Top Stories for December 2009

HUD Updates RESPA Q&A Again

HUD posted yet another update to its RESPA FAQ document on its website today. The update, which carries a 12/30/2009 date, includes several additions to the collection of questions from industry participants. The additions, scattered throughout the document, are highlighted in bold print. RESPA FAQ  12/31/09

Treasury Restructures GMAC Commitment

The Treasury has announced that it is restructuring its investment in GMAC to protect taxpayers and put GMAC in a position to raise private capital and pay back taxpayers as soon as practicable. GMAC 12/31/09

Order of Prohibition and CMP

The OTS has issued an Order of Prohibition and assessed a civil money penalty (CMP) of $2,500 against a former institution-affiliated party who, while subject to previously issued Order of Prohibition, became an employee of a financial institution consulting firm and participated in the conduct of the affairs of insured depository institutions.
Order 12/30/09

New Electronic Interpretations and Actions

The OCC has posted online the December 2009 issue of New Electronic Interpretations and Actions.New 12/30/09

Reserve Position Update

The Treasury has updated the U.S. International Reserve Position Report with data current as of December 24, 2009. Report 12/30/09

Enforcement Actions Released

A list of fifty-one orders of administrative enforcement actions recently taken against banks and individuals has been released by the FDIC. List  12/29/09

Written Agreement Executed

The FRB has announced the execution of a Written Agreement between AMB Financial Services Corporation, Bainbridge Island, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  12/29/09

Reg D Amendments Proposed

Amendments to Regulation D (Reserve Requirements of Depository Institutions) that would enable the establishment of a term deposit facility under which the Federal Reserve Banks would offer interest-bearing term deposits to eligible institutions through an auction mechanism have been proposed by the FRB. Amendments  12/29/09

Joint Agencies Publish Technical Amendment to Final Rule in FR for Community Investment Act Regulations

The OCC, the Board, the FDIC, and the OTS are amending their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define "small bank" or "small savings association" and "intermediate small bank" or "intermediate small savings association." As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index. TXT; PDF  12/29/09

NCUA Proposes Rulemaking for Chartering and Field of Membership for Federal Credit Unions

The NCUA Board proposes to amend its chartering and field of membership manual to update its community chartering policies. These amendments include using objective and quantifiable criteria to determine the existence of a local community and defining the term "rural district". The amendments clarify NCUA's marketing plan requirements for credit unions converting to or expanding their community charters and define the term "in danger of insolvency" for emergency merger purposes. TXT; PDF  12/29/09

Monetary Policy FEDS Working Paper

A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of Monetary Policy and the Housing Bubble has been published. Abstract; Full Paper  12/29/09

Treasury Issues Update on Status of Support for Housing Programs

The Treasury Department provided an update on initiatives established under the Housing and Economic Recovery Act (HERA) of 2008, which supports housing market stabilization and provides relief to struggling homeowners. As part of a commitment to wind down programs that were established during the crisis and are no longer critical to financial stability, the Treasury will terminate several HERA programs at the end of the year. The Treasury will also amend the terms of its agreements with Fannie Mae and Freddie Mac to support their ongoing stability. Announcement; Freddie Mac Amendment; Fannie Mae Amendment  12/28/09

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and among Centrue Financial Corporation, Clayton, MO, a registered bank holding company, Centrue Bank, Streator, IL, a state chartered member bank, the Federal Reserve Bank of Chicago, and the Illinois Department of Financial and Professional Regulation, Division of Banking. Agreement  12/28/09

FRB Publishes Final Rule in FR for Home Mortgage Disclosure

The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure) to reflect no change in the asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW). The exemption threshold remains $39 million. The CPIW decreased by 0.98 percent during the twelve-month period ending in November 2009, but this change is too small to warrant any reduction in the exemption threshold pursuant to Regulation C; therefore, depository institutions with assets of $39 million or less as of December 31, 2009, are exempt from collecting data in 2010. TXT; PDF  12/28/09

December Reporting Forms Information Issued

The FFIEC has issued and posted online information for the December 2009 009 and 009a Reporting Forms.009 Form;
009 Instructions;
009a Form;
009a Instructions   12/24/09

Extra Credit Report Cost Reduction; Mortgage Scam Charges

The FTC has announced that it is lowering from $11 to $10.50 the maximum amount that consumer reporting agencies are allowed to charge consumers for an extra copy of their credit report, and that three more defendants have been charged with promoting phony mortgage relief services.FTC   12/24/09

TIAC 2010 Officers and Members Announced

The FRB has announced that five new members named to the Thrift Institutions Advisory Council and a new president and vice president have been named for 2010.
TIAC   12/24/09

Survey of Terms of Business Lending Released

The E.2 Survey of Terms of Business Lending for November 2-6, 2009, has been released by the FRB.E.2   12/24/09

FDIC Quarterly released

The FDIC announced its release of the current issued of the FDIC Quarterly, which includes a feature article that highlights findings from the 2009 Summary of Deposits, an annual survey of bank and thrift deposits. The article reports on national trends in domestic deposits and banking offices and also presents some information by state, metropolitan area, and institution. FDIC Quarterly  12/24/09

Treasury receives $45B in TARP repayments

Treasury announced that it had received repayments on its Troubled Asset Relief Program (TARP) investments in Wells Fargo and Citigroup in the sum of $45 billion, bringing the total amount of repaid TARP funds to $164 billion. Wells Fargo repaid $25 billion under the Capital Purchase Program (CPP) and Citigroup repaid $20 billion under the Targeted Investment Program (TIP), both of which will wind down at the end of this year. Treasury now estimates that total bank repayments should exceed $175 billion by the end of 2010, cutting total taxpayer exposure to the banks by three-quarters. TARP Announcement  12/24/09

Iraq Insurgent Group Added To OFAC List

Treasury has designated the Iraq-based insurgent group Jaysh Rijal al-Tariq al-Naqshabandi (JRTN) and added its name to the SDN List for threatening the peace and stabilization efforts in Iraq. Information regarding the group has been posted on the BOL OFAC Page.  12/23/09

$217,000 OFAC CMP

Lloyds TSB Bank, plc has agreed to pay $217,000 to settle allegations of violations of the OFAC Iranian Transactions Regulations, the Sudanese Sanctions Regulations, and the now repealed Libyan Sanctions Regulations.Lloyds  12/23/09

CRA Asset-Size Threshold Adjustments

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 CRA regulations have been announced by the federal bank regulatory agencies.Adjustments;
FRB PR;
FDIC PR;
OCC NR;
OTS PR;
FFIEC PR  12/23/09

Risk-Based Pricing Notices Final Rules

The FRB and FTC have announced final rules that generally require a creditor to provide a consumer with a notice when, based on the consumer's credit report, the creditor provides credit to the consumer on less favorable terms than it provides to other consumers. The final rules are effective January 1, 2011.
Final Rules;  
FRB PR;   
FTC NR  12/23/09

Reg C Annual Asset-Size Exemption Threshold

The annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), has been published by the FRB.Threshold  12/23/09

Community Bank Directors Workshop

The OCC will host a workshop for directors of nationally chartered community banks in San Diego, at the Hyatt Regency Mission Bay, February 1-3, 2010. Online registration is available.  Agenda;  Registration  12/23/09

Financial Reporting Bulletin

The December 2009 issue of the Financial Reporting Bulletin has been published by OTS.
Bulletin  12/23/09

Reserve Position Update

Treasury has updated the U.S. International Reserve Position Report with data current as of December 18, 2009.Report  12/22/09

Mortgage Metrics Report Released

The OCC and OTS have released the Mortgage Metrics Report for Third Quarter 2009.
Report;
OCC NR  12/22/09

Fed Informs Atlanta Zone of Closing Plans

In a December 17 memo, depository institutions in the Atlanta check processing zone learned the date on which the Fed plans to complete its consolidation of check processing at the Federal Reserve Bank of Cleveland. The Atlanta office will no longer accept paper checks for processing aft 12:01 a.m. on Friday, February 26, 2010. Depositary banks throughout the country can expect that the Federal Reserve Board will update Appendix A to Regulation CC to effectively eliminate the non-local check category effective on February 27. Announcement   12/21/09

Enforcement Actions Released

The OCC has released the list of Enforcement Actions recently taken against national banks and individuals currently and formerly affiliated with national banks. The Actions include a $1,000 CMP issued for Flood violations which has been posted on the BOL Flood Penalties Watch Page. List 12/21/09

Reg DD Exam Procedures Updated

The FRB has issued a Consumer Affairs Letter (CA) and OTS a CEO Letter and a Regulatory Bulletin regarding updated examination procedures for Regulation DD (Truth in Savings). CA Letter;
CEO Letter;
Regulatory Bulletin;
Reg DD Checklist 12/21/09

Commercial Bank Manual Updated

The semi-annual update of the Commercial Bank Supervision Manual has been published by the FRB.
Full Manual;
By Section 12/21/09

FinCEN Updates North Korean Advisory

An additional North Korean bank has been added by FinCEN to previously issued guidance regarding the involvement by Democratic People's Republic of Korea (North Korea) government agencies and front companies in illicit activities. The original guidance was posted in the June 19, 2009 BOL Top Stories.
Update 12/21/09

OCC Annual Report

The OCC has published its 2009 Annual Report regarding the regulators finances, management, and consumer protection activities along with its effort to restore safety and soundness to the financial system.
Report 12/21/09

Ag Finance Databook Updated

The FRB has released the December 2009 update to the E.15 Agricultural Finance Databook.
E.15 12/21/09

Third Quarter Household Ratios Released

The Household Debt Service and Financial Obligations Ratios for the third quarter 2009 have been released by the FRB.
Ratios 12/21/09

Derivatives Credit Exposures Decline

The OCC's Quarterly Report on Bank Trading and Derivatives Activities indicates the credit risk in bank trading activities continued to decline in the third quarter of 2009.
Report 12/21/09

Counterfeit Checks Special Alert

A Special Alert has been issued by the FDIC regarding counterfeit bank checks bearing the name of American Savings, FSB, Munster, Indiana. Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  12/18/09

$135,000 Flood CMP

The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $135,000 against Regions Bank, Birmingham, AL, in connection with its alleged violations of the Board's regulations implementing the National Flood Insurance Act. Information regarding the CMP has been posted on the Flood Penalties Watch page.  12/18/09

FFIEC Issues Reverse Mortgage Products Guidance

The Federal Financial Institutions Examination Council (FFIEC) has released proposed guidance today on reverse mortgage products which is designed to help financial institutions ensure that their risk management and consumer protection practices adequately address the compliance and reputation risks raised by reverse mortgage lending. Guidance  12/18/09

BSA Interagency Guidance Issued

The federal banking agencies have issued a guidance corresponding to the release of a Basel Committee on Banking Supervision (BCBS) publication addressing transparency in cross-border payment messages. Guidance; BCBS; OCC Bulletin; FDIC FIL; FRB SA Letter   12/18/09

BHC Change Control Letter

A letter has been published by the FRB regarding a legal interpretation advising a BHC that it would not be deemed to control an entity under the Bank Holding Company Act, as amended, if the transactions described in the letter are conducted according to certain conditions described in the letter and related correspondence. Letter  12/18/09

Winter Issue Supervisory Insights

The FDIC has published the 2009 Winter issue of Supervisory Insights, which features an article that focuses on the critical need for banks to have strong, effective interest-rate risk (IRR) management programs that help mitigate excessive exposure. Insights; FDIC FIL  12/18/09

Regulators Encourage Basel Comments

The U.S. Federal financial institution regulators are encouraging comments on the recently released new proposals from the Basel Committee on Banking Supervision that aim to strengthen the resiliency of the banking sector through new capital and liquidity standards. Proposals; OCC NR; FRB PR; FDIC PR; OTS CEO   12/18/09

2010 CAC Members Named

Ten new members have been named to the FRB Consumer Advisory Council for three-year terms and a new Chair and Vice Chair of the Council have been designated for 2010. CAC   12/18/09

Reserve Position Update

The U.S. International Reserve Position Report has been updated with data current as of December 11, 2009. Report  12/18/09

FinCEN Annual Report

FinCEN has published its 2009 Annual Report. Report  12/18/09

NCU Board Meeting Results

The results of the December 17, 2009, meeting of the NCUA Board have been released. Results  12/18/09

HUD Revises Settlement Costs Booklet

HUD posted its revised settlement costs booklet, Shopping for Your Home Loan, on its site this morning. Lenders are required by 3500.6 of HUD's Regulation X to provide a copy of the booklet to any person from whom the lender receives, or for whom the lender prepares, a written application for a federally related mortgage loan. The regulation calls for HUD to publish the revised booklet in the Federal Register. Booklet   12/17/09

$536M OFAC Penalty Announced

The largest penalty in the history of OFAC, a $536 million global settlement with Credit Suisse AG, has been announced by OFAC, the Department of Justice and the New York County District Attorney's Office. The penalty results from the processing of thousands of transactions over a 20-year period that concealed the involvement of sanctioned parties and the routing of wire transfers and securities transactions to and through the United States. The FRB also announced the issuance of a consent Order to Cease and Desist against Credit Suisse AG. Penalty; Order  12/17/09

CRA Ratings Released

The OCC has released the ratings received by twenty-five national banks that were recently examined for compliance with the CRA. Ratings  12/17/09

January 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, 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  12/17/09

FOMC Maintains Fed Funds Rates

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  12/17/09

Regulatory Capital Rule Finalized

The FDIC has announced that it has finalized a final rule to better align regulatory capital requirements with the actual risks of certain exposures relating to the Financial Accounting Standards Board's adoption of Statements of Financial Accounting Standards Nos. 166 and 167. Rule  12/17/09

Reverse Mortgage Guidance

A CEO Letter has been issued by the OTS regarding proposed reverse mortgage guidance. Letter  12/17/09

314(a) Fact Sheet Updated

The FinCEN has updated the 314(a) Fact Sheet with date current as of December 15, 2009. 314(a)
  12/17/09

Counterfeit Checks and Drafts Special Alerts

The FDIC has issued seven Special Alerts regarding counterfeit checks and drafts bearing the name of the following entities:

• The Palmetto Bank, Laurens, SC (Counterfeit Official Checks);
• Central Bancompany, Jefferson City, MO (Counterfeit Missouri Department of Revenue Checks);
• Summit Bank, Prescott, AZ(Counterfeit Checks);
• Cherokee Bank, National Association, Canton, GA (Counterfeit Cashier's Checks);
• The Bank of Currituck, Moyock, NC (Counterfeit Cashier's Checks);
• Texas Champion Bank, Alice, TX (Counterfeit Cashier's Checks);
• Rolfe State Bank, Rolfe, IA (Counterfeit Certified Bank Drafts).

Information concerning the counterfeit items has been posted on the Alerts & Counterfeits page.  12/16/09

Cartel Members Added to OFAC List

OFAC has designated two Mexican nationals, one Colombian national, two Mexican companies and two Colombian companies as Specially Designated Narcotics Traffickers (SDNTs) for providing material support to the drug trafficking activities of the Sinaloa Cartel and added their names to the SDN List. Information regarding the individuals and the companies has been posted on the OFAC page.  12/16/09

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and among 1st Pacific Bancorp, a registered bank holding company, 1st Pacific Bank of California, a state member bank, both of San Diego, CA, and the Federal Reserve Bank of San Francisco. Agreement  12/16/09

FDIC Approves ANPR Safe Harbor

The FDIC Board has approved an Advance Notice of Proposed Rulemaking (ANPR) Regarding Safe Harbor Protection for Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation. ANPR  12/16/09

Dugan Issues Securitizations Rulemaking Statement

At a meeting of the board of the FDIC, Comptroller Dugan issued a statement regarding the ANPR on Securitizations. Statement  12/16/09

December FedFlash

The December, 2009, issue of FedFlash is available online and features articles regarding the price change for Fed Funds Checks Service, NOI cash letter requirements, the Check Adjustment Webinar Series, Special Order Presidential $1 coins, new FedReceipt RTNs, and new methods to boost retirement savings. FedFlash  12/16/09

Credit Auction Results

The results of auction of $75 billion in 28-day credit held on December 14, 2009, have been announced by the Federal Reserve. Auction  12/16/09

Financial Literacy Campaign Announced

The OCC has announced it plans to launch in partnership with Univision, the nation's largest Spanish-language media company, a consumer financial education campaign for U.S. Hispanic consumers. Campaign  12/16/09

October TIC Data Released

The Treasury has released the Treasury International Capital (TIC) data for October, 2009. TIC  12/16/09

Production and Capacity Report

The G. 17 Industrial Production and Capacity Utilization Report for November, 2009, has been published by the Federal Reserve. G.17  12/16/09

Cost of Funds Reports Update

The OTS has issued updated Current and Historical Cost of Funds reports. Historical; Current  12/16/09

TCF Warrants Offered

The Treasury has announced that it has commenced a secondary public offering of approximately 3,199,988 warrants to purchase the common stock of TCF Financial Corporation. Warrants  12/15/09

Change in Control Exemption Granted

A letter has been released by the FRB granting an exemption under its advanced capital adequacy framework for bank holding companies to permit an applicant to extend its first floor period start date by one year. Letter  12/15/09

HUD Proposes Rulemaking for SAFE Mortgage Licensing Act

HUD published proposed rules covering its responsibilities under the SAFE Mortgage Licensing Act.TXT; PDF  12/15/09

Three Banks Closed Deposits Assumed

The following banks have been closed by their primary regulator:

1. Republic Federal Bank, National Association, Miami, FL, by the Office of the OCC; the FDIC as receiver entered into a purchase and assumption agreement with 1st United Bank, Boca Raton, FL, to assume all of the deposits;
2. Valley Capital Bank, National Association, Mesa, AZ, by the Office of the OCC; the FDIC as receiver entered into a purchase and assumption agreement with Enterprise Bank & Trust, Clayton, MO, to assume all of the deposits;
3. SolutionsBank, Overland Park, KS, the Office of the State Bank Commissioner of Kansas; the FDIC as receiver entered into a purchase and assumption agreement with Arvest Bank, Fayetteville, AR, to assume all of the deposits.

Republic; Valley; SolutionsBank  12/14/09

Written Agreement Executed

The execution of a Written Agreement by and between First Mariner Bancorp, Baltimore, MD a registered bank holding company, and the Federal Reserve Bank of Richmond has been announced by the FRB. Agreement   12/14/09

Bair Discusses BOA Acquisition of ML

In testimony before the House Committee on Oversight and Government Reform and the Subcommittee on Domestic Policy, Chairman Bair presented testimony on the FDIC's role in the decision to provide assistance to Bank of America to acquire Merrill Lynch. Testimony  12/14/09

Warrants Public Offering Prices Announced

The Treasury has announced the pricing of a secondary public offering of 88,401,697 warrants to purchase common stock of JPMorgan Chase & Co. Pricing  12/14/09

BSA E-Filing Error Codes

FinCEN has announced that the BSA Electronic Filing Requirements have been revised to include the SAR Acknowledgment file record formats and SAR Validation error codes for correcting errors in electronically batch-filed suspicious activity reports. Codes  12/11/09

MSB Registration List Updated

The FinCEN has updated the MSB Registration List with data current as of November 17, 2009. List  12/11/09

Geithner Testifies

Secretary Geithner presented written testimony regarding current U.S. financial and economic conditions to the Congressional Oversight Panel. Testimony  12/11/09

December 2009 FedFocus

The December, 2009, issue of FedFocus has been posted online and features articles regarding the upgrading of the technology platform for delivering FedCash® Services. FedFocus  12/11/09

MHA Data Released

The latest monthly report for the Making Home Affordable (MHA) loan modification program has been released. Monthly Report  12/11/09

Treasury to Release Data

The Treasury has announced that will increase public access to data on tax returns, more user friendly information on transactions under the Troubled Asset Relief Program (TARP), and a new report on bank trading and derivatives. Data  12/10/09

Community Bank Directors Miami Workshop Information

The OCC has released registration and agenda information regarding the workshops for directors of nationally chartered community banks to be held in Miami, at the Hyatt Regency Coral Gables, on January 12-13, 2010. Agendas; Registration  12/10/09

Third Quarter State Profiles

The FDIC has released the Third Quarter 2009 State Profiles, the quarterly data sheet summation of banking and economic conditions in each state. Profiles  12/10/09

Written Agreement with Iowa BHC

The FRB has announced the execution of a Written Agreement by and between River Valley Bancorp, Inc., Davenport, IA, a registered bank holding company, and the Federal Reserve Bank of Chicago. Agreement  12/09/09

Free Brokered Deposits Telephone Seminar

A FIL has been issued by the FDIC announcing a free telephone seminar for financial institution officers and employees to discuss issues related to brokered deposits and the interest-rate restrictions to be held on December 10, 2009, at 2:00 p.m. EST. FIL  12/09/09

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

This final rule amends Regulation A to provide a process by which the Federal Reserve Bank of New York may determine the eligibility of credit rating agencies in the Term Asset-backed Securities Loan Facility. The final rule does not apply to discount window lending or other extensions of credit provided by the Federal Reserve System. In addition, the final rule only applies to asset-backed securities that are not backed by commercial real estate. The amendment does not represent a change in the stance of monetary policy. TXT; PDF  12/09/09

NCUA Proposes Rulemaking for Corporate Credit Unions

NCUA is issuing proposed amendments to its rule governing corporate credit unions contained in part 704. The major revisions involve corporate credit union capital, investments, asset-liability management, governance, and credit union service organization (CUSO) activities. The amendments would establish a new capital scheme, including risk-based capital requirements; impose new prompt corrective action requirements; place various new limits on corporate investments; impose new asset-liability management controls; amend some corporate governance provisions; and limit a corporate CUSO to categories of services preapproved by NCUA. TXT; PDF  12/09/09

JPMorgan Chase Public Offering

The Treasury has announced that it has commenced a secondary public offering of approximately 88,401,697 warrants to purchase the common stock of JPMorgan Chase & Co. Offering  12/09/09

Reserve Position Update

The U.S. International Reserve Position Report has been updated by the Treasury with data current as of December 4, 2009. Report  12/08/09

Written Agreement Announced

The execution of a consent Cease and Desist Order by and among Pierce County Bancorp, Tacoma, WA, a registered bank holding company, Pierce Commercial Bank, a state chartered member bank, the Federal Reserve Board, and the Washington State Department of Financial Institutions has been announced by the FRB. Agreement  12/08/09

Mortgage Loan Modifications and Reg B CA Letter

A Consumer Affairs (CA) letter has been issued by the FRB to address questions received from consumer compliance examiners regarding whether adverse action notices under Regulation B (Equal Credit Opportunity) are required for mortgage loan modification declinations, including those made pursuant to Treasury's Making Home Affordable Modification Program ("HAMP"). CA Letter  12/08/09

Community Bank Directors Workshops 2010 Schedule

The schedule for the 2010 Community Bank Directors Workshops has been announced by the OCC. Schedule  12/08/09

Financial Holding Company List

The FRB has updated the list of bank holding companies that have elected to become or be treated as financial holding companies as of November 7, 2009. List  12/08/09

Consumer Credit Report

The October 2009 G. 19 Consumer Credit Report has been released by the FRB. G.19  12/08/09

Six Banks Closed: All Deposits Assumed

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

1. Buckhead Community Bank, Atlanta, GA, was closed today by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, GA, to assume all of the deposits;
2. First Security National Bank, Norcross, GA, was closed today by the OCC; the FDIC as receive entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, GA, to assume all of the deposits;
3. Tattnall Bank, Reidsville, GA, was closed today by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with HeritageBank of the South, Albany, GA, to assume all of the deposits;
4. AmTrust Bank, Cleveland, OH, was closed today by the OTS; the FDIC) as receiver entered into a purchase and assumption agreement with New York Community Bank, Westbury, NY, to assume all of the deposits;
5. Benchmark Bank, Aurora, IL, was closed today by the Illinois Department of Financial and Professional Regulation; the FDIC as receiver entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, IL, to assume all of the deposits;
6. Greater Atlantic Bank, Reston, VA, was closed today by the OTS; the FDIC as receiver entered into a purchase and assumption agreement with Sonabank, McLean, VA, to assume all of the deposits.

Buckhead; First Security; Tattnall; AmTrust; Benchmark; Greater Atlantic  12/07/09

BSA E-Filing SAR Reminder

The second phase of the BSA E-Filing SAR Acknowledgements and Validation process will be implemented by FinCEN on December 12, 2009. Phase II applies data quality checks and will provide filers with information on the quality of their submissions for electronically filed SARs of all types including Suspicious Activity Report by Depository Institutions (SAR-DI) and Suspicious Activity Report by Money Services Businesses (SAR-MSB). SAR Filing  12/07/09

Treasury Publishes Corection to Interim Final Rule in FR

One correction is to the preamble of an interim final rule that was published in the Federal Register on Monday, June 15, 2009 (74 FR 28394), relating to certain standards for compensation and corporate governance applicable to financial institutions receiving funds under the Troubled Assets Relief Program (TARP). The rule relates to certain standards for compensation and corporate governance applicable to financial institutions receiving funds under the Troubled Asset Relief Program (TARP). Preamble (TXT); Preamble (PDF);    Rule (TXT); Rule (PDF)  12/07/09

CRA Ratings Released

The ratings received by state non-member banks recently evaluated for compliance with the Community Reinvestment Act (CRA) has been released by the FDIC. Ratings  12/07/09

Interest Rate Restrictions FIL Issued

The FDIC has issued a FIL and Q&A regarding process for determining if an institution that is subject to interest-rate restrictions is operating in a high-rate area. FIL; Q&A  12/07/09

Warrant Public Auction Pricing

The pricing of the public offering of warrants to purchase common stock of Capital One Financial Corporation has been announced by the Treasury. Pricing  12/07/09

ABS Credit Rating Final Rule

The FRB has announced the adoption of a final rule that would establish criteria to be used by the Federal Reserve Bank of New York to determine the eligibility of credit agencies to issue credit ratings on asset-backed securities (ABS). Final Rule  12/07/09

Counterfeit Checks and Money Orders Special Alerts

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

• Crescent State Bank, Cary, North Carolina (Counterfeit Cashier's Checks);
• American Momentum Bank, Tampa, FL (Counterfeit Cashier's Checks);
• Country Bank for Savings, Ware, MA (Counterfeit Personal Money Orders);
• Plattsmouth State Bank, Plattsmouth, NE(Counterfeit Cashier's Checks); and
• LegacyTexas Bank, Plano, TX (Counterfeit Cashier's Checks).

Information regarding the counterfeit items has been posted on the Alerts & Counterfeits page.  12/04/09

Mexican Drug Kingpin Associates Added to OFAC List

Pursuant to the provisions of the Foreign Narcotics Kingpin Designation Act (Kingpin Act), OFAC has designated 22 individuals and 10 companies as Specially Designated Narcotics Traffickers (SDNTs) for their ties to the Mexico-based Beltran Leyva Organization and added their names to the SDN List. Information regarding the new designates has been posted on the OFAC page.  12/04/09

Order of Prohibition and $75,000 CMP

The FRB has announced the issuance of a combined Consent Order of Prohibition and Order of Assessment of a Civil Money Penalty (CMP) of $75,000 against Francesco Rusciano, a former institution-affiliated party of UBS AG, Zurich, Switzerland. Order  12/04/09

CMP Enforcement Regulatory Bulletin

The OTS has issued a Regulatory Bulletin containing a new general CMP matrix form and instructions identifying the factors considered in deciding whether a CMP should be imposed, and if so, in what amount. Bulletin   12/04/09

Fraudulent FDIC Correspondence Special Alert

The FDIC has issued a Special Alert reminding financial institutions, businesses and consumers that fraudulent correspondence claiming to be from the FDIC continues to be mailed, faxed and e-mailed in the United States and other countries. Alert  12/04/09

Financial Education Awards Announced

The recipients of the FDIC Chairman's Award for Innovation in Financial Education which recognizes excellence and innovation in financial education, and also highlights potentially replicable best practices have been announced. Awards  12/04/09

CRA Ratings Released

The OTS has released the ratings received by savings associations recently examined for compliance with the provisions of the CRA. Ratings  12/03/09

Written Agreement

The execution of a Written Agreement by and between Ohio State Bancshares, Inc., Marion, OH, a registered bank holding company, and the Federal Reserve Bank of Cleveland has been announced by the FRB. Agreement  12/03/09

NCUA Publishes Final Rule in FR for National Credit Union Share Insurance Fund Premium and One Percent Deposit

Section 741.4 of NCUA's rules describes the procedures for the capitalization and maintenance of the National Credit Union Share Insurance Fund (NCUSIF). The final rule also adds Appendix A to Part 741, which repeats various examples of the application of Sec. 741.4, as discussed in the preamble to the proposed rule. TXT; PDF  12/03/09

Beige Book

The December 2, 2009 issue of the Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts based on information collected on or before November 20, 2009, has been published. Summary; Full Report  12/03/09

Unbanked Survey Results Released

The FDIC has released the findings of its National Survey of Unbanked and Underbanked Households which reveals that more than one quarter of all households in the United States are unbanked or underbanked. Summar; Full Results  12/03/09

Risk-Based Capital - Modified Mortgages Final Rule Bulletin

A bulletin has been issued by the OCC regarding the previously announced final rule concerning the risk-based capital treatment for one-to-four family residential mortgages modified under the U.S. Treasury Department's Home Affordable Mortgage Program.Information regarding the final rule was posted in the November 20, 2009 Top Stories. Bulletin  12/03/09

New Electronic Interpretations and Actions

The OCC has announced the November, 2009, New Electronic Interpretations and Actions. New  12/03/09

Directive Announced

The FRB has announced the issuance of a consent Prompt Corrective Action Directive against Bank of Illinois, Normal, IL. Directive  12/02/09

OCC 2010 Fee Structure

The OCC has issued a bulletin containing its 2010 Fee Structure. Bulletin  12/02/09

Written Agreement

The execution of a Written Agreement between Commercial Bancshares, Inc., Bloomington, MN, a registered bank holding company, and the Federal Reserve Bank of Minneapolis, has been announced by the FRB. Agreement  12/02/09

314(a) Fact Sheet

FinCEN has updated the 314(a) Fact Sheet with data current as of December 1, 2009. 314(a)  12/02/09

Treasury Announces Capital One Warrants Offering

A secondary public offering at auction of approximately 12,657,960 warrants to purchase the common stock of Capital One Financial Corporation has been announced by the Treasury. The auction will commence on December 3, 2009, at 8 a.m., Eastern Time, and will close at 6:30 p.m. Offering; Auction  12/02/09

Discount Rate Meetings Minutes

The FRB released the minutes of its discount rate meetings on October 13 and November 2, 2009. Minutes  12/02/09

Credit Auction Results

The results of the auction of $25 billion in 42-day credit through its Term Auction Facility have released by the Treasury. Results  12/02/09

Exchange Rates Report

The G.5 Foreign Exchange Rates Report for November, 2009, has been released by the FRB. G.5.  12/02/09

Reserve Position Updated

The Treasury has updated the U.S. International Reserve position Report with data current as of November 27, 2009. Report  12/02/09

CRA Exam Schedules

The OCC and FDIC have released their schedules of Community Reinvestment Act (CRA) examinations to be conducted in the first quarter of 2010. OCC; FDIC  12/01/09

CU Closed

The NCUA has placed the Fairfield County Ohio Federal Employees Federal Credit Union of Lancaster, OH, into liquidation. Fairfield  12/01/09

2008 FFIEC HMDA Reports Errors

Errors have been discovered in some of the FFIEC HMDA Reports for 2008 regarding National Aggregates, MSA Aggregates and Institution Disclosure Statements which were posted to the FFIEC website on September 30, 2009. Errors  12/01/09

Commercial RE Loan Workouts Phone Seminar

A free interagency telephone seminar on the Policy Statement on Prudent Commercial Real Estate Loan Workouts (Workout Guidance) will be hosted by the federal financial institution regulatory agencies on Thursday, December 3, 2009, at 2:00 p.m. EST. Participants may submit questions in advance. Seminar  12/01/09

Joint Agencies Publish Final Rule in FR for Final Model Privacy Form under Gramm“Leach“Bliley Act

The OCC, Board, FDIC, OTS, NCUA, FTC, CFTC, and SEC (the "Agencies") are publishing final amendments to their rules that implement the privacy provisions of Subtitle A of Title V of the Gramm-Leach-Bliley Act ("GLB Act"). These rules require financial institutions to provide initial and annual privacy notices to their customers. Pursuant to Section 728 of the Financial Services Regulatory Relief Act of 2006 ("Regulatory Relief Act"), the Agencies are adopting a model privacy form that financial institutions may rely on as a safe harbor to provide disclosures under the privacy rules. In addition, the Agencies other than the SEC are eliminating the safe harbor permitted for notices based on the Sample Clauses currently contained in the privacy rules if the notice is provided after December 31, 2010. Similarly, the SEC is eliminating the guidance associated with the use of notices based on the Sample Clauses in its privacy rule if the notice is provided after December 31, 2010. TXT  12/01/09

FRB Publishes Final Rule in FR for Prohibition on Funding of Unlawful Internet Gambling: Extension of Compliance Date

This document is published jointly by the Board of Governors of the Federal Reserve System ("Board") and Departmental Offices, Department of the Treasury ("Treasury") (collectively, the "Agencies") to extend the compliance date for the final regulation implementing applicable provisions of the Unlawful Internet Gambling Enforcement Act of 2006 (the "Act").\1\ The final regulation requires non-exempt participants in designated payment systems to establish and implement written policies and procedures that are reasonably designed to identify and block or otherwise prevent or prohibit unlawful Internet gambling transactions restricted by the Act. In extending the compliance date, the Agencies have consulted with the Department of Justice, as required by the Act. TXT  12/01/09