Top Story Compliance Related

The Office of the Comptroller of the Currency has released the ratings received by 36 national banks and savings associations recently evaluated for Community Reinvestment Act compliance. Eight were rated outstanding and 28 received satisfactory ratings. The agency also announced its third quarter 2014 CRA evaluation schedule.

The OCC has issued requests for nominations for members of its Mutual Savings Association and Minority Depository Institutions advisory committees.

The Office of the Comptroller of the Currency has released the ratings received by 36 national banks and savings associations recently evaluated for Community Reinvestment Act compliance. Eight were rated outstanding and 28 received satisfactory ratings. The agency also announced its third quarter 2014 CRA evaluation schedule.

The OCC has issued requests for nominations for members of its Mutual Savings Association and Minority Depository Institutions advisory committees.

• FACT Act Rules Reminder

  The new FACT Act Medical Information rules take effect on April 1. FACT Act  3/31/06

• Swiss Entities Added To OFAC List

  Treasury has added a Swiss company and individual to the SDN list with the designation NPWMD for supporting North Korean WMD proliferation. Information regarding the company and the individual has been posted on the BOL OFAC page.  3/31/06

• Basel II Risk-Based Capital Requirements NPR Issued

  An NPR that would implement Basel II risk-based capital requirements in the United States for large, internationally active banking organizations has been issued by the FRB. The proposed rule requires the largest internationally active banks to enhance the measurement and management of their risks, to have rigorous processes for assessing overall capital adequacy in relation to their total risk profile, and to publicly disclose information regarding their risk profile and capital adequacy. Basel II NPR  3/31/06

• OCC Counsel Calls For Improved Consumer Financial Disclosures

  In a presentation to the attendees at the University of North Carolina School of Law 2006 Banking Institute, Chief Counsel and First Senior Deputy Comptroller Williams called for more effective consumer-oriented disclosures in the financial services business as a vital part of consumer protection. Speech  3/31/06

• TCPA and the Junk Fax Prevention Act Examination Procedures Announced

  The OCC has issued a Bulletin that contains information regarding the procedures that examiners will follow when conducting examinations for compliance with the TCPA and the Junk Fax Prevention Act. Bulletin; Examination Procedures; Examiner Worksheet  3/31/06

• CAN-SPAN Bulletin Issued

  A Bulletin has been issued by the OCC that contains information regarding the procedures that examiners will follow when conducting examinations for compliance with CAN-SPAM. Bulletin; Examination Procedures; Examiner Worksheet  3/31/06

• USA PATRIOT Act Foreign Account Compliance Date Extended

  FinCEN has announced a ninety-day extension of the compliance date for special due diligence programs for certain foreign accounts maintained by U.S. financial institutions. Extension  3/31/06

• Disaster Relief Grant Application Deadline Extended

  NCUA announced the extension of the application deadline for the CDRLF disaster relief grants from March 31, 2006 to September 30, 2006. Deadline  3/31/06

• Unauthorized Banking Alerts List Updated

  The OCC has issued a list of unauthorized offshore and domestic banking activities named in OCC alerts from the year 1996 to March 28, 2006, as an aid in the search for problem entities. Alerts List  3/30/06

• Financial Management Seminar Information Announced

  OTS has announced the dates and registration information of the four OTS Midwest Region Financial Management Seminars to be held during the month of June 2006 in New Orleans, Kansas City, Milwaukee, and Dallas. Seminars  3/30/06

• Interest Rate Risk Reports Issued

  OTS has issued the Interest Rate Risk Measures Final Report and the Aggregate Exposure and CMR Report for the Fourth Quarter 2005. Interest Rate Risk; Aggregate Exposure  3/30/06

• FEDS Working Papers Published

  Two working papers in the FEDS series have been published by the FRB on the topics of Real-time Model Uncertainty in the United States: The Fed from 1996-2003 and Incentives and Prices for Motor Vehicles: What Has Been Happening in Recent Years? Real-time Abstract; Real-time Full Paper; Incentives Abstract; Incentives Full Paper  3/30/06

• Gulf Coast Recovery Savings Bonds Available

  Treasury has designated Series I inflation-indexed savings bonds purchased through financial institutions as "Gulf Coast Recovery Bonds" to help encourage public support for the ongoing recovery and rebuilding efforts in those areas devastated by Hurricanes Katrina, Rita and Wilma. Beginning March 29, 2006, through December 2006 paper Series I saving bonds will be specially inscribed with the legend "Gulf Coast Recovery Bond." Bonds  3/30/06

• Lending In Indian Country Featured In Insights

  The OCC has published the March 2006 issue of Community Developments Insights which contains a report, "Commercial Lending in Indian Country: Potential Opportunities in an Untapped Market," that highlights best practices for banks making commercial loans on tribal trust lands as well as to tribes and tribal enterprises. Insights  3/30/06

• Deposit Insurance Changes Detailed in FIL

  A FIL has been issued by the FDIC regarding the recent changes to FDIC insurance coverage of certain accounts. The FDIC has adopted interim final rules, which take effect on April 1, 2006, to implement provisions of the Federal Deposit Insurance Reform Act of 2005. An attachment to the FIL provides details about the insurance coverage changes implemented by the rules; information about official FDIC signage; information about a special bulletin and statement stuffers; and the FDIC's plans to update its insurance coverage resources. FIL; Attachment; Bulletin; Stuffers  3/29/06

• Deposit Items Drawn On Canadian Institutions To Be Separated

  Beginning May 1, 2006, FRB Financial Services will require all items deposited which are drawn on Canadian institutions to be separated from U.S. and other foreign deposits and be presented in a separate cash letter. Canadian Deposits  3/29/06

• Counterfeit Cashier's Checks Special Alerts Issued

  Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Stockton Bank, Austin, Texas, and First Security Bank of Conway, Conway, Arkansas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/29/06

• March 2006 Fed Focus Published

  FRB Financial Services has published the March 2006 issue of FedFocus which features articles on risk management including ways in which corporations are discovering more efficient and effective ways to use operational insights to help mitigate risk and risk exposure; upcoming service enhancements; industry trends; and also includes a review of the new FedACH Risk Origination Monitoring Service. FedFocus.  3/29/06

• 2006 TFR Instruction Manual Published

  OTS has published the March 2006 TFR Instruction Manual which contains 348 pages. Manual.  3/29/06

• March 2006 Financial Reporting Bulletin Released

  The March 2006 issue of the Financial Reporting Bulletin has been released by OTS. Bulletin.  3/29/06

• Fed Raises Rates

  The target for the federal funds rate has been raised by 25 basis points to 4-3/4 percent by the FOMC. A 25-basis-point increase in the discount rate to 5-3/4 percent was also approved. Rates.  3/29/06

• Receivables Report Released

  The G.20 Finance Companies Owned and Managed Receivables Outstanding Report for January 2006 has been released by the FRB. G.20.  3/29/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the inclusion of data as of March 24, 2006. Reserve Position.  3/29/06

• Four Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on Woronoco Savings Bank, Westfield, Massachusetts; Redding Bank, Austin, Texas; Heritage Bank, Austin, Texas; and Brookline Savings Bank, Brookline, Massachusetts. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/28/06

• FRB Launches Kids Page

  A new Web page designed to educate middle school students about the Federal Reserve System has been launched by the FRB. The new Federal Reserve Kids Page utilizes a user-friendly, question-and-answer format to ensure easy navigation and features information about the history, structure, and primary functions of the Federal Reserve; the structure of FOMC; and a kids quiz. Kids Page   3/28/06

• Casino BSA Violations Result In $2.5 Million CMPs

  FinCEN has announced the consent to the assessment of civil money penalties, in the amounts of $1.5 million and $1 million, respectively against Edward E. Street and the Tonkawa Tribe of Oklahoma. FinCEN Director Warner noted the case involved the absence of an adequate anti-money laundering program, the use of fictitious social security numbers for customer identification, an unreported deposit of $300,000 in cash from a duffel bag, and other suspicious transactions. The actions represent the first enforcement actions against an individual and a tribe for violations under the casino provisions of the BSA. CMP http://www.fincen.gov/tonkawa.pdf.   3/27/06

• Four Quarter Thrift Charge-Of Rates Released

  OTS has released the charge-off rates for thrifts during the fourth quarter 2005. Charge-Of Rates  3/27/06

• Five Counterfeit Checks Special Alerts Issued

  The FDIC has issued five Special Alerts regarding a) counterfeit checks drawn on Farmers State Bank, Booneville, Kentucky; and b) counterfeit cashier's checks drawn on Mountain National Bank, Sevierville, Tennessee; Clinton Savings Bank, Clinton, Massachusetts; TeamBank, N.A., Paola, Kansas; Mid-Wisconsin Bank, Medford, Wisconsin. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   3/24/06

• Hizballah Media Added To OFAC List

  Treasury has designated, pursuant to Executive Order 13224, the parent company of a satellite television operation and a radio station owned or controlled by the Iran-funded Hizballah terrorist network and added each of the entities to the OFAC SDN List as SDGTs. Information regarding the entities has been posted on the BOL OFAC page.   3/24/06

• Order Of Prohibition Issued Against Former Georgia Banker

  As a result of an action brought by the OCC, the FRB has issued a Final Decision and Order of Prohibition against Oyeacholem Moseri, a former employee of First North American National Bank, Kenneshaw, Georgia. The Order prohibits him from participating in the conduct of the affairs of any financial institution or holding company. Order FRB PR  3/24/06

• New FRB Governors Sworn In

  Kevin M. Warsh and Randall S. Kroszner were formally sworn in as members of the Board of Governors of the Federal Reserve System at a ceremony March 23, 2006, in Washington, D.C. Governor Warsh assumed his position on February 24 and Governor Kroszner assumed his position on March 1. Kroszner Bio; Warsh Bio  3/24/06

• Investment Opportunity For Community Banks

  The Spring 2006 edition of Community Developments Investment, published by the OCC, focuses on Low-Income Housing Tax Credits. Articles describe the fundamentals of LIHTCs, with a particular emphasis on topics of interest to community bankers who may not be familiar with this investment option. Community Developments Investment   3/24/06

• OTS Promotes Treasury ID Theft DVD

  OTS is encouraging savings institutions to take advantage of a previously announced Treasury Department program available on DVD, which was created to inform consumers about ID Theft by defining what it is, how they can protect themselves, and what they should do if they become a victim. Information regarding the DVD and other ID Theft information is posted on Treasury's Identity Theft Resource page and was included in the January 27, 2006, BOL Top Stories. OTS NR  3/24/06

• March FYI Discusses Recession Scenarios

  The March 23, 2006, issue of the FDIC FYI outlines various scenarios for the next U.S. recession. FYI  3/24/06

• FDIC publishes Interim Rule for Deposit Insurance Regulations covering Inflation Index, Certain Retirement Accounts and Employee Benefit Plan Accounts

  The FDIC is amending its deposit insurance regulations to the Federal Deposit Insurance Act 2005. This interim rule provides for consideration of inflation adjustments to increase the current standard maximum deposit insurance amount of $100,000 on a fiveyear cycle beginning in 2010; increases the deposit insurance limit for certain retirement accounts and provides per participant insurance coverage to employee benefit plan accounts.TXT, PDF.  3/23/06

• NCUA publishes Interim Rule for Share Insurance

  NCUA is amending its share insurance rules to implement amendments to the Federal Credit
  Union Act (FCU Act) made by the Federal Deposit Insurance Reform Act of 2005 (Reform Act). This interim final rule defines the "standard maximum share insurance amount" as $100,000 and provides that beginning in
  2010, and in each subsequent 5-year period thereafter, NCUA and the Federal Deposit Insurance Corporation (FDIC) will jointly consider if an inflation adjustment is appropriate to increase that amount; increases the share insurance limit for certain retirement accounts, and provides pass-through coverage to each participant of an employee benefit plan.TXT, PDF.  3/23/06

• Counterfeit Official Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit official checks issued in the name of Unity National Bank of Cartersville, Georgia, that are being presented for payment. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.  3/23/06

• Fourth Quarter Legal Developments Announced

  The FRB has issued a Bulletin which announces certain legal developments that occurred during the fourth quarter 2005. Bulletin  3/23/06

• Four IFDP Working Papers Published

  Four working papers in the IFDP series have been published by the FRB on the following topics: "Estimation of Average Local-to-Unity Roots in Heterogenous Panels"; "New Methods for Inference in Long-Run Predictive Regressions"; "Fully Modified Estimation With Nearly Integrated Regressors"; and "Should We Expect Significant Out-of-Sample Results When Predicting Stock Returns?". Estimation Abstract; Estimation Full Paper; New Methods Abstract; New Methods Full Paper; Fully Modified Abstract; Full Modified Full Paper; Should Abstract; Should Full Paper  3/23/06

• OTS Announces Technology Managers Seminars

  Seminars for technology managers will be held by OTS in Boston, MA.; Newark, NJ; Pittsburg, PA. and Columbus, Ohio, during April and May 2006. Seminars  3/23/06

• FTC To Host Non-Traditional Mortgage Workshop

  The FTC will host on a workshop, Protecting Consumers in the New Mortgage Marketplace, on consumer protection issues arising from the growth of "nontraditional" or "alternative" mortgage products in the residential mortgage marketplace. The workshop will be held May 24, from 8:30 a.m. to 5:30 p.m., at the FTC's Satellite Building Conference Center, 601 New Jersey Avenue, NW, Washington, DC. Workshop  3/23/06

• Interagency Announce Proposed Rulemaking of Procedures to Enhance the Integrity of Information Furnished to Consumer Reporting Agencies

  The OCC, Board, FDIC, OTS, NCUA, and FTC (the Agencies) request comment to gather information useful
  for developing the guidelines and regulations required by section 312 of the Fair and Accurate Credit
  Transactions Act (FACT Act). FTC; FDIC PR; FRB PR; OCC NR; OTS PR; NCUA; TXT, PDF.  3/22/06

• First Quarter Survey Of Terms Of Business Lending Report Released

  The FRB has released the E.2 Survey of Terms of Business Lending report regarding data collected on gross loan extensions made during the first full business week in the middle month of the first quarter. The authorized panel size for the survey is 348 domestically chartered commercial banks and 50 U.S. branches and agencies of foreign banks. E.2  3/22/06

• OCC To Host Community Bank Directors Workshops

  The OCC will host nineteen workshops for national community bank directors at the Westin Great Southern Hotel, Columbus, Ohio, on April 25-26.The workshops will provide practical information that expands bank directors' skills and understanding of issues facing their banks. Workshops  3/22/06

• FTC Seeks Court Order Against Debt Elimination Telemarketers

  The FTC and the Washington State Attorney General have filed a Complaint which asks a federal judge to order Debt Solutions Inc. and three other telemarketers to stop charging consumers hundreds of dollars for a "debt elimination program" that offers a false promise of substantially reduced interest rates and thousands of dollars in savings. Compliant  3/22/06

• Call Report FIL Issued

  The FDIC has issued a FIL which contains information regarding the filing of the March 31, 2006, Call Report. Certain revisions to the Call Report are scheduled to take effect the First Quarter 2006 and other revisions will be phased in over the next two years. FIL  3/21/06

• Draft Agenda For Wal-Mart Application Meetings Released

  The FDIC has released a draft agenda for the April 2006 public hearings on the proposed Wal-Mart Bank's application for federal deposit insurance. The draft contains the names of parties who are currently scheduled to give oral presentations, as well as the speaking times and the locations where the parties are scheduled to speak. Draft Agenda  3/21/06

• Comments Received By FDIC Now Online

  The FDIC Office of the Ombudsman has posted online the latest issue of the Report to the Industry that contains a summary of the comments received by the regulator and addresses questions and issues that were identified as being of particular concern during the period July 1, 2005, through December 31, 2005. Report  3/21/06

• Share Insurance Coverage Increased

  NCUA has announced the issuance of an interim rule that increases the coverage of retirement accounts to $250,000. Interim Rule  3/21/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of March 17, 2006. Reserve Position  3/21/06

• Bernanke Comments On Yield Curve And Monetary Policy

  In a presentation before the Economic Club of New York, Chairman Bernanke expressed his views on the yield curve and the current monetary policy. Speech  3/21/06

• SS Direct Deposit Online Enrollment Made Easier

  FRB Financial Service has introduced a new online enrollment system for banks and credit unions that allows fast, convenient enrollment in direct deposit for Social Security and Supplemental Security Income (SSI). Online Enrollment  3/21/06

• FRB Adopts Rule for International Banking Operations

  FRB published a final rule in the FR to require Edge and Agreement corporations to establish procedures to
  assure and monitor compliance with the Bank Secrecy Act.TXT, PDF.  3/20/06

• Seven Counterfeit And Fraudulent Checks Special Alerts Issued

  The FDIC has issued seven Special Alerts regarding a) counterfeit official checks drawn on KeyBank National Association, Cleveland, Ohio; b) counterfeit cashier's checks drawn on The Harbor Bank of Maryland, Baltimore, Maryland; Greenfield Savings Bank, Greenfield, Massachusetts; People's Bank, Bridgeport, Connecticut; and Bank of Eureka Springs, Eureka Springs, Arkansas; c) counterfeit treasury checks drawn on Mercantile-Safe Deposit and Trust Company, Baltimore, Maryland; and d) fraudulent cashier's checks drawn on 1st Financial Bank USA, Dakota Dunes, South Dakota. Information concerning the counterfeit and fraudulent items has been posted on the BOL Alerts & Counterfeits page.  3/20/06

• Q&A Issued Regarding CRA And Investments In Minority Owned FIs

  The OCC has issued a Q& A intended to clarify the criteria under which a national bank may make an investment in a minority-owned bank or thrift under the Part 24 community development investment authority.
  Q&A.  3/20/06

• Three C&D Orders Issued

  The FRB has issued consent C& D orders against R&G Financial Corporation, Hato Rey, San Juan, Puerto Rico; First BanCorp, Santurce, Puerto Rico; and Doral Financial Corporation, San Juan, Puerto Rico.R& G; First BanCorp; Doral.  3/20/06

• Incentives Offered To Reduce Use Of FRB Cash-Processing

  The FRB has announced policy changes that seek to reduce the overuse of its cash-processing services by providing incentives for depository institutions to recirculate currency among their customers. Incentives.  3/20/06

• FTC Files Amicus Brief In FCRA Case

  The FTC has filed an amicus brief in the case of Whitfield et al v. Radian Guaranty, Inc., No. 05-5017 (3d Cir.) which urges the Third Circuit Court of Appeals to overturn a lower court ruling that held that a mortgage company was not required to provide a consumer with a FCRA adverse action notice even though, as a result of the information in a consumer report, the company had charged a higher mortgage insurance premium, and that premium was paid by the consumer. Brief.  3/20/06

• 314a Fact Sheet Update Released

  FinCEN has updated the 314a Fact Sheet to include data as of March 14, 2006. 314a.  3/20/06

• March 2006 New Electronic Interpretations and Actions Posted

  The OCC has posted on its Web site the March 2006 issue of New Electronic Interpretations and Actions. Electronic.  3/20/06

• Industrial Capacity And Utilization Report Released

  The G.17 Industrial Capacity and Utilization Report for February 2006 has been released by the FRB. G.17.  3/20/06

• Yield Curve Working Paper Published

  A working paper in the FEDS series has been published by the FRB on the topic of "The Yield Curve and Predicting Recessions". Abstract; Full Paper.  3/20/06

• FHC List Update

  The FRB has updated the list of the BHCs have elected to become or be treated as FHCs to include those elections made as of March 17, 2006. List.  3/20/06

• CRA Ratings Announced

  The OCC has released the list of CRA performance evaluations of eighteen national banks that became public during the period of February 15, 2005, through March 14, 2006.
  Ratings   3/17/06

• Bulletin Issued Regarding Remotely Created Checks And Presentment Warranties

  The OCC has issued a Bulletin regarding amendments to Reg. CC that define “remotely created checks” and create transfer and presentment warranties plus the adoption of conforming cross-references to the proposed new warranties in Reg. J, which were previously announced by the FRB. Information concerning the amendments was posted in the November 29, 2005, BOL Top Stories.
  Bulletin;
  Amendments   3/17/06

• Industrial Production And Capacity Utilization Report 2005 Annual Revision Published

  The FRB has published the 2005 Annual Revision of the Industrial Production and Capacity Utilization Report.
  Revision   3/17/06

• Four Counterfeit Special Alerts Issued

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on The State Bank of Viroqua, Viroqua, Wisconsin; South Adams Savings Bank, Adams, Massachusetts; and Bridgewater Savings Bank, Raynham, Massachusetts; plus counterfeit official checks drawn on Fifth Third Bank, Cincinnati, Ohio. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   3/16/06

• April HOEPA Rates Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in April 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application.
  Daily Rate;
  Weekly Rate   3/16/06

• Kansas Credit Union Group Placed Into Receivership

  NCUA has announced the state-chartered credit union Credit Union Group of Lawrence, Kansas, has been placed into conservatorship by the Kansas Department of Credit Unions.
  Receivership   3/16/06

• OCC Enforcement Actions Announced

  The OCC has announced new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.Actions   3/16/06

• December 31 Call Report And TFR Data Available

  The Call Report and TFR Data for December 31, 2006, is now available from the FDIC Web site.
  Call Report   3/16/06

• Syrian Banks Designated As Financial Institutions of Primary ML Concern

  FinCEN has announced an amendment to the BSA regulation regarding the designation of Commercial Bank of Syria and its subsidiary, Syrian Lebanese Commercial Bank, as a financial institution of primary money laundering concern.
  BSA   3/16/06

• Flu Pandemic Awareness Advisory Issued

  The federal bank and thrift regulatory agencies have issued an interagency advisory to financial institutions and their technology service providers regarding the threat of a pandemic influenza outbreak and its potential impact on the delivery of critical financial services.
  Advisory;
  FRB PR;
  OCC Bulletin;
  OTS CEO Ltr;
  FDIC FIL   3/16/06

• H&R Block Bank Application Approved

  OTS has announced the approval of an application from H&R Block, Inc. to organize a de novo federal stock savings bank to be known as H&R Block Bank (Savings Bank), which will be located in Kansas City, Missouri.
  Approval   3/16/06

• Beige Book Released

  The FRB has released the March 15, 2006 issue of the Beige Book.
  Beige Book Summary;
  Beige Book Full Report   3/16/06

• March Issue FedFlash Published

  Federal Reserve Financial Services has published the March 15, 2006, issue of FedFlash, which contains articles on FedLine Advantage training, the Premium Plus Sort Group deposit product, changes to FedReceipt endpoints, and District news.
  FedFlash   3/16/06

• BSA Now Covers Edge Corporations

  The FRB has announced a final rule, which amends Regulation K to require Edge and Agreement corporations and certain offices of supervised foreign banks to establish and maintain procedures reasonably designed to ensure and monitor compliance with the BSA.
  Final Rule   3/16/06

• Federal Reserve Bulletin Statistical Supplement Issued

  The FRB has issued the February 2006 Statistical Supplement to the Federal Reserve Bulletin.
  Supplement   3/16/06

• January TIC Data Released

  Treasury has released the Treasury International Capital Data for January 2006.
  TIC   3/16/06

• Semi-Annual Update of BHC Supervision Manual Published

  The FRB has published the January 2006 semi-annual update of the BHC Supervision Manual.
  Manual   3/15/06

• FDIC Insurance for Retirement Accounts Increased

  The FDIC has approved final rules that will raise the deposit insurance coverage on certain retirement accounts at a bank or savings institution to $250,000 from $100,000.
  A Special Bulletin of the FDIC Consumer News features an article on the increased coverage.
  Retirement Accounts;
  Special Bulletin   3/15/06

• Wal-Mart FIDC Insurance Hearings Sites Announced

  The sites for hearings by the FDIC on the application of Wal-Mart for FDIC insurance have been announced with locations in Arlington, Virginia, and Overland Park, Kansas.
  Sites   3/15/06

• Taxation Working Paper Released

  A working paper in the FEDS series on the subject of Taxation with Representation: Intergovernmental Grants in a Plebiscite Democracy has been released by the FRB.
  Abstract;
  Full Paper   3/15/06

• Published in FR Comment Period Extended for Lending Concentration Guidance

  The federal financial regulators have extended comment period on interagency guidance on concentrations in commercial real estate lending. 71FR13215 txt 71FR13215 pdf   3/14/06

• Comptroller's Handbook Insider Activities Section Revised

  The OCC has revised the insider activities section of the Safety and Soundness booklet of the Comptroller's Handbook.
  Insider Activities   3/14/06

• OTS Revises Examination Handbook

  The examination systems section of the Examination Handbook has been revised by OTS.
  Examination Systems   3/14/06

• Comptroller Says Basel II Safeguards Needed

  In a presentation before The Institute of International Bankers regarding the transition to Basel II, Comptroller Dugan indicated that the continued safety and soundness of the banking system demands that regulators move away from the simplistic risk-based capital system now in use for internationally active banks to one that substantially enhances risk management and more closely aligns capital with risk.Speech   3/14/06

• Cross-Border Electronic Transfer Of Funds Survey Announced

  FinCEN has announced that it is conducting a survey of financial institutions regarding cross-border electronic transmittals of funds.Survey   3/14/06

• Comments Sought

  The FinCEN and the federal financial regulatory agencies are requesting comments on the Suspicious Activity Report by Depository Institutions and comments are also sought by the FRB on a Proposal to approve the implementation of the collection of information relating to studies to develop and test consumer regulatory disclosures.
  SAR Comments;
  FIL SAR;
  Proposal Comments   3/14/06

• International Reserve Position Updated

  Treasury has updated the U.S. International Reserve Position Report with the addition of new data as of March 10, 2006.
  Reserve Position   3/14/06

• Assets Reports Released

  The FRB has released the 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report for January 2006.
  Reports   3/14/06

• Counterfeit Official Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit official checks drawn on KeyBank National Association of Cleveland, Ohio. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   3/13/06

• FEDS Working Papers Published

  The FRB has published two working papers in the FEDS series on the topic of "Outstanding Outsourcers: A Firm- and Plant-Level Analysis of Production Sharing" and "The Road to Price Stability".
  Outstanding Abstract;
  Outstanding Full Paper;
  Road Abstract;
  Road Full Paper   3/13/06

• Final CRA Guidance Published in FR

  The federal banking agencies have announced the issuance of a final guidance containing a Q & A regarding the implementation of the recent changes to their CRA regulations. 71FR12424 txt 71FR12424 pdf   3/10/06

• Patriot Act Reauthorization Signed By President

  President Bush has signed The USA PATRIOT Improvement And Reauthorization Act Of 2005.
  Act;
  Fact Sheet;
  Statement;   3/10/06

• Regulators Issue Five Counterfeits Alerts

  The OCC has issued two Alerts regarding counterfeit cashier's checks drawn on Woodhaven National Bank of Fort Worth, Texas, and TeamBank, N.A., of Paola, Kansas. The FDIC has Issued three Special Alerts regarding counterfeit cashier's checks drawn on First Bank of San Luis Obispo (a brand of Pacific Capital Bank, N. A.), San Luis Obispo, California; counterfeit expense checks drawn on The State Bank, La Grange, Texas; and counterfeit money orders drawn on Riverside National Bank, Fort Pierce, Florida. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   3/10/06

• Lending Concentration Guidance Comment Period Extended

  The federal financial regulators have extended comment period on interagency guidance on concentrations in commercial real estate lending.
  Extension;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR   3/10/06

• CCPA And ECOA FIL Issued

  The FDIC has issued a FIL which reminds institutions that the ECOA and its implementing regulation prohibit discrimination in credit transactions against consumers who have, in good faith, exercised any right under the CCPA.
  FIL   3/10/06

• FRB Releases Fourth Quarter Reports

  The Z.1 Flow of Funds Report and the Household Debt Service and Financial Obligations Ratios Report for the Fourth Quarter 2005 have been released by the FRB.
  Z.1;
  Household Debt   3/10/06

• Comptroller Addresses Community Bankers

  In a video presentation from the Basel Committee meeting in Switzerland, Comptroller Dugan addressed the participants at the annual convention of the Independent Community Banks of America, applauded the work of independent banks, and said America needs community institutions that are strong enough to help out in times of emergency.
  Speech Text;
  Video   3/10/06

• C&D Issued Against Pennsylvania BHC And Bank.

  The FRB has announced the issuance of a consent Cease and Desist Order against Asian Financial Corporation, Philadelphia, Pennsylvania, and its subsidiary bank, Asian Bank, Philadelphia, Pennsylvania.
  Order   3/9/06

• Twenty-Four Enforcement Actions Released

  The FDIC has released a list containing twenty-four orders of administrative enforcement actions taken against banks and individuals in January 2006. The actions include eight removal and prohibition orders, twelve civil money penalty orders, one cease, desist order, one termination of insurance order, and two terminations of cease, and desist orders.
  Enforcement Actions   3/9/06

• MSB ANPR Issued

  FinCEN has issued an Advance Notice of Proposed Rulemaking seeking comments from both the money services business industry and the banking industry on the issue of money services businesses obtaining appropriate access to banking services.
  ANPR   3/9/06

• Regulators Discuss Community Banking Issues

  In presentations before the Independent Community Bankers of America National Convention in Las Vegas, FRB Chairman Bernanke and OTS Director Reich discussed recent developments in community banking and the supervision of community banks in the twenty-first century.
  Bernanke Speech;
  Reich Speech   3/9/06

• FEDS Working Papers Published

  The FRB has published two working papers in the FEDS series on the topics of "Paper or Plastic? The Effect of Time on the Use of Check and Debit Cards at Grocery Stores" and "Do Homeowners Know Their House Value and Mortgage Terms?"
  Paper Abstract;
  Paper Full Paper;
  Homeowners Abstract;
  Homeowners Full Paper   3/9/06

• Regulatory Addresses Updated

  The Federal Reserve Board has published technical amendments to Regulation B (Equal Credit Opportunity Act) to update the addresses of certain federal enforcement agencies. 71FR11296 txt 71FR11296 pdf
    3/8/06

• Consumer Complaint Addresses Updated

  The Federal Reserve Board has published technical amendments to Regulation AA (Unfair or Deceptive Acts or Practices) to update the addresses of the Federal Reserve Banks where consumer complaints regarding a state member bank may be sent.
  71FR11297 txt 71FR11297 pdf
    3/8/06

• Opinion Says Local Lending Law Pre-Empted

  OTS has issued a legal opinion that concludes federal law preempts the application to federal savings associations of recent amendments to the Code of Montgomery County, Maryland. The opinion states that the county law, scheduled to become effective March 8. 2006, would infringe on the mortgage lending activities of federal savings associations in contravention of federal law, and could significantly impact the ongoing lending operations of institutions and lending opportunities of residents in the county.
  Opinion   3/8/06

• Updated International Reserve Position

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of March 3, 2006.
  Reserve Position   3/8/06

• January Consumer Credit Report Issued

  The FRB has issued the G.19 Consumer Credit Report for January 2006.
  G.19   3/8/06

• Large Commercial Banks Rankings Released

  The Large Commercial Banks Report for December 31, 2006, which contains a ranking by consolidated assets, has been released by the FRB.
  LCB Report   3/8/06

• Counterfeit Cashier's Checks And Money Orders Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on Strata Bank, Medway, Massachusetts; counterfeit cashier's checks that are drawn on First Bank, Austin, Texas, but bear the routing number of First Bank, Ketchikan, Alaska; and counterfeit money orders bearing the name of The Peoples Community Bank, Mazomanie, Wisconsin. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   3/7/06

• Thirty-Two Second Quarter CRA Exams Scheduled

  OTS has announced that thirty-two savings associations will be examined during the second quarter 2006 for compliance with the CRA.
  CRA Exam Schedule   3/7/06

• Advisory Letter Allows Subsidiary To Provide Real Estate Exchange Service

  FRB General Counsel Alvarez has issued an advisory letter that states certain proposed services for customers seeking to make exchanges of real property pursuant to section 1031 of the Internal Revenue Code are permissible nonbanking activities under section 225.28 of Regulation Y.
  Letter   3/06/06

• CRA Ratings Released

  The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the CRA and the evaluation ratings that the assigned to institutions in December 2005.
  Ratings   3/06/06

• FDIC Annual Report Online

  The FDIC has announced that its 2005 Annual Report is now available on its Web site.
  Annual Report   3/06/06

• Counterfeit Cashier's Check Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Mountain National Bank, Sevierville, Tennessee. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/03/06

• Final CRA Guidance Issued

  The federal banking agencies have announced the issuance of a final guidance containing a Q & A regarding the implementation of the recent changes to their CRA regulations. Guidance; FRB PR; OCC NR; FDIC PR  3/03/06

• Dugan Says Regulators Determined To Help Hurricane Victims

  In a presentation before the Gulf States Bankers conference, Comptroller Dugan indicated that regulators want to facilitate dialogue between local bankers and institutions from outside the region to develop partnerships with the potential to make a real difference to the hard-pressed communities. Speech  3/03/06

• Eleven Counterfeit Cashier's Checks Special Alert

  The FDIC has issued ten Special Alerts regarding counterfeit cashier's checks drawn on Bandera Bank, Bandera, Texas; Tecumseh Federal Bank, Tecumseh, Nebraska; Reading Co-operative Bank, Reading, Massachusetts; Athol Savings Bank, Athol, Massachusetts; Naugatuck Savings Bank, Naugatuck, Connecticut; Hamlin National Bank, Hamlin, Texas; Woodhaven National Bank, Fort Worth, Texas; Citizens National Bank, Cameron, Texas; Easthampton Savings Bank, Easthampton, Massachusetts; and North Brookfield Savings Bank, North Brookfield, Massachusetts. In addition, the OCC has issued an Alert regarding counterfeit cashier's checks drawn on First Bank of San Luis Obispo Pacific Capital Bank, N.A. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/02/06

• OCC CRA Exam Schedule Announced

  The CRA examination schedule for the second quarter 2006 has been announced by the OCC. Exam Schedule.  3/02/06

• Bulletin Issued Regarding OFAC–Economic Sanctions Enforcement Procedures

  The OCC has issued a Bulletin regarding the previously announced OFAC–Economic Sanctions Enforcement Procedures. Information concerning the procedures was posted in the January 13, 2006, BOL Top Stories. Bulletin.  3/02/06

• Interpretations And Decisions Released

  OCC has released two publications titled "Significant Legal, Licensing, and Community Development Precedents for National Banks: 2005"; and "Activities Permissible for a National Bank: 2005" that provide the latest OCC interpretations and decisions authorizing activities for national banks and their operating subsidiaries. Precedents; Activities.  3/02/06

• Agencies Testify Regarding Regulatory Relief

  OTS Director Reich, NCUA Chairman Johnson, CFRB Governor Kohn, OCC Chief Counsel Williams and FDIC Acting Counsel Jones all testified before Senate Committee on Banking, Housing, and Urban Affairs regarding the need for regulatory relief. Reich Testimony; Johnson Testimony; Kohn Testimony; Williams Testimony; Jones Testimony.  3/02/06

• 314 (a) Fact Sheet Revised

  FinCEN has revised the 314 (a) Fact Sheet to include data collected as of March 1, 2006. 314 (a).  3/02/06

• FILs Issued Regarding FinCEN Guidance

  Two FILs have been issued by the FDIC regarding two previous announced FinCEN Guidance regarding Registration and De-registration of Money Services Businesses and Foreign Bank Recertifications. Information regarding both Guidance was posted in the February 6, 2006 BOL Top Stories. MSBs; Foreign Bank.  3/02/06

• February Foreign Exchange Rates Released

  The FRB has released the G.5 Foreign Exchange Rates Report for February 2006. G.5  3/02/06

• March Issue FedFlash Published

  The March 1, 2006 issue of FedFlash has been published and contains articles on testing for FedWire security changes, changes to Operating Circular 5, deposit of savings bonds, and additional FedReceipt endpoints. FedFlash  3/02/06

• CRA Examination Schedule Released

  The FDIC has released the CRA examination schedule for the second quarter 2006. Schedule   3/01/06

• Earnings And Bank Failure Records Set

  The FDIC has published the Fourth Quarter 2005 Quarterly Banking Profile that announces that insured commercial banks and savings institutions reported record net income in 2005, representing the fifth consecutive year that industry earnings reached a new high. In addition, the agency also reached a milestone for the longest number of days during which it did not provide assistance to a failed or failing institution. QBP  3/01/06

• Discount Rate Meetings Minutes Released

  The FRB has released the minutes of the discount rate meeting from January 9 through January 31, 2006. Minutes  3/01/06

• Preliminary Interest Rate Risk Measures Report Issued

  OTS has issued a Preliminary Interest Rate Measures Report for the Fourth Quarter 2005. Preliminary Report  3/01/06

The Caribbean Financial Action Task Force (CFATF) has identified Guyana as a jurisdiction with strategic AML/CFT deficiencies and has called on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks emanating from Guyana.

A list of thirty-one orders of administrative enforcement actions taken against banks and individuals in April 2014 has been released by the FDIC. The list includes an assessment of a civil money penalty of $485,000 and a removal/prohibition order against the former CEO and chairman of a failed Franklin, Tennessee, bank involving a series of alleged attempts to cover up loan fraud.

The Federal Reserve Board has submitted its 2014 Annual Performance Plan to Congress.

HUD has announced an agreement with the State of New Jersey to expand the hurricane Sandy recovery programs in nine impacted counties. In addition, the third round of disaster recovery funds to four states and New York City to assist recovery to the Sandy region was announced.

OFAC has announced the designation of three individuals as SDNTKs and the addition of their names to the SDN List. In addition, a change has been made to an existing SDNTK listing. Information regarding the designations and change has been posted in a BOL OFAC Update.