Top Story Compliance Related

The Federal Trade Commission has announced that GoloansOnline.com, a Houston-based online operation in the business of finding potential borrowers for mortgage companies, will pay a $225,000 civil money penalty (CMP) to settle charges that it deceived consumers about the terms of the mortgages. The FTC alleged the company advertised low interest-rate loans as fixed-rate mortgages, when in fact they were adjustable-rate mortgages that could become more expensive for borrowers over time. It also allegedly failed to include important disclosures, such as the annual percentage rate, amount of downpayment, and repayment terms that figure into the advertised payment amounts and interest rate.

FDIC FIL-26-2014 announces the availability of a new resource guide, Strategies for Community Banks to Develop Partnerships with Community Development Financial Institutions. The guide informs FDIC-supervised institutions of strategies to meet community credit and development needs and receive consideration under the Community Reinvestment Act (CRA) through collaboration with community development financial institutions (CDFIs). It also contains information to help community banks identify and evaluate opportunities to collaborate with CDFIs in providing financial products and services to underserved markets. The guide describes the key characteristics of CDFIs and the types of investments that can support them. It also discusses steps to consider when assessing bank/CDFI partnerships and how these activities may enhance CRA performance.

The Treasury Department has announced actions to increase pressure on the Syrian regime and its supporters. Treasury designated Moscow-based Tempbank and Mikhail Gagloev, a senior executive of the bank, pursuant to Executive Order (E.O.) 13582, for providing material support and services to the Government of Syria, including the Central Bank of Syria and SYTROL, Syria's state oil-marketing firm. In addition, six senior officials of the Syrian Government were designated pursuant to E.O. 13573, including Brigadier General Bassam Al-Hassan, an advisor to President Bashar Al-Assad. The Banias Refinery Company and the Homs Refinery Company were also designated pursuant to E.O. 13582. More information concerning the designations has been posted in a BOL OFAC Update.

• HMDA CDs Contain Errors

  The CD ROM recently sent to institutions by the FFIEC, containing 2004 HMDA Aggregate and Disclosure Data Reports, has errors. The FFIEC has posted a letter on its website that explains the problems along with a link to a downloadable "fix". However, there is an additional error has been discovered which occurs in both the data on the website and that on your CD ROM. According to a HMDA spokesperson, it will take a couple of days to fix this new problem.
  Letter   9/30/05

• Outlook Spotlights "Stroke-Of-The-Pen" Risks

  The Fall 2005 edition of FDIC Outlook features an article that examines changes in monetary, tax, agricultural and other policies that have led to or may lead to significant and unintended negative consequences for banks.
  Fall Outlook   9/30/05

• July G.20 Released

  The FRB has released the July 2005 G.20 Financial Companies report of owned and managed receivables outstanding and auto loans terms of credit.
  G.20   9/30/05

• Prohibition Order Issued Against Former Atlanta Banker

  The FRB has announced the issuance of an Order of Prohibition against a former employee and institution-affiliated party of SunTrust Bank, Atlanta, Georgia, resulting from alleged embezzlement of funds and falsification of the bank's books and records at a cash vault processing center.
  Order   9/29/05

• CRA Evaluations Released

  The OCC has released the evaluations received by thirty-five national banks that were recently examined for compliance with CRA.
  Evaluations   9/29/05

• Information Security Charges Settled By FTC

  The FTC has announced that Superior Mortgage Corp., a lender with 40 branch offices in 10 states and multiple Web sites, has agreed to settle charges that it violated federal law by failing to provide reasonable security for sensitive customer data and falsely claiming that it encrypted data submitted online.
  Settlement Agreement;
  Complaint   9/29/05

• New Hamiltons Unveiled

  In a ceremony on Ellis Island, NY, U.S. Treasury Secretary Snow and U.S. Treasurer Cabral unveiled a new, more secure design for the $10 note that will go into circulation in early 2006. The security features include subtle shades of orange, yellow and red along with images of the Statue of Liberty's torch and the words "We the People".
  New $10 Note   9/29/05

• Agencies Grant Relief To Transfer Agents

  The federal banking agencies have announced the issuance of orders granting emergency relief to bank transfer agents affected by Hurricane Katrina from compliance with Section 17A of the Securities Exchange Act of 1934. BOL Disaster Issuances   9/29/05

• September Electronic Interpretations and Actions Announced

  The OCC has announced the posting of the September 2005 New Electronic Interpretations and Actions.
  Electronic I And A   9/29/05

• TFR Instruction Manual and Related Forms Released

  OTS has released the 2005 TFR Instruction Manual along with the September Financial Reporting Bulletin, Schedule VA; TFR Schedules, and the Listing of September Form Changes.
  Manual;
  Bulletin;
  Schedule VA;
  TRS Schedules;
  Form Changes   9/29/05

• FRB Increases Primary Credit Rate

  Published in the FR, the FRB has adopted final amendments to its Regulation A to reflect the approval of an increase in the primary credit rate at each Federal Reserve Bank. 70FR56563 txt 70FR56563 pdf   9/28/05

• FinCEN Sites Back Up

  The FinCEN public web sites are now online, but some links are still disabled as the investigation of the compromise of the FinCEN QuikNews system continues.
  FinCEN Sites   9/28/05

• FTC Takes Action Against Credit Card Scams

  The FTC has announced that federal court action has been taken against two groups of Canadian-based defendants, each allegedly engaged in widespread cross-border fraud schemes that involved unsolicited telemarketing calls to U.S. consumers, falsely offering them pre-approved MasterCard and Visa credit cards.
  Scams   9/28/05

• Greenspan Says Flexibility Aids Economy

  In a presentation to the participants at the annual meeting of the National Association for Business Economics, Chairman Greenspan commented on some of the ways economic policy is influenced by the increasing flexibility of the U.S. economy. He noted flexibility has made the economy more resilient to shocks and more stable overall during the past couple of decades and is the result in part, of the efforts of policymakers to remove rigidities and promote competition.
  Speech   9/28/05

• International Reserve Position Update

  The FRB has updated the U.S. International Reserve Position to include data as of September 23, 2005.
  Reserve Position   9/28/05

• Large Commercial Banks Ranking Report Released

  The FRB has released the ranking by consolidated assets of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more, as of June 30, 2005.
  Ranking   9/28/05

• Early Redemption Of Savings Bonds Authorized

  FRB Financial Services has authorized the early redemption of EE and I savings bonds less than one year old that are presented during the months of September, October, and November 2005 to authorized agents in designated Louisiana parishes and Texas counties.
  BOL Disaster Issuances Page
    9/27/05

• Counterfeit Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on The Ohio Valley Bank Company, Gallipolis, Ohio, and counterfeit cashier’s checks drawn on Royal Oaks Bank, ssb, Houston, Texas. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   9/27/05

• Greenspan Shares View On Mortgage Banking

  In a presentation via satellite, Chairman Greenspan shared his views on mortgage banking with the participants at the ABA annual meeting. He noted that the FRB will closely follow the consequences of the recent devastating events in the Gulf Coast region in order to assess their implications for our economy. His remarks focused on the sharp rise in housing valuations and the associated buildup in mortgage debt over the last decade. He also cited the Working Paper listed below.
  Presentation   9/27/05

• Greenspan Co-Authors Working Paper

  Working papers in the FEDS and IFDP series have been published by the FRB on the following topics: "Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-Four-Family Residences" authored by Alan Greenspan and James Kennedy; and "Monetary Policy and House Prices: A Cross-Country Study" authored by Alan G. Ahearne; John Ammer; Brian M. Doyle; Linda S. Kole; and Robert F. Martin.
  Estimates Abstract
  Estimates Full Paper;
  Monetary Policy Abstract;
  Monetary Policy Full Paper   9/27/05

• Comptroller Highlights Regulatory Reforms And Consumer Products

  Comptroller Dugan noted in a presentation at the ABA Annual Conference that both consumers and banks have benefited from the long fight to shed outdated laws and regulations in addition to the efforts of bankers to offer new products to consumers. He also indicated that it will be one of his priorities to try and alleviate unnecessary regulatory burdens.
  Speech   9/27/05

• Future Of Dual Banking System Depends On Federal Action

  Speaking before the bankers in attendance at the ABA Annual Convention, FDIC Chairman Powell called for action at the federal level to preserve healthy federal and state banking systems. He indicated that a strong dual system could be jeopardized as the industry asset share of state-chartered banks continues to decline. He stated, "that the FDIC, as a federal regulator, has a responsibility to implement all existing laws for state-chartered banks".
  Speech   9/27/05

• FDIC Creates Hurricane Relief Web Page

  The FDIC has announced the creation of a special Web page for victims of Katrina and Rita that includes FAQs, tips on re-establishing identity as well as an up-to-date list of financial institutions affected by the hurricanes, such as customer contact information and branch status. If you are on the list, you may want to check and make sure the information is current. BOL Disaster Issuance Page   9/26/05

• FinCEN Email Service Compromised

  FinCEN has announced the apparent compromise of the e-mail addresses of subscribers to FinCEN QuickNews. The current system has been permanently shut down. The compromise is under criminal investigation and it is thought that no information other than the e-mail addresses was obtained. The public website of FinCEN www.fincen.gov was temporarily taken down over the weekend to perform system maintenance and replace servers as a precaution. It was brought live again Monday morning.
  QuickNews   9/26/05

• Composite Ratings Definitions List Updated

  The FDIC has updated the Composite Ratings Definition List.
  List   9/26/05

• Three Working Papers Published

  The FRB has published three new working papers in the FEDS series on the topics of: How Biased Are Measures of Cyclical Movements in Productivity and Hours?; Do Nonfinancial Firms Use Interest Rate Derivatives to Hedge?; and Risk, Uncertainty, and Asset Prices.
  Biased Abstract;
  Biased Full Paper;
  Nonfinancial Abstract;
  Nonfinancial Full Paper;
  Risk Abstract;
  Risk Full Paper   9/26/05

• Summer FR Bulletin Online

  The FRB has posted the Summer 2004 issue of the Bulletin online. The issue contains articles on the monetary policy report to the Congress, new information reported under HMDA and its application in fair lending enforcement and a report on the condition of the U.S. banking industry for the first quarter 2005, plus legal developments and announcements.
  Summer Bulletin   9/26/05

• Bank Servicers May Be Using Unauthorized Reference To FRB

  The FRB has issued a SR letter warning that certain firms may promoting their services by claiming that the regulator plans increased scrutiny of banking organizations' business continuity and disaster recovery plans in the wake of Hurricane Katrina. The letter states that the FRB does not anticipate any additional or more intensive reviews of these plans stemming from Katrina.
  BOL Disaster Recovery Center   9/23/05

• OTS Issues Rita Guidance

  A CEO Letter has been issued by OTS regarding recommendations concerning actions that savings associations may take in response to Hurricane Rita.
  BOL Disaster Recovery Center   9/23/05

• Call Report FIL Issued

  The FDIC has issued a FIL regarding the filing of the Third Quarter 2005 Call Report and the implementation of the Central Data Repository (CDR).
  FIL   9/23/05

• FRB To Halt Publishing Of Paper Issues Of Quarterly Federal Reserve Bulletin

  The FRB has announced that beginning in 2006 the Federal Reserve Bulletin will be published on the Board's public web site and the quarterly paper version of the Bulletin will no longer be published.
  Bulletin   9/23/05

• OCC Urges National Banks To Assist Rita Victims

  The OCC encourages national banks to consider various alternatives to assist customers affected by Hurricane Rita, including extending the terms of loan repayments; restructuring a borrower’s debt obligations; and easing credit terms for new loans to certain borrowers, consistent with prudent banking practice.
  BOL Disaster Issuances Page   9/22/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position to include data as of September 16, 2005.
  Reserve Position   9/22/05

• Second Quarter Flow Of Funds Report Released

  The Z.1 Flow of Funds Report for the Second Quarter 2005 has been released by the FRB.
  Z.1   9/22/05

• IFDP Working Paper Published

  The FRB has published a working paper in the IFDP series on the topic of "International Capital Flows and U.S. Interest Rates".
  Abstract
  Full Paper   9/22/05

• Handling Of Contaminated Checks Recommendations Issued

  FRB Financial Services has issued a list of recommended alternatives regarding the handling of checks that may have been contaminated as a result of Hurricane Katrina.
  Alternatives   9/21/05

• National Banks Affected By Rita May Close

  Comptroller Dugan has issued a proclamation authorizing national banks affected by Hurricane Rita to close offices.
  Proclamation   9/21/05

• Order of Prohibition Announced

  The FRB has announced the issuance of a Final Decision and Order of Prohibition against a former employee of National City Bank, Cleveland, Ohio, who allegedly diverted customer loan proceeds to his own accounts.
  Order   9/21/05

• Fed Boosts Rate

  By a 9 to 1 vote, the FOMC raised the Fed Funds rate by twenty-five basis points.
  Rate   9/21/05

• Working Group To Discuss Katrina Issues

  The FFIEC has announced the formation of an interagency working group to enhance the agencies’ coordination and communication on, and supervisory responses to, issues facing the industry in the aftermath of Hurricane Katrina.
  Katrina Working Group   9/20/05

• Counterfeit Cashier’s Checks Special Alerts

  The FDIC has issued three Special alerts regarding counterfeit cashier’s checks drawn on First Bank of Conroe, National Association, Conroe, Texas; Greenfield Savings Bank, Greenfield, Massachusetts; and Skagit State Bank, Burlington, Washington. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.   9/20/05

• Bin Laden Associate Added To OFAC List

  Treasury has designated a Bin Laden associate as a SDGT and added his name to the OFAC SDN list. Information regarding the new addition has been posted on the BOL OFAC page.   9/20/05

• OCC Licensing Manual Updated

  The Capital and Dividends booklet of the OCC Licensing Manual has been revised to incorporate an advisory on reverse stock splits.
  Licensing Manual   9/20/05

• October HOEPA Rates Published

  The Federal Reserve has published the new reference rates which lenders must use to determine if loans for which applications are received in October 2005 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.
  H.15   9/19/05

• Enforcement Actions Announced

  The OCC has announced twenty-five enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.
  Enforcement Actions   9/19/05

• Final Second Quarter Interest Rate Risk Measures Issued

  OTS has issued the final Interest Rate Risk Measures for the second quarter 2005.
  Risk Measures   9/19/05

• July International Capital Data Released

  Treasury has released the International Capital Data for July 2005.
  Capital Data   9/19/05

• FRB Reminds Banks Of Regulatory Flexibility To Aid Recovery

  FRB has issued a statement reminding banking organizations that regulatory flexibility is available to facilitate recovery in areas affected by this disaster and encourages them to work with borrowers and other customers in communities affected by Hurricane Katrina. The statement has been posted on the FRB section of the BOL Disaster Recovery Center page.   9/16/05

• Treasury Issues Special Notice Updating Guidance Regarding Cashing FEMA Checks

  The previously issued guidance regarding the cashing of FEMA checks and government benefit assistance checks issued by Treasury for Katrina victims has been updated. The update has been posted on the BOL Disaster Recovery Center page.   9/16/05

• Treasury And IRS Allow 401(k) Plans To Make Withdrawals To Katrina Victims

  Treasury Department and the IRS have announced that 401(k) plans and similar plans, such as those under section 403(b), will be permitted to make loans and hardship distributions to Hurricane Katrina victims.
  401(k) Withdrawals  9/16/05

• Special Alert Regarding Counterfeit Checks

  The FDIC has issued a Special Alert regarding counterfeit checks bearing the name of Ulster Savings Bank, Kingston, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  9/16/05

• Former Banker Ordered To Pay $70 Million Restitution And $1 Million Fine

  The FRB has issued an Order of Prohibition against a former private banker in the New York Branch of UBS AG, Zurich, Switzerland, relating to his embezzlement of more than $70 million from at least 22 private client accounts. The Order imposed restitution of $70 million and a fine of $1 million. Order  9/16/05

• Chinese Bank Designated As Primary ML Concern

  Banco Delta Asia SARL, located in the Macau Special Administrative Region of China, has been designated by Treasury and FinCEN as a "primary money laundering concern" under Section 311 of the USA PATRIOT Act because it represents an unacceptable risk of money laundering and other financial crimes. Treasury Designation; FinCEN Finding  9/16/05

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding an entity, (Manulife Financial Services, Waterloo, Ontario, Canada), that may be conducting banking operations in Canada or the United States without authorization. Special Alert  9/16/05

• CDR Implementation Set For October 2005

  The FDIC has issued a FIL regarding the implementation of the Central Data Repository (CDR) to process the Reports of Condition and Income (Call Reports) beginning with the third quarter 2005. FIL  9/16/05

• Survey of Terms of Business Lending Issued

  The E.2 Survey of Terms of Business Lending August 1-5, 2005 has been issued by the FRB. E.2   9/16/05

• Shared National Credits Review Released

  The federal financial institution regulators have released the Shared National Credits Review report which indicated the quality of the credits showed continue improvement. FRB PR; OCC NR; FDIC PR  9/16/05

• Cost of Funds Reports Issued

  OTS has issued the July 2005 and the historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. July; Historical  9/16/05

• Assistance For Displaced Social Security Recipients Announced

  FRB Financial Services has announced that Treasury is activating its accelerated direct deposit enrollment procedures for displaced Social Security and Supplemental Social Security check recipient evacuees. Information regarding the announcement has been posted in the FRB section of the BOL Disaster Recovery Center.  9/15/05

• Counterfeit Checks Specials Alert Issued

  The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on the Bank of Richmondville, Richmondville, New York, and counterfeit checks drawn on The Chelsea Groton Savings Bank, Norwich, Connecticut. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  9/15/05

• Banks Affected By Ophelia May Close

  Comptroller Dugan has issued a proclamation authorizing national banks affected by Hurricane Ophelia to close. Proclamation  9/15/05

• Enforcement Actions Released

  The FDIC has released a list of twenty-three orders of administrative enforcement actions taken against banks and individuals in July. Enforcement Actions  9/15/05

• 314a Fact Sheet Update

  FinCEN has update the 314a Fact Sheet to include data as of September 13, 2005. 314a  9/15/05

• FEDS Working Papers Published

  Two working papers in the FEDS series have been published by the FRB on the topics of "Large Investors: Implications for Equilibrium Asset, Returns, Shock Absorption, and Liquidity" and "A Computationally Efficient Characterization of Pure Strategy Nash Equilibria in Large Entry Games". Large Investors Abstract;
  Large Investors Full Paper; Characterization Abstract; Characterization Full Paper  9/15/05

• Structure And Share Data Report Issued

  The FRB has issued the Structure and Share Data for U.S. Offices of Foreign Banks Report for June 2005.
  Report  9/15/05

• Industrial Production Report Released

  The August 2005 G.17 Industrial Production and Capacity Utilization Report has been released by the FRB.
  G.17  9/15/05

• U.S. Reserve Assets Report Published

  The FRB has published the 3.12 U.S. Reserve Assets and Foreign Official Assets held at Federal Reserve Banks report for July 2005. 3.12  9/15/05

• 2004 HMDA Data Available

  The FFIEC has announced the availability of data for the year 2004 regarding mortgage lending transactions at 8,853 financial institutions covered by HMDA in metropolitan statistical areas throughout the nation. 2004 HMDA Data; Order Form  9/14/05

• Fourth Quarter CRA Exam Schedule Released

  OTS has released the schedule of savings associations that are scheduled for CRA examinations during the fourth quarter of 2005. Schedule  9/14/05

• HMDA And Its Application in Fair Lending Enforcement

  The FRB has released early an article that will be included in the forthcoming Summer 2005 issue of the Federal Reserve Bulletin that analyzes new data that mortgage lenders were required to report for the first time in 2004 under revisions to Regulation C. Article  9/14/05

• FDIC Insurance of Living Trust Accounts Seminars Announced

  The FDIC has announced the scheduling of three nationwide one-hour seminars to demonstrate how an institution can use the FDIC’s many deposit insurance tools and resources to help employees explain FDIC insurance coverage to depositors. Seminar Information  9/14/05

• Fair Lending Exam Preparation Working Paper Published

  The OCC has published a working paper on the topic of "Searching for an Optimal Strategy for Identifying Files to Review for Fair Lending Exams". The author of the paper used Monte Carlo simulation to compare how well six outlier identification strategies identify disadvantaged mortgage applicants. Working Paper  9/14/05

• OCC Issues Katrina FAQ

  A FAQ has been issued by the OCC regarding national banks and Katrina related issues including space and employee sharing, temporary banking facilities and branches, branch closings, and minimum payments. Information concerning the FAQ has been posted in the OCC section on the BOL Disaster Recovery Center page.   9/13/05

• Early Redemption Of Savings Bonds Authorized

  To assist those impacted by Hurricane Katrina, FRB Financial Services has announced that the Bureau of Public Debt has authorized savings bonds paying agents to redeem Series EE and I savings bonds that are less than one year old. Early Redemption  9/13/05

• U.S. International Position Update

  Treasury has updated the U.S. International Reserve Position to include data as of September 9, 2005. Reserve Position   9/13/05

• BSA Katrina Related FAQ Issued

  The FRB, in consultation with the other federal banking agencies and FinCEN, have issued the attached responses to questions frequently asked by financial institutions regarding the applicability of certain provisions of the BSA in providing services to victims of Hurricane Katrina. The FAQ has been posted on the BOL Regulatory Disaster Issuances page.   9/12/05

• NO Zone Availability and Louisiana Armored Car Service

  FRB Financial Services has announced modifications to the availability of New Orleans zone items and the establishment of special armored car runs. Details of the availability modifications and the armored car routes have been posted on the BOL Regulatory Disaster Issuances page.  9/12/05

• SEC Extends Time for Banks to Comply with GLBA Broker Registration Requirements

  The SEC has announced that the compliance date for banks with respect to certain broker registration requirements contained in GLBA have been extended until September 30, 2006. Compliance Date  9/12/05

• ATM Fee Waivers Requested For Katrina FEMA Debit Cards

  Treasury has requested that financial institutions refrain from imposing ATM fees on the MasterCard-branded debit cards being issued by FEMA to Katrina victims. Information regarding the request has been posted on the BOL Disaster Recovery Center page.  9/09/05

• Residential Tract Development Lending FAQs Issued

  The Federal financial institution regulators have jointly issued FAQs to assist institutions in complying with the agencies' appraisal and real estate lending requirements for financing residential tract developments. FAQs; OCC Bulletin; FDIC FIL; OTS CEO LT.  9/09/05

• Fourth Quarter CRA Exams Scheduled

  OTS has released the list of thrifts that will be examined for CRA compliance during the fourth quarter 2005. CRA Exam List  9/09/05

• September 2005 FFIEC Reporting Forms Online

  The FFIEC has posted the September 2005 031 and 041 reporting forms on its Web page. 031; 041  9/09/05

• Consumer Credit Report Issued

  The FRB has issued the July 2005 G.19 Consumer Credit Report. G.19  9/09/05

• Counterfeit Checks And Missing Money Orders Special Alerts Issued

  The FDIC has issued five Special Alerts regarding counterfeit cashier’s checks drawn on Banner Bank, Walla Walla, Washington, and Stafford Savings Bank, Stafford Springs, Connecticut; counterfeit official checks drawn on The Bank of Delmarva, Seaford, Delaware and Melrose Co-operative Bank, Melrose, Massachusetts; and missing money orders drawn on Bayonne Community Bank, Bayonne, New Jersey. Information concerning the counterfeit checks and the missing money orders has been posted on the BOL Alerts & Counterfeits page.  9/08/05

• Treasury Provides Guidance on Government Benefit Checks and the Use of Third Party Drafts

  Guidance has been issued by Treasury regarding the verification of the identity of individuals cashing government benefit checks and third party drafts. Information concerning the Guidance has been posted on the BOL Disaster Recovery Center.  9/08/05

• Expansion Of Definition Of Small BHC Proposed

  The FRB has proposed expanding the definition of a small BHC under the Board's policy and risk-based and leverage capital guidelines. The proposal raises the small BHC asset size threshold and amends the related qualitative criteria for determining eligibility as a small BHC. Proposal  9/08/05

• Beige Book Updated

  The Beige Book has been updated by the FRB based on information collected before August 29, 2005 and, thus, before Hurricane Katrina made landfall on the Gulf Coast. Summary; Full Report  9/08/05

• CRA Exam List Released

  The FDIC has released the September 2005 list of banks examined for CRA compliance and the ratings they received. CRA Exam List   9/07/05

• Magnetic Media Filing Of CTRs

  FinCEN has published the requirements for magnetic media filing of CTRs and the Designation of Exempt Person forms. Requirements  9/07/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of September 2, 2005. International Reserve Position  9/07/05

• Second Quarter Interest Rate Risk Matters

  OTS has released the preliminary Interest Rate Risk Measures for the Second Quarter 2005. Interest Rate Risk   9/07/05

• FRB Discount Rate Minutes Released
  The FRB has released the minutes of its discount rate meetings from July 18 through August 9, 2005. Minutes  9/07/05

• Agencies Encourage Insured Depository Institutions to Assist Displaced Customers

  Agencies are asking insured depository institutions to consider all reasonable and prudent steps to assist customers' and credit union members' cash and financial needs in areas affected by Hurricane Katrina. The agencies are working with state regulatory agencies, financial industry trade groups, and affected financial institutions to identify customer needs and monitor institutions' restoration of services. FRB PR; OCC NR; FDIC FIL; OTS PR; NCUA PR  9/06/05

• Regulatory Disaster-Related Issuances

  BankersOnline has compiled links to all of the recent regulatory issuances which deal with financial institution obligations in the wake of Hurricane Katrina. On this new page within BOL's Disaster Recovery Center, you'll find the bulletins, guidance, and press release organized by regulatory agency.  9/06/05

• Relaxation Of SS Check ID Procedures For Hurricane Victims

  Treasury has issued a statement that encourages financial institutions to ease ID requirements for hurricane victims without normal government issued identification who attempt to cash SS and SSI checks. The FDIC has issued an FIL that indicates that certain Social Security Administration offices are issuing handwritten, typewritten, and laser Social Security checks. An 800 number for institutions to call to verify the identity of a presenter has been established. Treasury Statement; FDIC FIL  9/06/05

• NCUA Issues Katrina FAQ

  FAQs for CU members regarding additional information that those affected by Hurricane Katrina can use to obtain information on accessing their accounts has been issued by NCUA. Katrina FAQs  9/06/05

• FinCEN Responds Question Regarding Non-English AML Program

  Guidance has been issued by FinCEN which answers that question of whether or not an AML program and records can be maintained in a language other than English. AML Guidance  9/06/05

• OFAC Releases September CP List

  The September 2005 list of entities cited for violations of OFAC Sanctions Programs has been released and contains no financial institutions. OFAC CP  9/06/05

• Designation of Exempt Person Form Revised

  FinCEN Form 110, Designation of Exempt Person, has been issued to replace form TD F 90-22.53. Previous editions of old form will not be accepted after January 2006. Form 110  9/06/05

• Fourth Quarter CRA Exam Schedule Released

  The OCC has released the CRA Examination schedule for the fourth quarter 2005. CRA Exam Schedule  9/06/05  9/06/05

• TIL Home Mortgage Trigger Annual Adjustment

  The OCC has issued a Bulletin regarding the previously announced adjustment of the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. Information concerning the adjustment was posted in the August 9, 2005, BOL Top Stories. Bulletin  9/06/05

• FIL Issued Regarding Proposed Call Report Changes

  The FDIC has a FIL regarding the previously announced changes to the Call Report proposed by the Federal Banking regulators. Information concerning the changes was posted in the August 24, 2005 BOL Top Stories. FIL  9/06/05

• September FedFlash Published

  The September 1, 2005, issue of FedFlash has been published by the FRB Financial Services and contains article on the application of the midnight deadline to image items and substitute checks; access solutions for FIRD files; FedPayments Manager training; FedACH enhancements; and the handling of Treasury ACH reclamations over 60 business days old. FedFlash PDF; FedFlash HTML  9/06/05

• Foreign Exchange Rates Report Released

  The FRB has released the G.5 Foreign Exchange Rates Report for August 2005. G.5  9/06/05

• Five Working Papers Published

  The FRB has published five working papers in the FEDS series on the following topics: Has Output Become More Predictable? Changes in Greenbook Forecast Accuracy; The Household Spending Response to the 2003 Tax Cut: Evidence from Survey; An Arbitrage-Free Three-Factor Term Structure Model and the Recent Behavior of Long-Term Yields and Distant-Horizon Forward Rates; and Optimal Policy Projections. Output Abstract Output Full Paper; Household Abstract; Household Full Paper; Arbitrage Abstract; Arbitrage Full Paper; Optimal Abstract; Optimal Full Paper  9/06/05

• Agencies Encourage Insured Depository Institutions to Assist Displaced Customers

  Agencies are asking insured depository institutions to consider all reasonable and prudent steps to assist customers' and credit union members' cash and financial needs in areas affected by Hurricane Katrina. The agencies are working with state regulatory agencies, financial industry trade groups, and affected financial institutions to identify customer needs and monitor institutions' restoration of services. Press Release BOL Disaster Recovery 9/2/05

• Regulatory Disaster-Related Issuances

  BankersOnline has compiled links to all of the recent regulatory issuances which deal with financial institution obligations in the wake of Hurricane Katrina. On this new page within BOL's Disaster Recovery Center, you'll find the bulletins, guidance, and press release organized by regulatory agency.
  9/2/05

• Counterfeit Cashier’s Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier’s checks drawn on The Wilton Bank, Wilton, Connecticut, and The Jackson State Bank, Jackson, Wyoming. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 9/1/05

• NCUA Establishes Katrina Taskforce

  NCUA has announced that a taskforce has been assembled to address the consequences of Hurricane Katrina on CUs and their members in the states of Alabama, Louisiana and Mississippi. A toll-free number and e-mail addresses have been established to provide information to CUs, their members and vendors.
  Taskforce 9/1/05

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet to included information as of August 30, 2005.
  Fact Sheet 9/1/05

• Final Regulatory Burden Reduction Rule Announced

  OTS has announced that it has finalized a rule, pursuant to the Economic Growth and Regulatory Paperwork Reduction Act, that will reduce regulatory burden on savings associations by updating and revising various application and reporting requirements.
  Summary;
  Final Rule 9/1/05

• Conversion Cases Settled By NCUA

  NCUA has announced that the agency had settled the lawsuit against it involving Community Credit Union and OmniAmerican Credit Union. Settlement 9/1/05

• Additional Consumers Can Receive Free Credit Reports

  Starting September 1, consumers in 14 East Coast states qualify for a free annual credit report from each of the three nationwide consumer reporting companies.
  Credit Reports 9/1/05

• FRB Issues Corporate Notes Report

  The 2004 Corporate Medium-Term Notes Report has been issued by the FRB.
  Summary; http://www.federalreserve.gov/releases/medterm/default.htm
  Full Report 9/1/05
  

The G.19 Consumer Credit Report for March 2014 has been released by the Federal Reserve Board.

The Financial Stability Oversight Council (FSOC) has released its Fourth Annual Report, which describes significant financial market and regulatory developments, potential emerging threats to the financial stability of the United States, and the activities of the Council. Recommendations to promote market discipline, maintain investor confidence, and enhance the integrity, efficiency, competitiveness, and stability of U.S. financial markets are also included in the report.

OFAC has designated the members and entities of a synthetic drug trafficking organization as drug kingpins pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for their significant role in international narcotics trafficking. OFAC described the action as the "first-ever use of Treasury's financial sanctions tool against" such an organization. The action complemented U.S. law enforcement actions taken by the Drug Enforcement Administration (DEA) and other law enforcement officials under Project Synergy, the largest coordinated law enforcement strike against synthetic designer drugs. As a result of the action, all property and interests in property in the United States or in the possession or control of U.S. persons in which Daniel and Kevin Louie or the other persons or companies designated have an interest are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. Information regarding this action has been posted in a BOL OFAC Update.

In testimony before the Joint Economic Committee of Congress, Chair Yellen discussed the current economic situation and outlook along with monetary policy and issues regarding financial stability. She stated, "Looking ahead, I expect that economic activity will expand at a somewhat faster pace this year than it did last year, that the unemployment rate will continue to decline gradually, and that inflation will begin to move up toward 2 percent. A faster rate of economic growth this year should be supported by reduced restraint from changes in fiscal policy, gains in household net worth from increases in home prices and equity values, a firming in foreign economic growth, and further improvements in household and business confidence as the economy continues to strengthen." She noted regarding monetary policy, "In light of the considerable degree of slack that remains in labor markets and the continuation of inflation below the Committee's 2 percent objective, a high degree of monetary accommodation remains warranted." Regarding financial security she remarked, "Looking forward, the Federal Reserve is considering whether additional measures are needed to further reduce the risks associated with large, interconnected financial institutions."

The G.19 Consumer Credit Report for March 2014 has been released by the Federal Reserve Board.

The Financial Stability Oversight Council (FSOC) has released its Fourth Annual Report, which describes significant financial market and regulatory developments, potential emerging threats to the financial stability of the United States, and the activities of the Council. Recommendations to promote market discipline, maintain investor confidence, and enhance the integrity, efficiency, competitiveness, and stability of U.S. financial markets are also included in the report.