Top Story Operations Related

• Counterfeit Checks Special Alerts

  The FDIC has issued three Special Alerts regarding counterfeit checks bearing the name of the following financial institutions:

  • Intercity State Bank, Schofield, Wisconsin (Counterfeit Cashier's Checks);
  • FirstAtlantic Bank, Jacksonville, Florida (Counterfeit Checks);
  • The Citizens State Bank of Cortez, Cortez, Colorado (Counterfeit Cashier's Checks)

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  10/31/08

• LIFG Members Added to OFAC List

  The Treasury today designated three members of the Libyan Islamic Fighting Group (LIFG) and added their names to the SDN List with the Specially Designated Global Terrorist (SDGT) notation. Information regarding the additions has been posted on the BOL OFAC page.  10/31/08

• Written Agreement With Wyoming BHC

  The FRB has announced the execution of a Written Agreement by and between State Holding Company, Thermopolis, Wyoming, a registered bank holding company, and the Federal Reserve Bank of Kansas City. Agreement  10/31/08

• FRB Services 2009 Fee Schedule

  The fee schedules for payment services the Federal Reserve Banks provide to depository institutions (priced services), effective January 2, 2009, has been announced. Fee Schedules  10/31/08

• 1% Fed Funds

  The Federal Open Market Committee has lowered its target for the federal funds rate 50 basis points to 1 percent. The Board of Governors also unanimously approved a 50-basis-point decrease in the discount rate to 1-1/4 percent which was requested by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Cleveland, San Francisco, Chicago, Kansas City, and St. Louis. Fed Funds; Discount  10/30/08

• Fannie/Freddie Preferred Stock Tax Treatment Guidance

  The Treasury and the IRS have issued Revenue Procedure 2008-64 (Rev. Proc. 2008-64) which provides that certain gains and losses from indirect ownership of Fannie Mae and Freddie Mac preferred stock can be treated as ordinary income and loss. Guidance; Rev. Proc. 2008-64  10/30/08

• More International Currency Arrangements Announced

  The Federal Reserve, Banco Central de Brasil, Banco de Mexico, Bank of Korea, and the Monetary Authority of Singapore have announced the establishment of temporary reciprocal currency arrangements. Arrangements  10/30/08

• Working Papers Published

  The FRB has published five working papers, four in the Finance and Economics Discussion Series (FEDS) and one in the International Finance Discussion Papers (IFDP) series.
  
  FEDS

  • Do Behavioral Biases Adversely Affect the Macro-Economy?
  • Property Taxes and Elderly Mobility
  • Property Taxes and Elderly Labor Supply
  • Research and development, profits and firm value: A structural estimation

  IFDP

  • Assessing the Potential for Further Foreign Demand for U.S. Assets: Has Financing U.S. Current Account Deficits Made Foreign Investors Overweight in U.S. Securities?

  Behavioral Abstract | Behavioral Full Paper | Elderly Mobility Abstract | Elderly Mobility Full Paper | Elderly Labor Abstract | Elderly Labor Full Paper | Research Abstract | Research Full Paper | Assessing Abstract; | Assessing Full Paper   10/30/08

• Threatening Letters Special Alert

  A Special Alert has been issued by the FDIC containing a statement regarding threatening and potentially dangerous letters which may be received by a financial institution through the U.S. mail. Over 30 letters containing a white powder have been received by institutions in nine states and the District of Columbia. BOL issued a Mail Handling Procedures Special Briefing on October 23, 2008 which contained links to information regarding "Tips for Handling Suspicious Mail" and "Anthrax-Knowledge is Power." Special Alert  10/29/08

• Written Agreement with Florida BHC

  The execution of a Written Agreement by and among Remo DuQuoin LLC, Privee LLC, Republic Federal Bancorp, Inc., registered bank holding companies, Miami, Florida, and the Federal Reserve Bank of Atlanta has been announced. Agreement  10/29/08

• The FDIC Publishes Interim Rule in FR for Temporary Liquidity Guarantee Program

  The FDIC is issuing this Interim Rule following a determination of systemic risk pursuant to section 13(c)(4)(G) of the Federal Deposit Insurance Act. As a result of this systemic risk determination, and in an effort to avoid or mitigate
  serious adverse effects on economic conditions or financial stability,
  the FDIC is establishing the Temporary Liquidity Guarantee Program. This program has two primary components: the Debt Guarantee Program, by which the FDIC will guarantee the payment of certain newly-issued senior unsecured debt, and the Transaction Account Guarantee Program, by which the FDIC will guarantee certain noninterest-bearing transaction accounts.PDF  Text  10/29/08

• Phishing Emails Special Alert

  The FDIC has issued a Special Alert warning financial institutions and consumers regarding phishing emails that appear to be from, or related to, financial institutions involved in high-profile mergers, acquisitions or failures which may request recipients to verify computer logon credentials, update personal information, or activate new online security features. Special Alert  10/29/08

• FedCash Applications Unavailable

  The FRB Financial Services has announced that system utilizing the FedCash application will be unavailable during the weekend of November 1-2 due to system upgrades. FedCash  10/29/08

• CRA Ratings Released

  The OCC has released the rating received by twenty-four national banks that were recently examined for compliance with the provisions of the CRA. Ratings  10/29/08

• Dugan Responds to National City Acquisition Questions

  Comptroller Dugan has issued a written response to questions raised by Congressman LaTourette about the acquisition of National City Corporation by PNC Financial Services Group. Response  10/29/08

• US NZ Swap Line Arrangement

  The FRB and the Reserve Bank of New Zealand have announced the establishment of a temporary reciprocal currency arrangement (swap line) to address ongoing, elevated pressures in U.S. dollar short-term funding markets. Swap Line  10/29/08

• The FRB Proposes Rulemaking for Missing comments submitted through the Federal Rulemaking Portal

  Because of a software problem at the Federal eRulemaking Portal (http://www.regulations.gov), the Board did not receive certain public comments submitted through that portal. This problem affected comments on four of the Board's proposed rules [Docket Nos. R-1286; R-1314, R-1315; and R-1316] that were submitted only through the Federal eRulemaking Portal between March 22, 2008, and September 8, 2008. A total of 83 comments on the four proposals were not relayed to the Board. As set forth below, the Board will accept resubmission of those comments that were not received.  PDF  Text  10/28/08

• Agencies Issue Statement Regarding Freddie/Fannie Stock Losses

  The federal banking and thrift regulatory agencies have issued an interagency statement to notify banking organizations that the agencies will allow banking organizations to recognize the effect of the tax change enacted in Section 301 of the Emergency Economic Stabilization Act of 2008 (EESA) in their third-quarter 2008 regulatory capital calculations. Statement; OCC Bulletin  10/27/08

• SCRA Bulletin

  The OCC has issued a bulletin that contains the legal requirements regarding the Servicemembers Civil Relief Act (SCRA).   Bulletin10/27/08

• FDIC Insurance Mortgage Servicers' Accounts

  The FDIC has issued a FIL regarding the adoption of a previously announced interim rule to simplify the deposit insurance rules for accounts held at FDIC-insured institutions by mortgage servicers. FIL; Interim Rule  10/27/08

• Red Flag Exam Procedures

  The OTS has issued a CEO Letter regarding examination procedures for ID Theft Red Flags and Address Discrepancies. CEO Letter  10/27/08

• Joint Agencies Propose Rulemaking for Minimum Capital Ratios; Treatment of Certain Claims on, or Guaranteed by, Fannie Mae and Freddie Mac

  On September 7, 2008, the U.S. Department of Treasury (Treasury) entered into senior preferred stock purchase agreements (the Agreement or Agreements) with the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), which effectively provide protection to the holders of senior debt, subordinated debt, and mortgage-backed securities (MBS) issued or guaranteed by these entities. In light of the financial support provided under the Agreements, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the agencies) are proposing to adopt a 10 percent risk weight for claims on, and the portion of claims guaranteed by, Fannie Mae or Freddie Mac. The 10 percent risk weight would apply so long as an Agreement remains in effect with the respective entity.  PDF  Text   10/27/08

• The FRB Publishes Correcting Amendments to Final Rule in FR for Capital Adequacy Guidelines

  The Board published an interim final rule with request for public comment in the Federal Register on October 22, 2008 ( 73 FR 62851), providing that bank holding companies that issue new senior perpetual preferred stock to the U.S Department of Treasury under the capital purchase program announced by the Secretary of the Treasury on October 14, 2008, may include such capital instruments in Tier 1 capital for purposes of the Board's risk-based and leverage capital rules and guidelines for bank holding companies. The Public Law was cited incorrectly. This document corrects the citation in footnote 1 of the Supplementary Information and in the interim final regulation by revising these sections.  PDF  Text   10/27/08

• The OTS Publishes Final Rule in FR for Rules of Practice and Procedure in Adjudicatory Proceedings; Civil Money Penalty Inflation Adjustment

  The Federal Civil Monetary Penalty 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. OTS last adjusted its CMP statutes in 2004. Consequently, OTS is issuing this final rule to implement the required adjustments to OTS's CMP statutes.  PDF  Text   10/27/08

• Georgia Bank Closed Deposits Assumed

  The Alpha Bank and Trust, Alpharetta, Georgia, was closed by the Georgia Department of Banking and Finance and the FDIC was named receiver. The FDIC has entered into a purchase and assumption agreement with Stearns Bank, National Association, St. Cloud, Minnesota, to assume the insured deposits. Closed10/27/08

• Section 19 Letters Released

  Four letters regarding Section 19 penalties assessed against individuals have been released by the FRB. The individuals are prohibited from continuing or becoming an institution-affiliated party regarding a financial institution or a credit union. Letter 1; Letter 2; Letter 3; Letter 4 10/27/08

• Dugan Discusses OCC Response To Economic Challenges

  In a speech to OCC managers, Comptroller Dugan discussed the agency's response to market events of the past year and lessons learned from those events. Speech10/27/08

• Poverty Report Released

  The FRB has released "The Enduring Challenge of Concentrated Poverty: Case Studies from Communities Across the U.S.," a Systemwide Federal Reserve research effort that examines the diverse landscape of concentrated poverty in America. Poverty Report10/27/08

• FTC Suspends Red Flag Enforcement

  The FTC has announced the suspension of enforcement of its new "Red Flags Rule" until May 1, 2009, to give FTC-supervised creditors and financial institutions additional time to develop and implement written identity theft prevention programs. The FTC action does not affect enforcement of the original November 1, 2008, deadline for compliance by institutions subject to oversight by other federal agencies.  Red Flags   10/24/08

• Bair Testifies On Financial Markets and Foreclosures

  In testimony before the Senate Banking Committee, FDIC Chairman Bair reviewed recent efforts to stabilize the nation's financial markets and reduce foreclosures. She noted that minimizing foreclosures is important to the broader effort to stabilize global financial markets and the U.S. economy. She indicated that the FDIC, as conservator for IndyMac Federal Bank, F.S.B., has inherited responsibility for servicing a pool of approximately 712,000 mortgage loans, including more than 60,000 loans that are more than 60 days past due. She stated the FDIC has mailed more than 15,000 loan modification proposals to borrowers and has called many thousands more in continuing efforts to help avoid unnecessary foreclosures.
  Testimony   10/24/08

• Regulatory Simplification Proposed

  FinCEN has announced a proposal to separate BSA regulations into general and industry-specific parts so that a financial institution will be able to identify its obligations under the BSA in a more organized and understandable manner.
  Press Release  Proposal   10/24/08

• FDIC Issues Interim Rule to Implement the Temporary Liquidity Guarantee Program

  The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved an interim rule to govern its newly created Temporary Liquidity Guarantee Program (TLGP). While the rule is effective immediately, comments will be taken for a 15-day period. Proposed as a new 12 CFR Part 370, the regulation defines parameters of the program and clarifies issues of coverage, including certain "sub-account" sweep arrangements used to manage banks' reserve requirements.   Announcement  Interim Rule   10/24/08

• NCUA Asks for Parity for Coverage of Non-interest Bearing Transaction Accounts

  NCUA has requested Treasury to include credit union accounts in the recently expanded deposit insurance coverage of non-interest bearing transaction deposit accounts. Insurance   10/24/08

• FRB Publishes Revisions to HMDA Reg C in Federal Register

  The Board is publishing final rules to amend Regulation C (Home Mortgage Disclosure) to revise the rules for reporting price information on higher-priced loans. The rules are being conformed to the definition of "higherpriced mortgage loan" adopted by the Board under Regulation Z (Truth in Lending) in July of 2008. The final rule is effective 10/1/2009. Compliance is mandatory for loan applications taken on and after that date and for loans that close on and after January 1, 2010 (regardless of their application dates). This story was first reported in BOL's Top Stories on 10/21/08.
    PDF  Text   10/24/08

• FDIC Invites Comment Resubmissions Due to Technical Glitch

  The FDIC published in the Federal Register two limited invitations to resubmit comments that were lost because of a "technical software error." The first invitation is for resubmission of comments on the FDIC’s Interim Final Rule and Request for Comment involving "Financial Education Programs That Include the Provision of Bank Products and Services." The second invitation is for resubmission of comments on the FDIC’s Notice of Proposed Rulemaking involving "Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure and Large-Bank Deposit Insurance Determination Modernization."   10/24/08

• Bank Added to OFAC List

  Treasury has designated the Export Development Bank of Iran (EDBI) for providing or attempting to provide financial services to Iran's Ministry of Defense and Armed Forces Logistics. Three additional entities which were determined to be owned or controlled by or acting or purporting to act for or on behalf of, directly or indirectly, the EDBI were also designated and along with EDBI were added the SDN List with the NPWMD notation. The names of seven individuals were also deleted from the List. Information regarding the additions and deletions has been posted on the BOL OFAC page.   10/23/08

• Excess Balances Interest Rate to Change

  The FRB has announced that it will alter effective October 23, 2008, the formula used to determine the interest rate paid to depository institutions on excess balances. Interest Rate   10/23/08

• Written Agreement Announced

  The execution of a Written Agreement by and between Bank of Canton, Canton, Pennsylvania, a state chartered member bank, and the Federal Reserve Bank of Philadelphia has been announced by the FRB.   Agreement   10/23/08

• SAR Activity Review Published

  The 14th issue of the SAR Activity Review Trends, Tips and Issues has been published by FinCEN.
     Review   10/23/08

• FDIC to Host IADI Conference

  The FDIC has announced that it will host the 7th Annual Conference of the International Association of Deposit Insurers (IADI) on October 29 and 30, 2008, at itsVirginia Square complex in Arlington, Virginia.  
  Conference   10/23/08

• Treasury Names Interim Chief Investment Officer for TARP

  The Treasury Department named James H. Lambright this week to serve as the interim Chief Investment Officer for the Troubled Asset Relief Program authorized by Congress earlier this month. Lambright will serve on an interim basis until the position is filled permanently. He will provide counsel to Secretary Henry M. Paulson, Jr. and Interim Assistant Secretary for the Office of Financial Stability Neel Kashkari as they develop and implement the program.  
  Announcement   10/23/08

• MMIFF Created

  The FRB has announced the creation of the Money Market Investor Funding Facility (MMIFF), which will support a private-sector initiative designed to provide liquidity to U.S. money market investors. MMIFF  10/22/08

• The FRB Publishes Interim Final Rule in FR for Capital Adequacy Guidelines

  This rule specifically permits bank holding companies that issue new senior perpetual preferred stock to the Treasury under the capital purchase program announced by the Secretary of the Treasury on October 14, 2008, to include such capital instruments in Tier 1 capital for purposes of the Board's risk-based and leverage capital rules and guidelines for bank holding companies. TXT; PDF  10/22/08

• The NCUA Publishes Interim Final Rule in FR for Display of Official Sign; Temporary Increase in Standard Maximum Share Insurance Amount; Coverage for Custodial Loan Accounts

  NCUA is amending its share insurance rules to reflect Congress's recent action to increase temporarily the standard maximum share insurance amount (SMSIA) from $100,000 to $250,000 and increase coverage for custodial loan accounts. NCUA also is providing insured credit unions with additional options for displaying NCUA's official sign. TXT; PDF  10/22/08

• The NCUA Publishes Final Rule in FR for Incidental Powers

  NCUA is amending its regulation governing a federal credit union's (FCU's) incidental powers by adding illustrations of permissible activities under the categories of correspondent services, operational programs, and finder activities. TXT; PDF  10/22/08

• The NCUA Proposes Rulemaking in FR for Accuracy of Advertising and Notice of Insured Status

  Section 740.4 of NCUA's rules requires that a federally insured credit union continuously display the official NCUA sign at every teller station or window where insured funds or deposits are normally received. Section 740.4(c) requires that tellers accepting share deposits for both federally insured credit unions and nonfederally insured credit unions also post a second sign adjacent to the official NCUA sign. Currently, the rules require this second sign to list each federally insured credit union served by the teller along with a statement that only these credit unions are federally insured. TXT; PDF  10/22/08

• Credit Auction Results

  The results of auction of $150 billion in 28-day credit held on October 20, 2008, have been announced by the FRB. Results  10/22/08

• FRB Wells Fargo/Wachovia Statement

  The FRB has released a thirty-five page statement concerning its action of October 12, 2008, approving the proposal by Wells Fargo & Company, San Francisco, California, to acquire Wachovia Corporation, Charlotte, North Carolina. Statement  10/22/08

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of October 21, 2008. 314(a) Fact Sheet  10/22/08

• Reserve Position Reports Released

  The Treasury has released the U.S. International Reserve Position Reports for October 10 and 17, 2008. October 10; October 17  10/22/08

• Capital Purchase Program Guidance

  The Treasury has issued Guidance regarding the Capital Purchase Program, Secretary Paulson has issued a statement regarding the Program, and a Terms Sheet has been released along with a FAQ. Read all about the Program, the Guidance, Paulson's statement, the term sheet and the FAQ in a BOL Special Briefing.  10/21/08

• Reg C Final Amendments Approved

  The FRB has announced approval of final amendments to Regulation C that revise the rules for reporting price information on higher-priced mortgage loans. Reg C  10/21/08

• Capital Purchase Program Participation Encouraged

  The federal banking and thrift regulatory agencies are encouraging all eligible institutions to use Treasury's Capital Purchase Program and the FDIC's Temporary Liquidity Guarantee Program. FRB PR; OCC NR; OTS NR; FDIC PR  10/21/08

• Call Report Instructions

  The FFIEC has posted online the instructions for Draft Instructions for FFIEC 031 and FFIEC 041. 031; 041  10/21/08

• SWIFT Format Cover Payments

  The FRB Financial Services and the Clearing House have announced the completion of the distribution of the specifications for banks to remain compatible with the SWIFT enhance message format. SWIFT  10/21/08

• Covered Bonds

  The OCC has issued a Bulletin regarding the issuance of U.S. Covered Bonds by national banks. Bulletin  10/21/08

• EESA Impact On Freddie and Fannie Capital Stock

   
  The federal financial institution regulatory agencies have announced that they will allow banking organizations to recognize the effect of the tax change enacted by the Emergency Economic Stabilization Act of 2008 (EESA) in third quarter 2008 regulatory capital calculations. FRB PR; FDIC PR; OCC NR; OTS PR  10/20/08

• Enforcement Actions Announced

  The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Those actions regarding flood violations have been posted on the BOL Flood Penalties Watch page. Enforcement Actions  10/20/08

• November HOEPA Rates Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in November 2008 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  10/17/08

• New ID Red Flag FDIC Exam Procedures

  A FIL has been issued by the FDIC regarding new examination procedures on identity theft "red flags", address discrepancies, and change of address requests. FIL; Exam Procedures  10/17/08

• The FDIC Publishes Interim Rule in FR for Deposit Insurance Regulations; Temporary Increase in Standard Coverage Amount; Mortgage Servicing Accounts

  The FDIC is adopting an interim rule to amend its deposit insurance regulations to reflect Congress's recent action to temporarily increase the standard deposit insurance amount from $100,000 to $250,000 and to simplify the deposit insurance rules for funds maintained in mortgage servicing accounts.TXT; PDF  10/17/08

• The FRB Publishes Final Rule in FR for Extensions of Credit by Federal Reserve Banks

  The Board of Governors of the Federal Reserve System (Board) has adopted final amendments to its Regulation A to reflect the Board's approval of a decrease in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board's primary
  credit rate action. TXT; PDF  10/17/08

• Temporary Liquidity Guarantee Program Web Site

  The FDIC has launched a new dedicated Web Site for the Temporary Liquidity Guarantee Program. Links to press releases, FILs and technical briefings regarding the program are provided. Web Site  10/17/08

• Senior Perpetual Preferred Stock Is Tier 1 Capital

  The FRB has announced the adoption of an interim final rule that will allow bank holding companies to include in their Tier 1 capital without restriction the senior perpetual preferred stock issued to the Treasury Department under the capital purchase program announced by the Treasury on October 14, 2008. Final Rule  10/17/08

• Written Agreements Announced

  The FRB has announced the execution of two Written Agreements, one by and between Alliance Bancshares California, a registered bank holding company, and the Federal Reserve Bank of San Francisco; and the other by and among AmericasBank, Towson, Maryland, a state chartered member bank, the Federal Reserve Bank of Richmond, and the Maryland Division of Financial Regulation. Alliance;
  AmericasBank  10/17/08

• California CU Placed Into Conservatorship

  The NCUA has assumed control of the operations of High Desert Federal Credit Union headquartered in Apple Valley, California. Service will continue uninterrupted and members are free to make deposits, access funds, make loan payments and use share drafts. Conservatorship  10/17/08

• CRA Ratings Released

  The OTS has released the rating received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings  10/17/08

• Corporate Credit Union Liquidity Guarantee Program Announced

  The NCUA has announced the approval of a temporary corporate credit union liquidity guarantee program that will operate from October 16, 2008, through June 30, 2009. CU Liquidity  10/17/08

• FDIC Updates Trust Examination Manual

  The FDIC has issued a FIL announcing the update of the Trust Examination Manual to include new materials reflecting changes enacted in the Pension Protection Act of 2006 and their application to employee benefit plan and individual retirement plan accounts governed by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. FIL; Manual  10/17/08

• Consolidated Supervision and Risk Management Guidance

  The FRB has issued two SR Letters containing guidance, one that refines and clarifies its programs for the consolidated supervision of bank holding companies (BHCs) and the combined U.S. operations of foreign banking organizations (FBOs) and the other clarifying supervisory expectations with respect to firmwide compliance risk management. SR Supervision; SR Risk  10/17/08

• Section 19 Letters Released

  The FRB has released two Section 19 Letters that have been issued to former bankers from Louisiana and Ohio that prohibit them from continuing or become an institution-affiliated party of a banking organization or a credit union. Louisiana; Ohio  10/17/08

• August TIC Data

  The Treasury has released the Treasury International Capital (TIC) data for August 2008. TIC  10/17/08

• Industrial Production Report Released

  The G. 17 Industrial Production and Capacity Utilization Report for September 2008 had been released by the FRB. G.17  10/17/08

• Bernanke Confident Economy Will Recover

  In a presentation at the Economic Club of New York, Chairman Bernanke discussed the economic and financial challenges faced by the nation and the actions being taken to stabilize the markets and the economy. He noted, "Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away. Ultimately, the trajectory of economic activity beyond the next few quarters will depend greatly on the extent to which financial and credit markets return to more normal functioning." He stated, "I remain confident that the American economy, with its great intrinsic vitality and aided by the measures now available will emerge from this period with renewed vigor." Speech  10/16/08

• Additions to FCRA Examinations Procedures

  The OCC has published a Bulletin regarding the issuance of new Fair Credit Reporting Act (FCRA) examination procedures for rules addressing affiliate marketing, identity-theft red flags, and address discrepancies. Bulletin; Procedures  10/16/08

• The FDIC Proposes Rulemaking for Assessments

  The FDIC is proposing to amend 12 CFR part 327 to: alter the way in which it differentiates for risk in the risk-based assessment system; revise deposit insurance assessment rates, including base assessment rates; and make technical and other changes to the rules
  governing the risk-based assessment system. TXT; PDF  10/16/08

• Beige Book Updated

  The FRB has published the October 15, 2008 update of the Beige Book. Beige Book  10/16/08

• Required and Excess Balances Interest Rates

  The FRB has posted the interest rates to be paid by the Federal Reserve Banks on required reserve balances and excess balances for the maintenance period ending October 15, 2008. Interest Rates  10/16/08

• FedFlash Issue Online

  The October 15, 2008 issue of FedFlash has been posted online and contains articles on a new electronic format, documentation for the November 2009 FedWire Funds Service, FedWire Offline Services, and the FedLine Learning Center. FedFlash  10/16/08

• Cost of Funds Reports

  The OTS has published the historical and current cost of funds for OTS regulated institutions. Historical; Current  10/16/08

• Capital Purchase Program Details Announced

  The Treasury has announced a voluntary Capital Purchase Program under which it will purchase up to $250 billion of senior preferred shares on standardized terms. The stated purpose of the program is to encourage U.S. financial institutions to build capital to increase the flow of financing to U.S. businesses and consumers and to support the U.S. economy. Qualifying U.S. controlled banks, savings associations, and certain bank and savings and loan holding companies must elect to participate before 5:00 pm (EDT) on November 14, 2008. Statements regarding the program have been made by Secretary Paulson and Comptroller Dugan and a Joint Statement has been issued by Treasury, the FRB and the FDIC. Summary; Terms; Paulson Statement; Dugan Statement; Treasury PR; FRB PR  10/15/08

• Temporary Liquidity Guarantee Program Announced

  The FDIC has announced the Temporary Liquidity Guarantee Program to strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, thrifts, and certain holding companies, and by providing full coverage of non-interest bearing deposit transaction accounts, regardless of dollar amount. Summary; Fact Sheet; Bair Statement  10/15/08

• Troubled Assets Guaranty Program Comments Sought

  A request for public comments had been made by Treasury regarding a proposed insurance program for troubled assets which is required by the Emergency Economic Stabilization Act of 2008 (EESA). Comments are due by Friday, October 28 and may be submitted online. Request  10/15/08

• CPFF Additional Details

  The FRB has announced the term and conditions and FAQs regarding the Commercial Paper Funding Facility (CPFF) that it will begin funding the purchases of commercial paper on October 27, 2008. Terms; FAQs  10/15/08

• Executive Compensation Rules Established

  The Treasury has announced the executive compensation and corporate governance standards that will apply to the chief executive officer, chief financial officer, plus the next three most highly compensated executive officers of any firm participating in recently established Troubled Asset Auction Program, Capital Purchase Program, or Programs for Systemically Significant Failing Institutions. Compensation  10/15/08

• Written Agreement with Indiana BHC

  The FRB has announced the execution of a Written Agreement by and among Irwin Financial Corporation, Columbus, Indiana, a registered bank holding company, Irwin Union Bank and Trust Company, Columbus, Indiana, a state-chartered member bank, the Federal Reserve Bank of Chicago, and the Indiana Department of Financial Institutions. Agreement  10/15/08

• TARP Custodian Announced

  The Treasury has announced that Bank of New York Mellon will serve as its custodian for the implementation of the Troubled Asset Relief Program (TARP) authorized under the Emergency Economic Stabilization Act (EESA). Custodian  10/15/08

• Bank of Japan Currency Arrangement Increased

  FOMC has authorized an increase in the size of its temporary reciprocal currency arrangement with the Bank of Japan. Arrangement  10/15/08

• Discount Rate Meeting Minutes Released

  The FRB has released the minutes of its discount rate meetings from August 18 through September 15, 2008. Minutes  10/15/08

• Red Flag Exam Procedures SR Letter

  The FRB has issued a SR Letter regarding the expectations for Federal Reserve-supervised financial institutions and examination staff with respect to the final rules and guidelines regarding identity theft red flags and other regulations under the FCRA. SR Letter  10/14/08

• Mortgage Servicing FDIC Insurance Rules Simplified

  The FDIC has adopted an interim final rule which simplifies the deposit insurance rules for accounts held at FDIC-insured institutions by mortgage servicers. Effective immediately, coverage will be provided to the lenders/investors, as a collective group, based on the cumulative amount of the borrowers' payments of principal and interest into the account. Insurance  10/14/08

• NCUA Publishes Interim Final Rule in FR for Share Insurance for Revocable Trust Accounts

  NCUA is amending its share insurance rules to simplify coverage for revocable trust accounts. The amendments will make the rules easier to understand and apply without decreasing coverage, result in faster share insurance determinations in the event of a credit union closing, and help improve public confidence in the credit union system. The amendments eliminate the concept of "qualifying
  beneficiaries." Also, for members with revocable trust accounts totaling no more than $500,000, coverage will be determined without regard to the proportional beneficial interest of each beneficiary in the trust. Under the amended rules, a trust account owner with up to five different beneficiaries named in all of his or her revocable trust accounts at one NCUA-insured institution will be insured up to $100,000 per beneficiary. Revocable trust account owners with more than $500,000 and more than five different beneficiaries named in the trust(s) will
  be insured for the greater of either: $500,000 or the aggregate amount of all the beneficiaries' interests in the trust(s), limited to $100,000 per beneficiary. TXT; PDF  10/14/08

• Illinois and Michigan Banks Closed

  Meridian Bank, Eldred, Illinois, was closed by the Illinois Department of Financial Professional Regulation-Division of Banking, the FDIC was named receiver and approved the assumption of all the deposits by National Bank, Hillsboro, Illinois. In addition, Main Street Bank, Northville, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, the FDIC was named receiver and approved the assumption of all the deposits by Monroe Bank & Trust, Monroe, Michigan. Meridian Bank; Main Street Bank  10/14/08

• Fed and Central Banks Announce Liquidity and Funds Measures

  The Federal Reserve and other central banks (the Bank of England, the European Central Bank, the Bank of Japan, and the Swiss National Bank) have jointly announced further measures to improve liquidity in short-term U.S. dollar funding markets. Liquidity  10/14/08

• Wachcovia Acquisition Approved

  The FRB has approved of the application of Wells Fargo & Company, San Francisco, California, to acquire Wachovia Corporation and its subsidiary banks, Wachovia Bank, National Association, both of Charlotte, North Carolina, and Wachovia Bank Delaware, National Association, Wilmington, Delaware, and the nonbanking subsidiaries of Wachovia Corporation. Approval  10/14/08

• FedCash Services Enhancements Update

  The FRB Financial Service has issued an update to the recent enhancements to FedCash Services via FedLine Web. Update  10/14/08

• Fraudulent FDIC Emails Special Alert

  The FDIC has issued a Special Alert and a Consumer Alert regarding fake emails that appears to be from the FDIC and contain the following subject line: "Funds wired into your account are stolen." Recipients are instructed to open an attached file that is actually an executable file containing malicious code or software. Special Alert; Consumer Alert  10/10/08

• FTC Phishing Scam Alert

  The FTC has issued an Alert to consumers regarding e-mails that look as if they come from a financial institution that recently acquired a consumer's bank, savings and loan, or mortgage. Consumers are warned that the messages may be from "phishers" looking to use personal information (account numbers, passwords, Social Security numbers) to run up bills or commit other crimes in a consumer's name. Scam  10/10/08

• TAR Report Released

  OFAC has released the Calendar Year 2007 Annual Report on Assets in the United States of Terrorist Countries and International Terrorism Program Designees, known as the Terrorist Assets Report (TAR). Report  10/10/08

• Paulson Predicts Bank Failures

  Secretary Paulson has issued a statement regarding the U.S. and global financial markets. He stated "One thing we must recognize - even with the new Treasury authorities, some financial institutions will fail. The EESA doesn't exist to save every financial institution for its own sake." He noted that the Emergency Economic Stabilization Act (EESA) empowers Treasury to use up to $700 billion to inject capital into financial institutions, to purchase or insure mortgage assets, and to purchase any other troubled assets that the Treasury and the Federal Reserve deem necessary to promote financial market stability. He indicated that is the policy of our federal government to use all resources at its disposal to make our financial system stronger and the FDIC, with the full support of the Fed and the Treasury, will use its authority and resources, as appropriate to mitigate systemic risk, by, as appropriate, protecting depositors, protecting unsecured claims, guaranteeing liabilities and adopting other measures to support the banking system. Statement  10/09/08

• Money Market Guaranty Program Expanded

  The Treasury has announced a technical correction that would permit additional money market funds to participate in Treasury's Temporary Money Market Fund Guarantee Program and extends the enrollment deadline to 11:59 p.m. Washington, DC time on October 10, 2008. Program  10/09/08

• Discount Rates Decreased

  The FRB has approved actions by Federal Reserve Banks decreasing the discount rate at the Banks from 2-1/4 percent to 1-3/4 percent effective immediately at all Banks except the Federal Reserve Bank of St. Louis, which will be effective October 9, 2008. Rates  10/09/08

• Borrowing of Securities Authorized

  The FRB has authorized the Federal Reserve Bank of New York to borrow securities from certain regulated U.S. insurance subsidiaries of the American International Group (AIG). Borrowing  10/09/08

• SNC Volume Increases - Quality Decreases

  The Federal bank and thrift regulators have released the results of the 2008 Shared National Credit (SNC) Review based on analyses prepared in the second quarter of 2008 of credit data provided by federally supervised institutions as of December 31, 2007. Loan commitments of $20 million or more and held by three or more federally supervised institutions, rose 22.6 percent to $2.8 trillion, and the volume of criticized credits increased to $373.4 billion, or 13.4 percent. Industry Codemaps; FRB PR; OCC NR; FDIC PR; OTS PR  10/09/08

• ACH ODFI Deadline Approaches

  The FRB Financial Services has issue a reminder that all financial institutions that originate ACH items that November 3, 2008 is the deadline to register with NACHA or confirm that they do not maintain a direct access relationship. Deadline; Registration Information  10/09/08

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

  Under authority of section 128 of the Emergency Economic Stabilization Act of 2008, the Board is amending Regulation D, Reserve Requirements of Depository Institutions, to direct Federal Reserve Banks to pay interest on balances held at Reserve Banks to satisfy reserve requirements and on balances held in excess of required reserve balances and clearing balances. TXT; PDF  10/09/08

• NCUA Insurance Materials

  Updated share insurance coverage material and member information is available from the NCUA. Insurance  10/09/08

• MSB Registration List Updated

  FinCEN has updated the MSB Registration List with entries current as of September 20, 2008. List  10/09/08

• 314(a) Fact Sheet Revised

  The 314(a) Fact Sheet has been revised by FinCEN to include data current as of October 7, 2008. 314(a)  10/09/08

• FEDS Working Papers Published

  Two working papers in the Finance and Economic Discussion Series (FEDS) have been published by the FRB on the topics of "Productivity, Aggregate Demand and Unemployment Fluctuations" and "The Connection Between House Price Appreciation and Property Tax Revenues." Productivity Abstract; Productivity Full Paper; Connection Abstract; Connection Full Paper  10/09/08

• Assets Reports Issued

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for September 2008 have been issued by the FRB. Reports  10/09/08

• Fed Joins Major Central Banks and Lowers Rates

  In a 7:00 a.m. ET press release today, the Fed announced the the Federal Open Market Committee had decided to lower its target for the federal funds rate 50 basis points to 1-1/2 percent. The Committee took the action "in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures." The action was taken in cooperation with the Bank of Canada, the Bank of England, the European Central Bank, Sveriges Riksbank, and the Swiss National Bank, and with an expression of strong support from the Bank of Japan. Press Release   10/08/08

• Bernanke Believes Groundwork for Recovery Established

  In a presentation at the National Association for Business Economics 50th Annual Meeting in Washington, D.C., Chairman Bernanke discussed challenges faced as the result the recent developments in the financial sector and the economy. He noted that financial systems in the United States and in much of the rest of the world are under extraordinary stress, particularly the credit and money markets. He stated, "Overall, the combination of the incoming data and recent financial developments suggests that the outlook for economic growth has worsened and that the downside risks to growth have increased." He indicated enactment of the Emergency Economic Stabilization Act provides new tools for addressing the distress in financial markets and thus mitigating the risks to the economy by establishing the Treasury Troubled Asset Relief Program, (TARP); raising the FDIC limit on deposit insurance at banks and credit unions from $100,000 to $250,000 per account; and authorizing the FRB to pay interest on reserves. He concluded, "I believe that the bold actions taken by the Congress, the Treasury, the Federal Reserve, and other agencies, together with the natural recuperative powers of the financial markets, will lay the groundwork for financial and economic recovery." Speech  10/08/08

• Higher FDIC Assessments Proposed

  The FDIC has adopted a restoration plan accompanied by a notice of proposed rulemaking that would increase the rates banks pay for deposit insurance and adjustments to the system that determines what rate a bank pays the FDIC. Assessments  10/08/08

• Commercial Paper Funding Facility (CPFF) Created

  The FRB has announced the creation of the Commercial Paper Funding Facility (CPFF), that will complement the Federal Reserve's existing credit facilities to help provide liquidity to term funding markets by providing a backstop to U.S. issuers of commercial paper through a special purpose vehicle (SPV) that will purchase three-month unsecured and asset-backed commercial paper directly from eligible issuers. CPFF  10/08/08

• Bailout Impacts Float Charges

  The FRB Financial Services has issued an explanation of how provisions of the Economic Stabilization Act of 2008 regarding the calculation of earnings credits on eligible clearing balances will impact explicit float charges. Explanation  10/08/08

• NPR Lower Fannie/Freddie Claims Rates

  The federal bank and thrift regulatory agencies announced today that they will request public comment on a joint notice of proposed rulemaking (NPR) to allow a banking organization to assign a 10 percent risk weight to claims on, and portions of claims guaranteed by Fannie Mae and Freddie Mac. NPR;
  FRB PR; OCC NR; FDIC PR; OTS PR  10/08/08

• Auction Results

  The results of the October 6, 2008 auction of $150 billion in 85-day credit have been announced. Results  10/08/08

• Credit Auctions Schedules Announced

  The FRB and International central banks have announced the schedules for term and forward auctions of U.S. dollar liquidity for fourth quarter. The schedules include dates of any 28-day and 84-day term auctions and two preliminary dates for any forward auctions of U.S. dollar liquidity over the year-end. Auction Schedules  10/08/08

• Consumer Credit Report Issued

  The G. 19 Consumer Credit Report for August 2008 has been released by the FRB. G.19  10/08/08

• FOMC Minutes Released

  The minutes of the September 16, 2008 meeting of the Fair Open Market Committee have been released. Minutes  10/08/08

• FR Bulletin Statistical Supplement

  The September 2008 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  10/08/08

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of October 3, 2008. Report  10/08/08

• Counterfeit Checks Special Alerts

  The FDIC has issued six Special Alerts regarding counterfeit checks bearing the names of the following institutions:

  • AuburnBank, Auburn, Alabama (Counterfeit Cashier's Checks);
  • Reliance Bank FSB, Fort Myers, Florida (Counterfeit Checks);
  • MCNB Bank and Trust Co., Welch, West Virginia (Counterfeit Checks);
  • Athol Savings Bank, Athol, Massachusetts (Counterfeit Checks);
  • Liberty First Bank, Monroe, Georgia (Counterfeit Cashier's Checks); and
  • Mechanics Savings Bank, Auburn, Maine (Counterfeit Treasurer's Checks)

  Information concerning the counterfeit checks has been posted on the BOL Alerts and Counterfeits page.  10/07/08

• WV CU Closed

  NCUA has announced that it has placed N&W Poca Division Federal Credit Union of Bluefield, West Virginia, into liquidation. Liquidation  10/07/08

• TIL Reg Z Exam Procedures Revised

  The OCC has issued a Bulletin and an updated TIL Handbook regarding the revision of its examination procedures to reflect changes to Regulation Z that simplify and clarify requirements for e-communication and the regulation's relationship to the E-Sign Act. Bulletin; Handbook  10/07/08

• Bair Discusses Mortgage Reform

  In a presentation at the 2008 Annual Meeting National Association for Business Economics, FDIC Chairman Bair discussed the future of mortgage financing and the role of the FDIC in reforming the system. Speech  10/07/08

• Treasury Looking for Financial Agents

  Treasury has posted three solicitations for financial agents to provide the following services that are needed for the effective implementation of the Troubled Asset Relief Program authorized under the Emergency Economic Stabilization Act:

  • Custodian, Accounting, Auction Management, and Other Infrastructure Services;
  • Securities Asset Management Services; and
  • Whole Loan Asset Management Services.

  Solicitations; Procurement Procedures; Selection Process  10/07/08

• FDIC Insurance Increase

  The FDIC has issued a FIL regarding the temporary increase in the amount of the basic limit on FDIC coverage from $100,000 to $250,000 per depositor which became effective immediately upon the President's signature of the Emergency Economic Stabilization Act of 2008. Information regarding the change of FDIC signage was also addressed. Read the BOL Special Briefing announcement regarding the increase. BOL; FIL; Overview; Signage Change  10/06/08

• FRB Publishes Final Rule in FR for Rules of Practice for Hearings

  The Board of Governors of the Federal Reserve System (the Board) is amending its rules of practice and procedure to adjust the maximum amount, as set by statute, of each civil money penalty (CMP) within its jurisdiction to account for inflation. This action is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996.TXT; PDF  10/06/08

• NCUA Revises Insurance Coverage

  The NCUA Board has adopted changes to simplify the rule determining the coverage available on revocable trust accounts. An interim final rule substantially similar to a recent FDIC regulation change is effective immediately. Interim Final Rule  10/06/08

• SDN Data Files Error

  The Treasury has issued a notice of an internal system error that resulted in the modification of a series of unique identifier numbers (UIDs) that were associated with recently released Specially Designated Nationals (SDN) names. Data Files  10/06/08

• Disaster Immediate Response Guidance

  The OCC has issued a Bulletin containing guidance for national banks regarding responding to disasters prior to the issuance of an OCC proclamation. Bulletin  10/06/08

• Section 19 Enforcement Letters Released

  The FRB has released three enforcement letters recently issued pursuant to Section 19 of the FDIC Act regarding the prohibition of certain individuals from being employed by or affiliated with a FDIC insured depository institution. Letter1; Letter 2; Letter 3  10/06/08

• Regulators Issue Wachovia Acquisition Statements

  The FRB and the OCC have issued statements on the proposal from Wells Fargo to acquire Wachovia. FRB; OCC  10/06/08

• OFAC Additions and Removals

  OFAC has named ten individuals and six companies tied to the Amezcua Contreras Organization, a major Mexican drug trafficking organization, as Specially Designated Narcotics Traffickers (SDNTs) and added their names to the SDN List. In addition, the names of ten individuals previously designated as SDNTs or SDGTs have been removed from the List. Information regarding the additions and removals has been posted on the BOL OFAC page.  10/03/08

• Order Of Prohibition Issued

  The FRB has announced that an Order of Prohibition has been issued against a former trust officer of an Illinois bank who allegedly used of bank funds and non-public customer information from a bank computer server to start-up his own non-depository trust company. Order  10/03/08

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

  The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2009. The Regulation D amendments set the amount of total reservable liabilities of each depository institution that is subject to a zero percent
  reserve requirement in 2009 at $10.3 million, up from $9.3 million in 2008. The Regulation D amendment also sets the amount of net transaction accounts at each depository institution that is subject to a three percent reserve requirement in 2009 at $44.4 million, up from $43.9 million in 2008. TXT; PDF  10/03/08

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Warren Bancorp, Inc., a registered bank holding company, Warren Bank, a state-chartered member bank, the Federal Reserve Bank of Chicago, and the Michigan Office of Financial and Insurance Regulation. Agreement  10/02/08

• Flood Funding

  The statutory authority to issue flood policies pursuant to the National Flood Insurance Program was due to expire on September 30, 2008. On that date President Bush signed H.R. 2638, the Consolidated Security, Disaster Assistance, and Continuing Appropriations Act of 2009. Included here is a short-term extension providing funding for the NFIP through March 6, 2009. White House News Release  10/02/08

• New Electronic Interpretations and Actions

  The OCC has published the September 2008 issue of New Electronic Interpretations and Actions. New  10/02/08

• Foreign Exchange Rates

  The FRB has updated the G.5 Foreign Exchange Rates Report. G.5  10/02/08

• Structure and Data Share Report Released

  The Second Quarter 2008 Structure and Data Share for U.S. Banking Offices of Foreign Entities has been released by the FRB. Report  10/02/08

• OFAC Kingpin Act Designations

  Pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act), OFAC has designated eight international representatives of the Revolutionary Armed Forces of Colombia (FARC), a narco-terrorist organization. Their names have been added to the SDN list with the SDNTK designation. Information regarding the additions has been posted on the BOL OFAC page.  10/01/08

• Call Report FIL

  The FDIC has issued a FIL containing material pertaining to the Consolidated Reports of Condition and Income (Call Report) for the September 30, 2008, report date. FIL  10/01/08

• The NCUA Publishes Final Rule in FR for Revisions for The Freedom of Information Act and Privacy Act Regulations

  The NCUA Board is amending its Freedom of Information Act (FOIA) and Privacy Act regulations. The final rule reflects recent amendments to the FOIA addressing fee practices, time limits for complying with requests, and new reporting requirements.TXT; PDF  10/01/08

• The NCUA Publishes Final Rule in FR for its Official Advertising Statement

  The NCUA is revising the requirements for use of the official insurance sign and official advertising statement to permit insured credit unions to use the basic form of the official advertising statement, a shortened form, or the official sign in advertisements. The rule will give credit unions added flexibility in advertisements by allowing them to use the shortened form or the official insurance sign in advertisements as alternatives to the basic official advertising statement.TXT; PDF  10/01/08

• The NCUA Proposes Rulemaking for Regulatory Flexibility Regarding Ownership of Fixed Assets

  NCUA proposes to amend its Regulatory Flexibility (RegFlex) Program to provide additional flexibility to qualifying federal credit unions (FCUs) when acquiring unimproved land for future expansion. The proposed amendment would increase the three years to six years for RegFlex FCUs without a waiver. NCUA also proposes to make conforming amendments to its fixed asset rule to be consistent with the RegFlex changes.TXT; PDF  10/01/08

• Agricultural Finance Databook Published

  The FRB has published the September 2008 E.15 Agricultural Finance Databook. E.15  10/01/08

• Finance Companies Reports Released

  The July 2008 G.20 Owned and Managed Receivables and Auto Loans: Terms of Credit Reports have been released by the FRB. G.20  10/01/08

• California CU Liquidated Assets Assumed

  The NCUA has announced that Alliant Credit Union, of Chicago, Illinois, has purchased the assets and assumed all member shares of the recently liquidated Kaiperm Federal Credit Union of Oakland, California. Liquidation  9/30/08

• OFAC CMPs Announced

  The civil money penalties (CMPs) recently assessed by OFAC for violation of the various Sanctions Programs have been announced. No financial institutions were cited. CMPs  9/30/08

• Enforcement Actions

  The FRB has announced one Order of Prohibition issued against a former Alabama banker (while the FDIC announced four), and a Flood CMP against a West Virginia Bank. The five penalties totaled $57,265. Information regarding the Flood CMP has been posted on the BOL Flood Penalties Watch page. Order  9/30/08

• Joint Agencies Propose Rulemaking for Minimum Capital Ratios

  The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the Agencies) are proposing to permit banks, bank holding companies, and savings associations (collectively, banking organizations) to reduce the amount of goodwill that a banking organization must deduct from tier 1 capital by the amount of any deferred tax liability associated with that goodwill, and would reflect a banking organization's maximum exposure to loss in the event that such goodwill is impaired or derecognized for financial reporting purposes.TXT; PDF  9/30/08

• FDIC Publishes Interim Final Rule in FR for Deposit Insurance Regulations and Revocable Trust Accounts

  The FDIC is adopting an interim rule to simplify and modernize its deposit insurance rules for revocable trust accounts. The FDIC's main goal in implementing these revisions is to make the rules easier to understand and apply, without decreasing coverage currently
  available for revocable trust account owners. The FDIC believes that the interim rule will result in faster deposit insurance determinations after depository institution closings and will help improve public confidence in the banking system. The interim rule eliminates the
  concept of qualifying beneficiaries. Also, for account owners with revocable trust accounts totaling no more than $500,000, coverage will be determined without regard to the beneficial interest of each beneficiary in the trust.TXT; PDF  9/30/08

• Katrina and RITA CRA Activities Extended

  The federal financial institution regulators are extending for an additional 36 months the time period for Community Reinvestment Act (CRA) consideration for activities in designated Katrina and Rita hurricane disaster areas. OCC Bulletin  9/30/08

• MMF Guarantee Program Opens

  The Treasury has opened its Temporary Guarantee Program for Money Market Fund (MMFs) and issued a FAQ for investors. All MMFs that are regulated under Rule 2a-7 of the Investment Company Act of 1940, maintain a stable share price of $1, and are publicly offered and registered with the SEC are eligible to participate in the program. Program; FAQ  9/30/08

• Reg D Annual Amendments

  The FRB has announced a Final Rule amending Reg D to reflex the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2009, the annual indexing of the nonexempt deposit cutoff level, and the reduced reporting limit that will be used to determine deposit reporting panels effective 2009. Reg D  9/30/08

• Financial Reporting Bulletin

  The September 2008 issue of the Financial Reporting Bulletin has been published by the OTS. Bulletin  9/30/08

• TFR Instruction Manual updated

  The OTS has updated the 2007 TFR Instruction Manual with data current as of September 2008. Manual  9/30/08

• 031 and 041 Forms Online

  The FFIEC has posted drafts of the 031 and 041 Reporting Forms online. 031; 041  9/30/08

• Central Banks Provide Liquidity

  The Federal Reserve and other central banks announce further coordinated actions to expand significantly the capacity to provide U.S. dollar liquidity. Liquidity  9/30/08

• Bailout Bill Proposed

  Congressional leaders have announced that the draft of legislation designed to address the current financial crisis known as the Emergency Economic Stabilization Act of 2008 will be presented to the House on Monday for consideration. Text of Bill; Summary of Bill; Section By Section  9/29/08

• Citigroup Inc. to Acquire Wachovia Banking Operations

  The FDIC issued a press release early 9/29/08 announcing that Citigroup Inc. will acquire the banking operations of Wachovia Corporation, Charlotte, North Carolina, in a transaction facilitated by the Federal Deposit Insurance Corporation and concurred with by the Board of Governors of the Federal Reserve and the Secretary of the Treasury in consultation with the President. According to the FDIC, all depositors are fully protected and there is expected to be no cost to the Deposit Insurance Fund. Further, the FDIC said Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC. Press Release  9/29/08

• FDIC Insurance Changes

  Major changes to the way FDIC insurance coverage is calculated for POD and revocable trust accounts have been announced by the FDIC and were effective immediately for existing and future accounts. Read all about the changes in a special BOL summary and sign up for an October 2 Webinar presented by Mary Beth Guard regarding the new changes and training your frontline staff. Summary; Webinar  9/29/08

• Enforcement Actions Announced

  The FDIC has released a list of thirty orders of administrative enforcement actions taken against banks and individuals in August, 2008. List  9/29/08

• Central Banks Announce Liquidity Measures

  The Federal Reserve, the Bank of England, the European Central Bank (ECB), and the Swiss National Bank have announced the introduction of operations to provide U.S. dollar liquidity with a one-week maturity. FRB; Bank of England; ECB  9/29/08

• Quarterly Reserve Bank Payments Services Data Released

  The FRB has released the Quarterly Reserve Bank Payments Services data through the Second Quarter 2008. Data  9/29/08

• Quarterly Bank Trading Revenue Report

  The OCC has announced that insured U.S. commercial banks reported $1.6 billion in revenues from trading cash and derivative instruments in the second quarter 2008, compared to revenues of $721 million in the first quarter of 2008. Quarterly Report  9/29/08

• Daylight OD Date Updated

  The Monthly Daylight Overdraft data through July 2, 2008, had been released by the FRB. OD Data  9/29/08

• IFED Working Papers Published

  The FRB has published five working papers in the International Finance Discussion Papers (IFDP) series on the following topics:

  • Escape From New York: The Market Impact of SEC Rule 12h-6;
  • Emerging Market Business Cycles with Remittance Fluctuations;
  • Current Account Sustainability and Relative Reliability;
  • Exchange Rates and Fundamentals: A Generalization; and
  • Expected Consumption Growth from Cross-Country Surveys: Implications for Assessing International Capital Markets

  .Escape Abstract; Escape Full Paper; Emerging Abstract; http://www.federalreserve.gov/pubs/ifdp/2008/946/ifdp946.pdf">Emerging Full Paper; Current Abstract; Current Full Paper; Exchange Abstract; Exchange Full Paper; Expected Abstract; Expected Full Paper  9/29/08

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Stearns Bank, N.A., St. Cloud, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  9/26/08

• WaMu Placed In Receivership Assets Acquired

  The OTC has appointed the FDIC as receiver of Washington Mutual Bank (WaMu) and certain assets have been acquired by JPMorgan Chase. Appointment; Acquisition; WaMu Fact Sheet  9/26/08

• Written Agreement with California BHC Announced

  The FRB has announced the execution of a Written Agreement by and between Vineyard National Bancorp, registered bank holding company, and the Federal Reserve Bank of San Francisco. Written Agreement  9/26/08

• BHC Performance Report User's Guide Updated

  The User's Guide for the Bank Holding Company Performance Report User's Guide for the Bank Holding Company Performance Report has been updated by the FRB. User's Guide  9/26/08

• OCC Publishes Interim Final Rule in FR for Risk-Based Capital Guidelines--Money Market Mutual Funds

  To reduce liquidity and other strains being experienced by money market mutual funds, the Board of Governors of the Federal Reserve System adopted on September 19, 2008, a special lending facility that enables depository institutions and bank holding companies to borrow from the Federal Reserve Bank of Boston on a nonrecourse basis if they use the proceeds of the loan to purchase certain types of asset-backed commercial paper (ABCP) from money market mutual funds. TXT; PDF  9/26/08

• FRB Publishes Interim Final Rule in FR for Risk-Based Capital Guidelines; Leverage Capital Guidelines

  To reduce liquidity and other strains being experienced by money market mutual funds, the Federal Reserve System adopted on September 19, 2008, a special lending facility (ABCP Lending Facility) that enables depository institutions and bank holding companies to borrow from the Federal Reserve Bank of Boston on a nonrecourse basis
  if they use the proceeds of the loan to purchase certain types of asset-backed commercial paper (ABCP) from money market mutual funds. TXT; PDF  9/26/08

• FRB Publishes Interim Final Rule in FR for Transactions Between Member Banks and Their Affiliates

  To reduce liquidity and other strains being experienced by money market mutual funds, the Federal Reserve System adopted on September 19, 2008, a special lending facility that enables depository institutions and bank holding companies to borrow from the Federal Reserve Bank of Boston on a non-recourse basis if they use the proceeds of the loan to purchase certain types of asset-backed commercial paper (ABCP) from money market mutual funds (ABCP Lending Facility). TXT; PDF  9/26/08

• FEDS Working Papers Published

  The FRB has published two working papers in the Finance and Economic Discussion Series (FEDS) on the topics of "The use of alternative employment arrangements by small businesses: Evidence from the 2003 Survey of Small Business Finances" and "The Incentives of Mortgage Servicers: Myths and Realities." The Use Abstract; The Use Full Paper; The Incentives Abstract; The Incentives Full Paper  9/26/08

• Paulson Testifies Before House Committee

  In testimony before the House Committee on Financial Services, Secretary Paulson discussed the proposed troubled asset purchase program and noted that it "has to be properly designed for immediate implementation and be sufficiently large to have maximum impact and restore market confidence. It must also protect the taxpayer to the maximum extent possible, and include provisions that ensure transparency and oversight while ensuring the program can be implemented quickly and run effectively, as it needs to get the job done." Testimony  9/25/08

• Bernanke's Economic Outlook

  Chairman Bernanke testified before the Joint Economic Committee of Congress regarding his outlook on the economy. He noted, "Despite the efforts of the Federal Reserve, the Treasury, and other agencies, global financial markets remain under extraordinary stress. Action by the Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy." He also stated, "the intensification of financial stress in recent weeks, which will make lenders still more cautious about extending credit to households and business, could prove a significant further drag on growth." Testimony  9/25/08

• Minority-Owned National Banks Policy Statement Reissued

  The OCC has reissued its Policy Statement on minority-owned national banks. Policy Statement  9/25/08

• FDIC Publishes Final Rule in FR for Deposit Insurance Requirements After Certain Conversions

  The FDIC is issuing a final rule that amends certain of its regulations by conforming them to Federal statutes amended by the Financial Services Regulatory Relief Act of 2006, the Federal Deposit Insurance Reform Act of 2005 and the Federal Deposit Insurance Reform
  Conforming Amendments Act of 2005.TXT; PDF  9/25/08

• FDIC Publishes Final Rule in FR for Financial Education Programs

  The Federal Deposit Insurance Corporation (FDIC) is amending its regulations to permit state nonmember banks to participate or assist in certain financial education programs conducted on school premises where, in connection with the program, deposits are received,
  checks are paid, or money is lent, without the need to submit a branch application to, and receive prior approval from, the FDIC. TXT; PDF  9/25/08

• Reserve Positions Released

  Treasury has released the U.S. International Reserve Position Reports for September 5, 12 and 19, 2008. September 5; September 12; September 19  9/25/08

• International Swap Lines Announced

  The FRB has announced the establishment of temporary reciprocal currency arrangements (swap lines) with central banks in Australia, Denmark, Norway and Sweden which are designed to improve liquidity conditions in global financial markets.
  Swap Lines   9/24/08

• Bernanke and Paulson Testify on Financial Markets

  In testimony before the Senate Banking Committee, Chairman Bernanke stated, "The Federal Reserve believes that, whenever possible, such difficulties should be addressed through private-sector arrangements--for example, by raising new equity capital, by negotiations leading to a merger or acquisition, or by an orderly wind-down. Government assistance should be given with the greatest of reluctance and only when the stability of the financial system, and, consequently, the health of the broader economy, is at risk." Secretary Paulson noted, "The market turmoil we are experiencing today poses great risk to US taxpayers. When the financial system doesn't work as it should, Americans' personal savings, and the ability of consumers and businesses to finance spending, investment and job creation are threatened." Bernanke Testimony; Paulson Testimony  9/24/08

• Credit Auction Results

  The Federal Reserve has announced the results of the auction of $75 billion in 28-day credit held on September 22, 2008. Auction  9/24/08

• Written Agreements Announced

  The FRB has announced the execution of one Written Agreement by and among Community Bank of West Georgia, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia; and the execution of a second Written Agreement by and among Community Banks of Northern California, a state chartered member bank, the Federal Reserve Bank of Kansas City, and the California Department of Financial Institutions. Community Bank of West Georgia; Community Banks of Northern California  9/24/08

• Call Report Revisions Proposed

  The FDIC has issued a FIL regarding comments requested by OCC, the FRB, and the FDIC on several proposed revisions to the Call Report. The proposed reporting changes, which have been approved by the FFIEC and published in the Federal Register, would take effect on a phased-in basis during 2009. FIL; FR Notice  9/24/08

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with data current as of September 23, 2008. 314(a)  9/24/08

• Morgan Stanley Bank, N.A.

  The OCC has announced it has issued a letter conditionally approving the application of Morgan Stanley Bank, Salt Lake City, Utah to convert to a national banking association to be called Morgan Stanley Bank, National Association. Conditional Approval Letter  9/23/08

• Equity Investments Policy Statement

  The FRB has announced the approval of a policy statement on equity investments in banks and bank holding companies which provides additional guidance on minority equity investments in banks and bank holding companies that generally do not constitute "control" for purposes of the Bank Holding Company Act. Statement  9/23/08

• MMF Guaranty Program Clarified

  The Treasury has issued clarifications of the previously announced temporary guaranty program for money market funds. Clarifications  9/23/08

• Household DSR and FOR Ratios Released

  The FRB has released the household debt service ratio (DSR) and the financial obligations ratio (FOR) for the Second Quarter 2008. Ratios  9/23/08

• Enforcement Actions Released

  The OCC has released the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  9/23/08

• FDIC Insurance Awareness Campaign Launched

  A national campaign, with personal finance expert Suze Orman as the spokesperson, has been launched by the FDIC. The campaign is designed to help consumers learn about the benefits and limitations of deposit insurance. Campaign  9/23/08

• September 2008 Reporting Forms Online

  The FFIEC has posted the September 2008 031 and 041 Reporting Forms online. 031; 041  9/23/08

• Goldman Sachs and Morgan Stanley Becomes BHCs

  The FRB has announced that orders have been issued approving the applications of Goldman Sachs and Morgan Stanley to become bank holding companies (BHCs) and that after consultation with the Justice Department the transactions may be consummated immediately without the application of the five-day antitrust waiting period. Goldman Sachs Order; Morgan Stanley Order  9/22/08

• Liquidity Enhancements and Interim Final Rules Announced

  The Treasury has announced two enhancements and two interim final rules to improve the liquidity the markets. One initiative will extend non-recourse loans at the primary credit rate to U.S. depository institutions and bank holding companies to finance their purchases of high-quality asset-backed commercial paper (ABCP) from money market mutual funds and the other the purchase of federal agency discount notes. A Q&A regarding the enhancements has also been issued. In addition, the OCC has issued an interim final rule recognize the substantial protection from risk provided to national banks under the Federal Reserve System’s special lending facility. Enhancements; Treasury Interim Final Rules; Q&A; OCC Interim Final Rule  9/22/08

• Treasury Purchase of Troubled Assets Fact Sheet

  The Treasury has released a Fact Sheet regarding its proposed purchase pf troubled assets. Fact Sheet  9/22/08

• Money Market Funds Guaranty Program Announced

  The Treasury has announced the establishment of a temporary guaranty program for the U.S. money market mutual fund industry that will insure the holdings of any publicly offered eligible money market mutual fund that pays a fee to participate in the program. MMF Guaranty  9/22/08

• Paulson Discusses Comprehensive Approach

  Treasury Secretary Paulson has issued a statement discussing his meetings with FRB Chairman Bernanke and SEC Secretary Cox regarding the taking a comprehensive approach to relieving the stresses on financial institutions and markets. Statement  9/22/08

• Short Selling of Financial Stocks Halted

  The SEC has halted the short selling of financial stocks. SEC; Statement  9/22/08

• Check 21 Operations Freeze

  FRB Financial Services has announced its Check 21 Operations will not be available between 12:01 a.m. ET Saturday, October 25, 2008, and 11:00 a.m. ET Sunday, October 27, 2008, in order to conduct a national contingency test. Check 21  9/22/08

• OTS Closed Bank, FDIC Appointed Receiver

  The OTS has announced that it has closed Ameribank of Northfork, West Virginia, and appointed the FDIC receiver. The FDIC then entered into purchase and assumption agreements with Pioneer Community Bank, Inc., Iaeger, West Virginia, and The Citizens Savings Bank, Martins Ferry, Ohio to take over all of the deposits and certain assets. OTS; FDIC  9/22/08

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among First Georgia Community Corp., Jackson, Georgia, First Georgia Community Bank, Jackson, Georgia, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Written Agreement  9/22/08

• Multibank CDCs Featured in Community Development Investments

  The OCC has released the Fall 2008 edition of Community Developments Investments which focuses on Multibank Community Development Corporations (CDCs). Multibank CDCs.  9/22/08

• Counterfeit Official Checks Special Alerts

  The FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of IndyMac Federal Bank, F.S.B., Pasadena, California. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  9/19/08

• FRB Publishes Interim Final Rule for Transactions Between Member Banks and Their Affiliates

  In light of the continuing unusual and exigent circumstances in the financial markets, the Board has adopted, on an interim final basis, a regulatory exemption for member banks from certain provisions of section 23A of the Federal Reserve Act and the Board's Regulation W.
  The exemption increases the capacity of member banks, subject to certain conditions designed to help ensure the safety and soundness of the banks, to enter into securities financing transactions with affiliates. Text;
  PDF  9/19/08

• The FRB and International Central Banks Join Forces

  The FRB has announced that it is coordinating measures with the Bank of Canada, the Bank of England, the European Central Bank (ECB), the Bank of Japan, and the Swiss National Bank to address the continued elevated pressures in U.S. dollar short-term funding markets. These measures, together with other actions taken in the last few days by individual central banks, are designed to improve the liquidity conditions in global financial markets. The central banks will continue to work together closely and take appropriate steps to address the ongoing pressures. FRB; Bank of Canada; Bank Of England; European Central Bank; Bank of Japan; Swiss National Bank  9/19/08

• Treatment of Freddie And Fannie Investments

  A FIL has been issued by the FDIC that contains a statement that the regulator will work with the limited number of institutions that have significant holdings of common or perpetual preferred shares in Fannie Mae and Freddie Mac to develop Capital Restoration Plans pursuant to federal regulations. FIL; Statement  9/19/08

• Free Accounting Seminar for Bank Employees

  The FDIC has issued a FIL announcing that it will host a free telephone seminar on several accounting issues of current interest to bankers. The seminar will be held on September 24, 2008, and run approximately two hours. Employees of all FDIC-supervised banks are invited to participate. FIL  9/19/08

• SBA 7(a) Loan Guarantee Program Featured

  The OCC has published the September 2008 Community Development Insights report which features articles regarding bank participation in the SBA's 7(a) Loan Guarantee Program and highlights how banks can use the program to develop new business, mitigate risk, and help meet their CRA goals. Community Development Insights  9/19/08

• Survey of Terms of Business Lending

  The E.2 Survey of Terms of Business Lending for the period August 4- 8, 2008 has been released by the FRB. E.2  9/19/08

• Flow Of Funds Report Released

  The FRB has released the Z.1 Flow Of Funds Report for the Second Quarter 2008. Z.1  9/19/08

• Iranian Military Firms Added to OFAC List

  The Treasury has designated six Iranian military firms that are owned or controlled by entities previously designated for their roles in Iran's nuclear and ballistic missile programs and added their names to the SDN List with the Nonproliferation (NPWMD) notation. Information regarding the additions has been posted on the BOL OFAC page.  9/18/08

• AIG Loan Details

  The FRB, with the full support of the Treasury Department, has authorized the Federal Reserve Bank of New York to lend up to $85 billion to the American International Group (AIG). AIG  9/18/08

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Hastings Bancorp, Inc., Hastings, Nebraska, a registered bank holding company that owns and controls Hastings State Bank, Hastings, Nebraska, a state chartered nonmember bank, and the Federal Reserve Bank of Kansas City. Agreement  9/18/08

• CU Liquidated

  The NCUA has placed Interfaith Federal Credit Union of East Orange, New Jersey, into liquidation. The NCUA Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the Interfaith Federal Credit Union within one week. Liquidation   9/18/08

• Fryzel to Take Strong Assertive Approach

  In a presentation to the National Association of Federal Credit Unions, Chairman Fryzel announced his intent to take strong and decisive steps to preserve confidence in the credit union industry. He stated, "Now is not the time for a 'business as usual,' passive approach…Where I see a balance sheet problem, I will move decisively to resolve it. Where I see adverse trends, I will take steps to correct them. And where activities carry unacceptably high levels of risk and expose consumers to potential loss, I will intervene decisively." Speech  9/18/08

• Bair Discusses Foreclosure Mitigation Efforts

  In testimony before the House Financial Services Committee, Chairman Bair discussed the strategies taken by the FDIC to avoid unnecessary foreclosures, including implementation of the HOPE for Homeowners Act of 2008 and recent loan modification efforts at IndyMac Federal Bank. Speech  9/18/08

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of The Edgartown National Bank, Edgartown, Maine. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  9/17/08

• FRB Publishes Technical Amendment to Final Rule in FR

  The Board is publishing amendments to Regulation B (Equal Credit Opportunity Act) to update the address where questions should be directed concerning creditors for which the Office of Thrift Supervision administers compliance with the regulation. Text;
  PDF  9/17/08

• Fed Funds Rate /Unchanged

  The Federal Open Market Committee (FOMC) has announced that it has decided to keep its target for the federal funds rate at 2 percent. Rates  9/17/08

• Hurricane Ike Update

  The FRB Financial Service has updated its Hurricane Ike Web page with data current as of 2 p.m. CDT on September 16, 2008. Ike Update  9/17/08

• Ike Recovery Guidance

  The FDIC has issued a FIL containing Guidance in the form of a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Louisiana and Texas affected by Hurricane Ike. FIL; Guidance  9/17/08

• Formation of Regional Disaster Recovery Coalitions

  A CEO Letter has been issued by OTS announcing the release of a brochure that describes the benefits for members of the financial services industry of joining a regional coalition to prepare for recovery after a disaster. CEO Letter; Brochure  9/17/08

• October HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in October 2008, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  9/17/08

• Iraqi Individuals and Entities Added to OFAC List

  The Treasury has designated five individuals and two entities under Executive Order 13438 for threatening the peace and stability of Iraq and the Government of Iraq. The names of the individuals and the entities have been added to the SDN List with the IRAQ3 designation. Information regarding the additions has been posted on the BOL OFAC page.  9/17/08

• Stakeholder Letter Issued

  A FIL has been issued regarding a Letter to Stakeholders from FDIC Chairman Sheila Bair, which reports on the FDIC's activities and accomplishments during the second quarter of 2008. FIL; Stakeholder Letter  9/17/08

• July TIC Data Released

  The Treasury International Capital (TIC) data for July 2008 has been released. TIC  9/17/08

• FRB Financial Support Initiatives Announced

  The FRB has announced several initiatives to provide additional support to financial markets, including enhancements to its existing liquidity facilities. They include:

  • collateral eligible to be pledged at the Primary Dealer Credit Facility (PDCF) has been broadened to closely match the types of collateral that can be pledged in the tri-party repo systems of the two major clearing banks;
  • collateral for the Term Securities Lending Facility (TSLF) also has been expanded; eligible collateral for Schedule 2 auctions will now include all investment-grade debt securities;
  • Schedule 2 TSLF auctions will be conducted each week; and
  • adoption an interim final rule that provides a temporary exception to the limitations in section 23A of the Federal Reserve Act.

  Initiatives; PDCF; TSLF; 23A Exception  9/16/08

• SEC and Treasury Statements Regarding Lehman Brothers

  The SEC has issued two statements regarding recent market events and Lehman Brothers. In addition, Treasury Secretary Paulson has issued a statement regarding the actions of the SEC and the Federal Reserve concerning Lehman Brothers. Initial SEC Statement; Revised SEC Statement; Paulson Statement  9/16/08

• Early Savings Bond Redemptions

  Savings bond agents serving specified Louisiana parishes, Texas counties, Florida counties recently affected by severe weather have been authorized by FRB Financial Services to redeem EE and I savings bonds less than one year old presented during the months of September and November 2008. Early Redemptions  9/16/08

• CRA Ratings Released

  The OCC has released the ratings received by nineteen national banks recently evaluated fro compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  9/16/08

• Tier 1 Capital Goodwill Deduction NPR

  The FRB has issued a requested public comment on an interagency notice of proposed rulemaking (NPR) that would permit a banking organization to reduce the amount of its goodwill deduction from tier 1 capital by any associated deferred tax liability. NPR  9/16/08

• Evaluation of FASB's Accounting Proposals

  The federal banking agencies are evaluating the amendments to generally accepted accounting principles proposed by the Financial Accounting Standards Board (FASB) which would amend Statement of Financial Accounting Standards No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (FAS 140), and FASB Interpretation No. 46(R), Consolidation of Variable Interest Entities (FIN 46(R)). 140; 46(R); FRB NR; OCC NR; FDIC PR  9/16/08

• Holiday Currency Ordering Schedule

  The FRB Financial Services has released the schedule for ordering of currency for the holiday season. Schedule  9/16/08

• FDIC Information Sharing

  The FDIC has announced the execution of information sharing agreement with the New York and Texas state banking departments. New York; Texas  9/16/08

• Cost of Funds Reports

  The OTS has released the current and historical report of cost of funds to OTS regulated institutions. Current; Historical  9/16/08

• Minority-Owned Banks

  The FRB has issued the report of Minority-Owned Banks Report as of June 30, 2008. Report  9/16/08

• G.17 Industrial Production Report

  The G. 17 Industrial Production and Capacity Utilization Report for August 2008 has been released by the FRB. G.17  9/16/08

• September FedFlash Published

  The September 2008 issue of FedFlash has been published by FRB Financial Services. The issue includes article on: holiday currency; submitting feedback to FRB Financial Services; new FedReceipt RTNs; Check 21 operations freeze; and processing of Canadian items. FedFlash  9/16/08

• Hurricane Ike Federal Reserve Services Update

  The FRB Financial Services has posted a link to data from the Dallas Fed regarding business operations during Hurricane Ike. Link  9/15/08

• Info on Thrifts Affected by Hurricanes

  The OTS has posted a link to information regarding institutions that are open or closed due to hurricanes. Info  9/15/08

• Banks Authorized to Close

  The OCC has issued a proclamation allowing national bank offices affected by Hurricane Ike to close at their discretion. Proclamation  9/15/08

• Kingpin Act OFAC Designations

  OFAC has designated three Venezuelan Government Officials under the provisions of the Kingpin Act for materially assisting the narcotics trafficking activities of the Revolutionary Armed Forces of Colombia (FARC), a narco-terrorist organization. Their names have been added to the SDN List with the SDNTK designation. Information concerning the additions has been posted on the BOL OFAC page.  9/15/08

• Agencies Release Joint Mortgage Metrics Report

  The OCC and the OTS have issued a joint report on the performance of approximately 60 percent of all first lien mortgages outstanding in the United States. Report; OCC NR  9/15/08

• Working Papers Published

  The FRB has published five working papers in the Finance and Economics Discussion Series (FEDS) and International Finance Discussion Papers (IFDP) series on the following topics:

  • Effects of Liquidity on the Nondefault Component of Corporate Yield Spreads: Evidence from Intraday Transactions Data;
  • The Causes and Consequences of Economic Restructuring: Evidence from the Early 21st Century;
  • Borrowing From Yourself: 401(k) Loans and Household Balance Sheets;
  • Distress in the Financial Sector and Economic Activity;
  • Constructive Data Mining: Modeling Argentine Broad Money Demand; and
  • The Macroeconomic Effect of External Pressures on Monetary Policy.

  Effects Abstract; Effects Full Paper; Causes Abstract; Causes Full Paper; Borrowing Abstract; Borrowing Full Paper; Distress Abstract; Distress Full Paper; Constructive Abstract; Constructive Full Paper; Macroeconomic Abstract; Macroeconomic Full Paper  9/15/08

• FRB Publishes Technical Amendment to Final Rule in FR

  The Board of Governors (Board) is amending appendix A of Regulation CC to delete the reference to the Jacksonville branch office of the Federal Reserve Bank of Atlanta and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Atlanta. These amendments reflect
  the restructuring of check-processing operations within the Federal Reserve System. Text;
  PDF  9/12/08

• FTC Testifies on the "Call Center Consumer's Right to Know Act"

  The Federal Trade Commission provided testimony today before the U.S. House of Representatives' Committee on Energy and Commerce, Subcommittee on Commerce, Trade, and Consumer Protection regarding H.R. 1776, legislation entitled the "Call Center Consumer's Right to Know Act." Act  9/12/08

• Federal Financial Institution Regulators Announce Availability of 2007 Data on Mortgage Lending

  The Federal Financial Institutions Examination Council (FFIEC) today
  announced the availability of 2007 data on mortgage lending transactions throughout the
  nation at 8,610 financial institutions covered by the Home Mortgage Disclosure Act
  (HMDA). Covered institutions include, but are not limited to, banks, savings
  associations, credit unions, and independent mortgage companies. The HMDA data
  made available today cover lending activity – applications for loans, loan originations
  and denials, and purchases of loans – from 2007. Press Release  9/12/08

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of National Iron Bank, Salisbury, Connecticut. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  9/11/08

• Iranian Companies Added to OFAC List

  Treasury has designated the Islamic Republic of Iran Shipping Lines (IRISL), and 18 other affiliated entities as Nonproliferation Weapons of Mass Destruction (NPWMD) and added their names to the SDN List, for providing logistical services to Iran's Ministry of Defense and Armed Forces Logistics (MODAFL). Information regarding the designated entities has been posted on the BOL OFAC list.  9/11/08

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Newnan Coweta Bancshares, Inc., a registered bank holding company, Neighborhood Community Bank, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Written Agreement  9/11/08

• Reg R Reminder

  The FDIC has issued a FIL reminding banks that on the first day of an institution's fiscal year beginning after September 30, 2008, the institution must comply with the requirements of Regulation R and GLBA. FIL  9/11/08

• Dugan On Fair Lending

  In a presentation at the OCC Fair Lending Conference in New Orleans, Comptroller Dugan stated that the present turmoil in credit markets should not distract bankers and lenders from the important priority of fair lending. He emphasized that all qualified borrowers should have access to financial services and credit, free of unlawful discrimination. He noted that nobody can realistically expect to review millions of loan applications one file at a time for compliance with fair lending laws and regulations. Speech  9/11/08

• Credit Auction Results

  The results of the auction of $25 billion in 28-day credit held on September 9, 2008, have been released by the FRB. Auction  9/11/08

• Bear Stearns To Pay $28 Million

  The FTC has announced that the Bear Stearns Companies, LLC and its subsidiary, EMC Mortgage Corporation, have agreed to pay $28 million to settle FTC charges that they engaged in unlawful practices in servicing consumers' home mortgage loans. Settlement  9/10/08

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of September 9, 2008. 314(a)  9/10/08

• The OCC Publishes Final Rule in Federal Register for Assessment of Fees

  The Office of the Comptroller of the Currency (OCC) is adopting as final and without change the interim final assessments rule issued on February 19, 2008. That rule added two new
  asset-size categories to the table in 12 CFR 8.2(a) used to calculate each national bank's semiannual assessment. Text;
  PDF  9/10/08

• Credit Auction Results

  The FRB has announced the results of the auction of $25 billion in 84-day credit held on September 8, 2008. Auction  9/10/08

• State Profiles Updated

  The FDIC has released the Second Quarter 2008 State Profiles which contain a quarterly data sheet summation of banking and economic conditions in each state. State Profiles  9/10/08

• New OFAC Enforcement Guidelines

  OFAC has issued new Economic Sanctions Enforcement Guidelines as enforcement guidance for persons subject to the requirements of U.S. sanctions statutes, Executive orders and regulations. The Guidelines, which are effective immediately, supersede the Enforcement Procedures for Banking Institutions and have been published as an interim final rule with a request for comments due November 7, 2008. Information regarding the new Guidelines has been posted on the BOL OFAC page in the Other OFAC Resources section.  9/09/08

• Reg CC Amendments

  The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Sixth District. BOL's Alphabet Soup copy of Appendix A has already been updated to reflect this change. Amendments  9/09/08

• Change in Control Legal Interpretation Published

  A Legal Interpretation letter has been published by the FRB regarding allowing the exercise of an option without the filing of an application to the Board under the Bank Holding Company Act. Letter  9/09/08

• Consumer Credit Report Released

  The G.19 Consumer Credit Outstanding and Terms of Credit Report for July 2008 has been released by the FRB. G.19  9/09/08

• Fanny and Freddie Conservatorship Announced

  Treasury Secretary Paulson and Federal Housing Finance Agency (FHFA) Director Lockhart have announced that the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, have been placed into conservatorship. A four step program was implemented including the increase in mortgage-backed (MBS) portfolios; the establishment of Preferred Stock Purchase Agreements; the establishment of a new secured lending credit facility (GSECF) which will be available to Fannie Mae, Freddie Mac, and the Federal Home Loan Banks; and the initiation by Treasury of a temporary program to purchase GSE MBS. Paulson Statement; Lockhart Statement; Bernanke Statement; Conservatorship Fact Sheet; Stock Purchase Agreement Fact Sheet; GSECF Fact Sheet; GSE MSB Purchase Fact Sheet  9/08/08

• Agencies Respond to Freddie/Fannie Conservatorship

  The Federal banking agencies have issued a joint release on the placing of Freddie Mac and Fannie Mae into conservatorship. OCC NR; FRB PR; FDIC PR; OTS PR  9/08/08

• Nevada Bank Closed Insured Deposits Acquired

  The FDIC has announced that Silver State Bank, Henderson, Nevada, has been closed by the Nevada Financial Institutions Division; the FDIC was named Receiver and entered into a Purchase and Assumption Agreement with Nevada State Bank, Las Vegas, Nevada, to assume the insured deposits. Closed  9/08/08

• Hurricane Season SR Letter

  The FRB has issued a SR Letter regarding assisting borrowers and customer affected by Hurricane Gustav and any subsequent hurricanes. SR Letter  9/08/08

• Early Savings Bond Redemptions Authorized

  The FRB Financial Services has announced that savings bond agents located in Louisiana parishes recently affected by severe weather are authorized to redeem EE and I savings bonds less than one year old presented during the months of September and October 2008. Redemptions  9/08/08

• CRA Ratings Released

  The FDIC has released the ratings received by state nonmember banks recently examined for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  9/08/08

• MSB Registration List Updated

  FinCEN has updated the MSB Registration List to include registrations as of August 14, 2008. List  9/08/08

• Large Commercial Banks Consolidated Assets Second Quarter Data Released

  The FRB has released the second quarter 2008 data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more. Data  9/08/08

• Second Quarter Charge-Off Rates

  The OTS has released the thrift charge-off rates report for the second quarter 2008. Charge-off Rates  9/08/08

• Nine Counterfeit Checks Special Alerts

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

  • Lake City Bank, Warsaw, Indiana (Counterfeit Cashier's Checks);
  • Edgartown National Bank, Edgartown, Massachusetts (Counterfeit Cashier's Checks);
  • Provident Community Bank, National Association, Rock Hill, South Carolina (Counterfeit Official Checks);
  • Dairy State Bank, Rice Lake, Wisconsin (Counterfeit Official Checks);
  • Fidelity Bank, Wichita, Kansas (Counterfeit Cashier's Checks);
  • Milledgeville State Bank, Milledgeville, Illinois (Counterfeit Cashier's Checks);
  • Northstar Bank of Texas, Denton, Texas (Counterfeit Cashier's Checks);
  • Morrill and Janes Bank and Trust Company, Merriam, Kansas (Counterfeit Cashier's Checks) and;
  • Piedmont Bank, Huntersville, North Carolina (Grant County Bank, Medford, Oklahoma) (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  9/05/08

• Order of Prohibition Issued

  The FRB has issued an Order of Prohibition against Roslyn Y. Terry which prohibits her from participating in any manner in conducting the affairs of any insured depository institution or any holding company of an insured depository institution. Ms. Terry, without admitting to any allegations, consented to the issuance of the Order, which was based on her alleged participation in violations of law, unsafe and unsound banking practices, and breaches of fiduciary duty and its customers in connection with her embezzlement of funds from the bank and falsification of the bank's books and records. Order  9/05/08

• Mortgage Lending Forum Best Practices

  The FDIC has issued an FIL containing highlights of the best practices that were discussed its recent Forum on Mortgage Lending for Low- and Moderate-Income (LMI) Households. FIL; Best Practices  9/05/08

• CU Placed in Conservatorship

  The NCUA has assumed control of the operations of Valley Credit Union, a state-chartered, federally insured credit union headquartered in San Jose, California, after being appointed as conservator by the California Division of Financial Institutions. Conservatorship  9/04/08

• CRA Ratings

  The OTS has announced the ratings received by savings associations that were recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  9/04/08

• Gustav Relief FIL

  The FDIC issued a FIL that announces a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Alabama, Mississippi, Louisiana and Texas affected by Hurricane Gustav. FIL  9/04/08

• Hanna Bank Closings

  The OCC has issued a proclamation that allows national bank offices affected by Tropical Storm Hanna to close. Proclamation  9/04/08

• Beige Book

  The FRB has published the August 2008 issue of the Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their respective districts. Beige Book  9/04/08

• IFDP Working Pape

  A working paper in the International Finance Discussion Paper (IFDP) series on the topic of "The Asian Financial Crisis, Uphill Flow of Capital, and Global Imbalances: Evidence from a Micro Study" has been published by the FRB. Abstract; Full Paper  9/04/08

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Southwest National Bank of Wichita, Kansas. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  9/03/08

• FDIC CRA Exam Schedule

  The FDIC has released its CRA examination schedule for the fourth quarter 2008. Schedule  9/03/08

• Interagency Exam Procedures

  The FRB has issued three Consumer Affairs Letters regarding the interagency examination procedures for Regulations Z, M and E and the Affiliate Marketing Regulation. Regs Z and M; Reg E; Affiliate Marketing  9/03/08

• Written Agreement

  The FRB has announced the execution of a Written Agreement by and among Orion Bancorp, Inc. and Orion Bank, both of Naples, Florida, the Federal Reserve Bank of Atlanta, and the State of Florida Office of Financial Regulation. Agreement  9/03/08

• 75th Federal Credit Union Anniversary Symposium

  The NCUA has announced that a free two-day symposium recognizing the 75th Anniversary of the signing of the Federal Credit Union Act will be held June 9 and 10, 2009, at the Hyatt Regency Washington D.C. on Capitol Hill. Symposium  9/03/08

• Reserve Position Report

  The Treasury has updated the U.S. International Reserve Position Report with data current as of August 29, 2008. Report  9/03/08

• Foreign Exchange Rates

  The G.5 Foreign Exchange Rates Report for August 2008 has been released by the FRB. G.5  9/03/08

• Discount Rate Meeting Minutes

  The FRB has issued the minutes of FRB discount rate meetings held on July 7 through August 4, 2008. Minutes  9/03/08

• Flood CMPs Announced

  The FDIC has announced nine civil money penalties that were recently assessed against banks. Information regarding the CMPs has been posted on the BOL Flood Penalties Watch page.  9/02/08

• Georgia Bank Closed Assets Assumed

  The FDIC has announced that Integrity Bank, Alpharetta, Georgia, has been closed by the Georgia Department of Banking and Finance; the Federal Deposit Insurance Corporation named receiver and the assumption of all the deposits by Regions Bank, Birmingham, Alabama. Closed  9/02/08

• Reg R Compliance Guide Released

  The FRB has released its Small Entity Compliance Guide for Regulation R. Regulation R implements certain of the key exceptions for banks from the definition of the term "broker" under Section 3(a)(4) of the Securities Exchange Act of 1934. The guide provides a general description of the regulation and contact information for small entities with questions regarding compliance. Guide  9/02/08

• Enforcement Actions

  The FDIC has released a list of twenty-five orders of administrative enforcement actions taken against banks and individuals in July 2008. Enforcement  9/02/08

• Banks Authorized to Close

  The OCC has issued a proclamation that allows national bank offices affected by Hurricane Gustav to close. Proclamation  9/02/08

• CRA Examination Schedule

  The OCC has issued its Fourth Quarter 2008 CRA examination schedule. Schedule  9/02/08

• Weather Damage Guidance

  The FDIC has issued a FIL announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Florida affected by recent severe storms, tornadoes and flooding. FIL  9/02/08

• New Electronic Interpretations and Actions

  The August 2008 New Electronic Interpretations and Actions has been released by the OCC. August  9/02/08

• OFAC CMPs Announced

  The civil money penalties recently assessed by OFAC for violations of various Sanctions Programs have been announced. No financial institutions were cited. CMPs  8/29/08

• Colombian Narcotics Traffickers Added to OFAC List

  The names of two Columbian narcotics traffickers have been added to the SDN List with the SDNT designation. In addition, OFAC also designated as SDNTs two other individuals and four entities located in Colombia. Information regarding the new designations has been posted on the BOL OFAC page.  8/29/08

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Security Pacific Bancorp, Los Angeles, California, a registered bank holding company that owns and controls Security Pacific Bank, Los Angeles, California, a state chartered nonmember bank, and the Federal Reserve Bank of San Francisco. Written Agreement  8/29/08

• Online Consumer Home Refinancing Information

  The FRB has announced the availability of "A Consumer's Guide to Mortgage Refinancing", an online resource to help consumers make informed choices when refinancing a home loan. In addition, the Board has updated the publication "You Should Know about Home Equity Lines of Credit" to include information for consumers on line of credit freezes or reductions in lines of credit. Guide; Should Know  8/29/08

• Assets Reports Issued

  The July 2008 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks Reports have been released by the FRB. Reports  8/29/08

• 2008 HMDA Guide Available

  The FFIEC has posted the 2008 HMDA Guide online. HMDA Guide  8/28/08

• BHC Supervision Manual Update

  The FRB has released the July 2008 update to the Bank Holding Company (BHC) Supervision manual. Manual  8/28/08

• Check 21 Test Delayed

  The Check 21 Test Environment update scheduled for September 1, 2008 has been postponed indefinitely. Test  8/28/08

• Thrift Industry Posts $5.4 Billion Loss

  The OTS has announced that the thrift industry posted a $5.4 billion loss for the second quarter of 2008, as institutions set aside record reserves for loan losses during the continued housing market downturn. Loss  8/28/08

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the name of the following institutions:

  • Castroville State Bank, Castroville, Texas;
  • First Texas Bank, Round Rock, Texas; and
  • Garfield County Bank, Jordan, Montana.

  Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   8/27/08

• Free FDIC Seminars for Employees

  The FDIC will host eight identical free telephone seminars to guide bank and saving association employees through the process of determining a customer's deposit insurance coverage. Each seminar will run approximately two to three hours and will be held between September 17 and November 4, 2008. FIL  8/27/08

• HELOC Guidance Issued

  The OTS has issued a CEO Letter announcing a Guidance regarding the management of Home Equity Lines of Credit (HELOC). CEO Letter; Guidance  8/27/08

• Liquidity Risk Management FIL

  The FDIC has issued a FIL containing guidance to highlight the importance of liquidity risk management at financial institutions. FIL; Guidance  8/27/08

• Second Quarter Earning Decline By 86.5 Per Cent

  Financial results for the second quarter 2008 are contained in the FDIC's Quarterly Banking Profile and indicate that financial institutions insured by the agency reported net income of $5.0 billion in the second quarter of 2008, a decline of $31.8 billion (86.5 percent) from the $36.8 billion that the industry earned in the second quarter of 2007. The provisions of the Federal Deposit Insurance Reform Act of 2005 require the FDIC to develop a restoration plan to bolster the Deposit Insurance Fund. Summary; Quarterly Banking Profile  8/27/08

• 2008 SAR Activity Review Survey

  FinCEN has announced that CFI Group, an independent research organization, has been hired to conduct a survey to assess the value of the The SAR Activity Review-Trends, Tips & Issues and The SAR Activity Review-By the Numbers. Depository institutions may be contacted by CFI Group regarding the survey. Survey  8/27/08

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of August 22, 2008. Reserve Position  8/27/08

• Credit Auction Results

  The FRB has announced the results of the auction of $75 billion in 28-day credit held on August 25, 2008. Results  8/27/08

• FOMC Minutes Released

  The FRB and the Federal Open Market Committee (FOMC) have released the minutes of the FOMC meeting held on August 5, 2008, and of the conference call held on July 24, 2008. Minutes  8/27/08

• Written Agreement Announced

  The FRB has announced the execution on August 7, 2008, of a Written Agreement by and between Columbian Financial Corporation and the Federal Reserve Bank of Kansas City. Agreement  8/26/08

• CRA Ratings Released

  The OCC has released the list of Community Reinvestment Act (CRA) performance evaluations for twenty-seven national banks that became public during the period of July 15, 2008 through August 14, 2008. Ratings  8/256/08

• HMDA Table Corrected

  The FFIEC has announced that a correction has been made in the Table 5 series of HMDA A&D for CYs 2004-2006. Correction  8/26/08

• Owned and Managed Receivables Report

  The June 2008 G.2 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report has been released by the FRB. G.2  8/26/08

• Ten Counterfeit Checks Special Alerts Issued

  The FDIC has issued ten Special Alerts regarding counterfeit checks bearing the name of the following institutions:

  • First Federal Bank of Florida, Lake City, Florida (Counterfeit Cashier's Checks);
  • Washington Trust Bank, Spokane, Washington (Counterfeit Cashier's Checks);
  • The Farmers State Bank, Fairview, Kansas (Counterfeit Official Checks);
  • Valley Business Bank, Visalia, California (Counterfeit Cashier's Checks);
  • International Bank of Commerce, Laredo, Texas (Counterfeit Expense Checks);
  • Christiana Bank & Trust Company, Greenville, Delaware (Counterfeit Cashier's Checks);
  • Fremont Bank, Fremont, California (Counterfeit Cashier's Checks);
  • Farmers and Miners Bank, Pennington Gap, Virginia (Counterfeit Cashier's Checks);
  • Allegiance Community Bank, South Orange, New Jersey (Counterfeit Cashier's Checks) and;
  • Fidelity Bank & Trust, Dubuque, Iowa (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  8/25/08

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Bonifay Holding Company, Inc. and the Federal Reserve Bank of Atlanta. Agreement  8/25/08

• Bernanke Discusses Reducing Risk

  In a presentation Federal Reserve Bank of Kansas City's Annual Economic Symposium, Jackson Hole, Wyoming, Chairman Bernanke discussed ways for institutions to reduce systemic risk. He noted that the industry is involved in one of the most challenging economic and policy environments in memory. He indicated that one of the best ways to protect the financial system against future systemic shocks, including the possible failure of a major counterparty, is by strengthening the financial infrastructure, including both the "hardware" and the "software" components. The stated in conclusion that "The adoption of a regulatory and supervisory approach with a heavier macroprudential focus has a strong rationale, but we should be careful about over-promising, as we are still rather far from having the capacity to implement such an approach in a thoroughgoing way." Speech  8/25/08

• Kansas Bank Closed Assets Acquired

  The FDIC has announced that it has been named receiver of the Columbian Bank and Trust Company, Topeka, Kansas, which was closed by the Kansas Bank Commissioner. The FDIC has entered into a purchase and assumption agreement with Citizens Bank and Trust, Chillicothe, Missouri, to assume the insured deposits. Closed  8/25/08

• FEDS Working Papers Published

  Four Working Papers in the Financial and Economics Discussion Series (FEDS) have been published by the FRB on the following topics:

  • Insider Rates vs. Outsider Rates in Lending,
  • Temporal Risk Aversion and Asset Prices,
  • Estimating the common trend rate of inflation for consumer prices and consumer prices excluding food and energy prices, and
  • The High-Frequency Impact of News on Long-Term Yields and Forward Rates: Is It Real?

  Insider Abstract;
  Insider Full Paper; Temporal Abstract;
  Temporal Full Paper; Estimating Abstract; Estimating Full Paper;
  High-Frequency Abstract; High-Frequency Full Paper  8/25/08

• August FedFocus

  The August 2008 issue of FedFocus has bee posted online by FRB Financial Services. The issue includes article regarding FedWire, FedCash, access solutions, Check 21, eBusiness and FedACH. FedFocus  8/25/08

• Counterfeit and Fictitious Checks Alerts

  The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Riverside National Bank of Florida, Fort Pierce, Florida; and fictitious official checks issued in the name of First Century Bank, N.A., Bluefield, West Virginia. Information concerning the checks has been posted on the BOL Alerts & Counterfeits Page.  8/22/08

• FDIC Questions Answered

  The Summer 2008 issue of FDIC Consumer news provides answers to common questions and other useful information, so that people can rest assured that their money is safe in an FDIC-insured account. Other articles explain what to do if a home equity line of credit has been reduced or frozen, how to avoid phone and fax fraud, and options for saving the environment as bank customers save and borrow money. Consumer News  8/22/08

• FPR Peer Average Ratios Available

  The NCUA has published the Financial Performance Report (FPR) peer average ratios. Ratios  8/22/08

• Regional Coalitions FIL

  The FDIC has issued a FIL announcing a brochure for FDIC-supervised institutions entitled Regional Coalitions: Public-Private Partnerships for the Financial Services Sector, which describes the benefits of establishing public-private partnerships. FIL; Brochure  8/22/08

• Public Welfare Investments Encouraged

  The OCC has issued a banking bulletin on an interim final rule to implement the changes to national banks’ public welfare investment authority enacted in the Housing and Economic Recovery Act of 2008 (HERA). Summary; Interim Final Rule  8/22/08

• Alaska State Quarter Information

  Information regarding the distribution of the Alaska State Quarter has been posted online by the FRB Financial Services. Alaska Quarter  8/22/08

• IndyMac Loan Modification Program Implemented

  FDIC Chairman Bair has announced the implementation of a loan modification for distressed IndyMac mortgage loans. The program is designed to achieve affordable and sustainable mortgage payments for borrowers and increase the value of distressed mortgages by rehabilitating them into performing loans. Bair Announcement; Program  8/21/08

• CUs Financial Condition

  The NCUA has announced that the Call Report data submitted by the nation's 7,972 federally insured credit unions indicates that the overall financial condition of federally insured credit unions remains strong with assets, loans, shares, and membership demonstrating consistent growth through the first six months of 2008. Data  8/21/08

• IFDP Working Paper

  The FRB has published a working paper is the International Finance Discussion Paper (IFDP) series on the topic of "Optimal Monetary Policy with Distinct Core and Headline Inflation Rates." Abstract; Full Paper  8/21/08

• 2007 Fact Book

  The OTS has released its 2007 Fact Book. Fact Book  8/21/08

• Second Quarter Charge-Off and Delinquency Loan Rates

  The FRB has issued the Charge-Off and Delinquency Rates on Loans at Commercial Banks Report for the Second Quarter 2008. Rates  8/20/08

• Reserve Position Reports Released

  The Treasury has released the U.S. International Reserve Position Reports for August 1, 8, and 15, 2008. August 1; August 8; August 15  8/20/08

• IFDP Working Papers Published

  The FRB has published two working papers in the International Finance Discussion Paper (IFDP) series on the topic of "Foreign Exposure to Asset-Backed Securities of U.S. Origin" and "Friends or Foes? The Stock Price Impact of Sovereign Wealth Fund Investments and the Price of Keeping Secrets." Foreign Abstract; Foreign Full Paper;
  Friends Abstract; Friends Full Pape  8/20/08

• National Banks Affected by Hurricane Fay May Close

  The OCC has issued a proclamation allowing national bank offices affected by Hurricane Fay to close at their discretion. Proclamation  8/19/08

• September HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in September, 2008, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  8/19/08

• August Issue FedFlash

  The FRB Financial Services has posted online the August 15, 2008 issue of FedFlash which contains articles on the following topics: verification procedures for FedACH; the extension of the effective date for International ACH transactions; new tools available online for International ACH transactions; FedForward billing changes now effective; and the new FedReceipt RTNs. FedFlash  8/18/08

• Annual National Housing Forum Date Set

  December 8, 2008 has been announced by the OTS as the date for its annual National Housing Forum which will be held at the National Press Club in Washington, D.C. Forum  8/18/08

• Cost of Funds Reports Issued

  The OTS has issued the historical and current (08-15-08) Cost of Funds Reports. Historical; Current  8/18/08

• TIC Data Released

  The Treasury has released the Treasury International Capital (TIC) data for June 2008. TIC  8/18/08

• Industrial Production Report Published

  The July 2008 G.15 Industrial Production and Capacity Utilization Report has been published by the Treasury. G.15  8/18/08

• Consumer Complaint Brochure

  The OTS has posted online a brochure, "How to Resolve a Consumer Complaint", for consumers who may have a complaint against a thrift institution or a savings association. Brochure  8/15/08

• 314a Fact Sheet Updated

  FinCEN has updated the 314a Fact Sheet with data current as of August 12, 2008. 314a  8/15/08

• Share Insurance Webinar Announced

  The NCUA has issued a letter to credit unions highlighting the resources available to help educate members about the benefits of share insurance coverage offered by federally insured credit unions, and announcing NCUA will host a webinar, "Share Insurance 101," later this year to provide additional information regarding share insurance protection. Webinar   8/15/08

• The FRB Publishes Technical Amendment to Final Rule

  The Board of Governors (Board) is amending appendix A of Regulation CC to delete the reference to the Cincinnati branch office of the Federal Reserve Bank of Cleveland and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. Text;
  PDF  8/15/08

• The FRB Proposes Rulemaking in FR for Reimbursement for Providing Financial Records

  The Board of Governors of the Federal Reserve System (Board) is proposing amendments to Subpart A of Regulation S, which implements the requirement under the Right to Financial Privacy Act (RFPA) that the Board establish the rates and conditions under which payment shall be made by a government authority to a financial institution for
  assembling or providing financial records pursuant to RFPA. These proposed amendments update the fees to be charged and take account of recent advances in electronic document productions. Text;
  PDF  8/15/08

• Assets Reports Released

  The FRB has released the 3.12 U.S. Assets and 3.13 Foreign Assets Held at Federal Reserve Banks Reports as of June 2008. Reports  8/15/08

• Reg S (Right to Financial Privacy) Comments Requested

   
  Public comments are being requested by the FRB on a proposed change to Regulation S (Right to Financial Privacy), which sets the rates and conditions under which a government agency must reimburse a financial institution for costs incurred in producing customer financial records under the Right to Financial Privacy Act. Comments are requested by September 29, 2008. Comments  8/14/08

• Credit Auction Results

  The FRB has announced the results of its auction of $50 billion in 28-day credit held on August 12, 2008. Results  8/14/08

• Eleven More Counterfeit Checks Special Alerts

  Bringing the total to sixteen in the last two days, the FDIC has issued eleven Special Alerts regarding counterfeit checks bearing the name of the following institutions:

  • Heritage Community Bank, Hartsville, South Carolina (Counterfeit Cashier's Checks);
  • MidWestOne Bank, Oskaloosa, IA, (Counterfeit Cashier's Checks)
  • Southbridge Savings Bank, Southbridge, Massachusetts (Counterfeit Bank Checks);
  • Centera Bank, Sublette, Kansas (Counterfeit Cashier's Checks);
  • Kaplan State Bank, Kaplan, Louisiana (Counterfeit Official Checks);
  • The Depository Trust & Clearing Corporation (DTCC), New York, New York (Counterfeit Checks);
  • Chippewa Valley Bank, Winter, Wisconsin (Counterfeit Cashier's Checks);
  • The Dolores State Bank, Dolores, Colorado (Counterfeit Cashier's Checks);
  • Century Bank & Trust, Milledgeville, Georgia (Counterfeit Cashier's Checks);
  • GreenBank, Greeneville, Tennessee (Counterfeit Cashier's Checks); and
  • Bank of Prescott, Prescott, Arkansas (Counterfeit Official Checks).

  Information concerning the counterfeit checks has been posted on the BOL >Alerts & Counterfeits page.  8/13/08

• Iranian Nuclear and Missile Program Entities Added to OFAC List

  Five entities related to Iran's nuclear and missile programs have been designated by Treasury and added to the SDN List with the Nonproliferation of Weapons of Mass Destruction (NPWMD) designation. Information regarding the additions has been posted on the BOL OFAC page.  8/13/08

• Enforcement Actions Released

  The OCC has released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Actions  8/13/08

• FFIEC Annual Report

  The FFIEC has published its 2007 Annual Report. Annual Report  8/13/08

• New FedReceipt Routing Numbers Announced

  FR Financial Services has announced new FedReceipt routing numbers. Numbers  8/13/08

• Credit Auction Results

  The FRB has announced the results of the auction of $25 billion in 84-day credit held on August 11, 2008. Results  8/13/08

• Counterfeit and Missing Cashier's Checks Special Alerts

  The FDIC has issued five Special Alerts regarding counterfeit checks bearing the name of the following institutions:

  • Lindell Bank & Trust Company, St. Louis, Missouri (Counterfeit Cashier's Checks);
  • First National Bank, Hot Springs, Arkansas (Counterfeit Cashier's Checks);
  • People's United Bank, Bridgeport, Connecticut (Counterfeit Cashier's Checks);
  • First National Bank of Waynesboro, Waynesboro, Georgia (Counterfeit Bank Checks); and
  • Farmers and Merchants Bank, Baldwyn, Mississippi (Missing, Lost, or Stolen Cashier's Checks).

  Information regarding the checks has been posted on the BOL Alerts & Counterfeits page.  8/12/08

• July Bank Lending Practices Survey

  The FRB has released the results of the July 2008 Senior Loan Officer Opinion Survey on Banking Lending Practices. Summary; Full Report  8/12/08

• Reg CC Appendix Amended

  The FRB has announced the approval of amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth District. Amendments  8/12/08

• Reserve Position Update

  The U.S. International Reserve Position Report as of July 25, 2008 has been released by Treasury. Reserve Position  8/12/08

• Check 21 File Acknowledgements

  Federal Reserve Financial Services has published the procedure by which Check 21 File Acknowledgements will be sent from FedMail application in the production environment. Acknowledgements   8/11/08

• OCC Publishes Interim Final Rule in FR for Community Development Projects

  On July 30, 2008, the President signed into law the Housing and Economic Recovery Act of 2008 (HERA). Section 2503 of the HERA revises the community development investment authority in 12 U.S.C. 24(Eleventh) to permit a national bank to make a broader range of investments designed primarily to promote the public welfare. This interim final rule implements the changes made to section 24(Eleventh)
  by the HERA.Text;
  PDF  8/11/08

• Credit Auction Dates Announced

  The FRB has announced the dates and times during August -November 2008 when it will auction term funds to depository institutions. Dates  8/11/08

• BSA Magnetic Media Filing FIL

  The FDIC has issued a FIL regarding the prior announcement by FinCEN of its intention to retire the Bank Secrecy Act (BSA) Magnetic Media Filing Program. Information concerning the change has posted in the July 23, 2008 BOL Top Stories. FIL  8/08/08

• FRB Publishes Final Rule in FR for Truth in Lending

  The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. In keeping with the statute, the Board has annually adjusted the $400 amount based on the annual percentage change reflected in the Consumer Price Index that is in effect on June 1. you mean not   8/06/08

• June Consumer Credit Report Released

  The FRB has released the G.19 Consumer Credit Report for June 2008. G.19  8/08/08

• Annual Revision Industrial Production and Capacity Utilization Report

  The 2008 Annual Revision of the Industrial Production and Capacity Utilization Report has been published. 2008  8/08/08

• Nominations Open

  The OTS has announced that nominations are being accepted for the OTS Minority Depository Institutions Advisory Committee. Nominations  8/08/08

• CRA Ratings Released

  The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings   8/07/08

• South Carolina CU Liquidated

  NCUA has placed the Port Trust Federal Credit Union of Charleston, South Carolina, into liquidation. Liquidation  8/07/08

• Community Bank Directors Workshops Announced

  The OCC has announced that a series of workshops for Community Bank Directors covering risk assessment, compliance risk and credit risk will be held in San Antonio, Texas, on September 16-18, 2008. Workshops  8/07/08

• QFC NPR FIL Issued

  The FDIC has issued a financial institution letter FIL announcing a Notice of Proposed Rulemaking (NPR) that would establish recordkeeping requirements for qualified financial contracts (QFCs) held by insured depository institutions in a troubled condition. Comments are due by September 26, 2008. FIL; NPR  8/07/08

• FDIC Publishes Final Rule in FR for Fair Housing and Nondiscrimination on the Basis of Disability

  The FDIC is amending two regulations, following a recent review, to update FDIC addresses contained in the regulations. First, the FDIC is updating the division name and address information in the Equal Housing Lender poster set forth in its fair housing regulation. Second, the FDIC is updating the address and telephone contact
  information for the FDIC's Office of Diversity and Economic Opportunity (ODEO) set forth in its regulation on nondiscrimination on the basis of disability. Text;
  PDF  8/07/08

• Ten Special Alerts Issued

  The FDIC has issued ten Special Alerts regarding counterfeit or missing checks and missing money orders bearing the name of the following institutions:

  • Premier Bank of Jacksonville, Jacksonville, Illinois (Counterfeit Cashier's Checks);
  • Southern Bank, Sardis, Georgia (Counterfeit Cashier's Checks);
  • Baltimore County Savings Bank, FSB, Baltimore, Maryland
    (Missing Money Orders);
  • Ameris Bank, Moultrie, Georgia (Missing Official Checks);
  • The Village Bank, Auburndale, Massachusetts (Counterfeit Treasurer's Checks);
  • Mainstreet Savings Bank, FSB, Hastings, Michigan (Counterfeit Official Checks);
  • BankAtlantic, Fort Lauderdale, Florida (Counterfeit Cashier's Checks);
  • Citizens South Bank, Gastonia, North Carolina (Counterfeit Official Checks);
  • TruPoint Bank, Grundy, Virginia (Counterfeit Cashier's Checks); and
  • Mid-Missouri Bank, Springfield, Missouri (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks and money orders has been posted on the BOL Alerts & Counterfeits page.  8/06/08

• Drug Kingpin's Associates Added To OFAC List

  OFAC has added the names of 14 companies and 17 individuals tied to drug trafficking kingpin Rigoberto Gaxiola Medina to the SDN List as specially designated narcotics traffickers (SDNTs). Information regarding the additions has been posted on the BOL OFAC page.   8/06/08

• Fed Funds Rate Unchanged

  The Federal Open Market Committee (FOMC) has announced it has decided to keep its target for the federal funds rate at 2 percent. Rates  8/06/08

• Reg Z TIL Mortgage Loan Trigger Adjusted

  The FRB has issued the annual adjustment of fee-based trigger for additional mortgage loan disclosures. Disclosures  8/06/08

• MSB Registration List Updated

  FinCEN has updated the MSB Registration List with data current as of July 17, 2008. List  8/06/08

• CRA Ratings Announced

  OTS has announced the ratings received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings  8/05/08

• Hurricane Relief

  The FDIC has issued a FIL announcing a series of steps intended to facilitate the rebuilding process in areas of southern Texas damaged by Hurricane Dolly and associated severe storms. FIL; Steps  8/05/08

• International ACH Rule Effective Date Extended

  The FRB Financial Services has announced that the effective date for the NACHA Rule for International ACH Payments has been extended to September 18, 2009. Effective Date  8/05/08

• Covered Bond FIL Issued

  A FIL has been issued by the FDIC regarding its policy statement concerning the treatment of "covered bonds", if the issuing insured depository institution (IDI) is placed into FDIC receivership or conservatorship. FIL  8/05/08

• Risk Management Summit Agenda Announced

  The agenda for the second "Risk Mitigation Summit," to be held Thursday, August 7, 2008, at the Federal Reserve Bank in Chicago, Illinois, has been announced. Agenda  8/05/08

• OTS Redesigns Website

  The OTS has launched its new redesigned Web site that contains added content, improved organization and enhanced features, including fresh ways to highlight timely and important news for consumers, thrift institutions and others. Web Site  8/05/08

• FEDS Working Paper

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Banking Market Definition: Evidence from the Survey of Consumer Finances" has been published by the FRB. Abstract; Full Paper  8/05/08

• Counterfeit Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Queensborough National Bank & Trust Company, Louisville, Georgia. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  8/04/08

• Talent Amendment Exam Procedures

  The FRB has issued a Consumer Affairs Letter regarding the Interagency examination procedures for the Department of Defense's Final Rule on limitations on consumer credit extended to service members and dependents (the "Talent Amendment"). Letter  8/04/08

• Enforcement Actions

  The FDIC has released the list of orders of administrative enforcement actions taken against banks and individuals in June 2008. Actions  8/04/08

• Florida Bank Closed Deposits Assumed

  The Commissioner of the Florida Office of Financial Regulation has closed the First Priority Bank, Bradenton, Florida, and the FDIC was named receiver. The FDIC then entered into a purchase and assumption agreement with SunTrust Bank, Atlanta, Georgia, to assume the insured deposits of First Priority. Closed   8/04/08

• Economic Update

  Treasury has issued its August 1, 2008 Economic Update. Update  8/04/08

• Foreign Exchange Rates

  The July 2008 G.5 Foreign Exchange Rates Report has been released by Treasury. G.5  8/04/08

• Pension Funds Working Paper

  The OCC has published a working paper, "Alternative Assets and Public Pension Plan Performance," which examines how public pension funds have fared when investing in real estate, private equity funds, and hedge funds. Paper  8/04/08

• OFAC Adds, Changes and Deletes Names

  The names of entities and individuals have been added, changed and removed by OFAC from the SDN List. The entries include the designation of six companies and 13 individuals that act on behalf of and materially assist the narcotics trafficking activities of the Revolutionary Armed Forces of Colombia (FARC) in violation of the Kingpin Act; anti-narcotics designation removals; and Sudan Designations. Information concerning the actions has been posted on the BOL OFAC page.  8/01/08

• CMPs Announced

  OFAC has announced the civil money penalties (CMPs) recently assessed against entities and individuals for violations of various Sanctions Programs. No financial institutions were listed. CMPs  8/01/08

• 2007 Small Business CRA Data Available

  The federal banking agency members of the FFIEC have announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings institutions pursuant to the Community Reinvestment Act (CRA). Data; Fact Sheet  8/01/08

• Section 19 Letters Published

  The FRB has published two letters regarding enforcement actions taken under Section 19 of the Federal Deposit Insurance Act prohibiting individuals from becoming or continuing to be affiliated with a banking organization or a credit union. Letter 1; Letter 2  8/01/08

• FedForward Billing Changes Reminder

  FRB Financial Services has issue a letter to all FedForward customers reminding them that the previously announce billing changes will be effective Friday, August 15, 2008. Letter  8/01/08

• Reverse Mortgage Information

  The OTS has published an issue of the Community Liaison, a community affairs newsletter which features an article regarding reverse mortgages. Community Liaison  8/01/08

• Credit Risk Transfer Paper Released

  The OCC has announced that the Joint Forum has released a paper entitled "Credit Risk Transfer Developments from 2005 to 2007." The Joint Forum was established in 1996 under the aegis of the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) to deal with issues common to the banking, securities and insurance sectors, including the regulation of financial conglomerates. Paper  8/01/08

• Reserve Position Updates

  The Treasury has issued an update of the U.S. International Reserve Position Report for the week ending July 18, 2008. Report  8/01/08

A free webinar, "Business Continuity Planning," will be offered by the NCUA on Wednesday, August 20, at 2 p.m. ET. NCUA representatives will outline effective continuity planning and practices for credit unions, including:

• communicating with members, regulators and vendors
• establishing back-up and recovery sites in separate locations
• restoring IT services
• returning to normal operations

Online registration for this free webinar is now open. Participants will also use this link to log into the webinar. Registrants should set their browsers to allow pop-ups from this website.

OFAC has announced an existing entry on the SDN List has been updated. The details of the changes have posted in a BOL OFAC Update.

A free webinar, "Business Continuity Planning," will be offered by the NCUA on Wednesday, August 20, at 2 p.m. ET. NCUA representatives will outline effective continuity planning and practices for credit unions, including:

• communicating with members, regulators and vendors
• establishing back-up and recovery sites in separate locations
• restoring IT services
• returning to normal operations

Online registration for this free webinar is now open. Participants will also use this link to log into the webinar. Registrants should set their browsers to allow pop-ups from this website.

OFAC has announced an existing entry on the SDN List has been updated. The details of the changes have posted in a BOL OFAC Update.

Treasury has announced the imposition of sanctions on three key terrorist financiers under Executive Order (E.O.) 13224. Two of the individuals designated, Shafi Sultan Mohammed al-Ajmi and Hajjaj Fahd Hajjaj Muhammad Sahib al-'Ajmi, are Kuwait-based and support the Syria-based, al-Qaida-linked terrorist organization Al Nusrah Front (ANF); one individual, 'Abd al-Rahman Khalaf 'Ubayd Juday' al-'Anizi, is a financier and facilitator of the Islamic State of Iraq and the Levant (ISIL), previously known as al-Qaida in Iraq (AQI). Each has been designated as a Specially Designated Global Terrorist (SDGT). Information regarding the individuals has been posted in a BOL OFAC Update.

Treasury has announced the imposition of sanctions on three key terrorist financiers under Executive Order (E.O.) 13224. Two of the individuals designated, Shafi Sultan Mohammed al-Ajmi and Hajjaj Fahd Hajjaj Muhammad Sahib al-'Ajmi, are Kuwait-based and support the Syria-based, al-Qaida-linked terrorist organization Al Nusrah Front (ANF); one individual, 'Abd al-Rahman Khalaf 'Ubayd Juday' al-'Anizi, is a financier and facilitator of the Islamic State of Iraq and the Levant (ISIL), previously known as al-Qaida in Iraq (AQI). Each has been designated as a Specially Designated Global Terrorist (SDGT). Information regarding the individuals has been posted in a BOL OFAC Update.

• Reg DD Exam Procedures Updated

  The FRB has announced that the examination procedures for compliance with the provisions of Reg DD (Truth in Savings) have been updated. Procedures  7/31/08

• Liquidity Facilities Enhancements Announced

  Several steps to enhance the effectiveness existing liquidity facilities have been announced by the FRB, including longer terms to maturity in its Term Auction Facility. Enhancements  7/31/08

• Joint Agencies Publish Final Rule in FR for Supervisory Guidance related to the Implementation of the Basel II Advanced Capital Framework

  The agencies are publishing guidance regarding the supervisory review process for capital adequacy (Pillar 2) provided in the Basel II advanced approaches final rule, which was published in the Federal Register on December 7, 2007 (advanced approaches final rule), which outlines the agencies' standards for satisfying the qualification requirements provided in the advanced approaches final rule. Text; PDF  7/31/08

• MMM Published

  The OTS has published the July 30, 2008 issue of the Monthly Market Monitor (MMM) which includes articles on the following topics: Market Commentary, Economic Conditions, Inflation and Housing Conditions. MMM  7/31/08

• TBAC Minutes and Report Released

  The minutes of the July 28, 2008, meeting of the Treasury Borrowing Advisory Committee (TBAC) of the Securities Industry and Financial Markets Association have been released by Treasury along with the committee's second quarter 2008 report. Minutes; Report  7/31/08

• Burmese State-Owned Companies Added to OFAC List

  The Treasury has announced financial sanctions against ten companies owned or controlled by the Government of Burma or its officials, including companies involved in the gem-mining industry. Their names have been added to the SDN List with the BURMA designation. Information concerning the additions has been posted on the BOL OFAC page.  7/30/08

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of July 29, 2008. 314(a)  7/30/08

• FRB Publishes Final Rule in FR for Truth in Lending

  The Board is publishing final rules amending Regulation Z, which implements the Truth in Lending Act and Home Ownership and Equity Protection Act. The goals of the amendments are to protect consumers in the mortgage market from unfair, abusive, or deceptive lending and servicing practices while preserving responsible lending and sustainable homeownership; ensure that advertisements for mortgage loans provide accurate and balanced information and do not contain misleading or deceptive representations; and provide consumers transaction-specific disclosures early enough to use while shopping for a mortgage. Text; PDF  7/30/08

• RB Proposes Rulemaking for Home Mortgage Disclosure

  The Board is proposing to amend Regulation C (Home Mortgage Disclosure) to revise the rules for reporting price information on higher-priced loans. The rules would be conformed to the definition of "higher-priced mortgage loan" adopted by the Board under Regulation Z (Truth in Lending) contemporaneously with this proposal. Under the proposal, a lender would report the spread between the loan's APR and a survey-based estimate of rates currently offered on prime mortgage loans of a comparable type if the spread meets or exceeds 1.5 percentage points for a first-lien loan (or 3.5 percentage points for a subordinate-lien loan). Text; PDF  7/30/08

• NCUA Proposes Rulemaking for Prompt Corrective Action; Amended Definition of Post-Merger Net Worth

  NCUA requests public comment on a proposed rule implementing a statutory amendment to the definition of a natural person credit union's "`net worth" that applies solely to NCUA's system of regulatory capital standards, known as "prompt corrective action." The amendment expands the definition of "net worth" to allow the acquiring credit union, in a merger of natural person credit unions, to include the merging credit union's retained earnings with its own to determine the acquirer's post-merger "net worth." Text; PDF  7/30/08

• Credit Auction Results

  The FRB has announced the results of auction of $75 billion in 28-day credit held on July 28, 2008. Results  7/30/08

• New Electronic Interpretations and Actions

  The OCC has published the June 2008 issue of New Electronic Interpretations and Actions. June 2008 Issue  7/30/08

• ID Theft Telephone Briefing

  The OTS has announced that it will conduct on August 11, 2008, a live, ninety-minute, telephone briefing to provide savings associations with valuable information about Federal Identity Theft rules and guidelines that go into effect on November 1, 2008. OTS compliance and information security experts will conduct the session and participants will have an opportunity to ask questions and get answers. Briefing   7/30/08

• New Chairman Sworn In

  Michael E. Fryzel has been sworn in as the new Chairman of NCUA. Chairman  7/30/08

• FEDS Working Paper Published

  A working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "Does Distance Matter in Banking?" has been published by the FRB. Abstract; Full Paper  7/30/08

• Counterfeit Checks Alerts

  The OCC has issued three Alerts regarding counterfeit checks issued in the names of the following national banks:

  • Community First National Bank of West Plains, West Plains, Missouri (Counterfeit Cashier's Checks);
  • First National Bank of Waynesboro, Waynesboro, Georgia (Counterfeit Official Checks);
  • Crystal Lake Bank and Trust, N.A., Crystal Lake, Illinois (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  7/29/08

• Flood CMP Issued

  A $125,000 civil money penalty (CMP) has been issued by the OCC against a national bank for violation of the National Flood Disaster Protection Act. Information regarding the penalty has been posted on the BOL Flood CMP page.  7/29/08

• Enforcement Actions Announced

  The OCC has announced the Enforcement Actions recently taken against national banks and individuals associated or formerly associated with a national bank. Actions  7/29/08

• Joint Agencies Propose Rulemaking for Risk-Based Capital and Capital Adequacy Guidelines

  The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the agencies) propose a new risk-based capital framework (standardized framework) based on the standardized approach for credit risk and the basic indicator approach for operational risk described in the capital adequacy framework titled "International Convergence of Capital Measurement and Capital Standards: A Revised Framework" (New Accord) released by the Basel Committee on Banking Supervision. Text;
  PDF  7/29/08

• Best Practices for Residential Covered Bonds Issued

  In order to encourage additional sources of mortgage finance and strengthen financial institutions, the Treasury has issued a Guide containing the Best Practices for Residential Covered Bonds. Summary; Fact Sheet; Guide  7/29/08

• Marketable Borrowing Estimates Announced

  The Treasury has announced its quarterly marketable borrowing estimates for the third and fourth quarters of 2008. Estimates  7/29/08

• Asset & Liability Price Tables

  The OTS has released the Asset & Liability Price Tables for the second Quarter 2008. Tables  7/29/08

• IFDP Working Papers Published

  Three working papers in the International Finance Discussion Papers (IFDP) series have been published by Treasury on the following topics: "An Anatomy of Credit Booms: Evidence From Macro Aggregates and Micro Data," "Simple Monetary Rules Under Fiscal Dominance", and "Political Disagreement, Lack of Commitment and the Level of Debt". Anatomy Abstract; Anatomy Full Paper;
  Simple Abstract; Simple Full Paper; Political Abstract;
  Political Full Paper  7/29/08

• Two National Bank Closed and Assets Acquired

  The OCC has closed First National Bank of Nevada, Reno, Nevada; and First Heritage Bank, N.A., Newport Beach, California, and appointed the FDIC as receiver of each bank. The FDIC has entered into purchase and assumption agreements with Mutual of Omaha Bank, Omaha, Nebraska, to take over all of the deposits and certain assets of both banks. OCC First National; OCC First Heritage; FDIC  7/28/08

• OFAC Adds Eighteen

  One individual and seventeen Zimbabwean parastatals (companies or agencies owned or controlled wholly or partly by the government) have been designated by OFAC for supporting Robert Mugabe's regime contributions to the undermining of democratic processes and institutions in Zimbabwe. Their names have been added to the SDN List with the Zimbabwe designation. Information concerning the additions has been posted on the BOL OFAC page.  7/28/08

• Enforcement Actions Announced

  The FRB has announced that it has entered into a Written Agreement with Capital Corp of the West, Merced, California, and issued a Cease and Desist Order against First National Holding Company, Scottsdale, Arizona. Agreement; Order  7/28/08

• FDIC Proposes Rulemaking for Recordkeeping Requirements for Qualified Financial Contracts

  The FDIC proposes recordkeeping requirements for qualified financial contracts (QFCs) held by insured depository institutions in a troubled condition as defined in this proposed rule. The appendix to the proposed rule would require an institution in a troubled condition, upon written notification by the FDIC, to produce immediately at the close of processing of the institution's business day, for a period provided in the notification, electronic files for certain position level and counterparty level data; electronic or written lists of QFC counterparty and portfolio location identifiers, certain affiliates of the institution and the institution's counterparties to QFC transactions, contact information and organizational charts for key personnel involved in QFC activities, and contact information for vendors for such activities; and copies of key agreements and related documents for each QFC. Text; | PDF  7/28/08

• Depositor's Bill Of Rights

  In an article recently published, Chairman Bair listed the rights of insured depositors. She stated, "As Chairman, I believe that the FDIC has a promise to keep to our nation's bank customers. A promise spelled out in the following Depositor Bill of Rights..." Bill Of Rights  7/25/08

• New NCUA Seal Proposed

  NCUA has announced that it will request the President to issue an Executive Order approving a new agency seal that incorporates the eagle and shield of the Great Seal of the United States to more clearly convey a federal government image. Seal  7/25/08

• National Banks Authorized To Close

  The OCC has issued a Proclamation authorizing national banks in areas affected by Hurricane Dolly to close at their discretion. Proclamation  7/24/08

• Beige Book Update

  The FRB has updated the Beige Book with data current as of July 14, 2008. Summary; Full Report  7/24/08

• Compliance Hot Topics Workshops Announced

  OTS has announced that four compliance workshops will be held during August 2008 at its regional offices in Irving, Texas; Kansas City; New Orleans; and Minneapolis. Workshops  7/24/08

• Legal Interpretations Released

  The FRB has released two Legal Interpretations. One regarding granting an exemption from the Board's risk-based capital guidelines for bank holding companies and state member banks; and the other clarifying that a bank could underwrite debt protection services for its customers and continue to qualify for the "credit card bank exemption". Risk-based; Credit Card  7/24/08

• Retirement of BSA Magnetic Media Filing Program

  FinCEN has announced details its intention to retire the BSA Magnetic Media Filing Program. Magnetic media filers must transition to BSA Electronic Filing (E-Filing) no later than December 31, 2008. Announcement; BSA E-Filing  7/23/08

• FRB Discount Rate Meetings Minutes

  The Federal Reserve Board has released the minutes of its discount rate meetings held on May 19 and June 23, 2008. Minutes  7/23/08

• Keys to Restoring Consumer Confidence

  In a presentation at the summer meeting of the American Bankers Association, OTS Director Reich cited three keys to restoring the confidence of consumers and investors in the financial services industry. He stated, "The first key is for managers of financial institutions and regulators to refocus attention on risk management, he said. Secondly, all entities that originate home mortgages must abide by the same set of rules. The third key is to end the speculation about the condition of particular financial institutions." Speech  7/22/08

• Enforcement Action Handbook Updated

  OTS has updated the Enforcement Section of its Examination Handbook. Handbook  7/21/08

• 2008 Regulatory Reports Filing Schedule

  The filing schedule for regulatory reports to be filed with OTS in 2008 has been released. Schedule  7/21/08

• IndyMac Depositors' FDIC Insurance Web Site

  The FDIC has established a Web site to assist IndyMac depositors in determining the FDIC insurance coverage of their accounts. Web Site; Instructions  7/21/08

• FFIEC Updates Geocoding System

  The FFIEC CRA and HMDA Geocoding System has been updated the 2008 Census information. Geocoding  7/21/08

• Financial Scam Reminder

  FinCEN has been issued a reminder to the public regarding financial scams in which individuals misrepresent themselves as FinCEN officials and try to trick victims into revealing confidential information. Reminder  7/21/08

• Court Orders Credit Repair Company To Halt Operations

  A federal court has issued a temporary order stopping a credit repair company and its owner from conducting operations which the FTC charges violates federal law by falsely promising to remove derogatory information from consumers' credit reports. Summary; Order  7/21/08

• Freddie Mac Registers Stock

  The SEC has announced that Freddie Mac has voluntarily registered common stock and is now subject to periodic and current reporting requirements. As a reporting company, Freddie Mac has publicly disclosed, and will continue to disclose, key information about the company's finances and operations. SEC  7/21/08

• Algerian al Qaida Group Members Added to OFAC

  Treasury has designated four leaders of al Qaida in the Lands of the Islamic Maghreb (AQIM), a terrorist organization that has carried out numerous attacks in Algeria, as SDGTs and added their names to the SDN List. Information regarding the individuals has been posted on the BOL OFAC page.  7/18/08

• CRA Ratings Released

  The OCC has released the ratings received by twenty-one national banks recently evaluated for compliance with the provisions of the CRA. Ratings  7/18/08

• FRB Publishes Technical Amendments to Final Rule

  The Board of Governors (Board) is amending appendix A of Regulation CC to delete the reference to the Windsor Locks office of the Federal Reserve Bank of Boston and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Philadelphia. These amendments reflect
  the restructuring of check-processing operations within the Federal Reserve System.Text; PDF  7/18/08

• Payment of IndyMac Official Checks

  The FDIC has issued a FIL clarifying the procedure for payment of IndyMac official checks. FIL  7/18/08

• Government Monitoring Information

  The Government Accountability Office (GAO) released a feasibility report on the gathering of Government Monitoring Information on non-mortgage loans. This report includes the value of the data to analysts and the costs to lenders. The one page synopsis may be found here, while the complete 42-page report is here.  7/18/08

• Processing Deposit Accounts After Bank Fails

  The FDIC has issued a FIL containing an interim rule establishing the FDIC's practices for determining deposit and other liability account balances at a failed insured depository institution. FIL; Rule  7/18/08

• Large-Bank Insurance Determination Modernization Final Rule

  A FIL has been issued by the FDIC regarding a final rule requiring certain large depository institutions to facilitate the process for determining the insurance status of depositors of an insured depository institution in the event of failure. FIL; Rule  7/18/08

• Reserve Position Update

  The U.S. International Reserve Position Report for July 11, 2008 has been released. Report  7/18/08

• Dugan Discusses Minority-Owned Bank Challenges

  In a presentation at the Interagency Minority Depository Institutions National Conference, Comptroller Dugan discussed the challenges and opportunities facing minority-owned banks. Speech  7/18/08

• Low-Income Housing Tax Credit Funds Seminar Announced

  The OCC will host a live Web and telephone seminar on opportunities for banks that invest in projects funded through Low-Income Housing Tax Credits (LIHTC) from 2 to 3:30 p.m. (EDT) on September 10, 2008. Seminar  7/18/08

• Connecticut CU Closed

  NCUA has placed Meriden F. A. Federal Credit Union of Meriden, Connecticut, into liquidation. The credit union served 206 members and had assets of approximately $337,968. Closed  7/17/08

• August HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in August, 2008, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  7/17/08

• FDIC Publishes Final Rule in FR for Large-Bank Deposit Insurance Determination Modernization

  The FDIC is adopting a final rule requiring the largest insured depository institutions to adopt mechanisms that would, in the event of the institution's failure: provide the FDIC with standard deposit account and other customer information; and allow the placement and release of holds on liability accounts, including deposits. It applies only to insured depository institutions having at least $2 billion in domestic deposits and either: more than 250,000 deposit accounts (currently estimated to be 152 institutions); or total
  assets over $20 billion, regardless of the number of deposit accounts (currently estimated to be 7 institutions).Text;
  PDF  7/17/08

• FDIC Publishes Interim Rule in FR for Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure

  The FDIC is adopting an interim rule establishing the FDIC's practices for determining deposit and other liability account balances at a failed insured depository institution. Except as noted, the FDIC practices defined in the interim rule represent a continuation of long-standing FDIC procedures in processing such balances at a failed depository institution. The FDIC is adopting the interim rule concurrently with its adoption of a related final rule requiring the largest insured depository institutions to adopt mechanisms that would, in the event of the institution's failure: Provide the FDIC with standard deposit account and other customer information; and allow the placement and release of holds on liability accounts, including deposits. This interim rule applies to all insured depository institutions.Text; PDF  7/17/08

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of July 15, 2008. 314(a)  7/17/08

• FDIC Board Minutes

  The minutes of the July 15, 2008 meeting of the Board of the FDIC have been released. Minutes  7/17/08

• May TIC Data Released

  Treasury has released the Treasury International Capital (TIC) Data Report for May 2008. TIC  7/17/08

• FOMC Minutes

  The minutes of June 24-25, 2008 meeting of the Federal Open Market Committee (FOMC) have been released. Minutes  7/17/08

• Industrial Production Report Issued

  The G. 17 Industrial Production and Capacity Utilization Report has been issued by the Federal Reserve. G.17  7/17/08

• Fair Lending Conference Announced

  The OCC has announced that the agency will host a conference on statistical analysis and modeling for fair lending risk assessment at the Astor Crowne Plaza in New Orleans' French Quarter on September 9-10, 2008. Conference  7/17/08

• Burmese Sanctions General License Extended

  OFAC issued General License 14A under the Burma Sanctions. GL 14A extends until 1/3/2009 the expiration of GL 14, which allows the exportation or re-exportation of financial services to Burma in support of not-for-profit humanitarian or religious activities of U.S. or third-country nongovernmental organizations (in connection with relief efforts in the aftermath of Cyclone Nagris). BOL has updated its OFAC Sanctions Matrix to reflect the OFAC action.  7/16/08

• Final Covered Bond Policy Statement Approved

  The FDIC has approved a final covered bond policy statement that will facilitate the development of the U.S. covered bond market by providing bondholders expedited access to collateral if the FDIC declines to continue the covered bonds after a bank failure. Statement  7/16/08

• Credit Auction Results

  The FRB has announced the results of auction of $75 billion in 28-day credit held on July 14, 2008. Results  7/16/08

• Reg CC Appendix Amended

  The FRB has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the First and Third Districts. Appendix  7/16/08

• Pillar 2 Final Guidance Issued

  The Federal banking and thrift regulatory agencies have issued a final guidance on supervisory review process (Pillar 2) related to implementation of Basel II advanced approaches rule. Guidance; FRB PR; OCC NR; FDIC PR; OTS PR  7/16/08

• FRB Monetary Policy Report To Congress

  Chairman Bernanke has presented the FRB's semiannual monetary policy report to Congress. He noted that over 4,500 comment letters were received during the review process regarding the newly announced regulations to prohibit unfair or deceptive practices in the mortgage market. In addition, more than 20,000 comment letters have been received in response to the proposed rules under the Federal Trade Commission Act to address unfair or deceptive practices for credit card accounts and overdraft protection plans. Report; Bernanke Testimony  7/16/08

• FedFlash Published

  The July 15, 2008 issue of FedFlash has been posted online by FRB Financial Services. The issue contains articles on the Andrew Jackson $1 coin, new FedReceipts RTNs, the Custodial Inventory Manual of Procedures, FedInsights, new pricing policy for carrier documents, and Canadian item processing. FedFlash  7/16/08

• Cost of Funds Reports

  The current and historical reports of the National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions have been published by OTS. Current; Historical  7/16/08

• TIL Final Rule Issued

  A Final Rule has been issued by the FRB which amends the home mortgage provisions of Regulation Z (Truth in Lending). The rule prohibits unfair, abusive or deceptive home mortgage lending practices and restricts certain other mortgage practices, establishes advertising standards and requires certain mortgage disclosures to be given to consumers earlier in the transaction. Final Rule  7/15/08

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among KCB Bank, Kearney, Missouri, the Federal Reserve Bank of Kansas City, and the Missouri Division of Finance. Written Agreement  7/15/08

• FEDS Working Paper Published

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Monetary Policy in a Forward-Looking Input-Output Economy" has been published by the FRB. Abstract; Full Paper  7/15/08

• Reserve Position Reports Released

  Treasury has released the U. S. International Reserve Position Reports for June 13, June 20, and June 27, 2008. June 13; June 20; June 27  7/15/08

• IndyMac Closed

  OTS has closed IndyMac Bank, FSB and transferred operations to the FDIC. The FDIC has been named conservator and has establishes IndyMac Federal Bank, FSB as the successor to IndyMac. Chairman Bair has issued a statement regarding the conservatorship and the FDIC has posted information on its Failed Bank Information page. OTS; FDIC; Bair Statement; Information  7/14/08

• Loans to Freddie and Fannie Authorized

  The FRB has authorized the Federal Reserve Bank of New York to make loans if necessary to Freddie Mac and Fannie Mae. Authorization  7/14/08

• Syrian Phone Company and Retail Chain Added to OFAC List

  Treasury has added Syria's largest mobile phone operator and a chain of duty free stores to the SDN List with the Syrian designation. Information regarding the additions has been posted on the BOL OFAC page.  7/11/08

• De Novo Application Process Streamlined

  The FRB has issued a SR Letter announcing the streamlining of the application process for de novo banks and enhancing coordination with other banking supervisory agencies in that process. SR Letter  7/11/08

• 23A Exemption Legal Interpretations Released

  Two letters have been released by the FRB regarding the granting of exemptions from the provisions of section 23A of the Federal Reserve Act. Letter 1; Letter 2  7/11/08

• Counterfeit Checks Special Alerts

  The FDIC has issued twelve Special Alerts regarding counterfeit checks bearing the name of the following institutions:

  • Community First Bank, Butler, Missouri (Counterfeit Cashier's Checks);
  • Decorah Bank & Trust Company, Decorah, Iowa (Counterfeit Cashier's Checks);
  • Bank of Lexington, Inc., Lexington, Kentucky (Counterfeit Cashier's Checks);
  • First Independent Bank, Russell, Minnesota (Counterfeit Cashier's Checks);
  • American Savings Bank, FSB, Honolulu, Hawaii (Counterfeit Cashier's Checks);
  • The First National Bank of Dozier, Dozier, Alabama (Counterfeit Cashier's Checks);
  • Choice Financial Group, Grafton, North Dakota (Counterfeit Cashier's Checks);
  • Main Street Bank Corp., Wheeling, West Virginia (Counterfeit Cashier's Checks);
  • Bank of Jones County, Laurel, Mississippi (Counterfeit Official Checks);
  • Southern First Bank, National Association (doing business as Greenville First Bank), Greenville, South Carolina (Counterfeit Cashier's Checks);
  • StonehamBank, a Co-operative Bank, Stoneham, Massachusetts (Counterfeit Cashier's Checks); and
  • Anchor Bank St. Paul, National Association, St. Paul, Minnesota (Counterfeit Cashier's Checks).

  Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  7/10/08

• Prohibition Orders Issued

  NCUA has issued orders prohibiting three individuals from participating in the affairs of any federally insured financial institution. Orders  7/10/08

• MSB Registration List Updated

  FinCEN has updated the MSB Registration List with data current as of June 19, 2008. List  7/10/08

• Home Equity Credit Consumer Guide Revised

  The "What You Should Know about Home Equity Lines of Credit" consumer information guide has been revised by the FRB. What You Should Know  7/10/08

• Agricultural Finance Databook Updated

  The FRB has published the June 2008 E.15 Agricultural Finance Databook. E.15  7/10/08

• Bernanke Announces Homebuyer Protection Regs

  In a presentation at the FDIC's Forum on Mortgage Lending for Low and Moderate Income Households, Chairman Bernanke indicated that the Fed will soon issue new rules aimed at protecting future homebuyers from dubious lending practices. He stated, "Next week, the Federal Reserve Board will issue new rules on mortgage lending, using its authorities under the Home Ownership and Equity Protection Act. These new rules, which will apply to all lenders and not just banks, will address some of the problems that have surfaced in recent years in mortgage lending, especially high-cost mortgage lending." Speech  7/09/08

• NPWMD Designations and IRAQ2 Removal

  OFAC has added the names of six individuals and five entities to the SDN List with the NPWMD designation and deleted the name of an individual previously designated as an IRAQ2. Information regarding the changes has been posted on the BOL OFAC page.  7/09/08

• Credit Rating Agencies Fail Exam

  The SEC has released findings from extensive 10-month examinations of three major credit rating agencies that uncovered significant weaknesses in ratings practices and the need for remedial action by the firms to provide meaningful ratings and the necessary levels of disclosure to investors. Report  7/09/08

• Basel II Interagency Statement Issued

  The federal banking and thrift agencies have issued an interagency statement outlining the qualification process for banking organizations implementing the new Basel II advanced capital adequacy framework. Statement; FRB SR; OCC NR; FDIC PR; OTS PR  7/09/08

• Consumer Credit Report Released

  The G. 19 Consumer Credit Report for May 2008 has been released by the FRB. G.19  7/09/08

• IFDP Working Papers Published

  Three working papers in the International Finance Discussion Paper Series (IFDP) have been published by the FRB on the following topics: "Predicting Global Stock Returns", "Trade Elasticity of Substitution and Equilibrium Dynamics" and "How Long Can the Unsustainable U.S. Current Account Deficit Be Sustained?" Prediction Abstract; Predicting Full Paper; Trade Abstract; Trade Full Paper; How Long Abstract; How Long Full Paper  7/09/08

• CRA Ratings Released

  The FDIC has released a list of the ratings received by state nonmember banks recently examined for compliance with the provisions of the CRA. Ratings  7/08/08

• Examiners Instructed To Focus On Consumer Compliance

  In a presentation to OCC Examiners at the OCC Compliance Conference, Comptroller Dugan stated "We know how to deal with credit issues, and we will work our way through these very difficult problems. What I don't want, though, is to finish dealing with the industry's safety and soundness issues only to find that we've allowed significant compliance problems to develop in their place." Speech  7/08/08

• Section 19 Letters Released

  The FRB has released letters regarding Section 19 enforcement actions. Letters  7/08/08

• TFR Instruction Manual Updated

  OTS has updated the TFR Instruction Manual through June 2008. Manual  7/08/08

• FRB and SEC to Share Information

  The FRB and SEC have announced the signed a memorandum of understanding (MOU) between the two agencies that will deepen their information sharing and cooperation, permitting both agencies to better perform their responsibilities. MOU ; FRB PR; SEC PR  7/08/08

• Financial Reporting Bulletin Published

  The June 2008 Financial Reporting Bulletin has been published by OTS. Bulletin  7/08/08

• OCC Approves Basel Proposal

  The OCC has announced that it has approved for publication a notice of proposed rulemaking that would implement the standardized approach of the Basel II Capital Accord. Preamble; Proposal  7/07/08

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with data current as of July 1, 2008. 314(a)  7/07/08

• Economic Update Released

  Treasury has released it economic update for July 3, 2008. Update  7/07/08

• $1.13 Billion in Trading Revenues

  The OCC has reported that insured U.S. commercial banks reported $1.13 billion in revenues from trading cash and derivative instruments in the first quarter, compared to a loss of $9.97 billion in the fourth quarter of 2007. Revenues  7/07/08

• Aggregate Exposure and CMR Report Issued

  The First Quarter 2008 Aggregate Exposure and CMR Report has been released by OTS. Report  7/07/08

• Initial Mortgage Metrics Report Released

  OTS has released the Initial Mortgage Metrics Report. Report  7/07/08

• OFAC Designations Updated

  Treasury has announced the update of two existing SDGT entries on the SDN List Information regarding the changes has been posted on the BOL OFAC Page.  7/03/08

• Basel Alternate Proposal Approved By OTS

  OTS has approved an interagency proposal for public comment that would offer savings institutions the option of adopting a less complex alternative for calculating risk-based capital requirements under the international Basel II capital accord. Proposal  7/03/08

• FDIC Announces LMI Forum

  A FDIC-sponsored Forum on Mortgage Lending for Low and Moderate Income (LMI) Households will be held on July 8th in Arlington, VA. Strategies for promoting responsible and sustainable LMI families will be the focus of the session. LMI Forum  7/03/08

• FR Bulletin Statistical Supplement Published

  The May 2008 Statistical Supplement to the FR Bulletin has been published. Supplement  7/03/08

• ORE Guidance Issued

  The FDIC has issued a FIL containing a Guidance which reminds bank management of the importance of developing and implementing policies and procedures for acquiring, holding, and disposing of other real estate (ORE). FIL; Guidance  7/02/08

• Credit Unions Liquidated

  NCUA has announced the liquidation of two state chartered California credit unions and the subsequent purchase of assets and assumption of most shares of both institutions. Liquidation  7/02/08

• 2008 Census Data

  The FFIEC has posted the 2008 Census Data online. The FFIEC updates the Windows Application and the Census Reports annually to reflect changes to MSA/MD boundaries announced by OMB, income estimates developed by HUD, and include CRA distressed/underserved tracts as announced by the federal banking regulatory agencies. Data  7/02/08

• ML Best Practices Paper Issued

  The Financial Action Task Force (FATF) has issued a new best practices paper on trade based money laundering and terrorist financing to raise awareness and improve the ability of government authorities to collect and effectively utilize trade data for the purpose of detecting and investigating money laundering and terrorist financing. Summary; Full Paper  7/02/08

• Credit Auction Schedule and Results

  The FRB released the results of the auction of $75 billion in 28-day credit held on June 30, 2008 and announced that two additional auctions will be held on July 14 and 28, 2008. Results; New Auctions  7/02/08

• Final First Quarter 2008 Interest Rate Measures

  OTS has issued the Final First Quarter 2008 Interest Rate Measures. Final  7/02/08

• Reserve Position Reports Issued

  Treasury has issued the U.S. International Reserve Position Reports for June 13 and 20, 2008. June 13; June 20  7/02/08

• Assets Report

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks as of May 2008 report has been issued by the FRB. Report  7/02/08

• June 2008 Foreign Exchange Rates

  The FRB has issued the G. 5 Foreign Exchange Rates Table for June 2008. Rates  7/02/08

• Counterfeit Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Baker Boyer National Bank, Walla Walla, Washington. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  7/01/08

• Enforcement Actions Announced

  The administrative enforcement actions taken against banks and individuals in May 2008 have been announced by the FDIC. There were three flood penalties issued totaling $6,650. These are detailed on the BOL Flood CMP page. Actions  7/01/08

• Second Quarter Call Report Information

  The FDIC has issued a FIL containing materials pertaining to the June 30, 2008 Call Report. Additional information has also been posted by the FFIEC on its Web site. FIL; FFIEC  7/01/08

• Fake Homeland Security Letters Alert

  An Alert has been issued by the OCC regarding fraudulent correspondence attributed to the Department of Homeland Security concerning funds supposedly controlled by the U.S. consular in the United Kingdom is being sent to bank customers to elicit funds. Alert  7/01/08

• New Electronic Interpretations and Actions Announced

  The OCC has announced the New Electronic Interpretations and Actions for June 2008. New Electronic  7/01/08

• Structure and Share Data Report Released

  The FRB has released the March 2008 Structure and Share Data for U.S. Offices of Foreign Banks. Report  7/01/08

• Finance Companies Report Issued

  The G.20 Finance Companies Owned and Managed Receivables Outstanding Report for March 2008 has been released by the FRB. G.20  7/01/08