost of Funds Reports. Historical; Current  1/19/10

G.17 Industrial Report

The FR has released the December, 2009, G.17 Industrial Production and Capacity Utilization Report. G.17  1/19/10

SDNTs Added to OFAC List

A Columbia drug trafficker and nineteen individuals and sixteen entities related to his financial network have designated by OFAC as Specially Designated Narcotics Traffickers (SDNTs) and their names added to the SDN List. Information regarding the trafficker, individuals and entities has been posted on the OFAC page.  1/15/10

FRB Publishes Final Rule in FR for Fair Credit Reporting Risk-Based Pricing Regulations

The Board and the Commission are jointly issuing final rules to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amends the Fair Credit Reporting Act (FCRA). The final rules generally require a creditor to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor. the Privacy Act. TXT; PDF  1/15/10

TARP Repayment Fee Proposed

President Obama has proposed a Financial Crisis Responsibility Fee that would require the largest financial firms to pay the fee beginning June 30, 2010, for a minimum of ten years as reimbursement for funds paid under the TARP program. Proposal Fact Sheet; Example  1/15/10

CRA Ratings Released

The OCC has released the ratings received by thirty national banks that were recently evaluated for compliance with the CRA. Ratings  1/15/10

Prompt Corrective Action Directive Announced

The FRB has announced the issuance of a Prompt Corrective Action Directive with the consent of Old Southern Bank, Orlando, FL, a state chartered member bank. Directive  1/15/10

IBBBB Deposits Purchased

The FDIC has announced the execution of a purchase and assumption agreement with The Independent BankersBank, Irving, TX regarding the assets and deposits of the recently created Independent Bankers' Bank Bridge Bank, National Association (IBBBB) which was created to take over the operations of the closed Independent Bankers' Bank, Springfield, IL. Agreement  1/15/10

Bair on Causes and Current State of Financial Crisis

In testimony before Financial Crisis Inquiry Commission, Chairman Bair discussed the causes and current state of the financial crisis and noted that the enactment of FIRREA and FDICIA created incentives for financial services like subprime mortgages to grow outside of the regulated sector. The Chairman also provided a detailed chronology of events leading to the crisis and suggested reforms to prevent a recurrence. Statement  1/15/10

Report to Congress

The FRB has issued a Report to Congress on the case for a role for the Federal Reserve in bank supervision. Report  1/15/10

Treasury Proposes Rulemaking for TARP; Privacy Act of 1974

In accordance with the requirements of the Privacy Act of 1974, 5 U.S.C. 552a, the Department of the Treasury gives notice of a proposed amendment to this part to exempt several systems of records maintained by the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) from certain provisions of the Privacy Act. TXT; PDF  1/14/10

Beige Book Update

The FRB has published the January 13, 2010, update to the Beige Book. Summary; Full Report  1/14/10

CIP Rule Regarding ACP Post Office Box Addresses

FinCEN has issued guidance regarding customer identification (CIP) requirements as they relate to customers who are issued a post office box address as part of their participation in an address confidentiality program (ACP). Guidance  1/13/10

Employee Compensation ANPR Issued

The FDIC has approved an Advance Notice of Proposed Rulemaking (ANPR) seeking input on whether certain employee compensation structures pose risks that should be captured in the deposit insurance assessment program. ANPR  1/13/10

314(a) Fact Sheet Update

The 314(a) Fact Sheet has been updated by FinCEN with data current as of January 12, 2010. 314(a)  1/13/10

FRB Board Discount Rate Meeting Minutes

The minutes of the Discount Rate Meeting on November 23 and December 14, 2010, have been released by the FRB. Minutes  1/13/10

Credit Auction Results

The results of the January 11, 2010, auction of $75 billion in 28-day credit have announced by the FRB. Results  1/13/10

News From FedACH

The Fourth Quarter, 2009, issue of News From FedACH is available online. News  1/13/10

Prompt Corrective Action Announced

The FRB has announced the issuance of a Prompt Corrective Action Directive with the consent of Barnes Banking Company, Kaysville, UT, a state chartered member bank. Action  1/12/10

FRB Adopts IAS Check Transaction Codes

Effective January 19, 2010, the Federal Reserve Banks have adopted Integrated Accounting System (IAS) transaction codes for check transactions. Codes  1/12/10

Counterfeit Cashier's Checks Alert

The OCC has issued an alert regarding counterfeit cashier's checks issued in the name of Broadway National Bank, San Antonio, TX. Information regarding the counterfeit cashier's checks has been posted on the Alerts and Counterfeits page.  1/11/10

Washington Bank Closed: Deposits Assumed

Horizon Bank, Bellingham, WA, has been closed by the Washington State Department of Financial Institutions and the FDIC as receiver entered into a purchase and assumption agreement with Washington Federal Savings and Loan Association, Seattle, WA, to assume all of the deposits. Horizon  1/11/10

California CU Closed: Assets Assumed

Kern Central Credit Union, Bakersfield, CA, has been closed by the California Department of Financial Institutions. NCUA immediately signed an agreement with Self-Help Federal Credit Union (Self-Help) of Federal Credit Union, Durham, NC, to assume the assets and liabilities. Kern  1/11/10

OFAC Removes Names

The names of six individuals and one entity previously designated as SDGTs or SDNTs have been deleted from the OFAC SDN List. Information regarding the deletions has been posted on the OFAC page.  1/11/10

New Exam Procedures Announced

The OCC has announced new examination procedures for the Protecting Tenants at Foreclosure Act of 2009 (Tenants Protection Act). Procedures  1/11/10

Interest Rate Risk Bulletin

The OCC has issued a bulletin regarding the previously released interagency advisory on Interest Rate Risk which was posted in the January 8, 2009, Top Stories. Bulletin  1/11/10

$1 Billion Loan Portfolio Sale Winning Bidder Announced

The winning bidder of the sale of an equity interest in a limited liability company (LLC) created to hold certain assets out of 22 failed bank receiverships has been announced by the FDIC. Sale  1/11/10

Consumer Credit Report Released

The November, 2009, G.19 Consumer Credit Report has been released by the FRB. G.19  1/11/10

Counterfeit Money Orders and Cashier's Checks Special Alerts

The FDIC has issued two Special Alerts regarding:

1. Counterfeit Personal Money Orders bearing the name of Western National Bank, Odessa, TX;
2. Counterfeit Cashier's Checks bearing the name of ProBank, Tallahassee, FL.

Information regarding the counterfeit items has been posted on the Alerts & Counterfeits page.  1/08/10

RR Advisory

The Federal Financial Institutions Examination Council (FFIEC) has released an advisory reminding institutions of supervisory expectations for sound practices to manage interest rate risk (IRR). Advisory; FFIEC PR; FRB PR; OCC NR; FDIC PR; NCUA PR  1/08/10

Written Agreements Executed

The FRB has announced the execution of two Written Agreements by and between:

1. Heritage Bancshares, Orange Park, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
2. Prime Pacific Financial Services, Inc., Lynnwood, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco.

Heritage; Prime  1/08/10

Debt Collection Supervisors Pay CMPs

The FTC has announced a settlement with the supervisors of two debt collection companies which previously paid civil money penalties of $2.25 million for violating the FTC Act and the FDCPA while collecting debts. The supervisors agreed to pay civil penalties of $375,000 and $300,000. CMPs  1/08/10

January FedFocus Online

The Federal Reserve Financial Services has posted the January, 2010m issue of FedFocus online. FedFocus  1/08/10

Reserve Position Report Updated

The Treasury has updated the U.S. International Reserve Position Report with data current as of December 31, 2009. Report  1/08/10

HUD Settlement Cost Booklet Updated

An updated HUD Settlement Cost booklet has been released in PDF and Word versions. PDF; Word  1/07/10

Written Agreements Executed

The FRB has announced the execution of the following Written Agreements:

• by and among First Cherokee Bancshares, Inc., Woodstock, GA, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
• by and between Wakulla Bancorp, Crawfordville, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
• by and between Sunshine Bankshares, Inc., Port Orange, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta.

First Cherokee; Wakulla; Sunshine  1/07/10

FDIC Proposes Rulemaking for Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets

The Federal Deposit Insurance Corporation is issuing this Advance Notice of Proposed Rulemaking to solicit public comment regarding proposed amendments regarding the treatment by the FDIC, as receiver or conservator of an insured depository institution, of financial assets transferred by the institution in connection with a securitization or a participation after March 31, 2010 (the "ANPR"). The ANPR requests comments on the standards that should be adopted to provide safe harbor treatment in connection with participations and securitizations issued after March 31, 2010. TXT; PDF  1/07/10

CRA Ratings Released

The OTS has released the rating received by savings associations that were recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  1/07/10

FOMC Minutes Released

The FRB and the Federal Open Market Committee has released the minutes of the committee meeting held on December 15-16, 2009. Minutes  1/07/10

IFDP Working Paper Published

The FRB has published a working paper in the International Finance Discussion Paper (IFDP) Series on the topic of "Are Chinese Exports Sensitive to Changes in the Exchange Rate?" Abstract; Full Paper  1/07/10

Keep Up With RESPA FAQ Changes

Beating the implementation date of January 1 for many of the RESPA changes,HUD updated the RESPA FAQ yet again. The latest version is dated December 30, 2009. If you've been keeping up with this, you need to know what has
changed. You'll find just a compilation of the 12/30 changes on this page we've created. You'll want the new PDF document in its entirety and that is also available for
download.  1/06/10

CRA Ratings Released

The FDIC has released the ratings received by state member banks that were recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings  1/06/10

314(a) Updated

FinCEN has updated the 314(a) Fact Sheet with data current as of January 4, 2010. 314(a)  1/06/10

2008 FFIEC HMDA Reports Errors Corrected

The FFIEC has discovered and corrected some errors that were posted previously on the HMDA Reports for 2008 “ National Aggregates, MSA Aggregates and Institution Disclosure Statements. HMDA  1/06/10

CU Merger Announced

The NCUA has announced that effective December 31, 2009, First Service Credit Union, of Milwaukee, WI, merged with Marine Credit Union, of Fond Du Lac, WI. Merger  1/06/10

Prompt Corrective Action Directive Issued

The FRB has announced the issuance of a Prompt Corrective Action Directive with the consent of Sun American Bank, Boca Raton, FL, a state chartered member bank. Directive  1/05/10

Federal Reserve Publishes Final Rule in FR for Availability of Funds and Collection of Checks

The Board of Governors is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Atlanta and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. Subsequent to these amendments, there will only be a single check-processing region for purposes of Regulation CC and there will no longer be any checks that are nonlocal. TXT; PDF  1/05/10

Exchange Rates Report Issued

The FRB has issued the December, 2009, G.5 Foreign Exchange Rates Report. G.5  1/05/10

Written Agreement Announced

The execution of a Written Agreement by and between Sterling Financial Corporation, Spokane, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco has been announced by the FRB. Agreement  1/04/10

Treasury Fiscal Service Proposes Rulemaking for Endorsement and Payment of Checks Drawn on the United States Treasury

The Department of the Treasury, Financial Management Service (FMS), is proposing to amend its regulation governing the endorsement and payment of checks drawn on the United States Treasury, to provide that Treasury may direct Federal Reserve Banks to debit a financial institution's account at the financial institution's servicing Federal Reserve Bank for all check reclamations that the financial institution has not protested. Financial institutions will continue to have the right to file a protest with FMS if they believe a proposed reclamation is in error. TXT; PDF  1/04/10

Chinese Company Added to OFAC List

The Treasury has designated a Chinese company as a NPWMD and added its name to the SDN List. Information regarding the company has been posted on the OFAC page.  1/04/10

Check Processing Operations Restructured

The FRB has announced the restructuring of check processing operations in the Fourth and Sixth districts and the approval of amendments to Appendix of Reg CC. Check Processing  1/04/10

Credit Union Liquidated

The NCUA has announced the liquidation of HeritageWest Federal Credit Union of Tooele, UT. Chartway Federal Credit Union has purchased and assumed HeritageWest Federal Credit Unions assets, loans and shares. HeritageWest  1/04/10

Fourth Quarter 2009 Call Report FIL

A FIL has been issued by the FDIC regarding the preparation, editing, review and submission of the December 31, 2009 Call Report. FIL  1/04/10

Section 19 Letters Published

Twelve letters have been published by the FRB regarding notification that certain individuals are prohibited under the provisions of Section 19 of the Federal Deposit Insurance Act from becoming or continuing as an institution-affiliated party with respect to any insured banking organizations or credit unions. Letter 1; Letter 2; Letter 3; Letter 4; Letter 5; Letter 6; Letter 7; Letter 8; Letter 9; Letter 10; Letter 11; Letter 12  1/04/10

Bernanke Discusses Monetary Policy and the Housing Bubble

At a presentation at the annual meeting of the American Economic Association in Atlanta, Chairman Bernanke discussed monetary policy and the housing bubble. Speech  1/04/10

G.20 Finance Companies Report

The October, 2009, G.20 Finance Companies report has been released by the FRB. G.20  1/04/10