Top Story Operations Related

OFAC has published a final rule with regulations (31 CFR Part 589) to implement Executive Orders 13660, 13661 and 13662 imposing Ukraine-related sanctions.

FIL-25-2014 has been issued by the FDIC to announce steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Florida affected by severe weather.

The Department of Justice (DOJ) has announced the approval of
a settlement with Four Oaks Fincorp, Inc. and Four Oaks Bank & Trust Company, Four Oaks, North Carolina, in connection with a complaint filed by DOJ alleging the bank knew or was deliberately ignorant of the use of its accounts and its access to the national banking system in furtherance of a scheme to defraud customers. According to the complaint, Four Oaks unlawfully allowed third party merchants to work through the bank to defraud consumers. Four Oaks' clients included a Texas-based third-party payment processor, a company that acts as an intermediary between a bank and a merchant in a financial transaction, and often provides access to the national payment system to a wide variety of merchants. It was also alleged that the bank allowed the third-party payment processor to originate $2.4 billion of debit transactions against consumers' bank accounts in exchange for more than $850,000 in fees that were paid to the bank. The consent order approved by the court requires Four Oaks Bank to pay $1 million to the U.S. Treasury as a civil monetary penalty and to forfeit $200,000 to the U.S. Postal Inspection Service's Consumer Fraud Fund. Four Oaks had agreed to settle the complaint shortly after it was filed in January.

OFAC has designated the members and entities of a synthetic drug trafficking organization as drug kingpins pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for their significant role in international narcotics trafficking. OFAC described the action as the "first-ever use of Treasury's financial sanctions tool against" such an organization. The action complemented U.S. law enforcement actions taken by the Drug Enforcement Administration (DEA) and other law enforcement officials under Project Synergy, the largest coordinated law enforcement strike against synthetic designer drugs. As a result of the action, all property and interests in property in the United States or in the possession or control of U.S. persons in which Daniel and Kevin Louie or the other persons or companies designated have an interest are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. Information regarding this action has been posted in a BOL OFAC Update.

OFAC has published a final rule with regulations (31 CFR Part 589) to implement Executive Orders 13660, 13661 and 13662 imposing Ukraine-related sanctions.

FIL-25-2014 has been issued by the FDIC to announce steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Florida affected by severe weather.

• Availability Changes For New Orleans Items

  FRB Services has announced that the Reserve Banks have modified the availability for New Orleans zone items due to the probability that it will be several days before the FRB of Atlanta is able to reopen and resume normal check processing operations.
  Availability 8/31/05
  
  

• Agencies Publish CRA Nonmetropolitan Middle-Income Geographies List

  The federal banking agencies have announced the availability of the list of distressed and underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive CRA consideration as "community development" pursuant to the revised CRA rules issued by the agencies on August 2, 2005.
  List;
  FRB PR;
  OCC NR;
  FDIC PR 8/31/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position to include information as of August 26, 2005.
  Reserve Position 8/31/05
  
  

• FHC List Updated

  The FRB has updated the FHC list to include those BHCs that have elected to be treated as FHCs as of August 26, 2005.
  FHC List 8/31/05
  
  

• FOMC Minutes Released

  The minutes of the August 9, 2005, meeting of the FOMC has been released.
  Minutes 8/31/05
  
  

• Bulletin Regarding Employment Restrictions For Examiners

  The OCC has issued a Bulletin explaining the previously announced proposed Rule regarding post-employment restrictions for senior examiners of national banks. Information concerning the proposed Rule was posted in the August 5, 2005, BOL Top Stories.
  Bulletin 8/31/05
  
  

• Money Smart News Summer 2005 Issue Published

  The FDIC has published the Summer 2005 issue of Money Smart News.
  Money Smart News 8/31/05
  
  

• Financial Services Impacted By Katrina

  The FRB is posting information regarding how Hurricane Katrina is affecting financial services on a Web page which is updated when new information is available.
  Web Page 8/30/05
  
  

• Agencies Encourage Banks and Thrifts To Assist Hurricane Victims

  The OCC, FDIC and NCUA have announced ways in which banks and thrifts can assist customers and members affected by Hurricane Katrina and have granted relief from certain regulatory requirements.
  OCC;
  FDIC FIL
  NCUA 8/30/05
  
  

• HMDA Reporting May Create Mortgage-Lending Opportunities

  The OCC has published the Summer 2005 edition of the Community Developments newsletter, which provides various perspectives and strategies on how the revised HMDA reporting requirements could enhance mortgage-lending opportunities for national banks and their customers.
  Community Developments Newsletter 8/30/05
  
  

• Call Report Data Finalized

  The FDIC has announced that the final data for the June 30, 2005 Call Reports is now available.
  Call Reports 8/30/05
  
  

• Georgia FCU Liquidated

  NCUA has announced the liquidation of Jilapuhn Federal Credit Union, located in East Point, Georgia.
  Liquidation 8/30/05

• FedExchange Seminar Registration Available Online

  Federal Reserve Financial Services has announced that registrations for various FedExchange seminars may be made online.
  Seminar Invitation;
  Registration Forms 8/30/05

• Katrina Forces Fed Branch To Close

  The Atlanta FRB has announced that most normal financial services will not be available through its New Orleans branch on Monday, August 29, 2005, due to the impending arrival of Hurricane Katrina.
  Financial Services
  8/29/05
  
  

• Greenspan Observations On Central Banking Changes

  In a separate presentation and the closing remarks to the participants in a FRB sponsored symposium, the Chairman reflected on the changes he has observed in the central banking system over the last eighteen years. He indicated in his opinion, the major contribution of the Federal Reserve to fashioning the events of the past decade or so was to recognize that the U.S. and global economies were evolving in profound ways and to calibrate inflation-containing policies to gain most effectively from those changes. He also observed that the Federal Reserve will almost surely face as many uncertainties over the next eighteen years as it has over the past eighteen.
  Presentation;
  Closing Remarks 8/29/05

• Banks Authorized To Close

  The Comptroller has issued a proclamation that authorizes offices of national banks affected by Hurricane Katrina to close.
  Proclamation 8/26/05
  
  

• Wal-Mart Bank Application Released

  The FDIC has released the public portion of an application for Federal deposit insurance for a Utah industrial bank that has been filed on behalf of Wal-Mart Bank, a proposed state nonmember bank.
  Application 8/26/05
  
  

• Second Quarter Bank And Thrift Earnings Released

  The earnings for banks and thrifts for the second quarter 2005, which were the second highest on record, have been released by the FDIC.
  Summary;
  Full Report 8/26/05

• Reg E ATM Disclosures PR Published in FR

  The proposed revisions would clarify the disclosure obligations of ATM operators with respect to fees imposed
  on a consumer for initiating an electronic fund transfer or a balance inquiry at an ATM. 70FR49891 (txt) 70FR49891 (pdf) 8/25/05
  
  

• Counterfeit Cashier’s Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier’s checks drawn on American Bank of Commerce, Provo, Utah. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 8/25/05
  
  

• OCC Issues CRA Bulletins

  Two bulletins have been issued by the OCC regarding the previously announced CRA Joint Final Rules published by the federal banking regulators and the revisions to the Joint Interagency CRA examination procedures concerning small and intermediate small banks. Information regarding the new procedures was posted on the July 20, 2005 BOL Top Stories http://www.bankersonline.com/topstory/july05.html and information regarding the Joint Final Rules was posted in the BOL Top Stories for August 2, 2005.
  Final Rule Bulletin;
  Exam Procedures Bulletin 8/25/05
  
  

• OFAC FIL Issued By FDIC

  The FDIC has issued a FIL regarding previously announced additions and changes to existing SDNTK entries on the OFAC SDN List. Information concerning the additions was posted in the BOL Top Stories for August 19, 2005.
  FIL 8/25/05
  
  

• IFDP Paper Published

  The FRB has published a discussion paper in the IFDP series on the topic of “General-to-specific Modeling: An Overview and Selected Bibliography”.
  Abstract;
  Full Paper 8/25/05
  
  

• FRB Assets Reports Published

  The 3.12 U.S. Reserve Assets report and 3.13 Foreign Official Assets Held at Federal Reserve Banks report for June 2005 have been issued by the FRB. Reports 8/25/05

• Call Report Revisions Proposed

  The Federal banking regulators have proposed changes to the Call Report aimed at reducing the amount of regulatory burdens by eliminating and/or modifying current provisions while adding new time saving sections. The changes will be effective for the March 31, 2006 report and comments are due on or before October 24, 2005.
  Proposal 8/24/05
  
  

• New York FCU Closed

  The NCUA has liquidated Homesteaders Federal Credit Union of New York, New York, and transferred its member accounts to the Lower East Side People’s Federal Credit Union of New York City.
  Closing 8/24/05
  
  

• International Reserve Position Updated

  Treasury has updated the U.S. international Reserve Position to include data as of August 19, 2005.
  Reserve Position 8/24/05
  
  

• August FHC List Released

  The FRB has released the list of BHCs that have elected to be treated as FHCs as of August 19, 2005.
  FHC List 8/24/05
  
  

• June G.20 Report Issued

  The FRB has issued the G.20 Finance Companies report of owned and managed receivables outstanding and auto loans terms of credit for June 2005.
  G.20 8/24/05

• August FedFocus Published

  The August 2005 issue of FedFocus has been published by FRB Financial Services and contains articles on evolving security solutions for electronic times and moving beyond password protection.
  FedFocus 8/23/05
  
  

• FIL Regarding Stored Value Card Proposed Rule

  The FDIC has issued an FIL regarding the previously announced proposed rule concerning the insurability of funds underlying stored value cards and those accessible through other nontraditional access devices. Information regarding the proposed rule was posted in BOL Top Stories http://www.bankersonline.com/topstory/topstory.html on August 8, 2005.
  FIL 8/23/05
  
  

• Second Quarter Charge-Off And Delinquencies Report Released

  The FRB has released the charge-off and delinquency rates on loans and leases for commercial banks report for the second quarter of 2005.
  Charge-Off Report 8/23/05

• Counterfeit Treasurer’s Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit treasurer’s checks drawn on Bangor Savings Bank, Bangor, Maine. Information concerning the counterfeit treasurer’s checks has been posed on the BOL Alerts & Counterfeits page. 8/22/05
  
  

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding unauthorized banking activities being conducted by Destiny Capital Mortgage Inc., doing business as Destiny Capital Mortgage Bank, Irving, Texas. Information regarding the unauthorized banking activities has been posted on the SA-111-2005. 8/22/05
  
  

• Reg E ATM Disclosures Amendments Proposed

  The FRB is seeking comments regarding proposed amendments to Reg E that clarify the disclosure obligations of ATM operators with respect to fees imposed on a consumer for initiating an electronic fund transfer or a balance inquiry at an ATM.
  Summary;
  Proposed Amendments 8/22/05

• August 2005 New Electronic Interpretations and Actions Announced

  The OCC has announced the New Electronic Interpretations and Actions for August 2005.
  Electronic Interpretations and Actions 8/22/05
  
  

• Thrift Industry Reports Strong Second Quarter

  OTS has announced that the thrift industry posted record levels of earnings and equity capital in the second quarter of 2005.
  Second Quarter Earnings;
  Graphs;
  Highlights;
  Selected Indicators 8/22/05
  
  

• Deposit Funds Experience Growth

  The FDIC has announced that the BIF and SAIF funds increased by a modest amounts during the second quarter of 2005.
  Growth 8/22/05

• Eight Counterfeit Checks And Money Orders Special Alerts Issued

  Eight Special Alerts have been issued by the FDIC regarding counterfeit cashier’s checks drawn on White Oak State Bank, White Oak, Texas, Newtown Savings Bank, Newtown, Connecticut, and Waldo State Bank, Waldo, Wisconsin; counterfeit official checks drawn on HomeStreet Bank, Seattle, Washington, and Cathay Bank, Los Angeles, California; counterfeit checks drawn on NCB, FSB, Hillsboro, Ohio; counterfeit treasurer’s checks drawn on Laconia Savings Bank, Laconia, New Hampshire; and counterfeit money orders drawn on Shell Lake State Bank, Shell Lake, Wisconsin. Information concerning the counterfeit checks and money orders has been posted on the BOL Alerts & Counterfeits page.   8/19/05
  
  

• OFAC Modifies Burmese Sanctions Program

  Modifications to the Burmese Sanctions Program have been announced by OFAC. The BOL OFAC Sanctions Matrix has been revised to incorporate the updated material. BOL OFAC Matrix; OFAC Overview   8/19/05
  
  

• SDNTK Designations Announced By OFAC

  Pursuant to the provisions of the Foreign Narcotics Kingpin Designation Act ("Kingpin Act"),OFAC has designated 30 companies and individuals associated with two Mexican drug trafficking organizations as SDNTKs and added then to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.  8/19/05
  
  

• FDIC Updates IT Exam Procedures

  The FDIC has issued an FIL regarding the update of its risk-focused IT examination procedures for FDIC-supervised financial institutions. FIL; IT Exam Procedures.  8/19/05
  
  

• Counterfeit Cashier’s Checks Special Alert

  A Special Alert regarding counterfeit cashier’s checks drawn on Castle Bank & Trust Company, Meriden, Connecticut, has been issued by the FDIC. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  8/18/05
  
  

• BSA Violations Cost Bank $24 Million

  FinCEN and the OCC have imposed a $24 million CMP on the New York branch of Arab Bank, plc, for systemic BSA failures. FinCEN PR; Treasury PR   8/18/05
  
  

• Order Of Prohibition Issued Against Former Texas Banker

  The FRB has issued a Final Decision and Order of Prohibition against a former employee of First National Bank, Lubbock, Texas, which prohibits him from participating in the conduct of the affairs of any financial institution or holding company. Order  8/18/05
  
  

• Twenty-Six CRA Ratings Released

  The OCC has released the ratings received by twenty-six national bank that were recently evaluated for CRA compliance. Ratings  8/18/05
  
  

• 314(a) Fact Sheet Update

  FinCEN has updated the information on the 314(a) Fact Sheet to include data as of August 16, 2005. 314(a) Fact Sheet  8/18/05
  
  

• FEDS Working Paper Published

  A working paper in the FEDS series on the topic of “Why and When do Spot Prices of Crude Oil Revert to Futures Price Levels?” has been published by the FRB. Abstract; Full Paper  8/18/05
  
  

• FRB publishes final amendments to Reg A in Federal Register

  This final rule approves an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate is automatically increased by formula as a result of the Board’s primary credit rate action. 70FR16322 PDF, 70FR16322 TXT  8/17/05
  
  

• Treasurer’s Checks Special Alert

  The FDIC has issued a Special Alert regarding Treasurer’s Checks bearing the name of Middlesex Savings Bank, Natick, Massachusetts, that are missing, lost, or stolen in transit. Information regarding the Treasurer’s Checks has been posted on the BOL Alerts & Counterfeits Page  8/17/05
  
  

• 23A Exemption Letter Released

  A letter containing a legal interpretation which grants an exemption from section 23A of the Federal Reserve Act and from Regulation W for certain extensions of credit made by a bank in connection with its securities borrowing transactions has been released by the FRB. Letter  8/17/05
  
  

• Sixteen Enforcement Actions Announced

  The OCC has announced sixteen Enforcement Actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  8/17/05
  
  

• Experian Settles With FTC

  Experian Consumer Direct has settled with the FTC regarding charges that it deceptively marketed “free credit reports” by not adequately disclosing that consumers automatically would be signed up for a credit report monitoring service and charged $79.95 if they didn’t cancel within 30 days. The settlement requires payments to deceived consumers, bars deceptive and misleading claims about “free” offers, requires disclosure of terms and conditions of any “free” offers, and the payment of $950,000 to the FTC. Compliant; Settlement and Final Order  8/17/05
  
  

• Implementation Of Fraud Hotline Guidance Issued

  The FDIC has issued a FIL that contains a Guidance to financial institutions on implementing a fraud hotline to minimize potential and actual fraud risks as part of a bank's governance and enterprise risk management program. FIL; Guidance  8/17/05
  
  

• September HOEPA Rates Published

  The Federal Reserve has published the new reference rates which lenders must use to determine if loans for which applications are received in September 2005 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  8/17/05
  
  

• FDIC Consumer News Summer 2005 Issue Published

  The FDIC has published the Summer 2005 issue of the FDIC Consumer News which features a "shopper's guide" to finding bank products and services. It also includes tips and information on various programs and services offered consumers by financial institutions. Consumer News  8/17/05
  
  

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position to include data as of August 12, 2005. Reserve Position  8/17/05
  
  

• Industrial Production And Capacity Utilization Report Issued

  The FRB has issued the G.17 Industrial Production And Capacity Utilization Report for July 2005. G.17  8/17/05
  
  

• OCC Updates Permissible Activities Information

  The OCC has published the 2004 issue of Activities Permissible For National Banks which contains interpretations and decisions authorizing activities for national banks and their operating subsidiaries.
  Permissible Activities  8/16/05

  
  

• The Quarterly Review Of Interest Rate Risk First Quarter 2005 Issue Published

  The First Quarter 2005issue of The Quarterly Review of Interest Rate Risk has been published by OTS and features an article on model risk. Quarterly Review  8/16/05

  
  

• Lending Practices Survey Result Published

  The FRB has published the results of its Senior Loan Officer Opinion Survey on Bank Lending Practices. Responses were received from fifty-four domestic banking institutions and twenty U.S. branches and agencies of foreign banks. Summary; Full Report  8/16/05

  
  

• Agricultural Finance Databook Updated

  The E. 15 Agricultural Finance Databook has been updated to include information for March and June 2005 regarding the amount and characteristics of farm loans, selected statistics from the quarterly Call Reports, and Reserve Bank surveys of farm credit conditions and land values. E.15  8/16/05

  
  

• FedFlash August 2005 Issue Online

  FRB Financial Services has posted the August 2005 Issue of FedFlash online. August FedFlash PDF; HTML  8/16/05

  
  

• Average Cost Of Funds Ratios Released

  OTS has released the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; Current  8/16/05

  
  

• June International Capital Data Released

  Treasury has released the International Capital Data report for June 2005. International Capital  8/16/05

  
  

• CTR Completion FAQs Issued

  FinCEN has issued FAQs which provide guidance concerning the completion of Part II of Form 104.
  CTR FAQs  8/15/05
  
  

• FedLine Advantage Training Available

  The FRB has announced that a number of training resources for FedLine Advantage are available, including phone-facilitated sessions and online tools. Training  8/15/05
  
  

• FRB Routing Number Changes Published in FR

  The Federal Reserve Board has published in the Federal Register a final rule which amends Appendix A of Regulation CC to delete the reference to the Portland branch office of the Federal Reserve Bank of San Francisco and reassign the Federal Reserve routing symbols to the Seattle branch office of the Federal Reserve Bank of San Francisco. 70FR15598 PDF, 70FR15598 TXT  8/12/05
  
  

• OCC Licensing Manual Updated

  The "Investment in Subsidiaries and Equities" booklet of the OCC Licensing Manual has been revised to clarify the treatment of affiliated business arrangements. Booklet   8/12/05
  
  

• Unauthorized Banking Alert

  The OCC has issued an Alert following the announcement by the State of Texas Department of Banking and the Texas Savings and Loan Department that cease-and-desist orders have been issued against Destiny Capital Mortgage, Inc., dba Destiny Capital Mortgage Bank, for unauthorized banking activity and unauthorized mortgage banking activities. Orders  8/12/05
  
  

• 2004 International Directory of Deposit Insurers Published

  The FDIC has published the 2004 International Directory of Deposit Insurers which provides information on how to contact deposit insurers, central banks and other entities involved in deposit insurance functions in over 70 countries. Directory  8/12/05
  
  

• Joint Agencies (OCC, FDIC, OTS, FRB) request comments for proposed rule

  Comments and suggestions are requested for ways to reduce burden in rules categorized as Banking Operations; Directors, Officers and Employees; and Rules of Procedure.70FR15568 PDF, 70FR15568 TXT  8/11/05
  
  

• FRB Issues CA Letter

  A CA Letter has been issued by the FRB regarding the previously announced revisions of CRA regulations made by the federal banking regulators. Information concerning the revisions was posted in the July 20, 2005 BOL Top Stories. CA Letter   8/11/05
  
  
  
  
  

• Annotated Bibliography of Deposit Insurance Updated

  The annual update of the Annotated Bibliography of Deposit Insurance has been posted online by the FDIC. Annotated Bibliography; Update   8/11/05
  
  

• OCC Publishes Final Rule in Federal Register

  This final rule requires that all reports filed with the OCC under section 16(a) of the Securities Exchange Act of 1934 must be filed electronically and posted on a registered national bank’s Web site, if it has one, as soon as practicable. 70FR15568 PDF, 70FR15568 TXT  8/10/05
  
  

• Missing Money Orders And Counterfeit Checks Special Alerts

  The FDIC has issued five Special Alerts regarding money orders missing from Nara Bank, Los Angeles, California; counterfeit treasurer’s checks drawn on Fulton Savings Bank, Fulton, New York; counterfeit treasurer’s checks drawn on Eastern Bank, Boston, Massachusetts; counterfeit cashier’s checks drawn on Sterling Bank, Houston, Texas; and counterfeit official checks drawn on Merchants Bank, Jackson, Alabama. Information concerning the money orders and counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  8/10/05
  
  

• Reduction Of Regulatory Burdens Comments Sought

  Interagency Proposal has been submitted for comment on ways to reduce burden in rules categorized as Banking Operations; Directors, Officers, and Employees; and Rules of Procedure. Proposal;
  Submit Comments page.  8/10/05
  
  

• Twelfth District Check Processing Restructured

  The FRB has announced a Final Rule that amends Appendix A of Regulation CC to reflect the restructuring of the Federal Reserve's check processing operations in the Twelfth District. As a result, some checks deposited in the affected regions that currently are nonlocal checks will become local checks that are subject to shorter permissible hold periods. Final Rule  8/10/05
  
  

• FIL Issued Regarding CRA Joint Final Rules

  The FDIC has issued a FIL regarding the previously announced CRA Joint Final Rules published by the federal banking regulators. Information regarding the Joint Final Rules was posted in the BOL Top Stories for August 2, 2005.
  FIL   8/10/05
  
  

• Liquidated Credit Union

  NCUA has announced that the Lock Haven Area Federal Credit Union, Lock Haven, Pennsylvania, has been liquidated and its members’ accounts transferred to Horizon Federal Credit Union, Williamsport, Pennsylvania. Liquidated  8/10/05
  
  

• Rates Raised

  The FOMC has raised the target for the federal funds rate and the discount rate by 25 basis points.
  Rates  8/10/05
  
  

• Working Papers Published

  The FRB has published three working papers in the IFDP series on the following subjects: “SIGMA: A New Open Economy Model for Policy Analysis”; “Estimating Elasticities for U.S. Trade in Services”; and “Currency Crashes and Bond Yields in Industrial Countries”. SIGMA abstract; SIGMA full paper; Elasticities abstract; Elasticities full paper; Currency abstract; Currency full paper  8/10/05
  
  

• OTS Director Reich Sworn In

  John M. Reich was sworn in on August 9, 2005 as Director of OTS. Reich  8/10/05
  
  

• Truth in Lending (Reg Z) Final Rule published in Federal Register

  The Rederal Reserve has amended the staff commentary that interprets the requirements of Regulation Z. The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. The adjusted dollar amount for 2006 is $528. 70FR15568 PDF, 70FR15568 TXT  8/9/05
  
  

• Agencies To Present BSA/AML Webcast

  The federal banking and thrift agencies, along with FinCEN, have announced registration details for a live Webcast of a BSA/AML Examination Manual Outreach Event that will be held in New York on August 22, 2005. The Webcast is scheduled from 9 a.m. to noon EDT and is open to all parties, but registration is required.
  Registration; FRB PR; OCC NR; OTS PR; FDIC PR; FinCEN PR; FFIEC PR  8/9/05
  
  

• Prohibition Orders Issued

  NCUA has issued orders prohibiting eight individuals from participating in any manner in the affairs of federally insured financial institutions. Orders  8/9/05
  
  

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Report to include data as of August 5, 2005. Reserve Position  8/9/05
  
  

• FDIC publishes Proposed Rule

  to promulgate a regulation that would clarify the insurance coverage of funds subject to transfer or withdrawal through the use of stored value cards and other nontraditional access mechanisms. It addresses certain issues raised by commenters in response to the original proposal. 70FR15568 PDF, 70FR15568 TXT  8/8/05
  
  

• FinCEN Issues SAR Reporting Ruling

  An Administrative Ruling has been issued by FinCEN concerning whether or not a financial institution must establish a program to monitor currency transactions to detect and report “structuring” when the transaction does not required the filing of a CTR. Ruling  8/8/05
  
  

• CRA Ratings Released

  The FDIC has released the ratings received by financial institutions recently examined for CRA compliance. CRA Ratings  8/8/05
  
  

• August OFAC CMP Announced

  OFAC has announced the Civil Penalties Enforcement Actions for August 5, 2005 and no financial institutions were cited for violations of any OFAC sanctions program. OFAC CMP  8/8/05
  
  

• June Consumer Credit Report Released

  The FRB has released the G.19 Consumer Credit report for June 2005. G.19  8/8/05
  
  

• Mortgage Disclosure Fee-Based Trigger Updated

  The FRB has published its annual adjustment of the dollar amount that triggers additional disclosure requirements under the TILA for home mortgage loans that bear rates or fees above a certain amount.
  Trigger 8/5/05
  
  

• ABCP Interagency Guidance Issued

  An interagency guidance has been issued by the federal banking regulatory agencies that clarifies the application of the asset quality test for determining the eligibility or ineligibility of an ABCP liquidity facility and the resulting risk-based capital treatment of such a facility for banking organizations.
  Guidance
  FRB SL;
  OCC Bulletin;
  OTS CEO Letter;
  FDIC FIL 8/5/05
  
  

• OCC Warns Against Sham Controlled Business Arrangements

  The OCC has issued a Bulletin regarding third parties that have approached some national banks to form affiliated business arrangements (ABAs) to offer real estate
  settlement services. National banks that choose to enter into ABAs with third parties must ensure that such arrangements comply with the provisions of RESPA.
  Bulletin 8/5/05
  
  

• Ex-Bank Examiners Job Restrictions Proposed

  The federal banking regulatory agencies today issued proposed rules to implement a special post-employment restriction on certain senior examiners employed by an agency or Federal Reserve Bank.
  Proposed Rule;
  FRB PR;
  OCC NR;
  FDIC PR;
  OTS PR 8/5/05
  
  

• Comptroller Dugan Takes Office

  John C. Dugan has assumed office on August 4, 2005 as the 29th Comptroller of the Currency. He was confirmed by the Senate on July 29, 2005.
  Comptroller 8/5/05
  
  

• 314a Fact Sheet Revised

  FinCEN has revised the 314a Facts Sheet report to include data as of August 2, 2005.
  314a 8/5/05

• Mugabe Associates' Businesses Added To SDN List

  OFAC has designated twenty-six Zimbabwean entities, 24 commercial farms and two businesses, controlled by key members of the Mugabe regime and added them to the SDN list. Information regarding the new additions has been posted on the BOL OFAC page. 8/4/05
  
  

• Mortgage Discrimination Working Paper Published

  The OCC has published a working pager entitled, “Searching for Age and Gender Discrimination in Mortgage Lending," which reviews tests for the presence of age and gender discrimination in the loan underwriting process.
  Working Paper 8/4/05
  
  

• Tobacco Payment Program Guidance Issued

  The FDIC has issued a FIL regarding an Examiner Guidance concerning the proper treatment of assignments of tobacco transition payments and successor-in-interest contracts.
  FIL;
  Guidance HTML;
  Guidance PDF 8/4/05
  
  

• Enforcement Actions Released

  The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in June 2005. The actions include three removal and prohibition orders, five civil money penalty orders, one order to cease and desist, and four orders terminating orders to cease and desist.
  Enforcement Actions 8/4/05
  
  

• CRA Lending Data Available

  The four FFIEC agencies 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 CRA. The FFIEC has prepared a disclosure statement from the reported 2004 CRA data, in electronic form, for each reporting commercial bank and savings institution and aggregate disclosure statements of small business and small farm lending for each of the MSA and each of the non-metropolitan counties in the U.S.
  CRA Fact Sheet;
  CRA Data Order Form 8/4/05
  
  

• Check Writing Consumer Advisory Issued

  The OCC has issued a Consumer Advisory on the topic, “Writing a Check: Understanding Your Rights”, which discusses the different ways checks can be processed, the significance for consumers of those differences, the different laws and regulations governing check transactions, how consumers’ rights may vary depending on how a check is processed, and how consumers may resolve problems if something goes wrong. Advisory 8/3/05
  
  

• HMDA Data Collection Procedures To Change

  The FFIEC has announced that effective January 1, 2006, for 2005 HMDA data collection, a complete resubmission will be required for all changes to the LAR following an institution’s initial HMDA submission. In addition, manual changes will no longer be accepted via e-mail, fax or telephone. LAR Changes 8/3/05
  
  

• Interagency Intermediate Small Bank CRA Exam Procedures Overview

  The FFIEC has posted an overview of the previously announced revisions to the joint interagency CRA examination procedures for intermediate small banks. Information regarding the new procedures was posted on the July 20, 2005 BOL Top Stories. Overview 8/3/05
  
  

• Part 363 Amendments Proposed

  The FDIC has issued a FIL announcing a proposal to amend Part 363 of its regulations regarding the asset size threshold for requirements relating to internal control assessments and reports by management and external auditors, and the requirement that members of the audit committee, who must be outside directors, be independent of management. Comments are due by September 16, 2005.
  FIL; Proposal 8/3/05
  
  

• Comments Sought By FRB

  The FRB has published a proposal to approve the extension for three years, with revision, the following information collection activities reports: FR 2248; FR 3033; FR 2083, 2083A, 2083B, and 2083C; FR 2030, FR 2030a, FR 2056, FR 2086, FR 2086a, and FR 2087. The closing date for comments is September 26, 2005.
  Proposal;
  Submit Comments 8/3/05
  
  

• OTS Seeks Comments

  OTS is seeking comments on proposed rules regarding: Recordkeeping and Confirmation Requirements for Securities Transactions, Fiduciary Powers of Savings Associations, and Voluntary Dissolution.
  Recordkeeping; Fiduciary Powers; Voluntary Dissolution 8/3/05
  
  

• August FedFlash Online

  FRB Services has posted the August 1, 2005 issue of FedFlash on its Web site.
  FedFlash HTML; FedFlash PDF 8/3/05
  
  

  Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of July 29, 2005.
  Reserve Position 8/3/05

• Final CRA Rules Published in FR

  The final rules are intended to reduce regulatory burden on community banks while making CRA evaluations more effective in encouraging banks to meet community development needs. 70FR44256 txt 70FR44256 pdf 8/2/05
  
  

• FDIC Published Audit Requirements in FR

  The FDIC is proposing to amend its regulations concerning annual independent audits and reporting requirements. 70FR44293 txt 70FR44293 pdf 8/2/05

• New SDGT Designations

  OFAC has designated three individuals residing in Italy as SDGTs for providing financial and/or material support to a group tied to al Qaida and added them to the SDN List. Information regarding the additions has been posted on the BOL OFAC page. 8/2/05
  
  

• Preliminary Call Report and TFR Data Posted

  The FDIC has posted online the Preliminary June 30, 2005, Call Report and TFR data.
  Data 8/2/05
  
  

• Reg O Enforcement Action Announced

  The FRB has announced the issuance of a Cease and Desist Order and Order of Assessment of a Civil Money Penalty against a former institution-affiliated party of the Montana State Bank, Plentywood, Montana, for alleged violations of Regulation O.
  Reg O 8/2/05
  
  

• Fraudulent Emails Special Alert

  The FDIC has issued a Special Alert regarding a previously announced Alert issued by the OCC concerning fictitious e-mails that are circulating world-wide and claim to be authored by the OCC. Information regarding the original OCC Alert and the fraudulent emails was posted in the July 20, 2005 BOL Top Stories.
  FDIC SA 8/2/05
  
  

• National Campaign to Promote Direct Deposits

  Treasury and the FRB have announced the expansion the Go Direct program nationwide to encourage more Americans to select direct deposit for their federal benefit payments.
  Go Direct 8/2/05
  
  

• Market Financing Estimates Released

  Treasury has released its market financing estimates for the third and fourth quarters of 2005.
  Borrowing Estimates 8/2/05
  
  

• Foreign Exchange Rates Report Issued

  The G.5 Foreign Exchange Rates Report for July 2005 has been issued by the FRB.
  G.5 8/2/05
  
  

• Counterfeit Checks Special Alerts Issued

  The OCC has issued three Special Alerts regarding counterfeit cashier’s checks drawn on Rockport National Bank, Rockport, Massachusetts and The Citizens Bank, Farmington, New Mexico; and counterfeit official checks bearing the name of Southbridge Savings Bank, Southbridge, Massachusetts. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 8/1/05
  
  

• FDCPA Report Released

  The FTC has release its 27th Annual Report to Congress on the Fair Debt Collection Practices Act which summarizes the Commission’s administration and enforcement of the FDCPA during 2004.
  FDCPA Report 8/1/05
  
  

• June 2005 Quarterly Journal Published

  The OCC has published and posted online the June 2005 issue of the Quarterly Journal which contains first quarter 2005 condition and performance of commercial banks; licensing decisions; appeals; links to speeches, testimony, and interpretations; mergers; and financial performance data. June 2005 Quarterly Journal 8/1/05

FDIC FIL-24-2014 has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Alabama affected by severe weather.

The CFPB has announced a proposed amendment to Regulation P (12 CFR Part 1016, Privacy of Consumer Financial Information). The proposal would promote more effective privacy disclosures from financial institutions to their customers and allow companies that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually. Use of the interagency-approved model notice would be required. The proposal would make no change in requirements for delivery of the initial privacy policy notice. Comments will be accepted by the Bureau for 30 days after the date of publication in the Federal Register.

Federal Reserve Financial Services has authorized savings bond agents serving Alabama, Arkansas, and Mississippi counties recently affected by severe weather to redeem EE and I savings bonds less than one year old presented during the months of May 2014 and June 2014. A list of the counties in each state was included in the authorization notice.