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11/14/2004

OFAC Kingpin Act designations and updates

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.

10/31/2004

Reg E Amendments Proposed

The OCC has proposed amendments to Reg E regarding payroll cards, electronic check conversions, issuance of issue multiple replacement access cards, rules concerning preauthorized EFTs, clarification of the "fourwalls rule", and fee notices on ATMs.
Proposed Amendments 11/17/04

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Software Due Diligence Guidance Issued

The FDIC has issued a FIL regarding performing proper due diligence when selecting computer software or a service provider concerning compliance with applicable laws, including the Bank Secrecy Act and the USA PATRIOT Act.
Guidance 11/17/04
OTS Issues Legal Opinions

The OTS has issued four legal opinions concerning the applicability of the Illinois Corporate Fiduciary Act to a federal savings bank, location and exportation authority, voting requirements for benefits plans; and underwriting authority for asset-based securities.
Illinois Fiduciary Act;
Location and Exportation;
Voting Requirements;
Underwriting Authority 11/17/04
FTC Enforces GLB Act's Safeguards Rule Against Mortgage Companies

The FTC has charged two mortgage companies with violating the agency's GLB Safeguards Rule by not having reasonable protections for customers' sensitive personal and financial information. These are the FTC's first cases enforcing the Safeguards Rule.
Case One;
Case Two 11/17/04
OFAC To Issue Specific Licenses

OFAC has announced that specific licenses will be issued on a case by case basis to authorize U.S. suppliers to enter into transactions with three Columbian Government-controlled entities that have been designated as SDNTs.
Specific Licenses 11/17/04
September TIC Data Released

Treasury has released the TIC Data for September 2004.
TIC Data 11/17/04
U.S. Reserve Assets Supplements Issued

The FRB has issued the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets held at Federal Reserve Banks statistical supplements to the October 2004 Federal Reserve Bulletin.
Supplements 11/17/04
Third Quarter BIF and SAIF Financials Released

The FDIC has released the Third Quarter 2004 financial results for BIF and SAIF.
Financials 11/17/04
Two Flood CMPs Announced

Civil money penalties have been assessed by the FRB for violations of Flood Act regulations against Cumberland Bank, Franklin, Tennessee and Five Points Bank, Grand Island, Nebraska.
Cumberland Bank;
Five Points 11/16/04
OCC Enforcement Actions Announced

The OCC has announced ten enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and four terminations of existing enforcement actions.
Enforcement Actions 11/16/04
FDIC Assessment Rates Unchanged

The Board of Directors of the FDIC have voted to keep the assessment rates charged to insured banks and savings associations unchanged for the first half of 2005.
Assessment Rates 11/16/04
Bank Lending Practices Survey Results

The FRB has released the results of the October 2004 Senior Loan Officer Opinion Survey on Bank Lending Practices.
Survey Results 11/16/04
Financial Holding Companies List Updated

The FRB has updated the list of bank holding companies that have become or have elected to be treated as financial holding companies as of November 12, 2004.
Financial Holding Companies 11/16/04
Cost Of Funds Reports Issued

OTS has issued the current and historical reports of the national average cost of funds ratio to OTS regulated, SAIF - insured Institutions.
Current Report;
Historical Report 11/16/04
Violations Requiring OCC Action Listed

The OCC has issued a Bulletin regarding the publication of a supplement to the OCC Policies and Procedures Manual which identifies those violations or other supervisory findings that require the OCC to take a specific action.
Bulletin; Supplement 11/15/04
FDIC Issues Four Special Alerts

Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Banterra Bank, Marion, Illinois; counterfeit money orders drawn on Sovereign Bank, Wyomissing, Pennsylvania, and Monroe Bank & Trust, Monroe, Michigan; and money orders and official checks that are missing from Hudson United Bank, Mahwah, New Jersey. Information concerning the counterfeit and missing items has been posted on the BOL Alerts & Counterfeits page. 11/15/04
Airline Designated SDNTK

OFAC has added Aero Continente, a passenger and cargo airline based in Lima, Peru, to its list of entities designated as SDNTK pursuant to the Kingpin Act. Information regarding the new designation has been posted on the BOL OFAC page. 11/12/04
FRB Raises Fed Funds And Discount Rates

The FOMC has announced its decision to raise the federal funds rate by 25 basis points and the Board of Governors have approved the requests of Federal Reserve Banks to raise the discount rate by 25 basis points.
FRB PR1;
FRB PR2 11/12/04
Enforcement Guidance Issued For BSA/AML Program Deficiencies

The OCC has issued a Bulletin which provides examiners guidance and a consistent approach for citing violations and taking enforcement actions with respect to BSA compliance programs and SAR filing requirements. Bulletin 11/12/04
Unauthorized Internet Banks Alert

OCC has been advised by Canadian authorities that All Canadian Financial Co and Fairbank Group, Offshore Banking are actively engaged in the unauthorized offering of deposit and banking services via the Internet.
Unauthorized Banking 11/12/04
FDIC Enforcement Actions Released

The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in September 2004. A total of 39 orders are listed and include two cease and desist orders, seven removal and prohibition orders, four civil money penalty orders, 20 terminations of insurance, four terminations of cease-and-desist orders, and two adjudicated decisions.
Enforcement Actions 11/12/04
FDIC Insurance DVD Available

The FDIC has produced a 27-minute digital video on deposit insurance coverage for bank employees and bank customers which provides an overview of how deposit insurance works, focusing on the most common account ownership categories used by individuals and families. DVD 11/12/04
OCC Publishes CMP Inflation Adjustment in FR

The OCC is amending its rules of practice and procedure to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction to account for inflation. 69FR65067 (txt) 69FR65067 (pdf) 11/10/04
OCC Seeks C&D And CMP Against Bank Auditor

The OCC has announced that a public hearing will be held before an Administrative Law Judge concerning proposed enforcement proceedings against Grant Thornton LLP, former external auditor for the failed First National Bank of Keystone, Keystone, West Virginia. The regulator is seeking a cease and desist order that would require Grant Thornton to perform various enhanced auditing practices and procedures whenever it audits insured depository institutions in addition to a CMP of $300,000.
OCC NR 11/10/04
Counterfeit Cashier's Checks Special Alert

The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Northeast Bank, Auburn, Maine. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 11/10/04
314(a) Facts And Feedback Updates

FinCEN has updated its 314(a) Fact Sheet which contains data regarding terrorism and money laundering information requests plus feedback from law enforcement.
314(a) Fact Sheet 11/10/04
Four Working Papers Published

The FRB has published three working papers in the International Finance Discussion series and one in the Finance and Economics Discussion series.
International Finance Series;
Finance and Economics Series 11/10/04
Survey Reports Easing Of Loan And Underwriting Standards

The results of the OCC’s tenth annual Survey of Credit Underwriting practices indicate that commercial loan standards eased over the past year and slightly more banks eased credit underwriting standards than tightened them.
Survey 11/10/04
November G.20 Released

The FRB has released the G.20 Financial Companies report for November 2004.
G.20 11/10/04

CMP Inflation Adjustment

OTS has issued a final rule which adjusts CMPs for inflation as required by statute every four years.
CMP Adjustment 11/9/04
International Reserve Position Update

Treasury has released the U.S. International Reserve Position for the week ending November 5, 2004.
Reserve Position 11/9/04
FR Publishes PR on Proposed Fee for Credit Scores

The PR from FTC seeking public comment on different approaches to determining a “fair and reasonable” fee for credit scores under FACTA and FCRA has been published in the FR. 69FR64698 (txt) 69FR64698 (pdf) 11/8/04
OCC Updates Reg CC Examination Procedures

The OCC has issued a bulletin regarding the updating of its Reg CC examination procedures. The major changes to the examination procedures relate to the requirements of the Check 21 Act that apply to banks, including a model consumer awareness disclosure and other model notices and expedited recrediting requirements.
Bulletin;
Examination Procedures 11/8/04
OFAC Cites One Bank

OFAC has released the Civil Penalties Enforcement Information for November 5, 2004. The list includes one bank that voluntarily disclosed a funds transfer that was in violation of a Kosovo sanctions program and was assessed a penalty of $3,346.82.
OFAC CMP 11/8/04
FDIC CRA Evaluations Released

The FDIC has issued its monthly list of state nonmember banks recently evaluated for compliance with CRA. The list covers evaluation ratings that the FDIC assigned to institutions evaluated in August 2004.
CRA List 11/8/04
Regulatory Reports Monitoring Program Terminated

The FRB has announced that the Regulatory Reports Monitoring Program has been terminated due to the fact banking organizations have consistently been fulfilling their legal obligations related to regulatory reports and that they have rarely missed filing deadlines, or submitted inaccurate or misleading information in their regulatory reports.
Termination 11/8/04
Legal Opinion Regarding FSAs and State Licensing Requirements

The OTS Chief Counsel has released a legal opinion regarding the authority of a FSA to perform banking activities through agents without regard to state licensing requirements.
Opinion 11/8/04
OCC 2004 Annual Report Published

The OCC's annual report sets forth the agency's accomplishments in supervision, regulation, risk analysis, and chartering in fiscal year 2004. It also describes management initiatives, financial management results, and OCC outreach to industry, community, and consumer organizations. Annual Report 11/8/04
OCC Telephone Seminar Transcripts Online

The OCC has posted information from the July and September Telephone Seminars on its Banker Education page. Items include the transcripts and slides from "Outsourcing Technology Services: A Management Decision" and the information package from "Financing Minority Businesses".
Transcripts;
Slides;
Information Package 11/8/04
September 2004 Consumer Credit Report Released

The FRB has released the G.19 Consumer Credit Report for September 2004.
G.19 11/8/04
OCC- Final Rule published in Federal Register

: Corporate activities: National banks — Operating subsidiaries; annual report. Text PDF 11/5/04
Disclosure Violations Result In $37 Million Penalty

The SEC has announced the settlement of its claims against Wachovia Corporation for violations of proxy disclosure and other reporting requirements in connection with the 2001 merger between First Union Corporation and Old Wachovia Corporation. Under the settlement, Wachovia must pay a $37 million penalty.
Settlement 11/5/04
FRB 2005 Fee Schedules Released

The FRB has announced the fee schedules for Federal Reserve Bank payment services for depository institutions (priced services) which will be effective January 3, 2005.
2005 Fee Schedules 11/5/04
2004 CRA/HMDA Reporter Newsletter Published

FFIEC has published 2004 issue yearly newsletter provides information on various topics to assist in the collection and reporting of CRA and HMDA data. It informs readers of new developments and changes for the upcoming processing year as well as answers to commonly asked questions.
2004 Newsletter 11/5/04

OTS - Final Rule published in Federal Register: Practice and procedure in adjudicatory proceedings

The Federal Civil Penalties Inflation Adjustment Act of 1990 requires all federal agencies with statutory authority to impose civil money penalties (CMPs) to evaluate and adjust those CMPs every four years. The Office of Thrift Supervision (OTS) last adjusted its CMP statutes in 2000. Consequently, OTS is issuing this final rule to implement the required adjustments to OTS's CMP statutes. Text PDF 11/4/04
Banking Agencies Finalized Basel II Survey Documents

The U.S. banking agencies have made available survey materials for the fourth Quantitative Impact Study (QIS-4) and a related Loss Data Collection Exercise (LDCE) in preparation for the U.S. implementation of the Basel II Capital Framework. QIS-4; LDCE; FRB PR; FDIC PR 11/4/04
FTC Seeks Comments on Proposed Fee for Credit Scores

The FTC is seeking public comment on different approaches to determining a “fair and reasonable” fee for credit scores under FACTA and FCRA. Proposed Fee 11/4/04
Second Quarter 2004 Quarterly Review Published

OTS has published and posted online the Second Quarter 2004 issue of The Quarterly Review Of Interest Rate Risk which features an article on “Prepayment Risk and Collateralized Mortgage Obligations.”
Quarterly Review 11/4/04
CRA Ratings Released By OTS

OTS has released the October 2004 CRA ratings for savings institutions evaluated during the reporting period. CRA Ratings 11/3/04
Counterfeit Bank Money Orders Special Alert

The FDIC has issued a Special Alert regarding counterfeit bank money orders drawn on The Valley State Bank, Syracuse, Kansas. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page 11/3/04.
GLBA Bank Broker Registration Deadlines Extended

The SEC has announced the extension of the compliance dates for banks with respect to certain broker registration requirements contained in GLBA. Extension 11/3/04
International Reserve Position

Treasury has released the U.S. International Reserve position for the week ending October 29, 2004.
Reserve Position 11/3/04
Check 21 Processing Report

FRB Services has indicated that the Federal Reserve banks are accepting, printing and presenting substitute checks nightly and are anticipating the arrival of imaged cash letter deposits. The Agency acknowledged that the operational challenges it will encounter processing image cash letters will be greater than initially anticipated. Check 21 Processing 11/2/04
314(a) Fact Sheet Published

FinCEN has published a Fact Sheet that reports on the requests sent to and the responses received from financial institutions as of October 26, 2004 pursuant to the provisions of Section 314(a) of the USA PATRIOT Act. Fact Sheet 11/2/04
October Foreign Exchange Rates Released

The FRB has released the G.5 Foreign Exchange Rates report for October 2004.
G. 5 11/2/04
Department of Housing and Urban Development

HUD’s Regulation of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac): GSE Housing Goals—Advance Notice of Proposed Rulemaking PDF Text 11/2/04
Department of Housing and Urban Development

HUD’s Housing Goals for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) for the Years 2005–2008 and Amendments to HUD’s Regulation of Fannie Mae and Freddie Mac - Final Rule. PDF Text 11/2/04
Written Agreement With California Bank Announced

The FRB has announced the execution of a Written Agreement by and between the County Bank, Merced, California and the Federal Reserve Bank of San Francisco regarding the bank’s compliance with BSA and AML policies and procedures.
Written Agreement 11/1/04
FTC Issues Final Rules Regarding FACT Act ID Theft Provisions

The FTC has issued its final rules under the FACT Act regarding further definition of the terms “identity theft” and “identity theft report”; the duration of active duty alerts; and the appropriate proof of identity needed by consumers to block fraudulent trade lines in their consumer reports, place or remove fraud or active duty alerts, or truncate their Social Security number in their file disclosures.Final Rules 11/1/04
OCC Announces New Electronic Interpretations and Actions

The OCC has announced the posting of the October 2004 issue of Electronic Interpretations and Actions.
Electronic Interpretations 11/1/04
FDIC To Host Phishing Teleconference

The FDIC has announced that its San Francisco Regional Office will host on November 17, 2004, a teleconference on “Phishing” that is open to FDIC-supervised institutions in the San Francisco Region. Participants may call in from any location, are not required to be onsite at their institution and online reservations will be accepted.
Phishing 11/1/04

10/14/2004

Counter Terrorism and Kingpin Act designations

Treasury has designated Carlos Arnoldo Lobo (a.k.a. "El Negro Lobo") under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for his significant role in international narcotics trafficking. As a result of Treasury's action, all property and interests in property in the United States or in the possession or control of U.S. persons in which Lobo has an interest is blocked, and U.S. persons are generally prohibited from engaging in transactions with him. An entity was also added to OFAC's SDN list. Details are available in a BOL OFAC Update.

10/14/2004

FOMC meeting

The Federal Reserve Board has released the minutes, Statement, press conference video, and projections materials of the March 18–19, 2014, meeting of the Federal Open Market Committee (FOMC).

10/14/2004

Counter Terrorism and Kingpin Act designations

10/14/2004

FOMC meeting

The Federal Reserve Board has released the minutes, Statement, press conference video, and projections materials of the March 18–19, 2014, meeting of the Federal Open Market Committee (FOMC).

09/30/2004

Top Stories for October 2004

Check 21 and Checks Consumer Guides Published

The FRB has published two consumer guides regarding Check 21 and checks. The "Consumer Guide to Check 21 and Substitute Checks" describes how consumers may be affected by the new law and provides information on how to resolve problems associated with the receipt of substitute checks and "What You Should Know about Your Checks," discusses more broadly how check payments have changed, including the increased use of electronic check conversion, a process separate from Check 21.
Check 21 Guide; Check payments Guide 10/29/04
Examination Procedures Links Now Available

The revised Comptroller's Handbook for Consumer Compliance page provides links to the OCC bulletins that update the examination procedures in the series' booklets. Compliance Page 10/29/04
SDNT Designations Updated

OFAC has updated the information on 207 existing SDNT designations currently published on OFAC's SDN list. This was a routine administrative action that added more descriptor information, primarily consisting of dates of birth and national identification numbers (cedulas), designed to help users better identify potential hits on the SDN list. Information regarding the updates has been posted on the BOL OFAC page. 10/29/04
Comments Sought Regarding Proposed Credit Risk Guidance

The federal bank and thrift regulatory agencies have announced the publication of a joint FR Notice and request for comment on a proposed guidance for Internal Ratings-Based Systems for Retail Credit Risk for Regulatory Capital. The proposed guidance provides banking organizations with a description of the agencies' current views regarding the components and characteristics of a qualifying internal ratings-based (IRB) system for measuring credit risk of retail exposures.
Notice;
FRB PR;
OCC NR;
OTS PR;
FDIC PR 10/28/04
Operating Circular 3 Amended

The Federal Reserve Banks have amended Operating Circular 3, Collection of Cash Items and Returned Checks, to support the implementation of the FRB's new Check 21-related services.
Announcement;
Operating Circular 3 10/28/04
October 2004 Beige Book Published

The FRB has published a new edition of the Beige Book based on information collected prior to October 18, 2004.
Beige Book 10/28/04
Bulletin Issued Regarding FOSS

The OCC has issued a Bulletin regarding the previously announced FFIEC Guidance concerning risk management for the use of FOSS. Information regarding the Guidance was posted in the October 22, 2004 BOL Top Stories. Bulletin 10/28/04
Reg CC Amendments FIL Issued

The FDIC has issued a FIL regarding the Reg CC amendments made by the FRB as a result of the implementation of Check 21. Notice of the amendments was included in the September 28, 220 BOL Top Stories. FIL 10/28/04
Third Quarter 2004 Asset And Liability Price Tables Released

OTS has released the Asset and Liability Price Tables for the Third Quarter 2004.
Tables 10/28/04
Fall 2004 Issue Money Smart News

The FDIC has published the Fall 2004 issue of Money Smart News.
News 10/28/04
FR Publishes Reg J Amendments For Check 21

The FR has published a Final Rule that amends Regulation J to ensure that it covers the entire range of check processing services that the Reserve Banks will offer under Check 21. 69FR62553 (txt) 69FR62553 (pdf) 10/27/04
Five Special Alerts Issued Regarding Counterfeit and Missing Items

The FDIC has issued five Special Alerts regarding counterfeit casher's checks drawn on Northwest Savings Bank, Warren, Pennsylvania; Arvest Bank, Fayetteville, Arkansas; and Texas Bank, Brownwood, Texas; counterfeit bank drafts drawn on State Bank of India (California), Los Angeles, California; and missing cashier's checks drawn on Dakota Community Bank, Hebron, North Dakota. Information regarding the counterfeit and missing items has been posted on the BOL Alerts & Counterfeits page. 10/27/04
International Reserve Position Update

Treasure has released the U.S. International Reserve position for the week ending October 22, 2004.
International Reserve Position 10/27/04
Cuban Dot Com Added To OFAC List

OFAC has added a dot com controlled by the Cuban government to the SDN list. The dot com, SERCUBA, was utilized to electronic transfer funds from the U.S. to Cuban nationals and the Cuban government. Information regarding the dot com has been posted on the BOL OFAC page. 10/26/04
Deposit Guidelines Issued For Non-Imageable Check Items

FRB Financial Services has issued Check 21 deposit guidelines for check items that are not imageable.
Non-Imageable Items 10/26/04
Regulators Focus On BSA Compliance

In a presentation to the American Bar Association/American Bankers Association Money Laundering Enforcement Seminar, FinCEN Director Fox acknowledged that over the last few months BSA compliance has become a higher priority for banking regulators. He noted that "policies such as "zero tolerance" and transaction testing have become de rigueur in the examination process."
Speech 10/26/04
Reg J Amended For Check 21

The FRB has announced a Final Rule that amends Regulation J to ensure that it covers the entire range of check processing services that the Reserve Banks will offer under Check 21. The amendments bring electronic items within the coverage of Regulation J and establish new warranties and indemnities that apply to electronic items handled by a Reserve Bank. Final Rule 10/25/04
Thirteen FEDS Working Papers Published

The FRB has published thirteen working papers in the FEDS series with the following titles: The Long-Run Relationship between House Prices and Rents; Consumer Sentiment, the Economy, and the News Media; Macroeconomic Volatility, Predictability and Uncertainty in the Great Moderation: Evidence from the Survey of Professional Forecasters; Market Discipline in Banking Reconsidered: The Roles of Funding Manager Decisions and Deposit Insurance Reform; Integrated Macroeconomic Accounts for the United States: Draft SNA-USA; A Consistent Accounting of U.S. Productivity Growth; Dynamic Estimation of Volatility Risk Premia and Investor Risk Aversion from Option-Implied and Realized Volatilities; Quantitative Monetary Easing and Risk in Financial Asset Markets; Diverging Measures of Capacity Utilization: An Explanation; Workweek Flexibility and Hours Variation; Debt Maturity, Risk, and Asymmetric Information; The Liquidity Effect in the Federal Funds Market: Evidence from Daily Open Market Operations; and Monetary Policy and Inflation Dynamics.
Long-Run;
Consumer Sentiment;
Macroeconomic Volatility;
Market Discipline;
Integrated Macroeconomic;
Consistent Accounting;
Dynamic Estimation;
Quantitative;
Diverging;
Workweek;
Debt Maturity;
Liquidity Effect;
Monetary Policy 10/25/04
FATF Issues New AML Recommendation

A Special Recommendation IX and an Interpretative Note have been issued by FATF regarding the cross-border movement of currency and monetary instruments related to terrorist financing and money laundering. The task force has called on all countries to take action to stop the transfers and to share information. Special Recommendation; Interpretative Note 10/25/04
FRB Announces Written Agreement With Oklahoma Bank

The FRB has announced the execution of a Written Agreement by and among The Community State Bank, Poteau, Oklahoma; the Oklahoma State Banking Department, Oklahoma City, Oklahoma; and the Federal Reserve Bank of Kansas City concerning the bank's policies and procedures regarding credit risk, lending and BSA/AML compliance. Written Agreement 10/22/04
FFIEC Issues FOSS Guidance

The FFIEC has issued a guidance to help institutions identify and implement appropriate risk-management practices when using "free and open source software" (FOSS) that users are allowed to run, study, modify and redistribute without paying a licensing fee.

Guidance;
FFIEC PR;
FDIC FIL;
OTS CEO Ltr 10/22/04
Credit Risk Working Paper Published

The OCC has published a working paper that applies a simple, time-homogeneous Markov model to changes in credit risk using data sets on municipal bonds, commercial paper, and sovereign debt. The authors find that the model adequately describes ratings transitions for several years. Abstract;
Working Paper 10/22/04
Twenty-seven Banks Receive CRA Ratings

The OCC has released the CRA ratings given to twenty-seven national banks that were examined during September and October, 2004. Three banks received an outstanding rating and twenty-four were deemed satisfactory. CRA Ratings 10/21/04
FYI Examines The Expansion Of Branching

The October 2004 issue of FYI features an analysis of why the number of bank branches has increased during the continued consolidation of the banking industry. FYI
10/21/04
Consumer Reports Study

The FTC is evaluating ways to study the accuracy and completeness of consumer reports. The purpose of the current pilot study is to evaluate the feasibility of a methodology that involves direct review by consumers of the information reported in their consumer reports. 69FR61675 txt 69FR61675 pdf 10/20/04
Written Agreement Announced Regarding BSA And AML

The FRB has announced the execution of a Written Agreement by and between the Union Bank of California International, New York, New York and the Federal Reserve Bank of New York which addresses BSA and AML compliance at the institution.
Written Agreement 10/20/04
Twenty-Four Enforcement Actions Announced

The OCC has announced twenty-four enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks in nine states and the District of Columbia. Enforcement Actions 10/20/04
Sarbanes-Oxley Guidance Issued

The OCC has issued a memorandum as guidance for examiners who are reviewing banks' compliance with section 404 of the Sarbanes-Oxley Act which requires banks to issue a report asserting that their internal controls are effective.
Memorandum 10/20/04
The Mortgage Market And Consumer Debt From Greenspan's Viewpoint

Chairman Greenspan commented on the current status of the mortgage market and consumer debt in a presentation before the Annual Convention of America's Community Bankers. He noted that even though some measures of household debt quality do not paint as favorable a picture as do the data on loan delinquencies at commercial banks and thrifts, household finances appears to be in reasonably good shape. Speech 10/20/04
SL Issued Regarding Phishing Brochure

The FRB has issued a SL regarding the previously announced consumer brochure regarding phishing developed by the federal financial institution regulators. Information regarding the publication, Internet Pirates Are Trying to Steal Your Information, was posted September 9, 2004 on BOL Top Stories.
SL 10/20/04
International Reserved Position Update

Treasury has released the U.S. International Reserve Position for the week ending October 15, 2004.
Reserve Position 10/20/04
Counterfeit Cashier's Checks and Money Orders Special Alerts Issued

The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Umpqua Bank, Roseburg, Oregon, and counterfeit money orders drawn on Citizens State Bank, New Baltimore, Michigan. Information regarding the counterfeit cashier's checks and money orders has been posted on the BOL Alerts & Counterfeits page. 10/19/04
November HOEPA Reference Rates

The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in November 2004 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 that precedes the month you received the application. Daily H.15; Weekly H.15 10/19/04
August 2004 TIC Data Released

Treasury has released the International Capital data for August 2004.
TIC 10/19/04
Consumer Information Regarding Choosing A Credit Card

The FRB has made available online information of interest to consumers who are shopping around for a credit card.
Choosing A Credit Card 10/19/04
Chairman Powell Discusses Accounting And Governance

In a presentation before the annual convention of America's Community Bankers, FDIC Chairman Powell expressed his views on what changes in the areas of accounting and governance mean for bankers and bank regulators.

Speech 10/19/04
OFAC Adds Terrorist Entity

An entity has been designated a SDGT/FTO and placed on the OFAC SDN list. Information regarding the entity has been posted on the BOL OFAC page. 10/18/04
Unauthorized Banking Special Alert

The FDIC has issued a Special Alert concerning six entities that may be conducting banking actives without authorization in the United States and Canada. Special Alert 10/18/04

Cashier's Checks Missing

A Special Alert has been issued by the FDIC regarding cashier's checks bearing the name of Downey Savings and Loan Association, F.A., Newport Beach, California that are missing in transit. Alerts and Counterfeit Chart 10/18/04
Greenspan On Oil

Chairman Greenspan reviewed the history of oil prices and concerns regarding the depletion of the world's supply in a presentation before the National Italian American Foundation. Speech 10/18/04
Industrial Production And Capacity Report Released

The FRB has released the G. 17 Industrial Production and Capacity Utilization report for September 2004.
G.17 10/18/04
Cost Of Funds Reports Issued

OTS has issued the August 2004 and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions.
August Historical
10/18/04
FDIC Seeks RE Bids

The FDIC has posted on its Web site announcements regarding the sale by sealed bid of real estate in New Jersey and Utah.
New Jersey; Utah 10/18/04
FRB Proposes To Stop Municipal Securities Collection Service

The FRB has requested comments on a proposal for the Federal Reserve Banks to stop providing services to depository institutions for the collection of definitive municipal securities at the end of 2005. The comment period ends on December 20, 2004. Proposal 10/15/04
Drug Lords And Business Interests Added To OFAC List

OFAC has designated two Columbian drug lords, fourteen of their associates, and fifteen related business entities (including one airline) as SDNT(s) and added the names to the SDN List. Information regarding the new entries has been posted on the BOL OFAC page. 10/15/04
Anti-OD and Check Bouncing Consumer Brochure Available

The federal bank, thrift, and credit union regulatory agencies have announced the publication of a new brochure, "Protecting Yourself from Overdraft and Bounced-Check Fees", which instructs consumers that the best way to avoid the fees is to manage their accounts wisely by keeping an up-to-date check register, recording all electronic transactions and automatic bill payments, and monitoring account balances carefully. The brochure can be downloaded from the regulator's Web sites and distributed to customers. FRB Brochure; OCC Brochure; OTS Brochure; NCUA Brochure 10/15/04
Financial Education Web Site Launched

The twenty federal government agencies, who make up the Financial Literacy and Education Commission, have announced the launch of a new financial education Web site, www.mymoney.gov, and the release of a free "toolkit" containing information on deposit insurance, investments, personal savings, Social Security benefits, choosing a credit card, and other personal financial management tips. The new Commission was created by the Fair and Accurate Credit Transactions Act of 2003 to encourage government and private sector efforts to promote financial literacy, and to coordinate financial education efforts of the federal government. My Money Web Site 10/15/04
Williams Now Acting Comptroller

Under the provisions of the National Bank Act, Julie L. Williams, the former OCC Chief Counsel, has become Acting Comptroller succeeding John D. Hawke. Former Deputy Chief Counsel Daniel P. Stipano has been named Acting Chief Counsel. Williams Acting Comptroller 10/15/04
IFD Working Papers Published

The FRB has published three working papers in the IFD series on the following topics: Cash Flows and Discount Rates, Industry and Country Effects, and Co-Movement in Stock Returns; What Makes Investors Over or Underweight? Explaining International Appetites for Foreign Equities; and The Value of Financial Intermediaries: Empirical Evidence from Syndicated Loans to Emerging Market Borrowers. Cash Flows and Discount Rates; What Makes Investors Over or Underweight?; The Value of Financial Intermediaries 10/15/04
New Check Adjustment Investigation Types Announced

The FRB has announced that four new check adjustment investigation types have been defined to address problems that may arise during the collection process after the implementation of Check 21. Two of the types will affect only those customers that deposit forward and return image cash letters and the other two may be used by customers receiving a forward or return image cash letter or a substitute check. Investigation Types
10/14/04
Relief Agency And Officials Added To OFAC List

Treasury has designated the worldwide network of an Islamic relief agency along with five of its senior officials, as SDGT(s), and added the names to the SDN List. The action blocks all accounts, funds and assets of the agency in the United States and criminalizes the provision of money or other types of support to any of its offices. Information regarding the new entries has been posted on the BOL OFAC page. 10/14/04
FDIC Revises Appeal Processes

The FDIC has issued a FIL that announces the adoption of revised Guidelines for Appeals of Material Supervisory Determinations and for Appeals of Deposit Insurance Assessment Determinations. FIL-113-2004;
Material Supervisory Appeal;
Insurance Assessment Appeal 10/14/04
FDIC Ombudsman Report Released

The Ombudsman Report to the Industry, which summarizes the comments received by the regulator regarding its outreach efforts, has been released by the FDIC. Ombudsman Report 10/14/04

International Reserve Position Updated

The U.S. International Reserve Position for the week ending October 8, 2004 has been released by Treasury.
Reserve Position 10/14/04

10 Million BSA CMP Assessed

FinCEN and the FRB have announced the assessment of a $10 Million CMP against AmSouth Bank of Birmingham, Alabama, and also issued a C & D that requires the bank and its holding company to take certain corrective actions. The agencies contended that the bank failed to establish an adequate anti-money-laundering program which resulted in the failure to file accurate, complete, and timely SARs. FRB Action;
FinCEN Action 10/13/04

Check 21 InfoBase Announced

FFIEC has announced the availability to depository institutions of a InfoBase that provides information on consumer compliance aspects of Check 21 and features a training presentation, examination procedures, frequently asked questions plus links to other resources that may be helpful in understanding the Act. The InfoBase, which may be accessed online, was developed by the Task Force on Examiner Education to provide field examiners in financial institution regulatory agencies with a quick source of introductory training and basic information. Check 21 InfoBase 10/13/04

Reg D Annual Adjustments Published in FR

The FRB has published in the FR the amendment of Reg D to reflex the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2005. 69FR60543 (pdf)
69FR60543 (txt) 10/13/04

Written Agreement With British Bank Announced

The FRB and the New York State Banking Department have announced the execution of a Written Agreement by and among Standard Chartered plc, London, United Kingdom, its subsidiary bank, Standard Chartered Bank, London, United Kingdom, and the bank's New York branch regarding BSA and anti-money-laundering compliance relating to the provision of correspondent banking services.
Written Agreement 10/12/04
Regulators Comment On Proposed Bank Broker Rules

The federal banking regulators have issued a comment letter to the SEC regarding the SEC's proposed Regulation B that would implement the exceptions for bank "broker" activities under the GLB Act.
Comment Letter;
FRB PR;
OCC NR;
FDIC PR 10/12/04
FIL Regarding FBI's Bank Fraud Initiative

The FDIC has issued a FIL concerning the announcement by the FBI of an initiative known as, Operation Continued Action, to coordinate efforts between federal, state and local law enforcement agencies and financial regulatory agencies to combat financial institution fraud. FIL 111-2004;
Operation Continued Action 10/12/04
FDIC Issues Third Quarter 2004 Stakeholder Letter

The FDIC has issued its tenth Letter to Stakeholders, which reports on the FDIC's priorities and activities for the third quarter of 2004.Stakeholder Letter 10/12/04
Updated Spanish Language FDIC Customer Brochures Available

The FDIC has announced that updates of two of its insurance brochures for customers, Insuring Your Deposits (Seguro Para Sus Depósitos) and Your Insured Deposits-FDIC's Guide to Deposit Insurance Coverage (Sus Depósitos Asegurados), are now available in Spanish language versions and may be downloaded from the regulator's Web site for distribution to customers.
Seguro Para Sus Depósitos;
Sus Depósitos Asegurados 10/8/04
FDIC Enforcement Actions Released

The FDIC has released information regarding eighteen Enforcement Actions taken against former banks and individuals in August 2004. The actions included: four removal and prohibition orders, two suspension and prohibition orders, nine civil money penalty orders, one termination of insurance, one termination of a cease and desist order, and one adjudicated decision.
Enforcement Actions 10/8/04
Two Counterfeit Cashier's Checks Special Alerts Issued

The FDIC has issued two Special Alerts regarding counterfeit cashier's check drawn on Central Bank, Lebanon, Missouri, and American Community Bank, Glen Cove, New York. Information concerning the counterfeit cashier's checks has been posted on the newly redesigned BOL Alerts & Counterfeits page. 10/8/04
October 6, 1979 Twenty-Five Years Later

At a conference sponsored by the Federal Reserve Bank of St. Louis, FDIC Chairman Greenspan commented on the U.S. monetary policy twenty-five years after action was taken by the Fed to sharply raise interest rates to combat inflation and stabilize the economy. He noted that the action "stands out as such a milestone and arguably as a turning point in our nation's economic history".
Speech 10/8/04
August 2004 Consumer Credit Data Released

The FRB has released the G.19 Consumer Credit report for August 2004.
G.19 10/8/04
Reg D Annual Adjustments Announced

The FRB has announced the amendment of Reg D to reflex the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2005. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective September 2005.
Reg D Adjustments 10/7/04
OTS September 2004 CRA Ratings Released

OTS has released the ratings received by savings associations that were evaluated for compliance with CRA during the reporting period. CRA Ratings 10/7/04
FDIC Chairman Addresses NBA Convention

In a presentation to the attendees at the NBA national convention, FDIC Chairman Powell focused on following three areas: the overall health and economic success of the financial services industry, the important issue of consumer access to credit, and the equally important issue of consumer protection. Speech
10/7/04
Fall 2004 Edition Of Community Developments Newsletter Published

The OCC has published the Fall 2004 edition of the Community Developments newsletter which highlights efforts by banks in using technology to reach those Americans who do not have access to banking services.
Community Developments 10/7/04
International Reserve Position Released

Treasury has released the U.S. International Reserve Position for the week ending October 1, 2004.
Reserve Position 10/7/04
FDIC CRA Evaluations Released

The FDIC has released the October 2004 list of state nonmember banks recently evaluated for compliance with CRA and the ratings they received. October CRA List 10/6/04
Order Of Prohibition Issued

NCUA has issued an Order of Prohibition against a former loan credit analyst with Boeing Employees Credit Union in Tukwila, Washington. Order 10/6/04
OCC Bulletin Regarding Extension Of Lending Limits Program

The OCC has issued a Bulletin regarding the previously announced extension of the lending limits pilot program until June 11, 2007. The program provides special lending limits for 1-4 family residential real estate loans, small business loans, and certain agricultural loans. Information concerning the extension of the program was posted on the August 19, 2004, BOL Top Stories.
OCC Bulletin 2004-46 10/6/04
Greenspan At The ABA Convention

In a presentation at the ABA convention, FRB Chairman Greenspan reviewed some of the major innovations and changes that banks have experienced which have allowed them to successfully navigate through changing economic and technical environments. He noted that "banks of all sizes will never again be the passive deposit takers that they were at the beginning of the 1960s" and "one of the more painful lessons learned in the 1970s and 1980s is that accepting narrow or nonexistent spreads in order to retain market share is a losing strategy." Speech
10/6/04
Assets Reports Released

The FRB has released the 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report. Reports 10/6/04
Comptroller Comments To ABA

Comptroller Hawke made comments on various subjects to the participants at the ABA convention including; the health of the banking industry; recent regulatory guidance and actions; standards of professional behavior for bankers; "secured" credit cards; credit unions; the dual banking system; and preemption. Speech
10/5/04
FDIC Chairman Addresses ABA

FDIC Chairman Powell addressed the attendees at the ABA convention and discussed prosperity of the last decade, the future of banking, the decline in the number of community banks, the cost of regulatory compliance, plans to reduce the regulatory burden, and the evolution of the deposit insurance program. Speech
10/5/04
OTS Signs International Info Sharing Agreement

The OTS has announced that it has signed an agreement which provides a framework for cooperative information sharing arrangements between OTS and European Union supervisors that oversee financial services organizations that have material operations in each other's jurisdiction. Agreement 10/5/04
Two Banks Cited By OFAC

OFAC has announced CMPs against two banks for violations of Iranian sanctions. The penalties ranged from $5,000 to over $58,000.
OFAC CMPs 10/4/04
Electronic Disclosures AL Issued

The OCC has issued an AL regarding issues that should be considered by national banks that provide electronic consumer disclosures. The failure to provide such electronic disclosures in a proper manner can expose the bank to significant compliance, transaction, and reputation risk. AL 2004-11 10/4/04
BSA MOU Announced By Regulators And FinCEN

The federal financial regulators and FinCEN have entered into a MOU regarding information sharing to enhance BSA compliance and better protect the financial system from terrorists. MOU 10/4/04
Interest Rate Risk Report Released By OTS

OTS has released the Second Quarter 2004 Interest Rate Exposure Report.
Interest Rate Risk 10/4/04
FRB Statistical Releases Issued

The FRB has issued the G.5 and E.2, statistical releases covering foreign exchange rates, survey of terms or business lending, and agricultural finance databook respectfully. G.5;
E.2E.15 --> 10/4/04
Savings Bonds Not Covered By Check 21

A warning has been issued by FRB Financial Services that U.S. Savings Bonds are not covered by Check 21. Information is also provided regarding the steps to take to reduce the chance of bonds being erroneously truncated and destroyed, plus what to do if they are. Savings Bonds 10/1/04
FTC Published PR in FR on FACTA Opt Out Disclosures

The FTC is proposing to adopt a rule to improve the required notice to consumers regarding their right to opt out of prescreened solicitations for credit or insurance. 69FR58861 txt 69FR58861 pdf 10/1/04
314(a) Fact Sheet Issued By FinCEN

FinCEN has issued a Fact Sheet that contains data regarding the number of 314(a) requests processed, the number of matches identified by financial institutions, new accounts identified, subpoenas issued, and arrests made.
314(a) Fact Sheet 10/1/04
2005 HMDA and CRA File Specifications Online

The FFIEC has posted the HMDA and CRA file specifications and edits for 2005 on its Web site.
2005 HMDA; 2005 CRA
10/1/04
Counterfeit Cashier's Checks Special Alert

A Special Alert regarding counterfeit cashier's checks drawn on the Farmers State Bank, Booneville, Kentucky has been issued by the FDIC. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 10/1/04
FinCEN Extends Comment Periods

FinCEN has extend the comment period regarding the imposition of a special measure against both First Merchant Bank OSH Ltd. and Infobank as financial institutions of primary money laundering concern under the provisions of the BSA. Information regarding the initial comment periods was posted on the
August 25, 2004 BOL Top Stories. First Merchant Extension;
Infobank Extension 10/1/04
Comments Sought Regarding Information Collection Proposal

A Proposal has been issued by the FRB and published in the FR to extend for three years without revision the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002 ) and the Report of Assets and Liabilities of Non-U.S. Branches that are Managed or Controlled by a U.S. Branch or Agency of a Foreign (Non-U.S.) Bank (FFIEC 002S). Proposal 10/1/04
Final Second Quarter Interest Rate Risk Measures Released

OTS has released the final second quarter 2004 thrift industry interest rate risk measures.
Interest Rate Risk 10/1/04
FFIEC Releases Country Exposure Data

The E16 Country Exposure Statistical Release and the County Exposure Information Report have been released by the FFIEC.
E16; Information Report 10/1/04

08/31/2004

Fed supports same-day ACH settlement

The Retail Payments Office of the Federal Reserve has issued a statement supporting the announcement by NACHA that it is taking steps toward same-day ACH settlement for ACH network transactions.

Top Story Operations Related

Loan Delinquency Rates Report Revised

NCUA - Fair and accurate Credit Transactions Act implementation

OFAC Adds Mexican Cartel Members And WMD Designation

PSR Policy Revised

Reg T Opinions Released

Unauthorized Internet Bank Alert Issued

Assessment Certified Statement Rule FIL Issued

Third Quarter Preliminary Interest Rate Risk Measure Report Released

NCUA Proposed Rule for Credit Unions:

OTS - Community Reinvestment Act:

OTS - EGRPRA Regulatory Review--Application and Reporting Requirements:

Counterfeit Cashier's Checks Bulletin

Three Special Alerts Issued

Credit Bureaus Announce How Consumers Can Access Free Credit Reports

Executive Officer 004 Report Form

314a Fact Sheet Updated

Bank And Thrift Third Quarter Income Sets Record

FDIC Final Rule published in Federal Register

Unauthorized Banking Special Alerts

2005 CRA And HMDA Software Available

OFAC To Change SDN File Format

Bulletin Issued Regarding CMP Inflation Adjustment

International Reserve Position Released

Three Counterfeit Cashier's Checks Special Alerts Issued

FIL Issued Regarding New SDGTs

FCRA And FACTA Consumer Notices Issued

OTS Announces Final EGRPRA Rule and CRA Streamlining Proposal

CU Placed In Conservatorship

Greenspan Discusses Globalization

FTC Issues Final Regulation on Consumer Information and Records Disposal

C&D Issued Against Colorado BHC And Bank

Twenty-Four CRA Evaluations Released

November 2004 Issue Of Electronic Interpretations and Actions Now Online

Schedule RED March 2005 Specifications Issued

2005 TIAC New Members And Officers Announced

Point-Of-Sale Debit Fees Report Delivered To Congress

Three Year Extension For HMDA Loan/Application Register Proposed

Guidance Issued Regarding Internal Control Attestation Standards for Independent Auditors

OCC Issues Bulletin Regarding Proposed Reg E Amendments

Cali Cartel Entities Added To SDNT List

G.17 Report Issued

Thrift Industry Third Quarter Earnings Released

HOEPA December Reference Rates

Reg E Amendments Proposed

Software Due Diligence Guidance Issued

OTS Issues Legal Opinions

FTC Enforces GLB Act's Safeguards Rule Against Mortgage Companies

OFAC To Issue Specific Licenses

September TIC Data Released

U.S. Reserve Assets Supplements Issued

Third Quarter BIF and SAIF Financials Released

Two Flood CMPs Announced

OCC Enforcement Actions Announced

FDIC Assessment Rates Unchanged

Bank Lending Practices Survey Results

Financial Holding Companies List Updated

Cost Of Funds Reports Issued

Violations Requiring OCC Action Listed

FDIC Issues Four Special Alerts

Airline Designated SDNTK

FRB Raises Fed Funds And Discount Rates

Enforcement Guidance Issued For BSA/AML Program Deficiencies

Unauthorized Internet Banks Alert

FDIC Enforcement Actions Released

FDIC Insurance DVD Available

OCC Publishes CMP Inflation Adjustment in FR

OCC Seeks C&D And CMP Against Bank Auditor

Counterfeit Cashier's Checks Special Alert

314(a) Facts And Feedback Updates

Four Working Papers Published

Survey Reports Easing Of Loan And Underwriting Standards

November G.20 Released

CMP Inflation Adjustment

International Reserve Position Update

FR Publishes PR on Proposed Fee for Credit Scores

OCC Updates Reg CC Examination Procedures

OFAC Cites One Bank

FDIC CRA Evaluations Released

Regulatory Reports Monitoring Program Terminated