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• BSA/AML Examination Manual Revised

  The FFIEC has issued the revised 2010 Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual which has been updated to further clarify supervisory expectations and incorporate regulatory changes since the manual's 2007 revision. The revised manual reflects the ongoing commitment of the federal and state banking agencies to provide current and consistent risk-based guidance for banking organizations to comply with the BSA and safeguard operations from money laundering and terrorist financing. Interagency Statement; Manual; FRB SR Letter; FDIC FIL; FFIEC PR  4/30/10

• Geithner "On Too Big To Fail"

  In written and oral testimony before the Senate Subcommittee on Financial Services and General Government, Secretary Geithner discussed the proposed legislation and the concept of "too big to fail". Written Testimony; Oral Testimony  4/30/10

• FEDS Working Papers Published

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

  1. Credit Where None Is Due? Authorized User Account Status and "Piggybacking Credit";
  2. The Credit Market Consequences of Job Displacement;
  3. Implications of Behavioral Research for the Use and Regulation of Consumer Credit Products.

  Credit Abstract; Credit Full Paper; Credit Market Abstract; Credit Market Full Paper; Implications Abstract; Implications Full Paper  4/30/10

• Working Paper Revised

  The OCC has issued a revised working paper on the topic of "Management Turnover, Regulatory Oversight, and Performance: Evidence From Community Bank". Revised Paper  4/30/10

• OFAC Additions

  The names of five individuals have been added to the SDN List with the (DRCONGO) designation. Information regarding the additions has been posted on the OFAC page.  4/29/10

• Fed Funds Rate Unchanged

  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 of the federal funds rate for an extended period. FOMC  4/29/10

• FR Bulletin Features HMDA Article

  Volume 96 of the Federal Reserve Bulletin has been released and features the following article: "The 2008 HMDA Data: The Mortgage Market during a Turbulent Year", which revises a 2009 draft release, and includes revised data. Bulletin  4/29/10

• FDIC Schedules Corporate Account Takeovers Symposium

  A day-long symposium on May 11, 2010, will be hosted by the FDIC in Arlington, VA. The subject will be combating the threats posed by cyber criminals targeting small and midsize businesses, also known as "corporate account takeovers". Online registration for limited seating is available. Symposium; Program; Registration  4/29/10

• MoneyGram Victims to Receive Checks

  The FTC will mail more than 34,000 checks totaling almost $18 million to consumers identified as victims of a series of cross-border fraud schemes involving payments via MoneyGram International, Inc. Most of the victims made money transfers within the U.S. or Canada after they were falsely told they had won a lottery, were hired for a secret shopper program, or were guaranteed loans. MoneyGram  4/29/10

• Reserve Position Report Update

  The Treasury has updated the U.S. international Reserve Position Report with data current as of April 23, 2010. Report  4/29/10

• Counterfeit Cashier's Checks Special Alerts

  Five Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the name of the following financial institutions:

  1. Mertz Banking Company, Mertz, MO;
  2. Farmers State Bank, Marion, IA;
  3. The Farmers Bank of Appomattox, Appomattox, VA;
  4. Carolina Federal Savings Bank, Charleston, SC;
  5. West Plains Bank and Trust Company, West Plains, MO.

  Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  4/28/10

• OFAC List Adds Drug Lord and Sons

  A Guatemalan drug trafficker and his three sons have each been designated by OFAC as a Specially Designated Narcotics Trafficker (SDNT) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) and their names added to the SDN List. Information regarding the additions has been posted on the OFAC page.  4/28/10

• Revision of Unauthorized Cayman Entities List Special Alert

  The FDIC has issued a Special Alert by the Cayman Islands Monetary Authority, regarding the revision of the list of entities that utilize Cayman Islands addresses, but are not registered nor licensed to conduct business by the Authority. Special Alert; List  4/28/10

• Proposed Supplemental Overdraft Guidance CEO Letter

  A CEO Letter has been issued by the OTS regarding proposing a Supplemental Guidance to clarify the OTS's supervisory expectations and the application of relevant laws and regulations concerning overdrafts. CEO Letter; Proposed Guidance  4/28/10

• SAR SR Letter Issued

  The FRB has issued a replacement SR Letter regarding the "Suspicious Activity Report Filing Requirements for Banking Organizations Supervised by the Federal Reserve", which provides clarification on compliance with filing requirements. SR Letter  4/28/10

• HECM Fraud SAR Filing Guidance Released

  The FinCEN has issued released new guidance, "Advisory to Financial Institutions on Filing Suspicious Activity Reports Regarding Home Equity Conversion Mortgage Fraud Schemes", to assist financial institutions in guarding against fraud schemes perpetrated against senior citizens who use the Federal Housing Administration's (FHA's) Home Equity Conversion Mortgage (HECM) program. Advisory  4/28/10

• Treasury Encourages Electronic Transactions

  A three-pronged initiative, to dramatically reduce the number of transactions conducted on paper, by moving them to electronic systems, has been announced by the Treasury:

  1. Individuals will be required to receive Social Security, Supplemental Security Income, Veterans, Railroad Retirement and Office of Personnel Management benefits electronically either through direct deposit into a bank account or the Treasury's Direct Express debit card.
  2. Most businesses currently permitted to use paper Federal Tax Deposit coupons will have to make those deposits electronically beginning in 2011;
  3. The option to purchase paper savings bonds through payroll deductions for federal employees on September 30, 2010, and for the private sector will be eliminated by January 1, 2011.

  Electronic  4/28/10

• Bernanke on Achieving Fiscal Sustainability

  In a presentation at the first meeting of the National Commission on Fiscal Responsibility and Reform, Chairman Bernanke reviewed the long-term challenges and the path to fiscal sustainability. He stated: "The path forward contains many difficult tradeoffs and choices, but postponing those choices, and failing to put the nation's finances on a sustainable long-run trajectory, would ultimately do great damage to our economy". Speech  4/28/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among East Dubuque Bancshares, Inc., East Dubuque, IL, a registered bank holding company, East Dubuque Savings Bank, Dubuque, IA, a state chartered member bank, and the Federal Reserve Bank of Chicago. Agreement  4/27/10

• Funds Service and CHIPS Message Format Implementation Changed

  The FRB Financial Services has announced the fourth quarter 2010 implementation of an enhanced message format to support extended character business remittance information on Fedwire Funds Service and CHIPS has been changed to November 19, 2011. Implementation  4/27/10

• Seven Banks Closed: Deposits Assumed

  The FDIC has announced that the seven following institutions have been closed by their primary regulator and all deposits have been assumed:

  1. Amcore Bank, National Association, Rockford, IL, by the Office of the Comptroller of the Currency; the FDIC as receiver entered into a purchase and assumption agreement with Harris National Association, Chicago, IL;
  2. Broadway Bank, Chicago, IL, by the Illinois Department of Financial and Professional Regulation - Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, IL;
  3. Citizens Bank &Trust Company of Chicago, Chicago, IL, by the Illinois Department of Financial and Professional Regulation - Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, IL;
  4. New Century Bank, Chicago, IL, by the Illinois Department of Financial and Professional Regulation - Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, Illinois;
  5. Lincoln Park Savings Bank, Chicago, IL, by the Illinois Department of Financial and Professional Regulation Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with Northbrook Bank and Trust Company, Northbrook, IL;
  6. Peotone Bank and Trust Company, Peotone, IL, by the Illinois Department of Financial and Professional Regulation Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with First Midwest Bank, Itasca, IL;
  7. Wheatland Bank, Naperville, IL, by the Illinois Department of Financial and Professional Regulation Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with Wheaton Bank & Trust, Wheaton, IL.

  Amcore; Broadway; Citizens; New Century; Lincoln Park; Peotone; Wheatland  4/26/10

• CU in Receivership

  The NCUA has assumed control of the operations of St. Paul Croatian Federal Credit Union, a federally chartered and federally insured credit union headquartered in Eastlake, OH. Receivership  4/26/10

• OFAC CMPs Announced

  The civil money penalties recently assessed against entities and individuals for violations of various sanctions programs has been announced by OFAC. No financial institutions were cited. CMPs  4/26/10

• Abusive OD Program C&D and CMP

  The OTS has issued a cease-and-desist order and an order assessing the civil money penalty of $400,000 against Woodforest Bank, Refugio, TX. The bank has also agreed to refund more than $12 million to consumers who were charged excessive fees for overdraft protection on bank accounts. C&D; CMP  4/26/10

• Reg C HMDA Hearings Scheduled

  Four public hearings on potential revisions to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA) will be held by the FRB at the Federal Reserve Bank of Atlanta on July 15, the Federal Reserve Bank of San Francisco on August 5, the Federal Reserve Bank of Chicago on September 16, and the Federal Reserve Board in Washington, D.C. on September 24. Hearings  4/26/10

• Community Developments Investments Spring 2010 Edition Posted

  The OCC has posted the Spring, 2010, edition of its online newsletter which features highlights some of the programs and incentives created or expanded by the Recovery Act to promote small business financing and to stimulate housing and economic development. Community Developments  4/26/10

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of April 16, 2010. Report  4/26/10

• C&D Order Issued

  The FRB has announced the execution of a consent Cease and Desist Order by and among PB Financial Group, Inc., Denver, CO, a registered bank holding company, Premier Bank, Denver, CO, a state chartered member bank, the Federal Reserve Board, and the Colorado Division of Banking. Order  4/23/10

• Written Agreement Executed

  The execution of a Written Agreement by and among The Bank of Currituck, Moyock, NC, a state chartered member bank, the Federal Reserve Bank of Richmond, and the North Carolina Office of the Commissioner of Banks has been announced by the FRB. Agreement  4/23/10

• New Version of EDIE Available

  The FDIC has issued a FIL announcing a new version of its Electronic Deposit Insurance Estimator (EDIE) which provides increased functionality and allows FDIC-insured institutions to customize and integrate EDIE into their web sites is now available. FIL; Overview; Technical Info  4/23/10

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of April 20, 2010. 314(a)  4/23/10

• FedACH News Online

  FRB Financial Services has posted online the First Quarter 2010 FedACH News. News  4/23/10

• New Electronic Interpretations and Actions Published

  The OCC has published the April, 2010, New Electronic Interpretations and Actions. New  4/23/10

• Closed Board Meeting Scheduled

  The NCUA has scheduled a special closed meeting for April 23, 2010. Agenda  4/23/10

• $100 Bill Unveiled

  The Treasury, the FRB, and the Secret Service have released the new design for the $100 bill which will be issued on February 10, 2011. The design incorporates new technology to combat counterfeiting including a 3-D security ribbon that contains images of bells and 100s that move and change from one to the other, and a bell in an inkwell that changes color when the bill is tilted. A new web page has been created that explains these and other security features. $100 Bill; Web Site  4/22/10

• FR Financial Statements Released

  The 2009 annual comparative financial statements for the combined Federal Reserve Banks, the 12 individual Federal Reserve Banks, and the limited liability companies that were created to respond to strains in financial markets have been released. Statements  4/22/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Ameri-National Corporation, Overland Park, KS, a registered bank holding company, and the Federal Reserve Bank of Kansas City. Agreement  4/21/10

• LUA Published

  The NCUA has published a Letter of Understanding and Agreement (LUA) previously entered into with the officials of Kappa Alpha Psi Federal Credit Union, Dallas, TX. LUA  4/21/10

• Geithner on Lehman Brothers

  In written and oral testimony before the House Committee on Financial Services, Secretary Geithner reviewed the failure of Lehman Brothers, the events that led to its demise and the reforms needed to prevent future problems. Written; Oral  4/21/10

• Dugan Discusses CRA

  In a presentation before the Federal Economic Development Forum, Comptroller Dugan discussed the role of the Community Reinvestment Act. Speech  4/21/10

• CRA Ratings Released

  The OCC has released the ratings received by thirty-five national banks that were recently evaluated for compliance with the provisions of the CRA. Ratings  4/20/10

• The Treasury Proposes Rulemaking for Garnishment of Accounts Containing Federal Benefit Payments

  The Treasury, SSA, VA, RRB and OPM (Agencies) are publishing a proposed rule for comment, to implement statutory restrictions on the garnishment of Federal benefit payments. The Agencies are taking this action in response to recent developments in technology and debt collection practices that have led to an increase in the freezing of accounts containing Federal benefit payments. The proposed rule would establish procedures that financial institutions must follow when a garnishment order is received for an account into which Federal benefit payments have been directly deposited. It would also require financial institutions that receive a garnishment order for an account to determine whether any Federal benefit payments were deposited to the account within 60 calendar days prior to receipt of the order, and would require them to ensure that the account holder has access to an amount equal to the sum of such payments in the account or to the current balance of the account, whichever is lower. TXT; PDF  4/20/10

• T Bank To Pay Consumers $5.1M

  The OCC and T Bank, N. A., Dallas, TX (Bank) have entered into a settlement agreement that directs the Bank to make $5.1 million in restitution to over 60,000 consumers adversely affected by its relationships with a third party payment processor and several telemarketers and internet merchants. In addition,the Bank is also required to pay a $100,000 civil money penalty (CMP) to the U.S. Treasury. Agreement; CMP  4/20/10

• Lehman Brothers - Lessons Learned

  In testimony before the House Committee on Financial Services, Chairman Bernanke discussed the failure of Lehman Brothers and the lessons learned. Testimony  4/20/10

• Counterfeit Cashier's Checks Alert

  An alert has been issued by the OCC regarding counterfeit cashier's checks issued in the name of Peoples Community National Bank, Bremen, GA, which are being presented for payment nationwide in connection with a secret shopping scam. Information regarding the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  4/19/10

• FDIC Publishes Interim Rule in FR for Amendment of Temporary Liquidity Guarantee Program: Extend Transaction Account Guarantee Program with Opportunity to Opt-Out

  The FDIC is issuing this Interim Rule to amend the Transaction Account Guarantee (TAG) component of the Temporary Liquidity Guarantee Program (TLGP) by providing an 6-month extension of the TAG program for insured depository institutions (IDIs) currently participating in the TAG program, with the possibility of an additional 12-month extension of the program without further rulemaking, upon a determination by the FDIC's Board of Directors (Board) that continuing economic difficulties warrant a continued extension. By virtue of this Interim Rule, the TAG program will be extended through December 31, 2010, with the possibility of an additional 12-month extension through December 31, 2011. TXT; PDF  4/19/10

• Fraudulent Correspondence OCC Alert

  The OCC has issued an alert regarding a variety of fictitious correspondence, allegedly issued by the OCC regarding funds purportedly under the control of the OCC and other government entities. Samples of the fraudulent correspondence, which is being sent to United States bank customers in an attempt to elicit funds from them and to gather personal information to be used in possible future identity theft, are attached. Alert; Sample 1; Sample 2; Sample 3  4/19/10

• May 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 May, 2010, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury securities 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   4/19/10

• OFAC Deletes Names

  The names of fourteen Columbian individuals previously designated as SDNTs have deleted from the OFAC SDN List. Information regarding the deletions has ben posted on the OFAC page.  4/19/10

• Eight Banks Closed

  The following banks have been closed by their primary regulator;

  1. Lakeside Community Bank, Sterling Heights, MI,by the Michigan Office of Financial and Insurance Regulation; the FDIC as receiver entered into a purchase and assumption agreement with First Michigan Bank, Troy, MI, to accept the failed bank's direct deposits from the federal government. The FDIC was unable to find another financial institution to take over the banking operations. Checks will be mailed to depositors for their insured funds;
  2. AmericanFirst Bank, Clermont, FL, by the Florida Office of Financial Regulation; the FDIC as receiver entered into a purchase and assumption agreement with TD Bank, National Association (N.A.), Wilmington, DE, to assume all of the deposits;
  3. First Federal Bank of North Florida, Palatka, FL, by the OTS; the FDIC as receiver entered into a purchase and assumption agreement with TD Bank, National Association (N.A.), Wilmington, DE, to assume all of the deposits;
  4. Riverside National Bank of Florida, Fort Pierce, FL, by the OCC, the FDIC as receiver entered into a purchase and assumption agreement with TD Bank, National Association (N.A.), Wilmington, DE, to assume all of the deposits.
  5. Butler Bank, Lowell, MA, by the Massachusetts Division of Banks; the FDIC as receiver entered into a purchase and assumption agreement with People's United Bank, Bridgeport, CT, to assume all of the deposits;
  6. Innovative Bank, Oakland, CA, by the California Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Center Bank, Los Angeles, CA, to assume all of the deposits;
  7. Tamalpais Bank, San Rafael, CA, by the California Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Union Bank, National Association, San Francisco, CA, to assume all of the deposits.
  8. City Bank, Lynnwood, WA, by the Washington Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Union Bank, National Association, San Francisco, CA, to assume all of the deposits.

  Lakeside; American First; First Federal; Riverside; Butler; Innovative; Tamalpais; City  4/19/10

• Enforcement Actions Released

  The OCC has released the enforcement actions recently taken against national banks and individuals, currently and formerly affiliated with national banks. Actions  4/19/10

• BSA E-Filing Brochure

  The FinCEN has issued a brochure that highlights the benefits of using the Bank Secrecy Act Electronic Filing System. Information; Brochure  4/19/10

• Risk Weighting Of Early Default Provisions

  A CEO letter has been issued by the OTS regarding the risk weighting of early default provisions. CEO Letter  4/19/10

• Quarterly Review of Interest Rate Risk Published

  The Fourth Quarter, 2009 issue of The Quarterly Review of Interest Rate Risk has been published by the OTS. Quarterly Review  4/19/10

• Charities' Leadership Added to OFAC List

  The Treasury has targeted the financial and support networks of al-Qai'da and the Taliban by designating two individuals who are the heads of charities who provide support to terrorists or acts of terrorism. Information regarding the designations has been posted on the OFAC page.  4/16/10

• Dugan Says Stress Tests Successful

  In a presentation before the 2010 Credit Markets Symposium hosted by the Federal Reserve Bank of Richmond, Comptroller Dugan said that the 2009 that stress tests played a crucial role in restoring market confidence in the nation's large banks. Speech  4/16/10

• FedFlash Posted

  The April, 2010, issue of FedFlash has been posted online by the Federal Reserve Financial Services. FedFlash  4/16/10

• Cost of Funds Reports Issued

  The OTS has issued the Current and Historical Cost of Funds Reports. Current; Historical  4/16/10

• Industrial Production Report Released

  The G.17 Industrial Production and Capacity Utilization Report for March, 2010, has been released by the FRB. G.17  4/16/10

• TIC Data Released

  The Treasury has released the Treasury International Capital (TIC) data for February, 2010. TIC  4/16/10

• OFAC Additions and Change

  Eleven individuals have been added to the OFAC SDN List with the Somalia designation and one existing entry has been changed. Information regarding the additions and the change have been posted on the OFAC page.  4/15/10

• Home Financing Reform Comments Sought

  Questions for public comment on the future of the housing finance system, including Fannie Mae and Freddie Mac, and the overall role of the federal government in housing policy have been released by the Administration. Questions  4/15/10

• OD Opt-In Bulletin Issued

  The OCC has issued a bulletin to provide guidance on implementation of the previously announced final rule for ATM, and one-time debit card transactions overdraft opt-in requirements, and a reminder to national banks that materials associated with the opt-in procedures must comply with FTC standards. Information regarding the Final Rule was posted in the November 17, 2009, Top Stories. Bulletin  4/15/10

• MSB List Updated

  The FinCEN has updated with data current as of March 23, 2010, the MSB Registration List which contains 41,681 registered MSBs. List  4/15/10

• Bernanke's Economic Outlook

  In testimony before the Congressional Joint Economic Committee, Chairman Bernanke discussed the economic outlook, financial market developments and fiscal policy. Testimony  4/15/10

• Beige Book Updated

  The FRB has updated the Beige Book with information collected before April 5, 2010. Summary; Full Report  4/15/10

• HAMP Report Released

  The Treasury has released the Home Affordable Modification Program (HAMP) report for March, 2010.HAMP  4/15/10

• FEDS Working Papers Published

  Two working papers in the Finance and Economic Discussion Series (FEDS) have been published by the FRB on the topics of "Using a Projection Method to Analyze Inflation Bias in a Micro-Founded Model", and "Tips from TIPS: the informational content of Treasury Inflation-Protected Security prices." Using Abstract; Using Full Paper; Tips Abstract; Tips Full Paper  4/15/10

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

  FinCEN is issuing this final rule to include mutual funds within the general definition of "financial institution" in regulations implementing the Bank Secrecy Act ("BSA"). The final rule subjects mutual funds to rules under the BSA on the filing of Currency Transaction Reports ("CTRs") and on the creation, retention, and transmittal of records or information for transmittals of funds. Additionally, the final rule amends the definition of mutual fund in the rule requiring mutual funds to establish anti-money laundering ("AML") programs. The amendment harmonizes the definition of mutual fund in the AML program rule with the definitions found in the other BSA rules to which mutual funds are subject. Finally, the final rule amends the rule that delegates authority to examine institutions for compliance with the BSA. The amendment makes it clear that FinCEN has not delegated to the Internal Revenue Service the authority to examine mutual funds for compliance with the BSA, but rather to the U.S. Securities and Exchange Commission ("SEC") as the federal functional regulator of mutual funds. TXT; PDF  4/14/10

• TARP Extended

  A FIL has been issued by the FDIC regarding the approval of an interim rule to extend the Transaction Account Guarantee (TAG) program to December 31, 2010, with discretion to extend the program to the end of 2011, without additional rulemaking, if it determines that economic conditions warrant such an extension. FIL; Memorandum; Rule  4/14/10

• Large Institution Deposit Insurance Assessment Revised

  A Notice of Proposed Rulemaking (NPR) to revise the deposit insurance assessment system for large institutions which pose unique and concentrated risks to the Deposit Insurance Fund, has been approved by the FDIC. FIL; Memorandum; NPR; Assessment Calculator  4/14/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Access Bancshares, Inc., Champlin, MN, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. Agreement  4/14/10

• Geithner Says Urgent Need for Financial Reform

  In a published article, Secretary Geithner urged the enactment of reforms to repair basic flaws in the financial system. He stated, "the American people have suffered through too much to enact reform that does too little". Article  4/14/10

• FRB Board Minutes Released

  The discount rate minutes from February 17, through March 15, 2010, meetings of the Federal Reserve Board have been released. Minutes  4/14/10

• Reserve Position Updates

  The Treasury has updated the U.S. International Reserve position Report with data current as of April 9, 2010. Reserve Position  4/14/10

• Mutual Funds CTR Filing Requirements

  The FinCEN has submitted a final rule for publication that replaces a mutual fund requirement to file IRS/FinCEN Form 8300 with a requirement to file FinCEN Form 104, Currency Transaction Report (CTR), which is standard for financial institutions. Final Rule  4/13/10

• Supplemental Capital White Paper Released

  The NCUA has released a white paper on supplemental capital. White Paper  4/13/10

• Bair Discusses Long Term Outlook

  In a presentation to the Council of Institutional Investors-Spring Meeting, Chairman Bair reviewed the steps that need to be taken to avert the next financial crisis. She stated "we must never again ask taxpayers to bail out a large, failing financial firm". Other steps include plugging gaps in regulation, rethinking consumer protection, realigning compensation incentives and paying attention to mortgage deal structures. Speech  4/13/10

• South Carolina Bank Closed; Deposits Assumed

  Beach First National Bank, Myrtle Beach, SC, was closed by the OCC; the FDIC as receiver entered into a purchase and assumption agreement with Bank of North Carolina, Thomasville, NC, to assume all of the deposits. Myrtle Beach  4/12/10

• 2009 Fact Book Released

  The OTS has released the 2009 Fact Book, a statistical review of the thrift industry. Fact Book  4/12/10

• West African Narcotics Traffickers Added to OFAC List

  OFAC has designated two Guinea-Bissau based individuals as drug kingpins (SDNTKs) due to their significant roles in international narcotics trafficking and added their names to the SDN List. Information regarding the additions has been posted on the OFAC page.  4/09/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Rosemount Financial Services, Inc., Rosemount, MN, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. Agreement  4/09/10

• Bernanke Discusses Lessons Learned from Economic Policy History

  At the 43rd Annual Alexander Hamilton Awards Dinner, Chairman Bernanke discussed the parallels, differences, and lessons learned between the Great Depression and the recent economic crisis, particularly regarding the responses of policymakers. Speech  4/09/10

• Finance Companies Report Issued

  The February, 2010, G.20 Finance Companies Owned and Managed Receivables Report has been issued by the FRB. G.20  4/09/10

• April 2010 FedFocus Published

  The Federal Reserve Financial Services has published and posted online the April, 2010, issue of FedFocus which features an article regarding the comments of the staff of a bank that is moving to paperless check processing. FedFocus  4/09/10

• Dugan Identifies Poor Credit Underwriting as Financial Crisis Factor

  In testimony before the Financial Crisis Inquiry Commission, Comptroller Dugan noted that a key factor in the financial crisis was poor credit underwriting, particularly by non-bank lenders that were subject to little or no regulation. He stated, "I believe the government should establish minimum, common sense underwriting standards for mortgages that can be effectively applied and enforced for all mortgage lenders, whether they are regulated banks or unregulated mortgage companies." Oral Statement; Written Testimony; Appendix A; ; Appendix B; Appendix C; Appendix D; Appendix E  4/09/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among FCB Florida Bancorporation, Inc., Orlando, FL, a registered bank holding company, First Commercial Bank of Florida, Orlando, FL, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the State of Florida Office of Financial Regulation. Agreement  4/08/10

• Consumer Alert - Deposits by Agents

  The FDIC has issued a Consumer Alert for consumers who utilize an agent to place deposits at FDIC insured banks. Alert  4/08/10

• OCC Publishes Final Rule in FR for Freedom of Information Act

  The Office of the Comptroller of the Currency (OCC) is amending its regulations governing the disclosure of information pursuant to requests made under the Freedom of Information Act (FOIA) to reflect changes to the FOIA made by the Openness Promotes Effectiveness in Our National Government Act of 2007 (OPEN Government Act) and to make other changes that update the OCC's FOIA regulations. TXT; PDF  4/08/10

• Bernanke Discusses Economic Challenges

  In a presentation at a meeting of the Dallas Regional Chamber of Commerce, Chairman Bernanke discussed national and global past, present, and future economic challenges. He reviewed the origins of the current financial crisis and economic downturn, with a particular focus on the policy response of the Federal Reserve, along with near-term and longer-term challenges facing the country. Speech  4/08/10

• Bair on Financial Literacy and Meeting Economic Challenges

  At the Operation HOPE Financial Forum: Financial Literacy in the Backdrop of the Global Economic Crisis hosted by the Federal Reserve Bank of Atlanta, Chairman Bair discussed the vital role financial literacy will play in meeting the challenges for consumers as they cope with protecting their money, hanging on to their homes, and trying to decide what to do next with their hard-earned cash. Speech  4/08/10

• Consumer Credit Report Issued

  The February, 2010, G.19 Consumer Credit Report has been issued by the FRB. G.19  4/08/10

• Open Government Plan Released

  The FRB has released the agency's Open Government Plan. Plan  4/08/10

• CRA Rating Released

  The OTS has released the ratings received by savings associations that were recently examined for compliance with the provisions of the CRA. Ratings  4/07/10

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement by and among Atlantic Southern Financial Group, Inc., Macon, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Agreement  4/07/10

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as April 6, 2010. 314(a)  4/07/10

• FTC Issues Consumer Credit Card Debt Relief Tips

  Settling Your Credit Card Debts, a new consumer publication from the FTC warns that there is no guarantee that debt settlement companies can persuade a credit card company to accept partial payment of a legitimate debt. Other tips include red flags to watch out for from companies that promise to settle credit card debt, and discusses practical no-cost and low-cost options for help, including dealing with creditors directly and contacting a credit counselor. Tips  4/07/10

• New RESPA Rule FAQs Revised

  HUD has revised its previously issued New RESPA Rule FAQs. FAQs  4/06/10

• HUD Publishes Final Rule in FR for Section 108 Community Development Loan Guarantee Program

  This final rule follows publication of a July 22, 2009, interim rule that implemented section 222 in Division I of the Omnibus Appropriations Act, 2009. Section 222 authorizes HUD, to the extent of its Fiscal Year (FY) 2009 loan guarantee authority, to provide community development loan guarantees, under section 108 of the Housing and Community Development Act of 1974, to States borrowing on behalf of local governments in nonentitlement areas (governments that do not receive annual Community Development Block Grants (CDBGs) from HUD). Section 108 authorizes HUD to guarantee notes issued by such nonentitlement local governments or their designated public agencies supported by the respective State's pledge of its CDBG funds. Prior to the enactment of section 222, HUD lacked authority to guarantee notes issued by States on behalf of local governments in nonentitlement areas. HUD received a single public comment on the July 22, 2009, interim rule, which expressed support for the interim regulatory amendments. HUD is adopting the interim rule without change. TXT; PDF  4/06/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Citizens Bancshares of Woodville, Inc., Hudson, WI, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. Agreement  4/06/10

• Risk Management FIL

  A FIL has been issued by the FDIC regarding the previously announced federal banking interagency guidance to provide sound practices for managing funding and liquidity risk and strengthening liquidity risk management practices. Information concerning the guidance was posted in the March 18, Top Stories. FIL  4/06/10

• Reserve Position Update

  The U.S. International Reserve Position Report has been updated by the Treasury with data current as of April 2, 2010. Report  4/06/10

• Counterfeit Cashier's Checks Special Alerts

  Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the names of The Highlands Bank, Jackson, LA, and Horizon Community Bank, Lake Havasu City, AR. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  4/05/10

• CRA Ratings Released

  The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings  4/05/10

• TIL Regulatory Bulletin and CEO Letter

  The OTS has issued a CEO Letter regarding the transmittal of a Regulatory Bulletin concerning changes to examination procedures as a result of amendments to the provisions of Truth in Lending Act for open-end credit, primarily credit cards, and closed-end private student loans and mortgage transfers. CEO Letter; Bulletin  4/05/10

• NCUA Proposes Rulemaking for Fiduciary Duties at Federal Credit Unions: Mergers and Conversions of Insured Credit Unions

  This document corrects the preamble to a proposed rule published in the Federal Register of March 29, 2010, regarding fiduciary duties at Federal credit unions and mergers and conversions of insured credit unions. The proposed rule as published included an incorrect address for Web site comments and an incorrect subject line for e-mail comments in the ADDRESSES section of the preamble. TXT; PDF  4/05/10

• Reserve Position Reports Released

  The Treasury has released the U. S. International Reserve Position Reports for March 19 and 26, 2010. March 19; March 26  4/05/10

• 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 "Commercial and Residential Land Prices Across the United States" and "General-Equilibrium Effects of Investment Tax Incentives". Commercial Abstract; Commercial Full Paper; General-Equilibrium Abstract; General-Equilibrium Full Paper  4/05/10

• Two Added to OFAC List

  The Treasury has designating two European-based individuals as Specially Designated Global Terrorists (SDGTs) for providing support to terrorists or acts of terrorism by providing financial, material, or technological support and for involvement in an plot to target U.S. military personnel stationed in Germany. Information regarding the individuals has been posted on the OFAC page.  4/02/10

• Written Agreements Announced

  The FRB has announced the execution of the following written agreements:

  1. by and among First Banks, Inc., St. Louis, MO, The San Francisco Company, Clayton, MO, both registered bank holding companies, their subsidiary bank, First Bank, Creve Coeur, MO, a state chartered member bank, and the Federal Reserve Bank of St. Louis;
  2. by and between Independent Bancshares, Inc., Ocala, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta.

  First
  ; Independent  4/02/10

• Severe Storm and Flooding Recovery Guidance

  A FIL has been issued by the FDIC announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in the areas of Rhode Island and Massachusetts affected by severe storms and flooding. FIL  4/02/10

• Mobile Finance Forum Files and Transcripts Online

  The FRB has made the audio files and transcripts of the "Cash, Check, or Cell Phone?" Protecting Consumers in a Mobile Finance World, forum which was held in Washington, D.C. on February 23, 2010. Summary; Welcome; Conference Materials; Speaker Biographies  4/02/10

• National Banks Directors Workshop Scheduled

  The OCC will host a will host a workshop for directors of nationally chartered community banks in Chicago, at the InterContinental Chicago Hotel, May 17-19, 2010. Online registration is available. Workshop; Registration  4/02/10

• FDIC Announces Winner Bidder

  The winner bidder has been announced by the FDIC of the sale of an equity interest in a limited liability company (LLC) created to hold certain assets transferred from nineteen failed bank receiverships. Sale  4/02/10

• Financial Reporting Bulletin Released

  The March, 2010, Financial Reporting Bulletin has been released by the OTS. Bulletin  4/02/10

• Foreign Exchange Rates Report Released

  The March 2010 G. 5 Foreign Exchange Rates Report has been released by the FRB. G.5  4/02/10

• Minority-Owned Banks Report Updated

  The FRB has updated the Minority-Owned Banks Report with data current as of December 31, 2010. Report  4/02/10

• 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, which interprets the requirements of Regulation E. The final rule restricts a person's ability to impose dormancy, inactivity, or service fees for certain prepaid products, primarily gift cards. The final rule also generally prohibits the sale or issuance of such products if they have an expiration date of less than five years. The amendments implement statutory requirements set forth in the Credit Card Accountability Responsibility and Disclosure Act of 2009.TXT; PDF  4/01/10

• Fed Publishes Consumer Compliance Outlook

  The Federal Reserve announced its publication of the First Quarter 2010 issue of Consumer Compliance Outlook, available on its Outlook website. Website  4/01/10

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement by and between Atlantic BancGroup, Inc., Jacksonville Beach, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta. Agreement  4/01/10

• Prompt Corrective Action Directive Issued

  The issuance of a Prompt Corrective Action Directive against Midwest Bank and Trust Company, Elmwood Park, IL, a state chartered member bank, has been announced by the FRB. Directive  4/01/10

• OTS Announces Mortgage Loan Consumer Brochure

  A brochure, "What to Expect When You Apply For A Mortgage Loan", which describes key changes in the mortgage loan process and conveys information about the importance of credit scores in the lending process, is available for consumers from the OTS. Brochure  4/01/10

• Bureau finalizes Foreign Remittances Rule

  The CFPB has announced its approval of final changes to the Foreign Remittances Rule (subpart B of Regulation E) to make two significant changes—

  • The disclosure of foreign taxes, and of and fees imposed by a recipient institution (unless that institution is an agent of the provider), has been made optional, if a disclaimer that such fees and taxes may apply is disclosed
  • When funds are deposited to the wrong account because of incorrect routing or account number information supplied by the sending consumer, the provider will have to attempt to recover the funds but would not be accountable for funds that cannot be recovered

  The revised rule will now be effective on October 28, 2013.4/30/13

• Citizens Bank units to pay CMPs

  RBS Citizens, N.A., and Citizens Bank of Pennsylvania (CPBA), affiliates that both operate under the name Citizens Bank, have each been assessed a $5 million civil money penalty by their respective federal regulators, the OCC and the FDIC. The regulators' orders said the banks were in violation of the UDAP provisions in Section 5 of the FTC Act, with regard to inaccurate or misleading disclosures of the banks' overdraft protection programs, an aspect of their checking rewards programs, and their handling of stop payments of preauthorized electronic fund transfers. The OCC also ordered RBS Citizens, N.A., to pay approximately $2.5 million in restitution to affected consumers. The FDIC ordered CBPA to make similar payments of approximately $1.4 million.4/30/13

  • OCC Consent Order against RBS Citizens, N.A.
  • OCC Order for Civil Money Penalty against CBPA
  • FDIC Order for Restitution and Civil Money Penalty

• Bureau amends CARD Act ability to pay rule

  The CFPB has announced approval of an amendment to Regulation Z intended to make it easier for stay-at-home spouses and partners to get credit card accounts. The change allows card issuers to consider third-party income if the applicant has a reasonable expectation of access to it. The amendment, which will be effective upon publication in the Federal Register, with compliance optional for 6 months thereafter, has been posted to BankersOnline's Alphabet Soup (see section 1026.51 and its Commentary). 4/30/13

• Counterfeit cashier's checks alerts

  The OCC has issued two Alerts on counterfeit cashier's checks bearing the name of Broadway National Bank, San Antonio, Texas, and First National Bank and Trust of Junction City, Kansas. These alerts have been added to the BankersOnline Alerts & Counterfeits page, where you can find details. [Editor's Note: These are the first counterfeit alerts from federal regulators since June 26, 2012.]

• Goldman Sachs and Morgan Stanley borrower payments

  The Federal Reserve Board has announced that payments are scheduled to begin on this Friday (May 3, 2013) to borrowers covered by the Independent Foreclosure Review agreement whose mortgages were serviced by Goldman Sachs and Morgan Stanley. 4/30/13

• Building and keeping good credit

  An article on the CFPB Blog provides tips for consumers for building and maintaining a good credit history. 4/30/13

• Guidance proposals published

  The recently-announced proposals from the FDIC and OCC for Guidance on Deposit Advance Products have been published in today's Federal Register. The OCC proposal announces withdrawal of its June 8, 2011, proposal on a related subject. 4/30/13

  • OCC: Proposed Guidance on Deposit Advance Products; Withdrawal of Proposed Guidance on Deposit-Related Consumer Credit Products
  • FDIC: Proposed Guidance on Deposit Advance Products

  Comments on the proposals close on May 30, 2013. 4/30/13

• Marketable borrowing estimates

  Treasury has announced its current estimates of net marketable borrowing for the second and third quarters 2013. 4/30/13

• FDIC enforcement actions

  The FDIC has released a list of 55 administrative enforcement actions taken against banks and individuals in March 2013. The list includes 4 civil money penalties (CMPs) totaling $50,800 for Flood Act violations. Information regarding those four penalties has been posted on the BOL Flood Penalties Watch page. 4/29/13

• Two banks closed

  The FDIC has announced the closing and assumption of deposits of Parkway Bank, Lenoir, North Carolina, and Douglas County Bank, Douglasville, Georgia.4/29/13

• Recap of Bureau's Twitter chat on talking with kids

  The CFPB has posted an article with a recap of the Bureau and Kids.gov #MoneyTalk Twitter chat on talking to kids about money.4/29/13

• Allocation of civil penalties by CFPB

  The CFPB has announced the issuance of a Civil Penalty Fund Rule which outlines the way the agency will allocate the funds it collects for violations of a federal consumer financial protection law. The Bureau also announced a proposal and request for comment that could revise, adjust or refine the rule. The Civil Penalties Fund Rule will become effective upon publication in the Federal Register, and the comment period on the proposal will run for 60 days after its publication.4/29/13

• FRB TDF fixed-rate offerings

  A Federal Reserve Board press release announces the agency's plans to conduct fixed-rate offerings of term deposits with full allotment of tenders under the Term Deposit Facility (TDF) as part of the ongoing program of small-value offerings. A fixed-rate, full-allotment format will offer 28-day term deposits on May 20, 2013, with settlement on May 23, 2013.4/29/13

• FRB Foreign Remittance Transfers report to Congress

  The FRB has issued a Report to Congress on the use of the ACH system and other payment mechanisms for remittance transfers to foreign countries.

• IFRP payments top $1 billion

  The OCC has announced that as of April 25, 2013, more than one million people have cashed or deposited more than $1 billion in checks related to the Independent Foreclosure Review Payment Agreement (IFRP).4/29/13

• OCC participates in Literacy Day

  At the Capitol Hill Literacy Day celebration on April 25, 2013, the OCC's staff distributed its financial capability materials, including the Financial Literacy Update and OCC's Consumer Advisories. They also promoted the OCC's HelpWithMyBank.gov website, which provides answers to 250 common banking questions covering such topics as credit cards, bank accounts, mortgages, consumer loans, insurance, identity theft, and safe deposit boxes.4/29/13

• Agencies respond on deposit advance lending

  The FDIC and OCC have proposed for public comment supervisory guidance to the financial institutions they supervise that offer or may consider offering deposit advance products. The proposals are intended to ensure that banks are aware of a variety of safety and soundness, compliance, and consumer protection risks posed by deposit advance loans. The Proposed Guidance on Deposit Advance Products would include supervisory expectations with regard to an institution's involvement in these products. The OCC's June 8, 2011, proposal for Guidance on Deposit-Related Consumer Credit Products was withdrawn. The FRB also weighed in with Community Affairs Letter CA 13-7 to issue a Statement on Deposit Advance Products, to emphasize to state member banks the significant consumer risks associated with deposit advance products. The proposals and policy statement come on the heels of this week's CFPB whitepaper on payday and deposit advance loans. 4/26/13

  • FDIC proposed guidance
  • OCC proposed guidance
  • FRB policy statement

  Comments on the FDIC and OCC proposals will be accepted for 30 days following their publication in the Federal Register.

• Bureau comments on agency statements

  The CFPB posted a statement in support of the supervisory statements of the FDIC, OCC and FRB concerning consumer risks associated with deposit advance products. In its comments, the Bureau said it expects to use its authorities to provide protections to consumers once further analysis of the short-term, high-cost loan market is complete. 4/26/13

• OFAC issues $23,400 CMP

  OFAC has announced the payment of a $23,400 civil money penalty (CMP) by Toyota Motor Credit Corporation to settle potential liability for 26 apparent violations of the Foreign Narcotics Kingpin Sanctions Regulation. The violations occurred when an account was maintained for, and transactions were processed instead of being blocked for, an individual who was designated by OFAC as a Specially Designated Narcotics Trafficker (SDNT).4/26/13

• FSOC Annual Report to Congress

  Treasury has announced the release by the Financial Stability Oversight Council (FSOC) of its third annual report to Congress as required by the Dodd-Frank Act.4/26/13

• FHFA mortgage interest rates report

  The March 2013 National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders report has been released by the Federal Housing Finance Agency (FHFA). The rate for loans closed in March was 3.54 percent, an increase of 0.11 percent from February.4/26/13

• FRB Written Agreements

  The Federal Reserve Board has announced the execution of separate Written agreements with Freedom Bank of Oklahoma, Tulsa, Oklahoma, and Freedom Bancorporation, Inc., Lindstrom, Minnesota.4/26/13

• Report of examination format

  The FRB has issued SR 13-10 to announce the format for safety-and-soundness reports of examination and inspection for community state member banks and holding companies with composite "4" or "5" ratings.4/26/13

• FTC issues COPPA FAQs

  The Federal Trade Commission has announced the issuance of "Complying With COPPA: Frequently Asked Questions," an updated set of frequently asked questions designed to help website operators, mobile application developers, plug-ins and advertising networks operating on child-directed websites and online services prepare for upcoming changes to the Children's Online Privacy Protection Rule (COPPA).4/26/13

• Senior ID theft workshop agenda

  The agenda for the May 7, 2013, FTC workshop, "Senior Identity Theft: a Problem in this Day and Age," has been released. The session will be free and open to the public, at the FTC Conference Center in Washington, D.C. 4/26/13

• HUD restructures some field offices

  HUD has issued a press release announcing major changes within its Office of Multifamily Housing Programs and the Office of Field Policy and Management (FPM). Hub offices will be combined and sixteen offices closed nationwide. The changes will affect approximately 10% of the Department's employees.4/25/13

• $100 note issue date

  The Federal Reserve Board has announced October 8, 2013, as the issue date of the redesigned $100 note. The design of the note was disclosed in 2010, but the introduction was delayed due to production problems. 4/25/13

• Second Quarter 2013 FRB interest rates

  The interest rate paid by the FRB for the second quarter 2013 on required reserve balances (balances held at Reserve Banks to satisfy reserve requirements) and on excess balances (balances held in excess of required reserve balances) has been released.4/25/13

• AML and counter-terrorist financing risk guidance

  FinCEN has issued two advisories regarding guidance to financial institutions based on the Financial Action Task Force public statement on anti-money laundering and counter-terrorist financing risks. Advisory FIN-2013-A003 concerns risks posed by one list of countries and Advisory FIN-2013-A004 addresses a second list.4/25/13

• Treasury CDFI announces $3.5 billion in awards

  A press release has been issued by Treasury's Community Development Financial Institutions (CDFI) Fund to announce $3.5 billion in New Markets Tax Credit (NMTC) awards to 85 organizations. The NMTC, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making equity investments in Community Development Entities.4/25/13

• FCA posts CMP inflation adjustments

  The Farm Credit Administration (FCA) has published a Final Rule to implement inflation adjustments to civil money penalties (CMPs) that the FCA may impose pursuant to the Farm Credit Act and the Flood Disaster Protection Act of 1973, as amended.4/25/13

• Bureau releases payday and deposit advance loan report

  In prepared remarks for a press call on April 23, CFPB Director Richard Cordray announced the release of a white paper on payday and deposit advance loans. The white paper, said Cordray, serves two purposes: It provides information that may facilitate discussion around a shared set of facts, and provides market participants with a clear statement of the concerns that the Bureau's analysis raises. The Director said that the CFPB will be determining how to exercise its authorities to best protect consumers who use payday and deposit advance loans, while preserving access to responsible credit. The Bureau also provided a factsheet and updated its Ask CFPB web tool to provide information on payday and deposit advance lending. 4/24/13

• Lebanese exchange houses targeted

  Treasury has identified two Lebanese exchange houses, Kassem Rmeiti & Co. For Exchange (Kassem), and Halawi Exchange Co. (Halawi), as financial institutions of "primary money laundering concern" under section 311 of the USA PATRIOT Act. An imposition of special measures, notice of filing, and order imposing recordkeeping obligations and reporting obligations were issued against each entity. 4/24/13

  • Kassem Proposed Rule of Imposition; Notice of Finding; Temporary Order
  • Halawi Proposed Rule of Imposition; Notice of Finding; Temporary Order

  The Temporary Orders, which impose recordkeeping and reporting requirements on affected U.S. banks, are effective from April 23 through August 21, 2013. Links to those orders have been posted to the Table of Contents page for 31 CFR Part 1010, the General Provisions portion of FinCEN's Title X regulations, in BankersOnline's Alphabet Soup pages. Comments on the proposed amendments to Part 1010 are due by June 24, 2013.

• Housing prices rise

  The Federal Housing Finance Authority (FHFA) has issued the February 2013 Housing Price Index, which indicates that prices rose 0.7 percent from January 2013 and 7.1 percent from February 2012. 4/24/13

• Residential mortgage servicing guidance

  Federal Reserve Board SR Letter-13-9 has been issued to provide guidance on sound business practices for residential mortgage servicing that Federal Reserve-supervised financial institutions are expected to address in their collections, loss mitigation, and foreclosure processing functions. The guidance confirms the minimum standards that all regulated institutions are expected to adopt in prioritizing and handling the files of borrowers at imminent risk of foreclosure.4/24/13

• Bureau announces consultation policy

  The CFPB has announced a new "Tribal Consultation Policy" to address the needs and concerns of Native Americans and tribal governments. 4/24/13

• Teach Children to Save Day

  The CFPB Blog includes an article on "Teaching your kids to save," in response to designation of April 23 as "Teach Children to Save" Day. 4/24/13

• HUD takes control of housing authority

  A HUD press release has been issued on the agency's takeover of the Housing Authority of the City of Cocoa, Florida. HUD cited violations of federal law and the Authority's default on the Public Housing Annual Contributions Contract as the reasons for the takeover. 4/24/13

• FTC supports proposed SSA policy change

  The FTC has announced its support of a Social Security Administration (SSA) proposal designed to protect children from identity theft. Under the proposal, a new policy would allow the Social Security number of a child under 13 to be changed in the event the child's Social Security card was stolen in transit, incorrectly disclosed through SSA's Death Master File, or misused by a third party. The FTC staff recommended that children age 17 and under be covered by the policy. 4/23/13

• ICE announces ID theft and bank fraud conviction

  A news release has been issued by U.S. Immigration and Customs Enforcement (ICE) announcing the sentencing of a New Mexico business receptionist to 42 months in federal prison on bank fraud and aggravated identity theft charges. She was also ordered to pay her victims $14,022.27 for altering the payee information on checks payable to her employer, and depositing the altered checks into her personal bank account; using the names, addresses, telephone numbers and bank account numbers of her employer's clients to commit criminal offenses; and making fraudulent online purchases by using the credit card information belonging to her employer's clients. 4/23/13

• Cordray discusses CFPB Semi-Annual Report

  In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, CFPB Director Cordray discussed the agency's Semi-Annual Report covering the last six months of 2012. 4/23/13

• FDIC Quarterly

  The first quarter 2013 issue of the FDIC Quarterly includes articles on the Quarterly Banking Profile for the quarter ending 12/31/2012 and highlights from the 2012 Summary of Deposits. 4/23/13

• Bureau announces personnel changes

  The CFPB has announced several changes and additions to its leadership. 4/22/13

• Bureau proposes more changes to final rules

  The CFPB has posted on its Blog a proposed rule to address questions that have been received since its January 2013 issuance of the Ability to Repay/QM and Mortgage Servicing Rules. The proposal addresses clarifications of the following topics— 4/22/13

  • debt-to-income ratio
  • contract variances and the temporary QM provision
  • purchase, guarantee or insurability status and the temporary QM
  • the fact that Regulation X does not preempt the field of mortgage servicing regulation by states
  • the small servicer exemption<

• 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. Four flood insurance violation civil money penalties (CMPs) totaling $15,810 were included. Details on those penalties are found on BankersOnline's Flood Penalties Watch page. 4/22/13

• IFRPA checks update

  A news release from the OCC updates the status of the planned payments to eligible borrowers under the Independent Foreclosure Review Payment Agreement (IFRPA). 4/22/13

• Three banks closed

  The FDIC has announced the closing of three banks—

  • First Federal Bank, Lexington, Kentucky
  • Heritage Bank of North Florida, Orange Park, Florida
  • Chipola Community Bank, Marianna, Florida

  4/22/13

• FTC fraud survey

  The Federal Trade Commission has issued a press release announcing the release of a statistical survey of fraud in the United States during 2011, which reports an estimated 25.6 million adults, 10.8 percent of the adult population, were fraud victims. The top ten categories of fraud include scams involving credit repair, debt relief, credit card insurance, and mortgage relief. 4/22/13

• FTC alert regarding Boston bombing aid scams

  A list of tips on how to avoid scams has been issued by the FTC for those who may want to donate money to the victims and families of the Boston bombings. 4/22/13

• Bureau addresses Maine and Tennessee gift card laws

  The CFPB has announced the issuance of final determinations clarifying potential conflicts between federal gift card law and unclaimed property laws of Maine and Tennessee. Federal law generally prohibits the sale of a gift card that expires sooner than five years after the date when funds were last loaded onto the card. The unclaimed property laws in Maine and Tennessee consider some gift cards abandoned property as early as two years after purchase. 4/19/13

• LATE-BREAKING: Bureau posts escrow compliance guide

  The CFPB sent email subscribers a notice today that it has posted the TILA Escrow Rule Small Entity Compliance Guide. The Guide is an attempt to describe the final rule amending Regulation Z's section 35 in plain English, and is designed primarily to assist smaller creditors understand the requirements that will be effective on June 1, 2013. 4/19/13

• HMDA reporting guide updated

  The FFIEC has posted an updated edition of A Guide to HMDA Reporting: Getting It Right. The 2013 edition, to be used with 2013 HMDA data due March 1, 2014, covers the transfer of authority from the FRB to the CFPB and the updates to the asset-size threshold exemption. 4/19/13

• Individual dropped from OFAC list

  OFAC has deleted an individual with eight entries with the SYRIA designation from its SDN List. See the April 18, 2013, BankersOnline OFAC Update for details. 4/19/13

• Cease and Desist Order issued

  The Federal Reserve Board has issued a consent cease and desist order against Metropolitan Bank Group, Inc., Chicago, Illinois, relating to safety and soundness deficiencies of the holding company and its bank subsidiaries. 4/19/13

• Bureau field hearing on student loans

  A field hearing on student loan borrowing will be held by the CFPB on May 8, 2013, in Miami-Dade County, Florida. It is open to the public but requires an RSVP. Details are available in English and Spanish on the CFPB Blog. 4/19/13

• NCUA April board action

  A bulletin has been issued by the NCUA on actions taken at the April 18, 2013, meeting of the NCUA Board. 4/19/13

• CFPB report on seniors and financial advisers

  The CFPB has issued a news release to announce the publication of a report highlighting problems with so-called "senior designation" credentials that many financial advisers use to market their services to older Americans. Bureau Director Cordray said the report "underscores the need for consistent high-level standards of training and conduct for those advisers who want to acquire a bona fide senior designation." 4/19/13

• Tips for seniors on financial advisors

  The Bureau also posted a related Blog article with suggestions for evaluating an adviser's "senior" designation, and sources available for verification of a financial adviser's credentials. 4/19/13

• Bureau Twitter chat planned

  The Bureau plans a Twitter chat on talking with kids about money on April 24. Information about the plan is posted on the CFPB Blog. 4/19/13

• Escrows rule amendments proposal published

  The CFPB's previously announced proposal to amend the January 2013 Escrow Rule (to leave in place consumer protections that the January rule inadvertently would have removed on June 1, 2013) has been published in today's Federal Register. Comments on the proposal are due by May 3, 2013. 4/18/13

• FRB publishes Reg TT proposal

  The Federal Reserve Board has published in today's Federal Register its previously announced proposed rule (Regulation TT, 12 CFR Part 246) that would implement section 318 of the Dodd-Frank Act, which directs the Board to collect assessments, fees, or other charges equal to the total expenses the Board estimates are necessary or appropriate to carry out the supervisory and regulatory responsibilities of the Board for bank holding companies and savings and loan holding companies with total consolidated assets of $50 billion or more and non bank financial companies designated for Board supervision by the Financial Stability Oversight Council. Comments are due by June 15, 2013. 4/18/13

• HUD proposal on reporting requirements

  HUD has published a proposed rule that would relax certain FHA financial statement reporting requirements for lenders and mortgagees. Comments are due by June 17, 2013. 4/18/13

• Cordray on financial literacy and education

  CFPB Director Cordray spoke yesterday at the Federal Reserve Bank of Chicago on the importance of consumer financial literacy and education. 4/18/13

• Beige Book update

  The April 17, 2013, update to the Beige Book has been published by the FRB. 4/18/13

• Director workshops

  The OCC will host two workshops in Columbia, South Carolina, on May 21–22, for directors of national community banks and federal savings associations. The "Risk Assessment for Directors" and "Compliance Risk: What Directors Need to Know" workshops are designed exclusively for directors of institutions supervised by the OCC. 4/18/13

• May 2013 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 May 2013 will be subject to HOEPA 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. 4/17/13

• Foreclosure Review payments

  The OCC has posted a news release reminding institutions that a first "wave" of checks was sent to consumers on April 12 as part of the expected $3.6 billion in payments under the Independent Foreclosure Review process. Positive ID is required for cashing the checks, and check verification instructions are printed on the back of each check. Nearly 50,000 of the checks had already been cashed or deposited as of Monday, April 15. Update (9:20 ET): The Federal Reserve Board announced that early problems with some checks in the first wave of payments have been corrected. Some early recipients had reported they were unable to cash their checks. Rust Consulting, Inc., the paying agent, corrected the problem that had led to the early rejections. 4/17/13

• Discount rate meeting minutes

  The Federal Reserve Board has released the minutes of the discount rate meetings held February 11 through March 18, 2013. 4/17/13

• Curry remarks at 2013 Hope Forum

  Comptroller Curry discussed the importance of financial literacy, economic empowerment, and CRA at the 2013 Hope Forum, sponsored by Operation Hope in Atlanta. 4/17/13

• Calvery on emerging payment systems and related vulnerabilities

  In remarks at the CyFin 2013 Conference hosted by the National Cyber-Forensics Training Alliance in Pittsburgh, FinCEN Director Calvery discussed the financial flows and vulnerabilities related to emerging payment systems. Topics included virtual currencies, uncovering cyber trends and patterns, account takeovers, third party payment processors, and advanced analytics. The agency's Delta Team initiative was also discussed. 4/17/13

• NCUA grant

  The NCUA has announced its award of a $50,000 grant to a group of South Carolina credit unions that are collaborating on a groundbreaking project to improve talent management. 4/17/13

• NCUA marketing webinar

  A free credit union marketing webinar, "Driving the Bottom Line: Results through Marketing," will by hosted by the NCUA on April 23, 2013, at 2 p.m. ET. 4/17/13

• Fair Housing claim settled

  HUD has announced a $90,000 conciliation agreement with Coldwell Banker Residential Brokerage and the seller of a home, settling allegations they violated the Fair Housing Act by preventing the sale of a house to be used as a group home for persons with disabilities. 4/16/13

• Annual Assessments comments requested

  The FRB has issued a press release inviting comment on a proposal to establish an annual assessment of bank holding companies and savings and loan holding companies with $50 billion or more in total consolidated assets and for nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve. Comments must be submitted by June 15, 2013. 4/16/13

• Additional resolution plans guidance

  The Federal Reserve Board and the FDIC have announced the release of additional guidance, clarification and direction for the first group of institutions, both domestic and foreign-based, for filing their resolution plans pursuant to the Dodd-Frank Act. 4/16/13

• SDN list removals

  OFAC has removed three Iran Sanctions Act names from the SDN List. Details are available in BankersOnline's April 15, 2013, OFAC Update. 4/16/13

• OCC schedules California workshops

  The OCC will host two workshops in San Jose, California, on May 14–15, for directors of national community banks and federal savings associations. 4/16/13

• Calvery discusses mortgage fraud prevention programs

  In prepared remarks for the Mortgage Bankers Association Fraud Issues Conference, FinCEN Director Calvery discussed the Distressed Homeowners Initiative, third party payment processors, advanced analysis, and the universal SAR, and gave a regulatory update. 4/16/13

• FinCEN Syrian advisory update

  An updated FinCEN advisory to financial institutions on recent events in Syria has been issued. 4/16/13

• TIC data

  Treasury has issued the Treasury International Capital (TIC) data for February 2013. 4/16/13

• Proposed Clarification of 2013 Escrows Rule

  The CFPB Blog has announced a proposed rule clarifying and making technical amendments to the original 2013 Escrows Final Rule that it issued in January 2013. The proposal would temporarily reestablish certain consumer protections that the January escrow rules eliminate when they become effective on June 1, 2013, until they are replaced by expanded protections in January 2014. A short 15-day comment period will begin with publication of the proposal in the Federal Register. 4/15/13

• Designations under new OFAC sanctions program

  Treasury has announced the designation of 18 individuals under the Sergei Magnitsky Rule of Law Accountability Act of 2012, which calls for the freezing of assets of and prohibition of transactions with persons identified by the President as responsible for the detention, abuse, and death in the Russian Federation of Sergei Magnitsky and other gross abuses of human rights. OFAC has established a new Magnitsky Sanctions Program, under which SDN listings will carry the tag of [MAGNIT]. See BOL's April 12, 2013, OFAC Update for details. 4/15/13

• HUD expands options for Sandy victims

  HUD has announced additional measures to allow families to get back on their feet after Hurricane Sandy without having to face the prospect of foreclosure. 4/15/13

• OFAC issues CMP

  A non-financial corporation has paid a $22,500 CMP to OFAC in settlement of civil liability for an alleged violation of the Iranian Transactions and Sanctions Regulations. 4/15/13

• Fed statistical releases

  The Federal Reserve Board has released the list of insured U.S chartered commercial banks that have consolidated assets of $300 million or more, and the list of minority-owned financial institutions and their branches as of December 31, 2012. 4/15/13

• Bernanke on creating resilient communities

  In a speech at the "Resilience and Rebuilding for Low-Income Communities: Research to Inform Policy and Practice" Federal Reserve System Community Affairs Research Conference in Washington, D.C., Chairman Bernanke discussed the evolution of community development, accelerating transformation development in communities, and developing local leaders. 4/15/13

• Virginia CU liquidated

  The NCUA has announced the liquidation of Shiloh of Alexandria Federal Credit Union, Alexandria, Virginia. Shiloh of Alexandria, which had 624 members and assets of under $2.5 million, was the fifth federally insured credit union liquidated this year. 4/15/13

• The NCUA Report

  The April 2013 issue of The NCUA Report has been published. 4/15/13

• OFAC designations

  Treasury has announced the designation of an Iranian businessman, along with a Malaysian bank and an international network of front companies, for moving billions of dollars on behalf of the Iranian regime. Also designated was a Swiss-based Iranian oil trading company owned or controlled by the previously designated National Iranian Oil Company. Additional details are included in BankersOnline's April 11, 2013, OFAC Update. 4/12/13

• Treasury schedules TARP CPP stock auction

  Treasury also announced it will sell preferred stock and subordinated debt CPP investments in eight institutions. The auctions, which will be offered principally to domestic qualified institutional buyers and certain domestic institutional accredited investors, are expected to commence on or about April 15, 2013. 4/12/13

• HARP extended

  The Federal Housing Finance Agency (FHFA) has issued a news release announcing the extension of the Home Affordable Refinance Program (HARP) by two years to December 21, 2015.

• Fed to continue using RFI

  Supervision and Regulation Letter SR 13-8 has been issued by the Federal Reserve Board to announce the extension of the use of the rating system referred to as RFI to assign "indicative ratings" to savings and loan holding companies. 4/12/13

• NCUA Board meeting agenda

  The agenda for the April 18, 2013, NCUA Board meeting has been posted. 4/12/13

• CFPB financial aid tips

  A Bureau Blog article provides tips for comparing college financial aid offers and features an updated tool for students that allows them to compare financial aid packages and college costs. 4/12/13

• Bureau ATR/QM Compliance Guide

  The Consumer Financial Protection Bureau has posted the first in a series of compliance guides to its recently finalized mortgage lending rules. The Ability-to-Repay and Qualified Mortgage Rule Small Entity Compliance Guide is now available on the Bureau's Regulations page for the Ability-to-Repay (ATR) and Qualified Mortgage (QM) rule, along with a quick-reference chart comparing the general ATR requirements with those for QMs. 4/11/13

• ACH volume tops 21 billion

  NACHA has announced that ACH transaction volume exceeded 21 billion in 2012, an increase of more than 4 percent over the 2011 count. The data reported shows an increase of 6.38 percent in electronically-originated payments and a decline of 6.75 percent in check conversions, reflecting a further shift away from paper checks for initiating payments. ACH network dollar volume increased by 8.8% to about $37 trillion. 4/11/13

• FOMC minutes

  The Federal Reserve Board has posted the minutes, statement, and materials from the March 19–20, 2013, meeting of the Federal Open Market Committee (FOMC). 4/11/13

• SEC adopts ID theft rules

  The SEC and Commodity Futures Trading Commission have jointly adopted final rules requiring broker-dealers, mutual funds, investment advisers, and certain other entities regulated by the agencies to adopt programs to detect identity theft red flags and prevent incidents of ID theft. 4/11/13

• Honduran drug traffickers added to OFAC list

  OFAC has announced the designation of a Honduran national as a Specially Designated Narcotics Trafficker ("SDNT") pursuant to the Foreign Narcotics Kingpin Designation Act ("Kingpin Act"). His wife, father, and several of his companies including a general merchandise and auto parts store, a motorcycle brand, and a clothing store were also designated. See the April 9, 2013, BOL OFAC Update for details. 4/10/13

• Bureau publishes complaint disclosure policy

  The CFPB has published in today's Federal Register its final policy statement on how it plans to publicly disclose certain consumer complaint data without personally identifiable information. The policy became effective March 25, and the Bureau provided access to the data beginning March 28, 2013.

• Foreclosure agreement payments begin

  A joint press release has been issued by the FRB and OCC to announce an agreement with 13 mortgage servicers to begin making payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the signatory companies. A website has been created to provide information to the borrowers. 4/10/13

• January 2013 Refinance Report

  The Federal Housing Finance Agency (FHFA) has released its January 2013 Refinance Report. Refinance volume remained high with nearly 470,000 reported, 97,600 of which took advantage of the Home Affordable Refinance Program (HARP). 4/9/13

• Bernanke on stress tests

  In a speech at the "Maintaining Financial Stability: Holding a Tiger by the Tail" financial markets conference sponsored by the Federal Reserve Bank of Atlanta, Chairman Bernanke discussed what has been learned from the 2009 Supervisory Capital Assessment Program (SCAP) popularly known as the bank stress tests. 4/9/13

• FDIC banker teleconferences on mortgage lending rules

  FDIC FIL-17-2013 has been issued to announce three nationwide banker teleconferences on May 2, May 15, and June 6 that will focus on significant mortgage-related final rules issued by the Consumer Financial Protection Bureau (CFPB). 4/9/13

• Consumer Credit report

  The Federal Reserve Board has released the G.19 Consumer Credit Outstanding and Terms of Credit Report. 4/9/13

• ID theft victims video

  The Federal Trade Commission has posted a video, Guide to Assisting Identity Theft Victims, designed to help those who assist the victims of ID theft in repairing their identity. 4/9/13

• ForEx currency exchange rule published

  The Federal Reserve Board's previously-announced final Retail Foreign Exchange Transactions rule, which will be effective May 13, 2013, has been published in today's Federal Register. 4/9/13

• GAO pension plan report

  The Government Accountability Office (GAO) has released a report on funding problems of multiemployer private pension plans. The report suggests that Congress address comprehensive reforms to reinforce and stabilize the multiemployer system. 4/9/13

• Arizona bank closed

  The FDIC has announced the closing of Gold Canyon Bank, Gold Canyon, Arizona. All of the closed bank's deposits have been assumed by First Scottsdale Bank, N.A., Scottsdale, Arizona. Gold Canyon is the fifth FDIC-insured bank to fail this year. 4/8/13

• FTC sends refunds to scam victims

  A Federal Trade Commission press release has announced that the Commission has mailed refund checks to Spanish-speaking consumers who lost money to fraudsters in a foreclosure relief scam. 4/8/13

• Policy on branch applications clarified

  Federal Reserve Board SR-Letter 13-7 has been issued to clarify the agency's policy concerning the application process for a de novo branch by a state member bank in less-than-satisfactory condition. 4/8/13

• FOMC meeting schedule

  The Federal Reserve Board has announced a tentative 2014 meeting schedule for the Federal Open Market Committee (FOMC). 4/8/13

• FDIC Board April 2013 meeting

  The notice and agenda of the April 11, 2013, meeting of the FDIC Board has been posted. 4/8/13

• LATE-BREAKING: Bureau notice on compliance guides

  The CFPB has distributed an email notice that it plans to release plain language compliance guides next week as part of its implementation support plan on its recently-finalized new mortgage rules. It also encouraged those who are part of the mortgage industry to sign up on its Regulations page for email updates about regulations and compliance. 4/5/13

• GAO report on Foreclosure Review

  The Government Accountability Office (GAO) has released "Foreclosure Review: Lessons Learned Could Enhance Continuing Reviews and Activities under Amended Consent Orders," a critique of the foreclosure review process required by consent orders entered into by 14 mortgage servicers in April 2011. The GAO review addressed 4/5/13

  • challenges to the achievement of the goals of the foreclosure review
  • transparency of the process
  • lessons that could be useful for carrying out activities under amended consent orders and continuing reviews

  [Full Report (74 pages, PDF); Highlights (1 page, PDF)] 4/5/13

• Soccer team off OFAC List

  Treasury has announced the removal of the Colombian professional soccer team from the SDN List. The team was designated in 1999 because it was then under the ownership or control of leaders of the Cali Cartel. Because that is no longer the case, the team is being delisted, and U.S. persons are now allowed to enter into financial transactions with the ownership of the team and may unblock any assets the team may have had in the U.S. Details are in a BankersOnline OFAC Update. 4/5/13

• Bernanke on economic and financial knowledge

  In prerecorded video remarks to the 13th Annual Redefining Investment Strategy Forum in Dayton, OH, Chairman Bernanke discussed the mission of the Federal Reserve to promote economic and financial knowledge among people of all ages and walks of life. 4/5/13

• FRB enforcement action

  The execution of a Written Agreement with HSH Nordbank AG (Hamburg, Germany) and its New York branch regarding its BSA/AML Compliance Program has been announced by the Federal Reserve Board. 4/5/13

• CFPB attacks insurer kickbacks

  The CFPB has announced four enforcement actions to end alleged improper kickbacks by mortgage insurers to lenders in exchange for business. Complaints and proposed consent orders have been filed with the U.S. District Court for the Southern District of Florida against Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, Radian Guaranty Inc., and United Guaranty Corporation. The four companies have agreed to end the practice, pay collectively more than $15 million in penalties, and to be monitored by and report to the CFPB to ensure ongoing compliance. 4/5/13

• Final rule on retail foreign exchange transactions

  The FRB has announced the adoption of a final rule (Regulation NN) to permit banking organizations under its supervision to engage in off-exchange transactions in foreign currency with retail customers. The rule, which will be effective May 13, 2013, also describes various requirements with which banking organizations must comply to conduct such transactions. [Update: Published in Federal Register 4/9/2013, at 78 FR 21019.] 4/5/13

• FDIC CRA ratings

  The FDIC has posted its April 2013 list of banks examined for CRA compliance. Of the 94 banks listed, three received outstanding ratings, two were said to need improvement, and one was found to be substantially non-compliant. The remainder obtained satisfactory ratings. 4/5/13

• Fedfocus

  The April 2013 edition of Fedfocus has been released, featuring articles on FRB Services "Risk Radar" resource, a history of U.S. paper currency from 1690, and a look at ongoing education tools and online learning available from Federal Reserve Financial Services. 4/5/13

• Bureau takes money transfer complaints

  The Bureau has announced on its Blog that consumers with money transfer complaints can now submit them to the Bureau. 4/5/13

• Building financial capabilities

  The CFPB has requested suggestions on how to build financial capabilities for people with disabilities, veterans in transition, and people who are economically vulnerable. Comments may be submitted until 4 p.m. ET on Friday, April 12, 2013. 4/5/13

• Essay on cash

  The 2012 Annual Report of the San Francisco Federal Reserve Bank includes an essay by President and CEO John C. Williams, on Cash is Dead! Long Live Cash! Williams explains why currency in circulation is soaring at the same time Americans are turning away from it to pay for purchases. 4/5/13

• NMLS maintenance scheduled

  The NMLS will undergo system maintenance on Saturday morning, April 6th from 7:00 a.m. to 9:00 a.m. ET. NMLS and NMLS Consumer Access will be unavailable during this time. 4/5/13

• SCOOS report

  The March 13 Senior Credit Officer Opinion Survey (SCOOS) on Dealer Financing Terms report has been released by the FRB. 4/5/13

• FRB 'predominantly engaged' rule

  The Federal Reserve Board has issued a press release announcing the approval of a final rule (new Regulation PP) that establishes the requirements for determining when a company is "predominantly engaged in financial activities." The term is used by the Financial Stability Oversight Council (FSOC) when it considers the potential designation of a nonbank financial company for consolidated supervision by the Federal Reserve. The rule will be effective May 6, 2013. [Update: The final rule was published at 78 FR 20755 on April 5, 2013.] 4/4/13

• Commercial real estate concentration study

  The FRB and OCC have published a white paper on the findings from their study of bank performance in the context of the 2006 interagency guidance, "Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices." [Summary; Full Paper] 4/4/13

• FDIC technical assistance videos

  The FDIC has announced its release of the first in a series of technical assistance videos to provide useful information to bank directors, officers, and employees on areas of supervisory focus and proposed regulatory changes. 4/4/13

• CFPB assistance to older Americans

  The Bureau's Blog features an article on the accomplishments of the CFPB in providing assistance to older Americans. Summaries of additional programs scheduled in upcoming months are also listed. 4/4/13

• Bureau on financial literacy

  The results of a survey of Bureau personnel on the meaning of financial literacy and what can be done to promote April as Financial Literacy Month are also discussed in the CFPB's Blog. 4/4/13

• Liberian SDN List removals

  OFAC has removed from the SDN List 31 listings of individuals and their aliases involved with the former Liberian regime of Charles Taylor. Information on the removals has been posted in a BankersOnline OFAC Update. 4/3/13

• Custodian Inventory Program manual

  Federal Reserve Financial Services has announced the revision of its Custodial Inventory Manual of Procedures, which will be effective June 3, 2013. [Manual; Summary of Changes]. 4/3/13

• First Quarter Call Report

  FDIC FIL-15-2013 has been issued with instructions for the completion of the First Quarter 2013 Call Report. 4/3/13

• NCUA settles with BofA

  The NCUA has announced a $165 million settlement with Bank of America for losses related to purchases of residential mortgage-backed securities by failed corporate credit unions. The settlement brings the total of recoveries by NCUA for CU loses to $335 million. 4/3/13

• New financial education game

  The NCUA has added a new financial education tool to Pocket Cents, its financial literacy microsite. The tool, "Hit the Road," teaches financial basics in an engaging and easy-to-play format that simulates a familiar, real-life situation. Credit unions can link to this educational resource from their websites to further financial literacy. 4/3/13

• CRA ratings

  The OCC has released the ratings assigned to 37 national banks and federal savings associations that were recently evaluated for compliance with CRA. Three are rated outstanding, and 34 received a satisfactory rating. 4/2/13

• FDIC enforcement actions

  The FDIC has released a list of 55 administrative enforcement actions taken against banks and individuals in March 2013. The list includes 4 civil money penalties (CMPs) totaling $50,800 for Flood Act violations. Information regarding those four penalties has been posted on the BOL Flood Penalties Watch page. 4/2/13

• Two banks closed

  The FDIC has announced the closing and assumption of deposits of Parkway Bank, Lenoir, North Carolina, and Douglas County Bank, Douglasville, Georgia. 4/2/13

• Recap of Bureau's Twitter chat on talking with kids

  The CFPB has posted an article with a recap of the Bureau and Kids.gov #MoneyTalk Twitter chat on talking to kids about money. 4/2/13

• Allocation of civil penalties by CFPB

  The CFPB has announced the issuance of a Civil Penalty Fund Rule which outlines the way the agency will allocate the funds it collects for violations of a federal consumer financial protection law. The Bureau also announced a proposal and request for comment that could revise, adjust or refine the rule. The Civil Penalties Fund Rule will become effective upon publication in the Federal Register, and the comment period on the proposal will run for 60 days after its publication. 4/2/13

• FRB TDF fixed-rate offerings

  A Federal Reserve Board press release announces the agency's plans to conduct fixed-rate offerings of term deposits with full allotment of tenders under the Term Deposit Facility (TDF) as part of the ongoing program of small-value offerings. A fixed-rate, full-allotment format will offer 28-day term deposits on May 20, 2013, with settlement on May 23, 2013. 4/2/13

• FRB Foreign Remittance Transfers report to Congress

  The FRB has issued a Report to Congress on the use of the ACH system and other payment mechanisms for remittance transfers to foreign countries. 4/2/13

• IFRP payments top $1 billion

  The OCC has announced that as of April 25, 2013, more than one million people have cashed or deposited more than $1 billion in checks related to the Independent Foreclosure Review Payment Agreement (IFRP). 4/2/13

• OCC participates in Literacy Day

  At the Capitol Hill Literacy Day celebration on April 25, 2013, the OCC's staff distributed its financial capability materials, including the Financial Literacy Update and OCC's Consumer Advisories. They also promoted the OCC's HelpWithMyBank.gov website, which provides answers to 250 common banking questions covering such topics as credit cards, bank accounts, mortgages, consumer loans, insurance, identity theft, and safe deposit boxes. 4/2/13

• Interagency statement on Biggert-Waters

  The FDIC has issued FIL-14-2013 with an interagency statement of guidance by the FDIC, OCC, FRB, NCUA and Farm Credit Administration on the revisions to the Flood Disaster Protection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• FDIC enforcement actions

  The FDIC has released its list of 46 administrative enforcement actions taken against banks and individuals in February 2013. Among those actions were three orders for civil money penalties (CMPs) totaling $167,340 for violations of the Flood Disaster Protection Act (details on BankersOnline's Flood Penalties Watch page) and one $7,000 CMP for a HMDA violation (see BankersOnline's HMDA Heaven page).ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• OFAC electronic documents update

  OFAC has announced the update and republication of its Enforcement Data Delivery Standards, which are the technical requirements for the preferred format in which to submit electronic document productions to the OFAC Office of Enforcement, including self-disclosures, administrative subpoena responses, and other documents or reports.ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• FRB emergency powers

  The Federal Reserve Board has issued SR Letter 13-6 on the supervisory practices that the Federal Reserve can employ when banking organizations and their borrowers and other customers are affected by a major disaster or emergency.ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• NCUA prohibition orders

  The NCUA has announced its issuance of orders prohibiting four former credit union employees from participating in the affairs of any federally insured financial institution. One individual had been sentenced to 45 months in prison and five years of supervised release, and ordered to pay restitution in the amount of $633,998.56.ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• Consumer Compliance Outlook published

  The first quarter 2013 issue of Consumer Compliance Outlook has been posted by the Philadelphia Federal Reserve Bank. Included are the Q&As from the Fed's September 2012 "Servicemember Financial Protection" webinar; an article on the gift card requirements found in Regulation E; and other information. ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• FRB inclusion report to Congress

  The Board has released its 2012 Report to Congress on the Office of Diversity and Inclusion. ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• Lending terms report

  The February 4–8, 2013 E.2 Survey of Terms of Business Lending report has been released by the Federal Reserve Board. ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• Country Exposure Lending Survey

  The FFIEC has published the December 31, 2012, E.16 Country Exposure Lending Survey.ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• LATE-BREAKING: Agencies issue Biggert-Waters guidance

  The FDIC has issued FIL-14-2013 with an interagency statement of guidance by the FDIC, OCC, FRB, NCUA and Farm Credit Administration on the revisions to the Flood Disaster Protection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued.(3/29/2013)

• FHFA Community Financial Institution asset cap

  The Federal Housing Finance Agency (FHFA) has published a notice of the revised cap on average total assets for a "Community Financial Institution," which went into effect January 1, 2013. The cap was increased from $1.076 billion to $1.095 billion.(3/29/2013)

• Proposed Fannie and Freddie forced placement restrictions

  The FHFA has published a notice and request for input on a possible approach that would direct Fannie Mae and Freddie Mac to restrict certain lender-placed insurance practices. The FHFA proposal would restrict certain sales commissions paid to sellers or servicers and prohibit sellers and servicers from receiving remuneration associated with an insurance provider ceding premiums to a reinsurer owned by, affiliated with or controlled by the seller or servicer. Comments will be received through May 28, 2013.(3/29/2013)

• HUD allocates over $513M in disaster relief

  HUD has announced the release of over $513 million in disaster relief to nine states to assist in recovery from natural disasters in 2011 and 2012.(3/29/2013)

• OFAC SDN List removals

  The names of one entity and eleven individuals have been removed from the OFAC SDN list. Details on the removals have been posted in a BankersOnline OFAC Update.(3/29/2013)

• Contract mortgage rate report

  The FHFA has released the February 2013 National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders report. The rate, used as an index in some adjustable-rate mortgage (ARM) contracts, was 3.43 percent, an increase of 0.08% from January 2013.(3/29/2013)

• Corporate system resolution costs updated

  The NCUA has issued its semi-annual update of costs and estimates of the losses associated with the Corporate System Resolution, the performance of the NCUA Guaranteed Notes Program, and the total anticipated assessments that credit unions will pay during the life of the Stabilization Fund.(3/29/2013)

• Bureau publishes proposed student loan servicer rule

  The CFPB has published in the Federal Register a previously-announced proposed rule that would establish the Bureau's supervisory authority over certain nonbank covered persons participating in the market for student loan servicing. Comments are requested by May 28, 2013.(3/29/2013)

• Complaint data released

  The CFPB has announced the release of its collection of consumer financial complaint data, which has been increased from 19,000 to 90,000 cases. The database contains information on complaints received by the Bureau about credit cards, mortgages, student loans, bank accounts, services and other consumer loans.(3/29/2013)

• CFPB card fee limit rule published

  The final rule amending § 1026.52 of Regulation Z to restrict application of the 25 percent fee limit in that section to fees imposed during the first year after account opening has been published in the Federal Register. The amendment, which is effective immediately, has been posted to Regulation Z in BankersOnline's Alphabet Soup.(3/28/2013)

• Call Center closed tomorrow

  The NMLS Call Center announced that it will be closed on Friday, March 29, for Good Friday.(3/28/2013)

• Fannie and Freddie foreclosure prevention

  The FHFA has released its Fourth Quarter 2012 Foreclosure Prevention Report (also known as the Federal Property Manager's Report). The data indicates Fannie Mae and Freddie Mac completed over 540,000 foreclosure prevention actions during 2012. The agency also announced a new simplified loan modification initiative to further assist troubled borrowers, which will be operational on July 1.(3/28/2013)

• FRB to conduct household finances study

  A Federal Reserve Board press release has announced the commencement in April 2013 of the FRB's Survey of Consumer Finances. The study is conducted every three years to provide policymakers with important insight into the economic condition of all types of American families.(3/28/2013)

• Consumers and Mobile Financial Services report

  The Consumer and Mobile Financial Services 2013 report has been released by the Federal Reserve Board. The report details consumers' use of mobile financial services and indicates the utilization of mobile phones to access bank services significantly increased.(3/28/2013)

• Mortgage quality improves

  The fourth quarter 2012 Mortgage Metrics Report has been published by the Office of the Comptroller of the Currency. The report indicates the overall quality of first-lien mortgages serviced by large national and federal savings banks improved from the third quarter and from the same period of 2011.(3/28/2013)

• Citigroup Consent Order

  The Federal Reserve Board has announced the execution of a Consent Order with Citigroup, Inc., regarding the development and submission of an acceptable written plan to remedy deficiencies in its BSA/AML compliance program and those of its subsidiaries.(3/27/2013)

• Telephone debt collection fee scam

  The Federal Trade Commission has announced a settlement and order issued in an action filed against debt collectors who allegedly misled consumers into paying unnecessary fees and falsely threatening them with lawsuits. The collectors violated the FTC Act and the Fair Debt Collection Practices Act by deceptively charging consumers an additional $18.95 fee for payments authorized by telephone made by electronic checks or credit or debit card payments. Restitution of $799,958 will be paid to the victims.(3/27/2013)

• FRB balance sheet

  The FRB has released the March 2013 quarterly report on Federal Reserve balance sheet developments.(3/27/2013)

• Community bank directors workshop

  The OCC will host a workshop in Syracuse, New York, on May 6–8, 2013, for directors of national community banks and federal savings associations.(3/27/2013)

• ATM notice rule published

  The Bureau's final rule amending Regulation E's § 1005.16 to eliminate the "at or on" surcharge notice requirement, has been published in the Federal Register. Regulation E in BankersOnline's Alphabet Soup has been updated with the change.(3/26/2013)

• Bernanke on monetary policy and global economy

  In a speech at a conference hosted by the Bank of England and London School of Economics, Chairman Bernanke discussed the lessons learned from the international banking crisis. He noted "that the recent crisis, despite its many exotic features, was in fact a classic financial panic."(3/26/2013)

• Seattle workshop for community bank directors

  The OCC has announced that a workshop, "Mastering the Basics: A Director's Challenge," designed exclusively for directors of institutions supervised by the OCC, will be held in Seattle on April 29 – May 1, 2013. (3/26/2013)

• Bureau financial education program

  The CFPB Blog features an article on the progress of the Bureau's financial education program.(3/26/2013)

• FDIC State Profiles

  The FDIC has posted the Fourth Quarter 2012 State Profiles, a quarterly data sheet report of banking and economic conditions in individual states.(3/26/2013)

• Bureau announces final Reg Z card rule

  The CFPB has announced a Regulation Z final rule revising a 2011 Federal Reserve rule limiting certain credit card fees. The revision was made in response to a federal court decision that blocked implementation of a provision of the Fed's rule on the 25% limitation on the fees that an issuer may require a consumer to pay. The revisions will be effective on publication in the Federal Register.(3/25/2013)

• OCC Flood CMP

  A $26,950 civil money penalty (CMP) has been imposed by the OCC for violations of the Flood Disaster Protection Act. Details are posted on the BOL Flood Penalties Watch page.(3/25/2013)

• Regulators increase ILDR loan data fields

  A joint press release has been issued by federal and state bank regulators announcing an increase in the number of required loan data fields in the Interagency Loan Data Request (ILDR). The FDIC has also issued FIL-12-2013 regarding the announcement.(3/25/2013)

• Gruenberg and Cordray at NCRC conference

  FDIC Chairman Gruenberg and CFPB Director Cordray offered remarks at the National Community Reinvestment Coalition 2013 Annual Conference on Friday in Washington.(3/25/2013)

• FDIC Board meeting notice

  The notice of the March 19, 2013, meeting of the FDIC Board has been published in the Federal Register.(3/25/2013)

• New feature for Info Tech Exam Handbook

  The FFIEC has announced the addition of a new feature to the Information Technology Examination Handbook InfoBase. Users may now register to receive notifications of additions, changes, and deletions to the InfoBase.(3/25/2013)

• Response to CFPB Student Loan Affordability Initiative

  The Bureau has reported that over 500 responses have been received in its Student Loan Affordability Initiative, and reminded the public that the deadline for further responses is April 8, 2013.(3/25/2013)

• Bureau updates Reg E to drop ATM notice

  The CFPB Blog has announced the agency's issuance of a final rule amending Regulation E to eliminate the "at or on" ATM fee notice requirement, implementing an amendment to the Electronic Fund Transfer Act enacted in December 2012. The rule will be effective on publication in the Federal Register, but ATM owners should check for any state law requirements before removing any of these notices.(3/22/2013)

• SDGT added to OFAC List

  Treasury has announced the designation of an entity as a Specially Designated Global Terrorist. Details are available in a BankersOnline OFAC Update.(3/22/2013)

• OFAC CMP

  OFAC has released information on the payment of a $20,800 civil money penalty (CMP) by a non-financial corporation to settle potential civil liability for alleged violations of the Weapons of Mass Destruction Proliferators Sanctions Regulations.(3/22/2013)

• FHFA index rises

  The Federal Housing Finance Agency (FHFA) has issued the January 2013 House Price Index (HPI), which rose 0.6 % from the previous month.(3/22/2013)

• Updated leveraged lending guidance

  A joint OCC, FRB and FDIC press release has been issued to announce updated supervisory guidance on leveraged lending. The update replaces guidance issued in April 2001 and covers transactions characterized by a borrower with a degree of financial leverage that significantly exceeds industry norms.(3/22/2013)

• G.20 Finance Companies report

  The Federal Reserve Board has released the January 2013 G.20 Financing Companies owned and managed outstanding and auto loans: terms of credit report.(3/22/2013)

• OCC Central District risk analysis report

  The OCC has issued a news release and fact sheet announcing the results of its fourth quarter 2012 risk analysis covering the nine states in the agency's central district. The report indicates the financial performance of community banks is improving and the number of problem banks has declined.(3/22/2013)

• CFBP indirect auto lending guidance

  The Bureau has issued Bulletin 2013-02 and a news release on new guidance for indirect auto lenders for compliance with the Equal Credit Opportunity Act (ECOA). The agency also posted a Blog article for consumers on shopping for automobile financing.(3/22/2013)

• Community bank failures: FDIC and GAO testify

  In testimony before the Subcommittee on Financial Institutions and Consumer Credit, House Committee on Financial Services, FDIC Directors Eberley and Edwards and Chief Economist Brown testified on the state of community banking and the findings of the FDIC Community Banking Study, a comprehensive review based on 27 years of data on community banks. In addition, GAO Director Evans discussed the results of a GAO study on the causes and consequences of recent failures of community banks.(3/21/2013)

• HUD proposes change to Direct Endorsement program

  HUD has published a request for comments on a proposed rule that would move the timing for FHA's pre-endorsement review of loans originated by Direct Endorsement lenders from before closing to post-closing. HUD requests comments, due by April 22, 2013, on whether the shift in time would reduce the processing time before closing.(3/21/2013)

• Curry on CRA

  In remarks before the National Community Reinvestment Coalition, Comptroller Curry discussed the CRA and its impact on encouraging financial institutions to lend to local small businesses and participate in community development.(3/21/2013)

• FOMC statement and economic projections

  The Federal Reserve Board has issued the statement, economic projections, and materials from the Federal Open Market Committee March 19–20, 2013, meeting. The Committee decided to keep the target range for the federal funds rate at 0 to ¼ percent and currently anticipates that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6½ percent.(3/21/2013)

• Fourth quarter trading revenue report

  The OCC has announced that insured U.S. commercial banks and savings institutions reported trading revenue of $4.4 billion in the fourth quarter of 2012, down $908 million, or 17 percent, from $5.3 billion in the third quarter, but $1.8 billion, or 73 percent, higher than in the fourth quarter of 2011. Full quarterly report.(3/21/2013)

• Bureau presents FDCPA report to Congress

  The CFPB Blog has announced the presentation to Congress of its annual report of the agency's activities relating to the Fair Debt Collections Practices Act (FDCPA).(3/21/2013)

• FIL on HPML appraisal requirements

  The FDIC has issued FIL-11-2013 on the previously announced interagency final rule establishing new appraisal requirements for higher-priced mortgage loans (HPMLs). See the January 18, 2013, BOL Top Stories for the more on the regulators' action.(3/20/2013)

• Calvery on FinCEN's anti-money laundering efforts

  In her presentation at the 18th Annual International AML and Financial Crime Conference, FinCEN Director Calvery reviewed where cutting-edge analytical efforts are taking the agency as it seeks to remain out in front of emerging payment systems, identify and track third-party money launderers, and uncover trends and patterns in the BSA data.(3/20/2013)

• FEMA community suspensions

  FEMA has published two notices of Suspension of Community Eligibility from participation in the Federal flood insurance program for noncompliance with floodplain management requirements. The suspensions will be effective April 16 and May 2, 2013.(3/20/2013)

• Fair lending webinar announced

  The NCUA has issued a news release announcing the hosting of "Fair Lending Examination Program and Compliance Assistance," a free webinar, on April 4, 2013.(3/20/2013)

• Economic Update on YouTube

  The March 2013 Economic Update video has been posted on the NCUA's YouTube channel.(3/20/2013)

• NCUA updating fixed assets regulation

  The NCUA has published a proposal to amend its regulation on federal credit union ownership of fixed assets to make the rule easier to work with. Comments are due by May 20, 2013.(3/20/2013)

• April 2013 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 April 2013 will be subject to HOEPA 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.(3/19/2013)

• FinCEN posts virtual currencies guidance

  FinCEN has announced its most recent guidance, Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies, in response to questions raised by financial institutions, law enforcement, and regulators concerning the regulatory treatment of persons who use convertible virtual currencies or make a business of exchanging, accepting, and transmitting them.(3/19/2013)

• OFAC Burma FAQs

  OFAC has issued frequently asked questions (FAQ) regarding recent steps the United States has taken to ease economic and trade sanctions against Burma.(3/19/2013)

• Agency releases on CRA FAQ proposal

  A joint press release has been issued by the OCC, FRB and FDIC requesting comment on the proposed revisions to "Interagency Questions and Answers Regarding Community Reinvestment," published in Monday's Federal Register.(3/19/2013)

• FTC settles Equifax charges

  The FTC has announced a final order settling charges that Equifax Information Services LLC had violated the Fair Credit Report Act by selling lists of consumers who were late on their mortgages.(3/18/2013)

• Stress test reporting requirements proposed

  The OCC has issued a news release announcing proposed reporting requirements for annual stress tests for institutions with covered assets of $10-80 billion.(3/18/2013)

• CRA Q&A update proposed

  The OCC, FRB and FDIC have published a proposal to clarify the Interagency Questions and Answers Regarding Community Reinvestment to address several community development issues. Five of the Q&A pairs would be updated, and two would be added. Comments on the proposed changes are due by May 17, 2013.(3/18/2013)

• TIC data

  The January 2013 Treasury International Capital (TIC) data report has been released.(3/18/2013)

• FRB annual financials

  The Federal Reserve Board has released the 2012 combined annual financial statements for the Federal Reserve Banks, and for the individual Reserve Banks.(3/18/2013)

• FedFlash

  The March 2013 issue of FedFlash has been published by Federal Reserve Bank Services. This edition features articles on FedLine User authentication enhancements, changes to check adjustment requirements, new FedReceipt RTNs, processing of Canadian items, and FedACH SameDay Service.(3/18/2013)

• Two CA CUs closed and liquidated

  The NCUA has announced the closing and liquidation of I.C.E. Federal Credit Union, Inglewood, and Pepsi Cola Federal Credit Union, Buena Park, both in California. There have been four federally insured credit union liquidations in 2013.(3/18/2013)

• Bureau proposes oversight of student loan servicers

  The Consumer Financial Protection Bureau has announced a proposed rule that would allow it to federally supervise large student loan servicers. The proposal would define as a "larger participant" any nonbank student loan servicer that handles more than 1 million borrower accounts, thereby bringing it under CFPB supervision. A factsheet on the proposed rule was also posted.(3/15/2013)

• Greek businessman added to OFAC list

  Treasury has announced the designation of a Greek businessman for his participation in a scheme to aid Iran in evading international oil sanctions. His related companies and vessels were also designated and added to the SDN List. For more information see the BankersOnline March 14, 2013, OFAC Update.(3/15/2013)

• CCAR results

  The Federal Reserve Board released the results of the Comprehensive Capital Analysis and Review (CCAR), which evaluates the capital planning processes and capital adequacy of the largest bank holding companies. The capital plans of 14 financial institutions were approved, two conditionally approved, and two rejected.(3/15/2013)

• Curry discusses community bank supervision

  In a presentation at the independent Community Bankers of America Annual Convention in Las Vegas, Comptroller Curry discussed the impact community banks have on their communities, and supervision activities of the OCC.(3/15/2013)

• FDIC Consumer Newsletter

  The Winter 2013 issue of the FDIC Consumer Newsletter has been published. This edition features tips on way consumers can protect their money, with articles on key things to know about resolving common financial problems, avoiding scams, safely conducting mobile banking, and understanding federal deposit insurance coverage.(3/15/2013)

• Community Affairs webinar

  FDIC FIL-10-2013 announces a webinar, Opportunities for Community Banks — Federal Guarantee Programs that Support Export Lending to Small Business, to be held on April 18, 2013. (3/15/2013)

• NCUA Board meeting

  The NCUA has posted a report of actions taken by its Board at its March 14, 2013, meeting.(3/15/2013)

• OFAC launches new SDN search tool

  Treasury announced OFAC's launch of a new version of its SDN search tool, and posted an FAQ on its use.(3/14/2013)

• BHC Supervision Manual

  The Federal Reserve Board has published the January 2013 update of the Bank Holding Company Supervision Manual, available as a single PDF file or separate topic sections.(3/14/2013)

• DSR and FOR reports

  The FRB has released the 2012 third quarter household debt service ratio (DSR) and financial obligations ratio (FOR) reports.(3/14/2013)

• Reg II Debit Card FAQs updated

  The frequently asked questions (FAQs) regarding Reg II (Debt Card Interchange Fees and Routing) previously published by the FRB have been updated.(3/14/2013)

• MSA revisions to affect 2014 data

  The FFIEC has announced that Bulletin 13-01 from the Office of Management and Budget (OMB) on revised delineations of Metropolitan Statistical Areas, although effective immediately, will not affect HMDA data collection until January 1, 2014.(3/14/2013)

• NCUA 2013 Exam Focus webinar

  The NCUA will host a free webinar, "Examination Issues for 2013," on Wednesday, March 27, 2013, at 2 p.m. ET. Questions may be submitted in advance.(3/14/2013)

• Electronic payment processor banned

  The FTC has announced that, under the terms of a court settlement, a payment processor and two principals are banned from processing electronic payments. The defendants were charged with debiting, or attempting to debit, millions of dollars from tens of thousands of consumers' bank accounts without their consent. The settlement order also requires the defendants to pay $950,000 to be distributed to consumers defrauded by the scheme(3/14/2013).

• Bureau recruiting examiners

  The CFPB has posted a "help wanted" ad on its Blog to recruit examiners of large banks and nonbank companies. Applications will be accepted through March 22, 2013.(3/14/2013)

• Escrow Rule small creditors exemption

  The Bureau has posted an article explaining the exception for small creditors in rural or underserved counties applicable to its new Escrow Rule, which requires the creation of escrow accounts for HPMLs (higher priced mortgage loans). Other new rules relating to the Ability to Repay, HOEPA Counseling, and HPML Appraisals are also discussed.(3/13/2013)

• FTC updates "dot.com" advertising guide

  The Federal Trade Commission has released new guidance for mobile and other online advertisers that explains how to make disclosures clear and conspicuous to avoid deception. The updated FTC staff guidance, .com Disclosures: How to Make Effective Disclosures in Digital Advertising, takes into account the expanding use of smartphones with small screens and the rise of social media marketing. It also contains mock ads that illustrate the updated principles.(3/13/2013)

• Term deposits auction results

  The Federal Reserve Board has released the results of its auction of 28-day term deposits held on March 11, 2013.(3/13/2013)

• New Call Report provisions

  FDIC FIL-9-2013
  reminds reporting institutions of the proposed new and revised provisions for the June 30, 2013, Call Report. The changes include new and revised items for consumer deposit account balances, certain types of service charges on consumer deposit accounts, types of international remittance transfers offered, trade names on websites, certain high-risk loans, and certain capital transactions with stockholders.(3/13/2013)

• FHFA Refinance Report

  The Federal Housing Finance Agency has announced that its December 2012 Refinance Report has been released, showing that 2012 HARP refinances exceeded earlier estimates for the program.(3/13/2013)

• North Korean bank and chairman designated

  Treasury has announced the designation of Foreign Trade Bank, North Korea's primary foreign exchange bank, and its chairman, along with the chairman of the Second Economic Council as supporters of proliferators of weapons of mass destruction (WMD). Their names and those of two other individuals were added to the SDN List. Further information is available in a BOL OFAC Update.(3/12/2013)

• Fake OCC correspondence

  OCC Alert 2013-2 has been issued concerning fake letters, faxes and emails that appear to have been sent by the OCC about funds purportedly being held for the benefit of the recipient. A sample letter is attached to the Alert.(3/12/2013)

• NCUA Report

  The March 2013 issue of The NCUA Report has been published. The issue features important NCUA Board actions and key issues for credit union volunteers and management.(3/12/2013)

• NCUA town meeting online

  The recording of the February 5, 2013, NCUA town meeting/webinar is available online. The session features discussions on current initiatives by the NCUA and the CFPB.(3/12/2013)

• The Bureau in Des Moines

  The CFPB Blog has announced a field hearing will be held on the Bureau's Consumer Complaint Database in Des Moines, Iowa, on March 28, 2013. The event is free and open to the public but a RSVP is required.(3/12/2013)

• Georgia bank closed

  The FDIC has announced the closing of Frontier Bank, LaGrange, Georgia. The bank's deposits were assumed by HeritageBank, South Albany, Georgia.(3/11/2013)

• Elder financial abuse

  In its final Blog entry for National Consumer Protection Week, the Bureau has posted an article on "Recognizing elder financial abuse."(3/11/2013)

• Call Report revisions proposed

  FDIC FIL-8-2013 has been issued with a request for comment on proposed revisions to the Call Report that generally would take effect in June 2013. Comments must be submitted by April 22, 2013.(3/11/2013)

• Housing Scorecard

  HUD and Treasury have issued a joint press release announcing the February 2013 Housing Scorecard, a comprehensive report on the U.S. housing market.(3/11/2013)

• FTC staff report on mobile payments

  The FTC has released a staff report, "Paper, Plastic — or Mobile?," based on a 2012 workshop which examined payment options available to consumers.(3/11/2013)

• Currency in circulation update

  The FRB has released the 2012 annual update of its Currency and Coin data, which includes everything you could ever want to know about the Fed's currency and coin operations last year, and more.(3/11/2013)

• OCC workshops in Philly

  The OCC has announced the hosting of two workshops, "Risk Assessment for Directors" and "Credit Risk: A Director's Focus," in Philadelphia on April 16–17, 2013.(3/11/2013)

• NCUA workshops schedule

  The schedule for fifteen free training workshops has been announced by NCUA. The first workshop will be held in Richmond, Virginia, on March 22, 2013.(3/11/2013)

• North Koreans added to SDN list

  Treasury has announced its addition of three individuals to its SDN List under the asset freeze provisions of United Nations Security Council Resolution 2094, passed on March 7, 2013. See BOL's OFAC Update for details.(3/8/2013)

• FinCEN reminder

  FinCEN has issued a reminder to financial institutions that they can no longer use "legacy" filing formats after March 31, 2013, and that any financial institutions that continue to file reports in paper format may be subject to civil money penalties.(3/8/2013)

• Treasury to shed more CPP assets

  A Treasury press release has announced the agency's intent to sell several preferred stock and subordinated debt Capital Purchase Program (CPP) investments. The auctions are expected to commence on or about March 11, 2013.(3/8/2013)

• Bank stress test results

  The Federal Reserve Board has released the summary results of the most recent round of bank stress tests. The results indicate the nation's largest bank holding companies have continued to improve their ability to withstand an extremely adverse hypothetical economic scenario and are collectively in a much stronger capital position than before the financial crisis.(3/8/2013)

• FRB reports

  The FRB has issued the March 2013 Z.1 Flow of Funds and the G.19 Consumer Credit reports.(3/8/2013)

• FedFocus

  The March 2013 issue of FedFocus has been posted featuring the 2013 Payments Study, which will examine the nation's aggregate volume and composition of payments. The triennial study was first conducted in 2001.(3/8/2013)

• Curry on BSA/AML compliance

  In an oral statement and written testimony before the Senate committee on Banking, Housing, & Urban Affairs, Comptroller Curry discussed the BSA/AML compliance programs at U.S. financial institutions and the OCC's role in conducting compliance examinations.(3/8/2013)

• NCUA Board agenda posted

  The agenda for the March 14, 2013, meeting of the NCUA Board has been posted.(3/8/2013)

• FTC shuts down loan scams

  Due to FTC action, a federal court has banned marketers of a California-based company from providing modification services for auto loans and for any other type of debt; and marketers of mortgage relief services scams have agreed to surrender assets and halt operations.(3/8/2013)

• Bureau says tax time is time to save

  In another of its series of articles observing National Consumer Protection Week, the CFPB has suggested that tax time is the perfect time for consumers to think about starting a savings program.(3/8/2013)

• FRB term deposits auction

  The Federal Reserve Board has issued a news release announcing the offering on March 11, 2013 of $3 billion in 28-day term deposits.(3/7/2013)

• Beige Book update

  The Beige Book has been updated by the FRB with data current as of March 6, 2013.(3/7/2013)

• Mortgage relief scam victims to receive $1 million

  The Federal Trade Commission has announced the mailing of 17, 213 refund checks totaling over $1 million to consumers who were deceived by an operation that charged an up-front fee for bogus mortgage relief services and posed as a government mortgage assistance program.(3/7/2013)

• What can a student do?

  The latest article in the CFPB Blog series for National Consumer Protection Week provides tips on ways students can protect themselves from excessive student loan debt.(3/7/2013)

• ID theft tops FTC complaint list

  The Federal Trade Commission has released its annual Consumer Sentinel Network Data Book, which details and analyzes consumer complaints filed with the agency during 2012. Identity theft topped the list for the 13th straight year, at 18% of complaints filed. This is the first year in which complaints about payday loans were separately reported as a subcategory of the Banks and Lenders complaint group.(3/6/2013)

• Self-disclosure reduces OFAC CMP

  OFAC has announced a non-financial entity has paid a $139,650 civil money penalty (CMP) to settle two alleged violations of the Cuban and Iranian sanctions regulations. The base penalty for both violations of $206,889 was reduced due to the voluntary self-disclosure by EGL, Inc., of one of the violations.(3/6/2013)

• FRB 2011 Debit Card report

  The Federal Reserve Board has issued a press release announcing the publication of a report on the volume and value, interchange fee revenue, certain issuer costs, and fraud losses related to debit card transactions in 2011. The report, required by the Electronic Fund Transfer Act (EFTA), is the second in a series published every two years.(3/6/2013)

• OCC announces directors workshop

  "Mastering the Basics: A Director's Challenge," a workshop for directors of national community banks and federal savings associations, will be hosted by the OCC in Chicago on April 8–9,2013.(3/6/2013)

• OCC Bulletin on STIF reporting requirement

  OCC Bulletin 2013-8 provides guidance to banks that offer short-term collective investment funds (STIF). The guidance describes the process for making electronic disclosures to the OCC. To facilitate the reporting requirement, which becomes effective July 1, 2013, the OCC has established a secure file transfer protocol (FTP) website and created a standardized data collection template.(3/6/2013)

• CRA ratings released

  The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Three of the 75 listed banks received an outstanding rating, and three were listed as needing improvement.(3/6/2013)

• CU Quarterly U.S. Map Review

  The NCUA has announced the publication of its fourth quarter 2012 U.S. Map Review, a report of key state-level indicators for federally insured credit unions, including employment rates and home price changes.(3/6/2013)

• FATF issues new country-wide risk assessment guidance

  The Financial Action Task Force (FATF) has adopted a new guidance document intended to assist in the conduct of money laundering and terrorist financing risk assessments at the country or national level.(3/6/2013)

• FinCEN proposes FBAR changes

  FinCEN has published a proposal to update the current Report of Foreign Bank and Financial Accounts (FBAR) to standardize it with other BSA electronically filed reports and add the capability for a third party preparer to file the report. Comments on the proposal are due by May 6, 2013.(3/5/2013)

• Goals for Fannie and Freddie released

  The Federal Housing Finance Agency (FHFA) has released the 2013 Conservatorship Scorecard for Fannie Mae and Freddie Mac.(3/5/2013)

• Curry discusses operational risk

  In a speech at the annual conference of the Institute of International Bankers held in Washington, D.C., Comptroller Curry stressed the importance of operational risk. He noted that it is at the top of the OCC's safety and soundness concerns for the large banks it supervises.(3/5/2013)

• Gruenberg on resolution of international SIFIs

  In remarks before the annual Washington Conference of the Institute of International Bankers, FDIC Chairman Gruenberg addressed the challenges in developing the capability to manage the orderly resolution of a systemically important financial institution (SIFI) with extensive cross-border operations.(3/5/2013)

• NCUA tips to avoid financial traps

  Chairman Matz has reminded CU members and consumers to visit the agency's websites for tips on avoiding scams and protecting financial well-being.(3/5/2013)

• 2012 Financial Report of U.S. Government

  Treasury's Financial Management Service has released the 2012 Financial Report of the U.S. Government. [Index; Summary; Full Report](3/5/2013)

• Bureau tips to avoid buyer's remorse

  As part of a series for National Consumer Protection Week, the CFPB Blog features an article with tips for servicemembers to protect against buyer's remorse when making big financial decisions.(3/5/2013)

• CRA ratings and exam schedule

  The OCC has released the ratings received by thirty-four national banks and federal savings associations that were recently evaluated for compliance with CRA and the second quarter 2013 CRA examination schedule. Six of the institutions receiving CRA ratings in February were listed as "outstanding."(3/4/2013)

• FDIC Consumer News hot tips

  In observance of National Consumer Protection Week, the FDIC has released a list of the most popular articles recently published in the FDIC Consumer News, the regulator's quarterly newsletter.(3/4/2013)

• Bernanke on long-term interest rates

  In a speech at the annual Monetary/Macroeconomics Conference, Chairman Bernanke discussed why long-term interest rates are so low in the United States and in other major industrial countries.(3/4/2013)

• FSA interim rule on maximum farm loan rates

  The Farm Service Agency (FSA) has published an interim rule amending its regulations that specify interest rates on guaranteed farm loans. The rule becomes effective May 3, 2013, and comments are due by June 3, 2013.(3/4/2013)

• Board proposes Reg HH amendments

  The Federal Reserve Board has published a proposal to amend its Regulation HH ("Designated Financial Market Utilities") to authorize a Federal Reserve Bank to open interest-bearing accounts and provide certain financial services for financial market utilities that are designated as systematically important, as permitted under section 806(a) of the Dodd-Frank Act. Comments are due by May 3, 2013.(3/4/2013)

• CU earnings set record

  The NCUA has announced that based on December 31, 2012, call report data, credit unions earned $8.5 billion in 2012, the most ever reported.(3/4/2013)

• Foreign Exchange Rates report

  The February G.5 Foreign Exchange Rates report has been released by the Federal Reserve Board.(3/4/2013)

• Project Catalyst update

  An article in the CFPB Blog updates the activities of its Project Catalyst, a program to support the creation and growth of innovative consumer financial products and services.(3/4/2013)

• HUD launches Fair Housing app

  HUD has announced its release of a housing discrimination mobile application (app) for iPhone and iPad. The app uses the latest technology to provide a quick and easy way to learn about housing rights, file housing discrimination complaints, and inform the housing industry about its responsibilities under the Fair Housing Act.(3/1/2013)

• $9.3 billion foreclosure agreements amended

  A joint OCC/FRB press release has announced amendments to the agencies' enforcement actions against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing. The servicers are required to provide a total of $9.3 billion in payments and other assistance to borrowers.(3/1/2013)

• CRA exam schedule

  The FDIC has posted its CRA examination schedule for the second quarter 2013.(3/1/2013)

• Prohibition orders

  The NCUA has issued orders prohibiting two former employees of Texas and Oklahoma federal credit unions from participating in the affairs of any federally insured financial institution.(3/1/2013)

• OCC promotes consumer protection awareness

  In activities promoting National Consumer Protection Week (NCPW), the OCC distributed educational materials on Capitol Hill about a variety of consumer protection and financial services issues.(3/1/2013)

• Foreign holdings of U.S. securities report

  Treasury has posted information on the issuance of a preliminary report of the foreign portfolio holdings of U.S. securities as of June 30, 2012.

• FEMA Flood Insurance Authority Lapses

  A Consumer Affairs (CA) Letter has been issued by the FRB to provide Informal Guidance regarding the lapse of the authority of the Federal Emergency Management Agency (FEMA) to issue flood insurance contracts under the National Flood Insurance Program (NFIP). CA Letter; Guidance  3/31/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among BankTennessee Bancshares, Inc., Collierville, TN, a registered bank holding company, BankTennessee, Collierville, TN, a state chartered member bank, and the Federal Reserve Bank of St. Louis. Agreement  3/31/10

• Consumer Credit Cards CA Letter Issued

  The FRB has issued a Consumer Affairs (CA) Letter regarding the Reg. Z (Truth In Lending) requirements concerning the submission of consumer credit card agreements. CA Letter  3/31/10

• FHC List Updated

  The FRB has updated the list of bank holding companies (BHCs) with the addition of those that have become or elected to be treated as financial holding companies (FHCs) as of March 29, 2010. List  3/31/10

• Exam Procedures Regarding Reporting of Consumer Information

  A Consumer Affairs (CA) Letter has been issued by the FRB the development of an examination module regarding the duties of furnishers of consumer information to a consumer reporting agency. CA Letter; Exam Procedures  3/31/10

• G. 20 Report Released

  The January, 2010, G. 20 Finance Companies Report has been released by the FRB. G.20  3/310/10

• $5M BSA CMP

  The OTS has the assessed a civil money penalty of $5 million against Pamrapo Savings Bank, SLA, of Bayonne, NJ for violations of the Bank Secrecy Act. The CMP will be satisfied through an asset forfeiture payment to the Justice Department. CMP  3/30/10

• FinCEN Withdraws AML/CFT Advisory

  The Advisory previously issued regarding Uzbekistans anti-money laundering and countering the financing of terrorism (AML/CFT) regime has been withdrawn and Uzbekistan is no longer subject to the Financial Action Task Force (FATF) enhanced monitoring process. Advisory  3/30/10

• UBPR Available Online

  The FFIEC has announced that the Uniform Bank Performance Report (UBPR) is available to the public through the interagency Central Data Repository (CDR) Public Data Distribution (PDD) web site. Web Site; FFIEC PR  3/30/10

• Counterfeit Checks Alerts

  The OCC has issued two alerts regarding counterfeit cashier's checks isued in the name of the following banks: Valley National Bank, Wayne, NJ, and First National Bank of Darlington, Darlington, WI. Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  3/29/10

• CMPs Announced

  The FDIC has released a list of sixty-four orders of administrative enforcement actions taken against banks and individuals in February, 2010. The actions include four civil money penalties (CMPs) totaling $40,450 for flood violations and six totaling $24,000 for HMDA violations. Information regarding the violations and CMPs have been posted on the Flood Penalties Watch page and the HMDA Civil Money Penalties page. Enforcement Actions  3/29/10

• HAMP and FHA Programs Modified

  The Treasury has announced adjustments to the Home Affordable Modification Program (HAMP) and to the Federal Housing Administration (FHA) programs. The modifications expand flexibility for mortgage servicers and originators to assist more unemployed homeowners and to help more people who owe more on their mortgage than their home is worth. HAMP; FHA; FAQs; Examples  3/29/10

• NCUA Proposes Rulemaking for Fiduciary Duties at Federal Credit Unions; Mergers and Conversions of Insured Credit Unions

  The proposal documents and clarifies the fiduciary duties and responsibilities of Federal credit union directors, and adds new provisions establishing the procedures for insured credit unions merging into banks. It also amends some of the existing regulatory
  procedures applicable to insured credit union mergers with other credit unions and conversions to banks. TXT; PDF  3/29/10

• OFAC Designates al-Qai'da Financial Supporter

  The support network of al-Qai'da in Iraq (AQI) has been targeted by OFAC with the designation of a key supporter for providing financial, material, or technological support and financial or other services and adding his name to the SDN List. Information regarding the addition has been posted on the OFAC page.  3/26/10

• Written Agreements Announced

  The FRB has announced the execution of the following written agreements:

  1. by and among Coconut Grove Bank, Miami, FL, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the State of Florida, Office of Financial Regulation;
  2. by and among United Security Bancshares, Inc., a registered bank holding company, United Security Bank, a state chartered member bank, both of Fresno, CA, and the Federal Reserve Bank of San Francisco;
  3. by and between Royal Bancshares of Pennsylvania, Inc., Narberth, PA, a registered bank holding company, and the Federal Reserve Bank of Philadelphia.

  United Security; Coconut Grove; Royal Bancshares  3/26/10

• Mortgage Metrics Report Released

  The Fourth Quarter, 2009, Mortgage Metrics Report has been released. Report  3/26/10

• Geithner Hosts Military Family Roundtable

  A roundtable was hosted by Secretary Geithner for military advocacy groups and Department of Defense personnel to discuss the core consumer protection issues facing service members and their families. Roundtable; Geithner's Remarks  3/26/10

• Bernanke Discusses Exit Strategy

  In testimony before the House Financial Services Committee, Chairman Bernanke discussed the Federal Reserve's strategy for exiting from the extraordinary lending and monetary policies that it implemented to combat the financial crisis and support economic activity. Testimony  3/26/10

• Mexican Cartel Members added to OFAC List

  OFAC has designated 54 principal lieutenants and enforcers for two drug trafficking cartels that are responsible for much of the current bloodshed in Mexico as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Information regarding the additions has been posted on the OFAC page.  3/25/10

• FDIC Publishes Final Rule Correction in FR for Transitional Safe Harbor Protection

  The FDIC is correcting a final rule that appeared in the Federal Register of March 18, 2010 (75 FR 12962). This rule added a new provision in order to continue for a limited time the safe harbor provision for securitizations that would be affected by recent changes to generally accepted accounting principles. It permanently "grandfathered all securitizations for which financial assets were transferred or, for revolving trusts, for which securities were issued prior to September 30, 2010 so long as those securitizations complied with the preexisting requirements under generally accepted accounting principles in effect prior to November 15, 2009. TXT; PDF  3/25/10

• NCUA Proposed Rulemaking for Fixed Assets, Member Business Loans, and Regulatory Flexibility Program

  NCUA proposes to revise 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  3/25/10

• New Electronic Interpretations and Actions

  The OCC has announced the March, 2010, New Electronic Interpretations and Actions. New  3/25/10

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of March 23, 2010. 314(a)  3/25/10

• Survey of Terms of Business Lending Released

  The Federal Reserve has released the February 1-5, 2010, E.2 Survey of Terms of Business Lending statistical release. E.2  3/25/10

• Agricultural Finance Databook Released

  The March, 2010, E.15 Agricultural finance Databook has been released by the FRB. E.15  3/25/10

• NCUA on Twitter

  To follow NCUA on Twitter, log on and select TheNCUA. Twitter  3/25/10

• Student Loans may be Discharged in Bankruptcy

  The U. S. Supreme Court has issued a 9-0 opinion that a debtor in a Chapter 13 bankruptcy proceeding may obtain a discharge of government-sponsored student loan debts if failure to discharge that debt would impose an "undue hardship" on the debtor and his dependents. Opinion  3/24/10

• Gift Cards Final Rule

  The FRB has announced a final rule which will be effective August 22, 2010, to restrict fees and expiration dates on gift cards. Highlights; Final Rule  3/24/10

• Private Investors of Failing Banks Roundtable

  The FDIC held a roundtable discussion with a wide variety of interested groups, including public interest organizations, pension funds, private investors, investment managers, and others, to discuss the application of the FDIC Statement of Policy on the Acquisition of Failed Insured Institutions. Roundtable; Statement  3/24/10

• Large Commercial Banks Data Released

  The FRB has released the Fourth Quarter, 2009, data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more. Data  3/24/10

• Geithner on the Housing Crisis

  In written testimony to the House Committee on Financial Services, Secretary Geithner discussed the functions of the Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, and the actions by the Treasury and the Federal Reserve to restore stability in the housing market and to maintaining the availability of mortgage credit. Testimony  3/24/10

• TARP Executive Compensation Ruling Issued

  The Special Master for TARP Executive Compensation has issued his rulings on 2010 executive pay packages for the 'Top 25' executives at the five firms that received exceptional assistance from taxpayers and have not repaid the assistance. Ruling  3/24/10

• Counterfeit Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit cashier's and official checks bearing the name of Beal Bank, SSB, Plano, TX, and First Bank & Trust, Sioux Falls, SD. Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  3/23/10

• Written Agreement Announced

  The FRB has announced the execution of a written Agreement by and among Belvedere Capital Partners II LLC, San Francisco, CA; Belvedere Capital Fund II LP, San Francisco, CA; Socal Bancorporation, San Francisco, CA, registered bank holding companies, and the Federal Reserve Bank of San Francisco. Agreement  3/23/10

• Interagency Policy Statement Bulletin

  The OCC has issued a bulletin regarding the previously announced Interagency Policy Statement on Funding and Liquidity Risk Management. Information concerning the Statement was posted in March 18, 2010 Top Stories. Bulletin  3/23/10

• FEDS Working Paper

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Variance Risk Premia, Asset Predictability Puzzles, and Macroeconomic Uncertainty" has been published by the FRB. Abstract; Full Paper  3/23/10

• Seven Banks Closed

  The FDIC has announced that the following seven financial institutions have been closed by their primary regulator and the actions taken:

  1. American National Bank, Parma, OH, by the OCC; the FDIC as receiver entered into a purchase and assumption agreement with The National Bank and Trust Company, Wilmington, OH, to assume all of the deposits;
  2. Century Security Bank, Duluth, GA, by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with Bank of Upson, Thomaston, GA, to assume all of the deposits;
  3. Advanta Bank Corp., Draper, UT, by the Utah Department of Financial Institutions; the FDIC as receiver approved the payout of the insured deposits;
  4. Appalachian Community Bank, Ellijay, GA, by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with Community & Southern Bank, Carrollton, GA, to assume all of the deposits;
  5. Bank of Hiawassee, Hiawassee, GA, by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with Citizens South Bank, Gastonia, NC, to assume all of the deposits;
  6. First Lowndes Bank, Fort Deposit, AL, by the Alabama Banking Department; the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Citizens Bank, Luverne, AL, to assume all of the deposits;
  7. State Bank of Aurora, Aurora, MN, by the Minnesota Department of Commerce; the FDIC as receiver entered into a purchase and assumption agreement with Northern State Bank, Ashland, WI, to assume all of the deposits.

  American; Century; Advanta; Appalachian; Bank of Hiawassee; First Lowndes; State Bank  3/22/10

• CU in Conservatorship

  The Tracy Federal Credit Union of Tracy, CA, has been placed in conservatorship by the NCUA and as authorized by Federal Credit Union Act the NCUA Board was appointed as conservator. Tracy Federal  3/22/10

• 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  3/22/10

• OFAC CMPs Announced

  The civil money penalties (CMPs) recently assessed by OFAC against individuals and entities for violations of various Sanctions Programs have been announced. No financial institutions were cited. CMPs  3/22/10

• Regulators on Community Banking

  In presentations at the Independent Community Bankers of America National Convention, FRB Chairman Bernanke, FDIC Chairman Bair, Comptroller Dugan and OTS Acting Director Bowman discussed the challenges faced by and the role for community banking to provide credit and services supporting small businesses, home purchases, and commercial development. Bernanke Speech; Bair Speech; Dugan Speech; Bowman Speech  3/22/10

• Quarterly Bank Trading and Derivatives Report

  The OCC has released the Quarterly Report on Bank Trading and Derivatives Activities for the Fourth Quarter, 2009, which indicates the credit exposure from derivatives activities declined 18 percent in the fourth quarter and by 50 percent during 2009. Report  3/22/10

• FDIC Consumer News

  The Winter 2009/2010 issue of the FDIC Consumer News has been posted online and contains articles regarding ways to protect online banking, the deposit of paper checks online, internet commerce, new federal rules concerning ODs, and tips for managing medical debt. News  3/22/10

• OFAC Adds SDNTs and SDGTs

  OFAC has designated and added to the SDN List the names of fifteen individuals and eight companies as Specially Designated Narcotics Traffickers (SDNTs) for their ties to a Colombian narcotics trafficker and also designated the Islamic National Bank of Gaza for being controlled by Hamas, a Specially Designated Global Terrorist (SDGT), and Al-Aqsa Television, a television station in Gaza financed and controlled by Hamas. Information regarding the additions has been posted on the OFAC page.  3/19/10

• CRA Ratings Released

  The OCC has released the ratings received by national banks recently evaluated for compliance with the provisions of the CRA. Ratings  3/19/10

• Prohibition Orders Issued

  The NCUA has issued orders prohibiting three individuals from participating in the affairs of any federally insured financial institution. Orders  3/19/10

• FinCEN AML/Counter-Terrorist Financing Risks Guidance

  Two guidances have been issued by FinCEN regarding statements issued by the Financial Action Task Force concerning anti-money laundering (AML) and counter-terrorist financing risks. Guidance 1; Guidance 2  3/19/10

• Wachovia to Pay $160 CMP and Forfeiture

  The OCC has announced a $50 million Civil Money Penalty (CMP) and a Cease and Desist Order against Wachovia Bank, N.A. for violations of the BSA as part of a coordinated action with the Department of Justice, Financial Crimes Enforcement Center and other federal agencies. Wachovia also entered into a deferred prosecution agreement with the U.S. Attorneys Office in the Southern District of Florida and the Asset Forfeiture and Money Laundering Section of the Criminal Division of the Department of Justice and agreed to forfeit $110 million to the United States. CMP; Consent Order; OCC NR; Justice PR  3/18/10

• Funding and Liquidity Risk Management Interagency Policy Statement

  The Federal banking agencies have issued a joint interagency policy statement on funding and liquidity risk management. Statement; FRB PR; FDIC PR; OTS CEO Ltr; OCC NR; NCUA NR  3/18/10

• FDIC Publishes Final Rule in FR for Transitional Safe Harbor Protection for Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets

  This amendment adds a new provision in order to continue for a limited time the safe harbor provision for securitizations that would be affected by recent changes to generally accepted accounting principles. This Final Rule permanently "grandfathers" all securitizations for which financial assets were transferred or, for revolving trusts, for which securities were issued prior to September 30, 2010 so long as those securitizations complied with the preexisting requirements under generally accepted accounting principles in effect prior to November 15, 2009. The transitional safe harbor will apply irrespective of whether or not the securitization satisfies all of the conditions for sale accounting treatment under generally accepted accounting principles as effective for reporting periods after November 15, 2009. TXT; PDF  3/18/10

• Community Bank Directors Workshops Schedules

  The OCC will host workshops in Philadelphia and Shreveport for community bank directors.
  Philadelphia; Shreveport  3/18/10

• Bernanke Discusses Federal Reserve's Role in Bank Supervision

  In testimony before the House Committee on Financial Service Services, Chairman Bernanke discussed the Federal Reserve's role in bank supervision and the actions taken to strengthen its supervisory oversight. He noted the Federal Reserve's wide range of expertise makes it uniquely suited to supervise large, complex financial institutions and to help identify risks to the financial system as a whole. Testimony  3/18/10

• DSR and FOR Ratios Released

  The FRB has released the Fourth Quarter household debt service ratio (DSR) and the financial obligations ratio (FOR). Ratios  3/18/10

• Reserve Position Updates

  The Treasury has released the U.S. International Reserve Position Reports for March 5 and 12, 2010. March 5; March 12  3/18/10

• FEDS Working Paper Published

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "A Reliable and Computationally Efficient Algorithm for Imposing the Saddle Point Property in Dynamic Models" has been published by the FRB. Abstract; Full Paper  3/18/10

• April 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 April, 2010, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury seecurities 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  3/17/10

• Fed Funds Rate Unchanged

  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 condition, 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  3/17/10

• FedFlash Online

  The March 15, 2010, issue of FedFlash has been posted online. FedFlash  3/16/10

• FDIC Safe Online Banking

  The Winter 2009/2010 issue of FDIC Consumer News, published by the FDIC contains ten ways to protect against theft and errors online regarding online banking, bill paying and shopping. Summary; Consumer News  3/16/10

• TIC Data Released

  The Treasury has released the Treasury International Capital (TIC) data for January, 2010. TIC  3/16/10

• Cost of Funds Reports Issued

  The OTS has issued the Current and Historical Cost of Funds to OTS Insured Institutions Reports. Current; Historical  3/16/10

• February G.17 Released

  The G.17 Industrial Production and Capacity Utilization Report for February, 2010, has been released by the FRB. G. 17  3/16/10

• FRB Proposes Rulemaking for Truth in Lending

  The Board proposes to amend Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that go into effect on August 22, 2010. In particular, the proposed rule would require that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms. The proposed rule would also require credit card issuers to reevaluate at least every six months annual percentage rates increased on or after January 1, 2009. TXT; PDF  3/15/10

• Order Of Prohibition

  The FRB has announced the issuance of a Final Decision and Order of Prohibition against Adam L. Benarroch, a former employee of Midwest Bank and Trust of Elmwood Park, IL, which prohibits him from participating in the conduct of the affairs of any financial institution or holding company. The Order is the result of allegations that he fabricated documents, forged signatures, and altered loan agreements. Order  3/15/10

• Revised Interagency Questions and Answers on Community Reinvestment

  A Consumer Affairs (CA) letter has been issued by the FRB regarding the previously announced new and revised Interagency Questions and Answers Regarding Community Reinvestment. Information concerning the Q&A were posted in the March 12, 2010, Top Stories. CA Letter   3/15/10

• Fourth Quarter 2009 State Profiles

  The FDIC has released the FDIC State State Profiles for the Fourth Quarter 2009 which contain a quarterly data sheet summation of banking and economic conditions in each state. Profiles  3/15/10

• RBMS Notes Sale

  The FDIC has closed on a sale of notes backed by residential mortgage backed securities (RMBS) from seven failed bank receiverships. Summary; Diagram  3/15/10

• Warrants Pricing Announced

  The Treasury has announced the pricing of a secondary public offering of 758,086 warrants to purchase common stock of Texas Capital Bancshares, Inc. Warrants  3/15/10

• CRA Interagency Q&A

  The federal financial institution regulatory agencies recently updated the Interagency Questions and Answers Regarding Community Reinvestment that provide additional guidance regarding the CRA regulations. The update supersedes all previously published Interagency Questions and Answers. Q&A; OCC Bulletin; FDIC FIL; FFIEC  3/12/10

• Bank Closed

  LibertyPointe Bank, New York, NY, was closed by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Valley National Bank, Wayne, NJ, to assume all of the deposits of LibertyPointe Bank. LibertyPointe Bank  3/12/10

• Written Agreements Announced

  The FRB has announced the execution of Written Agreements:by and among NW Services Corporation, Ringgold, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia; and by and between Florida First City Banks, Fort Walton Beach, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta. NW; Florida  3/12/10

• CRA Ratings Released

  The OTS has released the ratings received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings  3/12/10

• Signature Bank Warrants Priced

  The Treasury has announced the pricing of a secondary public offering of 595,829 warrants to purchase common stock of Signature Bank. Warrants  3/12/10

• Flow Of Funds Report

  The FRB has released the Z.1 Flow of Funds Report for the Fourth Quarter, 2010. Z.1  3/12/10

• S.A.F.E. Act FAQs

  The FFIEC has posted frequently asked questions (FAQs) online concerning the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act). FAQs  3/11/10

• Written Agreements Executed

  The FRB has announced the execution of two Written Agreements: by and between Olmsted Holding Corporation, Rochester, MN, a registered bank holding company, and the Federal Reserve Bank of Minneapolis; and by and among Idaho Bancorp, a registered bank holding company, Idaho Banking Company, a state chartered member bank, both of Boise, ID, the Federal Reserve Bank of San Francisco and the State of Idaho Department of Finance. Olmsted; Idaho  3/11/10

• OFAC CMPs Released

  The civil money penalties (CMPs) recently assessed against individuals and entities for violations of the various Sanctions Programs have been released by OFAC. No financial institutions were cited. CMP 1; CMP 2  3/11/10

• Pricing of Warrants Announced

  The Treasury has announced the pricing of a secondary public offering of 1,707,456 warrants to purchase common stock of Washington Federal, Inc. Pricing  3/11/10

• Geithner on the Budget

  In written testimony to the General Government and Financial Services Subcommittee of the House Committee on Appropriations, Secretary Geithner discussed the Treasury FY 2011 Budget. He noted that it focuses on repairing and reforming the financial system to make it safer, and help assure that its benefits are broadly shared, boosting voluntary compliance with our tax code to pay for vital government functions, advancing our global economic interests and national security, and rebuilding the Treasury's professional staff. Testimony  3/11/10

• Economics Working Paper Published

  The OCC has published an Economics Working Paper on the topic "Limits to Relative Performance Evaluation: Evidence from Bank Executive Turnover". Full Paper  3/11/10

• Written Agreement Announced

  The execution of a Written Agreement has been announced by the FRB by and among Ravalli County Bankshares, Inc., a registered bank holding company, Ravalli County Bank, a state chartered member bank, both of Hamilton, MT, the Federal Reserve Bank of Minneapolis, and the Montana Division of Banking and Financial Institutions. Agreement  3/10/10

• Prompt Corrective Action Directive Issued

  The issuance of a Prompt Corrective Action Directive against Horizon Bank, Bradenton, FL, a state chartered member bank, has been announced by the FRB. Directive  3/10/10

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of March 9, 2010. 314(a)  3/10/10

• FFIEC Web Site Changes

  The E.16 Country Exposure Lending Survey and Country Exposure Information Report for June 26, September 25 and December 28, 2009, were revised to reflect corrections to data submitted by financial institutions. E.16  3/10/10

• Credit Auction Results

  The FRB has announced the results of the auction of $25 billion in 28-day credit held on March 8, 2010. Auction  3/10/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Heritage Oaks Bancorp, Paso Robles, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  3/09/10

• FDIC Consumer Tips Online

  The FDIC has announced that consumers can receive quick tips online. FDIC PR; Tip of the Week  3/09/10

• Public Offering of Warrants

  The Treasury has announced the commencement of secondary public offerings of warrants to purchase the common stock of Washington Federal, Inc., Signature Bank, and Texas Capital Bancshares, Inc. Warrants  3/09/10

• Bair Discusses The Economic Crisis

  In a presentation to the National Association for Business Economics Washington Policy Conference, Chairman Bair discussed the extraordinary policy actions taken by the FDIC and other government agencies. She noted the initial crisis has receded, but various problems remain including persistent high unemployment, impaired household balance sheets, and high levels of problem loans and troubled financial institutions. Speech  3/09/10

• Reserve Position Report Updated

  The U.S. International Reserve Position Report has been updated by the Treasury with data current as of March 5, 2010. Report  3/09/10

• Banks Closed

  The following three banks have been closed by their primary regulator and the FDIC, as the appointed Receiver, has taken the listed actions:

  1. Sun American Bank, Boca Raton, FL by the Florida Office of Financial Regulation; the FDIC as receiver entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, NC, to assume all of the deposits;
  2. Bank of Illinois, Normal, ILs, by the Illinois Department of Financial Professional Regulation – Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with Heartland Bank and Trust Company, Bloomington, IL, to assume all of the deposits;
  3. Waterfield Bank, Germantown, MD, by the OTS; FDIC as receiver created Waterfield Bank, FA, a new depository institution chartered by the OTS and insured by the FDIC to take over the operations.

  Sun; Bank of Illinois; Waterfield  3/08/10

• CU Liquidated Accounts Assumed

  NCUA has liquidated Lawrence County School Employees Federal Credit Union of New Castle, PA, and accepted New Castle, PA, based First Choice Federal Credit Union's offer to purchase and assume the credit union. Lawrence County  3/08/10

• CRA Ratings Released

  The FDIC has released a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings  3/08/10

• Beneficial Ownership Interagency Guidance

  The federal financial institution regulators and the SEC, in consultation with the Commodity Futures Trading Commission, have issued an interagency Guidance on Obtaining and Retaining Beneficial Ownership Information clarifies and consolidates existing regulatory expectations for financial institutions obtaining beneficial ownership information for certain accounts and customer relationships. Guidance; FRB SR Letter; FinCEN NR; FDIC FIL; OCC Bulletin; OTS CEO Letter  3/08/10

• G.19 Report Released

  The FRB has released the January, 2010, G.19 Consumer Credit Report. G.19  3/08/10

• BHC Supervision Manual Updated

  The FRB has issued the January, 2010, update of the Bank Holding Company (BHC) Supervision Manual. By Section; Entire Manual  3/05/10

• Bair on Housing and Mortgages

  In a presentation at the 2010 Multicultural Real Estate and Policy Conference, Chairman Bair stated "Restoring stability to our real estate markets will be essential to our economic recovery." She noted that as the policy challenges of today are being addressed, the groundwork needs to be laid for a fairer, more stable, and more inclusive financial system. Speech  3/05/10

• Reverse Mortgage Fraud Case

  The FinCEN has announced that it is assisting the U.S. Attorney's Office in the prosecution of a case against the individuals indicted by a federal grand jury on charges of conspiracy to commit financial institution fraud involving so-called "reverse" mortgages. Case  3/05/10

• FEDS Working Papers Published

  Two working papers in the Finance and Economic Discussion Series (FEDS) have been published on the topics of "Managing Beliefs about Monetary Policy under Discretion" and "Mergers and Sequential Innovation: Evidence from Patent Citations". Managing Abstract; Managing Full Paper; Mergers Abstract; Mergers Full Paper  3/05/10

• FedFocus March 2010

  The March, 2010, issue of FedFocus has been published by Federal Reserve Financial Services. FedFocus  3/05/10

• Reg Z Credit Card Rules Proposed

  A rule amending Regulation Z (Truth in Lending) to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider increases in interest rates has been proposed by the FRB. Rule  3/04/10

• C & D Order Issued

  The NCUA Board has issued an Order to Cease and Desist which addresses various regulatory and safety and soundness concerns related to a credit union0308s plans to build a new main office. Order  3/04/10

• Beige Book

  The FRB has updated the Beige Book with information collected on or before February 22, 2010. Summary; Full Report  3/04/10

• FRB Legal Developments Report

  The FRB has published the Fourth Quarter 2009 Legal Developments Report. Report  3/04/10

• IFDP Working Papers Published

  The FRB has published two working papers in the International Finance Discussion Paper (IFDP) series on the topic of "Heterogeneous Firms and Import Quality: Evidence from Transaction-Level Prices" and "Technology Shocks: Novel Implications for International Business Cycles". Heterogeneous Abstract; Heterogeneous Full Paper; Technology Abstract; Technology Full Paper  3/04/10

• 78 Drug Traffickers Added to OFAC List

  OFAC has designated two of Colombia's most wanted drug traffickers, as Specially Designated Narcotics Traffickers (SDNTs), due to their significant roles in international narcotics trafficking and also today designated 29 other individuals and 47 entities as SDNTs. The names of the designated individuals and entities were added to the SDN List. Five names were also deleted from the List and two entries were changed. Information regarding the additions, deletions and changes has been posted on the OFAC page.  3/03/10

• Check Processing Changes Completed

  The FRB has announced that they have completed the reduction in paper check processing infrastructure that was begun in late 2003. Check Processing  3/03/10

• New Electronic Interpretations and Actions

  The OCC has released the February, 2010, New Electronic interpretations and Actions. New  3/03/10

• CRA Exam Schedule Released

  The OCC has released its Second Quarter 2010 CRA exemption schedule. Schedule  3/02/10

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement by and between Northwest Community Bancorp, Inc., Shoreline, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  3/02/10

• Dugan Discusses Basel Proposals

  In a presentation to the Institute for International Bankers, Comptroller Dugan noted that the Basel Committee is focusing on the quality of capital, as well as the amount of capital banks must hold. It is utilizing a calibration exercise that will help regulators squarely confront the tension between capital and liquidity on the one hand and credit availability on the other. Speech  3/02/10

• MSB Registration List Updated

  The FinCEN has updated the MSB Registration list with data current as of February 10, 2010. Lis  3/02/10

• OFAC Annual Report Released

  The Calendar Year 2009 Annual report on Assets in the United States of Terrorist countries and International Terrorism Program Designees has been released by OFAC. Report

• Reserve Position Report

  The Treasury has released the U.S. International Reserve Position Report for February 26, 2010. Report  3/02/10

• Public Offerings of BOA Warrants Announced

  The Treasury has announced commencement of secondary public offerings of warrants to purchase the common stock of Bank of America Corporation (BOA). Offerings  3/02/10

• Foreign Exchange Rates Report

  The G.5 Foreign Exchange Rates Report for February, 2010, has been released by the FRB. G.5  3/02/10

• Enforcement Actions Released

  The FDIC has released a list of 67 orders of administrative enforcement actions taken against banks and individuals in January, 2010. Actions  3/01/10

• Retail Payments Booklet SR Letter

  The FRB has issued a SR Letter regarding the previously announced update of the FFIEC Retail Payment System Booklet. Information concerning the update was posted in the February 26, 2010, Top Stories. SR Letter  3/01/10

• Clarification of FDIC Loss-Sharing Agreements

  The federal banking agencies have issued a statement in response to questions received regarding the treatment of loss-sharing agreements entered into with the FDIC as conditional guarantees for risk-based capital purposes. Statement; FRB SR Letter; FDIC FIL; OTS CEO Letter  3/01/10

• FBAR Changes Proposed

  The FinCEN has issued a Notice of Proposed Rulemaking (NPRM) proposing to amend the Bank Secrecy Act (BSA) implementing regulations regarding the Report of Foreign Bank and Financial Accounts (FBAR). NPRM  3/01/10

• FRB Publishes Final/Proposed Rules in FR:Final Rule for Extensions of Credit by Federal Reserve Banks

  The Board of Governors of the Federal Reserve System has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action. TXT; PDF  3/01/10

• Proposed Rule for Electronic Fund Transfers

  On November 17, 2009, the Board published final rules amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation. The final rule limited the ability of financial institutions to assess overdraft fees for paying automated teller machine (ATM) and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts in, to the institution's payment of overdrafts for those transactions. The Board proposes to amend Regulation E and the official staff commentary to clarify certain aspects of the final rule. TXT; PDF  3/01/10

• Proposed Rule for Truth in Savings

  On January 29, 2009, the Board published final rules amending Regulation DD, which implements the Truth in Savings Act, and the official staff commentary to the regulation. The final rule addressed depository institutions' disclosure practices related to overdraft services, including balances disclosed to consumers through automated systems. The Board proposes to amend Regulation DD and the official staff commentary to clarify the application of the rule to retail sweep programs and the terminology for overdraft fee disclosures, and to make amendments that conform to the Board's final Regulation E amendments addressing overdraft services, adopted in November 2009. TXT; PDF  3/01/10

• Dugan Warns of Loan Growth Challenges

  In testimony before the House Committees on Financial Service and Small Business, Comptroller Dugan warned that lower demand, distressed banks, and tighter underwriting presented ongoing challenges to loan growth. Written Statement; Oral Testimony  3/01/10

• IFDP Working Paper

  The FRB has issued a working paper in the International Finance Discussion Papers (IFDP) service on the topic of Firm-Specific Capital, Nominal Rigidities and the Business Cycle. Abstract; Full Paper  3/01/10

• Lew confirmed as Secretary of Treasury

  A Treasury press release has announced that Jacob J. Lew has been confirmed by the Senate to serve as the 76th Secretary of the Treasury.(2/28/2013)

• Curry on affordable housing

  In a speech before the National Association of Affordable Housing Lenders, Comptroller Curry discussed the benefits and strengths of affordable housing, community development finance, and the public welfare investment authority.(2/28/2013)

• Cordray on the CFPB and CUs

  In prepared remarks for a meeting of the Credit Union National Association in Washington, D.C., CFPB Director Cordray discussed the interaction between the CFPB and credit unions. He also reviewed the establishment of the Bureau™s Credit Union Advisory Council and the Ability-to-Repay rule.(2/28/2013)

• Calvery: FinCEN™s mission and financial institutions' role

  In a presentation at the Securities Industry and Financial Markets Association Anti-Money Laundering and Financial Crimes Conference, FinCEN director Calvery discussed the broad mission of the agency. She stressed the important role played by financial institutions as FinCEN's eyes and ears in the fight against terrorists and other criminals.(2/28/2013)

• NCUA amends chartering manual

  The NCUA has published a final rule expanding the definition of "rural district" in its Chartering and Field of Membership Manual. (2/28/2013)

• Taliban money supplier designated

  Treasury has designated Mullah Ahmed Shah Noorzai, the owner and operator of UN-designated Roshan Money Exchange (RMX) for providing financial services to the Taliban. RMX stores and transfers funds and profits in support of Taliban military operations as well as the Taliban's role in the Afghan narcotics trade. Two other individuals and an entity were also designated. See the February 26, 2013, BOL OFAC Update for more information.(2/27/2013)

• FinCEN issues tax-refund fraud advisory

  FinCEN Advisory FIN-2013-A001 has been issued as a reminder and update of Advisory FIN-2012-A005 on tax-refund fraud and related SAR filing responsibilities.(2/27/2013)

• Follow the NMLS conference

  The fifth annual NMLS Conference and Training is under way in San Antonio, Texas. Follow the activities in real time on the NMLS Blog. (2/27/2013)

• NMLS to publish registrant disciplinary actions

  The NMLS has announced that disciplinary action information reported by a federally registered MLO on his or her most recent MU4R will become publicly available in NMLS Consumer Access on March 18, 2013.(2/27/2013)

• Mortgage interest rates and house prices rise

  The Federal Housing Finance Agency (FHFA) has issued news releases announcing a monthly rise in mortgage interest rates and a quarterly rise in house prices.(2/27/2013)

• Monetary Policy Report presented to Congress

  Chairman Bernanke presented the semiannual Monetary Policy Report to the Senate Committee on Banking, Housing, and Urban Affairs. He also summarized the current economic conditions and discussed the details of the report.(2/27/2013)

• Discount rate meetings minutes

  The minutes of the January 14 and January 28, 2013, discount rate meetings of the Federal Reserve Board have been released.(2/27/2013)

• FRB releases fourth quarter 2012 data

  The Board has released fourth quarter 2012 data for automated clearinghouse, check, Fedwire funds, Fedwire securities, and national settlement services.(2/27/2013)

• OCC celebrates its 150th birthday

  A news release has been issued by the OCC on the 150th anniversary of President Lincoln's signing of the National Currency Act on February 25, 1863, which created the country™s oldest regulatory agency.(2/26/2013)

• FDIC and EC discuss SIFIs

  An FDIC press release has announced a meeting with the European Commission (EC) to discuss issues related to the resolution of banks and systemically important financial institutions (SIFI™s) and to deposit insurance regimes.(2/26/2013)

• The new NCUA

  Chairman Matz unveiled the new NCUA as more responsive to emerging risks, industry challenges and credit unions™ needs, in a keynote speech at the opening day of the Credit Union National Association™s Government Affairs Conference in Washington, D.C. A new look for the regulators consumer websites and a video about the value of saving were also announced.(2/26/2013)

• FATF revises AML/CFT guidance

  FATF has issued revised Guidance which aims to provide support in designing Anti-Money Laundering and Terrorist Financing (AML/CFT) measures that meet the goal of financial inclusion, without compromising the measures that exist for the purpose of combating crime. The revision reflects the changes made to the FATF Recommendations in 2012 and focuses in particular on the reinforcement of the risk-based approach (RBA), as a general and underlying principle of all AML/CFT systems.(2/26/2013)

• Save like Mike on the CFPB Blog

  The CFPB as a participant in America Saves Week has posted on its Blog Save like Mike video to encourage consumers to save money, reduce debt, and build wealth.(2/26/2013)

• FDIC enforcement actions

  The FDIC has released a list of its January 2013 enforcement actions, which included two CMP orders totaling $14,540 relating to violations of flood insurance requirements. Details have been posted to BOL's Flood Penalties Watch page. It does not appear from the orders that the new Biggert-Waters $2,000 per violation penalty was imposed.(2/25/2013)

• OFAC levies CMP on bank

  OFAC has announced that Bank of Guam has agreed to remit $27,000 to settle potential civil liability for two apparent violations of the Iranian Transactions Regulations. The base penalty of $20,000 was increased due to aggravating circumstances surrounding the violations.(2/25/2013)

• Burma designations and general license

  The designation of a Burma bank and its addition to the SDN list under the Burma Sanctions program have been announced by OFAC. In addition, a general license has been issued to authorize additional economic activity in Burma. Click here for further details.(2/25/2013)

• Treasury to sell TARP stock and debt

  Treasury has announced its intention to sell at auction on or about February 25, 2013, all of its preferred stock and subordinated debt TARP investments in nine institutions.(2/25/2013)

• NMLS releases fourth quarter 2012 reports

  The fourth quarter 2012 Nationwide View of State-Licensed Mortgage Entities and the NMLS Federal Registry Quarterly Report have been released by the NMLS.

• G.20 released

  The FRB has released the December 2012 G.20 Finance Companies owned and managed receivables outstanding and auto loans: terms of credit report.(2/25/2013)

• Comment period extended

  The FRB extended the comment period from March 31, 2013, to April 30, 2013, on a proposed rule to implement the enhanced prudential standards and early remediation requirements established under Dodd-Frank for foreign banking organizations and foreign nonbank financial companies supervised by the Board.(2/25/2013)

• FATF plenary actions

  The Financial Acton Task Force (FATF) Plenary held on February 20-22, 2013, adopted the Methodology for Assessing Technical Compliance with the FATF Recommendations and the effectiveness of AML/CFT systems; Guidance on AML/CFT measures and financial inclusion; and Guidance on conducting National Risk Assessments. The FATF also issued a statement on Turkey, and an update on AML/CFT Improvements in Ghana and Venezuela. The FATF is an inter-governmental body established in 1989 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.(2/25/2013)

• National mortgage settlement progress

  HUD has announced the publication of a progress report on the distribution of over $45 billion to more than 550,000 homeowners. The funds were released pursuant to an agreement with the nation's five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses. [Full Report; Data Map](2/22/2013)

• OFAC penalty agreement

  OFAC and a medical supply company have agreed upon a $404,100 payment to settle the firm's potential civil liability for alleged violations of the Iranian Transactions and Sanctions Regulations. (2/22/2013)

• NMLS Ombudsman meeting agenda

  The agenda of the February 26, 2013, meeting with the NMLS Ombudsman to be held in San Antonio, Texas, has been posted.(2/22/2013)

• Free FDIC telephone seminars

  FDIC FIL-6-2013 announces the scheduling of 15 free telephone seminars on deposit insurance coverage designed for bank officers and employees. Eleven sessions will provide participants with an overview of the rules for determining deposit insurance coverage for all account ownership categories, along with an introduction to deposit insurance tools and resources available from the FDIC. Four sessions will focus primarily on the rules and coverage for formal revocable trust accountholders whose trust deposits at one bank exceed $1,250,000. [Dates and registration details] (2/22/2013)

• SEC 2013 exam priorities

  The SEC has announced its 2013 examination priorities covering a wide range of issues at financial institutions and other related entities.(2/22/2013)

• Bureau bloggers active

  The CFPB has posted four Blog articles focusing on student loan burdens and tips for service members style="margin-left:5px; padding-left:25px; margin-top:0px; margin-bottom:0px; list-style-type:circle">

• Student debt and health care
• Stopping the student debt domino effect
• Student debt and schools
• Hit or myth (on servicemembers' finances)(2/22/2013)

• CFPB Consumer Advisory Board meets

  This year's first meeting of the CFPB Consumer Advisory Board was held yesterday, February 20, 2013. The Bureau plans to post a video of the Board's discussion and testimony offered during the session. Director Cordray's remarks at the meeting have been posted.(2/21/2013)

• Kingpin designation

  Treasury has announced the designation of Colombian national Jose Evaristo Linares Castillo as a Specially Designated Narcotics Trafficker (SDNT) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Details are available in BankersOnline's February 20, 2013, OFAC Update.(2/21/2013)

• Justice settles fair lending charge with Texas bank

  The Department of Justice has announced a settlement with an Alice, Texas, bank to resolve allegations that it engaged in a pattern or practice of loan pricing discrimination against Hispanic borrowers. The bank, with 13 offices in Texas and $341 million in assets, agreed to pay $700,000 to about 2,000 Hispanic loan applicants, monitor its loans for potential pricing discrimination, provide equal credit opportunity training to its employees, and revise its pricing policies.(2/21/2013)

• OFAC to host financial symposium

  OFAC has announced it will host a Financial Symposium in Washington, DC on Tuesday, March 19, 2013. (2/21/2013)

• FOMC minutes and statement

  The minutes and statement from the January 29-30, 2013, meeting of the Federal Open Market Committee (FOMC) has been released by the Federal Reserve Board.(2/21/2013)

• NCUA and state regulators cooperate to identify LICUs

  The NCUA has announced that it is working with state regulators to identify state chartered credit unions that can be designated as low-income credit unions (LICUs). A LICU designation can provide certain regulatory benefits to qualifying state-chartered credit unions under certain circumstances and when state law permits.(2/21/2013)

• $25 million in unauthorized debits

  A federal court at the request of the FTC has issued an order temporarily halting a scheme that charged hundreds of thousands of consumers' bank accounts and billed their credit cards more than $25 million without their consent.(2/21/2013)

• March 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 March 2013 will be subject to HOEPA 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.(2/20/2013)

• Charge-off and delinquency rates

  The FRB has released the report of charge-off and delinquency rates on loans and leases at commercial banks for the fourth quarter of 2012.(2/20/2013)

• FDICconnect adds online connections

  FDIC FIL-5-2013 has announced the offering of three new online business transactions through FDICconnect, a secure transaction-based website for FDIC-insured institutions. Institutions may now submit interagency bank merger applications, notices of change in control, and notices of change of director or senior executive officer using the portal.(2/20/2013)

• Michigan CU liquidated

  The NCUA has announced the liquidation of Amez United Credit Union, Detroit, Michigan.(2/20/2013)

• Credit card robocaller banned from telemarketing

  The FTC has announced a settlement banning the architect of an operation that allegedly distributed illegal robocalls offering credit card interest rate reduction programs, extended automobile warranties, and home security systems.(2/20/2013)

• CFPB explains qualified mortgages

  In an article posted on the CFPB Blog, the regulator explains the process involved in the design of the Ability-to-Repay/Qualified Mortgage rule, the transitional period, and its expectation of a recovery of the mortgage market.(2/19/2013)

• 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.(2/19/2013)

• Chicago bank closed

  The FDIC has announced the closing of Covenant Bank, Chicago, Illinois, and the assumption of all its deposits by a New Orleans bank.(2/19/2013)

• Mississippi storm relief

  The FDIC's FIL-4-2013 has announced steps intended to provide relief to financial institutions and facilitate recovery in areas of Mississippi affected by severe storms, tornadoes, and flooding.(2/19/2013)

• FDIC proposes rule on foreign branch deposits

  The FDIC has published a proposed rule that would amend its deposit insurance regulations to clarify that deposits in foreign branches of United States banks are not FDIC-insured deposits.(2/19/2013)

• Credit card scam victims to receive refunds

  The FTC has issued a news release announcing that all identified victims of a credit card interest rate scam will receive a full refund. Checks have been mailed to 330 consumers who allegedly were duped by marketers using illegal robocalls to deceptively claim they could reduce consumers' credit card interest rates.(2/19/2013)

• Calvery on FinCEN's mission and responsibilities

  In a presentation before the Florida International Bankers Association Anti-Money Laundering Conference, FinCEN Director Calvery discussed the mission and responsibilities of the agency. She addressed designing the defense against money against money laundering; the production, collection and dissemination of financial intelligence; international information exchange; and enforcement.(2/19/2013)

• NCUA Report

  The January 2013 NCUA Report has been posted. The monthly online newsletter highlights important NCUA Board actions and key issues for CU volunteers and management.(2/19/2013)

• FedFlash

  The February 2013 issue of FedFlash has been posted by FRB Services.(2/19/2013)

• TIC data

  The Treasury International Capital (TIC) data for December 2012 have been released.(2/19/2013)

• Loan originator compensation rules published

  The CFPB has published, in today's Federal Register, its final Regulation Z Loan Originator Compensation Rule, which was announced by the Bureau on January 18 and issued on January 20, 2013.(2/15/2013)

• al-Qa'ida AQIM leader designated

  A senior leader of an al-Qa'ida violent extremist group known as the Lands of the Islamic Maghreb (AQIM), who has played a key role in the group's ongoing terrorist activities in North Africa and Mali has been designated by Treasury as a SDGT and added to the SDN List. See the BOL OFAC Update Page for the details.(2/15/2013)

• Curry on status of Dodd-Frank reforms

  In oral testimony before the Senate Banking Committee, Comptroller Curry presented a status report on the efforts of the OCC to implement the regulatory reforms required by Dodd-Frank. A written statement required by 12 U.S.C. 250 was also delivered to the Committee.(2/15/2013)

• Bureau publishes FOIA and confidentiality rule

  The CFPB has published in the Febuary 15, 2013, Federal Register a final rule on "Disclosure of Records and Information," which establishes procedures for the public to obtain information from the Bureau under the Freedom of Information Act, the Privacy Act of 1974, and in legal proceedings. The publication also establishes the Bureau's rule regarding the confidential treatment of information obtained from persons in connection with the exercise of its authorities under Federal consumer financial law.(2/15/2013)

• FTC to look at ID theft effects on elderly

  The Federal Trade Commission has announced a one-day workshop in Washington on May 7, 2013, exploring how identity theft impacts older Americans.(2/15/2013)

• NCUA Board meeting agenda

  The agenda for the February 21, 2013, meeting of the NCUA Board has been posted. The open portion of the meeting will discuss the final rules regarding expanded definition of "rural district" and permissible investments.(2/15/2013)

• Mortgage servicing rules published

  The CFPB is publishing, in the February 14, 2013, Federal Register, its final Regulation X and Regulation Z Mortgage Servicing Rules, which were issued by the Bureau on January 17, 2013. Both rules will be effective on January 10, 2014.(2/14/2013)

• CFPB announces mortgage rules implementation plan

  The CFPB has announced plans for supporting the mortgage lending industry's implementation of recently-issued final rules over the next several months, including inter-agency coordination for examination and enforcement under the rules, plain-language guides to assist smaller affected businesses, updates to the Bureau's official interpretations of the rules to provide compliance guidance, a series of readiness guides to assist the industry in creating workable compliance plans, and the education of consumers about the new protections afforded by the rules.(2/14/2013)

• Cordray testifies before Senate banking committee

  CFPB Directory Cordray presented written testimony before the Senate Committee on Banking, Housing, and Urban Affairs regarding the implementation of portions of the Dodd-Frank Act. His testimony focused on the implementation of recently announced new rules including ability-to-repay, loan originator compensation, and mortgage servicing, and the impact of the rules on smaller financial institutions.(2/14/2013)

• FHA to speed approval for Sandy victims

  HUD Secretary Donovan has announced that the Federal Housing Administration (FHA) will speed the approval of applications of multifamily apartment owners in New York and New Jersey seeking to refinance their mortgages, substantially rehabilitate their properties or construct new developments in areas impacted by Hurricane Sandy.(2/14/2013)

• NMLS Call Center RFP

  A Request for Proposal (RFP) has been posted by NMLS State Regulatory Registry LLC, inviting parties interested in providing call center services for NMLS to complete a Request for Statement of Qualifications (RFQ). The deadline to file an intent to respond to the RFQ is February 20, 2013.(2/14/2013)

• Curry on OCC enforcement policy

  In a speech before the Women in Housing and Finance, Comptroller Curry discussed the OCC enforcement policy and independent foreclosure review agreements.(2/14/2013)

• FTC delivers Fair Debt Collection Practices Act scorecard to CFPB

  The FTC has issued a news release announcing the presentment of its annual letter to the CFPB concerning enforcement of the Fair Debt Collection Practices Act.(2/14/2013)

• CFPB tips for checking credit report

  The CFPB has posted an article explaining ways for consumers to check a credit report for errors.(2/14/2013)

• Agencies publish HPML appraisal rule

  The CFPB, OCC, FHFA, FRS, and NCUA are publishing in the February 13, 2013, Federal Register their previously-issued final rules on appraisals for higher-priced mortgage loans. The rule implements amendments to TILA made by the Dodd-Frank Act. Mortgage loans are "higher-priced" if they are secured by a consumer's home and have interest rates above certain thresholds. The rule requires written appraisals based on an inspection of the interior of a property, and a free copy of any appraisal report for the consumer. It also requires a second appraisal, at no cost to the consumer, involving purchases of certain "flipped" properties. The final rule will be effective January 18, 2014.(2/13/2013)

• CFPB to look out for tribal consumers

  The CFPB has announced the execution of a Memorandum of Understanding (MOU) with the Navajo Nation Department of Justice to share certain information. This is the first time that the CFPB has entered into an MOU with a tribal government. (2/13/2013)

• Written Agreement with Alabama SLHC

  The Federal Reserve Board has issued a press release announcing the execution of a Written Agreement with Commonwealth Savingshares Corporation, of Huntsville, Alabama, a registered savings and loan holding company (SLHC).(2/13/2013)

• FDIC approves proposed insurance clarification

  The FDIC has announced the approval for publication of a notice of proposed rule (NPR) to clarify whether deposits in foreign branches of U.S. banks are FDIC-insured. A video of the discussion and approval of the NPR at the February 12, 2013, FDIC Board meeting is available.(2/13/2013)

• OFAC SDN List announcement

  Treasury has announced that on or about February 22, 2013, OFAC will be migrating the Specially Designated Nationals (SDN) List data (and other sanctions-related information) that it maintains on its server to a new location. As a result, the IP address for this content will be changing.(2/13/2013)

• Net worth restoration webinar

  An NCUA news release has announced the agency will host "Net Worth Restoration Plans: A Path to Recovery," a free webinar, at 2 p.m. ET on February 20, 2013.(2/13/2013)

• NCUA now on LinkedIn

  The NCUA has issued a press release announcing the launch of a new business page on the social network LinkedIn. The page will provide the credit union industry up-to-the-minute news, job postings and exclusive information on upcoming recruitment events.(2/13/2013)

• Peak Daylight Overdrafts report

  The first quarter 2012 peak daylight overdraft and related fees report has been released by the FRB.(2/13/2013)

• Study reveals credit report errors

  The Federal Trade Commission has announced the results of a study of the U.S. credit reporting industry that revealed that five percent of consumers had errors on one of their three major credit reports that could lead to their paying more for products such as auto loans and insurance.(2/12/2013)

• CFPB warns mortgage companies of legal obligations

  A CFPB press release has announced the issuance of Bulletin 2013-01 advising mortgage companies about their legal obligations that protect consumers during loan transfers between mortgage servicers. When handing over the processing of loans, mortgage servicers should not lose paperwork, lose track of a homeowner's loss mitigation plans, or hinder a consumer's chances of saving a home from unnecessary foreclosure.(2/12/2013)

• Smart Disclosure Data Community launched

  Treasury has announced on its Blog the launch of the Smart Disclosure Data Community, a first-of-its-kind centralized platform containing over 400 smart disclosure data sets and resources from dozens of agencies across government. Using the Community, entrepreneurs and innovators can access free Federal data to create the consumer applications, products, and services of the future.(2/12/2013)

• FEMA rescinds Flood Purchase Guidelines

  FEMA has rescinded its Mandatory Purchase of Flood Insurance Guidelines, according to a notice on its Resource Library page. The document had been made obsolete by the Biggert-Waters Flood Insurance Reform Act of 2012.(2/11/2013)

• HUD final rule on FHA violations

  HUD has announced its issuance of a final rule finalizing a national standard for determining whether a housing practice results in a discriminatory effect that violates the Fair Housing Act.(2/11/2013)

• Virginia CU placed into conservatorship

  The NCUA has announced that it has assumed control of NCP Community Development Federal Credit Union of Norfolk, Virginia.(2/11/2013)

• FMS temporary procedures for agency deposits

  Treasury's Financial Management Service (FMS) has issued temporary procedures for making federal agency deposits in the Northeast due to the aftermath of the blizzard in the event financial institutions normally used for the deposits are closed, delayed in opening, or have limited hours of operation.(2/11/2013)

• FRB written agreement

  The execution of a Written Agreement with Countricorp, White Sulpher Springs, Montana, a registered bank holding company, has been announced by the Federal Reserve Board.(2/8/2013)

• Community Development Investments newsletter

  The OCC has posted the latest edition of Community Development Investments, an electronic newsletter, which describes how national banks and federal savings associations can implement the Treasury's State Small Business Credit Initiative (SSBCI) to increase the amount of credit available for small businesses.(2/8/2013)

• NCUA special meeting

  The NCUA has announced the scheduling of a special closed Board meeting for today, February 8, 2013.(2/8/2013)

• City phone service takes CFPB consumer complaints

  The CFPB has announced that consumers with access to the Newark, New Jersey, "4311" hotline will be connected with the Bureau's Office of Consumer Response for questions and complaints about financial products and services.(2/8/2013)

• FedFocus

  The February 2013 issue of FedFocus has been posted by FRB Services. It features articles on the FedACH Risk Alert Service, business continuity tips, the end of the Go Direct campaign, and new FEDucation opportunities.(2/8/2013)

• Bogus mortgage scammers settle with FTC

  The Federal Trade Commission has announced that the defendants behind an operation that allegedly preyed on vulnerable homeowners have agreed to settle Federal Trade Commission charges that they lured people into paying $1,995 or more by holding out bogus promises that they could help them avoid foreclosure and renegotiate their mortgages.(2/8/2013)

• G.19 Consumer Credit report

  The Board has released the December 2012 G.19 Consumer Credit report.(2/8/2013)

• Fair Housing Act settlement

  HUD has announced it has reached an agreement with the mortgage division of a national bank to settle allegations that the lender violated the Fair Housing Act by requiring a home loan applicant on paid maternity leave to return to work before the lender would approve a home loan.(2/7/2013)

• $5.4 billion CDBG funds for Sandy victims

  A news release has been issued by HUD announcing the allocation of $5.4 billion in Community Development Block Grant (CDBG) Disaster Recovery funding to five states and New York City.(2/7/2013)

• OFAC Issues Iran and Syria FAQs and Guidance

  Treasury has announced a series of actions that tighten sanctions on Iran's access to its oil revenues and further expose the Iranian government's continued abuse of human rights. Key provisions of the Iran Threat Reduction and Syria Human Rights Act of 2012 (TRA) that go into effect today expand the scope of sanctionable transactions with the Central Bank of Iran and designated Iranian financial institutions by restricting Iran's ability to use oil revenue held in foreign financial institutions as well as preventing repatriation of those funds to Iran. The U.S. Department of the Treasury, in consultation with the U.S. Department of State, also designated one individual and four entities for their involvement in the Iranian government's censorship activities. OFAC has published an FAQ relating to the key provisions of the TRA and Clarifying Guidance on humanitarian assistance and Related Exports to the Iranian people. OFAC also made a number of updates to SDN listings under its IRAN designation. BankersOnline's February 6, 2013, OFAC Update has details.(2/7/2013)

• FTC targets tax relief scammers

  The Federal Trade Commission has announced an agreement with American Tax Relief LLC and its principal to settle allegations that they bilked consumers out of more than $100 million in a phony tax relief scam. The settlement calls for the defendants to pay more than $15 million in cash and assets to settled the charges.(2/7/2013)

• U.S. cartel-related companies designated

  Treasury has announced the designation of Filemon Garcia Ayala and two of his companies located in Mexico, pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for their links to Los Zetas, the violent Mexican drug cartel. In addition to the entities located in Mexico, Treasury is also identifying three U.S. companies affiliated with Filemon Garcia Ayala as blocked property pursuant to the Kingpin Act. This action prohibits U.S. persons from conducting financial or commercial transactions with these designees, and also freezes any assets they may have under U.S. jurisdiction. More information is available on BankersOnline's February 5, 2013, OFAC Update.(2/6/2013)

• OFAC announces beta SDN search tool

  OFAC has announced its beta release of a new "fuzzy logic" SDN search tool that will run in parallel with its older exact character search tool for about a month before replacing the older search aid.(2/6/2013)

• Treasury sets price for Citigroup notes

  The price for an offering of Citigroup subordinated notes and an intent to sell six additional preferred stock and subordinated debt CPP investments has been announced by Treasury.(2/6/2013)

• FDIC Board meeting notice

  A notice for the February 12, 2013, meeting of the FDIC Board has been posted. One of the matters on the agenda is a Notice of Proposed Rulemaking on the agency's definition of "Insured Deposit."(2/6/2013)

• GOP Senators leveraging Cordray nomination

  The nomination of Richard Cordray as Director of the CFPB has rekindled the debate on the structure of the Bureau itself. Recent letters from Senator McConnell (R-KY) to President Obama and from Senator Portman (R-OH) to Director Cordray detail the issues at the core of the discussion.(2/5/2013)

• January SLOOS

  The Federal Reserve Board has posted the results of the January 2013 Senior Loan Officers Opinion Survey (SLOOS) on bank lending practices.(2/5/2013)

• CRA ratings

  The FDIC has announced the ratings assigned in November to state nonmember banks for compliance with CRA. Of the 89 institutions listed, three received "outstanding" ratings and three were graded "needs to improve."(2/5/2013)

• Treasury alert on suspicious email

  An alert has been issued by Treasury Financial Management Service regarding emails that appear to be sent by Customer Support at the Service. Recipients should disregard the messages.(2/5/2013)

• Marketable borrowing estimates

  The current estimates of net marketable borrowing for the January,March,April, and June 2013 quarters have been released by Treasury.(2/5/2013)

• OFAC CMP announced

  The payment of a $97,695 civil money penalty (CMP) by a non-financial entity to settle alleged violations of Iranian Transactions Regulations and Executive Order 13382 has been announced by OFAC.(2/4/2013)

• FTC action shuts down debt collector and freezes assets

  A U.S. district court has issued an Order in a case filed by the FTC shutting down a Houston-based debt collection operation that is alleged to have illegally used insults, lies, and false threats to collect on payday loans. The assets of the operation were frozen, the defendants banned from engaging in debt collection, and a receiver appointed to take control of the business while the FTC moves forward with the case.(2/4/2013)

• CRA ratings

  The OCC has released the ratings received by 44 national banks, federal savings assocations, and insured federal branches of foreign banks recently evaluated for compliance with CRA. Four of those listed received outstanding ratings.(2/4/2013)

• 2012 FOIA annual report

  The Federal Reserve Board has released its annual report on information requests under the Freedom of Information Act (FOIA) for fiscal year 2012.(2/4/2013)

• Foreign exchange rates

  The G.5 Foreign Exchange Rates report for January 2013 has been released by the Federal Reserve Board.(2/4/2013)

• Sandy victims foreclosure relief extended

  HUD and FHFA have issued a joint press release announcing that the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac will extend expiring protections against foreclosure actions against homeowners whose properties were damaged or destroyed due to Hurricane Sandy. Foreclosure protection was also announced for Sandy victims in Pennsylvania(2/1/2013).

• Receivables and Auto Terms report

  The November 2012 G.20 Finance Companies Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit report has been issued by the Federal Reserve Board.(2/1/2013)

• Health care fraud webinar

  An informational webinar was held by FinCEN and the FBI on January 23, 2013, to discuss the increasing trend of fraudulent health care activity occurring within the U.S. financial system. A video recording of the session is available.(2/1/2013)

• Prohibition orders issued

  The NCUA has announced that it has issued nine orders prohibiting the named individuals from participating in the affairs of any federally insured financial institution. All of the individuals are former officers or employees of various credit unions.(2/1/2013)

• Bureau seeks student account experiences

  The Bureau has issued a press release announcing the publication of a "Notice and Request for Information Regarding Financial Products Marketed to Students Enrolled in Institutions of Higher Education."(2/1/2013)

• Antonakes named acting deputy

  The CFPB also announced that Steve Antonakes will serve as Acting Deputy Director of the Bureau until a replacement for the departing Raj Date is named.(2/1/2013)

• Bureau publishes final rules

  The CFPB has published two more of its recently issued final rules affecting lending. Today's Federal Register includes these final rules

• High-Cost Mortgage and Homeownership Counseling Amendments to Regulations X and Z (effective January 10, 2014)
• Requirements for Copies of Appraisals and Other Valuations under ECOA (Effective January 18, 2014)(1/31/2013)

• FHA MMI Fund changes

  The Federal Housing Administration (FHA) has announced a series of changes that will allow the agency to better manage risk and further strengthen the health of the Mutual Mortgage Insurance (MMI) Fund.(1/31/2013)

• Columbian drug trafficker and organization designated

  Treasury has announced the OFAC designation of the Colombian criminal organization Los Rastrojos, and drug trafficker Diego Perez Henao (alias "Diego Rastrojo") as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). In unrelated actions, 42 entries were removed from the SDN List. See BankersOnline's January 30, 2013, OFAC Update for details.(1/31/2013)

• FOMC Statement

  The Federal Reserve Board has released the statement issued by the Federal Open Market Committee (FOMC) following its recent meeting. The target range for the federal funds rate was kept at 0 to ¼ percent. The Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month. The existing policy of reinvesting principal payments from holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction was also continued.(1/31/2013)

• Curry addresses FFIEC conference

  Comptroller Curry discussed the importance of consumer compliance in bank supervision during the Federal Financial Institutions Examination Council™s Consumer Compliance Specialists Conference.(1/31/2013)

• FDIC consumer alert

  A Consumer Alert has been issued by the FDIC about fraudulent emails that appear to have been sent by the regulator. The fraudulent emails are addressed to the attention of the "Accounting Department" and purport to notify recipients that "ACH and WIRE transactions" are being blocked until "a special security software" is installed.(1/31/2013)

• FTC announcements

  The FTC has announced the results of an empirical study of companies that are in the business of buying consumer debts and trying to collect on them; a settlement banning certain automobile debt consultants; and the payment of $7.4 million in refunds to victims of a bogus credit card scheme.(1/31/2013)

• Bureau ATR/QM Rules published

  The previously issued CFPB final rule on Ability to Repay and Qualified Mortgage Standards (ATR/QM Rule), and the Bureau's previously announced proposal to amend the final rule both appear in today's Federal Register. See our January 10 Top Stories for more information.(1/30/2013)

• Mortgage interest rates decrease

  The Federal Housing Finance Agency (FHFA) has released the December 2012 national average contract mortgage rate for the purchase of previously occupied homes by combined lenders report, which indicates a decrease of 0.07% from the November 2012 report.(1/30/2013)

• Treasury OFR to chair international committee

  A Treasury press release has announced that the Office of Financial Research (OFR) has been selected to chair an international committee overseeing the launch of the Legal Entity Identifier (LEI), a global standard for financial data. The LEI is a code that uniquely identifies parties to financial transactions and links to their basic "business card" information. By standardizing the identification of these entities, the LEI should provide financial companies and global financial regulators a better view of true exposures and counterparty risks across the world’s financial system.(1/30/2013)

• FDIC Community Banking Committee adds members

  The FDIC has announced the selection of eight new members of its Advisory Committee on Community Banking. The sixteen-member committee provides input to the agency on a wide variety of topics, including current examination policies and procedures, credit and lending practices, deposit insurance assessments, insurance coverage and regulatory compliance.(1/30/2013)

• Federal Register feature highlighted

  Our readers may have noticed that we have begun providing links to articles in the new e-journal version of the Federal Register instead of the traditional three-column eyestraining excerpts from the legacy format still provided as a holdover from the days when the daily government journal was printed and mailed. A recent blog post on the Federal Register's home page highlights enhancements in the display of rules that can help readers better understand complex documents.(1/30/2013)

• Bureau publishes Remittance Rule postponement

  The CFPB has published in today's Federal Register its rule delaying the effective date of its Remittance Transfer Rule (subpart B of Regulation E), mandated by section 1073 of the Dodd-Frank Act. A new effective date will be announced "later this year."(1/29/2013)

• Dodd-Frank stress test and CCAR results dates

  The FRB has announced that results from the Dodd-Frank supervisory stress tests will be released on March 7, and the related results from the Comprehensive Capital Analysis and Review (CCAR) will be released on March 14. Results will be released for both exercises at 4:30 p.m. ET.(1/29/2013)

• Curry on the circuit

  Comptroller Curry was busy delivering two presentations yesterday one before the American Securitization Forum in Las Vegas, and the other at the Bank Director: Acquire or Be Acquired Conference in Scottsdale.(1/29/2013)

• FTC shuts down another debt relief scam

  A Florida U.S. District Court has, pending resolution of a case filed by the FTC, temporarily shut down a Tampa telemarketer that allegedly operated a credit card interest rate reduction scam. The case is the seventh brought by the FTC in the past three months against telemarketers pitching allegedly phony debt relief services to financially distressed consumers who could least afford to lose money.(1/29/2013)

• $10 million BSA/AML CMP

  An OCC news release has announced the assessment of a ten million dollar civil money penalty (CMP) against TCF National Bank, Sioux Falls, South Dakota, for BSA violations including late filing of SARS, structured cash transactions, and failure to identify potential terrorist financing. A cease and desist order (C&D) issued in July 2010 directed the bank to correct deficiencies in its BSA and anti-money laundering programs.(1/28/2013)

• FDIC enforcement actions

  The FDIC has released a list of 71 administrative enforcement actions taken against banks and individuals in December 2012. The orders included civil money penalties (CMPs) of $22,290 for 4 Flood Act violations and $27,500 for 2 HMDA violations. See the BankersOnline Flood Penalties Watch and HMDA Heaven pages for details.(1/28/2013)

• FEMA to suspend communities

  FEMA has published two final rules identifying communities scheduled for suspension under the National Flood Insurance Program due to their noncompliance with the floodplain management requirements of the program. The suspensions will be effective on February 20 and March 4, 2013, respectively.(1/28/2013)

• OCC renews OTS advisory committee

  The OCC has announced the renewal of the charter for the Minority Depository Institutions Advisory Committee (MIDIAC). The original charter was issued by OTS. The committee includes eight officers and directors of minority depository institutions and other depository institutions with a commitment to supporting minority depository institutions of all types, sizes, operating strategies, and geographic areas. Its first meeting, open to the public, will be held on March 5, 2013, in Washington, D.C.(1/28/2013)

• Additional TARP auctions announced

  Treasury has announced plans to sell all of its preferred stock and subordinated debt positions in eleven institutions using a modified Dutch auction methodology, to domestic qualified institutional buyers and certain domestic institutional accredited investors commencing on or about January 28, 2013.(1/28/2013)

• Low-income CU loan program

  The NCUA has announced plans to make $9.5 million in loans from the Community Development Revolving Loan Fund available in 2013 to low-income credit unions.(1/28/2013)

• SDN List Updated

  Treasury has announced the OFAC-designation of seven individuals and two entities; the deletion of one individual; and a change to an existing entry. The designations include leaders of M23 in the Democratic Republic of the Congo, and a company and individuals linked to the North Korean weapons of mass destruction program. More information is available in BankersOnline's January 24, 2013, OFAC Update. (1/25/2013)

• FHC list

  The list of bank holding companies that have become or elected as of January 23, 2013, to be treated as financial holding companies (FHCs) under the provisions of the Bank Holding Company Act has been released by the Federal Reserve Board.(1/25/2013)

• Workshop for community directors

  The OCC will host a workshop March 4-6 in Louisville, Kentucky, for directors of national community banks and federal saving associations. The workshop is limited to the first 35 registrants. Additional information on the workshop series and online registration are available at https://www.seiservices.com/occ/welcome.aspx (click on Expand All) or call (240) 485-1700.(1/25/2013)

• FDIC launches community affairs webinar series

  FDIC FIL-2-2013 has announced the launch of a community affairs webinar series for bankers. The series will highlight strategies for institutions to consider that may complement other efforts to promote community development and expand access to the banking system. The first webinar will be held February 6, 2013, from 1:30 p.m. to 2:30 p.m. (ET). Online registration is available but must be completed by February 4.(1/25/2013)

• Fake OCC correspondence

  OCC Alert 2013-1 warns of fictitious correspondence, purportedly issued by the OCC, regarding funds allegedly under the control of the OCC and other government entities. The correspondence may be distributed via e-mail, fax, or postal mail. It indicates that funds are being held by Bank of America, and that the recipient will be required to pay a mandatory express service charge to have the funds released. A sample of the fake correspondence is linked below the Alert.(1/25/2013)

• Cordray re-nominated

  The President has announced his nomination of Richard Cordray to continue as Director of the CFPB. (1/25/2013)

• NMLS maintenance scheduled

  NMLS will undergo system maintenance on Saturday morning, January 26th from 7-9 am ET. NMLS and NMLS Consumer Access will be unavailable during the upgrade.(1/25/2013)

• NMLS Ombudsman meeting

  An open meeting with the NMLS Ombudsman will be held on Tuesday, February 26, 2013, 2:00 5:00 p.m., in San Antonio, Texas, prior to the NMLS Annual Conference. Conference registration is not required to attend the meeting. Additional information is available on the NMLS Ombudsman page.(1/25/2013)

• NCUA regs review list for 2013

  The NCUA has announced the list of regulations it plans to review in 2013. Comments concerning the listed regulations may be submitted via email.(1/25/2013)

• TCO members added to OFAC list

  Treasury has announced the designation by OFAC of seven individuals and one entity involved with three transnational criminal organizations (TCOs), the Camorra, the Yakuza, and the Brothers' Circle, under Treasury's authority targeting transnational organized crime. This action freezes any assets these persons may have within the jurisdiction of the United States and generally prohibits any transactions with them by U.S. persons. In addition, unrelated changes have been made to six existing entries on the SDN List. BankersOnline's January 23, 2013, OFAC Update has more information.(1/24/2013)

• SR Letter on outsourcing internal audit

  The Federal Reserve Board has issued SR13-1 announcing its issuance of a supplemental policy statement on the internal audit function and its outsourcing. The guidance does not apply to community banking organizations with total consolidated assets of $10 billion or less.(1/24/2013)

• Curry to discuss accountability of independent directors

  A news release from the OCC has announced the appearance of Comptroller Curry in London before a public session of the Parliamentary Commission on Banking Standards to discuss the OCC's approach to ensuring accountability of independent directors at federal banks and thrifts.(1/24/2013)

• OCC Bulletin on proposed social media risk guidance

  OCC Bulletin 2013-2 discusses the recently announced FFIEC proposed guidance addressing the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media.(1/24/2013)

• Bank settles Fair Housing claim

  HUD has announced that a Minnesota bank will pay a loan applicant $12,000 to settle a claim under the Fair Housing Act that the bank required him to provide unnecessary documentation to establish he would continue receiving disability income for three years before they would approve his mortgage loan.(1/24/2013)

• House Price Index up

  The Federal Housing Finance Agency (FHFA) has released the November 2012 House Price Index, which reports house prices rose 0.6 percent on a seasonally adjusted basis from October to November 2012.(1/24/2013)

• Matz on CU recovery and NCUA priorities

  NCUA Chairman Matz discussed the industry's post-recession recovery and the agency's priorities for 2013 in an interview available on CUbroadcast, an online video information service featuring credit union innovators, success stories and game changers.(1/24/2013)

• FFIEC proposes social media guidance

  The Federal Financial Institutions Examination Council has announced and published proposed guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media by banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau and state regulators. Comments on the proposal are due by March 25, 2013.(1/23/2013)

• Remittance transfer rule postponed

  As anticipated, the CFPB has announced a delay in the implementation of its previously announced international remittance transfer rule, which would have become effective February 7, 2013. A new effective date was not announced.(1/23/2013)

• House Price Index release schedule

  FHFA has announced the 2013 schedule for the release of the House Price Index report.(1/23/2013)

• Written Agreement executed

  The Federal Reserve Board has announced the execution of a Written Agreement with the Flathead Holding Company of Bigfork, Bigfork, Montana.(1/23/2013)

• January NCUA YouTube video

  The NCUA has posted its January 2013 economic video on YouTube.(1/23/2013)

• OFAC imposes CMP

  OFAC has announced its issuance of a $10,000 civil money penalty (CMP) to settle apparent violations of the Iranian Transaction Regulations. The penalty was imposed on a non-financial entity.(1/22/2013)

• Treasury sale of GM stock

  Treasury has updated the status of its previously announced plan to sell its remaining shares of GM common stock.(1/22/2013)

• HSBC to pay $249 million to borrowers

  The FRB and OCC have issued a joint press release announcing an agreement in principle has been reached with HSBC to pay $249 million in cash and other assistance to its mortgage borrowers. The agreement is similar to those recently announced with other mortgage loan servicers.(1/22/2013)

• OCC 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.(1/22/2013)

• Minnesota bank closed

  The FDIC has announced the closing of 1st Regents Bank, Andover, Minnesota, and the transfer of all its one office's deposits to First Minnesota Bank, Minnetonka, Minnesota.(1/22/2013)

• Health care fraud webinar

  A webinar to discuss health care fraud and its increasing occurrence in the U.S. financial system will be held at 1 pm ET on January 23, 2013 by FinCEN and the FBI.(1/22/2013)

• Escrow rule published

  The CFPB has published, in the January 22, 2013, Federal Register, its previously announced final rule, "Escrow Requirements under Truth in Lending Act." We've identified an error in the Bureau's document. On page 4753 of the Federal Register, in revised  1026.35(b)(1), the reference to Regulation X should be cited as 12 CFR 1024.17(b), not 24 CFR 3500.17(b).(1/22/2013)

• NEW BOL Section - Final Rules

  Are you overwhelmed by the flood of final rules? Our BOL community has posted in many of the Bankers' Threads forums with discussions on the proposed regulations, but now the final rules are out. So that we can separate what was from what is, we have created an individual forum for each of the new rules. Check out our Final
  Dodd-Frank Rules Discussions Section to review and discuss each of the new rules.(1/22/2013)

• Bureau press call announces MLO compensation rule

  The CFPB has announced the final Loan Originator Compensation rule. The rule

  • prohibits steering incentives
  • bans "dual compensation"
  • sets qualification and screening standards for a more level playing field between state-licensed and federally-registered MLOs
  • generally prohibits mandatory arbitration of disputes and financing of credit insurance premiums. This provision will be effective June 1, 2013.

  The remainder of the rule will be effective January 10, 2014. No action was taken on an earlier proposal to require that MLOs offer loans without upfront origination charges. [Final rule (541-page PDF) ; Summary](1/18/2013)

• Bureau finalizes Reg B appraisal rule

  In another in the recent flurry of final rules, the Bureau has announced it has issued a final rule amending its Regulation B to implement Dodd-Frank Act ECOA amendments. Institutions will both have to inform applicants for first-lien mortgage loans they will receive a free copy of appraisals and other home-value estimates, and provide the copies promptly or a minimum of three days before closing. The rule will be effective January 18, 2014.(1/18/2013)

• Agencies issue final HPML appraisal rules

  A joint news release by the FRB, CFPB, FDIC, FHFA, NCUA and the OCC has announced the issuance of the final rule establishing new appraisal requirements for "higher-priced mortgage loans." The rule implements amendments to TILA made by the Dodd-Frank Act (DFA). Mortgage loans are "higher-priced" if they are secured by a consumer's home and have interest rates above certain thresholds. The rule requires written appraisals based on an inspection of the interior of a property, and a free copy of any appraisal report for the consumer. It also requires a second appraisal, at no cost to the consumer, involving purchases of certain "flipped" properties. The final rule [311-page PDF] will be effective January 18, 2014.(1/18/2013)

• Bureau comments on Servicing Rules

  The CFPB has posted a Blog entry and Director Cordray's prepared remarks at the Bureau field hearing in Atlanta on the new mortgage loan servicing rules that were issued yesterday (see Thursday's Top Stories).(1/18/2013)

• COPPA rule published

  The Federal Trade Commission has published in the Federal Register its previously-announced revision of its regulations at 16 CFR Part 312, "Children's Online Privacy Protection Rule." The amended rule will become effective July 1, 2013.(1/18/2013)

• FATCA final regs to combat offshore tax evasion

  Treasury and the IRS have announced the issuance of comprehensive final regulations implementing the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). The regulations provide additional certainty for financial institutions and government counterparts by finalizing the step-by-step process for U.S. account identification, information reporting, and withholding requirements for foreign financial institutions (FFIs), other foreign entities, and U.S. withholding agents.(1/18/2013)

• Drug traffickers designated

  Treasury has announced designation of the leader, Fausto Isidro Meza Flores, several key family members, and three companies of the Meza Flores drug trafficking organization, all of which help facilitate the operations of the organization. For details see the January 17, 2013, BOL OFAC Update page.(1/18/2013)

• Flood CMP

  The FRB has announced the assessment of a $3,419 civil money penalty against The Commercial and Savings Bank of Millersburg, Ohio, for violation of the Flood Act. See the BOL Flood Penalties page for details.(1/18/2013)

• FRB announces nationwide payments study

  The Financial Services Policy Committee of the Conference of Presidents of the Federal Reserve Banks has announced plans to conduct a study of the current volume and composition of electronic and check payments in the U.S. The study will consist of three surveys to estimate the annual number, dollar value and composition of retail noncash payments.(1/18/2013)

• OCC community directors workshop

  A workshop for directors of national community banks and federal savings associations will be held by the OCC February 11-13, 2013, in Little Rock, Arkansas.(1/18/2013)

• Bureau issues Servicing Rules

  The CFPB has announced its issuance of final rules to establish new, strong protections for struggling homeowners facing foreclosure. The rules also protect mortgage borrowers from costly surprises and runarounds by their servicers. The rule will

• restrict the servicing practice called "dual-tracking" (moving toward foreclosure while also working with the borrower to avoid foreclosure)
• require servicers to tell borrowers about their "loss mitigation options"
• require that delinquent borrowers have direct, easy, access to employees responsible for helping them
• a fair review process that considers all available foreclosure alternatives
• require that servicers consider and respond to timely borrower applications for loan modification
• mandate regular mortgage statements with specific information
• ensure that servicers provide a disclosure before the first time an interest rate adjusts for most ARMs, and before each rate change that affect the payment amount
• put in place restrictions on force placement of insurance
• require prompt payment crediting and prompt responses to requests for payoff balances
• mandate prompt correction of errors and responses to borrower error claims
• require maintenance of accurate and accessible documents and information.

A partial exemption from some of the requirements is provided for some small servicers. The Bureau has posted a summary and factsheet on the rules. [Reg X Amendments; Reg Z amendments] The rules will be effective January 10, 2014.(1/17/2013)

• FDIC approves joint appraisal rule

  The FDIC Board approved Wednesday a joint final rule with new appraisal requirements for "higher-risk mortgage loans" (consumer-home-secured loans with rates above a threshold). This rule requires an inspection of a building's interior, and a second appraisal of recently "flipped" properties at no cost to the consumer, among other provisions. January 18, 2014, is the effective date.(1/17/2013)

• February 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 February 2013 will be subject to HOEPA 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.(1/17/2013)

• Beige Book update

  The FRB has updated the Beige Book with economic data available from each of the twelve Federal Reserve Districts as of January 4, 2013.(1/17/2013)

• Goldman Sachs and Morgan Stanley to assist mortgage customers

  A Federal Reserve Board press release announces that the Fed has reached in principle agreements with Goldman Sachs and Morgan Stanley to make cash payments of $557 million and provide other assistance to eligible mortgage borrowers. The agreements are similar to those announced last week with ten other mortgage servicing companies.(1/17/2013)

• Nominations open for FinCEN BSAAG

  FinCEN has posted a notice and request for the public to nominate financial institutions and trade groups for a three-year term on its Bank Secrecy Act Advisory Group (BSAAG). (1/17/2013)

• November TIC data

  The Treasury International Capital (TIC) data for November 2012 is available.(1/17/2013)

• ICE helps catch ID thief

  A news release issued by U.S. Immigration and Customs Enforcement (ICE) details how ICE Tampa Homeland Security investigation special agents and Tampa police were able to apprehend an illegal immigrant who was impersonating a North Carolina resident.(1/17/2013)

• CFPB mortgage policy field hearing

  The Bureau's bloggers have issued an invitation to attend a field hearing on mortgage policy, featuring remarks from Director Cordray. The hearing will be held at Georgia State University in Atlanta, on January 17, 2013, beginning at 11 a.m. ET.
  
  Editor's note: Given the Bureau's penchant for making significant announcements at such gatherings, it's likely that one or more of the remaining final MRAPLA rules will be announced at tomorrow's meeting.(1/16/2013)

• TALF repayment

  Treasury and the Federal Reserve Board have announced the full repayment with interest of Treasury's investment in the Term Asset-backed-securities Lending Facility (TALF).(1/16/2013)

• Term deposit auction results

  The FRB has announced the results of its auction on January 14, 2013, of $3 billion in 28-day term deposits.(1/16/2013)

• January FedFlash

  The January 2013 issue of FedFlash features articles on the migration of FedLine user authentication enhancements, a reminder to file a current board resolution and official authorization list, new FedReceipts RTNs, and 2013 financial service fees.(1/16/2013)

• Community bank director workshops

  The OCC has issued a news release announcing the schedule for its 2013 community director workshops. (1/16/2013)

• MMF reform comment period extended

  Treasury has announced that the Financial Stability Oversight Council has extended to February 15, 2013, the comment period for proposed recommendations for money market mutual fund (MMF) reform, at the request of the Chairman of the SEC.(1/16/2013)

• Regulators hit JPMorgan Chase with C&D Orders

  The FRB has announced that it has issued two cease and desist (C&D) orders against JPMorgan Chase & Co., relating to its risk-management, financial and internal audit, and its BSA and AML programs. In two additional releases coordinated with the Fed's news, the OCC announcing similar C&D orders against JPMorgan Chase Bank, N.A. [OCC1; OCC2] (1/15/2013)

• Friend named OCC chief counsel

  The OCC has announced its appointment of Amy Friend as chief counsel, succeeding Julie Williams. Ms. Friend formerly served as chief counsel to the Senate Banking Committee where she played an integral role in the development of the Dodd-Frank Act.(1/15/2013)

• FTC consumer complaint email scam

  The FTC has issued a warning to small businesses regarding an email that appears to be from the agency with the subject line “ NOTIFICATION OF CONSUMER COMPLAINT. The email is not from the FTC and clicking on any links may install a virus or spyware.(1/15/2013)

• PSA phone scams warning

  Treasury, in partnership with the Social Security Administration and Department of Veterans Affairs is utilizing a new public service announcement (PSA) to warn and educate viewers on how to avoid becoming a victim of phone scams involving identity theft and fraud.(1/15/2013)

• FEMA to suspend communities

  The Federal Emergency Management Agency (FEMA) has published two final rules announcing lists of communities scheduled for suspension for noncompliance with the floodplain management requirements of the National Flood Insurance Program, effective January 16, 2013, and February 6, 2013, respectively.(1/14/2013)

• December Housing Scorecard

  A joint HUD and Treasury press release has announced the release of the December 2012 edition of the comprehensive report of the U.S. housing market (the "Housing Scorecard").(1/14/2013)

• Curry discusses 2013 opportunities and challenges

  In a presentation before the California Bankers Association's annual bank presidents seminar, Comptroller Curry reviewed some of the challenges and opportunities facing the financial industry in 2013. He noted "it's important that all of us – supervisors and financial institutions alike address risks to safety and soundness realistically so that we are well prepared to take advantage of the opportunities that a recovering economy will present."(1/14/2013)

• FDIC to weigh final appraisal rule

  The FDIC is scheduled to discuss the issuance of a final rule on Higher-Risk Mortgage Appraisal Requirements at its board meeting tomorrow. The Board, Bureau, FDIC, FHFA, NCUA, and OCC published a proposed rule to amend Regulation Z and related regulations on September 5, 2012. (1/14/2013)

• Washington bank closed

  The FDIC has announced the closing by the Washington State Department of Financial Institutions of Westside Community Bank, University Place, Washington, and the transfer of all deposits to Sunwest Bank, Irvine, California.(1/14/2013)

• NCUA webinar on serving low-income members

  A free webinar, "Strategic Issues for Serving Low-income Members," will held by the NCUA on January 23, 2013, at 2 p.m. ET. (1/14/2013)

• Grant proposals sought by NCUA

  A press release has been issued by the NCUA to announce a grant initiative to award a low-income designated credit union with $50,000 for a proposal that results in long-term savings to a credit union through collaboration.(1/14/2013)

• OFAC issues new advisory

  OFAC has issued an Advisory on the use of exchange houses and trading companies to evade sanctions against Iran. The advisory highlights some of the practices used to circumvent U.S. and international economic sanctions concerning Iran.(1/11/2013)

• Lew nominated for Treasury

  The White House has announced that President Obama has nominated Jacob Lew, current White House Chief of Staff, to serve as the next Secretary of the Treasury. Outgoing Treasury Secretary Geithner offered comments in support of Lew's nomination.(1/11/2013)

• Cordray discusses Ability-to-Repay rule

  CFPB Directory Cordray discussed the recently announced Ability-to-Pay Rule at the January 10, 2013, field hearing held in Baltimore. A video recording of his presentation is on the Bureau's Blog.(1/11/2013)

• Minority owned banks

  The Federal Reserve Board has released its list of minority-owned financial institutions and their branches as of September 30, 2012.(1/11/2013)

• Check processing reminder

  Federal Reserve Financial Service has issued a reminder that as of December 31, 2012, all paper items are processed in the Atlanta Office.(1/11/2013)

• FedFocus

  The January 2013 issue of FedFocus has been posted and features articles on Account Management Information (AMI) Premium Services, the continuation of the America the Beautiful Quarters Program, and a reminder there are only two months left to switch customers to direct deposit of federal benefit checks.(1/11/2013)

• NCUA January 2013 board meeting

  A Board Action Bulletin has been posted by the NCUA relating the actions taken at the January 10, 2013, meeting of its board.(1/11/2013)

• Cartel operatives designated

  OFAC has announced the designation of two key Sinaloa Cartel operatives, including a senior lieutenant of the cartel and the father-in-law of Sinaloa drug lord Joaquin "Chapo" Guzman Loera. This action, under the Foreign Narcotics Kingpin Designation Act (Kingpin Act), prohibits U.S. persons from conducting financial or commercial transactions with these two individuals, and also freezes any assets they may have under U.S. jurisdiction. More information is available in BankersOnline's January 9, 2013, OFAC Update. (1/10/2013)

• Term deposits auction

  The FRB has announced the offering at auction on Monday, January 14, 2013, of $3 billion in 28-day term deposits through its Term Deposit Facility. This offering is part of ongoing small-value operations designed to provide eligible institutions with an opportunity to become familiar with term deposit operations.(1/10/2013)

• Large commercial banks report

  The FRB has released the September 30, 2012, report of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more, ranked by consolidated assets.(1/10/2013)

• Your Money Is Safe video

  The NCUA has announced the release of a new consumer video, Your Money Is Safe.(1/10/2013)

• Former bank executives and auditors charged

  The SEC has announced the filing of a Complaint in Federal District Court charging three former executives at Norfolk, Virginia-based Bank of the Commonwealth of understating millions of dollars in losses and masking the true health of the bank's loan portfolio at the height of the financial crisis. In addition, an Order has been issued against two KPMG auditors for hiding loan losses in the audit of a filed Nebraska bank.(1/10/2013)

• CFPB offers tax filing advice for service members

  The Blog features an article on tax filings by service members and special military rules for the Earned Income Tax Credit (EITC).(1/10/2013)

• SDGTs added by OFAC

  OFAC has designated two Sudanese nationals as Specially Designated Global Terrorists and added their names to the SDN List. For more information see BankersOnline's January 8 OFAC Update. (1/9/2013)

• FRB discount rate meeting minutes

  The minutes of the Federal Reserve Board discount rate meetings of November 19 and December 10, 2012, have been released.(1/9/2013)

• Consumer Credit report

  The FRB has released the November 2012 G.19 Consumer Credit report.(1/9/2013)

• FDIC Board notice of meeting

  The notice of the January 15, 2013, meeting of the FDIC Board has been posted.(1/9/2013)

• MARS telemarketers out of business

  The FTC has issued a press release announcing a settlement order resolving charges against a nationwide scam operating from the Dominican Republic and banning the defendants from providing mortgage assistance relief. The defendants were charged with violating the FTC Act and the Mortgage Assistance Relief Services Rule, a/k/a the MARS Rule.(1/9/2013)

• Mortgage servicers to pay

  A joint news release has announced that ten mortgage serving companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers. The agreement calls for $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance. The agreement includes Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.(1/8/2013)

• B of A settles with Fannie Mae

  Fannie Mae has announced a comprehensive settlement with Bank of America, including a $10.3 billion agreement on existing and prospective repurchase requests on approximately 30,000 specified loans and an additional $1.3 billion related to servicing issues. As part of the agreement, B of A will transfer servicing rights of over 940,000 loans to specialty servicers.(1/8/2013)

• Bureau publishes regulatory agenda

  The CFPB published its semiannual regulatory agenda, covering the period from October 1, 2012 through October 1, 2013, in today's Federal Register. Of note are an anticipated September 2013 final rule under the TILA/RESPA disclosure integration initiative, and plans for a joint final rule (with the Fed) in August 2013 amending Regulation CC. Gathering and reporting business lending data under Regulation B is described as a "long-term" action.(1/8/2013)

• NCUA and CFPB to co-host town hall webinar

  Chairman Matz and Director Cordray will host a free town hall webinar on February 5, 2013, at 3 pm. ET. A broad discussion will be held regarding new developments in financial regulation, including CFPB's recently finalized regulations, proposed rules, and enforcement efforts.(1/8/2013)

• Wisconsin CU shuttered

  The Wisconsin Office of Credit Unions has liquidated New Covenant Missionary Baptist Church Credit Union, Milwaukee, Wisconsin, and appointed the NCUA as liquidating agent.(1/8/2013)

• NCUA Report

  The January 2013 NCUA Report has been published. It includes highlights of NCUA actions and articles from the Chairman, board members and regional directors.(1/8/2013)

• CFPB field hearing Thursday

  The CFPB has issued an invitation to join a field hearing featuring remarks by Director Cordray on mortgage policy to be held in Baltimore on January 10, 2013, at 11 am. ET.(1/8/2013)

• IRS truncated TIN proposal

  The IRS has published a proposed rule that would allow (but not require) truncation of all but the last four digits of an SSN, ITIN, or ATIN (adoption TIN) on payee copies of information returns in the Forms 1099, 1098, and 5498 series (except Form 1098-C). Truncation would not be permitted on information returns submitted to the IRS. The proposed rules may be relied upon prior to publication of final regulations. Comments on the proposal are due by February 21, 2013.(1/7/2013)

• BHC Performance Report user's guide

  The FRB has posted online a user's guide for the Bank Holding Company Performance Report, including the definitions of the financial ratios and other items.(1/7/2013)

• CRA ratings

  The ratings assigned by the FDIC in October 2012 to state nonmember banks for compliance with the Community Reinvestment Act (CRA) have been released. Of the 104 institutions listed, 6 received "outstanding" ratings and 5 were rated "needs to improve."(1/7/2013)

• NCUA sues J.P. Morgan and others

  A suit has been filed by the NCUA in Federal District Court against J.P. Morgan Securities (as successor-in-interest to Washington Mutual Bank), WaMu Capital Corp., Long Beach Securities Corp., and WaMu Asset Acceptance Corp., alleging violations of federal and state securities laws in the sale of $2.2 billion in mortgage-backed securities to three corporate credit unions.(1/7/2013)

• Reg Z comment period ending

  The comment period ends today on the CFPB's proposal to amend 1026.51 of Regulation Z to remove the independent ability-to-pay requirement for consumers who are 21 and older, and permit credit card issuers to consider income to which such consumers have a reasonable expectation of access.(1/7/2013)

• Militant groups added to OFAC list

  Treasury has designated two militant groups fomenting violence and instability in the Democratic Republic of the Congo (DRC). Treasury said that the action against Mouvement du 23 Mars (M23) and the Forces Démocratiques de Libération du Rwanda (FDLR) was taken pursuant to Executive Order (E.O.) 13413, which targets persons contributing to the conflict in the DRC. U.S. persons are now prohibited from providing any support to M23 and the FDLR. Additionally, a previously designated entity and an individual were removed from the SDN List. See the BOL OFAC Update page for details.(1/4/2013)

• FOMC minutes released

  The Federal Reserve Board has announced the release of the statement and minutes of the December 11-12, 2012, meeting of the Federal Open Market Committee (FOMC).(1/4/2013)

• Swap dealers guidance

  An OCC news release has announced a notice of guidance to financial institutions that are or may become swap dealers regarding the submission of requests for a transition period pursuant to Section 716(f) of the Dodd-Frank Act. Written requests must be submitted by January 31, 2013.(1/4/2013)

• FHFA foreclosure prevention report

  The Third Quarter 2012 Foreclosure Prevention Report a/k/a the Federal Property Manager's Report has been issued by the Federal Housing Finance Agency (FHFA). The Report has information on state delinquencies and an updated, interactive Borrower Assistance Map for Fannie Mae and Freddie Mac mortgages, with information on delinquencies, foreclosure prevention activities and Real Estate Owned (REO) properties. (1/4/2013)

• Call Report FIL

  FIL-1-2013 has been issued by the FDIC regarding the December 31, 2012, call report. Information regarding new Schedule RI-C is included.(1/4/2013)

• NCUA board meeting agenda

  The agenda for the January 10, 2013, meeting of the NCUA Board has been posted.(1/4/2013)

• GAO bank failure report

  The Government Accountability Office (GAO) has released a report analyzing the causes and consequences of recent bank failures. The study indicates that states where the housing market had experienced strong growth in the prior decade experienced 10 or more commercial bank or thrift (bank) failures between 2008 and 2011. The failures of banks with less than $1 billion in assets were largely driven by credit losses on commercial real estate (CRE) loans. The failed banks also had often pursued aggressive growth strategies using nontraditional, riskier funding sources and exhibited weak underwriting and credit administration practices. (1/4/2013)

• HUD and B of A settle discrimination case

  HUD has announced an agreement with Bank of America to settle a claim that it refused to provide financing to a lesbian couple, in violation of HUD's Equal Access Rule, which was effective March 5, 2012.(1/3/2013)

• OFAC CMPs

  A $191,700 settlement between OFAC and Ellman International, Inc., to settle potential civil liability for apparent violations of the Iranian Transactions Regulations has been announced. (1/3/2013)

• 2012 forex rates report

  The G.5A Annual Foreign Exchange Rates Report for 2012 has been released by the Federal Reserve Board.(1/3/2013)

• OCC CRA ratings

  The OCC has released the ratings for thirty national banks and savings associations that were recently evaluated for CRA compliance. Five of the institutions received "Outstanding" ratings.(1/3/2013)

• HMDA and LARs webinar

  The NCUA has announced it will host a free webinar about the Home Mortgage Disclosure Act (HMDA) and Loan Application Registers (LARs). Entitled "HMDA: Accuracy and Timeliness," the webinar is scheduled for Thursday, January 24, 2013, at 2:00 p.m. EST.(1/3/2013)

• Reactivating lapsed MLO registrations

  The NMLS has posted a Renew-Reactivate Page for registered mortgage loan originators (MLOs) who failed to new renew their registration by the December 31, 2012, deadline.(1/2/2013)

• Notice of Prohibition

  The NCUA has issued a press release announcing a Notice of Prohibition banning a former employee of a Florida credit union from participating in the affairs of any federally insured financial institution. The former employee had been convicted of embezzlement and misapplication of credit union funds, sentenced to 15 months in prison, and ordered to pay restitution of more than $161,000.

• FDIC enforcement actions

  The FDIC has released a list of its November enforcement actions, which included 2 HMDA penalties totaling $17,000 and 7 Flood CMPs totaling $38,125. BankersOnline has posted those orders to its HMDA and Flood CMP pages.

• OCC extends lending limits exception

  The OCC has published an amendment to its lending limits rule at 12 CFR Part 32 to extend the rule's temporary exception for credit exposures arising from a derivative transaction or securities financing transaction from January 1, 2013 to July 1, 2013, effective at once.

• Bureau publishes remittance transfers proposal

  The CPFB has published its previously announced proposal to amend subpart B of Regulation E (the Remittance Transfers Rule) to address three specific areas of concern to remittance transfer providers, and to delay the effective date of subpart B. Comments on the proposal to delay the effective date are due by January 15, 2013; on the remainder of the proposal, by January 30, 2013.

• HMDA threshold change published

  The CFPB has published a final rule amending, effective December 31, 2012, the official commentary to Regulation C (Home Mortgage Disclosure) to change the asset-size exemption threshold for banks, savings associations, and credit unions, to $42 million. Institutions with total assets of $42 million or less as of December 31, 2012, are exempt from collecting HMDA data under Regulation C in 2013.

• FRB quarterly transaction data released

  The FRB has released the detailed transaction information about discount window lending to depository institutions and open market operations. The transaction data are provided in compliance with the Dodd-Frank Act and are released quarterly, with an approximately two-year lag.

• Call Report FIL

  FDIC FIL-54-2012 has been issued with instructions and materials attached pertaining to the December 31, 2012, Call Report.

• CU closed

  The NCUA has announced the closing of Chetco Federal Credit Union, and the purchase and assumption of its branches and memberships by Coast Central Credit Union, Eureka, California (assuming Chetco's California branches), and Rogue Federal Credit Union, Medford, Oregon (assuming Chetco's Oregon branches).

• Bureau publishes rule on rule issuance

  The CFPB, perhaps in anticipation of the absolute January 21, 2013, deadline for issuing final rules under Title XIV of the Dodd-Frank Act (AKA the Mortgage Reform and Anti-Predatory Lending Act, or MRAPLA), has published in today's Federal Register a final rule, Procedure Relating to Rulemaking" (12 CFR Part 1074), stating that the Bureau's final (and interim final) rules are to be deemed issued upon the earlier of their posting on the Bureau's website or their publication in the Federal Register. The rule is effective immediately.

• FHFA rate report

  The Federal Housing Finance Agency (FHFA) has issued its November 2012 Mortgage Interest Rates Report.

• SCOOS on dealer financing terms

  The FRB has released the December 2012 Senior Credit Officer Opinion Survey (SCOOS) on dealer financing terms report. The quarterly survey provides information about the availability and terms of credit in securities financing and over-the counter (OTC) derivatives markets.

• Board proposes prudential standards rule

  The Federal Reserve Board has published a proposed rule that would implement the enhanced prudential standards required to be established under section 165 of the Dodd-Frank Act and the early remediation requirements required to be established under section 166 of the Act for foreign banking organizations and foreign nonbank financial companies supervised by the Board. Comments on the proposal are due by March 31, 2013.

• OCC clarifies effective dates for increased CMPs

  The OCC has published technical amendments to its Rules of Practice and Procedure at 12 CFR Parts 19 and 109 to clarify the effective dates of increases in maximum CMP amounts published on November 6, 2012. The most significant change clarifies that the effective date of the changes in the flood insurance CMP amount from $385 to $2,000 is July 6, 2012, the date of enactment of the Biggert-Waters Flood Insurance Reform Act, and applies to violations occurring on or after that date.

• Consumer survey on debt protection products

  The December 2012 issue of the Federal Reserve Bulletin features an article on the results of a recent consumer survey on debt protection products. The article concludes that the marketplace offers consumers a choice concerning the purchase of debt protection products and consumers exercise that choice as part of their financial decisions about borrowing. While there may be abusive practices among some lenders who operate unethically in the sale of debt protection products, survey evidence suggests that, in the views of consumers, such behavior is not the norm.

• CFPB discusses trust funds settlement

  An article in the CFPB Blog reviews the settlement of a lawsuit over the federal government's management as trustee of individual Native American money accounts and ways the recipients can protect their funds from the settlement.

• Specific FBAR filing deadline extended

  FinCEN has announced that it has issued Notice 2012-2 about further extension of the Report of Foreign Bank and Financial Accounts (FBAR) filing deadline to June 30, 2014, for a small subset of individuals with only signature authority over certain foreign financial accounts. All other U.S. persons required to file a 2012 FBAR are required to meet the June 30, 2013 filing date. Unlike federal income tax returns, extensions of time to file FBARs are generally not available.

• FTC debit card report to Congress

  The FTC has issued a report to Congress explaining the steps the agency has taken in connection with new rules on debit card transaction fees implemented last year by the FRB as required by the Dodd-Frank Act.

• NFIP community suspensions

  FEMA has published a final rule identifying communities in Kentucky, Missouri, Oklahoma, Texas, and West Virginia where the sale of flood insurance has previously been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on January 2, 2013, because of noncompliance with the floodplain management requirements of the program.

• CFPB Remittance Transfers Rule proposal

  The Consumer Financial Protection Bureau has issued proposed revisions to its Foreign Remittance Transfers Rule (subpart B of Regulation E). The proposed revisions would provide limited additional flexibility for providers' disclosures, and insulate service providers from liability in limited circumstances for transfers that go astray when erroneous account number information is provided by the consumer sending a transfer. The Bureau is also proposing to extend the implementation period until 90 days after it issues a revised final rule. Comments will be accepted on the proposed delayed effective date for 15 days after Federal Register publication of the proposal, and on the proposed regulation changes for 30 days after publication.

• Law signed ending ATM notice requirement

  A White House press release has announced that the President on Thursday signed H.R. 4367, which eliminates the requirement that ATM operators post a notice of a service fee on or at the ATM equipment. The other fee notice, which must appear on the screen or on paper before completion of a transaction (with the fee amount) remains in effect. The press release also noted that the President signed H.R. 4014, which provides that legal privileges related to information are not waived when information is submitted to the Consumer Financial Protection Bureau (CFPB) in the course of any supervisory or regulatory process or when information is transferred by the CFPB to other Federal agencies.

• OFAC non-proliferation designations

  Treasury has designated four companies and one individual as proliferators of weapons of mass destruction. Their names have been added to the SDN List. Details can be found in Friday's BankersOnline OFAC Update.

• OCC flood CMP

  An Ohio bank has been assessed a $1,155 civil money penalty (CMP) by the OCC for violations of the Flood Insurance Protection Act. Detail have been added to the BOL Flood Penalties Watch Page. This was one of eight new enforcement actions recently taken against national banks, federal savings associations, and individuals currently and formerly affiliated with such organizations.

• NMLS announces release schedule

  NMLS release 2013.1 is scheduled to be implemented on March 18, 2013. The update will involve agency fee invoicing, authorized agents, display of disciplinary actions in consumer access and implementation of the Uniform State Test.

• DDoS attacks information security alert

  OCC Alert 2012-16 warns of various sophisticated groups who recently launched distributed denial of service (DDoS) attacks against national banks and federal savings associations. The alert provides a general description of the attacks, along with risk mitigation information and sources of related risk management guidance.

• 2013 CRA & HMDA data entry software

  The FFIEC has posted information regarding 2013 CRA and HMDA Data Entry Software.

• Avoiding gift card surprises

  The Bureau Blog offers tips on the different kinds of gift cards and ways to use them effectively.

• Illegal advance fees case filed

  CFPB has joined with various state attorneys general to file suit against a purported payday loan debt-relief service to enforce consumer financial protection laws which prohibit the advance collection of fees. Information on the suit is available on the CFPB Blog.

• Survey of terms of business lending

  The November 5–9, 2012, E.2 Survey of Terms of Business Lending Report has been released by the Federal Reserve Board.

• Mortgage performance report

  An OCC news release has announced the publication of the Third Quarter 2012 Mortgage Performance Report.

• State Profiles

  The FDIC has posted the Third Quarter 2013 State Profiles which provide a quarterly data sheet summation of banking and economic conditions in each state.

• Federal executive branch offices closed today

  On Friday, President Obama signed Executive Order 13633, declaring that all executive branch departments and agencies of the Federal government are to be closed today, December 24, 2012. There was no Federal Register published today. Documents scheduled for December 24 publication will be in the December 26, 2012, issue.

• Additional Eurasian crime syndicate members designated

  Treasury has announced the designation of another key member of the Eurasian crime syndicate, the Brothers' Circle, as well as two criminal associates of an individual who was previously designated for operating on behalf of the organization. Twelve individuals associated with the Brothers Circle have been designated in the past year. Details are found in a BankersOnline OFAC Update.

• NMLS extends call center hours

  NMLS has announced that its call center will have adjusted hours through the year end due to the approaching deadline for MLO annual renewals. If a renewal is not completed by December 31, 2012, an additional processing fee of $30 will be imposed.

• FHFA reports HPI and HARP are up

  The Federal Housing Finance Agency (FHFA) has released the October 2012 Housing Price Index (HPI) and the Home Affordable Refinance Program (HARP) reports which both show a monthly increase.

• October G.20 Finance Companies report

  The FRB has released the G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit report.

• OCC Semiannual Risk Perspective

  An OCC news release has announced the OCC's publication of the fall 2012 edition of the Semiannual Risk Perspective Report. The report discusses key issues facing national banks and federal savings associations. They include the potential for banks to take excessive risk in an effort to improve profitability, revenue challenges from a slow economy and financial market volatility, and lingering effects of real estate lending.

• Trading Revenues report

  The OCC has
  released its Quarterly Report on Bank Trading and Derivative Activities: Third Quarter 2012. The report indicates insured U.S. commercial banks and savings institutions reported trading revenue of $5.3 billion in the third quarter of 2012, $3.3 billion, or 166 percent higher than in the second quarter, but $3.2 billion, or 38 percent lower than in the third quarter of 2011.

• Former CU CEO sued by NCUA

  The NCUA reports that it has filed a suit in Federal Court against the former CEO of a Texas credit union, alleging he breached his fiduciary duty to members and was "grossly negligent" in his management of the credit union, which is now in conservatorship.

• NCUA December 2012 Economic Update video

  A new video in the Economic Update series has been posted to the NCUA's official YouTube channel.

• CRA threshold adjustments published

  The OCC, FRB and FDIC have published in today's Federal Register the previously announced annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under agency CRA regulations, effective January 1, 2013.

• CRA annual adjustment

  A joint press release has been issued by the OCC, FRB, and FDIC to announce 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 agency CRA regulations. The adjustment will be effective January 01, 2013, and has been noted in BankersOnline's Alphabet Soup pages for FRB Regulation BB.

• OFAC removals

  A dozen individuals previously designated as SDNTKs or SDNTs have been removed from the OFAC SDN List. Their aliases brought the number of listings affected to nineteen. Details of the removed listings are available in a BankersOnline OFAC Update.

• Final COPPA rule changes adopted

  The Federal Trade Commission has announced its adoption of final amendments to the Children's Online Privacy Protection (COPPA) Rule to strengthen children's privacy protections and give parents greater control over the personal information that websites and online services may collect from children under 13. The changes will be effective July 1, 2013.

• Bureau requests CARD Act comments

  A CFPB press release and Federal Register announcement request public comment by February 19, 2013, on how the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) has impacted consumers and the credit card market.

• Treasury to sell all GM stock

  Treasury has announced its intention to sell all of its GM stock within the next 12–15 months.

• FRB legal opinion on purchase of TARP CPP shares

  The Federal Reserve Board has released a legal opinion on whether an investor purchasing preferred shares issued by banking organizations to Treasury as part of the Troubled Asset Relief Program's (TARP) Capital Purchase Program would be required to obtain the prior approval of the Board under the Bank Holding Company Act, the Home Owners' Loan Act, or the Change in Bank Control Act.

• Congolese militants designated

  Treasury has announced the designation by OFAC of two senior leaders of a Congolese militant group pursuant to Executive Order 13413, which targets persons contributing to the conflict in the Democratic Republic of the Congo. More information is available in a BankersOnline OFAC Update.

• More Treasury CPP auctions coming

  A press release has been issued by Treasury announcing that it will continue to conduct periodic, individual auctions of its Capital Purchase Program preferred stock and subordinated debt positions (the "CPP Securities"). Auctions of CPP Securities for another 53 of the 218 remaining institutions in the program may begin in late January 2013.

• NMLS annual conference and training announced

  The 5th NMLS Annual Conference & Training will be held February 26–March 1, 2013, in San Antonio, Texas. The Conference is geared to companies, banks, and credit unions that manage a financial services license or registration on NMLS.

• Written Agreement executed

  The Federal Reserve Board has announced the execution of a Written Agreement with BSA Financial Services, Inc., Saint Augustine, Florida.

• GAO Dodd-Frank Act report

  The Government Accountability Office has issued a report, Dodd-Frank Act: Agencies' Efforts to Analyze and Coordinate Their Rules, together with report highlights and a podcast.

• FDIC Community Banking Study released

  An FDIC press release has announced the release of the results of a study of community banking in the United States, as well as a series of supervisory and rulemaking measures relating to community banks. The study was conducted as part of the agency's yearlong Community Banking Initiative.

• Bureau mortgage policy hearings

  The CFPB Blog has announced the scheduling of two field hearings regarding mortgage policy to be held in Baltimore on January 10 and Atlanta on January 17, 2013.

• January 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 January 2013 will be subject to HOEPA 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 December 15, 2012, was a Saturday, use the rate on December 14, 2012, the preceding business day.

• Foreclosure protections for DC Sandy victims

  HUD has announced it will provide foreclosure relief support to District of Columbia homeowners and low-income renters forced from their homes due to Hurricane Sandy.

• OFAC designates former Lebanese official

  Treasury has announced the designation of former Lebanese Minister of Information and Tourism, Michel Samaha, pursuant to Executive Order (E.O.) 13441, which targets persons undermining Lebanese sovereignty, including those who are supporting attempts by the Asad regime to incite violence inside Lebanon. Details are available in a BankersOnline OFAC Update.

• FRB supervision of large FIs

  SR Letter 12-17 has been issued by the Federal Reserve Board to provide a summary of the changes made in recent years in consolidated supervision of large financial institutions.

• Mobile payments services and high yield checking accounts

  A press release and FIL-52-2012 have been issued by the FDIC concerning articles published in the Winter 2012 issue of Supervisory Insights discussing mobile payments services and high-yield checking accounts.

• FDIC restates Section 19 policy

  The FDIC has published in today's Federal Register a restatement, with modifications, of its Statement of Policy for Section 19 of the Federal Deposit Insurance Act. The changes affect what the FDIC views as the definition of de minimis offenses. The change to the policy statement is effective immediately.

• J.P. Morgan and Bear Stearns sued by NCUA

  NCUA has issued a press release announcing the filing in Federal Court of a lawsuit against J.P. Morgan Securities and Bear, Stearns & Co., alleging violations of federal and state securities laws in the sale of $3.6 billion in mortgage-backed securities to four corporate credit unions.

• NY CU liquidated

  The liquidation of Olean Tile Employees Federal Credit Union, Olean, New York, has been announced by NCUA.

• Bureau announces supervision staff reorganization

  The CFPB has announced the reorganization of it headquarters staff for supervision on its Blog. The new structure will consist of a Supervision Examinations team which will recruit, train, and commission examiners, ensure policies and procedures are followed, and plan and execute examinations appropriately in light of agency resources and priorities; and a Supervision Policy team that will ensure that policy decisions for supervision are consistent with both the law and the CFPB mission, and that they are consistent across markets, charters, and regions.

• CFPB student loan exam procedures

  The CFPB has also announced the publication of the procedures it will use in examining student lenders.

• October TIC data

  The Treasury International Capital (TIC) data for October 2012 has been released.

• FDIC posts updated CMP list

  The FDIC has published a final rule amending its Rules of Practice and Procedure at 12 CFR Parts 308 and 390 to adjust for inflation the maximum amount of the civil money penalties that it has statutory authority to impose. The agency noted that the Biggert-Waters Flood Insurance Reform Act of 2012 increased the maximum CMP assessable per violation against regulated institutions that engage in a pattern or practice of violations of the Flood Disaster Protection Act from $385 to $2,000 effective July 1, 2012. The OCC and FRB published their inflation-adjusted CMP lists on November 6 and November 16, 2012, respectively.

• Missouri bank closed

  The FDIC has announced the closing of the Community Bank of the Ozarks, Sunrise Beach, Missouri. All deposit accounts, including brokered deposits, have been transferred to Bank of Sullivan, Sullivan, Missouri.

• Proposed FRB additional foreign bank oversight

  A press release has been issued by the Federal Reserve Board announcing proposed rules to increase FRB oversight of U.S. operations of foreign banks. The proposal would require foreign banking organizations with a significant U.S. presence to create an intermediate holding company over their U.S. subsidiaries and to maintain stronger capital and liquidity positions in the United States.

• December FedFlash

  The December 15, 2012, issue of FedFlash has been published. It includes articles on changes to Social Security ACH records for benefit payments, 2013 seasonal credit applications, check processing non-conforming item (NCI) rejects, and an instructional video concerning depositing contaminated currency.

• Money guide for young adults and teens

  A special edition of the quarterly FDIC Consumer News includes "For Young Adults and Teens: Quick Tips for Managing Your Money." It also includes suggestions for parents and caregivers on saving for a child's future and teaching youngsters about money management.

• Bureau on paying for college

  The CFPB has added a Blog article on Paying for College, about its "beta" tool set for college financial aid and student loans.

• CFPB releases credit bureau report

  The CFPB has also released a report, Key Dimensions and Processes in the U.S. Credit Reporting System: A review of how the nation's largest credit bureaus manage consumer data, on consumer experience with the three largest nationwide credit reporting companies. Among the key takeaways in the report are that credit card history dominates the information in consumer reports and that debt collection items generate the highest rate of disputes.

• Senate bill to extend unlimited insurance defeated

  Senate Majority Leader Harry Reid's bill to extend for two years the mandate for unlimited deposit insurance on non-interest bearing deposit accounts was defeated in a Senate vote Thursday. Supporters were unable to muster the 60 votes required to overcome an objection to passage by bill opponents, according to an Associated Press report in the San Francisco Chronicle.

• Iranian nuclear networks designated

  Treasury has announced that additional sanctions have been imposed on Iran's nuclear proliferation networks, targeting international procurement operations of the Atomic Energy Organization of Iran, the Iran Centrifuge Technology Company, and Iran's uranium enrichment program. Seven companies and five individuals were also designated because they provide the Iranian government unique goods, technology and services that increase the regime's ability to enrich uranium and/or to construct a heavy water research reactor. Details are available in the BankersOnline December 13, 2012, OFAC Update.

• Unbanked and underbanked survey

  The FDIC has released the results of its 2011 Survey of Banks' Efforts to Serve the Unbanked and Underbanked. The results provide insight into the outreach, education, marketing and retail strategies being used by banks to meet the needs of underserved consumers.

• Ohio CU liquidated

  NCUA has announced the liquidation of G.I.C. Federal Credit Union of Euclid, Ohio.

• Bureau issues proposed trial disclosure policy

  The CFPB has issued a press release announcing the publication of, and request for comment on, a proposed Policy to Encourage Trial Disclosure Programs and proposed information collection associated with applications submitted by companies seeking Bureau approval to conduct trial disclosure programs. Comments are due by February 15, 2013.

• Debt service and financial obligations ratios

  The third quarter 2012 Household Debt Service and Financial Obligations Ratios report has been released by the Federal Reserve Board.

• Liquidity swap arrangements extended

  The Federal Reserve and international central banks have announced an extension of the existing temporary U.S. dollar liquidity swap arrangements through February 1, 2014.

• Japanese bank in OFAC settlement

  Treasury's Office of Foreign Assets Control (OFAC) has released information concerning an agreement by Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) to pay in excess of $8.5 million to OFAC to settle potential civil liability for apparent violations of the Burmese Sanctions Regulations and other U.S. sanctions for roughly a year ending in March 2007. It is alleged that BTMU employees systematically deleted or omitted from payment messages information that would cause the funds to be blocked or rejected.

• Associates of Mexican drug leader designated

  Treasury has announced the OFAC designation of one entity and three individuals linked to Juan Jose Esparragoza Moreno (a.k.a. El Azul), a leader of Mexico's Sinaloa Cartel. This action, pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act), prohibits U.S. persons from conducting financial or commercial transactions with these designees, and also freezes any assets they may have under U.S. jurisdiction. Treasury also removed selected Kingpin Act and Counter-narcotics designees from its SDN list. For details see BankersOnline's OFAC Update.

• Treasury and HUD launch final PSA phase

  The final phase of the Foreclosure Prevention Assistance Public Service Advertising (PSA) campaign has been launched by Treasury, HUD, and the Ad Council. The intent of the campaign is to increase awareness of the Making Home Affordable Program's free resources and assistance for struggling homeowners.

• FOMC statement and projections

  The Federal Reserve Board has released the statement and economic projections from the December 11–12, 2012, meeting of the Federal Open Market Committee (FOMC).

• Credit card rate reduction scam

  The FTC has announced the shutting down of the sixth scam in the last two months that allegedly tricked consumers into paying hundreds of dollars based on bogus promises of lower credit card interest rates.

• NCUA publishes final rules

  The NCUA has published two final rules in the Federal Register. The first [77 FR 74112] makes final, without change, the interim final rule that the Board issued in May 2012 that amended NCUA's fidelity bond rule at 12 CFR Part 713. The second [77 FR 74103] was issued to remove references to credit ratings in NCUA regulations at 12 CFR Parts 703, 704, 709, and 741, or replaces them with other appropriate standards of creditworthiness as required by the Dodd-Frank Act.

• Bureau seeks consumer financial products experiences

  The CFPB Blog features an article about the Bureau's mission to help ensure that the financial marketplace offers safe, affordable products and services to consumers, and that those consumers have access to information and tools that allow them to choose products and services that best fit their needs. It asks consumers to share their stories about their experience with consumer financial products.

• HSBC to pay record OFAC/BSA settlements

  A Department of the Treasury press release has announced record-setting settlements totaling $875 million with HSBC Holdings plc and its affiliates, reached by FinCEN, the OCC and OFAC. Additional penalties in a combined federal, local and international government action bring the overall assessments against HSBC to more than $1.9 billion, for its conduct in violation of the Bank Secrecy Act and U.S. sanctions. The Treasury announcement was followed by releases by OFAC, the Federal Reserve Board the OCC, and the Justice Department.

• OFAC anti-terrorism and Syria designations

  Treasury has announced the designation of four individuals and two entities. Information regarding the designations and changes have been posted in a BankersOnline OFAC Update.

• Changes to SS ACH benefit payments

  Treasury's Financial Management Service has announced that Treasury and the Social Security Administration will be converting ACH benefit payments that routinely pay on the 3rd of each month to a new payment processing system effective for SSA benefit payments that will be payable to recipients on January 3, 2013. The change will produce some differences in how SSA payments appear in ACH batch records.

• ATM fee disclosure bill passes

  NACSOnline reports this morning that the Senate passed and cleared for the president's signature a bill that eliminates a requirement from the Electronic Fund Transfer Act requiring a notice of a transaction fee on or near at ATM in addition to the fee disclosure that will continue to be required to appear on the ATM screen during a transaction request. The Senate also is sending to the president a bill requiring the CFPB to protect privileged bank examination information it receives, just as other federal banking regulators must protect such information that they obtain, according to Reuters News.

• Senate to debate insurance extension

  A procedural vote in the U.S. Senate yesterday has cleared the way for debate on the controversial bill to extend the unlimited deposit insurance coverage for non-interest bearing transaction accounts currently set to end on December 31, 2012, reports Reuters News Service. Another Senate vote on the bill is scheduled for Thursday, December 13.

• Change in control legal interpretation

  The Federal Reserve Board has issued a legal interpretation letter on whether the purchase of preferred shares that were issued by banking organizations to the Department of Treasury as part of the Troubled Asset Relief Program's Capital Purchase Program would require the prior approval of the Board under the Bank Holding Company Act, the Home Owners' Loan Act, or the Change in Bank Control Act in certain situations.

• Website for small CUs

  The NCUA has announced the launch of a new website for small credit unions that will provide online information and assistance provided by the National Credit Union Administration's Office of Small Credit Union Initiatives.

• Be wary of government logos

  A CFPB Blog article warns that "Just because something has a government logo on it doesn't mean that it's legitimate." Two mortgage loan modification operations recently defrauded struggling homeowners across the country using websites, emails, and other advertising materials with government logos, letterhead, or other marks to trick consumers into believing that their services were associated with government agencies.

• Bureau shares complaints with state agencies

  A second CFPB Blog article has announced that the complaints received by the Bureau from consumers about credit cards, mortgages, student loans, checking accounts, savings accounts, credit reporting, bank services, and other consumer loans are now shared with state regulatory agencies.

• Bank pays $132 million to settle OFAC violations

  OFAC has announced a $132 million agreement with the UK's Standard Chartered Bank to settle the bank's potential liability for apparent violations of U.S. Iranian Transactions, Burmese Sanctions, Sudanese Sanctions, Libyan Sanctions, and Foreign Narcotics Kingpin Sanctions Regulations. The settlement is a part of a combined $327 million settlement with other federal and local government agencies.

• FDIC regulatory calendar

  The FDIC's FIL-51-2012 has announced the official launch of an online regulatory calendar to help community banks stay up-to-date on changes in federal banking laws, regulations, and supervisory guidance.

• Treasury announces public offerings

  Treasury has announced an intent to sell preferred stock and subordinated debt positions and warrants to purchase common stock of M&T Bank Corporation.

• Last of AIG stock to go

  A Treasury Department release today has announced that Treasury has agreed to sell all of its remaining 234 million shares of American International Group, Inc. (AIG) common stock at $32.50 per share. When this offering is completed, the overall positive return on the Federal Reserve and Treasury's combined $182 billion commitment to stabilize AIG during the financial crisis will be $22.7 billion.

• CU merger webinar

  The NCUA will host a free webinar on credit union mergers beginning a 2 p.m. ET on December 14, 2012.

• Senate vote on unlimited deposit coverage today

  The U.S. Senate is scheduled to consider a procedural motion this afternoon to consider S. 3637, a bill to extend unlimited deposit insurance on non-interest bearing transaction accounts for two years. The motion, which requires 60 votes to pass, would allow the Senate to act further on the bill.

• OFAC SDN update

  OFAC has added two individuals and one entity to its SDN List. Details are available in a BankersOnline OFAC Update.

• Consumer Credit report

  The October 2012 G.19 Consumer Credit Outstanding and Terms of Credit report has been released by the Federal Reserve Board.

• Fed NOI adjustments changes

  Federal Reserve Financial Services has issued a reminder that effective December 17, 2012, several changes are being made to the Federal Reserve Bank adjustments processes associated with Not Our Item (NOI) returns.

• Unbanked and underbanked to be discussed

  The FDIC has announced that the Advisory Committee on Economic Inclusion (ComE-IN) will meet on December 13, 2012, to discuss the results of the FDIC's survey on the banking industry's efforts to serve unbanked and underbanked individuals and households.

• CRA testimony submitted

  The Federal Trade Commission has submitted written testimony to the U.S. Commission on Civil Rights regarding the Fair Credit Reporting Act (FCRA) and the use of consumer reports in employment.

• Bureau on Fair Lending

  The CFPB has announced that it has signed an agreement with the Justice Department to strengthen coordination on fair lending enforcement. The announcement was accompanied by the release of the December 2012 Fair Lending Report of the Consumer Financial Protection Bureau, which highlights the Bureau's recent accomplishments in fair lending.

• Other CFPB action

  The Bureau issued a Statement of Intent for sharing information with State banking and financial services regulators, and posted a CFPB Blog entry on preparing one's finances for emergencies.

• FedFocus

  The December 2012 issue of FedFocus has been published by the FRB, featuring the discussion at the Chicago Payments Symposium between the Fed and industry leaders regarding the future of payments.

• Depositing contaminated currency

  A new instructional video, Sending Contaminated Currency to Your Local Federal Reserve Bank, is available from Federal Reserve Financial Services on its Contaminated Currency and Coin page.

• NCUA board action bulletin

  A Bulletin has been issued by NCUA on the actions taken by its Board at its meeting held on December 6, 2012.

• Flow of Funds report

  The Federal Reserve Board has posted its latest Z.1 Flow of Funds report.

• FinCEN proposal published

  FinCEN has published its previously-announced proposal [PDF; Text] to amend the definitions of "transmittal of funds" and "funds transfer" in its Chapter X regulations at 31 CFR Part 1010 to ensure that Dodd-Frank Act amendments to the Electronic Fund Transfer Act don't reduce the scope of those definitions as used in requirements for the keeping of records of funds transfers and transmittals of funds. Comments are due by January 25, 2013.

• FDIC CRA ratings

  The FDIC has issued its list of state nonmember banks to which a CRA rating was assigned in September 2012. Of the 72 banks listed, 71 received "satisfactory" ratings, and one, Central Pacific Bank, Honolulu, HI, received an "outstanding."

• Investment banker charged with insider trading

  A Wells Fargo investment banker and nine others have been charged by the SEC for involvement in an insider-trading ring that garnered more than $11 million in illicit profits trading on confidential information about impending mergers.

• Written Agreement executed

  The Federal Reserve Board has announced the execution of a Written Agreement with NASB Financial, Inc., Grandview, Missouri.

• Systemic Risk Advisory Committee meeting

  The FDIC has announced that it will hold a meeting of its Systemic Risk Advisory Committee on December 10, 2012. The agenda for the meeting includes a discussion with Paul Tucker, Deputy Governor of the Bank of England, on U.S. and United Kingdom cross-border cooperation, and discussions on resolution plans under Title I of the Dodd-Frank Act and orderly liquidation authority under Title II.

• Third quarter earnings

  The FDIC has announced that insured commercial banks and savings institutions reported aggregate net income of $37.6 billion in the third quarter of 2012, a $2.3 billion (6.6 percent) improvement from the $35.2 billion in profits the industry reported in the third quarter of 2011.

• FDIC December board meeting

  The notice and summary agenda of the December 11, 2012, meeting of the FDIC Board has been posted.

• CRA HMDA Reporter

  The December 2012 issue of the CRA HMDA Reporter has been posted online.

• NCUA Report

  The December 2012 issue of The NCUA Report has been published.

• FTC suit stops fraudulent auto loan mod marketer

  The FTC has settled a lawsuit filed in Federal District Court to put the brakes on a California-based operation that allegedly deceived consumers with false promises that it could get auto loans modified and stop cars from being repossessed.

• NH storm victims get foreclosure protection

  HUD has announced it will speed federal disaster assistance to the State of New Hampshire in addition to resources being provided by FEMA and other federal partners. Support will be provided to homeowners and low-income renters forced from their homes due to Hurricane Sandy.

• Reserve Bank leaders announced

  The Federal Reserve Board has announced the appointment of the chairs and deputy chairs of the Federal Reserve Banks for 2013.

• CRA ratings released

  The OCC has released the ratings received by 36 national banks and savings associations recently evaluated for compliance with the CRA.

• FinCEN posts summaries of roundtables on CDD ANPRM

  Summaries of the Roundtables held in Los Angeles, New York, and Chicago on the Advanced Notice of Proposed Rulemaking (ANPRM) on Customer Due Diligence have been released by FinCEN.

• NCUA review shows loan growth

  The NCUA Quarterly U.S. Map Review, which examines key financial indicators on a state-by-state basis for federally insured credit unions, indicates balances on outstanding loans increased by 4.3 percent for the year ending in the third quarter of 2012.

• FTC amends ID theft Red Flags rule

  An interim final rule on identity theft "red flags" has been
  announced
  by the FTC to implement 2010 legislation narrowing the circumstances under which creditors are covered by the Rule. The amended Red Flags Rule provides that a creditor is covered only if, in the ordinary course of business, it regularly:

  • Obtains or uses consumer reports in connection with a credit transaction;
  • Furnishes information to consumer reporting agencies in connection with a credit transaction; or
  • Advances funds to or on behalf of a person, in certain cases.

  
  

• Credit repair scammers to pay $6.4 million

  A U.S. district court has, at the request of the FTC, found a credit report operation in contempt of court for violating an earlier order to stop promoting fraudulent credit repair products and services. The defendants were ordered to pay $6.4 million to the FTC within 30 days and to shut down their operations.

• Flood CMPs announced

  The FDIC has published the list of October 2012 administrative enforcement actions by the agency, including the issuance of civil money penalties for violations of the Flood Disaster Protection Act (FDPA) in the amount $7,590 against Bay Bank, Green Bay, Wisconsin, and $3,600 against Heritage Bank of Nevada, Reno, Nevada. Information regarding the penalties has been posted on the BOL Flood Penalties Watch Page.

• OCC announces fees for 2013

  Bulletin 2012-40 has been issued by the OCC announcing the fees to be charged by the agency in calendar year 2013.

• Former banker to pay $5.1 million for insider trading

  The SEC has announced insider trading charges against a Brazilian ex-banker for his role in a scheme to illegally trade Burger King securities on which he made $1.68 million based on confidential information supplied by a Wells Fargo employee. Igor Cornelsen and his firm, Bainbridge Group, have agreed to pay more than $5.1 million to settle the charges, subject to court approval.

• Vermont CU closed

  The Border Lodge Credit Union, Derby Line, Vermont, has been closed by the Vermont Department of Financial Regulation, and the NCUA has been appointed as liquidating agent.

• Prohibition orders

  The NCUA has issued orders prohibiting two former employees of credit unions in Arkansas and New York from participating in the affairs of any federally insured financial institution.

• Treasury sets public offering price

  The price of the secondary public offering by Treasury of 5,789,909 warrants to purchase common stock of Zions Bancorporation has been set at $1.35 per warrant. The closing is expected to occur on or about December 5, 2012.

• Commercial Bank Examination Manual updated

  The FRB has posted the semi-annual update of the Commercial Bank Examination Manual.

• Financial Holding Companies list

  The list of banking holding companies that have elected under the Bank Holding Company Act to become or be treated as financial holding companies as of November 26, 2012, has been released by the FRB.

• CFPB Ombudsman's annual report

  An entry on the CFPB Blog has announced the issuance of the first annual report by the CFPB Ombudsman.

• HUD foreclosure moratorium for Sandy victims

  HUD has announced federal disaster assistance to the states of New York and New Jersey, and will provide support to homeowners and low-income renters forced from their homes due to Hurricane Sandy. The assistance includes a 90-day moratorium on foreclosures and forbearance on FHA-insured home mortgages, insurance, and guaranteed loans.(10/31/2012)

• September mortgage interest rates report

  The FHFA has released the September 2012 national average contract mortgage rate for the purchase of previously occupied homes by combined lenders report.(10/31/2012)

• Early savings bond redemptions authorized

  FRB Financial Services has authorized savings bond agents in specified counties of New Jersey and New York to redeem early certain savings bonds for owners who reside in those counties or have been evacuated due to severe weather.(10/31/2012)

• FRB Financial Services updated schedule

  More information about operations updates and the holiday currency ordering period has been released by FRB Financial Services.(10/31/2012)

• Agencies statement on post-Sandy supervision

  A joint press release by the OCC, FRB and FDIC includes a statement on the supervisory practices the agencies will follow regarding financial institutions and borrowers affected by Hurricane Sandy.(10/31/2012)

• NCUA announces Sandy grants and disaster relief hotline

  The NCUA has announced the availability of urgent needs grants for LICUs, and the activation of its disaster relief policy and hotline.(10/31/2012)

• FRB Reg D amendment published

  The Fed has published its previously announced amendment to Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2013. The amendment will be effective November 30, 2012, with compliance dates varying depending on the reporting frequency of the affected institution.(10/31/2012)

• Bureau publishes consumer debt collection rule

  The CFPBs previously announced amendments have been published, adding a new section to its Larger Participants rule at 12 CFR Part 1090 to define larger participants of the market for consumer debt collection. The rule will facilitate the supervision of nonbank covered persons active in that market. The amendment will be effective January 2, 2013.(10/31/2012)

• OCC issues bank closing proclamation

  The OCC announced on Monday, October 29, 2012, that it has issued a proclamation allowing national bank and federal savings association offices affected by Hurricane Sandy to close at their discretion. The announcement stated that the agency expects that only those offices directly affected by the storm will close, and that they should reopen as quickly as possible to address customers banking needs.(10/30/2012)

• FRB schedule updates

  Federal Reserve Financial Services has updated schedule changes necessitated by Hurricane Sandy. Customers in some regions are requested to postpone ordering holiday currency. The ordering period has been extended until November 7, 2012.(10/30/2012)

• NMLS Call Center closes for Sandy

  The NMLS announced that its Call Center closed at 5:00 pm ET on Monday, October 29th, and will remain closed on Tuesday, October 30th. Weather permitting, the Call Center will reopen on Wednesday the 31st.(10/30/2012)

• Curry emphasizes risk management

  In a speech at the Risk Management Association's annual conference, Comptroller Curry emphasized the importance of risk management for banks.(10/30/2012)

• Treasury announces marketable borrowing estimates

  The current estimates of net marketable borrowing for the fourth quarter 2012 and the first quarter 2013 have been announced by Treasury.(10/30/2012)

• Fed offices affected by storm

  In preparation for the impact of Hurricane Sandy, the FRB has announced the granting of cross-shipping fee waivers for the weeks of October 22 and 29, 2012, for certain zones and sub-zones. In addition, the Philadelphia Reserve Bank will be closed, and the East Rutherford Operations Center and the Boston Reserve Bank will operate with essential personnel only today.(10/29/2012)

• DC area offices closed today

  The U.S. Office of Personnel Management has announced on its website that all federal offices in Washington, D.C. will be closed to the public on Monday due to Hurricane Sandy. Most non-emergency employees (including employees on pre-approved paid leave) will be granted excused absence (administrative leave) for the number of hours they were scheduled to work.(10/29/2012)

• Treasury to auction 12 more TARP investments

  Treasury auctions of preferred stock and subordinated debt CPP investments in twelve institutions have been announced. The auctions, which will be offered principally to qualified institutional buyers and certain accredited institutional investors, are expected to commence on or about October 30, 2012.(10/29/2012)

• Reserve requirement simplification delayed

  The FRB has announced a delay in the implementation of the second phase of its program to simplify the administration of reserve requirements. This phase of amendments was originally scheduled to take effect on January 24, 2013. The new effective date is June 27, 2013.(10/29/2012)

• Pennsylvania bank closed

  The FDIC has announced the closing of NOVA Bank, Berwyn, Pennsylvania, and the approval of the payout of the insured deposits.(10/29/2012)

• Financing small business exporters webinar

  The OCC, Ex-Im bank, and the SBA will host a free live webinar from 2:00 to 3:15 p.m. ET on November 1, 2012, on how community banks can use the federally guaranteed loan programs of the Ex-Im Bank and the SBA to finance small business exporters. (10/29/2012)

• Enforcement actions announced

  The FDIC has released a list of orders for administrative enforcement actions taken against banks and individuals in September 2012.(10/29/2012)

• Bureau updates Larger Participants reg

  As part of its plan to supervise larger participants in certain consumer financial product and service markets, the CFPB has announced amendments to its regulations at 12 CFR Part 1090 that will extend their coverage to firms with more than $10 million in annual receipts from consumer debt collection activities. The amendments will be effective January 2, 2013.(10/26/2012)

• 2013 reserve requirements indexing

  The annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2013, used in the calculation of reserve requirements of depository institutions, has been announced by the Federal Reserve Board. The annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels beginning in 2013 was also announced.(10/26/2012)

• NMLS schedules downtime

  The NMLS has announced that it will conduct system maintenance between October 31 at 11:00 pm ET and November 1 at 7:00 am to prepare for the 2013 license/registration renewal process. The NMLS system will be unavailable during that time period.(10/26/2012)

• FTC videos promote checking credit reports

  The FTC is offering new videos, in English and Spanish, explaining why consumers should check their credit reports, and advising them on appropriate actions if a report contains inaccurate information.(10/26/2012)

• DOJ sues BOA for over $1 billion

  The United States Attorney for the Southern District of New York has announced the filing of a civil mortgage fraud lawsuit against Bank of America Corporation and its predecessors Countrywide Financial Corporation and Countrywide Home Loans, Inc. The Complaint seeks damages and civil penalties under FIRREA for engaging in a scheme to defraud Fannie Mae and Freddie Mac. This is the first civil fraud suit brought by the Department of Justice concerning mortgage loans sold to Fannie Mae or Freddie Mac. It was jointly filed with the Federal Housing Finance Agency and the Treasury Department.(10/25/2012)

• Bureau announces supervision of debt collectors

  In prepared remarks delivered in Seattle at the CFPBs October 24, 2012, field hearing on debt collection practices, Director Cordray announced that the Bureau will begin supervision of firms that have more that $10 million in annual receipts from consumer debt collection activities.(10/25/2012)

• Fed posts Reg S amendment

  The Federal Reserve Board has published a technical amendment to Regulation S (12 CFR Part 219 Reimbursement for Providing Financial Records; Recordkeeping Requirements for Certain Financial Records) to conform the citations and references to organizational changes adopted by the Director of the Financial Crimes Enforcement Network (FinCEN) in 2010. This final rule will become effective November 26, 2012.(10/25/2012)

• Geithner signs U.S.Israel program MOU

  Secretary Geithner and Israeli Finance Ministry Director General Cohen have signed a Memorandum of Understanding (MOU) establishing a new framework for administering the recently extended U.S.Israel Loan Guarantee program, which is designed to help the Israeli government access financial resources from private capital markets at affordable rates.(10/25/2012)

• Treasury TARP auction brings in $70.7M

  Treasury has announced that the recent auction sale of TARP investments in preferred stock of eleven financial institutions generated $70.7 million.(10/25/2012)

• FOMC statement released

  The FRB has released the October 24, 2012, statement issued by the Federal Open Market Committee (FOMC). The Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and will continue through the end of the year its program to extend the average maturity of its holdings of Treasury securities. The Committee also decided to keep the target range for the federal funds rate at 0 to ¼ percent and currently anticipates that exceptionally low levels for the federal funds rate are likely to be warranted at least through mid-2015.(10/25/2012)

• NCUA items published

  Two items have been published by the National Credit Union Administration in the Federal Register style="margin-left:0px; margin-top:0px; padding-left:20px; list-style-type: circle ">

• A proposal to amend its low-income credit unions regulation by extending the time credit unions have to accept a low-income designation. Comments are due by November 26, 2012.
• An extension of the public comment period for its proposed rule titled Prompt Corrective Action, Requirements for Insurance, and Promulgation of NCUA Rules and Regulations, to November 26, 2012.(10/25/2012)

• FHFA index increases

  The Federal Housing Finance Agency has announced that U.S. housing prices rose 0.7 percent on a seasonally adjusted basis from July to August 2012.(10/24/2012)

• Settlement with FTC in phony debt collector suit

  The Federal Trade Commission has reported that a California man who abetted bogus debt collectors in India has settled charged brought by the FTC that he and others deceived and threatened consumers into paying debts that were not owed or that could not legally be collected.(10/24/2012)

• Written agreement announced

  A written agreement with Patapsco Bancorp, Inc. and The Patapsco Bank, both of Dundalk, Maryland, has been announced by the Federal Reserve Board.(10/24/2012)

• Curry discusses concerns of community bankers

  In remarks before the Florida Bankers Association, Comptroller Curry addressed many concerns of community bankers, including the economic landscape, implementation of the Dodd-Frank Act, and Basel III.(10/24/2012)

• NCUA town hall webinar online

  The NCUAs October 4, 2012, town hall webinar has been made available online. It includes updates on credit union industry performance, NCUAs low-income credit union eligibility and regulatory modernization initiatives, the corporate credit union resolution, the new Office of National Examinations and Supervision, and recently finalized and proposed rules.(10/24/2012)

• Bureau opens another complaints window

  The CFPB Blog has announced that the Bureau is now accepting credit reporting complaints. Consumers may seek help with problems like incorrect credit report information, improper report use, inability to obtain a copy of a credit score or file, and difficulties with credit monitoring or identity protection services.(10/23/2012)

• FinCEN on filing SARs on payment processors

  Advisory 2010-A010 has been issued by FinCEN to provide guidance to financial institutions when filing Suspicious Activity Reports (SARs) on activities related to third-party payment processors. FinCEN also announced a webinar to be held on Thursday, October 25, 2012, to discuss the regulatory requirements and the potential risks associated with doing business with third-party payment processors.(10/23/2012)

• Guidance on sending OFAC electronic documents

  OFAC has issued Guidance and data delivery standards for the technical requirements for the preferred format in which to submit electronic document productions to its Office of Enforcement, including self-disclosures, administrative subpoena responses, and other documents or reports.(10/23/2012)

• NCUA economic update

  The NCUA has posted the latest video in the agencys free YouTube economic update series. The October 2012 analysis examines recent economic developments and covers possible risks, including a discussion of the potential effect of the fiscal cliff on credit union performance.(10/23/2012)

• Treasury to auction TARP positions in 11 banks

  The Treasury Department has announced that it has started auctions of its TARP Capital Purchase Program preferred stock positions in eleven banks and bank holding companies. The auctions began yesterday and are expected to close today at 6:30 pm. EDT.(10/23/2012)

• OFAC updates Iran Rules

  OFAC has published a final rule to reissue its former Iran Transactions Regulations as the Iranian Transactions and Sanctions Regulations (ITSR 31 CFR Part 560), with amendments, and updating its general licenses under the ITSR. The ITSR are separate from the Iranian Financial Sanctions Regulations (31 CFR Part 561).(10/22/2012)

• OFAC announces $18,900 CMP

  A civil money penalty (CMP) in the amount of $18,900 has been announced by OFAC. The CMP was assessed against a Georgia medical supply company for violations of the Iranian Transactions Regulations. No financial institutions were cited.(10/22/2012)

• FRB check processing conversion update

  The Federal Reserve has announced that the conversion to a new check processing platform will occur on October 29, 2012. A summary of the changes and samples of the Deposit Acknowledgments that will be generated by the new platform were attached to the announcement. More information is available on the FRB Check Platform Modernization Resource Center webpage.(10/22/2012)

• OCC enforcement actions

  The OCC has released a list of the enforcement actions recently taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.(10/22/2012)

• NCUA prohibition order

  The former CEO of a failed credit union has been issued an order by NCUA prohibiting him from participating in the affairs of any federally insured credit union. He also agreed to pay $600,000 to the liquidating agent of the closed credit union.(10/22/2012)

• FATF plenary meeting report

  The Financial Action Task Force (FATF) is an 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. The FATF Plenary, held October 17-19, 2012, announced a number of new steps to protect the international financial system from abuse.(10/22/2012)

• OFAC adds two to SDN list

  Treasury has designated Dalene Sanders for providing support and services to Saadi Qadhafi, son of former Libyan leader Muammar Qadhafi; and Adel Radi Saqr al-Wahabi al-Harbi (al-Harbi), a key member of an al-Qaida network operating in Iran. Their names have been added to the SDN List. Further details are available in a BOL OFAC Update.(10/19/2012)

• OCC posts community bank stress tests help

  The OCC has issued a news release announcing the publication of Bulletin 2012-33, which contains guidance to national banks and federal savings associations with assets of $10 billion or less (community banks) on using stress testing to assess risk in their loan portfolios.(10/19/2012)

• MLO disciplinary procedure guidance

  The CFPB has issued guidance to depository institutions regarding new requirements for the reporting through the Nationwide Mortgage Licensing System and Registry (NMLSR) of information about disciplinary actions taken against registered mortgage loan originators. On October 22, 2012, the NMLSR will be upgraded, allowing individuals to meet these new requirements. Additional information is available on the NMLSR site. (10/19/2012)

• Bureau addresses servicemembers issues in paying off student loans

  The CFPB and Department of Defense have issued The Next Front? Student Loan Servicing and the Cost to Our Men and Women in Uniform, a report about the servicing obstacles that servicemembers face in paying off student loan debt. Additional information is available in a CFPB Blog article and news release.(10/19/2012)

• Treasury to sell more TARP stock

  Treasury has announced its intention to sell at auction its preferred stock CPP investments in eleven financial institutions. The auctions, which will be offered principally to qualified institutional buyers and certain accredited institutional investors, will commence on or about October 22, 2012.(10/19/2012)

• Bureau proposes ability to pay amendment

  The CFPB has announced that it is proposing an update to Regulation Z  1026.51 and related Official Commentary that would allow credit card applicants who are 21 or older to rely on third-party income to which they have a reasonable expectation of access. Comments on the proposed rule will be accepted for 60 days following its publication in the Federal Register.(10/18/2012)

• OFAC adds three to SDN list

  Treasury has announced OFAC's designation of three Pakistan-based terrorist facilitators pursuant to Executive Order (E.O.) 13224 for providing material, logistical, or financial support to the Taliban, Tehrik-e Taliban Pakistan (TTP), and the Islamic Movement of Uzbekistan (IMU). The designations freeze any assets the designated individuals hold under U.S. jurisdiction and prohibit U.S. persons from engaging in transactions with these parties. Details on these additions to the SDN List are in a BOL OFAC Update.(10/18/2012)

• Debt reduction scammers settle FTC charges

  The Federal Trade Commission has announced that it charged an Ohio-based company and its owner with fraudulently claiming on 17 websites they operated that consumers could quickly get out of debt by working with one of several debt settlement companies. The company owner has agreed to a settlement barring the deceptive claims, and to a judgment requiring him to pay more than $390,000.(10/18/2012)

• NCUA and Massachusetts CU executed LUA

  An NCUA news release has announced the execution of a Letter of Understanding and Agreement (LUA) with the Lynn Municipal Employees Credit Union, Lynn, Massachusetts.(10/18/2012)

• 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 2012 will be subject to HOEPA 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.(10/17/2012)

• FFIEC on drought affected borrowers

  The FFIEC has issued a statement encouraging financial institutions to work constructively with borrowers affected by drought conditions and consider alternatives for prudently restructuring credit facilities as appropriate.(10/17/2012)

• CFPB student loan report discusses repayment roadblocks

  A press release has been issued by the Bureau announcing the release of a report that details problems reported by private student loan borrowers. (10/17/2012)

• August TIC data released

  Treasury has released the Treasury International Capital (TIC) data for August 2012.(10/17/2012)

• HARP loan volume increases

  The Federal Housing Finance Agency (FHFA) has issued a news release announcing the publication of the August 2012 Refinance Report. Fannie Mae and Freddie Mac loans refinanced through the Home Affordable Refinance Program (HARP) accounted for nearly one-quarter of all refinances in August.(10/17/2012)

• Industrial production increases

  The G.17 Industrial Production and Capacity Utilization report for September 2012 has been issued by the FRB and indicates industrial production rose 0.4% and manufacturing output increased 0.2% from August.(10/17/2012)

• 314(a) Fact Sheet updated

  FinCEN has updated its 314(a) Fact Sheet with data current as of October 16, 2012.(10/17/2012)

• FDIC publishes final contract enforcement rule

  The FDIC has published in todays Federal Register a final rule under a provision of the Dodd-Frank Act which permits the FDIC, as receiver for a financial company whose failure would pose a significant risk to U.S. financial stability, to enforce contracts of subsidiaries or affiliates of the covered financial company despite contract clauses that purport to terminate, accelerate or provide for other remedies based on the insolvency, financial condition or receivership of the covered financial company. The rule will be effective November 15, 2012.(10/16/2012)

• Remittance transfers compliance guide

  A CFPB Blog article has announced the Bureau’s release of a small business compliance guide for its international electronic money transfers rule (also called the remittance rule), subpart B of Regulation E, which becomes effective on February 7, 2013, and a request for suggestions about ways to improve the guide.(10/16/2012)

• Curry discusses current regulatory issues

  In a presentation at the American Bankers Association national convention, Comptroller Curry discussed the history of the OCC and the issues confronting the financial institutions it regulates.(10/16/2012)

• FDIC Stress Test rule published

  The FDICs previously announced final rule implementing the requirements of the Dodd-Frank regarding stress tests has been published. The rule requires FDIC-insured state nonmember banks and FDIC-insured state-chartered savings associations with total consolidated assets of more than $10 billion to conduct annual stress tests, report the results of the tests to the FDIC and the FRB, and publish a summary of the results. The rule is effective today, October 15, 2012, but implementation is delayed until September 30, 2013, for institutions with total consolidated assets of less than $50 billion.(10/15/2012)

• FOMC Domestic Policy Directive

  The Federal Reserve Board has published the Federal Open Market Domestic Policy Directive of September 12-13, 2012.(10/15/2012)

• Bernanke on monetary policy and international implications

  In a speech delivered at a seminar in Tokyo sponsored by the Bank of Japan-International Monetary Fund, Chairman Bernanke discussed the challenges of the global financial system. He reviewed the U.S and global outlook, recent Fed policy actions, and the international aspects of Fed asset purchases.(10/15/2012)

• Payment system risk update

  The Federal Reserve Board has released payment system risk data for the first quarter 2012.(10/15/2012)

• Federal Reserve balance sheet

  The data on credit and liquidity programs and the balance sheet have been released by the FRB. The charts show recent balance sheet trends and weekly chart data updates.(10/15/2012)

• Large commercial banks data

  The FRB has released the June 30, 2012, data on insured U.S.-chartered commercial banks that have consolidated assets of $300 million or more.(10/15/2012)

• Minority-owned financial institutions

  The June 30, 2012, report of minority-owned financial institutions and their branches sorted by state has been released by the FRB.(10/15/2012)

• NCUA restructuring/workouts/nonaccruals webinar

  The NCUA has posted online its recent webinar on loan workouts, nonaccruals, and the reporting of troubled debt restructurings. (10/15/2012)

• Treasury designates Latin American gang

  The Latin American gang Mara Salvatrucha, known as MS-13, has been designated and added the SDN List by Treasury pursuant an Executive Order that targets significant transnational criminal organizations and their supporters. MS-13 was designated for its involvement in transnational criminal activities, including drug trafficking, kidnapping, human smuggling, sex trafficking, murder, assassinations, racketeering, blackmail, extortion, and immigration offenses. MS-13 has a significant presence in several U.S. locations. Check our BOL OFAC Update for more information on Treasurys action.(10/12/2012)

• Bureau debt collection hearing

  The CFPB Blog has announced an October 24, 2012, field hearing in Seattle on debt collection.(10/12/2012)

• OCC proposes forex rule change

  The OCC has published a notice of proposed rulemaking that would amend its retail foreign exchange rule for transactions with bank common trust funds, bank collective investment funds, and insurance company separate accounts and make technical corrections to the rule. Comments on the proposal are due by November 13, 2012.(10/12/2012)

• NCUA board meeting agenda

  The agenda for the October 18, 2012, meeting of the NCUA board has been released.(10/12/2012)

• Equifax in $1.6 million settlement

  The FTC has announced a settlement with Equifax and one of its customers regarding allegations of the sale of lists of consumers who were late on their mortgage payments. Equifax and the companies that allegedly bought and resold the information will pay a total of nearly $1.6 million to resolve charges that they violated the FTC Act and the FCRA.(10/11/2012)

• Updated specs from FinCEN

  FinCEN has posted updated technical specifications for the electronic filing of its new SAR, CTR and DOEP reports. The changes include clarifications to field instructions and certain e-filing system enhancements.(10/11/2012)

• Mexican drug cartel entities designated

  OFAC has announced the designation as SDNTKs of two entities linked to the Sinaloa Cartel, updates to three existing entries and the deletion of fifty-two entries on the SDN List. Information regarding the additions, updates, and deletions has been posted in a BOL OFAC Update.(10/11/2012)

• FHFA five-year plan

  A news release has been issued by FHFA to announce its updated strategic plan for fiscal years 2013-2017, subtitled Preparing a Foundation for a More Efficient and Effective Housing Finance System.(10/11/2012)

• SAR Activity Report released

  FinCEN has released the 22nd issue of the SAR Activity Review Trends, Tips & Issues. (10/11/2012)

• Beige Book

  The October 10, 2012, Beige Book has been published by the FRB. The report is published eight times per year and contains information on current economic conditions in the Federal Reserve districts.(10/11/2012)

• 2013 HMDA and CRA file specs

  The FFIEC has posted the HMDA Edits and File Specifications, and the CRA Edits and File Specifications for the 2013 data submissions due in 2014.(10/11/2012)

• FRB and OCC issue Stress Test rules

  The Federal Reserve Board (FRB) and the Federal Deposit Insurance Corporation (FDIC) have announced their approval of final rules relating to Dodd-Frank Act mandated stress testing. The FRB rules, effective November 15, 2012, apply to certain bank holding companies, banks and savings and loan holding companies with total consolidated assets of more than $10 billion, and to selected nonbank financial companies designated by the Financial Stability Oversight Council. The FDIC rule, which will be effective on publication in the Federal Register, covers state-chartered banks that are not members of the Federal Reserve System. The FDIC’s release also announced approval of a final rule, to be generally effective April 1, 2013, refining the deposit insurance assessment system for insured depository institutions with more than $10 billion in assets.(10/10/2012)

• U.S. Attorney sues Wells Fargo

  A press release from the U.S. Attorney for the Southern District of New York has announced the filing of a civil fraud lawsuit against Wells Fargo Bank, N.A., seeking damages and civil penalties under FIRREA for more than 10 years of misconduct in connection with the Federal Housing Administration (FHA) Direct Endorsement Lender Program. The lawsuit alleges that, as a result of Wells Fargos false certifications, FHA has paid hundreds of millions of dollars in insurance claims on thousands of mortgages that defaulted.(10/10/2012)

• New EO Iranian transactions regulations and OFAC FAQs

  A new Executive Order (EO) has been signed by the President authorizing the implementation of certain sanctions under the Iran Threat Reduction and Syria Human Rights Act. OFAC has issued an FAQ regarding the section of the EO which prohibits subsidiaries of U.S. persons from knowingly violating the regulations.(10/10/2012)

• Discount rate meetings minutes

  The FRB has released the minutes of its discount rate meetings from August 13 through September 10, 2012.(10/10/2012)

• SAR filings on foreclosure scams increase

  FinCEN has issued a news release announcing publication of its latestMortgage Loan Fraud Update. The Update indicates that SARs filed regarding foreclosure rescue scams increased while those filed for mortgage loan fraud decreased.(10/10/2012)

• FTC sues marketers of mortgage relief schemes

  The Federal Trade Commission has announced that it has filed three separate suits in federal court alleging those charged engaged in deceptive tactics and operations that preyed on distressed homeowners by falsely claiming they could save their homes from foreclosure, charging them thousands of dollars up-front, and delivering little or no help.(10/10/2012)

• HMDA and Flood CMPs

  The FDIC has announced the assessment of four civil money penalties (CMPs) totaling $51,750 for flood violations and four more totaling $36,750 for HMDA violations. Information regarding the CMPs has been posted on BOLs Flood Penalties Watch and HMDA Heaven pages.(10/9/2012)

• G.19 Consumer Credit report

  The August 2012 G.19 Consumer Credit report has been released by the Federal Reserve Board.(10/9/2012)

• CRA ratings

  The FDIC has released the ratings received by banks that were recently examined for CRA compliance.(10/9/2012)

• FinCEN CRT/DOEP webinar archive available

  FinCEN has announced the availability of the archived recording and presentation materials for its Information Webinar on October 2, 2012, on the new FinCEN CTR and DOEP. (10/9/2012)

• FinCEN CDD proposal roundtable

  FinCEN has announced another Roundtable Discussion on the advance notice of proposed rulemaking on customer due diligence requirements for financial institutions to be held in Los Angeles on October 29, 2012. Attendance requests must be submitted by October 19, 2012.(10/9/2012)

• Hamas charities added to SDN List

  Treasury has announced the OFAC designations of two Lebanon-based charities controlled by Hamas as SDGTs and the addition of their names to the SDN List. In addition, the listing of an existing SDGT was changed. Information concerning the charities and the change is included in a BOL OFAC Update. (10/5/2012)

• FHFA posts secondary mortgage market proposal

  A news release has been issued by the FHFA announcing the publication of a white paper on a proposed framework for a common securitization platform and a model Pooling and Servicing Agreement. Comments are requested by December 3, 2012.(10/5/2012)

• FRB publishes links to BHC living wills

  The FRB has published links to the public sections of the resolution plans (living wills) submitted by certain bank holding companies (BHCs) and nonbank financial companies pursuant to the requirements of Reg QQ.(10/5/2012)

• FOMC minutes

  The minutes of the September 12-13, 2012, meeting of the Federal Open Market Committee (FOMC) have been published by the FRB.(10/5/2012)

• October FedFocus

  The October 2012 issue of FedFocus features an article on how the Financial Partners Credit Union busted the myths about switching to the Feds check services. Other articles discuss a tested recipe for ACH payment services, being ready for some check adjustments, and switching customers to direct deposit.(10/5/2012)

• NCUA sues Credit Suisse

  An NCUA news release has announced a complaint filed against Credit Suisse in Federal District Court alleging violations of federal and state securities laws through misrepresentations in connection with the underwriting and subsequent sale of mortgage-backed securities to three credit union that subsequently failed.(10/5/2012)

• Curry on minority depository institutions

  In remarks before the National Bankers Association Annual Convention, Comptroller Curry discussed the important role of minority depository institutions.(10/4/2012)

• 314(a) Fact Sheet update

  FinCEN has updated the 314(a) Fact Sheet with information current as of October 2, 2012.(10/4/2012)

• FATF annual report

  The Financial Action Task Force (FATF) has issued its 2011-2012 Annual Report.(10/4/2012)

• Call Report FIL

  The FDIC has issued a second FIL on the September 30, 2012, Call Report.(10/4/2012)

• Consumer alert on fraudulent emails

  The FDIC has issued a Consumer Alert about fraudulent email messages claiming to be from the FDIC. They make reference to the suspension of recipients ability to conduct transfers via ACH and/or wire transfer. Recipients are encouraged to install a software update by clicking on a link provided that will restore functionality.(10/4/2012)

• FinCEN BSA IT modernization report card

  Treasury has released a report regarding FinCENs BSA IT modernization program relating to terrorist financing/money laundering.(10/4/2012)

• Written Agreement

  The Federal Reserve Board has announced the execution of a Written Agreement with SouthFirst Bancshares, Inc., Sylacauga, Alabama.(10/3/2012)

• NCUA prohibition orders

  The NCUA has issued three orders prohibiting the individuals named from participating in the affairs of any federally insured financial institution. Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.(10/3/2012)

• FTC comments on CFPB mortgage forms

  The FTC staff has submitted to CFPB a comment on the proposed mortgage disclosure forms designed to help consumers understand the features, costs, and risks of home mortgage loans.(10/3/2012)

• NMLS system upgrade

  NMLS will undergo system maintenance starting at 9:00 pm ET on Friday, October 19, 2012. The system will be unavailable until the upgrade is complete, which is expected to be Sunday afternoon, October 21, 2012.(10/3/2012)

• SCOOS on dealer financing

  The September 2012 Senior Credit Officer Opinion Survey (SCOOS) on Dealer Financing Terms has been released by the Federal Reserve Board.(10/3/2012)

• Final notice on replacement of ReserveCalc

  FRB Financial Services has issued its final notice regarding the planned replacement of ReserveCalc with Reserves Central-Reserve Account Administration. Users are warned to review the individuals with current access to the ReserveCalc service by October 16, 2012.(10/3/2012)

• Curry on operational risk

  In a presentation at a training conference for OCC Bank Information Technology examiners, Comptroller Curry discussed operational risk.(10/3/2012)

• FDIC Board meeting notice

  The notice of the October 9, 2012, meeting of the FDIC Board has been posted.(10/3/2012)

• Amex to pay $85M in restitution and $27M CMPs

  The FRB, OCC, FDIC, CFPB, and Utah Department of Financial Institutions have announced formal enforcement actions against entities that they supervise in the American Express organization. The actions resulted from alleged deceptive marketing and debt collection practices and associated deficiencies in compliance risk management and internal audit. The orders call for payment of total restitution from all entities of approximately $85 million to more than 250,000 affected consumers, and the imposition of civil money penalties totaling approximately $27 million.(10/2/2012)

• Bernanke on Fed and monetary policy

  In a presentation to the Economic Club of Indiana, Chairman Bernanke addressed Five Questions about the Federal Reserve and Monetary Policy.(10/2/2012)

• 31 CRA ratings released

  The OCC has released the ratings received by 31 national banks and federal savings associations that were recently evaluated for compliance with CRA.(10/2/2012)

• HUD disaster recovery plans

  New disaster recovery plans have been approved by HUD for New Jersey and New York to help communities recover from 2011 storm damage.(10/2/2012)

• Small business credit report

  The FRB has submitted to Congress the Availability of Credit to Small Business report. The report is required to be prepared and submitted every five years. Previous reports are also available.(10/2/2012)

• Third quarter Call Report instructions

  FDIC FIL-42-2012 has been issued with instructions for the third quarter 2012 call report.(10/2/2012)

• New NCUA videos released

  The NCUA has released a new three-part installment in its YouTube economic update series, featuring an overview of the economy, a review of where it is headed, and a discussion about emergency liquidity.(10/2/2012)

• SDGT removed from SDN List

  OFAC has removed an Iranian organization and its multiple AKA entries from the SDN List. Information regarding the deletions has been posted in a BOL OFAC Update.(10/1/2012)

• Discount Window lending transactions available

  The Federal Reserve has begun the quarterly publication of transaction-level information related to discount window lending to depository institutions and open market transactions. The data in the initial release cover transactions between July 22, 2010, and September 30, 2010.(10/1/2012)

• OCC BSA/AML exam bulletin

  OCC Bulletin 2010-30 has been issued summarizing the refinements that the Agency has made to its guidance with respect to how examiners consider Bank Secrecy Act/Anti-Money Laundering (BSA/AML) examination findings regarding CAMELS and ROCA ratings.(10/1/2012)

• Enforcement actions released

  The FDIC has released the list of orders of administrative enforcement actions taken against banks and individuals in August 2012.(10/1/2012)

• Illinois bank closed

  The FDIC has announced the closing of First United Bank, Crete, Illinois, and the assumption of all its deposits.(10/1/2012)

• Texas CU liquidated

  The NCUA has announced the closing and liquidation of the El Paso Federal Credit Union.(10/1/2012)

• SAR webinar

  FinCEN held an informational webinar on September 13, 2012, regarding the new FinCEN SAR. The recorded version of this webinar, as well as the corresponding presentation materials, are now available for viewing.(10/1/2012)

• Bureau announces countries list

  The CFPB has blogged an announcement of an initial list of five countries to which an exception in the Regulation E Remittance Transfer rules will apply. The blog posting also announced a planned Bureau webinar on the Remittance Transfer Rule to be held at 2:30 p.m. on October 16, 2012.(9/28/2012)

• Japanese criminal clan and leaders designated

  Treasury has announced the designation of the Sumiyoshi-kai, the second-largest clan within the Japanese Yakuza criminal network, and two of its leaders. Their names have been added to the SDN List with the Transnational Criminal Organization (TCO) notation. More details are posted in a BOL OFAC Update.(9/28/2012)

• Cordray welcomes Consumer Advisory Board

  Bureau Director Richard Cordray offered welcoming remarks at the inaugural meeting of the CFPBs Consumer Advisory Board in St. Louis yesterday.(9/28/2012)

• Mortgage interest rate report

  The August 2012 Mortgage Interest Rate Report has been released by the Federal Housing Finance Agency (FHFA). The national average contract mortgage rate for the purchase of previously occupied homes by combined lenders decreased 0.10% from that of July 2012.(9/28/2012)

• Second quarter HSD and FOR report

  The Federal Reserve Board has released the household debt service ratio (DSO) and financial obligation ratio (FOR) report for the second quarter 2012.(9/28/2012)

• Mortgage performance mixed

  The OCC Mortgage Metrics Report for the Second Quarter 2012 has been published. It indicates the overall quality of first-lien mortgages serviced by large national and federal savings banks improved from the same period a year ago but showed seasonal decline from the first quarter 2012.(9/28/2012)

• SEC charges investment bank analyst

  The SEC has announced that it has filed a complaint charging a former analyst at a Boston-based investment bank with illegally tipping a close friend with confidential information about clients involved in impending mergers and acquisitions.(9/28/2012)

• Swap and capital proposal comments reopened

  A joint news release has been issued by five federal agencies to announce the reopening of the comment period on a proposed rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants. The comment period, which originally ended July 11, 2011, is now open until November 26, 2012.(9/27/2012)

• Actions against Myanmar (Burma) banks withdrawn

  A Treasury press release has announced that FinCEN is repealing a final rule that required certain U.S. financial institutions to take special measures directed at two of Burmas then-largest banks, Myanmar Mayflower Bank and Asia Wealth Bank. The identification of these banks as financial institutions of primary money laundering concern was also withdrawn. The banks were closed by the Myanmar government.(9/27/2012)

• NCUA to revise payday-alternative loans rule

  The NCUA has published an advance notice of proposed rulemaking (ANPR) requesting comments by November 26, 2012, on how best to improve its regulation at 12 CFR Part 701 governing payday-alternative loans (PAL), formerly known as short-term, small amount loans.(9/27/2012)

• Fed reports going electronic

  The Federal Reserve has announced plans for transitioning to electronic filing of FR 2835 and FR 2835a reports (on interest rates for certain loans and credit cards) in February 2013. All filers are encourage to plan to take advantage of the new technology.(9/27/2012)

• Using SBICs to expand business

  The September 2012 issue of Community Development Insights has been published by the OCC featuring an article,Small Business Investment Companies: An Investment Option for Banks, explaining how banks can use SBICs to expand their small-business finance activities, and what risks and regulatory considerations are involved.(9/27/2012)

• Bureau posts draft strategic plan

  The CFPB has released and asked for comments on a draft of its strategic plan for 2013-2018. Comments on the draft are requested by October 25, 2012.(9/26/2012)

• Triaged exam reports

  The FDICs FIL-41-2012 has announced that reports of compliance exams started on or after October 1, 2012 will classify cited violations into three levels of severity, to help focus the institutions attention on the most significant issues identified during the examination.(9/26/2012)

• Credit scores differences

  A CFPB press release has announced the release of a study comparing credit scores sold to creditors and those sold to consumers. The study revealed that about one-fifth of consumers would likely receive a score that is meaningfully different from the score on the same consumer provided to a lender. The Bureau said that such discrepancies can be harmful for consumers.(9/26/2012)

• Kingpin Act designations and SDGT update

  OFAC has announced the designation of five members of the Sinaloa Drug Cartel as Specially Designated Narcotics Trafficking Kingpins (SDNTKs) and the update of an existing Specially Designated Global Terrorist (SDGT) designation. Details have been included in a BOL OFAC Update.(9/26/2012)

• FRB enforcement action

  The Federal Reserve Board has executed a Written Agreement with VFSC, Inc., Eden Prairie, Minnesota.(9/26/2012)

• FRB Services reminder

  A reminder has been issued by FRB Services of simplifications to reserves administration scheduled for implementation on January 24, 2013. The announcement also asked participating institutions to consider establishing access to FRB Services new Reserve Central Reserve Account Administration process.(9/26/2012)

• House Price Index rises

  The Federal Housing Finance Agency (FHFA) has issued the July House Price Index, which rose 0.02% on a seasonally adjusted basis from June to July.(9/26/2012)

• NCUA sues Barclays Capital

  An NCUA news release has announced the filing of a lawsuit in federal court against Barclays Capital, Inc. The complaint alleges Barclays violated federal and state securities laws through misrepresentations in the sale of mortgage-backed securities to U.S. Central Federal Credit Union and Western Corporate Federal Credit Union. (9/26/2012)

• SEC charges bankers for understating losses

  The SEC has announced the filing of Complaints against three former executives of a Nebraska bank for understating millions of dollars in losses to mislead investors and federal regulators. Two of the executives have agreed to collectively pay nearly $1.2 million to settle the charges against them. The remaining case is ongoing.(9/26/2012)

• Survey of Terms of Business Lending

  The E.2 Survey of Terms of Business Lending for August 6-10, 2012, has been released by the Federal Reserve.(9/26/2012)

• Discover to pay $214 million

  The FDIC and CFPB have announced a joint public enforcement action order requiring Discover Bank to refund approximately $200 million to more than 3.5 million consumers and pay a $14 million civil money penalty. The agencies found that Discover engaged in deceptive telemarketing and sales tactics to mislead consumers into paying for various credit card add-on products payment protection, credit score tracking, identity theft protection, and wallet protection.(9/25/2012)

• OFAC updates Iranian Oil Company determination

  Treasury has updated its SDN List designation for National Iranian Oil Company in an Iran Threat Reduction and Syria Human Rights Act determination, and added a dedication section on the action to its FAQ page. For information see the related BOL OFAC Update.(9/25/2012)

• New capital estimation tool

  A joint press release by the federal banking regulatory agencies has announced the availability of a regulatory capital estimation tool to help community banking organizations and other interested parties evaluate recently published regulatory capital proposals. The tool will assist in estimating the potential effects on their capital ratios of the agencies Basel III and Standardized Approach proposals.(9/25/2012)

• Mobile financial services and the unbanked and underbanked

  The September 2012 issue of the Federal Reserve Bulletin features an article on the use of financial services by the unbanked and underbanked and the potential for the utilization of mobile delivery channels.(9/25/2012)

• NCUA Executive Director to retire

  David Marquis, Executive Director of the NCUA, has announced his retirement, effective January 31, 2012.(9/25/2012)

• Supervisory guidance: natural disaster/emergency

  Bulletin 2012-28 has been issued by the OCC setting out supervisory guidance for national banks, federal savings associations, and any federal branch or agency of a foreign bank in the event of a declaration of a legal holiday or a disaster that may affect their operations or customers. The bulletin rescinds and replaces guidance previously issued by the OCC and OTS.(9/24/2012)

• OCC enforcement actions

  A list of Enforcement Actions recently taken by the OCC against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations has been released.(9/24/2012)

• Asset purchaser/investor outreach workshops

  The FDIC has announced a series of outreach workshops on how to invest in or purchase assets retained from failed financial institutions. The three workshops will be held in Chicago on September 27th, Los Angeles on October 2nd, and New York on October 16th, 2012.(9/24/2012)

• Customer Due Diligence ANPR roundtable

  A roundtable discussion has been announced by FinCEN on its Advance Notice of Proposed Rulemaking (ANPR) on customer due diligence requirements for financial institutions. The meeting will take place on October 5, 2012, in New York from 10:00 am - 3:00 pm ET.(9/24/2012)

• Financial scam warning

  FinCEN has issued a warning regarding email and telephone scams in which the sender/caller claims to be an employee of FinCEN, calls the victim by name and seeks personal information.(9/24/2012)

• CFPB Civil Investigative Demands

  An article has been posted on the CFPB Blog regarding the agencys authority to obtain information from a financial institution by issuing a Civil Investigative Demand (CID). The article notes that if a CID is challenged by the institution, the CFPBs response is considered a public record and generally will be posted on the CFPB website.(9/24/2012)

• Trading revenues decline

  The OCC has issued the second quarter 2012 commercial banks and savings associations trading revenue report, which reflects revenues of $2.0 billion, which is 69% lower than for the first quarter of 2012 and 73% lower than revenues in the second quarter of 2011. (9/24/2012)

• Receivables report released

  The G.20 Finance Companies Owned and Managed Receivables Outstanding report for July 2012 has been released by the FRB.(9/24/2012)

• Bogus credit card sellers pay $7.5 M

  The FTC has announced a settlement with the operators of a telemarketing scheme that peddled bogus platinum credit cards and made unauthorized debits to consumers bank accounts. The defendants will pay $7.5 million and are permanently banned from telemarketing.(9/21/2012)

• Curry at the Roundtable

  In remarks before the Financial Services Roundtable in Washington, D.C., Comptroller Curry discussed the history of the OCC, the evolution of the financial industry, and its current and future challenges.(9/21/2012)

• Agreement to protect shared financial info

  FinCEN has announced the formal approval of an agreement by the Organization of American States (OAS) and the Inter-American Drug Abuse Control Commission (CICAD) adopting principles and best practices for the use and protection of sensitive financial intelligence information.(9/21/2012)

• NCUA Board meeting

  An NCUA Bulletin has announced and summarized the actions taken by the NCUA Board at its September 20, 2012, open meeting.(9/21/2012)

• Cordray presentation to CEDC

  The CFPB has released remarks delivered yesterday by Director Cordray at the Corporation for Enterprise Development Conference.(9/21/2012)

• Flow of Funds report

  The Z.1 Flow of Funds report for Second Quarter 2012 has been posted by the FRB.(9/21/2012)

• FinCEN announces Form 8300 e-filing

  FinCEN has announced that Reports of Cash Payments Over $10,000 Received in a Trade or Business (Form 8300) may now be filed electronically. FinCEN reported that it will continue to accept paper Form 8300 filings for the near future, thus suggesting that it may eventually mandate e-filing of the reports.(9/20/2012)

• OFAC actions

  The Treasury Department has announced its designation of a Syrian entity and others involved in arms and procurement networks in support of Syria's Assad regime, and identified 117 blocked Iranian aircraft. Also announced was the lifting of sanctions against Burmese President Thein Sein and Lower House of Parliament Speaker Thura Shwe Mann. Information on the designations, blocked aircraft and other changes has been posted in a BankersOnline OFAC Update.(9/20/2012)

• FDIC insurance resources announced

  The FDIC has posted FIL-40-2012 to announced the availability of a large-print version of its Your Insured Deposits consumer brochure and a new computer-based training module, FDIC Deposit Insurance Coverage for Bankers, which is available in an interactive format on the FDICs website, on DVD, and in a PDF version.(9/20/2012)

• CFPB Consumer Advisory Board inaugural meeting

  An announcement on the CFPB Blog reports that the inaugural meeting of the Bureaus Consumer Advisory Board will be held in St. Louis on September 27, 2012. The public is invited.(9/20/2012)

• Structure and share data released

  The Federal Reserve Board has released the March 2012 structure data for the U.S. banking offices of foreign entities.(9/20/2012)

• 2011 mortgage lending data

  The FFIEC has announced the availability of data on mortgage lending transactions in 2011 at U.S. financial institutions covered by HMDA.(9/19/2012)

• Bulletin on mortgage market

  The Federal Reserve Board has issued the September 18, 2012, Federal Reserve Bulletin, featuring an article analyzing 2011 mortgage market highlights from the HMDA data reports. (9/19/2012)

• Two FDIC teleconferences announced

  The FDIC has issued FIL-39-2012 announcing teleconferences on September 27, 2012, and October 10, 2012, to maintain open lines of communication and update bankers on important banking regulatory and emerging issues in the compliance and consumer protection area. (9/19/2012)

• Early bond redemptions authorized

  Savings bond agents in certain parishes in Louisiana and counties in Mississippi recently affected by severe weather have been authorized to redeem early specified EE and I savings bonds.(9/19/2012)

• FTC action on robocalls and unauthorized debits

  A federal court acting on the request of the FTC has issued an order halting a purported debt relief operation that allegedly contacted consumers through prerecorded telemarketing calls, falsely claimed it would reduce their unsecured debt by 50 percent or more, made unauthorized charges to their bank accounts, and called phone numbers listed on the National Do Not Call Registry.(9/19/2012)

• 314(a) update

  FinCEN has updated the 314(a) Fact Sheet with data current as of September 18, 2012.(9/19/2012)

• New FinCEN ruling on 314(b) sharing

  FinCEN Ruling FIN-2012-R006, issued on July 25 and released yesterday, addresses whether a specific company could be considered an association of financial institutions under the regulations implementing  314(b) of the USA PATRIOT Act.(9/19/2012)

• New FedReceipt routing numbers

  Federal Reserve Bank Services has announced the addition of new FedReceipt routing numbers effective September 24, 2012.(9/19/2012)

• 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 2012 will be subject to HOEPA 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, 2012, was a Saturday, use the rate on September 14, 2012, the business day immediately preceding the 15th.(9/18/2012)

• Roundtable scheduled for due diligence ANPRM

  FinCEN has scheduled a Roundtable Discussion on September 28, 2012, to gather information on the previously announced Advance Notice of Proposed Rulemaking (ANPRM) on Customer Due Diligence Requirements for Financial Institutions. The session will be held in Chicago at the U.S. Commodity Futures Trading Commission. (9/18/2012)

• FDIC State Profiles update

  The FDIC has posted the Second Quarter 2012 State Profiles, a quarterly data sheet of the banking and economic conditions in each state.(9/18/2012)

• OCC guidance on IORR risk

  The OCC has issued Bulletin 2012-27 to provide guidance on appropriate credit risk management practices for investor-owned, one-to-four-family residential real estate (IORR) lending when the primary repayment source for the loan is rental income.(9/18/2012)

• Missouri bank closed

  The FDIC has announced the closing of Truman Bank, St. Louis, Missouri, and the assumption of its deposits (except for some brokered deposits) by Simmons First National Bank, Pine Bluff, Arkansas.(9/17/2012)

• FDIC Consumer Alert

  A Consumer Alert has been issued by the FDIC regarding two schemes involving fraudulent e-mails that claim to be from the FDIC. One mentions the Bankruptcy Act of 1978 and the other refers to ACH transactions.(9/17/2012)

• FedFlash

  The September 2012 issue of FedFlash has been posted by Federal Reserve Bank Services. It features articles concerning recent developments in FedLine Access Solutions, Check/Check 21 Services and FedACH Services.(9/17/2012)

• G.17 Industrial Production report

  The FRB has issued the September 14, 2012, G.17 Industrial Production and Capacity Utilization report and supplement tables.(9/17/2012)

• Hoenig on Basel capital rules

  In a presentation delivered to the American Banker Regulatory Symposium, FDIC Director Hoenig commented on Basel III. He encouraged the Basel Committee to rethink its proposed Basel capital standards in favor of an alternative that goes back to the basics.(9/17/2012)

• FinCEN: Attention paper filers

  FinCEN has issued a reminder that the requirement to file most FinCEN reports electronically was effective July 1, 2012. Institutions filing paper reports will receive a notice from FinCEN indicating that they have been identified as filing incorrectly, and will be directed to the BSA E-Filing system. Continued attempts to file reports on paper may result in civil money penalties from FinCEN.(9/14/2012)

• Hizballah leadership designated

  Treasury has announced the designation of the Secretary General and two other senior leaders of Hizballah pursuant to their support of the Syrian government and other terrorist activities around the world. Their names have been added to the SDN List. In a separate action, OFAC added two SDN listings under the Kingpin Act. Information regarding the designations has been included in a BOL OFAC Update.(9/14/2012)

• FinCEN Customer Due Diligence public hearing transcript

  FinCEN has posted information obtained from its July 31, 2012, public hearing regarding the Advanced Notice of Proposed Rulemaking on Customer Due Diligence Requirements for financial institutions. (9/14/2012)

• Written Agreements executed

  The Federal Reserve Board has announced the execution of Written Agreements with The State Bank of Geneva, Geneva, Illinois, and Doral Financial Corporation, San Juan, Puerto Rico.(9/14/2012)

• FOMC statement and economic projections

  The FRB has issued a press release about the September 12-13, 2012, meeting of the Federal Open Market Committee (FOMC). The Committee agreed to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month. A Statement Regarding Transactions in Agency Mortgage-Backed Securities and Treasury Securities, and economic projections were also released.

• Cordray testifies

  In written testimony presented to the Senate Committee on Banking, Housing and Urban Affairs, Director Cordray discussed the Semi-Annual Report of the Consumer Financial Protection Bureau, which covers its activities from January 1June 30, 2012.(9/14/2012)

• CFPB Advisory Board and Councils announced

  The CPFB has announced the appointment of the members of the its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council.(9/14/2012)

• Managing credit risk in loan participation purchases

  The FDIC has issued FIL-38-2012 with an Advisory on effective credit risk management for purchased loan participations.(9/13/2012)

• Permissible investments for federal savings associations

  The OCC has issued Bulletin 2012-26 advising federal savings associations to review the Final Rule and Guidance on investments in corporate debt securities issued by the FDIC on July 24, 2012. Compliance is mandatory by January 1, 2013.(9/13/2012)

• Low-income CU designations

  The NCUA has announced that 553 federal credit unions have elected to be designated as low-income credit unions (LICUs) and be eligible for loans and grants from NCUAs Office of Small Credit Union Initiatives and no cap status on member business loans.(9/13/2012)

• Unbanked and underbanked survey

  An FDIC press release has announced the results of the 2011 National Survey of Unbanked and Underbanked Households. (9/13/2012)

• Fannie and Freddie changes

  The Federal Housing Finance Authority (FHFA) has announced the launch of a new representation and warranty framework for conventional loans sold or delivered to Fannie Mae and Freddie Mac on or after January 1, 2013. Further details are available in Fannie Maes Selling Guide Announcement and Lender Letter and in Freddie Macs Guide Bulletin and Industry Letter.(9/12/2012)

• FinCEN announces SAR and CTR webinars

  FinCEN has announced it will present webinars on Tuesday, September 18, 2012, to discuss the BSA E- filing process and filing instructions for the new Suspicious Activity Report (SAR) and on Tuesday, October 2, 2012, to discuss the BSA E-filing process and filing instructions for the new Currency Transaction Report (CTR) and Designation of Exempt Person (DOEP). Space is limited for each session.(9/12/2012)

• Treasury reports positive return on AIG investment

  A press release issued by Treasury after its most recent sale of AIG common stock reports a positive return to date of $15.1 billion on the initial $182.3 billion investment.(9/12/2012)

• Term deposit auction results

  The Federal Reserve Board has announced the results of the September 10, 2012, auction of $3 billion in 28-day term deposits.(9/12/2012)

• Federal Reserve ReserveCalc second notice

  The Fed has issued its second notice to current ReserveCalc subscribers of the implementation of changes to the system effective January 24, 2013. (9/12/2012)

• CTR exemption guidance

  Guidance FIN-2012-G005 has been issued by FinCEN to clarify the definition of motor vehicles, vessels, aircraft, and farm equipment as it relates to exempting the cash transactions of a customer from the requirement to file a currency transaction report.(9/11/2012)

• September FedFocus

  The Federal Reserve Board has posted the September 2012 issue of FedFocus. It features articles on technology transformation nearing a major junction, the continuing shift to an all-electronic payments environment, how to take advantage of technology to reduce ACH risk, and gearing up for the future.(9/11/2012)

• FinCEN Query available

  A news release has been issued by FinCEN to announce the availability of its new FinCEN Query search tool for access to data by law enforcement and other authorized parties.(9/11/2012)

• G.19 Consumer Credit report

  The FRB has released its July 2012 G.19 Consumer Credit report.(9/11/2012)

• NCUA town hall meeting webinar

  A free webinar town hall meeting, open to the credit union industry, will be held by the NCUA on October 4, 2012, beginning at 3 pm ET. It will cover a number of topics, including CU industry performance, the low-income eligibility initiative, the regulatory modernization initiative, the corporate credit union resolution, the new Office of Examination and Supervision, and recently finalized and proposed rules.(9/11/2012)

• New OFAC designation

  A Pakistani entity has been designated by OFAC as a Specially Designated Global Terrorist (SDGT) and its name has been added to OFACs SDN List.
  See BankersOnlines OFAC Update(9/10/2012)

• Treasury announces another AIG stock offering

  The Treasury Department has announced that it has launched an underwritten public offering of $18 billion of its American International Group, Inc. (AIG) common stock.(9/10/2012)

• FRB check processing conversion schedule

  The FRB has issued a current customer conversion schedule for its check platform modernization initiative. Additional information on the initiative is available on the Federal Reserve Bank Services site.(9/10/2012)

• Minnesota bank closed

  The FDIC has announced the closing of First Commercial Bank, Bloomington, Minnesota, and the assumption of its deposits by Republic Bank & Trust Company, Louisville, Kentucky.(9/10/2012)

• CRA ratings issued

  The ratings received by banks recently examined for CRA compliance have been issued by the FDIC.(9/10/2012)

• Bureau publishes compensation proposal

  The CFPB has published [Text; PDF] its previously-announced proposed rule that would (1) amend Regulation Z to implement TILA changes made by the Dodd-Frank Act to the current Regulation Z  1026.36 restrictions on loan originator compensation, adding guidance and clarification on the application of the compensation rules; (2) add a new restriction on the imposition of any upfront discount points, origination points, or fees on consumers under certain circumstances; (3) add provisions concerning proper qualification and registration or licensing for loan originators; and (4) implement restrictions on mandatory arbitration and the financing of certain credit insurance premiums. Comments on the proposal are due by October 16, 2012. (9/7/2012)

• OCC names Warwick

  The OCC has announced its selection of Ellen M. Warwick as Director for Enforcement and Compliance. She has served since July 2011 as an Assistant Director for Enforcement and Compliance at the agency.(9/7/2012)

• FTC mobile apps guide

  The Federal Trade Commission has announced its publication of a guide -- Marketing Your Mobile App: Get It Right from the Start --to help mobile application developers observe truth-in-advertising and basic privacy principles when marketing new mobile apps.(9/7/2012)

• Wife of drug lord added to OFAC list

  OFAC has announced designation of Griselda Lopez Perez, wife of fugitive drug lord Joaquin Chapo Guzman Loera, who plays a key role in his drug trafficking organization. In an unrelated action the name of a previously designated entity was removed from the SDN list. Information regarding these changes may be found in a BOL OFAC Update.(9/7/2012)

• NCUA sues UBS

  The NCUA has issued a news release announcing its filing in Federal District Court in Kansas of a complaint against UBS Securities, alleging the investment giant violated federal and state securities laws through misrepresentations in the sale of mortgage-backed securities to U.S. Central Federal Credit Union and Western Corporate Federal Credit Union. The regulator has previously filed five similar lawsuits and settled claims with three other financial institutions without legal action.(9/7/2012)

• BHC Supervision Manual update

  The July 2012 semi-annual update of the Bank Holding Company (BHC) Supervision Manual has been posted online by the Federal Reserve Board.(9/6/2012)

• CFPB releases credit bureau exam procedures

  The CFPB has issued a press release to announce the procedures it will use in examining credit bureaus and other consumer reporting companies.(9/6/2012)

• Early bond redemptions permitted

  FRB Services has announced an authorization for savings bond agents in specified Louisiana and Mississippi counties recently affected by severe weather to redeem early certain Series EE and I savings bonds.(9/6/2012)

• Bureau publishes extended comment dates

  The CFPB has published in the Federal Register its previously announced extension of comment periods from September 7 to November 6, 2012, on proposed changes to the definition of finance charge [PDF] and the proposed change to the high-cost mortgage coverage test [PDF].(9/6/2012)

• Meeting to discuss FDIC survey results

  The FDIC Advisory Committee on Economic Inclusion (ComE-IN) will meet on Wednesday, September 12, 2012, to discuss results of the FDICs second National Survey of Unbanked and Underbanked Households and new initiatives relating to Model Safe Accounts and mobile financial services. The meeting, to be held in the FDICs headquarters in Washington, DC, is open to the public and media.(9/6/2012)

• More Treasury stock auctions

  Treasury has announced its intention to conduct two more public auctions [Auction 1; Auction 2] of preferred stock in five financial institutions held in the Capital Purchase Program (CPP) under the Troubled Asset Relief Program (TARP).(9/6/2012)

• Second quarter charge-off report

  The Federal Reserve Board has released the charge-off and delinquency rates on loans and leases at commercial banks report for the second quarter of 2012.(9/6/2012)

• Term deposit auction

  A press release has been issued by the FRB to announce the offering on September 10, 2012, of $3 billion in 28-day term deposits.(9/6/2012)

• 314(a) update

  FinCEN has updated the 314(a) Fact Sheet with data current as of September 4, 2012.(9/6/2012)

• CU 2102 second quarter performance

  The NCUA has released its second quarter 2012 report of credit union nationwide performance. The report includes a map review of performance by state.(9/6/2012)

• Agencies publish appraisal proposal

  The OCC, FRB, NCUA, CFPB, and FHFA (Agencies) have published [Text; PDF] their previously-announced proposed rule that would amend Regulation Z to implement new TILA 129H, added by the Dodd-Frank Act, requiring appraisals for higher-risk mortgages, and make corresponding changes to related agency regulations. Comments on the proposal are due by October 15, 2012.(9/5/2012)

• CRA ratings released

  The OCC has released the ratings received by twenty-nine national banks and federal savings associations that were recently evaluated for compliance with CRA.(9/5/2012)

• G.5 Foreign Exchange Rates

  The August 2012 G.5 Foreign Exchange Rates Report has been posted by the Federal Reserve Board.(9/5/2012)

• Refund checks to scam victims

  The FTC has issued a press release announcing the mailing of refund checks to 4,468 consumers who were victims of a robocall telemarketing fraud scheme that promised credit card rate reductions for those who paid an upfront fee.(9/5/2012)

• Bureau extends comment deadlines

  The CFPB has blogged that it has extended from September 7 to November 6, 2012, the comment deadlines on proposed changes to the definition of finance charge (part of the July 9, 2012, proposal published at 77 FR 51116 on August 23, 2012) and the proposed change to the high-cost mortgage coverage test (part of the July 9, 2012, proposal published at 77 FR 49090 on August 15, 2012). All other comment deadlines in the two proposed rules remain unchanged.(9/4/2012)

• FDIC posts enforcement actions

  The FDIC has announced its release of a list of orders of administrative enforcement actions taken against institutions and individuals in July 2012. Four of the orders imposed civil money penalties (CMPs) totaling $23,675 for flood violations (details on BOLs Flood Penalties Watch page). The list also included two CMPs totaling $11,500 for HMDA violations (details on BOLs HMDA Heaven page).(9/4/2012)

• FHFA to increase guarantee fees

  The Federal Housing Finance Agency has announced that it has directed Fannie Mae and Freddie Mac to increase guarantee fees on single-family mortgages by an average of 10 basis points, beginning in November and December, to move Fannie and Freddie pricing closer to the level one might expect to see if mortgage credit risk was borne solely by private capital.(9/4/2012)

• Bernanke at Jackson Hole

  In remarks a the Federal Reserve Bank of Kansas City Economic Symposium in Jackson Hole, Wyoming, Chairman Bernanke reviewed Monetary Policy Since the Onset of the Crisis, including the implications for the Federal Reserves ongoing efforts to promote a return to maximum employment in a context of price stability.(9/4/2012)

• CRA exam schedules released

  The OCC and the FDIC have released their CRA examination schedules for the fourth quarter, 2012.(9/4/2012)

• Three banned from banking

  The NCUA has announced that it has issued Orders of Prohibition against three former employees of credit unions in Maine, California and Florida. Two of the individuals had been convicted of theft, and the third pled guilty to identity theft.(9/4/2012)

The Treasury Department's Office of Foreign Assets Control has released a notice of a settlement agreement with Barclays Bank Plc, London, England. Barclays has agreed to remit $2,485,890 to settle its potential civil liability for 159 apparent violations of the Zimbabwe Sanctions Regulations. From July 2008 to September 2013, Barclays processed 159 transactions totaling approximately $3,375,617 to or through financial institutions located in the United States – including Barclays’ New York branch (“Barclays NY”) – for or on behalf of corporate customers of Barclays Bank of Zimbabwe Limited (“BBZ”) that were owned 50 percent or more, directly or indirectly, by a person identified on the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) List of Specially Designated Nationals and Blocked Persons (the “SDN List”). See our Penalty entry for more information.