Top Story Lending Related

Santander Bank, N.A., the U.S. unit of Madrid, Spain's Banco Santander SA, is named in a suit filed May 29 in U.S. District Court, District of Rhode Island, reports the Insurance Journal. The City of Providence claims that the bank stopped issuing mortgages in minority neighborhoods after the housing bubble burst, beginning in 2009 when, as Sovereign Bank, it was acquired by its current Spanish parent company. The suit seeks millions in dollars in damages, arguing that the bank's alleged pull-back from minority neighborhoods led to boarded-up homes and other blight that was expensive for the city to maintain and deprived the city of property-tax revenue.

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

• FRB publishes Guidance for Holding Companies (Reg Y)

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

• Small BHC Definition Expanded

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

• Hurricane Relief CRA Credit Guidance Issued

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

• Counterfeit Official Checks Special Alert Issued

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

• International Reserve Position Update

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

• Counterfeit Money Orders Alert Issued

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

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

• Fourth Quantitative Impact Study Results Published

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

• Bernanke On Price Stability

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

• Owned And Managed Receivables Report Issued

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

• FDIC Schedules Wal-Mart Bank Application Hearings

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

• Three Counterfeit Cashier's Checks Special Alerts Issued

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

• FedLine Direct Announced

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

• 504 Loan Program Report Released

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

• Market Risk Final Rule Bulletin Issued

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

• OTS Examination Handbook Updated

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

• FTC Settles With Card Processor

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

• 2006 CDRLF Loan and Grant Program Announced

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

• Changes In Family Finances Revealed By Survey

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

• Fourth Quarter Charge-Off and Delinquency Rates Released

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

• NCUA proposes rulemaking for supervisory committee audits

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

• Counterfeit Cashier's Checks Special Alert

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

• MLTA Bulletin Issued

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

• Yield Curve Article Featured In FYI

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

• Fourth Quarter TFR Data Released

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

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

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

• SAR Revision Comments Sought

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

• International Reserve Position Update

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

• FOMC Minutes Released

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

• FDIC publishes rule to clarifiy procedures for deposit liabilities

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

• Palestinian Charity's Assets Blocked Pending Investigation

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

• Comment Period Extended

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

• NCUA Announces Insurance Reform Changes

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

• FinCEN Director Named

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

• Assets Reports Issued

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

• FHC List Update

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

• Special Alerts Issued

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

• March HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in March 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application.
  Daily H.15;
  Weekly H.15 2/17/06

• Comptroller Meets With NAR

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

• OCC Announces New Electronic Interpretations and Actions

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

• 314a Fact Sheet Updated

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

• March Reporting Forms Online

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

• Cost OF Fund Reports Released

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

• CRA Evaluations Released

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

• Enforcement Actions Announced

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

• December TIC Data Released

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

• G.17 Report Issued

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

• Monetary Report Present To Congress

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

• Strong Performances Reported By Thrifts

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

• Two 23A Exemptions Granted

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

• OC 5 Amendments Announced

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

• Call Report Revision And Extension Proposed

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

• OTS Suggests Saving Associations Adopt Board Qualification Bylaw

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

• Hurricane Relief Fraud FIL Issued

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

• CIP For Merchants And Brokers FAQ Published

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

• Winter 2005/2006 Issue Of FDIC Consumer News Published

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

• International Reserve Position Updated

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

• Use Of Payment Instruments Working Paper Published

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

• Counterfeit Cashier's Check Alert Issued

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

• FIL To Be Primarily Distributed Online

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

• SAR Activity Review Published

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

• FRB Releases Legal Interpretations

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

• Quarterly Journal Online

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

• Counterfeit Cashier's Checks Alert Issued

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

• Legal Interpretations Issued

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

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

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

• CRA Credit For Out Of Area Hurricane Relief Efforts

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

• Counterfeit Cashier's Checks Special Alerts Issued

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

• OCC Forms Credit And Market Risk Unit

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

• Individuals And Entities Added To OFAC List

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

• Eleven Counterfeit Checks Special Alerts Issued

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

• National Community Reinvestment Conference Announced

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

• Pennsylvania CU Closed

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

• Senior Loan Officer Opinion Survey Results Released

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

• External Audit Advisory Published in FR

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

• CTR Violations Result In Order Of Prohibition

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

• Enforcement Actions Announced

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

• Consumer Credit Report Released

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

• FHC List Update

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

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

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

• Workshops for National Community Bank Directors Announced

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

• 2007 Blue Book Released

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

• International Reserve Position Update

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

• CRA Ratings Released

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

• Limiting External Audit Advisory Issued

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

• Hurricane Challenges Forum Announced

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

• FR Replaces SEER Models

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

• FinCEN Issues Hurricane Relief Fraud Guidance

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

• Examination Guidance Issued For Institutions Affected By Katrina

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

• Credit Model Validity Individual Bank Responsibility

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

• Foreign Bank Recertification FAQ Issued

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

• Review Of MSB Regulatory Framework Announced

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

• Interagencies Publish Correction to Interpretive Guidance on GLBA

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

• Congress Praised By Gruenberg For FDIC Insurance Reform

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

• Comptroller Urges Privacy Notice Overhaul

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

• Credit Repair Scammers Busted

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

• Deliveries Of New Hamiltons Scheduled

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

• XBRL White Paper Published

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

• FRB Announces New Due Diligence Procedures

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

• CRA Ratings Released

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

• HMDA Site Updated

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

• EDIE Updated

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

• FedFlash February Issue Online

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

• January Foreign Exchange Rates Report Released

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

• FR Bulletin Supplement Published

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

• Bernanke Sworn In

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

• Greenspan's Last Day

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

• First Quarter Market Financing Estimates Announced

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

• Fox Resigns

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

• SLC Appointment Announced By FFIEC

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

• SDGT Removed From OFAC List

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

• Call Report Revisions Announced

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

• BSA/ AML Bulletins Issued

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

• ID Theft DVD Released

  Treasury has released a DVD created to inform consumers by defining what identity theft is, how they can protect themselves, and what they should do if they become a victim. Information regarding the DVD and other ID Theft information is posted on Treasury's Identity Theft Resource page. Resource Page  1/27/06

• On-Line ID Theft Education Tool Available

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

• Data Security Breach Charges Settled

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

• USPS Money Order Verification System Launched

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

• IFDP Working Papers Published

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

• NCUA publishes proposed rulemaking to address service to underserved areas

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

• Summary of FinCEN BSA Releases Published

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

• New Electronic Interpretations and Actions Announced

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

• Counterfeit Cashier's Checks Special Alerts Issued

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

• Top 10 Consumer Fraud Complaints Report Released

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

• CU Workshops Schedule Announced

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

• Agricultural Finance Databook Released

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

• NCUA modifies rules on uninsured accounts

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

• OCC CRA Evaluations Released

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

• Counterfeit Cashier's Checks Alert

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

• Mississippi CU Placed In Receivership

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

• 2006 Regulatory Reports Filing Schedule

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

• International Reserve Position Update

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

• NCUA issues rule for insurance requirements

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

• NCUA issues final rule for its Regulatory Flexibility Program

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

• Tier 1 Capital Legal Interpretation Released

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

• Counterfeit Checks Alerts Issued

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

• Eighteen Enforcement Actions Announced

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

• Interagency Guidance Issued Regarding SAR Information Sharing

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

• FRB Announces C&D Order

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

• CRE Lending Guidance Bulletin Issued

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

• Winter 2006 Money Smart News Published

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

• Nine Counterfeit Checks Special Alerts Issued

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

• FDIC Issues Unauthorized Banking Alerts

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

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

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

• Director of Syrian Military Intelligence Added To OFAC List

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

• January 2006 Issue Of The Beige Book Published

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

• November 2005 TIC Data Released

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

• Assets Report Issued

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

• February HOEPA Rates Established

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in February 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For February, you will use the rates posted on January 13th since January 15th fell on the weekend.
  Weekly H.15   1/18/06

• OCC Enforcement Actions Announced

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

• FTC Settles Complaint Against Credit Reporting Agency

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

• Industrial Production Report Released

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

• International Reserve Position Update Issued

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

• Aid To Hurricane Victims Campaign Announced

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

• Money Laundering Threat Assessment Report Published

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

• FDIC To Hold 2006 Economic Outlook Roundtable

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

• Agencies Publish Commercial RE Lending Guidance in FR

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

• New OFAC Economic Sanctions Enforcement Procedures Published

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

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

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

• HMDA Exemption Threshold Raised

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

• 2005 Financial Report Released By OTS

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

• Comptroller Issues Real Estate Rulings Statement

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

• CRA Ratings Published

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

• Third Quarter 2005 Charge-Off Rates Released

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

• Reducing Regulatory Burden FIL Issued

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

• International Reserve Position Update

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

• G.20 Report Issued

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

• FHC List Revised

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

• Commercial Real Estate Lending Proposed Guidance Issued

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

• Large Bank Deposit Insurance ANPR

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

• Winter 2005 State Profiles Published

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

• Consumer ID Theft Quiz Online

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

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

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

• Counterfeit Official Checks Alert Issued

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

• FTC Settles Credit Counseling Case

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

• FDIC Publishes Two Special Interest Money Management Guides

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

• Winter Outlook Published

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

• FRB Adds New Members To Consumer Advisory Council

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

• Consumer Credit Report Released

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

• Unauthorized Banking Alert Issued

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

• TFR Instruction Manuals and Q&A Released

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

• Winter 2005 Edition Of FDIC Outlook Released

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

• Federal Reserve Bulletin Autumn 2005 Issue Published

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

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

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

• OFAC Makes Changes To SDN List

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

• 2006 Beige Book Release Dates Announced

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

• Counterfeit Cashier's Checks Alert

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

• CRA Ratings Released

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

• NCUA Hosts Town Meeting Webinar

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

• Foreign Exchange Rates Reports Published

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

• FOMC Minutes Released

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

• FedFocus 2006 Premier Issue Published

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

• International Reserve Position Update

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

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

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

• Reg E Amendments Announced

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

• FedFlash News January Issue Published

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

• Wildfire Relief Guidance Issued

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

• Country Exposure Reports Published

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

• FRB 2006 Budgets

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

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

HUD has announced the release of the Obama Administration's Housing Scorecard for April 2014. The Scorecard is a comprehensive report on the U.S. housing market. The April report features the Las Vegas-Henderson-Paradise, Nevada Metropolitan Statistical Area.

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

• $2.8 Million BSA Penalty

  FinCEN and the New York Stock Exchange have assessed a $2.8 million penalty against Oppenheimer & Company, Inc. for Bank Secrecy Act violations. The company's BSA program was deemed to be deficient and lacking in internal controls. In addition, the regulators indicated the BSA program contained inadequate procedures and it was insufficient to manage the risk of money laundering based on the volume of business. In addition to the payment of the fine, the company must also correct the problems noted. Penalty   12/30/05

• Four Counterfeit Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit Cashier's/Official Checks drawn on Dryades Savings Bank, FSB, New Orleans, LA, Lighthouse Bank, Waltham, MA, The Torrington Savings Bank, Torrington, Connecticut and New York Community Bank (formerly known as Queens County Savings Bank), Westbury, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/30/05

• Interagency Guidance on Nontraditional Mortgage Products Proposal Issued in the FR

  The Federal Register contains the Interagency Guidance referenced in the December 21, 2005 Top Stories. OCC: 2005-46    70FR77249 txt 70FR77249 pdf 12/30/05

• Three Counterfeit Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on CenterBank of Jacksonville, N.A., Jacksonville, Florida and counterfeit official checks drawn on both The Bank, Birmingham, Alabama: and The Tri Counties Bank, Chico, California. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/29/05

• Special Alerts Issued Regarding Unauthorized Banking

  Two Special Alerts have been issued by the FDIC concerning the activities of Brink (or Brink's) National Bank of Texas and Continental Bank of Canada, Toronto, Ontario, Canada. Brink;
  Continental   12/29/05

• BSA/AML Violation Enforcement Action Process

  The OCC has issued a Bulletin which contains information on the process the OCC will follow regarding administrative enforcement actions against banks for BSA/AML violations. The intent of the guidance is to ensure that the process is measured, fair, and fully informed. Bulletin   12/28/05

• FHC List Update

  The FRB has updated the list of BHCs that have elected to become or be treated as FHCs to include the elections made as of December 23, 2005. FHC List   12/27/05

• Seven Working Papers Published

  Seven working papers in the FEDS series have been published by the FRB on the following topics: "Post Brown vs. the Board of Education: The Effects of the End of Court-Ordered Desegregation"; "Retail Deposit Fees and Multimarket Banking"; "Modelling Inflation Dynamics: A Critical Review Survey of Recent Research"; "Escaping the Samaritan's Dilemma: Implications of a Dynamic Model of Altruistic Intergenerational Transfers"; "Using Subjective Expectations to Forecast Longevity: Do Survey Respondents Know Something We Don't Know?"; "Using Structural Shocks to Identify Models of Investment"; and "Expectations Formation and the Effectiveness of Strategies for Limiting the Consequences of the Zero Bound on Interest Rates".

  • Post Brown Abstract
  • Post Brown Full Paper
  • Retail Deposit Abstract
  • Retail Deposit Full Paper
  • Modelling Inflation Abstract
  • Modelling Inflation Full Paper
  • Escaping Abstract
  • Escaping Full Paper
  • Subjective Expectations Abstract
  • Subjective Expectations Full Paper
  • Structural Shocks Abstract
  • Structural Shocks Full Paper
  • Expectations Formation Abstract
  • Expectations Formation Full Paper

    12/27/05

• Minority-Owned Banks List Updated

  The FRB has updated the list of minority-owned banks to include information as of September 30, 2005. List   12/23/05

• New Orleans CAO Named By OCC

  The OCC has announced the appointment of a Community Affairs Officer in New Orleans, a newly-created position, who will serve as a liaison to governmental organizations, community groups, and national bank customers on hurricane-related banking matters and community reconstruction financing issues. CAO Appointment   12/23/05

• Counterfeit Cashier's Checks Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit checks drawn on Community State Bank, N.A., Ankeny, Iowa. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/22/05

• Guidance Issued On Filing Notices Of Class Action Lawsuits

  The FDIC has issued a FIL which contains guidance on new requirements for filing notices of proposed class action settlements involving financial institutions for which the FDIC is the primary federal regulator. FIL   12/22/05

• Final Reg Regarding Section 312 Announced

  FinCEN has announced a final regulation implementing the provisions of Section 312 of the USA PATRIOT Act and the publication of a 312 Fact Sheet. Final Reg; | Fact Sheet   12/22/05

• 2006 CRA & HMDA Data Free Software

  Free FFIEC CRA and HMDA Data Entry Software, version 3.20 for CY 2006 data due March 1, 2007, is available by download from the FFIEC CRA and HMDA web sites. Software   12/22/05

• Derivative Report Issued

  The OCC has issued the Bank Derivatives Report for the third quarter 2005 which indicates that derivatives held by U.S. commercial banks increased by $2.6 trillion in the third quarter of 2005.Derivatives Report   12/22/05

• FR Publishes HMDA Exemption Increase

  The FRB is publishing a final rule amending the staff commentary of Regulation C to increase the asset-size exemption threshold for depository institutions. Depository institutions with assets of $35 million or less as of December 31, 2005, are exempt from data collection in 2006. 70FR75718 txt 70FR75718 pdf   12/21/05

• Nontraditional Mortgage Products Proposed Guidance Issued

  The federal financial regulatory agencies are seeking comments on a proposed guidance on residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest. Proposal; | FRB PR; | FDIC PR; | OCC NR; | OTS PR; | NCUA PR   12/21/05

• FFIEC Report Forms Notices Published

  The initial FR notice for FFIEC Report Forms 009 and 009a has been published.
  Notice   12/21/05

• Third Quarter Interest Rate Risk Measures Report Released

  OTS has released the Interest Rate Risk Measures Report for the Third Quarter 2005. Interest Rate   12/21/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position with the inclusion of data as of December 16, 2005.Reserve Position   12/21/05

• Counterfeit And Fraudulent Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on Astoria Federal Savings and Loan Association, Lake Success, New York, and fraudulent check bearing the name of Bankers' Bank, Madison, Wisconsin. Information concerning the checks has been posted on the BOL Alerts & Counterfeits page.   12/20/05

• $80 Million CMP Assessed For OFAC, AML, BSA and State Law Violations

  OFAC, the FRB, the New York State Banking Department, and the Illinois Department of Financial and Professional Regulation have issued a combined order of Assessment of a Civil Money Penalty and Monetary Payment against ABN AMRO Bank N.V and its New York City and Chicago branches. The bank has agreed to undertake remedial action in its worldwide banking operations and to pay $75 million in penalties to regulators for violations of OFAC sanctions regulations, AML, BSA and state laws, in addition to making a voluntary contribution of $5 million to the Illinois Bank Examiners' Education Foundation. OFAC | C&D | CMP | FinCEN   12/20/05

• December Call Report Information Issued

  The FDIC has issued a FIL containing instructions pertaining to the Call Report for the December 31, 2005, Call Report.FIL; | Instructions   12/20/05

• Individual Added To OFAC List

  OFAC has added an individual currently imprisoned in the United Kingdom to the SDN list designated as a SDGT. Information regarding the individual has been posted on the BOL OFAC page.   12/20/05

• December Electronic Interpretations and Actions Announced

  The OCC has announced the publication of the December 2005 issue of New Electronic Interpretations and Actions.Interpretations and Actions   12/20/05

• Basal II White Published

  The FRB has published a white paper on the topic of "Potential Competitive Effects on U.S. Bank Credit Card Lending from the Proposed Bifurcated Application of Basel II".White Paper   12/20/05

• Three FEDS Working Papers Released

  The FRB has released three working papers in the FEDS series on the following subjects: "How Did the 2003 Dividend Tax Cut Affect Stock Prices?"; "An Inflation Goal with Multiple Reference Measures"; and "Explaining Credit Default Swap Spreads with the Equity Volatility and Jump Risks of Individual Firms".2003 Dividend Abstract; | 2003 Dividend Full Paper; | Inflation Abstract; | Inflation Full Paper; | Credit Defaults Abstract; | Credit Defaults Full Paper   12/20/05

• Structure And Share Data Report Issued

  The FRB has issued the Structure and Share Data for U.S. Offices of Foreign Banks Report as of September 30, 2005.Data Report   12/20/05

• January 2006 HOEPA Rates Determined

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in January 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15 Weekly H.15   12/19/05

• HMDA Data Collection Exemption Size Increased

  The FRB has published its annual notice of the asset-size exemption threshold for depository institutions under Reg C, which implements HMDA. As a result, depository institutions with assets of $35 million or less as of December 31, 2005, are exempt from data collection in 2006.Exemption   12/19/05

• 312 Fact Sheet Published

  FinCEN has published a Fact Sheet which contains information regarding a proposed Final Rule implementing the international correspondent accounts and private banking provisions of Section 312 of the USA PATRIOT Act.
  Fact Sheet   12/19/05

• December FedFlash Published

  The December issue of FedFlash has been published and contains articles on New Orleans zone check processing, 2006 seasonal lending applications, FRB operations holiday schedule and District news.
  FedFlash pdf;
  FedFlash html   12/19/05

• USERRA Rules Published

  Final rules have been published to implement the Uniformed Services Employment and Reemployment Rights Act ("USERRA"), a federal law which protects the rights of persons who voluntarily or involuntariloy leave employment positions to undertake military service. The new rules do affect private employers. A notice of rights, benefits, and obligations of employees and employers under USERRA was published concurrently. PDF of final rules;   TXT version of final rules;   PDF of Notice;   TXT version of Notice   12/19/05

• More Check Processing Changes Published

  The Federal Reserve Board published in the Federal Register amendments to appendix A of Regulation CC to delete reference to the New Orleans branch and reassign the routing symbols for it to the head office of the FRB of Atlanta. Typos in the routing symbols for the Helena branch office of FRB Minneapolis were also corrected, and notice is provided of a delay until 2007 of the previously announced transfer of the Nashville branch office's check-processing operations to the Atlanta head office. Advance notice is also given of future changes affecting the Federal Reserve Banks of New York and Philadelphia. PDF;   TXT   12/19/05

• Enforcement Actions Announced

  The OCC has announced new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. Enforcement Actions  12/16/05

• CRA Evaluations Released

  The OCC has released the CRA evaluations for 33 national banks that became public during the period of November 15, 2005 through December 14, 2005. CRA  12/16/05

• Additional Check Processing Restructuring Announced

  The FRB has announced restructuring of check processing operations in the Sixth District and the applicable amendment to Reg CC. Processing  12/16/05

• NCUA Announces Flexible Procedures For Hurricane Affected FCUs

  The NCUA has issued an Opinion Letter which provides guidance and details flexible procedures in place for conducting board meetings and member elections by FCUs affected by Hurricane Katrina. Procedures  12/16/05

• OCC Annual Report Published

  The OCC has published its Annual Report for fiscal year 2005 which includes an introduction by Comptroller Dugan and the OCC‘s financial statements. Other sections describe the OCC, its accomplishments and operations, and its management initiatives. Annual Report  12/16/05

• Cost of Funds Reports Released

  OTS has released the Historical and October 2005 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; October  12/16/05

• RECON Updated For Third Quarter

  Regional Economic Conditions (RECON), which assists the FDIC in the examination process by providing economic information at the state, MSA (Metropolitan Statistical Area), and county levels, has been updated with new data for the Third Quarter 2005. RECON  12/16/05

• October TIC Report Issued

  Treasury has issued the TIC report for October 2005 which indicates the net foreign purchases of long-term securities were $106.8 billion. TIC  12/16/05

• Large Commercial Banks Assets Report Released

  The FRB has released the ranking of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of September 30, 2005. Ranking  12/16/05

• FRB Recommends Creation Of NewBank

  The FRB has released the report of the private-sector Working Group on NewBank Implementation and endorsed its recommendations for the creation of a dormant bank (NewBank) that would be available for activation to clear and settle U.S. government securities. Report; Recommendation  12/16/05

• InfoSec Guidelines Compliance Guide Published

  The federal bank and thrift regulatory agencies have published a small entity compliance guide for the Interagency Information Security Guidelines. The compliance guide summarizes the obligations of financial institutions to protect customer information and illustrates how certain provisions of the Security Guidelines apply to specific situations. Guide; FRB PR; OCC Bulletin; OTS CEO Lt; FDIC PR  12/15/05

• Agencies Issue Counterfeit Cashier's Checks Alerts

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on CenterBank of Jacksonville, N.A., Jacksonville, Florida, and the FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Anchor Bank, West St. Paul National Association, West St. Paul, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/15/05

• Special Alert Regarding Unauthorized Banking Operations

  The FDIC has issued a Special Alert regarding two entities that may be conducting unauthorized banking operations in the U.S. and Canada including involvement in various advance fee or "Nigerian letter" scams. Special Alert   12/15/05

• FinCEN Issues North Korean Banking Activities Advisory

  An Advisory has been issued by FinCEN which contains guidance regarding the providing of banking services to North Korean government agencies and related front companies. Advisory  12/14/05

• Fed Funds Up

  The FOMC has raised the target for the federal funds rate by 25 basis points and approved a similar increase in the discount rate. FOMC  12/14/05

• Updated Reserve Position Released

  Treasury has updated the U.S. International Reserve Position report to include data as of December 9, 2005.
  Reserve Position   12/14/05

• Survey Of Terms Report Released

  The E. 2 Survey of Business Terms report for the week of November 7, 2005, has been released by the FRB.
  E.2   12/14/05

• FDIC Publishes Proposed Rulemaking for Large Bank Insurance Determination Modernization

  The FDIC proposes to developing a new system to determine insurance coverage. Its goals are to minimize disruption to depositors and communities, and maximize recoveries for the deposit insurance fund in the event one of the largest insured institutions should fail. PDF   TXT  12/13/05

• Counterfeit Cashier's Check Alert Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Community State Bank, N.A. of Ankeny, Iowa. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/13/05

• FILs Issued Regarding OFAC Changes

  The FDIC has issued three FILs regarding previously announced changed to the OFAC list concerning SDNs and Blocked Persons. Information regarding the changes was posted in BOL Top Stories on November 28, December 1 and December 6, 2005. FIL-122-2005; FIL-123-2005; FIL-124-2005   12/13/05

• FDIC Updates Hurricane Data

  As of December 9, 2005, FDIC analysis shows 214 financial institutions with offices affected by the hurricanes (100 by Katrina; 87 by Rita; 27 by both). There are 112 branches that remain closed (98 by Katrina; 14 by Rita). There are 46 temporary branches open by 20 institutions. The updated information has been posted on the BOL Disaster Recovery page.  12/13/05

• FEDS Working Paper Published

  The FRB has published a working paper in the FEDS series on the topic of "How Did the 2003 Dividend Tax Cut Affect Stock Prices and Corporate Payout Policy?" Abstract; Full Paper  12/13/05

• Enforcement Actions Announced

  The FDIC has announced the issuance of 20 administrative enforcement actions taken against banks and individuals in October 2005. The actions included eight removal and prohibition orders, four civil money penalty orders, four terminations of insurance, one capital directive termination, and three terminations of orders to cease and desist. Enforcement Actions   12/12/05

• Two Counterfeit Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Columbia State Bank, Tacoma, Washington, and counterfeit official checks drawn on Carolina First Bank, Greenville, South Carolina. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/12/05

• FFIEC Updates HMDA FAQs

  The HMDA FAQs have been updated by the FFIEC to include questions regarding Type of Purchaser.FAQs   12/12/05

• Third Quarter Household Debt Service Report Released

  The FRB has released the Household Debt Service and Financial Obligations Ratios report for Third Quarter 2005.Report   12/12/05

• Special-Post Employment SR Issued

  A SR has been issued by the FRB regarding the previously announced post-employment restrictions imposed on senior examiners. Information concerning the restrictions was posted in the November 18, 2005 BOL Top Stories. http://www.bankersonline.com/topstory/november05.html SR   12/12/05

• Counterfeit Cashier's Special Alert Issued

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on State Bank, La Grange, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/9/05

• OTS 2006 Assessment And Fee Schedules Released

  The OTS has issued a Thrift Bulletin which contains its 2006 assessment and fee schedules. Bulletin  12/9/05

• FRB Publish Technical Amendment to Reg CC

  This technical amendment to the Final Rule regarding Appendix A of Reg CC, deletes the reference to the head office of the Federal Reserve Bank of Boston and reassigns the Federal Reserve routing symbols currently listed under that office to the Windsor Locks office of the Federal Reserve Bank of Boston. PDF TXT  12/7/05

• Flow Of Funds Accounts Report Released

  The FRB has released the Z.1 Flow of Funds Accounts of the United States Report for the Third Quarter 2005. Z.1  12/9/05

• Assets Reports Issued

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for October 2005 have been issued by the FRB. Reports  12/9/05

• OCC Fiscal Year 2005Annual Report PublishedM

  The OCC has published its annual report for fiscal year 2005 which includes an introduction by Comptroller Dugan, the OCC's financial statements, accomplishments, operations, and its management initiatives. Annual Report   12/9/05

• Five Counterfeit Special Alerts Issued

  The FDIC has issued five Special Alerts regarding counterfeit cashier's checks drawn on The Comanche National Bank, Comanche, Texas and The Cambrian Branch (San Jose, California) of the Bank of the West, San Francisco, California; counterfeit official checks drawn on The Provident Bank, Jersey City, New Jersey; counterfeit checks bearing the name of The Equitable Bank, S.S.B., Wauwatosa, Wisconsin; and counterfeit money orders drawn on Heritage Community Bank, Glenwood, Illinois. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  12/8/05

• December 2005 Call Report Forms Online

  The FFIEC has posted online the December 2005 Call Report forms 031 and 041. 031; 041  12/8/05

• HMDA Reporting Guidance Issued

  The FFIEC has issued additional guidance on HMDA reporting to ensure that data is stated accurately pertaining to loans subject to HOEPA; rate spread; preapprovals and additional sources of guidance. HMDA Guidance  12/8/05

• Winter Issue Supervisory Insights Published

  The FDIC has issued a FIL announcing the publication of the Winter 2005 issue of Supervisory Insights which contains articles on financial modeling, tighter security for Internet transactions, and banker insider misconduct. FIL; Supervisory Insights Index; Full Issue  12/8/05

• Consumer Credit Report Released

  The FRB has released the G.19 Consumer Credit Report for October 2005. G.19  12/8/05

• NCUA Publishes Post Employment Restrictions for Certain Examiners

  NCUA Publishes Final Rule in FR that will prohibits senior NCUA examiners from accepting employment with a credit union for a year after leaving NCUA employmentif they had responsibility for examination of that credit union prior to leaving. PDF TXT  12/7/05

• First District Check Processing Restructured

  The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the check processing operations in the First District. As of February 25, 2006, the head office of the Federal Reserve Bank of Boston no longer will process checks, and banks currently served by that office will be reassigned to the Windsor Locks office of the Federal Reserve Bank of Boston. Restructuring  12/7/05

• CRA Ratings Issued

  The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the CRA and the rating assigned to each institution. CRA Ratings  12/7/05

• Determination Of Insured Deposits Comments Sought

  The FDIC is soliciting comments on the best way to improve the process of determining the insurance status of depositors of larger institutions in the event of a failure. Comments   12/7/05

• Bulletins Issued Regarding Assessment Fees, Examiner Employment And CRA Q&As

  The OCC has issued three bulletins regarding previously announced actions concerning assessment collection process for national banks; one-year post-employment restrictions for senior examiners; and proposed revisions to 2001 Interagency Questions and Answers Regarding Community Reinvestment. Information regarding the actions was posted in the November 17 and 18, 2005, BOL Top Stories. Assessment Bulletin; Examiner Bulletin; CRA Bulletin   12/7/05

• HUD Publishes Final Rule for ARM

  On March 29, 2005, HUD published an interim rule in the Federal Register that insured five-year hybrid ARMs with interest rates adjustable up to two percentage points annually. The final rule makes no changes to the interim rule. PDF TXT  12/6/05

• Counterfeit Cashier's Check Alert

  The OCC has issued an Alert regarding counterfeit casher‘s checks drawn on Anchor Bank, West St. Paul N.A. of West St. Paul, Minnesota. Information concerning the counterfeit cashier‘s checks has been posted on the BOL Alerts & Counterfeits page.  12/6/05

• Eight SDGTs Added To OFAC List

  OFAC has designated eight individuals as SDGTs and added their names to the SDN list. Information regarding the new entries has been posted on the BOL OFAC page.  12/6/05

• Atlanta To Retain New Orleans Processing

  The FRB Financial Services Policy Committee (FSPC) has announced that it will retain the Federal Reserve Bank of Atlanta’s New Orleans Branch check processing operation at the Atlanta Fed’s head office and will postpone the previously announced move of the Nashville Branch’s check processing operation into Atlanta until 2007. Processing; New Orleans Letter; Nashville Letter  12/6/05

• Hurricane Q&A issued

  A SR letter that contains the complete set of Q&As issued by the federal financial institutions regulatory agencies as of November 23, 2005, regarding Hurricanes Katrina and Rita has been issued by the FRB. The issue date of a Q&A is indicated at the end of each question. SR; Q&As  12/6/05

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet to include data as of December 6, 2005. 314(a)  12/6/05

• Five Working Papers Published

  The FRB has published five new working papers in the FEDS series on the following topics: Solving Stochastic Money-in-the-Utility-Function Models; Jump-Diffusion Processes and Affine Term Structure Models: Additional Closed-Form Approximate Solutions, Distributional Assumptions for Jumps, and Parameter Estimates; Can Financial Innovation Help to Explain the Reduced Volatility of Economic Activity?; Alternative Central Bank Credit Policies for Liquidity Provision in a Model of Payments; and Competition and Price Discrimination in the Market for Mailing Lists. Stochastic Abstract; http://www.federalreserve.gov/pubs/feds/2005/200552/200552pap.pdf">Stochastic Full Paper; Jump Abstract; Jump Full Paper; Innovation Abstract; Innovation Full Paper; Alternative Abstract; Alternative Full Paper; Competition Abstract; Competition Full Paper  12/6/05

• New FedFlash Issue Released

  The December 1, 2005 issue of FedFlash has been released and contains articles on email delivery of FedWire statements, changes to the HDGS and PPGS transit number listings, official authorization list and board resolution required from all account holders, and a reminder of changes to mixed and other Fed cull programs. FedFlash  12/6/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position with the addition of data as of December 2, 2005. Reserve Position  12/6/05

• SR Letter Expresses FRB Security Program Expectations

  A SR Letter has been issued which establishes the FRB’s expectations for financial institutions and supervisory personnel with respect to the previously announced Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice. When evaluating the adequacy of a financial institution’s information security program, the FRB will consider whether the bank has developed and implemented a response program including notification procedures as described in the Guidance.SR Letter; Guidance  12/5/05

• Suspicious Activity Alerts

  The OCC has issued two Alerts regarding supposed employees of "Wachovia Direct Lending," (not affiliated with Wachovia Corp.), that are contacting persons about student loan applications resulting in no loans and no returned fees; and supposed bank employees of Brink National Bank of Texas, an entity not authorized to conduct the business of banking, who have contacted persons about fraudulent financial schemes. Student Loans; Unauthorized Bank  12/5/05

• First Quarter CRA Exam Schedule Released

  OTS has released the schedule of thirty-three CRA examinations that will conducted in the first quarter 2006. CRA Exam Schedule  12/5/05

• Greenspan Comments On Budget Policy And International Imbalances

  In separate presentations before the attendees at the Federal Reserve Bank of Philadelphia Policy Forum and the Advancing Enterprise Conference, Chairman Greenspan expressed concern that the U.S. may have already committed more physical resources to the baby-boom generation in its retirement years than the economy has the capacity to deliver and that deficits that cumulate to ever-increasing net external debt, with its attendant rise in servicing costs, cannot persist indefinitely. Budget Policy; International Imbalances  12/5/05

• FHC List Updated

  The FRB has updated the list of BHCs that have elected to be treated as FHCs to include elections made as of December 2, 2005. FHC List  12/5/05

• OCC To Expand CAG Hours

  The OCC has announced the intention to expand the daily hours of telephone operation for its Customer Assistance Group from seven to twelve. CAG Hours  12/5/05

• New BSA Forms Page Launched By FinCEN

  FinCEN has been launched a newly-updated forms page designed to be easier to navigate and find the BSA forms required for filing. It contains links to downloadable forms, Q&As, useful filing information, and more.
  BSA Forms    12/2/05

• New BOL Tech Alert Issued

  BOL has issued a Tech Alert which contains new information about security vulnerabilities, a FREE special test assessment offer for BOL users, and two BOL book selections. Sign up for future Tech Alerts and other free e-mail BOL Banker Briefings.
  Tech Alert    12/2/05

• Assessment Process Revised By OCC

  The OCC has revised its semi-annual assessment process for national banks. The OCC, rather than each national bank, will calculate and draft the semiannual assessment from either the Federal Reserve account or Federal Home Loan Bank account based on the most recent call report. The 2006 OCC Fee Schedule was also released.
  Assessment;
  2006 Fee Schedule    12/2/05

• OCC CRA Exam Schedule Released

  The OCC has released its schedule of CRA examinations to be conducted in the first quarter of 2006.Schedule    12/2/05

• FTC Settles Customer Data Security Case

  A retail discounter has agreed to settle FTC charges that its failure to take reasonable security measures to protect sensitive customer data was an unfair practice that violated federal law. According to the FTC, a data-security failure allowed hackers to gain access to the sensitive credit card, debit card, and checking account information of more than 1.4 million customers. The settlement requires the company to implement a comprehensive information-security program and obtain audits by an independent third-party security professional every other year for 20 years.Settlement; Complaint    12/2/05

• Negative Amortization Concerns Comptroller

  In a presentation before the Consumer Federation of America, Comptroller Dugan expressed strong concerns about negative amortization in consumer loan products, particularly in the areas of credit cards and mortgages. He indicated that that negative amortization of consumer loans raise substantial – and intertwined – consumer protection and safety and soundness issues.
  Speech
     12/2/05

• Foreign Exchange Rates Report Released

  The November 2005 G.5 Foreign Exchange Rate Report has been released by the FRB. G.5    12/2/05

• First Quarter 2006 CRA Exam Schedule Released

  The FDIC has released the list of institutions that it has scheduled for a CRA examination during the first quarter of 2006. Schedule   12/1/05

• CRA Distressed Or Underserved Tract List Updated

  The FFIEC has updated the list of distressed or underserved nonmetropolitan middle-income geographies. List   12/1/05

• $19,960 CMP For Flood Violations

  The FRB has announced the issuance of an Order of Assessment of a Civil Money Penalty against County Bank, Merced, California, in connection with alleged violations of Reg H and the National Flood Insurance Act. Order   12/1/05

• Counterfeit Cashier's Check Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit cashier's check drawn on Northway Bank, Berlin, New Hampshire. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   12/1/05

• Unauthorized Banking Special Alert

  The FDIC has issued a Special Alert regarding an entity that may be conducting illegal banking activities involving advance fee or "Nigerian letter" scams in the U.S. and Canada. Special Alert   12/1/05

• Drug Cartel Members And Philippine Separatists Added To OFAC List

  OFAC has added two individuals and three companies tied to a Columbian drug cartel and three members of a Philippine separatist group to the SDN list. Information regarding the new entries has been posted on the BOL OFAC page.   12/1/05

• Beige Book Updated

  The Beige Book has been updated by the FRB to include data collected prior to November 21, 2005. Summary; Full Report   12/1/05

• Continuation Of Assistance To Hurricane Victims Urged By Agencies

  The federal financial institution regulatory agencies along with the Conference of State Bank Supervisors are encouraging insured depository institutions to consider all reasonable and prudent actions that could help meet the critical financial needs of their customers and their communities affected by Hurricane Katrina.Hurricane Assistance   12/1/05

• G.20 Report Issued

  The September 2005 G.20 Finance Companies report has been issued by the FRB. G.20   12/1/05

• Housing Prices And Interest Rates Working Paper Published

  The FRB has published a working paper in the IFDP series on the subject of "The Baby Boom: Predictability in House Prices and Interest Rates".Abstract; Full Paper   12/1/05

• Assets Reports Released

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for September 2005 have been released by the FRB.Reports   12/1/05

• OCC Updates Licensing Manual

  The "General Policies and Procedures" booklet of the OCC Licensing Manual has been revised with the addition of guidance and procedures for filing an application to substantially increase or decrease the bank's assets and guidance for operating branches at historic properties.
  Manual   11/30/05

• Bulletin Issued Regarding FACT Act Medical Information Final Rule

  The OCC has issued a bulletin regarding the previously announced Final Rule concerning creditors obtaining or using medical information pertaining to a consumer in connection with any determination of the consumer's eligibility, or continued eligibility for credit. Information regarding the Final Rule was posted in the BOL Top Stories for November 22, 2005.
  Bulletin;
  Final Rule Correction   11/30/05

• Three Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on East West Bank, San Marino, California; First National Bank, Hermitage, Pennsylvania; and San Angelo National Bank, San Angelo, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/30/05

• Anti-Fraud Resources Added To OCC Web Site

  The OCC Web site now provides consumers and bankers with information and resources to effectively identify, report, and combat fraud.
  Anti-Fraud Resources   11/30/05

• Minutes Of Discount Rate Meetings Released

  The FRB has released the minutes of its discount rate meetings from October 3 through November 1, 2005.
  Minutes   11/30/05

• International Reserve Position Update

  Treasury has updated the U. S. International Reserve Position with the inclusion of new data as of November 25, 2005.
  Reserve Position   11/30/05

• TIAC Officers And Directors Announced

  The FRB has announced the names of five new members of the TIAC and the 2006 President and Vice President.
  TIAC
    11/30/05

• Independent Audit Threshold Raised

  The FDIC has issued a FIL regarding the publication of a Final Rule that raises the asset-size threshold for internal control assessments by management and external auditors.
  FIL;
  Final Rule   11/29/05

• FRB Publishes Remotely Created Checks Final Rule in FR

  The FRB has approved amendments to Reg CC that define "remotely created checks" and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited. 70FR71218 pdf 70FR71218 txt   11/28/05

• Revised Trust Examination Manual Online

  The FDIC has revised the Trust Examination Manual by adding a new section to cover Registered Transfer Agent activities. It is available free online and for purchase in a CD format.
  Manual;
  Order CD   11/28/05

• IT Examiner Training Program Modified

  The FRB has issued a SL that modifies the training program for IT examiners.
  SL   11/28/05

• Zimbabwe SDN Designations Recertified

  OFAC has recertified some of the SDNs previously designated under the Zimbabwe program. All of the recertified names appear as changes in OFAC’s SDN changes files, but not all of the recertified names have actually changed. Information concerning the recertification has been posted on the BOL OFAC page.   11/28/05

• 2006 FRB Chairmen And Deputy Chairmen Announced

  The FRB has announced the appointment of chairmen and deputy chairmen for 2006 for each of the twelve FR banks.
  Appointments   11/28/05

• Twelve CRA Evaluations Released

  The OCC has released the ratings received by twelve national banks that were recently evaluated for compliance with the CRA.
  Ratings   11/23/05

• FCRA Exam Procedures

  A bulletin has been issued by the OCC regarding the approval of the FFIEC's Task Force on Consumer Compliance of revised interagency FCRA examination procedures for consumer compliance issues. New requirements apply to banks that are consumer reporting agencies or that use consumer reports. Bulletin    Exam Procedures   11/23/05

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding three entities that may be conducting unauthorized banking activities connected with Nigerian letter scams in the U. S. and Canada. Unauthorized   11/23/05

• Four Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on Sheridan State Bank, Sheridan, Wyoming; First National Bank USA, Boutte, Louisiana; Applied Card Bank (formerly known as Cross Country Bank), Wilmington, Delaware; and Mills County State Bank, Goldthwaite, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/23/05

• 314a Facts And Figures Updated

  FinCEN has updated the 314a Fact Sheet to include data as of November 22, 2005. Over fourteen million dollars has been located involving over three thousand transactions.
  314a   11/23/05

• November Electronic Interpretations and Actions Announced

  The OCC has announced the New Electronic Interpretations and Actions for November 2005.
  Electronic   11/23/05

• FDIC Reports Earnings At Record Levels

  Commercial banks and savings institutions insured by the FDIC reported record net income for the third quarter of 2005. Strong growth in noninterest income at larger institutions provided much of the improvement in earnings. Provisions for loan losses and net loan chargeoffs both increased for the first time in three years. Preliminary results for the third quarter are contained in the FDIC's latest Quarterly Banking Profile.
  Quarterly Banking Profile   11/23/05

• Third Quarter TFR Data Released

  OTS has released the TFR Data for the Third Quarter 2005.
  TFR Data   11/23/05

• Remotely Created Checks Final Rule Issued

  The FRB has approved amendments to Reg CC that define "remotely created checks" and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited. Final Rule   11/22/05

• 2006 Financial Services District Fee Schedules Announced

  FRB Financial Services has announced the district fee schedules for 2006. Fee Schedule   11/22/05

• Counterfeit Checks Alerts Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on First National Bank, Hermitage, Pennsylvania, and the FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on Chinatrust Bank (U.S.A.), Torrance, California, and Bay Cities National Bank, Redondo Beach, California; missing, lost, or stolen cashier's checks drawn on The Heritage Bank, Hinesville, Georgia; and counterfeit official and expense checks drawn on Prosperity Bank, El Campo, Texas. Information concerning the counterfeit and missing items has been posted on the BOL Alerts & Counterfeits page.   11/22/05

• FACTA Medical Information Rules Published

  The OCC/FRB/FDIC/OTS/NCUA published the final rule to the Fair Credit Reporting Medical Information Regulations in the Federal Register. This final rule was previously reported in the Top Stories on 11/18/05. Final Rules   11/22/05

• Consumer News Focuses On Helping Seniors Remain Fiscally Fit
  

  The Fall 2005 issue of FDIC Consumer Guide features a special guide for senior and families that contains articles on the following topics: Helping Your Money Last... After Your Last Paycheck; Annuities for Retirees: What to Consider Before You Invest; Retirement Strategies for All Ages: A "To-Do" List; Avoiding Frauds that Target the Elderly; How to Simplify and Organize Your Finances; Giving Others Access to Bank Accounts and Safe Deposit Boxes; and 7 Things to Know About FDIC Insurance. Consumer Guide   11/22/05

• Thrift Industry Has Record Quarter

  The financial results of the nation’s thrift industry for the third quarter of 2005 have been released by OTS. The industry posted its fourth consecutive record of quarterly earnings.
  Third Quarter Highlights   
  Charts   
  Selected Indicators  11/22/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report with the addition of the data from November 18, 2005.
  Reserve Position   11/22/05

• Three Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the name of or a name similar to Guaranty Bond Bank, Mount Pleasant, Texas; The San Francisco, California, branch of First Republic Bank, Las Vegas, Nevada; and Chino Commercial Bank, N.A., Chino, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/21/05

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on the First National Bank USA of Boutte, Louisiana. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  11/18/05

• FACT ACT Medical Information Rules Finalized

  The federal financial institution regulatory agencies have finalized the FACT Act rules on medical information, Regulation V and Regulation FF. Final Rule; FRB PR; OCC NR; OTS; FDIC; NCUA.  11/18/05

• Form 4 Online

  The FDIC has issued a FIL which contains a copy of the FFIEC 004 report that may be used to comply with the reporting requirements of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 which requires the executive officers and principal shareholders of each bank to submit an annual report to their board of directors on their indebtedness, and that of their related interests, to correspondent banks. FIL; Form 004  11/18/05

• Enforcement Actions Released

  The OCC has released a list of the new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions.
  Actions  11/18/05

• Post-Employment Restrictions for Senior Examiners Announced

  
  
  The federal bank and thrift regulatory agencies have issued final rules to implement a special post-employment restriction on certain senior examiners employed by an agency or Federal Reserve Bank.
  Post-Employment FRB PR; OCC NR; OTS; FDIC  11/18/05

• RESPA Violations Mortgage Kickback Case Settled

  The FDIC and HUD have announced a $150,000 settlement with a mortgage company in New England for violations of the RESPA. HUD and FDIC found that the company solicited and received tickets from certain settlement service providers to athletic events as well as music concerts and restaurant gift certificates in exchange for the referral of business. Settlement  11/18/05

• FDIC Conducts Survey

  The FDIC is conducting a confidential nationwide banker survey to evaluate, among other things, the effectiveness and adequacy of the FDIC's current inventory of deposit insurance publications and job aids designed to help bank employees understand deposit insurance coverage. Survey   11/18/05

• G.17 Report Issued

  The G.17 Industrial Production and Capacity Utilization Report for October 2005 has been issued by the FRB.
  G.17  11/18/05

• December HOEPA Reference Rates Established

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in December 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. Daily H.15; Weekly H.15  11/17/05

• Regulators Seek Comments On Proposed CRA Q & As

  The FDIC, the FRB and the OCC have published an informal staff guidance on community reinvestment in the form of thirteen proposed Q & As and are seeking public comments. FDIC FIL; Proposal  11/17/05

• FedFlash November Issue Published

  FRB Financial Services has published the November 2005 issue of FedFlash which contains articles on the new notification system for expiring FedLine credentials, additional FedReceipt endpoints, security measures for FedLine credentials, help reducing risks of clearing Canadian checks, and news from the Fed Districts. FedFlash  11/17/05

• September International Capital Data Released

  Treasury has released the September 2005 International Capital Data report. Capital Data  11/17/05

• OCC Issues Interim Final Rule to amend its regulation concerning the timing of
  payments of OCC assessments.

  This interim final rule replaces the current
  process of assessment collection, which requires national banks to make the initial calculation of the amount due to the OCC. This interim rule changes the assessment collection
  process only. PDF; TXT   11/17/05

• Joint Agencies Publish Final Rule implementing the Intelligence Reform Act

  The OCC, Board, FDIC and OTS (the Agencies) have jointly adopted final rules to implement section 6303(b)
  of the Intelligence Reform and Terrorism Prevention Act of 2004, which imposes post-employment restrictions
  on senior examiners of depository institutions and depository institution holding companies. PDF; TXT   11/17/05

• Revised SOP On NHPA Proposed

  The FDIC has issued a FIL regarding the proposed revision of its Statement of Policy (SOP) on the National Historic Preservation Act of 1966 (NHPA) to reflect the FDIC's experience and practices in applying the current SOP and statutory changes to the NHPA and its implementing regulations. FIL; Proposed Statement  11/16/05

• Enforcement Actions Announced

  Twenty-six administrative enforcement actions taken against banks and individuals in September 2005 have been announced by the FDIC. The actions include fourteen removal and prohibition orders, nine civil money penalty orders, one cease and desist order, and two terminations of cease and desist orders. Enforcement Actions  11/16/05

• BSA/AML Examination InfoBase Updated

  The FFIEC has updated the InfoBase to include questions and answers from the August 2005 BSA/AML Examination Manual Outreach events and a user-friendly bookmarked version of the Manual. Q & As; Manual  11/15/05

• Greenspan Discusses The Role Of The Central Bank

  In a video presentation to the participants at the Banco de Mexico's 80th Anniversary International Conference in Mexico City, FRB Chairman Greenspan discussed the role of the Central Bank and its impact on stability and economic growth. He noted that an environment of greater economic stability has been the key to the impressive growth in the standards of living and economic welfare in the Untied States. Speech  11/15/05

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of November 10, 2005. Reserve Position  11/15/05

• Check Alerts Issued

  The OCC has issued two Alerts regarding fraudulent official checks issued in the name of Chino Commercial Bank, N.A., Chino, California, and counterfeit cashier's checks issued in the name of Bay Cities National Bank, Redondo Beach, California. Information concerning the checks has been posted on the BOL Alerts & Counterfeits page.  11/14/05

• Regulators' Comments Regarding Basel II

  In testimony before the Senate Banking Committee, Comptroller Dugan stated, "Basel II will promote significant advances in risk management that will benefit supervisors and banks alike and substantially enhance safety and soundness," and FDIC Chairman Powell noted, "The FDIC views the extremely low capital numbers coming out of Basel II's formulas . . . as examples of why, under Basel II, the leverage ratio would play a more important role than ever in ensuring the soundness of our banking system." Dugan Statement; Dugan Testimony; Powell Testimony   11/14/05

• Interstate Banking & Interest Rates - Notice of Proposed Rulemaking

  The FDIC issued a FIL containing a notice of proposed rulemaking to clarify which state laws apply to branches of out-of-state, state-chartered banks and to clarify the interest rates that state-chartered banks may charge. FIL  11/14/05

• NCUA Chairman Responds To ABA Complaints

  NCUA Chairman Johnson has issued a statement regarding the complaints filed by the American Bankers Association in United States District Courts in Utah and Pennsylvania. NCUA Statement; ABA NR; Utah Compliant; Pennsylvania Compliant  11/14/05

• FRB Published Final Rule to Reg A increasing Credit Rate

  The Federal Reserve Board
  has adopted final amendments to its Regulation A to reflect the Board’s approval of an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board’s primary credit rate action. PDF; TXT  11/14/05

• Columbia Drug Lord and Associates Added to OFAC List

  Treasury has announced the designation of Wilber Varela, a.k.a. "Jabon," as a principal SDNT of the North Valle drug cartel and the addition of his name to the SDN list along with those of four related companies and ten other North Valle associates. Information regarding the additions has been posted on the BOL OFAC page.   11/10/05

• BIF and SAIF Third Quarter Results Released

  The FDIC has released the Third Quarter 2005 results for the BIF and SAIF insurance funds.
  Third Quarter Results   11/10/05

• Three Counterfeit Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on Legacy Bank, Milwaukee, Wisconsin; and counterfeit official checks drawn on PFF Bank & Trust, Pomona, California, and The Farmers National Bank, Lebanon, Kentucky. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeit page.   11/9/05

• 2006 HMDA Edits And File Specs Posted

  The FFIEC has posted online the 2006 HMDA Edits and File Specifications. Edits; File Specifications  11/9/05

• FDIC Rates Unchanged

  The FDIC has announced that the current deposit insurance assessment rates charged to insured banks and savings associations will remain unchanged for the first half of 2006. Rates  11/9/05

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of November 4, 2005. Reserve Position  11/9/05

• Monetary Policy Working Paper Published

  The FRB has published a working paper in the FEDS series on the topic of "Monetary Policy with Imperfect Knowledge". Abstract; Full Paper  11/9/05

• Counterfeit Checks Special Alerts Issued

  Three Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on BankNewport (formerly known as Bank of Newport), Newport, Rhode Island; counterfeit official checks drawn on Putnam Savings Bank, Putnam, Connecticut; and counterfeit checks drawn on Indiana First Savings Bank, Indiana, Pennsylvania. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  11/8/05

• G.17 And G.19 Reports Released

  The FRB has released the 2005 Annual Revision of the G.17 Industrial Production and Capacity Utilization Report and the September 2005 G.19 Consumer Credit Report. G.17; G.19.  11/8/05

• Bank Lending Practices Survey Results Published

  The results of the October 2005 Senior Loan Officer Opinion Survey on Bank Lending Practices have been published by the FRB. Survey Results.  11/8/05

• FRB Publishes Interim Rules Regarding Equal Opportunity

  FRB published an Interim Rule in the FR that would amend the section of its Rules Regarding Equal Opportunity governing the employment of persons who are not citizens consistent with the Board’s requirements for the security of its information. The amendments would clarify the limitations on access to sensitive information for non-citizen employees. PDF; TXT Comments are requested by 1/9/06. This interim rule is effective 11/8/05.  11/7/05

• Counterfeit Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on Webster Bank, National Association, Waterbury, Connecticut, and counterfeit cashier's checks bearing the name of Citizens National Bank, N. A., Bossier City, Louisiana. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  11/7/05

• Enforcement Action Requires Bank Subsidiary To Reimburse Borrowers

  The OCC has announced a Formal Agreement with The Laredo National Bank, Laredo, Texas, and its subsidiary, Homeowners Loan Corporation (HLC) which requires HLC to strengthen its policies and control systems to ensure compliance with all applicable consumer protection laws, regulations and OCC guidance, and reimburse borrowers who were harmed due to the lack of appropriate controls.
  Formal Agreement  11/7/05

• CRA Ratings Released

  The FDIC has released the CRA ratings assigned in August 2005 to state nonmember banks that were evaluated for compliance with the CRA. CRA Ratings  11/7/05

• Working Papers Published

  The FRB has published new working papers in both the FEDS and IFDP series on the following topics: FEDS – "Measuring Counterparty Credit Exposure to a Margined Counterparty”: and IFDP – "DSGE Models of High Exchange-Rate Volatility and Low Pass-Through" and "Explaining the Global Pattern of Current Account Imbalances". DSGE Abstract; DSGE Full Paper; Explaining Abstract; Explaining Full Paper; Measuring Abstract; Measuring Full Paper  11/7/05

• Counterfeit Cashier's Checks Alerts

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on The Farmers National Bank of Lebanon, Kentucky. The FDIC has issued two Special Alerts regarding counterfeit expense checks drawn on Peoples Bank of Louisiana, Amite, Louisiana, and Counterfeit money orders and cashier's checks drawn on Monson Savings Bank, Monson, Massachusetts. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   11/4/05

• SE Asian Drug Traffickers Added To OFAC List

  Treasury has identified 11 individuals and 16 companies that are part of the financial and commercial network of designated significant foreign narcotics trafficker Wei Hsueh-kang and the United Wa State Army (UWSA). Their names were added to the SDN list and designated as SDNTKs. Information regarding the additions was been posted on the BOL OFAC page.   11/4/05

• 2006 FRB Services Fee Schedule Announced

  The FRB has approved fee schedules for FRB priced services for depository institutions, effective January 3, 2006.
  Fees;
  Customer Letter;
  Check Pricing   11/4/05

• Economic Outlook From Greenspan

  In testimony before the Joint Economic Committee of Congress, Chairman Greenspan expressed his view on the outlook for the economy. He noted the longer-term prospects for the U.S. economy remain favorable; however, more uncertainty surrounds the outlook for inflation.
  Testimony   11/4/05

• FedFocus Year End Review Published

  The special November FedFocus 2005 Year-in-review issue looks back at 2005 to highlight the year's innovations, enhancements and important developments. It also provides a sneak peek at what's to come in 2006.
  FedFocus   11/4/05

• NCUA Chairman Testifies On CU Taxation

  In testimony before the House Ways and Means Committee, Chairman Johnson stated that the credit unions’ tax exemption is vital to the long-term stability and safety and soundness of the nation’s credit union system.
  Testimony   11/4/05

• International Reserve Position Update

  The U.S. International Reserve Position has been updated by Treasury to include data as of October 28, 2005.
  Position   11/4/05

• Guidance Issued Regarding Examination Treatment Of Tobacco Payments

  The FRB has issued a SR that provides guidance to examiners with regard to the proper treatment of assignments of tobacco transition payments and successor-in-interest contract payments under the USDA Tobacco Transition Payment Program (TTPP or Tobacco Buyout Program).
  SR   11/3/05

• New Edition Of Banking Accounting Advisory Series Published

  The OCC has published the October 2005 edition in the Banking Accounting Advisory Series which expresses the regulator's current views on topic of interest to national banks including but not limited to: troubled debt restructurings, commitments, loan recoveries, account for acquisitions, push-down purchase accounting and related party transactions.
  Advisory Series   11/3/05

• Five More Counterfeit Special Alerts Issued

  The FDIC has issued five Special Alerts regarding counterfeit money orders and treasurer's checks drawn on Country Bank for Savings, Ware, Massachusetts; counterfeit cashier's checks drawn on Valley National Bank, Wayne, New Jersey; counterfeit checks drawn on Ulster Savings Bank, Kingston, New York; counterfeit cashier's checks drawn on Millbury Savings Bank, Millbury, Massachusetts; and counterfeit official checks drawn on Hampden Bank, Springfield, Massachusetts. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   11/2/05

• OCC Committed To Effective BSA/AML Supervision

  In a presentation to the participants attending the money laundering conference sponsored jointly by the American Bankers Association and the American Bar Association, Comptroller Dugan stated that the OCC is committed to a process of BSA/AML supervision and enforcement that is not only effective, but also measured and fair.
  Speech   11/2/05

• CRA Ratings Released

  OTS has released the CRA ratings received by savings associations that were recently evaluated for compliance with the CRA.
  Ratings   11/2/05

• Rates Raised

  The FOMC has announced that it has raise its target for the federal funds rate by 25 basis points and the Board of Governors approved a 25-basis point increase in the discount rate.
  Rates   11/2/05

• Powell Resigns

  FDIC Chairman Powell has announced his resignation to assume a new position to coordinate the efforts to rebuild the Gulf Coast areas affected by the recent hurricanes.
  Resignation   11/2/05

• Foreign Exchange Rates Report Issued

  The G.15 Foreign Exchange Rate report for October 2005 has been issued by the FRB.
  G.15   11/2/05

• Eight Stolen And Counterfeit Items Special Alerts Issued

  The FDIC has issued eight Special Alerts regarding counterfeit and stolen expense checks as well as stolen trust and asset management checks of American Bank, National Association, Corpus Christi, Texas; stolen official checks and money orders drawn on TCF National Bank, Wayzata, Minnesota; counterfeit cashier's checks drawn on Union Bank of California, National Association, San Francisco, California; counterfeit cashier's checks drawn on Washington Trust Bank, Spokane, Washington; counterfeit cashier's checks drawn on Marine Bank, Springfield, Illinois; counterfeit cashier's checks drawn on Farmers and Merchants Bank of South Carolina, Holly Hill, South Carolina; counterfeit official checks drawn on Concordia Bank & Trust Company, Vidalia, Louisiana; and counterfeit official checks drawn on First National Bank in Alamogordo, Alamogordo, New Mexico. Information concerning the stolen and counterfeit items has been posted on the BOL Alerts & Counterfeits page.   11/1/05

• New Issue SAR Activity Review Published

  FinCEN has published the 9th issue of the SAR Activity Review which features trends, tips and issues regarding SARs.
  Activity Review   11/1/05

• NCUA Enforcement Orders Announced

  An order of assessment of a $22,000 civil money penalty against Arrowhead Central Credit Union, San Bernadino, California for late submissions of data required HMDA has been announced by NCUA along with three Prohibition Orders against former CU officers.
  CMP; Prohibition Orders   11/1/05
  

• FinCEN Announces New BSA Service

  BSA Direct, a new FinCEN service that will allow authorized users to access and analyze BSA data, is scheduled to be operational in January 2006.
  BSA Direct   10/31/05

• MSB Registration List And Order Form Back Online

  FinCEN has reposted the MSB Registration List State Selector and the MSB Material Information Order Form on its Web site. They both were taken offline in September 2005 for a security analysis.
  MSB   10/31/05

• Working Paper Published

  The FRB has published a working paper in the IFD series on the topic of “The Response of Global Equity Indexes to U.S. Monetary Policy Announcements”.
  Abstract;
  Full Paper   10/31/05

• August G.20 Report Release

  The G.20 Finance Companies report for August 2005 has been released the FRB.
  G.20   10/31/05

• FDIC Final Rule on 529 Plans Published in FR

  The FDIC is adopting a final rule governing the insurance coverage of deposits of qualified tuition savings programs under
  section 529 of the Internal Revenue Code. The deposits will be insured up to $100,000 for the interest of each
  participant in aggregation with the participant's other deposits at the same insured depository institution. 70FR62057 (txt) 70FR62057 (pdf)   10/28/05

• Comptroller Discusses Credit Risk

  In a presentation to attendees at the OCC Credit Risk Conference, Comptroller Dugan discussed the implications for national banks of rising credit risk.
  Speech   10/28/05

• CIF Handbook Released

  The OCC has released a new booklet in the Controllers Handbook series titled, "Collective Investment Funds", which examines bank-administered trusts for the commingled assets of fiduciary accounts and establishes a framework for managing their risks.
  CIF Booklet   10/28/05

• MSB Registration List Update

  FinCEN has updated the MSB Registration List to include those entities that have registered as of October 1, 2005.
  List   10/28/05

• Working Paper Published

  The FRB has published a working paper in the FEDS series on the topic of "Job Creation and Housing Construction: Constraints on Metropolitan Area Employment Growth".
  Abstract;
  Full Paper   10/28/05

• FDIC Makes Bank Data Available

  The FDIC has created a Web page which provides links to summaries and examples of bank data that is available online.
  Index;
  Bank Data Guide   10/28/05

• NCUA Seeks Comments On Strategic Plan

  NCUA is seeking comments on a draft of its Strategic Plan for 2006-2011.
  Comments;
  Plan   10/28/05

• Greenspan's Reflections On CEA

  In his remarks on receipt of the Truman Medal for Economic Policy, Chairman Greenspan reflected on the establishment of the CEA by President Truman and his personal observations as a member of the Council.
  Remarks   10/27/05

• FEDS Working Paper Published

  The FRB has published a working paper in the FEDS series on the topic of "Term Structure Estimation with Survey Data on Interest Rate Forecasts".
  Abstract;
  Full Paper   10/27/05

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of October 21, 2005.
  Reserve Position   10/27/05

• FDIC Issues Wilma FIL

  An FIL has been issued by the FDIC regarding the supervisory practices that the regulator will follow concerning institutions impacted by Wilma and related severe storms. A link to the FIL has been posted on the BOL Disaster Recovery Center.   10/26/05

• CRA Evaluations Released

  The OCC has released the evaluations for 22 national banks that were recently examined for compliance with the CRA.
  Evaluations   10/26/05

• October New Electronic Interpretations And Actions Announced

  The New Electronic Interpretations and Actions for October 2005 have been announced by the OCC.
  New Electronic   10/26/05

• Third Quarter A&L Price Tables Released

  OTS has released the Asset and Liability Price Tables for the Third Quarter 2005.
  Tables   10/26/05

• Wilma Affecting Bank Operations

  The Federal Reserve Bank of Atlanta is posting updates on how Hurricane Wilma is affecting bank operations in the area. A link to the web page containing the updates has been posted on the
  BOL Disaster Recovery page.   10/25/05

• Counterfeit and Stolen Check Alerts Issued

  The OCC has issued two Alerts, one regarding counterfeit cashier's checks drawn on Valley National Bank in Wayne, New Jersey; and the concerning stolen official checks and money orders bearing the name of TCF National Bank, Minneapolis, Minnesota. Information on the Alerts has been posted on the BOL Alerts & Counterfeits page.   10/25/05

• Iowa Banker Subject Of Enforcement Action

  FRB has announced the issuance of a Consent Notice of Suspension and Prohibition against William R. Kahler, an officer of Primebank, LeMars, Iowa.
  Notice   10/25/05

• Bernanke To Follow Greenspan

  President Bush has appointed White House economic adviser Ben Bernanke as chairman of the FRB to succeed Chairman Alan Greenspan, who will retire when his current term runs out at the end of January 2006. Chairman Greenspan was present for the announcement and issued a statement on the selection of Bernanke.
  Appointment;
  Greenspan Statement   10/25/05

• Counterfeit Checks Alert

  An alert has been issued by the OCC regarding counterfeit cashier's checks drawn on Citizens National Bank, N.A., Bossier City, La. Information regarding the counterfeit checks has been posted on the BOL Alerts and Counterfeits page.   10/24/05

• North Korean Entities Added To SDN List

  Treasury has designated eight North Korean entities as proliferators of weapons of mass destruction and added their names to the SDN List. The action prohibits all transactions between the designated entities and any U.S. person and freezes any assets the entities may have under U.S. jurisdiction. Information regarding the entities has been posted on the BOL OFAC page.   10/24/05

• National Bank Offices Affected by Hurricane Wilma May Close

  The OCC has issued a Proclamation that authorizes national banks, at their discretion, to close offices in areas affected by Hurricane Wilma. Proclamation   10/24/05

• Code Of Conduct FIL Issued

  The FDIC has issued a FIL that contains guidance to financial institutions to remind them of the importance of an effective internal corporate code of conduct or written ethics policy.
  FIL   10/24/05

• Working Papers Published

  The FRB has published two working papers, one in the FEDS series on the topic of Stock Market Volatility and the Great Moderation; and the other in the IFDP series on the topic of Accounting Standards and Information: Inferences from Cross-Listed Financial Firms.
  FEDS Abstract;
  FEDS Full Paper;
  IFDP Abstract;
  IFDP Full Paper   10/24/05

• FHC List Updated

  The FRB has updated the list of BHCs that have elected to be treated as FHCs to include those companies making the election as of October 21, 2005. FHC List   10/24/05

• Assets Reports Released

  The FRB has released the 3.12 U.S. Reserve Assets report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks report. Reports  10/21/05

• Joint Agencies Publish Proposed Rule for Modifications to Capital Guidelines and Maintenance

  The OCC, OTS, FRB, and OTS are considering various revisions to the existing risk-based capital framework that would enhance its risk sensitivity. These changes would apply to banks, bank holding companies, and savings associations ("banking organizations"). PDF
    TXT    FRB PR; OCC Bulletin; FDIC FIL; OTS PR  10/20/05

• CRA Examination Information Online

  The FFIEC has posted links to CRA examination information on one of its Web pages. Information regarding regulator exam schedules, distressed or underserved nonmetropolitan middle income geographies, exam procedures by size of institution, and public evaluations is available. CRA Information  10/20/05

• CRA/HMDA Corrections Available

  A patch for the errors contained in the previously distributed 2004 CRA and HMDA Aggregrate and Disclosure CDs is available from the FFIEC. HMDA Corrections; Patch  10/20/05

• Tardy HMDA Disclosures Results In CMP

  NCUA has announced that a $19,000 CMP has been assessed against a CU for late submissions of HMDA data. CMP  10/20/05

• Prohibition Orders Issued

  Orders of prohibition have been issued by NCUA against former CU affiliated individuals. Orders   10/20/05

• Beige Book Update

  The FRB has updated the Beige Book to include information collected before October 11, 2005, which indicates that economic activity continued to expand in September 2005 even though the Atlanta and Dallas districts reported notable disruptions due to hurricane activity. Summary; Full Report  10/20/05

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Union Bank of California, N.A. Information concerning the counterfeit checks has been on the BOL Alerts & Counterfeits page.   10/19/05

• SDN List Changes Announced

  OFAC has announced that thirty-six changes have been made to SDGT designations on the SDN list. Information regarding the changes has been posted on the BOL OFAC page.  10/19/05

• Consent Order issued Against Ohio Bank

  The OCC has announced that a Consent Order has been issued against Key Bank, N.A., Cleveland, Ohio, regarding violations of the BSA and OFAC regulations. The institution is required to develop and implement BSA policies and procedures including but not limited to, identification and monitoring of high-risk transactions, compliance risk assessment, filing SARs, conducting a BSA audit, and BSA training. Consent Order  10/19/05

• NCCT List Reduced By One

  FATF has announced the removal of Nauru from its non-cooperative countries and territories (NCCT) list due to the abolishment by Nauru of 400 shell banks. NCCT List  10/19/05

• Greenspan On Energy

  In a presentation in Tokyo before the Japan Business Federation, the Japan Chamber of Commerce and Industry, and the Japan Association of Corporate Executives, Chairman Greenspan noted oil prices had been persistently edging higher since 2002 but the average price of crude oil, despite its recent surge, is still in real terms below the price peak of February 1981. He also observed that despite improved technology and high prices, proved reserves in the developed countries are being depleted because additions to these reserves have not kept pace with production. Speech  10/19/05

• Non-Traditional Mortgages May Be Risky

  FDIC Chairman Powell in a presentation before the America's Community Bankers Annual Convention in Orlando, Florida, warned that so-called 'non-traditional' mortgages such as 'piggyback' mortgages, low- and no-doc loans, interest-only loans, and loans with optional payment terms allowing for considerable negative amortization may result in increased risk for some bank and their customers. Risk  10/19/05

• FYI Highlights 2005 Deposits Data

  The October 18, 2005 issue of FYI features the official release of the 2005 Summary of Deposits (SOD) data, a report detailing total deposits at the individual office level for every FDIC-insured institution. FYI  10/19/05

• August International Capital Data Released

  Treasury has released the International Capital Data for August 2005. Capital Data  10/19/05

• FRB Publishes Technical Amendment to Appendix A of Regulation CC

  The FRB is amending appendix A of Regulation CC to delete the reference to the Oklahoma City and Columbus branch offices of the Federal Reserve Bank of Kansas City and reassign the Federal Reserve routing symbols currently listed under those offices to the head office of the Federal Reserve Bank of Dallas and Cincinnati, respectively. PDF
    TXT   10/18/05

• FDIC Publishes Interpretive Rule in FR

  The FDIC is amending an interpretive rule stating that insured State nonmember banks not exercising trust powers may offer self-directed traditional IRA and Keogh accounts without the prior written consent of the FDIC. PDF
    TXT   10/18/05

• Atlanta To Process New Orleans Items

  FRB Financial Services has announced that the Atlanta office of the FRB will begin on October 17, 2005, overnight processing of New Orleans zones items and availability will return to “re-Katrina” levels. Item Processing   10/18/05

• November HOEPA 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 November 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. For November, you will use the rates posted on October 14th since October 15th fell on the weekend. H.15 Weekly Rates  10/18/05

• Enforcement Actions Announced

  The OCC has announced seventeen Enforcement Actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  10/18/05

• Cost Of Funds Reports Issued

  OTS has issued the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; Current  10/18/05

• Reserve Position Update

  The FRB has updated the U.S. International Reserve Position data to include information as of October 14, 2005. Reserve Position  10/18/05

• IFDP Working Paper Published

  A working paper in the IFDP series on the topic of Alternative Procedures for Estimating Vector Autoregressions Identified with Long-Run Restrictions has been published by the FRB. Abstract; Full Paper  10/18/05

• FRB publishes Proposed Rule for Truth in Lending (Reg Z)

  The Federal Reserve Board requests comments for proposed rule regarding the open-end (revolving) credit rules of the Board's Regulation Z, which implements the Truth in Lending Act (TILA). PDF; TXT  10/17/05

• Additional Hurricane Accounting And Regulatory Reporting Guidance Issued

  The federal financial regulatory agencies have prepared additional supervisory guidance on regulatory and reporting issues related to Hurricanes Katrina and Rita. A link to the guidance from each agency has been posted on the BOL Disaster Recovery Center.  10/17/05

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued Two Special Alerts regarding counterfeit cashier's checks drawn on Premier Valley Bank, Fresno, California, and Alpine Bank, Glenwood Springs, Colorado. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  10/17/05

• Court Denies SARs Disclosure

  The Court in the case of Wuliger vs. OCC has held that action by the OCC to deny disclosure of SAR information was consistent with the authorizing legislation and a reasonable implementation of the statute regarding the reporting and disclosure of SARs. Opinion  10/17/05

• Written Agreement Announced

  The FRB has announced that it has entered into a Written Agreement with the Deutsche Bank Trust Company Americas, New York, N.Y., which addresses BSA and AML compliance at Deutsche Bank Trust Company Americas and a Written Agreement with Surety Capital Corporation, Fort Worth, Texas, regarding the activities of Surety Bank, Fort Worth, Texas. Deutsche Bank;
  Surety Capital  10/17/05

• BIF Insurance Rates May Increase

  In a presentation before the National Bankers Association's Annual Convention, FDIC Chairman Powell noted with the reserve ratio trending toward a key statutory tripwire and Congress considering deposit insurance reforms, some change in the way banks pay for their deposit insurance is more likely. He stated, "Higher assessment rates could happen as early as the beginning of next year." Presentation  10/17/05

• Hurricanes Impact G.17 Report

  The FRB has released the G.17 Industrial Production and Capacity Utilization Report for September 2005 which indicates that storm-related production declines are estimated to have held down total industrial production. G.17  10/17/05

• FDIC Publishes Proposed Rule for Interstate Banking and the Federal Interest
  Rate Authority

  This proposed rule will preempt certain state laws with the stated purpose of establishing parity between national banks and state-chartered banks in interstate activities and operations, and to implement the interest rate authority contained in the Federal Deposit
  Insurance Act.PDF TXT  10/14/05

• FDIC Publishes Proposed Rule for Notification of Changes of Insured Status

  This proposed rule will revise the regulation addressing the certification to the FDIC of the assumption of deposits and the notification to depositors of a change in insured status. The proposed revision also clarifies other requirements. PDF TXT  10/14/05

• Regulators Publish Real Estate Appraisal Exception in Major Disaster Areas

  The joint agencies (OCC, FRB, FDIC, OTC, NCUA) publish a statement in the Federal Register, effective immediately, authorizing the Agencies to make exceptions to statutory and regulatory requirements relating to appraisals for certain transactions. PDF
    TXT
    10/14/05

• Thrift Industry Charge-Off Rates Released

  OTS has released the Second Quarter 2005 thrift industry charge-off rates. Rates.  10/14/05

• Counterfeit Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks and stolen checks issued in the name of American Bank, N.A. Corpus Christi, Texas, that are being presented for payment. Information regarding the counterfeit and stolen checks has been posted on the BOL Alerts & Counterfeits page.  10/13/05

• $3 Million CMP Assessed For BSA/AML Violations

  The OCC and FinCEN have assessed a $3 million CMP against Banco de Chile, New York, New York, after an examination revealed deficiencies in the bank's BSA and AML compliance programs. OCC FinCEN   10/13/05

• Authentication in Internet Banking Environment Guidance Issued

  The FFIEC has issued a Guidance to assist banks in improving customer awareness and authentication systems to mitigate risks of Internet-related identity theft and fraud. Guidance OCC Bulletin; FDIC FIL  10/13/05

• PSAF Modification Announced

  The FRB has announced modifications to the methodology used to calculate the private sector adjustment factor (PSAF), which is used in setting fees for certain payment services provided to depository institutions. PSAF  10/13/05

• FRB Districts Restructure Check Processing

  The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth, Tenth, and Eleventh Districts. Restructuring  10/13/05

• Greenspan Discusses Economic Flexibility

  In a presentation before the National Italian American Foundation, Chairman Greenspan commented on the ability of the U.S. economy to absorb and recover from the shocks of stock market crashes, credit crunches, terrorism, and hurricanes. He noted that flexibility has made the economy more resilient to shocks and more stable overall during the past couple of decades and has been the key to the impressive growth in the standards of living and economic welfare so evident in the United States. Speech  10/13/05

• Reg Z Amendment Comments Sought

  The FRB has issued a request for comments on how the Board should implement amendments to the open-end credit rules of Regulation Z mandated by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Comments  10/12/05

• FDIC's FYI Features Bankruptcy Reform

  The latest edition of FYI features an article that examines the effect that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 will have on financial market contracts. FYI  10/12/05

• FDIC Issues Quarterly Letter

  The FDIC has issued its quarterly Letter to Stakeholders, which reports on the FDIC's priorities and activities for the third quarter of 2005. Letter  10/12/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position to include data as of October 7, 2005. Reserve Position  10/12/05

• Counterfeit Checks Alert and Special Alerts

  An Alert has been issued by the OCC regarding counterfeit official checks issued in the name of First National Bank in Alamogordo, New Mexico. Three Special Alerts have been issued by the FDIC concerning counterfeit official checks drawn on Applied Card Bank (formerly known as Cross Country Bank), Wilmington, Delaware; and Peoples Bank & Trust, Buford, Georgia; in addition to counterfeit cashier's checks drawn on North Fork Bank, Mattituck, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  10/11/05

• FACT Act Prescreen Rule Implementation Delay Denied

  The FTC has denied a petition submitted by the American Financial Services Association requesting a delay of the effective date of the Pre-Screen Opt-Out Disclosure Rule (Prescreen Rule) of the FACT Act.
  Denial  10/11/05

• Consumer Credit Report Released

  The August 2005 G.19 Consumer Credit Report has been released by the FRB. G.19  10/11/05

• Reg D Adjustment Published in FR

  The FRB has amended Reg D to reflect the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2006 that will be used in the calculation of reserve requirements and deposit reporting. 70FR58603 (txt) 70FR58603 (pdf)   10/7/05

• Agencies Announce Additional Hurricane Guidance

  The FFIEC member agencies have announced the availability of additional supervisory guidance on regulatory and reporting issues related to Hurricane Katrina and Hurricane Rita. This information, in the form Q & As, provides guidance on he agencies' expectations for regulatory reports, appropriate allowances for loan and lease losses in third quarter regulatory reports, accounting treatment of sales of held-to-maturity securities to meet increased liquidity needs, and temporary hardship programs for credit card customers. BOL Disaster Issuances   10/7/05

• Agencies Grant Three Year Wavier Of Appraisal Requirements

  The Federal financial institution regulators have the waiving of appraisal requirements for three years for regulated financial institutions affected by Hurricanes Katrina and Rita. The waiver covers transactions involving real estate located in certain Alabama, Mississippi, and Texas counties and Louisiana parishes. BOL Disaster Issuances   10/7/05

• September Call Report Information Online

  The FDIC has posted on its Web site the filing information for the September 30, 2005 Call and Thrift Financial Reports.
  Reports   10/7/05

• Electronic Filing Final Rule Issued

  The OCC has issued a Bulletin that contains a Final Rule that applies to national banks that register their securities with the regulator.
  Bulletin;
  Final Rule   10/7/05

• Basel I Revisions Comments Sought

  The Federal banking agencies are seeking public comment on proposed revisions to the U.S. risk-based capital standards for banking organizations known as Basel I.
  FRB PR;
  OCC NR;
  FDIC PR;   10/7/05

• FEDS Working Papers Published

  The FRB has published five working papers in the FEDS series on the following topics: Nowcasting GDP and Inflation: The Real-Time Informational Content of Macroeconomic Data Releases; The Effects of Mortgage Prepayments on M2;
  Nowcasting Abstract; The Effect of Anticipated Tax Changes on Intertemporal Labor Supply and the Realization of Taxable; The Effects of Welfare Reform and Related Policies on Single Mothers' Welfare Use and Employment in the 1990s; and ATM Surcharge Bans and Bank Market Structure: The Case of Iowa and its Neighbors.
  Nowcasting Abstract;
  Nowcasting Full Paper;
  Mortgage Abstract;
  Mortgage Full Paper;
  Tax Changes Abstract;
  Tax Changes Full Paper;
  Welfare Abstract;
  Welfare Full Paper;
  ATM Abstract;
  ATM Full Paper
    10/7/05

• RPM Program Implemented

  The FDIC has issued a FIL regarding the implementation of the Relationship Manager Program (RMP) for all FDIC-supervised financial institutions. A relationship manager who will serve as a local point-of-contact will be assigned to each institution.
  FIL   10/7/05

• Counterfeit Cashier's Checks and Fake Lottery Letters

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Rockport National Bank, Rockport, Massachusetts, and fraudulent lottery claim letters that are being mailed to persons with the last names of Cook and White from a London address. On October 3, 2005, the FDIC issued a Special Alert regarding counterfeit official checks drawn on the same bank. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   10/6/05

• CRA Ratings Released

  The FDIC has issued its monthly list of state nonmember banks recently evaluated for compliance with the CRA. The list covers evaluation ratings that the FDIC assigned to institutions in July 2005.
  CRA Ratings   10/6/05

• Guidance Issued Regarding Processing Of Contaminated Checks

  The FRB has issued a specific operational guidance regarding the processing of contaminated Treasury checks supplements the guidelines issued on September 19, 2005, concerning checks contaminated by Hurricane Katrina.
  Disaster Issuances   10/5/05

• OCC and Operation HOPE Sign Hurricane Relief Agreement

  An agreement has been signed by the OCC and Operation HOPE, Inc. to assist victims of the recent Gulf Coast hurricanes who have been financially displaced. Victims can utilize HOPE call centers to contact the OCC's Customer Assistance Group (CAG) in Houston regarding information about accounts, lost financial records, ATM cards, direct deposits, and how to contact a national bank branch.
  Disaster Issuances   10/5/05

• Reg D Annual Adjustments Announced

  The FRB has amended Reg D to reflect the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2006 that will be used in the calculation of reserve requirements and deposit reporting.
  Reg D Adjustments   10/5/05

• FDIC State And Regional Profiles Include Hurricane Assessments

  The FDIC has posted the Fall 2005 State Profiles online and added a new Regional Profile which highlight trends through the second quarter of 2005 and provides an initial assessment of the impact of Hurricanes Katrina and Rita on local economies as well as the state of the housing boom in local markets.
  State Profiles;
  Regional Profile   10/5/05

• International Reserve Position Update

  The U.S. International Reserve Position has been updated by Treasury to include data as of September 30, 2005.
  Reserve Position   10/5/05

• Counterfeit Official Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit official checks drawn on The Rockport National Bank, Rockport, Massachusetts; High Point Bank and Trust Company, High Point, North Carolina; and The Simsbury Bank & Trust Company, Simsbury, Connecticut. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   10/4/05

• OTS Releases CRA Evaluations

  The CRA evaluations for savings associations that became publicly available during September 2005 have been released by OTS.
  CRA Evaluations   10/4/05

• Seven SDGTs Added To OFAC List

  OFAC has designated seven individuals as SDGTs and added their names to the SDN list. Information regarding the new entries has been posted on the BOL OFAC Page.   10/3/05

• Fraudulent And Counterfeit Checks Special Alerts

  The FDIC has issued three Special Alerts regarding fraudulent checks that bear the name of the Federal Reserve Bank of San Francisco and counterfeit official checks drawn on Farmington Savings Bank, Farmington, Connecticut, and Savings Institute Bank and Trust Company, Willimantic, Connecticut. Information concerning the fraudulent checks and the counterfeits checks has been posted on the BOL Alerts & Counterfeits page.   10/3/05

• Quarterly Journal Released Online

  The OCC has posted on its Web site the Second Quarter 2005 Quarterly Journal which contains condition and performance tables; special supervision and enforcement, licensing decisions; appeals; links to speeches, testimony, and interpretations; and corporate structure data.
  Quarterly Journal   10/3/05

• Derivatives Volume Tops $96 Trillion

  The Second Quarter 2005 Bank Derivatives Report has been issued by the OCC and indicates derivatives held by U.S. commercial banks increased by $5.1 trillion in the second quarter of 2005 to $96.2 trillion.
  Bank Derivatives Report

• Basel II implementation Plan Revised

  The federal banking agencies have announced revised plan for implementation of Basel II framework.
  FRB PR;
  OCC NR;
  FDIC PR;
  OTS PR   10/3/05

• FHC List Update

  The FRB has updated the list of BHCs that have elected to be treated as FHCs to include those making the decision as of September 30, 2005.
  FHC List   10/3/05

• Country Exposure Data Released

  The FFIEC has released the June 30, 2005 E.16 which contains the Country Exposure Statistical Release and the Country Exposure Information Report.
  E.16   10/3/05

• Agricultural Finance Databook Revised

  The E.15 Agricultural Finance Databook has been revised by the FRB to correct annual totals of some tables that were posted incorrectly in the March and June 2005 editions of the databook.
  E.15   10/3/05