Top Story Compliance Related

The Office of the Inspector General (OIG) for the Federal Reserve System and for the CFPB has issued an Evaluation Report, "The CFPB Can Improve the Efficiency and Effectiveness of Its Supervisory Activities," which uses information in the Bureau's examination database as of July 31, 2013. Key recommendations are that the CFPB—

• create and update relevant policies and procedures
• track and monitor examination processes for staffing examinations and producing examination products
• finalize its examiner commissioning program

The report said that more than half of the 82 draft reports submitted by regional exam teams failed to meet Bureau requirements for submission within 30 days of fieldwork completion, and that several exams had been outstanding for more than a year. The OIG reports that CFPB officials have said that measures have been or will be taken to address the suggested improvements.

The Office of the Inspector General (OIG) for the Federal Reserve System and for the CFPB has issued an Evaluation Report, "The CFPB Can Improve the Efficiency and Effectiveness of Its Supervisory Activities," which uses information in the Bureau's examination database as of July 31, 2013. Key recommendations are that the CFPB—

• create and update relevant policies and procedures
• track and monitor examination processes for staffing examinations and producing examination products
• finalize its examiner commissioning program

The report said that more than half of the 82 draft reports submitted by regional exam teams failed to meet Bureau requirements for submission within 30 days of fieldwork completion, and that several exams had been outstanding for more than a year. The OIG reports that CFPB officials have said that measures have been or will be taken to address the suggested improvements.

• Disciplinary Action Taken Against Bankers

  The FDIC has announced that disciplinary action involving removal and civil money penalties, including one of $50,000, has been taken against Kansas, Illinois, and Arkansas bankers. Kansas; Illinois; Arkansas 4/30/04

• International Reserve Position Data Released

  Treasury has released the U.S. International Reserve Position data for the weeks ending April 16 and 23, 2004.
  Reserve Position 4/30/04

• Premises Investment Report Extension Proposed

  The FRB has issued a proposal for comment regarding a three year extension without revision of the Investment in Bank Premises Notification Report. Proposal 4/30/04

• February 2004 G. 20 Issued

  The G. 20 Finance Companies statistical release containing data for February 2004 has been issued by the FRB.
  G. 20 4/30/04

• Libyan Restrictions Relaxed

  OFAC has announce issuance of a General License that authorizes most prospective transactions with Libya, however prior blocked transactions remained blocked unless specifically permitted. Information regarding the General License has been posted on the BOL OFAC page. 4/30/04

• OCC Enforcement Actions Announced

  Sixteen new enforcement actions have been announced by the OCC involving national banks and individuals from Minnesota, New York, Florida, Illinois, Texas, North Carolina, Utah, California, Oklahoma, and the District of Columbia.
  Enforcement Actions 4/29/04

• Identifying Risks In Secured Credit Card Programs

  The OCC has issued an Advisory Letter which provides guidance on how to address the risks in secured credit card programs and identifies those products that the OCC has determined should not be offered by national banks.
  AL 2004-4 4/29/04

• NCUA Issues Prohibition Orders

  Prohibition Orders have been issued by NCUA against three former credit union officials from New Mexico. Illinois, and California.
  New Mexico;   
  Illinois;   
  California 4/29/04

• FIL Regarding Medical Privacy NPR

  The FDIC has issued a FIL regarding a previously announced NPR issued by the federal financial regulators concerning the use of medical information in credit decisions. Information regarding the NPR was posted in the April 26, 2004 BOL Top Stories. 4/29/04

• OTC Enforcement Actions

  The OTC has announced the entering into an Order to Cease and Desist with a Montana trust company regarding mutual fund shares trading and a Supervisory Agreement with a New Jersey FSB regarding RESPA, FDCPA and FCRA. Order; Agreement 4/28/04

• Greenspan On Energy

  Learn the views of Chairman Greenspan on energy prices and the U.S. economy from his presentation before the Center for Strategic & International Studies. Speech 4/28/04

• FRB Working Papers Published

  The FRB has published six working papers in the Finance and Economic Discussion series with the following titles: "The Geography of Stock Market Participation: The Influence of Communities and Local Firms"; "Learning and Shifts in Long-Run Productivity Growth"; "Uncertainty and Investment: An Empirical Investigation Using Data on Analysts' Profits Forecasts"; "What Does the Yield on Subordinated Bank Debt Measure?"; "The Term Structure of Commercial Paper Rates"; and "A New Approach to the Valuation of Intangible Capital".
  Geography;
  Learning;
  Uncertainty;
  What Does;
  Term Structure;
  New Approach 4/28/04

• Loan Portfolio Quality Working Paper

  A working paper, "Loan Portfolio Quality and the Diffusion of Technological Innovation", has been released by the FDIC.
  Loan Portfolio 4/28/04

• New Web Site For NCUA

  NCUA has announced the redesign of its Web Site that incorporates suggestions and comments from its stakeholders, onsite testing, input from internal and external users and historical tracking results.
  NCUA PR;
  Home Page 4/28/04

• ABCP Interim Final Rule Extended

  The federal financial institution regulators have extended the expiration date of the interim final rule regarding ABCP and FIN 46.
  FDIC FIL 4/27/04

• One Certificate Only

  The FDIC has announced, beginning June 1, 2004, that no longer will it provide original certificates of deposit insurance for display at all the offices of FDIC insured institutions. One original certificate will be provide at the time the institution is granted insurance for display in the main office. Generic certificates will be available upon request to display at branch offices.
  Certificates 4/27/04

• Grant Gets An Extreme Makeover

  As promised, Treasury, the Fed and the Secret Service have unveiled the new $50 dollar bill which contains many new features designed to thwart counterfeiters. See Grant's new look, learn more about the security features, and what you need to tell your customers from a BOL exclusive article, "All About the New $50". 4/27/04

• First Quarter Asset & Liability Price Tables

  OTS has published the Asset & Liability Price Tables for the First Quarter 2004.
  Price Tables 4/27/04

• Use of Medical Info NPR Issued

  The federal financial regulators have issued a NPR under the FCRA that incorporates the prohibition on obtaining or using medical information in connection with credit eligibility determinations except under certain limited circumstances.
  Medical Info NPR;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR;
  NCUA PR; 4/26/04

• Risk-Based Capital Guidelines Extended

  The regulators are extending the applicability date in the interim final rule on the capital treatment of consolidated asset-
  backed commercial paper (ABCP) programs that was issued on October 1, 2003. 69FR22382 (txt) 69FR22382 (pdf) Interim Final Rule published in Oct. 2003 4/26/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on the First State Bank, Holly Springs, Mississippi. Information regarding the counterfeit items has been placed on the BOL Alerts & Counterfeits page. 4/26/04

• FTC To Refer Complaints To Credit Bureaus

  The FTC has announced a program to forward consumer complaints regarding inaccurate entries on their credit reports directly to the three major credit bureaus.
  Referral Program 4/26/04

• International Finance Discussion Paper Released

  A discussion paper in the International Finance series titled, Price-level Determinacy, Lower Bounds on the Nominal Interest Rate, and Liquidity Traps, has been released by the FRB.
  Paper 4/26/04

• NPR Regarding Lending Limits

  The OCC is proposing to extend for three years an OCC pilot program that authorizes new, special lending limits for 1-4 family residential real estate loans and small business loans. 69FR21978 (txt) 69FR21978 (pdf) 4/23/04

• 52 CRA Ratings Released

  The OCC has released the ratings for fifty-two national banks examined for CRA compliance. Five banks were rated outstanding, forty-six satisfactory and one needs to improve. CRA 4/23/04

• Another FDIC Email Scam

  The FDIC has issued a Special Alert regarding complaints from consumers that have received emails appearing to have been sent by the FDIC. The emails indicate that the FDIC has collaborated with credit card providers to provide a new service for those who wish to secure their credit cards against fraud and to be part of a secure online transaction network. The e-mail claims that, by accessing the embedded link, the recipient can get a free trial membership that provides coupons for discounts at some of the more popular online retail outlets. Scam 4/23/04

• FDIC Publishes New Brochures For Customers

  The FDIC has issued a FIL regarding the development of one new brochure, Insuring Your Deposits, and the update of a previously issued one, Your Insured Deposits - FDIC's Guide to Deposit Insurance Coverage, for bank customers that explain FDIC insurance. Older copies of the Your Insured Deposits publication are outdated and should be destroyed. FIL 42-2004;   
  Insuring Your Deposits;   
  Your Insured Deposits 4/23/04

• OFAC FIL

  A FIL has been issued by the FDIC regarding previously announced changes made by OFAC to SDN designations. Information concerning the changes were posted April 15, 2004 on the BOL OFAC page. 4/23/04

• FTC NPR ID Theft Proposals

  The FTC has issued a NPR pursuant to the FACT Act regarding definitions, active duty alert, and appropriate proof of identity.
  FACT Act NPR 4/22/04

• NPR Regarding FRB PRS

  The FRB has issued a NPR regarding proposed changes to Part II of its Policy Statement on Payment System Risk addressing risk management in payments and securities settlement systems. NPR 4/22/04

• Greenspan - Fed Funds Rates To Rise

  Chairman Greenspan presented his outlook of the economy to the Joint Economic Committee of the Senate. He indicated that the federal funds rate must rise at some point to prevent pressures on price inflation from eventually emerging.
  Testimony 4/22/04

• Beige Book Updated

  The FRB has updated the Beige Book based on data collected before April 12, 2004.
  Beige Book 4/22/04

• Supervisory Agreement Regarding RESPA, FDCPA and FCRA

  OTS has announced the entering into a Supervisory Agreement with a FSB which involves the enhancement of the institution's compliance with the provisions of RESPA, FDCPA and FCRA. Supervisory Agreement
  4/21/04

• FinCEN Warns Of Unauthorized Disclosure of SAR

  Director Fox has issued a statement noting the unauthorized disclosure of the filing of a SAR is a violation of federal criminal law and threatens the integrity of the system. Statement 4/21/04

• The State of Banking By Greenspan

  Chairman Greenspan expressed his views on the state of the banking industry in testimony before the Senate Committee on Banking, Housing, and Urban Affairs. His comments included the improved risk management in banks, Basel II, and bank consolidation. He noted the industry's experience during the past few years in dealing with clear weakness in key economic sectors demonstrates the importance of strong capital positions and sound risk-management practices.
  Speech 4/21/04

• Hawke Says National Banking System Strong

  In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, Comptroller Hawke stated that the national banking system was in a strong condition. He noted that there were elements of uncertainty in today's economic environment, but he was optimistic about the ability of banks to overcome the challenges. Testimony 4/21/04

• May HOEPA APR Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in May 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 Daily Rates; H.15 Weekly Rates 4/20/04

• Consumer Report Disposal Proposal Published

  The FTC's proposed rule regarding the proper disposal of consumer report information and records has been published in the Federal Register. The comment deadline is June 15, 2004.
  69FR21387 (txt) 69FR21387 (pdf) 4/20/04

• FRB MICR File Delivery Update

  FRB Services has announced starting April 20, 2004, institutions that use Payor Bank Services via the FedLine Web will see enhanced MICR File Delivery functionality including the ability to download multiple files and other download options.
  MICR 4/20/04

• FRB Annual Report To Congress

  The FRB has made its annual budget review report to Congress which covers budgeted expenses of the Reserve Banks for 2004, the 2004 phase of the Board's current two-year (2004-05) budget, and income and expenses for 2002 and 2003.
  Budget Report 4/20/04

• Consumer Records Disposal NPR Issued

  The FTC has issued a NPR regarding the disposal of consumer report information and records. The proposed Rule would require any person that possesses or maintains covered consumer information "to take reasonable measures to protect against unauthorized access to or use of the information in connection with its disposal."
  NPR 4/19/04

• Mandatory Electronic Filing

  The FDIC has issued an FIL regarding an interim rule that requires the electronic filing of beneficial ownership reports by directors, executive officers, and principal shareholders to be made through the FDIC Beneficial Ownership Filings system.
  FIL 4/19/04

• Stolen or Missing Money Orders

  The FDIC has issued a Special Alert regarding 100 stolen or missing money orders drawn on Citizens Community Bank, Mascoutah, Illinois. Information regarding the money orders has been placed on the BOL Alerts & Counterfeits page. 4/19/04

• Credit Card Telemarketers To Pay $11.8 Million

  The FTC has obtained a judgment in U.S. District Court against six telemarketers that duped thousands of customers nationwide in a scam that promised pre-approved advance fee Visa and MasterCard credit cards. The Court banned the defendants from future operations and ordered $1.8 million in customer redress.
  FTC PR;
  Court Order 4/19/04

• March G. 17 Report Issued

  The FRB has issued the G. 17 Industrial Production and Capacity Utilization report for March 2004.
  G. 17 4/19/04

• OCC Licensing Manual Updated

  The "Charters" booklet in the OCC Licensing Manual series has been updated.
  Charters 4/16/04

• OCC Bulletin Regarding Op Sub NPR

  The OCC has issued Bulletin 2004-16 concerning a previously announced NPR that would enable the OCC to make information about the name, location, contact information and lines of business of national bank operating subsidiaries available to the public on the OCC web site. The details regarding the NPR were posted in the March 26, 2004 BOL Top Stories. 4/16/04

• FDIC Issues Proposed Rule on Store Value Cards

  The FDIC is publishing for notice and comment a proposed rule that would clarify the meaning of ``deposit'' as that term relates to
  funds at insured depository institutions underlying stored value cards. 69FR20558 (txt) 69FR20558 (pdf) 4/16/04

• February TIC Data Released

  Treasury has released the Treasury International Capital data for February 2004.
  TIC 4/16/04

• Exchange Rate Report Made to Congress

  The International Economic and Exchange Rate Policies Report for the second half of 2003 has been delivered to Congress by Treasury as required by the Omnibus Trade and Competitiveness Act of 1988. Exchange Rate Report 4/16/04

• Quarterly Journal for 2nd Quarter 2003 Online

  The OCC has made the September 2004 edition of the Quarterly Journal available online.
  Quarterly Journal (full text);
  Table of Contents 4/16/04

• February Cost of Funds Reports Issued

  OTS has issued the February 2004 current and historical national average cost of funds ratio to OTS regulated, SAIF - insured Institutions.
  Current CF;
  Historical CF 4/16/04

• April Money Smart News Published

  The FDIC has published the April 2004 issue of the Money Smart News.
  News 4/16/04

• Iraqi Names Added To OFAC List

  OFAC has announced the designation of five new entities and four individuals as SDNs plus changes to existing SDN entries. The new SDNs are front companies and individuals that were procuring weapons, skimming funds, operating for the Iraqi Intelligence Service, and doing business in support of the fallen Saddam Hussein regime. Information regarding the additions and changes has been posted on the BOL OFAC page. 4/16/04

• Sharing Medical Information FCRA Exception Proposed

  The FRB, FDIC and NCUA are seeking comments on a proposed rule under the FCRA that would create an exceptions for obtaining, using and sharing medical information. Proposed Rule 4/15/04

• Reg CC Appendix A Technical Amendment

  The FRB is amending appendix A of Regulation CC to delete the reference to the Charleston check processing office of the Federal Reserve Bank of Richmond and reassign the Federal Reserve routing symbols currently listed under that office to the Cincinnati office of the Federal Reserve Bank of Cleveland. 69FR19921 (txt)
  69FR19921 (pdf) 4/15/04

• HMDA Exam Procedures Bulletin Issued

  The OCC has issued a Bulletin that indicates that the new exam procedures resulting from the amendment of Reg C will be incorporated into the Comptroller's Handbook series in the future, but until that time, the examiners will be following the procedures attached to the Bulletin. OCC 2004-15;    
  Procedures 4/14/04

• Consumer PL Brochure Now In Spanish

  The federal Interagency Task Force on Fair Lending has published a Spanish-language version of a brochure that alerts consumers to potential borrowing pitfalls, including high-cost home loans, and provides tips for getting the best financing deal possible. Copies of the brochure in English or Spanish will be available on the agencies' web sites.
  Joint PR (English);   
  Joint PR (Spanish);   
  Brochure (English);   
  Brochure (Spanish) 4/14/04

• International Reserve Position Released

  Treasury has released the U.S. International Reserve Position for the week ending April 9, 2004.
  Reserve Position 4/14/04

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on St. Martin Bank and Trust Company, St. Martinville, Louisiana; Kearny Federal Savings Bank, Kearny, New Jersey; and Highlands Independent Bank, Sebring, Florida. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 4/13/04

• FDIC Issues Interim Rule on Electronic Filing

  This amendment implements the requirements of the Exchange Act, as amended by the Sarbanes-Oxley Act of 2002, which
  mandates electronic filing of reports related to beneficial ownership of securities by the directors, executive officers, and principal
  shareholders of public companies. The amended rules provide an exception to this prohibition, requiring electronically transmitted filings of beneficial ownership reports by bank directors, officers and principal shareholders to disclose securities transactions and ownership. 69FR19085 (txt) 69FR19085 (pdf) 4/12/04

• FRB Proposed Changes to Reg V

  The FRB is proposing to amend Regulation V that implements the Fair Credit Reporting Act (FCRA or Act). The FRB would add a model form to Regulation V that financial institutions may use to comply with the notice requirement relating to furnishing negative information contained in section 217 of the FACT Act. 69FR19123 (txt)
  69FR19123 (pdf) 4/12/04

• FinCEN Issues Special Measures Against Burma

  FinCEN is issuing this final rule to require certain U.S. financial institutions to take the proposed special measure regarding Burma.
  69FR19093 (txt)
  69FR19093 (pdf) 4/12/04

• FinCEN Issues Special Measures Against Two Financial Institutions

  FinCEN is issuing a final rule to require certain U.S. financial institutions to take the proposed special measure with respect to Myanmar Mayflower Bank (Mayflower Bank) and Asia Wealth Bank, both Burmese banks. 69FR19098 (txt)
  69FR19098 (pdf) 4/12/04

• Reg CC Appendix A Amended

  The FRB has issued a Final Rule which amends Appendix A of Reg CC due to the restructuring of the check processing operations in the Fourth and Fifth Federal Reserve Districts.
  Final Rule 4/12/04

• FIL Regarding Weapons Of Mass Destruction

  An FIL has been issued by the FDIC regarding a previous announcement by OFAC that four entities were no longer subject to the import ban of the Weapons of Mass Destruction Trade Control Regulations. Information regarding the entities has posted on April 2,2004 on the BOL OFAC page. 4/12/04

• CMIR Form Changes Proposed

  FinCEN has issued a NPR which proposes changing the CMIR form 105 by converting it into two new forms.
  CMIR Changes
  NPR 4/12/04

• Minority-Owned Banks

  The FRB has released the list sorted by state of minority-owned banks as of December 31, 2004.
  Minority-Owned 4/9/04

• FDIC Issues Stakeholders Letter

  The First Quarter 2004 Edition of the FDIC's Letter to Stakeholders has been issued.
  Stakeholders Letter 4/9/04

• FACT ACT Negative Information Form

  The FRB has issued a NPR regarding a proposed amendment to Reg V which contains a model form to be utilized by financial institutions under the provisions of the FACT Act if they furnish negative information to consumer reporting agencies. Comments regarding the model form must be received by May 9, 2004. NPR 4/8/04

• Hawke Discusses Preemption With Senators

  Comptroller Hawke testified before the Senate Banking Committee and explained what the new OCC regulations regarding preemption and visitorial powers do and what they would not do. He noted that the OCC feels the new rules are legally sound and do not leave customers of national banks exposed to abusive practices. Oral Statement;
  Testimony 4/8/04

• Fraudulent FDIC Emails Virus Warning

  The FDIC has issued a Special Alert regarding emails that have been received by customers of financial institutions that appear to have been sent by the FDIC. The emails instruct the recipient to open an attachment to view information regarding fraudulent activity occurring in the customer's account. The sender may be trying to implant a virus or obtain the customer's personal information.
  Email Virus Special Alert 4/8/04

• Special Alert - Unauthorized Banking

  A Special Alert has been issued by the FDIC regarding an Austrian entity that may be conducting banking activities in the United States without authorization. Special Alert 4/8/04

• Extension of FRB Reports Proposed

  The FRB has proposed for comment the extension without revision for a period of three year the following reports: FHC, FR 4010, FR 4011, FR 4012, FR 4017, FR 4019, Notice of Branch Closure (4031), FR 4008, FR 4013, and Reg H-1. Proposals 4/8/04

• International Reserve Position Data Released

  Treasury has released the International Reserve Position for the week ending April 2, 2004.
  International Position 4/8/04

• G. 19 Consumer Credit Report Issued

  The FRB has issued the G. 19 Consumer Credit Report for February 2004.
  G. 19 4/8/04

• FDIC CRA Ratings Released

  The ratings for the banks examined by the FDIC in January 2004 for CRA compliance have been released.
  CRA Ratings 4/7/04

• Treasury Check Claims Final Rule Issued

  Treasury has issued a Final Rule which amends the rule governing the indorsement and payment of Treasury checks and provides notice of how Treasury will collect debts owed by banks who fail to properly pay claims.
  Final Rule 4/7/04

• FinCEN Withdraws Advisories

  Advisories regarding transactions involving Ukraine and the Arab Republic of Egypt have been withdrawn by FinCEN.
  Ukraine;
  Arab Republic 4/7/04

• FFIEC Updates CRA/HMDA Software

  Updated versions of the 2004 CRA and HMDA Data Entry Software are now available online at the FFIEC web site.
  Data Entry Updates 4/7/04

• Fourth Quarter Interest Rate Risk Review

  OTS has issued its Quarterly Review of Interest Rate Risk for the Fourth Quarter 2003.
  Quarterly Review 4/7/04

• FDIC Updates State Profiles

  The FDIC has issued the Spring Quarter 2004 update of the business and economic conditions for each state.
  State Profiles 4/7/04

• Mark Levonian Named Deputy Comptroller for Modeling and Analysis

  Mr. Levonian will oversee quantitative modeling support for bank supervision, economic research and policy analysis.
  NR 2004-27 4/6/04

• OTS Proposes New Form for Collecting Risk Exposure Data

  As part of an on-going effort to comprehensively enhance its interest rate risk modeling capabilities, the OTS is introducing a new form for collecting data used to measure thrifts’ interest-rate risk exposure. The changes are intended to reduce the data collection burden on institutions while improving the flexibility and utility of the data collected for OTS.
  OTS 04-08 4/6/04

• OTS Issues Supplemental Guidance on the BSA and AML Programs

  RB 18-6 4/6/04

• OFAC Penalizes One Institution

  The April OFAC Civil Money Penalties Enforcement Information lists one bank for violation of the Cuban Sanctions Program resulting in a penalty of $137,500. OFAC Penalty 4/5/04

• Federal Reserve Working Papers

  The Federal Reserve has published "What Explains the Stock Market's Reaction to Federal Reserve Policy?" Paper 4/5/04

• FFIEC Makes HMDA Revisions and Updates

  The FFIEC has made revisions to the 2004 HMDA file specifications and edits plus minor updates to the 2004 Guide which reflect the changes to MSA/MD reporting. Specifications; Edits; Guide 4/2/04

• Foreign Exchange Rates Report Released

  The FRB has released the G.5 Foreign Exchange Rates Report for March 2004. G.5 4/2/04

• National Banks In Excellent Health

  In testimony before the House Committee on Financial Services, Comptroller Hawke proclaimed the health of national banks to be excellent with less than one per cent having risked-based capital below ten percent. Testimony; Oral Statement 4/2/04

• FDIC Enforcement Actions Announced

  Nineteen administrative enforcement actions were taken against banks and individuals by the FDIC in February 2004.
  Enforcement Actions 4/1/04

• Retail Payments IT Exam Booklet Issued

  The FFIEC has announced the issuance of a Retail Payments Systems Booklet in the IT Examination Handbook series which provides guidance for examiners, financial institutions, and technical service providers on the risks associated with retail payment systems.
  OCC Bulletin;
  OTS PR;
  NCUA;
  FFIEC PR;
  Booklet 4/1/04

• Line Item Guidance Issued for Oakars

  The FDIC has issued two FILs which provide guidance regarding the proper use of certain line items in the Call Reports by Oakar thrifts and banks. Thrift Guidance;
  Bank Guidance 4/1/04

• Custodial Inventory Program Applications

  FRB Financial Services has announced that applications for participation in a proof of concept trial of the proposed Custodial Inventory Program are available. Program Information;
  Applications 4/1/04

• OTS Risk Management CEO Letter

  A CEO Letter has been issued by OTS regarding risk management practices in the current interest rate environment.
  CEO Letter 4/1/04

• Standard Forms Now Available Online

  Standard cash letter, cash services and Fedwire services forms plus instructions are now available on the FRB Financial Services web site. Forms 4/1/04

• NCUA Chairman To Retire

  NCUA Chairman Dollar has announce his retirement effective April 30, 2004.
  Statement 4/1/04

• International Reserve Position Released

  Treasury has released the U. S. International Reserve Position for the week ending March 26, 2004.
  Reserve Position 4/1/04

• FRB Releases Agricultural Databook

  The E.15 Agricultural Finance Databook for the First Quarter 2004 has been released by the FRB.
  E.15 4/1/04

• Reg Z Changes Published

  The Federal Register published a Final Rule from the FRB that adds an interpretative rule of construction, provides guidance regarding consumers' right to rescind certain home-secured loans and revises the staff commnetary. The revisions are effective April 1, 2004. The date for mandatory compliance is October 1, 2004. 69FR16769 (txt) 69FR16769 (pdf) 3/31/04

• Austrian Bank Not Authorized

  The OCC has issued an Alert regarding an Austrian bank that maintains a Web site that lists a Minnesota address and non-working telephone numbers. The bank has not been authorized by either U.S. or Austrian authorities to conduct banking business.
  Alert 2004-10 3/31/04

• Enforcement Orders Against Former Bankers

  The FDIC has announced Enforcement Orders against former Georgia, Texas and South Carolina bankers.
  Georgia;
  Texas 1;
  Texas 2;
  South Carolina 3/31/04

• March Report Forms Online

  The FFIEC has posted the March 2004 002 and 002s Report Forms on its web page along with the 2003 FFIEC Annual Report.
  002;
  002s;
  Annual Report 3/31/04

• January G.20 Finance Companies Report Issued

  The FRB has issued the G. 20 Finance Companies Report for January 2004.
  G. 20 3/31/04

• MSA Guidance Issued

  The FFIEC has issued a Guidance on MSA boundary changes resulting from the modifications to the statistical area standards by the OMB.
  MSA Guidance 3/30/04

• 031 and 041 Instructions Online

  Instructions for preparation of Report Forms 031 and 041 have been added to the FFIEC web site. Instructions 3/30/04

• Country Exposure Reports Released

  The FFIEC has released the December 31, 2003 E.16 Country Exposure Statistical Release and the Country Exposure Information Report.
  E.16; Report
  3/30/04

• Reg Z Final Rule Issued

  The FRB has issued a Final Rule that adds an interpretative rule of construction, provides guidance regarding consumers' right to rescind certain home-secured loans and revises the staff commnetary. The revisions are effective April 1, 2004. The date for mandatory compliance is October 1, 2004.
  Final Rule 3/29/04

• April Fools Plus

  In additon to April 1 being April Fools Day, it is also the effective date for the FDIC insurance amendments regarding living trust accounts and the deadline for comments regarding a FACT Act required study of the utilization of biometrics in combating identity theft.
  Living Trust;
  Biometrics 3/29/04

• BHC Fleet Management Authorized

  A legal intrepretation of Reg Y has been issued by the FRB that authorizes a BHC to provide auto fleet management services under certain circumstances.Auto Leasing 3/29/04

• OCC Updates Publications

  The OCC has updated two annual publications, "Significant Precedents" and "Activities Permissible for a National Bank".
  Significant Precedents;
  Activities Permissible 3/29/04

• Counterfeit Cashier's Checks Special Alerts

  Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Bank of Ridgeway, Ridgeway, South Carolina; INSOUTH Bank, Brownsville, Tennessee; Bank Star, Pacific, Missouri; and Ameriserv Financial Bank, Johnstown, Pennsylvania. Information regarding the counterfeit checks has been placed on the BOL Alerts & Counterfeits page. 3/29/04

• FIL Regarding Modifications to SDNs

  The FDIC has issued FIL-35-2004 regarding previously announced modifications to existing SDN listings and the addition of a FTO and SDGT designations. Information concerning the modifications and the new designations was posted March 22, 2004 on the BOL OFAC page. 3/29/04

• ACH Procecessor to Pay $3.9 Million

  The FTC has announced the settlement of claims against an electronic payments processor who alledgedly utilized the ACH system to aid telemarketers in a fraudulent advance fee debit card marketing fraud scheme. The processor and other defendants are required to pay $3.9 million in consumer redress.
  Settlement 3/29/04

• Proposal to Identify Op Subs Published in FR

  A proposed rule of the OCC that is designed to assist consumers in identifying national bank operating subsidiaries subject to OCC supervisory authority has been published in the Federal Register. Under the proposal, OCC would make information about the name, location, contact information and lines of business of national bank operating subsidiaries available to the public on its Web site. The comment deadline is April 26, 2004. 69FR15260 (txt)
  69FR15260 (pdf) Op Sub NPR   3/26/04

• Greenspan Addresses Rural Economic Issues

  In a presentation before an international conference regarding rural policies around the world, Chairman Greenspan commented on the effects of the phenomenal gains in U.S. agricultural productivity of the past century and the accompanying dislocations in many rural areas resulting from the migration of farm workers to more urban areas. Speech   3/26/04

• Future Of Banking Series Paper Released

  The FDIC has released a new paper in the Future of Banking Series entitled, "The Evolving Role of Commercial Banks in U. S. Credit Markets". Evolving Role   3/26/04

• HMDA Comments Sought

  The FRB is soliciting comment on revised formats for public disclosure of mortgage lending data reported pursuant to the Home Mortgage Disclosure Act and Regulation C, in light of revisions to Regulation C requiring lending institutions to report new loan pricing
  and other loan data. The first year for which the new data will be reported is 2004; data from institutions are due no later than March 1, 2005, and the data will be reflected in the public disclosures scheduled to be released in summer 2005. 69FR15469 (txt) 69FR15469 (pdf)   3/25/04

• Three Written Agreements Announced

  The FRB has announced the entering into Written Agreements with Illinois and Virginia financial institutions regarding compliance with BSA, Reg H, Risk Management, Audit Controls and Internal Controls. Illinois; Virginia 1;
  Virginia 2   3/25/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Wainwright Bank & Trust Company, Boston, Massachusetts and The Bank of Kentucky, Inc., Crestview Hills, Kentucky. Information concerning the counterfeit items has been placed on the BOL Alerts & Counterfeits page.   3/25/04

• $300,000 For FDCPA Violations

  The FTC has announced a settlement of claims of violations of FDCPA and payment of a $300,000 civil penalty by companies that allegedly threatened and harassed thousands of consumers to get them to pay old, unenforceable debts or debts they did not owe.
  Complaint; Consent Decree   3/25/04

• Fed ACH Participation Final Rule

  Treasury has issued a Final Rule regarding the use of the ACH system by federal agencies and has also released the comment letters received on the Proposed Rule. Final Rule; Comments; Proposed Rule   3/25/04

• Tying Questions - Who To Contact

  The OCC has issued agency contact information including telephone and fax numbers for the benefit of banks and customers who have questions regarding tying. Tying   3/24/04

• Enforcement Orders Against Former Bankers

  The FDIC has announced enforcement orders against former Arkansas, Tennessee, Massachusetts, Minnesota and Colorado bankers.
  Arkansas; Tennessee; Massachusetts; Minnesota; Colorado   3/24/04

• FDIC FIL Regarding Iraqi SDNs

  The FDIC has issued a FIL concerning the previously announced designation of certain individuals related to former Iraqi government officials as SDNs and the blocking of their assets. Information regarding the designations was posted on the BOL OFAC page and in the March 18, 2004 BOL Top Stories.   3/24/04

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on City Bank & Trust Company, Natchitoches, Louisiana; Citizens Bank of Lafayette, Lafayette, Tennessee; First-Citizens Bank & Trust Company, Raleigh, North Carolina; and Bank of Frankewing, Frankewing, Tennessee. Information regarding the counterfeit cashier's checks has been placed on the BOL Alerts & Counterfeits page.  3/23/04

• Privacy Notice Comment Deadline Nears

  Don't forget to make your views known regarding the Interagency proposal to allow alternative privacy notices, including a short form that the regulators feel would be easier for consumers to understand. The comment deadline is Monday, March 29, 2004.  
  Text;  
  PDF   3/23/04

• Special Alerts - Unauthorized Banking

  Three Special Alerts have been issued by the FDIC regarding Internet, Cayman Islands and Montserrat entities that are conducting financial activities without authorization.  Internet  Cayman Islands  Montserrat  3/23/04

• Business Lending Terms Report Released

  The FRB has released the First Quarter 2004 E.2 Survey of Terms of Business Lending report.  Terms  3/23/04

• Cuban SDN FIL

  The FDIC has issued FIL-33-2004 regarding the previously announced designation by OFAC of a Canadian travel agency as a Cuban SDN. Information regarding the designation was included in the March 18, 2004 BOL Top Stories, and has been posted on the BOL OFAC page.  3/23/04

• First Quarter Call Report FIL

  An FIL has been issued by the FDIC pertaining to the March 31, 2004 Call Report.
    3/23/04

• SDGT Entry Modified

  OFAC has announced modifications to an existing SDGT entry by adding "a.k.a."s and a FTO designation. Information regarding the modifications has been added to the BOL OFAC page.  3/23/04

• New York Bank's Deposits Assumed

  The FDIC has approved the assumption of all of the deposits of Reliance Bank, White Plains, New York by Union State Bank, Orangeburg, New York.
  Assumption  Assumption  Closiong Information  3/22/04

• FACT Act Free Annual File Disclosures

  The FACT Act requires the FTC to adopt rules to require the establishment of a centralized source through which consumers may request a free annual file disclosure from each nationwide consumer reporting agency; a standardized form for such requests; and a streamlined process for consumers to request free annual file disclosures from nationwide specialty consumer reporting agencies. Comment deadline: April 16. 69FR13191 (txt) 69F13191 (pdf) 3/19/04

• 2004 Geocoding System Available

  The FFIEC has posted the 2004 Geocoding System online.
  2004 Geocoding 3/19/04

• Changes Proposed To HMDA Tables

  The FRB has requested public comment on proposed changes to the public disclosure tables that are used to report data collected by lenders under the HMDA. Comments are due on May 10, 2004. FR Notice; Proposed Changes 3/19/04

• CDR FIL Issued

  The FDIC has issued a FIL regarding the changes that banks will need to make to the Call Report preparation process when the CDR system is in place. FIL-30-2004 3/19/04

• International Reserve Position Released

  Treasury has released the U.S. International Reserve Position as of the week ending March 12, 2004.
  International Reserve Position 3/19/04

• Assets Of Iraqi Parastatals and New SDNs

  OFAC has identified certain entities that are also state bodies, corporations or agencies of the former Iraqi regime. The assets of the listed parastatals that have been blocked as of May 23, 2003, must remain blocked. Transactions by U.S. persons with these parastatals occurring after May 23, 2003, are authorized. In addition sixteen new SDNs have been added and certain a.k.a.s on the OFAC List have been changed. Information regarding the entities, SDNs and a.k.a.s has been placed on the BOL OFAC page. 3/19/04

• Reg W To Apply To State Nonmember Banks

  The FDIC has issued a FIL regarding a NPR that would interpret the restrictions on affiliate transactions contained in sections 23A and 23B of the Federal Reserve Act and make it clear that Reg W applies to state nonmember banks. Comments on the proposal are due by May 3, 2004. FIL-29-2004; NPR; Reg W 69FR12571 (txt) 69FR12571 (pdf) 3/18/04

• Greenspan - Banking Today and Future Trends

  Chairman Greenspan shared his views on where the banking industry is today and what the future may hold in a presentation before the Independent Community Bankers of America Convention. He noted that residential mortgage, credit card, and consumer installment loan portfolios have declined in each of the last three years. In addition, he expects bank mergers/acquisitions to continue and that the competitive effects on community banks of Basel II to be insignificant. Speech 3/18/04

• Cuban SDN Announced

  OFAC has added an entity to the SDN list with a Cuban designation and all of its assets are to be blocked. Information regarding the entity has been placed on the BOL OFAC page. 3/18/04

• CDFI Fund Discussed With House Committee

  Assistant Treasury Secretary Abernathy has testified before the House Subcommittee on Appropriations regarding the FY 2005 Budget request for the Community Development Financial Institution Fund. Testimony 3/18/04

• Free Annual Credit Reports Proposed

  The FTC has requested comments on a proposal to require upon the request from a consumer the nationwide consumer credit reporting agencies to provide a free credit report every 12 months. Free Credit Reports;
  FR Notice 3/17/04

• April HOEPA APR Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in April 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 Daily Rates;
  H.15 Weekly Rates 3/17/04

• March Interpretations And Actions Published

  The OCC has published the March 2004 issue of Interpretations And Actions.
  Interpretations And Actions 3/17/04

• CTR Form FIL

  The FDIC has issued FIL-28-2004 regarding the previously announced CTR Form 104 which replaces IRS Form 4789. Information regarding the new CTR Form was posted in the December 4, 2003 BOL Top Stories. 3/17/04

• What Happens When Interest Rates Rise?

  Learn what FDIC Chairman Powell thinks will happen when interest rates rise from historic lows from his presentation before the Independent Community bankers Association. Speech 3/17/04

• Fed Funds Rate Set

  The FOMC has released its decision regarding the current target for the federal funds rate.
  Rate 3/17/04

• Eighteen Enforcement Actions Announced

  The OCC has announced eighteen enforcement actions against national banks and individuals currently or formerly associated with national banks. Enforcement Actions 3/16/04

• OCC Releases CRA Ratings

  The CRA ratings for thirty-two national banks that were examined in February and March 2004 have been released by the OCC.
  CRA 3/16/04

• International Capital Data Released

  Treasury has released the International Capital data for January 2004. TIC 3/16/04

• G. 17 Report Issued

  The FRB has issued the March 2004 G. 17 Industrial Production and Capacity Utilization report.
  G. 17 3/16/04

• March FEDS Papers Published

  The Finance and Economics Discussion Series papers for March 2004 have been published. The titles include: Potential Competitive Effects of Basel II on Banks in SME Credit Markets in the United States and Will the Proposed Application of Basel II in the United States Encourage Increased Bank Merger Activity? Evidence from Past Merger Activity.
  Competitive Effects; Bank Mergers 3/16/04

• Final 4th Quarter Interest Rate Risk Data

  OTS has issued the fourth quarter final Thrift Industry Interest Rate Risk Measures report.
  Interest Rate Risk 3/16/04

• National Cost of Funds Reports Issued

  The current and historical national cost of funds ratio to OTS regulated institutions report has been issued.
  Current Cost of Funds;
  Historical Cost of Funds 3/16/04

• OCC Closes Florida Bank

  The Guaranty National Bank of Tallahassee, Florida has been closed by the OCC, the FDIC has been appointed receiver, and all deposits have been assumed by a newly chartered bank. Bank Closing; Assumption; Closing Information 3/15/04

• Unlicensed Bank Alert

  The OCC has issued an Alert regarding the Lincoln Bank And Trust Company Limited of Montserrat, West Indies. The company is claiming to hold a valid offshore banking license, but the license has been revoked. Alert 2004-9 3/15/04

• Preliminary Exam Response Kit

  OTS has issued a CEO Letter that contains a preliminary examination response kit for use with the Interagency Loan Data Request form.
  CEO Letter 3/15/04

• Winter Issue Consumer News Issued

  The FDIC has issued the Winter 2003/2004 edition of the Consumer News which contains articles on estate planning and FDIC insured accounts; new rules for living trusts; phishing; new proof of identity requirements; bogus debt elimination scams; fraudulent ads; and a final exam. Winter Consumer News 3/15/04

• Internet Related Fraud Guidance

  A Guidance has been issued by the FDIC regarding safeguarding customers against e-mail and internet related fraud schemes.
  FIL-27-2004 3/15/04

• Derivative Volume Tops $71 Trillion Dollars

  The OCC has announced that the derivatives held by 573 U.S. commercial banks exceeded $71 trillion dollars as of year-end 2003.
  Derivatives 3/15/04

• Interest Rate Risk Exposure Report

  OTS has issued the Interest Rate Risk Exposure Report for the Third Quarter 2003.
  Exposure Report 3/15/04

• ID Theft Spam Scam Alert

  The FTC has issued a Consumer Alert regarding email spam that consumers may receive indicating that they can comment on federal rule making. The Alert titled, Is Someone "Phishing" for Your Information?, warns consumers that their identities may be stolen if they reveal personal or financial information. Phishing 3/12/04

• Guidance On Unfair and Deceptive Practices

  The FRB and FDIC have issued an interagency guidance outlining the standards the agencies will use to determine if acts or practices by state-chartered banks are unfair or deceptive. Guidance;
  FIL-26-2004 3/12/04

• Foreign Bank Offices Data Released

  The structure and share data for U. S. offices of foreign banks for December 2003 has been released by the FRB.
  Data 3/12/04

• March FHC List Issued

  The list of bank holding companies that have elected to become or be treated as financial holding companies as of March 5, 2004 has been issued by the FRB. FHC List 3/12/04

• Thirteen Million Dollar CMP Assessed

  The FRB and New York State Banking Department have announced the issuance of a joint Order to Cease and Desist and Order of Assessment of a Civil Money Penalties totaling $13 million dollars against Credit Agricole, S.A., Paris, France and its affiliates in France and the United States. Order 3/11/04

• BHC Subsidiary Pays SEC $10 Million

  The SEC has announced a settled enforcement action against a Bank of America Corporation subsidiary, Banc of America Securities LLC, who agreed to a censure and the payment of $10 million dollar civil penalty for various violations , including the failure to promptly produce certain e-mails and compliance reviews which were the subject of an SEC investigation.
  Order 3/11/04

• FDIC Enforcement Actions Released

  The Enforcement Actions taken against banks and individuals by the FDIC in January 2004 has been released. A total of eight orders were issued including four cease-and-desist orders, one civil money penalty order, two terminations of cease-and-desist orders, and one adjudicated decision. Enforcement Actions 3/11/04

• Missing Money Orders Special Alert

  The FDIC has issued a Special Alert concerning money orders that are missing in transit to Berkshire Bank, Pittsfield, Massachusetts. Information regarding the missing money orders has been placed on the BOL Alerts & Counterfeits page. 3/11/04

• March Report Forms Online

  FFIEC has posted the 009, 009a, 019 and 030 March 2004 Report Forms and Instructions on its Web site.
  009;
  009a;
  019;
  030 3/11/04

• MSB Registration List Updated

  FFIEC has updated the Money Services Businesses Registration List to include those entities who have filed as of January 9, 2004.
  MSB 3/11/04

• December 2003 G.20 Released

  The G.20 Finance Companies report regarding owned and managed receivers and auto loans has been released by the FRB.
  G.20 3/11/04

• Deadline Reminder

  If you filed a Designation of Exempt person from CTR filings on nonlisted businesses and/or payroll customers between 1/1/02 and 12/31/02, it's time to file the biennial designation form again. 3/10/04

• Snow Comments On New GSA Regulator

  Treasury Secretary Snow expressed his views on the mininum credibility requirements for the new proposed Federal GSE regulator in a presentation before the America's Community Bankers Association Government Affairs Conference.
  Speech 3/10/04

• OCC Says Preemption Rule Misunderstood

  In a presentation before the America's Community Bankers Association Government Affairs Conference, OCC Chief Counsel and Senior Deputy Comptroller Williams addressed misunderstandings and mischaracterizations of the OCC Preemption Rule.
  Speech 3/10/04

• March Financial Reporting Bulletin

  The March 2004 Financial Reportiong Bulletin has been released by OTS.
  March Bulletin 3/10/04

• Phishing and E-Mail Scams

  OTS has issued a CEO Letter regarding phishing and e-mail scams which contains safeguards that institutions can utilize to help reduce the likelihood of customers becoming victims.
  CEO Letter 3/10/04

• Financial Terrorism Office Created

  The Administration has announced the creation of a new Treasury office to fight financial terrorism. The Office of Terrorism and Financial Intelligence (TFI) will oversee the activities of OFAC, FinCEN and the Executive Office of Terrorist Financing and Financial Crimes. TFI will not only focus on the financial war on terror, but also protect the integrity of the financial system, fight financial crime, enforce economic sanctions against rogue nations and assist in the ongoing hunt for Iraqi assets.
  TFI 3/9/04

• Check 21 Comment Deadline Nears

  It's not too late to submit your comments regarding the proposed Check 21 rules. The deadline for comments is March 12. For more information, check out the new Check 21 forum on Bankers' Threads and the BOL Check 21 page.
  Proposed Rules; Submit Comments; Check 21 Forum;
  BOL Check 21 Page 3/9/04

• Grant Thornton Assessed $300,000 CMP

  The OCC has filed a notice of charges and a notice of assessment of civil money penalties in the amount of $300,000.00 against Grant Thornton LLP resulting from the firm's activities while serving as external auditor, accountant and independent contractor for The First National Bank of Keystone, Keystone, West Virginia. Charges; CMP 3/9/04

• 66 CRA Exams Scheduled For 2nd Quarter

  The OTS has released a list of sixty-six savings associations that are scheduled for CRA examinations during the second quarter 2004.
  CRA Exam List 3/9/04

• FDIC CRA Ratings Released

  The FDIC has released the ratings for the banks examined for CRA compliance in March 2004.
  March CRA Ratings 3/9/04

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding Cherokee Heritage National Bank. The entity has not been granted a federal bank charter and may be conducting illegal or unauthorized banking activities. FDIC SA-19-2004 3/9/04

• B of A - Fleet Merger Approved

  The FRB has announced the approval of the application filed by Bank of America Corporation, Charlotte, North Carolina, to merge with FleetBoston Financial Corporation, Boston, Massachusetts. Merger Approval Order 3/9/04

• OFAC Penalizes Five Institutions

  The March OFAC Civil Money Penalties Enforcement Information list cites two banks and three credit unions for violations of the Cuban Sanctions Program resulting in penalties ranging from $750.00 to $3,850.00.
  
  OFAC Penalties 3/8/04

• Reg CC Changes Published

  The Federal Register has published a final Rule effective May 15, 2004 which amends Appendix A of Reg CC to reflect the restructuring of the check processing operations in the Eleventh District. 69FR10602 (txt) 69FR10602 (pdf) 3/8/04

• March 31 002 Form Released

  The FFIEC has released a draft of and instructions for the March 31, 2004 002 Reporting Form.
  002 Form;
  Instructions 3/8/04

• Internet Banks Subject of Special Alerts

  The OCC has issued two Special Alerts regarding two Internet banks, Commerz Finanz Bank and Intertrade Bank, that may be operating without federal or state authorization.
  Commerz Finanz;
  Intertrade Bank 3/8/04

• Thrift Financial Report Instruction Manual

  OTS has released the March 2004 edition of the Thrift Financial Report Instruction manual.
  Instruction Manual 3/8/04

• Assets Ranking Released

  The FRB has released the Consolidated Asset Rankings for Large Commercial Banks as of December 31, 2003.
  Asset Ranking 3/8/04

• January Consumer Credit Report Issued

  The G.19 Consumer Credit Statistical Release for January 2004 has been issued by the FRB.
  G.19 3/8/04

• C & D Issued Against Wyoming Bank

  A Cease and Desist Order was issued by the FRB and the Wyoming State Banking Commission against Cowboy State Bancorp, Inc. and its subsidiary bank, Cowboy State Bank, Ranchester, Wyoming. The bank has agreed to take corrective measures regarding its BSA and AML programs and procedures.
  Order 3/5/04

• OTS February CRA Ratings Revealed

  The CRA Ratings for savings associations examined in February 2004 has been released by OTS.
  CRA Ratings 3/5/04

• Extension of FFIEC 04 Report Proposed

  The FRB has proposed to extend, without revision, the Report of Extension of Credit to Executive Officers and Principal Shareholders and their Related Interests to Correspondent Banks. The closing date for comments is April 5, 2004.
  Proposal 3/5/04

• Special Alert - Counterfeit Checks

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Southeastern Bank, Darien, Georgia and The Gunnison Bank and Trust, Gunnison, Colorado. Information concerning the counterfeit checks has been posted on the BOL Alerts Counterfeits page. 3/5/04

• FBI Releases Workplace Violence Monograph

  The FBI has announced the development of an online publication, "Workplace Violence: Issues in Response", which contains with thoughts about prevention, threat assessment and management, crisis management, critical incident response and more. It offers common-sense recommendations for those in the position to do something about workplace violence.
  Workplace Violence 3/5/04

• Fourth Quarter Flow of Funds Report Released

  The FRB has released the Fourth Quarter 2003 Z.1 Flow of Funds Report.
  Z. 1 3/5/04

• FIL Regarding Announced OFAC Action

  The FDIC has issued FIL -24-2004 regarding previously announced additions to the SDN list concerning Zimbabwe targets. Information about the additions was posted March 2, 2004 on the BOL OFAC page. 3/5/04

• ML and Financial Crimes Report Issued

  The sections of International Narcotics Control Strategy Report regarding money laundering and financial crimes has been posted online.
  Report 3/5/04

• Fourth Quarter Interest Rate Risk Data Issued

  OTS has issued the Preliminary Thrift Industry Interest Rate Risk Measures for the Fourth Quarter 2003.
  Risk Measures 3/5/04

• All Stocks Removed From Margin Stock List

  The FRB has announced the issuance of a Final Rule that removes all of the stocks currently listed on the Foreign Margin Stock List for failing to follow recertification procedures. Effective April 15, 2004, the stocks will no longer qualify as margin securities under Reg T. Margin Stock 3/4/04

• FIN 46 Legal Interpretation Issued

  The FRB has issued a legal interpretation regarding FIN 46 relating to the creation of reserve requirements under Reg. D or demand deposits under Reg. Q. Legal Interpretation 3/4/04

• Counterfeit Cashier's Checks SAs Issued

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on RiverHills Bank, Port Gibson, Mississippi; First Community Bank of East Tennessee, Rogersville, Tennessee; Union County Savings Bank, Elizabeth, New Jersey; California National Bank, Los Angeles, California; First Bank, Creve Coeur, Missouri; and The Honesdale National Bank, Honesdale, Pennsylvania. Information regarding the counterfeit cashier's checks has been placed on the BOL Alerts & Counterfeit page. 3/4/04

• Internet Bank Not Member FDIC

  The FDIC has issued a Special Alert regarding an Internet Bank that is falsely advertising FDIC membership on its Web site.
  Special Alert 3/4/04

• Updated Beige Book Released

  The Beige Book has been updated by the FRB utilizing data collected prior to February 23, 2004. Beige Book 3/4/04

• Real Estate Retrieval System Online

  The FDIC has placed its Real Estate Retrieval System online. Interested parties can obtain information regarding FDIC owned properties.
  RE Retrieval System 3/4/04

314a Automated Distribution List

The OCC has issued an Alert regarding the effective date of FinCEN's conversion to an automated 314a distribution list that has been compiled from information contained in banks' year-end Call Reports. Alert 2004-6 3/3/04

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• Reg CC Amended By FRB

  The FRB has issued a Final Rule effective May 15, 2004 which amends Appendix A of Reg CC to reflect the restructuring of the check processing operations in the Eleventh District. Final Rule 3/3/04

• SARs Legal Decisions Posted

  FinCEN has posted three cases dealing with the protection from civil discovery of SARs & related documents online.
  SARs Cases 3/3/04

• Technology Regs and Publications Online

  The FDIC has posted links to technology regulations and publications for financial institutions on its Web site.
  Tech Regs;
  Tech Publications 3/3/04

• Greenspan On Foreign Exchange Rates

  In a presentation before the Economic Club of New York, Chairman Greenspan commented on the role of foreign exchange rates in the evaluation of economic activity and the impact of intervention by East Asian and European monetary authorities.
  Speech 3/3/04

• FDIC Releases Spring 2004 Outlook

  The FDIC has released Spring 2004 issue of the Outlook which contains the results of a study regarding the implications of the housing market boom. Spring Outlook 3/3/04

• Basel II White Papers Released

  The FRB has released two Basel II Capital Accord white papers on the following subjects: "Competitive Effects on Banks in SME Credit Markets" and "Will Basel II Increase Bank Merger Activity".
  Competitive Effects; Bank Mergers 3/3/04

• FEDS Working Papers Issued

  The FRB has issued two working papers in the FEDS series, "Housing and the Business Cycle" and "Identifying Price Discrimination When Product Menus Are Endogenous". Housing;
  Price Discrimination 3/3/04

• OFAC Adds Zimbabwe SDNs

  OFAC has added seven Zimbabwean entities to the SDN list with the designation, ZIMB. Information regarding the additions has been posted on the BOL OFAC page. 3/3/04

• FACT Act Study on Biometrics

  The FACT Act requires the Secretary of the Treasury to conduct a study of the use of biometrics and other similar technologies to reduce the incidence and costs to society of identity theft by providing convincing evidence of who actually performed a given financial transaction. The Act also requires the Secretary to consult with a number of entities and the general public ``in formulating and conducting the study.'' In order to fulfill its obligations under the Act, the Department of the Treasury (Treasury) seeks public comment on how Treasury should formulate and conduct the study. 69FR9895 (txt) 69FR9895 (pdf) 3/2/04

• Loan Loss Accounting Guidance Issued

  The Federal financial regulators have issued an interagency guidance regarding the accounting for loan and lease losses.
  FRB SR; FRB Guidance; OCC Bulletin;
  OCC Guidance;
  OTS CEO Letter and Guidance;
  FDIC FIL;
  FDIC Guidance 3/2/04

• Unauthorized Banking Alert

  The OCC has issued an alert that an entity calling itself, Cherokee Heritage National Bank, may be issuing stock and soliciting banking business. A national bank charter has not been granted by the OCC to the entity.
  Alert 2004-5 3/2/04

• OCC Customer Complaint Guidance

  The OCC has issued a supplementary guidance to AL 2002-9 concerning the prompt resolution of customer complaints that are forwarded to national banks by state agencies. Supplementary Guidance; AL 2002-9; AL 2004-2 3/2/04

• OCC 2nd Quarter CRA Exam Schedule

  The schedule of national banks that will be examined for CRA compliance in the second quarter 2004 has been released by the OCC.
  CRA Exams 3/2/04

• IRS "Dirty Dozen" Scams List Updated

  The IRS has updated its "Dirty Dozen" list of tax related scams that target consumer taxpayers. Information regarding these schemes would be of interest to your customers. Dirty Dozen
  3/2/04

• FinCEN MSB Registration List Online

  The list of entities that have registered as money services businesses as of January 9, 2004 has been posted online by FinCEN.
  MSB List 3/2/04

• FYI Examines Exposure to GSE Guaranties

  The latest online issue of FYI accesses the banking industry's exposure to an implicit government guarantee of GSEs.
  FYI 3/2/04

• December 2003 UBPR Available

  FinCEN has placed the December 31, 2003 UBPR on its Web site. FinCEN PR;
  UBPR 3/2/04

• February Foreign Exchange Rates Released

  The FRB has released the G.5 Foreign Exchange Rate Rate report for February 2004. G.5 3/2/04

• FTC Releases RESPA Reform Report

  The FTC has released a staff report that examines the mortgage broker compensation disclosure proposed by HUD in its July 2002 RESPA reform proposal and two alternative proposals.
  Summary;   
  Full Report 3/1/04

• FATF Removes Two From NCCT List

  The FAFT has announced that two countries have been removed from its NCCT List due to substantial positive changes in combating money laundering and fighting terrorist financing and has issued the 2003-2004 Money Laundering Typologies report.
  NCCT List;   
  ML Typologies 3/1/04

• FRB Issues Proposals For Comment

  The FRB has given notice of the amendment of Consumer Compliant Information System (BGFRS-18) and the removal of the Financial Disclosure Reports and Outside Business Interests Applications (BGFRS-19). Comments are invited and must be received by March 31, 2004.
  Notice 3/1/04

• U. S. FY 2003 Financial Report Released

  Treasury and OMB have released the FY 2003 Financial Report for the United States which provides financial information for all aspects of the federal government.
  2003 Financial Report 3/1/04

• Community Banking Issues - A Regulator's View

  FRB Governor Olsen discussed emerging issues in community banking from the viewpoint of a regulator in a presentation before the 118th Assembly for Bank Directors. He noted the past year was a good one for banks and showed that they were able to adapt to a changing environment and still generate record profits.
  Speech 3/1/04

• Winter 2004 Federal Reserve Bulletin Issued

  The FRB has issued the Winter 2004 Bulletin which contains articles on electronic banking, cross-border investments in securities, industrial production and capacity utilization, and the condition of the U.S. banking industry.
  Winter 2004 Bulletin 3/1/04

• Quarterly Loan Charge-Off Rates

  The FRB has released the Quarterly Charge-Off and Delinquency Rates on loans and leases at commercial banks.
  Charge-Off Rates 3/1/04

• Household Debt Burden Report Released

  The Household-Debt Service and Financial Obligations ratios report has been released by the FRB.
  Household-Debt 3/1/04

• FIL Issued Regarding Announced SDN Change

  The FDIC has issued FIL-21-2004 concerning a previously announced SDGT addition to the SDN list. Information regarding the change was posted on February 24 on the BOL OFAC page. 3/1/04
  

The CFPB has announced the publication of the agency's 2013 Consumer Response Annual Report. The agency reported that the volume of consumer complaints filed with the agency in 2013 increased by 80% over 2012 volumes. That increase reflects both the CFPB's gradual additions to the types of complaints it accepts and the public's growing awareness of the new agency's role in accepting and following up on consumer complaints concerning financial services and products.

OFAC has issued updated frequently asked questions (FAQs) on

its Burma Sanctions program.

The OCC's Bulletin 2014-12 has announced the addition of a "Garnishment of Accounts Containing Federal Benefit Payments" booklet to the Comptroller's Handbook. The new booklet addresses requirements of the Treasury Department's Fiscal Service regulations, which—

• establish procedures that financial institutions must follow when they receive a garnishment order against an account holder who receives certain types of federal benefit payments by direct deposit and
• require financial institutions that receive such a garnishment order to determine the sum of such federal benefit payments deposited to the account during a two-month period and ensure that the account holder has access to an amount equal to that sum or to the current balance of the account, whichever is lower.

OFAC has announced a deletion from its SDN List. Details are included in a BOL OFAC

Update.

The Federal Reserve Board has delivered the April 2014 report to Congress on the Office of Minority and Women Inclusion.

The OCC's Bulletin 2014-12 has announced the addition of a "Garnishment of Accounts Containing Federal Benefit Payments" booklet to the Comptroller's Handbook. The new booklet addresses requirements of the Treasury Department's Fiscal Service regulations, which—

• establish procedures that financial institutions must follow when they receive a garnishment order against an account holder who receives certain types of federal benefit payments by direct deposit and
• require financial institutions that receive such a garnishment order to determine the sum of such federal benefit payments deposited to the account during a two-month period and ensure that the account holder has access to an amount equal to that sum or to the current balance of the account, whichever is lower.