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The CFPB has published in today's Federal Register a notice [79 FR 2384] extending through February 28, 2014, the comment period on its November 12, 2013, Advance Notice of Proposed Rulemaking [78 FR 67847] on debt collection practices. The comment period was originally set to close on February 10.

The Federal Reserve Board has issued an order approving the application of Wing Lung Bank Limited, Hong Kong, People's Republic of China, to establish a federal branch in San Francisco, California, and to upgrade its existing limited federal branch in Alhambra, California, to a full-service branch.

• Integrated Mortgage Disclosure rules published

  The CFPB's final rule for Integrated Mortgage Disclosures under Regulations X (RESPA) and Z (Truth in Lending) was published [78 FR 79730] this morning in the Federal Register. The rule, which was announced November 20, will be effective for applications received on or after August 1, 2015. [This story was updated at 9:18 a.m. ET to provide the Federal Register citation.] 12/31/13

• 2014 HMDA data entry software

  The FFIEC has posted the 2014 HMDA and CRA Data Entry Software. Reminder: the software must be installed locally on a hard disc; it is not network compatible. 12/31/13

• FFIEC 2014 preliminary census data

  The FFIEC has released the 2014 Preliminary Census data list. MSAs, states, counties, a tract listing with MSA/MD level Median Family Income (MFI), Median Household Income (MHI), income indicators, and the associated readme.txt file are available. All data is generated using the 2006-2010 ACS dataset and will be incorporated in the 2014 Census data and Geocoding System. 12/31/13

• FDIC enforcement actions

  The FDIC has released a list of November enforcement actions. Two civil money penalties (CMPs) totaling $12,670 for Flood Act violations were included. Information on those penalties has been added to BankersOnline's Flood Penalties Watch page. There were also CMPs of $10,000 each assessed against two Georgia banks for deceptive acts and practices violating section 5 of the FTC Act, both related to the marketing or delivery of identity theft insurance products (Citizens State Bank; Glennville Bank). 12/30/13

• No FCRA fee change for 2014

  The CFPB published in today's Federal Register a notice that the ceiling on allowable charges under Section 612(f) of FCRA will remain unchanged at $11.50 for 2014. That ceiling applies to the fee a Consumer Reporting Agency can impose on a consumer for a report of the consumer's credit file information (if the report isn't subject to certain "free-of-charge" provisions). 12/30/13

• Regulation Z asset threshold increased

  The Bureau has also published a final rule amending its official commentary to Regulation Z to reflect a change in the asset size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan. Effective January 1, 2014, the threshold amount described in § 1026.35(b)(2)(iii)(C), which also affects eligibility for "small creditor" status under Regulation Z's § 1026.43 Ability to Repay requirements, will be increased to $2.028 billion. 12/30/13

• HMDA threshold increased for 2014

  In a third Federal Register document today, the CFPB has published a final rule amending the official commentary to Regulation C § 1003.2 to increase the exemption threshold for banks, savings associations and credit unions from $42 million to $43 million, effective January 1, 2014. 12/30/13

• Communities to be suspended by FEMA

  FEMA has published a final rule identifying communities in Alabama, Colorado, Florida, Indiana, Kansas, Massachusetts, Michigan, Pennsylvania, Wisconsin, and Wyoming where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension due to noncompliance with the floodplain management requirements of the program, as of February 5, 2014. 12/30/13

• Discount Window quarterly report

  The FRB has issued the Third Quarter 2013 Discount Window Lending Report. 12/30/13

• Interagency Statement on CDOs under Volcker Rule

  The FRB, FDIC, OCC and SEC have issued a joint press release announcing the issuance of a statement that they are collectively reviewing whether it would be appropriate and consistent not to subject collateralized debt obligations backed by trust preferred securities (TruPS) to the investment prohibitions of section 619 of Dodd-Frank Act (Volcker Rule). The agencies intend to address the matter no later than January 15, 2014. The accounting staffs of the agencies believe that, consistent with generally accepted accounting principles, any actions in January 2014 that occur before the issuance of December 31, 2013, financial reports should be considered when preparing those financial reports. Also see FRB SR-Letter 13-25 and OCC Bulletin 2013-41. 12/30/13

• Rules changes in BOL's Alphabet Soup

  Beginning Wednesday, January 1, sections of BOL's Alphabet Soup pages will be updated to incorporate the pending changes to regulations B, X and Z that will become effective on January 1, January 10, and January 18. The new regulatory provisions that have been included as "pending" will be inserted as current text, and old wording will be removed. Those changes are scheduled as the three effective dates are reached. In each case, there will be a link at the top of affected pages back to the pre-2014 versions (with the pending changes) of those pages. The links to the pre-2014 pages will be retained for reference purposes for several weeks. 12/30/13

• Barclays Capital hit with recordkeeping fine

  The Financial Industry Regulatory Authority (FINRA) announced yesterday that it has fined Barclays Capital Inc. $3.75 million for systemic failures to preserve electronic records and certain emails and instant messages in the manner required for a period of at least 10 years. According to the news release, Federal securities laws and FINRA rules require that business-related electronic records be kept by securities trading firms in non-rewritable, non-erasable format (also referred to as "Write-Once, Read-Many" or "WORM" format) to prevent alteration. FINRA said that from at least 2002 to 2012, Barclays failed to preserve many of its required electronic books and records—including order and trade ticket data, trade confirmations, blotters, account records and other similar records—in WORM format. 12/27/13

• Bureau republishes survey proposal

  The Consumer Financial Protection Bureau has republished [78 FR 78341] a proposal for a new information collection titled, "Development of Metrics to Measure Financial Well-being of Working-age and Older American Consumers." Comments on the proposal are due by January 27, 2014. 12/27/13

• Deposit advance products guidance reminder

  Bulletin 2013-40 has been issued by the OCC to remind its constituent banks and savings associations of the November 26, 2013, publication of final "Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products." The guidance:

  • outlines appropriate underwriting policies and practices, including establishing customers' eligibility and assessing their ability to repay while allowing borrowers to continue to meet typical recurring and other necessary expenses.
  • requires banks to monitor DAP portfolios in accordance with established credit risk standards such as capital adequacy, reliance on fee income, adequacy of the allowance for loan and lease losses, etc.
  • implements a "cooling off" period of at least one monthly statement cycle after repayment.
  • states that the OCC will take appropriate supervisory action to address unsafe and unsound banking practices and any violation of consumer protection statutes.

  The FDIC published a similar Guidance document in the same issue of the Federal Register. 12/27/13

• FinCEN BSA Advisory Group nominations

  FinCEN has published in the Federal Register a notice and request for nominations for its Bank Secrecy Act Advisory Group (BSAAG). BSAAG membership is open to financial institutions and trade groups. New members will be selected to serve a three-year term and must designate one individual to represent that member at plenary meetings. Nominations must be received by January 27, 2014. 12/27/13

• AmEx to pay for unfair billing and deceptive marketing

  The OCC, CFPB and FDIC have coordinated their actions and issued separate orders against several American Express companies under their regulatory supervision for billing and marketing practices violating Section 5 of the Federal Trade Commission Act, 15 U.S.C. &asect; 45(a)(1), which prohibits unfair and deceptive acts or practices, including its marketing and delivery of certain "credit card add-on" products.

  • The OCC announced the assessment of a $3 million penalty against American Express Bank, F.S.B., Salt Lake City, Utah, and ordered the bank to make restitution of approximately $4.5 million to thousands of consumers. [Consent Order; Order for Civil Money Penalty]
  • The FDIC posted an announcement of a settlement with American Express Centurion Bank, Salt Lake City, Utah, which will pay a civil money penalty of $3.6 million, and make restitution to affected consumers. [Consent Order, Order for Restitution, and Order to Pay Civil Money Penalty]
  • The CFPB announced related consent orders with American Express Bank, F.S.B., American Express Centurion Bank, and American Express Travel Related Services.

  The combined orders, with previously completed reimbursements, will result in restitution of approximately $59.5 million to more than 335,000 consumers. 12/26/13

• November new single-family housing sales

  A joint press release by HUD and the Census Bureau has announced the November 2013 new residential single family home sales report. Seasonally adjusted estimated sales totaled 464,000, 2.1 percent below the revised October rate of 474,000, but 16.6 percent above the November 2012 estimate of 398,000. 12/26/13

• Rates down and prices up

  News releases from the Federal Housing Finance Agency (FHFA) have announced a 0.10 percent decrease in contract mortgage interest rates and a 0.5 percent increase in the house price index (HPI) from October to November 2013. 12/26/13

• Final swaps 'push out' rule

  A final rule has been issued by the Federal Reserve Board to clarify the treatment of uninsured U.S. branches and agencies of foreign banks under section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, also known as the swaps push-out provision. The final rule, which is effective January 31, 2014, adopts without change the interim final rule issued by the Board on June 5, 2013.09/12/13 12/26/13

• SEC NRSROs (credit rating agencies) report

  The SEC has issued its annual staff report on the findings of examinations of credit rating agencies registered as nationally recognized statistical rating organizations (NRSROs). The annual staff report was also submitted to Congress. 12/26/13

• HPML appraisal rule changes published

  The previously announced interagency supplemental final rule amending the higher-priced mortgage loan appraisal requirements to go into effect on January 18, 2014, have been published [78 FR 78519] in the Federal Register...12/26/13

• Bank to pay for discriminatory pricing

  The CFPB and Department of Justice have issued a joint press release announcing the filing of a joint complaint and proposed Consent Settlement Order against National City Bank for charging higher prices on mortgage loans to African-American and Hispanic borrowers than to similarly creditworthy white borrowers between the years 2002 and 2008. The Order would require PNC Bank, National Association, the successor-in-interest to National City Bank, to establish a settlement fund to pay $35 million in restitution to harmed African-American and Hispanic borrowers. 12/24/13

• New COPPA parental consent method

  The FTC has announced its approval of a new method for companies to get parents' consent for their children to access online services covered by the Children's Online Privacy Protection Act (COPPA) Rule. The agency released a letter granting a request to use knowledge-based authentication as a method to verify that the person providing consent for a child to use an online service is in fact the child's parent. 12/24/13

• Fed proposes Regulation A amendments

  The Federal Reserve Board has issued a notice of proposed rulemaking (NPR) and request for public comments on proposed amendments to Reg A regarding the emergency lending authority of Federal Reserve Banks. The proposed rule is designed to ensure that any emergency lending program or facility is for the purpose of providing liquidity to the financial system, and not to aid an individual failing financial company. Comments are due on or before March 7, 2014. 12/24/13

• Community Affairs Letters

  The FRB has issued three Consumer Affairs Letters:

  • CA-13-24—Revised RESPA Interagency Examination Procedures
  • CA-13-25—Revised Interagency Examination Procedures for Regulation Z and Applicability of CA Letter 09-12
  • CA-13-26—Regulation X Homeownership Counseling List Requirement

  12/24/13

• FHC List

  The FRB has updated the list of bank holding companies that have become or elected to become financial holding companies through December 23, 2013. 12/24/13

• FAC meeting minutes

  The minutes of the December 3, 2014, meeting of the Federal Advisory Council (FAC) have been released by the Federal Reserve Board. The FAC is composed of twelve representatives of the banking industry. It consults with and advises the Board on all matters within the Board's jurisdiction. 12/24/13

• Mortgage Metrics report

  The Office of the Comptroller of the Currency has announced the release of the Mortgage Metrics Report for the Third Quarter of 2013, which indicates that strengthening economic conditions, servicing transfers of home mortgages, home retention efforts, and home forfeiture actions contributed to improved performance of home mortgages. 12/24/13

• Ally to pay $98 million for illegal pricing

  A CFPB news release and Blog article have been posted to announce an order issued with the Department of Justice requiring Ally Financial Inc. and Ally Bank to pay $80 million in damages to harmed African-American, Hispanic, and Asian and Pacific Islander borrowers, plus $18 million in penalties. The CFPB and DOJ determined that more than 235,000 minority borrowers paid higher interest rates for their auto loans between April 2011 and December 2013 because of Ally's discriminatory pricing system. 12/23/13

• FHFA announces $1.9 billion PLS settlement

  A news release by the Federal Housing Financing Agency (FHFA) as conservator of Fannie Mae and Freddie Mac has announced a settlement with Deutsche Bank AG, related companies and specifically named individuals, for $1.925 billion to resolve claims alleging violations of federal and state securities laws in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac between 2005 and 2007. This is the sixth settlement that FHFA has attained pursuant to the 18 PLS lawsuits filed in 2011. In a related development, the Financial Industry Regulatory Authority (FINRA) has announced that it has fined Deutsche Bank Securities, Inc. $6.5 million and censured the firm for serious financial and operational deficiencies primarily related to its enhanced lending program. The violations, which were originally identified during a 2009 examination, included lack of transparency in the firm's financial records and inaccurate calculations resulting in overstated capitalization and inadequate customer reserves. 12/23/13

• SR Letter on residual risk

  The Federal Reserve Board has issued SR Letter 13-23 advising large financial institutions to carefully evaluate transactions intended to reduce risk to ensure that, if risks are shifted to a thinly capitalized counterparty or affiliated entity of the firm, any residual risk is effectively captured in the firm's internal capital adequacy assessment. Examiners will closely consider such transactions, and potential residual risks, when evaluating an institution's capital adequacy. 12/23/13

• G.20 Finance Companies report

  The FRB has issued the October 2013 G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit report. 12/23/13

• Enforcement Actions

  The OCC has released the list of new enforcement actions recently taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. The list includes three cease and desist orders, three personal civil money penalty orders, plus two personal cease and desist orders and a removal/prohibition order. Also on the list was a joint formal agreement with a technology service provider, issued by the OCC, FDIC and the Federal Reserve Bank of St. Louis, in which the regulators state they had identified unsafe and unsound practices related to the provider's disaster recovery and business continuity planning and processes. 12/23/13

• FBAR filing extended again

  FinCEN has issued Notice 2013-1 announcing a further extension of the time for completing certain Foreign Bank and Financial Accounts (FBAR) filings. 12/23/13

• NCUA webinar services for underserved members

  A free webinar will be hosted on January 15, 2014, by NCUA at 2pm ET. "Profiling Products and Services for Underserved Members" is a follow-up to the regulator's January 23, 2013, webinar "Strategic Uses of the Low-Income Designation." 12/23/13

• Interest Rate Risk video

  The latest video in the NCUA's Economic Update YouTube series, "NCUA Economic Update – December 2013" has been posted online. 12/23/13

• Bureau on youths' financial capability

  The CFPB Blog features an article reporting actions taken and activities sponsored by the Bureau to promote youth financial capability. 12/23/13

• Federal Reserve Bulletin released

  The December 2013 issue of the Federal Reserve Bulletin features an article, “Consumer Experiences with Credit Cards,” which examines consumers' behavior, experiences, and attitudes regarding credit cards in the aftermath of the recession and the implementation of the Credit Card Accountability Responsibility and Disclosure Act of 2009. 12/23/13

• Transnational Criminal Organizations designations

  Treasury has taken action against four senior members of the Yamaguchi-gumi, the largest and most prominent Japanese Yakuza syndicate. Tadashi Irie, Hirofumi Hashimoto, Toshio Masaki, and Shoroku Ishida were designated pursuant to Executive Order (E.O.) 13581, which targets significant transnational criminal organizations (TCOs) and their supporters. Their names have been added to the SDN List. For more information see BankersOnline's OFAC Update. 12/20/13

• Ocwen settles UDAAP claims for $2B in relief to borrowers

  The CFPB has announced it has joined with the authorities in 49 states and the District of Columbia in filing a proposed court order requiring the country's largest nonbank mortgage loan servicer, Ocwen Financial Corporation, and its subsidiary, Ocwen Loan Servicing, to provide $2 billion in principal reduction to underwater borrowers. The consent order addresses Ocwen's systemic misconduct at every stage of the mortgage servicing process. Ocwen must also refund $125 million to the nearly 185,000 borrowers who have already been foreclosed upon and it must adhere to significant new homeowner protections. 12/20/13

• Counterfeit cashier's check alerts

  The OCC has issued three separate counterfeit cashier's check alerts on items bearing the names of the following banks:

  • National Bank of Delaware County, Walton, New York
  • Glen Falls National Bank and Trust Company, Glen Falls, New York
  • Rabobank, N.A., Roseville, California

  Information on these announcements has been added to BOL Alerts & Counterfeits Page. 12/20/13

• Six FATCA agreements announced

  Treasury has issued a press release announcing the recent signing of bilateral agreements with six additional jurisdictions to implement the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). The United States has now signed 18 FATCA intergovernmental agreements (IGAs), has 11 agreements in substance, and is engaged in related discussions with many other jurisdictions. 12/20/13

• Interagency income tax allocation statement proposal

  A joint press release has been issued by the FRB, FDIC, and OCC seeking comments on a proposed addendum to the “Interagency Policy Statement on Tax Allocation in a Holding Company Structure,” which was issued in 1998. Comments should be provided on or before January 21, 2014. 12/20/13

• Federal Reserve Bulletin released

  The December 2013 issue of the Federal Reserve Bulletin features an article, “Consumer Experiences with Credit Cards,” which examines consumers' behavior, experiences, and attitudes regarding credit cards in the aftermath of the recession and the implementation of the Credit Card Accountability Responsibility and Disclosure Act of 2009. [Due to an editing error, the original link to the article in this story was broken. It has now been repaired.]

  12/20/13

• Federal Reserve Payments Study

  Federal Reserve Financial Services has released the 2013 Federal Reserve Payments Study, which shows that card payments (credit and debit) now account for more than two-thirds of all noncash payments, while the number of checks paid continued to decline. Highlights include:

  • The total number of noncash payments, excluding wire transfers, was 122.8 billion, a growth rate of 4.4 percent annually from 2009 to 2012. The rate of growth was down slightly from the previous 10 year (2003-2012) growth rate of 4.7 percent. The total value of noncash payments grew from $72.2 trillion in 2009 to just under $79 trillion in 2012.
  • The number of credit card payments, which had shown a decline in the 2010 Study, grew at an annual rate of 7.6 percent from 2009 to 2012. Debit card payments grew at a rate of 7.7 percent over that same period.
  • Automated Clearing House (ACH) growth slowed to 5.1 percent annually from 2009 to 2012, down from the average annual growth of 10.9 percent over the previous 10 years. From 2009 to 2012, the number of ACH payments as a percentage of total payments increased less than 1 percent while the value of ACH as a percentage of total noncash payments rose almost 10 percentage points, from 51.5 percent to 61.3 percent.
  • The number of checks paid continues to decline, falling to 18.3 billion, less than half the number a decade earlier (37.3 billion). Checks are increasingly being deposited as images, with 17 percent being deposited as an image at the bank of first deposit versus 13 percent as reported in the 2010 Study.
  • The 2013 Study estimates that there were 31.1 million unauthorized payment transactions in 2012, with a value of $6.1 billion.

  12/20/13

• Comment period extended

  The six federal financial regulatory agencies have announced the extension of the comment period for their proposed policy statement for assessing diversity policies and practices of the institutions they regulate. Comments will now be accepted through February 7, 2014 (the original due date was December 24, 2013). 12/20/13

• Annual CRA asset-size threshold adjustment

  Federal bank regulatory agencies have announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations. The asset-size threshold adjustments are effective January 1, 2014. The agencies also supplied an explanation and history of the threshold changes. [Note: Published in Federal Register on December 30, 2013 at 78 FR 79283]. 12/20/13

• FAQ on CDOs under Volcker Rule

  The FRB, FDIC, and OCC have issued a joint press release to announce the availability of an FAQ to provide clarification and guidance to banking entities regarding investments in "Covered Funds" and whether collateralized debt obligations backed by trust preferred securities (TruPS CDOs) could be determined to be Covered Funds under the final rules to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Volcker Rule). 12/20/13

• OCC Semiannual Risk Perspective

  The OCC has released the Fall 2013 Semiannual Risk Perspective. Risks discussed include:

  • Strategic risk remains elevated as many banks re-evaluate their business models and risk appetites to generate returns against the backdrop of slow economic growth and low interest rates. OCC examiners will focus on banks' strategic business and new product planning to ensure banks maintain appropriate risk management processes.
  • Cyber threats are growing in sophistication and frequency, and require heightened awareness and appropriate resources to identify and mitigate the associated risks.
  • Competition for limited lending opportunities is intensifying, resulting in increased risk tolerance and loosening underwriting standards, particularly in new or unfamiliar loan products. The recent rise in long-term interest rates underscores the vulnerability for banks that reach for yield, as they could face significant earnings pressure, possibly to the point of capital erosion, if interest rates increase further.
  • Bank Secrecy Act and Anti-Money Laundering risks continue to rise as money laundering methods evolve, electronic bank fraud increases in volume and sophistication, and banks fail to incorporate appropriate controls into new products and services.
  • Price volatility has been very low for a long time. Light securities dealer inventories suggest limited risk appetite for market making, raising the possibility of more significant market volatility and price risk as quantitative easing policies change.

  12/20/13

• FDIC Winter 2013 Supervisory Insights

  The FDIC has issued FIL-60-2013 announcing the publication of the Winter 2013 issue of Supervisory Insights, which features articles on:

  • Industry Trends Highlight Importance of Effective Interest-Rate Risk Management
  • Lending Trends: Results from the FDIC's Credit and Consumer Products/Services Survey
  • The New Basel III Definition of Capital

  12/20/13

• $1.9M CMP for risk-based pricing violation

  The FTC has announced that Time Warner Cable, Inc. has agreed to settle charges that the company violated the Risk-Based Pricing Rule, which requires creditors to give notice to consumers who are provided less favorable credit terms based on information in their credit reports. The FTC's complaint alleges that Time Warner Cable failed to provide the required risk-based pricing notices to consumers beginning in January 2011 and continuing until at least March 2013. The settlement marks the first enforcement case the FTC has brought since finalizing its amended Risk-Based Pricing Rule in 2011. 12/20/13

• Mortgage rules education campaign launched

  The Bureau has launched a campaign to educate the public about the new protections provided by its mortgage rules. The agency is also releasing educational materials in advance of the January 10, 2014, effective dates for its major rules. Also released were:

  • A guide to be used by housing counselors as a quick reference
  • FAQs from the CFPB's AskCFPB service
  • A summary of new procedures to facilitate borrower access to foreclosure avoidance options
  • A fact sheet with an overview of the new consumer protections in the collection of new mortgage rules

  12/19/13

• al-Qa'ida supporters in Qatar and Yemen designated

  Treasury has announced the designation of Abd al-Rahman bin 'Umayr al-Nu'aymi (Nu'aymi) and `Abd al-Wahhab Muhammad `Abd al-Rahman al-Humayqani (Humayqani) were named as Specially Designated Global Terrorists (SDGTs) pursuant to Executive Order (E.O.) 13224. Nu'aymi was designated for providing financial support to al-Qa'ida, Asbat al-Ansar, al-Qa'ida in Iraq, and al-Shabaab, and Humayqani was designated for providing financial support to and acting on behalf of al-Qa'ida in the Arabian Peninsula (AQAP). Deletions and changes were also made to existing SDN entries. Additional information and details of the SDN list changes can be found in BankersOnline's OFAC Update. 12/19/13

• New design — FFIEC Census website

  The FFIEC has announced the redesign of its Census website.

  • The FFIEC Online Census Data System (formerly FFIEC Census Reports) provides census data for metropolitan and mon-metropolitan areas, counties, and census tracts.
  • The FFIEC Census Information Sheets are summaries of how the census data have changed from previous years and guidance on how to combine the census data with the appropriate year(s) of HMDA and CRA data.
  • The FFIEC Census Windows Application is a downloadable Windows-based tool that allows you to search and export data, and to create reports using the census data that is published in the HMDA and CRA aggregate and disclosure reports

  .

  • The FFIEC Estimated Median Family Income Report is a list of FFIEC Estimated Median Family Incomes for each MSA and for the non-metropolitan areas of each state.

  12/19/13

• Residential construction report

  HUD and the Census Bureau have published the November 2013 new residential construction activity data. 12/19/13

• FOMC statement and projections

  The Federal Reserve Board and the Federal Open Market Committee (FOMC) have released the statement and economic projections from the December 17–18, 2013, FOMC meeting. 12/19/13

• Third quarter trading revenue down

  The OCC has announced a decline in reported trading revenue of insured U.S. commercial banks and savings institutions. The data published in the OCC Quarterly Report on Bank Trading and Derivatives Activities for the third quarter of 2013 indicated trading revenue of $4.5 billion, down $2.8 billion, or 38 percent, from $7.3 billion in the second quarter. Quarterly trading revenue was $0.8 billion, or 15 percent, lower than in the third quarter of 2012. 12/19/13

• Comments requested on NCUA Strategic Plan

  The NCUA Board has released a draft of its 2014–2017 Strategic Plan for public review and comment. The draft recognizes credit unions are offering new services, adding members and diversifying portfolios, and acknowledges new risk challenges that come with growth and change. These challenges include more and different products, diversified holdings, growing real estate concentration, rapid changes in technology, escalating threats to cyber-security and increasing member business loan portfolios. Each of these risks requires continual monitoring and mitigation strategies. Comments are due January 17, 2014. 12/19/13

• NCUA Board meeting 2014 schedule revised

  The 2014 meeting schedule for the NCUA Board has been revised. 12/19/13

• Bank pays $32,000 to settle OFAC liability

  OFAC has announced that HSBC Bank USA, N.A. has agreed to pay $32,400 to settle potential civil liability for apparent violations of the Global Terrorism Sanctions Regulations. The total base penalty for the apparent violations was $20,083. OFAC determined that the bank voluntarily self-disclosed the violations and the violations were not the result of willful or reckless conduct. However, a series of problems resulted in the sending of three transfers that allegedly violated the sanctions. For more information and a link to the OFAC release, see yesterday's BankersOnline OFAC Update. 12/18/13

• OFAC Burma designations

  Treasury today designated Burmese companies Asia Metal Company Ltd., Soe Min Htike Co. Ltd., and Excellence Mineral Manufacturing Co. Ltd. pursuant to Executive Order 13619, which targets those involved in arms trading between North Korea and Burma. Treasury also designated Lt. Colonel Kyaw Nyunt Oo, a Burmese military Staff Officer acting on behalf of the Burmese Directorate of Defense Industries (DDI), which was designated pursuant to E.O. 13619 in July 2012. In addition, changes have been made to twenty-two existing entries. More information is available in a BankersOnline OFAC Update. 12/18/13

• Treasury OFR Annual Report

  The Treasury Office of Financial Research (OFR) has submitted its 2013 Annual Report to Congress. The report assesses the state of the United States financial system and analyze threats to U.S. financial stability. 12/18/13

• HARP volume decreases

  The Federal Housing Finance Agency (FHFA) has announced that total refinance volume, including refinances through the Home Affordable Refinance Program (HARP), decreased in the third quarter of 2013. The data is contained in the FHFA's Third Quarter 2013 Refinance Report. 12/18/13

• FHFA stress tests scenarios and guidance

  An FHFA news release announces a Federal Register notice concerning Orders issued to Fannie Mae, Freddie Mac and the twelve Federal Home Loan Banks requiring the reporting of annual stress testing results. 12/18/13

• Small BHC inspection requirements

  SR-13-21 has been issued by the Federal Reserve Board regarding the following updates of the inspection frequency and scope requirements for small bank holding companies (those with total consolidated assets of $10 billion or less):

  • Conform inspection frequency and scope requirements for savings and loan holding companies (SLHCs) with total consolidated assets of $10 billion or less to those applicable to bank holding companies of the same size
  • Clarify the scoping requirements for targeted inspections conducted at bank and SLHCs with total consolidated assets between $1 and $10 billion
  • Modify the requirement for targeted inspections for "3," "4," and "5"-rated bank holding companies with total consolidated assets between $1 and $10 billion.

  12/19/13

• CFPB focus on student financial products

  A CFPB Blog article discusses bank marketing contracts with colleges and universities and the requirements of the CARD Act regarding credit cards. The Bureau has issued a news release calling on financial institutions to publicly disclose agreements with colleges and universities to market debit, prepaid, and other products to students. A report on 2013 college credit card agreements was also released. 12/18/13

• January 2014 HOEPA rates set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received from January 1 through January 9, 2014, will be subject to HOEPA (Regulation Z § 32) under the current APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release that lists the Treasury security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. Because December 15, 2013, was a Sunday, use the rate on December 13, 2013, the preceding business day.

  Readers who have come to expect this reminder near the middle of each month should note that this is the last time it will appear. Beginning with applications received on or after January 10, 2014, the APR trigger for HOEPA or "high-cost" mortgages changes to vary with the "average prime offer rate" under new § 1026.32(a)(1)(i). 12/17/13

• CFPB sues online loan servicer

  A press release has been issued by the CFPB to announce the filing of a complaint against CashCall Inc., an online loan servicer. The complaint alleges CashCall engaged in unfair, deceptive, and abusive practices, including illegally debiting consumer checking accounts for loans that were void. This is the first lawsuit filed by CFPB related to online lending. Director Cordray also issued prepared remarks concerning the filing. 12/17/13

• Flood program changes announced

  
  In a memo to Write Your Own (WYO) Principal Coordinators and the NFIP servicing agent, FEMA's Federal Insurance and Mitigation Administration has announced program changes effective June 1, 2014, pursuant to the Biggert-Waters Flood Insurance Reform Act of 2012. 12/17/13

• FHFA seeks comments on proposed decrease in loan limits

  The Federal Housing Finance Agency (FHFA) has announced a request for public input on the implementation of a plan to gradually reduce the maximum size of loans that Fannie Mae and Freddie Mac may purchase. 12/17/13

• FHFA 2013 performance report

  The FHFA has released its 2013 Performance and Accountability Report (PAR) detailing the Agency's progress as regulator and conservator of Fannie Mae and Freddie Mac and regulator of the 12 Federal Home Loan Banks (FHLBs). The PAR discusses accomplishments, ongoing efforts to assist homeowners, challenges and continued efforts to meet the FHFA's strategic goals for FY 2013. 12/17/13

• FRB CCAR projections letter

  A copy of an electronic mail letter sent to institutions by the Federal Reserve Board regarding instructions for the Comprehensive Capital Analysis and Review (CCAR) for 2014 has been released. The projections will be utilized to project balances and to produce projections of pre-provision net revenue, loan losses, risk-weighted assets and other relevant items. 12/17/13

• Minority-owned banks report

  The FRB has released the report of minority-owned financial institutions and their branches as of September 30, 2013. 12/17/13

• Bernanke remarks at centennial ceremony

  Chairman Bernanke delivered the opening and concluding remarks at the ceremony commemorating the Centennial of the Federal Reserve Act (FRA). 12/17/13

• Bureau publishes 2014 HOEPA and CARD Act adjustments

  The CFPB has published in today's Federal Register [78 FR 76033] amendments to some of Regulation Z's inflation-adjustable dollar amounts.

  • The minimum interest charge amounts for §§ 1026.6(b)(2)(iii) and 1026.60(b)(3) will remain unchanged for the year 2014.
  • Effective January 1, 2014, the permissible fee threshold amounts under the Credit CARD Act are $26 for § 1026.52(b)(1)(ii)(A) and $37 for § 1026.52(b)(1)(ii)(B).
  • For certain mortgage loans consummated on or after January 1, 2014, the HOEPA points and fees threshold will be $632, under current § 1026.32(a)(1)(ii).

  The HOEPA points and fees threshold on loans for which applications are received on or after January 10, 2014, will be subject to the new trigger amount and revised definition of total points and fees in the regulatory language becoming effective on that date. 12/16/13

• Another clarification on QM and non-QM loans safety-and soundness and CRA

  A joint press release from the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration and Office of the Comptroller of the Currency has announced the agencies' statement to clarify safety-and-soundness expectations and Community Reinvestment Act (CRA) considerations related to Qualified Mortgage loans and non-Qualified Mortgage loans offered by regulated institutions. The statement is intended to guide institutions as they assess the implementation of the Consumer Financial Protection Bureau's Ability-to-Repay and Qualified Mortgage Standards Rule, which takes effect January 10, 2014. 12/16/13

• FHA MMI Fund report to Congress

  HUD has announced its delivery of the 2013 annual report to Congress on the fiscal status of the FHA mutual mortgage insurance fund. 12/16/13

• Household debt service and financial obligations ratios

  The Federal Reserve Board has posted the third quarter 2013 Household Debt Service and Financial Obligations Ratios. 12/16/13

• Reserve Banks' 2014 leadership announced

  The Board of Governors has announced the appointment of the chairs and deputy chairs of the Federal Reserve Banks for 2014. 12/16/13

• December FedFlash

  Federal Reserve Financial Services has posted the December 2013 issue of FedFlash, which features articles on subscriber request submission via the End User Authorization Contacts (EUAC) Center; a webinar for data file changes; the check adjustments 2014 webinar schedule; and electronically processing audit confirmation requests using Confirmation.com. 12/16/13

• Texas bank closed

  The FDIC has announced the closing of Texas Community Bank, National Association, The Woodlands, Texas, and the assumption of all deposits by Spirit of Texas Bank, SSB, College Station, Texas. Twenty-four FDIC-insured institutions have been closed in 2013, two of them in Texas. 12/16/13

• Bureau article on international money transfers

  An article posted on the CFPB's Blog touts the information that should now be provided to consumers sending international money transfers. 12/16/13

• Agencies finalize HPML Appraisal Rule changes

  The Federal Reserve Board, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, National Credit Union Administration, and the Office of the Comptroller of the Currency have jointly announced a final rule, to become effective January 18, 2014, that creates new exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The exemptions are intended to save borrowers time and money while still ensuring that the loans are financially sound. The new exemptions cover:

  • Loans of $25,000 or less (adjusted annually for inflation)
  • Certain "streamlined" refinancings
  • All loans secured in whole or in part by a manufactured home.

  Beginning July 18, 2015, loans secured by a new manufactured home and land will be exempt only from the requirement that the appraiser visit the home's interior. For loans secured by manufactured homes without land, creditors will be allowed to use other valuation methods without an appraisal, such as using third-party valuation services or “book values.” The changes affect § 1026.35(c) of Regulation Z. BOL's “Read A Reg” pages have been updated with the changes. 12/13/13

• Fed revises Reg CC proposal

  While bankers were waiting patiently for a final rule amending Regulation CC to bring it current, the Federal Reserve Board yesterday announced it is revising parts of its March 2011 proposal (the parts that would amend subparts C—Collection of Checks— and D—Substitute Checks) to reflect the evolution of the U.S. check collection system from one that is largely paper-based to one that is virtually all electronic. The portions of the earlier proposal relating to subpart B—Availability of Funds and Disclosure of Funds Availability Policies— are subject to Dodd-Frank Act requirements for CFPB rulemaking collaboration. The Board is proposing that electronic checks and electronic returned checks that banks exchange by agreement also be subject to these rules unless otherwise agreed by the sending and receiving banks. In addition, the Board is requesting comments on alternative approaches to modify the current expeditious-return and notice of nonpayment requirements to encourage the few remaining banks demanding paper returns to accept electronic returns. The Board's current proposal also would add a new indemnity for electronic items cleared through the check-collection system that did not originate as paper checks. Comments are due by May 2, 2014. 12/13/13

• OFAC SDN list additions

  The U.S. Departments of the Treasury and State have announced the designation of a number of companies and individuals for evading international sanctions against Iran and for providing support for Iran's nuclear program. Information regarding the designations has been posted in a BOL OFAC Update. 12/13/13

• Lew testimony before Financial Services Committee

  In testimony before the House Financial Services Committee, Secretary Lew discussed the role of the International Monetary Fund (IMF) and multilateral development banks (MDBs) in creating the most favorable external environment for U.S. jobs and businesses. 12/13/13

• Flood CMP assessed

  The FRB has assessed a $4,155 civil money penalty (CMP) against Farmers & Miners Bank, Pennington Gap, Virginia for violations of the National Flood Act and Regulaiton H. Information regarding the violation has been posted on the BOL Flood Penalties Watch Page. 12/13/13

• OCC 2014 fees and assessments

  Bulletin 2013-37 has been issued by the OCC announcing the fees and assessments that the agency will charge effective January 1, 2014. 12/13/13

• Banks not exempt from municipal advisor registration

  The OCC has issued Bulletin 2013-36 on the SEC final rule on the registration of municipal advisors. The final rule requires municipal advisors to register permanently with the SEC. An exemption is not provided for banks meeting the definition of a municipal advisor. 12/13/13

• FDIC Consumer News

  The Fall 2013 issue of the FDIC Consumer News has been posted. The issue features an overview of important rules taking effect soon that are intended to protect consumers from risky loans; practical tips when shopping for a loan and for avoiding mortgage scams; suggestions on options for a consumer to consider if an institution turns the consumer down for an account based on a report of a previously closed checking or savings account; and information on using a financial institution's social media site to communicate or conduct business with a bank. 12/13/13

• FDIC State Profiles

  The FDIC has released the third quarter 2013 issue of FDIC State Profiles. 12/13/13

• NCUA approves new charitable accounts

  An NCUA Board Action Bulletin has been issued announcing the approval of four items:

  • A final rule to allow federal credit unions to invest in hybrid accounts to fund charitable causes under certain conditions
  • A reduced budget for overseeing the Temporary Corporate Credit Union Stabilization Fund in 2014
  • A proposed rule to enhance member access, better preserve member privacy and ensure examiner safety at home-based federal credit unions
  • Final technical amendments to conform NCUA regulations with the Board's September 2013 Board action to end the use of the Corporate Risk Information System for corporate credit unions and replace it with the CAMEL rating system.

  12/13/13

• Chicago CU in conservatorship

  The NCUA has announced that the regulator has assumed control of service and operations of Bagumbayan Credit Union, Chicago, Illinois. An FAQ regarding the action was also issued. 12/13/13

• FTC actions bans scammers from mortgage services

  The FTC has announced that the defendants in two financial services schemes (American Mortgage Consulting Group and Southeast Trust, LLC) are banned from providing mortgage and debt relief services. 12/13/13

• RBS pays $100M to settle OFAC violations

  The Federal Reserve Board has announced the payment of $50 million by the Royal Bank of Scotland (RBS) to settle potential civil liability for apparent violations of the Iran, Sudan, Burma, and Cuba sanctions programs. In separate actions, OFAC announced a settlement of $33 million, which is deemed satisfied by the payment to the Fed; and the New York State Department of Financial Services announced its own settlement of $50 million with RBS. The RBS payment to the Federal Reserve will be passed on to the U.S. Treasury. 12/12/13

• Manual underwriting guidelines revised

  HUD has publicized the Federal Housing Administration's Federal Register notice revising guidelines for lenders when they manually underwrite applications for FHA-insured mortgage loans. 12/12/13

• FFIEC social media guidance

  The FFIEC has released final guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media. 12/12/13

• FTC refunds

  The Federal Trade Commission has mailed 34,859 refund checks to consumers whose bank accounts were debited, allegedly without authorization, by Nevada-based payment processor Automated Electronic Checking Inc. (AEC). Using a relatively new payment method called “remotely created payment orders” to give merchants access to consumer bank accounts, AEC debited many consumers who had never heard of AEC or its client merchants, some of whom included online discount shopping clubs and payday loan sites. Remotely created payments orders (RCPOs) are described in the FTC's February 2013 Complaint against AEC as images created from virtual checks that appear to be images of remotely created (paper) checks; RCPOs are often used by scammers because they are not subject to the same level of scrutiny as ACH entries are. 12/12/13

• FEMA to suspend communities

  
  FEMA has published a final rule [78 FR 75485] identifying communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on January 16, 2014, because of noncompliance with the floodplain management requirements of the program. The communities involved are located in Alabama, Indiana, Kansas, Pennsylvania, South Carolina, and Wyoming. 12/12/13

• Bureau study on arbitration

  
  The CFPB has released preliminary research on the use of arbitration clauses in connection with consumer financial products and services. The research indicates that arbitration clauses are commonly used by large banks in credit card and checking account agreements and that roughly 9 out of 10 clauses allow banks to prevent consumers from participating in class actions. The research also shows that while tens of millions of consumers are subject to arbitration clauses in the markets the CFPB studied, on average, consumers filed 300 disputes in these markets each year between 2010 and 2012 with the leading arbitration association. The Dodd-Frank Act mandates that the CFPB conduct a study on the use of pre-dispute arbitration clauses in consumer financial markets. 12/12/13

• Treasury proposes update to its ACH participation rule

  
  The Treasury's Bureau of the Fiscal Service has published a notice of proposed rulemaking [78 FR 75528] to amend its regulation governing the use of the Automated Clearing House (ACH) system by Federal agencies, to address changes that NACHA has made to the NACHA Operating Rules since the publication of NACHA's 2009 ACH Rules book. Comments on the proposal are due by February 10, 2014. 12/12/13

• Final rule for HUD-insured QMs published

  The Housing and Urban Development Department (HUD) has published in today's Federal Register [78 FR 75215] a final rule to establish a definition of “qualified mortgage” (QMs) for the single family residential loans that HUD insures, guarantees, or administers that aligns with the statutory ability-to-repay criteria of the Truth-in-Lending Act (TILA) and the regulatory criteria of the definition of “qualified mortgage” promulgated by the Consumer Financial Protection Bureau (CFPB). The rule will be effective on January 10, 2014

  , the date on which the CFPB's Ability-to-Repay rule goes into effect. Under HUD's rule, Title I (property improvement loans and manufactured home loans), section 184 (Indian housing loans) and Section 184A (Native Hawaiian housing loans) insured mortgages and guaranteed loans will be designated as “safe harbor” QMs. Loans insured under National Housing Act Title II will be assigned safe harbor or rebuttable presumption of compliance status if they meet the points and fees limits requirements of the CFPB rule, with the determination of safe harbor status dependent upon whether the APR exceeds the APOR by the sum of the annual mortgage insurance premium and 1.15 percentage points or less (those exceeding that limit will be assigned rebuttable presumption status). 12/11/13

• Volcker Rule finalized

  A joint press release has been issued by the FRB, FDIC, OCC, SEC, and Commodity Futures Trading Commission announcing the issuance of final rules
  developed jointly to implement section 619 of the Dodd-Frank Act (the “Volcker Rule”). The FRB also announced that banking organizations covered by section 619 will be required to fully conform their activities and investments by July 21, 2015. A fact sheet and community bank guide were also issued. 12/11/13

• CFPB orders $34.1M in credit card refunds

  The Bureau has ordered GE Capital Retail Bank and its subsidiary, CareCredit, to refund up to $34.1 million to potentially more than 1 million consumers who were victims of deceptive credit card enrollment tactics. 12/11/13

• FDIC Advisory Committee meeting

  The FDIC Advisory Committee on Systemic Resolution will meet in Washington on December 11, 2013, to discuss and receive updates on Title I and bankruptcy of a systemically important financial institution; Title II authorities for the resolution of Systemically Important Financial Institutions by the FDIC; Moody's recent action on U.S. bank holding companies; and international coordination on resolution of global systemically important financial institutions. The event begins at 8:45 ET, is open to the public and will be webcast. An agenda for the meeting was supplied by the FDIC. 12/11/13

• FDIC approves Resolution Strategy

  The FDIC has announced the approval for publication of a Single Point of Entry (SPOE) strategy for the resolution of Systemically Important Financial Institutions (SIFIs), with a request for comment. 12/11/13

• FHFA increases guarantee fees

  The Federal Housing Finance Agency (FHFA) will continue its gradual increase in Freddie Mac and Fannie Mae guarantee fees. The increase is a part of the Strategic Plan for Enterprise Conservatorships that was published in February 2012. The agency said that it has directed Freddie and Fannie to increase the fee for loans exchanged for mortgage-backed securities beginning April 1, 2014. For loans sold for cash, the increase will be effective with commitments starting March 1, 2014. The FHFA also released its Fifth Annual Report on single-family guarantee fees covering the years 2011 and 2012. 12/10/13

• FRB Regulation J proposal published

  The previously announced Federal Reserve Board proposal to amend Regulation J to enhance the efficiency of the payment system by adjusting its schedules of settlement times for checks and ACH items received from the Fed has been published [78 FR 74041] in the Federal Register. Comments on the proposal are due by February 10, 2014. 12/10/13

• FTC launches redesigned website

  The Federal Trade Commission has announced the launch of its redesigned website, FTC.gov. 12/10/13

• November Housing Scorecard

  HUD and Treasury have released the November 2013 edition of the Obama Administration's Housing Scorecard, a comprehensive report on the nation's housing market. 12/10/13

• Financial Accounts of the U.S. report

  The Federal Reserve Board has released the Third Quarter 2013 Z.1 Financial Accounts of the United States Report. 12/10/13

• Outlook Live Year in Review webinar

  The Federal Reserve's Consumer Compliance Outlook Live webpage features an announcement of a free one-hour audio conference, "Consumer Compliance Hot Topics—2013 Year in Review," on December 12, 2013, beginning at 2 p.m ET. The webinar is part of an ongoing series of events focused specifically on consumer compliance issues. The announcement includes a link for registering for the presentation. 12/09/13

• HUD posts new FHA loan limits

  HUD has announced the implementation of new FHA single-family loan limits beginning January 1, 2014, as specified by the Housing and Economic Recovery Act of 2008 (HERA).12/09/13

• FRB launches history web gateway

  The Federal Reserve Board has issued a press release to announce the launch of its History Web Gateway, a new online resource with biographies, images, and essays on key events in the Fed's 100-year history. 12/09/13

• Market risk capital final rule

  The Federal Reserve System has announced the issuance of a final rule that makes technical changes to the Board's market risk capital rule. Also released were minor modifications to the Basel III revised capital framework. 12/09/13

• RHS streamlines regulation

  The Rural Housing Service (RHS) has published an Interim Final Rule [78 FR 73927] to streamline and re-engineer its Single Family Housing Guaranteed Loan Program (SFHGLP) regulation. The action was taken "to reduce regulations, improve customer service, achieve greater efficiency, flexibility, and effectiveness in managing the program. The effect of this action is to provide better service to participating lenders and investors by removing Rural Development internal administrative procedures and make the necessary adjustments to reduce SFHGLP risk of loss." The effective date of the rule is September 1, 2014. Comments are due by January 8, 2014.12/09/13

• FedFocus payments symposium recap

  The December 2013 issue of FedFocus has been posted, featuring a recap of the 2013 Chicago Payments Symposium and an article on 100 years of central banking. 12/09/13

• Curry addresses Consumer Federation of America

  In remarks before the Consumer Federation of America's annual Financial Services Conference in Washington, D.C., Comptroller Curry reviewed the 150-year history of the OCC, its mission statement and current responsibilities for consumer compliance examination and supervision authority to enforce the regulations that the Consumer Financial Protection Bureau (CFPB) writes. 12/09/13

• G.19 Consumer Credit report

  The G.19 Consumer Credit Report for October 2013 has been released by the Federal Reserve Board. 12/09/13

• FRB service provider guidance

  SR Letter 13-19 has been issued by the Federal Reserve Board to announce Board guidance for FRB-supervised financial institutions on exercising appropriate risk management and oversight when using service providers. The guidance describes factors financial institutions should consider when choosing a service provider and how service providers should be overseen. 12/06/13

• HUD program provides $63M for Colorado storm relief

  HUD has announced its Community Development Block Grant (CDBG) Program will provide nearly $63 million to the State of Colorado to help communities recover from severe storms in September 2013 that produced devastating floods and mudslides. 12/06/13

• Lew speaks at Pew Charitable Trusts

  In remarks prepared for delivery at the Pew Charitable Trusts, Treasury Secretary Lew discussed the status of efforts to repair the weaknesses that shook the U.S. financial system to its core just a few years ago, the progress made in reshaping U.S. financial architecture, and what needs to be done to remain vigilant to make sure the financial system is safe in the future. 12/06/13

• FRB amends Regulation HH

  The Federal Reserve Board issued a final rule to amend Regulation HH to set out the conditions and requirements for a Federal Reserve Bank to open and maintain accounts for and provide financial services to financial market utilities designated as systemically important by the Financial Stability Oversight Council (FSOC). 12/06/13

• OCC supervisory peer review

  The OCC has released a peer review report prepared by a team of international regulators that the Comptroller had convened to provide an independent perspective on the OCC's approach to the supervision of large and mid-size banks and thrifts. 12/06/13

• FDIC flood insurance and appraisals videos

  An FDIC press release has announced the release of two new technical assistance videos to provide useful information to bank directors, officers, and employees on regulatory issues and proposed regulatory changes. The videos pertain to flood insurance and appraisals and evaluations. 12/06/13

• Gruenberg on consumer banking and finance issues

  FDIC Chairman Gruenberg spoke at the Consumer Federation of America 26th Annual Financial Services Conference in Washington, D.C., on the banking and financial issues which he feels are the most pressing that face today's consumers. He noted the FDIC periodically conducts national studies that explore households' financial behavior and banks' provision of services to underserved consumers. 12/06/13

• NCUA Board meeting agenda

  The agenda for the December 12, 2013, meeting of the NCUA Board has been posted. 12/06/13

• OFAC retires archive files

  OFAC has released important information about the future of two of its Palestinian Legislative Council List archive files. 12/06/13

• FinCEN on FATF list update

  FinCEN Advisory FIN-2013-A008 has been issued regarding the update of the Financial Action Task Force (FATF) list of jurisdictions with strategic AML/CFT deficiencies. 12/05/13

• Fifth Third Bancorp pays $6.5M to settle SEC charges

  A Securities and Exchange Commission press release has announced that Fifth Third Bancorp has agreed to pay $6.5 million to settle charges filed against it and its former chief financial officer alleging improper accounting for commercial real estate loans in the midst of the financial crisis. The CFO agreed to pay $100,000 and to be suspended from practicing as an accountant on behalf of any publicly traded company or other entity regulated by the SEC. 12/05/13

• CRA ratings released

  The FDIC has released the ratings received by 101 state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Three of the listed banks received an outstanding rating. 12/05/13

• NCUA quarterly U.S. map review

  The Third Quarter NCUA Quarterly U. S. Map Review has been published. The Review tracks performance indicators for federally insured credit unions in the 50 states, the District of Columbia, Puerto Rico, Guam and the Virgin Islands, and summarizes key state-level economic indicators, including unemployment rates and home price changes. 12/05/13

• NCUA 2014 assistance grants

  The NCUA has announced it will accept applications from February 3 through February 14, 2014, for its first round of 2014 technical assistance grants. Low-income designated credit unions can individually receive up to $16,500 in funding for the following grant categories: new Community Development Financial Institution (CDFI) certification; new products; and student internships. 12/05/13

• Alabama bank agrees to OFAC CMP

  OFAC has announced that Compass Bank, Birmingham, Alabama, has agreed to pay $19,125 to settle potential civil liability for one apparent violation of the Sudanese Sanctions Regulations. OFAC determined that Compass did not voluntarily self-disclose the violation, but the violation was a non-egregious case and not the result of willful or reckless conduct. 12/04/13

• OFAC to change SDN file format

  OFAC has also announced that on or about March 3, 2014, it will change the format in which SDN data files are issued. The change may impact automated SDN download processes and OFAC recommends that list users take steps to alter those processes to utilize an alternative .ZIP file format. 12/04/13

• Agencies issue final rule to tweak BSA definitions

  FinCEN and the Federal Reserve Board have issued a joint press release to announce a final rule amending the definitions of "funds transfer" and "transmittal of funds" under regulations implementing the Bank Secrecy Act (BSA). The amendments to the definitions maintain the current scope of funds transfers and transmittals of funds subject to the Bank Secrecy Act and are necessary in light of amendments to the Electronic Fund Transfer Act made by the Dodd-Frank Act. The rule was published [78 FR 72813] in today's Federal Register. 12/04/13

• FDIC Board meeting notice

  The notice of the December 10, 2013, meeting of the FDIC Board has been posted. A key agenda item for consideration is a proposed final interagency rule on Appraisals for Higher-Priced Mortgage Loans. The involved agencies published a "Supplemental Proposal" on August 8, 2013, that would amend section 1026.35(c) of Regulation Z to exempt (1) transactions secured by existing manufactured homes and not by land; (2) certain "streamlined" refinancings; and (3) transactions of $25,000 or less. The agencies can be expected to issue the final rule shortly after the FDIC Board votes on December 10. 12/04/13

• CFPB issues Fall 2013 rulemaking agenda

  The Bureau has posted a Fall 2013 semi-annual update to its rulemaking agenda, and provided a Blog article interpreting its plans. 12/04/13

• CFPB Ombudsman's report

  The CFPB has posted its Ombudsman's second annual report along with a summary Blog article. 12/04/13

• GSEs update mortgage insurance policy requirements

  A Federal Housing Finance Agency (FHFA) news release has announced that Fannie Mae and Freddie Mac have completed a major overhaul of their mortgage insurance master policy requirements. The updates include mandates on loss mitigation, claims, assurance of coverage, and enhanced communication. It is anticipated that the master policies will go into effect in 2014, after review and approval by state insurance regulators. Fannie and Freddie will provide guidance to lenders and servicers regarding specific effective dates. 12/03/13

• Bureau to supervise nonbank student loan servicers

  The Consumer Financial Protection Bureau has announced it is issuing a rule today that will allow the Bureau to supervise certain nonbank student loan servicers for the first time. The CFPB estimates that the new rule will provide the Bureau the authority to supervise the seven largest student loan servicers, which service the loans of more than 49 million borrower accounts, representing most of the activity in the student loan servicing market. A copy of the rule [link not operable at our press time] will be available later today. The Bureau also released a fact sheet on the rule. 12/03/13

• NCUA publishes CUSO regulation changes

  The National Credit Union Administration has published in today's Federal Register a final rule [78 FR 72537] to amend its credit union service organization (CUSO) regulation to increase transparency and address certain safety and soundness concerns. The final rule expands the requirements of the CUSO regulation that apply to federally insured, state-chartered credit unions (FISCUs) to address accounting, financial statements, and audits. The final rule also includes limits on the ability of “less than adequately capitalized” FISCUs to recapitalize their CUSOs. In addition, it adds several new requirements that apply to both federal credit unions (FCUs) and FISCUs. The rule becomes effective June 30, 2014. 12/03/13

• CFPB field hearing on arbitration scheduled

  The Bureau has announced a field hearing on arbitration to be held in Dallas, Texas on December 12, 2013 at 11 a.m. CST. Additional details, including the venue for the hearing, will be announced as the date approaches. The event is open to the public, but requires an RSVP. 12/03/13

• FDIC stress test policy statement

  
  The Federal Deposit Insurance Corporation has published [78 FR 72534] a Policy Statement on the Principles for Development and Distribution of Annual Stress Test Scenarios. The policy statement affects FDIC-insured state nonmember banks and FDIC-insured state-chartered savings associations with total consolidated assets of more than $10 billion. 12/03/13

• Report on foreign exchange rates

  The November 2013 G.5 Foreign Exchange Rates Report has been released by the Federal Reserve Board. 12/03/13

• CU loan growth continues

  The NCUA has released new credit union industry figures based on third quarter 2013 Call Report data. The loan growth trend that began in 2011 continues. Total loans in the industry rose 2.9 percent to $631.5 billion in the third quarter of 2013, a faster pace than in the previous quarter. 12/03/13

• FRB proposes Daylight Overdraft and Reg J changes

  A Federal Reserve Board press release has announced a request for public comment on proposed changes to part II of the Federal Reserve Policy on Payment System Risk (PSR policy) that are designed to enhance the efficiency of the payment system. The proposed changes are largely related to the posting rules for automated clearing house (ACH) and commercial check transactions that would impact Procedures for Measuring Daylight Overdrafts and Regulation J - Collection of Checks and Other Items. 12/02/13

• FDIC enforcement actions

  The FDIC has released a list of 42 enforcement actions taken in October. There were three consent orders, ten removal and prohibition orders, four civil money penalty (CMP) orders, ten section 19 orders, twelve terminations of orders, and various miscellaneous orders. Included was a $6,250 CMP assessment against a Kentucky bank for imposition of error resolution requirements upon consumers that were more onerous than permitted in Regulation E; a Flood Act CMP of $24,200 against an Alabama bank; and a $20,000 HMDA Act CMP against a Georgia bank. 12/02/13

• Agencies propose liquidity rule

  The OCC, FRB and FDIC have published a notice of proposed rulemaking in the Federal Register to request comment on a proposed rule that would implement a quantitative liquidity requirement consistent with the liquidity coverage ratio standard established by the Basel Committee on Banking Supervision. The proposed requirement is designed to promote the short-term resilience of the liquidity risk profile of internationally active banking organizations. 12/02/13

• Illinois severe weather guidance

  FDIC FIL-55-2013 has been issued as guidance to help financial institutions and facilitate recovery in areas of Illinois recently affected by severe storms, straight-line winds, and tornadoes. 12/02/13

• Prohibition orders issued

  The NCUA has announced prohibition orders against three individuals to prohibit them from participating in the affairs of any federally insured financial institution. 12/02/13

• CRA exams scheduled

  
  The FDIC and OCC have released public lists of institutions for which they have scheduled CRA examinations during the first quarter of 2014. 12/02/13

• FATCA IGAs with Cayman Islands and Costa Rica

  A Treasury press release has announced that the United States has signed intergovernmental agreements (IGAs) with the Cayman Islands and Costa Rica to implement the Foreign Account Tax Compliance Act (FATCA). The Act, enacted in 2010, seeks to obtain information on accounts held by U.S. taxpayers in other countries. It requires U.S. financial institutions to withhold a portion of payments made to foreign financial institutions that do not agree to identify and report information on U.S. account holders. 12/02/13

• NCUA Proposes Rulemaking for Corporate Credit Unions

  NCUA is issuing proposed amendments to its rule governing corporate credit unions (corporates). The amendments include internal control and reporting requirements for corporates similar to those required for banks under the Federal Deposit Insurance Act and the Sarbanes-Oxley Act. TXT; PDF  11/30/10

• FDIC Publishes Interim Final Rule in FR for Securities of Nonmember Insured Banks

  The FDIC is revising its securities disclosure regulations applicable to state nonmember banks with securities required to be registered under section 12 of the Securities Exchange Act of 1934 (Exchange Act). The final rule cross references changes in regulations adopted by the Securities and Exchange Commission (SEC) into the provisions of the FDIC's securities regulations. TXT; PDF  11/30/10

• FRB Legal Developments

  The FRB has published the Legal Developments section of the Third Quarter 2010 Bulletin which contains five orders issued under the Bank Holding Company Act, the Bank Merger Act and the International Banking Act. Legal Developments  11/30/10

• CU Call Report Quarterly Data

  The NCUA has announced that the Third Quarter 2010 Credit Union (CU) Call Reports indicate earnings increased and shares and loans continued to grow at a slow, steady pace. Earnings; Call Report  11/30/10

• FRB Proposes Rulemaking for Conformance Period for Entities Engaged in Prohibited Proprietary Trading or Private Equity Fund or Hedge Fund Activities

  The Board is requesting comment on a proposed rule that would implement the conformance period during which banking entities and nonbank financial companies supervised by the Board must bring their activities and investments into compliance with the prohibitions and restrictions on proprietary trading and relationships with hedge funds and private equity funds imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act). Section 619 is commonly referred to as the "Volcker Rule". TXT; PDF  11/29/10

• Pakistani Terrorists and Financiers Added to OFAC List

  The Treasury has designated three senior members and financiers of Pakistan-based terrorist organization as Specially Designated Global Terrorists (SDGTs) and added their names to the SDN List. Information concerning the additions has been posted on the BOL OFAC page.  11/29/10

• Enforcement Actions Announced

  The FDIC has announced fifty-seven orders of enforcement actions taken in October 2010 against banks and individuals. Orders  11/29/10

• TDF Auction Today

  The Federal Reserve will offer $5 billion in 28-day term deposits through its Term Deposit Facility (TDF) on Monday, November 29, 2010. Auction  11/29/10

• Credit and Liquidity Programs Report

  The November 2010 monthly report on the Credit and Liquidity Programs and the Balance Sheet has been released by the FRB. Report  11/29/10

• Consumer Gift Card Tips

  The FTC has issued Tips and a Consumer Alert containing tips and information for those who plan to give gift cards for holiday gifts. Tips; Alert  11/29/10

• Reserve Position Updates

  The U.S. International Reserve Position Report has been updated with data for the weeks of November 5 and 12, 2010. Nov 5; Nov 12   11/29/10

• FDIC Proposes Rulemaking for:Assessments, Assessment Base and Rates

  The FDIC is proposing to amend its regulations to implement revisions to the Federal Deposit Insurance Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding the definition of an institution's deposit insurance assessment base; alter the unsecured debt adjustment in light of the changes to the assessment base; add an adjustment for long-term debt held by an insured depository institution where the debt is issued by another insured depository institution; eliminate the secured liability adjustment; change the brokered deposit adjustment to conform to the change in the assessment base and change the way the adjustment will apply to large institutions; and revise deposit insurance assessment rate schedules, including base assessment rates, in light of the changes to the assessment base. TXT; PDF  11/24/10

• Assessments, Large Bank Pricing

  The FDIC proposes to revise the assessment system applicable to large insured depository institutions (IDIs or institutions) to better differentiate IDIs and take a more forward-looking view of risk; to better take into account the losses that the FDIC may incur if such an IDI fails; and to make technical and other changes to the rules governing the risk-based assessment system, including proposed changes to the assessment base necessitated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. TXT; PDF  11/24/10

• NCUA Publishes Technical Corrections for Interim Final Rule for Corporate Credit Unions

  NCUA is issuing technical corrections to its corporate credit union rule, published in the Federal Register of October 20, 2010. The amendments: Correct the definition of collateralized debt obligation (CDO) in Sec. 704.2; correct the list of investments exempt from the single obligor limits and credit rating requirements in Sec. 704.6; and correct a date contained in Model Form H of Appendix A to part 704. TXT; PDF  11/24/10

• SAR Sharing Final Rule

  FinCEN has released a Final Rule, an Advisory, a depository institutions guidance, a securities/brokers Guidance and a Notice of Availability of Guidance to clarify the scope of Suspicious Activity Report (SAR) confidentiality and expand the ability to share information with affiliates. FinCEN NR; Final Rule; Advisory; DI Guidance; Securities Guidance; Notice  11/24/10

• Earnings Up $12.5 Billion

  The FDIC has published the Third Quarter 2010 issue of the Quarterly Banking Profile which indicates that insured commercial banks and savings institutions reported an aggregate profit of $14.5 billion in the third quarter of 2010, a $12.5 billion improvement from the third quarter of 2009. The number of institutions on the "Problem List" rose from 829 to 860 and total insured deposits declined by $15 billion. Summary; Quarterly Banking Profile  11/24/10

• FOMC Minutes

  The minutes of the October 15 and November 2-3, 2010, meetings of the Federal Open Market Committee have been released. Minutes  11/24/10

• CRA Ratings Released

  The OCC has released the list of ratings received by eighteen national banks recently evaluated for compliance with the Community Reinvestment Act (CRA). List  11/23/10

• Prohibition Orders Issued

  The NCUA has issued Orders against two individuals prohibiting them from participating in the affairs of any federally insured financial institution. They were also ordered to pay $2,080,000 and $175,000 in restitution. Orders  11/23/10

• CU Liquidated

  The NCUA has announced that the liquidation of the Constitution Corporation Federal Credit Union, which was placed in receivership on September 24, 2010, will take place November 30, 2010. Constitution  11/22/10

• Enforcement Actions Announced

  The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions  11/22/10

• Charge-Off and Delinquency Rates Reports

  The FRB has released the Third Quarter 2010 Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks Reports. Reports  11/22/10

• NCUA Board Meeting Minutes

  The minutes of the November 18, 2010, meeting of the NCUA Board have been released. Minutes  11/22/10

• Mortgage Relief Scams Charged

  The FTC has announced a series of law enforcement actions to crack down on scams that target homeowners behind in their mortgage payments or facing foreclosure. Scams  11/22/10

• North Korean Bank Added to OFAC List

  Treasury has designated and added to the SDN List the Korea Daesong Bank and Korea Daesong General Trading Corporation for being owned or controlled by Office 39 of the Korean Workers' Party, a secretive branch of the government of the Democratic People's Republic of Korea (North Korea) that engages in illicit economic activities and manages slush funds. Information regarding the entities has been posted on the BOL OFAC page.   11/19/10

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of November 16, 2010.   11/19/10

• FHC List Updated

  The list of bank holding companies that elected to become or be treated as financial holding companies (FHCs) as of November 18, 2010, has been released by the FRB. FHC List  11/19/10

• FinCEN Advisory Regarding FATF Guidance - AML/CFT Risks

  FinCEN has issued an advisory to inform U.S. banks and other financial institutions of the risks associated with jurisdictions identified by the Financial Action Task Force (FATF) as having strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CFT) regimes.   11/19/10

• Bernanke: Emerging from the Crisis and Rebalancing the Global Recovery

  Chairman Bernanke made two presentations at the Sixth European Central Bank Central Banking Conference in Frankfurt, Germany, on the topics of "Emerging from the Crisis: Where Do We Stand?" and "Rebalancing the Global Recovery."   11/19/10

• Flood PRP Eligibility Bulletin Issued

  The OCC has issued a Bulletin regarding preferred risk policy (PRP) eligibility after flood zone remapping. Bulletin  11/18/10

• Volcker Rule Implementation Proposed

  The FRB is requesting comments on proposed rule to implement provisions of the Dodd-Frank Act regarding the Volcker Rule. Proposed Rule  11/18/10

• Large BHCs Capital Guidelines Issued

  The FRB has issued guidelines for capital action proposals by large bank holding companies (BHCs) and an addendum to SR Letter 09-4. Guidelines; SR Letter  11/18/10

• Bair on the Crisis and Regulatory Reform

  In a speech at the SIFMA National Conference on the Securities Industry in New York City, Chairman Bair discussed the financial crisis and regulatory reform. Speech  11/18/10

• Bowman Discusses Thrift History and Future

  In a presentation at the 21st Special Seminar on International Finance in Tokyo, Acting Director Bowman discussed the history of the thrift industry and the prospects of the future. Speech  11/18/10

• December HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in December 2010, 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, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  11/17/10

• OFAC CMPs Report Released

  OFAC has released the list of civil money penalties (CMPs) recently issued for violations of various Sanctions Programs. No financial institutions were cited. CMPs  11/17/10

• Banks Selected for Model Safe Accounts Pilot Program

  The FDIC has announced the selection of the banks which will participate in the Model Safe Accounts Pilot Program. Program; Banks  11/17/10

• September TIC Data

  The Treasury International Capital (TIC) Data Report for September 2010 has been released by the Treasury. TIC  11/17/10

• October G.17

  The G.17 Industrial Production and Capacity Utilization Report for October 2010 has been released by the FRB. G.17  11/7/10

• New FedReceipt Routing Numbers Announced

  The FR has announced new Check 21 related FedReceipt routing numbers. Numbers  11/16/10

• Daylight Overdrafts and Related Fees

  The FRB has issued the Third Quarter 2010 peak and average daylight overdrafts and related fees data. Data  11/16/10

• FedFlash Issue Posted

  The November 2010 issue of FedFlash has been posted online by the FR. FedFlash  11/16/10

• Enforcement Actions

  The OTS has announced the Order of Assessment of Civil Money Penalties against the former CEO and six Directors of Imperial S&LA, Martinsville, VA. Order 1; Order 2; Order 3; Order 4; Order 5; Order 6; Order 7  11/16/10

• Cost of Funds Reports

  The historical and current cost of funds reports have been released by the OTS. Historical; Current  11/16/10

• FDIC and NCUA Promote Financial Education and Savings Programs

  The FDIC and the NCUA have announced a partnership to promote financial education and savings programs. FDIC PR; NCUA PR  11/16/10

• FDIC Publishes Final Rule in FR for Deposit Insurance Regulations

  The FDIC is adopting a final rule amending its deposit insurance regulations to implement section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, providing for unlimited deposit insurance for "noninterest-bearing transaction accounts" for two years starting December 31, 2010. TXT; PDF  11/15/10

• Commercial Bank Examination Manual Updated

  The semi-annual update of the Commercial Bank Examination Manual has been published by the FRB. Manual  11/15/10

• FRB's Role in Implementing Dodd-Frank

  The FRB has released a list of the actions recently completed and the estimated timetable for several of the initiatives that will be addressed over the next few months to implement the provisions of the Dodd-Frank Act. Role  11/15/10

• Two Bridge FCUs Chartered

  The NCUA has announced the creation of two new bridge corporate credit unions to assume the operations of Members United Corporate of Warrenville, IL, and Southwest Corporate of Plano, TX. FCUs  11/15/10

• Reg X Web Page

  The FinCEN has created a web page regarding the transfer of regulations from 31 CFR Part 103 to 31 CFR Chapter X on March 1, 2011. Chapter X  11/15/10

• Credit Reports and Scores Guide Online

  The Consumers Guide to Credit Report and Credit Scores, which provides practical answers to questions about credit reports, credit scores, and the importance of protecting personal credit histories has been posted online by the Federal Reserve.
  Consumer's Guide   11/12/10

• November 2010 FedFocus

  FRB Financial Services has posted online the November 2010 issue of FedFocus which features an article regarding embracing processing innovations.
  FedFocus   11/12/10

• Tropical Storm Relief FIL

  A FIL has been issued by the FDIC announcing a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of the U.S. Virgin Islands affected by Tropical Storm Otto.
  FIL   11/12/10

• Unlimited FDIC Insurance for Noninterest-Bearing Transaction Accounts

  The FDIC has issued a FIL regarding the approval of a Final Rule to implement section 343 of the Dodd-Frank Act to provide temporary unlimited coverage for noninterest-bearing transaction accounts. BOL has updated the copy of the FDIC's Deposit Insurance regulations (12 CFR Part 330) in ABC Soup. FIL  11/10/10

• Dodd-Frank Assessment Changes Implementation Proposed

  Two Notices of Proposed Rulemaking (NPRs) that would amend the deposit insurance assessment regulations have been approved by the FDIC. The first would implement changes in the assessment base and the other changes in the deposit insurance assessment system for large institutions. Assessment Base NPR; Large Institutions NPR  11/10/10

• 2011 CRA Edits and File Specifications

  The FFIEC has posted the 2011 CRA Edits and File Specifications. Edits; File Specifications  11/10/10

• ComE-IN Meeting Agenda Released

  The agenda for the FDIC Advisory Committee on Economic Inclusion (ComE-IN) meeting on November 16, 2010, has been released and includes discussion of children's savings programs and recent studies of underserved consumers. Agenda  11/10/10

• Travel Rule Q&A Revised

  FinCEN has issued a revised Guidance Question & Answers (Q&A) regarding the transmittal of funds "Travel" rule. Guidance  11/10/10

• Senior Loan Officer Opinion Survey

  The October 2010 Senior Loan Officer Opinion Survey results have been published by the FRB. Summary; Full Survey  11/09/10

• 314(a) FACT Sheet

  The Treasury has updated the 314(a) Fact Sheet with data current as of November 2, 2010. 314(a)  11/09/10

• RB and TRs Issued

  A Regulatory Bulletin (RB) regarding sampling, and two Transmittal Letters (TRs) concerning Reg D and Reg Z Final Rules have been published by the OTS. Sampling; Reg Z; Reg D  11/09/10

• FEDS Working Paper

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic "Inflation Persistence, Backward-Looking Firms, and Monetary Policy in an Input-Output Economy" has been published by the FRB. Abstract; Full Paper  11/09/10

• CRA Ratings Released

  The ratings received by state nonmember banks recently evaluated for compliance with the CRA have been released by the FDIC. Ratings  11/08/10

• Severe Weather Relief FIL

  A FIL has been issued by the FDIC regarding guidance to help financial institutions and facilitate recovery in areas of South Dakota. FIL; Guidance  11/08/10

• Consumer Credit Report

  The G.19 Consumer Credit Report for September 2010 has been released by the FRB. G.19  11/08/10

• CRA Ratings Released

  The OTS has released the rating received by savings associations recently evaluated for compliance with the CRA. Ratings  11/05/10

• Fair Lending Teleconference FIL

  The FDIC has issued a FIL announcing a Fair Lending Teleconference to be held on November 16, 2010 from 2-4 PM EST. Advance registration is required. FIL; Registration  11/05/10

• Pakistan Based Terrorist Organizations and Mumbai Attacks Commander Added to OFAC List

  The financial and support networks of two Pakistan based terrorist organizations, their leaders, and the mastermind of the Mumbai attack have been designated as SDGTs and their names added to the SDN List. Information regarding the organizations and the individuals has been posted on the BOL OFAC page.  11/05/10

• Office of Financial Stability Policy and Research Established

  The Federal Reserve has announced the establishment of the Office of Financial Stability Policy and Research. Office  11/05/10

• CMPs Announced

  Civil Money Penalties (CMPs) of have of $75,000 been announced by the OTS for a HMDA violation and a total of $21,560 for four flood violations. Information regarding the CMPs has been posted on the BOL HMDA Heaven and Flood Penalties Watch pages.  11/04/10

• Iranian Movement Added to OFAC List

  An Iranian resistance movement has been designated as a SDGT and added to the SDN List. Information regarding the movement has been posted on the BOL OFAC page.  11/04/10

• FOMC to Purchase $600 Billion Treasury Securities

  The Federal Open Market Committee (FOMC) has announced it will purchase $600 billion longer-term Treasury securities by the end of the second quarter of 2011. The target rate of federal funds will be maintained at the current level of 0 to 1/4 percent. Purchase; Target Rate Statement  11/04/10

• Treasury Borrowing Committee Minutes

  The minutes of the November 2, 2010, meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association have been released along with the Committee's Report to Secretary Geithner. Minutes; Report  11/04/10

• Quarterly Refunding Statement

  The Treasury has issued the November 2010 Quarterly Refunding Statement. Statement  11/04/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Northern California Bancorp, Inc. and the Federal Reserve Bank of San Francisco. Agreement  11/03/10

• Reserve Position Report

  The October 29, 2010, International Reserve Position Report has been released by the Treasury. Report  11/03/10

• 2011 FRB Fee Schedules

  The fee schedules for payment services the Federal Reserve Banks provide to depository institutions effective January 3, 2011, have been released. Schedules  11/02/10

• FEMA Risk Policy CEO Letter

  A CEO Letter has been issued by the OTS regarding the two year extension of eligibility for purchasing a FEMA Preferred Risk Policy. CEO Letter  11/02/10

• Indirect Lending Webinar Agenda

  The agenda for the "Indirect Lending: Balancing the Risks and Rewards" webinar to hosted by the NCUA on November 9, 2010, in Alexandria, VA. has been released. Agenda  11/02/10

• Otto Relief FIL

  A FIL has been issued by the FDIC: "Guidance to Help Financial Institutions and Facilitate Recovery in the Commonwealth of Puerto Rico Affected by Tropical Storm Otto". FIL; Guidance  11/02/10

• October Exchange Rates Report

  The October 2010 G.5 Foreign Exchange Rates Report has been released by the FRB. G.5  11/02/10

• OFAC CMPs Announced

  Payment of $229,380 by a financial entity to settle allegations that it violated Sudanese Sanctions Regulation was one of the six Civil Money Penalties (CMPs) announced by OFAC. CMPs  11/01/10

• CU Closed

  The Union Credit Union, Spokane, WA, has been closed by the Washington Department of Financial Institutions. The NCUA was appointed liquidating agent and entered into agreements with the Alaska USA Federal Credit Union of Anchorage and Numerica Credit Union of Spokane to purchase certain assets and liabilities. The Union Credit Union  11/01/10

• Flood and HMDA CMPs Announced

  The FDIC has released the list of orders of administrative enforcement actions taken against banks and individuals in September 2010. Information regarding fifteen flood civil money penalties (CMPs) totaling $51,000 and eight HMDA CMPs totaling $38,000 have been posted on the BOL Flood Penalties Watch and HMDA Heaven pages. Enforcement Actions  11/01/10

• Money Smart Curriculum Updated

  The Money Smart Curriculum for Adults has been updated by the FDIC. Curriculum  11/01/10

• FEDS Working Papers Published

  Two working papers in the Finance and Economics Discussion Series (FEDS) on the following topics have been published by the FRB:

  1. "Mortgage Contract Choice in Subprime Mortgage Markets",
  2. "Financial Integration, Entrepreneurial Risk and Global Dynamics".

  Mortgage Abstract; Mortgage Full Paper; Financial Abstract; Financial Full Paper  11/01/10

• Reserve Position Updated

  The October 22, 2010, U.S. International Reserve Position report has been updated by the Treasury. Reserve Position  11/01/10

• Company to pay $91 million OFAC penalty

  Treasury has announced a $91,026,450 settlement—a record amount outside of the banking industry—with Weatherford International Ltd. and its subsidiaries and affiliates (Weatherford) regarding potential liability for violations of Cuban Assets Control, Iranian Transaction and Sanctions, and Sudanese Sanctions regulations. The base penalty for the 586 violations totaled over $107 million. OFAC determined that Weatherford's conduct was willful, and various executives and senior management knew or had reason to know of the conduct that led to the violations. The penalty was mitigated because Weatherford had not been subject to prior OFAC penalties, took significant remedial steps to ensure future compliance, and substantially cooperated with OFAC's investigation.11/27/13

• SDN List removals

  OFAC has removed the names of various individuals and entities previously listed on the SDN List with counter narcotics designations. Information regarding the listings removed has been posted in a BankersOnline OFAC Update. 11/27/13

• Commercial bank exam manual update

  The Federal Reserve Board has published the October 2013 semi-annual update of the Commercial Bank Examination Manual. It can be viewed as one document (1,878 pages) or by section.11/27/13

• October residential construction stats

  HUD and the Census Bureau have issued a joint press release announcing October 2013 residential construction statistics.11/27/13

• Discount rates meeting minutes

  The minutes of the Federal Reserve Board discount rates meetings from October 7–October 28, 2013, have been released. 11/27/13

• Third Quarter 2013 QBP - earnings decline

  An FDIC press release has announced the publication of the September 30, 2013, issue of the Quarterly Banking Profile (QBP), which reports insured commercial banks and savings institutions aggregate net income of $36.0 billion in the third quarter of 2013, a $1.5 billion (3.9 percent) decline from the $37.5 billion in profits reported a year earlier. This is the first time since the second quarter of 2009 (17 quarters) that earnings registered a year-over-year decline. Chairman Gruenberg issued a press conference statement on the report. 11/27/13

• NMLS reports

  The NMLS has released the Third Quarter 2013 Nationwide View of State-Licensed Mortgage Entities and the NMLS Federal Registry Quarterly reports. 11/26/13

• FHFA conservatorship reports

  A Federal Housing Finance Agency (FHFA) news release has been issued to announce the release of a Progress Report on the initiatives contained in the Strategic Plan for the Enterprise Conservatorships and the 2013 Conservatorship Scorecard. 11/26/13

• G.20 Finance Companies report

  The Federal Reserve Board has released the September 2013 G.20 Finance Companies Owned and Managed Receivables Outstanding Report. 11/26/13

• CFPB report on regulatory impact on banks

  The Bureau has announced the results of a study it conducted on the operational effects of certain regulations for banks, in order to better understand the day-to-day activities financial institutions perform to comply with regulations. The Bureau reviewed operational activities of seven banks ranging in asset size from under $1 billion to over $100 billion by interviewing employees and executives. The study focused on activities relating to compliance with Regulations DD (Truth in Savings Act), E (Electronic Fund Transfer Act), P (Gramm-Leach-Bliley Act financial privacy requirements), V (Fair Credit Reporting Act), and relevant sections of the Fair Credit Reporting Act. 11/25/13

• CDIAC meeting records released

  The Federal Reserve Board has released the records of the April 5, 2013, and November 8, 2013, meetings of its Community Depository Institutions Advisory Council (CDIAC). 11/25/13

• CU succession planning webinar

  The NCUA will host a free succession planning webinar on December 17, 2013, at 2 p.m. ET. The session will discuss the importance of establishing an effective succession plan for all levels of a credit union's leadership and management. 11/25/13

• NCUA Consumer Protection Update video

  The NCUA has announced that the latest installment in its Consumer Protection Update series, which provides an overview of the protections provided by the Servicemembers Civil Relief Act and the Military Lending Act, is available on the NCUA You Tube channel. 11/25/13

• Regulators issue final deposit advance products guidance

  The OCC and the FDIC have announced the release of final supervisory guidance for financial institutions they regulate on the risks and agency expectations associated with deposit advance products. The two guidance documents, which are substantially alike, were first proposed in April of this year. [OCC Guidance; FDIC Guidance]11/22/13

• Fed assesses flood CMPs

  Two Civil Money Penalties (CMPs) for violations of the Flood Act have been assessed by the Federal Reserve Board, one in the amount of $5,645 against Midland States Bank, Effingham, Illinois, and the other in the amount of $3,990 against Maquoketa State Bank, Maquoketa, Iowa. Links to the Enforcement Orders have been posted on the BOL Flood Penalties Watch page.11/22/13

• NCUA Board Action bulletin

  The NCUA has issued a Board Action Bulletin announcing the actions taken at the NCUA Board's November 21, 2013, open meeting. The Board also announced that it anticipates that federally insured credit unions will pay no Corporate Stabilization Fund assessment in 2014. 11/22/13

• Cordray comments at Clearing House conference

  In prepared remarks at The Clearing House Annual Conference, CFPB Director Cordray shared his thoughts regarding how The Clearing House may be able to work effectively and productively with the CFPB. 11/22/13

• Annual exemption threshold update

  The Federal Reserve Board and the Consumer Financial Protection Bureau have announced they are increasing the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. Transactions at or below the thresholds are subject to the protections of the regulations. The applicable threshold amount has been increased, effective January 1, 2014, to $53,500—an increase of $500 over the threshold applicable during 2013. 11/22/13

• Cash America to pay $5M fine and refund $14M

  The CFBP has announced it has issued its first enforcement action against a payday lender, with a Consent Order against Cash America International, Inc. The Order requires the Fort Worth, Texas lender to refund up to $14 million to consumers for robo-signing in connection with its collection efforts, illegally overcharging servicemembers in violation of the Military Lending Act, and impeding the Bureau's investigation by destroying records after being directed to preserve them. The refunds are in addition to the payment of a $5 million fine for the violations. 11/21/13

• CFPB posts final TILA/RESPA disclosure rule

  The CFPB has unveiled the 1,888-page final TILA-RESPA integrated disclosure rule. It has also posted articles on the CFPB Blog explaining differences between the Bureau's August 23, 2012, proposed rule and the final rule, and on how the new disclosures will improve the way consumers receive mortgage loan information.11/21/13

• NMLS Call Center changes

  The NMLS has posted a notice that its Call Center will be open weekdays from 9 a.m. to 9 p.m. ET. It has also set up a new toll-free number for the Call Center, 855-NMLS-123 (855-665-7123). 11/21/13

• FOMC minutes and statement

  The minutes and statement from the October 29–30, 2013, meeting of the Federal Open Market Committee (FOMC) have been released. 11/21/13

• OTS documents rescinded

  OCC Bulletin 2013-34 has been issued to announce the rescission of a specified list of Office of Thrift Supervision (OTS) compliance documents. 11/21/13

• Integrated mortgage disclosures in August 2015

  August 1, 2015, was established as the effective date for the long-anticipated final rule that will end over thirty years of overlapping, confusing early and consummation disclosures under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). The Consumer Financial Protection Bureau has announced its final rule that will require the use of integrated RESPA/TILA disclosures (the "Loan Estimate") within three business days of application for a residential mortgage loan to improve consumer understanding and facilitate comparison shopping. The rule will also require that the Closing Disclosure—also integrating RESPA and TILA requirements—be provided three business days before consummation of the loan.

  In a Fact Sheet about the consumer testing of the "Know Before You Owe" disclosures released with the press announcement, the CFPB announced that it has postponed any redefinition of the Annual Percentage Rate on mortgage loans, which, according to the public feedback on the proposal, "might have affected the types of loans available to consumers." Instead, said the Bureau, the question of better defining the APR will be included as part of the agency's five-year review of the rule. Other key CFPB decisions announced in that document include:

  • Inclusion in the final rule of Spanish-language versions of the disclosure forms
  • The addition to the forms of checkboxes to make it clearer to consumers whether they will receive or pay cash at their mortgage closing
  • Postponement of a proposed requirement to retain records in an electronic, machine-readable format, due to industry requests for a more specific data standard for such records
  • Elimination in all but a few situations of a proposed requirement to provide corrected Closing Disclosures (with another three-day waiting period) in the event of changes. Redisclosures will, however, be required for substantial changes in the APR, changes in the loan product, and the additional of a prepayment penalty provision.
  • A proposal to use the "precise" business day definition (which includes Saturdays) for determining the date by which the Loan Estimate must be delivered was dropped. Instead, the other Regulation Z business day definition (days on which the lender is open for business) will apply.

  As of this writing, the complete Final Rule has not yet been posted by the CFPB. 11/20/13

• JPMorgan in record settlement

  The Department of Justice has announced a multi-party settlement with JPMorgan to resolve federal and state civil claims arising out of the packaging, marketing, sale and issuance of residential mortgage-backed securities (RMBS) by JPMorgan, Bear Stearns and Washington Mutual prior to Jan. 1, 2009. As part of the settlement, JPMorgan acknowledged it made serious misrepresentations to the public - including the investing public - about numerous RMBS transactions. Of the record-breaking $13 billion resolution, $9 billion will be paid to settle federal and state civil claims by various entities related to RMBS. Of that $9 billion, JPMorgan will pay $2 billion as a civil penalty to settle the Justice Department claims under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), $1.4 billion to settle federal and state securities claims by the National Credit Union Administration (NCUA), $515.4 million to settle federal and state securities claims by the Federal Deposit Insurance Corporation (FDIC), $4 billion to settle federal and state claims by the Federal Housing Finance Agency (FHFA), $298.9 million to settle claims by the State of California, $19.7 million to settle claims by the State of Delaware, $100 million to settle claims by the State of Illinois, $34.4 million to settle claims by the Commonwealth of Massachusetts, and $613.8 million to settle claims by the State of New York. JPMorgan will pay out the remaining $4 billion in the form of relief to aid consumers harmed by the unlawful conduct of JPMorgan, Bear Stearns and Washington Mutual. 11/20/13

• December 2013 HOEPA rates set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in December 2013 will be subject to HOEPA (Regulation Z § 32) under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release that lists the Treasury security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. 11/20/13

• Calvery testimony and remarks

  FinCEN Director Calvery testified before a subcommittee of the Senate Banking Committee and discussed efforts to establish a meaningful regulatory framework for virtual currencies that intersect with the U.S. financial system. The Director also delivered remarks at the American Bankers Association/American Bar Association Money Laundering conference regarding the activities of the Bank Secrecy Act Advisory Group. 11/20/13

• FRB Payment Systems quarterly updates

  The Federal Reserve has posted the third quarter 2013 Fedwire Funds Service, Fedwire Securities Service, and National Settlement Service updates. 11/20/13

• Community banks regulatory capital estimation tool

  The federal bank regulatory agencies have issued a joint press release announcing the release of an estimation tool to help community banks understand the potential effects of the recently revised regulatory capital framework on their capital ratios. 11/20/13

• Bureau issues report on financial marketing and education

  A report, Navigating the Market, has been published by the CFPB. The report analyzes the amount of money spent on providing financial education to consumers and the amount spent trying to influence consumers' decisions about financial products. A Bureau news release on the report states that for every dollar put towards financial education, $25 is spent on financial marketing. 11/19/13

• FTC stops Google Money Tree scammers

  A settlement has been announced by the FTC concerning allegations that a payment processor used unfair tactics to open and maintain scores of merchant accounts which perpetrated the "Google Money Tree" work-at-home scheme and charged more than $15 million in unauthorized charges on consumers' debit and credit card accounts. Under the proposed settlement, Process America, Inc., and its owners agree to individual permanent injunctions on their activities. 11/19/13

• Reserve Maintenance Manual updated

  The Federal Reserve System has updated the Reserve Maintenance Manual to reflect the annual indexing of values used in the calculation of reserve requirements on the FR 2900 form. 11/19/13

• Bureau files brief in tribal lending suit

  The CFPB Monitor has reported that the CFPB has filed an amicus brief in the U.S. Court of Appeals for the Second Circuit in The Otoe-Missouria Tribe of Indians et al. v. New York Department of Financial Services et al., in which tribal lenders are appealing a district court ruling that the New York state financial regulator could take action to enforce state consumer protection laws against the lenders. 11/19/13

• OCC extreme weather guidance

  The Office of the Comptroller of the Currency has issued a news release encouraging national banks and federal savings associations to work with customers affected by the recent tornadoes in the Midwest United States. They are directed to review Bulletin 2012-28 which sets out supervisory guidance regarding a disaster that may affect a bank's operations or customers. 11/19/13

• Calvery testifies on virtual currencies

  In testimony before the Senate Committee on Homeland Security and Government Affairs, FinCEN Director Calvery discussed the agency's ongoing role in efforts to establish a meaningful regulatory framework for virtual currencies that intersect with the U.S. financial system. 11/19/13

• CU liquidity and contingency funding video

  The National Credit Union Administration has announced the availability of a new video to assist credit unions in liquidity and contingency funding plans. The video, on the NCUA YouTube channel, provides insights into the purpose of the agency's recent final rule on liquidity and contingency funding, who should follow the rule, compliance deadlines and additional resources available to credit unions. 11/19/13

• The NCUA Report

  The November 2013 issue of The NCUA Report has been posted. The issue highlights important NCUA Board actions and key issues that credit union volunteers and management need to be familiar with. 11/19/13

• FEMA to suspend participating communities

  The Federal Emergency Management Agency has published two notices in the November 18, 2013, Federal Register to identify communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension because of noncompliance with the floodplain management requirements of the program. The notice at 78 FR 68999 lists communities in Mason County, West Virginia and Wayne County, Michigan that will be suspended starting December 3, 2013. The other notice, at 78 FR 69001, lists communities in Webster County, Kentucky; Steuben County, Indiana; and Kay and Osage Counties, Oklahoma that will be suspended starting December 17, 2013. 11/18/13

• Final revisions to interagency CRA Q&As

  A joint press release has been issued by the federal bank regulatory agencies with responsibility for Community Reinvestment Act (CRA) rulemaking, to announce the publication of final revisions to "Interagency Questions and Answers Regarding Community Reinvestment." 11/18/13

• OCC enforcement actions

  The OCC has announced enforcement actions recently taken against national banks, federal savings associations, and individuals currently and formerly affiliated with such institutions. The actions include $186,880 in flood civil money penalties (CMPs) against three financial institutions. Information regarding the CMPs has been posted on the BOL Flood Penalties Watch page. 11/18/13

• CFPB announces mortgage kickbacks complaint

  The Bureau has announced its filing of a Complaint against Republic Mortgage Insurance Corporation (RMIC), for allegedly paying illegal kickbacks to mortgage lenders in exchange for business for over ten years under captive mortgage reinsurance arrangements. Under a proposed Consent Order, RMIC would pay a $100,000 civil money penalty and would cease participating in such arrangements. 11/18/13

• November FedFlash

  Federal Reserve Financial Services has published the November 15, 2013, issue of FedFlash. This installment features articles on a new Account Management webinar, the FedReturns mixed image cash letter deposit deadline, holiday currency information and the FedGlobal Formatting Aid. 11/18/13

• Industrial production and charge-off reports

  The Federal Reserve has released the October 2013 G.17 Industrial Production and Capacity Utilization Report and the Third Quarter 2013 Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks Report. 11/18/13

• Cartel security boss and company designated

  Treasury has announced the designations of Arnoldo Villa Sanchez, the chief of security for Hector Beltran Leyva, the leader of the Beltran Leyva drug trafficking organization, as a specially designated narcotics trafficker (SDNT) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). A private security firm owned and controlled by Arnoldo Villa Sanchez was also designated along with one of his associates. Information concerning the designations has been posted in a BOL OFAC Update. 11/15/13

• Bernanke presentation to Union of Arab Banks

  Chairman Bernanke delivered comments via prerecorded video at the 40th anniversary of the Annual Conference of the Union of Arab Banks. Bernanke spoke on the Federal Reserve Banks' interaction with Arab banking and financial communities. 11/15/13

• Written agreement

  The Federal Reserve Board has announced the execution of a Written Agreement with North Milwaukee Bancshares, Inc., Milwaukee, Wisconsin. 11/15/13

• NCUA board meeting agenda

  The agenda for the November 21, 2013, meeting of the NCUA board of directors has been posted. 11/15/13

• CFPB holds auto finance forum

  A CFPB news release has reported the comments offered by Chairman Cordray at the agency's Auto Finance Forum held yesterday at the CFPB's Washington headquarters. 11/15/13

• Counter terrorism designations

  The Treasury Department has announced the OFAC designations of two Nigerian entities as SDGTs and the addition of their names to the OFAC SDN List. Information regarding the entities has been posted in a BOL OFAC Update.11/14/13

• CFPB Interpretive Rule published

  The Bureau's Housing Counseling Organizations Lists Interpretive Rule, announced in connection with the November 8 unveiling of its tool to help consumers find such counselors, has been published [78 FR 68343] in today's Federal Register. The rule describes data instructions for lenders to use in complying with the requirement under the High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in Lending Act (Regulation Z) and Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (RESPA Homeownership Counseling Amendments) Final Rule to provide a homeownership counseling list using data made available by the Bureau or Department of Housing and Urban Development (HUD). 11/14/13

• FRB TDF offering

  A Federal Reserve System press release has announced a fixed-rate offering on November 18, 2013 of term deposits with full allotment of tenders through its Term Deposit Facility (TDF). Twenty-eight-day term deposits with an interest rate of 0.26000 percent and a maximum tender amount of $1.25 billion will be offered. 11/14/13

• Curry on community development and investment

  In remarks at the National Community Investment Fund Conference, Comptroller Curry discussed ways to help Community Development Financial Institutions obtain grants and capital from fund sources and to broaden partnership opportunities. He also discussed the favorable treatment available for community development activities in recently-issued regulatory guidance. 11/14/13

• New FinCEN rulings

  FinCEN has issued rulings on Application of the Prepaid Access Rule to Closed Loop Prepaid Access Sold or Exchanged in a Secondary Market [FIN-2013-R003] and Whether a Company that Offers a Payment Mechanism Based on Payable-Through Drafts to its Commercial Customers is a Money Transmitter [FIN-2013-R002]. 11/14/13

• OCC independent consultant standards

  The Office of the Comptroller of the Currency has issued a news release and Bulletin 2013-33 to announce the publication of standards governing the use of independent consultants in enforcement actions involving significant violations of law, fraud, or harm to consumers. The standards describe the criteria the OCC will use in determining whether the agency would require a national bank or federal savings association to retain a consultant, as well as the institution's obligation to exercise due diligence to ensure the consultant has sufficient independence, capacity, resources, and expertise. 11/13/13

• Boston field hearing location announced by CFPB

  The CFPB will conduct a field hearing at the Back Bay Events Center in Boston, Massachusetts at 11 a.m. ET on November 20, 2013. The topic, Know Before You Owe: Mortgages, will be discussed by CFPB Director Cordray. Testimony will be received from consumer groups, industry representatives, and members of the public. The event is open to the public and requires an RSVP. Industry sources are anticipating the possibility that the event will also be used to announce the Bureau's final rule on integrated RESPA and TILA early and pre-consummation disclosures. 11/13/13

• NACHA posts proposed rules changes

  NACHA – The Electronic Payments Association has announced its publishing of two proposed rules that are complementary approaches to improving ACH Network quality by reducing the incidence of exceptions. Comments on the proposals will be accepted through January 13, 2014. 11/13/13

• FATF report on West Africa terrorist financing

  The Financial Action Task Force (FATF) has issued a report identifying the methods used by terrorists, terrorist groups, and their supporters in the West African region to collect, transfer and utilize funds. The report aims to help policymakers, regulatory and enforcement authorities as well as reporting entities, to gain a better understanding of the nature and dynamics of terrorist financing in the West African region. 11/13/13

• Counterfeit cashier's check alerts

  The OCC has issued two Alerts concerning counterfeit cashier's checks bearing the names of First National Bank Albany/Breckenridge, Albany, Texas and Liberty Savings Bank, FSB, Saint Cloud, Minnesota. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits Page. 11/13/13

• FDIC 2014 stress testing

  An FDIC press release has announced the release of the economic scenarios for the 2014 stress testing of certain financial institutions with total consolidated assets of more than $10 billion for stress tests required under the Dodd-Frank Act. 11/13/13

• CFPB issues homeownership counseling bulletin

  CFPB Bulletin 2013 has been issued to provide guidance to lenders regarding the 2013 HOEPA Final Rule, which requires lenders to provide applicants for federally-related mortgages with a written list of HUD-approved housing counseling agencies. The list may be obtained from the CFPB website or generated by a lender using the HUD data. If a lender is unable to develop the list by the January 10, 2014 effective date, it can direct borrowers to the CFPB site. Suggested referral text is provided in the Bulletin. The Bureau also issued a press release to announce the availability of its housing counseling organization locator tool. 11/12/13

• Debt collection ANPR published

  The Bureau's previously-announced (see our Top Stories for November 6) Advance Notice of Proposed Rulemaking (ANPR) relating to consumer protection rules for debt collection practices has been published in today's Federal Register [78 FR 67847]. Any final rule resulting from the ANPR would become Bureau Regulation F. Comments are due by February 10, 2014. 11/12/13

• October Housing Scorecard

  Press releases issued by HUD and Treasury have announced the release of the October 2013 Housing Scorecard, a comprehensive report on the U.S. housing market.11/12/13

• Bernanke on 'The Crisis'

  In a presentation at the Fourteenth Jacques Polac Annual Research Conference in Washington, D.C., Federal Reserve Board Chairman Bernanke noted the recent global crisis is best understood as a classic financial panic transposed into the novel institutional context of the 21st century financial system. He compared and contrasted the crisis with historical financial events. Bernanke said, "The challenge for policymakers is to identify and isolate the common factors of crises, thereby allowing us to prevent crises when possible and to respond effectively when not." 11/142/13

• CFPB issues financial adviser consumer guide

  The Bureau has posted an article to aid senior consumers in their selection of a financial adviser. A guide, Know your financial adviser, has been released that contains questions that should be asked when shopping for an adviser. Seniors are also referred to the Bureau's previously released guide Money Smart for Older Adults—Prevent Financial Exploitation. 11/12/13

• Mortgage company to pay for steering violations

  The CFPB has announced a proposed consent order in its enforcement action against Castle & Cooke Mortgage, LLC. The Order, which requires court approval, calls for $9 million in restitution and a $4 million civil money penalty for alleged steering of consumers into costlier mortgages. Under the proposal, two of the company's officers, who are alleged to have paid out loan officer bonuses that were illegal under the current anti-steering provisions of Regulation Z, would be jointly and severally liable for the restitution and penalty payments. 11/08/13

• 2013 FFIEC CRA data collection guide

  The FFIEC has released the 2013 Guide to CRA Data Collection and Reporting. The Guide provides a summary of responsibilities and requirements, directions for assembling the necessary tools, and instructions for reporting CRA data.11/08/13

• Fed Payment Services quarterly updates

  Federal Reserve Payment Services has issued its third quarter 2013 updates of the following reports:

  • Commercial Checks Collected through Fed
  • Commercial Checks Returned through Fed
  • Government Checks
  • Postal Money Orders
  • ACH (Commercial)
  • ACH (Government)
  • $1 coin inventories, payment and receipts

  11/08/13

• Fed on stress test processes

  The Federal Reserve Board has announced its issuance of a final policy statement describing the processes it will use to develop scenarios for future capital planning and stress testing exercises. Also issued were revised macroeconomic scenarios for the 2014 capital planning and stress testing program to correct a minor computational error for the projections of the five-year Treasury yield in the baseline and adverse scenarios. 11/08/13

• November FedFocus

  Federal Reserve Financial Services has published the November 2013 issue of FedFocus, which features articles on investing in technological enhancements to help deliver faster, more efficient payments processing. 11/08/13

• NCUA holding Remittances and Mortgage Lending webinars

  A news release from the NCUA has announced a free, two-part webinar series, "New Dodd-Frank Remittances and Mortgage Lending Rules," scheduled at 2 p.m. ET on Monday, November 18, 2013, and Wednesday, December 18, 2013. Click here to register for the November 18 session and here for the December 18 session. 11/08/13

• Comptroller's Handbook updates

  Bulletin 2013-30 and Bulletin 2013-31 have been issued by the OCC to announce the update of the "Insider Activities" and the addition of a new "Qualified Thrift Lender" booklets of the Comptroller's Handbook. 11/07/13

• Bureau on payday loans

  The CFPB has posted two payday loan articles on its Blog. One discusses how to submit a payday loan complaint and the other explains what military families should know about payday loans. 11/07/13

• FDIC rule proposed

  The FDIC has published a notice of proposed rulemaking to implement a section of the Dodd-Frank Act ("Dodd-Frank Act") prohibiting individuals or entities that have, or may have, contributed to the failure of a "covered financial company" from buying a covered financial company's assets from the FDIC. This proposed rule establishes a self-certification process that is a prerequisite to the purchase of assets of a covered financial company from the FDIC. Comments on the proposal are due by January 6, 2014. 11/07/13

• Bureau considers debt collection rules

  The Consumer Financial Protection Bureau today announced a first step toward considering consumer protection rules for the debt collection market. Through its Advance Notice of Proposed Rulemaking (ANPR), the Bureau is collecting information on a wide array of issues, including the accuracy of information used by debt collectors, how to ensure consumers know their rights, and the communication tactics collectors employ to recover debts. The Bureau also announced today that it will begin adding consumer complaints about debt collections to its public Consumer Complaint Database. Comments on the ANPR will be received for 90 days following its publication in the Federal Register. 11/06/13

• HUD approves disaster recovery plans

  HUD has announced the approval of disaster recovery plans for Massachusetts, Vermont, Tennessee, Alabama, Texas, Louisiana, North Dakota, Pennsylvania, and Joplin, Missouri. 11/06/13

• $12.1M to be paid by Deutsche Bank subsidiary

  A HUD press release has announced that MortgageIT, Inc., an indirect subsidiary of Deutsche Bank, has agreed to pay $12.1 million under a Conciliation Agreement with HUD, to resolve allegations that the residential lender discriminated against African American and Hispanic borrowers seeking mortgage loans. HUD had alleged that the lender's practices contributed to minority borrowers being charged higher APRs and fees than similarly-situated white borrowers, and denied minority applicants loans more often than similarly-situated white applicants. 11/06/13

• FHFA to ban servicer expense reimbursements

  The Federal Housing Finance Agency (FHFA) has announced that it has directed Fannie Mae and Freddie Mac to prohibit servicers from being reimbursed for expenses associated with captive reinsurance arrangements. A notice had been published in the Federal Register and reported in the March 29, 2013, BOL Top Stories regarding concerns that the practices expose Fannie Mae and Freddie Mac to potential losses as well as litigation and reputation risks. 11/06/13

• 2014 Reserve Requirements tweaks announced

  The Federal Reserve Board has announced the annual indexing of the reserve tranche amounts used in determining the 2014 reserve requirements of depository institutions and deposit reporting panels. 11/06/13

• Bureau publishes remittance rule safe harbor list

  The CFPB has published in the Federal Register [78 FR 66251] the current "safe harbor" list of countries to which remittance transfers may be sent using estimates under § 1005.32(b)(1)(i)(A). The list includes the same countries listed earlier (Aruba, Brazil, China, Ethiopia and Libya). The list is effective as of October 28, 2013, when the remittance rule became effective. 11/06/13

• Call for uniform derivatives contract language

  An FDIC press release has been issued regarding a joint letter authored by the FDIC, Bank of England, German Federal Financial Supervisory Authority and Swiss Financial Market Supervisory to encourage the International Swaps and Derivatives Association, Inc. to adopt language in derivatives contracts to delay the early termination of those instruments in the event of the resolution of a global systemically important financial institution. 11/06/13

• OCC director's workshops in Phoenix

  The OCC will host its last two workshops for 2013 in Phoenix, Arizona on December 3–4 for directors of national community banks and federal savings associations. The "Compliance Risk: What Directors Need to Know" and "Credit Risk: A Director's Focus" workshops are designed exclusively for directors of institutions supervised by the OCC. The fee is $99 for each workshop and each session is limited to the first 35 registrants. 11/06/13

• NCUA launches consumer protection update

  A news release from the NCUA has announced the release of a three-part Consumer Protection Update and the posting of supporting content on the agency's YouTube site, to explain the new rules on international remittances and mortgage lending. 11/06/13

• BofA settles HUD discrimination allegation

  HUD has announced Bank of America (BofA) has agreed to pay $45,000 as part of Conciliation Agreements resolving allegations the lender discriminated against pregnant women seeking mortgage loans. HUD had alleged that BofA refused to refinance the mortgages of two couples in California and Texas, because the women were on maternity leave. 11/05/13

• Marketable borrowing estimates

  Treasury has announced its current estimates of net marketable borrowing for the October–December 2013 and January–March 2014 quarters. 11/05/13

• SCOOS Report

  The October 2013 Senior Credit Officer Opinion Survey (SCOOS) on Dealer Financing Terms has been released by the Federal Reserve Board. 11/05/13

• CRA ratings

  The list of state nonmember banks recently evaluated by the FDIC for compliance with the Community Reinvestment Act (CRA) has been released. Six banks received an Outstanding rating. 11/05/13

• CFPB to revisit discrimination in auto lending

  On March 21, 2013, the CFPB issued Bulletin 2013-02 to help lenders that offer auto loans through dealerships make sure they are following the law. The Bureau has posted an article discussing ways responsible lenders can make sure they are following the proper procedures. In addition, an auto finance forum will be held at the CFPB's Washington headquarters on November 14, 2013. It should be noted that the Bureau's involvement of banks in "policing" auto dealer loan pricing is under Congressional scrutiny. 11/05/13

• NCUA publishes capital plan and stress testing proposal

  The NCUA has published [78 FR 65583] in the Federal Register a proposal that would require federally insured credit unions with assets of $10 billion or more to submit capital plans annually and to subject those credit unions to stress testing. Comments on the proposal are due by December 31, 2013. 11/04/13>

• FEMA community suspensions

  The Federal Emergency Management Agency has published in the Federal Register a list of communities in Indiana, Michigan, Wisconsin, Texas, Colorado and Nevada where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP), that are scheduled for suspension on November 20, 2013, because of noncompliance with the floodplain management requirements of the program. 11/04/13

• Large bank stress testing scenarios

  The Federal Reserve Board and the Office of the Comptroller of the Currency have announced the supervisory scenarios that will be used in the 2014 capital planning and stress testing program, as well as instructions to firms with timelines for submissions. 11/04/13

• Counterfeit cashier's checks

  The OCC has issued Alerts 2013-21 and 2013-22 regarding counterfeit cashier's checks bearing the names of Universal Bank, West Covina, California, and Urban Trust Bank, Lake Mary, Florida. Information concerning the alerts have been posted on the BOL Alerts & Counterfeits page. 11/04/13

• Foreign exchange rates

  The G.5 Foreign Exchange Rates report for October 2013 has been released by the FRB.11/04/13

• Philadelphia CU in conservatorship

  The NCUA has announced it has assumed control of service and operations at Mayfair Federal Credit Union, Philadelphia. Pennsylvania. 11/04/13

• CFPB field hearing

  The CFPB has announced a "Know Before You Owe: Mortgages" field hearing will be held in Boston on November 20, 2013, at 11 a.m. EST. The hearing is open to the public and requires an RSVP. 11/04/13

• OCC Community Developments newsletter

  The Fall 2013 issue of Community Developments Investments has been posted online by the OCC. The issue features information regarding how national banks and federal savings associations can be sources of financing for facilities that generate renewable energy, including wind energy installations, and in certain circumstances, they can invest in such facilities using the public welfare investment authority. 11/04/13

• FDIC webinar announced

  FDIC FIL-53-2013 has been published to announce a webinar titled Lending in Native Communities: From Opportunity to Success, to be held on November 22, 2013, from 3:00 p.m. to 4:00 p.m. (EST). The program will include examples of successful bank efforts to expand economic inclusion and lending in Native American, Alaska Native, and Hawaiian American communities. To participate, register by November 20.11/04/13

• CFPB and community-based organizations

  The Bureau has posted an article detailing how community-based organizations can do business with the agency. 11/04/13

• OFAC Increases Sanctions on Fugitive Drug Lord

  Treasury has announced the designation of 20 entities and one individual linked to Rafael Caro Quintero, a major Mexican narcotics trafficker and fugitive from U.S. justice for his role in the murder of an agent of the Drug Enforcement Administration. Caro Quintero was identified as a significant foreign narcotics trafficker pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) in 2000. Each entity designated today is owned or controlled by one or more individuals previously designated because they act on behalf of Caro Quintero. Changes were also made to five existing listings. See the BOL OFAC Update Page for details. 11/01/13

• Written Agreement with Pakistani bank

  The Federal Reserve Board has announced the execution of a Written Agreement with United Bank Limited, Karachi, Pakistan, and United Bank Limited, New York Branch. The Agreement requires steps to address deficiencies relating to the Branch's risk management and compliance with applicable federal and state laws, rules, and regulations relating to anti-money laundering compliance, including the Bank Secrecy Act, the requirements of Regulation K to report suspicious activity and maintain an adequate BSA/AML compliance program, particularly with regard to international remittance services. 11/01/13

• Information sharing fact sheet

  FinCEN has issued a Section 314(b) Fact Sheet to encourage certain information sharing between financial institutions. 11/01/13

• NCUA prohibition orders

  The NCUA issued four orders in October 2013 prohibiting the named individuals from participating in the affairs of any federally insured financial institution. 11/01/13

• Health FSAs Use-or-Lose Rule modified

  Treasury and the IRS have issued a notice and fact sheet on the modification of the longstanding "use-or-lose" rule for health flexible spending arrangements (FSAs). To make health FSAs more consumer-friendly and provide added flexibility, the updated guidance permits employers to allow plan participants to carry over up to $500 of their unused health FSA balances remaining at the end of a plan year. 11/01/13

• Federal Reserve Services 2014 fee schedule approved

  The Federal Reserve Board has announced the approval of fee schedules, effective January 2, 2014, for payment services the Federal Reserve Banks provide to depository institutions (priced services). 11/01/13

• Lew on world economy

  In remarks prepared for delivery at the SelectUSA 2013 Investment Summit, Treasury Secretary Lew discussed the state of the world economy and the actions taken by various governments. 11/01/13

• Foreign Securities Held report

  The survey of U.S. portfolio holdings of foreign securities at year-end 2012 has been released by Treasury. 11/01/13

• Auctions of CCP investments announced

  Treasury has announced its intention to sell Capital Purchase Program (CCP) investments in seven entities held under the Troubled Asset Relief Program (TARP). Treasury expects to begin the auctions, which will be offered principally to domestic qualified institutional buyers and certain domestic institutional accredited investors, on or about November 4, 2013. The auctions are expected to close at 6:00 pm, Eastern time, on November 7, 2013. 11/01/13

• G.20 Finance Companies report

  The August 2013 G.20 Finance Companies Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report has been released by the Federal Reserve Board. 11/01/13

• FRB Publishes Final Rule in FR for Electronic Fund Transfers

  The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, in order to implement legislation that modifies the effective date of certain disclosure requirements in the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009. TXT; PDF  10/29/10

• FHC List Updated

  The list of bank holding companies that have elected to become or be treated as financial holding companies (FHCs) has been updated by the FRB with data current as of October 28, 2010. List  10/29/10

• Structured Notes Transaction Completed

  The NCUA has announced the settlement on its first offering of NCUA Guaranteed Notes which are backed by an unconditional guaranty for timely payment of principal and interest. Notes  10/29/10

• IFDP Working Paper Published

  A working paper in the International Finance Discussion Papers (IFDP) series on the topic "Could Asymmetric Information Alone Have Caused the Collapse of Private-Label Securitization?", has been published by the FRB. Abstract; Full Paper  10/29/10

• Finance Companies Report Released

  The G.20 Finance Companies Report of Owned and Managed Receivables Outstanding for August 2010 has been released by the FRB. G.20  10/29/10

• FRB Publishes Interim Final Rule in FR for Truth in Lending

  The Board is publishing an interim final rule for public comment amending Regulation Z (Truth in Lending). The interim rule implements Section 129E of the Truth in Lending Act (TILA), which was enacted on July 21, 2010, as Section 1472 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. TILA Section 129E establishes new requirements for appraisal independence for consumer credit transactions secured by the consumer's principal dwelling. The amendments are designed to ensure that real estate appraisals used to support creditors' underwriting decisions are based on the appraiser's independent professional judgment, free of any influence or pressure that may be exerted by parties that have an interest in the transaction. TXT; PDF  10/28/10

• NCUA Publishes Final Rule in FR for Fixed Assets, Member Business Loans, and Regulatory Flexibility Program

  NCUA is revising certain provisions of its Regulatory Flexibility Program (RegFlex) to enhance safety and soundness for credit unions. Those provisions pertain to fixed assets, member business loans (MBL), stress testing of investments, and discretionary control of investments. Some of these revisions will require conforming amendments to NCUA's fixed assets and MBL rules. TXT; PDF  10/28/10

• CRA Ratings Released

  The OCC has released the ratings received by fourteen national banks recently examined for compliance with the CRA. Ratings  10/28/10

• IRISL Front Companies Added to OFAC List

  OFAC has announced the designation of and addition to the SDN List of thirty-seven companies and five individuals for being owned or controlled by, or acting for or on behalf of, the Islamic Republic of Iran Shipping Lines (IRISL) and its affiliates. IRISL is Iran's national maritime carrier and is used to transport weapons of mass destruction and other military cargoes. Information regarding the designated individuals and entities has been posted on the BOL OFAC page.  10/28/10

• FDIC Proposes Rulemaking for Assessment Dividends, Assessment Rates and Designated Reserve Ratio

  In order to implement a comprehensive, long-range management plan for the Deposit Insurance Fund, the FDIC is proposing to amend its regulations to: implement the dividend provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act; set assessment rates; and set the designated reserve ratio at 2 percent. The FDIC seeks
  comment on all aspects of this NPRM. TXT; PDF  10/27/10

• Written Agreements

  The FRB has announced the execution of the following Written Agreements by and between: FNB United Corp., Asheboro, NC, and the Federal Reserve Bank of Richmond, and First Southwest Bancorporation, Inc., Alamosa, CO, and the Federal Reserve Bank of Kansas City. FNB; First Southwest  10/27/10

• Afghan Narcotics Traffickers Added to OFAC List

  The Treasury has designated two Afghan narcotics traffickers and added their names to the SDN List. Information regarding the traffickers has been posted on the OFAC page.  10/27/10

• Reserve Requirement 2011 Annual Adjustments

  The FRB has released the 2011 annual adjustments for reserve calculations and deposit reporting. The amendments to 204.4 of Regulation D have been posted to the Alphabet Soup copy of the regulation. Adjustments  10/27/10

• Revised Exam Procedures CA Letter

  A Consumer Affairs (CA) letter has been issued by the FRB regarding the revision of the Reg E Interagency Examination Procedures. CA Letter; Revision  10/27/10

• Credit Reports to be Available through NMLS

  The Nationwide Mortgage Licensing System and Registry (NMLS) will launch a system that will enable a mortgage loan originator to authorize a credit report through NMLS on November 1, 2010. Credit Report  10/27/10

• IFDP Working Paper

  A working paper in the International Finance Discussion Papers (IFDP) series on "Oil Shocks and the Zero Bound on Nominal Interest Rates" has been published by the FRB. Abstract; Full Paper  10/27/10

• FRB Publishes Final Rule in FR for Reserve Requirements of Depository Institutions

  The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2011. The Regulation D amendments set the amount of total reservable liabilities of each depository institution that is subject to a zero percent reserve requirement in 2011 at $10.7 million, unchanged from its level in 2010. This amount is known as the reserve requirement exemption amount. The Regulation D amendments also set the amount of net transaction accounts at each depository institution that is subject to a three percent reserve requirement in 2011 at $58.8 million, up from $55.2 million in 2010. TXT; PDF  10/26/10

• FinCEN Publishes Final Rule in FR for Transfer and Reorganization of Bank Secrecy Act Regulations

  FinCEN is issuing this final rule to move the Bank Secrecy Act (BSA) regulations to a new chapter in the Code of Federal Regulations (CFR). The new chapter contains the BSA regulations, which are generally reorganized by financial industry. Moving the BSA regulations to a new chapter and organizing the chapter by financial industry creates a user-friendly way to find regulations applicable to a particular financial industry. This new organization within the new chapter also allows for the renumbering of the BSA regulations in a manner that makes it easier to find regulatory requirements than under
  the numbering system currently used in the existing regulations. FinCEN also makes minor technical changes to the BSA regulations such as updating mailing addresses and points of contact. TXT; PDF  10/26/10

• Call Report Revisions FIL

  A FIL has been issued by the FFIEC regarding the previously announced request for comments on proposed revisions to the Call Report. FIL  10/26/10

• Severe Weather Guidance FILs

  The FDIC has issued two FILs containing guidance to help facilitate recovery in areas of Wisconsin and Nebraska affected by severe weather. Wisconsin; Nebraska  10/26/10

• FRB MORE Activities

  The FRB has published "Addressing the Impact of the Foreclosure", which details the community-based foreclosure prevention and neighborhood stabilization activities by the Mortgage Outreach and Research Efforts (MORE) initiative. Video; Addressing  10/26/10

• College Credit Card Agreements

  The FRB has released a report on more than one thousand college credit card agreements and announced the launch of an online database of the terms. Report; Database  10/26/10

• International Payments Service Launched

  The Federal Reserve Banks and Equens have successfully processed the first automated clearinghouse payments via a new standardized channel for low-value cross-border payments between the United States and Europe. Service  10/26/10

• Bernanke and Bair at Foreclosure and Future of Housing Conference

  Chairman Bernanke gave the opening remarks and Chairman Bair the keynote address at the Federal Reserve System and FDIC Conference on Mortgage Foreclosures and the Future of Housing held in Arlington, Virginia. Bernanke; Bair  10/26/10

• Indirect Lending Webinar

  The NCUA will host a webinar on the topic of "Indirect Lending: Balancing the Risks and Rewards", at 2:00 PM on Tuesday, November 9, 2010. The webinar is free and open to the public, but registration is required. Webinar; Registration  10/25/10

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of October 19, 2010. 314(a)Speech  10/25/10

• IFDP Working Paper

  The FRB has published a working paper in the international Finance Discussion Papers (IFDP) series on the topic of "Entry Dynamics and the Decline in Exchange-Rate Pass-Through". Abstract; Full PaperSpeech  10/25/10

• Bair on "Ending Too Big to Fail"

  In a presentation at the 2010 Glauber Lecture in the John F. Kennedy Forum at Harvard, Chairman Bair discussed the practical significance of ending "too big to fail", and other elements of regulatory reform. Speech  10/22/10

• Texas CU Closed

  The NCUA has announced that PhilPet Federal Credit Union, located in Pampa, TX, was placed into liquidation on October 18, 2010. Share accounts will be transferred to Pantex Federal Credit Union of Borger, TX. PhilPet  10/22/10

• New York Severe Weather Guidance FIL

  A FIL has been issued by the FDIC announcing a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of New York affected by severe storms, tornadoes and straight line winds. FIL; Guidance  10/22/10

• FHC Report Updated

  The FRB has updated the report of bank holding companies that have elected as of October 21, 2010, to become or be treated as a financial holding company (FHC). Report  10/22/10

• Beige Book Update

  The FRB has published the October 20, 2010, edition of The Beige Book. Summary; Full Report  10/21/10

• Mortgage and Housing Finance Symposium Scheduled

  A two-day symposium regarding mortgages and the future of housing finance will be hosted by the FDIC and the Federal Reserve System on October 25 and 26, 2010, in Arlington, Virginia. The event is free and open to the public. Pre-registration is required to attend and the symposium may also viewed via webcast. Agenda; Registration; Webcast  10/21/10

• FDIC Long Range Plan NPR FIL

  A FIL has been issued by the FDIC regarding a previously announced Notice of Proposed Rulemaking (NPR) concerning a long-range plan for Deposit Insurance Fund management with the goals of maintaining a positive fund balance and predictable assessment rates. Information regarding the NPR was posted in the October 20. 2010, Top Stories. FIL  10/21/10

• Reserve Position Report

  The Treasury has released the October 15, 2010, U.S. international Reserve Position Report. Report  10/21/10

• NCUA Publishes Final Rule in FR for Corporate Credit Unions

  NCUA is issuing final amendments to its rule governing corporate credit unions. The major revisions involve corporate credit union capital, investments, asset-liability management, governance, and credit union service organization (CUSO) activities. The amendments establish a new capital scheme, including risk-based capital requirements; impose new prompt corrective action requirements; place various new limits on corporate investments; impose new asset-liability management controls; amend some corporate governance provisions; and
  limit a corporate CUSO to categories of services preapproved by NCUA. TXT; PDF  10/20/10

• Former Colombian Prosecutor Added to OFAC List

  OFAC has designated a former Regional Director for the Colombian Prosecutor's Office as a Specially Designated Narcotics Trafficker pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for his ties to the criminal organization of a Colombian narcotics trafficker. In addition, two U.S.-based companies have been identified as blocked pursuant to the Kingpin Act for being owned or controlled by a Peruvian national identified in 2004 as significant foreign narcotics traffickers pursuant to the Kingpin Act. The names of thirty individuals designated as SDNTs or SDNTKs have also been added to the SDN List. Information regarding the designations and blocked entities has been posted on the OFAC page.  10/20/10

• Gift Card Rules Effective Date

  A final rule has been announced by the FRB regarding the effective dates for gift card rules. Final Rule  10/20/10

• FDIC Fund Management Plan Proposed

  The FDIC has proposed a comprehensive, long-range plan for deposit insurance fund management with the goals of maintaining a positive fund balance, even during periods of large fund losses, and maintaining steady, predictable assessment rates throughout economic and credit cycles. Plan  10/20/10

• Treasury to Sell Citigroup Common

  The Treasury has announced a fourth pre-arranged written trading plan under which Morgan Stanley, as the Treasury's sales agent, will have discretionary authority to sell 1.5 billion shares of Citigroup common stock under certain parameters. Stock Sale  10/20/10

• Credit Risk Retention Report to Congress

  The FRB has issued a report to Congress on the potential impact of credit risk retention requirements on securitization markets as required by the Dodd-Frank Act. Report  10/20/10

• Discount Rate Meetings Minutes

  The minutes of the Discount Rate Meetings held from August 23 through September 20, 2010, have been released by the FRB. Minutes  10/20/10

• FDIC Proposes Rulemaking Implementing Certain Orderly Liquidation Authority Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act

  The FDIC is proposing a rule with request for comments, which would implement certain provisions of its authority to resolve covered financial companies under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (July 21, 2010). The FDIC's intent in issuing this Proposed Rule is to provide greater clarity and certainty about how key components of this authority will be implemented and to ensure that the liquidation process under Title II reflects the Dodd-Frank Act's mandate of transparency in the liquidation of failing systemic financial companies. TXT; PDF  10/19/10

• RE Appraisal Interim Final Rule

  The Federal Reserve has published an interim final rule on real estate appraisal for comment, to implement the Dodd-Frank amendments to Reg Z (Truth in Lending). Summary; Rule  10/19/10

• Walsh on Implementation of Dodd-Frank

  In a presentation at the annual meeting of the American Bar Association, Acting Comptroller Walsh discussed the implementation of the Dodd-Frank Act. Speech  10/19/10

• Dodd-Frank Public Meetings Summaries

  The FRB has released summaries of public meeting held regarding the rulemaking process to implement the provisions of the Dodd-Frank Act. Summaries  10/19/10

• Registry Posts Mortgage Loan Originators Fees

  The Nationwide Mortgage Licensing System and Registry (Registry) has posted Proposal 2010 - 3 on its website, publishing proposed fees for registering and maintenance of registrations required of mortgage loan originators under the S.A.F.E. Act. on the Registry's system. Comments on the proposal are due by November 12, 2010. Fees  10/19/10

• November HOEPA Rates Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in November 2010, 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, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  10/19/10

• FinCEN to Simplify Rules and Regs

  The FinCEN has announced plans to implement a new Chapter X effective March 1, 2011, simplifying its rules and regulations to make them easier to find and follow. NR; Chapter X  10/19/10

• MSB Registration List Update

  The FinCEN has updated the MSB REgistration List with data current as of September 28, 2010. List  10/19/10

• ID Theft SAR Study

  The FinCEN has released a recent study which analyzed SARs concerning suspected cases of identity theft that were filed from 2003-2009. SAR Study  10/19/10

• Bair on Restoring the Financial System

  "Restoring the Strength and Vitality of the U.S. Financial System", was the topic of a presentation by Chairman Bair to the Fisk Management Association. Speech  10/19/10

• Freis on Anti-Fraud and AML

  In a presentation at the ABA/ABA Money Laundering Enforcement Conference, Director Freis discussed the FinCEN's efforts to combat financial fraud and money laundering. Speech  10/19/10

• FedFlash Online

  The October 2010 issue of FedFlash has been posted online. Topics include enhancements to the FedMail assess solution, updated documentation for Fedwire Funds Service message format changes, holiday currency information; a delay in the issuance of new $100 note; the public release of the Lincoln $1 coin, and the implementation date for the Payment System Risk policy changes. FedFlash  10/19/10

• CRA Regs Revision Bulletin

  The OCC has issued a bulletin regarding the previously announced Joint Final Rule concerning the revision by the federal financial institution regulators of their CRA regulations. Information regarding the Joint Final Rule was posted in the October 4, 2010, Top Stories. Bulletin  10/19/10

• TIC Data Released

  The August 2010 Treasury International Capital (TIC) data report has been released. TIC  10/19/10

• Industrial Production Report Released

  The G.17 Industrial Production and Capacity Utilization Report for September 2010 has been released by the FRB. G.17  10/19/10

• IFDP Working Paper Published

  A working paper in the International Finance Discussion Papers (IFDP) series has been published on the topic of "Offshoring Bias in U.S. Manufacturing: Implications for Productivity and Value Added". Abstract; Full Paper  10/19/10

• FRB Publishes Final Rule in FR for 1974 Privacy Act Regulations

  The Board of Governors of the Federal Reserve System is issuing a final rule to amend its regulation implementing the Privacy Act of 1974 (Privacy Act). The primary changes concern the waiver of copying fees charged to current and former Board employees, and applicants for Board employment, for access to their records under the Privacy Act; the amendment of special procedures for the release of medical records to permit the Board's Chief Privacy Officer to consult with the Board's Employee Assistance Program counselor to determine
  whether the disclosure of medical records directly to the requester could have an adverse effect on the requester; changes to the time limits for responding to requests for access to information and amendment of records; and updates to the exemptions claimed for certain systems of records. TXT; PDF  10/18/10

• Enforcement Actions Announced

  The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions  10/18/10

• Former Countrywide CEO to Pay $22.4 Million Penalty

  The SEC has announced the former CEO of Countrywide Financial will pay a $22.4 million penalty to settle charges of misleading investors. Two other former Countrywide executives also agreed to pay penalties. Penalties  10/18/10

• SAR Modification: Comments Sought

  The FinCEN has requested comments from law enforcement, the financial industry, and the public concerning the future constituent parts of the Suspicious Activity Report (SAR).
  SAR Modifications  10/18/10

• Bernanke Discusses Monetary Policy

  In a presentation at the Revisiting Monetary Policy in a Low-Inflation Environment Conference, at the Federal Bank of Boston, Chairman Bernanke discussed the outlook for growth, employment, and inflation; the objectives of monetary policy; and monetary policy tools. Speech  10/18/10

• Financial Holding Companies Report

  The FRB has updated the list of bank holding companies that have elected to become or be treated as financial holding companies as of October 7, 2010. List  10/18/10

• HMDA Public Hearing

  The FRB has published the agenda and transcript of the HMDA Public Hearing held by the Federal Reserve Board of Governors on September 24, 2010. Agenda; Transcript  10/18/10

• Severe Weather FIL

  A FIL has been issued by the FDIC regarding guidance for financial institutions and the facilitation of recovery in areas of Minnesota affected by severe weather. FIL; Guidance  10/18/10

• Cost of Funds Reports

  The OTS has issued the September 15, 2010, current and historical cost of funds reports. Current; Historical  10/18/10

• FinCEN Publishes Final Rule in FR Amendment to the Bank Secrecy Act Regulations; Defining Mutual Funds as Financial Institutions; Extension of Compliance Date

  FinCEN is issuing this final rule extending the compliance date for those provisions in 31 CFR 103.33 that apply to mutual funds. On April 14, 2010, FinCEN issued a final rule that included mutual funds within the general definition of financial institution in regulations implementing the Bank Secrecy Act. The final rule subjects mutual funds to 31 CFR 103.33, which requires the creation, retention, and transmittal of records or information for transmittals of funds. FinCEN is extending, from January 10, 2011 to April 10, 2011,
  the date on which mutual funds must begin to comply with 31 CFR 103.33. TXT; PDF  10/15/10

• Written Agreements Announced

  The FRB has announced the execution of Written Agreements with Investors Financial Corp of Pettis County, Inc., Sedalia, MO, and Gregg Bancshares, Inc., Springfield, MO. Investors; Gregg  10/15/10

• Dealer Financing Terms Survey

  The September 2010 Senior Credit Officer Opinion Survey on Dealer Financing Terms has been released by the FRB. Survey  10/15/10

• HMDA Public Hearing

  The FRB has published the agenda and transcript of the HMDA Public Hearing held at the Federal Reserve Bank of Chicago on September 16, 2010. Agenda; Transcript  10/15/10

• Golden Parachute Guidance

  A FIL has been issued by the FDIC regarding guidance on handling applications for making golden parachute payments. FIL; Guidance

• Quarterly Review of Interest Rate Risk

  The Second Quarter 2010 edition of the Quarterly Review of Interest Rate Risk has been published by the OTS. Quarterly Review  10/15/10

• Reserve Position Update

  The Treasury has issued updates of the U.S. International Reserve Position as of October 1 and 8, 2010. October 1; October 8  10/15/10

• OTS Proposes Rulemaking for Alternatives to the Use of External Credit Ratings in the
  Regulations of the OTS

  Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) directs all Federal agencies to review, no later than one year after enactment, any regulation that requires the use of an assessment of credit-worthiness of a security or money market instrument and any references to or requirements in regulations regarding credit ratings. The agencies are also required under the Act to remove references or requirements of reliance on credit ratings and to substitute an alternative standard of credit-worthiness. TXT; PDF  10/14/10

• Cartel Financial and Air Cargo Networks Added to OFAC List

  OFAC has designated Sinaloa Cartel collaborator Alejandro Flores Cacho as foreign narcotics traffickers, along with twelve entities and sixteen members of his financial and drug trafficking enterprise located throughout Mexico and Colombia. Their names have been added to the SDN List. Information regarding the additions has been posted on the OFAC page.  10/14/10

• SAR Activity Review

  The eighteenth issue of the SAR Activity Review, "Trends, Tips & Issues", has been released by FinCEN. SAR Activity Review  10/14/10

• Bair on Restoration of Real Estate Financing

  In a presentation to the Urban Land Institute, FDIC Chairman Bair discussed short and long term efforts to restore the vitality of the real estate financing and the stability of the financial system. Speech  10/14/10

• Treasury Proposes Rulemaking for Privacy Act of 1974

  In accordance with the requirements of the Privacy Act of 1974, 5 U.S.C. 552a, the Department of the Treasury gives notice of a proposed amendment to update its Privacy Act regulations, and to add an exemption from certain provisions of the Privacy Act for a system of records related to the Office of Foreign Assets Control (OFAC). TXT; PDF  10/13/10

• Dodd-Frank FDIC Liquidation Authority Proposed Rule

  The FDIC has approved a proposed rule clarifying how it would treat certain creditor claims under the new orderly liquidation authority established under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). FDIC PR; FDIC Memorandum; Proposed Rule  10/13/10

• FOMC Minutes

  The minutes of the September 21, 2010, meeting of the Federal Open Market Committee have been released by the FRB. Minutes  10/13/10

• CRA Final Rule FIL

  A FIL has been issued by the FDIC regarding the previously announced Joint Final Rule issued by the federal financial regulatory agencies concerning revisions to the CRA. Information regarding the Joint Final Rule was posted in the October 4, 2010, Top Stories. FIL  10/13/10

• Bank To Pay $33 Million for OD Program Violations

  Under the terms of a settlement with the OCC, a Texas bank will pay an estimated $32 million in reimbursements to customers and a consented $1 million civil money penalty (CMP) to the Treasury for the assessment of excessive overdraft (OD) and recurring fees. Settlement; CMP  10/12/10

• BSA E-Filing Webinar Announced

  An informational Webinar on using the BSA E-Filing system will be held by FinCEN at 2:00 EST on Thursday, November 4, 2010. Space is limited and online registration is available. Webinar; Registration  10/12/10

• SSBCI Funding Announced

  The individual State Small Business Credit Initiative (SSBCI) funding allocations for all fifty states, the District of Columbia, and the U.S. territories has been announced by the Treasury. Summary; Full List  10/12/10

• RESPA Exemptions

  HUD discusses loan transactions that quality for exemptions from Sections 4 and 5 of RESPA.
  Exemptions   10/08/10

• Consumer Credit Report Released

  The G.19 Consumer Credit Report for August 2010 has been released by the FRB.
  G.19   10/08/10

• October FedFocus

  Federal Reserve Financial Services has published the October 2010 issue of FedFocus which features an article on the changing nature of card payment fraud.
  FedFocus   10/08/10

• NCUA Town Hall Meetings Scheduled

  NCUA has announced the dates and locations of eight town hall meetings. Online registration is available. Meetings;
  Registration   10/08/10

• Counterfeit Checks Special Alerts

  The FDIC has issued six Special Alerts regarding counterfeit checks bearing the name of the following banks:

  1. Redding Bank of Commerce, Redding, CA (Counterfeit Cashiers Checks);
  2. Bangor Savings Bank, Bangor, ME(Counterfeit Treasurers Checks);
  3. Benchmark Community Bank, Kenbridge, VA (Counterfeit Cashiers Checks);
  4. First Community Bank of East TN, Rogersville, Tennessee (Counterfeit Checks);
  5. Union Bank, Middlebourne, WV(Counterfeit Official Checks); and
  6. Pacific Global Bank, Chicago, IL (Counterfeit Official Checks)

  Information regarding the counterfeit checks has been posted on the Alerts & Counterfeits page.  10/07/10

• Bernanke Q&A Video

  A live webcast of a town hall meeting with educators and Chairman Bernanke, in which teachers' questions about the Federal Reserve and the economy were addressed, is available on YouTube. Webcast  10/07/10

• Survey of Terms Report Issued

  The FRB has issued the E.2 Survey of Terms of Business Lending Report for August 2-6, 2010. E.2  10/07/10

• Hurricane Earl Guidance

  A FIL has been issued by the FDIC regarding Guidance to help financial institutions and facilitate recovery in the U.S. Virgin Islands affected by Hurricane Earl. FIL; Guidance  10/07/10

• Treasury Publishes Final Rule in FR for Privacy Act Implementation

  In accordance with the requirements of the Privacy Act of 1974, as amended, the Department of the Treasury is amending its regulations due to the consolidation of the existing Office of Foreign Assets Control (OFAC)-related systems of records by revising the number and title of the Privacy Act system of records for which an exemption has been claimed. TXT; PDF  10/07/10

• $2 Million CMP - Deceptive Practices Violations

  The FDIC has announced a civil money penalty (CMP) of approximately $2 million to be paid by Monterey County Bank, Monterey, CA, for deceptive practices in violation of Section 5 of the Federal Trade Commission Act and Section 807 of the Fair Debt Collection Practices Act, in connection with solicitations for its balance transfer credit card and debit card programs. CMP  10/06/10

• CRA Ratings Released

  The ratings received by banks recently examined for Community Reinvestment Act (CRA) compliance have been released by the FDIC. Ratings  10/06/10

• Bridge Corporate Credit Unions Chartered

  The creation of two bridge corporate credit unions to assume operations of U.S. Central Corporate Federal Credit Union and Western Corporate Federal Credit Union has been announced by the NCUA. Chartered  10/06/10

• Freis Discussed Check Fraud

  In a presentation at the Financial Service Centers of America Convention, FinCEN Director Freis discussed the ongoing changes involving the financial service industry and focused on those regarding check fraud. Speech  10/06/10

• Survey of Credit Card Plans Report

  The FRB has issued its six month report of the survey of credit card plans. Survey  10/06/10

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of October 5, 2010. 314(a)  10/06/10

• Term Deposits Auction Results

  The results of auction held on October 4, 2010, of $5 billion in 28-day term deposits has been announced by the FRB. Auction  10/06/10

• TARP Report Released

  The Treasury has released a two-year retrospective report on the Troubled Asset Relief Program (TARP). Summary; Full Report  10/06/10

• Bernanke on Fiscal Sustainability and Rules

  In a presentation at the annual meeting of the Rhode Island Public Expenditure Council, Chairman Bernanke discussed fiscal challenges, the need for fiscal sustainability, and fiscal rules. Speech  10/05/10

• Regulatory Reform Meetings

  The FRB has posted a list of links to minutes of public meetings involving regulatory reforms held from July 23, 2010, to September 14, 2010. Meetings  10/05/10

• Community Directors Workshops

  The OCC has announced the agendas for workshops to be held for community bank directors on November 16-17, 2010, in Pittsburgh. Agendas and Registration  10/05/10

• Joint Agencies Publish Final Rule in FR for Community Reinvestment Act Regulations

  The OCC, FRB, FDIC, and OTS are issuing this joint final rule, which revises our rules implementing the Community Reinvestment Act (CRA). The rule implements the statutory requirement that the Agencies consider low-cost education loans provided by the financial institution to low-income borrowers as a factor when assessing an institution's record of meeting community credit needs. The final rule also incorporates the statutory provision that allows the Agencies to consider capital investment, loan participation, and other ventures undertaken by nonminority-owned and nonwomen-owned financial institutions in cooperation with minority- and women-owned financial institutions and low-income credit unions as a factor when assessing an institution's CRA record. TXT; PDF  10/04/10

• New $100 Bill Delayed

  The previously announced issue date, February 10, 2011, of the new $100 bill has been delayed by the FRB. If you receive a new bill on that date, it a counterfeit. $100  10/04/10

• FSOC First Meeting

  The Financial Stability Oversight Council (FSOC) has held its inaugural meeting. Bylaws and a Transparency Policy were approved; an Advanced Notice of Proposed Rulemaking (ANPR) was issued; notice of its Volker Rule was given and an Integrated Implementation Roadmap was approved. Information regarding these actions has been posted on the new FSOC Web site.
  Web Site  10/04/10

• CDIAC Formed

  The formation of the Community Depository Institutions Advisory Council (CDIAC) has been announced by the Federal Reserve. The CDIAC which replaces the Thrift Institutions Advisory Council will be selected from representatives of banks, thrift institutions, and credit unions. CDIAC  10/04/10

• Exchange Rates Report

  The September 2010 G.5 Foreign Exchange Rates Report has been released.  10/04/10

• Payment System Risk Policy Changes Implementation Date Set

  The Federal Reserve has announced that the implementation date for the changes to the Payment System Risk Policy is March 24, 2011. Changes  10/01/10

• Regulators Testify On Implementing Dodd-Frank

  In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, Chairman Bair, Chairman Bernanke and Acting Comptroller Walsh discussed the actions of their respective agencies regarding implementation of the provisions of the Dodd-Frank Act.
  Bair; Bernanke; Walsh   10/01/10

• Term Deposits Auction

  The Federal Reserve will offer at auction on Monday, October 4, 2010, $5 billion in 28-day term deposits.Auction   10/01/10

• FEDS Working Paper

  A working paper in the Finance and Economics Discussion Series has been published by the FRB on the topic of Flow and Stock Effects of Large-Scale Treasury Purchases.
  Abstract;
  Full Paper   10/01/10

• OFAC designates money laundering cell members

  Treasury has announced the designation of Spanish-Peruvian dual national and his wife, as well as five entities in Spain and Peru, as Specially Designated Narcotics Traffickers (SDNTs). These individuals and entities comprise a Spain-based money laundering cell that moves illicit narcotics proceeds from Europe to Colombia and operates under the direction of Colombian money launderer Isaac Perez Guberek Ravinovicz. Information regarding the new designees has been posted on today's BOL OFAC Update. 10-31-13

• CAP guidance updated

  A Treasury Department press release has announced the issuance of updated and revised technical guidance to implement a key section of President Obama's Climate Action Plan (CAP). This action helps lead global sector public financing towards cleaner energy by ending U.S. support for multilateral development bank (MDB) funding for new overseas coal projects except in narrowly defined circumstances. 10-31-13

• Treasury/IRS offshore tax evasion notice

  The Department of the Treasury and the Internal Revenue Service have announced the issuance of a notice for foreign financial institutions (FFIs) to comply with the information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA). The notice previews proposed guidance and provides a draft agreement for participating FFIs directly engaging in agreements with the IRS and those reporting through a Model 2 intergovernmental agreement (IGA). 10-31-13

• September mortgage rates up

  The Federal Housing Finance Agency (FHFA) has released the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index. For loans closed in late September, the rate was
  4.38 percent. The contract rate on the composite of all mortgage loans was 4.36 percent, up 11 basis points from 4.25 in August. 10-31-13

• Regulators issue 2013 securities classification guidance

  The FRB, FDIC, and OCC have issued their Uniform Agreement on the Classification and Appraisal of Securities Held by Depository Institutions (2013 Securities Classification Guidance). This guidance outlines principles related to the proper classification of securities without relying on ratings issued by nationally recognized statistical rating organizations (external credit ratings) and applies to all institutions supervised by the agencies. 10-31-13

• OCC to host MSAAC meeting

  A news release has announced that the OCC will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Monday, November 18, 2013, in Chicago, Illinois. The meeting is open to the public; notice of intent to attend is requested. 10-31-13

• Deterring Employee Fraud webinar

  The NCUA will host a free webinar, "Deterring Employee Fraud," on Thursday, November 14, 2013, at 2 p.m. ET. The session is free but registration is required. Participants may submit questions in advance. 10-31-13

• Managing Someone Else's Money

  The Bureau has released four Managing Someone Else's Money guides for those called on to manage the finances of someone who is no longer able to do so. The Managing Someone Else's Money guides are for:

  • Agents under powers of attorney
  • Court-appointed guardians
  • Trustees
  • Government fiduciaries (Social Security representative payees and VA fiduciaries)

  Bureau Director Cordray commented on the significance and timeliness of the guides. 10-31-13

• Risk Based Capital Bulletin

  Bulletin 2013-27 has been issued by the OCC announcing the first post in the agency's Guidance on Advanced Approaches series, entitled "Implementing the Supervisory Formula Approach for Securitization Exposures." 10-29-13

• Additional Sandy relief

  HUD has announced the coastal communities devastated by Hurricane Sandy have been allocated a combined $5 billion in additional recovery funds. 10-29-13

• Bureau publishes trial disclosures policy

  The CFPB has published in today's Federal Register its Policy to Encourage Trial Disclosure Programs, designed to carry out authority under section 1032(e) of the Dodd-Frank Act, to provide certain legal protections to companies to conduct trial disclosure programs. The Policy [78 FR 64389] is effective today, October 29, 2013. 10-29-13

• G.17 Report

  The FRB has released the September 2013 G.17 industrial production and capacity utilization report. 10-29-13

• Sending money abroad

  Yesterday, on the effective date of the Regulation E Remittance Transfers Rule, the Bureau issued a news release announcing a new multimedia campaign to inform consumers who send money internationally about the new protections afforded by the rule. 10-29-13

• J.P. Morgan Chase pays $5.1B settlement

  The Federal Housing Finance Agency (FHFA), as conservator of Fannie
  Mae and Freddie Mac, announced a settlement with J.P. Morgan Chase & Co. and related companies for $4 billion to address claims of alleged violations of federal and state securities laws in connection with private-label, residential mortgage-backed securities. An additional $1.1B will be paid to resolve representation and warranty claims with Fannie Mae and Freddie Mac related to single-family mortgage purchases by the two GSEs. 10-28-13

• FDIC enforcement actions

  The FDIC has released a list of 46 administrative enforcement action orders taken against banks and individuals in September 2013. Four civil money penalties totaling $82,265 for Flood Disaster Protection Act violations were included on the list. See the BOL Flood Penalties Watch Page for more information on those orders. 10-28-13

• OFAC Iranian Sanctions CMP

  A $125,000 civil money penalty (CMP) has been paid by a Swedish manufacturer whose American subsidiary shipped pumps to Iran in violation of the OFAC Iranian Transactions and Sanctions Regulations. The violations were not voluntarily self-disclosed to OFAC, which determined the apparent violations did not constitute an egregious case. The base penalty amount for the apparent violations was $500,000. 10-28-13

• FDIC Board meeting notice

  The notice of the October 30, 2013, meeting of the FDIC Board has been posted. 10-28-13

• NCUA approves rules

  The NCUA Board, at its October 24, 2013 open meeting, approved final rules requiring all federally insured credit unions to plan for liquidity events and requiring those same credit unions to electronically file Call Report information with NCUA. A proposed rule was also approved to protect the National Credit Union Share Insurance Fund by requiring annual stress tests at federally insured credit unions with assets exceeding $10 billion. <10-29-13

• Know Before You Owe anniversary

  A Bureau Blog article celebrates the second anniversary of one of the first programs announced by the CFPB, "Know Before You Owe: student loans," a project to help students better understand their education loan options. 10-28-13

• U.S. and Mexican AML/CFT MOU

  FinCEN has announced the first memorandum of understanding (MOU) has been signed between the U.S. and Mexico to exchange financial information to combat drug crime. 10-25-13

• Interagency TDR guidance

  FRB SR-13-17, OCC Bulletin 2013-26 and FDIC FIL-50-2013 have been issued to announce Interagency Supervisory Guidance by the FRB, FDIC, NCUA, and OCC to address certain issues related to the accounting treatment and regulatory credit risk grade or classification of commercial and residential real estate loans that have undergone troubled debt restructurings (TDRs). 10-25-13

• Large institutions liquidity rule proposed

  A rule has been proposed The Federal Reserve Board has announced its approval of a proposed rule to strengthen the liquidity positions of large financial institutions designated by the Financial Stability Oversight Council. Comments on the proposal, which was developed in conjunction with the OCC and FDIC, are due by January 31, 2014. 10-25-13

• FDIC MOU with Chinese bank

  The FDIC has announced the signing of a Memorandum of Understanding (MOU) with the Peoples' Bank of China (PBC) to develop and expand the interaction between the FDIC and the PBC and to demonstrate a shared commitment to cooperation among banking agencies. 10-25-13

• GAO analysis of FHA

  The Government Accountability Office (GAO) has released an analysis of options available to the Federal Housing Administration to improve its long term-viability by adjusting product terms and conditions. 10-25-13

• FTC action stops collection of fake payday debts

  The FTC has announced that the filing of a complaint in U.S. district court has halted an operation based in Atlanta and Cleveland that allegedly used deceptive and threatening tactics to collect phantom payday loan "debts" that consumers either did not owe, or did not owe to the defendants. The complaint alleged the defendants collected and processed millions of dollars in payments for phantom debts using robocalls and voice messages that threatened legal action and arrest if payment were not made. 10-25-13

• Scammers trick-or-treating for your money

  The CFPB has posted an article listing various schemes scammers are using to take victims' money, ways for those targeted to recognize the tricks, and leave the scammers "holding the bag." 10-25-13

• Bureau sues Kentucky law firm

  A complaint has been filed by the CFPB in federal district court against a Kentucky law firm, Borders & Borders, PLC, and its principals, for illegally paying kick backs for real estate settlement referrals through a network of shell companies. 10-25-13

• Standards for assessing diversity policies and practices

  A joint press release has been issued by the six federal financial regulatory agencies announcing a proposal for joint standards for assessing the diversity policies and practices of the institutions they regulate, as required by Section 342 of the Dodd-Frank Act. The proposed standards would include organizational commitment to diversity and inclusion; workforce profile and employment practices; procurement and business practices and supplier diversity; and practices to promote transparency of organizational diversity and inclusion. Comments will be accepted for 60 days from publication in the Federal Register. 10-24-13

• Lew and Cordray remarks to FLEC

  In prepared remarks delivered to members of the Financial Literacy Education Commission, Secretary Lew discussed the importance of promoting higher education to grow the middle class and in turn grow the economy and Director Cordray discussed the costs of higher education and ways to help students develop financial skills. 10-24-13

• FHFA House Price Index rises

  The Federal Housing Finance Agency (FHFA) has released its August 2013 Housing Price Index, which was up 0.3 percent on a seasonally adjusted basis from that of July 2013. 10-24-13

• Regulators issue QM fair lending risk guidance

  The FRB, CFPB, FDIC, NCUA and OCC have issued a joint release announcing an Interagency Statement on Fair Lending Compliance and the Ability-to-Repay and Qualified Mortgage Standards Rule. The Agencies state they "do not anticipate that a creditor's decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution's fair lending risk." 10-23-13

• Bureau publishes interim final rule

  The interim final rule amending Regulations X and Z that the Bureau announced on October 15, 2013, has been published [78 FR 62993] by the CFPB in today's Federal Register. Comments on the rule are due by November 22, 2013. See our October 16, 2013, Top Stories for additional information. 10-23-13

• NMLS renewal webinars

  The NMLS has announced that two renewal webinars for federally-registered institutions will be held on October 25 and November 22, 2013. Each session will cover the renewal process, requirements, and an overview and demonstration of enhancements to the NMLS's renewal functionality. 10-23-13

• FRB to hold Town Halls

  The Federal Reserve Banks will host six "Payment System Improvement Town Halls" during November 2013 in various locations. The meetings will provide an opportunity for participants to learn more about the recently released payment system improvement paper and discuss their views on the topic. Advance registration is required. 10-23-13

• Diebold pays $48M to settle FCPA charges

  The SEC has charged Diebold Inc., an Ohio-based manufacturer of ATMs and bank security systems, with violating the Foreign Corrupt Practices Act by bribing officials at government-owned banks with pleasure trips in order to illicitly win business. The charges allege that Diebold subsidiaries in China and Indonesia spent approximately $1.8 million on travel, entertainment, and other improper gifts for senior officials with the ability to influence the banks' purchasing decisions. Diebold has agreed to pay more than $48 million to settle the SEC's charges and related criminal charges by the Justice Department. 10-23-13

• Bureau announces new eRegulations tool

  The CFPB has announced the availability of a new open-source tool, eRegulations, designed to help make consumer protection regulations easier to understand. The first regulation available in eRegulations is Regulation E, 12 CFR Part 1005. 10-23-13

• NCUA Board agenda revised

  The agenda for the October 24, 2013, meeting of the NCUA Board has been revised. 10-23-13

• August TIC Data

  The Department of the Treasury has released the April 2013 Treasury International Capital Data report. 10-23-13

• OFAC assesses $1.5M penalty

  A United Arab Emirates-based investment and advising company has been assessed a $1.5M penalty by OFAC for violations of the Iranian Transactions and Sanctions Regulations. OFAC determined the company did not voluntarily self-disclose the violations that constituted an egregious case and assessed the base penalty of $1.5M. 10-22-13

• FDIC reminder on Flood Act rule proposal

  FDIC FIL-48-2013 has been issued by the FDIC to remind financial institutions of a previously announced joint notice of proposed rulemaking to implement provisions of the Biggert-Walters Flood Insurance Reform Act of 2012. Information regarding the joint notice was posted in the October 10, 2013, BOL Top Stories. 10-22-13

• Daylight overdraft data

  The Federal Reserve Board has released the First Quarter 2013 Daylight Overdraft data tables. The data are provided as part of the Fed's ongoing monitoring of payment system risk. 10-22-13

• Annual stress-test template and documentation

  The FDIC has posted FIL-49-2013 to describe the reports and information required to meet the reporting requirements under Section 165(i)(2) of the Dodd-Frank Act for covered banks with total consolidated assets between $10 billion and $50 billion. 10-22-13

• The NCUA Report

  The October 2013 issue of The NCUA Report has been posted. 10-22-13

• Cordray on how to spur economic recovery

  In prepared remarks for the American Bankers Association Annual Convention in New Orleans, CFPB Director Cordray discussed ways to spur economic recovery. 10-22-13

• OCC enforcement actions

  A list of recent enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations has been released by the OCC. Included in the actions was the assessment of a $1,925.00 civil money penalty against an Indiana bank for Flood Act violations. That Order has been posted on the BOL Flood Penalties Watch Page. 10-21-13

• Lew on lessons learned

  Treasury has posted an op-ed article by Secretary Lew to be published in the October 21, 2013, edition of The International New York Times. "Lessons From a Crisis" discusses the importance of putting an end to governing by crisis and focusing on accelerating economic growth and job creation. 10-21-13

• New number for NMLS

  A new toll-free number has been announced for the NMLS Call Center. 10-21-13

• Curry on role of housing counselors

  In a speech at the 10th Anniversary Economic Development and Empowerment conference hosted by National Asian American Coalition in San Diego, Comptroller of the Currency Curry discussed the important role housing counselors play in providing prospective home buyers with the knowledge they need to make sound financial decisions in purchasing and maintaining a home. 10-21-13

• FATF reports

  The Financial Action Task Force (FATF) has issued a public statement and a report on its on-going process for improving global anti-money laundering and combating the financing of terrorism (AML/CFT). The inter-governmental body, whose objectives are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system, also announced the outcomes of its October plenary meeting in Paris. 10-21-13

• Fed issues AML/BSA Consent C&D order

  The Federal Reserve Board has announced it has issued a Consent Cease and Desist (C&D) Order against Commerzbank AG, Frankfurt am Main, Germany, which operates a branch in New York City. The C&D requires the branch to improve compliance with applicable federal and state laws, rules, and regulations relating to anti-money laundering and the Bank Secrecy Act, and to maintain an adequate BSA/AML compliance program regarding its bulk cash transactions business line. The order augments, rather than replaces, a 2012 Written Agreement with Commerzbank AG, which also focused on BSA/AML compliance concerns. 10-18-13

• NCUA Board meeting agenda

  The agenda for the October 24, 2013, meeting of the NCUA Board has been posted. 10-18-13

• Board publishes proposed changes to card collection survey

  The Federal Reserve Board has published in today's Federal Register a proposal to revise its Debit Card Issuer Survey format and instructions. Comments on the proposal will be accepted through December 17, 2013. 10-18-13

• November 2013 HOEPA rates set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in November 2013 will be subject to HOEPA (Regulation Z § 32) under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release that lists the Treasury security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. 10-17-13

• Enforcement actions amended

  The OCC and FRB have jointly announced amendments to their enforcement actions against EverBank and EverBank Financial Corp. The amendments memorialize an agreement announced in August requiring the bank to pay approximately $37 million to more than 32,000 eligible mortgage borrowers affected by unsafe and unsound practices in mortgage loan servicing and foreclosure processing. 10-17-13

• Beige Book

  The October 16, 2013, issue of the Federal Reserve's Beige Book has been published. Published eight times a year, the Beige Book is a collection of anecdotal information on current economic conditions in each of the Federal Reserve System's 12 districts, based on reports from Federal Reserve Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. 10-17-13

• OCC workshops in San Antonio

  The OCC will host two workshops in San Antonio, Texas, on November 19–20, 2013, for directors of national community banks and federal savings associations. The "Compliance Risk: What Directors Need to Know" and "Credit Risk: A Director's Focus" workshops are designed exclusively for directors of institutions supervised by the OCC. Click here for registration information. 10-17-13

• Bureau Student Loan Ombudsman annual report

  The CFPB has posted a Blog article and issued a news release announcing the availability of the annual report of the CFPB Student Loan Ombudsman, which describes how the payment processing policies of private student lenders and loan servicers may be sidetracking responsible borrowers who want to pay off their loans more quickly. 10-17-13

• Enhancements to BankersOnline's Alphabet Soup Regs

  If you haven't visited BOL's Alphabet Soup copies of Regulation X and Z lately, take a look when you have a moment. We've been continuing our effort to keep current the Alphabet Soup Bureau regulations affected by the thousands of pages of rules that the CFPB has been issuing, and we're pleased to say we've got both the September 13 final rule (published in the Federal Register on October 1), and the October 15 interim final rule (announced in our October 16 Daily Compliance Briefing and Top Stories)—and all the earlier changes—posted. For the two most recent rules, we left wording in place (but lined-out) that was removed or replaced by the two new rules, and color-coded the new wording (green for text from the September 13 rule; purple for text from the October 15 rule). And after we struggled scrolling up and down in the longer sections of the regulations, we added a list of key in-page links at the top of several of the longer Regulation Z sections, such as §§ 1026.20, 1026.32, 1026.34, and 1026.36. One of the sections (1026.36) has become so long that we even added links to the commentary related to the key sections in our in-page list. We think these links are a big help in navigating around on the more complex pages. We hope you will, too. 10-17-13

• Bureau updates mortgage servicing rules again

  The CFPB has announced its issuance of Bulletin 2013-12, "Implementation Guidance for Certain Mortgage Servicing Rules," to be followed by servicers in their implementation of the 2013 RESPA and TILA final mortgage servicing rules that become effective January 10, 2014. Specifically, the Bulletin provides guidance on—

  • Policies and procedures servicers must maintain regarding the identification of and communication with any successor in interest of a deceased borrower with respect to the property secured by the deceased borrower's mortgage loan.
  • Communication with borrowers under the Early Intervention Rule.
  • Servicers' obligation to provide certain notices/communications to borrowers who have exercised their right under the Fair Debt Collection Practices Act (FDCPA) barring debt collectors from communicating with them.

  The Bureau has also issued a new interim final rule which, in addition to addressing the above concerns, also clarifies regulations issued by the Bureau in January to implement a provision of the Dodd-Frank Act that requires consumers to receive housing counseling before taking out a high-cost mortgage. The rule specifies which federally required disclosure must be used as the basis for counseling for a small subset of closed-end loans that are not subject to RESPA. Comments on the interim rule will be due within 30 days of publication in the Federal Register. 10-16-13

• FRB enforcement actions

  The Federal Reserve Board has announced the following enforcement actions:

  • $2,565 civil money penalty assessed against Highlands Community Bank, Covington, Virginia, for violations of Regulation H and the National Flood Insurance Act
  • $4,560 civil money penalty assessed against New Peoples Bank, Honaker, Virginia, also for flood violations
  • a Written Agreement executed with North Georgia Community Financial Partners, Inc., Calhoun, Georgia

  10-16-13

• Discount rate meetings minutes

  The minutes of the discount rate meetings from August 12–September 16, 2013, have been released by the Federal Reserve Board. 10-16-13

• FedFlash released

  The October 2013 issue of FedFlash has been posted by Federal Reserve Bank Services. It features updates to Operating Circular 4 and FedLine Advantage access solution Security and Control Procedures, a new webinar regarding Account Information Services Data File Changes, and holiday currency information. 10-16-13

• NCUA training programs video

  A new video, "March in Double Time with OSCUI," which highlights the training programs available to small and low-income credit unions, has been released by the NCUA. 10-16-13

• FHA asks lenders to be sensitive during shutdown

  HUD has issued a press release on an announcement from the FHA calling on all approved mortgagees and lenders to be sensitive to the financial hardships faced by borrowers as a result of the shutdown, including those borrowers subject to furlough, layoff, or a reduction in income related to the shutdown. 10-15-13

• FDIC strategy for resolution of large institutions

  In a presentation to the Volcker Alliance Program in Washington, D.C., FDIC Chairman Gruenberg discussed the development of his agency's strategy under the Dodd-Frank Act for the resolution of large, systemically important financial institutions, including the progress made internationally. 10-15-13

• $160M CMP for residential mortgage practices

  The Federal Reserve Board has announced that an agreement has been reached in principle with SunTrust Banks, Inc., and certain of its subsidiaries regarding the issuance of $160 million in monetary sanctions for unsafe and unsound processes and practices in residential mortgage loan servicing and foreclosure processing. Under the agreement in principle, SunTrust must pay to the Federal Reserve the amount of the sanction not spent by SunTrust within two years of December 31, 2013, in providing borrower assistance or remediation in compliance with the settlement with the Department of Justice, or on a program, acceptable to the Federal Reserve, to provide funding for nonprofit housing counseling organizations for counseling to borrowers who are facing default or foreclosure. 10-11-13

• Regulatory capital rules revisions published

  The OCC and FRB have published in today's Federal Register a final rule that revises their risk-based and leverage capital requirements for banking organizations. The final rule consolidates three separate notices of proposed rulemaking that the OCC, Board, and FDIC published in the Federal Register on August 30, 2012, with selected changes. The final rule implements a revised definition of regulatory capital, a new common equity tier 1 minimum capital requirement, a higher minimum tier 1 capital requirement, and, for banking organizations subject to the advanced approaches risk-based capital rules, a supplementary leverage ratio that incorporates a broader set of exposures in the denominator. Effective dates: January 1, 2014, except that the amendments to Appendixes A, B and E to 12 CFR Part 208, 12 CFR 225.1, and Appendixes D and E to Part 225 are effective January 1, 2015, and the amendment to Appendix A to 12 CFR Part 225 is effective January 1, 2019. Mandatory compliance date: January 1, 2014 for advanced approaches banking organizations that are not savings and loan holding companies; January 1, 2015 for all other covered banking organizations. 10-11-13

• Warning about increase in D&O liability policies exclusions

  FIL-47-2013 has been issued by the FDIC regarding an increase in exclusionary terms or provisions in director and officer liability insurance policies purchased by financial institutions. Accompanying that information is a reminder that an insured depository institution or depository institution holding company may not purchase an insurance policy that would indemnify institution-affiliated parties for civil money penalties assessed against them. 10-11-13

• Lew testifies on debt limit

  Treasury Secretary Lew testified before the Senate Finance Committee on the debt limit. 10-11-13

• National shared credit risk unchanged

  A joint press release by the FRB, FDIC and OCC has announced that the credit quality of large loan commitments owned by U.S. banking organizations, foreign banking organizations (FBOs), and nonbanks was relatively unchanged in 2013 from 2012. 10-11-13

• NCUA updates Spanish version of websites

  The NCUA has announced the release of updated Spanish versions of the agency's popular consumer website, MyCreditUnion.gov, and its financial literacy microsite, Pocket Cents. 10-11-13

• First new FCU charter of 2013

  An NCUA news release has announced the approval of the first new federal credit union charter of 2013. Northern Eagle Federal Credit Union, a multiple common-bond credit union, will serve the members or employees of the Bois Forte Band of Chippewa, along with employees of related select occupational groups. 10-11-13

• Ask CFPB posts 1,000th Q&A

  The Bureau has announced that its Ask CFPB database now contains 1,000 Q&As and has been visited by more than 987,000 people. 10-11-13

• Bureau orders HMDA penalties

  The CFPB has announced it has ordered Mortgage Master, Inc., a nonbank lender headquartered in Walpole, Massachusetts, and Washington Federal, NA, a $13 billion bank in Seattle, Washington, to pay civil penalties of $425,000 and $34,000, respectively, to correct and resubmit their 2011 HMDA data, and develop and implement effective HMDA compliance management systems to prevent future violations. According to the Bureau, Mortgage Master had significant data errors in over 21,000 of the HMDA LAR records in its 2011 data submission. It had previously been assessed a $25,000 administrative penalty by the Massachusetts Division of Banks for errors in HMDA filings of 2007 activity. Washington Federal had over 5,700 significant errors in its submissions for 2011. The agency also issued CFPB Bulletin 2013-11 on the importance of accurate HMDA data and effective HMDA compliance management systems, along with the CFPB's HMDA Resubmission Schedule and Guidelines. For more information, and links to the two Civil Penalty Consent Orders, see the BOL HMDA Civil Money Penalties List. 10-10-13

• Agencies to propose Biggert-Waters flood rule changes

  The FDIC Board has approved a joint notice of proposed rulemaking to be issued by the OCC, FRB, FDIC, Farm Credit Administration, and NCUA to implement certain aspects of the Biggert-Waters Flood Insurance Reform Act of 2012, by amending the agencies' regulations on loans in areas having special flood hazards. Key proposed changes would be a requirement (with certain exemptions) for escrowing of flood insurance premiums, provisions for acceptance of private flood coverage, and changes to rules on force-placement. Comments on the proposal are due by December 9, 2013. [Note: Publication of the proposal in the Federal Register, and the deadline for comments, may be affected by the current government shutdown.] 10-10-13

• Yellen nominated

  The White House has announced President Obama's nomination of Dr. Janet Yellen to succeed Ben Bernanke as Chairman of the Federal Reserve Board. Dr. Yellen currently serves as Vice Chairman. [Statement by Dr. Yellen; Statement by Chairman Bernanke] 10-10-13

• Regulators urge working with those affected by shutdown

  The federal financial institution regulators have issued a joint press release encouraging financial institutions to work with customers affected by the federal government shutdown. 10-10-13

• FOMC Minutes

  The minutes of the September 17–18, 2013, meeting of the Federal Open Market Committee (FOMC) have been released. 10-10-13

• Wire transfer ERI

  Federal Reserve Financial Services has posted "Wire Transfer Extended Remittance Information (ERI) Solutions for Businesses," a document that can be shared with corporate customers to help them on their paths to streamlined accounts receivable reconciliation and end-to-end, straight-through processing. 10-10-13

• Managing Market Risk

  FIL-46-2013 has been issued by the FDIC to re-emphasize the importance of prudent interest rate risk oversight and risk management processes to ensure FDIC-supervised institutions are prepared for a period of rising interest rates. 10-09-13

• Fed to update compliance exams

  In a speech at the recent Federal Reserve/Conference of State Bank Supervisors Community Banking Research Conference in St. Louis, Federal Reserve Governor Jerome Powell mentioned that the Federal Reserve has undertaken a review of its consumer compliance supervision program for community banks. He said that although examiners have traditionally applied a risk-driven approach to supervision, the Fed recognized a need to provide more specific guidance to examiners. He said that starting in 2014 FRB examiners will base exam intensity more explicitly on an individual bank's risk profile, including its compliance culture and how effectively it identified and manages consumer compliance risk. 10-09-13

• Redesigned $100 note issued

  The Federal Reserve Board has announced the issuance of the redesigned $100 note. 10-09-13

• Financial Holding Companies list updated

  The list of bank holding companies that have as of October 8, 2013, elected to become or be treated as financial holding companies has been released by the FRB. 10-09-13

• Second Call Report update

  Just as it has typically done in the past, the FDIC has issued a second FIL on completion of the Call Report for the most recent quarter. FIL-45-2013 notes that institutions are not required to report any new data for the quarter ended September 30, 2013, and that a updated instruction book is available online. 10-09-13

• Federal Register watch

  In spite of the ongoing government shutdown, BankersOnline continues its daily review of the Federal Register. Of course, that task is made much simpler these days, given the lack of grist for the mill, as it were. Today's slimmed-down issue of the "Daily Journal of the United States Government" has but six pages and comprises five notices from the Federal Energy Regulatory Commission and one Change in Bank Control Notice from the Federal Reserve System. 10-09-13

• Fannie and Freddie establish LLC

  The Federal Housing Finance Agency (FHFA) has announced a joint venture between Fannie Mae and Freddie Mac that will build and operate a new common securitization platform. Also announced was the formation of Common Securitization Solutions, LLC, an equally-owned subsidiary of Fannie Mae and Freddie Mac, which is an important step in creating the joint venture. 10-08-13

• Additions to OFAC List

  OFAC has made two additions to its SDN List. BOL's October 7, 2013, OFAC Update has details on the listing. 10-08-13

• Fanny and Freddie delinquencies decline

  An FHFA news release has announced the completion of more than 2.9 million foreclosure prevention actions since the start of conservatorship of Fannie Mae and Freddie Mac in 2008. The number of delinquent loans dropped nationally in the second quarter. The results are detailed in the Federal Housing Finance Agency's second quarter 2013 Foreclosure Prevention Report (also known as the Federal Property Manager's Report). 10-08-13

• Updates to FedACH circular

  Federal Reserve Financial Services has announced it will implement updates to FedACH Operating Circular 4 (OC4), Automated Clearing House Items, on November 4, 2013. The updated OC4 and a summary of changes have been posted. 10-08-13

• Windows XP operating issues alert

  The FFIEC has issued an alert to financial institutions that Microsoft's scheduled April 8, 2014, discontinuation of support (also known as end of life) for the Windows XP operating system (XP) could present operational risks to financial institutions, technology service providers (TSP), and to activities supported by other third parties. 10-08-13

• Third Quarter Call Report

  FDIC FIL-44-2013 has been issued with attached materials pertaining to the Consolidated Reports of Condition and Income (Call Report) for the September 30, 2013, report date. 10-08-13

• G.19 Consumer Credit report

  The August 2013 G.19 Consumer Credit report has been released by the Federal Reserve Board. Consumer credit increased at an annual rate of 5½ percent in August. Revolving credit decreased at an annual rate of 1¼ percent, while nonrevolving credit increased at an annual rate of 8 percent. 10-08-13

• Treasury TARP auction

  The Department of the Treasury has announced its intention to sell preferred stock CPP investments in eight institutions. The auctions, which will be offered principally to domestic qualified institutional buyers and certain domestic institutional accredited investors, will commence on or about October 7, 2013. The auctions are expected to close at 6:00 pm, New York City time, on October 10, 2013. 10-07-13

• FAC meeting records

  The record of the September 20, 2013, meeting of the Federal Advisory Council (FAC) have been released by the Federal Reserve Board. 10-07-13

• Curry discusses issues facing minority-owned depository institutions

  In a presentation at the National Bankers Association Conference in Atlanta, Comptroller Curry reviewed the history of the Office of the Comptroller of the Currency, its relationship with the association, and the issues facing the association's members. 10-07-13

• CRA ratings

  The FDIC has released the ratings received by insured institutions that were recently examined for compliance with CRA. The majority received a satisfactory rating with two receiving outstanding and one needs to improve. 10-07-13

• NCUA 2014 board meeting schedule

  The schedule for the 2014 meetings of the NCUA Board of Directors has been released. 10-07-13

• CFPB looking for financial education research partners

  The Bureau has announced it is seeking educational organizations, businesses, and other innovators to work with the agency to research approaches for helping consumers overcome common financial challenges. 10-07-13

• Bureau introduces trial disclosure policy

  The CFPB has announced a new trial disclosure policy, which allows applications for waivers to test potential disclosure improvements on a trial basis. 10-04-13

• CFPB issues $1.376M CMP

  A Bureau news release has announced an enforcement action against Meracord LLC, a leading debt-settlement payment processor, for allegedly helping others to collect millions of dollars in illegal up-front fees from consumers. A consent order requiring the processor to halt all illegal activities and pay a $1.376M civil money penalty (CMP) has been submitted for federal court approval. 10-04-13

• Debt ceiling report

  Treasury has announced the release of a report on the potential macroeconomic effects of debt ceiling brinksmanship. The report states that a default would be unprecedented and has the potential to be catastrophic—credit markets could freeze, the value of the dollar could plummet, and U.S. interest rates could skyrocket, potentially resulting in a financial crisis and recession that could echo the events of 2008 or worse. 10-04-13

• NMLS system upgrade

  The NMLS has announced it will undergo system maintenance on Friday, October 18, starting at 9:00 pm ET. The system will be unavailable until the upgrade is complete, which is expected to be Saturday afternoon, October 19. [Overview of changes] 10-04-13

• Second submission of resolution plans released

  The Federal Reserve Board and the FDIC have announced the release of the public sections of the recently filed annual resolution plans for eleven firms. Each plan must describe the company's strategy for rapid and orderly resolution in the event of material financial distress or failure of the company. 10-04-13

• SCOOS report

  The September 2013 Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS) has been released by the FRB. 10-04-13

• Fed adds new return deadline

  Federal Reserve Financial Services has announced their addition of a new FedReturn image cash letter deposit deadline to provide paying banks an opportunity to return unpaid items one day earlier. The new schedule will be effective beginning January 2, 2014. 10-04-13

• Bureau holds another credit card event

  The CFPB Blog announced the agency's scheduled field hearing on credit cards was held in Chicago. Director Cordray presented remarks and testimony was receive from various interest groups. 10-03-13

• FTC shutdown information

  The Federal Trade Commission has posted information on its activities during the government shutdown. The Premerger Notification Office will accept HSR filings. Consumers may file FOIA requests, but they will not be processed. Consumer complaints cannot be filed. Workshops, roundtables, hearings and conferences are postponed. 10-03-13

• FFIEC supports Cybersecurity Awareness Month

  A press release from the Federal Financial Institutions Examination Council announces FFIEC support of Cybersecurity Awareness Month. 10-03-13

• SEC awards $14M to whistleblower.

  The largest whistleblower award by the Securities and Exchange Commission to date has been given for information that led to an SEC enforcement action that recovered substantial investor funds. Payments to whistleblowers are made from a separate fund previously established by the Dodd-Frank Act and do not come from the agency's annual appropriations or reduce amounts paid to harmed investors. 10-02-13

• NCUA C&D Order

  A cease and desist (C&D) order has been issued by NCUA to Bagumbayan Credit Union of Chicago. The credit union apparently allowed outsiders—individuals who were not officials of the credit union—to participate in the governance of the institution, serve on committees and conduct managerial functions. It also appears that the outsider management of the credit union was planning to start a money remittance service without a detailed business plan or regard for compliance with BSA/AML laws and regulations, and to become involved in other business ventures without adequate business planning or risk analysis. 10-02-13

• Fed to host Fair Lending session

  The Federal Reserve Board has announced it will host an Interagency Fair Lending Hot Topics discussion in an Outlook Live webinar on Thursday, October 24, 2013, at 2 p.m. ET. 10-02-13

• Foreign Exchange Rates report

  The G.5 Foreign Exchange Rates report for September 2013 has been released by the Federal Reserve Board. 10-02-13

• Written Agreement executed

  The Fed has announced the execution of a Written Agreement with Trinity Capital Corporation, Los Alamos, New Mexico. 10-02-13

• Midwestern community banks performance improves

  The Office of the Comptroller of the Currency has reported that national banks and federal savings associations located in nine Midwestern and upper Midwestern states continue to report better earnings compared with 2012 as a result of improving credit quality. Individual state performance can be seen on the OCC's Central District Fact Sheets. 10-02-13

• FDIC Board meeting notice

  The Notice of the October 8, 2013, open meeting of the FDIC Board of Directors has been posted. 10-02-13

• Bureau credit card field hearing today

  The CFPB Blog includes an invitation to the agency's Chicago field hearing on credit cards, beginning at 11 a.m. Central Time. The event will be webcast. 10-02-13

• Credit CARD Act report

  The Bureau has released a report detailing how the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) reduced penalty fees and made the cost of credit cards clearer to consumers. The report found that total cost of credit declined by two percentage points between 2008 and 2012 but that there are still areas of concern in the credit card market. According to the report, the Bureau remains concerned about card add-on products, fee harvester cards (which require the payment of substantial fees prior to account opening), deferred interest products, and certain aspects of disclosures. In particular, the CFPB expressed concerns about online disclosures, and disclosures about rewards programs and grace periods. 10-02-13

• Bureau final rule published

  The Bureau has published in today's Federal Register its previously-announced final rule amending Regulations B, X and Z to —

  • expand loss mitigation procedures under Regulation X
  • clarify amounts counted as loan originator compensation to retailers of manufactured homes and their employees for applying points and fees thresholds under HOEPA and the ATR rules
  • expand the exemptions available to creditors operating primarily in rural or underserved areas for various purposes under mortgage regulations
  • clarify the application of compensation rules to bank tellers and similar staff
  • adjust the prohibition on creditor-financed credit insurance
  • change the effective dates for portions of the loan originator compensation rules

  This latest in a series of final rules [78 FR 60381] also made technical and wording changes to all three regulations.
  10-01-13

• FDIC CMPs

  The FDIC has announced the issuance of a $900 civil money penalty (CMP) for a violation of the Flood Act. The details are posted on the BOL Flood Penalties Watch Page. In addition, three Reg B CMPs totaling $47,000 were announced, all related to loan pricing for Hispanic borrowers. The CMPs were listed in the August 2013 Enforcement Decisions and Orders released by the FDIC. 10-01-13

• HUD publishes QM proposal for insured and guaranteed loans

  HUD has announced its Federal Register publication of a proposed rule to define a "Qualified Mortgage (QM)" that would be insured, guaranteed or administered by HUD, including single-family forward mortgages insured by the Federal Housing Administration (FHA). Once the rule is finalized and implemented, loans conforming to the HUD QM standards would be QMs under Regulation Z's Ability-to-Repay requirements. The HUD announcement noted there is an error in the proposal as published, and provided a link to the corrected proposal. Comments are due by October 30, 2013. 10-01-13

• Kingpin Act designations

  OFAC has announced the designation of two family members and one entity linked to Juan Jose Esparragoza Moreno (a.k.a. El Azul), a leader of Mexico's Sinaloa Cartel. Their names have been added to the SDN List with the SDNTK designation. See the BOL OFAC Update Page for the listings additions.
  10-01-13

• NMLS to remain operational

  The NMLS has announced it will remain operational and the Call Center and test centers will remain open in the event of a shutdown of the Federal government. 10-01-13

• Treasury OFR Asset Management industry report

  The Treasury Office of Financial Research (OFR) has delivered a report to the Financial Stability Oversight Council (Council) on ways that activities in the asset management industry might create, amplify, or transmit stress through the financial system and pose risks to the financial stability of the United States. 10-01-13

• FinCEN BSA e-filers update

  FinCEN has issued a notice to BSA e-filers on an updated report of foreign bank and financial accounts (FBAR), batch capability, and website. 10-01-13

• Prohibition Orders

  The NCUA has announced the issuance of two orders prohibiting the named individuals from participating in the affairs of any federally insured financial institution. 10-01-13

• FTC sends refunds

  The FTC has announced the sending of refunds to consumers harmed by robocallers who claimed to reduce credit card interest rates and a credit card scam. 10-01-13

• CFPB banking on campus forum

  The Bureau's Blog provides a report on the forum hosted yesterday by the Bureau to discuss financial products and services marketed to college students. The presentation included information provided to the Bureau by students, schools, and financial institutions regarding student checking accounts, debit cards, and other financial products. 10-01-13

• FDIC Publishes Final Rule in Fr for Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets

  The Federal Deposit Insurance Corporation has adopted an amended regulation regarding the treatment by the FDIC, as receiver or conservator of an insured depository institution, of financial assets transferred by the institution in connection with a securitization or a participation. The Rule continues the safe harbor for financial assets transferred in connection with securitizations and participations in which the financial assets were transferred in compliance with the existing regulation. The Rule also imposes further conditions for a safe harbor for securitizations or participations issued after a transition period. TXT; PDF  9/30/10

• FDIC Proposes Rulemaking for Deposit Insurance Regulations: Unlimited Coverage for Noninterest-Bearing Transaction Accounts

  The FDIC is proposing to amend its regulations to implement section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, providing for unlimited deposit insurance for "noninterest-bearing transaction accounts" for two years starting December 31, 2010. This unlimited coverage for "noninterest-bearing transaction accounts"' is similar but not identical to the protection provided for such account owners under the FDIC's Transaction Account Guarantee Program. The proposed rule serves as a vehicle for the FDIC Board of Directors to announce that it will not extend the TAGP beyond the scheduled expiration date of December 31, 2010. TXT; PDF  9/30/10

• FinCEN Proposes Rulemaking for Cross-Border Electronic Transmittals of Funds

  FinCEN, to further its efforts against money laundering and terrorist financing, is proposing to issue regulations that would require certain banks and money transmitters to report to FinCEN transmittal orders associated with certain cross-border electronic transmittals of funds (CBETFs). FinCEN is also proposing to require an annual filing
  with FinCEN by all banks of a list of taxpayer identification numbers of accountholders who transmitted or received a CBETF. TXT; PDF  9/30/10

• Prohibition Orders Issued

  NCUA has issued orders prohibiting two individuals from participating in the affairs of any federally insured financial institution. Orders  9/30/10

• Community Bank Directors Workshops Scheduled

  The OCC will host workshops in San Diego on November 2-4 for directors of nationally chartered community banks. Online registration is available. Workshops; Registration  9/30/10

• OFAC Additions, Deletions and Changes

  An Executive Order that imposes sanctions on Iranian officials determined to be responsible for or complicit in serious human rights abuses involving Iran has been signed by the President and the names of the officials have been added to the OFAC SDN List. A Fact Sheet has been issued, and Secretary Geithner has issued a statement on the Executive Order. In addition, other names have been deleted and changes have been made to existing entries. Information regarding the additions, deletions and changes has been posted on the OFAC page. Fact Sheet; Geithner Statement  9/30/10

• New Electronic Interpretations and Actions

  The OCC has announced the September 2010 New Electronic Interpretations and Actions. New Electronic  9/30/10

• HEOA CRA Final Rule

  The federal financial institution regulatory agencies have announced a final Community Reinvestment Act (CRA) rule to implement provisions of the Higher Education Opportunity Act (HEOA). Final Rule; FRB NR; FDIC PR; OCC NR; OTS PR  9/30/10

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement by and between First Heritage Corporation, Carthage, MS, a registered bank holding company, and the Federal Reserve Bank of Atlanta. Agreement  9/30/10

• Bernanke on Regulatory Reform

  In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, Chairman Bernanke discussed the implementation of the Dodd-Frank Act including the new responsibilities given the Federal Reserve. Testimony  9/30/10

• Citigroup TRUPS Public Offering

  The Treasury has announced that it will sell trust preferred securities (TRUPS) received from Citigroup pursuant to the Asset Guarantee Program. Offering  9/30/10

• Severe Weather Relief Guidance

  The FDIC has issued a FIL with guidance to provide regulatory relief to financial institutions and facilitate recovery in areas of South Dakota affected by severe storms and flooding. FIL; Guidance  9/29/10

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position report with data current as of September 24, 2010. Report  9/29/10

• Shared National Credit Portfolio Improved

  The federal financial regulators have released the 2010 Shared National Credits Review, which indicates that the credit quality of large loan commitments remained weak, but improved from 2009. Review; FRB PR; FDIC PR; OCC NR; OTS NR  9/29/10

• Financial Reporting Bulletin

  The September 2010 Financial Reporting Bulletin has been issued by the OTS. Bulletin  9/29/10

• NPRN Requires Reports of CBETF

  The FinCEN has submitted a notice of proposed rulemaking (NPRM) in the Federal Register that would require certain depository institutions and money services businesses to affirmatively provide records to FinCEN of certain cross-border electronic transmittals of funds (CBETF). FinCEN NR  9/28/10

• Written Agreement

  The FRB has the announced the execution of a Written Agreement by and between Monarch Community Bancorp, Inc., Coldwater, MI, a registered bank holding company, and the Federal Reserve Bank of Chicago. Agreement  9/28/10

• Unlimited Deposit Insurance FIL

  A FIL has been issued by the FDIC regarding the issuance of a proposed rule to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide depositors at all FDIC-insured institutions unlimited deposit insurance coverage on noninterest-bearing transaction accounts beginning December 31, 2010 through December 31, 2012. FIL; Proposed Rule  9/28/10

• Securitizations Safe Harbor Final Rule

  The FDIC has approved a Final Rule to extend the Safe Harbor Protection for treatment by the FDIC as Conservator or Receiver of financial assets transferred by an insured depository institution in connection with a securitization or participation through December 31, 2010. Final Rule  9/28/10

• Community Banks Financing Small Business Exporters Seminar

  The OCC will host a Web and telephone seminar on ways community banks can finance small business exporters, on October 13, 2010. Seminar; Registration  9/28/10

• DSR and FOR Ratios

  The FRB has released the Second Quarter 2010 Household Debt Service Ratio (DSR) and Financial Obligations Ratio (FOR) report. Report  9/28/10

• Trading Revenue Report

  The Second Quarter 2010 Trading Revenue Report on Bank Trading and Derivatives Activities has been released by the OCC. Report  9/28/10

• NCUA Adopts Reforms

  The NCUA has assumed control of three undercapitalized corporate credit unions, announced a plan to isolate the impaired assets in the corporate credit union system, and finalized a set of stronger regulations. Reforms  9/27/10

• RESPA Roundup

  The September 2010 issue of RESPA Roundup has been posted by HUD. Roundup  9/27/10

• Mortgage Metrics Report Released

  The OCC and OTS have released the Second Quarter 2010 Mortgage Metrics Report. OCC NR; OTS NR; Report  9/27/10

• Bernanke Discusses Financial Crisis Implications

  At a conference co-sponsored by the Center for Economic Policy Studies and the Bendheim Center for Finance at Princeton University, Chairman Bernanke discussed the implications of the financial crisis for economics. Speech  9/27/10

• Written Agreement Executed

  A Written Agreement has been executed by and among Miners and Merchants Bancorp, Inc., Grundy, VA, a registered bank holding company, TruPoint Bank, Grundy, VA, a state-chartered member bank, and the Federal Reserve Bank of Richmond. Agreement  9/24/10

• FRB Publishes Final, Interim and Proposed Rules in FR

      Proposed Rulemaking

  1. Truth in Lending

     - The Board is publishing for comment a proposed rule to amend
     Regulation Z, which implements the Truth in Lending Act (TILA). The proposed rule would implement Section 1461 of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1461 amends TILA to provide a separate, higher threshold for determining coverage of the Board's escrow requirement applicable to higher-priced
     mortgage loans, for loans that exceed the maximum principal balance eligible for sale to Freddie Mac. TXT; PDF  9/24/10

  2. Truth in Lending

     - The Board proposes to amend Regulation Z, which implements the
     Truth in Lending Act (TILA), and the staff commentary to the regulation, as part of a comprehensive review of TILA's rules for home-secured credit. This proposal would revise the rules for the consumer's right to rescind certain open-end and closed-end loan secured by the consumer's principal dwelling. In addition, the proposal contains revisions to the rules for determining when a modification of an existing closed-end mortgage loan secured by real property or a dwelling is a new transaction requiring new disclosures. The proposal
     would amend the rules for determining whether a closed-end loan secured by the consumer's principal dwelling is a "higher-priced" mortgage loan subject to the special protections in Sec. 226.35. The proposal would provide consumers with a right to a refund of fees imposed during the three business days following the consumer's receipt of early disclosures for closed-end loans secured by real property or a dwelling. The proposal also would amend the disclosure rules for open- and closed-end reverse mortgages. In addition, the proposal would prohibit certain unfair acts or practices for reverse mortgages. A creditor
     would be prohibited from conditioning a reverse mortgage on the consumer's purchase of another financial or insurance product such as an annuity, and a creditor could not extend a reverse mortgage unless the consumer has obtained counseling. The proposal also would amend the rules for reverse mortgage advertising. TXT; PDF  9/24/10

  Interim Final Rule

  1. Reg Z - Truth in Lending

     - The Board is publishing for comment an interim rule amending Regulation Z, which implements the Truth in Lending Act (TILA). The interim rule implements certain requirements of the Mortgage Disclosure Improvement Act of 2008, which amended TILA. The amendments and this interim rule require creditors extending consumer credit secured by real property or a dwelling to disclose certain summary information
     about interest rates and payment changes, in a tabular format, as well as a statement that consumers are not guaranteed to be able to refinance their transactions in the future. The interest rate and payment summary tables replace the payment schedule previously required
     as part of the TILA disclosure for mortgage transactions. Disclosures for non-mortgage, closed-end consumer credit will continue to include the current payment schedule. TXT; PDF  9/24/10

  Final Rule

  1. Reg Z - Truth in Lending

     - The Board is publishing final rules amending Regulation Z (Truth in Lending). The final rule implements Section 131(g) of the Truth in Lending Act (TILA), which was enacted on May 20, 2009, as Section 404(a) of the Helping Families Save Their Homes Act. TILA Section 131(g) became effective immediately upon enactment and
     established a new requirement for notifying consumers of the sale or transfer of their mortgage loans. Consistent with the statute, the final rule requires a purchaser or
     assignee that acquires a loan to provide the disclosures in writing no later than 30 days after the date on which the loan was sold, transferred or assigned. Certain exceptions may apply if the covered person transfers or assigns the loan to another party on or before the
     30th day. TXT; PDF  9/24/10

  2. Truth in Lending

     - The Board is publishing final rules amending Regulation Z, which implements the Truth in Lending Act and Home Ownership and Equity Protection Act. The purpose of the final rule is to protect consumers in the mortgage market from unfair or abusive lending practices that can arise from certain loan originator compensation practices, while preserving responsible lending and sustainable homeownership. The final
     rule prohibits payments to loan originators, which includes mortgage brokers and loan officers, based on the terms or conditions of the transaction other than the amount of credit extended. The final rule further prohibits any person other than the consumer from paying compensation to a loan originator in a transaction where the consumer pays the loan originator directly. The Board is also finalizing the rule that prohibits loan originators from steering consumers to consummate a loan not in their interest based on the fact that the loan originator will receive greater compensation for such loan. The final rules apply to closed-end transactions secured by a dwelling where the creditor receives a loan application on or after April 1, 2011. TXT; PDF  9/24/10

  3. NCUA Publishes Final Rule in FR for Short-Term, Small Amount Loans

     NCUA is amending its general lending rule to enable Federal
     credit unions (FCUs) to offer short-term, small amount loans (STS loans) as a viable alternative to predatory payday loans. The amendment permits FCUs to charge a higher interest rate for an STS loan than is permitted under the general lending rule, but imposes limitations on the permissible term, amount, and fees associated with an STS loan. This final rule also requires an FCU to set a cap on the total dollar amount of STS loans it will make and to set a length of membership requirement of at least one month. Also, any loan under this rule must be fully amortized. The STS loan alternative will assist FCUs in
     meeting their mission to promote thrift and meet their members' credit needs, particularly the provident needs of members of modest means. Permitting a higher interest rate for STS loans will allow FCUs to make loans cost effective while the limitations will appropriately constrain the product to meeting its purpose as an alternative to predatory credit products. This final rule also includes guidance in the form of "best practices" FCUs should consider incorporating into their individual STS programs. TXT; PDF  9/24/10

  4. Dodd-Frank New Deposit Insurance Assessment Authority Roundtable

     The FDIC will hold a roundtable discussion on the Dodd-Frank new deposit insurance assessment authority on Friday, September 24, 2010. Roundtable  9/23/10

  5. NCUA Publishes Final Rule in FR for Secondary Capital Accounts

     On February 19, 2010, NCUA published an interim final rule amending its regulation governing secondary capital accounts to permit low-income designated credit unions to redeem all or part of secondary capital accepted from the United States Government or any of its subdivisions at any time after the secondary capital has been on deposit for two years. The amendments also allowed early redemption, under the same terms and conditions, of secondary capital accepted as a match to the government-funded secondary capital. Finally, the amendments changed the loss-distribution provision that applies to secondary capital accounts so that secondary capital accepted under the 2010 Community Development Capital Initiative is senior to any required matching secondary capital accepted from an alternative source. This rule confirms those amendments as final with some technical changes and clarifications. TXT; PDF  9/23/10

  6. New $100 Bill Video Released

     The Redesigned Currency Public Education Program has released a new educational Web video, "The Art of Banknote Design". The video, third in a series created to increase public awareness about the new $100 note prior to its entrance into circulation, discusses the note's new and existing security features, and how innovative technology has advanced the design process. Video  9/23/10

  7. Written Agreements Executed

     The FRB has announced the execution of Written Agreements by and between TIB Financial Corporation, Naples, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta; and by and among First State Bank of Warner, Warner, SD, a state-chartered member bank, the Federal Reserve Bank of Minneapolis, and the State of South Dakota, Department of Revenue and Regulation, Division of Banking. TIB; First State  9/23/10

  8. Geithner Discusses Dodd-Frank Implementation

     In testimony before the House Financial Services Committee, Secretary Geithner discussed the international regulatory issues relevant to the implementation of the Dodd-Frank Act. Testimony  9/23/10

  9. Thrift Charge-Off Rates

     The OTS has released the Second Quarter 2010 Thrift Industry Charge-Off rates. Rates  9/23/10

  10. FEDS Working Papers Published

      Four working papers in the Finance and Economics Discussion Series have been published by the FRB:

      1. What Drives Movements in the Unemployment Rate? A Decomposition of the Beveridge Curve;
      2. The Housing Crisis and State and Local Government Tax Revenue: Five Channels;
      3. The Fragility of Discretionary Liquidity Provision--Lessons from the Collapse of the Auction Rate Securities Market;
      4. The Cross Section of Money Market Fund Risks and Financial Crises

      What Drives Abstract; What Drives Full Paper; Housing Abstract; Housing Full Paper;
      Fragility Abstract; Fragility Full Paper; Cross Section Abstract; Cross Section Full Paper  9/23/10

  11. Hartford Financial Warrants Priced

      The Treasury has priced a secondary public offering of 52,093,973 warrants to purchase common stock of The Hartford Financial Services Group. Warrants  9/23/10

  12. FOMC Statement

      The Federal Open Market Committee (FOMC) has announced that it will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period. FOMC  9/22/10

  13. CRA Hearing

      The audio and transcripts from the August 12, 2010, Community Reinvestment Act (CRA) hearing held in Chicago by the FRB are available online. Audio/Transcripts  9/22/10

  14. Managing Reverse Mortgage Products Risks CA Letter

      The FRB has issued a CA Letter regarding guidance for managing compliance and reputation risks in reverse mortgage products. CA Ltr; Guidance  9/22/10

  15. MSB List Corrected

      Errors in the recently released August 2010 MSB Registration List have been corrected by the FinCEN. List  9/22/10

  16. 314(a) Fact Sheet Update

      The FinCEN has updated the 314(a) Fact Sheet with data current as of September 21, 2010. 314(a)  9/22/10

  17. NCUA Schedules Virtual Town Hall Meeting

      A virtual town hall meeting will be held by NCUA on Monday, September 27, 2010, from 3 to 5 p.m. (EST), to address questions on corporate rule and legacy assets. Town Hall; Registration  9/22/10

  18. HMDA Data Available

      The FFIEC has announced the availability of data on mortgage lending transactions at U.S. financial institutions covered by HMDA regarding 2009 lending activity including applications, originations, purchases of loans, denials, and other actions such as incomplete or withdrawn applications. Press Release; Download Data  9/21/10

  19. Lender Pays $1.5 Million Discrimination Penalty

      A California-based mortgage lender and its owner have agreed to settle FTC charges that they illegally charged Hispanic consumers higher prices for mortgage loans than non-Hispanic white consumers. Penalty  9/21/10

  20. FRB Bulletin Published

      The September 20, 2010, issue of the Federal Reserve Bulletin has been published and contains second quarter legal development and a draft of an article on the topic "The 2009 HMDA Data: The Mortgage Market in a Time of Low Interest Rates and Economic Distress". Legal Developments; HMDA Article  9/21/10

  21. Self-Deposit of Fiduciary Funds Bulletin

      The OCC has issued a bulletin providing guidance to national banks regarding the deposit of fiduciary funds in the bank or with a bank affiliate. Bulletin  9/21/10

  22. CFPB Transfer Date Set

      As provided in the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act of 2010 ("CFP Act"), the Secretary of the Treasury has designated July 21, 2011 as the date for the transfer of functions to the Bureau of Consumer Financial Protection ("CFPB" or "Bureau"). On the designated transfer date, certain authorities will transfer from other agencies to the Bureau, and the Bureau will be able to exercise certain additional new authorities under the CFP Act and other laws. The designated transfer date is one year from the date of enactment of the CFP Act. Text; PDF  9/21/10

  23. Written Agreement

      The FRB has announced the execution of a Written Agreement by and between Trans Pacific Bancorp, San Francisco, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  9/21/10

  24. MSB Registration List Update

      The FinCEN has updated the MSB Registration List with data current as of August 31, 2010. List  9/21/10

  25. Hartford Financial Warrants

      The commencement of a secondary public offering of 52,093,973 warrants to purchase the common stock of The Hartford Financial Services Group, Inc., has been announced by the Treasury. Warrants  9/21/10

  26. Reserve Position Reports

      The Treasury has released the U.S. International Reserve Position Reports for September 3, 10, and 17, 2010. September 3; September 10; September 17  9/21/10

  27. Enforcement Actions Released

      The OCC has released the new enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. The actions included a $1,750 flood penalty that has been posted on the Flood Penalties Watch page. Enforcement Actions  9/20/10

  28. OFAC CMPs Announced

      The civil money penalties recently assessed for violations of various OFAC Sanctions Programs, have been announced. One financial institution was assessed a $91,849 penalty for violations of the Narcotics Trafficking Sanctions Regulations resulting from the failure to screen names when the SDN List was updated. The violations were self-reported and resulted in the reduction of the base penalty of $229,623. CMPs  9/20/10

  29. Severe Weather Guidance

      A FIL has been issued by the FDIC regarding guidance for financial institutions, and to facilitate recovery in the areas of Tennessee affected by severe weather. FIL; Guidance  9/20/10

  30. NCUSIF Insurance Made Permanent

      The NCUA Board has made permanent the $250,000 per account National Credit Union Share Insurance Fund (NCUSIF) coverage limit. Insurance  9/20/10

  31. LNC Warrants Priced

      The Treasury has announced the pricing of a secondary public offering of 13,049,451 warrants to purchase common stock of Lincoln National Corporation. Warrants  9/20/10

  32. Flow of Funds Report Released

      The Z.1 Flow of Funds Report for has been released by the FRB. Z.1  9/20/10

  33. October HOEPA Rates Set

      The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in October 2010, 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, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  9/17/10

  34. Washington D.C. HMDA Hearing Agenda

      The FRB has announced the agenda and panelists for the September 26, 2010 public hearing to be held in at the FRB offices in Washington D.C. Agenda; Hearing Information  9/17/10

  35. ADA Regulations Amended

      On Wednesday, September 15, the Justice Department published in the Federal Register a final rule amending its regulation implementing title III of the Americans with Disabilities Act, relating to nondiscrimination on the basis of disability by public accommodations and in commercial facilities. The amendments affect, among other installations, automated teller machines (ATMs). The Department issued this final rule in order to adopt enforceable accessibility standards under the Americans with Disabilities Act of 1990 (ADA) that are consistent with the minimum guidelines and requirements issued by the Architectural and Transportation Barriers Compliance Board, and to update or amend certain provisions of the title III regulation so that they comport with the Department's legal and practical experiences in enforcing the ADA since 1991. ADA  9/17/10

  36. Reg Z Trigger Amendment Bulletin

      The OCC has issued a bulletin regarding the previously announced annual update to the dollar amounts that triggers requirements for certain home mortgage loans. Information concerning the 2011 triggers was posted in the August 4, 2010 Top Stories. Bulletin  9/17/10

  37. NCUA Share Insurance Fund Premium

      An assessment analysis of the NCUA share insurance fund premium has been released. Premium  9/17/10

  38. Payday Loan Alternative Approved

      The NCUA has adopted a new rule to allow federal credit unions to make short-term, small-amount loans. Information; Rule  9/17/10

  39. July TIC Data

      The Treasury has released the Treasury International Capital (TIC) data for July 2010. TIC  9/17/10

  40. Geithner Testifies

      In testimony before the Senate Banking Committee, Secretary Geithner discussed China's currency policies and the U.S. China economic relationship. Testimony  9/17/10

  41. FHC Data Updated

      The FRB has updated the list of bank holding companies that have elected, as of September 16, 2010, to become or be treated as financial holding companies (FHCs). FHC  9/17/10

  42. CRA Ratings Released

      The OCC and OTS have released the ratings received by national banks and savings associations that were recently examined for compliance with CRA. OCC; OTS  9/16/10

  43. Counterfeit Cashier's Checks Special Alert

      The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of First Federal Bank, Kansas City, MO. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  9/16/10

  44. Electronic Storage of Information Guidance Issued

      The FDIC has issued a FIL containing guidance regarding the mitigation of risk from storing sensitive information on electronic devices. FIL  9/16/10

  45. Severe Weather FIL

      A FIL has been issued by the FDIC regarding guidance to provide regulatory relief to financial institutions and facilitate recovery in areas of New Mexico affected by severe storms and flooding. FIL; Guidance  9/16/10

  46. Currency Facing Requirements

      FedCash Services has released information regarding new currency facing requirements. Requirements  9/16/10

  47. Bair on Economic Recovery

      In a presentation to the University of South Alabama's 2010 Costal Economic Outlook Conference, Chairman Bair discussed the impact of the oil spill, the U.S. economy and banking outlook, and regulatory reform. Speech  9/16/10

  48. Williams Testifies on Covered Bonds

      OCC Chief Counsel Williams presented testimony before the Senate Committee on Banking, Housing and Urban Affairs regarding covered bonds. Oral Statement; Written Testimony  9/16/10

  49. FedFocus Online

      The September 2010 issue of FedFocus has been posted online. It contains articles on growing business with the Fedwire Securities Joint Custody Service, compliance with ACH rules, and UDC Check 21 file validation changes. FedFocus  9/16/10

  50. Lincoln National Warrants Offering

      The Treasury has announced a secondary public offering of warrants to purchase the common stock of Lincoln National Corporation. Offering  9/16/10

  51. Finance Companies and Industrial Production Reports Issued

      The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for August 2010 and the G.20 Finance Companies Owned and Managed Receivables Outstanding Report for July 2010. G.17; G.20  9/16/10

  52. Cost of Funds Reports Released

      The OTS has released the current and historical reports of cost of funds for OTS regulated institutions. Current; Historical  9/16/10

  53. HMDA Hearings Audio Available

      The audio and transcripts of the July 15 and August 5, 2010, HMDA hearings conducted by the FRB are available online. July 15; August 5   9/15/10

  54. Reg DD Exam Procedures CEO Letter

      A CEO Letter has been issued by the OTS regarding the revision of Reg DD examination procedures. CEO Ltr   9/15/10

  55. New Routing Numbers

      New FedReceipt routing numbers have been announced by the FRB. Routing Numbers   9/14/10

  56. Puerto Rican CU Liquidated

      The NCUA has liquidated Industries Puerto Rico FCU of Manati, PR, and
      Borinquen Community FCU, Aguadilla, PR, has purchase and assumed the assets. Industries  9/14/10

  57. Iraq Regulations Released

      Iraqi Sanctions Regulations have been removed by OFAC and the Iraq Stabilization and Insurgency Sanctions Regulations ("ISISR") have been added. Additions/Removals; ISISR
        3/14/10

  58. Large Commercial Banks Report

      The FRB has released the Second Quarter 2010 Report of Insured U.S. Chartered Commercial Banks that have Consolidated Assets of $300 Million or More. Report  9/14/10

  59. FEDS Working Papers Published

      Two working papers in the Finance and Economics Discussion Series (FEDS) have been published by the FRB on the topics of "An Analysis of Government Guarantees and the Functioning of Asset-Backed Securities Markets" and "Capturing the Evolution of Dealer Credit Terms Related to Securities Financing and OTC Derivatives: Some Initial Results from the New Senior Credit Officer Opinion Survey On Dealer Financing Terms". Analysis Abstract; Analysis Full Paper; Capturing Abstract; Capturing Full Paper  9/14/10

  60. FDIC State Profiles

      The FDIC has posted the Second Quarter 2010 State Profiles, a quarterly data sheet summation of banking and economic conditions in each state. Profiles  9/14/10

  61. SDN List Change

      OFAC has changed an existing listing of an individual on the SDN List with the BURMA designation. Information regarding the change has been posted on the OFAC page.  9/13/10

  62. Florida Bank Closed: Deposits Assumed

      Horizon Bank, Bradenton, FL, has been closed today by the Florida Office of Financial Regulation. The FDIC, as receiver, entered into a purchase and assumption agreement with Bank of the Ozarks, Little Rock, AR, to assume all of the deposits. Horizon  9/13/10

  63. RESPA Exam Procedures Updated

      The OCC has issued a bulletin regarding the issuance of updated RESPA examination procedures to incorporate changes to Reg X which include a standardized and binding Good Faith Estimate form and revised HUD-1/1A Settlement Statement. Bulletin; Procedures  9/10/10

  64. HMDA Hearing Agenda Announced

      The FRB has announced the agenda for the public hearing on potential revisions to Reg C scheduled for September 16, 2010, at the Federal Reserve Bank of Chicago. Hearing; Agenda  9/10/10

  65. Written Agreement Executed

      The execution of a Written Agreement by and among First Community Holding Company, Hammond, LA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Louisiana Office of Financial Institutions has been announced by the FRB. Agreement  9/10/10

  66. 23A Exemption Legal Letter

      The FRB has released a letter containing a legal interpretation for an exemption from section 23A of the Federal Reserve Act and Reg W to allow a financial institution to purchase certain credits from an affiliate. Letter  9/10/10

  67. Section 19 Letters Released

      Eight letters have been released by the FRB regarding the imposition of section 19 of the FDIC Act and section 205 of the National Credit Union Act prohibiting the recipients from becoming or continuing as an institution-affiliated party of any insured depositary institution. 1; 2; 3; 4; 5; 6; 7; 8  9/10/10

  68. Board Meeting Agenda

      The agenda for the September 16, 2010 meeting of the NCUA Board has been released. Agenda  9/10/10

  69. Counterfeit Checks Special Alerts Issued

      The FDIC has issued eight Special Alerts regarding counterfeit cashier's, treasurer's, and official checks bearing the name of the following financial institutions:

      1. Timberwood Bank, Tomah, WI (Counterfeit Cashier's Checks);
      2. Colonial Federal Savings Bank, Quincy, MA (Counterfeit Treasurer's Checks);
      3. Community Bank, Carmichaels, PA (Counterfeit Official Checks);
      4. Ozona National Bank, Ozona, TX (Counterfeit Cashier's Checks);
      5. Union Bank, Marksville, LA (Counterfeit Official Checks);
      6. Mid-Wisconsin Bank, Medford, WI (Counterfeit Cashier's Checks);
      7. Liberty Bank and Trust Company, New Orleans, LA(Counterfeit Cashier's Checks);
      8. Commonwealth Business Bank, Los Angeles, CA (Counterfeit Cashier's Checks).

      Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  9/09/10

  70. Suspicious Phone Calls Special Alert

      The FDIC has issued a Special Alert regarding suspicious phone call from individuals claiming to be FDIC employees. The calls are fraudulent and appear to be schemes to steal funds and/or obtain bank account numbers and other personal information. Special Alert  9/09/10

  71. SAFE Act Tools Available

      The SAFE Act requires a policy and procedures. If you're having a hard time getting this started or want to save time, BOL Guru, Kathleen Blanchard has provided templates for both. It is listed first under "Our Newest Tools" on the Banker Tools page.  9/09/10

  72. Beige Book Update

      The Beige Book has been updated by the FRB with data collected on or before August 30, 2010. Summary; Full Report  9/09/10

  73. Exam Procedures Updated

      The OCC has issued a bulletin regarding updated examination procedures for Reg Z. The procedures have incorporated in the "Truth in Lending" booklet of the Comptroller's Handbook for Consumer Compliance. Bulletin; Booklet  9/09/10

  74. 314(a) Fact Sheet Update

      The FinCEN has updated the 314(a) Fact Sheet with data current as of September 7, 2010. 314(a)  9/09/10

  75. FDIC Loan Sales Winner Announced

      The winning bidder for an equity interest in $762 Million in residential and commercial acquisition and development loans has been announced by the FDIC. Winner  9/09/10

  76. TDF Auctions

      The FRB has authorized ongoing small value offerings of term deposits under the Term Deposit Facility (TDF) program. Auctions  9/09/10

  77. Consumer Credit Report Released

      The G.19 Consumer Credit Report for July 2010 has been released by the FRB. G.19  9/09/10

  78. Bank Designated as NPWMD

      OFAC has designated an Iranian owned bank in Germany for actively facilitating business with Iranian banks and handling billions of dollars worth of transactions on their behalf. The current entry of the bank's name on the SDN List has been changed from IRAN to NPWMD (Non-Proliferation Weapons Mass Destruction). Information regarding the change has been posted on the OFAC page.  9/08/10

  79. Holiday Currency Information

      The FRB Financial Services has announced the holiday currency ordering schedule and ordering processing standards. Currency  9/08/10

  80. Bank Directors Workshops Announced

      The OCC will host workshops on October 5-6, 2010, in Dayton, OH, for community bank directors. Online registration is available. Workshops; Registration  9/08/10

  81. Written Agreements Executed

      The execution of the following Written Agreements has been announced by the FRB:

      1. by and between Mountain West Financial Corp., Helena, MT, a registered bank holding company, and the Federal Reserve Bank of Minneapolis;
      2. by and among Pacific Mercantile Bancorp, Costa Mesa, CA, a registered bank holding company, and its subsidiary bank, Pacific Mercantile Bank, Costa Mesa, CA, a state-chartered member bank, and the Federal Reserve Bank of San Francisco;
      3. by and among Bank of the Eastern Shore, Cambridge, MD, a state-chartered member bank, the Federal Reserve Bank of Richmond, and the State of Maryland Commissioner of Financial Regulation.

      Mountain West; Pacific Mercantile; Eastern Shore  9/08/10

  82. Discount Rate Meetings Minutes

      The FRB has released the minutes of its July 6 - August 9, 2010, discount rate meetings. Minutes  9/08/10

  83. Dutch Auctions for Warrants

      The Treasury has announced plans to conduct public Dutch auctions to sell its warrant positions in The Hartford Financial Services Group, Inc. and Lincoln National Corporation. Auctions  9/08/10

  84. Regulators Publish Information Collection Proposal

      The federal financial institution regulatory agencies have published for comment in the Federal Register, a proposal to revise the Consolidated Reports of Condition and Income (Call Report) for banks, the Thrift Financial Report (TFR) for savings associations, the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002), and the Report of Assets and Liabilities of a Non-U.S.Branch that is Managed or Controlled by a U.S. Branch or Agency of a Foreign (Non-U.S.) Bank (FFIEC 002S). Proposal  9/07/10

  85. National Banks Offices Affected by Earl

      The OCC has issued a proclamation allowing national bank offices affected by Hurricane Earl to closed at their discretion. Proclamation  9/03/10

  86. CRA Ratings Released

      The list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received has been released by the FDIC. Ratings  9/03/10

  87. Free FDIC Insurance Seminars

      A FIL has been issued by the FDIC announcing six telephone seminars on deposit insurance coverage for bank representatives between September 23 and November 2, 2010. Four sessions will provide a basic overview of deposit insurance coverage and two will focus on advanced deposit insurance coverage issues. Registration online is required. FIL; Registration  9/03/10

  88. Direct Deposit of Tax Refunds Pilot Project

      The Treasury has announced a new pilot program to help unbanked and underbanked Americans with access to safe, low-cost financial accounts to receive tax refunds via direct deposit. Pilot.  9/03/10

  89. Safe Account Pilot Application Period Extended

      The FDIC has extended the application period for a pilot program until October 15, 2010, that will evaluate the feasibility of insured depository institutions offering safe, low-cost transactional and savings accounts that meet the needs of underserved consumers. Safe Account  9/03/10

  90. Written Agreements Executed

      The FRB has announced the execution of the following Written Agreements:

      1. by and between Osceola Bancorporation, Inc., Osceola, WI, a registered bank holding company, and the Federal Reserve Bank of Minneapolis;
      2. by and between First National Bancorporation of Stoughton, Inc., Stoughton, WI, a registered bank holding company, and the Federal Reserve Bank of Chicago;
      3. by and among Oregon Community Bank & Trust, Oregon, WI, a state-chartered member bank, the Federal Reserve Bank of Chicago, and the State of Wisconsin Department of Financial Institutions.

      Osceola; First National; Oregon  9/03/10

  91. Credit Underwriting Survey Results

      The OCC has released the results of its 16th Annual Survey of Credit Underwriting Practices, which indicates that the trend of tightening underwriting standards has continued for the last three years. Survey  9/03/10

  92. Bernanke and Bair Testify

      In testimony before the Financial Crisis Inquiry Commission, Chairman Bernanke and Chairman Bair addressed the events and circumstances which resulted in the financial and economic crisis.
      Bernanke Testimony; Bair Testimony  9/03/10

  93. FedFocus Published

      The September 2010 issue of FedFocus features articles regarding ways to grow your business with the Federal Securities Joint Custody Service, and the adoption of UDC Check 21 file validation changes and assistance complying with ACH rules and regulations. FedFocus  9/03/10

  94. NCUA Publishes Final Rule in FR for Display of Official Sign; Permanent Increase in Standard Maximum Share Insurance Amount

      President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) on July 21, 2010. Section 335 of the Dodd-Frank Act amended the Federal Credit Union Act (FCU Act) to make permanent the standard maximum share insurance amount (SMSIA) of $250,000. NCUA is amending its share insurance and official sign regulations to conform to this statutory change. TXT; PDF  9/02/10

  95. Fourth Quarter CRA Exam Schedule

      The OCC has issued the Fourth Quarter 2010 schedule of national banks that will be examined for compliance with the CRA. Schedule  9/02/10

  96. OFAC Additions - Deletions - Changes

      The names of two individuals and one entity have been added to the OFAC SDN List. In addition, the names of a combined total of twenty-five individuals and entities have been deleted, and two current listings have been changed. Information regarding the additions, deletions and changes has been posted on the OFAC page.  9/02/10

  97. $50,000 BSA Violation CMP

      The FinCEN has announced the assessment of a civil money penalty (CMP) of $50,000 against Pinnacle Capital Markets, LLC, Raleigh, NC, for violating the Bank Secrecy Act (BSA). In a parallel action, the SEC charged Pinnacle with failing to comply with its own customer identification program (CIP). CMP; SEC  9/02/10

  98. CU Closed: Assets and Liabilities Assumed

      First American Credit Union of Beloit, WI, has been closed by the Wisconsin Office of Credit Unions. The NCUA was appointed liquidating agent and signed an agreement with First Community Federal Credit Union of Parchment, MI, to assume the assets and liabilities. First American  9/02/10

  99. Check Reclamation Program Changes Update

      The FRB Financial Services has issued an update regarding the upcoming changes to the Treasury Check Reclamation Program. Update  9/02/10

  100. CEO Letter and Bulletin - Providing Information to Consumer Reporting Agencies

       The OTS has issued a CEO Letter and a Regulatory Bulletin regarding the recent amendment to the FACT Act concerning providing information to consumer reporting agencies and handling consumer disputes. CEO Ltr; Bulletin  9/02/10

  101. Fraudulent Phone Calls Consumer Alert

       The FDIC has issued a Consumer Alert concerning the receipt of numerous reports of fraudulent suspicious telephone calls where the caller claims to represent the FDIC and is calling regarding the collection of an outstanding debt. Consumer Alert  9/02/10

  102. IVTS Guidance

       The FinCEN has issued a Guidance to financial institutions on Informal Value Transfer Systems (IVTS). Guidance  9/02/10

  103. Freis Discusses Prepaid Access Risks

       In a presentation at the Money Transmitted Regulators Association Annual Meeting and Examiners' School, FinCEN Director Freis discussed efforts to mitigate the BSA/AML risks associated with the prepaid access industry. Speech  9/02/10

  104. Exchange Rates Report Released

       The August 2010 G.5 Foreign Exchange Rates Report has been released by the FRB. G.5  9/02/10

  105. REO and Vacant Properties

       The FRB has published "REO and Vacant Properties: Strategies for Neighborhood Stabilization", which contains seventeen articles that examine a variety of neighborhood stabilization issues and promising solutions from communities across the country. REO  9/02/10

  106. Prompt Corrective Action Directive Issued

       The issuance of a Prompt Corrective Action Directive with the consent of First Community Bank, Taos, NM, has been announced by the FRB. Directive  9/01/10

  107. Written Agreement Announced

       The FRB has announced the execution of a Written Agreement by and among First American Bancorp, Greenwood Village, CO, a registered bank holding company, and its subsidiary bank, First American State Bank, Greenwood Village, CO, a state-chartered member bank, the Federal Reserve Bank of Kansas City, and the State of Colorado Division of Banking. Agreement  9/01/10

  108. New Electronic Interpretations and Actions

       The OCC has announced the August 2010 new electronic interpretations and actions. New  9/01/10

  109. FOMC Minutes

       The minutes of the August 10, 2010, meeting of the Federal Open Market Committee have been released. Minutes  9/01/10

  110. Second Quarter Earning Increase

       The FDIC has published the Quarterly Banking Profile, which reports the earnings of insured commercial banks and savings institutions improved by $26 billion over the second quarter of 2010. Summary; Quarterly Banking Profile  9/01/10

• FTC files brief against payday lender

  The Federal Trade Commission has announced it has filed an amicus brief in the U.S. Court of Appeals for the Seventh Circuit supporting a class action lawsuit brought by consumers who are challenging a payday lender's practice of requiring them to submit to arbitration at a Native American reservation in South Dakota. The Commission had separately sued the lender in 2011 for unfair and deceptive collection practices. 09/30/13

• Trading revenue down

  The OCC has released its Quarterly Report on Bank Trading and Derivatives Activities. The trading revenue for insured U.S. commercial banks and savings associations in the second quarter 2013 was $7.3 billion, $0.2 billion lower (3 percent) than $7.5 billion in the first quarter.09/30/13

• FDIC clarifies approach for payment processing relationships

  FDIC FIL-43-2013 has been issued to clarify the agency's policy and supervisory approach related to facilitating payment processing services directly, or indirectly through a third party, for merchant customers engaged in higher-risk activities. The FIL explains that for such customers, there is an expectation of proper risk assessments, due diligence to determine the customers are operating legally, and monitoring of such relationships over time. 09/30/13

• FinCEN updates Mexican currency restrictions advisory

  Advisory FIN-2013-A007 has been issued by FinCEN to update financial institutions on activity associated with regulatory restrictions imposed on Mexican financial institutions for transactions in U.S. currency. 09/30/13

• CFPB TCDO rule

  The Bureau has published for comment in the Federal Register interim final Rules of Practice for Issuance of Temporary Cease-and-Desist Orders (TCDOs) the Bureau may issue under section 1053(c) of the Dodd-Frank Act. Comments my be submitted through November 25, 2013. 09/30/13

• Armored Car Ruling compliance deadline today

  On July 12, 2013, FinCEN released its FIN-2013-R001 Ruling on Treatment of Armored Car Service Transactions Conducted on Behalf of Financial Institution Customers or Third Parties for Currency Transaction Report Purposes. At the time, FinCEN acknowledged that some financial institutions might need to modify systems to file CTRs appropriately under the Ruling, and said that compliance would be expected by September 30, 2013. 09/30/13

• OFAC imposes $750,000 CMP

  A civil money penalty (CMP) of $750,000 has been assessed by OFAC against a Turkey-based trading company, for violating the Iranian Transactions and Sanctions regulations. OFAC determined that the company did not voluntarily self-disclose the violations to OFAC, acted recklessly by concealing and/or omitting material information in funds transfers, and did not cooperate with OFAC during the course of its investigation. OFAC also found that the violations constituted an egregious case. The base penalty amount for the violations was assessed. 09/27/13

• SDN List removals

  OFAC has announced the deletion of numerous listings with anti-terrorism, Kingpin Act and counter narcotics designations from the SDN List. See BankersOnline's OFAC Update for the details. 09/27/13

• Treasury to sell more GM stock

  The Department of the Treasury has announced that it will continue its sales of General Motors (GM) common stock by launching a third pre-defined written trading plan. At the conclusion of the second trading plan, taxpayers held 101.3 million shares of GM. 09/27/13

• Mortgage interest rates continue to rise

  FHFA has released its August 2013 national average contract mortgage rate index, which shows an increase of 0.25 percent from July to August 2013. 09/27/13

• Written Agreement executed

  The FRB has announced the execution of a Written Agreement with SunSouth Bancshares, Inc., Dothan, Alabama. 09/27/13

• OCC directors workshops in Little Rock

  The OCC will host two workshops in Little Rock, Arkansas, on November 5–6, 2013, for directors of national community banks and federal savings associations. Online registration is available for the "Risk Assessment for Directors" and "Compliance Risk: What Directors Need to Know" sessions. 09/27/13

• OCC Metrics Report—mortgage performance improves

  The OCC Mortgage Metrics Report for the Second Quarter of 2013 has been released and indicates that the performance of first-lien mortgages serviced by large national and federal savings banks continued to improve in the second quarter of 2013. 09/27/13

• Unauthorized banking

  The Office of the Comptroller of the Currency has issued Alert 2013-20 to warn banks and others about reports of unauthorized banking activities being conducted by AmTrade International Bank, Fort Lauderdale, Florida. 09/26/13

• Text messaging debt collector pays $1M

  The Federal Trade Commission has announced that a Glendale, California-based debt collector has agreed to pay $1 million to settle charges it utilized text messages to violate federal law. This is the first FTC action against a debt collector who used text messaging to attempt to collect debts in an unlawful manner.

• SSBCI report

  The Department of the Treasury has issued the first annual report of its State Small Business Credit Initiative (SSBCI). The report, a summary of 2012 annual reports from the 47 states, 5 territories, the District of Columbia, and municipalities in three states that received federal SSBCI funds, indicates the program has supported loans and investments to more than 4,600 U.S. small businesses totaling $1.9 billion. 09/26/13

• Residential home sales up

  The Department of Housing and Urban Development and the Census Bureau have announced that estimates of the August 2013 sales of new single-family homes were 7.9 percent above the revised July rate and 12.6 percent above the August 2012 estimate. 09/26/13

• O&G activity promotes community bank growth

  An OCC press release announced improved performance of community banks resulting from housing and commercial real estate increased activity and improving values driven by the oil and gas (O&G) industry growth in several sectors of the agency's nine-state southern district. 09/26/13

• E.2 and Z.1 reports released

  The Federal Reserve Board has released the August 5–9, 2013, E.2 Survey of Terms of Business Lending and the Second Quarter 2013 Z.1 Financial Accounts of the United States reports. 09/26/13

• NCUA economic update

  The National Credit Union Administration has posted its September 2013 economic outlook video on YouTube, and provided a summary of that report. 09/26/13

• Cordray on financial education

  Bureau Director Richard Cordray spoke at the Bureau's Financial Literacy and Education Commission Field Hearing in Madison, Wisconsin, on the importance of financial education and its impact on individual empowerment. 09/26/13

• Closed NJ bank hit with BSA penalties

  The Saddle River Valley Bank, of Saddle River, New Jersey, opened for business on June 1, 2006. It sold off its branches and discontinued operations in 2012, a year after being issued a C&D by the OCC for its deficient BSA/AML program. After an independent review mandated by the C&D, the bank late-filed more than 190 SARs on over $1.5 billion in transactions with casas de cambio in Mexico and the Dominican Republic. Yesterday, the OCC and FinCEN announced their assessments of concurrent $4.1 million CMPs, and the U.S. Attorney's Office for the District of New Jersey announced a separate $4.1 million settlement of civil claims against the bank. The total of $8.2 million in payments will wipe out most of the remaining assets of the bank, which were reported at $10 million as of June 30, 2013. Details on the announcements and links to the Orders and Civil Complaint have been added to the BankersOnline BSA/AML Penalties page. 09/25/13

• Kingpin Act designations

  Treasury has announced the designation of six companies and five individuals linked to the Mexican drug trafficking organization Los Gueros. The individuals designated are key family members and associates of Los Gueros leaders who are acting on behalf of the organization, including Juana Olivera Jimenez, Rosalina Rodriguez Olivera, Felipe Reyes Magana, Juan Carlos Duran Nunez, and Andres Martin Elizondo Castaneda, reports Treasury, and the designated businesses are owned or controlled by Los Gueros, and/or by individuals acting on their behalf, and are suspected of being used by the group to launder their illicit proceeds. See yesterday's BankersOnline OFAC Update for details. 09/25/13

• Regulator guidance on elder abuse

  Seven federal regulatory agencies have issued a joint press release to announce their issuance of guidance to clarify that the privacy provisions of the Gramm-Leach-Bliley Act generally permit financial institutions to report suspected elder financial abuse to appropriate authorities. 09/25/13

• Elder abuse examples

  The Bureau has posted a Blog article describing actual situations of elder abuse encountered by bank employees. The article includes suggestions for detecting abuse of elders. 09/25/13

• FRB Basel III interim rules

  The Federal Reserve Board has issued two interim final rules that clarify how companies should incorporate the Basel III regulatory capital reforms into their capital and business projections during the next cycle of capital plan submissions and stress tests. [Rule I: Bank holding companies with $50B or more in assets; Rule 2: Transition rule for banking organizations with between $10 B and $50 B in assets] 09/25/13

• OCC to host OKC workshops

  The OCC has announced it will host two workshops in Oklahoma City on October 29–30, 2013, for directors of national community banks and federal savings associations. The "Risk Assessment for Directors" and "Credit Risk: A Director's Focus" workshops are designed exclusively for directors of institutions supervised by the OCC. Online registration is available. 09/25/13

• Proposed capital reporting changes

  FDIC FIL-41-2013
  has been issued on behalf of the FFIEC to request comments on proposed changes to the Call Report and Risk-Based Capital Reporting form FFIEC 101. 09/25/13

• Calvery on gaming

  In a presentation to the Global Gaming Expo sponsored by the American Gaming Association, Director Calvery, discussed FinCEN's mission to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities. 09/25/13

• SEC charges bank officers

  An SEC press release has announced charges have been filed against two former bank executives at Illinois-based Mercantile Bancorp with failing to recognize in financial statements a probable loss on one of the bank's largest troubled loans. 09/25/13

• Bureau banking on campus discussion Monday

  The Bureau will hold a discussion on financial products marketed to college students at 1:30 p.m. ET, Monday, September 30, 2013.

• Cordray comments at American Banker symposium

  Bureau Director Cordray spoke at the American Banker Regulatory Symposium on the Bureau's activities and plans for the future. 09/25/13

• TD Bank—The other shoe drops

  For those who followed the court cases extracting over $600 million from TD Bank, N.A. to pay victims of Scott Rothstein's billion-dollar Ponzi scheme, the OCC, FinCEN and the SEC have now dropped the other shoe. The OCC and FinCEN each assessed a $37.5M civil money penalty (CMP) against the bank for failing to file suspicious activity reports (SARs) involving Rothstein and his accounts. The SEC has ordered the bank to pay an additional $15M CMP and issued a cease and desist order. Additional information and links to the Orders have been added to BOL's BSA/AML Penalty page. 09/23/13

• Labor Department issues benefit plan guidance

  The U.S. Department of Labor has announced new guidance on same-sex marriages and employee benefit plans. The Employee Benefits Security Administration's Technical Release 13-04 interprets the recent Supreme Court decision in United States v. Windsor to require that the terms "spouse" and "marriage" in Title I of ERISA and related regulations should be read to include same-sex couples legally married in any state or foreign jurisdiction that recognizes such marriages, regardless of where the couples currently reside. 09/23/13

• FHFA launches HARP education campaign

  The Federal Housing Finance Authority (FHFA) has announced the launch of a nationwide campaign and a new website, www.HARP.gov, to educated eligible homeowners about the Home Affordable Refinance Program (HARP).09/23/13

• Curry explains heightened expectations

  Speaking at the American Banker Regulatory Symposium, Comptroller Curry discussed steps the OCC is taking to ensure the agency meets the same high standards it sets for the national banks and federal savings associations it supervises. An overview of work being done by the OCC Enterprise Governance unit was provided and a new project was unveiled in which regulators from three countries that showed great resilience during the financial crisis will participate in a peer review of OCC supervision. 09/23/13

• Greenberg on the condition of the banking industry

  In his remarks at the ABA gathering, FDIC Chairman Greenberg discussed the condition of the banking industry based on the results of the FDIC's recent second quarter 2013 Quarterly Banking Profile and recent rulemakings by the banking agencies on risk-based and leverage capital requirements. 09/23/13

• NCUA sues banks for alleged LIBOR violations

  The NCUA has announced it has filed a Federal District Court lawsuit against 13 international banks, including J.P. Morgan Chase, alleging violations of federal and state anti-trust laws by manipulation of interest rates through the London Interbank Offered Rate (LIBOR) system. 09/23/13

• CFPB issues student loan servicer scorecard

  The CFPB Blog features an article on the Bureau's development of a scorecard to summarize the Servicer Performance Reports and scores received by student loan servicers over each quarter of the 2012-13 academic year. 09/23/13

• Another JPMorgan Chase enforcement action

  The OCC has announced an enforcement action against JPMorgan Chase Bank, N.A., Columbus, Ohio, JPMorgan Bank and Trust Company, N.A., San Francisco, California, and Chase Bank USA, N.A., Wilmington, Delaware (collectively, the bank), for unsafe or unsound practices in connection with the bank's non-home loan debt collection litigation practices and the bank's non-home loan compliance with the Servicemembers Civil Relief Act (SCRA). No CMP was assessed in this action. 09/23/13

• JPMorgan Chase remains in crosshairs

  Also revealed on Friday was yet another suit targeting the largest U.S. bank, according to Reuters. JPMorgan Chase was named in a proposed class action suit accusing the bank of exposing customer Social Security numbers on the outsides of two mailings to bank customers. Ironically, one of those mailings, sent around September 1, addressed the bank's protection of customers' personal information. 09/23/13

• Counterfeit official checks

  OCC Alert 2013-18 has been issued to warn of counterfeit official checks bearing the name of Savings Institute Bank and Trust, Willimantic, Connecticut. Additional information will be posted to the BOL Alerts & Counterfeits Page. 09/23/13

• OCC enforcement actions

  The OCC has released a list of new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. 09/23/13

• FSOC designates nonbank financial company

  A Treasury press release has been issued to announce the designation by the Financial Stability Oversight Council (FSOC) of a nonbank financial company, Prudential Financial, Inc., to address potential threats to financial stability. The designation, which was authorized by Title I of the Dodd-Frank Act, places the company to consolidated supervision and enhanced prudential standards. 09/23/13

• NMLS releases 2nd quarter reports

  The NMLS has released the Nationwide View of State-Licensed Mortgage Entities and the NMLS Federal Registry Quarterly Report for the second quarter of 2013. 09/23/13

• Curry discusses diversity

  In remarks at the 2013 Congressional Black Caucus Foundation Annual Legislative Conference, Comptroller Curry discussed the OCC's efforts, accomplishments, and challenges in diversity and inclusion initiatives. 09/23/13

• Financial Holding Companies report

  The report of bank holding companies, that have as of July 30, 2013, elected to become or be treated as financial holding companies has been released by the Federal Reserve Board. 09/23/13

• Bureau and city form partnership

  The CFPB has announced a partnership with the city of Jackson, Mississippi, to connect consumers with the CFPB to ask questions and submit complaints about financial products and services. Jackson consumers can now dial 311 to be connected with the Bureau when they have financial issues. 09/23/13

• JPMorgan Chase to pay $920 M in global settlement

  The SEC has announced that JPMorgan Chase & Co. has agreed to pay a $200M penalty for misstating financial results and lacking effective internal controls to detect and prevent its traders from fraudulently overvaluing investments to conceal hundreds of millions of dollars in trading losses. As part of a coordinated global settlement, three other agencies also announced settlements with JPMorgan today: the U.K. Financial Conduct Authority ($220 M), the Federal Reserve System ($200 M), and the Office of the Comptroller of the Currency $300 M). JPMorgan will pay a total of approximately $920 million in penalties in these actions by the agencies.09/20/13

• Chase settles with OCC and CFPB for card add-on violations

  In a separate action, an OCC press release announced the assessment of a $60 million CMP against JPMorgan Chase Bank, N.A., Columbus, Ohio, and Chase Bank USA, N.A., Wilmington, Delaware, and an order that the banks make restitution of approximately $309 million to millions of consumers who were unfairly billed for, and paid for, identity theft protection that they did not receive. The CFPB joined the OCC in the restitution order (payments for which were completed by December 2012, according to the agencies) and separately ordered the payment of $20 million to the Bureau's Civil Penalty Fund. 09/20/13

• Honduran drug trafficking organization targeted by Treasury

  Treasury has announced the designation of seven individuals and five businesses tied to the Honduran drug trafficking organization, "Los Cachiros." In addition, a change has been made to the existing listing of an entity previously designated as an NPWMD. BOL's September 19, 2013, OFAC Update has additional information. 09/20/13

• FHFA reports on Fannie/Freddie performance

  The Federal Housing Finance Agency (FHFA) has announced the launch of an expansion of the agency's regular reporting on Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. The new Federal Quarterly Performance Report of the Housing GSEs provides a summary of data available in individual public filings, including some combined trends. 09/20/13

• Section 19 letters

  The Federal Reserve Board has posted links to ten Section 19 letters that it issued from June 17 to August 13, 2013, prohibiting the recipients from becoming or continuing as an institution-affiliated party with any insured banking organization or credit union. 09/20/13

• G.20 Finance Companies Receivables report

  The FRB has released the September 19, 2013, G.20 owned and managed receivables outstanding and auto loans: terms of credit report. 09/20/13

• Manhattan building grabbed under Iran sanctions

  The United States Attorney's Office for the Southern District of New York has announced that a U.S. District Court judge has granted a summary judgment to allow the forfeiture of a Midtown Manhattan, NY, office building for violations of the Iranian Transactions Regulations under the International Emergency Economic Powers Act ("IEEPA"), and federal money laundering statutes. The Court found that the partners of the building's owner, the Alavi Foundation and Assa Corp., committed the IEEPA violations and money laundering offenses. 09/19/13

• Counter terrorism designations

  Treasury has announced the designation of two individuals based in Indonesia for their links to the terrorist groups Jemaah Islamiya (JI) and Jemmah Anshorut Tauhid (JAT). These designations are part of the Treasury Department's ongoing efforts to target these organizations as well as disrupt their financial and logistical support networks. See yesterday's BOL OFAC Update for details. 09/19/13

• FOMC statement and economic projections

  The Federal Reserve Board and the Federal Open Market Committee (FOMC) have issued the statement and economic projections from the September 17–18, 2013, meeting of the FOMC. 09/19/13

• FR Bulletin—2012 HMDA mortgage lending

  The September 18, 2013, issue of the Federal Reserve Bulletin features an article describing mortgage lending activity in 2012 based on newly available data reported under HMDA. 09/19/13

• New $100 note distribution plan

  Federal Reserve Bank Services has announced the distribution plan for the redesigned $100 note beginning October 8, 2013. 09/19/13

• Curry on cybersecurity

  In remarks at the Exchequer Club in Washington, D.C., Comptroller Curry discussed cybersecurity and the increased risk related to the banking system's significant reliance on technology and telecommunications resulting from the interconnections between these systems. 09/19/13

• FinCEN Advisory

  FinCEN Advisory FIN-2013-A006 has been issued, to address the Financial Action Task Force (FATF) update of its lists of jurisdictions with strategic AML/CFT deficiencies. These changes may affect U.S. financial institutions' obligations and risk-based approaches with respect to relevant jurisdictions. 09/19/13

• FFIEC HMDA mortgage data

  A press release has been issued by the FFIEC to announce the availability of data on mortgage lending transactions at 7,400 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). 09/19/13

• HDMA data tools launched by Bureau

  CFPB Director Cordray announced at the Consumer Advisory Board meeting the launch of a set of web-based tools to provide easier access to public data collected under the Home Mortgage Disclosure Act (HMDA). The user-friendly tool is intended to enable consumers to explore mortgage application and loan data at a local level. The
  CFPB Blog provides additional details. 09/19/13

• CFBP toolkit for social services providers

  A financial services toolkit for social services providers is being field tested by the Bureau, according to an article on the Bureau's Blog. 09/19/13

• REMINDER: ACH medical payments format begins tomorrow

  NACHA has posted a reminder that its rule supporting electronic medical claims payments through the ACH is effective tomorrow, September 20, 2013. Additional information on this initiative is available on the NACHA website. RDFIs with medical servicers providers—physicians' offices, hospitals, clinics, etc.—as depositors may receive these payments from health payments providers (health insurance companies, Medicare, etc.), and will be required to offer or make available to their healthcare provider depositors an option to receive or access payment-related information from CCD addenda records via a secure, electronic means. 09/19/13

• Bureau guidelines on payday lending and military

  The CFPB has released guidelines to its examiners on payday lending and the Military Lending Act (MLA) for their use in supervising payday lenders. Bankers should be familiar with these guidelines, particularly those addressing the MLA, if there is any chance they might do business with a servicemember or a servicemember's dependents. 09/18/13

• FRB Flood Act CMP

  The Federal Reserve Board has announced the issuance of an order of assessment of a $1,870 civil money penalty (CMP) against The Missouri Bank, Warrenton, Missouri, for violations of Regulation H provisions that implement the National Flood Insurance Act. An entry for this Order has been added to BankersOnline's Flood Penalties Watch page. 09/18/13

• Text spammers settle with FTC

  The Federal Trade Commission has announced that an affiliate marketing company and its two principals have settled FTC charges for allegedly sending out more than 42.5 million unwanted and deceptive text messages to consumers. The case is part of the FTC's continuing crackdown on spam text messages and the settlement prohibits the defendants from sending unwanted texts to consumers, and from misleading consumers about whether they have won gifts or prizes and whether a product is "free" or without cost or obligation.

• October 2013 HOEPA rates set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in October 2013 will be subject to HOEPA (Regulation Z § 32) under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release that lists the Treasury security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. Because September 15, 2013, was a Sunday, use the rate on September 13, 2013, the preceding business day.

• July TIC data

  Treasury has released the Treasury International Capital Data for July 2013. 09/18/13

• Lew on the economy—current and outlook

  In remarks prepared for delivery to the Economic Club of Washington, D.C., Treasury Secretary Lew discussed the current economic conditions and challenges and what is at stake over the next few weeks. He noted, "trying to time a debt limit increase to the last minute could be very dangerous. Make no mistake: If Congress does not act and the U.S. suddenly cannot pay its bills, the repercussions could be serious. The impact on families and businesses could be significant. Investors losing confidence in the full faith and credit of the United States could cause damage to our economy." 09/18/13

• Colorado early Savings Bond redemptions

  Federal Reserve Bank Services has issued a notice of authorization to Savings Bond agents in designated counties of Colorado recently affected by severe weather and flooding, allowing them to redeem Series EE and I paper savings bonds less than one year old presented during the months of September and October 2013. 09/18/13

• OCC Bulletin on Colorado customer assistance

  An OCC press release has been issued to remind financial institutions serving customers affected by the recent flooding in Colorado of Bulletin 2012-28, which provides supervisory guidance for banks and thrifts responding to disaster conditions in their communities. 09/18/13

• HMDA edits posted

  The 2014 HMDA Edits have been posted by the Federal Financial Institutions Examination Council (FFIEC). 09/18/13

• HUD Colorado flood relief

  HUD has announced the availability of federal disaster assistance to the State of Colorado and support for homeowners and low-income renters forced from their homes due to severe storms, flooding, landslides and mudslides. 09/17/13

• FDIC on Colorado flooding

  FDIC FIL-39-2013 has been issued to announce steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Colorado affected by severe weather. 09/17/13

• FHA approves streamlined reporting

  The FHA has published in this morning's Federal Register a final rule [78 FR 57058] to streamline the FHA financial statement reporting requirements for lenders and mortgagees who are supervised by federal banking agencies and whose consolidated assets do not meet the thresholds set by their supervising federal banking agencies for submission of audited financial statements (currently set at $500 million in consolidated assets). The rule will become effective on October 17, 2013. 09/17/13

• G.17 report

  The Federal Reserve Board has released the August 2013 G.17 Industrial Production and Capacity Utilization report. 09/17/13

• Curry on bank accounting practices

  In a presentation at the 2013 American Institute of CPAs banking conference, Comptroller Curry discussed bank accounting practices and concerns about reduced loan loss provisions. He also discussed a proposed model for measuring impairment. 09/17/13

• CFPB schedules credit card field hearing

  The Bureau has announced a field hearing on credit cards will be held in Chicago at 11 a.m. on October 2, 2013. The event is open to the public but requires an RSVP. 09/17/13

• Bureau modifies mortgage rules again

  The CFPB has announced another "final rule" with amendments and clarifications to its January 2013 mortgage rules in order to help the industry comply and to better protect consumers. The changes answer questions that have been identified during the implementation process. They include a minor technical change to Regulation B, and provisions that—

  • Add an exemption for all small creditors, including those that do not operate predominantly in rural or underserved counties, from a new ban on high-cost mortgages featuring balloon payments so long as the loans meet certain restrictions, while the Bureau continues to reexamine the definitions of "rural" and "underserved" over the next two years
  • Add a temporary exemption for small creditors to continue qualifying for an exemption from a requirement to maintain escrows on certain higher-priced mortgage loans while that study continues
  • Clarify that, in connection with the prohibition on creditors financing credit insurance premiums in connection with certain mortgage transactions, credit insurance premiums are "financed" by a creditor when the creditor allows the consumer to defer payment of the premium past the month in which it is due, and explain how the rule applies to "level" or "levelized" premiums, where the monthly premium is the same each month rather than decreasing along with the loan balance.
  • Further clarify the definition of loan originator under Regulation Z
  • Explain the points and fees thresholds and loan originator compensation rules for manufactured housing employees under the Ability-to-Repay rules and clarifies which of those employees may be considered loan originators
  • Revise the effective date of many of the loan originator compensation rules to January 1, rather than January 10, 2014, to simplify compliance

  09/16/13

• Texas and Connecticut banks closed

  The FDIC has announced the closing of two banks—

  • The Community's Bank, Bridgeport, Connecticut, and the payout of its insured deposits. This was the 21st closure of an FDIC-insured institution in 2013, and the first in Connecticut since 2002.
  • First National Bank, Edinburg, Texas, also operating as The National Bank of El Paso, and the assumption of all deposits by PlainsCapital Bank, Dallas, Texas. It was the 22nd closure of an FDIC-insured institution for the year, and the first in Texas since September 2011.

  09/16/13

• FTC shuts down more robocallers

  Settlements have been announced by the FTC with two companies on charges that they used prerecorded calls to trick consumers into deceptive credit card interest rate reduction scams. Under separate proposed settlements, the defendants behind Treasure Your Success and Ambrosia Web Design will be banned from telemarketing and delivering robocalls. They will be also permanently prohibited from advertising, marketing, promoting, or offering for sale any debt relief product or service, or assisting others in doing so. 09/16/13

• August Housing Scorecard

  Treasury and HUD have issued press releases on the publication of the August 2013 Housing Scorecard, a comprehensive report on the nation's housing market. The report shows positive progress in many key indicators.

• FedFlash

  The September 15, 2013, issue of FedFlash features articles on new token driver software for FedLine Access Solutions, changes to PAID adjustments effective September 30, a new notification feature for FedACH RDFI Alert Service, and information regarding the distribution plan for the new $100 note. 09/16/13

• Comptroller's Handbook OREO changes

  OCC Bulletin 2013-20 has been issued to announce the update of the "Other Real Estate Owned" (OREO) booklet of the Comptroller's Handbook. The new booklet replaces one issued in March 1990 and examination procedures issued in April 1998. 09/16/13

• FDIC state profiles update

  The FDIC State Profiles, a quarterly data sheet summation of banking and economic conditions in each state, has been updated for the second quarter of 2013. 09/16/13

• NCUA online training

  The NCUA has announced the development and release of a new series of training videos designed to give supervisory committee members at small and low-income credit unions a better understanding of their role and responsibilities. 09/16/13

• CFPB warns about mandatory payroll card use

  The Consumer Financial Protection Board announced it has issued CFPB Bulletin 2013-10 to remind employers that they cannot require their employees to receive wages exclusively on payroll cards. Some of the federal consumer protections that apply to payroll cards, such as fee disclosure, access to account history, limited liability for unauthorized use, and error resolution rights are also discussed in the Bulletin. 09/13/13

• NCUA Charitable Donations rule proposed

  A Board Action Bulletin has been issued by the NCUA to announce the results of its September 12, 2013, board meeting. Three items were identified as unanimously approved by the board:

  • A proposed rule to allow federal credit unions to create and fund charitable donation accounts to facilitate charitable activities by credit unions
  • A final Rule streamlining the regulation of federal credit unions' ownership of fixed assets
  • An expansion of the Peoples Advantage Federal Credit Union's community charter to serve nearly 850,000 new members in Richmond, Virginia

  09/13/13

• Large Banks Assets report

  The Federal Reserve Board has published a list of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more, as of June 30, 2013. 09/13/13

• Deposit insurance rule published

  The FDIC has published [78 FR 56583] in today's Federal Register its previously-announced final rule amending its deposit insurance regulations with respect to deposits in foreign branches of U.S. insured depository institutions. The rule, which becomes effective October 15, 2013, has been posted to BankersOnline's Alphabet Soup copy of the agency's Deposit Insurance Coverage regulations. 09/13/13

• FTC shuts down debt relief operation

  The Federal Trade Commission has announced that the defendants behind an alleged credit card interest rate reduction scam are banned from selling debt relief services and from telemarketing any goods or services. A federal court judge in Florida approved and signed a stipulated order against Innovative Wealth Builders, Inc., and its three Florida-based principals. The defendants agreed to settle Federal Trade Commission allegations that they falsely promised to substantially reduce consumers' credit card interest rates and save them thousands of dollars on their credit card debts. 09/13/13

• OCC CRA evaluations

  The OCC has released a list of CRA performance evaluations that were made public in July 2013. Of the 20 evaluations, four were rated outstanding, with the rest earning satisfactory ratings. 09/13/13

• Cordray addresses mortgage lenders

  CFPB Director Cordray spoke yesterday at the American Mortgage Conference in Raleigh, North Carolina. 09/13/13

• Cordray testimony

  Written testimony from Director Cordray about the third semi-annual report of the CFPB is scheduled to be placed before the House Committee on Financial Services today. 09/13/13

• Minority-owned banks

  The list of minority-owned banks has been updated by the Federal Reserve Board with data current as of June 30, 2013. 09/13/13

• FDIC approves final foreign deposits rule

  The FDIC has announced its approval of a final rule clarifying that deposits in foreign branches of U.S. banks are not FDIC-insured, even though they can be deposits for purposes of the national depositor preference statute enacted in 1993. The rule, which will be effective 30 days after publication in the Federal Register, makes changes to sections 330.1 and 330.3 of the FDIC's Deposit Insurance Coverage regulations at 12 CFR part 330. The changes have been posted to BankersOnline's Alphabet Soup copy of the FDIC regulation. 09/12/13

• FDIC interim capital rules

  The FDIC has published [78 FR 55339] an interim final rule that revises its risk-based and leverage capital requirements for FDIC-supervised institutions. This interim final rule is substantially identical to a joint final rule issued by the OCC and the FRB. The rule will become effective on January 1, 2014, for advanced approaches FDIC-supervised institutions and January 1, 2015, for all other FDIC-supervised institutions. Comments on the interim rule are due by November 12, 2013.09/12/13

• FTC settles with debt reduction scammers

  The Federal Trade Commission has announced a settlement with two Tampa, Florida-area operations that allegedly bilked consumers of millions of dollars. The defendants are banned from providing various types of financial services used in their schemes. In the spring of 2012, at the request of the FTC, a court shut down the two operations. According to the FTC, Brett Fisher, who settled unrelated scam charges with the FTC in 2009, was the brains behind the current scams. The settlements announced today impose a $25.3 million judgment against Fisher, and require other settling defendants to surrender available assets to satisfy their monetary judgments.09/12/13

• Treasury preferred stock sale

  Treasury has issued a press release to announce its intent to sell preferred stock in six institutions held under the Troubled Asset Relief Program (TARP).09/12/13

• Term deposit offering results

  The results of the Federal Reserve System's 28-day term deposit offering conducted on September 9, 2013, have been announced.09/12/13

• FR Services solicits input on payment system

  The September issue of Fedfocus has been posted by Federal Reserve Services. Featured this month is the release of a "Payment System Improvement – Public Consultation Paper," which shares FRB perspectives on key gaps in the current payment system and identifies desired outcomes that close these gaps. Payment system participants are invited to comment on the issues raised in the paper, through December 13, 2013. Also in this month's Fedfocus is an article on potential benefits from electronic payment orders, and a column on the countdown to implementation of "Dodd-Frank 1073," more commonly known as the Remittance Transfer Rule.09/12/13

• Self-disclosure helps reduce OFAC CMPs

  OFAC has announced another settlement regarding violations of sanctions programs with an entity who voluntarily self-disclosed multiple violations. The base penalties in this case totaled $73,151, but only $39,501 was paid by a Miami company for violations of Iranian, Sudanese, and Cuban regulations. 09/10/13

• NCUA issues C&D Order

  The NCUA has announced that a cease and desist (C&D) order has been issued against North Dade Community Development Federal Credit Union of Miami Gardens, Florida. The order requires multiple corrective actions involving BSA/AML compliance shortcomings, apparently inadequate OFAC controls, and possible field of membership violations.

• Prime bank investment scheme assets seized

  The SEC has issued a press release announcing the filing of a complaint in Federal Court and the issuance of an emergency asset freeze against a Miami-based attorney and other perpetrators of a prime bank investment scheme that promised exorbitant returns from a purported international trading program. 09/10/13

• Bernanke to host town hall with educators

  The Federal Reserve Board has announced a town hall meeting with educators will be hosted by Chairman Bernanke on November 13, 2013, in the FRB Board room in Washington, D.C. The event will be webcast and can be followed via twitter. 09/10/13

• G.19 Consumer Credit report

  The June 2013 G.19 Consumer Credit report has been released by the FRB. Consumer credit increased at an annual rate of 4½ percent in July. Revolving credit decreased at an annual rate of 2½ percent, while nonrevolving credit increased at an annual rate of 7½ percent. 09/10/13

• FDIC Consumer News

  The Summer 2013 issue of FDIC Consumer News has been published, featuring financial tips for seniors. The topics discussed include simple strategies for seniors, preventing wire transfer scams, preparing for medical bills, protection for sending money abroad, ARMs, HSAs, and student loan payment problems. 09/10/13

• OFAC violations settled for $346K CMP

  OFAC has announced that a California LLC has agreed to pay $346,530 to settle potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations. The base penalty amount for the violations was $1,100,096. The LLC voluntarily self-disclosed the problem to OFAC, who determined that the apparent violations constitute a non-egregious case. 09/09/13

• OFAC adds Government of Iran listings

  Treasury has announced the designation of a network of six individuals and four businesses as subject to sanctions under Executive Order 13599 for acting for or on behalf of the Government of Iran. This action targets the network of Seyed Seyyedi, an Iranian businessman and the director of Sima General Trading, an entity previously sanctioned by Treasury; a network of companies based in the United Arab Emirates that Seyyedi controls; and representatives of the National Iranian Oil Company and the Naftiran Intertrade Company based in the UK and Switzerland. BankersOnline's September 6 OFAC Update provides details. 09/09/13

• Michigan CU liquidated

  The NCUA has announced that the Michigan Department of Insurance and Financial Services has liquidated Craftsman Credit Union of Detroit and appointed the NCUA as liquidating agent. Security Credit Union of Flint, Michigan, has assumed Craftsman's members and deposits, as well as some loans. Twelve federally insured credit unions have been liquidated in 2013. 09/09/13

• Proposed IRS rules under Affordable Care Act

  The Internal Revenue Service has published proposed regulations on Information Reporting of Minimum Essential Coverage [78 FR 54986] and Information Reporting by Applicable Large Employers on Health Insurance Coverage Officer under Employer-Sponsored Plans [78 FR 54996], both to implement Internal Revenue Code provisions added by the Affordable Care Act. Comments on the proposals are due by November 8, 2013. 09/09/13

• Deutsche Bank Trust Company pays $18K for OFAC violations

  OFAC has announced that Deutsche Bank Trust Company Americas has agreed to remit $18,900 to settle potential civil liability for two apparent violations of an Executive Order regarding Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters. OFAC concluded that the apparent violations were not the result of willful or reckless conduct. The total base penalty amount for the apparent violations was $35,000. Details of the announcement make it clear that better use of OFAC-checking interdiction software might have prevented the errors made by the bank.
  09/06/13

• Community suspensions from NFIP

  The Federal Emergency Management Agency has published two lists of communities where the sale of flood insurance has been previously authorized under the National Flood Insurance Program (NFIP), but are now scheduled for suspension due to noncompliance with the floodplain management requirements of the program. Listed communities in Rhode Island, Georgia, Illinois, Indiana, and Louisiana will be suspended on September 18, 2013. Communities in New York, Florida, Kentucky, and Alaska are scheduled for suspension on September 27, 2013. 09/06/13

• Proposed ACA reporting

  A Treasury press release has announced IRS proposed regulations to implement the information-reporting requirements for insurers and certain employers under the Affordable Care Act (ACA). 09/06/13

• FRB Written Agreement

  The Federal Reserve Board has announced the execution of a Written Agreement with Union City Corporation, El Reno, Oklahoma. 09/06/13

• FDIC Board meeting notice

  A notice of the September 10, 2013, open meeting of the FDIC's Board has been posted. 09/06/13

• NCUA Quarterly U.S. Map Review

  The NCUA has announced the publication of the Second Quarter 2013 NCUA Quarterly U.S. Map Review, which tracks performance indicators for federally insured credit unions in the 50 states, the District of Columbia, Puerto Rico, Guam and the Virgin Islands. An analysis of the data indicates strong growth in loans and membership for the year ending June 30, 2013. 09/06/13

• NCUA Board meeting agenda

  The agenda for the September 12, 2013, meeting of the NCUA Board has been posted. 09/06/13

• Bureau consumer advisory on campus debit cards

  The CFPB has posted a consumer advisory for all students expecting to receive scholarship and student loan proceeds via what appears to be a school-endorsed debit card. 09/06/13

• Cordray and the 'Four Ds'

  CFPB Director Cordray spoke to the National Baptist Convention in Charlotte, North Carolina yesterday. He reviewed the programs and activities of the Bureau and the "Four Ds": deceptive marketing, debt traps, dead ends, and discrimination. 09/06/13

• FTC action shuts down phony payday lender

  Acting on a complaint filed by the Federal Trade Commission, a U.S. district court has issued a temporary restraining order halting the activities of a Tampa, Florida-based operation that promised to help consumers get payday loans. The complaint alleges that, instead of brokering loans, the defendants used consumers' personal financial information to debit their bank accounts in increments of $30 without their authorization. 09/05/13

• CFPB puts credit bureau furnishers on notice

  A CFPB press release has announced the release of Bureau Bulletin 2013-09 reminding those concerned that companies who supply information to consumer reporting companies ("furnishers") are also responsible for reviewing all relevant information provided with consumer disputes relating to such information, including documents submitted by consumers. 09/05/13

• Fictitious official checks alert

  The OCC has issued Alert 2013-17 regarding fictitious official checks bearing the name of Meridian Bank, N.A., Phoenix, Arizona. Information concerning the checks will be posted on the BOL Alerts & Counterfeits page. 09/05/13

• Beige Book

  The September 4, 2013, issue of the Beige Book has been posted by the Federal Reserve Board. 09/05/13

• Term deposit offering

  On September 9, the Fed will conduct a fixed-rate offering of 28-day term deposits with an interest rate of 0.26 percent and a maximum tender amount of $1.25 billion, with full allotment of tenders through its Term Deposit Facility (TDF). 09/05/13

• FHFA HPI release dates

  The Federal Housing Finance Agency has announced the 2014 release dates for the agency's House Price Index (HPI). 09/05/13

• CRA ratings

  The FDIC has released its September report of ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). In the list full of Satisfactory ratings, one bank—Fowler State Bank, Fowler, Colorado—stood out with a rating of Outstanding. 09/05/13

• Antonakes takes deputy director slot

  The CFPB has announced that Steve Antonakes has been officially named deputy director of the Bureau. Antonakes had been serving as acting deputy director. 09/05/13

• FTC–Nigerian MOU

  The Federal Trade Commission recently announced a Memorandum of Understanding with Nigerian consumer protection and criminal enforcement authorities "to increase cooperation and communication in … joint efforts to stamp out cross-border fraud." 09/04/13

• Flood relief for Chicago area

  HUD has announced the allocation of nearly $29 million to the City of Chicago, Cook County, DuPage County, and the State of Illinois to help communities recover from devastating spring storms, strong winds and flooding. 09/04/13

• HUD guidance on FHA HECM program

  A HUD press release announced the publication of new guidance to manage risk associated with the Federal Housing Administration's (FHA) reverse mortgage or Home Equity Conversion Mortgage (HECM) program. 09/04/13

• Refinances decline

  According to the Federal Housing Finance Agency's Second Quarter 2013 Refinance Report, the total volume of home refinances decreased slightly in the second quarter of 2013 and refinances through the Home Affordable Refinance Program (HARP) also declined. 09/04/13

• Foreign Exchange Rates report

  The August 2013 G.5 Foreign Exchange Rates Report has been released by the Federal Reserve Board. 09/04/13

• Tailored resolution plans model template

  The Federal Reserve Board and FDIC have jointly released an optional model template for tailored resolution plans that certain firms will be submitting for the first time later this year. 09/04/13

• OCC schedules Pittsburgh workshops for directors

  The OCC will host two workshops in Pittsburgh, Pennsylvania, at the Hyatt Regency Pittsburgh International Airport, October 16–17, for directors of national community banks and federal savings associations. The "Compliance Risk: What Directors Need to Know" and "Credit Risk: A Director's Focus" workshops require a fee of $99 each, with sessions limited to the first thirty-five registrants. 09/4/13

• FDIC proposes to remove regulations

  The FDIC has published proposals in today's Federal Register that would remove transferred OTS regulations on post-employment activities of senior examiners at 12 CFR Part 390 subpart A [78 FR 54401] and on recordkeeping and confirmation requirements for securities transactions effected by state savings associations at 12 CFR Part 390 subpart K [78 FR 54403]. Each of the rules proposed for removal was issued on June 14, 2011, for the transfer of regulatory authority over state savings associations from the OTS to the FDIC, but the FDIC has determined that the rules are substantively duplicated by pre-existing FDIC regulations. Comments on the proposals are due by November 4, 2013.09/04/13

• FDIC July enforcement actions

  The FDIC has announced its enforcement actions taken against banks and individuals for the month of July 2013. There were 63 orders reported, including eight consent orders; 13 removal and prohibition orders; one cross guarantee liability; eight civil money penalties; six section 19 orders; 23 terminations of consent orders and cease and desist orders; four orders terminating supervisory prompt corrective action directives; and two notices. 09/03/13

• Bank's check-cashing 'offset' practices yield UDAP penalty

  One of the July Civil Money Penalty orders reported by the FDIC imposed a $100,000 CMP on a Kentucky bank for violating the UDAP prohibition in section 5 of the FTC Act, citing a practice of collecting alleged debts from non-deposit holding customers attempting to cash checks with the bank, by confiscating check proceeds without the consumer's consent and without legal process. [Editor's note: Such practices typically result from a misunderstanding of the legal concept of "offset" or "setoff."] The Order also cited the bank's failure to abide by its Regulation E disclosures and regulatory standards as unfair and deceptive under Section 5. 09/03/13

• More Regulation E problems cited by agency

  In addition to that Kentucky bank, another bank in the Bluegrass State and one in Indiana were dealt CMPs of $7,500 and $70,000, respectively, by the FDIC for violations of Regulation E. Both banks were found to have imposed more onerous requirements on consumers for error resolution than provided by the EFT Act and Regulation E, thus delaying, denying or discouraging error resolution claims. 09/03/13

• Georgia bank pays $135K flood CMP

  Also among the FDIC's July actions was the assessment of a civil money penalty (CMP) of $135,050.00 against Synovus Bank, Columbus, Georgia, for failing to provide adequate flood insurance for 367 loans and failing to provide the required notification for 30 loans. Additional information has been posted on the BOL Flood Watch page. 09/03/13

• HUD $37M Oklahoma tornado relief grants

  HUD has announced nearly $37 million in disaster recovery aid in Community Development Block Grants to the City of Moore, Oklahoma and to the State of Oklahoma to help local communities recover from a devastating spate of storms, including a powerful tornado that struck Moore on May 20, 2013. 09/03/13

• US Foreign Securities Holdings report

  Treasury has posted the preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2012. 09/03/13

• Holiday currency special ordering Info

  Federal Reserve Financial Service has posted information regarding the processing of special requests for 2013 holiday currency. The special ordering periods will be October 18–24 and December 6–12. All orders placed during the special ordering periods must be picked up from the Federal Reserve's docks by the Friday following the last order day, October 25, and December 13, respectively. 09/03/13

• Regulators release CRA exam schedules

  The OCC and the FDIC have released their respective fourth quarter 2013 CRA exam schedules. 09/03/13

• Prohibition orders issued

  The NCUA has announced it issued seven orders prohibiting designated individuals from participating in the affairs of any federally insured financial institution. In earlier legal action, the individuals had been ordered to make restitution ranging from $275,795 to $692,869.25. 09/03/13

• NCUA sues Morgan Stanley

  An NCUA news release has announced the filing of a complaint (180 page PDF) in Federal District Court against Morgan Stanley & Co., Inc. and other firms, alleging violations of federal and state securities laws in the sale of more than $566 million in mortgage-backed securities to the U.S. Central and WesCorp corporate credit unions. 09/03/13

• Counterfeit Checks Alerts

  The OCC has issued two alerts regarding counterfeit checks issued in the name of the following national banks:

  1. First National Bank of Gillette, Gillette, WY (Counterfeit Official Checks)
  2. First National Bank of Tennessee, Livingston, TN (Counterfeit Cashier's Checks)

  Information regarding the counterfeit checks has been posted on the Alerts & Counterfeits page.  8/31/10

• Fourth Quarter CRA Exam Schedule

  The FDIC has issued its schedule for the Fourth Quarter 2010 CRA examinations. Schedule  8/31/10

• North Korean Entities and Individuals Added to OFAC List

  The Treasury has designated of eight North Korean entities and four individuals as either DPRKs or NPWMDs and added their names to the SDN List. Information regarding the additions has been posted on the OFAC page.  8/31/10

• Dodd Frank Financial Reform Roundtable

  The FDIC will hold the first of a series of roundtable discussions focusing on the Dodd Frank Wall Street Reform and Consumer Protection Act (Dodd Frank) on August 31, 2010. The first session will focus on new resolution authority and will be Webcast. Information  8/31/10

• Prompt Corrective Action Directive Announced

  The issuance of a prompt corrective action directive with the consent of Sunrise Bank, Cocoa Beach, FL. has been announced by the FRB. Directive  8/31/10

• CU Earnings Decline

  The NCUA has released the 2010 mid-year call report data from federally insured credit unions, which shows an increase in membership, but a decrease in the return on average assets while aggregate net worth held steady. Call Report  8/31/10

• Reserve Position Updates

  The U.S. International Reserve Position Report has been updated with August 20 and August 27, 2010 data. August 20; August 27  8/31/10

• Counterfeit Official Checks Special Alerts

  The FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of Air Academy Federal Credit Union, Colorado Springs, CO. Information concerning the counterfeit official checks has been posted on the Alerts & Counterfeits page.  8/30/10

• Enforcement Actions Released

  A list of seventy-six orders of enforcement actions taken against banks and individuals in July 2010 has been released by the FDIC. Orders  8/30/10

• CMPs Announced

  The FDIC has announced the civil money penalties (CMPs) recently issued for HMDA and Flood violations. Information regarding the violations and CMPs has been posted on the Civil Money Penalties section of the HMDA Heaven page and the Flood Penalties Watch page.  8/30/10

• Check 21 Availability Changes Announced

  Effective September 20, 2010, the FRB will modify the credit availability schedule on substitute check endpoints contained in FedForward and FedReturn deposits. Check 21  8/30/10

• Bernanke on the Economic Outlook and Monetary Policy

  In a presentation at the Federal Reserve Bank Economic Symposium in Jackson Hole, WY, Chairman Bernanke noted the task of economic recovery and repair remains far from complete. He discussed future policy options including conducting additional purchases of longer term securities, modifying the FOMC's communication and reducing the interest paid on excess reserves. Speech  8/30/10

• Written Agreements Executed

  The FRB has announced the execution of Written Agreements:

  1. by and between First Bancshares, Inc., of Cold Spring, Cold Spring, Mn, a registered bank holding company, and the Federal Reserve Bank of Minneapolis;
  2. by and among CSRA Bank Corp., Wrens, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia;
  3. by and among Guaranty Development Company, Livingston, MT, a registered bank holding company, and its subsidiary bank, American Bank, Bozeman, MT, a state-chartered member bank, the Federal Reserve Bank of Minneapolis, and the Montana Division of Banking and Financial Institutions.

  
  First; CSRA; Guaranty  8/27/10

• National Neighborhood Stabilization Summit Scheduled

  The FRB will sponsor a national summit at its office in Washington, D. C. on September 1 and 2, 2010, to discuss methods and resources for encouraging neighborhood stabilization in the aftermath of the U.S. home mortgage foreclosure crisis. A conference website has been established and live video will be available. PR; Website; Live Video  8/27/10

• S.A.F.E. Act Mortgage Loan Originator Bulletin

  The OCC has issued a Bulletin regarding the previously announced federal financial institution regulatory agencies' joint final rule to implement the loan originator registration requirements of the S.A.F.E. Mortgage Licensing Act of 2008 (S.A.F.E. Act). Information concerning the joint final rule was posted in the July 28, 2010, Top Stories. Bulletin  8/27/10

• 20 Receivables Report

  The June 2010 G. 20 Finance Companies Owned and Managed Receivables Outstanding Report has been published by the FRB. G.20  8/27/10

• Bulletin - Dodd-Frank Credit Rating Alternatives ANPRs

  An OCC Bulletin has been issued seeking comments on two advance notices of proposed rulemaking (ANPRs) regarding alternatives to the use of credit ratings in OCC regulations, as required in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Bulletin; ANPR1; ANPR2  8/26/10

• Unauthorized Entities Special Alert

  A Special Alert has been issued by the FDIC regarding entities conducting banking activities not authorized by the Cayman Islands Monetary Authority. Special Alert  8/26/10

• Director Nomination Proxy Rules Changed

  The SEC has adopted changes to the proxy rules regarding the nomination by shareholders of directors of public companies. Rules  8/26/10

• Thrifts Report Profitable Quarter

  The OTS has released the Second Quarter 2010 Aggregated Thrift Financial Report. Report  8/26/10

• FDIC Consumer News

  The summer issue of FDIC Consumer News has been published, with feature articles regarding tops for keeping costs down on checking and savings accounts, the permanent increase in FDIC insurance, what to do if your bank fails, and money management strategies for young adults. Consumer News  8/26/10

• Joint Agencies Propose Rulemaking for Risk-Based Capital Guidelines of the Federal Banking Agencies: Alternatives to the Use of Credit Ratings

  The regulations of the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) include various references to and requirements based on the use of credit ratings issued by nationally recognized statistical rating organizations (NRSROs). Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act), enacted on July 21, 2010, requires the agencies to review their regulations that require the use of an assessment of creditworthiness of a security or money market instrument and make reference to, or have requirements regarding, credit ratings.The agencies must then modify their regulations to remove any reference to, or requirements of reliance on, credit ratings in such regulations and substitute in their place other standards of creditworthiness that the agencies determine to be appropriate for such regulations. TXT; PDF  8/25/10

• Counterfeit Checks and Money Orders Special Alerts

  Two Special Alerts have been issued by the FDIC regarding counterfeit checks and money orders bearing the name of the following banks:

  1. Copper Star Bank, Scottsdale, AZ (Counterfeit Cashier's Checks);
  2. C US Bank, Cresco, Iowa (Counterfeit Personal Money Orders).

  Information concerning the counterfeit items has been posted on the Alerts & Counterfeits page.  8/25/10

• al-Qai'da Financial Leader Added to OFAC List

  The Treasury has designated a key leader of al-Qai'da's finance section as a Specially Designated Global Terrorist (SDGT) and added his name to the SDN List. Information regarding the new addition has been posted on the OFAC page.  8/25/10

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of August 24, 2010. 314(a)  8/25/10

• FTC Issues Flood Aid Warning

  The FTC has issued a warning to consumers to choose carefully when considering urgent appeals in the news, online, and at social networking sites to aid victims of the flooding in Pakistan and along the border between China and North Korea. Warning  8/25/10

• Reg Z Revised Exam Procedures CA Letter

  The FRB has issued a Consumer Affairs (CA) Letter regarding revised Interagency examination procedures for Reg Z which incorporate rules to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to evaluate interest rate increases imposed since January 1, 2009. CA Letter  8/24/10

• Severe Weather Guidance FIL

  A FIL containing guidance announcing a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Illinois affected by severe storms and flooding has been issued by the FDIC. FIL; Guidance  8/24/10

• CRA Ratings Released

  The OCC has released the ratings received by thirty-nine national banks that were recently evaluated for compliance with the CRA. Ratings  8/23/10

• Enforcement Actions Announced

  The new enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks have been announced by the OCC. Actions  8/23/10

  The Treasury has updated the U.S. International Reserve Position Report with data current as of August 13, 2010. Report  8/23/10

• Bank Pays Reduced OFAC CMP

  A bank that voluntarily self-reported violations of OFAC narcotics trafficking sanctions regulations has had the civil money penalty (CMP) reduced from $229,623 to $91,849. CMP  8/20/10

• Three Written Agreements Announced

  The FRB has announced the execution of the following written agreements:

  1. by and among Union Bancshares, Inc., Marksville, LA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Louisiana Office of Financial Institutions;
  2. by and among Battle Creek State Company, Inc., Battle Creek, NE, a registered bank holding company, Battle Creek State Bank, Battle Creek, NE, a state-chartered member bank, the Federal Reserve Bank of Kansas City, and the Nebraska Department of Banking and Finance;
  3. by and between MidSouth Bank, Murfreesboro, TN, a state-chartered member bank, and the Federal Reserve Bank of Atlanta.

  Union;
  Battle Creek; MidSouth  8/20/10

• BSA/AML Bulletin

  The OCC has issued a Bulletin regarding a previously issued FinCEN Advisory concerning the serious threat of money laundering, terrorism finance, and proliferation finance emanating from the Islamic Republic of Iran. Information regarding the Advisory was posted in the June 23, 2010, Top Stories page. Bulletin  8/20/10

• Small Business and Farm CRA Data Available

  The federal banking agency members of the FFIEC have announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings institutions, pursuant to the Community Reinvestment Act (CRA). FFIEC PR  8/20/10

• Identification of Counterfeit $100 Bills Video

  The Treasury has announced a new $100 bill that will be released into circulation in February 2011. They have now made a training video available that you can download and use in your staff training, as well as share with your depositors. When the new bills come out, fraudsters may try to take advantage of people's unfamiliarity with them to try to pass counterfeits. Your staff needs to be trained in advance. Read more on this at the Security Blog.  8/19/10

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement by and between Wisconsin Bancshares, Inc., Kenosha, WI, a registered bank holding company, and the Federal Reserve Bank of Chicago. Agreement  8/19/10

• C&D Order Issued: $298 Million Settlement Paid

  The FRB and the New York State Banking Department on Wednesday announced the issuance of a consent Order to Cease and Desist against Barclays Bank PLC, London and the bank's branch in New York. In separate settlements with the Department of Justice and the District Attorney for New York County, Barclays Bank has agreed to pay a total of $298 million. Order; Settlements  8/19/10

• Charge-Off and Delinquency Rates Report

  The second quarter 2010 Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks Report has been released by the FRB. Report  8/19/10

• Community Bank Directors Workshop Scheduled

  The OCC will host risk assessment, compliance risk and credit risk workshops for directors of nationally chartered community banks in Kansas City, at the Westin Crown Center, September 21-23, 2010. Online registration is available. Workshops  8/19/10

• Severe Weather Relief FIL Issued

  A FIL has been issued by the FDIC containing guidance to provide regulatory relief to financial institutions and facilitate recovery in areas of Missouri affected by severe storms, flooding and tornadoes. FIL; Guidance  8/19/10

• Matz to Host Town Hall Meeting

  The NCUA has announced that Chairman Matz will host a Town Hall meeting in Portland, OR, on October 5, 2010. Online registration is available. Town Hall; Registration  8/19/10

• Flood Violations CMP

  The FRB has announced the issuance of a Consent Order of Assessment of a $3,850 Civil Money Penalty (CMP) against Texas Star Bank, Van Alstyne, TX, a state member bank. Texas Star Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's regulations implementing the National Flood Insurance Act. Information regarding the CMP has been posted on the Flood Penalties Watch page.  8/18/10

• July G.17 Released

  The G.17 Industrial Production and Capacity Utilization Report for July 2010 has been released by the FRB. G.17  8/18/10

• Dodd Frank - Jumbo Mortgages Proposed Rule

  A proposed rule, which implements a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), revising escrow account requirements for higher-priced, first-lien "jumbo" mortgage loans has been announced by the FRB. Proposed Rule  8/17/10

• FRB Publishes Interim Final Rule in FR for Electronic Fund Transfers

  The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, in order to implement legislation that modifies the effective date of certain disclosure requirements in the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009. TXT; PDF  8/17/10

• Reverse Mortgage Guidance Issued

  The FFIEC has announced the release of final guidance on reverse mortgage products which was developed and issued in conjunction with the OCC, FRB, FDIC, OTS, and NCUA. Guidance; OCC Bulletin; OTS CEO Letter; NCUA PR  8/17/10

• New Reg Z Home Mortgage Disclosures

  The FRB has proposed enhanced consumer protections and disclosures for home mortgage transactions which include significant changes to Regulation Z (Truth in Lending). PR; FR Notice; Highlights; Key Questions  8/17/10

• Unfair Lending Loan Origination Compensation Final Rules

  Final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices, have been announced by the FRB. The new rules apply to mortgage loan officers employed by depository institutions and other lenders, as well as to mortgage brokers and the companies that employ them. Final Rules; Highlights  8/17/10

• Consumer Notice Upon Sale of Mortgage Final Rules

  The FRB has announced final rules implementing the Truth in Lending Act requirement that consumers be notified upon the sale or transfer of their mortgage loan. A new publication for consumers, "What You Need to Know: New Rules for Mortgage Transfers", is available online. Final Rules; What You Need  8/17/10

• Risk Based Capital ANPR FIL

  A FIL has been issued by the FDIC regarding the previously announced advance notice of Proposed Notice (ANPR) on alternative standards of creditworthiness to replace the use of credit ratings in the risk-based capital requirements. Information concerning the ANPR was posted in the August 13, 2010, Top Stories. FIL; Summary  8/17/10

• Credit Reporting Notices Changes Proposed

  The FTC is proposing revisions to the notices that consumer reporting agencies provide to consumers, users, and furnishers of credit report information under the FCRA. Changes  8/17/10

• Prompt Corrective Action Directive Issued

  The FRB has issued a Prompt Corrective Action Directive with the consent of First Banking Center, Burlington, WI. Directive  8/17/10

• Written Agreement Executed

  The execution of a Written Agreement by and among Madison Financial Corporation, Richmond, KY, a registered bank holding company, Madison Bank, Richmond, KY, a state-chartered member bank, the Federal Reserve Bank of Cleveland, and the Commonwealth of Kentucky Department of Financial Institutions has been announced by the FRB. Written Agreement  8/17/10

• OFAC Iranian Sanctions Fact Sheet

  A Fact Sheet has been issued by the Treasury regarding Iranian Financial Sanctions Regulations. Fact Sheet  8/17/10

• September HOEPA Rates Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in September 2009, 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, use the yield in effect on the 15th of the month that precedes the month you received the application. Since August 15, 2010 was a Sunday, use the rate on August 13, 2010, the business day immediately preceding the 15th. H.15  8/17/10

• Walsh Becomes Acting Comptroller

  The OCC has announced that John Walsh has become the Acting Comptroller of the Currency. Walsh  8/17/10

• Senior Loan Office Survey

  The results of the July 2010 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released by the FRB. Summary; Full Report  8/17/10

• June 2010 TIC International Capital Data

  The Treasury has released the Treasury International Capital (TIC) data for June 2010. TIC  8/17/10

• Cost of Funds Reports

  The OTS has issued the current and historical Cost of Funds Reports. Current; Historical  8/17/10

• Entities Added to OFAC List

  Three entities have designated as NPWMDs and added to the SDN List. Information regarding the new entries has been added to the OFA page.  8/16/10

• OFAC CMPs Announced

  The civil money penalties (CMPs) recently assessed for violations of various OFAC Sanctions Programs have been announced. An Alabama bank remitted $607,500 to settle allegations of violations of Sudanese Sanctions Regulations. CMPs  8/16/10

• CRA Hearing Online

  The CRA hearing scheduled for Tuesday, August 17, 2010, in Los Angeles may be viewed online. Hearing; Agenda; FRB PR; OCC NR; FDIC PR; OTS PR  8/16/10

• Illinois Bank Closed; Deposits Assumed

  The FDIC has announced that Palos Bank and Trust Company, Palos Heights, IL, has been closed by the Illinois Department of Financial and Professional Regulation - Division of Banking; the FDIC as receiver has entered into a purchase and assumption agreement with First Midwest Bank, Itasca, IL, to assume all of the deposits. Palos  8/16/10

• Wisconsin Severe Weather FIL

  A FIL has been issued by the FDIC regarding guidance to provide regulatory relief to financial institutions and facilitate recovery in areas of Wisconsin affected by severe storms, flooding and tornadoes. FIL  8/16/10

• OCC and the Treasury Propose Rulemaking for Alternatives to the Use of External Credit Ratings in the Regulations of the OCC

  Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) directs all Federal agencies to review, no later than one year after enactment, any regulation that requires the use of an assessment of credit-worthiness of a security or money market instrument and any references to or requirements in regulations regarding credit ratings. The agencies are also required to remove references or requirements of reliance on credit ratings and to substitute an alternative standard of credit-worthiness.Through this ANPR, the OCC seeks comment on the implementation of section 939A with respect to its regulations (other than risk-based capital regulations, which are the subject of a separate ANPR issued jointly with the other Federal banking agencies), including alternative measures of credit-worthiness that may be used in lieu of credit ratings. TXT; PDF  8/13/10

• FDIC Publishes Final Rule in FR for Deposit Insurance Regulations

  On July 21, 2010, the President signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 335 of the Act made permanent the standard maximum deposit insurance amount of $250,000. The FDIC is conforming its regulations to reflect this recent congressional action. TXT; PDF  8/13/10

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement by and among Brand Group Holdings, Inc., Lawrenceville, GA, a registered bank holding company, The Brand Banking Company, Lawrenceville, GA, a state-chartered member bank, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Agreement  8/13/10

• Prompt Corrective Action Directive Issued

  The issuance of a Prompt Corrective Action Directive with the consent of Paramount Bank, Farmington Hills, MI, a state-chartered member bank, has been announced by the FRB. Directive  8/13/10

• FDIC Announces Open Door Policy

  An open door policy has been announced by the FDIC that will make it easier for the public to give input and track the rulemaking process as the agency implements the Dodd-Frank Wall Street Reform and Consumer Protection Act. Open Door  8/13/10

• FDIC FILs

  Three FILS have been issued by the FDIC regarding:

  1. a letter from Chairman Bair to the National Association of Insurance Commissioners addressing the FDIC's concerns about the adequacy of disclosures provided by insurance companies when distributing insurance proceeds to consumers through Retained Asset Accounts;
  2. the final rule amending its insurance regulations to permanently increase the standard maximum deposit insurance amount from $100,000 to $250,000;
  3. guidance to help to financial institutions and facilitate recovery in areas of Kansas affected by severe storms, flooding and tornadoes.

  Letter; Final Rule; Guidance  8/13/10

• Counterfeit Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name Forcht Bank, Lexington, KY. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  8/12/10

• FRB Implements Gift Card Rules Amendment

  On Wednesday, The Federal Reserve Board announced its approval of an interim final rule implementing recent legislation modifying the effective date of certain disclosure requirements applicable to gift cards under the Credit Card Accountability Responsibility and Disclosure Act of 2009. For gift certificates, store gift cards, and general-use prepaid cards produced prior to April 1, 2010, the legislation and interim final rule delay the August 22, 2010, effective date of these disclosures until January 31, 2011, provided that several conditions are met. The effective date of the interim final rule is August 22, 2010, although the Fed Board is providing a 30-day comment period. BOL has updated Regulation E in its Alphabet Soup collection of significant federal regulations to reflect the changes announced by the Board. PR; Rule  8/12/10

• Reg DD Examination Procedures Revised

  The OCC has issued a Bulletin announcing revisions to the interagency consumer compliance examination procedures for Reg DD. The revisions, which reflect changes to Regulation DD requiring banks to periodically disclose certain fees and account balances and updates the OCC's Annual Percentage Yield verification software, have been incorporated in the Depository Services booklet of the Comptroller's Handbook Series. Bulletin; Booklet  8/12/10

• Overdraft Payment Program FIL

  The FDIC has issued a FIL regarding proposed guidance for public comment on how supervised banks should implement and maintain oversight of automated overdraft payment programs. The FDIC's proposal follows proposed Supplementary Guidance on Overdraft Protection Programs from the OTS, announced 4/29/10. Release; FIL  8/12/10

• The Treasury Issues Ramadan Statement

  As Muslims in the United States and around the world begin their observance of Ramadan, the Treasury recognizes the importance of this period of intense devotion, reflection and charitable giving, while protecting the charitable sector from the threat posed by those who seek to abuse this sacred obligation. Statement; Protecting Charitable Giving  8/12/10

• MSB Registration List Updated

  The FinCEN has updated the MSB Registration List with data current as of July 20, 2010. List  8/12/10

• FEDS Working Paper Published

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Money, Reserves, and the Transmission of Monetary Policy: Does the Money Multiplier Exist?" has been published by the FRB. Abstract; Full Paper  8/12/10

• Use of Credit Ratings NPR

  An advance notice of proposed rulemaking (NPR) has been published by the federal banking agencies regarding alternatives to the use of credit ratings in their risk-based capital rules for banking organizations. In addition, the OCC is requesting comments on the NPR. NPR; FRB PR; OCC NR; Comments to OCC; FDIC PR; OTS PR  8/11/10

• Fed Funds Rate Unchanged

  The FOMC has announced the target range for the federal funds rate will be maintained at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. FOMC  8/11/10

• FDIC Creates New Office

  The Office of Complex Financial Institutions (CFI) and Division of Depositor and Consumer Protection (DCP) has been created by the FDIC to help carry out its responsibilities under the Dodd-Frank Wall Street Reform and Consumer Protection Act. CFI/DCP  8/11/10

• Safe Accounts Pilot Program Announced

  A pilot program has been announced by the FDIC to evaluate the feasibility of insured depository institutions offering safe, low-cost transactional and savings accounts. Safe Accounts  8/11/10

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of August 10, 2010. 314(a)  8/11/10

• Broadcast-Quality B-Roll and Stills New Web Site

  The U.S. government's Redesigned Currency Public Education Program is offering broadcast-quality B-roll footage and still images of the redesigned $100 note through the new U.S. Currency Digital Center site which can be used to educate both employees and customers. The redesigned note will begin circulating on February 10, 2011. Digital Center  8/11/10

• Written Agreement with California BHC

  The FRB has announced the execution of a Written Agreement by and between Sonoma Valley Bancorp, Sonoma, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  8/10/10

• CRA Hearing Online

  The CRA hearing in Chicago sponsored by the federal financial regulators scheduled for Thursday, August 12, 2010, may be viewed online. Hearing; Agenda; Future Hearings  8/10/10

• Check 21 Availability Schedules Changes

  The Federal Reserve Banks have announced modifications to the Check 21 availability schedules effective August 23, 2010. Changes  8/10/10

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of August 6, 2010. Report  8/10/10

• Terrorist Organization Operating in India and Pakistan Designated

  OFAC has designated a Terrorist Organization Operating in India and Pakistan as a foreign terrorist organization, and along with its commander, as Specially Designated Global Terrorists (SDGTs). Their names have been added to the SDN List. Information regarding the new additions has been posted on the OFAC page.  8/09/10

• CRA Ratings Released

  The OTS has released the ratings received by savings associations that were evaluated in July 2010 for compliance with CRA. Ratings  8/09/10

• Illinois Bank Closed: Deposits Assumed

  The FDIC has announced the closing of the Ravenswood Bank, Chicago, IL, by the Illinois Department of Financial and Professional Regulation Division of Banking; and the FDIC as receiver entered into a purchase and assumption agreement with Northbrook Bank and Trust Company, Northbrook, IL, to assume all of the deposits. Ravenswood  8/09/10

• Counterfeit Bank Checks Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit bank checks bearing the name of The Old Fort Banking Company, Old Fort, OH. Information concerning the counterfeit checks has been posted on theAlerts & Counterfeits page.  8/06/10

• CRA Hearing Online

  The federal financial institution regulators have announced that online viewing will be available for a public hearing to be held on Friday, August 6, 2010, from 9 a.m. to 4 p.m. EDT at the Federal Reserve Bank of Atlanta on modernizing the regulations that implement the Community Reinvestment Act (CRA). Agenda; Online Information; FRB PR; OCC NR; OTS PR; FDIC PR  8/06/10

• CRA Ratings Released

  The FDIC has released the ratings received by state non-member banks recently examined for CRA compliance. Ratings  8/06/10

• Written Agreements

  The FRB has announced the execution of the following Written Agreements:

  • by and among Progress Bank of Florida, Tampa, FL, a state-chartered member bank, the Federal Reserve Bank of Atlanta, and the State of Florida Office of Financial Regulation;
  • by and between Harbor Bankshares Corporation, Baltimore, MD, a registered bank holding company, and the Federal Reserve Bank of Richmond.

  Progress; Harbor  8/06/10

• Prompt Corrective Action Directives

  The following Prompt Corrective Action Directives have been issued by the FRB with the contest of the following banks:

  • Progress Bank of Florida, Tampa, Fl;
  • Community First Bank-Chicago, Chicago, IL

  Progress; Community  8/06/10

• August FedFocus

  The August 2010 issue of FedFocus has been posted online and features articles regarding new ACH payment options for receivers in Latin America, updated FedCash Services roadmap, upcoming changes to FedMail reports and the check reclamation program, and protecting consumers with new credit card rules. FedFocus  8/06/10

• Hurricane Relief FIL

  The FDIC has issued a FIL announcing a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Texas affected by Hurricane Alex. FIL; Guidance  8/06/10

• Fraud Alert

  The OCC has issued an Alert regarding a fictitious Black List purportedly compiled and maintained by the OCC for the International Chamber of Commerce (ICC) that is currently in circulation via the Internet and e-mail. Alert; ICC Guidance  8/05/10

• Counterfeit Checks Special Alerts

  Three Special alerts have been issued by the FDIC regarding counterfeit checks bearing the name of the following banks:

  1. Empire Bank, Springfield, MO (Counterfeit Cashier's Checks);
  2. American State Bank, Sioux Center, IA (Counterfeit Cashier's Checks); and
  3. Century Bank and Trust Company, Somerville, MA (Counterfeit Treasurer's Checks).

  Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  8/05/10

• Proposed Rulemaking for Golden Parachute and Indemnification Payments

  NCUA proposes to adopt a rule to prohibit, with some exceptions, a federally insured credit union (FICU) from making golden parachute and indemnification payments to an institution-affiliated party (IAP). The proposed rule is intended to help safeguard the National Credit Union Share Insurance Fund (NCUSIF) by preventing the wrongful or improper disposition of FICU assets and to inhibit unwarranted rewards to IAPs who may have contributed to an FICU's troubled condition. The proposed rule would also provide FICUs with greater clarity on the distinction between legitimate employee severance payments and improper golden parachute payments. TXT; PDF

  8/05/10

• HMDA and CRA Geocoding System Update

  The FFIEC has updated the Geocoding System with 2010 Census information. Geocoding  8/05/10

• Written Agreements

  The FRB has announced the execution of the following Written Agreements by and among:

  • New Peoples Bankshares, Inc., Honaker, VA, a registered bank holding company, New Peoples Bank, Inc., Honaker, VA, a state-chartered member bank, the Federal Reserve Bank of Richmond, and the Virginia State Corporation Commission, Bureau of Financial Institutions;
  • Premier Financial Corp., Dubuque, IA, a registered bank holding company, Premier Bank, Dubuque, IA, a state-chartered member bank, the Federal Reserve Bank of Chicago, and the State of Iowa Division of Banking.

  New Peoples; Premier  8/05/10

• LUA Published

  The NCUA has published a Letter of Understanding and Agreement (LUA) entered into with the officials of Veritas Federal Credit Union, Franklin, TN. LUA  8/05/10

• Community Bank Directors Workshop Scheduled

  The OCC will host a workshop for directors of nationally chartered community banks in Houston, at the InterContinental Houston Hotel, September 13-15, 2010. The workshop is geared primarily to directors of banks with assets of less than $1 billion that would like to review the fundamental requirements of their position. Registration is limited to 35 and is available online. Workshop; Registration  8/05/10

• Bank Crime Statistics

  The bank crime statistics for the First Quarter 2010 have released by the FBI. Crime  8/05/10

• Counterfeit Checks Special Alerts

  Ten Special Alerts have been issued by the FDIC regarding counterfeit checks bearing the name of the following financial institutions:

  1. Athens Federal Community Bank, Athens, TN(Counterfeit Cashier's Checks);
  2. American Union Savings and Loan Association, S.B., Chicago, IL (Counterfeit Official Checks);
  3. CoreFirst Bank & Trust, Topeka, KS(Counterfeit Official Checks);
  4. MERCO Credit Union, Merced, CA (Counterfeit Cashier's Checks);
  5. East Cambridge Savings Bank, Cambridge, MA (Counterfeit Treasurer's Checks);
  6. The Brenham National Bank, Brenham, TX (Counterfeit Cashier's Checks);
  7. The First National Bank of Seiling, Seiling, OK(Counterfeit Cashier's Checks);
  8. O'Bannon Banking Company, Buffalo, MO (Counterfeit Cashier's Checks);
  9. First Suburban National Bank, Maywood, IL (Counterfeit Cashier's Checks); and
  10. Bank Mutual, Brown Deer, WI (Counterfeit Official Checks).

  Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  8/04/10

• FR Publishes Final Rule in FR for Truth in Lending

  The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. The Home Ownership and Equity Protection Act of 1994 (HOEPA) sets forth rules for home-secured loans in which the total points and fees payable by the consumer at or before loan consummation exceed the greater of $400 or 8 percent of the total loan amount. In keeping with the statute, the Board has annually adjusted the $400 amount based on the annual percentage change reflected in the Consumer Price Index as reported on June 1. The adjusted dollar amount for 2011 is $592. TXT; PDF  8/04/10

• Iranian Organizations and Individuals Added to OFAC List

  The Treasury has announced a set of designations targeting the Government of Iran's support for terrorism and terrorist organizations, including Hizballah, Hamas, Palestinian Islamic Jihad (PIJ), the Popular Front for the Liberation of Palestine-General Command (PFLP-GC) and the Taliban. Information regarding the new additions has been posted on the OFAC page.  8/04/10

• Written Agreements Announced

  The FRB has announced the execution of the following Written Agreements:

  1. by and between The Prosperity Banking Company, St. Augustine, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
  2. by and among Citizens Republic Bancorp, Inc., Flint, MI, a registered bank holding company, Citizens Bank, Flint, MI, a state-chartered member bank, the Federal Reserve Bank of Chicago, and the Michigan Office of Financial and Insurance Regulation;
  3. by and among Community Capital Corporation, Greenwood, SC, a registered bank holding company, CapitalBank, Greenwood, SC, a state-chartered member bank, the Federal Reserve Bank of Richmond, and the State of South Carolina Board of Financial Institutions.

  Prosperity; Citizens; Community  8/04/10

• Kappa Alpha Psi CU Liquidated

  The NCUA has placed Kappa Alpha Psi Federal Credit Union, located in Addison, TX, into liquidation. NCUA's Asset Management and Assistance Center will issue checks to individuals holding verified share accounts within one week. Kappa Alpha Psi  8/04/10

• Reserve Position Update

  The U.S. International Reserve Position Report has been updated with data current as of July 30, 2010. Report  8/04/10

• CU Liquidated Assets Assumed

  The NCUA has liquidated Certified Federal Credit Union (Certified) of Commerce, CA, and signed an agreement with Vons Employees Federal Credit Union of El Monte, CA, to assume the assets and liabilities. Certified  8/03/10

• Written Agreements Executed

  The FRB has announced the execution of the following written agreements by and among:

  1. Citizens Effingham Bancshares, Inc., Springfield, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia;
  2. Oregon Pacific Bancorp, Florence, Oregon, a registered bank holding company, Oregon Pacific Bank, Florence, OR, a state-chartered member bank, the Federal Reserve Bank of San Francisco, and the Oregon Department of Consumer and Business Services Division of Finance and Corporate Securities.

  Citizens; Oregon Pacific  8/03/10

• SR Letter Regarding Registration of Mortgage Loan Originators

  The FRB has issued a SR Letter regarding the previously announced FFIEC member agencies and the Farm Credit Administration joint rules implementing the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) and the implementing amendments to Regulation H. SR Letter  8/03/10

• National Bank Appeals Process Information

  The OCC has issued information regarding its National Bank Appeals Process. Review; Brochure; Appeals Summaries  8/03/10

• G.5 Foreign Exchange Rates

  The July 2010 G.5 Foreign Exchange Rates Report has been released. G.5  8/03/10

• Marketable Borrowing Estimates Announced

  The Treasury has announced its current estimates of net marketable borrowing for the third and fourth quarters of 2010. Estimates  8/03/10

• Bernanke on Challenges for Economy and State Governments

  At the Annual Meeting of the Southern Legislative Conference of the Council of State Governments in Charleston, SC, Chairman Bernanke discussed the economic outlook and the fiscal challenges for state governments. He stated, “These are daunting challenges indeed, but I believe we can find constructive ways to meet them, and I suspect that many of these solutions will be found at the state level. Speech  8/03/10

• Geithner on Rebuilding the American Financial System

  In a speech at the New York University's Stern School of Business, Secretary Geithner discussed the rebuilding of the American financial system. He presented the following guiding principles: an obligation of speed, full transparency and disclosure, new rules will not be layered on old, freedom of innovation will not be killed, a level playing field, and more order and coordination to the regulatory process. Speech  8/03/10

• Enforcement Actions Released

  The FDIC has released a list of eighty orders of administrative enforcement actions taken against banks and individuals in June 2010. The actions included civil money penalties of $96,480 for flood violations and $49,000 for HMDA violations. Information regarding these penalties has been posted on the Flood Penalties Watch page and the HMDA Heaven page. List  8/02/10

• Five Banks Closed: Deposits Assumed

  The FDIC has announced that the following five banks have been closed by their primary regulator and their deposits assumed:

  1. NorthWest Bank and Trust, Acworth, GA, by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, GA, to assume all of the deposits;
  2. Bayside Savings Bank, Port Saint Joe, FL, by the OTS; the FDIC as receiver entered into purchase and assumption agreements with Centennial Bank, Conway, AR, to assume all the deposits;
  3. Coastal Community Bank, Panama Beach, FL, by the Florida Office of Financial Regulation; the FDIC entered into purchase and assumption agreements with Centennial Bank, Conway, AR, to assume all the deposits;
  4. The Cowlitz Bank, Longview, WA, by the Washington Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Heritage Bank, Olympia, WA, to assume all of the deposits;
  5. LibertyBank, Eugene, OR, by the Oregon Division of Finance and Corporate Securities; the FDIC as receiver entered into a purchase and assumption agreement with Home Federal Bank, Nampa, ID, to assume all of the deposits.

  NorthWest; Bayside; Coastal; Cowlitz; LibertyBank  8/02/10

• Utah CU In Conservatorship

  The NCUA assumed control of operations at Family First Federal Credit Union of Orem, UT. Service to its 19,476 members will continue uninterrupted. Family First  8/02/10

• TIL and HOEPA Trigger Annual Adjustment

  The annual adjustment of the dollar amount of fees that triggers additional disclosure requirements under Truth in Lending (TIL) and the Home Ownership and Equity Protection Act of 1994 (HOEPA) for home mortgage loans that bear rates or fees above a certain amount has been published by the FRB. Trigger  8/02/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Premier Financial Bancorp, Inc., Huntington, WV, a registered bank holding company, Abigail Adams National Bancorp, Inc., Washington, D.C., a registered bank holding company, Consolidated Bank and Trust Company, Richmond, VA, a state-chartered member bank, the Federal Reserve Bank of Richmond, and the Virginia State Corporation Commission Bureau of Financial Institutions. Agreement  8/02/10

• FedACH News

  The July 2010 issue of FedACH News has been posted online and features articles regarding managing risk in the ACH network, FedEDI Plus Enhancement for ODFIs, and the availability of a New International Payments Service. News  8/02/10

• South Dakota and Iowa Severe Weather Relief FILs

  Two FILs have been issued by the FDIC announcing a Guidance intended to provide regulatory relief to financial institutions and facilitate recovery in areas of South Dakota and Iowa affected by severe weather. South Dakota FIL; Iowa FIL  8/02/10

• 2009 Mortgage Loan Fraud Study Results

  The FinCEN has released its 2009 Mortgage Loan Fraud study, which indicates the number of mortgage fraud SARs filed in 2009 grew four percent compared with the number of those filed in 2008. Study  8/02/10

• Sale of Pilot Securitization of Performing Single-Family Mortgages

  The FDIC has announced the sale of securities backed by performing single-family mortgages from sixteen failed banks. Sale  8/02/10