Top Story Operations Related

The Federal Reserve has posted the notice of its April 8, 2014,

Board of Governors meeting. The meeting may be attended in person or online.

The OCC has announced it will host a public meeting of the Mutual

Savings Association Advisory Committee (MSAAC) on Tuesday, April 29, 2014. The meeting will begin at 8 a.m. (Eastern Daylight Time) at the OCC's

offices at 400 7th Street, SW, Washington, D.C., and will be open to the public.

• Reg Z Changes Published

  The Federal Register published a Final Rule from the FRB that adds an interpretative rule of construction, provides guidance regarding consumers' right to rescind certain home-secured loans and revises the staff commnetary. The revisions are effective April 1, 2004. The date for mandatory compliance is October 1, 2004. 69FR16769 (txt) 69FR16769 (pdf) 3/31/04

• Austrian Bank Not Authorized

  The OCC has issued an Alert regarding an Austrian bank that maintains a Web site that lists a Minnesota address and non-working telephone numbers. The bank has not been authorized by either U.S. or Austrian authorities to conduct banking business.
  Alert 2004-10 3/31/04

• Enforcement Orders Against Former Bankers

  The FDIC has announced Enforcement Orders against former Georgia, Texas and South Carolina bankers.
  Georgia;
  Texas 1;
  Texas 2;
  South Carolina 3/31/04

• March Report Forms Online

  The FFIEC has posted the March 2004 002 and 002s Report Forms on its web page along with the 2003 FFIEC Annual Report.
  002;
  002s;
  Annual Report 3/31/04

• January G.20 Finance Companies Report Issued

  The FRB has issued the G. 20 Finance Companies Report for January 2004.
  G. 20 3/31/04

• MSA Guidance Issued

  The FFIEC has issued a Guidance on MSA boundary changes resulting from the modifications to the statistical area standards by the OMB.
  MSA Guidance 3/30/04

• 031 and 041 Instructions Online

  Instructions for preparation of Report Forms 031 and 041 have been added to the FFIEC web site. Instructions 3/30/04

• Country Exposure Reports Released

  The FFIEC has released the December 31, 2003 E.16 Country Exposure Statistical Release and the Country Exposure Information Report.
  E.16; Report
  3/30/04

• Reg Z Final Rule Issued

  The FRB has issued a Final Rule that adds an interpretative rule of construction, provides guidance regarding consumers' right to rescind certain home-secured loans and revises the staff commnetary. The revisions are effective April 1, 2004. The date for mandatory compliance is October 1, 2004.
  Final Rule 3/29/04

• April Fools Plus

  In additon to April 1 being April Fools Day, it is also the effective date for the FDIC insurance amendments regarding living trust accounts and the deadline for comments regarding a FACT Act required study of the utilization of biometrics in combating identity theft.
  Living Trust;
  Biometrics 3/29/04

• BHC Fleet Management Authorized

  A legal intrepretation of Reg Y has been issued by the FRB that authorizes a BHC to provide auto fleet management services under certain circumstances.Auto Leasing 3/29/04

• OCC Updates Publications

  The OCC has updated two annual publications, "Significant Precedents" and "Activities Permissible for a National Bank".
  Significant Precedents;
  Activities Permissible 3/29/04

• Counterfeit Cashier's Checks Special Alerts

  Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Bank of Ridgeway, Ridgeway, South Carolina; INSOUTH Bank, Brownsville, Tennessee; Bank Star, Pacific, Missouri; and Ameriserv Financial Bank, Johnstown, Pennsylvania. Information regarding the counterfeit checks has been placed on the BOL Alerts & Counterfeits page. 3/29/04

• FIL Regarding Modifications to SDNs

  The FDIC has issued FIL-35-2004 regarding previously announced modifications to existing SDN listings and the addition of a FTO and SDGT designations. Information concerning the modifications and the new designations was posted March 22, 2004 on the BOL OFAC page. 3/29/04

• ACH Procecessor to Pay $3.9 Million

  The FTC has announced the settlement of claims against an electronic payments processor who alledgedly utilized the ACH system to aid telemarketers in a fraudulent advance fee debit card marketing fraud scheme. The processor and other defendants are required to pay $3.9 million in consumer redress.
  Settlement 3/29/04

• Proposal to Identify Op Subs Published in FR

  A proposed rule of the OCC that is designed to assist consumers in identifying national bank operating subsidiaries subject to OCC supervisory authority has been published in the Federal Register. Under the proposal, OCC would make information about the name, location, contact information and lines of business of national bank operating subsidiaries available to the public on its Web site. The comment deadline is April 26, 2004. 69FR15260 (txt)
  69FR15260 (pdf) Op Sub NPR   3/26/04

• Greenspan Addresses Rural Economic Issues

  In a presentation before an international conference regarding rural policies around the world, Chairman Greenspan commented on the effects of the phenomenal gains in U.S. agricultural productivity of the past century and the accompanying dislocations in many rural areas resulting from the migration of farm workers to more urban areas. Speech   3/26/04

• Future Of Banking Series Paper Released

  The FDIC has released a new paper in the Future of Banking Series entitled, "The Evolving Role of Commercial Banks in U. S. Credit Markets". Evolving Role   3/26/04

• HMDA Comments Sought

  The FRB is soliciting comment on revised formats for public disclosure of mortgage lending data reported pursuant to the Home Mortgage Disclosure Act and Regulation C, in light of revisions to Regulation C requiring lending institutions to report new loan pricing
  and other loan data. The first year for which the new data will be reported is 2004; data from institutions are due no later than March 1, 2005, and the data will be reflected in the public disclosures scheduled to be released in summer 2005. 69FR15469 (txt) 69FR15469 (pdf)   3/25/04

• Three Written Agreements Announced

  The FRB has announced the entering into Written Agreements with Illinois and Virginia financial institutions regarding compliance with BSA, Reg H, Risk Management, Audit Controls and Internal Controls. Illinois; Virginia 1;
  Virginia 2   3/25/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Wainwright Bank & Trust Company, Boston, Massachusetts and The Bank of Kentucky, Inc., Crestview Hills, Kentucky. Information concerning the counterfeit items has been placed on the BOL Alerts & Counterfeits page.   3/25/04

• $300,000 For FDCPA Violations

  The FTC has announced a settlement of claims of violations of FDCPA and payment of a $300,000 civil penalty by companies that allegedly threatened and harassed thousands of consumers to get them to pay old, unenforceable debts or debts they did not owe.
  Complaint; Consent Decree   3/25/04

• Fed ACH Participation Final Rule

  Treasury has issued a Final Rule regarding the use of the ACH system by federal agencies and has also released the comment letters received on the Proposed Rule. Final Rule; Comments; Proposed Rule   3/25/04

• Tying Questions - Who To Contact

  The OCC has issued agency contact information including telephone and fax numbers for the benefit of banks and customers who have questions regarding tying. Tying   3/24/04

• Enforcement Orders Against Former Bankers

  The FDIC has announced enforcement orders against former Arkansas, Tennessee, Massachusetts, Minnesota and Colorado bankers.
  Arkansas; Tennessee; Massachusetts; Minnesota; Colorado   3/24/04

• FDIC FIL Regarding Iraqi SDNs

  The FDIC has issued a FIL concerning the previously announced designation of certain individuals related to former Iraqi government officials as SDNs and the blocking of their assets. Information regarding the designations was posted on the BOL OFAC page and in the March 18, 2004 BOL Top Stories.   3/24/04

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on City Bank & Trust Company, Natchitoches, Louisiana; Citizens Bank of Lafayette, Lafayette, Tennessee; First-Citizens Bank & Trust Company, Raleigh, North Carolina; and Bank of Frankewing, Frankewing, Tennessee. Information regarding the counterfeit cashier's checks has been placed on the BOL Alerts & Counterfeits page.  3/23/04

• Privacy Notice Comment Deadline Nears

  Don't forget to make your views known regarding the Interagency proposal to allow alternative privacy notices, including a short form that the regulators feel would be easier for consumers to understand. The comment deadline is Monday, March 29, 2004.  
  Text;  
  PDF   3/23/04

• Special Alerts - Unauthorized Banking

  Three Special Alerts have been issued by the FDIC regarding Internet, Cayman Islands and Montserrat entities that are conducting financial activities without authorization.  Internet  Cayman Islands  Montserrat  3/23/04

• Business Lending Terms Report Released

  The FRB has released the First Quarter 2004 E.2 Survey of Terms of Business Lending report.  Terms  3/23/04

• Cuban SDN FIL

  The FDIC has issued FIL-33-2004 regarding the previously announced designation by OFAC of a Canadian travel agency as a Cuban SDN. Information regarding the designation was included in the March 18, 2004 BOL Top Stories, and has been posted on the BOL OFAC page.  3/23/04

• First Quarter Call Report FIL

  An FIL has been issued by the FDIC pertaining to the March 31, 2004 Call Report.
    3/23/04

• SDGT Entry Modified

  OFAC has announced modifications to an existing SDGT entry by adding "a.k.a."s and a FTO designation. Information regarding the modifications has been added to the BOL OFAC page.  3/23/04

• New York Bank's Deposits Assumed

  The FDIC has approved the assumption of all of the deposits of Reliance Bank, White Plains, New York by Union State Bank, Orangeburg, New York.
  Assumption  Assumption  Closiong Information  3/22/04

• FACT Act Free Annual File Disclosures

  The FACT Act requires the FTC to adopt rules to require the establishment of a centralized source through which consumers may request a free annual file disclosure from each nationwide consumer reporting agency; a standardized form for such requests; and a streamlined process for consumers to request free annual file disclosures from nationwide specialty consumer reporting agencies. Comment deadline: April 16. 69FR13191 (txt) 69F13191 (pdf) 3/19/04

• 2004 Geocoding System Available

  The FFIEC has posted the 2004 Geocoding System online.
  2004 Geocoding 3/19/04

• Changes Proposed To HMDA Tables

  The FRB has requested public comment on proposed changes to the public disclosure tables that are used to report data collected by lenders under the HMDA. Comments are due on May 10, 2004. FR Notice; Proposed Changes 3/19/04

• CDR FIL Issued

  The FDIC has issued a FIL regarding the changes that banks will need to make to the Call Report preparation process when the CDR system is in place. FIL-30-2004 3/19/04

• International Reserve Position Released

  Treasury has released the U.S. International Reserve Position as of the week ending March 12, 2004.
  International Reserve Position 3/19/04

• Assets Of Iraqi Parastatals and New SDNs

  OFAC has identified certain entities that are also state bodies, corporations or agencies of the former Iraqi regime. The assets of the listed parastatals that have been blocked as of May 23, 2003, must remain blocked. Transactions by U.S. persons with these parastatals occurring after May 23, 2003, are authorized. In addition sixteen new SDNs have been added and certain a.k.a.s on the OFAC List have been changed. Information regarding the entities, SDNs and a.k.a.s has been placed on the BOL OFAC page. 3/19/04

• Reg W To Apply To State Nonmember Banks

  The FDIC has issued a FIL regarding a NPR that would interpret the restrictions on affiliate transactions contained in sections 23A and 23B of the Federal Reserve Act and make it clear that Reg W applies to state nonmember banks. Comments on the proposal are due by May 3, 2004. FIL-29-2004; NPR; Reg W 69FR12571 (txt) 69FR12571 (pdf) 3/18/04

• Greenspan - Banking Today and Future Trends

  Chairman Greenspan shared his views on where the banking industry is today and what the future may hold in a presentation before the Independent Community Bankers of America Convention. He noted that residential mortgage, credit card, and consumer installment loan portfolios have declined in each of the last three years. In addition, he expects bank mergers/acquisitions to continue and that the competitive effects on community banks of Basel II to be insignificant. Speech 3/18/04

• Cuban SDN Announced

  OFAC has added an entity to the SDN list with a Cuban designation and all of its assets are to be blocked. Information regarding the entity has been placed on the BOL OFAC page. 3/18/04

• CDFI Fund Discussed With House Committee

  Assistant Treasury Secretary Abernathy has testified before the House Subcommittee on Appropriations regarding the FY 2005 Budget request for the Community Development Financial Institution Fund. Testimony 3/18/04

• Free Annual Credit Reports Proposed

  The FTC has requested comments on a proposal to require upon the request from a consumer the nationwide consumer credit reporting agencies to provide a free credit report every 12 months. Free Credit Reports;
  FR Notice 3/17/04

• April HOEPA APR 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 April 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 3/17/04

• March Interpretations And Actions Published

  The OCC has published the March 2004 issue of Interpretations And Actions.
  Interpretations And Actions 3/17/04

• CTR Form FIL

  The FDIC has issued FIL-28-2004 regarding the previously announced CTR Form 104 which replaces IRS Form 4789. Information regarding the new CTR Form was posted in the December 4, 2003 BOL Top Stories. 3/17/04

• What Happens When Interest Rates Rise?

  Learn what FDIC Chairman Powell thinks will happen when interest rates rise from historic lows from his presentation before the Independent Community bankers Association. Speech 3/17/04

• Fed Funds Rate Set

  The FOMC has released its decision regarding the current target for the federal funds rate.
  Rate 3/17/04

• Eighteen Enforcement Actions Announced

  The OCC has announced eighteen enforcement actions against national banks and individuals currently or formerly associated with national banks. Enforcement Actions 3/16/04

• OCC Releases CRA Ratings

  The CRA ratings for thirty-two national banks that were examined in February and March 2004 have been released by the OCC.
  CRA 3/16/04

• International Capital Data Released

  Treasury has released the International Capital data for January 2004. TIC 3/16/04

• G. 17 Report Issued

  The FRB has issued the March 2004 G. 17 Industrial Production and Capacity Utilization report.
  G. 17 3/16/04

• March FEDS Papers Published

  The Finance and Economics Discussion Series papers for March 2004 have been published. The titles include: Potential Competitive Effects of Basel II on Banks in SME Credit Markets in the United States and Will the Proposed Application of Basel II in the United States Encourage Increased Bank Merger Activity? Evidence from Past Merger Activity.
  Competitive Effects; Bank Mergers 3/16/04

• Final 4th Quarter Interest Rate Risk Data

  OTS has issued the fourth quarter final Thrift Industry Interest Rate Risk Measures report.
  Interest Rate Risk 3/16/04

• National Cost of Funds Reports Issued

  The current and historical national cost of funds ratio to OTS regulated institutions report has been issued.
  Current Cost of Funds;
  Historical Cost of Funds 3/16/04

• OCC Closes Florida Bank

  The Guaranty National Bank of Tallahassee, Florida has been closed by the OCC, the FDIC has been appointed receiver, and all deposits have been assumed by a newly chartered bank. Bank Closing; Assumption; Closing Information 3/15/04

• Unlicensed Bank Alert

  The OCC has issued an Alert regarding the Lincoln Bank And Trust Company Limited of Montserrat, West Indies. The company is claiming to hold a valid offshore banking license, but the license has been revoked. Alert 2004-9 3/15/04

• Preliminary Exam Response Kit

  OTS has issued a CEO Letter that contains a preliminary examination response kit for use with the Interagency Loan Data Request form.
  CEO Letter 3/15/04

• Winter Issue Consumer News Issued

  The FDIC has issued the Winter 2003/2004 edition of the Consumer News which contains articles on estate planning and FDIC insured accounts; new rules for living trusts; phishing; new proof of identity requirements; bogus debt elimination scams; fraudulent ads; and a final exam. Winter Consumer News 3/15/04

• Internet Related Fraud Guidance

  A Guidance has been issued by the FDIC regarding safeguarding customers against e-mail and internet related fraud schemes.
  FIL-27-2004 3/15/04

• Derivative Volume Tops $71 Trillion Dollars

  The OCC has announced that the derivatives held by 573 U.S. commercial banks exceeded $71 trillion dollars as of year-end 2003.
  Derivatives 3/15/04

• Interest Rate Risk Exposure Report

  OTS has issued the Interest Rate Risk Exposure Report for the Third Quarter 2003.
  Exposure Report 3/15/04

• ID Theft Spam Scam Alert

  The FTC has issued a Consumer Alert regarding email spam that consumers may receive indicating that they can comment on federal rule making. The Alert titled, Is Someone "Phishing" for Your Information?, warns consumers that their identities may be stolen if they reveal personal or financial information. Phishing 3/12/04

• Guidance On Unfair and Deceptive Practices

  The FRB and FDIC have issued an interagency guidance outlining the standards the agencies will use to determine if acts or practices by state-chartered banks are unfair or deceptive. Guidance;
  FIL-26-2004 3/12/04

• Foreign Bank Offices Data Released

  The structure and share data for U. S. offices of foreign banks for December 2003 has been released by the FRB.
  Data 3/12/04

• March FHC List Issued

  The list of bank holding companies that have elected to become or be treated as financial holding companies as of March 5, 2004 has been issued by the FRB. FHC List 3/12/04

• Thirteen Million Dollar CMP Assessed

  The FRB and New York State Banking Department have announced the issuance of a joint Order to Cease and Desist and Order of Assessment of a Civil Money Penalties totaling $13 million dollars against Credit Agricole, S.A., Paris, France and its affiliates in France and the United States. Order 3/11/04

• BHC Subsidiary Pays SEC $10 Million

  The SEC has announced a settled enforcement action against a Bank of America Corporation subsidiary, Banc of America Securities LLC, who agreed to a censure and the payment of $10 million dollar civil penalty for various violations , including the failure to promptly produce certain e-mails and compliance reviews which were the subject of an SEC investigation.
  Order 3/11/04

• FDIC Enforcement Actions Released

  The Enforcement Actions taken against banks and individuals by the FDIC in January 2004 has been released. A total of eight orders were issued including four cease-and-desist orders, one civil money penalty order, two terminations of cease-and-desist orders, and one adjudicated decision. Enforcement Actions 3/11/04

• Missing Money Orders Special Alert

  The FDIC has issued a Special Alert concerning money orders that are missing in transit to Berkshire Bank, Pittsfield, Massachusetts. Information regarding the missing money orders has been placed on the BOL Alerts & Counterfeits page. 3/11/04

• March Report Forms Online

  FFIEC has posted the 009, 009a, 019 and 030 March 2004 Report Forms and Instructions on its Web site.
  009;
  009a;
  019;
  030 3/11/04

• MSB Registration List Updated

  FFIEC has updated the Money Services Businesses Registration List to include those entities who have filed as of January 9, 2004.
  MSB 3/11/04

• December 2003 G.20 Released

  The G.20 Finance Companies report regarding owned and managed receivers and auto loans has been released by the FRB.
  G.20 3/11/04

• Deadline Reminder

  If you filed a Designation of Exempt person from CTR filings on nonlisted businesses and/or payroll customers between 1/1/02 and 12/31/02, it's time to file the biennial designation form again. 3/10/04

• Snow Comments On New GSA Regulator

  Treasury Secretary Snow expressed his views on the mininum credibility requirements for the new proposed Federal GSE regulator in a presentation before the America's Community Bankers Association Government Affairs Conference.
  Speech 3/10/04

• OCC Says Preemption Rule Misunderstood

  In a presentation before the America's Community Bankers Association Government Affairs Conference, OCC Chief Counsel and Senior Deputy Comptroller Williams addressed misunderstandings and mischaracterizations of the OCC Preemption Rule.
  Speech 3/10/04

• March Financial Reporting Bulletin

  The March 2004 Financial Reportiong Bulletin has been released by OTS.
  March Bulletin 3/10/04

• Phishing and E-Mail Scams

  OTS has issued a CEO Letter regarding phishing and e-mail scams which contains safeguards that institutions can utilize to help reduce the likelihood of customers becoming victims.
  CEO Letter 3/10/04

• Financial Terrorism Office Created

  The Administration has announced the creation of a new Treasury office to fight financial terrorism. The Office of Terrorism and Financial Intelligence (TFI) will oversee the activities of OFAC, FinCEN and the Executive Office of Terrorist Financing and Financial Crimes. TFI will not only focus on the financial war on terror, but also protect the integrity of the financial system, fight financial crime, enforce economic sanctions against rogue nations and assist in the ongoing hunt for Iraqi assets.
  TFI 3/9/04

• Check 21 Comment Deadline Nears

  It's not too late to submit your comments regarding the proposed Check 21 rules. The deadline for comments is March 12. For more information, check out the new Check 21 forum on Bankers' Threads and the BOL Check 21 page.
  Proposed Rules; Submit Comments; Check 21 Forum;
  BOL Check 21 Page 3/9/04

• Grant Thornton Assessed $300,000 CMP

  The OCC has filed a notice of charges and a notice of assessment of civil money penalties in the amount of $300,000.00 against Grant Thornton LLP resulting from the firm's activities while serving as external auditor, accountant and independent contractor for The First National Bank of Keystone, Keystone, West Virginia. Charges; CMP 3/9/04

• 66 CRA Exams Scheduled For 2nd Quarter

  The OTS has released a list of sixty-six savings associations that are scheduled for CRA examinations during the second quarter 2004.
  CRA Exam List 3/9/04

• FDIC CRA Ratings Released

  The FDIC has released the ratings for the banks examined for CRA compliance in March 2004.
  March CRA Ratings 3/9/04

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding Cherokee Heritage National Bank. The entity has not been granted a federal bank charter and may be conducting illegal or unauthorized banking activities. FDIC SA-19-2004 3/9/04

• B of A - Fleet Merger Approved

  The FRB has announced the approval of the application filed by Bank of America Corporation, Charlotte, North Carolina, to merge with FleetBoston Financial Corporation, Boston, Massachusetts. Merger Approval Order 3/9/04

• OFAC Penalizes Five Institutions

  The March OFAC Civil Money Penalties Enforcement Information list cites two banks and three credit unions for violations of the Cuban Sanctions Program resulting in penalties ranging from $750.00 to $3,850.00.
  
  OFAC Penalties 3/8/04

• Reg CC Changes Published

  The Federal Register has published a final Rule effective May 15, 2004 which amends Appendix A of Reg CC to reflect the restructuring of the check processing operations in the Eleventh District. 69FR10602 (txt) 69FR10602 (pdf) 3/8/04

• March 31 002 Form Released

  The FFIEC has released a draft of and instructions for the March 31, 2004 002 Reporting Form.
  002 Form;
  Instructions 3/8/04

• Internet Banks Subject of Special Alerts

  The OCC has issued two Special Alerts regarding two Internet banks, Commerz Finanz Bank and Intertrade Bank, that may be operating without federal or state authorization.
  Commerz Finanz;
  Intertrade Bank 3/8/04

• Thrift Financial Report Instruction Manual

  OTS has released the March 2004 edition of the Thrift Financial Report Instruction manual.
  Instruction Manual 3/8/04

• Assets Ranking Released

  The FRB has released the Consolidated Asset Rankings for Large Commercial Banks as of December 31, 2003.
  Asset Ranking 3/8/04

• January Consumer Credit Report Issued

  The G.19 Consumer Credit Statistical Release for January 2004 has been issued by the FRB.
  G.19 3/8/04

• C & D Issued Against Wyoming Bank

  A Cease and Desist Order was issued by the FRB and the Wyoming State Banking Commission against Cowboy State Bancorp, Inc. and its subsidiary bank, Cowboy State Bank, Ranchester, Wyoming. The bank has agreed to take corrective measures regarding its BSA and AML programs and procedures.
  Order 3/5/04

• OTS February CRA Ratings Revealed

  The CRA Ratings for savings associations examined in February 2004 has been released by OTS.
  CRA Ratings 3/5/04

• Extension of FFIEC 04 Report Proposed

  The FRB has proposed to extend, without revision, the Report of Extension of Credit to Executive Officers and Principal Shareholders and their Related Interests to Correspondent Banks. The closing date for comments is April 5, 2004.
  Proposal 3/5/04

• Special Alert - Counterfeit Checks

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Southeastern Bank, Darien, Georgia and The Gunnison Bank and Trust, Gunnison, Colorado. Information concerning the counterfeit checks has been posted on the BOL Alerts Counterfeits page. 3/5/04

• FBI Releases Workplace Violence Monograph

  The FBI has announced the development of an online publication, "Workplace Violence: Issues in Response", which contains with thoughts about prevention, threat assessment and management, crisis management, critical incident response and more. It offers common-sense recommendations for those in the position to do something about workplace violence.
  Workplace Violence 3/5/04

• Fourth Quarter Flow of Funds Report Released

  The FRB has released the Fourth Quarter 2003 Z.1 Flow of Funds Report.
  Z. 1 3/5/04

• FIL Regarding Announced OFAC Action

  The FDIC has issued FIL -24-2004 regarding previously announced additions to the SDN list concerning Zimbabwe targets. Information about the additions was posted March 2, 2004 on the BOL OFAC page. 3/5/04

• ML and Financial Crimes Report Issued

  The sections of International Narcotics Control Strategy Report regarding money laundering and financial crimes has been posted online.
  Report 3/5/04

• Fourth Quarter Interest Rate Risk Data Issued

  OTS has issued the Preliminary Thrift Industry Interest Rate Risk Measures for the Fourth Quarter 2003.
  Risk Measures 3/5/04

• All Stocks Removed From Margin Stock List

  The FRB has announced the issuance of a Final Rule that removes all of the stocks currently listed on the Foreign Margin Stock List for failing to follow recertification procedures. Effective April 15, 2004, the stocks will no longer qualify as margin securities under Reg T. Margin Stock 3/4/04

• FIN 46 Legal Interpretation Issued

  The FRB has issued a legal interpretation regarding FIN 46 relating to the creation of reserve requirements under Reg. D or demand deposits under Reg. Q. Legal Interpretation 3/4/04

• Counterfeit Cashier's Checks SAs Issued

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on RiverHills Bank, Port Gibson, Mississippi; First Community Bank of East Tennessee, Rogersville, Tennessee; Union County Savings Bank, Elizabeth, New Jersey; California National Bank, Los Angeles, California; First Bank, Creve Coeur, Missouri; and The Honesdale National Bank, Honesdale, Pennsylvania. Information regarding the counterfeit cashier's checks has been placed on the BOL Alerts & Counterfeit page. 3/4/04

• Internet Bank Not Member FDIC

  The FDIC has issued a Special Alert regarding an Internet Bank that is falsely advertising FDIC membership on its Web site.
  Special Alert 3/4/04

• Updated Beige Book Released

  The Beige Book has been updated by the FRB utilizing data collected prior to February 23, 2004. Beige Book 3/4/04

• Real Estate Retrieval System Online

  The FDIC has placed its Real Estate Retrieval System online. Interested parties can obtain information regarding FDIC owned properties.
  RE Retrieval System 3/4/04

314a Automated Distribution List

The OCC has issued an Alert regarding the effective date of FinCEN's conversion to an automated 314a distribution list that has been compiled from information contained in banks' year-end Call Reports. Alert 2004-6 3/3/04

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• Reg CC Amended By FRB

  The FRB has issued a Final Rule effective May 15, 2004 which amends Appendix A of Reg CC to reflect the restructuring of the check processing operations in the Eleventh District. Final Rule 3/3/04

• SARs Legal Decisions Posted

  FinCEN has posted three cases dealing with the protection from civil discovery of SARs & related documents online.
  SARs Cases 3/3/04

• Technology Regs and Publications Online

  The FDIC has posted links to technology regulations and publications for financial institutions on its Web site.
  Tech Regs;
  Tech Publications 3/3/04

• Greenspan On Foreign Exchange Rates

  In a presentation before the Economic Club of New York, Chairman Greenspan commented on the role of foreign exchange rates in the evaluation of economic activity and the impact of intervention by East Asian and European monetary authorities.
  Speech 3/3/04

• FDIC Releases Spring 2004 Outlook

  The FDIC has released Spring 2004 issue of the Outlook which contains the results of a study regarding the implications of the housing market boom. Spring Outlook 3/3/04

• Basel II White Papers Released

  The FRB has released two Basel II Capital Accord white papers on the following subjects: "Competitive Effects on Banks in SME Credit Markets" and "Will Basel II Increase Bank Merger Activity".
  Competitive Effects; Bank Mergers 3/3/04

• FEDS Working Papers Issued

  The FRB has issued two working papers in the FEDS series, "Housing and the Business Cycle" and "Identifying Price Discrimination When Product Menus Are Endogenous". Housing;
  Price Discrimination 3/3/04

• OFAC Adds Zimbabwe SDNs

  OFAC has added seven Zimbabwean entities to the SDN list with the designation, ZIMB. Information regarding the additions has been posted on the BOL OFAC page. 3/3/04

• FACT Act Study on Biometrics

  The FACT Act requires the Secretary of the Treasury to conduct a study of the use of biometrics and other similar technologies to reduce the incidence and costs to society of identity theft by providing convincing evidence of who actually performed a given financial transaction. The Act also requires the Secretary to consult with a number of entities and the general public ``in formulating and conducting the study.'' In order to fulfill its obligations under the Act, the Department of the Treasury (Treasury) seeks public comment on how Treasury should formulate and conduct the study. 69FR9895 (txt) 69FR9895 (pdf) 3/2/04

• Loan Loss Accounting Guidance Issued

  The Federal financial regulators have issued an interagency guidance regarding the accounting for loan and lease losses.
  FRB SR; FRB Guidance; OCC Bulletin;
  OCC Guidance;
  OTS CEO Letter and Guidance;
  FDIC FIL;
  FDIC Guidance 3/2/04

• Unauthorized Banking Alert

  The OCC has issued an alert that an entity calling itself, Cherokee Heritage National Bank, may be issuing stock and soliciting banking business. A national bank charter has not been granted by the OCC to the entity.
  Alert 2004-5 3/2/04

• OCC Customer Complaint Guidance

  The OCC has issued a supplementary guidance to AL 2002-9 concerning the prompt resolution of customer complaints that are forwarded to national banks by state agencies. Supplementary Guidance; AL 2002-9; AL 2004-2 3/2/04

• OCC 2nd Quarter CRA Exam Schedule

  The schedule of national banks that will be examined for CRA compliance in the second quarter 2004 has been released by the OCC.
  CRA Exams 3/2/04

• IRS "Dirty Dozen" Scams List Updated

  The IRS has updated its "Dirty Dozen" list of tax related scams that target consumer taxpayers. Information regarding these schemes would be of interest to your customers. Dirty Dozen
  3/2/04

• FinCEN MSB Registration List Online

  The list of entities that have registered as money services businesses as of January 9, 2004 has been posted online by FinCEN.
  MSB List 3/2/04

• FYI Examines Exposure to GSE Guaranties

  The latest online issue of FYI accesses the banking industry's exposure to an implicit government guarantee of GSEs.
  FYI 3/2/04

• December 2003 UBPR Available

  FinCEN has placed the December 31, 2003 UBPR on its Web site. FinCEN PR;
  UBPR 3/2/04

• February Foreign Exchange Rates Released

  The FRB has released the G.5 Foreign Exchange Rate Rate report for February 2004. G.5 3/2/04

• FTC Releases RESPA Reform Report

  The FTC has released a staff report that examines the mortgage broker compensation disclosure proposed by HUD in its July 2002 RESPA reform proposal and two alternative proposals.
  Summary;   
  Full Report 3/1/04

• FATF Removes Two From NCCT List

  The FAFT has announced that two countries have been removed from its NCCT List due to substantial positive changes in combating money laundering and fighting terrorist financing and has issued the 2003-2004 Money Laundering Typologies report.
  NCCT List;   
  ML Typologies 3/1/04

• FRB Issues Proposals For Comment

  The FRB has given notice of the amendment of Consumer Compliant Information System (BGFRS-18) and the removal of the Financial Disclosure Reports and Outside Business Interests Applications (BGFRS-19). Comments are invited and must be received by March 31, 2004.
  Notice 3/1/04

• U. S. FY 2003 Financial Report Released

  Treasury and OMB have released the FY 2003 Financial Report for the United States which provides financial information for all aspects of the federal government.
  2003 Financial Report 3/1/04

• Community Banking Issues - A Regulator's View

  FRB Governor Olsen discussed emerging issues in community banking from the viewpoint of a regulator in a presentation before the 118th Assembly for Bank Directors. He noted the past year was a good one for banks and showed that they were able to adapt to a changing environment and still generate record profits.
  Speech 3/1/04

• Winter 2004 Federal Reserve Bulletin Issued

  The FRB has issued the Winter 2004 Bulletin which contains articles on electronic banking, cross-border investments in securities, industrial production and capacity utilization, and the condition of the U.S. banking industry.
  Winter 2004 Bulletin 3/1/04

• Quarterly Loan Charge-Off Rates

  The FRB has released the Quarterly Charge-Off and Delinquency Rates on loans and leases at commercial banks.
  Charge-Off Rates 3/1/04

• Household Debt Burden Report Released

  The Household-Debt Service and Financial Obligations ratios report has been released by the FRB.
  Household-Debt 3/1/04

• FIL Issued Regarding Announced SDN Change

  The FDIC has issued FIL-21-2004 concerning a previously announced SDGT addition to the SDN list. Information regarding the change was posted on February 24 on the BOL OFAC page. 3/1/04
  

The G.5 Foreign Exchange Rates Report for March 2014 has been released by the Federal Reserve Board.

The G.5 Foreign Exchange Rates Report for March 2014 has been released by the Federal Reserve Board.

• Prohibition Orders Issued By NCUA

  NCUA has issued prohibition orders against three individuals following the embezzlement of funds.
  Release;
  Order 1;
  Order 2;
  Order 3 2/27/04

• Preliminary Interest Rate Risk Measures

  OTS has released the preliminary Thrift Interest Rate Measures Risk Measures for the Fourth Quarter 2003.
  Risk Measures 2/27/04

• FDIC Issues Quarterly Banking Profile

  The Quarterly Banking Profile for the Fourth Quarter 2003 has been issued by the FDIC.
  Quarterly Profile 2/27/04

• OFAC Removes Address And Grants License

  The address of a SDGT has been removed from the OFAC SDN list and a General License has been granted regarding the lifting of the travel ban to Libya. Information concerning the removal and the license has been posted on the BOL OFAC page. 2/27/04

• Living Trust Interim Rule for CUs

  The amendment changes the existing rules concerning coverage for beneficial interests in living trust accounts. The rules are amended by eliminating the provisions that would limit insurance coverage where the interest of the beneficiary is subject to a defeating contingency in a living trust agreement. With the amendment, share insurance coverage of up to $100,000 is provided per qualifying beneficiary who, as of the date of an insured credit union's failure, would become the owner of assets in the living trust upon the account owner's death. 69FR8798 (txt) 69FR8798 (pdf) 2/26/04

• Greenspan Suggests Changes in SS Benefits

  In testimony before the House Budget Committee, Chairman Greenspan expressed concern over the impact the payment of Social Security benefits to the baby boom generation will have on the long term federal budget. He proposed that Congress consider replacing the current "cost of living" adjustments with the chained consumer price index (CPI) introduced by the Bureau of Labor Statistics in 2002 and raising the age at which benefits will be provided. Testimony 2/26/04

• International Reserve Position

  Treasury has released the U.S. International Reserve Position as of the week ending February 20, 2004.
  Reserve Position 2/26/04

• Greenspan - Freddie & Fannie Need Regulator

  In testimony before the Senate Banking, Housing and Urban Affairs Committee, Chairman Greenspan expressed concern regarding growth and scale of the Freddie Mac and Fannie Mae mortgage portfolios and of their leverage policies. He indicated that Congress needs to create a regulator for the government sponsored enterprises with authority on a par with that of banking regulators. Speech 2/25/04

• OFAC Adds bin Laden Loyalist

  The name of a bin Laden loyalist and al-Qaeda supporter has been added as a new SDGT entry to the OFAC SDN List. Information regarding the addition has been posted on the BOL OFAC page. 2/25/04

• Written Agreement With Ohio Bank

  The FRB has announced the execution of a Written Agreement by and among The Custar State Bank, Custar, Ohio; the Ohio Division of Financial Institutions, Columbus, Ohio; and the Federal Reserve Bank of Cleveland. The Agreement includes a provision which requires the bank to retain an independent consultant to conduct a comprehensive review of the bank's AML compliance.
  Written Agreement 2/25/04

• Regulator's Accounting and Capital Standards

  The federal financial institution regulators have issued their annual joint report to Congressional committees regarding difference in the accounting and capital standards among the agencies. Report 2/25/04

• PALS Best Practices Web Site Launched

  NCUA has unveiled a new web site designed to help credit unions share innovative programs to help attract new members. Over 300 ideas are organized into more than 50 program areas. Best Practices 2/25/04

• Comments Requested on Fair Credit Reporting Provisions

  The recently enacted FACT Act requires the FTC to adopt rules to prevent consumer reporting agencies from avoiding treatment as
  nationwide consumer reporting agencies. In this action, the FTC is adopting, and seeking comment on, an interim final rule that prohibits consumer reporting agencies from avoiding these obligations through any means, including corporate structuring or technological methods. 69FR8531 (txt) 69FR8531 (pdf) 2/24/04

• Evaluation Of Household Debt By Greenspan

  In a presentation before the Credit Union National Association 2004 Governmental Affairs Conference, Chairman Greenspan gave his views on understanding household debt burdens and the changes in the debt service and financial obligation ratios over time.
  Speech 2/24/04

• Special Alert Counterfeit Cashier's Checks

  A Special Alert has been issued by the FDIC concerning counterfeit cashier's checks drawn on Valrico State Bank, Valrico, Florida and 1st Mariner Bank, Baltimore, Maryland. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 2/24/04

• Unauthorized Banking Special Alert

  The FDIC has issued a Special Alert regarding three entities that may be conducting unauthorized banking activities in the United States and/or Canada. Special Alert 2/24/04

• Electronic Interpretations and Actions

  The OCC has announced the February 2004 issue of Electronic Interpretations and Actions which includes five Interpretative Letters and four Corporate Decisions along with Approvals with Conditions, Final Enforcement Actions and CRA Evaluations.
  February Issue 2/24/04

• Working Papers Released

  The FRB has released new working papers in both the FEDS and the International Finance Discussion Papers series.
  FEDS;
  International 2/24/04

• FIL Regarding Announced SDNTKs

  The FDIC has issued FIL-20-2004 regarding previously announced additions to the OFAC list regarding SDNTKs and the blocking of the assets of one organization. Information regarding the additions was posted on February 18, 2004 on the BOL OFAC page. 2/24/04

• Earnings Credits Calculation Changed

  The Federal Reserve System has changed the rate used to calculate earnings credits on clearing balances. Earnings credits are now calculated based on 90 percent of a three-month T-bill rate in order to align our practices with those of the marketplace. Detailed information regarding clearing balances and earnings credits are found in Section IV of the FRB Services Account Management Guide.
  Guide 2/23/04

• February Bank Accounting Advisory Series

  The OCC has released the February 2004 edition of the Bank Account Advisory Series which expresses the Office of the Chief Accountant's current views on accounting topics of interest to bankers.
  Accounting Advisory Series 2/23/04

• Greenspan On Education and The Economy

  Learn the views of Chairman Greenspan on the critical effect of education on the economy from his remarks before the Annual Meeting of the Greater Omaha Chamber of Commerce.
  Speech 2/23/04

• 2003 Thrift Charge-Off Rates

  The OTS has released the Thrift Industry charge-off rates by asset types for 2003.
  Charge-Off Rates 2/23/04

• OTS Charges Officials Of Closed Bank

  The OTS has announced charges regarding alleged violations of federal banking laws against the former president and a former institution affiliated party of Dollar Savings Bank, Newark, New Jersey which was recently closed by OTS. The former president was ordered to post security in excess of $4 million, representing the amount of questionable withdrawals from the bank which occurred in a one week period prior to closing. Charges 2/20/04

• Five OCC Enforcement Actions Announced

  OCC has announced Enforcement Actions against three national banks and two individuals.
  Enforcement Actions 2/20/04

• OCC CRA Ratings Issued for Forty-Two Banks

  Forty-two CRA ratings for national banks have been made public by the OCC. Six institutions were rated outstanding, thirty-six were satisfactory and none were rated either needs to improve or substantial noncompliance. CRA Ratings 2/20/04

• FDIC Publishes CRA Guide

  The FDIC released a new publication, the "FDIC Community Development Investment Guide", designed to assist banks that are considering community development investments. The Guide explains how to determine if an investment is permissible and how investments can be structured to achieve a community development purpose. CRA Guide 2/20/04

• FR-CA CPS Revised

  FRB Financial Services has announced the revision of CPS to incorporate new certificate issuance and revocation processes for certificates used to access the FedImage Gateway Retrieval Service. CPS Revisions 2/20/04

• OFAC Adds Forty SDNTKs and One BPI-PA

  OFAC has added three entities and thirty-seven individuals as SDNTKs to the OFAC List in addition to blocking all the financial assets and real property of an Islamic foundation which has be integraded into the SDN list with the descriptor, BPI-PA. Information regarding these additions and designation has been added to the BOL OFAC page. 2/20/04

• 2004 HMDA Preliminary Census Data Online

  The FFIEC has posted the 2004 HMDA Preliminary Census Data online. The census tracts have been drastically changed due to the 2000 census and the OMB's new geographic classifications that significantly changed the way metropolitan areas are defined.
  2004 HMDA Census Data 2/19/04

• Final 2004 TFR Form Available

  The Final 2004 TFR Form and Schedules have been posted online by OTS.
  TFR Form 2/19/04

• Second Edition of FedFocus Released

  The Federal Reserve Financial Services has released the Second Edition of FedFocus which contains a special supplement on Check 21.
  FedFocus 2/19/04

• Thrifts 2003 Earnings Set Records

  OTS has announced that the thrift industy reported record net income and profitability in 2003.
  Highlights;
  Charts;
  Selected Indicators 2/19/04

• Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding cashier's checks that are missing from California Bank & Trust, San Diego, California and counterfeit cashier's checks drawn on RBC Centura Bank, Rocky Mount, North Carolina. Information regarding the missing and counterfeit items has been posted on the BOL Alerts & Counterfeits page. 2/18/04

• Cumulative Unauthorized Banking List

  The OCC has updated its cumulative list of entities that may be conducting unauthorized banking activities. The OCC list does not contain the names of entities furnished by state or foreign governments. Beginning in 2003, unauthorized bank lists have been issued as Special Alerts by the FDIC. They were previously issued as Financial Institution Letters.
  List
  FDIC Special Alerts 2/18/04

• OTS CRA Evaluations Released

  OTS has released the CRA ratings for savings associations that were made public during December 2003 and January 2004.
  December January 2/18/04

• December 2003 TIC Data Released

  Treasury has released the International Capital data for December 2003.
  TIC 2/18/04

• January Financial Holding Company Elections

  The list of bank holding companies that have elected as February 13, 2004 to become or be treated as financial holding companies under the Bank Holding Company Act has been issued by the FRB. FHC List 2/18/04

• G. 17 Industrial Production Report

  The FRB has issued the G.17 Industrial Production and Capacity Utilization report for January 2004.
  G. 17 2/18/04

• December 2003 Cost of Funds Reports Released

  The OTS has released the historical and current reports as December 2003 regarding the cost of funds for OTS regulated SAIF insured institutions. Historical; Current 2/18/04

• FIL Regarding Announced SDNs

  The FDIC has issued FIL-18-2004 concerning additions to the Cuban and Balkans SDN designations that were made to the OFAC list on February 9, 2004. Information regarding the additions was previously announced in a BOL Special OFAC Alert and placed on the BOL OFAC page. 2/18/04

• FDIC Insurance Funds Year-End Reports

  The FDIC has released the 2003 Year-End Reports for the FDIC and SAIF insurance funds.
  Reports 2/18/04

• FRB Grants 23A Exemption Request

  The FRB has released a legal interpretation which grants a request for an exemption from the quantitative limits of section 23A of the Federal Reserve Act and the Regulation W to allow a financial institution to acquire all the capital stock of an affiliate.
  Legal Interpretation 2/17/04

• OTS Closes Dollar Savings Bank

  The OTS has announced the closing of Dollar Savings Bank, Newark, New Jersey and the appointment of the FDIC as receiver.
  Closing 2/17/04

• OCC Issues Bulletin on Reg. CC Proposal

  The OCC has issued Bulletin 2004-11 regarding the previously announced proposal by the FRB to add a new subpart D to Reg. CC to implement the Check 21 Act. Information regarding the proposal and request for comment was included in the January 8, 2004 BOL Top Stories. 2/17/04

• 2003 FDIC Annual Report Posted

  The FDIC has posted on its web site its 2003 Annual Report which provides an overview of FDIC activities and operations during the year.
  Full Report;
  Index 2/17/04

• FIND Call Report Web Site Launched

  The federal bank regulators have jointly announced the launch of a web site that provides information on the FFIEC's Call Report Modernization initiative. The FIND (Financial INstitutions Data - Bank Call Reports) web site provides details on the development and implementation of a central data repository (CDR) for collection, processing, and distribution of bank financial data.
  FIND Web Site;   
  FRB PR;   
  OCC NR;   
  FDIC 2/13/04

• OCC Preemption Rule Discussed

  OCC Chief Counsel and First Senior Deputy Comptroller Williams discussed the OCC's new Preemption Rule and position on visitorial powers in a presentation before the Annual Legal Conference of the Independent Bankers Association of Texas and the Texas Savings and Community Bankers Association. She emphasized the importance of continuing cooperation between the States and the OCC in furthering consumer protection with respect to the institutions they regulate. Speech 2/13/04

• Tax Shelter Schemes Information Online

  The IRS has launched a new section on its web site containing important information about abusive schemes involving employee retirement plans. The site is intended to warn promoters and plan professionals about the consequences of participating in such schemes.
  Tax Shelter Schemes 2/13/04

• Regulators Issue Interagency Advisory

  An Interagency Advisory was issued by the federal financial regulators regarding accounting for deferred compensation agreements and bank-owned life insurance. Advisory;   
  OCC Bulletin;   
  OTS CEO Letter;   
  FDIC FIL    FRB SR 2/12/04

• Unauthorized Banking Activities Special Alert

  The FDIC has issued a Special Alert regarding entities that may be may be operating in the Cayman Islands, offering banking or other financial services to individuals, businesses or financial institutions located in the United States. The Cayman Islands Monetary Authority (CIMA) has published a list of financial entities whose Web sites note a Cayman Islands address, but the entities are neither registered nor licensed to carry on activities regulated by the CIMA.
  SA-9-2004;
  CIMA List 2/12/04

• FRB Reassigns Routing Numbers

  The FRB is amending appendix A of Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Richmond and reassign the Federal Reserve routing symbols currently listed under that office to the Federal Reserve Bank of Richmond's Baltimore office and delete the reference to the Omaha check processing office of the Federal Reserve Bank of Kansas City and reassign the
  Federal Reserve routing symbols currently listed under that office to the Des Moines office of the Federal Reserve Bank of Chicago. 69FR6917 (txt) 69FR6917 (pdf) 2/12/04

• OFAC Issues Iraqi Intellectual Property IR

  An Interpretative Ruling regarding protection and transfer of intellectual property rights in Iraq has been issued by OFAC.
  OFAC IR 2/12/04

• Greenspan - Economic Prospects Good

  Chairman Greenspan presented the FRB's semiannual Monetary Policy Report to Congress. He indicated that the GDP is now expected to grow at a faster rate than was forecast in July 2003 and prospects are good for sustained expansion of the U.S. economy. In addition, a Federal Reserve survey indicates that banks had continued to tighten lending conditions early in the year, but by the second half, terms and standards were being eased noticeably. Testimony;
  Report 2/12/04

• FTC Issues Charity Scams Publication

  The FTC has issued a new consumer publication, “Charitable Donations: Give or Take?”, advising consumers on how to avoid potential charity scams. The agency indicates that more than 700,000 federally recognized charities are soliciting for charitable contributors. It contains very good information regarding questions your customers may be, or should be, asking prior to making a contribution.
  Scam Information 2/12/04

• Legal Interpretations Issued By FRB

  The FRB has issued legal interpretations regarding the grant of an exemption from the quantitative limits of Section 23A of the Federal Reserve Act and clarification of Section 106 of the Bank Holding Company Act which allows banks to require borrowers that obtain securities-based credit from the bank to keep the securities collateral in an account at a broker-dealer affiliate of the bank.
  23A;   
  106 2/11/04

• Features Added To FRB Web Site

  The FRB has announced a number of improvements to its web site, including the capability to view and submit comments on regulatory proposals. You can now submit your comments by email, view comments, review updates regarding the proposed Basel II Capital Accord and access personal finance educational tools. Email;   
  View Comments;   
  Basel II;   
  Tools 2/11/04

• FACT Act Effective Date Published

  The final rule establishing the effective date for various provisions of the FACT Act has been published in the Federal Register. This was previously announced on 2/6/04 on Top Stories.
  68FR6526 (txt) 68FR6526 (pdf)2/11/04

• FRB Working Papers Released

  The FRB has released working papers in its International Finance Discussion and FEDS series.
  International Finance;    FEDS 2/11/04

• Flood Violations Cost Ohio Bank

  The FRB has announced the issuance of a CMP in the amount of $9,500 against the Hocking Valley Bank, Athens, Ohio as the result of alleged violations Reg H and the National Flood Insurance Act. Violations Plan to attend the March 30th Webinar - Flood: What Your Lenders Need to Know 2/10/04

• Bulletin Regarding Announced Reg C Changes

  The OCC has issued Bulletin 2004-9 regarding two previously announced changes to Reg C involving the raising of the asset size exemption threshold for reporting HMDA data and the standards for defining MSAs. Information regarding the changes and the publication in the Federal Register was included in BOL Top Stories on December 29, 2003.
  2/10/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks issued by Coastal Federal Bank, Myrtle Beach, South Carolina and First Minnetonka City Bank, Minnetonka, Minnesota. Details regarding the counterfeit cashier’s checks and contact information have been placed on the BOL Alerts & Counterfeits page. 2/10/04

• OFAC Adds CUBA and BALKANS SDNs

  Ten entities have been designated CUBA SDNs and added to the OFAC List along with thirteen individuals who have identified as BALKANS SDNs. Information regarding the additions has been posted on the BOL OFAC page. 2/10/04

• OFAC Cites Twelve Institutions

  The February 2004 OFAC Civil Penalties Enforcement Information cites twelve financial institutions for fifteen violations of various sanctions programs. The penalties imposed ranged from $1,000 to over $34,000. Information regarding the violations and penalties are found on the BOL OFAC page. 2/9/04

• Regulators Issue NPR Updating CRA

  The federal banking and thrift regulators have issued a NPR regarding proposed upates to CRA. An ANPR issued by the regulators on July 21, 2001 resulted in about 400 comments which were considered in the drafting of the proposed rule.
  FRB;   
  OCC;   
  FDIC;   
  FIL;  
  OTS 2/9/04

• 2003 G.19 Report Released

  The FRB has released the G.19 report for 2003.
  G.19 2/9/04

• FACT Act Effective Dates Final Rules Issued

  The FRB and FTC have announced approval of joint final rules to establish effective dates for all provisions of the FACT Act that do not have a statutorily prescribed effective date. Final Rules;
  FRB PR;
  FTC NR 2/6/04

• FDIC CRA Examination Ratings Issued

  The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the CRA. The list covers evaluation ratings that the FDIC assigned to institutions in November 2003. CRA Ratings 2/6/04

• CRA Changes Published

  The proposed CRA changes have now been published in the Federal Register. Comments are due April 6, 2004. 68FR5729 (txt) 68FR5729 (pdf) 2/6/04

• FRB Proposes Changes To PRS Policy

  The FRB has announced that it intends, beginning in July 2006, to require Reserve Banks to release interest and redemption payments on securities issued by government-sponsored enterprises and international organizations only when the issuer's Federal Reserve account contains sufficient funds to cover these payments. Comments are requested by April 16, 2004 on how best to promote a smooth market adjustment while implementing this change in the Policy. PRS 2/6/04

• International Reserve Position Report Released

  Treasury has issued the U.S. International Reserve Position report for the the week ending January 30, 2004.
  International Reserve 2/6/04

• C & D Against Former Credit Lyonnais Official

  The FRB has issued a Consent Order to Cease and Desist against Dominique Bazy, a former executive with Credit Lyonnais, S.A., Paris, France. He is prohibited from participating in the conduct of the affairs of domestic insured depository institutions without the FDIC's approval. C & D 2/5/04

• FDIC Issues Living Trust Fact Sheet

  The FDIC has issued an FIL regarding the previously announced changes to FDIC insurance coverage of living trust accounts and a fact sheet which provides examples of how the new coverage rules will work in most common situations.
  FIL-14-2004; Fact Sheet 2/5/04

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding four Canadian entities that may be conducting unauthorized banking activities in the U.S. or Canada. SA-7-2004 2/5/04

• HOEPA Points and Fee Trigger For 2004

  The HOEPA points and fee trigger for 2004 have been posted on the HOEPA section of HMDA Help Web site.
  HOEPA Trigger 2/5/04

• MERIT Examination Program Expanded

  The FDIC has issued a FIL announcing the expansion of the MERIT examination program to eligible, well-rated banks with total assets of $1 billion or less. FIL-13-2004 2/5/04

• Corporate Activities Final Rule

  The OCC has published a final rule in the Federal Register amending 12 CFR 5.2 regarding electronic filings and procedures for filings under exceptional circumstances or for unusual transactions.
  Corporate Activities 2/4/04

• World Banking Systems Examined

  The OCC has issued a working paper, "Comparative International Characteristics of Banking", which compares the key characteristics of the world's banking systems.
  Characteristics 2/4/04

• FOIA 2003 Annual Report Released

  The FRB has released the Freedom of Information Act Annual Report for fiscal year 2003.
  FOIA Report 2/4/04

• Senior Loan Officer Opinion Survey

  The FRB has issued the results of the January 2004 Senior Loan Officer Opinion Survey regarding changes in the supply of, and demand for, bank loans to businesses and households over the past three months. Survey 2/4/04

• New Savings Accounts Proposed

  Treasury has announced that the President’s FY 2005 Budget includes the following new savings initiatives: Retirement Savings Accounts, Lifetime Savings Accounts, Employer Retirement Savings Accounts, and Individual Development Accounts.
  New Accounts 2/3/04

• Market Financing Estimates Announced

  Treasury has announced the estimates of net borrowing of marketable debt for the first two Quarters of 2004.
  Borrowing Estimates 2/3/04

• January Foreign Exchange Rates Released

  The FRB has issued the January 2004 monthly G.5 Foreign Exchange Rates Statistical Release.
  G.5 2/3/04

• November 2003 G.20 Report Released

  The FRB has released the G.20 Finance Companies report for November 2003.
  G.20 2/3/04

• December Enforcement Actions Released

  The FDIC has released the administrative enforcement actions taken against banks and individuals in December. A total of 18 orders in December, included two cease-and-desist orders, one removal-and-prohibition order, three civil money penalty orders, five terminations of cease-and-desist orders, six terminations of insurance, and one adjudicated decision.
  Enforcement Actions 2/2/04

• Formation of Dormant Bank To Be Studied

  The FRB has established a private-sector Working Group on New Bank Implementation to further develop the concept of a dormant bank that would be available for activation, if necessary, to clear and settle U.S. government securities.
  Dormant Bank 2/2/04

• IFDP Covers China and Deflation

  The FRB has posted a new International Finance Discussion Paper on its Web site, Is China "Exporting Deflation"?.
  China 2/2/04

A symposium commemorating the 150th anniversary of the OCC was opened by remarks from Comptroller Curry, who stressed the role that examiner "boots on the ground" supervision has played since its founding. The conference, jointly sponsored by the OCC and the Boston University Center for Finance, Law & Policy, featured prominent public and private sector leaders discussing the current state of domestic and international banking in the context of recent and historical events.

An article on the CFPB Blog reports on the recent field hearing in Atlanta of the Financial Literacy and Education Commission to talk about workplace financial education. Director Cordray discussed why the workplace is an ideal location for financial education and suggested it can be good business for employers to help relieve employees' financial stress.

A symposium commemorating the 150th anniversary of the OCC was opened by remarks from Comptroller Curry, who stressed the role that examiner "boots on the ground" supervision has played since its founding. The conference, jointly sponsored by the OCC and the Boston University Center for Finance, Law & Policy, featured prominent public and private sector leaders discussing the current state of domestic and international banking in the context of recent and historical events.

• FinCEN's PACS Reaches One Million Filings

  In a presentation before The Financial Enforcement Network, FinCEN Director Fox noted that the number of filings made utilizing PACS had reached one million, but that accounts for only 4% of the total filings. He observed that one of FinCEN's toughest challenges is to streamline the CTR system to weed out unnecessary filings. He also stated that compliance is not a "check-the-box" exercise, but rather requires financial institutions to exercise their judgment, as informed by FinCEN's guidance and assistance. Speech 1/30/04

• Interpretations and Actions - January Issue

  The OCC has posted the January 2004 issue of Interpretations and Actions on its Web site.
  Electronic Interpretations and Actions 1/30/04

• January FEDS Papers Released

  The FRB has released three new working papers in the finance and economics discussion series on the topics of: Monetary Policy in Deflation: The Liquidity Trap in History and Practice; Market Structure and Market Definition: The Case of Small Market Banks and Thrifts; and Measuring the Effects of Monetary Policy: A Factor-Augmented Vector Autoregressive (FAVAR) Approach.
  Monetary Policy;
  Market Structure;
  Measuring 1/30/04

• International Reserve Positions Issued

  Treasury has issued the U.S. International Reserve Positions for the weeks ending January 9 and 16.
  International Reserve Positions 1/30/04

• OTS 2004 Performance Plan Released

  The OTS has release its budget/performance plan for 2004. 2004 Plan
  1/30/04

• Thirty-three CRA Evaluations Released

  The OCC has released the CRA evaluations for thirty-three national banks. Nine banks were rated were outstanding and twenty-four received a satisfactory designation. None were reported as improve or substantial noncompliance.
  CRA 1/29/04

• OCC Defends Preemption Rule

  Julie L. Williams, First Senior Deputy Comptroller and Chief Counsel for the OCC, indicated in testimony before the House Financial Services Subcommittee on Oversight and Investigations that new regulations regarding preemption and the OCC’s exclusive visitorial powers to regulate and supervise national banks are firmly grounded in Federal law, judicial precedent and the U.S. Constitution. She stated that the OCC has zero tolerance for lending that is unfair, abusive, deceptive or predatory.
  Testimony
  Oral Statement 1/29/04

• Debt Elimination Scams SR Letter Issued

  The FRB has issued a Supervisory Letter regarding various illegal schemes being offered to the public that purport to eliminate outstanding debt through the use of specially prepared documents which are presented to the borrower's creditor's in an attempt to satisfy the debt. The scams are reminiscent of the tax protesters' tax evasion schemes seen throughout the 1990s.
  SR 04-3 1/29/04

• 2003 Terrorist Asset Report Issued By OFAC

  OFAC has released the calendar year 2003 Annual Report on Assets in the United States of Terrorist Countries and International Terrorist Program Designees. Approximately $6 million in assets of designees have been blocked and almost $2 billion in assets of terrorist countries are under U.S. jurisdiction.
  Terrorist Asset Report 1/29/04

• Stolen Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding cashier's checks stolen from the Citizens Savings Bank and Trust Company, Nashville, Tennessee. Details regarding the counterfeit cashier’s checks and contact information have been placed on the BOL Alerts & Counterfeits page. 1/29/04

• Financial Literacy Meeting To Be Webcast

  The inaugural meeting of the Financial Literacy and Education Commission will be held on Thursday, January 29 and will be available for viewing on a live Webcast starting at 10:30 am EST.
  Treasury PR:
  Webcast 1/29/04

• FOMC Announces Fed Funds Target Rate

  The FOMC has announced its target for the Federal funds rate. The Committee believes that an accommodative stance of monetary policy, coupled with robust underlying growth in productivity, is providing important ongoing support to economic activity.
  Target Rate 1/29/04

• FIL Regarding Announced SDNs

  The FDIC has issued FIL-12-2004 concerning three SDNs that were added to the OFAC list on January 22, 2004. Information regarding the additions was previously announced in a BOL Special OFAC Alert and placed on the BOL OFAC page. 1/29/04

• Comments Sought on Call Report Revisions

  The OCC, FRB and FDIC have issued and published in the Federal Register a Notice and Request for Comments regarding proposed revisions of Call Report Forms FFIEC 031 and FFIEC 041. Notice
  1/28/04
  
  

• Greenspan On Economic Flexibility

  In a presentation before the HM Treasury Enterprise Conference in London, Chairman Greenspan noted deregulation and the newer information technologies have joined to advance financial flexibility which may be the most important contributor to the significant gains in economic stability over the past two decades. He also observed that the United States have not engaged in significant and widespread protectionism for more than five decades and the consequences of moving in that direction could be unexpectedly destabilizing. Speech 1/27/04
  
  

• Mad Cow Guidance Issued

  The OCC has issued the first AL of 2004 which offers guidance to national banks on compliance with legal lending limits related to declines in the collateral value of cattle as a result of public perception of the recent Mad Cow disease issue in the U.S. OCC examiners will treat noncompliance as an "extraordinary circumstance" for the next 180 days.
  OCC AL 2004-1 1/26/04

• FTC To File Amicus Brief in FCRA Case

  The FTC will file an amicus brief in the appeal of court decision involving FCRA and adverse action notices. The plaintiffs allege that Hartford Financial Services used information in credit reports to set the initial rate for the insurance it offers consumers. The plaintiffs claim that Hartford violated the FCRA by failing to provide customers with adverse action notices if a high rate was offered due to unfavorable credit information. The decision of the district court held that the FCRA’s definition of adverse action does not encompass setting a higher initial price for insurance.
  FTC Brief 1/26/04
  
  

• FDIC Insurance Fictitious Emails

  The OCC and FDIC have issued alerts to financial institutions and consumers regarding fraudulent e-mails that have the appearance of being sent from the agencies and informs recipients that their FDIC insurance has been suspended for alleged violations of the USA PATRIOT Act. The fake emails are the subject of a new BOL Blog which contains the text of the scam.
  BOL Blog
  OCC AL 2004-5
  FDIC SR-5-2004 1/26/04
  
  

• FinCEN Director Makes First Public Address

  In a presentation before the South Carolina Bar Association, FinCEN Director Fox discussed FinCEN’s implementation of anti-money laundering and anti-terrorism financing provisions of the USA PATRIOT Act.
  Speech 1/26/04
  
  

• Credit Union 2003 Highlights Detailed

  Chairman Dollar reviewed the highlights of credit union accomplishments during 2003 and the challenges of 2004 in a presentation at the winter meeting of the American Association of Credit Union Leagues.
  Speech 1/26/04

• Online Financial Education Newsletter Released

  The Treasury's Office of Financial Education (OFE) has released the first issue of its on-line, quarterly newsletter, The Treasury Financial Education Messenger. A featured article lists the eight elements of a successful financial education program and offers guidance to financial education organizations as they develop programs and strategies to achieve the greatest impact in their communities. Messenger 1/23/04

• ID Theft Tops FTC Complaint List

  The FTC has released its annual report listing the top 10 fraud complaint categories reported by consumers in 2003. The report indicates over 516,000 complaints were received in 2003 and also identifies the metropolitan areas that experienced the highest per capita rates of consumer fraud and identify theft. FTC Report 1/23/04

• Bank Strategies to Assist Small Businesses

  The OCC has published the Winter 2003 issue of the Community Developments Newsletter focusing on bank support for small businesses through innovative investments, loans, and technical assistance. Newsletter 1/23/04

• U.S. and Saudis Fight Terrorist Financing

  The United States has joined with Saudi Arabia to designate four branches of the Al-Haramain charitable organization in Kenya, Tanzania, Indonesia, and Pakistan for providing financial, material, or logistical support to terrorist organizations like al-Qaida. As a result, OFAC has added four new SDGTs, each with numerous a.k.a.s, to the SDN list. Information regarding the additions was included in a BOL OFAC Alert and has been posted on the BOL OFAC page. Joint Action 1/23/04

• Managing Through a Rising Rate Scenario

  OTS Director Gilleran examined the condition of the thrift industry and commented on how to manage through a rising rate scenario in a presentation before the Exchequer Club of Washington, D.C. Speech 1/22/04

• OCC Enforcement Actions Announced

  The OCC has announced 15 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks in Texas, Florida, Illinois, Oklahoma, Arizona, Colorado, California, and Ohio.
  Enforcement Actions 1/21/04

• FDIC Amends Insurance Coverage for Living Trust Accounts

  The FDIC is amending its regulations to clarify and simplify the deposit insurance coverage rules for living trust accounts. The
  rules are amended to provide coverage up to $100,000 per qualifying beneficiary who, as of the date of an insured depository institution
  failure, would become the owner of the living trust assets upon the account owner's death. 68FR2825 (txt) 68FR2825 (pdf) 1/21/04

• Regulators Announce CRA NPR

  The FDIC has announced approval of a joint interagency NPR regarding CRA. The FRB, OCC, and OTS are expected to announce their approval shortly. The NPR proposes to amend the CRA regulations definition of "small bank"; to expand and clarify the provision that an institution's CRA evaluation is adversely affected when the institution has engaged in specified discriminatory, illegal, or abusive credit practices in connection with certain loans; and to revise the regulations to provide that the CRA disclosure statement would contain the number and amount of the institution's small business and small farm loans by census tract. FDIC PR 1/21/04

• OTS Issues SCRA CEO Letter

  OTS has issued a CEO Letter that highlights the differences between the SCRA and the SSCRA.
  CEO Letter

• OTS Interest Rate Projections

  The Interest Rate Projections for Capital Plans for the Fourth Quarter 2003 have been released by OTS.
  Projections 1/21/04

• FIL Regarding Announced OFAC Changes

  The FDIC has Issued FIL-9-2004 regarding previously announced changes to the OFAC List involving FTO and SDN entries. Information concerning the changes was the subject of a BOL OFAC Alert on January 12 and has been posted on the BOL OFAC page. 1/21/04

• January Financial Holding Company Elections

  The list of bank holding companies that have elected as January 16, 2004 to become or be treated as financial holding companies under the Bank Holding Company Act has been issued by the FRB.
  FHC 1/21/04

• OCC Updates Licensing Manual

  The "Business Combinations" booklet of the Comptroller's Licensing Manual has been revised to incorporate recent regulatory and policy changes, such as a bank’s combination with a nonbank subsidiary or affiliate, transactions with affiliates, and anti-money laundering effectiveness. Update 1/20/04

• Transcript Regarding B of A/Fleet Application

  The transcript of the public meeting held regarding the application of Bank of America to acquire FleetBoston Financial Corporation has been released by the FRB.

  Transcript 1/20/04

• Budget Increase Proposed For FinCEN

  The Bush Administration has announced that it will propose a 12.7% increase in the budget of FinCEN to allow the continued acquisition and upgrading of technology and resources utilized in the fight against terrorism and financial crimes.

  Treasury JS-1100 1/20/04

• G. 17 Industrial Production Report

  The FRB has release the G. 17 Industrial Production and Capacity Utilization report for December 2003.
  G.17 1/20/04

• OFAC Adds SDGT

  A SDGT entry has been added to OFAC's SDN list. Information regarding the addition was the subject of a BOL OFAC Alert and has been posted on the BOL OFAC page. 1/20/04

• FDIC Expands Fair Lending Exam Program

  The FDIC has announced that it has expanded its fair lending examination program nationwide by appointing examination specialists in each of its six regions. FDIC PR 04-2004 1/16/04

• FRB Issues Business Continuity Guide

  The National Business Continuity Guide provides continuity information for all Federal Reserve products and services in the unlikely event of a business disruption. The guide provides specific product and service information on steps to take to prepare for and actions to be taken if a Federal Reserve business disruption occurs. Guide 1/16/04

• FTC Obtains $23.5 Million Settlement

  The FTC has accepted $23.5 million to settle charges that Certified Merchant Services violated the FTC Act while providing merchants with credit-card payment services. The payment to the FTC came from a forced sale of CMS’s assets, and the parties agree that it will provide full redress to merchants. Settlement 1/16/04

• Third Quarter 2003 Z. 1 Flow of Funds

  The FRB has released the Z. 1 Flow of Funds Accounts of the United States report for the Third Quarter 2003.
  Flow 1/16/04

• Securities Disclosures Final Rule

  The OCC has issued a Bulletin regarding the previously announced Final Rule regarding reporting and disclosure requirements for National Banks with securities registered under the Securities Exchange Act of 1934. Information regarding the Final Rule was posted in the December 10, 2003 BOL Top Stories. 1/16/04

• Credit Rating and Scoring Conference

  The OCC has posted the program and registration information online for a Credit Rating and Scoring Conference to be held on May 17-19 in Alexandria, Virginia. The conference will bring together technical experts from financial institutions, regulatory authorities, academia, and the model vendor community which specialize in retail or commercial risk rating model design, data collection, use and performance evaluation to discuss areas of common interest. Program 1/16/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks issued by Saehan Bank, Los Angeles, California and Coastal Community Bank, Everett, Washington. Details regarding the counterfeit cashier’s checks and contact information have been placed on the BOL Alerts & Counterfeits page. 1/16/04

• November 2003 Cost of Funds Reports Released

  The OTS has released the historical and current reports as November 2003 regarding the cost of funds for OTS regulated SAIF insured institutions. Historical Report Current Report 1/16/04

• March 2004 TFR Instructions

  OTS has issued revised instructions for the March 2004 TFR regarding only new, modified, or renumbered lines. The instructions for any line listed on the 2004 form that is not listed in the revision remain unchanged.
  TFR 1/15/04

• SEC Proposes Securities Law Reforms

  The SEC has proposed three regulatory initiatives designed to better protect the 95 million investors in mutual funds. These initiatives represent the next in a series of securities law reforms pursued by the Commission to address problems identified with the management and sale of mutual funds.
  Initiatives 1/15/04

• Beige Book Updated

  The FRB has released a new edition of the Beige Book based on information collected before January 6, 2004.
  Beige Book 1/15/04

• FDIC Letter To Stakeholders

  The FDIC has issued a Letter to Stakeholders which contains highlights of 4th Quarter 2003 activities and year-end financial statistics.
  Letter 1/15/04

• Fall 2003 Statistics of Income Bulletin

  The IRS has issued the Statistics of Income Bulletin for the Fall 2003 which contains a detailed look at 130.3 million individual returns for Tax Year 2001.
  Income Bulletin 1/15/04

• Reg B Spousal Signatures Guidance Issued

  The FDIC has issued a guidance to assist banks in complying with the spousal signature provisions of ECOA and Regulation B, 12 CFR Part 202.
  FIL-6-2004 Guidance 1/14/04

• Living Trust FDIC Insurance Rules Simplified

  The FDIC has decided to simplify the insurance rules for deposits held in connection with a living trust. The new rules will become effective April 1, 2004, but the FDIC will apply the new rules to living trust deposits at any insured institution that fails between now and April 1 if doing so would benefit the affected depositors.
  Living Trust Insurance 1/14/04

• OCC Bulletin Regarding Preemption

  The OCC has issued Bulletin 2004-6 regarding the previously announced Final Rules concerning Preemption and Visitorial Powers. The Final Rules were the subject a BOL Special Briefing on January 7. 1/14/04

• Greenspan On Globalization

  Chairman Greenspan expressed his opinion on the globalization of the economic framework of various nations during a presentation in Berlin. He noted the question of whether globalization will be allowed to proceed rests largely on the judgment of whether greater economic freedom is deemed by leaders in societies to enhance the interests of their populations.
  Speech 1/14/04

• FYI: Bull Market and Defined Benefit Plans

  The FDIC posted a FYI article entitled, "Could a Bull Market Be a Panacea for Defined Benefit Pension Plans?".
  FYI 1/14/04

• Quarterly Journal Online

  The June 2003 issue of the OCC Quarterly Journal, Vol. 22, No. 2 for the first quarter calendar year 2003, is now available on-line in PDF and in print.
  Quarterly Journal 1/14/04

• Bank Examiners Going to Iraq

  The OCC has announced that a team of bank examiners is going to Iraq to assist in the establishment of a Iraqi bank supervision department.
  Examiners 1/14/04

• Community Development Aids Introduced

  The FRB has announced the availability of three new products to promote community development activities. The Fiscal Impact Tool (FIT) is an automated system that analyzes the potential impact of economic development projects, Lessons Learned: Community and Economic Development Case Studies is a database that profiles the practices and programs used in various communities to finance economic development, and the Community Development Investments web site is a source for information about Federal Reserve policies and guidelines that promote investment by bank holding companies and state-member banks in community development activities.
  FRB PR;   Web Site 1/13/04

• FinCEN Updates Web Page

  FinCEN has added a link to subscribe to FinCEN QuickNews and a new section, Comments on Regulatory Proposals, to its Web Page.
  QuickNews;    Comments 1/13/04

• FFIEC 002 December Report Form

  The December 2003 FFIEC 002 Report Form has been posted on the FFIEC Web Site. 002 Report Form 1/13/04

• January Financial Holding Company Elections

  The list of bank holding companies that have elected as January 9, 2003 to become or be treated as financial holding companies under the Bank Holding Company Act has been issued by the FRB. Financial Holding Companies 1/13/04

• OFAC Updates SDGTs

  As noted in Monday's BOL OFAC Alert, OFAC some "[FTO][SDGT]" entries have been changed on OFAC's SDN list. Information regarding the changes has been added to the BOL OFAC page. 1/13/04

• Federal Register Publishes OCC Preemption and Visitorial Rules

  The OCC issued two regulations, one which clarifies what types of state laws apply to national banks, and a second which clarifies issues related to the OCC's exclusive visitorial powers over national banks. In addition, the OCC has published a number of documents explaining the rulemakings on national bank preemption and the OCC's visitorial powers. First announced in a special briefing from BOL on 1/7/04. 69FR1904 txt 69FR1904 pdf 69FR1895 txt 69FR1895 pdf 1/13/04

• FDIC Summarizes Reg B Changes

  The FDIC has issued a FIL that summarizes the FRB amendments to Regulation B and the Official Staff Interpretations of the regulation. Compliance becomes mandatory on April 15, 2004.
  FDIC FIL-5-2004 1/12/04

• OCC Licensing Manual Updated

  The revised "Branches and Relocations" booklet of the Comptroller's Licensing Manual series is available on the OCC's Internet site. The revisions incorporate recent policy and procedure changes regarding the bank's ability to file a branch or relocation application or notice electronically using e-Corp and include a modified discussion about opening temporary branches in disaster areas.
  Branches and Relocations 1/12/04

• EOs Issued Against Virginia Banker

  The FRB has issued an Order of Prohibition and Order to Cease and Desist against a former vice president of the James Monroe Bank, Arlington, Virginia based on his alleged participation in violations of law and unsafe or unsound practices regarding identity theft, falsification of bank records, misapplication of bank funds, self-dealing and violations of institutional internal controls that resulted in losses and other damage to the bank and personal gain.
  Orders 1/12/04

• FRB Makes Change to Processing Office

  The FRB is amending appendix A of Regulation CC to delete the reference to the Miami check processing office of the
  Federal Reserve Bank of Atlanta and reassign the Federal Reserve routing symbols currently listed under that office to the Jacksonville
  office of the Federal Reserve Bank of Atlanta. 69FR1655 (txt) 69FR1655 (pdf) 1/12/04

• 2004 CAC Members and Officers Named

  The FRB has named nine new members to its Consumer Advisory Council for three-year terms and designated a new Chair and Vice Chair of the Council for 2004.
  CAC 1/12/04

• December 2003 Agricultural Finance Databook

  The FRB has issued the December 2003 edition of the E.15 Agricultural Finance Databook which contains sections listing: Amount and Characteristics of Farm Loans Made by Commercial Banks; Selected Statistics from the Quarterly Reports of Condition of Commercial Banks; and Reserve Bank Surveys of Farm Credit Conditions and Farm Land Values.
  E.15 1/12/04

• FRB Enforcement Action Against French Bank

  The FRB and Commission Bancaire, the regulator of French banks, have announced the issuance of a consent enforcement action against Credit Lyonnais, S.A. and its parent company. This action results from Credit Lyonnais's participation in the rehabilitation of the Executive Life Insurance Co. of California.
  Enforcement Action 1/9/04

• 18 Entities Conducting Unauthorized Banking

  The FDIC has issued a Special Alert regarding 18 Canadian entities that may be conducting unauthorized banking activities in the U.S. and Canada. SA-3-2004 1/9/04

• Internet Con Artists Also ID Thieves

  A federal district court has pulled the plug on two defendants who used stolen identities to sell nonexistent goods in online auctions making it appear that innocent third parties were guilty of fraud. The defendants opened numerous accounts on Internet auction Web sites, sold merchandise, accepted payment from consumers, and then failed to deliver the promised merchandise. The defendants set up bank accounts and post office boxes in other people’s names and directing that payment be sent to them. As a result, consumers and law enforcers believed that the identity theft victims were responsible for the auction fraud. Case Information 1/9/04

• 2003 Reserve Bank Income

  The Reserve Bank income and expense data and transfers to the Treasury for 2003 have been released by the FRB. Income 1/9/04

• Four FEDS Papers Released

  The FRB has released four new FEDS papers entitled: The Responses of Wages and Prices to Technology Shocks, A Utility-Based Welfare Criterion in a Model with Endogenous Capital Accumulation, Optimal Monetary Policy in a Micro-founded Model with Parameter Uncertainty, and Testing Conflicts of Interest at Bond Rating Agencies with Market Anticipation: Evidence that Reputation Incentives Dominate.
  Responses;   
  Welfare Criterion;   
  Monetary Policy;   
  Testing Conflicts
  1/9/04

• November G. 19 Report Issued

  The FRB has issued the G.19 Consumer Report for November 2003. G. 19
  1/9/04

• FILs Regarding Recent OFAC Changes

  The FDIC has issued FIL-2-2004 and FIL-2004 regarding changes to the OFAC list and a general license issued under the Iranian Sanctions Program. Information regarding the changes and the license were previously posted on the BOL OFAC page. 1/9/04

• CIP FAQs

  The regulatory agencies have jointly released FAQs regarding CIP. While the agencies recognize that every question hasn't been ansewered, the list of Q&As contains a wealth of useful information.
  FINCEN CIP FAQ 1/8/04

• Court Lowers Boom On Credit Card Scam

  A federal district court has entered a temporary restraining order enjoining the owners of a nationwide telemarketing operation from making misrepresentations to consumers in addition to freezing the owners’ assets. The FTC filed an action against the defendants alleging that they violated the FTC Act by misrepresenting that consumers were likely to receive an unsecured major credit card and violated the GLBA by using false or fictitious statements to obtain consumers’ bank account information. Court Order 1/8/04

• Clearing Bank Interruption Recommendations

  The FRB has released the report of the private-sector Working Group on Government Securities Clearance and Settlement and endorsed its recommendations. The Working Group, formed by the Board following September 11, 2001, recommended nine steps to mitigate risks to the financial system from the interruption or termination of the services of a clearing bank as the result of either operational or non-operational problems. Report
  1/8/04

• Federal Register Publishes Reg CC Proposal

  The FRB is publishing for comment proposed amendments to Regulation CC that would add a new subpart D, with commentary, to implement the recently-enacted Check Clearing for the 21st Century Act. These proposed amendments (1) would set forth the requirements of the Act that apply to banks, (2) provide a model disclosure and model notices relating to substitute checks, and (3) set forth indorsement requirements and truncating bank and reconverting bank identification requirements for substitute checks. The proposed amendments also would clarify some existing provisions of the rule and commentary. 69FR1469 (txt) 69FR1469 (pdf) 1/8/04

• OCC Issues Preemption and Visitorial Rules

  The OCC issued two regulations, one which clarifies what types of state laws apply to national banks, and a second which clarifies issues related to the OCC's exclusive visitorial powers over national banks. In addition, the OCC has published a number of documents explaining the rulemakings on national bank preemption and the OCC's visitorial powers.
  Statement from the Comptroller;
  Press Release 2004-03; Final Rule: Preemption; Final Rule: Visitorial Powers;
  Questions and Answers on the Preemption Rulemaking; Questions and Answers on the Visitorial Powers Rule; A chart comparing OCC's preemption rule with those of the Office of Thrift Supervision and the National Credit Union Administration.

• SSCRA Rewritten

  A new federal law called the Servicemembers Civil Relief Act rewrites the Soldiers' and Sailors' Civil Relief Act of 1940. It clarifies various limitations on creditors and other parties who do business with service members, adds certain new protections for those in military service, and requires a servicemember to provide written notice and a copy of the military orders in order to invoke the interest cap provision. Servicemembers Civil Relief Act Webinar 1/7/04

• OTS CEO Letter Regarding HMDA

  OTS has issued a CEO Letter which summarizes the significant changes affecting the way thrifts report 2004 HMDA data as a result of the implementation of amendments to Reg C. CEO Letter 1/7/04

• OCC Proposed Change in Asset Composition of a Bank

  The OCC is proposing to amend its regulations to require a national bank to obtain the approval of the OCC before two types of fundamental changes in the composition of the bank's assets: (1) Changing the composition of all, or substantially all, of its assets through sales or other dispositions or, (2) after having sold or disposed of all or substantially all of its assets, subsequently purchasing or otherwise acquiring assets. The proposal also provides that, in the second case, the OCC will apply, among other factors,
  the same factors as it applies to the establishment of a de novo bank. 69FR892 (txt) 69FR892 (pdf) 1/7/04
  
  

• FTC Issues Enforcement Report To FRB

  The FTC has issued a report to the FRB regarding enforcement activities conducted during 2003 regarding violations of TILA, CLA, ECOA, and EFTA. The information will be incorporated into the FRB’s annual report to Congress. FTC Report 1/7/04

• International Reserve Position Issued

  Treasury has released the U. S. International Reserve Position for the week ending January 2. Reserve Position 1/7/04

• Providing Financial Support To Funds Alert

  Federal regulators have issued an interagency policy statement alerting financial institutions to the safety and soundness and legal issues involved in providing financial support to investment funds advised by the institution or its subsidiaries or affiliates.
  FRB PR;   
  FRB Statement;   
  OCC Bulletin 2004-2;   
  OCC Statement;   
  FDIC FIL-1-2004 ;   
  FDIC Statement;   
  OTS PR 1/6/04

• FDIC CRA Evaluations

  The January 2003 list of state nonmember banks recently evaluated for CRA compliance has issued by the FDIC. The list covers evaluation ratings that the FDIC assigned to the institutions in October 2003.
  FDIC CRA 1/6/04

• October 2003 G.20 Report Released

  The FRB has released the G.20 Finance Companies report for October 2003.
  G.20 1/6/04

• 314(a) Contact Information To Be Automated

  The OCC has issued an alert to provide notice to all national banks and federal branches that during the first quarter of 2004 an automated process will be implemented to create and maintain FinCEN’s electronic 314(a) distribution list utilizing the information provided on Call Reports.
  OCC Alert 2004-1 1/6/04
  
  

• FDIC Consumer News 10th Anniversary

  The FDIC has released a special 10th anniversary edition of the Consumer News containing articles on the following topics: Tips You Can Bank On; An FDIC Guide to Being a Smarter, Safer Financial Consumer; You and Your Bank; Deposits and Deposit Insurance; Loans and Credit Cards; Fighting Fraud; and Family Matters.
  Consumer News 1/6/04
  
  

• Electronic Filing Final Rule Published

  The OCC has published a final rule that permits national banks to file any class of corporate applications electronically. The final rule, which is effective February 2, 2004, adopts without change the interim rule which is currently in effect.
  Final Rule 1/5/04

• OCC Bulletin Regarding BSA Travel Rule

  The OCC has issued Bulletin 2003-1 regarding the notice issued by FinCEN of the permanent expiration of the conditional exception to the BSA Travel Rule which was previously reported in BOL Top Stories on December 2, 2003.
  Top Stories
  1/5/04

• Five Financial Institutions Penalized By OFAC

  The January 2004 OFAC Civil Penalties Enforcement Information cites five financial institutions for violations of various sanctions programs. The penalties imposed ranged from $4,000 to over $73,000. Information regarding the violations and penalties are found on the BOL OFAC Page.
  1/5/04

• Greenspan Reviews Monetary Policy

  The key developments of the past decade and a half of monetary policy were analyzed by Chairman Greenspan in a presentation before the American Economic Association. He observed that perhaps the greatest irony of the past decade is that the gradually unfolding success against inflation may well have contributed to the stock price bubble of the latter part of the 1990s.
  Speech
  1/5/04

• 2003 Foreign Exchange Rates Released

  The FRB has issued the 2003 annual and December monthly G.5 Foreign Exchange Rates Statistical Releases.
  G.5 Monthly;
  G.5A Annual
  1/5/04
  
  

• November FDIC Enforcement Actions

  The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in November which included three cease-and-desist orders, three civil money penalty orders, two removal-and-prohibition orders, one modification of a prohibition order, and one termination of a previously issued cease-and-desist order.
  Enforcement Actions 01/02/04

• Removal, Prohibition and CMP Issued

  The FDIC has issued a removal and prohibition order and imposed a $5,000 civil money penalty against a former executive vice president of Heartland Community Bank, Franklin, IN.
  Orders CMP 01/02/04

• FinCEN Terrorist Information Number

  FinCEN has added to the top of its Web page the telephone number that financial institutions should call to report suspicious activity that may relate to terrorist activity.
  FinCEN 01/02/04

• California Earthquake Relief Guidelines

  FDIC has issued an FIL encouraging banks to work constructively with borrowers who were adversely affected by the California earthquakes. The FDIC has prepared guidelines, which state that extending repayment terms, restructuring existing loans or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the community and serve the long-term interests of the lending institution.
  FIL-100-2003 Guidelines 01/02/04

• OFAC Issues Iranian Relief License

  OFAC has issued a General License authorizing cash donations to nongovernmental entities engaged in humanitarian relief activities in response to the earthquake in Bam, Iran. Information regarding the license has been placed on the BOL OFAC page. 01/02/04

• E16 Country Exposure Data Released

  The FFIEC has issued the September 30, 2003 E16 Country Exposure Statistical Release and the Country Exposure Information Report. Release; Report. 01/02/04

• International Reserve Position Released

  The U. S. International Reserve Position for the week ending December 26 has been released by Treasury. Reserve Position 01/02/04