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The Department of Justice has announced that a former senior vice president at a California branch of an Israeli bank has been charged with conspiracy to defraud the United States, the Justice Department and the IRS. The indictment alleges he conspired to conceal the existence of undeclared accounts owned and controlled by U.S. customers in Israel. The accounts were concealed from the IRS by opening them under pseudonyms, code names and the names of nominee entities set up in the British Virgin Islands and on the island of Nevis.

The NCUA has issued a reminder to low-income credit unions in areas of the South and Midwest hit by the recent tornadoes that the Urgent Needs Initiative provides grants to help restore operations and repair facilities. Credit unions with a low-income designation can apply for emergency assistance grants of up to $7,500 to cover expenses related to natural disasters or other unexpected adverse events.

• FRB Requests CRA Revision Comments

  The FRB has requested public comment on proposed revisions to its regulations implementing the CRA that are intended to reduce regulatory burden on community banks. The proposed rulemaking is identical to proposals previously announced by the OCC and the FDIC. FRB PR  2/28/05

• Regulators Enter Written Agreement With Individuals

  The FRB and the FDIC have announced the execution of a joint Written Agreement by and among the Federal Reserve Bank of New York and the FDIC with two individuals affiliated with NorCrown Trust.
  FRB PR; FDIC PR; Written Agreement  2/28/05

• BSA And AML Deficiencies Result In Order

  The OCC has announced that due to deficiencies in internal controls regarding BSA and AML compliance, the Federal Branch of Arab Bank, PLC, New York, New York, has consented to an order under which it will contract its activities and convert to an agency office. The order replaced a previously interim order. Consent Order; Interim Order  2/28/05

• FDIC Issues 2004 Annual Report

  The FDIC has issued its 2004 Annual Report. Index; Full Report  2/28/05

• ABA Urges Action On Bankruptcy Legislation

  In emails sent to ABA members, Chairman Duke urged bankers to call their U.S. Senators regarding passage of Senate Bill 256, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. According to the ABA, the bipartisan legislation, which is scheduled to be voted on the week of February 28, would establish a bankruptcy system that protects those who most need protection while ensuring that those who can afford to pay at least part of their debts do pay.
  Senate Bill 256 2/25/05

• Winter Issue Consumer News Published

  The FDIC has published the Winter 2004/2005 issue of Consumer News which contains information on following subjects: Tips for Simplifying Your Financial Life; Expecting a Tax Refund? Beware of Costly Loans and Other Pitfalls; New Studies Highlight Different ID Thefts; and Updates on FDIC Insurance.
  Winter Consumer News 2/25/05

• Fourth Quarter Preliminary Interest Rate Risk Measures And Charge-Off Rates Released

  OTS has released the preliminary interest rate risk measures and the thrift industry charge-off rates for the fourth quarter 2004.
  Preliminary Measures; Charge-Off Rates 2/25/05

• Bank And Thrift Earnings Set Record

  FDIC insured commercial banks and savings institutions reported net income of $123 billion in 2004, surpassing the previous record set in 2003 and representing the fourth consecutive year that industry earnings set a new record.
  Earnings Record 2/25/05

• Fourth Quarter Edition of Quarterly Banking Profile Published

  The FDIC has published the fourth quarter edition of the Quarterly Banking Profile along with related publications.
  Quarterly Banking Profile;
  QBP Graph Book;
  QBP Statistics At-A-Glance;
  State Banking Performance Summary 2/25/05

• Final Guidance On OD Protection Published in FR

  This guidance is intended to assist insured depository institutions in the responsible disclosure and administration of
  overdraft protection services. 70FR9127 txt 70FR9127 pdf 2/24/05

• Changes To Regs Z And E To Be Discussed By CAC

  The FRB has announced that the Consumer Advisory Council will hold its next meeting on Thursday, March 17, 2005 in the Board's Martin Building in Washington, D.C. The session will begin at 9:00 a.m. and is open to the public. Anyone planning to attend the meeting must register online. Among the topics for discussion are proposed revisions of Reg Z and Reg E.
  Notice of Meeting;
  Registration Form 2/24/05

• OCC Updates Handbook

  The OCC has revised the “Other Consumer Protection Laws and Regulations” booklet in the Comptroller’s Handbook. Interagency examination procedures have been updated for such laws and regulations including the Homeowners Protection Act, the Consumer Leasing Act, the "Disclosure and Reporting of CRA-Related Agreements," and the "Prohibition Against Use of Interstate Branches Primarily for Deposit Production." Update
  2/24/05

• NCUA Releases Reform Proposal

  NCUA has released its January 2005 draft report entitled “Prompt Corrective Action Proposal for Reform”. The report discusses recommended statutory changes and provides details as to how NCUA would design a new risk-based system for federally insured credit unions. The proposed changes are designed to achieve comparability with the capital standards for FDIC-insured institutions by eliminating disparate differences in the standards.
  Proposal 2/24/05

• International Reserve Position Released

  Treasury has released the U. S. International Reserve Position for the week ending February 18, 2005.
  Reserve Position 2/24/05

• Fourth Quarter 2004 Charge-Off Report Issued

  The FRB has issued the Charge-Off and Delinquency Rates on Loan and Leases at Commercial Banks report for the Fourth Quarter 2004.
  Charge-Off Report 2/24/05

• December 2005 G. 20 Released

  The G.20 Financial Companies report for December 2004 has been released by the FRB.
  G.20 2/24/05

• Fedwire Forms Available Online

  FRB Financial Services has announced that Fedwire Funds and Fedwire Securities Authorization forms and instructions are now available online.
  Forms and Instructions 2/24/05

• Reg CC Technial Amendment Published in FR

  The FRB is amending appendix A of Regulation CC to delete the reference to the Detroit branch office of the Federal
  Reserve Bank of Chicago and reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland and delete the reference to the Houston branch office of the Federal Reserve Bank of Dallas and reassign the routing numbers listed under that office to the head office of that Reserve Bank. 70FR8716 (txt) 70FR8716 (pdf) 2/24/05

• Agencies Issue Final Guidance On OD Protection Programs

  The federal bank and credit union regulatory agencies have announced a final joint guidance to assist insured depository institutions in the disclosure and administration of overdraft protection programs.
  Fed Reg Notice;
  FRB PR;
  OCC NR;
  FDIC FIL;
  NCUA 2/22/05

• CRA Evaluations Released By OCC

  The OCC has released the CRA evaluations for sixteen national banks that became public during the period of January 15, 2005 through February 14, 2005. Two of the banks received an outstanding rating, fourteen were rated satisfactory and none received a needs to improve or substantial noncompliance rating.
  CRA 2/22/05

• February Issue New Electronic Interpretations and Actions Posted

  The OCC has posted online the February 2005 issue of New Electronic Interpretations and Actions.
  Electronic Interpretations 2/22/05

• OTS Regulatory Bulletins Issued

  OTS has issued two regulatory bulletins, one dealing with Check 21 and the other concerning HMDA.
  Check 21 Bulletin;
  HMDA Bulletin 2/22/05

• Check Processing Changes Announced For Three Fed Districts

  The FRB has announced amendments to Appendix A of Reg CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth, Seventh, and Eleventh Districts.Check Processing    2/18/05

• FRB Website Gets Makeover

  The FRB has implemented improvements to its web site to make the statistical releases and historical data easier to use. The statistical releases are now grouped by the following subject areas: principal economic indicators, bank asset quality, bank assets and liabilities, bank structure data, business finance, exchange rates and international data, flow of funds accounts, household finance, industrial activity, interest rates, and money stock and reserve balances. The site also now has links to Board surveys.Redesigned    2/18/05

• HOEPA March 2005 Reference Rates Posted

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in March 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month prior to the month you received the application.
  Daily H. 15;
  Weekly H. 15    2/17/05

• Enforcement Actions Announced

  The OCC has announced thirteen new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and seven terminations of existing enforcement actions.
  Enforcement Actions    2/17/05

• Greenspan Presents Money Policy Report To Congress

  Chairman Greenspan presented the FRB’s semiannual Money Policy Report and testimony before the Senate Committee on Banking, Housing, and Urban Affairs.
  Testimony;
  Money Policy    2/17/05

• FEDS Working Paper Published

  The FRB has published a working paper in the FEDS series entitled “An Empirical Analysis of Bond Recovery Rates: Exploring a Structural View of Default”.
  Abstract;
  Full Paper    2/17/05

• G. 17 Report Issued

  The FRB has issued the G. 17 Industrial Production and Capacity Utilization report for January 2005.
  G. 17    2/17/05

• Thrift Industy 2004 Earnings Announced

  OTS has announced that the nation’s thrift industry reported another year of sound financial results which were highlighted by record earnings and equity capital for the calendar year and last quarter of 2004.
  Highlights;
  Graphs and Charts;
  Selected Indicators    2/17/05

• Money Smart Winter 2005 Issue Published

  The Winter 2005 issue of Money Smart News has been published by the FDIC.
  Money Smart    2/17/05

• al Qaida Leader Added To SDN List

  OFAC has added an individual to the SDN list with the designation of SDGT. Information regarding the individual has been posted on the BOL OFAC page.    2/16/05

• IDIG Available On CD-ROM

  The FDIC has issued a FIL that announces that the Inventory of Deposit Insurance Guidance (IDIG), is now available on a free CD-ROM as a resource tool primarily for bank employees who work with deposit insurance coverage issues.
  FIL;
  IDIG Order Form    2/16/05

• Deputy Comptroller for Large Bank Supervision Named

  The OCC has announced that Joseph Evers has been appointed Deputy Comptroller for Large Bank Supervision.
  Evers    2/16/05

• February FedFocus Published

  The Federal Reserve Financial Services has published the February 2005 issue of FedFocus which contains articles regarding: Highlighting the Check Payments Study, FedLine Advantage Availability, and the Benefits of Check 21.
  FedFocus    2/16/05

• FDIC Releases 2005-2010 Strategic Plan

  The FDIC has released its strategic plan for the years 2005-2010.
  Strategic Plan    2/16/05

• December TIC Data Released

  Treasury has released the TIC data for December 2004.
  TIC    2/16/05

• International Reserve Position Update

  The International Reserve Position for the week ending February 11, 2004 has posted by Treasury.
  International Reserve    2/16/05

• Cost Of Funds Reports Issued

  OTS has issued the December 2004 and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports.
  December Report;
  Historical Report    2/16/05

• FDIC 2004 Annual Report Submitted

  As required by law, the FDIC has submitted its 2004 Annual Report to the President of the United States, the President of the U.S. Senate, and the Speaker of the U.S. House of Representatives.
  Annual Report    2/16/05

• Special Alert Counterfeit Cashier’s Checks

  The FDIC has issued a Special Alert regarding counterfeit cashier’s checks drawn on BancFirst, Oklahoma City, Oklahoma. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    2/15/05

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding First National of America Banc, Chicago, Illinois. The entity is not chartered by the OCC. There is no record of such a company being authorized or licensed to conduct the business of banking by the state of Illinois and the FDIC does not insure the entity or any products or services it may offer.
  Special Alert    2/15/05

• Three Countries Removed From NCCT List

  FATF has announced that the Cook Islands, Indonesia and the Philippines have been removed from the NCCT list and that China has been invited to attend FATF meetings as an observer. In addition, a Best Practices paper has been published regarding the detecting and preventing the cross-border transportation of cash by terrorists and other criminals.
  FATF PR;
  Paper    2/15/05

• FRB Revises Q & A

  The FRB has revised the Q & A found in the previously released Resolution Package regarding the board resolutions required from all Federal Reserve account holders and FedLine Advantage early adopters.
  Resolution Package    2/15/05

• OD Protection Programs Final Guidance Issued

  OTS has issued a final guidance on overdraft protection programs for savings associations. The guidance is intended to assist institutions in ensuring adequate disclosures in connection with, and the responsible administration of, overdraft protection programs made available to their customers.
  Final Guidance    2/15/05

• New Issue Of The Quarterly Review of Interest Rate Risk Published

  The Third Quarter 2004 issue of The Quarterly Review of Interest Rate Risk has been published by OTS and features an article on stripped mortgage-backed securities and risk management.
  Quarterly Review    2/15/05

• BIF And SAIF Year End Results Released

  The FDIC has released the 2004 year end financial results for the BIF and SAIF funds.
  Results    2/15/05

• Reg CC Technial Amendment Published in FR

  The FRB is amending appendix A of Regulation CC to delete the reference to the Birmingham branch office of the Federal Reserve Bank of Atlanta and reassign the Federal Reserve routing symbols currently listed under that office to the
  head office of the Federal Reserve Bank of Atlanta. 70FR7379   2/14/05

• Counterfeit Cashier’s Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier’s checks bearing the name of First Bank of Canyon Creek, Richardson, Texas, a branch of First National Bank of Crockett, Crockett, Texas. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits Page.
     2/14/05

• Comment Period Extended

  The federal banking and thrift regulatory agencies have extended for 45 days the comment period on the proposed changes to the data collection process that supports the Shared National Credit review of large syndicated loans. The public comment period will now end April 7, 2005.
  FRB;
  OCC;
  FDIC;
  OTS    2/14/05

• OCC Updates Licensing Manual

  The OCC has revised the "Charters " and "General Policies and Procedures" booklets of the Comptroller’s Licensing Manual series and posted them on the OCC’s Web site. In addition, the “Internet” and the “National Bank Charter” booklets have been deleted from the Manual’s series.
  Charters;
  General Policies;
  Licensing Manual    2/14/05

• Joint Enforcement Actions Issued

  The FRB and the FDIC have announced the issuance of joint enforcement actions against The NorCrown Trust and Charles Kushner who are required to pay civil money penalties totaling at least $12.5 million, to divest The NorCrown Trust's shares of NorCrown Bank, and to transfer the shares to a voting trust administered by an independent trustee until the divestiture is completed. Joint Orders;
  FRB PR; FDIC PR   2/11/05

• Prohibition Orders Issued By NCUA

  NCUA has issued orders prohibiting six individuals from participating in any manner in the affairs of federally insured financial institutions. NCUA PR; Orders    2/11/05

• Regulators Discuss BSA And AML Compliance

  In separate presentations before the Florida International Bankers Association’s “Anti-Money Laundering & USA Patriot Act Compliance Conference”, OCC Acting Chief Counsel Stipano and FinCEN Director Fox addressed BSA and AML compliance issues. Stipano Speech Fox Speech    2/11/05

• FYI Focuses On Home Price Cycle

  The FDIC has posted online the February edition of FYI which features an article on the topic, “U.S. Home Prices: Does Bust Always Follow Boom?”. FYI    2/11/05

• B of A Executes Enforcement Agreements and Pays $375 Million

  The FRB has announced the execution of a Written Agreement by and between Bank of America Corporation, Charlotte, N.C., a bank holding company, and the Federal Reserve Bank of Richmond. In addition, OCC announced the execution of a Written Agreement with Bank of America, N.A., Charlotte, N.C. and the SEC announced the execution of an administrative Order against Banc of America Capital Management LLC, a registered investment adviser, BACAP Distributors, LLC, a registered investment adviser, and Banc of America Securities, LLC, a registered investment adviser and broker dealer, which requires the payment of $375 million and the exiting of the mutual funds clearing business.FRB Written Agreement; OCC Written Agreement; SEC Order    2/10/05

• Comments Sought Regarding Extension Of Federal Reserve Reports

  The FRB is seeking comments regarding a proposal to approve the extension for three years, without revision, of the following reports: FR 2226, FR 2225, FR Y-3, FR Y3N, FR Y-4, and FR K-1. Proposal    2/10/05

• Federal Reserve Final Rule in FR

  on the Extension of Credit by Federal Reserve Banks. The final amendments to Regulation A have been adopted to reflect the Board’s approval of an increase in the primary credit rate at each Federal Reserve Bank, which also increases the secondary credit rate at each
  Reserve Bank automatically by formula as a result of the Board’s primary credit rate action. Effective date: The amendments to part 201 (Regulation A) are effective February 9, 2005. The rate changes for primary and secondary credit were effective on the dates specified in 12 CFR 201.51, as amended. Final Rule Published in FR 2/09/05.    2/09/05

• Sixth District Check Processing Restructuring To Start In March

  The FRB has announced amendments to Appendix A of Reg. CC that reflect the restructuring of the check processing operations in the Sixth Federal Reserve District. These amendments, which are effective March 26, 2005, are the first in a series will take place through the first quarter of 2006, associated with the previously-announced restructuring of the Reserve Banks' check processing operations which were featured in the September 28, 2004 BOL Top Stories. Restructuring   2/09/05

• Unauthorized Banking Alert

  The OCC has issued an Alert regarding an entity that calls itself "First National of America Banc," and uses a Chicago, Illinois address. The OCC has not authorized this entity to operate as a bank, and no record exists of its being authorized or licensed by the state of Illinois to conduct the business of banking. Alert    2/09/05

• International Reserve Position Update

  Treasury has released the U.S. International Reserve Position for the week ending February 4, 2005.
  Reserve Position    2/09/05

• OTS Budget Plan Released

  OTS has released its FY 2005 Performance Budget Plan. Plan    2/09/05

• CRA Ratings Issued By FDIC

  The FDIC has announced the CRA evaluation ratings that were issued to state nonmember banks in November 2004.
  CRA Ratings; FDIC PR    2/08/05

• Loan Officer Opinion Survey Results Published

  The results of the January 2005 Senior Loan Officer Opinion Survey on Bank Lending Practices, along with tables and charts, has been published by Treasury. Survey questions included: why nonbank investors have increased their participation in the C&I loan market, the effect of changes over the past year in their terms on commercial real estate loans, and why the share of industry assets accounted for by residential real estate loans has increased over the past three years. Full Report; Table 1; Table 2; Charts   2/08/05

• Consumer Credit Report Released

  The December 2004 G.19 Consumer Credit Report has been released by the FRB. G.19   2/08/05

• Blue Book Released

  Treasury has released the Blue Book which summarizes the revenue proposals in the President's Fiscal Year 2006 Budget. Blue Book   2/08/05

• OCC Predatory Lending Guidance Published

  The new OCC Guidelines designed to protect against national bank involvement in predatory, abusive, unfair, or deceptive residential mortgage lending practices have now been published in the Federal
  Register. Effective Date: 4/18/05 PDF; TXT   2/07/05

• Seven Banks Pay CMP For OFAC Violations

  The monthly OFAC CMP Enforcement Information report for February 2004 reveals that seven banks were cited for violations of OFAC Sanctions Programs regarding Sudan, Iran, Libya and Cuba. The CMPs imposed ranged from $2,760 to $30,800. Only one of the banks voluntarily disclosed its violation.
  OFAC CMP   2/07/05

• Examiner Borrowing Rule Amended

  The FRB has issued a SL that announces the amendment of the rules regarding borrowings by a bank examiner. The amendment provides narrow exceptions that enable an examiner to obtain credit cards and certain home mortgage loans from a broader range of lenders.
  SL; Amendment   2/07/05

• FDIC Announces Enforcement Orders

  The FDIC has announced that nineteen administrative enforcement actions were taken against banks and individuals in December 2004. The actions included six cease and desist orders, three removal and prohibition orders, three civil money penalty orders, one termination of insurance order, and six orders terminating orders to cease and desist. Orders   2/07/05

• Greenspan Observations On U.S. Trade Deficit

  In a presentation before the Advancing Enterprise 2005 Conference in London, FDIC Chairman Greenspan noted that the advance of information and communications technology has effectively shrunk the time and distance that separates world markets. He observed that the movement of saving accounts across national borders to fund investments has negatively impacted the U.S. trade deficit. In addition, he remarked that the increase in U.S. home mortgage debt correlates significantly with the trade deficit.
  Speech   2/07/05

• Proposed Rule: NCUA

  Request for Burden Reduction Recommendation; Safety and Soundness and Anti-Money Laundering Regulations; Economic Growth and Regulatory Paperwork Reduction Act of 1996 Review. Today, we request input to help identify which requirements in two regulatory categories—Safety and Soundness and Anti-Money Laundering—are outdated, unnecessary, or unduly burdensome. Comment Deadline 5/5/05. PDF; TXT    2/04/05

• Request For Comments Creates Buzz On Treads

  A notice posted in the Federal Register and a FIL regarding a request by the federal financial institution regulators for comments and suggestions is a hot topic on the Watercooler and CIP and BSA/PATRIOT Act Issues forums of BOL Bankers’ Threads. The topic that has created the uproar is - how to reduce the regulatory burdens regarding money laundering, safety and soundness, and securities rules. Read the notice and the reactions of your fellow BOL Users, add your thoughts to theirs and submit your comments.
  Notice;
  Fed Reg;
  FIL;
  BOL Watercooler Forum; BOL CIP and BSA/PATRIOT Act Issues Forum; Submit Comments   2/0/05

• Proposed Rule: The OCC, Board, FDIC, and OTS

  (‘‘we’’ or ‘‘the Agencies’’) are reviewing our regulations to identify outdated, unnecessary, or unduly burdensome regulatory requirements pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). Commment Deadline 5/4/05 PDF; TXT    2/03/05

• OCC Issues Predatory Lending Guidelines

  The OCC has issued a Bulletin announcing new residential real estate lending standards as an additional step to protect against national banks becoming involved in predatory, abusive, unfair, or deceptive residential mortgage lending practices. The standards described in the guidelines are to be enforcead by part 30 of the OCC’s regulations. Bulletin;
  Guidelines; Part 30    2/03/05

• C & D And Consent Orders Issued

  A cease and desist order regarding BSA and AML compliance has been issued by the FRB against Banco de Chile, Santiago, Chile, and Banco de Chile's Miami branch. In a separate, coordinated action, the OCC issued a Consent Order against the institution and branch. C & D; Consent Order    2/03/05

• Disposal Of CI FIL Issued

  The FDIC has issued a FIL regarding the previously announced Interagency Guidelines Requiring the Proper Disposal of Consumer Information. Notice of the Guidelines was posted in the December 22 and 28, 2004 BOL Top Stories. FIL    2/03/05

• FOMC And Board Raise Rates

  The FOMC has raised its target for the federal funds rate by 25 basis points and the Board of Governors has approved a 25-basis-point increase in the discount rate. Rates   2/03/05

• FEDS Working Paper Published

  The FRB has published a working paper in the FEDS series entitled, “Density Selection and Combination Under Model Ambiguity: An Application to Stock Returns’. Working Paper    2/03/05

• Counterfeit Money Orders Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit money orders bearing the name and routing number of Boone Bank & Trust Co., Boone, Iowa. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.    2/02/05

• FDIC Updates Insurance Guide and EDIE

  The FDIC has updated The Financial Institution Employee’s Guide to Deposit Insurance and the Electronic Deposit Insurance Estimator (EDIE) System–Banker Version 2.1, both of which can be downloaded from the FDIC’s Web site. Guide; EDIE   2/02/05

• Fraudulent FDIC Email Phishing Special Alert

  The FDIC has issued a Special Alert regarding emails that are being sent to consumers that appear to be from the FDIC. Consumers are requested to go to a fraudulent Web site is designed to look like a page from the FDIC's authentic Web page, where the individual is then directed to provide sensitive financial and personal information. Phishing Special Alert   2/02/05

• CRA Ratings Announced

  OTS has announced the CRA performance evaluations for the savings associations that became publicly available during January 2005. CRA Evaluations   2/02/05

• Winter Edition Of Community Developments Investments Published

  The OCC has published the Winter 2004/2005 edition of Community Developments Investments, which provides a guide for banks interested in creating and operating a CDC within their institutions.Winter 2004 Investments   2/02/05

• NCUA Issues Examiner Guidance White Paper

  An examiner guidance white paper entitled, “Supervising Community Development Credit Unions – Balancing Their Mission and NCUA’s Regulatory Responsibilities,” has been issued by NCUA. White Paper   2/02/05

• International Reserve Position

  Treasury has released the U.S. International Reserve Position for the week ending January 28, 2005.
  Reserve Position   2/02/05

• January Foreign Exchange Rates Released

  The G. 5 foreign exchange rates report for January 2005 has been released by the FRB. G.5   2/02/05

• Two International Finance Discussion Papers Published

  The FRB has published two working papers in the International Finance Discussion series with the following titles: “An Assessment of the Impact of Japanese Foreign Exchange Intervention: 1991-2004” and “Expansionary Fiscal Shocks and the Trade Deficit”. Assessment; Expansionary   2/02/05

• CEO Letter Regarding OFAC Blocked Transaction And SARs

  OTS has issued a CEO Letter regarding the previously announced FinCEN interpretive guidance that clarifies that reports filed with OFAC of blocked transactions will fulfill the requirement to file a SAR. Information regarding the guidance was posted December 23, 2004 in BOL Top Stories.
  CEO Letter   2/01/05

• FDIC ID Theft Symposium Information

  The FDIC has posted on its Web site the agenda and registration information for a ID Theft Symposium, “Fighting Back against Phishing and Account Hijacking”, to be held February 11, 2005 at the AED Conference Center in Washington, D.C.
  Symposium Information   2/01/05

• Market Financing Estimates Announced

  Treasury has announced its market financing estimates for the first and second quarters of 2005.
  Estimates   2/01/05
  
  

The OCC has issued two alerts concerning counterfeit official checks bearing the correct routing number of Old Florida National Bank, Orlando, FL and counterfeit cashier's checks bearing the correct routing number of The First National Bank of Weatherford, Weatherford, TX. Information on the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.

FDIC FIL-22-2014 announces steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Arkansas affected by severe storms, tornadoes, and flooding on April 27, 2014:

• A federal disaster for selected areas in Arkansas was declared on April 29, 2014. Additional designations may be made after damage assessments are completed in the affected areas. A current list of designated areas is available at www.fema.gov.
• The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather.
• Extending repayment terms, restructuring existing loans, or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the local community and serve the long-term interests of the lending institution.
• Banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.
• The FDIC also will consider regulatory relief from certain filing and publishing requirements.

The OCC has issued two alerts concerning counterfeit official checks bearing the correct routing number of Old Florida National Bank, Orlando, FL and counterfeit cashier's checks bearing the correct routing number of The First National Bank of Weatherford, Weatherford, TX. Information on the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.

FDIC FIL-22-2014 announces steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Arkansas affected by severe storms, tornadoes, and flooding on April 27, 2014:

• A federal disaster for selected areas in Arkansas was declared on April 29, 2014. Additional designations may be made after damage assessments are completed in the affected areas. A current list of designated areas is available at www.fema.gov.
• The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather.
• Extending repayment terms, restructuring existing loans, or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the local community and serve the long-term interests of the lending institution.
• Banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.
• The FDIC also will consider regulatory relief from certain filing and publishing requirements.

• FTO Designation Changes

  OFAC has changed an existing FTO designation on the SDN List. Information regarding the change has been posted on the BOL OFAC page.   1/31/05
  
  

• CDR Rollout Schedule Announced

  The federal banking agencies have announced that the Central Data Repository (CDR), an Internet-based system created to modernize and streamline how the agencies collect, validate, manage, and distribute Call Report data will be available for testing by banks and software vendors early this summer.
  FRB PR;
  OCC NR;
  FDIC PR    1/31/05
  
  

• AML/BSA Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between the Asian Bank, Philadelphia, Pennsylvania and the Federal Reserve Bank of Philadelphia regarding correction of deficiencies in the bank’s AML and BSA policies and procedures.
  Written Agreement    1/31/05
  
  

• Assets Reports Released
  The FRB has released the December 2004 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports.
  Assets Reports   1/31/05
  
  

• Winter State Profiles Online

  The FDIC has posted on its Web site the Winter 2004 State Profiles which contain banking and economic conditions for each state. State Profiles    1/31/05
  
  

• SDGT FIL Issued

  The FDIC has issued a FIL regarding the previously announced addition of an individual to the SDN list with the designation of SDGT. Information concerning the addition was posted January 25, 2004 on the BOL OFAC page.    1/31/05
  
  

• NCUA Final Rule in FR on conversion of insured credit unions to mutual savings banks (MSBs). Final Rule Published in FR 1/28/05.   1/28/05
  
  

• Counterfeit Cashier’s Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier’s checks bearing the name of Benton Banking Company, Benton, Tennessee. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.    1/28/05
  
  

• Regulators Issue Basel II Implementation Guidance

  The federal banking and thrift regulators have released an interagency statement on implementation of the Basel II framework and the qualification process for the framework's "advanced approaches."
  Statement
  FRB PR;
  OCC NR;
  OTS PR    1/28/05
  
  

• C&D Issued Against Riggs

  FRB has announced the issuance of a consent Order to Cease and Desist against Riggs National Corporation, Washington, D.C., regarding management, capital, and contingency planning matters. The OCC has also announced the modification of a prior Consent Order. In another action, Riggs pled guilty to criminal violations of the BSA relating to the bank's failure to timely and accurately report suspicious transactions.
  FRB PR;
  FRB Order
  OCC Order    1/28/05
  
  

• Bond Liquidity Working Paper Published

  A working paper in the FEDS series has been published by the FRB on the topic, “Does Trading Frequency Affect Subordinated Debt Spreads?”. Working Paper    1/28/05
  
  

• NCUA Final Rule in FR on Mergers

  
  NCUA - The National Credit Union Administration (NCUA) is issuing final revisions to its rule on credit union mergers, federal share insurance terminations, and conversions from federal share insurance to nonfederal insurance. Final Rule Published in FR 1/24/05.    1/27/05
  
  

• 314a Facts And Feedback

  FinCEN has issued a fact sheet containing the latest feedback received from law enforcement agencies concerning the responses filed by financial institutions to 314a requests.
  314a Fact Sheet    1/27/05
  
  

• Financial Holding Companies List Updated

  The FRB has updated the list of bank holding companies that have elected to be treated as financial holding companies as of January 14, 2004. List    1/27/05
  
  

• 2005 Economic Outlook Roundtable Report

  The FDIC has published a new edition of FYI which contains a report on the comments regarding the outlook for the U.S. consumer sector made by various panelists at the 2005 Economic Outlook Roundtable.
  FYI;
  Roundtable Transcript    1/27/05
  
  

• Counterfeit Cashier’s Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier’s checks bearing the name of Cornerstone Community Bank, Chattanooga, Tennessee. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.    1/26/05
  
  

• Terrorist Financier Added To OFAC List

  OFAC has added the name of an individual, who has been providing financial and material support to the al-Zarqawi Network and al Qaida, to the SDN list as a SDGT. Information regarding the individual has been posted on the BOL OFAC page.    1/26/05
  
  

• International Reserve Position

  Treasury has released the U.S. International Reserve Position as of the week ending January 21, 2005.
  Reserve Position    1/26/05
  
  

• Basel II White Paper Published

  The FRB has published a White Paper on the topic “The Potential Impact of Explicit Basel II Operational Risk Capital Charges on the Competitive Environment of Processing Banks in the United States”.
  White Paper    1/26/05
  
  

• HMDA Data Collection Exemption Threshold Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced increase in the HMDA data collection exemption threshold for depository institutions under Reg C. Information concerning the increase was posted in the December 22 and December 27, 2004 BOL Top Stories Bulletin 2005-2    1/25/05
  
  

• Credit Unions Add Over 27 Million Potential New Members

  NCUA has announced that federal credit unions added over 27.4 million potential new members in 2004.
  New Members    1/25/05
  
  

• NCUA - Final Rule in FR on Mergers

  The National Credit Union Administration (NCUA) is issuing final revisions to its rule on credit union mergers, federal share insurance terminations, and conversions from federal share insurance to nonfederal insurance. Final Rule Text version    1/24/05
  
  

• International Reserve Position

  Treasury has released the U.S. International Reserve Position for the week ending January 14, 2005.
  Reserve Position    1/24/05
  
  

• Missing Cashier’s Checks Special Alert
  
  A Special Alert has been issued by the FDIC regarding missing cashier's checks drawn on Bank of America, National Association, Charlotte, North Carolina. Information concerning the cashier’s checks has been posted on the BOL Alerts & Counterfeits page.    1/20/05
  
  
• Banking License Revoked
  
  The FDIC has issued a Special Alert concerning the revocation by the Financial Institutions Commission of the Republic of Palau of the banking license of the Sunra International Bank & Trust Corporation.
  Special Alert    1/20/05
  
  
• September 30 Call Reports Available Online
  
  The FDIC has announced that the September 30, 2004 Call Reports are available for download from its Web site.
  Call Reports    1/20/05
  
  
• Beige Book
  
  The FRB has published an update of the Beige Book based on information collected before January 10, 2005.
  Summary;
  Beige Book    1/20/05
  
  
• 314a FIL
  
  A FIL has been issued by the FDIC regarding FinCEN’s previously announced plans to release its 314(a) search requests to financial institutions through a new secure Web-based system. Information concerning the plan was included in the January 18, 2005 BOL Top Stories. FIL    1/20/05
  
  
• SDNKT FIL Issued
  
  The FDIC has issued a FIL regarding the previously announced addition by OFAC of thirty-nine individuals and entities to its list of SDNTKs and SDNs. Information concerning the additions was posted in the January 13, 2005 BOL Top Stories. http://www.bankersonline.com/topstory/topstory.html
  FIL    1/20/05
  
  
• OCC Opposes Proposal To Expand FDIC Special Examination Authority
  
  Acting Comptroller Williams spoke in opposition to a proposal to expand the Federal Deposit Insurance Corporation’s special examination authority at the January 18, 2005 FDIC board meeting.
  Statement    1/19/05
  
  
• February HOEPA Reference Rates
  
  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in February 2005 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For February, you will use the rates posted on January 14th since January 15th fell on the weekend.
  H. 15 Daily Rates;
  H. 15 Weekly Rates    1/19/05
  
  
• OCC CRA Evaluations Released
  
  The OCC has released a list of twenty-five CRA performance evaluations that became public during the period of December 15, 2004 through January 14, 2005.
  CRA    1/19/05
  
  
• November 2004 TIC Data Released
  
  Treasury has released the Treasury International Capital Data for November 2004.
  TIC    1/19/05
  
  
• Fourth Quarter Asset & Liability Price Tables
  
  OTS has released the Asset & Liability Price Tables for the Fourth Quarter 2004.
  Tables    1/19/05
  
  
• FDIC Issues Letter To Stakeholders
  
  The FDIC has issued its quarterly Letter to Stakeholders, which reports on the FDIC's priorities and activities for the fourth quarter of 2004.Letter    1/19/05
  
  
• FDIC Insurance Employee Training Video Available
  
  The FDIC has issued a FIL announcing that a ninety minute video-seminar targeted for bank employees on the FDIC's rules and requirements for deposit insurance coverage is now available online.
  FIL    1/18/05
  
  
• Online 314a Distribution System Being Tested
  
  The OCC has issued an Alert to inform national banks and federal branches that FinCEN plans to introduce a new Web-based section314(a) delivery and reporting system during the month of February that should be fully operational by March 1, 2005. The Alert contains a memorandum received by those institutions that were arbitrarily selected to test the system.
  314a Alert
  FinCEN Memo    1/18/05
  
  
• December G. 17 Released
  
  The FRB has released the G. 17 Industrial Production and Capacity Utilization report for December 2004.
  G. 17    1/18/05
  
  
• Costs Of Funds Ratios Announced
  
  OTS has announced the historical and current Cost of Funds Ratios to OTS Regulated, SAIF - Insured Institutions as for November 2004. Historical;
  Current    1/18/05
  
  
• OCC Enforcement Actions Announced
  
  Six new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and two terminations of existing actions have been announced by the OCC.
  Enforcement Actions    1/14/05
  
  
• Merger Disclosure Requirements Final Rule Issued
  
  NCUA has issued final rule amending the disclosure requirements to credit union members of an institution’s intention to convert to private deposit insurance or to a mutual savings bank.
  Final Rule    1/14/05
  
  
• Three More Working Papers Published
  
  The FRB has published three new FEDS series working papers with the following titles: The GSE Implicit Subsidy and the Value of Government Ambiguity; The Effect of Housing Government-Sponsored Enterprises on Mortgage Rates; and GSEs, Mortgage Rates, and Secondary Market Activities.
  GSE; Effect; Activities    1/14/05
  
  
• G.20 Released
  
  The G. 20 Financial Companies report for November 2004 has been released by the FRB. G. 20    1/14/05
  
  
• 39 Named To OFAC List
  
  Treasury has identified 15 companies and 24 individuals associated with a money laundering cell of a violent drug trafficking ring operating out of Mexico. OFAC has added the names of the 39 entities to the SDN list as SDNTKs. Information regarding the new additions has been posted on the BOL OFAC page
  .    1/13/05
  
  
• OCC Urges Rethinking Of Consumer Protection Disclosures
  
  In a presentation before the Women in Housing Finance and The Exchequer Club, Acting Comptroller Williams urged bankers, government officials, and consumer advocates to work together to improve our current system of disclosure for financial consumers. She noted that the current system does not work well for consumers and imposes unnecessary burdens on bankers.
  Speech    1/13/05
  
  
• Bulletin Issued Regarding Disposal Of Consumer Information
  
  The OCC has issued a Bulletin regarding the previously announced Final Rule regarding the disposal of consumer information. Notice of the Final Rule was posted December 22, 2004 in
  BOL Top Stories.
  Bulletin;
  Final Rule    1/13/05
  
  
• New FEDS Paper Online
  
  The FRB has posted online a new working paper in the FEDS series entitled “Econometric Tests of Asset Price Bubbles: Taking Stock”.
  Abstract;
  Full Paper    1/13/05
  
  
• FDIC Enforcement Actions Announced
  
  The FDIC has announced sixteen enforcement actions taken against banks and individuals in November 2004 which include: three cease and desist orders, four removal and prohibition orders, seven civil money penalty orders, and two terminations of insurance.
  Enforcement Actions    1/12/05
  
  
• December 2004 Financial Reporting Bulletin Published
  
  OTS has released the December 2004 Financial Reporting Bulletin which contains information regarding filing deadlines and software, implementation of schedule red, public availability of the TFR, and an instruction manual update.
  Bulletin; Instruction Manual    1/12/05
  
  
• 2005 Regulatory Report Filing Schedule Released
  
  The 2005 filing schedule for regulatory reports to be filed by thrifts has been released by OTS.
  Filing Schedule    1/12/05
  
  
• Discount Rate Meeting Minutes Online
  
  The FRB has posted the minutes of the discount rate meeting held from November 22 through December 14, 2004.
  Minutes    1/12/05
  
  
• International Reserve Position Update
  
  Treasury has released the U.S. International Reserve Position for the week ending January 7, 2005.
  Reserve Position    1/11/05
  
  
• FEDS Working Papers Published
  
  The FRB has published three new working papers in the FEDS series with the following titles: Precautionary Savings Motives and Tax Efficiency of Household Portfolios: An Empirical Analysis; The Reform of October 1979: How It Happened and Why; and Who Competes with Whom? The Case of Depository Institutions.
  Household Portfolios;
  Reform;
  Competes    1/11/05
  
  

• OFAC Cites Three Banks

  OFAC has released the civil penalties enforcement information for January 7, 2005. Three banks settled actual or alleged violations of Iranian and Libyan sanction programs for amounts ranging from $5,500 to $42,833.
  Civil Penalties    1/10/05
  
  

• Unauthorized Bank Alert Issued

  The OCC has been advised by the Financial Institutions Commission, Republic of Palau, that the banking license of Sunra International Bank & Trust Corporation was revoked on January 6, 2005.
  Unauthorized Banking    1/10/05
  
  

• December 2004 Thrift CRA Evaluations Released

  OTS has released the CRA evaluations for saving association that became publicly available in December 2004.
  CRA Evaluations    1/10/05
  
  

• December Call Report Filing Information Available Online

  The FDIC has posted the December 31, 2004 Call and Thrift Financial Report forms and filing information on its Web page. Call Report Info    1/10/05
  
  

• Consumer Advisory Council 2005 Appointments Announced

  The FRB has announced the appointments to the Consumer Advisory Council for 2005. Eleven new members were named to three-year terms and a new Chair and Vice Chair were designated.
  CAC Appointments    1/10/05
  
  

• Consumer Credit Report Released

  The FRB has released the G. 19 Consumer Credit Report for November 2004.
  Consumer Credit Report    1/10/05
  
  

• Counterfeit Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier’s checks drawn on First American Bank, SSB, Bryan, Texas and counterfeit official checks drawn on UmbrellaBank.com, Summit, Illinois, an Internet division of New South Federal Savings Bank, Irondale, Alabama. Information concerning the counterfeits checks has been posted on the BOL Alerts & Counterfeits page.    1/06/05
  
  

• Cross-Border Merger Regulations Proposed

  Treasury and the IRS have issued proposed regulations providing guidance on the tax consequences of certain cross-border corporate mergers. Summary Proposed Regs    1/06/05
  
  

• CRA Ratings Released

  The FDIC has issued its monthly list of state nonmember banks recently evaluated for CRA compliance. The list contains the evaluation ratings assigned to institutions in October 2004.
  CRA Ratings    1/06/05
  
  

• Written Agreement Announced With Oregon BHC

  The FRB has announced the execution of a Written Agreement by and among Prineville Bancorporation, Prineville, Oregon; the Community First Bank, Prineville Oregon; the Oregon Division of Financial and Corporate Securities, Salem, Oregon; and the Federal Reserve Bank of San Francisco.
  Written Agreement    1/06/05
  
  

• FDIC Updates State Profiles

  The Winter 2004 State Profiles have been released by the FDIC. State Profiles    1/06/05   1/06/05
  
  

• Country Exposure Reports Issued

  The FFIEC has issued the September 30, 2004 E.16 Country Exposure Statistical Release and Country Exposure Information Report. E.16; Report    1/06/05
  
  

• Three Counterfeit Cashier’s Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier’s checks drawn on Bank Mutual, Milwaukee, Wisconsin; Evergreen Bank, Seattle, Washington; and The Bank/First Citizens Bank, Cleveland, Tennessee. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   1/05/05
  
  

• Comments Sought Regarding Management Interlocks Reports

  The OCC has published in the FR a notice and request for comments regarding the collection of information concerning management interlocks. The comment period ends on January 31, 2005.
  Management Interlocks    1/05/05
  
  

• International Reserve Position Update

  Treasury has released the U.S. International Reserve Position for the week ending December 31, 2004.
  Reserve Position    1/05/05
  
  

• December 2004 Agricultural Finance Databook Released

  The FRB has released the December 2004 edition of the E. 15 Agricultural Finance Databook.
  E. 15    1/05/05
  
  

• Minority-Owned Banks Report Issued
  The FRB has issued the list of minority-owned banks as of September 30, 2004.
  Minority-Owned Banks   1/05/05
  
  

• Agency Information Collection Activities Proposals Issued



The FRB has issued proposals to approve the extension for three years, with minor revision, the ongoing intermittent survey of households, and without revision, the recordkeeping requirements associated with the real estate lending standards for State Member Banks. Proposal   1/04/05



• Foreign Exchange Rates Released



The FRB has released the December 2004 G.5 and Annual 2004 G.5A foreign exchange rate reports.
G.5; G.5A   1/04/05



• Two FEDS Papers Published



Two working papers in the FEDS series have been published by the FRB on the following topics: “Alternative Estimates of the Presidential Premium” and “The Magnitude and Cyclical Behavior of Financial Market Frictions”. Alternative Estimates; Magnitude   1/04/05

• MSB Registration List Updated

  FinCEN has released an updated list of the entities that have registered as an MSB from December 2001 to December 2004. MSB Registration nbsp;  1/04/05

• MSB Registration List

  FinCEN published the MSB Registration List. This is a list of entities that have registered as Money Services Businesses (MSBs), from December 2001 through December 2004. There are 22,347 entries.
  MSB List Release    12/29/04

• Credit Scoring Working Paper Published

  The OCC has published a working paper entitled; "Specification and Informational Issues in Credit Scoring," that explores the possibility that estimates generated by models developed with data drawn solely from extended loans are less valuable than they should be because of selectivity bias.
  Credit Scoring    12/28/04

• FDIC To Hold Minority Bankers Roundtables

  The FDIC has announced the creation of a series of roundtables for minority bankers to improve communication by providing forums for the FDIC to hear the MDI community's views on regulatory and supervisory issues.
  Roundtables    12/28/04

• Proper Disposal of Consumer Information Under FACTA

  The Federal Reserve published in today's Federal Register the final rule concerning the proper disposal of consumer information under FACTA. These also impact Regs H, K, and Y. This was previously reported in the agencies news release in the 12-22-04 Top Story.
  69FR77610 (txt)
  69FR77610 (pdf)    12/28/04

• Auditor Of Failed Bank To Pay $125 Million

  OTS and the FDIC have announced that settlements have been reached that resolve the regulators’ charges against Ernst & Young LLP, the former independent auditor of Superior Bank, FSB, Hinsdale, IL. Under the terms of a Consent Order, the auditor agreed to adopt and implement specific internal controls and policies concerning its audits of federally-insured savings associations; provide periodic reports concerning such audits to the OTS; and pay $85,000,000 which will be transferred to the FDIC as receiver for Superior Bank. Under the terms a separate settlement with the FDIC, Ernst & Young will pay the FDIC an additional $40 million in restitution.
  OTS Consent Order;
  FDIC Press Release    12/27/04

• Five SDGTs Removed From SDN List

  OFAC has removed five individuals designated as SDGTs from the SDN list. Information regarding the individuals that were removed has been posted on the BOL OFAC page. Information concerning the changes was posted December 23, 2004 on the BOL OFAC page.    12/27/04

• FFIEC Posts Country Exposure Forms Online

  The FFIEC has posted the December 2004 009 and 009a Country Exposure forms on its Web site.
  009;
  009a    12/27/04

• Reg. C, HMDA Final Rule

  The Federal Reserve published in today's Federal Register the final rule amending the Reg. C commentary to increase the asset-size exemption based on the CPI. (This was previously reported in the 12-22-04 Top Story.)
  69FR77139 (txt)
  69FR77139(pdf)
     12/27/04

• Retail Lending Examination Procedures Issued By OCC

  The OCC has issued a Bulletin regarding the Retail Lending Examination Procedures that address the various risk management and control functions that banks need to manage more diverse and complex portfolios and provide targeted procedures for specific credit functions and types of retail loans.
  Bulletin;
  Procedures    12/23/04

• Special Alerts Issued Regarding Counterfeit Cashier’s Checks and Money Orders

  The FDIC has issued two Special Alerts regarding counterfeit cashier’s checks bearing the name of Comerica Bank, Detroit, Michigan; and counterfeit cashier’s checks and money orders bearing the routing number of The Provident Bank, Jersey City, New Jersey. Information regarding the counterfeit cashier’s checks and money orders have been posted on the BOL Alerts & Counterfeits page.    12/23/04

• Edward Jones Settles For $75 Million

  The SEC has announced enforcement proceedings against Edward D. Jones & Co., L.P., related to allegations that the firm failed to adequately disclose revenue sharing payments that it received from a select group of mutual fund families that were recommended to its customers. Edward Jones will pay $75 million in disgorgement and civil penalties which will be distribution its customers.
  Settlement   12/23/04

• California Trust Company Issued C&D

  The FDIC has issued a Special Alert regarding a California trust company has been issued a cease and desist letter by the State of California. The entity may be conducting unauthorized banking services and is not insured by the FDIC.
  Special Alert    12/23/04

• Implementation of Schedule RED Postponed By OTS

  OTS has postponed the March 31, 2005 implementation of Schedule RED.
  Schedule RED    12/23/04

• Third Quarter Survey Of Terms Of Business Lending Released

  The E.2 Survey of Terms of Business Lending for the Third Quarter 2004 has been released by the FRB. The data is collected during the middle month of each quarter and released in the middle of the succeeding month.
  E.2    12/23/04

• Learn About FRB’s Cash Services Online

  FRB Financial Services has posted information on its Web site regarding its new Cash Services.
  Cash Services    12/23/04

• FRB Revises IP Index

  The FRB has revised the G.17 index of industrial production and the related measures of capacity and capacity utilization for the period from January 1972 to November 2004.
  IP Revision    12/23/04

• OFAC Blocked Account SAR Filing Guidance Published in FR

  The interpretive guidance clarifies that reports filed with OFAC of blocked transactions with SDGT, SDT, Foreign Terrorist
  Organizations, Specially Designated Narcotics Trafficker Kingpins, and Specially Designated Narcotics Traffickers will be deemed by FinCEN to fulfill the requirement to file suspicious activity reports on such transactions for purposes of FinCEN's suspicious activity reporting rules. 69FR76847 (txt) 69FR76847 (pdf)    12/23/04

• FTC Notice on FCRA Disclosure Fees

  The FTC announces that the ceiling on allowable charges under section 612(f) of the Fair Credit Reporting Act (‘‘FCRA’’) will increase from $9.00 to $9.50 on January 1, 2005. 69FR76767 (txt) 69FR76767 (pdf)    12/22/04

• Agencies Announce Final Rule On Disposal Of Consumer Information

  The federal bank and thrift regulatory agencies have announced an interagency final rule implementing section 216 of the FACT Act which requires financial institutions to adopt measures for properly disposing of consumer information derived from credit reports.
  Final Rule;
  FRB PR;
  OCC NR;
  OTS NR;
  FDIC PR    12/22/04

• HMDA Data Collection Asset-Size Exemption Threshold Increased

  The FRB has announced an increase in the HMDA data collection asset-size exemption threshold for depository institutions.
  Threshold    12/22/04

• OFAC Adds al Qaida Associates

  Two individuals with ties to al Qaida have been designated SDGTs by Treasury and added to the OFAC SDN list. Information regarding the new additions has been posted on the BOL OFAC page.
     12/22/04

• FDIC Follows SEC Lead Regarding Deadline Extension

  The FDIC has issued a FIL announcing that the agency is following the lead of the SEC and extending the filing date for certain internal control reports.
  FIL    12/22/04

• International Reserve Position Update

  Treasury updated the U.S. International Reserve Position for the week ending December 17, 2004.
  Reserve Position    12/22/04

• September 2004 Structure And Share Data Report Released

  The Structure and Share Data for Offices of U.S. Offices of Foreign Banks report for September 2004 has been released by the FRB.
  Report    12/22/04

• G.20 Finance Companies Receivables Report Issued

  The FRB has issued the G.20 Finance Companies Owned and Managed Receivables report for October 2004.
  G.20    12/22/04

• Inflation Forecast Working Paper Published

  A working paper in the FEDS series entitled, “The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time”, has been published by the FRB.
  Working Paper    12/22/04

• Derivatives Volume Tops $84 Trillion

  The OCC has published the Third Quarter 2004 Bank Derivatives Report which reports that derivatives held by U. S. commercial banks increased $3.2 trillion in the third quarter to $84 trillion.
  Derivatives Report    12/22/04

• OCC Issues Supplemental ACH Guidance

  A Bulletin has been issued by the OCC regarding three previously announced amendments to NACHA Operating Rules that became effective in 2004. The bulletin
  supplements guidance on ACH activities outlined in the FFIEC IT Handbook, "Retail Payment Systems," which was released in March 2004.
  Bulletin; IT Handbook    12/21/04

• SDN Changes Subject Of FIL

  The FDIC has issued a FIL regarding previously announced changes made by OFAC to the SDN list. Information concerning the changes was posted December 16, 2004 on the BOL OFAC page.
  FIL    12/21/04

• FDICconnect Expansion Announced

  The FDIC has announced the inclusion of seven new business transactions on FDICconnect. The new items include: the expansion of electronic application filings with participating State Banking Departments, additional online applications, distribution of Special Alerts, the ability to exchange information between the FDIC and institutions during the examination process, and the ability to exchange files with the FDIC's Consumer Response Center on consumer complaint investigations.
  FIL;
  Transaction List    12/21/04

• SDN List Changes

  OFAC has added an individual and changed an existing listing on the SDN List. The new information has been posted on the BOL OFAC page.    12/20/04

• Preliminary Annual Report on U.S. Holdings Of Foreign Securities Released

  Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2003 has been released by Treasury. Foreign Holdings    12/20/04

• First Quarter 2004 Issue Of Quarterly Journal Now Online

  The OCC has posted the First Quarter 2004 issue of the Quarterly Journal on its Web site. The issue continues the tradition of reporting on the condition of commercial banks, as well as recent licensing decision, speeches and testimony, interpretive letters, mergers, and financial performance data for national banks.
  Quarterly Journal    12/20/04

• Balkan Individuals And Entities Added To OFAC List

  Treasury has added six individuals and three entities to the SDN List for obstructing the implementation of the Dayton Peace Accords in Bosnia through the continued protection and material support of Persons Indicted for War Crimes by the International Criminal Tribunal for the former Yugoslavia (ICTY) and through organized criminal activity. Information regarding the additions has been posted on the BOL OFAC page.    12/17/04

• Shared National Credits Data Collection Changes Proposed

  The federal banking and thrift regulatory agencies have requested public comment on proposed changes to the data collection process that supports the Shared National Credit review of large syndicated loans.
  Interagency Notice;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR    12/17/04

• Thirty-Six CRA Evaluations Announced

  The OCC has announced the CRA evaluations of thirty-six national banks that were examined for compliance during the period of November 15, 2004 through December 14, 2004.
  CRA Evaluations    12/17/04

• December 2004 Electronic Interpretations and Actions Posted Online

  The December 2004 issue of Electronic Interpretations and Actions has been posted on the OCC Web site.
  Interpretations and Actions    12/17/04

• HOEPA January 2005 Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in January 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month prior to the month you received the application.
  Daily H.15;
  Weekly H.15    12/17/04

• Winter Issue Supervisory Insights Published

  The Winter 2004 issue of Supervisory Insights has been published by the FDIC and features articles on the following topics: "Linking International Remittance Flows to Financial Services: Tapping the Latino Immigrant Market" and "Economic Capital and the Assessment of Capital Adequacy".
  Supervisory Insights
     12/17/04

• Counterfeit Checks And Money Orders Special Alerts Issued

  Three Special Alerts have been issued by the FDIC regarding counterfeit cashier’s checks drawn on Orange Savings Bank, ssb, Orange, Texas; counterfeit official checks drawn on Main Street Bank, Covington, Georgia; and counterfeit bank money orders bearing the name of Southern Missouri Bank & Trust Co., Poplar Bluff, Missouri. Information regarding the counterfeit checks and money orders ahs been posted on the BOL Alerts & Counterfeits page.
     12/17/04

• NCUA Liquidates CU

  NCUA has placed the Midwood Federal Credit Union of Brooklyn, New York, into liquidation. Member funds are insured and will be released within five days.
  Midwood Federal    12/17/04

• OFAC Blocked Account SAR Filing Guidance Issued

  FinCEN has issued a Guidance regarding the filing of an SAR upon the discovery of an OFAC blocked account.
  Guidance    12/16/04

• December 2004 Call Report Subject Of FIL

  The FFIEC has issued a FIL which contains sample forms and supplemental instructions regarding the Call Report for the Fourth Quarter 2004.
  FIL;
  Instructions;
  031 Form;
  041 Form    12/16/04

• OCC Enforcement Actions Announced

  The OCC has announced six new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and one termination of an existing enforcement action.
  Enforcement Actions    12/16/04

• First Quarter 2004 CRA Exam Schedule Released

  OTS has announced that 31 savings associations are scheduled for CRA examinations during the First Quarter of 2005.
  CRA Exams    12/16/04

• NCUA Issues Prohibition Orders

  Three Prohibition Orders have been issued by NCUA against former credit union officers and employees.
  Orders    12/16/04

• Interest Rate Risk Exposure Report Issued

  OTS has issued the Interest Rate Risk Exposure Report for the Third Quarter 2004.
  Interest Rate Risk Report    12/16/04

• FRB Publishes Holiday List

  The list of holidays and the dates observed by the FRB in 2005-2009 has been published.
  Holidays    12/16/04

• October TIC Data Released

  Treasury has released the TIC data for October 2004.
  TIC    12/16/04

• Foreign Bank Subsidiaries Authorized To Manage Trust Investments In U.S. Real Estate

  The FRB has issued a legal interpretation which clarifies the fiduciary exemptions in Reg K and Reg Y. The opinion permits two asset management subsidiaries of a foreign bank to sponsor and manage foreign-based investment trusts that invest in U.S. real estate. Legal Interpretation
     12/15/04

• FDIC ID Theft Study Results Released

  The FDIC has issued a FIL which announces the results of its “Putting An End To Account-Hijacking Identity Theft” study and is requesting comments. The study regarded the unauthorized access to financial institution accounts and the ways the risks can be mitigated.
  FIL;
  Study    12/15/04

• FRB Raises Rates

  The FOMC has raised the fed funds rate and the Board of Governors has raised the discount rate by twenty-five basis points each.
  Rates    12/15/04

• International Reserve Position Updated

  Treasury has released the U.S. International Reserve Position for the week ending December 10, 2004.
  Reserve Position    12/15/04

• G.17 Report Released

  The FRB has released the G.17 Industrial Production and Capacity Utilization report for November 2004.
  G.17 http://www.federalreserve.gov/Releases/G17/Current/default.htm
  Study    12/15/04

• AML Program Requirements Guidance from FinCEN Published in FR

  This Interpretive Release sets forth an interpretation of the regulation requiring Money Services Businesses that are required to
  register with FinCEN to establish and maintain anti-money laundering programs. 69FR74439 (pdf) 69FR74439 (txt)   12/14/04

• October FDIC Enforcement Actions Announced

  The FDIC has announced that twenty-seven enforcement actions were taken in October 2004 against banks and individuals. The actions included four cease and desist orders, seven removal and prohibition orders, eight civil money penalty orders, one termination of insurance order, and seven orders terminating orders to cease and desist.
  Enforcement Actions    12/14/04

• Unauthorized Internet Banking Special Alert

  The FDIC has issued a Special Alert regarding Atlantic Standard Chartered Bank & Trust, N.A. who is offering a full range of deposit and banking services via the Internet. The entity is not chartered by the OCC and its products or services are not insured by the FDIC. Special Alert    12/14/04

• Special Alert Regarding Missing Cashier’s Checks

  A Special Alert has been issued by the FDIC regarding cashier’s checks that are missing from and drawn on Community Trust Bank, Inc., Pikeville, Kentucky. Information regarding the missing cashier’s checks has been posted on the BOL Alerts & Counterfeits page.    12/14/04

• FIL Issued Regarding FACT Act Effective Dates

  The FDIC has issued a FIL regarding the previously released Interagency Letter to the ABA and other trade associations responding to questions as to the effective dates of various provisions of the FACT Act. The Letter and other information regarding the FACT Act was the subject of December 1, 2004 BOL Special Banker Briefing.
  FIL    12/14/04

• Final Third Quarter Interest Rate Measures Report Released

  The Economic Analysis Division of OTS has released the Final Third Quarter 2004 Thrift Industry Interest Rate Measures Report.
  Final Report    12/14/04

• Money Smart CBI Version Now Available

  A FIL has been issued by the FDIC announcing that a CBI version of its Money Smart program in English and Spanish is available on CD-ROM and accessible online. Money Smart FIL    12/14/04

• HMDA Disclosure Tables Revised

  The FRB has announced changes to the tables used to publicly release data collected by lenders under HMDA. The formats for some of the existing disclosure tables have been revised, one set of existing tables has been deleted, and new tables have been added.
  Changes;
  HMDA Tables    12/13/04

• Thrift Assessments And Fees Adjusted

  OTS has published the semiannual adjustments for inflation of thrift assessments and fees.
  Adjustments    12/13/04

• FinCEN 314a Fact Sheet Updated

  FinCEN has updated the 314a Fact Sheet to included data collected as of December 7, 2004.
  314a Fact Sheet    12/13/04

• The FDIC has issued three Special Alerts

  , two of which regard counterfeit cashier’s checks drawn on United Bank, Fairfax, Virginia and Bank North, Crivitz, Wisconsin, and the other concerning counterfeit bank money orders drawn on Allegiance Community Bank, South Orange, New Jersey. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    12/10/04

• FinCEN Issues AML Program Requirements Guidance

  FinCEN has issued a Guidance to MSBs on AML Program Requirements for dealing with foreign agents and foreign counterparts. AML Guidance    12/10/04

• Flow Of Funds And Household Debt Reports Issued

  The FRB has issued the Z.1 Flow of Funds and Household Debt Service Burden statistical releases for the Third Quarter 2004. Z.1   Household Debt    12/10/04

• Autumn 2004 Issue FR Bulletin Published

  The Autumn 2004 issue of the FR Bulletin has been posted online and contains the following articles: Federal Reserve Banks as Fiscal Agents and Depositories of the United States in a Changing Financial Environment; Federal Reserve Personal Financial Education Initiatives; and Report of the Conditions of the U.S. Banking Industry: Second Quarter, 2004. Autumn FR Bulletin    12/10/04

• Cuban Travel Agency Added To SDN List

  OFAC has added to its SDN list a Cuban travel agency that facilitates the evasion of U.S. sanction policy. Information regarding the addition has been posted on the BOL OFAC page.    12/09/04

• Opt Out Report Submitted To Congress

  The FRB has submitted a report to Congress regarding the results of a study of unsolicited written offers of credit and insurance that have been made to consumers. The report, which is required by the FACT Act, addresses five issues regarding the ability of consumers to “opt out”.
  Report    12/09/04

• NCUA Announces Free PALS Workshop

  A free Partnering and Leadership Successes (PALS) workshop will be held by NCUA in Orlando, Florida, on Feb. 8, 2005. The agenda will focus on reaching new members outside the workplace, targeting all demographics, expanding into new markets, and building partnerships. PALS    12/09/04

• Federal Reserve Proposed Rule for Truth in Lending - Reg Z:

  Open-end (revolving) credit rules, disclosures and protection. PR, TXT, in FR    12/08/04

• Regulators Issue BOLI Guidance

  The FRB, OCC, FDIC and OTS have issued an Interagency Statement which discusses the safety and soundness and risk management implications of purchases and holdings of life insurance by financial institutions.
  Interagency Statement;
  FRB SR; OCC Bulletin; FDIC FIL   12/08/04

• Critical Financial Infrastructure Protection Report Released

  Treasury has released the results of a Critical Financial Infrastructure Protection Study which provide a model for the nation's regional financial centers to protect and strengthen their critical financial services infrastructure at the local level. Study    12/08/04

• OCC Offers Consumers Holiday Tips On Utilization Of Gift Cards

  The OCC has issued a consumer advisory which contains important information that holiday shoppers should have about the terms and conditions that apply to gift cards. Tips   12/08/04

• International Reserve Position Updated

  The U. S. International Reserve Position for the week ending December 3, 2004 has been issued by Treasury.
  International Reserve Position    12/08/04

• October Consumer Credit Report Released

  The G.19 Consumer Credit Report for October 2004 has been released by the FRB. G.19   12/08/04

• Comments Sought On Proposal To Continue Utilization Of Certain Forms

  The FRB is seeking comments on a proposal to approve the extension for three years, without revision, the utilization of the FR G-1, FR G-2, FR G-4, FR T-4, and FR U-1 report forms. Proposal   12/08/04

• FR-CA CPS Amended

  The FRB has announced that in order to support new Check 21 related services requiring special connectivity features, the FR-CA CPS will be amended effective December 15, 2004. CPS    12/08/04

• Counterfeit Cashier’s Check Special Alert

  A Special Alert had been issued by the FDIC regarding counterfeit cashier’s checks drawn on City National Bank of Florida, Miami, Florida. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.   12/07/04

• CRA Ratings Announced

  The FDIC has announced the ratings received by state nonmember banks evaluated in September 2004 for CRA compliance. CRA   12/07/04

• E-Payments Exceed Checks

  The FRB has announced that the results of the 2004 Federal Reserve Payments Study indicate that electronic payments in the United States have exceeded payments by check for the first time.
  Summary;
  Study    12/07/04

• FRB Issues SL Regarding FOSS

  The FRB has issued a SL regarding the previously announced FFIEC Guidance on the use of Free and Open Source Software. Information concerning the Guidance was posted in the October 22, 2004 BOL Top Stories. SL; Guidance   12/07/04

• December Financial Holding Companies List Released

  The FRB has released the list as of December 3, 2004 of BHCs that have elected to be treated as a financial holding company.
  List    12/07/04

• BHC Rating System Revision SL Issued

  A SL has been issued by the FRB concerning the previously announced revision by the FRB of the regulator’s rating system for BHCs. Information regarding the revision was posted in the December 2, 2004 BOL Top Stories. SL; Revision    12/07/04

• Acting Comptroller Williams Addresses CFO Roundtable

  Acting OCC Comptroller Williams noted the banking industry in excellent health, but warned against complacency in a presentation before BAI’s “Roundtable for CFOs” in New York City. Speech    12/06/04

• Reg Z ANPR Issued

  The FRB has issued an ANPR and request for comments regarding its review of Reg Z’s open-ending credit rules concerning the format of disclosures, the content of disclosures, and the substantive protections provided under the Reg. ANPR   12/06/04

• OCC Working Paper Examines Post-Preemption Announcement Effects

  A working paper has been published by the OCC that offers empirical evidence on how preemption affects national banks' performance. The study finds that preemption benefits are larger for smaller, multistate national bank holding companies than they are for larger national bank companies or similarly sized companies operating in one state. Working Paper Abstract; Full Paper   12/06/04

• OFAC Cites Bahaman Bank

  Only one bank was listed on the December 3, 2004 OFAC CMP list and it is located in the Bahamas.
  OFAC CMP List   12/06/04

• Fall 2004 Issue FDIC Consumer News Now Online

  The Fall 2004 issue of FDIC Consumer News has been published and posted on the FDIC Web site. Featured articles include: Strategies and Help for Fighting ID Theft; New Consumer Rights to Their Credit Records; The Basics of Deposit Insurance for Businesses; and New Financial Education from the FDIC.
  FDIC Consumer News    12/06/04

• Treasury Delivers International Economic Report To Congress

  As required by federal law, Treasury has delivered to Congress a report which reviews its policies regarding international economics and exchange rates for the first half of 2004. Economic Report    12/06/04

• FFIEC Issues Additional Guidance on HMDA Reporting

  The FFIEC has issued additional guidance to ensure that data in the following areas is reported accurately: transition rules; ethnicity, race, and sex (government monitoring information); property location information on refinancings and preapprovals; lien status reporting; loans subject to HOEPA; and reporting the sale of home purchase loans. Guidance   12/03/04

• Enforcement Actions Announced Against Affiliated Parties

  The FRB has announced the issuance of a C & D Order against a former institution-affiliated party and the execution of Written Agreements with two additional institution-affiliated parties relating to a commitment made in connection with an application involving Kenco Bancshares, Inc., Jayton, Texas. C & D; Written Agreement 1; Written Agreement 2   12/03/04

• Sample Board Resolutions For Fed Reserve Account Holders

  FRB Financial Services has posted online a sample of the board resolutions that are required of all Federal Reserve account holders and FedLine Advantage early adopters. Sample Resolutions    12/03/04

• OCC First Quarter 2005 CRA Exam Schedule Released

  The OCC has released the schedule for national banks that will be examined for CRA compliance during the first quarter 2005. CRA Exam Schedule    12/03/04

• OTS Announces CRA Evaluations

  OTS has announced the CRA performance evaluations for saving associations which became publicly available during November 2004. CRA Ratings    12/03/04

• Bulletin Issued Regarding Annual Operating Subsidiaries Report Final Rule

  The OCC has issued a Bulletin regarding the previous announced Final Rule concerning the Annual Report on Operating Subsidiaries. Information regarding the Final Rule was posted in the November 5, 2004 BOL Top Stories. Bulletin    12/03/04

• Two FEDS Working Papers Published

  The FRB has published two working papers in the FEDS series entitled: Measuring Capital and Technology: An Expanded Framework; and Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements. Measuring Capital; Do Actions Speak    12/03/04

• FDIC Outlook Winter 2004 Issue Published

  Consumer spending in 2005 will be much more dependent on the growth of jobs and incomes than has been the case in recent years, according to the Winter 2004 issue of the FDIC Outlook. Other articles in the report cover trends in housing markets, risks facing home equity and auto lenders, and the growing Hispanic market for banking services. FDIC Outlook    12/03/04

• September UBPR Available Online

  The September 30, 2004 Uniform Bank Performance Report (UBPR) is now available on line and contains 5 years of continuous financial history that is restated quarterly to reflect call report amendments. Sept UBPR    12/03/04

• HUD HMDA Data Collection Transferred To FRB

  HUD and the FRB have reached an agreement to transfer the HUD HMDA data collection process to the Board.
  Agreement   12/02/04

• FRB BHC Rating System Revised

  The FRB has announced that its rating system for BHCs has been revised. The new system more closely aligns the rating process with the focus of the regulator’s current supervisory practices and is effective January 1, 2005. Rating System Revisions    12/02/04

• OCC 2005 Fee Schedule Issued

  The OCC has issued a bulletin regarding its fee schedule for 2005. Bulletin; Fee Schedule    12/02/04

• Existing FTO/SDGT Designation Changed

  OFAC has changed the listing of an existing FTO/SDGT designated entity. Information regarding the change has been posted on the BOL OFAC page.    12/02/04

• New Issue Beige Book Published

  The FRB has published the December 1, 2004 issue of the Beige Book which contains economic reports from each of the twelve Federal Reserve Districts. Beige Book    12/02/04

• FRB Issues Statistical Releases

  The FRB has issued the November 2004 3.12 , 3.13 and G.5 statistical releases regarding U.S. Reserve Assets, Foreign Official Assets Held at Federal Reserve Banks, and Foreign Exchange Rates.
  3.12 and 3.13; G.5    12/02/04

• FDIC FIL Regarding OFAC Changes

  The FDIC has issued a FIL regarding previously announced changes made by OFAC to the SDN List. Information concerning the changes was posted on the BOL OFAC page on November 24, 2004. FIL    12/02/04

• Supreme Court Decides Reg Z Case

  In Koons Buick Pontiac GMC, Inc. v. Nigh, the U.S. Supreme Court determined the effect of the 1995 amendments to the damages limits for Truth in Lending violations. In so doing, they also shed light on what "subparagraph" and "clause" mean in the context of statutory interpretation. Bottom line: the $100/$1,000 limitation still stands. Court Decision   12/01/04

• FDIC Issues First Quarter 2005 CRA Exam Schedule

  The schedule of institutions scheduled for CRA examinations by the FDIC in the first quarter 2005 has been issued. CRA Exam Schedule    12/01/04

• Sarbanes-Oxley Internal Control Reports Deadline Extended

  The SEC and the Public Company Accounting Oversight Board have extended the deadline for the filing by many SEC registrants, including banks, of management reports and auditor attestations on internal controls required by Sarbanes-Oxley. Registrants that qualify are granted a 45-day extension. Deadline Extension    12/01/04

• New Iraqi Executive Order Issued

  The President has issued a new Executive Order which extends to the Central Bank of Iraq the same immunity from attachment and other judicial process granted to the Development Fund for Iraq and to Iraqi petroleum and petroleum products. Information regarding the Executive Order has been posted on the BOL OFAC page.   12/01/04

• Large Banks Ranking Released

  The FRB has released the ranking by consolidated assets of insured U.S.-chartered commercial banks with consolidated assets of $300 million or more as of September 30, 2004. Ranking    12/01/04

• September 30, 2004 Call Report Data Finalized

  The Call Report and TFT Data for September 30, 2004 has been finalized and is available from the FDIC Web site. Call Report Data   12/01/04
  

OFAC has announced it has designated ten entities and five individuals with ties to the Sanchez Garza family as specially designated narcotics traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). The Sanchez Garza family is a money laundering organization based in Guadalajara, Mexico that began operating on behalf of major narcotics traffickers Rafael Caro Quintero and Juan Jose Esparragoza Moreno (a.k.a. El Azul) in the 1980s. This action prohibits U.S. persons from conducting financial or commercial transactions with these individuals or entities, and freezes any assets they may have under U.S. jurisdiction. Changes were also made to six existing listings. Information regarding the designations and changes has been posted in a BOL OFAC Update.