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FDIC Publishes Interim Final Rule in Federal Register
regarding non-member insured banks with securities. They are now required to be registered under section 12 of the Securities Exchange Act of 1934 (Exchange Act). The interim final rule reflects amendments to the Securities Exchange Act of 1934 made by the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act), and accommodates certain operational changes within the FDIC. PDF TXT 3/31/05
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Regulators Issue MSB Expectations Statement
FinCEN and the federal financial institution regulators have issued a joint statement regarding their expectations regarding banking institutions' obligations under BSA for MSBs. The statement provides that BSA does not require and the regulators do not expect banking institutions to serve as the de facto regulator of the MSB industry. In addition, guidance on relationships with MSBs will be issued shortly that will outline compliance expectations. Statement; Treasury Comments; FRB SL; OCC; FDIC FIL; NCUA NR 3/31/05
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Counterfeit Cashier's Checks Special Alerts issued
Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Sky Bank, Salineville, Ohio, and Peoples Bank, N.A., Marietta, Ohio. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/31/05
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Survey of Terms of Business Lending Report Released
The FRB has released the E.2 Survey of Terms of Business Lending Report for February 7-11, 2005.
E.2 3/31/05
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FIDC Brochures Available In Korean And Chinese
The FDIC has announced that two popular FDIC brochures on deposit insurance coverage are now available in Korean and Chinese. FIL; Brochures 3/31/05
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FRB Issues ABCP Guidance SL
A SL has been issued by the FRB regarding the previously announced interagency guidance concerning the amendment by the federal banking regulators of the Securitization Capital Rule. The guidance clarified how banking organizations are to use internal ratings that they assign to asset pools purchased by their ABCP programs in order to risk weight appropriately any direct credit substitutes extended to such programs.
Guidance FRB SL 3/31/05
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FRS Publishes Final Rule in Federal Register
(Reg. A) extending credit by Federal Reserve Banks adopting final amendments to Regulation A to reflect the Board's approval of an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.PDF TXT 3/30/05
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FDIC Enforcement Actions Announced
Twenty-seven Enforcement Actions taken against banks and individuals in February 2005 have been announced by the FDIC. The actions include two cease and desist orders, one written agreement, thirteen removal and prohibition orders, eight civil money penalty orders, one termination of insurance, and two terminations of cease-and-desist orders. Enforcement Actions 3/30/05
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Stock Options FASB Guidance Issued
The SEC's Office of the Chief Accountant and its Division of Corporation Finance have released of a Staff Accounting Bulletin relating to the FASB accounting standard for stock options and other share-based payments. The SEC staff believes the interpretive guidance will assist both public entities, investors and other users of financial statements in analyzing information. Bulletin 3/30/05
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International Reserve Position
Treasury has released the U.S. International Reserve Position for the week ending March 25, 2005. Reserve Position 3/30/05
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Finance Companies Reports Issued
The January 2005 G.20 Finance Companies Report regarding owned and managed receivables outstanding and auto loans: terms of credits has been issued by the FRB. G.20 3/30/05
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HUD Publishes Interim Final Rule in Federal Register
This rule makes available a new adjustable rate mortgage (ARM) product. It enables the Secretary to insure five-year hybrid ARMs with interest rates adjustable up to two percentage points annually (this type of mortgage is known as a 5/1 ARM). The lifetime cap on annual interest rate adjustments for five-year ARMs is set at six percentage points. PDF TXT 3/29/05
OCC, FRS, FDIC, OTC Publishes Final Rule in Federal Register.
This interpretation guidance of the Gramm-Leach-Bliley Act (GLBA)is being published as a supplement to the Security Guidelines in the Code of Federal Regulations in order to make the interpretation more accessible to financial institutions and to the general public. It clarifies the responsibilities of financial institutions under law. OTS is also making a conforming, technical change to its Security Procedures Rule. PDF TXT 3/29/05
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Names Removed From OFAC List
OFAC has announced that the names of seven individuals designated as SDNTs have been removed from the SDN list. Information regarding the removed names has been posted on the BOL OFAC page 3/29/05.
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Regulators Proposed Changes To Credit Classifications
The federal bank and thrift regulatory agencies have requested comment on proposed changes to the supervisory framework for the classification of commercial credit exposures that would replace the current commercial loan classification system categories: "special mention," "substandard," and "doubtful".
Interagency Proposal; FRB PR; OCC NR; FDIC FIL; OTS PR 3/29/05
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OCC, FRB, FDIC, OTC Publishes Interim Final Rule in Federal Regsiter
This joint final rule implements the Community Reinvestment Act (CRA) with changes in: the Standards for Defining Metropolitan
and Micropolitan Statistical Areas published by the U.S. Office of Management and Budget (OMB) in
December 2000; census tracts designated by the U.S. Census Bureau (Census); and the Board's Regulation C,
which implements the Home Mortgage Disclosure Act (HMDA). PDF TXT 3/28/05
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Historical List Of Unauthorized Banking Alerts Issued
The OCC has issued an alphabetical list of all Alerts issued regarding unauthorized banking from 1996 to present. Alert List 3/28/05
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West Virginia Credit Union Closed
The Randolph County Federal Credit Union of Elkins, West Virginia, has been liquidated by NCUA and checks representing share deposits will be issued within one week to the members. Randolph County 3/28/05
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Minority-Owned Banks Report Released
A list, sorted by state, of minority-owned banks as of December 31, 2004, has been released by the FRB.
Minority-Owned 3/28/05
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FCRA Prescreen Opt-Out Disclosure Final Rule
The OCC has issued a Bulletin regarding a Final Rule previously published by the FTC which seeks to improve the required notice to consumers regarding their right to opt out of prescreened solicitations for credit or insurance. The rule becomes effective August 1, 2005, and requires that each prescreened offer contain a short notice that provides basic opt-out information, a toll-free number to call to opt out, and a separate long notice that provides additional information. It also establishes criteria relating to location, type size, manner of presentation, and other matters for both notices. Model notices in English and Spanish are provided.
Bulletin;
Final Rule 3/25/05
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Counterfeit Cashier's Checks Special Alerts
The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Alaska Pacific Bank, Juneau, Alaska and First Hawaiian Bank, Honolulu, Hawaii. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/23/05
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March Report Form Instructions Posted
The instructions for preparation of FFIEC 031 and FFIEC 041 March 2005 reporting forms have been posted online.
Instructions 3/23/05
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Agencies Issue FAQ On Appraisal Regulations
In response to questions from regulated institutions about the agencies' real estate appraisal regulations, the federal banking agencies have issued a FAQ which address common questions on the requirements of the appraisal regulations and the October 2003 Interagency Statement on Independence of Appraisal and Evaluation Functions.
FAQ;
October 2003 Statement;
FRB SL;
OCC Bulletin;
FDIC FIL 3/23/05
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CRA Exam Schedule Released
OTS has released its CRA examination schedule for the Second Quarter 2005.
Exam Schedule 3/23/05
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International Reserve Position Updated
Treasury has updated the U.S. International Reserve Position for the week ending March 18, 2005.
Reserve Position 3/23/05
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FOMC And BOG Raises Rates
The FOMC has announced its decision to raise the target for the federal funds rate by 25 basis points to 2-3/4 percent. In a related action, the Board of Governors unanimously approved a 25-basis-point increase in the discount rate to 3-3/4 percent.
Rates 3/23/05
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Helping Hispanic Customers Bridge Homeownership Information Gap
The March 2005 issue of FYI focuses on ways financial institutions can assist their Hispanic customers and other in the Hispanic community by providing information concerning ways to achieve homeownership.
FYI 3/23/05
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Bulletin Issued Regarding Proposed CRA Changes
The OCC has issued a Bulletin regarding the previously announced interagency proposal to revise CRA regulations. Information concerning the revisions was posted on the March 11, 2005 BOL Top Stories. Bulletin 3/22/05
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Comptroller Urges Bankers To Adjust Ways They Monitor Loan Risk
In a presentation before the BAI National Loan Review Conference, Acting Comptroller Williams noted that retail lending has undergone a dramatic transformation in recent years and urged bankers to respond by altering the way they think about consumer credit and to adopt new approaches to managing it.
Speech 3/22/05
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FDIC Issues Ombudsman Report
The FDIC has published the second in a series of periodic reports to financial industry representatives designed to provide current information about the activities of the FDIC Office of the Ombudsman.
Report 3/22/05
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Inflation Volatility Working Paper Published
The FRB has published a working paper in the IFDP series on the topic of “Optimal Inflation Persistence: Ramsey Taxation with Capital and Habits”.
Working Paper 3/22/05
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Counterfeit Cashier's Checks Alert
The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Neffs National Bank, Neffs, Pennsylvania. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/21/05
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Interagency Guidance Issued Regarding Notice Of Information Release
The federal financial regulatory agencies have issued an interpretative guidance, “Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice”. The intent of the guidance is to clarify the responsibilities of financial institutions to notify their customers under federal law.
Guidance
FRB PR;
OCC NR;
FDIC PR;
OTS PR 3/21/05
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Greenspan Discusses Community Development
In a presentation before the National Community Reinvestment Coalition Conference, Chairman Greenspan discussed empowering communities, attracting development capital, and creating opportunities for economic advancement. His commented on the use of CDCs and the CDIF fund and asset and rating system in community development programs.
Speech 3/21/05
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March 2005 Issue Electronic Interpretations and Actions Published
The OCC has published the March 2005 issue of Electronic Interpretations and Actions.
Interpretations and Actions 3/21/05
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Columbian Drug Cartel Leader And Associates Added To SDN List
OFAC has designated a Columbian drug cartel leader as a SDNT and added his name to the SDN list along with 11 front companies and individuals operating on his behalf. Information regarding the additions has been posted on the BOL OFAC page.
3/18/05
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March 31, 2005 Call Report Information
The FDIC has issued an FIL which contains instructions for completing the March 31, 2005 Call Report.
FIL
3/18/05
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Deceptive Claims of FDIC Insurance Coverage
The FDIC has issued a Special Alert regarding Asiacentury Bank that is unlawfully advertising FDIC membership on its Internet Web site.
Special Alert
3/18/05
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Counterfeit Cashier's Checks Special Alert
A Special Alert has been issued by the FDIC regarding counterfeit cashier's checks drawn on Fiduciary Trust Company International, New York, New York. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.
3/18/05
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Structure And Share Data Report Released
The FRB has released the structure and share data for U.S. offices of foreign banks report for December 2004.
Structure
3/18/05
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Assets Reports Issued
The FRB has issued the 3.12 U. S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports.
Reports
3/18/05
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FDIC Chairman Discusses Deposit Insurance Reform
In testimony before the House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, FDIC Chairman Powell discussed his view on deposit insurance reform.
Speech
3/18/05
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FRB Assesses Three CMPs
The FRB has announced the assessment of three separate CMPs against the following institutions for alleged violations of the National Flood Insurance Act: Midwest Bankcentre, St. Louis, Missouri; the HomeFederal Bank, Columbus Ohio; and First Interstate Bank, Billings, Montana. The CMPs ranged from $2,450 to $57,250.
Midwest Bankcentre;
HomeFederal;
First Interestate 3/17/05
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Consumer Affairs Letters Released
Two new Consumer Affairs Letters on the following topics have been released by the FRB: “Interagency Guidance on Overdraft Protection Programs”, and “Provisional HMDA Data Sampling Procedures”.
OD Programs;
HMDA Data 3/17/05
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HOEPA April 2005 Reference Rate Published
The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in April 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month prior to the month you received the application.
Daily H.15 Rates;
Weekly H.15 Rates 3/17/05
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OCC Releases CRA Evaluations
The OCC has released the list of CRA performance evaluations that became public during the period of February 15, 2004 through March 14, 2005. Of the 21 evaluations made public, 3 institutions were rated outstanding, 18 were satisfactory, and none were needs to improve or substantial noncompliance.
CRA 3/17/05
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Thirty-Four Enforcement Actions Announced
The OCC has announced thirty-four Enforcement Actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 3/17/05
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Prohibition Orders Issued
NCUA has announced the issuance of orders prohibiting three individuals from participating in any manner in the affairs of federally insured financial institutions. Orders
3/17/05
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Public Hearing To Be Held On Preemption Petition
The FDIC has scheduled a public hearing on May 24, 2005, to seek public comments on a preemption petition from the Financial Services Roundtable, a trade association for integrated financial services companies. The FDIC has been asked by the Roundtable to issue a rule that would provide that a state bank's home state law governs its interstate activities and those of its subsidiaries to the same extent that the National Bank Act governs a national bank's interstate business.
Hearing Notice;
Petition
Submit Comments 3/17/05
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Industrial Production And Utilization Report Issued
The FRB has issued the G.17 Industrial Production and Utilization report for February 2005.
G.17 3/17/05
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FTC Issues PR on Deposit Insurance
The FDICIA directs the FTC to prescribe the manner and content of certain disclosures that must be used by depository institutions that do not have federal deposit insurance. The Commission seeks comment on these proposed disclosure rules for non-federally
insured depository institutions. 70FR12328 (txt)
70FR12328 (txt) 3/16/05
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Counterfeit Postal Money Orders Alert
Federal Reserve Financial Services has issued a letter to alert financial institutions and their customers regarding a fraud scheme that utilizes counterfeit postal money orders.
Letter 3/16/05
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BSA/AML Director Named
The OCC has announced that John Wagner is the new Director for BSA and AML Compliance and will direct the development of examination policy and procedures.
Director 3/16/05
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FDIC Insurance Video Now On CD-Rom
The FDIC has issued a FIL that announces the Video-Overview on Deposit Insurance Coverage is now available in English or Spanish on CD-ROM to supplement the previously available DVD video.
FIL 3/16/05
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Greenspan Discusses Aging and Retirement
In testimony before the Senate Special Committee on Aging, Chairman Greenspan discussed the issues of population aging and retirement. He noted the bottom line in the success of all retirement programs is the availability of real resources at retirement. Due to the fact the Social Security trustees estimate the unfunded liability over the indefinite future to be $10.4 trillion, he stated that a thorough review of Social Security commitments--and at least some adjustment in those commitments--is urgently needed.
Testimony 3/16/05
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January International Capital Data Released
Treasury has released the International Capital Data for January 2005.
Data 3/16/05
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Cost Of Funds Reports Issued
OTS has issued the current and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - insured institutions reports.
Current;
Historical 3/16/05
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Counterfeit Cashier's Checks Special Alerts Issued
The FDIC has issued two Special Alert regarding counterfeit cashier's checks drawn on Central California Bank, Sonora, California and State Bank & Trust of Seguin, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/15/05
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OCC and Basel II
In a presentation before the Institute of International Banking, Acting Comptroller Williams noted that within the next 15 months, regulators must confront a daunting list of Basel II challenges ranging from analyzing data to issuing proposed rules, supervisory guidance and a final rule.
Speech 3/15/05
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Chairman Powell Discusses Regulatory Burdens, Basel II and BSA
FDIC Chairman Powell discussed the efforts of the agency to address the problems of regulatory burdens, the challenges of Basel II, and CRA issues in a presentation to the ICBA National Convention in San Antonio, Texas.
Speech 3/15/05
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International Reserve Position Update
Treasury has released the U.S. International Reserve Position for the week ending March 11, 2005.
Reserve Position 3/15/05
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Counterfeit Cashier's Checks Special Alert
The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Citrus Bank, Orlando, Florida. The bank is no longer in operation as it was acquired by Mercantile Bank, Orlando, Florida, a subsidiary of The South Financial Group, on July 1, 1999. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/14/05
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Greenspan Presents Views On Regulatory Burdens
In a video presentation before the Independent Community Bankers of America National Convention, Chairman Greenspan expressed his thoughts on regulatory burdens regarding Basel II, HMDA, BSA and SARs. He remarked that when implementing the law, the FRB tries to avoid unintended consequences and excessive burden by conducting intensive initial reviews that include extensive public comment, periodic review, and more-or-less continuous evaluation.
Greenspan 3/14/05
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Regulatory Burdens Discussed By Comptroller Williams
Acting OCC Comptroller Williams discussed issued raised by regulatory burdens in a speech before the Independent Community Bankers of America National Convention and noted that compliance requirements represent a serious drain on bank resources and regulatory relief should be a national priority.
Speech 3/14/05
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Quarterly Derivatives Report Issued
The OCC has issued the Quarterly Derivatives Report for the Fourth Quarter 2004.
Derivatives Report 3/14/05
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Fourth Quarter 2004 Interest Rate Risk Measures Published
OTS has published the final Interest Rate Risk Measures for the Fourth Quarter 2004.
Interest Rate Risk 3/14/05
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OCC, Federal Reserve and FDIC issue a PR on CRA
This proposed rule making would revise certain provisions implementing the Community Reinvestment Act (CRA). The current proposal would address regulatory burden imposed on some smaller banks by revising the eligibility requirements for CRA evaluation under the lending, investment, and service tests, and would provide a simplified lending test and flexible new community development including any personal information provided. PDF TXT
3/11/05
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Four Special Alerts Issued
The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on the following institutions: Teachers Credit Union, South Bend, Indiana; Pilgrim Bank, Pittsburg, Texas; New Era Bank, Fredericktown, Missouri; and missing cashier's checks drawn on Inwood National Bank, Dallas, Texas. Information concerning the counterfeit and missing cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/11/05
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FDIC Enforcement Actions Announced
The FDIC has announced that eight administrative enforcement actions were taken against banks and individuals in January 2005. The actions included one cease and desist order, one removal and prohibition order, four civil money penalty orders, and two terminations of cease and desist orders.
Enforcement Actions 3/11/05
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2004 FinCEN Annual Report Published
FinCEN has published its 2004 Annual Report which contains a list of BSA filing by type. Annual Report 3/11/05
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March 2005 FFIEC Reporting Forms Online
The FFIEC has posted the 031 and 041 reporting forms for March 2005 on its Web site.
031; 041 3/11/05
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Flow Of Funds Report Released
The FRB has released the Z.1 Flow of Funds Report for the Fourth Quarter 2004. Z.1 3/11/05
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Household Ratios Published
The Household Debt Service and Financial Obligations Ratios Report for the Fourth Quarter 2004 have been published by the FRB. Ratios 3/11/05
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Fourth Quarter Interest Rate Risk And Charge-Off Reports Issued
OTS has issued the Interest Rate Risk Exposure Report and the Charge-Off Rates Report for the Fourth Quarter 2004. Interest Rate Risk; Charge-Off 3/11/05
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Interest Rate Challenges Subject Of FDIC Outlook
The Spring 2005 issue of FDIC Outlook features articles on how institutions are managing the challenges from rising interest rates. Topics include: the development of off-site profiles of depository institutions that may be vulnerable to rising interest rates; use of rate/volume analysis to estimate the sensitivity of bank earnings to changes in interest rates; and regional perspectives on alternative methods banks are using to fund asset growth in a rising interest rate environment. Spring Outlook 3/11/05
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Federal Reserve Publishes Final Rule for Reg H and Y in Federal Register
This final rule amends risk-based capital stards for bank holding companies and addresses supervisory concerns, competitive equity considerations, and changes in generally accepted accounting principles and to strengthen the definition of regulatory capital. PDF TXT 3/10/05
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Counterfeit Postal Money Orders Special Alert
The FDIC has issued a Special Alert regarding counterfeit U.S. postal money orders that have been presented for payment at financial institutions. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page. 3/10/05
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Snow's Comments To ABA
Treasury Secretary Snow presented his views on the economy, Social Security, HSAs and BSA in remarks prepared for ABA. Remarks 3/10/05
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Beige Book Published
The FRB has published a new edition of the Beige Book based on information collected on or before February 28, 2005. Summary; Full Report 3/10/05
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to Comply with Registration Requirements
The SEC has announced the issuance of an order further extending until Sept. 30, 2005, the compliance dates for banks with respect to certain broker registration requirements contained in the GLBA. As a result, banks are not expected to develop compliance systems to meet the terms of the "broker" exceptions until the Commission amends its rules. SEC PR; Order 3/09/05
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FinCEN Reports On MSB Fact Finding Meeting
FinCEN has issued a statement regarding the issues discussed at the fact finding meeting held on March 8, 2005 concerning the ability of money services businesses to obtain banking services. The next steps the agency will take to attempt to resolve the complex problem are also listed in the statement.
Statement 3/09/05
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341a Fact Sheet Updated
FinCEN has updated its 314a Fact Sheet to include data as of March 1, 2005. Fact Sheet 3/09/05
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Federal Credit Union Liquidated
NCUA has announced that the KO-AM Federal Credit Union (KO-AM FCU) of Oakland, California, has been closed and liquidated. Checks representing share deposits will be issued within one week to the approximate 1,200 KO-AM FCU members. NCUA NR 3/09/05
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Counterfeit Cashier's Checks Alert
The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Peoples Bank National Association, Marietta, Ohio. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/08/05
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FDIC Releases CRA Ratings
The FDIC has issued its monthly list of state nonmember banks evaluated for compliance with the CRA in December 2004. CRA 3/08/05
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International Reserve Position Update
Treasury has released the U.S. International Reserve Position for the week ending March 4, 2005.
Reserve Position 3/08/05
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Statistical Releases Issued By FRB
The FRB has issued the December 31, 2005 Large Commercial Bank and January 2005 G.19 Consumer Credit statistical releases. Large Commercial Bank; G.19 3/08/05
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March 2004 Financial Holding Company List Released
The FRB has released the list of bank holding companies that have elected to be treated as financial holding companies as of March 4, 2005. FHC List 3/08/05
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Three FEDS Papers Published
Three working papers in the FEDS series with the following titles have been published by the FRB: “Job-Hopping in Silicon Valley: Some Evidence Concerning the Micro-Foundations of a High Technology Cluster”; “A Nonlinear Look at Trend MFP Growth and the Business Cycle: Result from a Hybrid Kalman/Markov Switching Model”; and “Housing, House Prices, and the Equity Premium Puzzle”.
Job-Hopping; Nonlinear Look; Puzzle 3/08/05
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OFAC Cites Bank For Kingpin Program Violation
OFAC has released its Enforcement Information for March 2005 and assessed one bank a CMP of $4,650 for a funds transfer violation under the Kingpin Sanctions Program. CMP 3/07/05
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BSA Violations Results In $750,000 CMP
The OCC has announced that a Consent Order has been entered into and a CMP issued of $750,000 has been issued against City National Bank, Beverly Hills, California, for violations of law regarding compliance with BSA. Consent Order; CMP 3/07/05
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Federal Reserve - Regulations J and CC
Proposed Rule dealing with the collection and availability of checks and other items by Federal Reserve banks and funds transfers through Fedwire: remotely created checks; definition and presentment warranties transfer and creation, with the purpose of shifting liability for unauthorized checks to the depositary bank. TXT 3/04/05
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SDNTKs Added To SDN List
OFAC has added four companies with ties to a Jamaican Kingpin to the SDN list as SDNTKs. Information regarding the additions has been posted on the BOL OFAC page. 3/04/05
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OTS Seeks Comments
OTS has solicited comments on the following: Minority Thrift Certification Form; Procedures for Monitoring Bank Secrecy Act; and Special Rules for Adjudicatory Proceedings for Certain Holding Companies. Certification Form; Monitoring BSA; Special Rules 3/04/05
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Greenspan On The Tax System
Chairman Greenspan presented his views on the tax system in testimony before the President's Advisory Panel on Federal Tax Reform. He noted that an important principal to consider is predictability in the tax code to allow households and businesses can look into the future and have some reasonable degree of certainty about the future tax implications of decisions made today.
Testimony 3/04/05
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Payday Lending Guidance Revised
The FDIC has issued a FIL regarding the revisions of its payday lending guidance to ensure that this high-cost, short-term credit product is not provided repeatedly to customers with longer-term credit needs. FDIC PR; FIL; Guidance 3/03/05
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Greenspan Expresses Views On Economic Outlook
In testimony before the House Budget Committee, Chairman Greenspan presented his view on the outlook on the economy and current fiscal issues. He noted that the U.S. economy delivered a solid performance in 2004, and thus far this year, activity appears to be expanding at a reasonably good pace. He also observed that the current budget position is unlikely to improve substantially in the coming years unless major deficit-reducing actions are taken. Testimony 3/03/05
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FRB Releases Minutes
The FRB has released the minutes of its discount rate meetings from January 3 through February 2, 2005.
Minutes 3/03/05
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Winter Issue Of Federal Reserve Bulletin Published
The Winter 2005 issue of the Federal Reserve Bulletin had been published and includes articles on the following topics: “Indexes of the Foreign Exchange Value of the Dollar”; “Industrial Production and Capacity Utilization: The 2004 Annual Revision”; “Fair Value Accounting”; and “Report on the Condition of the U.S. Banking Industry: Third Quarter, 2004”. Winter Issue 3/03/05
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IDAs A Tool For Bankers
The OCC has published an edition of Community Developments Insights addressing Individual Development Accounts, or IDAs which describes how banks can use these matched savings programs as a tool to encourage lower-income persons and families to save money and thus build assets for particular financial goals.
Insights 3/03/05
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Three Working Papers Released
The FRB has released International Finance Discussion working papers entitled: “International Risk-Sharing and the Transmission of Productivity Shocks”; ” Financial Market Developments and Economic Activity during Current Account Adjustments in Industrial Economies” and “Investment-Specific and Multifactor Productivity in Multi-Sector Open Economies: Data and Analysis”. Risk-Sharing; Market Developments; Productivity 3/03/05
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OTS Publishes Final CRA Rule in Federal Register
OTS has announced the publication of its final CRA rule to provide for additional flexibility to savings associations evaluated under the large retail institution test to determine the combination of lending, investment, and service it will use to meet the credit needs of the local communities in which it is chartered, consistent with safe and sound operations. PDF TXT 3/02/05
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OTS Published Interim Final Rule in Federal Register
OTS has issued an interim final regulation amending its rules of practice and procedure to provide streamlined to provide for expedited processing of certain actions to determine if a company is exercising a controlling influence over the management or policies of a savings association or
savings and loan holding company. Under the new procedure, a company that holds no more than ten percent of the stock of a savings association may be found to control that savings association, thereby
becoming an OTS-regulated entity. PDF TXT 3/02/05
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Reg CC Amendment Proposed Regarding Remotely Generated Checks
The FRB has requested public comment on a proposal to amend Regulation CC to set forth rules governing remotely created checks. The proposed amendments would create transfer and presentment warranties under which the depositary bank would warrant that the remotely created check that it is transferring or presenting to the paying bank is authorized by the person on whose account the check is drawn.
Proposed Amendment 3/02/05
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Counterfeit Cashier's Checks Special Alert
The FDIC has issued a Special Alert regarding cashier's checks drawn on Flagstar Bank, Troy, Michigan. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/02/05
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Trust Preferred Securities Final Rule Announced
The FRB has announced the issuance of a Final Rule regarding trust preferred securities that allows the continued limited inclusion of trust preferred securities in the tier 1 capital of BHCs, in addition to addressing supervisory concerns, competitive equity considerations, and the accounting for trust preferred securities. Final Rule 3/02/05
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OCC Second Quarter 2005 CRA Exam Schedule Released
The OCC has released its CRA examination schedule for the second quarter 2005. CRA Exam Schedule 3/02/05
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OTS Releases February 2005 CRA Ratings
OTS has released the CRA ratings for savings associations that became publicly available during February 2005. CRA Ratings 3/02/05
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2004 FTC Enforcement Actions Report Issued
The FTC has issued its annual report of Enforcement Actions taken in 2004 related to the TILA, CLA, ECOA, and EFTA. Annual Report 3/02/05
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Agreements With Ohio Institutions Announced
The FRB has announced the execution of a Written Agreement by and between Huntington Bancshares Incorporated, Columbus, Ohio, a bank holding company, and the Federal Reserve Bank of Cleveland, which addresses deficiencies relating to the company's corporate governance, internal audit, risk management and internal controls over financial reporting, accounting policies and procedures, and regulatory reporting. In addition, the OCC announced the execution of a formal agreement with Huntington National Bank, Columbus, Ohio, a wholly owned subsidiary of Huntington Bancshares Incorporated.
FRB Written Agreement; OCC Formal 3/02/05
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Pennsylvania Banker Issued Prohibition Order
The FRB has announced that an Order of Prohibition has been issued against a former employee of two Pennsylvania banks who stole funds from his employers by inflating the amount of customer deposits and adding the surplus to his personal account. Order 3/02/05
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Counterfeit Treasurer's And Cashier's Checks Special Alerts Issued
The FDIC has issued two Special Alerts regarding counterfeit treasurer's checks drawn on Eastern Bank, Boston, Massachusetts, and counterfeit cashier's checks drawn on First American Bank & Trust Company, Athens, Georgia. Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 3/01/05
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Chicago Title Pays $7.5 Million CMP For RESPA Violations
The OCC, OTS and HUD have announced that Chicago Title Company has consented to a cease and desist order and a concurrent $5 million civil money penalty as well as a $1.2 million penalty by the Texas Department of Insurance issued as part of joint investigation of the company's settlement practices. The agencies determined that Chicago Title engaged in a pattern of violations of section 4 of RESPA, by providing inaccurate HUD-1 Settlement Statements to federally insured depository institutions and borrowers. The OCC also announced today that two former bank officers involved in the fraudulent scheme have entered into consent prohibition and civil money penalty orders. OCC NR; OTS NR; Chicago Title Consent Order; Prohibition Order 1; Prohibition Order 2 3/01/05
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CAMELS Confidentiality Advisory Issued
The federal banking and thrift agencies have issued an interagency advisory to remind financial institutions that they are prohibited by law from disclosing their CAMELS rating and other nonpublic supervisory information without permission from the appropriate federal banking agency. The advisory results from insurers who have requested or required banks and savings associations to disclose their CAMELS rating during the underwriting process for directors and officers liability coverage. Advisory; FRB SL; OCC Bulletin; FDIC FIL; OTS NR 3/01/05
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Final CRA Rule Announced By OTS
OTS has announced the publication of its final CRA rule amending the large retail institution test for savings associations which is intended to reduce regulatory burden and improve the effectiveness of CRA.
CRA Rule 3/01/05
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OTS Amends Holding Company Rules
OTS has issued an interim final regulation amending its rules of practice and procedure to provide streamlined procedures to determine whether a company qualifies as a savings and loan holding company, subject to certain aspects of OTS regulatory authority.
Holding Company Rules 3/01/05
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FDIC CRA Exam Schedule Released
The FDIC has released its CRA examination schedule for the Second Quarter 2005. CRA Exam Schedule 3/01/05
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FinCEN Adjusts Strategic Plan
FinCEN has announced some interim adjustments to its Strategic Plan for 2003-2008 to reflect the agencies growing role detecting terrorist financing and also reflect an organizational realignment. Plan 3/01/05
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FRB To Stop Providing Definitive Municipal Securities Services
The FRB has issued notice that it will stop providing services to depository institutions for the collection and processing of definitive municipal securities. The agency will stop accepting deposits of bonds and coupons on September 30, 2005, in addition to the withdrawal from the noncash collection service on December 30, 2005. Notice
3/01/05
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International Reserve Position Update
Treasury has posted the U.S. International Reserve Position for the week ending February 25, 2005.
International Reserve Position 3/01/05
