Top Story Compliance Related

OCC Bulletin 2014-26, FRB CA Letter 14-3 and FDIC FIL-28-2014 have been issued regarding the Interagency Statement on increased maximum flood insurance coverage for other residential buildings. The increased coverage limits, effective June 1, 2014, required that lenders reevaluate the adequacy of flood coverage for affected buildings and compel coverage increases as necessary.

The FDIC has issued its CRA examination schedule for the third quarter 2014.

• FRB publishes Guidance for Holding Companies (Reg Y)

  The FRB publishes Final Rule for Reg Y in the Federal Register that address the
  effects of inflation, industry consolidation, and normal asset growth of BHCs since the Board introduced the Policy Statement in 1980, providing guidlines and policy for Bank Holding Companies.TXT PDF  2/28/06

• Small BHC Definition Expanded

  The FRB has announced the approval of a final rule that expands the definition of a small BHC by increasing the asset size threshold from $150 million to $500 million. Final Rule  2/28/06

• Hurricane Relief CRA Credit Guidance Issued

  The FRB has issued a Guidance for state member banks regarding the availability of CRA consideration for bank activities that help revitalize or stabilize designated hurricane disaster areas. Guidance  2/28/06

• Counterfeit Official Checks Special Alert Issued

  The FDIC has issued a Special Alert regarding counterfeit official checks drawn on Union Bank of California, National Association (N.A.), San Francisco, California. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.  2/28/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report to include data as of February 24, 2006. Reserve Position  2/28/06

• Counterfeit Money Orders Alert Issued

  The OCC has issued an Alert regarding counterfeit money orders in the name of Riverside National Bank of Fort Pierce, Florida, that are being presented for payment. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.  2/27/06

• BSA Direct Fact Sheet Published
  FinCEN has published a Fact Sheet regarding the implementation of BSA Direct, which improves a user's access and ability to analyze BSA data. Fact Sheet  2/27/06

• Fourth Quantitative Impact Study Results Published

  The federal bank and thrift regulatory agencies have announced the publication of the Summary Findings of the Fourth Quantitative Impact Study. Study; FRB PR; OCC NR; FDIC PR; OTS PR  2/27/06

• Bernanke On Price Stability

  In a presentation at the Center for Economic Policy Studies celebrating the seventy-fifth anniversary of the founding of the Woodrow Wilson School of Public and International Affairs, Chairman Bernanke expressed his views on the benefits of price stability. Speech  2/27/06

• Owned And Managed Receivables Report Issued

  The G.20 Finance Companies Owned and Managed Receivables Outstanding Report for December 2005 has been issued by the FRB. G.20  2/27/06

• FDIC Schedules Wal-Mart Bank Application Hearings

  The FDIC has announced that hearings will be held in Kansas City, Missouri, and Washington D.C. regarding the application for federal deposit insurance filed on behalf of the proposed Wal-Mart Bank. Copies of the public portion of Wal-Mart Bank's application and the more than 1,900 comment letters received on the application are available on the FDIC's Web site. Hearing Notice; Application; Comments  2/24/06

• Three Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on BankFIRST, Winter Park, Florida; The Conway National Bank, Conway, South Carolina; and Western Bank, St. Paul, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  2/24/06

• FedLine Direct Announced

  The Federal Reserve Banks have announced that they are moving their Computer Interface access solution from a Systems Network Architecture (SNA) solution to an Internet Protocol (IP) solution. The new solution, called FedLine Direct, was designed especially for financial institutions that conduct a high volume of FR transactions and require a highly-secure, unattended computer-to-computer interface.
  FedLine Direct  2/24/06

• 504 Loan Program Report Released

  The OCC has released a new report, "SBA 504 Loan Program: Small Businesses' Window to Wall Street," which highlights the SBA's 504 loan program and how banks may team up with CDCs to make loans for long-term assets and promote economic development. Report  2/24/06

• Market Risk Final Rule Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced interagency final rule amending the market risk rules that revise the risk-based capital treatment for cash collateral posted in connection with securities borrowing transactions. Information concerning the final rule was posted in the February 22, 2006, BOL Top Stories. Bulletin  2/24/06

• OTS Examination Handbook Updated

  OTS has issued two Regulatory Bulletins announcing the update of its Examination Handbook to include new information concerning FCRA and transactions with affiliates and insiders plus new sections regarding the FACT Act, CAN-SPAM, and TCPA. RB 37-12; RB 37-13  2/24/06

• FTC Settles With Card Processor

  CardSystems Solutions, Inc. has agreed to settle FTC charges that the processor of debit and credit cards failed to take appropriate security measures to protect the sensitive information of tens of millions of consumers. According to the FTC, the security breach resulted in millions of dollars in fraudulent purchases. The settlement will require CardSystems to implement a comprehensive information security program and obtain audits by an independent third-party security professional. Settlement Summary; Agreement; Complaint  2/24/06

• 2006 CDRLF Loan and Grant Program Announced

  NCUA has announced the 2006 CDRLF Technical Assistance Grant Program that was established by Congress to support credit unions that serve low-income communities by providing loans and TAGs to qualifying institutions. Program  2/24/06

• Changes In Family Finances Revealed By Survey

  The Federal Reserve Bulletin contains an article that the results of a survey regarding changes in the income and wealth of U.S. families between 2001 and 2004. Article  2/24/06

• Fourth Quarter Charge-Off and Delinquency Rates Released

  The FRB has released the charge-off and delinquency rates on loans at commercial banks data for the fourth quarter 2005. Charge-Off SA; Charge-Off NSA; Delinquency SA; Delinquency NSA; Index  2/24/06

• NCUA proposes rulemaking for supervisory committee audits

  The National Credit Union Administration (NCUA) publishes notice of proposed rulemaking on whether and how to modify its Supervisory Committee audit rules to require credit unions to obtain an "attestation on internal controls" for their annual audits. TXT PDF  2/23/06

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Bank of Tokyo-Mitsubishi Trust Company, New York, New York. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/23/06

• MLTA Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced report of the first government-wide analysis of money laundering in the U.S. Information concerning MLTA was posted in the January 17, 2006, BOL Top Stories. Bulletin   2/23/06

• Yield Curve Article Featured In FYI

  The February 22, 2006, issue of FYI features an article entitled, "What the Yield Curve Does (and Doesn't) Tell Us." FYI   2/23/06

• Fourth Quarter TFR Data Released

  OTS has released the TFR Data reports for the Fourth Quarter 2005. TFR   2/23/06

• Joint Agencies issue final rule to amend their market risk rules

  The OCC, FRB, OTC, and FDIC publish final rule in FR to amend their market risk
  rules that revise the risk-based capital treatment for cash collateral posted in connection with securities borrowing transactions. TXT PDF  2/22/06

• SAR Revision Comments Sought

  FinCEN and the federal banking supervisory agencies are seeking comments on the proposed revision and reformatting of SARs to support joint filing for suspicious activities that do not involve insider abuse.
  SAR Revision  2/22/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the inclusion of data as of February 17, 2005. Reserve Position  2/22/06

• FOMC Minutes Released

  The FRB has released the minutes of the January 31, 2006 meeting of the FOMC. Minutes  2/22/06

• FDIC publishes rule to clarifiy procedures for deposit liabilities

  The FDIC publishes Final Rule in FR which clarifies and simplifies the procedures for deposit liabilities of an insured depository institution assumed by another insured depository institution. TXT PDF  2/21/06

• Palestinian Charity's Assets Blocked Pending Investigation

  OFAC has announced that all property and interests in property of an alleged Palestinian charity, Kindhearts For Charitable Humanitarian Development, Inc., are blocked pending investigation pursuant to the provisions of the U.S.A. Patriot Act. The charity's name has been added to the SDN list with the descriptor "BPI-PA". Information regarding the charity has been posted on the BOL OFAC page.  2/21/06

• Comment Period Extended

  The federal financial regulatory agencies have extended the comment period for 30 days to March 29, 2006, for the proposed guidance on nontraditional residential mortgage products. Notice of the initial comment period was posted in the December 30, 2005 Top Stories. RB PR; OCC NR; OTS PR; FDIC PR; Original Notice  2/21/06

• NCUA Announces Insurance Reform Changes

  NCUA has announced highlights of the upcoming changes to share insurance coverage and information as to what federally-insured credit unions can expect in the near future as a result of the recent legislation regarding NCUSIF and FDIC insurance coverage. Insurance Changes  2/21/06

• FinCEN Director Named

  Treasury Secretary Snow has named Robert W. Werner, the current OFAC Director, as the new Director of FinCEN. Werner  2/21/06

• Assets Reports Issued

  The FRB has issued the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for December 2005. Reports  2/21/06

• FHC List Update

  The FHC List has been updated by the FRB to include those BHCs that have elected to be treated as FHCs as of February 17, 2006. List  2/21/06

• Special Alerts Issued

  The FDIC has issued two Special Alerts regarding fraudulent checks drawn on Atlantic Central Bankers Bank, Camp Hill, Pennsylvania, and counterfeit cashier's checks drawn on Greenfield Co-operative Bank, Greenfield, Massachusetts. Information regarding the fraudulent and counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 2/17/06

• March HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in March 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 H.15;
  Weekly H.15 2/17/06

• Comptroller Meets With NAR

  Comptroller Dugan issued a statement following a meeting with representatives of the National Association of Realtors (NAR) to discuss three recent OCC interpretive letters.
  Statement 2/17/06

• OCC Announces New Electronic Interpretations and Actions

  The New Electronic Interpretations and Actions for February 2006 have been posted online by the OCC.
  Electronic Interpretations 2/17/06

• 314a Fact Sheet Updated

  FinCEN has updated the 314a Fact Sheet to include data as of February 15, 2006.
  Fact Sheet 2/17/06

• March Reporting Forms Online

  The FFIEC has posted online with instructions the March 2006 009 and 009a Reporting Forms.
  009;
  009a 2/17/06

• Cost OF Fund Reports Released

  OTS has released the Current and Historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports.
  Current;
  Historical 2/17/06

• CRA Evaluations Released

  The OCC has released the CRA ratings given to fifteen national banks recently evaluated for compliance with the CRA.
  Ratings 2/16/06

• Enforcement Actions Announced

  OCC has announced nine new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and three terminations of existing enforcement actions.
  Actions 2/16/06

• December TIC Data Released

  Treasury has released the Treasury International Capital (TIC) data for December 2005.
  TIC 2/16/06

• G.17 Report Issued

  The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for January 2006.
  G.17 2/16/06

• Monetary Report Present To Congress

  The Chairman Bernanke has presented the semiannual FRB Monetary Policy Report to Congress.
  Monetary Policy;
  Testimony 2/16/06

• Strong Performances Reported By Thrifts

  OTS has announced that the industry set an annual earnings record in 2005 and posted its fifth consecutive quarter of record earnings.
  Earnings 2/16/06

• Two 23A Exemptions Granted

  The FRB has granted two requests for exemption from certain provisions of Section 23A of the Federal Serve Act and Reg W.
  Exemption 1;
  Exemption 2
  2/15/06

• OC 5 Amendments Announced

  FRB Financial Services has announced that changes have been made to Operating Circular 5, Electronic Access. The changes are summarized in a customer notice. The updated OC 5 and the Certification of Practice statement become effective March 15, 2006.
  Customer Notice;
  OC 5;
  Certification 2/15/06

• Call Report Revision And Extension Proposed

  A joint proposal for approval to revise and extend for three years the Call Report forms FFIEC 031 and FFIEC 041 has been issued and the federal banking regulators seek comments.
  Proposal;
  Electronic Comment Form
  2/15/06

• OTS Suggests Saving Associations Adopt Board Qualification Bylaw

  OTS has proposed that federal saving associations adopt a bylaw that would preclude certain person from serving on the Board of Directors.
  Proposed Bylaw
  2/15/06

• Hurricane Relief Fraud FIL Issued

  The FDIC has issued a FIL regarding the previously announced FinCEN guidance warning institutions of the potential for fraudulent transactions involving hurricane relief funds. The guidance was posted in the February 6, 2006, BOL Top Stories.
  FIL
  2/15/06

• CIP For Merchants And Brokers FAQ Published

  FinCEN has published a FAQ regarding CIP for futures commission merchants and introducing brokers.
  FAQ html;
  FAQ
  2/15/06

• Winter 2005/2006 Issue Of FDIC Consumer News Published

  The FDIC has published the Winter 2005/2006 issue of the FDIC Consumer News. Featured articles include Fires, Floods and Other Misfortunes: Are You Prepared Financially?; Banks Are Required to Prepare for Disasters; Coming Soon to Internet Banking Customers: New Procedures for Verifying that "You are You"; Expanded FDIC Insurance for College Savings Accounts; and Reminder: Deposited Checks Subject to Temporary "Hold".
  Consumer News
  2/15/06

• International Reserve Position Updated

  Treasury has updated the U.S. International Reserve Position report to include data as of February 10, 2006.
  Reserve Position
  2/15/06

• Use Of Payment Instruments Working Paper Published

  The FRB has published a working paper in the FEDS series on the topic of "Families' Use of Payment Instruments During a Decade of Change in the U.S. Payment System".
  Abstract;
  Full Paper pdf;
  Full Paper screen reader
  2/15/06

• Counterfeit Cashier's Check Alert Issued

  An Alert has been issued by the OCC regarding counterfeit cashier's checks drawn on Hamlin National Bank of Hamlin, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/14/06

• FIL To Be Primarily Distributed Online

  The FDIC has announced that beginning April 1, 2006, FILs will be distributed primarily through its free online subscription service. To receive a paper FIL an institution must submit a request form prior by March 24, 2006.
  FILs   2/14/06

• SAR Activity Review Published

  FinCEN has published Issue 5 of The SAR Activity Review – By the Numbers which contains data regarding SARs filed from April 1, 1996 to June 30, 2005.
  SAR Activity Review   2/14/06

• FRB Releases Legal Interpretations

  The FRB has released two legal interpretations regarding the granting an exemption from section 23A and recommendations concerning Edge and Agreement corporations.
  23A;
  Corporations
    2/14/06

• Quarterly Journal Online

  The OCC has placed online the December 2005 issue of the Quarterly Journal which contains articles on an analysis of payment option adjustable rate mortgages and automated clearing house payments; third quarter 2005 condition and performance of banks; and other policy and data.Quarterly Journal   2/14/06

• Counterfeit Cashier's Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Citizens National Bank of Cameron, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/13/06

• Legal Interpretations Issued

  The FRB has issued letters granting an exemption from section 23A and regarding the appropriate risk-based capital treatment of a BHC's equity investment in a consolidated financial guarantee reinsurance subsidiary.
  23A;
  Equity Investment   2/13/06

• Third Quarter 2005 Issue Of The Quarterly Review Of Interest Rate Published

  The OTS has published the Third Quarter 2005 issue of The Quarterly Review of Interest Rate Risk.
  Quarterly Review   2/13/06

• CRA Credit For Out Of Area Hurricane Relief Efforts

  The OCC has issued a bulletin allowing national banks located outside the disaster areas to receive positive CRA consideration for activities that support the revitalization and stabilization of areas affected by Hurricanes Katrina and Rita.
  Bulletin   2/10/06

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on UniBank for Savings, Whitinsville, Massachusetts; Fannin Bank, Windom, Texas; Earlham Savings Bank, West Des Moines, Iowa; and Spencer Savings Bank, SLA, Elmwood Park, New Jersey. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/10/06

• OCC Forms Credit And Market Risk Unit

  The OCC has announced that two groups – Credit Risk and Risk Evaluation – are being combined in a new Credit and Market Risk unit which will function as the OCC's focal point for credit and market risk management issues.
  Unit   2/10/06

• Individuals And Entities Added To OFAC List

  The President has issued an Executive Order declaring a national emergency to deal with the threat to the foreign policy of the U.S. posed by the conflict in Côte d'Ivoire. Three entries have been added to the SDN List with the COTED designation. In addition, Treasury has designated five individuals and four entities for their role in financing the Libyan Islamic Fighting Group, an al Qaida affiliate and added their names and numerous A/K/As to the SDN list as SDGTs. Information regarding the new additions has been posted on the BOL OFAC page.   2/09/06

• Eleven Counterfeit Checks Special Alerts Issued

  The FDIC has issued eleven Special Alerts regarding: 1) counterfeit cashier's checks drawn on Auburn State Bank, Auburn, Nebraska; Hampden Bank (formerly Hampden Savings Bank), Springfield, Massachusetts; Northern Trust Bank of California, National Association, Santa Barbara, California; Centrix Bank & Trust, Bedford, New Hampshire; The Paducah Bank and Trust Company, Paducah, Kentucky; First Tennessee Bank, National Association, Memphis, Tennessee; Thomaston Savings Bank, Thomaston, Connecticut; Horicon Bank, Horicon, Wisconsin; and The Farmers National Bank of Seymour, Seymour, Texas; 2) counterfeit official checks drawn on BankAnnapolis, Annapolis, Maryland; and 3) counterfeit expense checks drawn on Gulf Coast Bank, Abbeville, Louisiana. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   2/09/06

• National Community Reinvestment Conference Announced

  The federal financial regulators have announced that the 2006 National Community Reinvestment Conference will be held March 19-22, 2006, at the Green Valley Ranch in Las Vegas, Nevada. Deadline for registration is March 3, 2006.
  Conference Brochure;
  Registration;
  OCC NR;
  FRB NR;
  FDIC PR   2/09/06

• Pennsylvania CU Closed

  The NCUA has announced the liquidation of Greater Harrisburg Community Credit Union, a state-chartered, federally insured credit union in Harrisburg, Pa.
  Closing   2/09/06

• Senior Loan Officer Opinion Survey Results Released

  The results of the January 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released by the FRB.
  Summary;
  Full Report   2/09/06

• External Audit Advisory Published in FR

  An interagency advisory has been issued by the federal financial regulatory agencies that addresses safety and soundness concerns that may arise when a financial institution agrees in an engagement letter to limit the liability of an external auditor. 71FR6847 txt 71FR6847 pdf Links OCC Bulletin;
  FIDC FIL   2/09/06

• CTR Violations Result In Order Of Prohibition

  A former Florida banker who intentionally failed to file over two thousand CTRs is the subject of an Order of Prohibition issued by the FRB.
  Order   2/08/06

• Enforcement Actions Announced

  The FDIC has released a list of ten orders of administrative enforcement actions taken against banks and individuals in December, 2005. The actions include one cease and desist order, three civil money penalty orders, one termination of insurance, and five terminations of cease and desist orders.
  Enforcement Actions   2/08/06

• Consumer Credit Report Released

  The G.19 Consumer Credit Report for December 2005 has been released by the FRB.
  G.19   2/08/06

• FHC List Update

  The FRB has updated the list of BHCs that have elected to be treated as FHCs to include elections made as of February 3, 2006.
  List   2/08/06

• Risk-Based Capital Treatment Of Cash-Collateralized Securities Final Rule

  The FRB has announced the approval of a final rule for state member banks and bank holding companies that revises the risk-based capital treatment for cash collateral posted in connection with securities borrowing transactions. The final rule, pending approval by other federal banking regulators, makes permanent and expands the scope of an interim final rule issued in 2000.
  Final Rule   2/07/06

• Workshops for National Community Bank Directors Announced

  The OCC has announced the 2006 workshop schedule for national community bank directors. The workshops provide practical information that expands bank directors' skills and understanding of issues facing their banks and cover risk assessment, credit risk, and compliance risk.
  Workshops   2/07/06

• 2007 Blue Book Released

  Treasury has released its General Explanations of the Administration's Fiscal Year 2007 Revenue Proposals, otherwise known as the Blue Book, which includes several new initiatives, including: increased expensing for small businesses; a set of proposals to improve access to health care and expand HSAs; proposals to increase compliance, simplify the tax laws and reduce taxpayer burden; and a proposal to create a new Dynamic Analysis Division within Treasury.
  Blue Book   2/07/06

• International Reserve Position Update

  The U.S. International Reserve Position Report has been updated by Treasury to include data as of February 3, 2006.
  Reserve Position   2/07/06

• CRA Ratings Released

  The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the CRA and ratings assigned to each institution.
  Ratings   2/06/06

• Limiting External Audit Advisory Issued

  An interagency advisory has been issued by the federal financial regulatory agencies that addresses safety and soundness concerns that may arise when a financial institution agrees in an engagement letter to limit the liability of an external auditor.
  Interagency Advisory;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR;
  NCUA PR   2/06/06

• Hurricane Challenges Forum Announced

  The federal financial regulators have announced that a forum focusing on the short-term and long-term challenges facing banks and thrifts operating in the areas affected by Hurricanes Katrina and Rita and on ways of helping meet the needs of the local communities will be held in New Orleans on March 2 and 3, 2006.
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR   2/06/06

• FR Replaces SEER Models

  A SR letter has been issued announcing the replacement by the FR of the SEER models with a new econometric framework referred to as the Supervision and Regulation Statistical Assessment of Bank Risk model or SR-SABR. The letter briefly describes the new model, details the screening thresholds for SR-SABR within the State Member Bank Watch List program, and updates Watch List follow-up procedures.
  SR-SABR   2/06/06

• FinCEN Issues Hurricane Relief Fraud Guidance

  A guidance has been issued by FinCEN warning institutions of the potential for fraudulent transactions involving hurricane relief funds. Hurricane Fraud Guidance   2/06/06

• Examination Guidance Issued For Institutions Affected By Katrina

  Federal and state financial institutions regulators have developed a supervisory guidance to assist their examiners in the examination of regulated institutions affected by Hurricane Katrina.
  Examination Guidance;
  FRB SR;
  OCC Bulletin;
  OTS CEO Lt;
  FDIC FIL   2/06/06

• Credit Model Validity Individual Bank Responsibility

  In a presentation to the participants at the Workshop on Validation of Credit Rating and Scoring Models hosted by the OCC, Comptroller Dugan indicated that responsibility for validating the models banks use to manage credit risk and other critical activities lies first and foremost with the institution itself.
  Speech   2/06/06

• Foreign Bank Recertification FAQ Issued

  A guidance in the form of FAQs has been issued by FinCEN regarding clarification of the compliance date for recertification of foreign correspondent accounts. FAQ   2/06/06

• Review Of MSB Regulatory Framework Announced

  FinCEN has announced that a review the regulatory framework for MSBs is being conducted and has issued a guidance regarding the registration and de-registration of the entities. MSB
    2/06/06

• Interagencies Publish Correction to Interpretive Guidance on GLBA

  The Joint Agencies (OCC, FRB, FDIC, OTS) published a correction to Final Rule published in FR (3/29/05) on interpretive guidance on the Gramm-Leach-Bliley Act (GLBA) and the Interagency Guidelines Establishing Information Security Standards (Security Guidelines). TXT PDF  2/03/06

• Congress Praised By Gruenberg For FDIC Insurance Reform

  FDIC Chairman Gruenberg has issued a statement praising the passage of deposit reform legislation by Congress and thanking the leadership for their support. The legislation merges the BIF and SAIF funds and lays the groundwork an increase in deposit insurance coverage. Gruenberg  2/03/06

• Comptroller Urges Privacy Notice Overhaul

  In a presentation to the participants of the ALI-ABA Financial Services Institute, Comptroller Dugan noted that most bank customers don't find the privacy notices to be especially useful and recommended that an ongoing interagency process be implemented to simplify them. He observed that the statutory requirements are complex, specific disclosures using legal language are mandated, and there is no requirement for uniformity or consistency. Speech  2/03/06

• Credit Repair Scammers Busted

  The FTC, U.S. Postal Inspection Service, and eight state law enforcement agencies have filed a compliant against entities that deceptively claim they can remove negative information from consumers' credit reports and a TRO has been issued to halt their activities. Scams; Complaint; TRO  2/03/06

• Deliveries Of New Hamiltons Scheduled

  FR Financial Services has issued a customer letter to financial institutions which announces the distribution plan for the new Series 2004A $10 notes. Letter; New Notes  2/03/06

• XBRL White Paper Published

  The FFIEC has published a white paper of the topic of "Improved Business Process Through XBRL: A Use Case For Business Reporting". Paper  2/03/06

• FRB Announces New Due Diligence Procedures

  Information collected from the OAL List will be utilized by the FRB to implement new due diligence procedures for certain Cash Services requests. A pilot program will be started in three FR Districts beginning February 21, 2006 Due Diligence  2/02/06

• CRA Ratings Released

  OTS has released the CRA ratings received by savings associations recently evaluated for compliance with the CRA. Ratings  2/02/06

• HMDA Site Updated

  The Reg C Amendments site has been updated by HMDA to include information regarding asset threshold size and triggers relating to points and fees. Updates  2/02/06

• EDIE Updated

  The FDIC has updated EDIE. EDIE  2/02/06

• FedFlash February Issue Online

  The February 2006 issue of FedFlash is online and contains articles regarding cash services procedures, money order verification, reminders to DOS users, and District news. FedFlash  2/02/06

• January Foreign Exchange Rates Report Released

  The FRB has released the G.5 Foreign Exchange Rates Report for January 2006. G.5  2/02/06

• FR Bulletin Supplement Published

  The January 2006 Statistical Supplement to the FR Bulletin has been published. Supplement  2/02/06

• Bernanke Sworn In

  Ben S. Bernanke has been sworn in as fourteenth Chairman of the Board of Governors of the Federal Reserve System. Bernanke  2/02/06

• Greenspan's Last Day

  Chairman Greenspan, who had previously announced his retirement after serving over eighteen years, presided over his last meeting as Chairman of the Federal Reserve System in which the Board raised its targets for the federal funds rate and the discount rate by 25 basis points. The Senate has confirmed Ben S. Bernanke as the new Chairman and a private swearing-in ceremony is scheduled for Wednesday, February 1.
  Greenspan; Bernanke.  2/01/06

• First Quarter Market Financing Estimates Announced

  Treasury has announced estimates of net borrowing of marketable debt and the estimated ending cash balance for the First Quarter 2006. Estimates.  1/31/06

• Fox Resigns

  FinCEN Director Fox has announced his resignation effective February 3, 2006. Announcement; Resignation Letter.  1/31/06

• SLC Appointment Announced By FFIEC

  The FFIEC has announced the appointment of Mick Thompson, Oklahoma State Banking Commissioner, to its State Liaison Committee to fill the vacancy created by the retirement of Richard C. Houseworth. SLC.  1/31/06

• SDGT Removed From OFAC List

  OFAC has removed an individual previously designated as a SDGT from the SDN List. Information regarding the action has been posted on the BOL OFAC page.  1/30/06

• Call Report Revisions Announced

  The FFIEC has issued a FIL that announces revisions to the Call Reports for March 2006 through March 2008 for Report Forms 031 and 041. FIL; 031; 041  1/30/06

• BSA/ AML Bulletins Issued

  The OCC has issued two Bulletins regarding a previously announced interagency joint statement concerning sharing SAR information with affiliates and a FinCEN guidance concerning front companies for the North Korean government may seek banking services. Information regarding statement and the guidance was posted in BOL Top Stories on December 14, 2005 and January 23, 2006. SAR Bulletin; North Korean Bulletin   1/30/06

• ID Theft DVD Released

  Treasury has released a DVD created to inform consumers by defining what identity theft 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. Resource Page  1/27/06

• On-Line ID Theft Education Tool Available

  The FDIC has announced the availability of an on-line multimedia education tool, Don't Be an On-line Victim: How to Guard Against Internet Thieves and Electronic Scams, that consumers can use to learn how to better protect their computers and themselves from identity thieves which also features actions consumers can take if their personal information has been compromised. Tool  1/27/06

• Data Security Breach Charges Settled

  A consumer data broker which last year acknowledged that the personal financial records of more than 163,000 consumers in its database had been compromised, will pay $10 million in civil penalties and $5 million in consumer redress to settle FTC charges that its security and record-handling procedures violated consumers' privacy rights and federal laws. Charges; Settlement  1/27/06

• USPS Money Order Verification System Launched

  A new positive pay money order verification system has been launched by the USPS to help combat the growing number of fraudulent money orders being presented to financial institutions. Introductory Letter; Operation Instructions  1/27/06

• IFDP Working Papers Published

  The FRB has published two working papers in the IFDP series on following topics: The Adjustment of Global External Imbalances: Does Partial Exchange Rate Pass-Through to Trade Prices Matter? and Exchange-Rate Pass-Through in the G-7 Countries. Adjustment Abstract; Adjustment Full Paper; Exchange Abstract; Exchange Full Paper  1/27/06

• NCUA publishes proposed rulemaking to address service to underserved areas

  NCUA proposes amendments to its rules regarding
  service to underserved areas that will ensure continued service to members in those areas. TXT PDF  1/27/06

• Summary of FinCEN BSA Releases Published

  FinCEN has published a summary of the variety of regulatory releases that it issues as the administrator of the BSA. Summary  1/26/06

• New Electronic Interpretations and Actions Announced

  The OCC has announced the January 2006 New Electronic Interpretations and Actions which contains interpretative letters, CRA decisions, corporate decisions, approvals with conditions, final enforcement actions, and CRA evaluations. Interpretations and Actions  1/26/06

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the bearing the name Hometown Bank which display the routing number of Liberty Bank, Middletown, Connecticut in addition to those drawn on Randolph Savings Bank, Randolph, Massachusetts and 1st Constitution Bank, Cranbury, New Jersey. Information concerning the counterfeit checks has been posted in the BOL Alerts & Counterfeits page.  1/26/06

• Top 10 Consumer Fraud Complaints Report Released

  The FTC has released its annual report detailing consumer complaints about fraud and identity theft in 2005. Complaints about identity theft topped the list, accounting for 255,000 of more than 686,000 complaints filed with the agency.
  Fraud Report  1/26/06

• CU Workshops Schedule Announced

  NCUA has announced the 2006 schedule for 20 training workshops to be held across the country which will discuss current issues significant to CUs including disaster recovery planning, regulatory hot topics, financial education, and due diligence best practices. Schedule  1/26/06

• Agricultural Finance Databook Released

  The December 2005 edition of E.15 Agricultural Finance Databook has been released by the FRB. E.15  1/26/06

• NCUA modifies rules on uninsured accounts

  NCUA publishes final rule in FR to modify its rules on uninsured secondary capital accounts, allowing low-income designated credit unions to redeem funds that are within five years of maturity.TXT PDF  1/26/06

• OCC CRA Evaluations Released

  The OCC has released the ratings for twenty national banks recently evaluated for CRA compliance. CRA Ratings  1/25/06

• Counterfeit Cashier's Checks Alert

  An Alert has been issued by the OCC regarding counterfeit cashier's checks drawn on First Tennessee Bank, N.A. of Memphis, Tennessee. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  1/25/06

• Mississippi CU Placed In Receivership

  NCUA has announced that the state chartered Gulfport CBC Credit Union of Gulfport, Mississippi has been placed into conservatorship by the State of Mississippi Department of Banking and Consumer Finance. Receivership  1/25/06

• 2006 Regulatory Reports Filing Schedule

  OTS has published the filing schedule for 2006 regulatory reports required by the agency. Schedule  1/25/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of January 20, 2006. Reserve Position  1/25/06

• NCUA issues rule for insurance requirements

  NCUA publishes final rule in FR requiring all federally insured credit unions to file the same quarterly Financial and Statistical Report with NCUA. Along with this, NCUA is issuing a number of revisions to Form 5300. TXT PDF  1/25/06

• NCUA issues final rule for its Regulatory Flexibility Program

  NCUA publishes final rule in FR modifying the eligibility criteria for its Regulatory Flexibility Program by reducing the minimum net worth, and extending the duration that it must be maintained, to qualify for the Program. TXT PDF  1/25/06

• Tier 1 Capital Legal Interpretation Released

  The FRB has released a Legal Interpretation permitting a BHC to include in its tier 1 capital, trust preferred securities that mandatorily convert into non-cumulative perpetual preferred securities on the same terms and subject to the same quantitative limit as trust preferred securities that mandatorily convert into common stock. Interpretation  1/24/06

• Counterfeit Checks Alerts Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name
  of Northern Trust Bank of California, N.A., Los Angeles, California; and the FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Jewett City Savings Bank, Jewett City, Connecticut, and counterfeit official checks drawn on Chevron Credit Bank, National Association, Murray, Utah. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  1/24/06

• Eighteen Enforcement Actions Announced

  The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in November 2005 including one cease-and-desist order, five removal and prohibition orders, four civil money penalty orders, four terminations of insurance, one modification of a removal and prohibition order, and three terminations of orders to cease and desist. Enforcement Actions  1/24/06

• Interagency Guidance Issued Regarding SAR Information Sharing

  FinCEN and the federal financial Institution regulators have issued a Guidance which addresses the sharing of the information contained in a SAR with related entities. SAR Guidance; OCC PR; OTS CEO Lt; FDIC FIL FRB SR  1/23/06

• FRB Announces C&D Order

  The FRB has announced the issuance of a Consent Order to Cease and Desist against Jean Peyrelevade, the former chairman of Credit Lyonnais, S.A., Paris, France regarding allegations that he participated in violations of the BHC Act and its regulations relating to the "Executive Life" matter. Order   1/23/06

• CRE Lending Guidance Bulletin Issued

  The OCC has issued a Bulletin regarding the previous announced proposed Interagency Guidance concerning concentrations in commercial real estate (CRE) lending and sound risk management practices. Information regarding the proposal was posted in the January 13, 2006 BOL Top Stories.  1/23/06

• Winter 2006 Money Smart News Published

  The Winter 2006 issue of Money Smart News has been published by the FDIC and contains articles regarding training tips, financial education for seniors, success stories and partner news. Money Smart News  1/23/06

• Nine Counterfeit Checks Special Alerts Issued

  The FDIC has issued nine Special Alerts regarding: 1) counterfeit cashier's checks drawn on Devon Bank, Chicago, Illinois; American Marine Bank, Bainbridge Island, Washington; Principal Bank, Des Moines, Iowa; West Coast Bank, Lake Oswego, Oregon and First Independence Bank (formerly known as First Independence National Bank), Detroit, Michigan; 2) counterfeit official checks drawn on Essex Savings Bank, Essex, Connecticut; KeyBank National Association, Cleveland, Ohio; and The First National Bank, McConnelsville, Ohio; and 3) counterfeit treasurer's checks drawn on Somerset Trust Company, Somerset, Pennsylvania. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   1/20/06

• FDIC Issues Unauthorized Banking Alerts

  Three Special Alerts have been issued by the FDIC regarding unauthorized banking activities that may be conducted by Euro Trust Corporation, Union One Bank, Toronto, Ontario, Canada, and SL Financial Group, Associated with North York, Ontario, Canada, in the U.S. and Canada; in addition to those of United Exchange International Bank, Belize City, Belize, a fictitious Internet bank which lists an Utah address on its Web page.
  Euro Trust;
  Union One and SL Financial;
  United Exchange   1/20/06

• Final Rule Issued Regarding Capital Requirements For Low-Income CUs

  NCUA has issued a Final Rule which reduces the minimum net worth requirement and extends the time frame minimum net worth must be maintained to qualify for RegFlex; allows low-income designated CUs to redeem funds in secondary capital accounts within five years of maturity; and requires prior approval for the use and repayment of secondary capital.
  Final Rule   1/20/06

• Director of Syrian Military Intelligence Added To OFAC List

  OFAC has added the Director of Syrian Military Intelligence to the SDN List. Information regarding the designation has been posted on the BOL OFAC page.   1/19/06

• January 2006 Issue Of The Beige Book Published

  The FRB has published the January 2005 issue of The Beige Book which contains an informal review by the Federal Reserve Banks of current economic conditions in their Districts.
  Summary;
  Full Report   1/19/06

• November 2005 TIC Data Released

  Treasury has released the TIC Data for November 2005.
  TIC   1/19/06

• Assets Report Issued

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Assets Held at Reserve Banks Report for November 2005 has been issued by the FRB.
  Report   1/19/06

• February HOEPA Rates Established

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in February 2006 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, you use the yield in effect on the 15th of the month that precedes the month you received the application. For February, you will use the rates posted on January 13th since January 15th fell on the weekend.
  Weekly H.15   1/18/06

• OCC Enforcement Actions Announced

  The OCC has announced new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. The actions include three bank C & Ds, one personal C & D, seven CMPs, three formal agreements, and five removal/prohibition orders.
  Enforcement Actions   1/18/06

• FTC Settles Complaint Against Credit Reporting Agency

  A consumer reporting agency will pay $120,000 to settle FTC charges that it did not follow reasonable procedures to assure the accuracy of the information in the consumer reports it sold to mortgage companies, in violation of federal law.
  Settlement   1/18/06

• Industrial Production Report Released

  The G.17 Industrial Production and Capacity Utilization Report for December 2005 has been released by the FRB.
  G.17   1/18/06

• International Reserve Position Update Issued

  Treasury has updated the U.S. International Reserve Position report to include data as of January 13, 2006.
  Reserve Position   1/18/06

• Aid To Hurricane Victims Campaign Announced

  A public service campaign to aid in the financial recovery of victims of the 2005 hurricanes has been announced by the federal financial regulators who are encouraging financial institutions to continue to work with borrowers affected by the disasters. Suggested assistance includes waiving fees, lowering interest rates, extending repayment schedules, or deferring principal or interest for an additional period, where appropriate. Links to hurricane assistance information from the respective regulators are posted on the BOL Disaster Recovery Center.
  FRB PR;
  FDIC PR;
  OCC NR;
  OTS PR;
  NCUA PR;
  FFIEC PR   1/17/06

• Money Laundering Threat Assessment Report Published

  A report of first government-wide analysis of money laundering in the U.S. has been published. The purpose of the study, known as MLTA, is to interested parties understand the landscape of ML in the U.S. and support strategic planning efforts to combat the problem.
  MLTA   1/17/06

• FDIC To Hold 2006 Economic Outlook Roundtable

  The FDIC has announced that the 2006 Economic Outlook Roundtable will be held on January 19, 2006, in the FDIC Boardroom, Washington, D.C.
  Roundtable   1/17/06

• Agencies Publish Commercial RE Lending Guidance in FR

  The regulators request comment on this proposed guidance entitled, Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices (Guidance). The regulators have observed that some institutions have high and increasing
  concentrations of commercial real estate loans on their balance sheets and are concerned that these concentrations may make the institutions more vulnerable to cyclical commercial real estate markets. This proposed Guidance helps identify institutions with commercial real estate loan concentrations that may be subject to greater supervisory scrutiny. 71FR2303 txt 71FR2303 pdf   1/13/06

• New OFAC Economic Sanctions Enforcement Procedures Published

  New Economic Sanctions Enforcement Procedures for banking institutions regulated by FFIEC- member supervisory agencies have been announced by OFAC and published in the Federal Register. The interim final rule goes into effect for enforcement cases involving banking institutions in 30 days. OFAC also is seeking comments regarding the new procedures and suggestions on how they might be made to apply to state-regulated institutions, the insurance and securities industries, and the import/export community.
  71FR1971 txt 71FR1971 pdf
  Submit Comments   1/13/06

• Early Savings Bond Redemptions Authorized in Flood And Wildfire Affected Areas

  Federal Reserve Financial Services has announced that agents serving areas ravaged by flooding in California and Nevada plus areas ravaged by wildfires in Oklahoma are authorized to redeem EE and I savings bonds less than one year old presented during the months of January and February 2006.
  Early Redemptions   1/13/06

• HMDA Exemption Threshold Raised

  The OCC has issued a Bulletin regarding the previously announced amendments to Reg C that raise the asset size exemption threshold to $35 million for depository institutions that are required to report data under HMDA. Information concerning the Reg C amendments was reported in the December 21, 2005, BOL Top Stories.   1/13/06

• 2005 Financial Report Released By OTS

  OTS has released its 2005 Financial Report.
  Report   1/13/06

• Comptroller Issues Real Estate Rulings Statement

  Comptroller Dugan has issued a statement to correct a fundamental misunderstanding of the effect of three recent OCC interpretive letters regarding the ability of banks to hold real estate used for the banks' business and to provide financing involving an indirect interest in real estate.
  Statement   1/12/06

• CRA Ratings Published

  The FDIC has published the evaluation ratings received by state nonmember banks recently evaluated for compliance with the CRA.
  CRA Ratings   1/12/06

• Third Quarter 2005 Charge-Off Rates Released

  OTS has released the thrift industry charge-off rates by asset types for the Third Quarter of 2005.
  Charge-Off Rates   1/12/06

• Reducing Regulatory Burden FIL Issued

  The FDIC has issued a FIL regarding the previously announced request by the federal financial regulatory agencies for recommendations on how to reduce regulatory burden on insured institutions in rules relating to Prompt Corrective Action and the Disclosure and Reporting of CRA-Related Agreements. Information concerning the request was reported in the January 4, 2005 BOL Top Stories.   1/12/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report to include data received as of January 6, 2006.
  Reserve Position   1/12/06

• G.20 Report Issued

  The January 11, 2006 G.20 Finance Companies Report of owned/managed receivables outstanding and auto loan credit terms has been issued by the FRB.
  G.20   1/12/06

• FHC List Revised

  The FRB has revised the FHC List to include those BHCs that have elected to be treated as FHCs as of January 6, 2006.
  FHC List   1/12/06

• Commercial Real Estate Lending Proposed Guidance Issued

  The federal bank and thrift regulatory agencies have issued for comment a proposed guidance on sound risk management practices for concentrations in commercial real estate lending. The proposed guidance reinforces existing guidelines for real estate lending and safety and soundness and provides criteria for identifying institutions with commercial real estate loan concentrations that may warrant greater supervisory scrutiny.
  Proposed Guidance;
  FRB PR;
  FDIC PR;
  OCC NR;
  OTS PR   1/11/06

• Large Bank Deposit Insurance ANPR

  A FIL has been issued by the FDIC regarding comments on whether the largest insured depository institutions should be required to modify their deposit systems so that deposit insurance coverage may be calculated quickly in the event of a failure of one of these institutions.
  FIL;
  ANPR   1/11/06

• Winter 2005 State Profiles Published

  The FDIC has published the Winter 2005 edition of State Profiles which provide a quarterly summary of state banking and economic conditions.
  State Profiles   1/11/06

• Consumer ID Theft Quiz Online

  Consumers can test their knowledge online about protecting their personal information and responding if their identity is stolen. The new quiz from the FTC at asks questions about getting a free credit report, using smart passwords, taking the right steps after an identity theft incident, and other topics.
  ID Theft Quiz   1/11/06

• Final Rule on Check Conversion and Payroll Cards Published in FR

  The FRB published a final rule covering disclosures and authorizations for electronic check conversions; and an interim final rule bringing payroll cards under the regulation's influence.
  Interim Final Rule: 71FR1473 txt 71FR1473 pdf; Final Rule: 71FR1638 txt 71FR1638 pdf. Read the BOL summary: New Reg E Rules on Check Conversions, Payroll Cards
    1/10/06

• Counterfeit Official Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit official checks drawn on Chevron Credit Bank, N.A., Murray, Utah. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   1/10/06

• FTC Settles Credit Counseling Case

  The FTC has announced the end to the largest case involving deceptive credit counseling and debt management brought by the agency. A settlement agreement with Andris Pukke, founder of AmeriDebt, Inc., requires the establishment of a consumer redress program for victims of the deception, a fund that ultimately could total as much as $35 million.
  Settlement   1/10/06

• FDIC Publishes Two Special Interest Money Management Guides

  The FDIC has issued a FIL that promotes the distribution of two special how-to guides to money management for selected age groups – one for senior citizens, the other for young adults. Financial institutions are encouraged to make the information in the guides widely available to their customers.
  FIL
  Senior Citizens Guide;
  Young Adult Guide   1/10/06

• Winter Outlook Published

  The Winter 2006 issue of the FDIC Outlook has been published and provides a quarterly analysis of current national and regional trends that may affect the risk exposure of insured depository institutions. The current issue features a preliminary assessment of the effects of recent hurricanes on FDIC-insured institutions.
  Winter Outlook   1/10/06

• FRB Adds New Members To Consumer Advisory Council

  Ten new members have been named by the FRB to its Consumer Advisory Council and a new Chair and Vice Chair have been designated for 2006.
  Council   1/10/06

• Consumer Credit Report Released

  The FRB has released the G.19 Consumer Credit Report for November 20005.
  G.19   1/10/06

• Unauthorized Banking Alert Issued

  The OCC issued an Alert regarding unauthorized banking after receiving a report from the Central Bank of Belize that the United Exchange International Bank is not authorized to conduct the business of banking from or in Belize. Alert  1/06/06

• TFR Instruction Manuals and Q&A Released

  OTS has released the March 2005 and March 2006 TFR Instruction Manuals plus a set of TFR Q&As which are contained in the December 2005 Financial Reporting Bulletin. March 2005; March 2006; Q&As; Financial Reporting Bulletin  1/06/06

• Winter 2005 Edition Of FDIC Outlook Released

  The FDIC has released the Winter 2005 edition of FDIC Outlook, which focuses on the unique challenges banks face after Hurricanes Katrina and Rita. It also examines the impact that four previous natural disasters have had on the local banking industry. Winter 2005 Outlook  1/06/06

• Federal Reserve Bulletin Autumn 2005 Issue Published

  The Autumn 2005 issue of the Federal Reserve Bulletin has been published and the International Finance Working Paper Released. The FRB has released a working paper in the IFDP series on the topic of "The Adjustment of Global External Imbalances: Does Partial Exchange Rate Pass-Through to Trade Prices Matter?". Abstract; Full Paper  1/06/06

• FHA Loan Violations Result In CMP And Restitution Of $16.85 Million

  The OCC announced a $6.25 million civil money penalty against ABN-AMRO Mortgage Group. Inc., a subsidiary of LaSalle Bank Midwest, N.A., Troy, Michigan. The action, part of a $16.85 million settlement that also includes restitution payments, were the result of a joint investigation by the OCC and HUD which revealed a pattern of submitting loans to HUD for FHA insurance without proper review and certifications. ABN-AMRO also agreed not to submit insurance claims on 783 defaulted loans, saving the FHA insurance fund an estimated $24.35 million in potential losses. OCC NR; OCC Order; HUD NR.  1/05/06

• OFAC Makes Changes To SDN List

  Two Iranian entities designated for their support of the proliferation of WMD have been added to the SDN list by OFAC. In addition, three individuals have been deleted. Information regarding the changes has been posted on the BOL OFAC page.   1/05/06

• 2006 Beige Book Release Dates Announced

  The FRB has announced the publication dates for the 2006 eight editions of the Beige Book. Dates   1/05/06

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on KeyBank National Association, Cleveland, Ohio. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  1/04/06

• CRA Ratings Released

  OTS has released the CRA ratings which became publicly available in December 2005 that were given to savings associations recently evaluated for CRA compliance. Ratings  1/04/06

• NCUA Hosts Town Meeting Webinar

  The first ever "town meeting" webinar hosted by NCUA is available for online viewing. The webinar, which was held on December 20, 2005, features new Board Member Gigi Hyland who discussed her professional background, thoughts on key issues, and answered questions from participants. Town Meeting  1/04/06

• Foreign Exchange Rates Reports Published

  The FRB has published the December 2005 G. 5 Monthly and 2005 G.5A Annual Foreign Exchange Rates reports. G.5; G.5A  1/04/06

• FOMC Minutes Released

  The minutes of the December 13, 2005 meeting for the FOMC have been released. Minutes  1/04/06

• FedFocus 2006 Premier Issue Published

  The 2006 premier issue of FedFocus examines how the Federal Reserve Banks are poised for growth in 2006 and features highlights of upcoming service enhancements, industry trends, and Check 21 check processing. A sneak peek at the new FedACH Risk Origination Monitoring Service is also provided. January FedFocus  1/04/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of December 23, 2005.
  Reserve Position  1/04/06

• Joint Agencies publish proposed rulemaking in Federal Register relating to Prompt Corrective Action and theDisclosure and Reporting of CRA Related Agreements

  The OCC, OTS, FRB, and FDIC request comments on ways to reduce burden with respect to rules regarding Prompt Corrective Action and the Disclosure and Reporting of CRA Related Agreements. PDF, TXT  1/04/06

• Reg E Amendments Announced

  The FRB has announced final amendments to Regulation E regarding the responsibilities of parties involved in electronic check conversion transactions and the requirement that consumers receive written notification in advance of these transactions. An interim final rule was also adopted that extended coverage to payroll card accounts. Revisions to the official staff commentary provide guidance on preauthorized transfers from consumers' accounts, error resolution, and disclosures at ATMs. Electronic Checks;
  Payroll Card Accounts  1/03/06

• FedFlash News January Issue Published

  The January 1, 2006 issue of FedFlash News has been published and contains articles on Financial Services prices for 2006, AMI enhancements, availability changes for Check-21 related services, the addition of more FedReceipt endpoints, and district information. FedFlash html; FedFlash pdf  1/03/06

• Wildfire Relief Guidance Issued

  The FDIC has issued a FIL which announces a series of steps intended to facilitate the rebuilding process in areas damaged by recent wildfires in Oklahoma and Texas. FIL  1/03/06

• Country Exposure Reports Published

  The FFIEC has published the E.16 Country Exposure Statistical Release and Country Exposure Information Report for September 30, 2005. E.16  1/03/06

• FRB 2006 Budgets

  The FRB has posted online the Reserve Bank budgets for 2006. 2006 Budgets  1/03/06

In prepared remarks at the Federal Reserve Bank of Chicago, CFPB Director Cordray reflected on some of the changes that followed "the most damaging and frightening financial crisis of our lifetimes." He indicated the changes include the elimination of the former sharp divide between chartered banks and other nonbank firms when it comes to federal oversight for compliance with consumer financial law and the connection of safety and soundness of an institution with the protection of its customers. He concluded by saying that "good regulation is not about impeding market forces; it is about channeling those forces to make the marketplace work better. Good regulation supports strong markets that are more likely to deliver value to consumers over time."

The Federal Reserve Board has submitted to Congress a report required by Section 129 of the Emergency Economic Stabilization Act (EESA) with an update on the EESA lending facilities that have been established by the Board that remain outstanding.

The Government Accountability Office has released an overview of its work on the National Flood Insurance Program over the past eleven years. The GAO reports that FEMA still needs to address provisions in both the Biggert-Waters Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014 that affect many aspects of NFIP, including its finances, rate setting, and participation.

The Federal Reserve has announced a series of eight consecutive operations offering seven-day term deposits through its Term Deposit Facility (TDF). Individual operations will be held on the first business day of each week beginning the week of May 19, 2014. Additional information is provided on the FRB TDF page.

The Federal Reserve Board has submitted to Congress a report required by Section 129 of the Emergency Economic Stabilization Act (EESA) with an update on the EESA lending facilities that have been established by the Board that remain outstanding.

The Government Accountability Office has released an overview of its work on the National Flood Insurance Program over the past eleven years. The GAO reports that FEMA still needs to address provisions in both the Biggert-Waters Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014 that affect many aspects of NFIP, including its finances, rate setting, and participation.