Top Story Operations Related

OFAC has published in the Federal Register a final rule [79 FR 18990] amending the Iranian Transactions and Sanctions Regulations by expanding an existing general license that authorizes the exportation or reexportation of food to individuals and entities in Iran to include the broader category of agricultural commodities; clarifying and adding certain definitions in OFAC regulations; and adding a new general license that authorizes the exportation or reexportation of certain replacement parts for certain medical devices. OFAC also issued an updated series of FAQs on Iran/TSRA General Licenses.

• Check 21 Fees Announced By Reserve Banks

  The FRB has announced the Check 21 services that will be offered by the Federal Reserve Banks beginning October 28, 2004 along with the fees that will be charged for the respective services. Check 21 Services and Fees 8/31/04

• Fourth Quarter FDIC CRA Exam Schedule Issued

  The FDIC has issued the schedule and names of the institutions that will be examined during the fourth quarter 2004 for compliance with CRA. A current list of the FDIC regional offices and contact information was also issued.
  Exam Schedule; Regional Offices 8/31/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Parkway Bank and Trust Company, Harwood Heights, Illinois. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/31/04

• FDIC IT Strategic Plan Announced

  The FDIC has announced the agency's IT Strategic Plan for 2004-2007. IT Strategic Plan 8/31/04

• UBPR Enhancements Announced

  The FFIEC has issued a memo that reviews the latest changes to the UBPR which enhance the export capabilities of the standard report and expands the capabilities of the peer custom report. UBPR Changes
  8/31/04

• Greenspan Says Aging Population Impacts Global Economies

  Chairman Greenspan told the participants in a symposium in Jackson Hole, Wyoming sponsored by the Kansas City FRB that the economic implications of population aging will have a less dramatic impact on the US than that projected for other countries. He noted, however, that the effect of the expected doubling of the over-65 age category by 2035 could substantially increase budget deficits and reduce federal savings unless actions are taken. Speech 8/30/04

• Fourth Quarter 2003 Quarterly Journal Now Online

  The OCC has posted the March 2004 issue of the Quarterly Journal which contains the data from the fourth quarter 2003. It is the first issue to be distributed only electronically. The "About OCC Section" contains an organizational chart and a complete list of comptrollers. The final documents on preemption and visitorial powers are also featured. Quarterly Journal 8/30/04

• 2004 Host State Loan-To-Deposit Ratios Released

  The banking regulators have released the 2004 host state loan-to-deposit ratios that will be utilized to determine compliance with Section 109 of the Riegle-Neal Act that prohibits the establishment or acquisition of an out-of-state branch pimarily for deposit production. Section 109 Ratios; FRB PR; OCC PR; FDIC FIL 8/27/04

• Nineteen FDIC Enforcement Orders Announced

  The FDIC has announced that nineteen enforcement orders were processed in July 2004 including two cease-and-desist orders, nine removal-and-prohibition orders, seven civil money penalty orders, and one termination of a cease-and-desist order.
  Enforcement 8/27/04

• Revised IT Operations and Wholesale Payment Systems Guidance Released

  FFIEC has released two booklets containing revised guidance on IT operations and wholesale payment systems for institutions, examiners, and technology service providers. FFIEC PR; Operations Booklet; Wholesale Payment Booklet 8/27/04

• Counterfeit Cashier's Checks Overload

  The FDIC has issued six Special Alerts regarding counterfeit cashier's checks drawn on six different banks. Information regarding each of counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/27/04

• FRB Site Gets Makeover

  The FRB has redesigned its home page and secondary pages by giving each a fresh new look while adding additional informational links. The "Breaking News" section now has a prominent location on the site and the "Recent Statistical Releases" section contains links to all releases. Education initiatives are also featured and search boxes have been added on all secondary pages.
  FRB Home Page 8/27/04

• Earnings Approach Record Levels

  The FDIC released the Quarterly Banking Profile for the second quarter 2004 that indicates bank and thrift earnings were the second highest in history. Earnings; Quarterly Banking Profile 8/27/04

• June G.20 Issued

  The June 2004 G.20 Finance Companies statistical release has been issued by the FRB.
  G.20 8/27/04

• Five FEDS Papers Published

  The FRB has published five working papers in the FEDS series with the following titles: Do Liquidity Constraints Matter for New Entrepreneurs?; Is Moderate-To-High Inflation Inherently Unstable?; Monetary Policy and the Information Content of the Yield Spread; Expectation Traps in a New Keynesian Open Economy Model; and Competition, Product Differentiation and Quality Provision: An Empirical Equilibrium Analysis of Bank Branching Decisions.
  Liquidity Constraints; Inflation; Monetary Policy; Traps; Competition 8/27/04

• Input Sought For National Financial Education Strategy

  Treasury has issued a require for public comments regarding the development of the national strategy for financial education.
  Financial Education Strategy 8/27/04

• Fake Bank Web Site Exposed

  The OCC has identified a Web site that claims to be associated with the First National Bank of Bedrock, a fictitious bank. The site offers deposit accounts, investments, debit cards, and credit cards.
  Fake Bank 8/26/04

• Three International Finance Discussion Papers Released

  The FRB has released three working papers in the International Finance Discussion series on the following topics: The ET Interview: Professor David F. Hendry; Does Monetary Policy Keep Up with the Joneses? Optimal Interest-Rate Smoothing with Consumption Externalities; and Is The Corporate Loan Market Globally Integrated? A Pricing Puzzle.
  ET;
  Monetary Policy;
  Corporate Loan 8/26/04

• Second Quarter Charge-Off and Delinquency Report Issued

  The Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks Statistical Report for the second quarter 2004 has been issued by the FRB. Charge-Off 8/26/04

• OCC Issues Bulletin Regarding Check 21 Final Rule

  A Bulletin has been issued by the OCC regarding the final Reg CC amendments and commentary implementing Check 21 previously announced by the FRB. Information regarding the Reg CC amendments and commentary was posted July 27, 2004 in BOL Top Stories. Bulletin; Final Rule 8/26/04

• June UBPR Now Online

  The June 30, 2004 UBPR has been posted online by FFIEC. June UBPR
  8/26/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Banner Bank, Walla Walla, Washington. Information regarding the counterfeit cashier's checks has been posted on the BOL Alert's & Counterfeits page. 8/25/04

• Foreign Banks Receive "Primary Money Laundering Concern" Designation

  Treasury has designated the First Merchant Bank of the "Turkish Republic of Northern Cyprus" and Infobank of Belarus as financial institutions of "primary money laundering concern," pursuant to Section 311 of the USA PATRIOT Act. In addition, FINCEN has issued two NPRMs that would prohibit covered financial institutions from establishing, maintaining, administering or managing directly or indirectly any correspondent account in the United States for or on behalf of either institution. Treasury Designation; First Merchant NPRM; Infobank NPRM 8/25/04

• Fourteen Enforcement Actions Announced

  The OCC has announced fourteen Enforcement Actions that have been taken against national banks and individuals currently or formerly associated with national banks in Florida, Illinois, Texas, North Carolina, Ohio, and Tennessee. Enforcement Actions 8/25/04

• Notices Of Prohibition Issued

  The FRB has issued a Notice of Prohibition against a Missouri and a New Jersey banker.
  Missouri Banker;
  New Jersey Banker 8/25/04

• Liquidity Constraints Working Paper Released

  The FRB has released the latest working paper in the FEDS series entitled, "Do Liquidity Constraints Matter for New Entrepreneurs?
  Liquidity Constraints 8/25/04

• Fall Outlook Identifies Recovery Signs

  The focus of the Fall 2004 FDIC Outlook is on commercial lending at FDIC-insured institutions and features an article that identifies emerging signs of a recovery in commercial and industrial lending. Fall 2004 Outlook 8/25/04

• CRA "Small Bank" FIL Issued

  The FDIC has issued a FIL regarding the previously announced proposed rule which would amend the CRA definition of a "small bank". Information regarding the proposal was posted on the August 20, 2004 BOL Top Stories. FIL-96-2004 8/24/04

• 2004 Preliminary Census File Finalized

  The FFIEC reports that the 2004 preliminary census file has been finalized and has posted it on its Web site.
  2004 Census File 8/24/04

• Second Quarter TFR Data Released

  OTS has released the aggregated thrift financial report data for the second quarter 2004.
  TFR Data 8/24/04




• Today's The Day For FairPay

  The Department of Labor's new FairPay regulations take effect on August 23, 2004. They implement the exemption from minimum wage and overtime pay for executive, administrative, professional, outside sales and computer employees.
  

  Department of Labor FairPay Web site
  
  FairPay Regulations
  
  FairPay Fact Sheet for Financial Services Industry Employees
  Online Department of Labor presentations explaining the new requirements 8/23/04

• Forty-Five CRA Ratings Released

  The OCC has released the CRA ratings for forty-five national banks that were examined for CRA compliance in July and August 2004. Eight of the banks received an outstanding rating, with thirty-seven were deemed satisfactory. None were rated needs to improve or substantial nincompliance. CRA
  8/23/04

• Insurance Funds Second Quarter Financials Released

  The FDIC has released the Second Quarter 2004 financial results for the BIF and SAIF funds. BIF and SAIF 8/23/04

• FDIC PR on CRA Published in FR

  The proposed revisions to the CRA that would change the definition of ``small bank'' to raise the asset size threshold to $1 billion regardless of holding company affiliation has been published in the FR. 69FR51611 txt 69FR51611 pdf 8/20/04

• Bulletin Issued Regarding Asset Change Final Rule

  The OCC has issued a Bulletin regarding the previously announced Final Rule which require a national bank to obtain the OCC's prior written approval before making two types of fundamental changes in the composition of the bank's assets. Information concerning the Final Rule was posted in the August 17, 2004 BOL Top Stories. Bulletin 2004-37 8/20/04

• Hurricane Assistance FIL

  The FDIC has issued an FIL regarding the regulatory assistance available to financial institutions subject FDIC supervision concerning unusual lending circumstances, late filing of reports, delay in publication of notices, and Reg Z waivers.
  FIL-95-2004 8/20/04

• Unauthorized Disclosure of SARs

  FinCEN's BSA Advisory Group has issued a statement regarding the unauthorized disclosure of the information contained in a SAR.
  Statement 8/20/04

• Community Bank Lending Limit Pilot Program Extension Published in FR

  Published in the FR is a final rule announcing the extension and expansion of a pilot program that allows community national banks to lend up to the state limit in states that have lending limits higher than those available for federally-chartered institutions.
  Pilot Program 69FR51355 txt 69FR51355 pdf 8/19/04

• HMDA Site Adds FAQs

  The HMDA Reg C Web site maintained by the St. Louis FRB has added a new section containing FAQs on the following topics: applicant information, application or loan data, pricing data, transition rules and type of purchaser.
  HMDA FAQs 8/19/04

• Modification of "Community Development" Proposed By OTS

  OTS has announced that it intends to request comments on a proposal to modify the definition of "community development" for CRA purposes in an effort to encourage thrifts to participate in activities to revitalize and stabilize areas affected by natural disasters or other major community or regional disruptions. Proposal
  8/19/04

• Schedule To Online UBPR Updated

  FFIEC has updated the schedule to online UBPR. Online Schedule 8/19/04

• Second Quarter Thrift Industry Performance Reports Issued

  The OTS has issued the Second Quarter 2004 thrift industry performance reports regarding earnings, profitability, asset quality, and loan growth. Highlights; Charts; Selected Indicators 8/19/04

• OTS CRA Rule Published in FR

  The final rule for the OTS modifying the existing “small institution” test for thrifts under CRA has been published in the FR.
  69FR51155 txt 69FR51155 pdf 8/18/04

• Revision Of FFIEC 009 Proposed

  The OCC, FRB, and FDIC have issued a joint notice and request for comments regarding proposed changes to the Country Exposure Report (FFIEC 009) and the Country Exposure Information Report (FFIEC 009a).
  Notice
  Forms and Instructions 8/18/04

• National Banks Encouraged to Work With Hurricane Victims

  The OCC is encouraging national banks to work with hurricane victims by taking actions that will help them recover their financial strength and enable them to be in a better position to repay their debts. Victims 8/18/04

• NCUA Activates Disaster Relief Policy

  NCUA has activated its disaster relief policy to assist credit unions and members in areas damaged by Bonnie and Charlie.
  Disaster Relief 8/18/04

• International Reserve Position

  Treasury has released the U.S. International Reserve Position for the week ending August 13, 2004.
  International Reserve 8/18/04

• G. 17 Report Released

  The FRB has released the July 2004 G. 17 Industrial Production and Capacity Utilization report.
  G. 17 8/18/04

• FDIC Seeks Additional CRA Comments

  The FDIC previously sought comments regarding a proposed rule that would increase the small institution threshold to $500 million from $250 million. After reviewing the more than 900 comment letters received, the FDIC decided to issue a new proposal and solicit additional comments on the impact of changing the definition of a small institution to include those with total assets of up to $1 billion, regardless of holding company affiliation. Memo To FRB Board; FR Notice Draft 8/17/04

• September HOEPA Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in September 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For September, you will use the rates posted on August 13th since August 15th fell on the weekend. H.15 Weekly Rates
  8/17/04

• Seventh Issue of The SAR Activity Review Released

  FinCEN has released the seventh issue of The SAR Activity Review - Trends, Tips & Issues which contains an analysis of the suspected use of shell corporations and banks by European criminals to launder money. SAR Activity Review 8/17/04

• June OTS CRA Ratings Released

  OTS has released the thrift CRA ratings for June 2004. CRA Ratings 8/17/04

• Final Rule Issued Regarding Changing Composition Of Bank Assets Published in FR

  The OCC has issued a Final Rule for national banks that substantially change the composition of their assets through a sale or other disposition to become a dormant or “stripped” charter. In certain transactions, prior OCC approval is required. This rule has been published in the FR.
  69FR50293 txt 69FR50293 pdf 8/17/04

• June TIC Data Released

  Treasury has released the Treasury International Capital Data for June 2004. TIC Data 8/17/04

• Banking Lending Practices Survey Results

  The FRB has released the results of the July 2004 Senior Loan Officer Opinion Survey on bank lending practices regarding changes in the supply of, and demand for, bank loans to businesses and households over the past three months.
  Survey 8/17/04

• Average Cost Of Funds Data Updated

  OTS has updated the historical and current national average cost of funds ration to OTS regulated, SAIF insured institutions reports. Historical; Current 8/17/04

• Thrifts Urged To Assist Hurricane Victims

  OTS has issued a statement that efforts by thrifts to modify existing loans in the areas impacted by the damage from Hurricane Charley will be given due consideration by thrift examiners. The agency indicated that it will work with thrifts to identify ways to assist their customers’ and their communities’ recovery efforts. Additional disaster relief guidelines are found in OTS Bulletin 71. Hurricane Relief; Bulletin 71 8/17/04

• Reg Z Dollar Amounts Published in FR

  The FRB is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees
  above a certain amount. The adjusted dollar amount for 2005 is $510. 69FR50298 txt 69FR50298 pdf 8/16/04

• 314a Fact Sheet Published

  FinCEN has published a fact sheet which contains an overview of 314a activity including the number of agency requests processed and subjects of interest identified along the law enforcement actions taken as a result the information provided.
  314a Fact Sheet 8/16/04

• Sale Of Unregistered Securities Alert

  The OCC has issued an Alert regarding the sale of unregistered securities by unlicensed persons. A copy of a cease-and desist order issued by a state regulator was attached to the Alert.
  Alert;
  C&D Order 8/16/04

• FDIC June Enforcement Actions Released

  The FDIC has announced that fifteen enforcement actions were processed in June 2004. They included five removal and prohibition orders, five civil money penalty orders, two terminations of insurance orders, two orders terminating orders to cease and desist, and one adjudicated decision. Orders 8/16/04

• Two Bankers Receive Suspension and Prohibition Orders

  The FDIC has issued Suspension and Prohibition Orders against New Jersey and Missouri bankers.
  Orders 8/16/04

• OFAC FIL Issued

  The FDIC has issued an FIL regarding previously announced changes to the OFAC List. Information concerning the changes was posted August 10, 2004 on the BOL OFAC page. FIL-94-2004 8/16/04

• Annual Adjustment To TILA Trigger Published

  The FRB has published the annual adjustment of the dollar amount that triggers additional disclosure requirements under TILA for home mortgage loans that bear rates or fees above a certain amount. Trigger Adjustment 8/13/04

• National Banks May Close For Hurricanes

  The OCC has issued a proclamation allowing national bank offices affected by Hurricanes Bonnie and Charley to close at their discretion. Closing 8/13/04

• CRA Rule Finalized By OTS

  OTS has issued a final rule, effective October 1, 2004, modifying the existing “small institution” test for thrifts under CRA.
  CRA Rule 8/13/04

• Regulators File Brief In California SB1 Case

  Six federal regulatory agencies have filed an amicus curiae brief in support of an appeal of a California Federal District Court decision upholding provisions of a California law that impose restrictions on the sharing of a customer’s information between a financial institution and its affiliates. The lawsuit and appeal, filed by the ABA, the CBA and the Financial Services Roundtable, assert that the California Financial Information Privacy Act, commonly referred to as “SB1,” is contrary to applicable federal law. Brief 8/13/04

• NCUA Liquidates Ohio CU

  The NCUA has announced that Appalachian Development Federal Credit Union of Nelsonville, Ohio, has been placed into liquidation.
  Liquidation 8/13/04

• New HMDA FAQs Online

  The FFIEC has posted online new Q & As and revised answers to previous addressed questions regarding property type; action taken; preapprovals; and sex, race, and ethnicity. HMDA FAQs 8/12/04

• Guidance On Classification Of Business Entities Organized In Multiple Jurisdictions

  Treasury has issued temporary and proposed regulations regarding the proper classification for federal tax purposes of business entities organized in multiple jurisdictions. Temp Regs;
  Proposed Regs 8/12/04

• International Reserve Position Updates

  Treasury has updated the U. S. International Reserve Position report to include data as of August 6, 2004.
  International Reserve 8/12/04

• Cuban SDN Entries Change

  OFAC has added one Cuban entry to the SDN list while removing two others. Information regarding the changes can be found on the BOL OFAC page. 8/11/04

• Rates Rise

  The FOMC of the FRB has raised the target rate for fed funds and approved the discount rate requests submitted by the Federal Reserve Banks. FRB PR 8/11/04

• FRB Notice of FACTA Study Published

  The Federal Reserve Board's Notice of Study and Request for Information on investigations by furnishers of consumer information to consumer reporting agencies has been published in the Federal Register. The comment deadline is September 17, 2004. 69FR48494 (txt) 69FR48494 (pdf)8/10/04

• FDIC Hosts Discussions on Bank Tech Challenges

  Mark your calendars for August 31, 2004. FDIC will host panel discussions on the challenges financial institutions face when dealing with the latest technology trends. Some of the subjects to be addressed include ID theft, electronic scams, non-bank owned ATMs and offshore outsourcing. Announcement 8/10/04

• OFAC Publishes Request for Comment

  OFAC has published a request for comments on the effectiveness of its licensing procedures implementing the Trade Sanctions Reform and Export Enhancement Act of 2000 for the exportation of agricultural commodities, medicine, and medical devices to Sudan, Libya, and Iran. 69FR48183 (txt) 69FR48183 (pdf)8/10/04

• Three Counterfeit Cashier's Checks Alerts

  FDIC has published three new alerts relating to reports of counterfeit cashier's checks that purport to be drawn on AmericaWest Bank (the real bank's name is AmericanWest), Chittenden Trust Company, and First Commercial Bank of Florida. SA-51-2004;
  SA-50-2004;
  SA-49-2004 8/10/04

• FRB Releases Working Papers

  New working papers in the Financial and Economics Discussion Series, 2004-39 through 2004-41, have been released by the Federal Reserve Board. 2004 FEDS Papers 8/10/04

• Enhancements for FedACH Services

  The Federal Reserve Financial Services has implemented new enhancements for FedACH Services via FedLine Web. Users should experience greater functionality when gathering FedACH activity online or deriving returns and NOCs. Announcement 8/10/04

• OCC Warns of Fake Bank Web Site

  The Office of the Comptroller of the Currency has identified a Web site claiming to be associated with a national bank named Bank of NG, N.A. Neither the OCC nor any state banking authority has authorized the subject entity to operate as a bank. Alert 2004-17 8/10/04

• Pop-up Ad Spammers Settle FTC Charges

  An operation that used a feature called the “Windows Messenger Service,” which is part of the Microsoft Windows operating system, to barrage consumers’ computers with pop-up ads for the pop-up blocking software they sold has agreed to settle Federal Trade Commission charges that their marketing methods violated federal laws. Press Release 8/10/04

• OFAC Penalties, Plus Libya General License

  OFAC has issued an amended general license under the Libyan Sanctions Regulations. Plus, 15 OFAC penalty actions against financial institutions have been announced. All the details can be found on the BOL OFAC page. 8/10/04

• FRB Studies Adequacy of Investigations

  Pursuant to its obligation under the FACT Act, the Federal Reserve Board is conducting a study on the adequacy of investigations of disputed consumer information reported to consumer reporting agencies. Comments are being solicited in connection witht he study. Press Release Notice of Study 8/9/04

• G.19 Statistical Release Published

  The Federal Reserve has posted the latests G.19 Statistical Release on Consumer Credit. G.19 Statistical Release 8/9/04

• New Guidelines for Depositing Checks with Reserve Banks

  Effective September 1, 2004, new guidelines will take effect for depositing checks with Federal Reserve Banks.
  Guidelines 8/9/04

• Health Savings Accounts Information Posted

  The IRS has posted a number of documents with information about Health Savings Accounts. The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 created a new, tax-advantaged way for certain people to save for health care expenses. To be eligible to open and contribute to a Health Savings Account (HSA), an individual must be covered by a high-deductible health plan. Notice 2004-2 (updated) 88 Q&As on HSAs 8/9/04

• IRS Offers New Email Service

  Tax professionals and others interested in federal taxation can have technical guidance from the IRS e-mailed to them.
  IR 2004-105 8/9/04

• FRB To Study Disputed Credit Report Investigations

  The FRB has announced that it is conducting a study on the adequacy of investigations of disputed consumer information reported to consumer reporting agencies. In connection with the study, the regulator is soliciting public comment on issues that will assist in the preparation of the study. Study 8/6/04

• CRA Exam Results Released

  The FDIC has released the August list for banks examined for CRA compliance. CRA 8/6/04

• NCUA Issues Prohibition Orders

  Orders of Prohibition have been issued by NCUA against seven individuals which prohibit them from participating in any manner in the affairs of any federally insured financial institution. Orders 8/6/04

• 2004 Median Family Income Numbers Available

  The FFIEC has posted the HUD 2004 Estimated Metropolitan Area Median Family Income Numbers on line. 2004 8/6/04

• Don't Forget The Terrorist Hotline

  The FinCEN has issued a reminder that financial institutions can utilize a special number to report suspicious transactions that may be related to terrorist activity. Hotline 8/6/04

• Corrections Made To Basel II Study

  The FDIC has made online corrections to the FYI dated December 8, 2003, titled "Estimating the Capital Impact of Basel II in the United States". Due to an error, the paper's estimates of capital requirements for wholesale lending were lower than what the underlying assumptions and methodology should have implied.
  FYI 8/6/04

• FTC Consumer Fraud Survey Released

  The FTC has release the results of a survey of fraud in the United States that indicates that 25 million adults or 1 in 10 were victims in the year studied. Fraud Survey 8/6/04

• "Related Organizations" Handbook Published By OCC

  The OCC has published a new 107 page booklet in the Comptroller's Handbook Series entitled " Related Organizations", which helps bankers and examiners to understand the risks of relationships with entities such as affiliates and subsidiaries. Improperly managed relationships with such organizations have been a factor in many bank failures. Related Organizations" 8/5/04

• International Reserve Position

  Treasury has released the U.S. International Reserve Position report for the week ending July 30, 2004.
  International Reserve 8/5/04

• Check 21 Final Rule published in Federal Register Check 21 rules which amend Reg CC and add a new subpart have been published in the Federal Register. Final Rule; Text 8/4/04
• OFAC Adds To And Subtracts From SDN List

  OFAC has announced the addition of new entries to the SDN List with the IRAQ2 designation while deleting and modifying existing SUDAN entries. Information regarding the changes has been posted on the BOL OFAC page. 8/3/04

• Written Agreement With West Virginia Bank Announced

  The FRB and the West Virginia Division of Banking have announced that a Written Agreement has been entered into with Traders Bank, Spencer, West Virginia. Written Agreement 8/3/04

• FRB To Close Check Processing Sites

  Changes announced by the FRB to its check processing operations will result in the closing of nine current processing sites. The changes, which will occur in 2005 and 2006, are part of the FRB response to the increasing substitution of electronic payments for paper checks. A fact sheet, issued by the FRB, details the changes. Check Processing;
  Restructuring Fact Sheet 8/3/04

• July Foreign Exchange Rates Released

  The FRB has released the G.5 Foreign Exchange Rates report for July 2004.
  Foreign Exchange Rates 8/3/04

• Market Financing Estimates Announced

  Treasury has announced the market financing estimates for the Third and Fourth Quarters 2004.
  Estimates 8/3/04

• Department of Homeland Security Remarks made by Secretary of Homeland Security Tom Ridge Regarding Recent Threat Reports (August 1, 2004) - having new and unusually specific information about an al-Qaeda attack, the United States Government is raising the threat level to Orange for the financial services sector in New York City, Northern New Jersey and Washington, DC. This will allow us to increase protection in and around those buildings that require it, and also raise awareness for employees, and residents, and customers, and visitors. Read Remarks 8/2/04
• HUD Multifamily Rental Projects and Health Care Facilities: Regulatory Revisions

  This proposed rule would amend certain Federal Housing Administration (FHA) regulations to update these regulations to reflect current HUD policy in the area of multifamily rental projects and health care facilities. Proposed Rule 8/2/04

• Executive Order Removes Names From OFAC List

  President Bush has issued an Executive Order that eliminates a previously declared national emergency regarding Iraq, modifies the restrictions on certain transactions, grants new general licenses, and removes names from the OFAC SDN List. Information regarding the Executive Order has been posted on the BOL OFAC page. Executive Order
  8/2/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on People's Bank, Bridgeport, Connecticut. Information regarding the counterfeit cashier's checks have been posted on the BOL Alerts & Counterfeits page. Special Alert 8/2/04

Alert 2014-16 has been issued by the OCC to warn of counterfeit cashier's checks bearing the correct routing number of Canon National Bank, Canon City, Colorado. Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.

FDIC FIL-12-2014 has been issued to provide guidance to help financial institutions and facilitate recovery in areas of the State of Washington affected by flooding and mudslides.

Alert 2014-16 has been issued by the OCC to warn of counterfeit cashier's checks bearing the correct routing number of Canon National Bank, Canon City, Colorado. Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.

FDIC FIL-12-2014 has been issued to provide guidance to help financial institutions and facilitate recovery in areas of the State of Washington affected by flooding and mudslides.

• Ways To Reduce Fraud Losses Detailed In Report

  The Association of Certified Fraud Examiners has released its "2004 Report to the Nation on Occupational Fraud and Abuse" which contains the results of a continuing investigation of the changing methods, mores and mechanics of both domestic and international financial fraudsters. The report will be of special interest to auditors, compliance officers and security offices. It contains timely suggestions of ways for a financial institution to reduce exposure to fraud losses.
  Fraud Report 7/30/04

• Counterfeit State Warrants Special Alert

  The FDIC has issued a Special Alert regarding counterfeit warrants bearing the name of the State of Florida, Department of Financial Services. Information regarding the counterfeit warrants has been posted on the BOL Alerts & Counterfeits page. 7/30/04

• OFAC Issues Interim Final Rule Regarding Zimbabwe

  OFAC has issued an Interim Final Rule which adds new regulations that implement the provisions of a previously announced Executive Order regarding the blocking of property of persons undermining democratic processes or institutions in Zimbabwe.
  Interim Final Rule 7/30/04

• International Reserve Position

  Treasury has released the U.S. International Reserve Position for the week ending July 23, 2004.
  International Reserve 7/30/04

• Owned And Managed Receivables Report Released

  The FRB has released the G.20 Finance Companies Owned and Managed Receivables Report for May 2004.
  G.20 7/30/04

• OCC Bulletin Regarding FACT Act Model Notices

  The OCC has issued a Bulletin regarding the previously announced Final Rule implementing the FACT Act and providing Model Notices to customers concerning the furnishing of negative information to consumer reporting agencies. Information regarding the Final Rule and the Model Notices was posted June 16, 2004 in BOL Top Stories. Bulletin; Final Rule 7/30/04

• CIP Exam Procedures Issued

  The federal financial regulators have issued the procedures that will be followed by examiners when conducting a CIP examination. The procedures are designed to help financial institutions fully implement the new CIP requirements and facilitate a consistent supervisory approach among the federal financial institutions regulatory agencies. Procedures;
  FRB SL;
  OCC Bulletin;
  OTS CEO Ltr;
  FDIC;
  NCUA 7/29/04

• FinCEN Updates Zip Code List

  FinCEN has posted online the updated ZIP Code Validation List for the Mag Specs which are utilized when filing SARs and CTRs. Click on the specific form needed to obtain the new information. Updated Forms 7/29/04

• Beige Book Updates

  The FRB has published the latest updates to the Beige Book based on information collected prior to July 19, 2004.
  Beige Book Full Report;
  Summary 7/29/04

• A & L Price Tables Released

  OTS has released selected Asset and Liability Price Tables as of June 30, 2004.
  Price Tables 7/29/04

• OFAC FIL Issued

  An FIL has been issued by the FDIC regarding previously announced additions to the OFAC SDN List. Information regarding the additions was posted July 23, 2004 on the BOL OFAC page.
  FIL-88-2004 7/29/04

• Regulators Publish Risk-Based Capital Guidelines in FR

  The Regulators are amending their risk-based capital standards by removing a sunset provision that would preclude a certain
  capital treatment for asset-backed commercial paper (ABCP) programs after a certain date. 69FR44908 (txt) 69FR44908 (pdf) 7/28/04

• Currency Fitness For Circulation Guidelines Revised

  The FRB has revised the guidelines for distinguishing between federal reserve notes that are fit and unfit for further circulation. The new provisions take into account comments received from the public concerning the challenges associated with setting a clear and useable standard for certain fitness characteristics. Currency Guidelines 7/28/04

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Peoples State Bank, Wausau, Wisconsin; Centier Bank, Whiting, Indiana; and The Dime Bank, Honesdale, Pennsylvania. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 7/28/04

• July Issue Of FedFocus Posted Online

  The July issue of FedFocus is available online and features articles regarding Check 21, web access options, FedACH International and FedImage service enhancements. July FedFocus 7/28/04

• Check 21 Final Rule Issued

  The FRB has issued the final amendments to Reg CC along with commentary to implement Check 21. For more information regarding Check 21, read the articles and Q & As on the BOL Check 21 page. A series of upcoming Check 21 BOL Webinars is also listed on the BOL Learning Connect Calendar.
  Final Rule 7/27/04

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Indian River National Bank, Vero Beach, Florida. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 7/27/04

• HMDA and CRA Data Released By FFIEC

  The FFIEC has announced the availability of data on mortgage lending reported by financial institutions covered by HMDA and small business, small farm, and community development lending reported by commercial banks and thrifts covered by CRA.
  HMDA Data;
  CRA Data 7/27/04

• OTS To Conduct Financial Management Seminars

  OTS has announced plans to conduct a series of financial management seminars designed to benefit those responsible for accounting and financial reporting, coordination of auditing services or interest rate risk analysis.
  Seminars; Registration Form 7/27/04

• Regulators Enter Written Agreement With Dutch Bank

  The FRB, along with New York and Illinois bank regulators, has entered a Written Agreement with ABN AMRO Bank, N.V., Amsterdam, The Netherlands, and its New York branch regarding BSA and AML compliance. Written Agreement 7/27/04

• New International Banking Journal Gains FRB Support

  The FRB has announced that it will support the development of a new publication focused on central bank theory and practice and issued a call for research papers. The International Journal of Central Banking (IJCB) is a joint project of the Bank for International Settlements (BIS), the European Central Bank, and each of the Group of Ten (G-10) central banks. Support;
  IJCB 7/27/04

• President Issues OFAC Executive Order

  President Bush has issued an Executive Order that blocks the assets of twenty-eight individuals and adds their names to the SDN List in addition to prohibiting the importation of certain goods from Liberia. Information regarding the additions to the SDN List have been posted on the BOL OFAC page.
  Executive Order 7/26/04

• Revisions To BHC Rating System Proposed

  The FRB is requesting comments on proposed revisions to the BHC rating system to conform the system to current supervisory practices. Under the revised rating system, each holding company would be assigned a composite rating based on an evaluation and rating of three essential components of an institution's financial condition and operations. Proposal 7/26/04

• Reduction Of Regulatory Burdens Suggestions Sought

  The FDIC has issued a FIL requesting suggestions on ways to reduce the regulatory burdens associated with consumer protection regulations dealing with account/deposit relationships and miscellaneous consumer rules. FIL-86-2004 7/26/04

• NCUA Proposes Additional Conversion Disclosures

  NCUA has issued proposals to update and amend its regulations to establish certain communications and disclosures be provided to members prior to voting to convert from federal to nonfederal insurance, to terminate federal insurance, or to convert to a mutual savings bank.
  Proposals 7/26/04

• Preliminary June 30 Call Reports

  The FDIC has posted the preliminary June 30, 2004 Call Report data online.
  June Call Report Data 7/26/04

• Agencies Delay CDR Rollout

  The FRB, FDIC and OCC have announced that the October 1, 2004 rollout of the Central Data Repository, an Internet-based system created to modernize and streamline how the agencies collect, validate and distribute call report data, will be delayed to allow more time for testing and enrollment. FRB;
  FDIC; OCC 7/23/04

• Counterfeit Warrants Alert

  The OCC has issued an Alert regarding a significant increase in the circulation of counterfeit warrants bearing the name of the Florida Department of Financial Services. Information concerning ways to identify the bogus warrants is included in the Alert.
  Counterfeit Warrants Alert 7/23/04

• International Banking FIL Issued

  A FIL that proposes amendments to Parts 303, 325, 327 and 347 of the FDIC's Rules and Regulations relating to international banking by insured state nonmember banks and insured U.S. branches of foreign banks has been issued.
  FIL 85-2004; Amendments txt pdf 7/23/04

• Electronic Record Systems AL Issued

  The OCC has issued an AL which provides a basic framework for bank management to use to assess and address key issues concerning bank electronic record keeping systems and the provisions of the E-SIGN Act. OCC AL-2004-9 7/22/04

• Risks Of Instant Messaging Guidance Issued

  A FIL with an attached Guidance regarding the risks associated with publicly available instant messaging and network file-sharing has been issued by the FDIC. FIL; Guidance 7/22/04

• Self Assessment Guides Available Online

  The FDIC has posted online four Deposit Reporting Self Assessment Guides for use as references and self-assessment tools for properly reporting Call Report deposits. Self Assessment Guides 7/22/04

• International Reserve Position Update

  The FRB has updated the U.S. International Reserve Position to include data from the week ending July 16, 2004.
  International Reserve 7/22/04

• Minority-Owned Banks Report

  The FRB has issued its report of minority-owner banks as of March 31, 2004.
  Minority-Owned Banks 7/22/04

• FACTA Affiliated Marketing Comment Deadline Extended

  In a Federal Register document published June 15, 2004, the
  FTC requested comment on a proposed rule that provided for consumer notice and an opportunity to prohibit affiliates from using certain information to make or send marketing solicitations to the consumer. The Commission is extending its comment period until August 16, 2004. 69FR43546 pdf 7/21/04

• Greenspan Says Fed Will Act If Needed To Maintain Price Stability

  Chairman Greenspan presented the FRB's semiannual Monetary Policy Report To Congress and indicated that the profits of nonfinancial corporations are advancing at a pace not experienced since 1983. As a result, close attention is being paid to data regarding costs and prices when assessing the current monetary policy. He noted that the FOMC has emphasized that it will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability. Speech;
  Monetary Policy Report txt pdf 7/21/04

• Risk-Based Capital Standards Final Rule Issued

  The federal financial institution regulators have issued a Final Rule which amends their risk-based capital standards regarding the calculation of ABCP program assets that are consolidated into the balance sheet pursuant to FIN-46-R. The Rule, which will be published shortly in the Federal Register, will become effective on September 30, 2004. Final Rule;
  FRB;
  OCC;
  OTS;
  FDIC 7/21/04

• Thrift CRA Evaluations Released

  OTS has released the June 2004 CRA Performance Evaluations for savings associations.
  CRA Evaluations 7/21/04

• OCC Issues Bulletin Regarding CRA JIR

  A Bulletin has been issued by the OCC regarding the CRA Joint Interim Rule that was previously announced by the federal banking regulators, published in the Federal Register, and posted in BOL Top Stories on July 8, 2004. Bulletin 2004-33;
  JIR txt pdf 7/21/04

• Household Debt Service and Financial Obligation Ratios Released

  The FRB has released the Household Debt Service and Financial Obligations ratios for the First Quarter 2004.
  Ratios 7/20/04

• New Working Papers Published

  The FRB has published two new working papers in the International Finance Discussion series entitled: Good News Is No News? The Impact of Credit Rating Changes on the Pricing of Asset-Backed Securities; and The Delayed Response To A Technology Shock. A Flexible Price Explanation. Good News;
  Delayed Response 7/20/04

• Regulators To Withdraw Proposed CRA Amendments

  The federal financial regulators have announced their intentions to withdraw the amendments to the CRA regulations which were proposed in February 2004 and would have raised the small bank threshold in addition to allowing the reduction of a CRA rating due to abusive lending practices. FRB;
  OCC;
  OTS;
  Proposal txt; pdf 7/19/04

• August HOEPA Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in August 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H. 15 Daily Rates;
  H. 15 Weekly Rates 7/19/04

• May 2004 International Capital Data Released

  Treasury has released the International Capital Data for May 2004.
  Summary;
  Data Table 7/19/04

• FTC Publishes Rights and Notices under FCRA in FR

  The FTC is publishing for public comment two summaries of rights under the FCRA and two notices of duties under the FCRA. 69FR41616 (txt) 69FR41616 (pdf) 7/16/04

• President Signs ID Theft Act

  President Bush has signed the Identity Theft Penalty Enhancement Act which prescribes prison sentences for those who use identity theft to commit other crimes. ID Theft 7/16/04

• FIL Regarding Affiliate Marketing Opt Out NPR

  The FDIC has issued a FIL regarding the previously announced NPR that would give consumers the chance to "opt out" before a financial institution uses information provided by an affiliated company to market its products and services to the consumer. The NPR was published in the Federal Register on July 15, 2004 and comments are due by August 16, 2004. FIL-82-2004 7/16/04

• OCC Enforcement Actions Announced

  The OCC has announced seventeen enforcement actions taken against national banks and individuals currently and formerly associated with national banks. Enforcement Actions 7/16/04

• CRA Exam Results Released

  The OCC has announced the CRA ratings received by twenty-six national banks as the result of recent CRA examinations.
  CRA Ratings 7/16/04

• Counterfeit Money Orders Alert

  The OCC has issued an Alert regarding counterfeit money orders of Crown Bank, N.A., that are being issued nationwide and are being used in connection with a pre-payment fraud scheme involving merchandise ordered via the Internet. Information concerning the counterfeit money orders has been placed on the BOL Alerts & Counterfeits page.
  7/16/04

• IT Guidance Issued

  The FFIEC has issued two revised guidance booklets for examiners, financial institutions, and technology service providers on managing financial institutions' IT activities and outsourcing technology services. Management Booklet; Outsourcing Booklet 7/16/04

• Money Laundering Challenges Outlined By OCC

  Representatives of the OCC testified before the Senate Government Affairs Permanent Subcommittee on Investigations on the supervisory and enforcement actions the OCC has taken against Riggs Bank, and the challenges regulatory agencies face in combating money laundering and terrorist financing in the United States. Testimony;
  Oral Statement 7/16/04

• Stakeholder Letter Revised

  The FDIc has issued a FIL regarding the revision of its recent Letter to Stakeholders.
  FIL-81-2004; Revised Letter 7/16/04

• Cost of Funds Reports Issued

  OTS has issued the Current and Historical Cost of Funds Reports For OTS regulated, SAIF insured institutions.
  Current; Historical 7/16/04

• G. 17 Report Released

  The FRB has released the G.17 Industrial Production and Capacity Utilization report for June 2004.
  G.17 7/16/04

• FDIC Revises Insurance Reserve Ratios

  The FDIC has announce a revision of the March 31, 2004 reserve ratios, reported on May 27, 2004, for both the BIF and SAIF insurance funds. Reserve Ratios 7/15/04

• Asset Securitization Featured in Quarterly Review

  The feature article in the First Quarter 2004 issue of the Quarterly Review of Interest Rate Risk examines the growth of asset securitization. Quarterly Review 7/15/04

• Regulators' Affiliate Marketing Proposal Published

  The regulators including, the SEC have published in the Federal Register their proposed rule relating to information sharing among
  affiliates for marketing purposes. The rulemaking is required by FACTA. SEC (txt) SEC (pdf) FRB, OCC, FDIC, NCUA, OTS (txt) FRB, OCC, FDIC, NCUA, OTS (pdf)
  7/15/04

• FRB To Discontinue Large Dollar Adjustment Courtesy Calls

  FRB Financial Services has announced that the large dollar check adjustment and settlement entries courtesy calls will be discontinued effective October 1, 2004. Courtesy Calls 7/14/04

• OCC Issues Bulletin Regarding SEC Reg B

  The OCC has issued a Bulletin regarding SEC's proposed Reg B. The FDIC had previously issued a FIL regarding the proposal which was posted in the July 7, 2004 BOL Top Stories.
  OCC Bulletin 2004-31;
  FDIC FIL-79-2004;
  SEC Proposal 7/14/04

• July 9th International Reserve Position

  Treasury has released the U.S. International Reserve Position for the week ending July 9, 2004.
  International Reserve 7/14/04

• SDGT Changed By OFAC

  OFAC has changed one SDGT entry on the OFAC list which results in the addition of three new entries. Information regarding the change and the new entries has been posted on the BOL OFAC page. 7/14/04

• 2004 Credit Union Directory Available Online

  NCUA has posted its 2004 Credit Union Directory online.
  CU Directory 7/14/04

• FRB Announces Written Agreement With Illinois Bank

  The execution of a Written Agreement by and among the First Midwest Bank, Itasca, Illinois; the Illinois Department of Financial And Professional Regulation; and the Federal Reserve Bank of Chicago in which the bank agrees to enhance its compliance with AML rules and regulations, BSA and Reg H has been announced by the FRB. Written Agreement 7/13/04

• Community Developments Newsletter Now Online

  The OCC has posted the first online edition of the newsletter which focuses on how investments in New Markets Tax Credits (NMTCs) can help fill gaps in financing for projects located in economically-distressed communities.
  Community Developments 7/13/04

• International Reserve Position Update

  Treasury has released the U.S. International Reserve Position for the week ending July 2, 2004.
  International Reserve 7/12/04

• FDIC Issues Second Quarter Stakeholder Letter

  The FDIC has issued a FIL regarding the Second Quarter 2004 edition of its Letter to Stakeholders which reports on the regulator's priorities and actives during the quarter. FIL-81-2004;
  Stakeholder Letter 7/12/04

• Branch Banking Trends Featured In FYI

  The July 9, 2004 edition of the FDIC FYI contains summaries of three reports that represent the fourth installment of the FDIC’s Future of Banking Study including one which discusses the decade-long trend of bank branch growth, the reasons behind the trend, and the branching outlook going forward. FYI 7/12/04

• Survey Of Terms Report Released

  The FRB has released the E. 2 Survey of Terms of Business Lending Report for the period May 3-7, 2004. The data is collected during the middle month of each quarter and released in the middle of the succeeding month.
  E. 2 Survey 7/9/04

• May Consumer Credit Report Issued

  The G.19 Consumer Credit Report for May 2004 has been issued by the FRB.
  G. 19 7/9/04

• Comments Due on Disposal Of Consumer Information

  The FTC is publishing a supplemental initial regulatory flexibility analysis to aid the public in commenting upon the small business impact of its proposed rule implementing section 216 of the FACT Act. 69FR41219 (txt) 69FR41219 (pdf) 7/8/04

• CRA JIR Published in FR

  The Federal banking regulators have issued a Joint Interim Rule to conform their regulations implementing CRA to changes made by the OMB and Census Bureau. JIR 69FR41181 (txt) 69FR41181 (pdf)
  7/8/04

• July CRA Examination List Released

  The FDIC has released the July list of banks examined for CRA compliance.
  CRA List 7/8/04

• MSB Registration List Updated

  FinCEN has updated the MSB Registration List to include new entries as of July 1, 2004. MSB List 7/8/04

• Third Quarter Edition Quarterly Journal Now Online

  The OCC has announced that the Third Quarter 2003 edition of the Quarterly Journal has been posted on its Web site. The issue features the condition of commercial banks, as well as mergers, interpretive letters, speeches and testimony, appeals, and financial performance of national banks. It is the last issue to be distributed in printed form. Future issues will be available on-line or by CD-ROM subscription. Quarterly Journal;
  CD-ROM 7/8/04

• SDN FIL Issued

  The FDIC has issued a FIL regarding the entities recently added by OFAC to the SDN List. Information regarding the additions was posted June 30, 2004 on the BOL OFAC page.
  FIL-80-2004 7/8/04

• FMS Web Site Service Interruption Scheduled

  The FMS has announced that due to scheduled server maintenance, its Web site will be unavailable Sunday, July 11, 2004 from 7:00 a.m. until approximately 12:00 p.m., EDT. FMS Site 7/8/04

• FIL Regarding Securities Transactions NPR

  The FDIC has issued a FIL regarding the previously published SEC NPR to issue a Reg. B which would broaden the exemptions for financial institutions conducting securities transactions. Information concerning the SEC proposal was posted in the June 3, 2004 BOL Top Stories. FIL-79-2004 7/7/04

• State Profiles Updated

  The FDIC has released the Spring 2004 quarterly update of its profile of the banking and economic conditions for each state.

  State Profiles 7/7/04

• Affiliate Marketing Opt Out NPR Issued

  The federal financial institutions supervisory agencies have issued a NPR that would give consumers the chance to "opt out" before a financial institution uses information provided by an affiliated company to market its products and services to the consumer.
  Marketing Opt Out FRB; FDIC; OCC; OTS; NCUA 7/6/04

• Fraudulent OCC Online Banking Web Site

  The OCC has issued an Alert regarding a web site that purports to be an online banking site operated by the OCC. The site is an attempt to obtain personal financial information from users for identity theft purposes.
  Fraudulent Site 7/6/04

• Bank Assessed $24 Thousand Dollar OFAC Penalty

  The International Bank of Commerce, Laredo, Texas has been assessed a CMP of $24,512.79 by OFAC as the result of unblocked Cuban accounts. OFAC CMP 7/6/04

• FRB Enters Written Agreement With Texas BHC

  The FRB has announced the entering into a Written Agreement with Kenco Bancshares, Inc., Jayton, Texas regarding the violation of a condition imposed by the FRB in connection with a previously approved application.
  Written Agreement 7/6/04

• Guatemala Removed From NCCT List

  FATF has announced that Guatemala has been removed from its list of Non-Cooperating Countries and Territories.
  Guatemala;
  NCCT List 7/6/04

• OCC Issues Long Term Interest Rate Guidance

  The OCC has issued a Bulletin regarding with risk management issues associated with embedded options. The guidance emphasizes the steps banks should take in order to effectively manage interest rate risk. Bulletin 7/2/04

• Operating Circulars Revised

  FRB Financial Services has announced the revisions of Operating Circulars 4,5,6 and 7 in connection with the new Fedline Advantage access program. FRB NR;
  OC 4; OC 5; OC 6; OC 7 7/2/04

• Special Alert - Counterfeit Official Checks

  The FDIC has issued a Special Alert regarding counterfeit official checks after being advised by Heritage Bank, Jonesboro, Georgia, that counterfeit official checks bearing the institution name of Citizens National Bank (CNB), payable through BB&T, Charleston, West Virginia, are in circulation. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 7/2/04

• International Remittances and CRA

  The FFIEC has posted on its Website an interagency letter responding to an inquiry by Congressman Frank regarding the consideration of international remittance services in a CRA evaluation. Response 7/2/04

• June Foreign Exchange Rates Released

  The G.5 Foreign Exchange Rated Report for June 2004 has been released by the FRB.
  G.5 7/2/04

• Credit Card Profitability Report Delivered To Congress

  The FRB has its annual report to Congress as required by the FCCCDA regarding the profitability of credit card operations of depository institutions. Credit Card Report 7/2/04

• Ag Finance Databook Published

  The June 2004 edition of the E.15 Agricultural Finance Databook has been published by the FRB. The Databook contains farm loan information, quarterly call report data and surveys of farm credit conditions and land values. Loan Information; Call Report Data; Surveys 7/2/04

• ATMs Ahoy

  The Navy and the Financial Management Service (FMS) have announced that the Navy/Marine Cash™ financial system will be installed on 175 Navy ships through FY2008. ATMs 7/2/04

• FOC Raises Fed Funds Rate

  The FRB has announced that the FOC has raised the target rate for fed funds by 25 basis points.
  Fed Funds 7/1/04

• Travel Rule CIF Exception Expires

  July 1, 2004 is the date that the CIF exception to the BSA Travel Rule expires. The Travel Rule requires a financial institution to include certain information in transmittals of funds of $3,000 or more. The CIF Exception addressed computer programming problems by relaxing the Travel Rule's requirement that a customer's true name and address be included in a funds transmittal order, as long as alternate steps were satisfied. Travel Rule Exception (txt) (pdf) 7/1/04

• Recommended Practices Issued For Supervision Of State-Chartered Banks

  The FRB has issued a SL which contains recommended practices to enhance the state-federal coordination of the regulation of state-chartered banks. SL-04-12;
  Recommended Practices 7/1/04

• FDIC Announces Twenty-Seven Enforcement Actions

  The FDIC has announced twenty-seven enforcement actions taken against individuals and banks in May 2004. The actions included eight cease-and-desist orders, four removal-and-prohibition orders, eight civil money penalty orders, and seven terminations of cease-and-desist orders. Enforcement Actions 7/1/04

• EDS Awarded BSA Direct Contract

  FinCEN has announced that the contract for the design, development, implementation, web-hosting and support service for BSA Direct has been awarded to EDS. The contract for the information storage and delivery system requires that it be fully operational by October 2005.
  BSA Direct Contract 7/1/04

• Circulation Date For New $50 Set

  The FRB has announced that the new $50 note which contains additional anti-counterfeit features will begin circulating on September 28, 2004. Financial institutions are urged to train employees who handle cash on how to utilize the new security features.
  New $50 7/1/04

• Balkan Entries Added To SDN List

  OFAC has added three individuals and one entity to the SDN list with the BALKAN designation. Information regarding the additions has been posted on the BOL OFAC page. 7/1/04
  

• Supervisory Insights Journal Launched

  The FDIC has announced the launch of a new publication that will provide a forum for discussing how bank regulation and policy are put into practice in the field, sharing best practices, and communicating about the emerging issues that bank supervisors are facing. Articles featured in the first issue of Supervisory Insights describe a number of areas of current supervisory focus at the FDIC.
  Supervisory Insights 6/30/04

• Unauthorized Banking Special Alerts Issued

  Two Special Alerts have been issued by the FDIC regarding fourteen entities that may be conducting unauthorized banking operations in Canada and the United States.
  SA-42-2004;
  SA-43-2004 6/30/04

• International Reserve Position Published

  Treasury has published the U.S. International Reserve Position data for the week ending June 25, 2004.
  International Reserve Position 6/30/04

• Basel II White Paper Released

  The FRB has released a Basel II Capital Accord white paper entitled, "Implications of Alternative Operational Risk Modeling Techniques".
  Implications http://www.treas.gov/press/releases/2004629142850835.htm
  April G.20 Issued
  The G.20 Finance Companies Statistical Release for April 2004 had been issued by the FRB.
  G.20 6/30/04

• FDIC Proposes Changes To Assessment Certified Statement Rule

  A FIL has been issued by the FDIC regarding comments to proposed changes to the Assessment Certified Statement Rule.
  FIL-74-2004 6/28/04

• Agencies Announce Basel II Implementation Plans

  The Basel Committee on Bank Supervision has released the "International Convergence of Capital Measurement and Capital Standards: A Revised Framework", also know as Basel II, which represents the outcome of the Committee's work to secure international convergence on revisions to regulations and standards governing the capital adequacy of internationally active banking organizations. The document will form the basis upon which the federal banking agencies will develop proposed revisions to existing capital adequacy regulations and standards. Basel Committee; Basel II; OCC; FRB; OTS; FDIC 6/28/04

• IFDP Working Paper Published

  A working paper in the International Finance Discussion Papers series, "The Information Content of Forward and Futures Prices: Market Expectations and the Price of Risk", has been published by the FRB. Information Content 6/28/04

• SDN FIL Issued

  The FDIC has issued a FIL regarding previously announced additions to the OFAC SDN list. Information regarding the new entries was posted June 23, 2004 on the BOL OFAC page.
  FIL-76-2004 6/28/04

• Affiliate Marketing Notice and Opt Out NPR To Be Issued

  The federal financial regulators have approved the issuance of a NPR regarding the implementation of the affiliate marketing notice and opt out provisions of FCRA. FRB; OCC 6/25/04

• Thirty-Four OCC CRA Evaluations Released

  The OCC has released the CRA evaluations for thirty-four national banks. Four institutions were rated outstanding and thirty received a satisfactory rating. CRA 6/25/04

• OTS CRA Ratings Announced

  The OTS has announced the March, April and May CRA ratings for savings associations that became publicly available during the reporting periods. March; April; May 6/25/04

• More SBA Lending For Credit Unions Proposed

  NCUA has issued a proposal to amend the agency’s MBL rule to enable credit unions to participate more fully in SBA guaranteed loan programs. Proposal 6/25/04

• Availability of funds and collection of checks (Regulation CC):

  Routing number guide to next-day availability checks and local checks; technical amendment. Final Rule PDF  TEXT 6/25/04

• Equal credit opportunity, electronic fund transfers, consumer leasing, truth in lending, and truth in savings (Regulations B, E, M, Z, and DD)

  : Clear and conspicuous disclosures; withdrawn.

  Proposed Rule PDF   TEXT 6/25/04

• Synthetic CDOs Working Paper Published

  A FEDS series working paper entitled, "Understanding the Risks of Synthetic CDOs", has been published by the FRB.

  Synthetic CDOs 6/25/04

• June Electronic Interpretations and Actions Posted

  The June 2004 Issue of New Electronic Interpretations and Actions has been posted on the OCC web site.
  

  Electronic Interpretations 6/25/04

• Italian al Qaida Members Added To OFAC List

  Six individuals, who are members of an Italian al Qaida cell, have been added to the OFAC SDN list as SDGTs. Information regarding the additions has been posted on the BOL OFAC page. 6/25/04

• Happy Birthday To Do Not Call

  To celebrate the first anniversary of the national Do Not Call Registry, the FTC has released updated registration and complaint figures. Sixty-two million telephone numbers have been registered and four hundred twenty-eight thousand possible violations have been reported. Do Not Call 6/25/04

• Free Annual Credit Reports Rule Published in FR

  The FTC has published in the FR a final rule regarding the providing of free annual credit reports to consumers under FACTA and FCRA. A centralized source will be created to accept consumers' requests for their reports. 69FR35467> (txt) 69FR35467 (pdf) 6/24/04

• Former Bank Executives Indicted

  Three former senior executive officers of Hamilton Bancorp and Hamilton Bank have been indicted by a federal grand jury in Miami, Florida for conspiracy, wire fraud, securities fraud, false filings with the SEC, false statements to accountants, obstruction of an examination of a financial institution, and making false statements to OCC. Indictment 6/24/04

• Regulators To Form BSA/AML Working Group

  The FFIEC has announced plans to form an interagency working group to improve communications between federal banking agencies and the FFIEC regarding BSA and AML issues. Working Group 6/24/04

• FRB Withdraws Proposed Revisions

  The FRB has announced that the proposed revisions to Regulations B, E, M, Z, and DD which sought to more specifically define the standard for providing "clear and conspicuous" disclosures have been withdrawn. Withdrawal 6/23/04

• Reg CC Amendments Announced

  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 Fourth, Fifth, and Eighth Districts. Reg CC 6/23/04

• Regulatory Burdens Impact Financial Institutions and Their Customers

  In presentations before the Senate Banking Committee, OCC Chief Counsel Williams, OTS Chief Counsel Bowman, and FDIC Vice Chairman Reich addressed the problem of the regulatory burden on financial institutions and the impact on their customers. Williams;
  Bowman;
  Reich 6/23/04

• Electric Record Keeping AL Issued

  The OCC has issued an AL which identifies issues regarding bank electronic record systems in light of the E-SIGN Act. The letter provides a basic framework that bank management can use to assess and address key issues posed by electronic record keeping systems.
  AL-2004-9 6/22/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Surety Bank, Deland, Florida. Information regarding the counterfeit cashier's checks have been posted on the BOL Alerts & Counterfeits page. 6/22/04

• Greenspan Takes Oath

  Chairman Greenspan has taken the oath of office and has been sworn in for his fifth term as Chairman of the Board of Governors of the Federal Reserve System. Greenspan 6/22/04

• Comment Period Extended

  Five federal regulators have extended for 30 days the comment period on the proposed Interagency Statement on Sound Practices Concerning Complex Structured Finance Activities first published in the Federal Register on May 19, 2004. The public comment period will now end July 19, 2004. Original Statement; FRB; OCC; FDIC; OTS;
  SEC 6/21/04

• SCRA AL Issued

  An AL has been issued by the OCC which provides information about provisions of the Servicemembers Civil Relief Act that are most likely to affect national banks. For additional SCRA information, check out the BOL SCRA page. AL 2004-8 6/21/04

• Derivative Volume Exceeds $76 Trillion

  The OCC has published the First Quarter 2004 Bank Derivates Report which indicates the amount of derivatives in insured commercial bank portfolios exceeds $76 Trillion dollars. Derivatives Report 6/21/04

• Order Of Prohibition Issued

  The FRB has issued an Order of Prohibition against a former employee of First Tennessee Bank and Bank of America. The former employee is prohibited from participating in the conduct of the affairs of any financial institution or holding company. Order 6/18/04

• Proposed Amendments to Reg J Published in FR

  The FRB is publishing for comment a proposed rule that would amend subpart A of Regulation J to provide for the
  rights and obligations of sending banks, paying banks, returning banks, and Reserve Banks in connection with collection of substitute checks and items that have been converted to electronic form. 69FR34086 (txt) 69FR34086 (pdf)6/18/04

• Bulletin and FIL Issued Regarding Disposal Of Consumer Information NPRM

  A Bulletin and a FIL have been issued by the OCC and the FDIC regarding the previously announced NPRM concerning the proper disposal of consumer information derived from credit reports. Notice of the NPRM was posted June 9, 2004 in BOL Top Stories. OCC Bulletin 2004-28; FIL -73-2004 6/18/04

• CAC Nominations Sought

  The FRB has announced that it is seeking nominations for appointments to its Consumer Advisory Council. Eleven new members will be appointed to serve three-year terms beginning in January 2005. Nominations

• Guidance Issued On Acceptance Of Foreign Accounts

  The federal financial regulators have issued an Interagency Advisory regarding the acceptance of accounts from foreign governments, foreign embassies and foreign political figures. Foreign Account Guidance;
  FinCEN;
  Treasury PR;
  FRB SR;
  OCC Bulletin;
  OTS NR;
  FDIC FIL 6/17/04

• Fraudulent Information Requests Special Alert

  The FDIC has issued a Special Alert concerning faxes received by foreign financial institutions containing requests for financial information that appear to have been sent by the FDIC and falsely claim that the FDIC is soliciting mandatory customer information as part of money laundering and anti-terrorism measures. Special Alert 6/17/04

• July HOEPA Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in July 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H.15 Daily Rates;
  H. 15 Weekly Rates 6/17/04

• OCC Enforcement Actions Announced

  The OCC has announced twenty-one Enforcement Actions against national banks and individuals formerly associated with national banks in Illinois, Minnesota, Nebraska, Ohio, Pennsylvania, Texas and California.
  Enforcement Actions 6/17/04

• Beige Book Updated

  The FRB of St. Louis has published the June 2004 update to the Beige Book.
  Summary;
  Full Report 6/17/04

• OFAC Overview And Mission

  In a presentation before a House Subcommittee, the Director Newcomb reviewed OFAC's core mission, organizational structure, designation programs, legal authorizations, mission against drug cartels, counter-terrorism program, key node strategy, foreign counterparts, and vision for the future. Speech 6/17/04

• Final Interest Rate Risk Measures Published

  OTS has published the First Quarter 2004 Final Thrift Industry Interest Rate Risk Measures Report.
  Final Report 6/17/04

• OFAC Changes Cuban Assets Control Regs

  OFAC has announced changes to the Cuban Assets Control Regulations. Information regarding the changes has been posted on the BOL OFAC page. 6/17/04

• FRB Announces Payment System Evolution Strategy

  The FRB has announced a strategy to adapt to the changes that will occur in the payments system as the result of the implementation of Check 21. Strategy 6/17/04

• May G.17 Report Issued

  The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for May 2004.
  G.17 6/17/04

• Foreign Bank Structure And Share Data Released

  The March 2004 structure and share data for U.S. offices of foreign banks report has been released by the FRB.
  Structure And Share 6/17/04

• Classification Of Bank Assets Revised

  The federal financial regulators have revised the Agencies' Uniform Agreement on the Classification of Assets and Appraisal of Securities Held by Banks and Thrifts. The revision, which is the first since 1979, does not change the classification of loans.
  Uniform Agreement;
  FRB SR;
  OCC Bulletin;
  OTS CEO Letter;
  FDIC FIL 6/16/04

• HMDA Data Collection Rules Reference Materials

  The FDIC has issued a FIL that highlights the changes to Reg C, reviews the transition rules, and lists the OMB's new geographic definitions. FIL-71-2004 6/16/04

• FTC to Conduct Credit Score Study

  The FTC has announced plans to conduct a study on the effects of credit scores and credit-based insurance scores on the price and availability of mortgages, auto loans, credit cards, insurance, and other financial products. As required by law, public comments are being sought regarding the prescribed methodology and research design of the study. Credit Score Study 6/16/04

• International Reserve Position and TIC Data Released

  Treasury has released the U.S. International Reserve Position data for the week ending June 11, 2004 and the Treasury International Capital data for April 2004. International Reserve
  TIC 6/16/04

• Bank Merger Study Published

  The FRB has published a study of the bank merger activity in the United States from 1994 to 2003.
  Merger Study 6/16/04

• Four FEDS Papers Released

  The FRB has announced the release of four working papers in the FEDS series with the following titles: The Decline in Household Saving and the Wealth Effect; To Leave or Not to Leave: The Distribution of Bequest Motives; Employer-to-Employer Flows in the U.S. Labor Market: The Complete Picture of Gross Worker Flows; and Transparency and Monetary Policy: What Does the Academic Literature tell Policymakers?. Decline;
  Leave;
  Flows;
  Transparency 6/16/04

• Cost Of Funds Ratios Issued

  OTS has issued the current and historical national average cost of funds ratios for OTS regulated, SAIF insured institutions.
  Current; Historical
  6/16/04

• Reg V Final Rule adds Model Notices

  The revisions add model notices that financial institutions may use to comply with the notice requirement relating to furnishing negative information contained in section 217 of the Fair and Accurate Credit Transactions Act of 2003. 69FR33281 (txt) 69FR33281 (pdf) 6/16/04

• Morgan And Bank One Merger Approved

  The FRB has issued an Order approving the merger of J.P. Morgan Chase & Co. and Bank One Corporation resulting in the creation of second largest depository institution in the U.S. with total consolidated assets of approximately $1.1 Trillion.
  Merger Order 6/15/04

• SDN FIL Issued

  The FDIC has issued FIL-68-2004 regarding previously announced SDGT additions to the OFAC SDN list. Information concerning the new SDGTs was posted June 10, 2004 on the BOL OFAC page. 6/15/04

• Changes To Call Report Instructions Proposed

  The federal financial regulators have issued a joint notice and request for comment regarding two proposed instructional changes that will affect how information concerning certain securitized loans and "when-issued" securities are listed on the Call Report.
  Joint Notice 6/11/04

• Supervisory Decisions Appeals Process Updated

  OTS has announced that the appeals process regarding supervisory decisions has been updated to include the review and appeal of the risk or complexity classification that OTS uses in calculating holding company assessments. Appeals Process 6/11/04

• FRB Small Business Finance Survey Underway

  The FRB has commenced a Survey of Small Business Finances aimed at increasing policymakers' understanding of how economic and regulatory changes affect small firms' access to credit. A letter from Chairman Greenspan encouraging participation in the survey will be mailed to about 12,000 small-business owners. FRB Survey;
  Greenspan Letter 6/11/04

• FIL Issued Regarding SAR Safe Harbor Status

  The FDIC has issued FIL-76-2004 regarding a previously released Interagency Guidance which addressed the Federal Court reaffirmation protecting financial institutions and their employees from civil liability for filing a SAR. Information concerning the Guidance was posted May 26, 2004 in BOL Top Stories. SAR 04-86/11/04

• OFAC Adds SDGTs

  OFAC has announced that one individual and two entities have been designated as SDGTs and added to the SDN list. Information regarding the new names has been posted on the BOL OFAC page. 6/11/04

• Flow of Funds Report Released

  The FRB has released the June 2004 Z.1 Flow of Funds Accounts of the United States report
  Z.1 6/11/04

• OCC Extends Lending Limits Pilot Program

  Under the pilot program, eligible national banks with main offices located in states that prescribe a higher lending limit for residential real estate loans or small business loans than the current Federal limit may apply to take part in the program and use the higher limits. 69FR32435 (txt) 69FR32435 (pdf) 6/10/04

• OTS Closed Friday

  OTS has announced that it will close on Friday, June 11 in observance of the National Day of Mourning for former President Ronald Reagan. The agency also indicated that OTS-chartered federal savings associations choosing to close on Friday may do so without objection from OTS. OTS Friday 6/10/04

• FFIEC Posts June Reporting Forms

  The FFIEC has posted the 031 and 041 June 2004 Reporting Forms on its Web Site.
  031; 041 6/10/04

• Spring 2004 Federal Reserve Bulletin Published

  The FRB has published the Spring 2004 issue of the Federal Reserve Bulletin.
  Spring 2004 Bulletin 6/10/04

• Some National Banks May Close Friday

  The OCC has issued a proclamation advising national banks that under federal law they may close their offices Friday, at their discretion, in any state in which the governor or other authorized official has declared a legal holiday in recognition of the National Day of Mourning for President Reagan. Proclamation 6/9/04

• Counterfeit Cashier's Checks Special Alert



The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Santa Clara Valley Bank, N.A., Santa Paula, California and Bank of Brookhaven, Brookhaven, Mississippi. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 6/9/04

• Disposal Of Consumer Information NPR

  The federal financial regulators have issued a NPR regarding the proper disposal of consumer information under the provisions of the FACT Act. The proposal would require institutions to develop, implement and maintain as part of their information security programs appropriate measures to dispose of consumer information to guard against identity theft. This was previously announced in Top Stories on June 8th. NPR;
  FRB PR;
  OCC PR;
  FDIC;
  OTS PR 6/9/04

• Reg V Amendments Issued

  The FRB has issued a Final Rule amending Reg V by adding model notices for financial institutions to use if they furnish negative information to consumer reporting agencies. Reg V 6/9/04

• Third Quarter CRA Exam Schedule Announced

  OTS has announced that 113 CRA examinations are scheduled to be conducted in the third quarter 2004.
  CRA Schedule 6/9/04

• C & D Issued Against Arkansas CU

  NCUA has announced that a Cease and Desist Order has been issued against the Northeast Arkansas Federal Credit Union.
  Order;
  Stipulation 6/9/04

• FTC Seeks Comments Regarding Providing Credit Reports To Consumers

  The Federal Trade Commission is seeking public comment to aid its staff in preparing a study examining “the effects of requiring that a consumer who has experienced an adverse action based on a credit report receive a copy of the same credit report that the creditor relied on in taking the adverse action." Comments
  6/9/04

• 2003 Corporate Medium-Term Notes Report Released

  The 2003 Corporate Medium-Term Notes Report has been released by the FRB. Corporate Medium-Term Notes 6/9/04

• FCRA Proposal on Disposal of Consumer Information

  The proposal would require each financial institution to develop, implement, and maintain appropriate measures to properly dispose of consumer information derived from consumer reports to address the risks associated with identity theft. 69FR31913 (pdf) 69FR31913 (txt) 6/8/04

• FDIC Issued PR on Deposit Insurance Assessment

  The FDIC proposes to modernize and simplify its deposit insurance assessment regulations governing certified statements, to provide regulatory burden relief to insured depository institutions. Under the proposal, insured institutions would be required to obtain their certified statements on the Internet via the FDIC's transaction-based e-business website, FDICconnect. 69FR31922 (pdf) 69FR31922 (txt) 6/8/04

• Regional Reserve Banks To Be Open Friday

  The FRB has announced that its Washington, D.C. office will be closed on Friday, June 11 in observance of the national day of mourning for former President Reagan. The regional Reserve Banks will be open during normal business hours and will provide all financial services as usual. FRB PR
  6/8/04

• Computer Virus Protection Guidance Issued

  The FDIC has issued an FIL concerning the importance of developing and maintaining an effective computer virus protection program.
  Virus Guidance 6/8/04

• "Offshoring" Risks Examined

  The results of a study regarding the associated risks of offshore outsourcing by financial institutions from a safety and soundness perspective and with particular emphasis on the threats posed to customer privacy has been released by the FDIC. Offshoring Study 6/8/04

• FIL Regarding Overdraft Protection Guidance

  The FDIC has issued FIL-63-2004 regarding the previously announced proposed Interagency Guidance concerning overdraft protection plans. The proposal was published in the Federal Register on June 7, 2004 and comments are due on or before August 6, 2004. Information regarding the Guidance was posted in the June 1, 2004 BOL Top Stories.
  6/8/04

• CRA Ratings Announced

  The FDIC has announced the June 2004 list of CRA ratings that were issued for banks examined in March 2004.
  CRA Ratings 6/8/04

• Failed Bank Data Available Online

  The FDIC has posted the balance sheet summaries on all failed banks that have been placed in FDIC receivership since October 2000 on its Web site. Failed Bank Data 6/8/04

• June FHC List Released

  The FRB has released the list of bank holding companies that have elected to become or be treated as financial holding companies as of June 4, 2004. FHC List 6/8/04

• April Consumer Credit Report Issued

  The G. 19 Consumer Credit Report for April 2004 has been issued by the FRB.
  G. 19 6/8/04

• Truth in Savings Reg. DD - Proposed Rule

  SUMMARY: The Board proposes to amend Regulation DD, which implements the Truth in Savings Act, and the staff commentary to the regulation, to address concerns about the uniformity and adequacy of information provided to consumers when they overdraw their accounts. The proposed amendments, in part, address a specific service offered by depository institutions, commonly referred to as ‘‘bounced-check protection’’ or ‘‘courtesy overdraft protection.’’ Text Version; PDF Version 6/7/04

• Privacy Act Implementation - Proposed Rule

  SUMMARY: The Board of Governors of the Federal Reserve System (Board) proposes to amend its regulation implementing the Privacy Act of 1974. The primary proposed changes concern the waiver of copying fees charged to current or former Board employees for access to records under the Privacy Act, and the special procedures for release of medical records. In addition, the Board is proposing to make minor editorial
  and technical changes. Text Version; PDF Version 6/7/04

• Interagency Guidance on Overdraft Protection Services

  Member agencies of the Federal Financial Institutions Examination Council (FFIEC), the OCC, Board, FDIC, OTS, and NCUA (the Agencies), request comments on this proposed Interagency Guidance on Overdraft Protection Programs (Guidance). This proposed Guidance is intended to assist insured depository institutions in the responsible disclosure and administration of overdraft protection services.
  Text Notice;
  PDF Notice 6/7/04

• Free Annual Credit Reports Final Rule

  The FTC has issued a final rule regarding the providing of free annual credit reports to consumers under FACTA and FCRA. A centralized source will be created to accept consumers' requests for their reports.
  FTC PR;
  Final Rule 6/7/04

• Reg J Amendment Proposed

  The FRB has proposed an amendment to Regulation J, which governs Reserve Banks' collection of checks and other cash items, to cover the entire range of check processing services that the Reserve Banks plan to offer once Check 21 becomes effective.
  Reg J 6/7/04

• AML Guidance On MSB Customers

  The OCC has issued an Advisory Letter that provides guidance to national banks that provide banking services to money services businesses (MSBs).
  Guidance 6/7/04

• Charge-Off And Delinquency Rate Data Released

  The FRB has released the charge-off and delinquency rates on loans and leases at commercial banks that were compiled from the quarterly FFIEC Consolidated Reports of Condition and Income.
  Charge-Off 6/7/04

• Privacy Act Amendment Regarding Disclosure of Medical Information

  The FRB has issued a proposed amendment to the Privacy Act which provides special procedures for the release of medical records.
  Privacy Act 6/7/04

• First Quarter Preliminary IRR Measures Released

  OTS has issued the preliminary IRR Measures report for the first quarter 2004.
  IRR 6/7/04

• Spring 2004 Issue FDIC Consumer News Published

  The Spring 2004 issue of the FDIC Consumer News has been published and contains article on using ATMs, ways to learn about FDIC insurance, fraudulent emails, predatory lending and warnings about some credit counseling firms.
  Consumer News 6/7/04

• Large Bank Ranking Released

  The ranking of insured U.S.-chartered commercial banks that have consolidated assets of $300 million or more as March 31, 2004 has been released by the FRB.
  Ranking 6/7/04

• May Issue FedFocus Published

  The May 2004 issue of FedFocus has been published and contains articles on Check 21, FedLine Advantage, information security; and Fed ACH service to Mexico.
  May FedFocus 6/7/04

• FRB Announces Written Agreement With Utah BHC And Bank

  A Written Agreement has been executed by and among Utah Bancshares, Ephraim, Utah; the Bank of Ephraim, Ephraim, Utah; the Utah State Department of Financial Institutions; and the Federal Reserve Bank of San Francisco. Written Agreement 6/4/04

• OCC Review Own Actions Regarding Riggs

  Comptroller Hawke indicated in testimony before the Senate Banking committee that the OCC is conducting a review of the agency's handling of the BSA compliance at Riggs Bank, N.A. Oral Statement;
  Testimony 6/4/04

• International Reserve Position Update

  The data regarding the U.S. International Reserve Position as of the week ending May 28, 2004 has been released by Treasury.
  International Reserve Position 6/4/04

• OFAC Adds SDGT

  An individual has been added to the OFAC SDN list as a SDGT. Information regarding the new entry has been posted on the BOL OFAC page. 6/4/04

• Lessons Learned From Regulatory Failures

  In testimony before a House sub-committee, Thomas C. Baxter, Jr., Executive Vice President and General Counsel of the Federal Reserve Bank of New York, discussed the regulatory failures at Riggs Bank and UBS.
  FRB Testimony 6/3/04

• SEC Proposes New Bank Broker Regulation

  The SEC has announced that it will publish for comment a proposed Regulation B. This new regulation is designed to implement provisions of the GLB Act that delineate the securities activities banks may engage in without registering as brokers under the Securities Exchange Act of 1934. Proposal 6/3/04

• Challenges Of Combating ML

  The Deputy Chief Counsel of the OCC, Daniel Stipano, in testimony before a House sub-committee, reviewed the challenges facing the OCC and other regulators in combating money laundering. OCC Testimony 6/3/04

• It's SOD Time Again

  The FDIC has issued a FIL regarding the annual Summary of Deposits survey filing deadlines which vary depending on the method of filing.
  FIL-61-2004 6/3/04

• Mortgage Broker Tricked Customers

  The FTC has charged a California mortgage broker of tricking customers by deceptive advertisements that offered "fixed rate loans" that were actually adjustable rate mortgages. Deceptive Ads 6/3/04

• Nine FEDS Papers Published

  The FRB has published nine working papers in the FEDS series with the following titles: 401(k) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers; Commercial Lending and Distance: Evidence from Community Reinvestment Act Data; Optimal Inflation in an Open Economy with Imperfect Competition; Cross-Border Diversification in Bank Asset Portfolios; Loan Commitments and Private Firms; Fresh Start or Head Start? The Effect of Filing for Personal Bankruptcy on the Labor Supply; Overnight Interbank Loan Markets; Technology, Capital Spending, and Capacity Utilization; and How Fast Do Personal Computers Depreciate? Concepts and New Estimates.
  401(k);
  Commercial Lending;
  Optimal Inflation;
  Cross-Border;
  Loan Commitments;
  Fresh Start;
  Overnight;
  Capital Spending;
  How Fast 6/3/04

• Branches Of Islamic Foundation Added To OFAC List

  OFAC has added five branches of the Al-Haramain Islamic Foundation and its former leader to the SDN list. Information regarding the additions has been placed on the BOL OFAC page. 6/3/04

• Steps to Improve Information Security

  A just-released GAO report focuses on information security problems found within the FDIC, but the lessons learned should be adapted and applied to financial institutions as well. We’ll summarize the report and give you advice on what steps you should take immediately to ensure that you are doing all you can to secure the sensitive information that you control. And, be sure and take advantage of the special tool we've included as well.
  Read the Article 6/2/04

• June HOEPA Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in June 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For June, you will use the rates posted on May 14th since May 15th fell on the weekend.
  H. 15 Daily Rates; H. 15 Weekly Rates 6/2/04

• Written Agreement With Wisconsin BHC

  The FRB has announced the execution of a Written Agreement with CIB Marine Bancshares, Inc., Pewaukee, Wisconsin.
  Written Agreement 6/2/04

• Bogus Mortgage Brokers Charged By FTC

  The FTC has charged a group of Colorado-based mortgage brokers with violating federal laws by deceptively claiming that they will refinance consumers’ mortgages at the lowest rates available at no cost to the consumer. A U.S. district court judge has issued a TRO barring the defendants’ illegal business practices and freezing their assets. Bogus Brokers 6/2/04

• Third Quarter CRA Exam Schedule Issued

  The CRA examination schedule for the third quarter 2004 has been issued by the OCC. Exam Schedule 6/2/04

• IRS ID Theft Scheme Warning

  The IRS has issued a warning of a fraudulent scheme targeting non-resident aliens who have income from a United States source. The scheme uses fictitious IRS correspondence and an altered IRS form in an attempt to trick the foreign persons into disclosing their personal and financial data. IRS Warning 6/2/04

• May Foreign Exchange Rates Released

  The G. 5 Foreign Exchange Rates for May 2004 have been released by the FRB.
  Exchange Rates 6/2/04

• 2003 Fact Book Published By OTS

  OTS has announced the publication of the 2003 Fact Book which contains a statistical profile of the thrift industry.
  Fact Book 6/2/04

• March UBPR Available

  FFIEC has announced that the March 31, 2004 UBPR is now available online.
  March UBPR 6/2/04

• Narcotics Kingpins Added To OFAC List

  OFAC has announced the addition of ten individuals to the SDN list with the designation of SDNTK and the blocking of all assets of an additional thirteen entities. Information regarding the additions has been posted on the BOL OFAC page. 6/2/04

• Reg DD Amendments Proposed

  The FRB has proposed a Rule amending Reg DD as a result of concerns regarding the information that is provided to consumers about some overdraft protection plans. In addition, the federal regulators have issued a proposed Interagency Guidance on the marketing, disclosure, and implementation of overdraft protection programs. FRB Reg DD NPR;   
  Interagency Guidance;   
  FRB NR;   
  OCC NR;   
  OTS NR;   
  FDIC PR;   
  NCUA PR 6/1/04

• FinCEN al Qaeda Special Alert

  Pursuant to a request from the U.S. Attorney General regarding assistance in locating seven individuals, FinCEN has issued a Special Alert which provides identifying information for use by financial institutions. al Qaeda 6/1/04

• OCC Fraudulent Emails

  The OCC has issued an Alert regarding fraudulent emails that appear to be sent by the OCC involving international payments being held by the OCC. Email Alert 6/1/04

• FTC Comments On FACT Act Proposals

  The FTC has issued comments to the federal banking regulators regarding the proposal to prohibit creditors from obtaining or using medical information in credit decisions. FTC Comments 6/1/04

• Assessments And Fees Final Rule

  The OTS has issued a Final Rule regarding its assessments and fees.
  Final Rule 6/1/04

• Changes To OFAC SDN Data Files

  OFAC issued a reminder of the previously announced upcoming changes to the SDN data files. Information regarding the changes has been posted on the BOL OFAC Page. 6/1/04

• March G. 20 Released

  The FRB has released the G. 20 Finance Companies Report for March 2004.
  G. 20 6/1/04
  

• OCC Exclusive Visitorial Powers Upheld

  The U.S. District Court for the District of Connecticut has issued an opinion in a case regarding whether a state regulator could exercise "visitorial powers" over a subsidiary of a national bank. The Court determined that the OCC's recent issuance of a Final Rule regarding the exclusive nature of federal regulator's powers was a reasonable interpretation and must be upheld. The Court reject the arguments presented by banking officials and attorneys general representing forty-three states who filed a brief in support of the Connecticut Bank Commissioner. Information regarding the Final Rule was posted January 7, 2004 in BOL Top Stories.
  
  Court Decision;   
  Other Top Stories Regarding the Final Rule January 14 and 29, 2004    February 13, 2004    March 10, 2004    April 8, 2004 5/28/04

• $70 Million CMP Assessed Against Citigroup

  The FRB has announced the issuance of a consent Order to Cease and Desist and an Order of Civil Money Penalty in the amount of seventy million dollars against Citigroup, Inc. and a non-banking subsidiary for alleged violations of Reg. B regarding the requirement of co-applicant signatures on loan documents and other violations of HOEPA and Reg. Z.
  Order 5/28/04

• May Electronic Interpretations And Actions Announced

  The OCC has released the May 2004 issue of Electronic Interpretations and Actions which contains infromation regarding community development letters, corporate decisions, approvals, final enforcement actions, and CRA evaluations.
  Electronic Interpretations 5/28/04

• OTS Issues Final Rule

  OTS has issued a Final Rule regarding holding company assessments.
  Final Rule 69FR30554 (txt) 69FR30554 (pdf) 5/28/04

• Participation in Group Mortgage Guaranty Reinsurance Program Authorized

  A legal opinion has been issued by OTS that authorizes federal savings associations to participate directly, or indirectly, in a group mortgage guaranty reinsurance program. Opinion 5/28/04

• Structure Note Holdings Examiner Guidance Issued

  The FDIC has issued a FIL that provides guidance to examiners on the review of structured note holdings at FDIC-supervised institutions.
  FIL-59-2004 5/28/04

• Information Systems Guidance Issued

  The FFIEC has issued revised guidance for examiners, financial institutions, and technology service providers on the development, acquisition, and maintenance of information systems. IS Guidance 5/28/04

• First Quarter Record Earnings Reported

  The FDIC has announced that FDIC-insured institutions have reported record earnings for the First Quarter 2004.
  Earnings 5/28/04

• QBP For First Quarter Released

  The FDIC has released the Quarterly Banking Profile for First Quarter 2004.
  QBP 5/28/04

• FDIC Enforcement Actions Announced

  The FDIC has announced thirty-six Enforcement Actions against institutions and individuals in April, 2004. The actions included: four cease-and-desist orders, six removal-and-prohibition orders, ten civil money penalty orders, thirteen terminations of insurance orders, two terminations of cease-and-desist orders, and one termination of a consent order. Enforcement Actions 5/27/04

• Phishing Report Released By Treasury

  Treasury has announced the release of a report regarding the prevention, detection and response to phishing schemes.
  Phishing 5/27/04

• Online Subscriptions Offered By FDIC

  An online subscription service has been announced by the FDIC. Subscribers can select the publications that they want to receive free via email. Online Subscriptions 5/27/04

• NCUA Announces Express Emails

  NCUA has announced the activation of its Express email subscription service which offers expedited electronic retrieval of NCUA information. Express Email 5/27/04

• Thrift Industry First Quarter Results

  OTS reports that the thrift industry profitability remains strong in the First Quarter 2004.
  Profitability;
  Highlights;
  Charts;
  Selected Indicators 5/27/04

• Changes Made To UPBR

  The FDIC has issued an FIL regarding changes made to the UPBR peer grouping methodology and the distribution of the report.
  FIL-58-2004 5/27/04

• Outlook Examines Bank Earning

  The Summer 2004 issue of the FDIC Outlook examines the earnings performance of FDIC-insured depository institutions in three different reports: addressing the role of net interest margin in industry earnings, the effect of higher interest rates on securities gains, and how demographic trends are affecting banks in rural areas. Outlook 5/27/04

• Federal Court Reaffirms SAR Safe Harbor

  The federal financial regulators have issued an Interagency Advisory regarding a recent federal court case that reaffirmed the protection from civil liability afforded financial institutions and their employees who file SARs. Interagency Advisory
  FRB SR 5/26/04

• Twelve Enforcement Actions Announced

  The OCC has announced 12 enforcement actions against national banks and individuals who are current or former affiliates of the institutions. The actions involved banks and individuals in the District of Columbia, Nevada, Ohio, Virginia, Kansas, Illinois, Louisiana, Texas, California, and New York. Enforcement Actions 5/26/04

• Counterfeit FDIC Expense Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit FDIC expense checks which are drawn on Mellon Bank, N.A., Pittsburg, Pennsylvania. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits Page. 5/26/04

• FDIC Website Updates Include BSA, Analysis Report and Payment Changes

  The FDIC has added information on its Web site concerning BSA and AML, the March 2004 Financial Analysis Report, and the impact on U.S. banking of payment system payments. BSA;
  Analysis Report;
  Payment Changes 5/26/04

• Greenspan Urges Participation in Consumer Study

  The FRB has announced plans to conduct a study of household finances to provide insight regarding the economic condition of American families. The study, known as the Survey of Consumer Finances, has been conducted every three years since 1983. A letter from Chairman Greenspan has been sent to approximately 10,000 households urging their participation in the study. Letter;
  FRB PR 5/26/04

• Storm Relief FIL Issued

  The FDIC has issued a FIL announcing a series of steps to facilitate the rebuilding process in areas recently impacted by severe weather in the state of Nebraska, Kansas, Iowa, and Missouri. FDIC FIL-57-2004 5/26/04

• International Reserve Position Released

  Treasury has release the U.S. International Reserve Position for the week ending May 21, 2004.
  International Reserve 5/26/04

• $10 Million In Restitution Ordered

  The OCC has ordered a Las Vegas based bank to set aside at least $10 million as restitution for customers who were charged excessive interest and opening fees on a credit card with limit of $260 which resulted in an initial available balance of $2.50. The OCC contended the practice was unfair and deceptive and violated the FTC Act. Order
  5/25/04

• 62 CRA Ratings Released

  The OCC has released the CRA ratings for sixty-two national banks. Seven banks received an outstanding rating, fifty-five were satisfactory and none were needs to improve or substantial noncompliance. CRA
  5/25/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Florida Bank, N.A., Tampa, Florida. Information regarding the counterfeit items has been placed on the BOL Alerts & Counterfeits page.
  5/25/04

• Is Inflation Targeting Best-Practice Monetary Policy?

  The latest International Finance Discussion paper issued by the FRB examines the inflation targeting framework and monetary policy.
  Discussion Paper 5/25/04

• 23A Exemption Granted

  The FRB has released a legal interpretation which grant the request of Citigroup, Inc. for an exemption from the provisions of 23A of the FRA and Reg W which would allow the acquisition of all the shares of an affiliate.
  Exemption 5/24/04

• Check 21 FIL Issued

  The FDIC has issued an FIL advising institutions that they should start planning for the operational changes that will be necessary to implement Check 21.Check 21 5/24/04

• OTS Issues Electronic Initiatives CEO Letter

  The OTS has issued a CEO Letter regarding electronic initiatives which describes the availability and transferability of electronic information between OTS and the institutions it regulates.CEO Letter 5/24/04

• Registration For FDICconnect Encouraged

  The FDIC is encouraging institutions to immediately register for FDICconnect, a secure Website developed to facilitate transactions with the regulator.
  Registration 5/24/04

• FDIC Insurance Funds First Quarter Results

  The First Quarter 2004 financial results for BIF and SAIF have been announced by the FDIC.
  Results.5/24/04

• FDIC SDN FIL

  A FIL has been issued by the FDIC regarding previously announced entries designated as SDNs buy OFAC. Information concerning the new designations was posted May 18, 2004 on the BOL OFAC page.5/24/04

• The FFIEC has updated the Technical Information section of the UBPR User's Guide. User's Guide 5/21/04

• Bulletin Issued On Fact Act NPR

  The OCC has issued a Bulletin concerning the previously announced NPR regarding implementation of section 411 of the Fact Act. Information regarding the NPR was posted in the April 26, 2004 BOL Top Stories. Fast Act NPR 5/21/04

• Effects Of Interest Rates on MMMFs

  The FDIC has published an analysis of the effects of interest rates on money market mutual funds in the latest edition of FYI. FYI 5/21/04

• Check 21 Services Introduced By FRB

  The FRB has announced three new services: FedForward, FedReturn, and FedReceipt, which are designed to help financial institutions take advantage of Check 21 opportunities. New Products 5/19/04

• NPR Concerning BSA And Syrian Bank

  FinCEN has issued pursuant to the provisions of the BSA a NPR regarding the imposition of a special measure against a Syrian Bank as financial institution of primary money laundering concern. NPR 5/19/04

• Amendments to Reg CC

  The FRB has announced additional amendments to Appendix A of Reg CC which reflect the restructuring of the check processing operations in the Seventh and Eight Districts. These amendments have now been published in the Federal Register. 69FR28819 (txt) 69FR28819 (pdf) 5/19/04

• Comments Sought For Prescreened Study

  The FRB is seeking comments to assist on a study concerning prescreened solicitations required by the FACT Act.
  Study 5/19/04

• Greenspan Accepts Nomination

  In response to the announcement that President Bush intends to nominate Alan Greenspan as Chairman of the FRB for an additional four year term, the Chairman issued a statement indicating his willingness to serve. Statement; Announcement 5/19/04

• Trends In Community Banking Subject Of FYI

  The latest issue of FYI contains three new reports dealing with trends in community banking. The reports are the second installment of papers in the FDIC's Future of Banking Study. FYI 5/19/04

• Uday's Business Partners Added To OFAC List

  OFAC has designated six individuals and two business that were associated with Uday Saddam as SDNs. Information regarding the additions has been posted on the BOL OFAC page. 5/19/04

• FRB To Study Debit Card Fees

  A study will be conducted by the FRB regarding debit card fees. Comments are sought concerning the adequacy of the disclosures currently given to consumers. Debit Card Study 5/19/04

• International Reserve Position Released

  Treasury has released the U.S. International Reserve Position for the week ending May 14, 2004.
  Reserve Position 5/19/04

• FinCEN Issues Special Measure for Syria Bank

  FinCEN is issuing a notice of proposed rulemaking to impose a special measure against Commercial Bank of Syria as a financial
  institution of primary money laundering concern. 69FR28098 (txt) 69FR28098 (pdf) 5/18/04

• Cash Letters Delayed By Plan Crash

  Due to the crash of a plane transporting items between Fed offices, the FRB has given notice that some cash letters have been lost. The missing letters are being reconstructed which will cause a delay in the presentment of some items.
  Cash Letters 5/18/04

• Amendments To Reg CC Continue

  The FRB has announced additional amendments to Appendix A of Reg CC which reflect the restructuring of the check processing operations in the Seventh and Eight Districts.
  Amendments 5/18/04

• Fedwire Hours Extended

  The FRB has announced that beginning May 16, 2004 the operating hours of the Fedwire Funds Services have been extended to 21.5 hours per day. Fedwire 5/18/04

• Hawke Reviews OCC And Banking History

  In a presentation before the Conference on Credit rating and Credit Scoring, Comptroller Hawke reviewed the history of the OCC, the evolution of its examination process and changes in the banking industry.
  Speech 5/18/04

• Regulators Seek Comments Regarding Structured Financial Activities

  The OCC, OTS, FRB, SEC, and FDIC have issued an interagency statement requesting public comments on a proposal regarding complex structured financial activities of regulated institutions.
  Statement;
  OCC PR;
  OTS PR;
  FRB PR;
  SEC PR;
  FDIC PR 5/17/04

• Counterfeit Cashier's Check Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on the Oceanside Bank, Jacksonville Beach, Florida, Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.

• FRB Enters Written Agreement With Georgia Institutions

  The FRB has entered into a Written Agreement with a Georgia BHC and its subsidiary banks.
  Written Agreement 5/17/04

• Payroll Card System Advisory Issued

  The OCC has issued an AL in response to inquiries that the OCC has received from bankers and examiners regarding supervisory expectations for payroll card systems. AL
  5/17/04

• FATF Mandate Renewed

  The representatives of FATF's thirty-three member countries have reaffirmed their commitment to FATF it's mandate to combat money laundering and terrorist financing for an additional eight years. Mandate Renewed 5/17/04

• Cost Of Funds Reports Released

  OTS has release the current and historical National Cost of Funds Ratio to OTS Regulated Institutions reports
  Current; Historical 5/17/04

• Riggs Assessed $25 Million CMP

  The OCC and FinCEN have announced that a CMP in the amount of $25 million has been assessed against Riggs Bank N.A. for numerous violations of BSA including the failure to implement an effective AML program and file SARs. The assessment is the largest CMP brought against a U.S. financial institution BSA violations. Consent Order; CMP; FinCEN 5/14/04

• Largest FCRA Penalty Imposed

  A debt collection firm has agreed to pay the largest penalty ever imposed by the FTC, $1.5 million, for violations of the FCRA by reporting inaccurate consumer account information to credit bureaus. FCRA Compliant; Consent Decree 5/14/04

• Prohibition Orders Issued Against Former CU Officials

  NCUA has announced the issuance of Orders of Prohibition against five former CU officials and employees from Texas, Wyoming, New York, and Louisiana. Orders 5/14/04

• Financial Holding Company Elections Released

  The FRB has released the list of bank holding companies that have elected as of May 7, 2004 to be treated as financial holding companies. Financial Holding Companies 5/14/04

• FDIC Votes On Assessment Rates

  The FDIC Board of Directors has voted to keep the current assessment rates for the remainder of 2004.
  Assessment Rates 5/14/04

• Community Banks Survival Threatened

  In testimony before the House Subcommittee on Financial Institutions and Consumer Credit, FDIC Vice Chairman Reich warned that existing bank regulations may threathen the survival of community banks. Speech 5/13/04

• APRWIN And APY Software Available

  The OCC has updated its APRWIN and APY compliance software programs, both which can be downloaded free. Software 5/13/04

• International Reserve Position Updated

  The U.S. International Reserve Position for the week ending May 7, 2004 has been released by Treasury.
  Reserve Position 5/13/04

• Managing Risks Of New Products

  The OCC has issued a bulletin which provides guidance regarding managing risks associated with new products or the expansion or modification of existing products and the regulator's expectations of management action to implement an effective risk management process. Guidance 5/12/04

• $100 Million CMP Assessed

  The FRB has announced the issuance of a civil money penalty in the amount of $100 Million against UBS, AG, Zurich, Switzerland for violations of OFAC program sanctions. $100 Million 5/11/04

• C & D Against BHC and Sole Shareholder

  A Cease and Desist Order has been issued by the FRB against CAB Holdings, LLC, Wilmington, Delaware and its sole shareholder.
  C & D 5/11/04

• SDGTs FIL

  The FDIC has issued a FIL regarding previously announced SDGT additions to the OFAC SDN list. Information concerning the additions was placed May 6, 2004 on the BOL OFAC page. 5/11/04

• Reg CC Appendix Amended

  Amendments to Appendix A of Reg CC resulting from the restructuring of check processing operations in the Eleventh District have now been published in the Federal Register. 69FR25826 (txt)
  69FR25826 (pdf) 5/10/04

• Six FIs Penalized By OFAC

  The OFAC Civil Penalties Enforcement Information list for May 2004 contained six financial Institutions cited for violations of the Cuban, Sudan, Iran, and Kosovo sanctions programs with penalties ranging from $850 to over $25,000.
  Civil Penalties 5/10/04

• SAR Report Published

  FinCEN has published the May 2004 issue of The SAR Activity Review - By the Numbers which contains data from SARs filed from April 1996 to December 2003. SAR Review 5/10/04

• Senior Loan Officer Opinion Survey Results

  The FRB has announced the results of the April 2004 Senior Loan Officer Opinion Survey on Bank Lending Practices.
  Survey Results 5/10/04

• CU Closed

  NCUA has announced the placing of the Dallas Educators Federal Credit Union of Selma, Ala. into liquidation and the issuance to checks to members as their account are verified. Closing 5/10/04

• G.19 Consumer Credit Report Issued

  The March 2004 G.19 Consumer Credit Statistical Release has been issued by the FRB.
  G.19 5/10/04

• Household Debt Service Burden Announced

  The FRB has released the household debt service and financial obligations ratios for the 4th Quarter 2003.
  Household Ratios 5/10/04

• OCC Bulletin Regarding Reg. Z

  The OCC has issued a bulletin regarding the previously announced revisions of Reg. Z and its official commentary. Information concerning the revisions and the commentary was included in the March 31, 2004 BOL Top Stories. 5/10/04

• OFAC Additions FIL Issued

  A FIL has been issued by the FDIC regarding previously announced additions to the OFAC list of SDNs. Information regarding the additions was posted April 30, 2004 on the BOL OFAC page. 5/10/04

• Credit Card Fee Income Guidance Issued

  Treasury and the IRS have issued guidance on the timing of income recognition of credit card annual fees and late fees.
  Fee Income 5/7/04

• NPR Regarding Trust Preferred Securities and Tier 1

  The FRB has issued a NPR that would retain trust preferred securities in the tier 1 capital of BHCs. The comment deadline is July 11, 2004.  NPR 5/7/04

• Greenspan On Globalization

  Chairman Greenspan noted in a presentation before the Conference on Bank Structure and Competition that global and technological innovations will be among the most significant developments affecting banking in the next decades. He also remarked that protectionism could significantly erode global flexibility and undermine the global adjustment process. Speech 5/7/04

• Terrorist Financing Report Published

  FATF has published its 2003-2004 Money Laundering and Terrorist Financing Typologies report which contains case studies of terrorist financing activities. ML Report 5/7/04

• New SDGTs Added to OFAC List

  OFAC has added three new SDGTs to the SDN list. Information regarding the additions has been posted on the BOL OFAC page. 5/7/04

• CRA Exam Results Announced

  The FDIC has announced the ratings assigned to banks examined for CRA compliance in February 2004.
  CRA Ratings 5/6/04

• OCC Licensing Manual Revised

  The OCC has announced the revision of the "Conversions" booklet of the Comptroller's Licensing Manual to incorporate recent policy and procedure changes. Conversions 5/6/04

• International Reserve Position Updated

  Treasured has issued the U.S. International Reserve Position for the week ending April 30, 2004.
  International Reserve 5/6/04

• Quarterly Refunding Statement Issued

  Treasury has issued the May 2004 Quarterly Refunding Statement.
  Refunding 5/6/04

• FRB Publishes Eleven Working Papers

  The FRB has published eleven new working papers in the International Finance Discussion series.
  Working Papers 5/6/04

• Burmese Banks Bulletin Issued By OCC

  The OCC has issued a Bulletin regarding the special measure previously imposed by FinCEN against Burma (Myanmar) and two Burmese banks. Information concerning the final rules issued by FinCEN under the provisions of the USA PATRIOT Act was posted in the April 12, 2004 BOL Top Stories. 5/6/04

• Reg CC Appendix Amended

  The FRB has announced amendments to Appendix A of Reg CC resulting from the restructuring of check processing operations in the Eleventh District. Amendments
  5/5/04

• Fed Funds Target Rate Announced

  The FOMC has announced its target for the federal funds rate. Target Rate 5/5/04

• UBPR User's Guide Updated

  The FFIEC has updated the UBPR User's Guide.
  UBPR User's Guide 5/4/04

• Special Measures Imposed Against Burmese Banks

  The FRB has issued a SR Letter regarding special measure previously imposed by FinCEN against Burma (Myanmar) and two Burmese banks. Information concerning the final rules issued by FinCEN under the provisions of the USA. PATRIOT Act was posted in the April 12, 2004 BOL Top Stories. 5/4/04

• Evaluating Retail Payment Systems Guidance FIL Issued

  The FDIC has issued an FIL regarding the previously announced FFIEC booklet which provides guidance on evaluating retail payment systems. Information concerning the FFIEC booklet was posted in the April 1, 2004 BOL Top Stories. 5/4/04

• Marketing Financing Estimates Announced

  Treasury has announced the Marketing Financing Estimates for the Second Quarter 2004.
  Estimates 5/4/04

• FRB Issues 90th Annual Report To Congress

  The FRB has issued its 90th Annual Report to Congress.
  Index;
  Full Report 5/4/04

• FDICSales.com Utilizes Outcry Auction

  The FDIC has completed its first quarter 2004 asset sales offering by utilizing for the first time the outcry auction process.
  Outcry Auction 5/4/04

• FRB And Utah BHC Execute Written Agreement

  The FRB has announced the execution of a Written Agreement with a Utah BHC and its subsidiary bank.
  Written Agreement 5/3/04

• Twenty Enforcement Actions Announced By FDIC

  The FDIC has announced that twenty enforcement actions were processed in March 2004 resulting in orders concerning cease-and-desist, removal-and-prohibition, civil money penalties, and termination of insurance.
  Actions 5/3/04

• April 2004 Issue of Interpretations And Actions Published

  The OCC has published and placed online the April 2004 issue of Interpretations And Actions.
  Interpretations 5/3/04

• OFAC Adds Four SDGTs

  Four individuals have been added to the OFAC SDN list as SDGTs. Information regarding the new listings has been posed on the BOL OFAC page. 5/3/04

HUD has announced federal disaster assistance to the State of Washington to provide support to homeowners and low-income renters forced from their homes following flooding and mudslides beginning on March 22, 2014, and continuing.