Top Story Operations Related

Treasury has designated Carlos Arnoldo Lobo (a.k.a. "El Negro Lobo") under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for his significant role in international narcotics trafficking. As a result of Treasury's action, all property and interests in property in the United States or in the possession or control of U.S. persons in which Lobo has an interest is blocked, and U.S. persons are generally prohibited from engaging in transactions with him. An entity was also added to OFAC's SDN list. Details are available in a BOL OFAC Update.

The Federal Reserve Board has released the minutes, Statement, press conference video, and projections materials of the March 18–19, 2014, meeting of the Federal Open Market Committee (FOMC).

• Preemption of State Escrow Laws

  OTS has released a legal opinion regarding the Federal law preemption of the escrow account laws of the State of New York.Legal Opinion 10/31/03

• Treasury Check Security Features

  FMS has created a web page that identifies and provides examples of the security features found on U. S. treasury checks. Treasury Check Security 10/31/03

• Asset & Liability Price Tables

  OTS has published the Asset & Liability Price Tables for the Third Quarter 2003. A & L Tables 10/31/03

• Greenspan Comments On Check 21

  Chairman Greenspan shared his views on the passage of Check 21 and the Federal payments system to participants at the Federal Reserve Payments System Development Committee 2003 Conference.Greenspan Remarks 10/30/03

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks issued by Farmers and Merchants State Bank of Springfield, Springfield, Minnesota; First Citizens National Bank, Mansfield, Pennsylvania; and First Commerce Bank, Corpus Christi, Texas. Details regarding the counterfeit cashier'
  s checks and contact information have been placed on the BOL Alerts & Counterfeits page. 10/30/03

• Regulators ANPR on Basel II

  The federal regulators have issued an ANPR seeking comment on a proposed framework for implementing the New Basel Capital Accord in the United States. Specific comments are sought on the treatment of expected and unexpected losses in the internal ratings-based (IRB) approach to credit risk. ANPR    OCC Bulletin 10/30/03

• FIL Regarding Announced SDGTs

  The FDIC has issued FIL 85-2003 concerning SDGTs that were added to the OFAC list on October 24, 2003. Information regarding the SDGTs was previously announced in a BOL Special OFAC Alert and placed on the BOL OFAC page. 10/30/03

• California Fire Damage Relief

  The FDIC has issued FIL 86-2003 announcing a series of steps intended to facilitate the rebuilding process in areas of California damaged by recent fires. FIL 86-2003 10/30/03

• Check 21 Signed

  President Bush has signed the Check 21 bill. For articles and resources regarding this law which will have a major impact on bank operations, visit the new BOL Check 21 Section and register for the upcoming Webinar. 10/29/03

• Collateral Appraisals Concern Regulators

  The financial regulators have issued a joint statement regarding concerns identified in examinations about the independence of the collateral valuation process.Joint Statement   FRB SR    OCC AL    OTS CEO Letter    FDIC FIL 10/29/03

• Director's Corporate Governance Aids

  The OCC has announced the availability of publications that will assist bank directors in complying with new corporate governance standards and in identifying information in board reports that may signal existing or potential problems. The publications, Detecting Red Flags in Board Reports—A Guide for Directors and A Pocket Guide to Red Flags in Board Reports, replace earlier editions and are only available online.Detecting Red Flags    Pocket Guide 10/29/03

• Illegal Lending Practices Halted

  At the request of the FTC, a U.S. District Court has halted the alleged illegal lending practices of Stewart Finance Company; its owner John Ben Stewart, Jr.; and nine related companies, pending trial. The complaint filed by the FTC alleged that the defendants deceptively sold extra products with the loans, including insurance and car club memberships, and that Stewart deceived consumers about the cost of using Stewart Finance'
  s direct deposit program.Complaint 10/29/03

• International Reserve Position

  Treasury has released the U. S. International Reserve Position for the week ending October 24. Reserve Position 10/29/03

• Fed Funds Rate Unchanged

  The Federal Open Market Committee has decided to keep its target for the federal funds rate at the current rate.FOMC 10/29/03

• Changing Paradigm in Commercial Real Estate

  The FDIC convened on September 12, 2003 a commercial real estate roundtable entitled "The Changing Paradigm in Commercial Real Estate Markets." The comments of industry experts regarding CRE portfolios are found in the latest edition of FYI.October FYI 10/29/03

• Stolen Payroll Checks Alert

  A business customer of Citizens National Bank in McMinn and Monroe Counties, Tennessee had 90 checks stolen. The bank cashed 54 of the checks that were made out as if they were payroll check. Details regarding the stolen checks and contact information has been placed on the BOL Alerts & Counterfeits page. 10/29/03

• Fourteen Enforcement Actions Announced

  The FDIC has announced fourteen enforcement actions that were processed in September. They included three cease-and-desist orders, two removal-and-prohibition orders, two civil money penalty orders, four terminations of cease-and-desist orders, two terminations of insurance, and one adjudicated decision.Enforcement Actions 10/28/03

• FIL Regarding FFIEC IT Guidance

  The FDIC has issued FIL 83-2003 regarding booklets previously released by the FFIEC containing revised guidance for examiners, financial institutions and technology service providers on e-banking, IT audits, and the FedLine electronic funds transfer application. Information concerning the guidance booklets was listed in BOL Top Stories on October 1. 10/28/03

• New Cash Management Tool

  Treasury has announced that, effective November 2003, it will offer a Term Investment Option as a cash management alternative for investing excess cash balances in financial institutions that participate in the Treasury Tax and Loan Program. Treasury Tool 10/28/03

• Counterfeit Official Checks Special Alerts

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks issued by Bank of Brookhaven, Brookhaven, Mississippi; The Home Bank, FSB, Ducktown, Tennessee; Windsor Locks Community Bank, FSL, Windsor Locks, Connecticut; and The State Bank, Fenton, Michigan. Details regarding the counterfeit checks and contact information has been placed on the BOL Alerts & Counterfeits page. 10/27/03

• New SDGTs Added to OFAC List

  As noted in Friday's BOL OFAC Alert, OFAC has added a new SDGTs to the OFAC List. Information regarding the entries has been added to the BOL OFAC page. 10/27/03

• Minority Business Development Advisory Letter

  The OCC has issued an Advisory Letter which identifies ways that national banks can satisfy the financing needs of minority business entrepreneurs, consistent with safe and sound banking practices, and describes useful risk mitigation techniques.Advisory Letter 2003-8 10/27/03

• FTC To Share ID Theft Data With Canadians

  The FTC has been authorized to share information in its Identity Theft Data Clearinghouse with Canadian law enforcement agencies.FTC NR 10/27/03

• Bank Accounting Advisory Series

  The OCC has issued the September 2003 edition of the Bank Accounting Advisory Series which conveys the OCC's views on various accounting topics. Bank Accounting em>10/24/03

• Income Imputing Method Modified

  The FRB has announced modifications to the method for imputing priced-service income from clearing balance investments. Income Calculation em>10/24/03

• FIL Regarding Announced SDNTs

  The FDIC has issued FIL 82-2003 concerning SDNTs that were added to the OFAC list on October 17, 2003. Information regarding the SDNTs was previously announced in a BOL Special OFAC Alert and placed on the BOL OFAC page.10/24/03

• Dual Banking System Paper

  The OCC has published a new paper on the dual banking system that discusses the important roles played by both state and nationally chartered banks in maintaining the health and vitality of the U.S. banking system as a whole. Dual Banking Paper em>10/24/03

• International Reserve Positions

  Treasury has released the U. S. International Reserve Positions for the weeks ending October 10 and 17. Reserve Positions 10/24/03

• New FRB Fees and Consolidations

  The FRB has announced a new fee schedule for services and the consolidation of some check processing functions.FRB PR    FRB Fee Schedule 10/23/03

• G.20 Finance Companies Report Released

  The FRB has released the G.20 finance companies owned and managed assets report for August 2003. G.20 10/23/03

• FRB Bulletin Featured Article Selected

  The FRB has selected "Recent Changes to a Measure of U.S. Household Debt Service " as the featured article from the October 2003 FRB Bulletin. Featured Article 10/23/03

• Extraordinary Transaction Rule Withdrawn

  Treasury and the IRS have withdrawn the so-called extraordinary transaction rule that was included in proposed regulations issued on November 29, 1999. The rule would have operated to change the classification of a foreign entity for tax purposes if certain transactions occurred within a year of the date the entity elected disregarded-entity status.Final Regulations Partial Withdrawal 10/22/03

• Thirty-Three CRA Evaluations Released

  The OCC has made public the CRA evaluations of thi
  rty-three national banks. Of the ratings issued, four were outstanding and twenty-nine were satisfactory. None were needs to improve or substantial noncompliance.CRA Evaluations 10/22/03

• New Electronic Interpretations and Actions

  The OCC has placed the October 2003 issue of Corporate Applications online.Corporate Applications 10/22/03

• FILs Regarding Announced OFAC Additions

  The FDIC has issued FIL 80-2003 and FIL 81-2003 regarding previously announced designations of SDGTs. Information regarding the additions was given in BOL Special OFAC Alerts and placed on the BOL OFAC page. 10/22/03

• International Finance Discussion Papers Released

  The FRB has released three new international finance discussion papers on the topics of Productive Capacity, Product Varieties, and the Elasticities Approach to the Trade Balance; The Effect of Exchange Rate Fluctuations on Multinationals' Returns; and Market Power and Inflation.Productive Capacity Exchange Rates Market Power 10/22/03

• Foreign Shell Bank BSA Exam Procedures

  The financial regulators have announced new BSA examination procedures for foreign shell banks relating to the regulations of the USA PATRIOT Act. Examiners will use the procedures during Bank Secrecy Act/anti-money-laundering examinations.SR-03-17    FRB Exam Procedures       OCC Bulletin 2003-43    OCC Exam Procedures   FIL 79-2003    FDIC Exam Procedures 10/21/03

• FY 2003 Federal Budget Results Released

  Treasury and OMB have issued a joint statement regarding the FY 2003 federal budget.Joint Statement    FY 2003 Budget 10/21/03

• OCC Announces Thirteen Enforcement Actions

  The OCC has announced 13 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.Enforcement Actions 10/20/03

• New FDIC BSA Examination Procedures

  The FDIC has issued FIL 79-2003 regarding the revision of its examination procedures to include reviewing compliance with new sections of BSA required by the USA PATRIOT Act.FIL 79-2003    BSA Exam Procedures    AML/BSA Procedures    Pre-Exam BSA Request List 10/20/03

• SAR Activity Review - Issue No. 1

  FINCEN has released the first edition of a new publication, "The SAR Activity Review - By the Numbers" which contains statistics complied from all SARs filed by depository institutions since April 1996. SAR Activity Review 10/20/03

• Cali Cartel Entities Designated SNDTs

  As noted in Friday's BOL OFAC Alert, OFAC has added 39 businesses acting as front companies for the Cali drug cartel based in Colombia and 95 individuals associated with the cartel, and its activities through front companies, to the list of SDNTs. Information regarding the additions has been posted on the BOL OFAC page. 10/20/03

• Counterfeit And Stolen Checks Plus Stop Payment

  The FDIC has issued Special Alerts regarding counterfeit and stolen official checks in addition to a stop payment placed on other official checks. The checks were issued by Synergy Bank, Cranford, New Jersey; New York Community Bank, Westbury, New York; Silver State Bank, Henderson, Nevada; First Commercial Bank, N.A., Seguin, Texas; and Nevada State Bank, Las Vegas, Nevada. Details regarding the checks and institution contact information has been placed on the BOL Alerts & Counterfeits page. 10/20/03

• New SDGT Named

  OFAC has added a new SDGT along with AKAs to the OFAC List. Information regarding the entries has been added to the BOL OFAC page. 10/17/03

• November 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 November 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 10/17/03

• U.S. International Trade Position

  The Treasury Department has released the U.S. reserve assets data for the week of October 10, 2003..PR 10/17/03

• September G.17 Statistical Release

  The FRB has issued the G. 17 Industrial Production and Capacity Utilization statistical release for September 2003.G. 17 10/17/03

• Summer 2003 Statistics of Income Bulletin Released

  The IRS has released the Summer 2003 issue of the Statistics of Income Bulletin. It includes articles on sole proprietorship returns, corporation income tax returns, foreign-controlled domestic corporations, sales of capital assets reports on individual income tax returns, U.S. possessions corporation returns and foreign recipients of U.S. income.Statistics Bulletin 10/17/03

• FRB Written Agreement With Illinois Bank

  The FRB has announced the execution of a Written Agreement by and among the First American Bank, Carpentersville, Illinois; the Illinois Office of Banks and Real Estate; and the Federal Reserve Bank of Chicago. Written Agreement 10/16/03

• Enforcement Orders Issued Against Bankers

  The FRB has announced the issuance of a Final Decision and Orders of Prohibition against two former officers of Six Rivers National Bank, Eureka, California. The Orders, the result of an action brought by the OCC, prohibit the officers from participating in the conduct of the affairs of any financial institution or holding company. Final Decision    Order 1    Order 2    10/16/03

• FDIC FIL Regarding Iraqi Sanctions

  The FDIC has issued FIL 78-2003 regarding the new general license previously issued by OFAC under the Iraqi Sanctions Regulations that pertains to blocked claims by U.S. financial institutions. Information concerning the new general license was placed on the BOL OFAC page on October 1, 2003. 10/16/03

• The Beige Book Updated

  The October update to The Beige Book was prepared at the Federal Reserve Bank of New York and based on information collected before October 7, 2003. The Beige Book 10/16/03

• FRB Staff Paper Regarding Mortgages and Basel II

  The paper summarizes the empirical study conducted by the FRB staff in support of the asset-correlation assumption implicit in the regulatory capital formula for mortgages of single-family residences in the proposed Basel II Accord. FRB Paper 10/16/03

• Cost of Funds Reports Issued

  OTS has issued the current and historical reports regarding the national average cost of funds ratio to OTS regulated, SAIF - insured institutions.Current Report    Historical Report 10/16/03

• OFAC Adds SDGTs

  As reported in a BOL Special OFAC Alert, three new Specially Designated Global Terrorists, along with AKAs, have been added to the SDN list. Information regarding the additions has been posted on the BOL OFAC page. 10/15/03

• Executive Order Adds Aliases to OFAC List

  The Department of State has used its power under Executive Order 13224 to provide a list of blocked entities. Unless this is incorporated into your OFAC list, this may pose a new monitoring requirement. Get the details, commentary, from Andy Zavoina and Mary Beth Guard and links in our BOL BLOG. 10/15/03

• Financial Holding Company List Updated

  Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. The FRB has issued a list of those companies whose elections to become or be treated as financial holding companies are effective as of October 10, 2003. FHC List 10/15/03

• Counterfeit Canadian Postal Money Orders

  The FDIC has issued a Special Alert after being informed by the Canada Post Corporation that counterfeit Canadian Postal Money Orders are in circulation. Information regarding the counterfeit money orders has been place on the BOL Alerts & Counterfeits page. 10/15/03

• Risk-Based Capital Standards OCC Bulletin

  The OCC has issued Bulletin 2003-42 regarding the interim final rule and a joint notice of proposed rulemaking previously announced by the financial regulators regarding the amendment of risk-based capital standards. Information regarding the IFR and NPR was published in BOL Top Stories on October 2, 2003. 10/14/03

• U.S. International Reserve Position

  The Treasury Department has released the U.S. reserve assets data for the week of October 3, 2003. International Reserve Position 10/14/03

• New Leadership for Federal Reserve Banks

  The FRB has announced the appointment of the chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2004.FRB PR 10/14/03

• FDIC Letter To Stakeholders

  The FDIC has issued its sixth Letter to Stakeholders, which reports on its priorities and activities for the third quarter of 2003.Stakeholder Letter 10/14/03

• OTS September CRA Evaluations

  OTS has published the September 2003 CRA evaluations for savings associations.CRA 10/10/03

• New $20 Bills Released

  The ninth of October was the first day banks received the new bills from the Federal Reserve System, and in turn begin distributing them to their customers. The FRB expects it will take several days or even weeks for the bills to make their way to all communities in the U.S. and internationally. Take the BOL New $20 Quiz to see if you know what makes it new and different from the old bills.The New $20 Quiz 10/10/03

• Cash Services Changes Comment Requested

  The FRB has requested comment on proposed changes to its cash services policy. The changes would address a shift by depository institutions away from traditional patterns of currency activity toward greater reliance on Reserve Bank cash processing and provide incentives for depository institutions to recirculate currency among their customers. Request For Comment 10/09/03

• Payroll Cards a Resource For New Customers

  The OCC has issued a white paper that provides an overview of payroll cards and examines their potential use by financial institutions to attract nearly 10 million unbanked households into the financial mainstream. The payroll card, a prepaid debit card offered by an employer to employees in place of a check to distribute wages, enables employees to withdraw their wages in cash at an ATM or purchase goods and services. White Paper 10/09/03

• ID Theft Notification Comment Deadline Nears

  Financial regulators have previously requested comments on a proposed interagency guidance that would require financial institutions to develop a response program to protect against risks to customer information which includes procedures for the notification of customers whose information may have been compromised. All comments must be must be submitted on or before October 14, 2003. Proposed Guidance 10/08/03

• Consumer Predatory Lending Brochure

  The federal Interagency Task Force on Fair Lending has published a new brochure, Putting Your Home on the Loan Line Is Risky Business, that alerts consumers to potential borrowing pitfalls, including high-cost home loans, and provides tips for getting the best financing deal possible. Many of the agencies have also developed a worksheet to assist consumers.Press Release    FRB Brochure    OCC Brochure    OCC Worksheet    OTS Brochure    OTS Worksheet    FDIC Brochure 10/08/03

• Counterfeit Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit official checks drawn on First State Bank, Holly Springs, Mississippi and counterfeit expense checks drawn on The Talbot Bank of Easton, Easton, Maryland. Information on the counterfeit checks has been placed on the BOL Alerts & Counterfeits page. 10/08/03

• CRA Ratings Released

  The FDIC has 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 July 2003.CRA List

• G.19 Consumer Credit Report Released

  The FRB has issued the G.19 Consumer Credit Statistical Release for August 20003.G.19 10/08/03

• OTS Affiliate Transactions Final Rule

  OTS has issued a final rule for savings associations regarding transactions with affiliates. The final rule conforms OTS regulations with Reg W and implements additional restrictions imposed by HOLA.Final Rule    68FR57790 (txt) 68FR57790 (pdf) 10/07/03

• Reserve Requirements of Depository Institutions

  The FRB has published a final rule in the Federal Register to amend Regulation D, to reflect the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2004. The Board is also announcing the annual indexing of the deposit cutoff level and the reduced reporting limit that will be effective beginning in September 2004. 68FR57790 (txt) 68FR57790 (pdf) 10/07/03

• Special Alert Unauthorized Banking

  The FDIC has issued a special alert regarding six entities that may be conducting banking operations in Canada or the United States without authorization.Special Alert 10/07/03

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a special alert concerning counterfeit cashier's checks drawn on Horizon Banks, N.A., Limon, Colorado. Information regarding the counterfeit checks has been placed on the BOL Alerts & Counterfeits page. 10/07/03

• Credit Card Scammers Must Pay Up

  Texas-based defendants who engaged in a scam in which they e-mailed consumers promising to provide them with a credit card agreed to pay $815,000 in consumer redress to settle FTC charges. The defendants allegedly told consumers that they were guaranteed to receive a major, unsecured credit card with a high credit limit.FTC NR Settlement Order 10/07/03

• Fall 2003 FDIC State Profiles

  The FDIC has released the Fall 2003 state profiles which contain banking and economic conditions for each state. State Profiles 10/07/03

• E-Mail Delivery of TIP & PATAX Statements

  The Federal Reserve Financial Services Treasury Tax and Loan Service has made the delivery of TIP & PATAX statements available via FedMail e-mail service.TT&L Information 10/07/03

• 4 Banks Hit With OFAC Penalties

  In the October OFAC Civil Penalties Enforcement Information, ten entities were listed as targets of sanctions. Four of those entities were financial institutions. Each of them had voluntarily disclosed the violation to OFAC. Penalty amounts for those 4 enties ranged from $5,500 to $13,750. The highest penalty this month was $50,000. BOL OFAC Page 10/06/03

• Written Agreement Involving BSA and AML

  The FRB has announced the execution of a Written Agreement by and among the First Charter Bank, Charlotte, North Carolina; the Office of the North Carolina Commissioner of Banks; and the Federal Reserve Bank of Richmond. The bank is required to take certain actions to enhance and improve its programs and procedures regarding compliance with BSA and AML. Written Agreement 10/06/03

• FR Bulletin To Be Published Quarterly

  The FRB has announced beginning in the first quarter of 2004, the Bulletin will be enhanced and published four times a year. A quarterly report on the condition of the banking system and an annual report on changes in consumer regulations are among the new materials to be presented in the Bulletin. FRB PR 10/06/03

• FATF Suggestions On Freezing Terrorist Assets

  FATF has published a list of international best practices to serve as a global standard for countries regarding the development and implementation of an effective terrorist financing freezing regime. FATF Best Practices    Interpretative Note 10/06/03

• Board and Bankers Subject of FDIC Actions

  The FDIC has issued civil money penalties against seven Pennsylvania bank board members for breach of their fiduciary duties. In addition, removal and prohibition orders were issued against bankers in New York, West Virginia and North Carolina.Board Penalties    New York    West Virginia    North Carolina 10/03/03

• September 2003 Treasury Bulletin Online

  FMS has placed the September 2003 Treasury Bulletin on its Web site.Treasury Bulletin 10/03/03

• OCC Alert For Bogus Loan Pay-Off Documents

  The OCC has issued an alert regarding worthless instruments called "Bond for Discharge of Debt," "Bill of Exchange," "Due Bill," "Redemption Certificate," or other similarly titled documents that continue to be presented to financial institutions. The alert contains instructions that must be followed if such an item is received.OCC Alert 10/03/03

• FDIC Enforcement Actions Announced

  The FDIC has released twenty-two administrative enforcement actions taken against banks and individuals in August. The actions include five cease-and-desist orders, three removal-and-prohibition orders, 11 civil money penalty orders, two terminations of cease-and-desist orders, and one adjudicated decision.FDIC PR 10/02/03

• NCUA Prohibition Orders Issued

  Orders of prohibition have been issued by NCUA against four individuals.NCUA NR 10/02/03

• General License Issued Regarding Iraq

  OFAC has issued a new General License for Iraq regarding the transfer of certain blocked claims by U.S. financial institutions. BOL OFAC Page10/02/03

• Annual Adjustments to Reserve Calculations

  The FRB has released the annual adjustments in the amount of net transaction accounts used in the calculation of reserve requirements and the cutoff level used to determine the detail and frequency of deposit reporting. Reg D has been amended to reflect the adjustments. FRB PR   Reg D Amendment 10/02/03

• Interim Rule and NPR Issued By Regulators

  The financial regulators have issued an interim final rule and a joint notice of proposed rulemaking with request for comments regarding the amendment of risk-based capital standards. The amendment is being proposed as a result of the recently issued accounting interpretation, FIN 46. The interim final rule was effective October 1, 2003 and the comment deadline is November 17, 2003.Interim Final Rule    Joint NPR   FDIC FIL 10/02/03

• Special Alerts Issued by FDIC

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on Banner Bank, Walla Walla, Washington and First United Bank, Middletown, Indiana. Information regarding the counterfeit checks, in addition to contact information, has been placed on the BOL Alerts & Counterfeits page. 10/02/03

• 2003 CRA/HMDA Newsletter and Quick Tips

  The FFIEC has published the 2003 CRA/HMDA Reporter Newsletter and CRA/HMDA Quick Tips.Newsletter Quick Tips 10/02/03

• E.2 Survey of Terms of Business Lending

  The E.2 Survey of Terms of Business Lending for August 4-8, 2003 has been released by the FRB.E. 2 Survey 10/02/03

• September Foreign Exchange Rates

  The FRB has released the G. 5 Foreign Exchange Rates for September 2003. G. 5 10/02/03

• FedACH Information Services To Be Expanded

  FR Financial Services has announced that expanded FedACH information services via FedLine for the Web will be available October 6, 2003. FR Financial Services 10/02/03

• FFIEC 030 Form Available Online

  The FFIEC has place the FFIEC 030 Foreign Branch Report Of Condition on its Web page.030 Form 10/02/03

• E-Banking, IT Audit and FedLine Guidances

  FFIEC has issued three booklets containing revised guidance for examiners, financial institutions, and technology service providers on e-banking, IT audit, and the FedLine electronic funds transfer application. FFIEC PRE-Banking    IT Audit    FedLine 10/01/03

• FTC Says No Constitutional Right For Calls

  FTC Chairman Muris testified before the Senate Committee on Commerce, Science, and Transportation on the status of the FTC's National Do Not Call Registry. His testimony explained in detail the position of the FTC that telemarketers do not have a constitutional right to continue telemarketing calls to consumers who have indicated that they do not want the calls.Testimony 10/01/03

• E. 15 Agricultural Finance Databook Updated

  The FRB has published the 2003 updates to the E. 15 Agricultural Finance Databook. The databook contains information regarding the 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.Ag Finance Databook 10/01/03

• G. 20 Finance Companies Statistical Release

  The FRB has released the July 2003 G. 20 Finance Companies report regarding owned and managed receivables and the terms of credit of auto loans.G.20 10/01/03

• 2003 Survey of Credit Underwriting Practices

  The OCC has published the results of the 2003 Survey of Credit Underwriting Practices. The survey, taken in the first quarter of 2003, identified trends in credit risk within the national banking system, including changes in lending standards and credit practices, for the most common types of commercial and retail credit offered by national banks. Survey 10/01/03

• The Quarterly Review of Interest Rate Risk

  OTS has published The Quarterly Review of Interest Rate Risk for the second quarter of 2003. Topics include: the new earnings record, 30 year mortgage rates, interest rate sensitivity, asset duration, and prepayment models.Quarterly Review 10/01/03

• Country Exposure Data Released

  FFIEC has issued the June 30, 2003 E. 16 Country Exposure Statistical Release and the Country Exposure Information Report.Statistical Release   Exposure Report 10/01/03

• Check 21 and Checks Consumer Guides Published

  The FRB has published two consumer guides regarding Check 21 and checks. The "Consumer Guide to Check 21 and Substitute Checks" describes how consumers may be affected by the new law and provides information on how to resolve problems associated with the receipt of substitute checks and "What You Should Know about Your Checks," discusses more broadly how check payments have changed, including the increased use of electronic check conversion, a process separate from Check 21.
  Check 21 Guide; Check payments Guide 10/29/04

• Examination Procedures Links Now Available

  The revised Comptroller's Handbook for Consumer Compliance page provides links to the OCC bulletins that update the examination procedures in the series' booklets. Compliance Page 10/29/04

• SDNT Designations Updated

  OFAC has updated the information on 207 existing SDNT designations currently published on OFAC's SDN list. This was a routine administrative action that added more descriptor information, primarily consisting of dates of birth and national identification numbers (cedulas), designed to help users better identify potential hits on the SDN list. Information regarding the updates has been posted on the BOL OFAC page. 10/29/04

• Comments Sought Regarding Proposed Credit Risk Guidance

  The federal bank and thrift regulatory agencies have announced the publication of a joint FR Notice and request for comment on a proposed guidance for Internal Ratings-Based Systems for Retail Credit Risk for Regulatory Capital. The proposed guidance provides banking organizations with a description of the agencies' current views regarding the components and characteristics of a qualifying internal ratings-based (IRB) system for measuring credit risk of retail exposures.
  Notice;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR 10/28/04

• Operating Circular 3 Amended

  The Federal Reserve Banks have amended Operating Circular 3, Collection of Cash Items and Returned Checks, to support the implementation of the FRB's new Check 21-related services.
  Announcement;
  Operating Circular 3 10/28/04

• October 2004 Beige Book Published

  The FRB has published a new edition of the Beige Book based on information collected prior to October 18, 2004.
  Beige Book 10/28/04

• Bulletin Issued Regarding FOSS

  The OCC has issued a Bulletin regarding the previously announced FFIEC Guidance concerning risk management for the use of FOSS. Information regarding the Guidance was posted in the October 22, 2004 BOL Top Stories. Bulletin 10/28/04

• Reg CC Amendments FIL Issued

  The FDIC has issued a FIL regarding the Reg CC amendments made by the FRB as a result of the implementation of Check 21. Notice of the amendments was included in the September 28, 220 BOL Top Stories. FIL 10/28/04

• Third Quarter 2004 Asset And Liability Price Tables Released

  OTS has released the Asset and Liability Price Tables for the Third Quarter 2004.
  Tables 10/28/04

• Fall 2004 Issue Money Smart News

  The FDIC has published the Fall 2004 issue of Money Smart News.
  News 10/28/04

• FR Publishes Reg J Amendments For Check 21

  The FR has published a Final Rule that amends Regulation J to ensure that it covers the entire range of check processing services that the Reserve Banks will offer under Check 21. 69FR62553 (txt) 69FR62553 (pdf) 10/27/04

• Five Special Alerts Issued Regarding Counterfeit and Missing Items

  The FDIC has issued five Special Alerts regarding counterfeit casher's checks drawn on Northwest Savings Bank, Warren, Pennsylvania; Arvest Bank, Fayetteville, Arkansas; and Texas Bank, Brownwood, Texas; counterfeit bank drafts drawn on State Bank of India (California), Los Angeles, California; and missing cashier's checks drawn on Dakota Community Bank, Hebron, North Dakota. Information regarding the counterfeit and missing items has been posted on the BOL Alerts & Counterfeits page. 10/27/04

• International Reserve Position Update

  Treasure has released the U.S. International Reserve position for the week ending October 22, 2004.
  International Reserve Position 10/27/04

• Cuban Dot Com Added To OFAC List

  OFAC has added a dot com controlled by the Cuban government to the SDN list. The dot com, SERCUBA, was utilized to electronic transfer funds from the U.S. to Cuban nationals and the Cuban government. Information regarding the dot com has been posted on the BOL OFAC page. 10/26/04

• Deposit Guidelines Issued For Non-Imageable Check Items

  FRB Financial Services has issued Check 21 deposit guidelines for check items that are not imageable.
  Non-Imageable Items 10/26/04

• Regulators Focus On BSA Compliance

  In a presentation to the American Bar Association/American Bankers Association Money Laundering Enforcement Seminar, FinCEN Director Fox acknowledged that over the last few months BSA compliance has become a higher priority for banking regulators. He noted that "policies such as "zero tolerance" and transaction testing have become de rigueur in the examination process."
  Speech 10/26/04

• Reg J Amended For Check 21

  The FRB has announced a Final Rule that amends Regulation J to ensure that it covers the entire range of check processing services that the Reserve Banks will offer under Check 21. The amendments bring electronic items within the coverage of Regulation J and establish new warranties and indemnities that apply to electronic items handled by a Reserve Bank. Final Rule 10/25/04

• Thirteen FEDS Working Papers Published

  The FRB has published thirteen working papers in the FEDS series with the following titles: The Long-Run Relationship between House Prices and Rents; Consumer Sentiment, the Economy, and the News Media; Macroeconomic Volatility, Predictability and Uncertainty in the Great Moderation: Evidence from the Survey of Professional Forecasters; Market Discipline in Banking Reconsidered: The Roles of Funding Manager Decisions and Deposit Insurance Reform; Integrated Macroeconomic Accounts for the United States: Draft SNA-USA; A Consistent Accounting of U.S. Productivity Growth; Dynamic Estimation of Volatility Risk Premia and Investor Risk Aversion from Option-Implied and Realized Volatilities; Quantitative Monetary Easing and Risk in Financial Asset Markets; Diverging Measures of Capacity Utilization: An Explanation; Workweek Flexibility and Hours Variation; Debt Maturity, Risk, and Asymmetric Information; The Liquidity Effect in the Federal Funds Market: Evidence from Daily Open Market Operations; and Monetary Policy and Inflation Dynamics.
  Long-Run;
  Consumer Sentiment;
  Macroeconomic Volatility;
  Market Discipline;
  Integrated Macroeconomic;
  Consistent Accounting;
  Dynamic Estimation;
  Quantitative;
  Diverging;
  Workweek;
  Debt Maturity;
  Liquidity Effect;
  Monetary Policy 10/25/04

• FATF Issues New AML Recommendation

  A Special Recommendation IX and an Interpretative Note have been issued by FATF regarding the cross-border movement of currency and monetary instruments related to terrorist financing and money laundering. The task force has called on all countries to take action to stop the transfers and to share information. Special Recommendation; Interpretative Note 10/25/04

• FRB Announces Written Agreement With Oklahoma Bank

  The FRB has announced the execution of a Written Agreement by and among The Community State Bank, Poteau, Oklahoma; the Oklahoma State Banking Department, Oklahoma City, Oklahoma; and the Federal Reserve Bank of Kansas City concerning the bank's policies and procedures regarding credit risk, lending and BSA/AML compliance. Written Agreement 10/22/04

• FFIEC Issues FOSS Guidance

  The FFIEC has issued a guidance to help institutions identify and implement appropriate risk-management practices when using "free and open source software" (FOSS) that users are allowed to run, study, modify and redistribute without paying a licensing fee.

  Guidance;
  FFIEC PR;
  FDIC FIL;
  OTS CEO Ltr 10/22/04

• Credit Risk Working Paper Published

  The OCC has published a working paper that applies a simple, time-homogeneous Markov model to changes in credit risk using data sets on municipal bonds, commercial paper, and sovereign debt. The authors find that the model adequately describes ratings transitions for several years. Abstract;
  Working Paper 10/22/04

• Twenty-seven Banks Receive CRA Ratings

  The OCC has released the CRA ratings given to twenty-seven national banks that were examined during September and October, 2004. Three banks received an outstanding rating and twenty-four were deemed satisfactory. CRA Ratings 10/21/04

• FYI Examines The Expansion Of Branching

  The October 2004 issue of FYI features an analysis of why the number of bank branches has increased during the continued consolidation of the banking industry. FYI
  10/21/04

• Consumer Reports Study

  The FTC is evaluating ways to study the accuracy and completeness of consumer reports. The purpose of the current pilot study is to evaluate the feasibility of a methodology that involves direct review by consumers of the information reported in their consumer reports. 69FR61675 txt 69FR61675 pdf 10/20/04

• Written Agreement Announced Regarding BSA And AML

  The FRB has announced the execution of a Written Agreement by and between the Union Bank of California International, New York, New York and the Federal Reserve Bank of New York which addresses BSA and AML compliance at the institution.
  Written Agreement 10/20/04

• Twenty-Four Enforcement Actions Announced

  The OCC has announced twenty-four enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks in nine states and the District of Columbia. Enforcement Actions 10/20/04

• Sarbanes-Oxley Guidance Issued

  The OCC has issued a memorandum as guidance for examiners who are reviewing banks' compliance with section 404 of the Sarbanes-Oxley Act which requires banks to issue a report asserting that their internal controls are effective.
  Memorandum 10/20/04

• The Mortgage Market And Consumer Debt From Greenspan's Viewpoint

  Chairman Greenspan commented on the current status of the mortgage market and consumer debt in a presentation before the Annual Convention of America's Community Bankers. He noted that even though some measures of household debt quality do not paint as favorable a picture as do the data on loan delinquencies at commercial banks and thrifts, household finances appears to be in reasonably good shape. Speech 10/20/04

• SL Issued Regarding Phishing Brochure

  The FRB has issued a SL regarding the previously announced consumer brochure regarding phishing developed by the federal financial institution regulators. Information regarding the publication, Internet Pirates Are Trying to Steal Your Information, was posted September 9, 2004 on BOL Top Stories.
  SL 10/20/04

• International Reserved Position Update

  Treasury has released the U.S. International Reserve Position for the week ending October 15, 2004.
  Reserve Position 10/20/04

• Counterfeit Cashier's Checks and Money Orders Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Umpqua Bank, Roseburg, Oregon, and counterfeit money orders drawn on Citizens State Bank, New Baltimore, Michigan. Information regarding the counterfeit cashier's checks and money orders has been posted on the BOL Alerts & Counterfeits page. 10/19/04

• November HOEPA Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in November 2004 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15 10/19/04

• August 2004 TIC Data Released

  Treasury has released the International Capital data for August 2004.
  TIC 10/19/04

• Consumer Information Regarding Choosing A Credit Card

  The FRB has made available online information of interest to consumers who are shopping around for a credit card.
  Choosing A Credit Card 10/19/04

• Chairman Powell Discusses Accounting And Governance

  In a presentation before the annual convention of America's Community Bankers, FDIC Chairman Powell expressed his views on what changes in the areas of accounting and governance mean for bankers and bank regulators.

  Speech 10/19/04

• OFAC Adds Terrorist Entity

  An entity has been designated a SDGT/FTO and placed on the OFAC SDN list. Information regarding the entity has been posted on the BOL OFAC page. 10/18/04

• Unauthorized Banking Special Alert



The FDIC has issued a Special Alert concerning six entities that may be conducting banking actives without authorization in the United States and Canada. Special Alert 10/18/04

• Cashier's Checks Missing

  A Special Alert has been issued by the FDIC regarding cashier's checks bearing the name of Downey Savings and Loan Association, F.A., Newport Beach, California that are missing in transit. Alerts and Counterfeit Chart 10/18/04

• Greenspan On Oil

  Chairman Greenspan reviewed the history of oil prices and concerns regarding the depletion of the world's supply in a presentation before the National Italian American Foundation. Speech 10/18/04

• Industrial Production And Capacity Report Released

  The FRB has released the G. 17 Industrial Production and Capacity Utilization report for September 2004.
  G.17 10/18/04

• Cost Of Funds Reports Issued

  OTS has issued the August 2004 and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions.
  August Historical
  10/18/04

• FDIC Seeks RE Bids

  The FDIC has posted on its Web site announcements regarding the sale by sealed bid of real estate in New Jersey and Utah.
  New Jersey; Utah 10/18/04

• FRB Proposes To Stop Municipal Securities Collection Service

  The FRB has requested comments on a proposal for the Federal Reserve Banks to stop providing services to depository institutions for the collection of definitive municipal securities at the end of 2005. The comment period ends on December 20, 2004. Proposal 10/15/04

• Drug Lords And Business Interests Added To OFAC List

  OFAC has designated two Columbian drug lords, fourteen of their associates, and fifteen related business entities (including one airline) as SDNT(s) and added the names to the SDN List. Information regarding the new entries has been posted on the BOL OFAC page. 10/15/04

• Anti-OD and Check Bouncing Consumer Brochure Available

  The federal bank, thrift, and credit union regulatory agencies have announced the publication of a new brochure, "Protecting Yourself from Overdraft and Bounced-Check Fees", which instructs consumers that the best way to avoid the fees is to manage their accounts wisely by keeping an up-to-date check register, recording all electronic transactions and automatic bill payments, and monitoring account balances carefully. The brochure can be downloaded from the regulator's Web sites and distributed to customers. FRB Brochure; OCC Brochure; OTS Brochure; NCUA Brochure 10/15/04

• Financial Education Web Site Launched

  The twenty federal government agencies, who make up the Financial Literacy and Education Commission, have announced the launch of a new financial education Web site, www.mymoney.gov, and the release of a free "toolkit" containing information on deposit insurance, investments, personal savings, Social Security benefits, choosing a credit card, and other personal financial management tips. The new Commission was created by the Fair and Accurate Credit Transactions Act of 2003 to encourage government and private sector efforts to promote financial literacy, and to coordinate financial education efforts of the federal government. My Money Web Site 10/15/04

• Williams Now Acting Comptroller

  Under the provisions of the National Bank Act, Julie L. Williams, the former OCC Chief Counsel, has become Acting Comptroller succeeding John D. Hawke. Former Deputy Chief Counsel Daniel P. Stipano has been named Acting Chief Counsel. Williams Acting Comptroller 10/15/04

• IFD Working Papers Published

  The FRB has published three working papers in the IFD series on the following topics: Cash Flows and Discount Rates, Industry and Country Effects, and Co-Movement in Stock Returns; What Makes Investors Over or Underweight? Explaining International Appetites for Foreign Equities; and The Value of Financial Intermediaries: Empirical Evidence from Syndicated Loans to Emerging Market Borrowers. Cash Flows and Discount Rates; What Makes Investors Over or Underweight?; The Value of Financial Intermediaries 10/15/04

• New Check Adjustment Investigation Types Announced

  The FRB has announced that four new check adjustment investigation types have been defined to address problems that may arise during the collection process after the implementation of Check 21. Two of the types will affect only those customers that deposit forward and return image cash letters and the other two may be used by customers receiving a forward or return image cash letter or a substitute check. Investigation Types
  10/14/04

• Relief Agency And Officials Added To OFAC List

  Treasury has designated the worldwide network of an Islamic relief agency along with five of its senior officials, as SDGT(s), and added the names to the SDN List. The action blocks all accounts, funds and assets of the agency in the United States and criminalizes the provision of money or other types of support to any of its offices. Information regarding the new entries has been posted on the BOL OFAC page. 10/14/04

• FDIC Revises Appeal Processes

  The FDIC has issued a FIL that announces the adoption of revised Guidelines for Appeals of Material Supervisory Determinations and for Appeals of Deposit Insurance Assessment Determinations. FIL-113-2004;
  Material Supervisory Appeal;
  Insurance Assessment Appeal 10/14/04

• FDIC Ombudsman Report Released



The Ombudsman Report to the Industry, which summarizes the comments received by the regulator regarding its outreach efforts, has been released by the FDIC. Ombudsman Report 10/14/04

• International Reserve Position Updated



The U.S. International Reserve Position for the week ending October 8, 2004 has been released by Treasury.
Reserve Position 10/14/04

• 10 Million BSA CMP Assessed



FinCEN and the FRB have announced the assessment of a $10 Million CMP against AmSouth Bank of Birmingham, Alabama, and also issued a C & D that requires the bank and its holding company to take certain corrective actions. The agencies contended that the bank failed to establish an adequate anti-money-laundering program which resulted in the failure to file accurate, complete, and timely SARs. FRB Action;
FinCEN Action 10/13/04

• Check 21 InfoBase Announced



FFIEC has announced the availability to depository institutions of a InfoBase that provides information on consumer compliance aspects of Check 21 and features a training presentation, examination procedures, frequently asked questions plus links to other resources that may be helpful in understanding the Act. The InfoBase, which may be accessed online, was developed by the Task Force on Examiner Education to provide field examiners in financial institution regulatory agencies with a quick source of introductory training and basic information. Check 21 InfoBase 10/13/04

• Reg D Annual Adjustments Published in FR



The FRB has published in the FR the amendment of Reg D to reflex the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2005. 69FR60543 (pdf)
69FR60543 (txt) 10/13/04

• Written Agreement With British Bank Announced

  The FRB and the New York State Banking Department have announced the execution of a Written Agreement by and among Standard Chartered plc, London, United Kingdom, its subsidiary bank, Standard Chartered Bank, London, United Kingdom, and the bank's New York branch regarding BSA and anti-money-laundering compliance relating to the provision of correspondent banking services.
  Written Agreement 10/12/04

• Regulators Comment On Proposed Bank Broker Rules

  The federal banking regulators have issued a comment letter to the SEC regarding the SEC's proposed Regulation B that would implement the exceptions for bank "broker" activities under the GLB Act.
  Comment Letter;
  FRB PR;
  OCC NR;
  FDIC PR 10/12/04

• FIL Regarding FBI's Bank Fraud Initiative

  The FDIC has issued a FIL concerning the announcement by the FBI of an initiative known as, Operation Continued Action, to coordinate efforts between federal, state and local law enforcement agencies and financial regulatory agencies to combat financial institution fraud. FIL 111-2004;
  Operation Continued Action 10/12/04

• FDIC Issues Third Quarter 2004 Stakeholder Letter

  The FDIC has issued its tenth Letter to Stakeholders, which reports on the FDIC's priorities and activities for the third quarter of 2004.Stakeholder Letter 10/12/04

• Updated Spanish Language FDIC Customer Brochures Available

  The FDIC has announced that updates of two of its insurance brochures for customers, Insuring Your Deposits (Seguro Para Sus Depósitos) and Your Insured Deposits-FDIC's Guide to Deposit Insurance Coverage (Sus Depósitos Asegurados), are now available in Spanish language versions and may be downloaded from the regulator's Web site for distribution to customers.
  Seguro Para Sus Depósitos;
  Sus Depósitos Asegurados 10/8/04

• FDIC Enforcement Actions Released

  The FDIC has released information regarding eighteen Enforcement Actions taken against former banks and individuals in August 2004. The actions included: four removal and prohibition orders, two suspension and prohibition orders, nine civil money penalty orders, one termination of insurance, one termination of a cease and desist order, and one adjudicated decision.
  Enforcement Actions 10/8/04

• Two Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier's check drawn on Central Bank, Lebanon, Missouri, and American Community Bank, Glen Cove, New York. Information concerning the counterfeit cashier's checks has been posted on the newly redesigned BOL Alerts & Counterfeits page. 10/8/04

• October 6, 1979 Twenty-Five Years Later

  At a conference sponsored by the Federal Reserve Bank of St. Louis, FDIC Chairman Greenspan commented on the U.S. monetary policy twenty-five years after action was taken by the Fed to sharply raise interest rates to combat inflation and stabilize the economy. He noted that the action "stands out as such a milestone and arguably as a turning point in our nation's economic history".
  Speech 10/8/04

• August 2004 Consumer Credit Data Released

  The FRB has released the G.19 Consumer Credit report for August 2004.
  G.19 10/8/04

• Reg D Annual Adjustments Announced

  The FRB has announced the amendment of Reg D to reflex the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2005. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective September 2005.
  Reg D Adjustments 10/7/04

• OTS September 2004 CRA Ratings Released

  OTS has released the ratings received by savings associations that were evaluated for compliance with CRA during the reporting period. CRA Ratings 10/7/04

• FDIC Chairman Addresses NBA Convention

  In a presentation to the attendees at the NBA national convention, FDIC Chairman Powell focused on following three areas: the overall health and economic success of the financial services industry, the important issue of consumer access to credit, and the equally important issue of consumer protection. Speech
  10/7/04

• Fall 2004 Edition Of Community Developments Newsletter Published

  The OCC has published the Fall 2004 edition of the Community Developments newsletter which highlights efforts by banks in using technology to reach those Americans who do not have access to banking services.
  Community Developments 10/7/04

• International Reserve Position Released

  Treasury has released the U.S. International Reserve Position for the week ending October 1, 2004.
  Reserve Position 10/7/04

• FDIC CRA Evaluations Released

  The FDIC has released the October 2004 list of state nonmember banks recently evaluated for compliance with CRA and the ratings they received. October CRA List 10/6/04

• Order Of Prohibition Issued

  NCUA has issued an Order of Prohibition against a former loan credit analyst with Boeing Employees Credit Union in Tukwila, Washington. Order 10/6/04

• OCC Bulletin Regarding Extension Of Lending Limits Program

  The OCC has issued a Bulletin regarding the previously announced extension of the lending limits pilot program until June 11, 2007. The program provides special lending limits for 1-4 family residential real estate loans, small business loans, and certain agricultural loans. Information concerning the extension of the program was posted on the August 19, 2004, BOL Top Stories.
  OCC Bulletin 2004-46 10/6/04

• Greenspan At The ABA Convention

  In a presentation at the ABA convention, FRB Chairman Greenspan reviewed some of the major innovations and changes that banks have experienced which have allowed them to successfully navigate through changing economic and technical environments. He noted that "banks of all sizes will never again be the passive deposit takers that they were at the beginning of the 1960s" and "one of the more painful lessons learned in the 1970s and 1980s is that accepting narrow or nonexistent spreads in order to retain market share is a losing strategy." Speech
  10/6/04

• Assets Reports Released

  The FRB has released the 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report. Reports 10/6/04

• Comptroller Comments To ABA

  Comptroller Hawke made comments on various subjects to the participants at the ABA convention including; the health of the banking industry; recent regulatory guidance and actions; standards of professional behavior for bankers; "secured" credit cards; credit unions; the dual banking system; and preemption. Speech
  10/5/04

• FDIC Chairman Addresses ABA

  FDIC Chairman Powell addressed the attendees at the ABA convention and discussed prosperity of the last decade, the future of banking, the decline in the number of community banks, the cost of regulatory compliance, plans to reduce the regulatory burden, and the evolution of the deposit insurance program. Speech
  10/5/04

• OTS Signs International Info Sharing Agreement

  The OTS has announced that it has signed an agreement which provides a framework for cooperative information sharing arrangements between OTS and European Union supervisors that oversee financial services organizations that have material operations in each other's jurisdiction. Agreement 10/5/04
  
  
  

• Two Banks Cited By OFAC

  OFAC has announced CMPs against two banks for violations of Iranian sanctions. The penalties ranged from $5,000 to over $58,000.
  OFAC CMPs 10/4/04
  
  
  

• Electronic Disclosures AL Issued

  The OCC has issued an AL regarding issues that should be considered by national banks that provide electronic consumer disclosures. The failure to provide such electronic disclosures in a proper manner can expose the bank to significant compliance, transaction, and reputation risk. AL 2004-11 10/4/04
  
  
  

• BSA MOU Announced By Regulators And FinCEN

  The federal financial regulators and FinCEN have entered into a MOU regarding information sharing to enhance BSA compliance and better protect the financial system from terrorists. MOU 10/4/04
  
  
  

• Interest Rate Risk Report Released By OTS

  OTS has released the Second Quarter 2004 Interest Rate Exposure Report.
  Interest Rate Risk 10/4/04
  
  
  

• FRB Statistical Releases Issued

  The FRB has issued the G.5 and E.2, statistical releases covering foreign exchange rates, survey of terms or business lending, and agricultural finance databook respectfully. G.5;
  E.2E.15 --> 10/4/04
  
  
  

• Savings Bonds Not Covered By Check 21

  A warning has been issued by FRB Financial Services that U.S. Savings Bonds are not covered by Check 21. Information is also provided regarding the steps to take to reduce the chance of bonds being erroneously truncated and destroyed, plus what to do if they are. Savings Bonds 10/1/04
  
  
  

• FTC Published PR in FR on FACTA Opt Out Disclosures

  The FTC is proposing to adopt a rule to improve the required notice to consumers regarding their right to opt out of prescreened solicitations for credit or insurance. 69FR58861 txt 69FR58861 pdf 10/1/04
  
  
  

• 314(a) Fact Sheet Issued By FinCEN

  FinCEN has issued a Fact Sheet that contains data regarding the number of 314(a) requests processed, the number of matches identified by financial institutions, new accounts identified, subpoenas issued, and arrests made.
  314(a) Fact Sheet 10/1/04
  
  
  

• 2005 HMDA and CRA File Specifications Online

  The FFIEC has posted the HMDA and CRA file specifications and edits for 2005 on its Web site.
  2005 HMDA; 2005 CRA
  10/1/04
  
  
  

• Counterfeit Cashier's Checks Special Alert

  A Special Alert regarding counterfeit cashier's checks drawn on the Farmers State Bank, Booneville, Kentucky has been issued by the FDIC. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 10/1/04
  
  
  

• FinCEN Extends Comment Periods

  FinCEN has extend the comment period regarding the imposition of a special measure against both First Merchant Bank OSH Ltd. and Infobank as financial institutions of primary money laundering concern under the provisions of the BSA. Information regarding the initial comment periods was posted on the
  August 25, 2004 BOL Top Stories. First Merchant Extension;
  Infobank Extension 10/1/04
  
  
  

• Comments Sought Regarding Information Collection Proposal

  A Proposal has been issued by the FRB and published in the FR to extend for three years without revision the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002 ) and the Report of Assets and Liabilities of Non-U.S. Branches that are Managed or Controlled by a U.S. Branch or Agency of a Foreign (Non-U.S.) Bank (FFIEC 002S). Proposal 10/1/04
  
  
  

• Final Second Quarter Interest Rate Risk Measures Released

  OTS has released the final second quarter 2004 thrift industry interest rate risk measures.
  Interest Rate Risk 10/1/04
  
  
  

• FFIEC Releases Country Exposure Data

  The E16 Country Exposure Statistical Release and the County Exposure Information Report have been released by the FFIEC.
  E16; Information Report 10/1/04
  

• $1 Million CMP Announced

  OTS has announced that a CMP of $1 million has been imposed against the former president of Dollar Savings Bank, Newark, New Jersey. In addition, prohibition orders have been issued against the former president and a former employee.
  CMP 9/30/04

• FRB Check 21 FAQs

  The FRB has posted on its Web page information regarding Check 21 and FAQs which cover general items, substitute checks, original checks and consumer protection. Check 21 Info; Check 21 FAQs 9/30/04

• OCC Counsel Discusses New HMDA Reporting Requirements

  In a presentation before the Consumer Bankers Association, OCC Chief Counsel Williams noted that the new HMDA reporting requirements present challenges, but also offer opportunities for banks to grow and enhance their business.
  Speech 9/30/04

• Treasury Delivers Terrorist Financing Report

  Under Secretary Levey testified before the Senate banking committee regarding the 9/11 Commission report and the efforts Treasury is making to combat terrorist financing. Testimony 9/30/04

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding cashier's checks drawn on The Poca Valley Bank, Inc., Walton, West Virginia and First Collinsville Bank, Collinsville, Illinois. Information concerning the counterfeit cashier's checks has posted on the BOL Alerts & Counterfeits page. 9/29/04

• New Issue Electronic Interpretations and Actions Posted

  The September 2004 electronic issue of Interpretations and Actions has been posted online by the OCC.
  Interpretations 9/29/04

• New Grants Distributed Hamiltons Next

  The distribution of the new $50 notes has begun with the new $10 note scheduled for release in the Spring of 2004.
  New Notes 9/29/04

• FTC Encourages Public and Private Sectors To Jointly Fight ID Theft

  In testimony before a House subcommittee, the FTC noted that the cooperative efforts of law enforcement agencies and the private sector can reduce identity theft and help victims recover. Since SS numbers play a pivotal role in the crime, the FTC is studying whether it would be more effective to require consumer reporting agencies to match more data points before releasing a consumer report to a user. ID Theft Testimony 9/29/04

• New OFAC Director Named

  Treasury Secretary Snow has announced the naming of Robert Werner as the new Director of OFAC effective October 1, 2004.
  New Director 9/29/04

• September Working Papers Released

  The FRB has released new working papers in both the IFDP series and the FEDS series.
  IFDP; FEDS 9/29/04

• FinCEN Official Testifies

  FinCEN Director Fox presented both oral and written statements to the Senate Committee on Banking, Housing and Urban Affairs regarding the agency's efforts to combat money laundering in the money services and casino industries.
  Written Statement; Oral Statement 9/29/04

• Future Reg CC Amendments Published in FR

  The FRB has issued a Final Rule regarding closing of one check processing office and information about future amendments to Appendix A of Reg CC that the Board will make in 2005 and 2006 to reflect the restructuring of other check-processing operations.
  69FR57837 txt 9/28/04

• Jeanne Closes National Banks

  The OCC has issued a proclamation that allows national banks to close offices affected by Hurricane Jeanne.
  Jeanne Closings 9/28/04

• CRA Evaluations Released

  The OCC has released the CRA ratings for twenty-nine national banks. Four banks were rated outstanding, twenty-four were satisfactory, one was needs to improve and none were in substantial noncompliance. CRA Evaluations 9/28/04

• Comments Sought Regarding Improving Prescreen Opt-Out Notices

  The FTC is seeking public comment on a proposed regulation to improve notices of consumers’ right to opt out of prescreened solicitations of pre-approved credit card and similar credit offers mailed to consumers. Comments must be submitted on or before October 28, 2004. Opt-Out Comments 9/28/04

• FRFS Offers Online Check 21 Seminar

  The FRFS has announced a free online Check 21 seminar that can be viewed at any time day or night from anywhere you have Net access. Check 21 Seminar 9/28/04

• International Reserve Position Updated

  Treasury has released the U.S. International Reserve Position for the week ending September 24, 2004.
  Reserve Position 9/28/04

• HSA Offers New Deposit Account Opportunities

  Health Savings Accounts (HSAs), which were created as part of the Medicare reform legislation as a health benefits option for individuals, are being touted by Treasury as a great new deposit account for banks and credit unions. Treasury has created a HSA Web page and previously issued a guidance that outlines how easy it is for banks and credit unions to offer this new product. Information regarding the guidance was first posted on the December 23, 2003 BOL Top Stories. Treasury PR; HSA Web Page; HSA Guidance 9/27/04

• Derivatives Volume Breaks Record

  The OCC has announced that the notional amount of derivatives held by U. S. commercial banks in the second quarter increased to $81 trillion, a new record. Quarterly Derivatives Report
  9/27/04

• Balkans Entries Changed

  OFAC has changed two Balkans entries on the SDN List. Information regarding the changes has been posted on the BOL OFAC page. 9/24/04

• FRB Revises Overdraft Policy

  The FRB has revised its Policy Statement on Payments System Risk (PSR) to modify the daylight overdraft measurement rules concerning interest and redemption payments on securities issued by government-sponsored enterprises (GSEs) and certain international organizations.
  Policy Statement 9/24/04

• Assets Reports Issued

  The FRB has issued the 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report for July 2004. Reports 9/24/04

• Fall 2004 State Profiles Posted

  The FDIC has posted on its Web site the Fall 2004 State Profiles which contain banking and economic conditions for each state.
  Fall 2004 Profiles 9/24/04

• FDIC Announces Technology Challenges Conference

  The FDIC will host on November 17, 2004 in New Orleans a conference on the business challenges that financial institutions face regarding changes in technology. Online registration is available. Conference Information; Registration 9/24/04

• FRB Issues FR on Rules of Practice for Hearings

  The FRB is amending its rules of practice and procedure to adjust the maximum amount, as set by statute, of each civil money penalty (CMP) within its jurisdiction to account for inflation. 69FR56929 txt 69FR56929 pdf 9/24/04

• Future Reg CC Amendments Disclosed

  The FRB has issued a Final Rule regarding closing of one check processing office and information about future amendments to Appendix A of Reg CC that the Board will make in 2005 and 2006 to reflect the restructuring of other check-processing operations.
  Reg CC Amendments 9/23/04

• Summer 2004 FR Bulletin Published

  The FRB has published and posted online the Summer 2004 edition of the FR Bulletin which contains various articles of interest including: Monetary Policy Report to Congress; Summary of papers presented at the Models and Monetary Policy Conference; Credit Report Accuracy and Access to Credit; and the First Quarter 2004 Report on the Condition of the U.S. Banking Industry.
  2004 Summer Bulletin 9/23/04

• OCC Bulletin Regarding Institutions Of Primary ML Concern

  The OCC has issued a Bulletin regarding the previous designation by Treasury of two financial institutions as " institutions of primary money laundering concern" under section 311 of the USA PATRIOT ACT. Information regarding the institutions was posted August 25, 2004 on BOL Top Stories. OCC Bulletin 9/23/04

• FYI Discusses Financial Education Delivery Systems



The FDIC has posted a new issue of FYI that features a discussion of delivery systems for financial education in theory and practice. FYI 9/23/04

• FOMC Raises Rates

  The FOMC has announced a 25 basis points increase in both the target rate for fed funds and the discount rate.
  Increase 9/22/04

• Counterfeit Cashiers Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashiers checks drawn on The First National Bank Of Syracuse, Syracuse, Kansas. Information concerning the counterfeit cashiers checks has been posted on the BOL Alerts & Counterfeits page. 9/22/04

• International Reserve Position Updated

  Treasury has issued an update of the U.S. International Reserve Position as of the week ending September 17, 2004.
  Position 9/22/04

• Minority-Owned Banks Report Released

  The FRB has issued the report of Minority-Owned Banks as of June 30, 2004.
  Minority-Owned Banks 9/22/04

• Foreign Bank Structure And Share Data Reports Issued

  The June 2004 Structure and Share Data Reports for U.S. offices of foreign banks has been issued by the FRB.
  Structure And Share 9/22/04

• Libyan Sanctions Terminated

  An Executive Order has been signed by the President that terminates the Libyan Sanctions Regulations effective 12:01 am EDT September 21, 2004 and unblocks all property and interests in property previously blocked. Information regarding the Executive Order has been posted on the BOL OFAC page. 9/21/04

• Ivan Stil Causing Delays

  The Atlanta FRB has announced that all of its offices previously closed due to problems with Hurricane Ivan are now open, but some processing delays presist. Delays 9/21/04

• IFD Working Papers Released

  The FRB has released four working papers in the International Financial Discussion series on the following topics: PPP Rules, Macroeconomic (In)stability and Learning; Look at Me Now: The Role of Cross-Listing in Attracting U.S. Investors; Corporate Governance and the Shareholder Base; and The Performance of International Portfolios. PPP;
  Look;
  Governance;
  Portfolios 9/21/04

• CRA Comment Period Extended Published in FR

  The proposed rule to extended the comment period from September 20 to October 20, 2004 on its proposed changes to CRA has been published in the FR. 69FR56175 (txt) 9/20/04

• FDIC Issues FIL Regarding Rebuilding

  The FDIC has issued a FIL that encourages banks to work constructively with borrowers who, because of the natural disasters, are experiencing difficulties beyond their control. The FIL also contains a series of steps which could be implemented to facilitate the rebuilding process in areas damaged by the recent hurricanes and severe storms. FIL 9/20/04

• FDIC CFR Information Available Online

  The FDIC has posted information on its Web site regarding the Center For Financial Research's Fall 2004 Conference and Call for 2005 Funding Proposals.CFR 9/20/04

• NCUA Disaster Relief Policy Activated

  NCUA has activated its disaster relief policy to assist credit unions and their members in areas where offices and homes were damaged and destroyed by wind, rain and flooding caused by Hurricane Ivan and Tropical Storm Gaston.
  Disaster Relief 9/20/04

• CRA Comment Period Extended

  The FDIC has extended the comment period from September 20 to October 20, 2004 on its proposed changes to CRA.
  Comment Period; CRA Proposal 9/17/04

• October HOEPA Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in October 2004 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application.
  Daily H. 15; Weekly H.15 9/17/04

• NCUA Issues Prohibition Order

  An order of prohibition for a former loan officer of the School Employees of Washington Credit Union, Spokane, Washington has been issued by NCUA.Order 9/17/04

• Ivan Processing Delays Update

  The FRB of Atlanta has updated the information regarding the expected check processing delays caused by Hurricane Ivan.
  Update 9/17/04

• OCC Encourages Banks To Work With Ivan's Victims

  National banks have been encouraged by the OCC to work with customers who were affected of Hurricane Ivan.
  Victims 9/17/04

• July International Capital Released

  Treasury has released the July 2004 International Capital Data.
  International Capital 9/17/04

• Z.1 Released

  The FRB has released the Second Quarter 2004 Z. 1 Flow of Funds report.
  Z. 1 9/17/04

• Household Ratios Issued

  The household debt service and financial obligation ratios for the Second Quarter 2004 have been issued by the FRB.
  Household Ratios 9/17/04

• Reg E PR Published in FR

  Published in the FR is a proposal that would revise the official staff commentary to Reg E. The commentary interprets the requirements of Regulation E to facilitate compliance primarily by financial institutions that offer electronic fund transfer services to consumers. 69FR55996 txt 69FR55996 pdf 9/17/04

• Ivan Impacts Check And Item Processing

  The Federal Reserve Bank of Atlanta has released a status update of the activities of its Jacksonville, Birmingham and New Orleans branch offices as they relate to Hurricane Ivan. Processing Update 9/16/04

• OTS Urges Thrifts To Protect Employees

  OTS is urging thrifts in the path of Hurricane Ivan to exercise the utmost care and caution to protect the personal safety of their employees while continuing to assist their customers in need. In addition, a Guidance has been issued that authorizes thrifts to close offices at their discretion. Employees; Closings Guidance 9/16/04

• Fake Internet Bank Alert

  An Alert has been issued by the OCC regarding a fictitious Internet bank with a Belize address that appears to be conducting unauthorized banking activities. OCC Alert 9/16/04

• OCC Enforcement Actions Announced

  The OCC has announced that six enforcement actions have taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 9/16/04

• Bulletin Issued Regarding Reg Z Annual Dollar Trigger

  The OCC has issued a Bulletin regarding the previously announced Reg Z annual dollar trigger for certain home mortgage loans. Information regarding the trigger was posted in theAugust 16, 2004 BOL Top stories . Bulletin

• Bank Loan Quality Improves

  The Federal financial institution regulators have released the Shared National Credit review that indicates the quality of large syndicated bank loans has shown marked improvement over the last year. FRB PR; OCC NR: OTS PR; FDIC PR 9/16/04

• G. 17 And G.20 Reports Issued

  The FRB has issued the July 2004 G. 17 Industrial Production and G. 20 Finance Companies statistical reports.
  G.17; G.20 9/16/04

• September 2004 FedFocus Online

  The latest edition of FedFocus features articles on FedLine Advantage, Check 21 Compliance, Check Restructuring News, and New Access to Treasury Services. September 2004 FedFocus
  9/16/04

• Insights Addresses Remittances

  The September 2004 issue of Community Development Insights has been released by the OCC and contains a discussion regarding how remittances provide a gateway to banking services for unbanked immigrants.
  Insights 9/16/04

• Interactive CBI Money Smart Program Now Available

  The FDIC has announced the release of its Money Smart financial education curriculum in an interactive CBI format on CD-ROM.
  Interactive Money Smart 9/16/04

• Unacceptable Credit Card Marketing And Management Guidance Issued

  The OCC has issued an AL which provides guidance to national banks on three specific credit card practices that the regulator regards as unacceptable because they may constitute unfair or deceptive acts or practices, or could otherwise expose a bank to compliance and reputation risk. Credit Card AL 9/15/04

• Unauthorized Banking Alert

  An Alert has been issued by the OCC regarding an entity in the District of Columbia that represents that it is a national bank, but has not been authorized to conduct banking activities. Unauthorized 9/15/04

• OFAC Adds Cartel Interests

  Treasury has designating as SDNTs 23 Colombian businesses and 118 individuals that were acting as fronts for the Cali drug cartel and its leaders. Information regarding these additions to the OFAC List has been posted on the BOL OFAC page. 9/15/04

• Reg. E Amendments Proposed Comment Sought

  The FRB has proposed amendments to Reg. E that would provide guidance regarding the rights, liabilities, and responsibilities of parties engaged in electronic check conversion transactions in addition to providing that payroll card accounts are "accounts" covered by the regulation. Comments are due November 19, 2004. Reg. E Amendments 9/14/04

• September 031 And 041 Forms Online

  The FFIEC has posted the September 2004 031 and 041 report forms on its Web site. 031; 041 9/14/04

• FHC List Released

  A list of the BHCs that have elected to be treated as a FHC by the FRB has been released.
  FHC List 9/14/04

• International Reserve Position Updates

  Treasury has updated the U.S. International Reserve Positions for the weeks ending August 27, September 3 and September 10, 2004.
  August 27; September 3, 10 9/14/04

• Ivan Causes Presentment Delays

  The FRB has announced that there may be check presentment delays in the Florida Keys as a result of the expected arrival of Hurricane Ivan. Presentment Delays 9/13/04

• National Banks Can Close For Ivan

  The OCC has advised national banks that they can close if affected by Hurricane Ivan.
  Ivan Closings 9/13/04

• OTS Schedules 35 CRA Exams

  OTS has announced that 35 CRA examinations are scheduled for the 4th Quarter 2004.
  CRA Exams 9/13/04

• FDIC Warms Consumers Of Fraudulent E-Mails

  The FDIC has issued a Special Alert to consumers that unknown parties have been sending fraudulent e-mails to consumers that appear to have been sent by the FDIC. The fake e-mails request the consumers to update their financial information or their account(s) may be closed. Fake E-mails 9/13/04

• Sprint and AT&T To Pay For FCRA Violations

  The FTC has announced that Sprint and AT&T will pay a combined penalty of nearly $1.5 million for violations of FCRA. The FTC charged that Sprint used consumers’ credit reports to deny them telephone service, and that both AT&T and Sprint placed conditions or restrictions on consumers’ service, without disclosing information required by FCRA. FCRA Penalties 9/13/04

• Comptroller Hawke To Retire

  Comptroller Hawke has informed the President of his intention to retire effective October 13, 2004, the expiration date of his current term. Letter To President 9/10/04

• FRB Requests New Board Resolutions

  The FRB has requested that all financial institutions who have established account and service relationships with the FRB to utilize new standard forms to submit by October 1, 2004 a new resolution of the board and a list of the individuals who are authorized to establish business relationships with the regulator.
  Board Resolution Forms 9/10/04

• Special Alerts Issued For Counterfeit Cashier's Checks

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Bank Trust, Mobile, Alabama and United Southern Bank, Umatilla, Florida. Information regarding each of the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 9/10/04

• Islamic Foundation Placed On OFAC List

  OFAC has announced that the U.S. branch of an Islamic foundation along with one of its directors and another foreign branch have been designated SDGTs and placed on the SDN List. Information regarding the new designations has been posted on the BOL OFAC page. 9/10/04

• FEDS Working Papers Released

  The FRB has released two working papers in the FEDS series with the following titles: Convenience or Necessity? Understanding the Recent Rise in Credit Card Debt and Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment.
  Credit Card Debt; Monetary Policy 9/10/04

• OCC Issues Bulletin Regarding Median Family Income Data

  The OCC has issued a Bulletin regarding the previously announced U.S. Census and 2004 HUD Estimated Median Family Income numbers. Information regarding the new data was posted August 6, 2004 on BOL Top Stories. OCC Bulletin 9/10/04

• Regulators Publish Phishing Brochure

  The federal financial institution regulators have jointly published a camera ready brochure regarding phishing that can be downloaded for distribution to customers to inform them of the threat to their confidential information and what them can do to protect themselves. Brochure;
  FRB;
  OCC; FDIC; OTS; NCUA 9/9/04

• Greenspan Forecasts Decease In Budget Deficit

  In testimony before the House Budget Committee, Chairman Greenspan noted that recent data indicates the nation's stalled economic expansion has gained traction and with the economy continuing to improve, the deficit is more likely to decline than to increase in the year ahead. Speech 9/9/04

• September 2004 Beige Book Released

  The FRB has released the latest edition of the Beige Book based on information collected prior to September 1, 2004.
  Beige Book Summary;
  Full Report 9/9/04

• July 2004 Consumer Credit Report Issued
  The G.19 Consumer Credit Report for July 2004 has been issued by the FRB. G.19 9/9/04

• Savings Bonds Processing Consolidations Underway

  In December 2003, Treasury announced that three of the five current processing centers for savings bonds would be closed in the near future. Additional information is now available regarding the consolidations which are expected to be completed by the fourth quarter 2005. Consolidations 9/8/04

• Deposit Guidelines For Non-Imageable Checks Issued

  The FRB has announced that institutions that include items in high-speed forward and return cash letters that don't meet the standard for readability will assume all Check 21 liability for losses.Non-Imageable 9/8/04

• National Banks Encouraged To Work With Victims

  The OCC has urged national banks to work with customers who are victims of Hurricane Frances by considering extending loan terms, restructuring obligations and easing credit terms for new loans. Victims 9/8/04

• Disaster Relief Policy Activated

  NCUA has activated its disaster relief policy to assist CU members who are victims of the Florida hurricanes.
  Disaster Relief 9/8/04

• Lending Limits Pilot Program Bulletin Issued

  OTS has issued a Bulletin regarding the Lending Limits Pilot Program which has been extended for an additional three years.
  Pilot Program 9/8/04

• Bulletin Regarding Third Party Arrangements Issued

  A Bulletin has been issued by OTS regarding business relationships with third parties.
  Third Parties 9/8/04

• August CRA Ratings Released

  OTS has release the CRA performance evaluations for August 2004.
  CRA Ratings 9/8/04

• OFAC Changes SDN File Format

  OFAC has announced that it has developed new automated procedures to expedite the creation of the SDN files. The new procedures have been implemented on some existing files and will be used to create free-format files the next time the SDN list is changed.
  OFAC File Changes 9/7/04

• Sixteen Banks Pay OFAC CMP

  OFAC has announced that sixteen banks were cited for funds transfer violations of various OFAC sanctions programs and paid civil money penalties ranging from $450 to $29,000.
  OFAC CMP 9/7/04

• 23A Exemption Granted

  The FRB has issued a legal opinion regarding reasons why an exemption to the provisions of 23A and Reg W was granted to permit a bank to acquire commercial mortgage credits from an affiliate. 23A Exemption 9/7/04

• Check Restructuring Dates Announced

  The Federal Reserve Banks have announced the schedule for the 2005-2006 check processing restructuring resulting from the elimination of nine current check processing locations and the transfer of service to other locations.
  Restructuring Schedule 9/3/04

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on The Farmers National Bank of Emlenton, Emlenton, Pennsylvania, and Lafayette State Bank, Mayo, Florida. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 9/3/04

• OCC Authorizes Emergency Bank Closings

  The OCC has issued a proclamation declaring an emergency and authorizing national banks in the areas threatened by Hurricane Francis to close at their discretion. Bank Closings 9/3/04

• Banks To Make SS Payments Available Early

  The Florida Bankers Association and Treasury have requested Florida banks to make social security payments available early due to the expected arrival of Hurricane Frances. SS Payments 9/3/04

• Bulletins Issued Regarding FFIEC IT Booklet and Loan To Deposit Ratios

  The OCC has issued two Bulletins regarding the previously announced availability of a FFIEC booklet concerning IT operations and wholesale payments systems and the 2004 host state loan-to-deposit ratios. Information regarding the booklet and the ratios was posted August 27, 2004 on BOL Top Stories. IT Bulletin; Loan-To-Deposit Bulletin 9/3/04

• Third Party Arrangements Guidance Issued

  OTS has issued a guidance for thrifts who enter into business relationships with third parties.
  Thrift Guidance 9/3/04

• June Large Commercial Banks Ranking Released

  The FRB has released the ranking by consolidated assets as of June 30, 2004 of commercial banks having consolidated assets of $300 million or more. Large Bank Ranking 9/3/04

• New Guidelines For Fed Deposits Now In Effect

  The FRB "Guidelines For Fed Deposits" became effective September 1, 2004. The guidelines are not mandatory, but reflect the FRB's preferred way of receiving cash letter deposits nationwide and are intended to foster accuracy and efficiency in handling and processing deposits. Information regarding the guidelines was initially posted on August 9, 2004 BOL Top Stories.
  Guidelines 9/2/04

• OCC Issues Fourth Quarter CRA Exam Schedule

  The fourth quarter 2004 CRA examination schedule for national banks has been issued by the OCC. CRA Exam Schedule 9/2/04

• "Primary Money Laundering Concern" FILs Issued

  The FDIC has issued two FILs regarding foreign banks that have been previously designated by Treasury to be financial institutions of "primary money laundering concern" under Section 314 of the USA PATRIOT Act. Information regarding the institutions and the restrictions imposed were posted on the August 25, 2004 BOL Top Stories. FIL-101-2004; FIL-102-2004 9/2/04

• Bank Of Bedrock Second Alert

  The FDIC has issued a Special Alert regarding an entity that claims to be a national bank insured by the FDIC that may be conducting unauthorized financial transactions. The OCC previously issued an alert regarding the same entity.
  Special Alert 9/2/04

• August Foreign Exchange Rates Released

  The FRB has released the G.5 Foreign Exchange Rates report for August 2004. G.5 9/2/04

• Risk Management Of Tax Lien Purchases

  The OCC has issued a Bulletin regarding the risk management practices it expects a national bank to exercise when purchasing tax lien certificates. Tax Lien Bulletin 9/1/04

• CDR Implementation Delayed

  The federal banking agencies have announced that the implementation of the new CDR system, a web-based central repository for bank financial data, will be delayed until the first or second quarter of 2005. The new system originally was scheduled to be unveiled in October 2004. FRB PR;
  OCC NR;
  FDIC PR 9/1/04

• June Call And Thrift Report Data Online

  The FDIC has posted the Call and Thrift Report data for June 30, 2004 on its Web site. June Data 9/1/04

• FDIC Consumer News Summer 2004 Issue Posted

  The FDIC has posted online the Summer 2004 issue of Consumer News which features articles on new strategies for bank customers in the 21st century. Consumer News 9/1/04

• Updated EDIE Now Available

  An updated version 2.0 of the FDIC interactive electronic deposit insurance estimator, EDIE, is now available online.
  FIL; Download EDIE 9/1/04

The Retail Payments Office of the Federal Reserve has issued a statement supporting the announcement by NACHA that it is taking steps toward same-day ACH settlement for ACH network transactions.

The Department of Justice has reported it has charged more than 880 defendants in stolen identity tax refund cases in the past year, and that the IRS reports having resolved or closed about 963,000 cases involving identity fraud victims. Attorney General Holder, in a video message on the DOJ website, urged Americans to protect themselves by reporting suspicious activity and learning more at the IRS website, the Justice Department's Tax Division website, and STOPFRAUD.GOV.

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

The Retail Payments Office of the Federal Reserve has issued a statement supporting the announcement by NACHA that it is taking steps toward same-day ACH settlement for ACH network transactions.

The Department of Justice has reported it has charged more than 880 defendants in stolen identity tax refund cases in the past year, and that the IRS reports having resolved or closed about 963,000 cases involving identity fraud victims. Attorney General Holder, in a video message on the DOJ website, urged Americans to protect themselves by reporting suspicious activity and learning more at the IRS website, the Justice Department's Tax Division website, and STOPFRAUD.GOV.