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Supervisory Insights Journal Launched
The FDIC has announced the launch of a new publication that will provide a forum for discussing how bank regulation and policy are put into practice in the field, sharing best practices, and communicating about the emerging issues that bank supervisors are facing. Articles featured in the first issue of Supervisory Insights describe a number of areas of current supervisory focus at the FDIC.
Supervisory Insights 6/30/04
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Unauthorized Banking Special Alerts Issued
Two Special Alerts have been issued by the FDIC regarding fourteen entities that may be conducting unauthorized banking operations in Canada and the United States.
SA-42-2004;
SA-43-2004 6/30/04
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International Reserve Position Published
Treasury has published the U.S. International Reserve Position data for the week ending June 25, 2004.
International Reserve Position 6/30/04
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Basel II White Paper Released
The FRB has released a Basel II Capital Accord white paper entitled, "Implications of Alternative Operational Risk Modeling Techniques".
Implications http://www.treas.gov/press/releases/2004629142850835.htm
April G.20 Issued
The G.20 Finance Companies Statistical Release for April 2004 had been issued by the FRB.
G.20 6/30/04
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FDIC Proposes Changes To Assessment Certified Statement Rule
A FIL has been issued by the FDIC regarding comments to proposed changes to the Assessment Certified Statement Rule.
FIL-74-2004 6/28/04
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Agencies Announce Basel II Implementation Plans
The Basel Committee on Bank Supervision has released the "International Convergence of Capital Measurement and Capital Standards: A Revised Framework", also know as Basel II, which represents the outcome of the Committee's work to secure international convergence on revisions to regulations and standards governing the capital adequacy of internationally active banking organizations. The document will form the basis upon which the federal banking agencies will develop proposed revisions to existing capital adequacy regulations and standards. Basel Committee; Basel II; OCC; FRB; OTS; FDIC 6/28/04
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IFDP Working Paper Published
A working paper in the International Finance Discussion Papers series, "The Information Content of Forward and Futures Prices: Market Expectations and the Price of Risk", has been published by the FRB. Information Content 6/28/04
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SDN FIL Issued
The FDIC has issued a FIL regarding previously announced additions to the OFAC SDN list. Information regarding the new entries was posted June 23, 2004 on the BOL OFAC page.
FIL-76-2004 6/28/04
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Affiliate Marketing Notice and Opt Out NPR To Be Issued
The federal financial regulators have approved the issuance of a NPR regarding the implementation of the affiliate marketing notice and opt out provisions of FCRA. FRB; OCC 6/25/04
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Thirty-Four OCC CRA Evaluations Released
The OCC has released the CRA evaluations for thirty-four national banks. Four institutions were rated outstanding and thirty received a satisfactory rating. CRA 6/25/04
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OTS CRA Ratings Announced
The OTS has announced the March, April and May CRA ratings for savings associations that became publicly available during the reporting periods. March; April; May 6/25/04
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More SBA Lending For Credit Unions Proposed
NCUA has issued a proposal to amend the agency’s MBL rule to enable credit unions to participate more fully in SBA guaranteed loan programs. Proposal 6/25/04
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Availability of funds and collection of checks (Regulation CC):
Routing number guide to next-day availability checks and local checks; technical amendment. Final Rule PDF TEXT 6/25/04
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Equal credit opportunity, electronic fund transfers, consumer leasing, truth in lending, and truth in savings (Regulations B, E, M, Z, and DD)
: Clear and conspicuous disclosures; withdrawn.
Proposed Rule PDF TEXT 6/25/04
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Synthetic CDOs Working Paper Published
A FEDS series working paper entitled, "Understanding the Risks of Synthetic CDOs", has been published by the FRB.
Synthetic CDOs 6/25/04
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June Electronic Interpretations and Actions Posted
The June 2004 Issue of New Electronic Interpretations and Actions has been posted on the OCC web site.
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Italian al Qaida Members Added To OFAC List
Six individuals, who are members of an Italian al Qaida cell, have been added to the OFAC SDN list as SDGTs. Information regarding the additions has been posted on the BOL OFAC page. 6/25/04
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Happy Birthday To Do Not Call
To celebrate the first anniversary of the national Do Not Call Registry, the FTC has released updated registration and complaint figures. Sixty-two million telephone numbers have been registered and four hundred twenty-eight thousand possible violations have been reported. Do Not Call 6/25/04
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Free Annual Credit Reports Rule Published in FR
The FTC has published in the FR a final rule regarding the providing of free annual credit reports to consumers under FACTA and FCRA. A centralized source will be created to accept consumers' requests for their reports. 69FR35467> (txt) 69FR35467 (pdf) 6/24/04
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Former Bank Executives Indicted
Three former senior executive officers of Hamilton Bancorp and Hamilton Bank have been indicted by a federal grand jury in Miami, Florida for conspiracy, wire fraud, securities fraud, false filings with the SEC, false statements to accountants, obstruction of an examination of a financial institution, and making false statements to OCC. Indictment 6/24/04
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Regulators To Form BSA/AML Working Group
The FFIEC has announced plans to form an interagency working group to improve communications between federal banking agencies and the FFIEC regarding BSA and AML issues. Working Group 6/24/04
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FRB Withdraws Proposed Revisions
The FRB has announced that the proposed revisions to Regulations B, E, M, Z, and DD which sought to more specifically define the standard for providing "clear and conspicuous" disclosures have been withdrawn. Withdrawal 6/23/04
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Reg CC Amendments Announced
The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth, Fifth, and Eighth Districts. Reg CC 6/23/04
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Regulatory Burdens Impact Financial Institutions and Their Customers
In presentations before the Senate Banking Committee, OCC Chief Counsel Williams, OTS Chief Counsel Bowman, and FDIC Vice Chairman Reich addressed the problem of the regulatory burden on financial institutions and the impact on their customers. Williams;
Bowman;
Reich 6/23/04
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Electric Record Keeping AL Issued
The OCC has issued an AL which identifies issues regarding bank electronic record systems in light of the E-SIGN Act. The letter provides a basic framework that bank management can use to assess and address key issues posed by electronic record keeping systems.
AL-2004-9 6/22/04
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Counterfeit Cashier's Checks Special Alert
The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Surety Bank, Deland, Florida. Information regarding the counterfeit cashier's checks have been posted on the BOL Alerts & Counterfeits page. 6/22/04
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Greenspan Takes Oath
Chairman Greenspan has taken the oath of office and has been sworn in for his fifth term as Chairman of the Board of Governors of the Federal Reserve System. Greenspan 6/22/04
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Comment Period Extended
Five federal regulators have extended for 30 days the comment period on the proposed Interagency Statement on Sound Practices Concerning Complex Structured Finance Activities first published in the Federal Register on May 19, 2004. The public comment period will now end July 19, 2004. Original Statement; FRB; OCC; FDIC; OTS;
SEC 6/21/04
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SCRA AL Issued
An AL has been issued by the OCC which provides information about provisions of the Servicemembers Civil Relief Act that are most likely to affect national banks. For additional SCRA information, check out the BOL SCRA page. AL 2004-8 6/21/04
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Derivative Volume Exceeds $76 Trillion
The OCC has published the First Quarter 2004 Bank Derivates Report which indicates the amount of derivatives in insured commercial bank portfolios exceeds $76 Trillion dollars. Derivatives Report 6/21/04
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Order Of Prohibition Issued
The FRB has issued an Order of Prohibition against a former employee of First Tennessee Bank and Bank of America. The former employee is prohibited from participating in the conduct of the affairs of any financial institution or holding company. Order 6/18/04
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Proposed Amendments to Reg J Published in FR
The FRB is publishing for comment a proposed rule that would amend subpart A of Regulation J to provide for the
rights and obligations of sending banks, paying banks, returning banks, and Reserve Banks in connection with collection of substitute checks and items that have been converted to electronic form. 69FR34086 (txt) 69FR34086 (pdf)6/18/04
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Bulletin and FIL Issued Regarding Disposal Of Consumer Information NPRM
A Bulletin and a FIL have been issued by the OCC and the FDIC regarding the previously announced NPRM concerning the proper disposal of consumer information derived from credit reports. Notice of the NPRM was posted June 9, 2004 in BOL Top Stories. OCC Bulletin 2004-28; FIL -73-2004 6/18/04
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CAC Nominations Sought
The FRB has announced that it is seeking nominations for appointments to its Consumer Advisory Council. Eleven new members will be appointed to serve three-year terms beginning in January 2005. Nominations
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Guidance Issued On Acceptance Of Foreign Accounts
The federal financial regulators have issued an Interagency Advisory regarding the acceptance of accounts from foreign governments, foreign embassies and foreign political figures. Foreign Account Guidance;
FinCEN;
Treasury PR;
FRB SR;
OCC Bulletin;
OTS NR;
FDIC FIL 6/17/04
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Fraudulent Information Requests Special Alert
The FDIC has issued a Special Alert concerning faxes received by foreign financial institutions containing requests for financial information that appear to have been sent by the FDIC and falsely claim that the FDIC is soliciting mandatory customer information as part of money laundering and anti-terrorism measures. Special Alert 6/17/04
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July HOEPA Reference Rates
The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in July 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H.15 Daily Rates;
H. 15 Weekly Rates 6/17/04
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OCC Enforcement Actions Announced
The OCC has announced twenty-one Enforcement Actions against national banks and individuals formerly associated with national banks in Illinois, Minnesota, Nebraska, Ohio, Pennsylvania, Texas and California.
Enforcement Actions 6/17/04
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Beige Book Updated
The FRB of St. Louis has published the June 2004 update to the Beige Book.
Summary;
Full Report 6/17/04
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OFAC Overview And Mission
In a presentation before a House Subcommittee, the Director Newcomb reviewed OFAC's core mission, organizational structure, designation programs, legal authorizations, mission against drug cartels, counter-terrorism program, key node strategy, foreign counterparts, and vision for the future. Speech 6/17/04
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Final Interest Rate Risk Measures Published
OTS has published the First Quarter 2004 Final Thrift Industry Interest Rate Risk Measures Report.
Final Report 6/17/04
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OFAC Changes Cuban Assets Control Regs
OFAC has announced changes to the Cuban Assets Control Regulations. Information regarding the changes has been posted on the BOL OFAC page. 6/17/04
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FRB Announces Payment System Evolution Strategy
The FRB has announced a strategy to adapt to the changes that will occur in the payments system as the result of the implementation of Check 21. Strategy 6/17/04
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May G.17 Report Issued
The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for May 2004.
G.17 6/17/04
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Foreign Bank Structure And Share Data Released
The March 2004 structure and share data for U.S. offices of foreign banks report has been released by the FRB.
Structure And Share 6/17/04
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Classification Of Bank Assets Revised
The federal financial regulators have revised the Agencies' Uniform Agreement on the Classification of Assets and Appraisal of Securities Held by Banks and Thrifts. The revision, which is the first since 1979, does not change the classification of loans.
Uniform Agreement;
FRB SR;
OCC Bulletin;
OTS CEO Letter;
FDIC FIL 6/16/04
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HMDA Data Collection Rules Reference Materials
The FDIC has issued a FIL that highlights the changes to Reg C, reviews the transition rules, and lists the OMB's new geographic definitions. FIL-71-2004 6/16/04
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FTC to Conduct Credit Score Study
The FTC has announced plans to conduct a study on the effects of credit scores and credit-based insurance scores on the price and availability of mortgages, auto loans, credit cards, insurance, and other financial products. As required by law, public comments are being sought regarding the prescribed methodology and research design of the study. Credit Score Study 6/16/04
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International Reserve Position and TIC Data Released
Treasury has released the U.S. International Reserve Position data for the week ending June 11, 2004 and the Treasury International Capital data for April 2004. International Reserve
TIC 6/16/04
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Bank Merger Study Published
The FRB has published a study of the bank merger activity in the United States from 1994 to 2003.
Merger Study 6/16/04
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Four FEDS Papers Released
The FRB has announced the release of four working papers in the FEDS series with the following titles: The Decline in Household Saving and the Wealth Effect; To Leave or Not to Leave: The Distribution of Bequest Motives; Employer-to-Employer Flows in the U.S. Labor Market: The Complete Picture of Gross Worker Flows; and Transparency and Monetary Policy: What Does the Academic Literature tell Policymakers?. Decline;
Leave;
Flows;
Transparency 6/16/04
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Cost Of Funds Ratios Issued
OTS has issued the current and historical national average cost of funds ratios for OTS regulated, SAIF insured institutions.
Current; Historical
6/16/04
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Reg V Final Rule adds Model Notices
The revisions add model notices that financial institutions may use to comply with the notice requirement relating to furnishing negative information contained in section 217 of the Fair and Accurate Credit Transactions Act of 2003. 69FR33281 (txt) 69FR33281 (pdf) 6/16/04
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Morgan And Bank One Merger Approved
The FRB has issued an Order approving the merger of J.P. Morgan Chase & Co. and Bank One Corporation resulting in the creation of second largest depository institution in the U.S. with total consolidated assets of approximately $1.1 Trillion.
Merger Order 6/15/04
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SDN FIL Issued
The FDIC has issued FIL-68-2004 regarding previously announced SDGT additions to the OFAC SDN list. Information concerning the new SDGTs was posted June 10, 2004 on the BOL OFAC page. 6/15/04
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Changes To Call Report Instructions Proposed
The federal financial regulators have issued a joint notice and request for comment regarding two proposed instructional changes that will affect how information concerning certain securitized loans and "when-issued" securities are listed on the Call Report.
Joint Notice 6/11/04
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Supervisory Decisions Appeals Process Updated
OTS has announced that the appeals process regarding supervisory decisions has been updated to include the review and appeal of the risk or complexity classification that OTS uses in calculating holding company assessments. Appeals Process 6/11/04
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FRB Small Business Finance Survey Underway
The FRB has commenced a Survey of Small Business Finances aimed at increasing policymakers' understanding of how economic and regulatory changes affect small firms' access to credit. A letter from Chairman Greenspan encouraging participation in the survey will be mailed to about 12,000 small-business owners. FRB Survey;
Greenspan Letter 6/11/04
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FIL Issued Regarding SAR Safe Harbor Status
The FDIC has issued FIL-76-2004 regarding a previously released Interagency Guidance which addressed the Federal Court reaffirmation protecting financial institutions and their employees from civil liability for filing a SAR. Information concerning the Guidance was posted May 26, 2004 in BOL Top Stories. SAR 04-86/11/04
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OFAC Adds SDGTs
OFAC has announced that one individual and two entities have been designated as SDGTs and added to the SDN list. Information regarding the new names has been posted on the BOL OFAC page. 6/11/04
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Flow of Funds Report Released
The FRB has released the June 2004 Z.1 Flow of Funds Accounts of the United States report
Z.1 6/11/04
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OCC Extends Lending Limits Pilot Program
Under the pilot program, eligible national banks with main offices located in states that prescribe a higher lending limit for residential real estate loans or small business loans than the current Federal limit may apply to take part in the program and use the higher limits. 69FR32435 (txt) 69FR32435 (pdf) 6/10/04
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OTS Closed Friday
OTS has announced that it will close on Friday, June 11 in observance of the National Day of Mourning for former President Ronald Reagan. The agency also indicated that OTS-chartered federal savings associations choosing to close on Friday may do so without objection from OTS. OTS Friday 6/10/04
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FFIEC Posts June Reporting Forms
The FFIEC has posted the 031 and 041 June 2004 Reporting Forms on its Web Site.
031; 041 6/10/04
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Spring 2004 Federal Reserve Bulletin Published
The FRB has published the Spring 2004 issue of the Federal Reserve Bulletin.
Spring 2004 Bulletin 6/10/04
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Some National Banks May Close Friday
The OCC has issued a proclamation advising national banks that under federal law they may close their offices Friday, at their discretion, in any state in which the governor or other authorized official has declared a legal holiday in recognition of the National Day of Mourning for President Reagan. Proclamation 6/9/04
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Counterfeit Cashier's Checks Special Alert
The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Santa Clara Valley Bank, N.A., Santa Paula, California and Bank of Brookhaven, Brookhaven, Mississippi. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 6/9/04
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Disposal Of Consumer Information NPR
The federal financial regulators have issued a NPR regarding the proper disposal of consumer information under the provisions of the FACT Act. The proposal would require institutions to develop, implement and maintain as part of their information security programs appropriate measures to dispose of consumer information to guard against identity theft. This was previously announced in Top Stories on June 8th. NPR;
FRB PR;
OCC PR;
FDIC;
OTS PR 6/9/04
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Reg V Amendments Issued
The FRB has issued a Final Rule amending Reg V by adding model notices for financial institutions to use if they furnish negative information to consumer reporting agencies. Reg V 6/9/04
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Third Quarter CRA Exam Schedule Announced
OTS has announced that 113 CRA examinations are scheduled to be conducted in the third quarter 2004.
CRA Schedule 6/9/04
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C & D Issued Against Arkansas CU
NCUA has announced that a Cease and Desist Order has been issued against the Northeast Arkansas Federal Credit Union.
Order;
Stipulation 6/9/04
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FTC Seeks Comments Regarding Providing Credit Reports To Consumers
The Federal Trade Commission is seeking public comment to aid its staff in preparing a study examining “the effects of requiring that a consumer who has experienced an adverse action based on a credit report receive a copy of the same credit report that the creditor relied on in taking the adverse action." Comments
6/9/04
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2003 Corporate Medium-Term Notes Report Released
The 2003 Corporate Medium-Term Notes Report has been released by the FRB. Corporate Medium-Term Notes 6/9/04
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FCRA Proposal on Disposal of Consumer Information
The proposal would require each financial institution to develop, implement, and maintain appropriate measures to properly dispose of consumer information derived from consumer reports to address the risks associated with identity theft. 69FR31913 (pdf) 69FR31913 (txt) 6/8/04
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FDIC Issued PR on Deposit Insurance Assessment
The FDIC proposes to modernize and simplify its deposit insurance assessment regulations governing certified statements, to provide regulatory burden relief to insured depository institutions. Under the proposal, insured institutions would be required to obtain their certified statements on the Internet via the FDIC's transaction-based e-business website, FDICconnect. 69FR31922 (pdf) 69FR31922 (txt) 6/8/04
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Regional Reserve Banks To Be Open Friday
The FRB has announced that its Washington, D.C. office will be closed on Friday, June 11 in observance of the national day of mourning for former President Reagan. The regional Reserve Banks will be open during normal business hours and will provide all financial services as usual. FRB PR
6/8/04
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Computer Virus Protection Guidance Issued
The FDIC has issued an FIL concerning the importance of developing and maintaining an effective computer virus protection program.
Virus Guidance 6/8/04
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"Offshoring" Risks Examined
The results of a study regarding the associated risks of offshore outsourcing by financial institutions from a safety and soundness perspective and with particular emphasis on the threats posed to customer privacy has been released by the FDIC. Offshoring Study 6/8/04
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FIL Regarding Overdraft Protection Guidance
The FDIC has issued FIL-63-2004 regarding the previously announced proposed Interagency Guidance concerning overdraft protection plans. The proposal was published in the Federal Register on June 7, 2004 and comments are due on or before August 6, 2004. Information regarding the Guidance was posted in the June 1, 2004 BOL Top Stories.
6/8/04
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CRA Ratings Announced
The FDIC has announced the June 2004 list of CRA ratings that were issued for banks examined in March 2004.
CRA Ratings 6/8/04
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Failed Bank Data Available Online
The FDIC has posted the balance sheet summaries on all failed banks that have been placed in FDIC receivership since October 2000 on its Web site. Failed Bank Data 6/8/04
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June FHC List Released
The FRB has released the list of bank holding companies that have elected to become or be treated as financial holding companies as of June 4, 2004. FHC List 6/8/04
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April Consumer Credit Report Issued
The G. 19 Consumer Credit Report for April 2004 has been issued by the FRB.
G. 19 6/8/04
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Truth in Savings Reg. DD - Proposed Rule
SUMMARY: The Board proposes to amend Regulation DD, which implements the Truth in Savings Act, and the staff commentary to the regulation, to address concerns about the uniformity and adequacy of information provided to consumers when they overdraw their accounts. The proposed amendments, in part, address a specific service offered by depository institutions, commonly referred to as ‘‘bounced-check protection’’ or ‘‘courtesy overdraft protection.’’ Text Version; PDF Version 6/7/04
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Privacy Act Implementation - Proposed Rule
SUMMARY: The Board of Governors of the Federal Reserve System (Board) proposes to amend its regulation implementing the Privacy Act of 1974. The primary proposed changes concern the waiver of copying fees charged to current or former Board employees for access to records under the Privacy Act, and the special procedures for release of medical records. In addition, the Board is proposing to make minor editorial
and technical changes. Text Version; PDF Version 6/7/04
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Interagency Guidance on Overdraft Protection Services
Member agencies of the Federal Financial Institutions Examination Council (FFIEC), the OCC, Board, FDIC, OTS, and NCUA (the Agencies), request comments on this proposed Interagency Guidance on Overdraft Protection Programs (Guidance). This proposed Guidance is intended to assist insured depository institutions in the responsible disclosure and administration of overdraft protection services.
Text Notice;
PDF Notice 6/7/04
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Free Annual Credit Reports Final Rule
The FTC has issued a final rule regarding the providing of free annual credit reports to consumers under FACTA and FCRA. A centralized source will be created to accept consumers' requests for their reports.
FTC PR;
Final Rule 6/7/04
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Reg J Amendment Proposed
The FRB has proposed an amendment to Regulation J, which governs Reserve Banks' collection of checks and other cash items, to cover the entire range of check processing services that the Reserve Banks plan to offer once Check 21 becomes effective.
Reg J 6/7/04
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AML Guidance On MSB Customers
The OCC has issued an Advisory Letter that provides guidance to national banks that provide banking services to money services businesses (MSBs).
Guidance 6/7/04
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Charge-Off And Delinquency Rate Data Released
The FRB has released the charge-off and delinquency rates on loans and leases at commercial banks that were compiled from the quarterly FFIEC Consolidated Reports of Condition and Income.
Charge-Off 6/7/04
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Privacy Act Amendment Regarding Disclosure of Medical Information
The FRB has issued a proposed amendment to the Privacy Act which provides special procedures for the release of medical records.
Privacy Act 6/7/04
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First Quarter Preliminary IRR Measures Released
OTS has issued the preliminary IRR Measures report for the first quarter 2004.
IRR 6/7/04
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Spring 2004 Issue FDIC Consumer News Published
The Spring 2004 issue of the FDIC Consumer News has been published and contains article on using ATMs, ways to learn about FDIC insurance, fraudulent emails, predatory lending and warnings about some credit counseling firms.
Consumer News 6/7/04
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Large Bank Ranking Released
The ranking of insured U.S.-chartered commercial banks that have consolidated assets of $300 million or more as March 31, 2004 has been released by the FRB.
Ranking 6/7/04
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May Issue FedFocus Published
The May 2004 issue of FedFocus has been published and contains articles on Check 21, FedLine Advantage, information security; and Fed ACH service to Mexico.
May FedFocus 6/7/04
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FRB Announces Written Agreement With Utah BHC And Bank
A Written Agreement has been executed by and among Utah Bancshares, Ephraim, Utah; the Bank of Ephraim, Ephraim, Utah; the Utah State Department of Financial Institutions; and the Federal Reserve Bank of San Francisco. Written Agreement 6/4/04
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OCC Review Own Actions Regarding Riggs
Comptroller Hawke indicated in testimony before the Senate Banking committee that the OCC is conducting a review of the agency's handling of the BSA compliance at Riggs Bank, N.A. Oral Statement;
Testimony 6/4/04
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International Reserve Position Update
The data regarding the U.S. International Reserve Position as of the week ending May 28, 2004 has been released by Treasury.
International Reserve Position 6/4/04
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OFAC Adds SDGT
An individual has been added to the OFAC SDN list as a SDGT. Information regarding the new entry has been posted on the BOL OFAC page. 6/4/04
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Lessons Learned From Regulatory Failures
In testimony before a House sub-committee, Thomas C. Baxter, Jr., Executive Vice President and General Counsel of the Federal Reserve Bank of New York, discussed the regulatory failures at Riggs Bank and UBS.
FRB Testimony 6/3/04
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SEC Proposes New Bank Broker Regulation
The SEC has announced that it will publish for comment a proposed Regulation B. This new regulation is designed to implement provisions of the GLB Act that delineate the securities activities banks may engage in without registering as brokers under the Securities Exchange Act of 1934. Proposal 6/3/04
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Challenges Of Combating ML
The Deputy Chief Counsel of the OCC, Daniel Stipano, in testimony before a House sub-committee, reviewed the challenges facing the OCC and other regulators in combating money laundering. OCC Testimony 6/3/04
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It's SOD Time Again
The FDIC has issued a FIL regarding the annual Summary of Deposits survey filing deadlines which vary depending on the method of filing.
FIL-61-2004 6/3/04
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Mortgage Broker Tricked Customers
The FTC has charged a California mortgage broker of tricking customers by deceptive advertisements that offered "fixed rate loans" that were actually adjustable rate mortgages. Deceptive Ads 6/3/04
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Nine FEDS Papers Published
The FRB has published nine working papers in the FEDS series with the following titles: 401(k) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers; Commercial Lending and Distance: Evidence from Community Reinvestment Act Data; Optimal Inflation in an Open Economy with Imperfect Competition; Cross-Border Diversification in Bank Asset Portfolios; Loan Commitments and Private Firms; Fresh Start or Head Start? The Effect of Filing for Personal Bankruptcy on the Labor Supply; Overnight Interbank Loan Markets; Technology, Capital Spending, and Capacity Utilization; and How Fast Do Personal Computers Depreciate? Concepts and New Estimates.
401(k);
Commercial Lending;
Optimal Inflation;
Cross-Border;
Loan Commitments;
Fresh Start;
Overnight;
Capital Spending;
How Fast 6/3/04
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Branches Of Islamic Foundation Added To OFAC List
OFAC has added five branches of the Al-Haramain Islamic Foundation and its former leader to the SDN list. Information regarding the additions has been placed on the BOL OFAC page. 6/3/04
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Steps to Improve Information Security
A just-released GAO report focuses on information security problems found within the FDIC, but the lessons learned should be adapted and applied to financial institutions as well. We’ll summarize the report and give you advice on what steps you should take immediately to ensure that you are doing all you can to secure the sensitive information that you control. And, be sure and take advantage of the special tool we've included as well.
Read the Article 6/2/04
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June HOEPA Reference Rates
The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in June 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For June, you will use the rates posted on May 14th since May 15th fell on the weekend.
H. 15 Daily Rates; H. 15 Weekly Rates 6/2/04
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Written Agreement With Wisconsin BHC
The FRB has announced the execution of a Written Agreement with CIB Marine Bancshares, Inc., Pewaukee, Wisconsin.
Written Agreement 6/2/04
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Bogus Mortgage Brokers Charged By FTC
The FTC has charged a group of Colorado-based mortgage brokers with violating federal laws by deceptively claiming that they will refinance consumers’ mortgages at the lowest rates available at no cost to the consumer. A U.S. district court judge has issued a TRO barring the defendants’ illegal business practices and freezing their assets. Bogus Brokers 6/2/04
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Third Quarter CRA Exam Schedule Issued
The CRA examination schedule for the third quarter 2004 has been issued by the OCC. Exam Schedule 6/2/04
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IRS ID Theft Scheme Warning
The IRS has issued a warning of a fraudulent scheme targeting non-resident aliens who have income from a United States source. The scheme uses fictitious IRS correspondence and an altered IRS form in an attempt to trick the foreign persons into disclosing their personal and financial data. IRS Warning 6/2/04
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May Foreign Exchange Rates Released
The G. 5 Foreign Exchange Rates for May 2004 have been released by the FRB.
Exchange Rates 6/2/04
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2003 Fact Book Published By OTS
OTS has announced the publication of the 2003 Fact Book which contains a statistical profile of the thrift industry.
Fact Book 6/2/04
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March UBPR Available
FFIEC has announced that the March 31, 2004 UBPR is now available online.
March UBPR 6/2/04
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Narcotics Kingpins Added To OFAC List
OFAC has announced the addition of ten individuals to the SDN list with the designation of SDNTK and the blocking of all assets of an additional thirteen entities. Information regarding the additions has been posted on the BOL OFAC page. 6/2/04
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Reg DD Amendments Proposed
The FRB has proposed a Rule amending Reg DD as a result of concerns regarding the information that is provided to consumers about some overdraft protection plans. In addition, the federal regulators have issued a proposed Interagency Guidance on the marketing, disclosure, and implementation of overdraft protection programs. FRB Reg DD NPR;
Interagency Guidance;
FRB NR;
OCC NR;
OTS NR;
FDIC PR;
NCUA PR 6/1/04
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FinCEN al Qaeda Special Alert
Pursuant to a request from the U.S. Attorney General regarding assistance in locating seven individuals, FinCEN has issued a Special Alert which provides identifying information for use by financial institutions. al Qaeda 6/1/04
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OCC Fraudulent Emails
The OCC has issued an Alert regarding fraudulent emails that appear to be sent by the OCC involving international payments being held by the OCC. Email Alert 6/1/04
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FTC Comments On FACT Act Proposals
The FTC has issued comments to the federal banking regulators regarding the proposal to prohibit creditors from obtaining or using medical information in credit decisions. FTC Comments 6/1/04
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Assessments And Fees Final Rule
The OTS has issued a Final Rule regarding its assessments and fees.
Final Rule 6/1/04
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Changes To OFAC SDN Data Files
OFAC issued a reminder of the previously announced upcoming changes to the SDN data files. Information regarding the changes has been posted on the BOL OFAC Page. 6/1/04
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March G. 20 Released
The FRB has released the G. 20 Finance Companies Report for March 2004.
G. 20 6/1/04