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• Three Counterfeit Checks Special Alerts

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

  • Marco Community Bank, Marco Island, Florida (Counterfeit Cashier's Checks);
  • Advance Bank, Baltimore, Maryland (Counterfeit Teller Checks); and
  • State Bank of Park Rapids, Park Rapids, Minnesota (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  6/30/08

• Permissible Bank Activities Updated

  The OCC has released an updated version of "Activities Permissible for a National Bank, 2007". Activities  6/30/08

• FRB Minutes Released

  The minutes of its March 14 and March 16, 2008 meetings have been released by the FRB. March 14 Minutes; March 16 Minutes  6/30/08

• Draft Principles Issued By Basel Committee

  The Basel Committee on Banking Supervision has issued for public comment enhanced global Principles for Sound Liquidity Risk Management and Supervision which represent a substantial revision of the Committee's liquidity guidance that was published in 2000 and reflect the lessons learned during the financial market disturbance. The public comment period ends July 29, 2008. Principles  6/30/08

• Flood CMP Assessed

  The FRB has announced the issuance of a Consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $6,840 against Heritage Bank of Commerce, San Jose, California, in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. Information regarding Order has been posted on the BOL Flood Penalties Watch page.  6/27/08

• Host State Loan-to-Deposit Ratios Issued

  The federal banking regulators has issued the host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 which prohibits a bank from establishing or acquiring a branch or branches outside of its home state primarily for the purpose of deposit production. Ratios; FRB PR; FDIC PR; OCC NR  6/27/08

• Omaha Cash Services Change

  FRB Financial Services has issued a reminder that as previously announced beginning with the close of business June 27, 2008, the Omaha Branch of the FRB of Kansas City will transition to a cash depot arrangement serviced by a third party. Cash Services  6/27/08

• HELOCS FIL Issued

  The FDIC has issued a FIL containing supervisory guidance to remind FDIC-supervised financial institutions that if, for risk management purposes, they decide to reduce or suspend home equity lines of credit (HELOCs), certain legal requirements designed to protect consumers must be followed. FIL; Guidance  6/27/08

• North Korean Sanctions Lifted

  President Bush has signed a Proclamation determining that the continuation of the exercise of authorities under the Trading With the Enemy Act (TWEA) is no longer in the national interest of the United States. The Proclamation terminates the exercise of the TWEA authorities with respect to North Korea, effective at 12:01 a.m. eastern daylight time on June 27, 2008. Proclaimation  6/27/08

• Basel II Rule Proposed

  The FRB has proposed a rule to implement certain approaches for calculating risk-based capital requirements included in Basel II capital accord. Rule  6/27/08

• New HSA Guidance Issued

  Treasury and the IRS have released Notice 2008-59, which provides employers and employees with a new set of over 40 formal questions and answers on Health Savings Accounts (HSAs). Notice  6/26/08

• Fed Funds Rate Unchanged

  The Federal Open Market Committee (FOMC) has announced its decision to keep its target for the federal funds rate at 2 percent. Rate  6/26/08

• June Reporting Forms

  The June 2008 reporting forms for FFIEC Forms 031, 041, and 002s have been posted online.
  031; 041; 002s  6/25/08

• Storm and Flood Relief FILs

  The FDIC has issued two FILs containing updated Guidance to help financial institutions and to facilitate recovery in areas of Iowa and Nebraska affected by severe storms, tornadoes and flooding. Iowa FIL; Nebraska FIL  6/25/08

• NCUA Proposes Rulemaking for Member Business Loans

  NCUA is considering amending its member business loans (MBL) rule to clarify or revise current provisions including those related to: loan-to-value (LTV) ratio requirements; collateral and security requirements; credit union service organization (CUSO) involvement in the MBL process; MBL loan participation; and waivers. Text;
  PDF  6/25/08

• CMP and Prohibition Order Issued

  A $15,000 civil money penalty (CMP) has been assessed and an Order of Prohibition issued against a former officer of Compass Bank, Birmingham, Alabama. Order  6/24/08

• CAC Nominations Sought

  The FRB is seeking nominations for appointments to its Consumer Advisory Council (CAC). Electronic nominations are preferred and the deadline is August 29, 2008. CAC; Nomination Form  6/24/08

• CRA Bulletin

  The OCC has issued a Bulletin regarding the previously announced availability of the 2008 list of distressed or underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development." Information concerning the 2008 list was posted in the June 2, 2008 BOL Top Stories. Bulletin  6/24/08

• SAR Activity Review Tenth Edition

  FinCEN has issued a FIL announcing the publication of the tenth edition of The SAR Activity Review By the Numbers which includes information through year-end 2007. FIL; SAR Activity Review  6/24/08

• Reserve Position Report

  Treasury has released the U.S. International Reserve Position Report as of June 6, 2008. Reserve Position  6/24/08

• Counterfeit Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit money orders bearing the name of Plains State Bank, Plains, Texas; and counterfeit cashier's checks bearing the name of L&N Federal Credit Union, Louisville, Kentucky. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  6/23/08

• OFAC Civil Penalties

  The civil money penalties recently assessed by OFAC against entities and individuals for violations of various Sanctions Programs have been announced. No financial institutions were listed. Penalties  6/23/08

• FDIC Publishes Interim 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 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 and satisfy certain conditions. Text;
  PDF  6/23/08

• 2008 BOS Report

  The annual survey of branch office deposits and escrow data (BOS) as of June 30, 2008 is due to the OTS on or before August 25, 2008. BOS; Form; Instructions  6/23/08

• Minority Thrift Certification Form Revised

  A revised Minority Thrift Certification Form has been issued by OTS. Form  6/23/08

• IFDP Working Papers Published

  The FRB has published two working papers in the International Finance Discussion Papers (IFDP) series on the topics of "Housing, Home Production, and the Equity and Value Premium Puzzles" and "Jackknifing Stock Return Predictions." Housing Abstract; Housing Full Paper; Jackknifing Abstract; Jackknifing Full Paper  6/23/08

• Counterfeit Checks and Money Orders Special Alerts

  The FDIC has issued six Special Alerts regarding counterfeit check sand money orders bearing the names of the following financial institutions:

  • Cumberland Valley National Bank & Trust Company, East Bernstadt, Kentucky (Counterfeit Cashier's Checks);
  • The Lawrence Bank, Lawrence, Kansas (Counterfeit Cashier's Checks);
  • The Bank of Glen Burnie, Glen Burnie, Maryland (Counterfeit Cashier's Checks);
  • Portage Community Bank, Ravenna, Ohio (Counterfeit Cashier's Checks);
  • BankNewport, Newport, Rhode Island (Counterfeit Money Orders); and
  • Peoples State Bank, Lake City, Florida (Counterfeit Cashier's Checks).

  Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  6/20/08

• SDGT Added NPWMDs Deleted

  OFAC has added the name of an entity designated as a SDGT to the SDN List and removed the names of five previously designated NPWMDs. Information regarding the addition and the deletions has been posted on the BOL OFAC page.  6/20/08

• Consumer Compliance Handbook Updated

  The FRB has updated its Consumer Compliance Handbook. The update contains a new chapter covering section 5 of the Federal Trade Commission Act and the joint statement on unfair or deceptive acts and practices by state-chartered banks issued by the Board and the FDIC. It also corrects a statement in the chapter on Regulation CC regarding general exception notices. Handbook  6/20/08

• SDGTs Added and Removed

  OFAC has added to and removed from the SDN List entities designated as Specially Designated Global Terrorists (SDGTs). Information regarding the changes has been posted on the BOL OFAC page.  6/19/08

• Partnership for Progress

  The FRB has announced the launch of Partnership for Progress, an innovative outreach and technical assistance program for minority-owned and de novo institutions. Partnership  6/19/08

• 23A Exemption Granted

  A legal interpretation issued by the FRB has been released regarding the granting of an exemption from Section 23A of the Federal Reserve Act of 2007 concerning certain transactions between Merrill Lynch Bank & Trust Co., FSB and First Franklin Financial Corporation. Exemption  6/19/08

• Bair Says Large Bank Failure Unlikely But Possible

  In a presentation to the Exchequer Club, FDIC Chairman Bair stated, "The failure of a large bank remains highly unlikely-and I am certainly not predicting one-but for many it is no longer unthinkable." She noted that there is a playbook for the failure of a commercial bank, even a systemically important one, but there isn't any for the failure of an investment bank and a special receivership process outside bankruptcy is needed. Speech  6/19/08

• Mortgage Delinquencies and Foreclosures Symposium Scheduled

  The OCC and the FRB of San Francisco will co-sponsor a symposium focused on innovative strategies to help address the economic challenges related to the rise in mortgage delinquencies and foreclosures that will be held in Los Angeles, California on July 15-16, 2008. Symposium  6/19/08

• Storm and Flooding Relief FILs Issued

  The FDIC has issued three FILs regarding regulatory relief for financial institutions and their customers in areas impacted by recent and current storms and flooding in Iowa, Nebraska, Indiana and Wisconsin. Iowa/Nebraska FIL; Indiana FIL; Wisconsin FIL  6/18/08

• Legal, Licensing and Community Development Precedents

  The OCC has published the 2007 Significant Legal, Licensing and Community Development Precedents for National Banks. Precedents  6/18/08

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with data current as of June 17, 2008. 314(a)  6/18/08

• Credit Auction Results

  The FRB has released the results of the auction of $75 billion in 28-day credit held on June 16, 2008. Auction  6/18/08

• Industrial Production Report Released

  The G.17 Industrial Production Report for May 2008 has been released by the FRB. G. 17  6/18/08

• Survey of Terms of Business Lending

  The FRB has published the E. 2 Survey of Terms of Business Lending for May 5-9, 2008. E. 2  6/18/08

• Counterfeit Checks Alerts Issued

  The OCC has issued two Alerts and the FDIC five Special Alerts regarding counterfeit checks and instruments bearing the names of the following institutions:

  • First National Bank of Buffalo, Buffalo, Wyoming (Counterfeit Cashier's Checks);
  • Borrego Springs Bank, N.A., of La Mesa, California Counterfeit Cashier’s Checks);
  • RBC Bank (formerly RBC Centura Bank), Tucker, Georgia (Counterfeit Cashier's Checks);
  • Bank of Hawaii, Honolulu, Hawaii (Counterfeit Official Checks);
  • First Lincoln Federal Credit Union, Lincoln, Nebraska (Counterfeit Cashier's Checks);
  • West Coast Bank, Lake Oswego, Oregon (Counterfeit Cashiers Checks);
  • Wrentham Co-operative Bank, Wrentham, Massachusetts (Counterfeit Cashier's Checks).

  Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  6/17/08

• OFAC List Removals. Additions and Updates

  Entities designated as SDGTs have been removed and added to the SDN List along with updates to certain existing entries. Information regarding the changes has been posted on the BOL OFAC page.  6/17/08

• Enforcement Actions Announced

  The OCC has announced the enforcement action recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions  6/17/08

• NCUA Proposes Rulemaking for Organization of Federal Credit Unions

  NCUA seeks public comment on four proposals to modify its Chartering and Field of Membership Manual to update and clarify the process of approving credit union service to "underserved areas." The first proposal clarifies the procedure for establishing that an "underserved area" qualifies as a local community. The second addresses the application of the economic distress criteria that determine whether an area combining multiple geographic units is sufficiently "distressed" to qualify as "underserved." The third would update the documentation and clarify the scope requirements for
  demonstrating that a proposed area has "significant unmet needs" for loans and applicable financial services. The final proposal recognizes that meaningful data from NCUA and the federal banking agencies will be available to assess whether an area is "underserved by other depository institutions." Text;
    6/17/08

• Unauthorized Banking and Counterfeits Lists Released

  The OCC has released lists which provide 1996-2008 information about unauthorized banking activities, both offshore and domestic; and 2002-2008 information about counterfeit and stolen instruments affecting the national banking system. Unauthorized List; Counterfeit List  6/17/08

• July 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 July, 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. Since June 15, 2008 was a Sunday, use the rate on June 13, 2008, the business day immediately preceding the 15th. Weekly H.15  6/17/08

• SOD and Insurance Resources Portfolio FILs

  The FDIC has issued two FILs regarding the June 30, 2008 Summary of Deposits Survey (SOD) and a publication, "Portfolio of Deposit Insurance Coverage Resources for Bankers". SOD FIL; Portfolio FIL  6/17/08

• TIC Data Update

  Treasury has issued the Treasury International Capital (TIC) report for April 2008.
  TIC  6/17/08

• Bernanke Discusses Health Care Reform

  In a presentation at the Senate Finance Committee Health Reform Summit, Chairman Bernanke discussed the challenges facing health care reform. He noted improving the performance of our health-care system is without a doubt one of the most important challenges that our nation faces. He indicated the three key challenges for health-care reform are the issues of access, quality, and cost. Speech  6/17/08

• Cost of Funds Reports Issued

  OTS has issued the Historical and Current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports. Historical; Current  6/17/08

• IFDP Working Paper Published

  The FRB has published a working paper in the International Finance Discussion Paper (IFDP) series on the topic of "Why Do U.S. Cross-Listings Matter?" Abstract; Full Paper  6/17/08

• Counterfeit Checks Alerts

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of The First National Bank of Talladega, Talladega, Alabama and the FDIC has issued a Special Alert concerning counterfeit official checks bearing the name of Elsa State Bank and Trust Company, Elsa, Texas. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  6/16/08

• Charity Funding al Qaida Added To OFAC List

  Treasury has designated the Kuwait-based Revival of Islamic Heritage Society (RIHS) as a Specially Designated Global Terrorist (SDGT) for providing financial and material support to al Qaida and al Qaida affiliates and added its name to the SDN List. Information regarding the charity has been posted on the BOL OFAC page.  6/16/08

• CRA Ratings Released

  The OCC has released a list of twenty-eight national banks' Community Reinvestment Act (CRA) performance evaluations that became public during the period of May 15, 2008 through June 14, 2008. Ratings  6/16/08

• Disaster Assistance Activated

  NCUA has activated its disaster relief policy to assist credit unions and their members affected by the storms, flooding, and tornadoes in Indiana and Iowa.
  Relief   6/16/08

• Tips from TIPS Working Paper

  The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "Tips from TIPS: the informational content of Treasury Inflation-Protected Security prices." Abstract; Full Paper  6/16/08

• FedFlash Published

  The June 15, 2008 issue of FedFlash has been published and posted online. This issue features articles regarding the discontinuation of select payor bank services on July 1, 2008; changes to the HDGS and PPGS routing transit numbers; new FedReceipt RTNs; the new pricing policy for carrier documents; and revisions to the Check 21 Guide. FedFlash  6/16/08

• Underwriting Standards Tighten

  The results of the OCC 14th annual Survey of Credit Underwriting Practices indicates that commercial and retail underwriting standards have tightened after four consecutive years of eased underwriting standards. Survey  6/13/08

• Check Adjustments Webinar Series Scheduled

  FRB Financial Services has announced that the Federal Reserve Banks are hosting a series of Webinars designed to aid financial institutions in obtaining the maximum benefit from Federal Reserve Banks Check Adjustment Services. Webinars  6/13/08

• FRB Publishes Technical Amendments to Final Rule for Reg B

  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 Federal Reserve System administers compliance with the regulation.Text;
  PDF  6/13/08

• Bank Offices Authorized to Close

  The OCC has issued a proclamation allowing national bank offices affected by the severe weather and flooding in the Midwest to close at their discretion. Proclamation  6/13/08

• FEDS Working Papers Published

  The FRB has published two working papers in the Finance and Economics Discussion Series (FEDS) on the topics of "Market Conditions and Hedge Fund Survival" and "A Brief History of the 1987 Stock Market Crash." Market Conditions Abstract; Market Conditions Full Paper; History Abstract; History Full Paper  6/13/08

• Beige Book Update

  The FRB has updated the Beige Book with data current as of June 2, 2008. Beige Book  6/12/08

• Mortgage Metrics Report Released

  In a presentation to the American Securitization Forum in New York, Comptroller Dugan announced the release of a new Mortgage Metrics Report that focuses on delinquencies, loss mitigation actions, and foreclosures in mortgages serviced by national banks. He stated "the OCC seized the opportunity to improve the way mortgage performance is measured, producing better information for supervision of our banks, and better information for policymakers, other regulators, market participants, and the public." Speech; Report  6/12/08

• Money Transmitter Rulings Issued

  FinCEN has issued two rulings regarding whether an authorized agent for the receipt of utility payments is a money transmitter and whether a certain operation protecting on-line personal financial information is a money transmitter. Utility Payments; On-line  6/12/08

• OFAC Amends Penalties

  OFAC has announced that effective June 6, 2008, it has amended its regulations to reflect amendments to the penalty provisions of the International Emergency Economic Powers Act ("IEEPA") made by the International Emergency Economic Powers Enhancement Act (the "Act"). BOL's OFAC Sanctions Matrix has been updated to reflect these changes. Text; Pdf  6/11/08

• Enforcement Actions Filed Against Banks and Credit Card Company

  The FDIC has filed two Enforcement Actions against enforcement actions today against CompuCredit Corporation, Atlanta, Georgia, and two FDIC-supervised banks for allegedly marketing subprime credit cards in violation of the Federal Trade Commission Act (FTC Act). Restitution to consumers in the form of $200 million in credits for certain fees and charges arising from the deceptive marketing practices are being sought. The FDIC is also seeking civil money penalties (CMPs) of $6.2 million against CompuCredit, and a total of $431,000 against the banks. Enforcement Actions  6/11/08

• Supervisory Insights Summer Issue Published

  The FDIC has issued a FIL that announces the publication of the Summer 2008 issue of Supervisory Insights which features articles on topics of critical interest to bankers, examiners and supervisors: the development of recommendations for improving transparency of certain securitization products, managing the effects of unprecedented growth in hybrid adjustable-rate mortgage (ARM) products, an overview of the appropriate use of interest reserves, and the communication of internal control deficiencies as part of the audit process. FIL; Supervisory Insights  6/11/08

• Household Debt Service and Financial Obligations Ratios Released

  The FRB has released the Household Debt Service and Financial Obligations Ratios Report for the First Quarter 2008. Report  6/11/08

• Bernanke Discusses Inflation

  In a presentation to the participants at the Federal Reserve Bank of Boston's 52nd Annual Economic Conference, Chairman Bernanke presented a brief update on the outlook for the economy and policy and the prospects for growth. The noted that one of the most effective means by which the Federal Reserve can help to restore moderate growth over time and to reduce the associated downside risks is by supporting the return of financial markets to more-normal functioning. He also stated, "The Federal Open Market Committee will strongly resist an erosion of longer-term inflation expectations, as an unanchoring of those expectations would be destabilizing for growth as well as for inflation." Speech  6/11/08

• Thrift Industry Charge-Off Rates

  OTS has released the First Quarter 2008 Thrift Industry Charge-Off Rates. Rates  6/11/08

• Director Seminar Agenda Released

  The agenda for the Director Check Up Seminar to be held on June 19, 2008, in Columbus. Ohio has been released by OTS. Agenda  6/11/08

• Third Annual Interagency Minority Depository Institutions National Conference Announced

  The federal bank and thrift regulatory agencies have announced the agenda and keynote speaker for the 2008 Interagency Minority Depository Institutions (MDI) National Conference which will be held at the Westin Michigan Avenue Hotel in Chicago, Illinois, on July 16-18, 2008. Information/Registration; FRB PR; FDIC PR; OCC NR; OTS PR  6/10/08

• MSB Registration List Updated

  FinCEN has updated the MSB Registration List with data current as of May 2008. List  6/10/08

• Third Party Risk Guidance Issued

  The FDIC has issued a FIL containing Guidance describing potential risks arising from third-party relationships and outlines risk management principles that may be tailored to suit the complexity and risk potential of a financial institution's significant third-party relationships. FIL; Guidance  6/09/08

• Section 19 Letters Released

  The FDIC has released two letter regarding orders issued regarding Section 19 of the FDIC Act concerning actions resulting in prohibition from working in the banking industry. Letter 1; Letter 2  6/09/08

• FDIC Partners With United Way

  A partnership agreement has been signed by the FDIC and the United Way that will strengthen their mutual efforts to increase access to mainstream financial products, promote bank relationships and expand financial education efforts among low-income, unbanked and underserved families throughout the country. Agreement  6/09/08

• FRB Bulletin First Quarter 2008

  The FRB has published the FRB Bulletin which contains a section regarding the orders issued in the First Quarter 2008 under the provisions of the Bank Holding Company Act and the International Banking Act and an article that discusses how developments in the U.S. banking industry in 2007 and early 2008 were related to changes in financial markets and in the broader economy. Orders; Article  6/09/08

• TFR Available

  OTS has posed online the Thrift Financial Report (TFR) for the First Quarter 2008. TFR  6/09/08

• Economic Update

  Treasury released its economic update for June 6, 2008. Update  6/09/08

• Minority Owned Financial Institutions Report

  The list of minority owned financial institutions and their branches sorted by state as of March 31, 2008 has been issued by the FRB. Minority Owned  6/09/08

• Consumer Credit Report Released

  The April 2008 Consumer Credit Report has been released by the FRB. G.19  6/09/08

• al Qaida Financiers Added to OFAC List

  Three individuals have been designated by Treasury as Specially Designated Global Terrorists (SDGTs) for providing financial and material support to al Qaida and their names were added to the SDN List. Information concerning the additions has been posted on the BOL OFAC page.  6/06/08

• CRA Ratings Released

  The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  6/06/08

• Regulators Testify

  Comptroller Dugan, FDIC Chairman Bair and NCUA Chairman Johnson have testified before the Senate Committee On Banking, Housing, and Urban Affairs regarding recent events in the financial markets and the state of the banking industry. Dugan Oral Testimony; Dugan Written Statement; Bair Testimony; Johnson Testimony  6/06/08

• State Profiles Released

  The FDIC has released the First Quarter 2008 State Profiles which have been reformatted as a quarterly data sheet summation of banking and economic conditions in each state. State Profiles  6/06/08

• Reserve Position Update

  The U.S. International Reserve Position Report has been updated by Treasury with data current as of May 30, 2008. Reserve Position  6/06/08

• Low to Mod Mortgage Lending Forum Announced

  A Forum on Mortgage Lending for Low- and Moderate-Income (LMI) Households will be sponsored by the FDIC and held on July 8, 2008, in Arlington, Virginia. The Forum will to explore a framework for LMI mortgage lending in the future, including identifying market and regulatory incentives for encouraging responsible LMI mortgage lending. Forum  6/05/08

• Assets Reports released

  The FRB has released the March 2008 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks Reports. Reports  6/05/08

• CRA Ratings Released

  OTS has released the ratings received by savings associations that were recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  6/04/08

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with data current as of June 3, 2008. Fact Sheet  6/04/08

• Bernanke Discusses Economic Outlook

  In a presentation via satellite to the participants at the International Monetary Conference in Barcelona, Spain, Chairman Bernanke discussed longer-term factors that underlie recent economic developments and traced how these factors, individually and in combination, have affected both the financial markets and the economy. Speech  6/04/08

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Millennium Bankshares Corporation, Reston, Virginia, a registered bank holding company that owns and controls Millennium Bank, N.A., Reston, Virginia, a national bank, and the Federal Reserve Bank of Richmond. Agreement  6/04/08

• Credit Auction Results

  The Federal Reserve has announced the results of auction of $75 billion in 28-day credit held on June 2, 2008. Auction  6/04/08

• FOMC 2009 Meeting Schedule Announced

  The Federal Open Market Committee (FOMC) has announced its tentative meeting schedule for 2009. Schedule  6/04/08

• FEDS Working Paper Published

  A working paper in the Finance and Economics Discussion Series (FEDS) has been published by the FRB on the topic of "Lifecycle Dynamics of Income Uncertainty and Consumption." Abstract; Full Paper  6/04/08

• Arizona State Quarter Information

  FRB Financial Services has released information regarding the date the Arizona State quarter will be available. Arizona  6/04/08

• Counterfeit Checks Special Alerts

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

  • Carter Bank & Trust, Martinsville, Virginia (Counterfeit Cashier's Checks);
  • Putnam Bank (formerly Putnam Savings Bank), Putnam, Connecticut (Counterfeit Cashier's Checks);
  • Golden Bank, National Association, Houston, Texas (Counterfeit Cashier's Checks);
  • Branson Bank, Branson, Missouri (Counterfeit Cashier's Checks);
  • The Harleysville National Bank and Trust Company (doing business as Harleysville National Bank), Harleysville, Pennsylvania (Counterfeit Checks);
  • Municipal Credit Union, New York, New York (Counterfeit Official Checks);
  • Athens Federal Community Bank, Athens, Tennessee (Counterfeit Cashier's Checks);
  • CommunityBank of Texas, N.A., Beaumont, Texas (Counterfeit Cashier's Checks);
  • Advanta Bank, Wilmington, Delaware (Counterfeit Cashier's Checks);
  • West End Bank, S.B. (formerly known as West End Savings Bank), Richmond, Indiana (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  6/03/08

• FHC List Update

  The list of those bank holding companies whose elections to become or be treated as financial holding companies (FHCs) effective as of May 30, 2008, has bee released by the FRB. List  6/03/08

• NCUA and OTS Publish Correction to Proposed Rule for Unfair or Deception Acts or Practices in FR

  This document corrects the preamble to a proposed rule published in the Federal Register on May 19, 2008, regarding Unfair or Deceptive Acts or Practices. This correction revises
  cross-references in OTS’s and the NCUA’s Paperwork Reduction Act (PRA) analysis. Text;
  PDF  5/29/08

• FEDS Working Paper Published

  A working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "Starting Small and Ending Big -- The Effect of Monetary Incentives on Response Rates in the 2003 Survey of Small Business Finances: An Observational Experiment" has been published by the FRB. Abstract; Full Paper  6/03/08

• New Electronic Interpretations and Actions Announced

  The OCC has announced May 2008 New Electronic Interpretations and Actions. New  6/03/08

• Foreign Exchange Rates Report

  The FRB has released the G.5 Foreign Exchange Rates Report for May 2008. G.5  6/03/08

• Kingpin Designations Added To OFAC List

  Treasury has designated four individuals and two entities under the Kingpin Act as Specially Designated Narcotic Traffickers (SDNTKs) and added the names to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.  6/02/08

• 2008 Distressed Or Underserved List Announced

  The federal bank and thrift regulatory agencies have announced the availability of the 2008 list of distressed or underserved nonmetropolitan middle-income geographies where bank revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development." List; FRB PR; OCC NR; OTS NR; FDIC PR  6/02/08

• CRA Examination Schedules Released

  The OCC and the FDIC have released their respective CRA examination schedules for the third quarter 2008. OCC Schedule; FDIC Schedule  6/02/08

• Minnesota Bank Closed

  The OCC has closed First Integrity Bank, N.A., Staples, Minnesota and the Federal FDIC was appointed receiver. The FDIC then approved the assumption of all the deposits of First Integrity by First International Bank and Trust, Watford City, North Dakota. OCC; FDIC  6/02/08

• SAR Activity Review Published

  FinCEN has issued the 10th edition of The SAR Activity Review - By The Numbers. The report compiles the numerical data gathered from Suspicious Activity Reports (SARs) filed through the 2007 calendar year. SAR Activity Review  6/02/08

• Preliminary Interest Rate Risk Measures

  The First Quarter 2008 Preliminary Interest Rate Measures Report has been released by OTS. Report  6/02/08

• Receivables Report Released

  The G.20 Owned and Managed Receivables Outstanding Report has been released by the FRB. G.20  6/02/08

An FDIC press release and FIL-43-2014 have been issued to announce the launch of a pilot program to identify and highlight promising approaches to offering financial education tied to the opening of safe, low-cost savings accounts to school-aged children. The project will consist of FDIC-insured financial institutions that have entered, or intend to enter, working relationships with schools and/or non-profit organizations to help children open savings accounts in conjunction with financial education programs.

OFAC has announced it will host the 2014 Financial Symposium at the Walter E. Washington Convention Center in Washington, DC on Tuesday, October 7, 2014. Additional information and online registration are available.
 

An FDIC press release and FIL-43-2014 have been issued to announce the launch of a pilot program to identify and highlight promising approaches to offering financial education tied to the opening of safe, low-cost savings accounts to school-aged children. The project will consist of FDIC-insured financial institutions that have entered, or intend to enter, working relationships with schools and/or non-profit organizations to help children open savings accounts in conjunction with financial education programs.

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Patriot Bank, Houston, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/30/08

• OFAC CMPs Announced

  The civil money penalties (CMPs) recently issued by OFAC for violations of various sanction programs have been announced. No financial institutions were listed. CMPs  5/30/08

• Insured Institutions First Quarter Income Declines 45.7 Percent

  The FDIC Quarterly Banking Profile for the First Quarter 2008 reports that commercial banks and savings institutions insured by the FDIC reported net income of $19.3 billion in the first quarter of 2008, a decline of $16.3 billion (45.7 percent) from the $35.6 billion that the industry earned in the first quarter of 2007. Quarterly Banking Profile  5/30/08

• Reich Calls for Consistent Mortgage Regulation

  In a presentation at the 100th Anniversary Convention of the New Jersey League of Community Bankers, OTS Director Reich stated "We must establish a level playing field with the same rules for all competitors in the home mortgage sector, so standards do not fall to the lowest common denominator." He noted that establishing a partnership between the states and a federal regulator to set and enforce minimum mortgage funding standards would ensure accountability, consistency and transparency throughout the mortgage lending process and because of its expertise in mortgage lending and its nationwide examination workforce, the OTS is uniquely qualified to fill that federal role. Speech  5/30/08

• Credit Auctions Scheduled

  Federal Reserve has announced that it will offer $75 billion in 28-day credit through its Term Auction Facility on June 2, 16, and 30, 2008. Auctions  5/30/08

• Foreclosure Prevention Seminars Scheduled

  The FDIC and NeighborWorks America have scheduled a series of one-day foreclosure prevention seminars in five high-foreclosure cities that will be geared toward private- and public-sector organizations that work with consumers who are at risk of foreclosure. Seminars  5/30/08

• Reserve Position Update

  Treasury has updated the International Reserve Position Report with data current as of May 23, 2008. Reserve Position  5/30/08

• Counterfeit Cashier's Checks Alerts

  The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the names of Comanche National Bank, Comanche, Texas; and Golden Bank, N.A., Houston, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/29/08

• Terrorist Leaders Added To OFAC List

  Treasury has designated four individuals that hold leadership positions in Lashkar-e-Tayyiba (LET), a Pakistan-based terrorist group with links to Usama bin Ladin and the al Qaida network as Specially Designated Global Terrorists (SDGTs) and added their names to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.  5/29/08

• FRB Publishes Proposed Rulemaking Correction

  This document contains corrections to proposed rules published in the Federal Register on May 19, 2008 (73 FR 28966) implementing the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).Text;
  PDF  5/29/08

• NCUA Publishes Proposed Rulemaking for Incidental Powers

  NCUA proposes to amend 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. These amendments will provide useful information to FCUs by clarifying and updating the illustrations regarding permissible activities. Text;
  PDF  5/29/08

• OTS Publishes Final Rule for Prohibited Service at Savings and Loan Holding Companies

  OTS is revising its rules implementing section 19(e) of the Federal Deposit Insurance Act (FDIA), which prohibits any person who has been convicted of any criminal offense involving dishonesty, breach of trust, or money laundering (or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense) from holding certain positions with respect to a savings and loan holding company (SLHC). Text;
  PDF  5/29/08

• CRA Exam Schedule

  The CRA examination schedule for the third Quarter 2008 has been announced by OTS. Schedule  5/29/08

• Enforcement Actions Announced

  The FDIC has released a list of nineteen orders of administrative enforcement actions taken against banks and individuals in April 2008. Actions  5/29/08

• Consumer Complaints to be Shared

  The OCC and Idaho have agreed to share consumer complaint information. Complaints  5/29/08

• Check 21 Deposit Files To Be Unavailable

  FRB Financial Services has announced that due to the installation of four enhancement features, during certain hours on May 31, 2008, Check 21 customers will not be able to send deposit files and receive acknowledgments. Check 21  5/29/08

• First Quarter Thrift Industry Highlights

  OTS has released the first quarter 2008 thrift industry highlights and selected indicators reports. Highlights; Indicators  5/29/08

• Discount Rate Meeting Minutes Released

  The FRB has released the minutes of Board discount rate meetings, March 31 through April 30, 2008. Minutes  5/29/08

• FEDS Working Papers Published

  Two working papers in the Finance and Economics Discussion Series (FEDS) have been published by the FRB on the topics of "Are Long-Run Inflation Expectations Anchored More Firmly in the Euro Area than in the United States?" and "The Effect of Taxation on Lifecycle Labor Supply: Results from a Quasi-Experiment." Inflation Abstract; Inflation Full Paper; Taxation Abstract;
  Taxation Full Paper  5/29/08

• CTRC BSA E-Filing Requirements Specifications Error

  FinCEN has issued a correction to an error that occurred in the instructions in the CTRC BSA E-Filing Requirements Specifications document that will be effective August 2008. Correction  5/28/08

• NCUA Publishes Technical Amendments in Federal Register

  NCUA is amending a number of its regulations by making minor technical corrections and grammatical changes. The amendments delete duplicate words, add proper punctuations, and make other grammatically necessary corrections. The amendments are intended to provide helpful changes to NCUA's regulations. Text; PDF  5/28/08

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position with data current as of May 16, 2008. Update  5/28/08

• CTRC BSA E-Filing Requirements Specifications Error

  FinCEN has issued a correction to an error that occurred in the instructions in the CTRC BSA E-Filing Requirements Specifications document that will be effective August 2008. Correction  5/27/08

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position with data current as of May 16, 2008. Update  5/27/08

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Rabobank, N.A., Arroyo Grande, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/23/08

• Final Consumer Illustrations for Hybrid ARMs Issued

  The federal financial regulators issue final illustrations of consumer information for hybrid adjustable-rate mortgage products. Illustrations; FRB PR; FDIC PR; OCC NR; OTS PR; OTS CEO Lt; NCUA PR  5/23/08

• More Currency Changes Possible

  In the case of American Council of the Blind v. Paulson, the American Council of the Blind alleged that Treasury's failure to design and issue paper currency that is readily distinguishable to the visually impaired constitutes a denial of meaningful access to currency. The federal district court denied the government's motion for dismissal, and granted a partial judgment for the plaintiffs. The ruling was appealed and United States Court of Appeals for the District of Columbia Circuit recently affirmed the order of the district court. Read all about the case in BOL Court Watch.  5/23/08

• Dugan Says Higher Reserves and Stronger Underwriting Practices Needed

  In a presentation to the Financial Services Roundtable’s Housing Policy Council, Comptroller Dugan said today that accelerating losses in the home equity business show the need to build reserves and to return to the stronger underwriting standards of past years.
  Speech  5/23/08

• Board Meeting Results Released

  The results of the NCUA Board Meeting held on May 22, 2008, have been released. Results  5/23/08

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of May 16, 2008. Reserve Report  5/23/08

• Charge-Off Rate Report Issued

  The First Quarter 2008 Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks Report has been issued by the FRB. Report  5/22/08

• FOMC Minutes Released

  The FRB has released the minutes of the April 29-30, 2008 meeting of the Federal Open Market Committee. Minutes  5/22/08

• Drug Trafficker Related Interests Added To OFAC List

  OFAC has added 12 companies that are controlled by individuals previously exposed as front persons for a Columbian drug trafficker to the SDN List with the Specially Designated Narcotics Traffickers (SDNTs) designation. In addition, ten existing designations have been changed. Information regarding the additions and the changes has been posted on the BOL OFAC page.  5/21/08

• Credit Auction Results

  The Federal Reserve announces results of auction of $75 billion in 28-day credit held on May 19, 2008. Results  5/21/08

• Prohibition Orders Issued

  NCUA has announced that orders have been issued prohibiting seven individuals from participating in the affairs of any federally insured financial institution. Orders  5/21/08

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of May 20, 2008. 314(a)  5/21/08

• Money Management Tips For All Ages

  The FDIC has published the Spring 2008 issue of Consumer News which features money management tips for consumers of all ages. Summary; Consumer News  5/21/08

• Certain Reloadable Card Operations Not MSBs

  FinCEN has issued ruling that certain member-sponsored merchants and retail operators of ATMs that participate in a Service Company's prepaid card reload program are not MSBs. Ruling  5/21/08

• Check Image File Format Industry Standard Announced

  FRB Financial Services has announced that the CheckImage Collaborative has created a Universal Companion Document (UCD) which establishes a uniform industry approach for populating and validating check image files. The CheckImage Collaborative is comprised of representatives of financial and trade organizations across the country. Standard  5/20/08

• Check Verification Application

  Treasury has issued a letter that contains detailed information about the new Treasury Check Verification Application that will be available online starting Tuesday, May 20, 2008, as well as the various security features on U.S. Treasury issued checks. Letter  5/20/08

• Corporate Medium-Term Notes Update

  The FRB Statistical Release regarding Corporate Medium-Term Notes has been updated with 2006 data. Release  5/20/08

• FRB Proposes Rulemaking

  • Fair Credit Reporting

    The Board and the Commission are publishing for comment proposed rules to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amends the Fair Credit Reporting Act (FCRA). The proposed
    rules generally require a creditor to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor. TXT;  
    PDF

  • Truth in Lending

    On June 14, 2007, the Board published proposed amendments to Regulation Z, which implements the Truth in Lending Act (TILA), and to the staff commentary to the regulation, following a comprehensive review of TILA's rules for open-end (revolving) credit that is not home-secured. The proposed revisions addressed disclosures provided with credit card applications and solicitations, at account-opening, on periodic statements, when terms are changed on an account, and in advertisements. The Board is seeking comment on a limited number of additional revisions to the regulation and commentary. TXT;  
    PDF

  • Truth in Savings

    The Federal Reserve Board (Board) proposes to amend Regulation DD, which implements the Truth in Savings Act, and the staff commentary to the regulation, to provide additional disclosures about account terms and costs associated with overdrafts. The proposed amendments would set forth content and timing requirements for a notice to consumers about any right to opt out of an institution's overdraft service. TXT;  
    PDF

  • Unfair or Deceptive Acts or Practices

    The Board, OTS, and NCUA (collectively, the Agencies) are proposing to exercise their authority under section 5(a) of the Federal Trade Commission Act to prohibit unfair or deceptive acts or practices. The proposed rule would prohibit institutions from engaging in certain acts or practices in connection with consumer credit cards accounts and overdraft services for deposit accounts. This proposal evolved from the Board's June 2007 Notice of Proposed Rule under the Truth in Lending Act and OTS’s August 2007 Advance Notice of Proposed Rulemaking under the Federal Trade Commission Act. TXT;   PDF  5/19/08

• Check Processing Restructured

  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 and Eighth Districts, and provided notice relating to future changes to Appendix A. Check Processing  5/19/08

• June HOEPA Rates Determined

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in June 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. Daily H.15  5/19/08

• BSA/AML Compliance Testing FILs

  The FDIC has issued two FILs regarding independent testing of your BSA/AML Compliance Program. One discusses how testing will improve the efficiency and reduce the burden of the examination process and the other announces a BSA/AML Teleconference regarding testing. Testing FIL; Teleconference FIL  5/19/08

• New Routing Numbers Announced

  FRB Financial Services has announced new FedReceipt Routing Numbers that are effective May 19, 2008. New Numbers  5/19/08

• Avoiding Foreclosure Rescue Scam Tips

  The OCC has issued a Consumer Advisory that provides advice to help prevent borrowers from becoming victims of foreclosure rescue scams. Consumer Advisory  5/19/08

• CRA Ratings Released

  The ratings received by thirty-two national banks that were recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA) have been released by the OCC. Ratings  5/19/08

• Human Resources Employee Rights Documents

  OTS has published three documents regarding employee rights on the topic of the EEO Complaint Process, the OTS Policy Statement on Sexual Harassment, and the OTS EEO and Diversity Policy Statement. Complaint Process; Harassment; Diversity  5/19/08

• Belarus Entities Added To OFAC List

  OFAC has designated three enterprises of Belneftekhim Concern (a previously designated entity) for undermining, or have participated in actions that undermine democratic processes or institutions in Belarus. Their names have been to the SDN List with the Belarus designation. Information regarding the entities has been posted on the BOL OFAC page.  5/16/08

• Enforcement Actions Announced

  The OCC has announced the Enforcement Action recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions  5/16/08

• Credit Card Processors Pay $26 Million

  The marketers of a debit and credit card processing services operation have agreed to judgments of more than $26 million to settle FTC charges that they deceived small businesses. Settlement  5/16/08

• FRB Publishes Technical Amendment to Final Rule for Availability of Funds and Collection of Checks

  The Board of Governors (Board) is amending appendix A of Regulation CC to delete the reference to the Memphis branch office of the Federal Reserve Bank of St. Louis and
  reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Atlanta. Text;
  PDF  5/16/08

• SEC Expands Small Business Financing Opportunities

  The SEC has issued a final rule amending its regulations under the Investment Company Act to increase the availability of capital to certain smaller companies that may not have ready access to the public capital markets or other forms of conventional financing. Final Rule  5/16/08

• Bernanke Discusses Risk Management

  In a presentation at the Federal Reserve Bank of Chicago's Annual Conference on Bank Structure and Competition, Chairman Bernanke discussed risk management in financial institutions. His comments focused on four categories of risk-management practices: risk identification and measurement, valuation practices, liquidity risk management, and senior management oversight. He stated, "the turmoil in credit markets underscores some important principles for bank risk management, including the value of proper risk identification and measurement, the need for robust and objective valuation methods, the importance of preparing for liquidity disruptions, and the critical role of strong oversight by senior managers." Speech  5/16/08

• FedFlash Published

  The May 15, 2008 issued of FedFlash has been published by FRB Financial Services. The issue features articles regarding FRB price changes for paper check products, the approach of Payor Bank Services Sunset dates; changes to HDGS and PPGS routing transit numbers, the elimination of the City Zone, and the distribution of the Economic Stimulus Payments. FedFlash  5/16/08

• Cost of Funds Reports Released

  OTS has released the Historical and Current Reports of National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions. Historical; Current  5/16/08

• Industrial Production Report Issued

  The FRB has issued the G. 17 Industrial Production and Capacity Utilization Report for April 2008. G.17  5/16/08

• March TIC Data Released

  The March 2008 Treasury International Capital (TIC) Report has been released by Treasury. TIC  5/16/08

• Exchange Rate Policies Report Issued

  Treasury has issued its Semiannual Report on International Economic and Exchange Rate Policies. Exchange Rates  5/16/08

• Counterfeit Cashier's Checks Special Alerts

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

  • The Bank and Trust, s.s.b., Del Rio, Texas (Counterfeit Cashier's Checks);
  • Butte State Bank, Butte, Nebraska
  • BankFirst Financial Services, Macon, Mississippi

  Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/15/08

• CAN-SPAM Rules Announced

  The FTC has announced four new rules under the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (CAN-SPAM). Rules  5/15/08

• Counterfeit or Missing Checks Special Alerts

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

  • Webster Five Cents Savings Bank, Webster, Massachusetts (Missing, Lost, or Stolen Official Checks);
  • First Financial Bank, El Dorado, Arkansas (Counterfeit Accounts Payable Checks);
  • Firstbank-Alma, Alma, Michigan (Counterfeit Cashier's Checks);
  • Sovereign Bank, Dallas, Texas (Counterfeit Official Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  5/14/08

• New Formats for Cover Payments and Business Remittance Payments Announced

  FedWire Funds Services and CHIPS have announced plans to implement new enhanced message formats to bring transparency to international payments and allow business remittance information to be included with wire payments. A Q&A was also released regarding the plans. New Formats; Q&A  5/14/08

• SAR Activity Review Published

  FinCEN has published Issue 13 of the SAR Activity Review. SAR Activity Review  5/14/08

• Bernanke Discusses Liquidity

  In a presentation via satellite to the participants at the Federal Reserve Bank of Atlanta Financial Markets Conference, Chairman Bernanke reviewing the principles that guide central banks' actions to support market liquidity and the liquidity measures implemented by the Federal Reserve in response to the current financial turmoil. He stated, "To date, our liquidity measures appear to have contributed to some improvement in financing markets." Speech  5/14/08

• FinCEN Launches New Web Site

  A new user friendly Web Site has been launched by FinCEN. Web Site  5/14/08

• Consumer Services Enhanced by OTS

  OTS has launched an enhanced, centralized service today for assisting customers of OTS-regulated savings institutions. Services  5/14/08

• Reserve Position Report Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of May 9, 2008. Reserve Report  5/14/08

• Counterfeit Checks Special Alerts

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

  • Pine Island Bank, Pine Island, Minnesota (Counterfeit Cashier's Checks);
  • TrustCo Bank, Glenville, New York, (Counterfeit Official Checks);
  • Bank of Dudley, Dudley, Georgia (Counterfeit Cashier's Checks); and
  • Commercial State Bank of Waterloo, Waterloo, Illinois (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  5/13/08

• Burmese Donation Limits Removed

  OFAC has removed the limit on funds that U.S. individuals are allowed to send to family and friends in Burma. Donations  5/13/08

• Federal CU to Be Liquidated

  NCUA has announced that Father Burke Federal Credit Union of Bronx, New York, was placed into liquidation on May 12, 2008. Liquidation  5/13/08

• NCUA Releases Opinion Letters

  Two opinion letters have been released by the NCUA General Counsel regarding conflict of interest under the Member Business Loan (MBL) Rule and the permissibility of borrowing funds to purchase investments. Conflict; Permissibility  5/13/08

• MSB List Updated

  FinCEN has updated the MSB Registration List with data current as of April 10, 2008, and contains information on 41,049 registered MSBs. List  5/13/08

• FEDS Working Paper Published

  A working paper in the Finance and Economics Discussion Series (FEDS) series has been published by the FRB on the topic of " The Two-Period Rational Inattention Model: Accelerations and Analyses." Abstract; Full Paper  5/13/08

• Burmese Sanctions Amended For Donations

  OFAC has issued an amended general license under its Burmese Sanctions Regulations which allows U.S. persons to make donations in support of not-for-profit humanitarian or religious activities in Burma, subject to certain conditions. Donations  5/12/08

• HUD Extends Comment Period for Proposed Rulemaking for RESPA

  This notice extends the public comment period for an additional 30-day period for HUD's proposed rule entitled "Real Estate Settlement Procedures Act (RESPA); Proposed Ruleto Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs," published on March 14, 2008. The public comment period for this proposed rule is scheduled to close on May 13, 2008. HUD is extending the public comment period to June 12, 2008.TXT;  
  PDF  5/12/08

• Arkansas Bank Closed Deposits Assumed

  ANB Financial, National Association, Bentonville, Arkansas, has been closed by the OCC and the FDIC has been appointed receiver. The FDIC has announced the assumption of the insured deposits of ANB Financial by Pulaski Bank and Trust Company, Little Rock, Arkansas. OCC NR; FDIC PR  5/12/08

• Application Security Bulletin Issued

  The OCC has issued a Bulletin to remind national banks and their technology service providers that application security is an important component of their information security program. Bulletin  5/12/08

• Myanmar Charity Scams Warning Issued

  The FTC has issued a warning urging consumers to be cautious of potential charity scams in connection with the devastating cyclone in Myanmar. Scams  5/12/08

• Agencies Announce Consumer Finance Policy Summit

  The FDIC, FRB, OCC and OTS will sponsor the sixth annual Consumer Finance Policy Summit on June 12-14, 2008 in Cleveland, Ohio. The sessions will feature discussions regarding subprime lending; unfair and deceptive lending practices; financial education; credit scores and their impact on the cost of credit; and reaching the unbanked. Registration; OTC NR  5/12/08

• May FedFocus Published

  The FRB has published the May 2008 issue of FedFocus which contains articles on FedServices, Check 21, and FedACH. FedFocus  5/12/08

• Risk-Based Pricing Notices Regs Proposed

  Regulations have been proposed by the FRB and the FTC that would require a creditor to provide a consumer with a risk-based pricing notice when, based in whole or in part on the consumer's credit report, the creditor offers or provides credit to the consumer on terms less favorable than the terms it offers or provides to other consumers. FRB PR; FTC NR; Proposal  5/09/08

• Bank Examination Manual Updated

  The FRB has published the April 2008 update to its Commercial Bank Examination Manual. Manual  5/09/08

• Strategic Plan Released

  FinCEN has released its 2008-2012 Strategic Plan. Plan  5/09/08

• Columbian Money Exchange Added to OFAC List

  OFAC has added the name of Colombian money exchange house to the SDN List with the Colombia Kingpin Act (SDNTK) designation for acting on behalf of and materially assisting the narcotics trafficking activities of the Revolutionary Armed Forces of Colombia, a narco-terrorist group also known as the FARC. In addition, three individuals with the Colombia anti-narcotics (SDNT) designation have been removed from the list. Information regarding the addition and the deletions has been posted on the BOL OFAC page.  5/08/08

• 314a Fact Sheet Updated

  FinCEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing With the Financial Industry Report with data current as of May 6, 2008. 314a; Sharing Report  5/08/08

• FCRA and Other Acts Regulatory Bulletin

  OTS has issued a Regulatory Bulletin regarding changes to the Fair Credit Reporting Act, Controlling the Assault of Non-Solicited Pornography and Marketing Act, Telephone Consumer Protection Act, and Junk Fax Prevention Act. Bulletin  5/08/08

• Consumer Credit Report Released

  The G.19 Consumer Credit Report for March 2008 has been released by the FRB. G.19  5/08/08

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of May 2, 2008. Reserve Position  5/08/08

• CRA Rating Released

  The FDIC has released the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. CRA Ratings  5/07/08

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Integrity Bancshares, Inc., Alpharetta, Georgia, a BHC that owns and controls Integrity Bank, Alpharetta, Georgia; the Federal Reserve Bank of Atlanta; and the Banking Commissioner of the State of Georgia. Agreement  5/07/08

• Burma Relief License Issued

  OFAC has issued a general license under its Burmese Sanctions Regulations that allows nongovernmental organizations to engage in not-for-profit humanitarian or religious activities in Burma more easily. License  5/07/08

• FRB Publishes Rules in Federal Register

  • Final Rule 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.   5/07/08Text; PDF

  • Proposed Rule for Privacy Act Regulation

    The Board of Governors of the Federal Reserve System (Board) proposes to amend its regulation implementing the Privacy Act of 1974 (Privacy Act). The primary changes concern: the waiver of copying fees charged to current and former Board employees, and applicants for Board employment, for access to their records under the Privacy Act. Text; PDF

• Bernanke Discusses Mortgage Delinquencies and Foreclosures

  In a presentation at the Columbia Business School's 32nd Annual Dinner in New York, Chairman Bernanke offered his thoughts on mortgage markets and the recent increase in the pace of delinquencies and foreclosures. He reviewed the initiatives taken by the Federal Reserve to address the foreclosure crisis as well as other policies that might be used to strengthen mortgage and housing markets. He noted, "Doing what we can to avoid preventable foreclosures is not just in the interest of lenders and borrowers. It's in everybody's interest". Speech  5/07/08

• Credit Auction Results

  The Federal Reserve has announced the results of auction of $75 billion in 28-day credit held on May 5, 2008. Results  5/07/08

• CU Liquidated

  The St. Luke Baptist Federal Credit Union of Laurelton, New York, was placed into liquidation by the NCUA on May 3, 2008. Checks will be issued within one week to members holding verified share accounts. Liquidation  5/06/08

• Bank Lending Practices Survey

  The results of the Senior Loan Officer Opinion Survey on bank lending practices have released by the FRB. Summary; Full Survey  5/06/08

• FEDS Working Paper Published

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Corporate Hedging, Investment and Value" has been published by the FRB. Abstract; Full Paper  5/06/08

• Regulators Propose Credit Card and Overdraft Rules

  The FRB, OTS and NCUA have proposed to amend Reg AA, Reg Z and Reg DD to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances. Highlights; Proposal; FRB PR; NCUA PR; OTS PR; Bernanke Statement  5/05/08

• CRA Ratings Announced

  OTS has announced the ratings received by savings associations recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  5/05/08

• FR and European Banks Announce Liquidity Plan

  The Federal Reserve, the European Central Bank, and the Swiss National Bank have announced an expansion of their respective liquidity measures. The Federal Reserve will increase its biweekly Term Auction Facility (TAF) from $50 billion to $75 billion. Liquidity  5/05/08

• Countrywide Acquisition Meeting Transcript

  The FRB has released the transcript of April 22, 2008 meeting on the application of Bank of America Corporation to acquire Countrywide Financial Corporation. Transcript  5/05/08

• Treasury Economic Update

  Treasury has issued an economic update based on data as of April 2, 2008. Update  5/05/08

• BSA/AML Guidance Issued

  The OCC has issued three Bulletins regarding previously announced FinCEN Guidance for financial institutions concerning money laundering threats involving the Republic of Uzbekistan, the Turkish Cypriot-Administered Area of Cyprus, and Illicit Iranian Activity. Information regarding the Guidance was posted in March 21, 2008 BOL Top Stories. Uzbekistan; Cyprus; Iranian  5/02/08

• FinCEN Issues Residential RE ML Report

  As the result of reviewing recent SAR filings, FinCEN has issued a report regarding suspected money laundering in the residential real estate industry. Summary; Full Report  5/02/08

• Burma Designations Added To OFAC List

  Three entities have been added to the SDN List with the BURMA designation. Information concerning the additions has been posted on the BOL OFAC Page.  5/02/08

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among First Bank of Snook, Snook, Texas, the Federal Reserve Bank of Dallas, and the State of Texas Department of Banking. Agreement  5/02/08

• FR Price Changes Announced

  FRB Financial Services has announced that beginning July 1, 2008 the Federal Reserve Banks will modify the pricing on paper forward collection and return item services as well as selected Payor Bank Services. Price Changes  5/02/08

• GAO Releases HSA Report

  The Government Accountability Office (GAO) has released its report on Health Savings Accounts (HSAs). The GAO examined:

  1. participation in HSA-eligible high-deductible health plans and HSAs,
  2. the income characteristics of HSA account holders, and
  3. contributions made to and withdrawals made from HSAs.

  HSA-eligible plans increased significantly from about 438,000 in September of 2004 to an estimated 4.5 million in January 2007. The total value of all HSA contributions reported to IRS in 2005 was about twice that of withdrawals—$754 million compared with $366 million. Among all filers reporting HSA activity in 2005, average contributions were about $2,100, compared to average withdrawals of about $1,000. The GAO report summary has more information and links to the detailed report itself.  5/02/08

• Community Developments Features Preservation of Rental Housing

  The OCC has published the Spring 2008 issue of Community Developments which features articles focusing on the preservation of affordable rental housing and highlights the specific activities and investments of selected national banks, nonprofit organizations and state and local government agencies. Community Developments  5/02/08

• OTS Submits Comment Letter on Home Valuation Code and Agreements

  A formal comment letter has been filed by OTS with Fannie Mae, Freddie Mac and the Office of Federal Housing Enterprise Oversight regarding their agreement with the New York Attorney General to establish a code of conduct for real estate appraisal practices. Comment Letter  5/02/08

• Unfair and Deceptive Practices Proposals Approved

  OTS And NCUA have each approved a proposal to prohibit the financial institutions that they regulate from engaging in unfair or deceptive acts or practices regarding credit cards and overdraft services that violate the Federal Trade Commission Act. OTS; NCUA  5/02/08

• Stakeholder Letter Issued

  The FDIC has issued a FIL regarding its First Quarter 2008 Letter to Stakeholders which reports on the regulator's activities and accomplishments during the first quarter of 2008. FIL; Letter  5/02/08

• April Foreign Exchange Rates

  The FRB has issued the G.5 Foreign Exchange Rates Report for April 2008. G.5  5/02/08

• Check 21 Operations Freeze Time Changes

  The previously announced times for the May 9-10, 2008 freeze of Check 21 operations have been changed by FRB Financial Services. Freeze  5/01/08

• Rates Lowered 25 Basis Points

  The Federal Open Market Committee has lowered its target for the federal funds rate 25 basis points to 2 percent and the Board of Governors approved a 25-basis-point decrease in the discount rate to 2-1/4 percent. Rates  5/01/08

• NCUA Proposes Rulemaking for Credit Union Service Organizations

  NCUA proposes to change its credit union service organization (CUSO) rule by adding two new categories of permissible CUSO activities: Credit card loan origination and payroll processing services. The proposal would also add new examples of permissible CUSO activities within existing categories and would expand the scope of two categories of services to include persons eligible for credit union membership. Text  PDF  5/01/08

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between WSB Financial Group, Inc., Bremerton, Washington, a registered bank holding company that owns and controls Westsound Bank, Bremerton, Washington, a state nonmember bank, and the Federal Reserve Bank of San Francisco. Agreement  5/01/08

• Covered Bonds Policy Statement

  The FDIC has issued a FIL announcing a final interim policy statement on the treatment of "covered bonds" in the event that the issuing insured depository institution is placed into FDIC receivership or conservatorship. FIL; Statement  5/01/08

• FEDS Working Paper Published

  A working paper in the Finance and Economic Discussion Series (FEDS) on the subject of "Nested Simulation in Portfolio Risk Measurement" has been published by the FRB. Abstract; Full Paper  5/01/08

• Survey of Foreign Holdings of U.S. Securities

  The final results from the survey of foreign portfolio holdings of U.S. securities as of June 30, 2007 have been released. Foreign Holdings  5/01/08

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of April 25, 2008. Position  5/01/08

FRB Services has announced

that on September 2, 2014, it will introduce a Retail Payments Premium Receiver (RPPR) Program and modify the pricing for

FedReceipts Courtesy Delivery service. Institutions that are currently FedACH® premium receivers and forward and return

check receivers will be automatically enrolled in the new RPPR Program and also receive the new pricing.

The July 2014 G.5 Foreign Exchange Rates Report

has been posted by the Federal Reserve.

FRB Services has announced

that on September 2, 2014, it will introduce a Retail Payments Premium Receiver (RPPR) Program and modify the pricing for

FedReceipts Courtesy Delivery service. Institutions that are currently FedACH® premium receivers and forward and return

check receivers will be automatically enrolled in the new RPPR Program and also receive the new pricing.

The July 2014 G.5 Foreign Exchange Rates Report

has been posted by the Federal Reserve.

• Enforcement Actions Announced

  The FDIC has released a list of twenty-eight orders of administrative enforcement actions taken against banks and individuals in March 2008. The actions include eight cease-and-desist orders; seven removal and prohibition orders; eight civil money penalties; one prompt corrective action, three terminations of cease-and-desist orders; and one termination of an 8(b) proceeding and 8(c) order. Actions  4/30/08

• $15 Million CMP Paid For BSA Violations

  FinCEN and the OCC have announced the assessment of concurrent civil money penalties, each $15 million, against the New York Branch of United Bank for Africa, PLC for violations of the Bank Secrecy Act (BSA), which will be satisfied by a single payment of $15 million to Treasury. FinCEN CMP; OCC CMP  4/29/08

• Nauru Advisories Withdrawn

  FinCEN has issued an Advisory announcing the withdrawal of previously issued Advisories 21 and 21A concerning transactions with the Republic of Nauru. Advisory; 21; 21A  4/29/08

• New Electronic Interpretations and Actions Published

  The OCC has published and posted online the April 2008 issue of New Electronic Interpretations and Actions. April 2008  4/29/08

• Marketable Borrowing Estimates Announced

  The estimates of marketable borrowing for the Second and Third Quarters of 2008 have been announced by Treasury. Estimates  4/29/08

• FRB Annual Report

  The FRB has delivered its 94th Annual Report to Congress. Annual Report  4/29/08

• Relationships Cost Wachovia Estimated $143.9 Million

  The OCC has announced that a Settlement Agreement has been entered into with Wachovia Bank, National Association that directs the bank to make restitution of estimated $125 million to consumers harmed by its lack of due diligence and risk management of account relationships with several telemarketers and third party payment processors. An additional contribution of approximately $8.9 million will be made to consumer education programs for the elderly along with payment of a $10 million civil money penalty (CMP) to the U.S. Treasury. Settlement Agreement; CMP  4/28/08

• Payment Processors Risk Management Guidance Issued

  A Bulletin has been issued by the OCC regarding containing guidance for national banks regarding the higher risk presented by relationships with companies that process payments for telemarketers and certain other merchants. Bulletin  4/28/08

• TIS and EFT Rules Compliance

  A CEO Letter has been issued by OTS regarding compliance with Truth in Savings (TIS) and Electronic Funds Transfer Act (EFT) rules. CEO Letter  4/28/08

• NCUA Proposes Rulemaking Relative to the Low-Income Definition

  The NCUA is proposing to use median family income (MFI) to determine if a credit union qualifies for a low-income designation and assistance from the Community Development Revolving Loan Fund (CDRLF). The proposed rule will eliminate the confusion associated with adjusting median household income (MHI) in metropolitan areas with higher costs of living. Text  PDF  4/28/08

• NCUA Proposes Rulemaking to Revise the Official Advertising Statemnt

  The NCUA Board proposes 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 proposed rule will give credit unions added flexibility in advertisements. Text  PDF  4/28/08

• Month Market Monitor Published

  OTS has published the April 2008 issue of the Monthly Market Monitor (MMM) which features articles concerning market commentary, economic conditions, inflation and housing conditions. MMM  4/28/08

• Thrift Satisfaction Survey Results Released

  OTS has issued a CEO Letter announcing the results of the 2007 Annual Thrift Satisfaction Survey. CEO Letter  4/28/08

• Receivables Report Released

  The G.20 Owned and Managed Receivables Outstanding Report for February 2008 has been released by the FRB. G.20  4/28/08

• OFAC TSRA Report Released

  The quarterly report of licensing activities undertaken by OFAC pursuant to the provisions of the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA) has been released. Report  4/25/08

• NCUA Proposes Rulemaking for Revisions for the Freedom of Information Act and Privacy Act Regulations

  The changes to FOIA provisions largely relate to recent amendments to the Freedom of
  Information Act addressing several procedural issues concerning fee practices, time limits for complying with requests, and new reporting requirements. The changes reflect the agency's efforts to clarify the procedures whereby individuals may obtain notification of whether an NCUA system of records contains information about the
  individual and access or amend a record. Text  PDF  4/25/08

• CTR NPRM Issued

  FinCEN has issued a Notice of Proposed Rulemaking (NPRM) to significantly simplify the requirements to exempt eligible customers from currency transaction reporting. Three existing requirements would be eliminated. Comments are due by June 23, 2008. Text  PDF  4/24/08

• Check 21 Freeze Announced

  FRB Financial Services has announced that two Check 21 operation freezes are necessary to conduct national contingency tests. During a freeze customers will not be able to send Check 21 deposit files and access to all Check Service via FedLine Web will not be available. The first test will be conducted beginning 8 p.m. ET Friday, May 9 and 8 p.m. ET Saturday, May 10, 2008.  Freeze  4/24/08

• CRA Ratings Released

  The OCC has released the ratings received by thirty-four national banks recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA).
  Ratings   4/24/08

• OCC Publishes Reg Review Amendments

  The Office of the Comptroller of the Currency (OCC) is revising its rules "in order to reduce unnecessary regulatory burden, update certain rules, and make certain technical, clarifying, and conforming changes to its regulations. These revisions result from the OCC's most recent review of its regulations to ensure that they effectively advance our mission to promote the safety and soundness of the national banking system, ensure that national banks can compete efficiently in the financial services marketplace, and foster fairness and integrity in national banks' dealings with their customers, without imposing regulatory burden unnecessary to the achievement of those objectives." The rules changes affect OCC regulations at 12 CFR Parts 1, 2, 3, 4, 5, 7, 9, 10, 11, 12, 16, 19, 21, 22, 23, 24, 26, 27, 28, 31, 32, 34, 37, and 40, with an effective date of 7/1/2008. Text; PDF  4/24/08

• FEDS Working Paper Published

  The FRB has published a working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "A New Look at the Wealth Adequacy of Older U.S. Households."Abstract; Full Paper  4/24/08

• FARC Network Related Parties on OFAC List

  Pursuant to the provisions of the Kingpin Act, OFAC has designated two entities and four individuals as Specially Designated Global Terrorists (SDNTs) for acting on behalf of the Revolutionary Armed Forces of Colombia or FARC, a narco-terrorist group. Information regarding the individuals and entities has been posted on the BOL OFAC page.  4/23/08

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of First Sentry Bank, Inc., Huntington, West Virginia; and Town & Country Bank, Las Vegas, Nevada. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/23/08

• Special Alert Unauthorized Banking

  A Special Alert has been issued by the FDIC regarding the revision by The Cayman Islands Monetary Authority of its list of entities that provide a Cayman Islands contact address, but are not licensed or registered to conduct business activities regulated by the Cayman Islands Monetary Authority. Special Alert   4/23/08

• Interest Rate Risk CEO Letter

  OTS has issued a CEO Letter regarding interest rate risk and interim changes to the NPV Model and TB13a. CEO Letter  4/23/08

• 314a Fact Sheet Update

  FinCEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of April 22, 2008. 314a Fact Sheet; Sharing Report  4/23/08

• Credit Auction Results

  The Federal Reserve has announced the results of the auction of $50 billion in 28-day credit held on April 21, 2008. Results  4/23/08

• IFDP Working Paper Published

  A working paper in the International Finance Discussion Paper series (IFDP) on the topic of "Competitive Search Equilibrium in a DSGE Model" has been published by the FRB. Abstract; Full Paper  4/23/08

• Counterfeit Official Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of Union State Bank, Arkansas City, Kansas. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   4/22/08

• Proposed CFIUS Regs Issued

  Treasury has issued proposed regulations that implement the Foreign Investment and National Security Act of 2007 (FINSA). The proposed regulations provide an update to regulations that govern the Committee on Foreign Investment in the United States (CFIUS) and its process for national security review of certain foreign investments in U.S. businesses. CFIUS   4/22/08

• Reserve Position Update

  The U.S. International Reserve Position Report has been updated by Treasury with data current as of April 18, 2008. Position Report   4/22/08

• OCC Counsel Williams Credit Card Testimony

  Chief Counsel and First Senior Deputy Comptroller Williams has testified on H.R. 5244, the Credit Cardholders' Bill of Rights Act of 2008, before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services. Testimony; Written Statement  4/18/08

• SAR Guidance Issued

  FinCEN has issued a Guidance to enable financial institutions to file more precise SARs regarding proceeds of foreign corruption. Guidance  4/18/08

• NCUA Board Meeting Results

  The results of the NCUA Board meeting held on April 17, 2008 have been released. Results  4/18/08

• Assets Reports Issued

  The FRB has issued the 3.12 U. S. Reserve Assets and 3.13 Foreign Assets Held at Federal Reserve Banks Reports. Reports  4/18/08

• May HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in May 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. Daily H.15  4/17/08

• City Zone Eliminated

  FRB Financial Services has announced that effective July 1, 2008, the Federal Reserve Banks will eliminate city zones in restructured offices and move these items to RCPC. City Zones  4/17/08

• FRB Publishes Technical Amendment to Final Rule for Definitions of Terms and Exemptions Relating to the "Broker" Exceptions for Banks

  The Board and the Securities and Exchange Commission jointly are adopting technical amendments to Regulation R, which the Agencies jointly adopted in September 2007. Regulation R implements certain of the exceptions for banks from the definition of the term "broker" in section 3(a)(4) of the Securities Exchange Act of 1934 ("Exchange Act"), as amended by the Gramm-Leach-Bliley Act ("GLBA"). TXT; PDF  4/17/08

• Community Bank Directors Workshops Scheduled

  The OCC will host workshops for national community bank directors at the Hyatt Regency Hotel, Indianapolis, May 20-22, 2008 to provide practical information that expands bank directors' understanding of issues facing their banks. Workshops  4/17/08

• Former Lessons Learned To Help OCC

  In a presentation at the Exchequer Club, Comptroller Dugan stated that, with problem loans rising, it's imperative that bank management identify and address problems realistically and that the OCC deal with national banks in a consistent and balanced way. He noted that the lessons learned from the late 1980s and early 1990s, including a recognition of mistakes made by the OCC, will help the agency deal with problems in the current environment. Speech  4/17/08

• Beige Book Published

  The FRB has published the April 16, 2008 issue of the Beige Book. Beige Book  4/17/08

• FEDS Working Papers Published

  Four working papers in the Finance and Economics Discussion Series on the following topics have been published by the FRB:

  • "Corporate Hedging, Investment and Value";
  • "Expectations of Risk and Return Among Household Investors: Are Their Sharpe Ratios Countercyclical?";
  • "Exchange Rates, Optimal Debt Composition, and Hedging in Small Open Economies" and
  • "Maintenance and Asset Prices".

  Corporate Abstract; Expectation Abstract; Corporate Full Paper; Expectation Full Paper; Exchange Abstract; Exchange Full Paper; Maintenance Abstract; Maintenance Full Paper  4/17/08

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of April 11, 2008. Reserve Position  4/17/08

• FinCEN Annual Report Published

  FinCEN has published its 2007 Annual Report. Annual Report  4/17/08

• FR Bulletin Supplement Released

  A statistical supplement to the Federal Reserve Bulletin has been released by the FRB. Supplement  4/17/08

• Industrial Production Report Issued

  The FRB has issued the March 2008 G.17 Industrial Production and Capacity Utilization Report. G.17  4/17/08

• Minority Owned Banks and Thrifts Reports Released

  The report of minority owned banks as of December 31, 2007 and thrifts as of April 2008 have been released by the FRB and OTS. Banks; Thrifts  4/17/08

• Columbian SDNTs Added To OFAC List

  OFAC has added nine individuals and fifteen companies to its list of Specially Designated Narcotics Traffickers (SDNTs). The designations target long-time associates of the only remaining leader of Colombia's North Valle drug cartel, and the U.S. is offering up to $5 million for information leading to his capture. Information regarding the new entries has been posted on the BOL OFAC page.  4/16/08

• New FedReceipt Routing Numbers Announced

  FRB Financial Services has announced two new FedReceipt routing numbers. Routing Numbers  4/16/08

• FedFlash Published

  The April 15, 2008 issue of FedFlash has been published and contains articles on FRB structuring; the fuel surcharge on cash letters; electronic check presentment and imaging; FedEDI Plus; the new International ACH Transaction SEC code; savings bond seminars; and two Check 21 "freeze" periods. FedFlash  4/16/08

• Discount Rate Meeting Minutes

  The FRB has released the minutes of its discount rate meetings from February 19 through March 18, 2008. Minutes  4/16/08

• TIC Data Released

  Treasury has released the Treasury International Capital (TIC) data for February 2008. TIC  4/16/08

• New Mexico Quarter Information

  FRB Financial Services has announced the availability dates of the New Mexico State quarter. Dates  4/16/08

• Cost of Funds Reports Issued

  OTS has issued the historical and February 2008 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; February  4/16/08

• Seven Counterfeit Checks Special Alerts

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

  • Haverhill Bank, Haverhill, Massachusetts (Counterfeit Cashier's Checks);
  • First Sentry Bank, Inc., Huntington, West Virginia (Counterfeit Cashier's Checks);
  • Falcon International Bank, Laredo, Texas (Counterfeit Cashier's Checks);
  • First Priority Bank, Malvern, Pennsylvania (Counterfeit Official Checks);
  • The First National Bank of Jeffersonville, Jeffersonville, New York (Counterfeit Cashier's Checks);
  • Town & Country Bank, Las Vegas, Nevada (Counterfeit Cashier's Checks); and
  • High Desert State Bank, Albuquerque, New Mexico (Counterfeit Official Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   4/15/08

• Illegal Offshore Activities Special Alert

  A Special Alert has been issued by the FDIC regarding illegal offshore activities being exercised by unofficial organizations acting as banks, financial services companies and other financial institutions of the island of Anjouan, Union des Comores. Special Alert   4/15/08

• Fraudulent Traveler's Checks Special Alert

  The FDIC has issued a Special Alert regarding fraudulent traveler's checks which do not indicate any affiliation with a major traveler check issuer and are referred to as "TRAVELERS CHEQUES." The front of the items, which have been presented in $100 denominations, shows an American flag overlaid with the Statue of Liberty and the U.S. Capitol Building. "Support Our Freedom" is directly beneath the image. Information concerning the fraudulent traveler's checks has been posted on the BOL Alerts & Counterfeits page.  4/15/08

• Enforcement Actions Released

  Enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks have been released by the OCC. Actions  4/15/08

• MSB Pays CMP for BSA Violations

  FinCEN has announced that El Noa Noa, a Florida financial institution and money service business, has paid a civil money penalty of $12,000 for failing to file currency transaction reports (CTRs). CMP   4/15/08

• FSF Recommends Financial Markets Enhancements

  The Financial Stability Forum (FSF) has presented to the G7 Finance Ministers and central bank Governors a report containing recommendations for enhancing the resilience of markets and financial institutions. Report  4/15/08

• FEDS Working Papers Published

  The FRB has published two working papers in the Finance and Economic Discussion Series (FEDS) on the topics of "Corporate Hedging, Investment and Value" and "Expectations of risk and return among household investors: Are their Sharpe ratios countercyclical?" Corporate Abstract; Corporate Full Paper; Expectations Abstract; Expectations Full Paper  4/15/08

• Money Smart for Young Adult

  The FDIC has announced that its financial education program, Money Smart, is now available for young adults. The Money Smart for Young Adults curriculum will help instructors teach youth between ages 12 and 20 the basics of handling their money and finances, including how to create positive relationships with financial institutions. Young Adults  4/15/08

• Counterfeit Checks Special Alerts

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

  • Sovereign Bank, Dallas, Texas (Counterfeit Cashier's Checks);
  • The Richland Trust Company (doing business as Richland Bank), Mansfield, Ohio (Counterfeit Official Checks);
  • Big Sky Western Bank, Bozeman, Montana (Counterfeit Cashier's Checks);
  • Bank of Westminster, Westminster, South Carolina (Counterfeit Official Checks);
  • Landmark Bank, Clinton, Louisiana (Counterfeit Cashier's Checks);
  • Independent Bank, McKinney, Texas (Counterfeit Cashier's Checks);
  • Meridian Bank, Paoli, Pennsylvania (Counterfeit Official Checks); and
  • Damascus Community Bank, Damascus, Maryland (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   4/14/08

• 341(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing With Financial Industry Report with data current as of April 11, 2008. Fact Sheet; Sharing  4/14/08

• OFAC CMPs Released

  The civil money penalties (CMPs) recently by OFAC against entities and individuals for violations of various Sanctions Programs have been released. One financial institution paid $2,970 for alleged violations of the Cuban Assets Control Regulations. CMPs  4/14/08

• Disclosures Practices Report Released

  The senior financial supervisors from five countries have issued a report that reviews the disclosure practices of financial services firms concerning their exposure collateralized debt obligations, residential mortgage-backed securities, commercial mortgage-backed securities, other special purpose entities and leveraged finance loans. Report  4/14/08

• Survey to Study Unbanked Marketing Efforts

  The FDIC has announced that it will conduct during the Spring of 2008 a first of its kind nationwide survey of FDIC insured depository institutions to assess their efforts to serve unbanked and underbanked individuals and families. Survey  4/14/08

• 9th Issue - The SAR Activity Review by the Numbers

  The FDIC has issued a FIL announcing the release by FinCEN of the 9th issue of The SAR Activity Review by the Numbers which contains the compilation of numerical data gathered from Suspicious Activity Reports (SARs) filed by depository institutions, certain money services businesses, casinos and card clubs, and by certain segments of the securities and futures industries. FIL; SAR Activity Review  4/11/08

• Bernanke Discusses Global Markets Weakness

  In a presentation at the World Affairs Council of Greater Richmond's Virginia Global Ambassador Award Luncheon, FRB Chairman Bernanke discussed the report of the President's Working Group (PWG) on financial markets regarding the weakness in the global markets. He noted that given the global nature of our financial markets and institutions, international cooperation is essential to making the regulatory and supervisory structure more effective. He stated, "In the mortgage area, the PWG recommended action at both the federal and state levels, including, for example, stronger nationwide licensing standards for mortgage brokers and more consistent government oversight for all originators." He indicated that the FRB will review the use of credit ratings as a risk metric and be sure that we are working effectively with both the private sector and other domestic and international regulators to help the system function better. Speech  4/11/08

• Bank Supervisors ITA Training Announced

  The FRB has announced that international training and assistance (ITA) is being offered for supervisors and staff of other central banks and bank supervisory authorities in order to promote sound supervisory practices abroad and to foster strong bilateral and multilateral relationships with the central banks and bank supervisory authorities of other countries. Catalog and Schedule  4/11/08

• IFDP Working Papers Published

  Two working papers in the International Finance Discussion Paper (IFDP) series have been published by the FRB on the topics of "Emerging Market Business Cycles Revisited: Learning about the Trend" and "Interpreting Long-Horizon Estimates in Predictive Regressions." Emerging Abstract; Emerging Full Paper; Interpreting Abstract; Interpreting Full Paper   4/11/08

• Bair and Dugan Testify On Proposed FHA Act

  In testimony before the House Committee on Financial Services, FDIC Chairman Bair and OCC Comptroller Dugan indicated that the plan proposed in the FHA Housing Stabilization and Homeownership Retention Act of 2008 could provide a possible tool for helping banks avoid large losses from foreclosure without raising significant safety and soundness issues. Bair stated that a major difficulty in refinancing proposals for many troubled mortgages is the significant percentage of them that are subject to second liens and resolving this issue is essential to ensuring the effectiveness of any proposal. Dugan noted that the alternative would be less costly than foreclosure for many such loans and that it would allow borrowers to remain in their homes with lower mortgage payments. Bair Testimony; Dugan Oral Statement; Dugan Written Statement  4/10/08

• Testimony Deadline Extended

  The deadline for the submission of a requests to testify at public meeting to be held by the FRB in May 2008 in Los Angeles, California, and Chicago, Illinois, on the notice by Bank of America Corporation to acquire Countrywide Financial Corporation. Testimony  4/10/08

• Financial Restatements Study Released

  Treasury has released, "The Changing Nature and Consequences of Public Company Financial Restatements", a financial restatements study commissioned as part of the agency's efforts to encourage U.S. capital markets competitiveness. Study  4/10/08

• Enforcement Actions Announced

  The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in February 2008. Actions  4/09/08

• Credit Auction Results

  The Federal Reserve has announced the results of auction of $50 billion in 28-day credit held on April 7, 2008. Auction  4/09/08

• FOMC Minutes Released

  The minutes of the March 10 and 18, 2008, meetings of the Federal Open Market Committee (FOMC) have been released by the Federal Reserve. Minutes  4/09/08

• Minimum Security Devices and Procedures Proposed

  OTC has published a proposed Final Rule and Request for Comment regarding Minimum Security Devices and Procedures. Final Rule  4/09/08

• IFDP Working Papers Published

  Three working papers in the International Finance Discussion Papers (IFDP) series have been published by the FRB on the following topics:

  • "A Solution to the Default Risk-Business Cycle Disconnect";
  • "Bank Integration and Financial Constraints: Evidence from U.S. Firms"; and
  • "Predicting Cycles in Economic Activity."

  Solution Abstract; Solution Full Paper; Bank Integration Abstract; Bank Integration Full Paper; Predicting Cycles Abstract; Predicting Cycles Full Paper  4/09/08

• CRA Ratings Released

  The FDIC has released the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings  4/08/08

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of April 4, 2008. Reserve Position  4/08/08

• Consumer Credit Report Released

  The FRB has released the February 2008 G.19 Consumer Report. G.19  4/08/08

• Retirement of the Magnetic Media Program Notice

  In preparation for the retirement of the Magnetic Media program, FinCEN is no longer accepting new applications to batch file BSA forms using tapes and/or diskettes. New users who wish to batch file their BSA forms should submit these files using the BSA E-Filing system. E-Filing  4/07/08

• Treasury Economic Update

  Treasury has issued its economic update based on data current as of April 4, 2008. Update  4/07/08

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between First Pryority Bank, Pryor, Oklahoma, the Federal Reserve Bank of Kansas City, and the Oklahoma State Banking Department. Written Agreement  4/04/08

• Bernanke Discusses Financial Markets Developments

  In testimony before the Senate Banking Committee, FRB Chairman Bernanke discussed current economic and financial conditions and the actions the Federal Reserve has taken to stabilize financial markets and the economy. He noted that the adverse impact of a default by Bear Stearns would not have been confined to the financial system but would have been felt broadly in the real economy through its effects on asset values and credit availability. He stated, "The purpose of our action, as with our other recent actions--including our provision of liquidity to financial firms and our reductions in the federal funds rate target--was, as best as possible, to improve the functioning of financial markets and to limit any adverse effects of financial turmoil on the broader economy." Testimony  4/04/08

• JPMC Granted 23A Exemption

  The FRB has released a Letter containing a legal interpretation granting JPMorgan Chase & Co. (JPMC) a temporary exemption from section 23A of the Federal Reserve Act and Reg. W for certain covered transactions between JPMC and its affiliates in connection with the acquisition of The Bear Stearns Companies, Inc. (Bear Stearns); and providing JPMC with a transition period to incorporate fully the assets and exposures of Bear Stearns into JPMC for purposes of the Board's risk-based and leverage capital guidelines for bank holding companies. Letter  4/04/08

• Mortgage Loan Fraud Report Updated

  FinCEN has updated its November 2006 mortgage loan fraud assessment, which is based upon analysis of suspicious activity reports (SARs) provided by the financial industry, to include reports filed through March 2007. Update  4/04/08

• Bernanke’s Economic Outlook

  In testimony before the Joint Economic Committee of Congress, FRB Chairman Bernanke offered his views on conditions in financial markets, the outlook for the U.S. economy, and discussed the recent actions taken by the Federal Reserve. He noted that the capacity and willingness of some large institutions to extend new credit remains limited and the nonconforming segment of the mortgage market continues to function poorly. He stated "It now appears likely that real gross domestic product (GDP) will not grow much, if at all, over the first half of 2008 and could even contract slightly." Testimony  4/03/08

• CRA Ratings Released

  OTS has released the ratings received by savings associations recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings   4/03/08

• 23A Exemption Granted

  The FRB has released a letter containing a legal interpretation granting an exemption from section 23A of the Federal Reserve Act and Regulation W in order that a wholly owned bank subsidiary may acquire all the shares of an affiliate and the subsequent purchase by a second wholly owned subsidiary of certain lease participations originated by the affiliate. Letter  4/03/08

• Fourth Quarter Bank Trading Loss of $9.97 Billion

  The OCC has released its Quarterly Report on Bank Trading and Derivatives Activities which indicates that insured U.S. commercial banks lost $9.97 billion trading cash and derivative instruments in the fourth quarter 2007. Quarterly Report  4/03/08

• ID Theft Red Flags Guidelines CEO Letter

  A CEO Letter has been issued by OTS regarding identity theft red flags and address discrepancies final rules and guidelines. CEO Letter  4/02/08

• 2008 Regulatory Reports Filing Schedule

  OTS has released the filing schedule for filing regulatory reports in 2008. Schedule  4/02/08

• Subprime and Alt-A State Mortgage Maps Available

  The FRB has announced the availability of a set of dynamic maps and data that illustrate subprime and alt-A mortgage loan conditions in each state. The maps display regional variation in the condition of securitized, owner-occupied subprime, and alt-A mortgage loans can be used to assist in the identification of existing and potential foreclosure hotspots. Maps  4/02/08

• FRB Publishes Final Rule in FR for Equal Opportunity

  The Board of Governors of the Federal Reserve System has adopted a final rule that amends the section of its Rules Regarding Equal Opportunity (EEO Rules) which governs the employment of persons who are not United States citizens consistent with the Board's requirements for the security of its information.TXT; PDF  4/02/08

• Paper Cash Letter Fuel Surcharge Announced

  FRB Financial Services has announced that due to increased transportation costs, effective May 1, 2008 a fuel surcharge will be imposed on all paper cash letters. Surcharge  4/02/08

• FinCEN Revises RSMB, CTRC and BSA Forms

  FinCEN has released drafts of the revision of the following forms:

  • Registration of Money Services Business (RSMB) Form 107;
  • CTRC Form 103; and
  • BSA E-File Electronic filing specifications.

  The drafts should not be used until September 1, 2008. RSMB; CTRC; BSA  4/02/08

• March Financial Reporting Bulletin Published

  OTS has published the March 2008 Financial Reporting Bulletin. Bulletin  4/02/08

• March Foreign Exchange Rates

  The G.5 Foreign Exchange Rates Report for March 2008 has been released by the FRB. G.5  4/02/08

• Counterfeit and Fraudulent Checks Special Alerts

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

  • Freedom Bank, Columbia Falls, Montana (Counterfeit Cashier's Checks);
  • Grant County Bank, Medford, Oklahoma (Counterfeit Cashier's Checks);
  • Penn Liberty Bank, Wayne, Pennsylvania (Counterfeit Official Checks);
  • Lotus Bank, Novi, Michigan (Counterfeit Cashier's Checks);
  • Alliance Bank, Lake City, Minnesota (Fraudulent Traveler's Checks);
  • Legends Bank, Linn, Missouri (Counterfeit Official Checks); and
  • QNB Bank (formerly known as The Quakertown National Bank), Quakertown, Pennsylvania (Counterfeit Official Checks); and
  • Equity Bank, Dallas, Texas (Counterfeit Cashier's Checks).

  Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page.   4/01/08

• Stronger Regulatory Structure Blueprint Released

  Treasury has released its "Blueprint for a Modernized Financial Regulatory Structure" which is intended to strengthen consumer protections, improve tools for market stability and enhance financial innovation. The plan recommends creating a new federal commission for mortgage origination, modernizing the President's Working Group on Financial Markets, and clarifying the Federal Reserve's liquidity provisioning. Blueprint; Fact Sheet  4/01/08

• Check Processing Restructuring Schedule Changed

  The Federal Reserve Banks have announced modifications to the schedule for previously announced check processing infrastructure changes. Check Processing; Fact Sheet  4/01/08

• Arkansas Storm and Flood Damage Regulatory Relief

  The FDIC has issued a FIL that announces a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Arkansas affected by recent severe storms, tornadoes and flooding. FIL  4/01/08

• Forms 031 and 041 Updated

  The FFIEC has posted online updates to Forms 031 and 041. 031; 041  4/01/08

• IFDP Working Paper Published

  The FRB has published a working paper in the International Finance Discussion Paper series on the topic of "Do Differences in Financial Development Explain the Global Pattern of Current Account Imbalances?" Abstract; Full Paper  4/01/08

• Receivables Report Released

  The G.20 Owned and Managed Receivables Outstanding Report for January 2008 has been released by the FRB. G.20  4/01/08

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report with data current as of March 28, 2008. Report  4/01/08