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Counterfeits Checks Special Alerts
The FDIC has issued four Special Alerts regarding counterfeit money orders and checks bearing the name of the following institutions:
- Eastern Bank, Boston, Massachusetts (Counterfeit Money Orders);
- Treasure State Bank, Missoula, Montana (Counterfeit Cashier's Checks);
- First Resource Bank, Exton, Pennsylvania (Counterfeit Official Checks); and
- First State Bank, Mesquite, Texas (Counterfeit Cashier's Checks).
Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 3/31/08
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First Quarter Call Report Information
The FDIC has issued a FIL containing materials pertaining to the Consolidated Reports of Condition and Income (Call Report) for the March 31, 2008, report date. FIL 3/31/08
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Credit Auctions Announced
The FRB has announced that it will offer $50 billion in 28-day credit through its Term Auction Facility on April 7 and April 21, 2008. Auctions 3/31/08
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Country Exposure Survey and Information Report Released
The December 31, 2007 E.16 Country Exposure Lending Survey and Country Exposure Information Report has been released by the FFIEC. E.16 3/31/08
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IFDP Working Paper Published
A working paper in the International Finance Discussion Paper (IFDP) series on the topic of "Cross-border Bank Acquisitions: Is there a Performance Effect?" has been published by the FRB. Abstract; Full Paper 3/31/08
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Industrial Production and Capacity Utilization Annual Report
The FRB has issued the 2008 Historical and Annual Revision of the G. 17 Industrial Production and Capacity Utilization Report. G.17 3/31/08
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Counterfeit Checks Special Alerts
The FDIC has issued five Special Alerts regarding counterfeit checks bearing the name of the following institutions:
- The Business Bank, Minnetonka, Minnesota (Counterfeit Cashier's Checks);
- Advantage Bank, Loveland, Colorado (Counterfeit Cashier's Checks);
- Sun West Bank, Las Vegas, Nevada/ Bank of Lancaster, Kilmarnock, Virginia (Counterfeit Cashier's Checks);
- Florida Telco Credit Union, Jacksonville, Florida (Counterfeit Cashier's Checks); and
- Bucks County Bank, Doylestown, Pennsylvania (Counterfeit Official Checks).
Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 3/28/08
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Countrywide Acquisition Public Meetings Scheduled
The FRB has announced that public meetings will be held next month in Los Angeles, California, and Chicago, Illinois,to collect information relating to factors the Board is required to consider under the Bank Holding Company Act regarding the notice by Bank of America Corporation to acquire Countrywide Financial Corporation. Meetings 3/28/08
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Annual Investments Reviews Guidance Issued
The OCC has issued a Bulletin containing Guidance on required annual reviews of fiduciary accounts for which banks hold investment discretion. Bulletin 3/28/08
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New Electronic Interpretations and Actions Announced
The OCC has announced and posted online the March 2008 New Electronic Interpretations and Actions.
New 3/28/08
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Missouri Storm Relief FIL
The FDIC has issued a FIL announcing a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Missouri affected by recent severe storms and flooding.
FIL 3/28/08
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FDIC Assessment Dividend Proposed Rule
The FDIC has issued a FIL regarding a Notice of Proposed Rulemaking (NPR), which seeks comments on regulations to implement dividend requirements to replace the existing regulations on dividends that will expire on December 31, 2008. Comments are due by May 23, 2008.
FIL;
NPR 3/27/08
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Reserve Position Update
The U.S. International Reserve Position Report had been updated with current data as of March 21, 2008.
Reserve Position 3/27/08
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Change In Control Legal Interpretation
The FRB has released a letter containing a legal interpretation clarifying that a bank holding company (BHC) could underwrite debt protection services for its customers and continue to qualify for the "credit card bank exemption." Letter 3/26/08
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Prohibition Orders Issued
NCUA has announced that orders have been issued prohibiting two individuals from participating in the affairs of any federally insured financial institution. Orders 3/26/08
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FRB Publishes Final Rule in FR for Extension of Credit by Federal Reserve Banks
The Board of Governors of the Federal Reserve System (Board) has adopted final amendments to its Regulation A to reflect the Board's approval of a reduction in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each
Reserve Bank automatically decreased by formula as a result of the Board's primary credit rate action.TXT; PDF 3/26/08
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Auction Results Announced
The results of the credit auction of $50 billion in 28-day credit held on March 24, 2008 have been announced by the FRB. Auction 3/26/08
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Check Study Released
The FRB has released the results of a check study that indicates the biggest share of checks are written by consumer to businesses. Summary; Full Study 3/26/08
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Lending Limits Interim Final Rule Bulletin
The OCC has published a Bulletin regarding the previously announced Interim Final Rule that will enable the OCC to approve exceptions from the national bank lending limit for specific transactions that provide essential funding in emergency situations. Information concerning the Interim Final Rule was posted in the March 20, 2008, BOL Top Stories, below. Bulletin 3/25/08
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HUD MSA Family Income Levels
A Bulletin has been published by the OCC regarding U.S. Census and 2008 Department of Housing and Urban Development (HUD) estimated median family incomes for metropolitan statistical areas (MSAs), metropolitan divisions (MDs), and nonmetropolitan portions of each state. Information concerning the HUD estimates was posted in the March 20, 2008, BOL Top Stories, below. Bulletin; Income Levels 3/25/08
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Consumer Alert Advance Fee Loan Scams
The FDIC has issued a Consumer Alert regarding advance fee loan scams that involve false promises to arrange for a loan in return for fees paid upfront by the applicant usually by way of wire transfer money to an individual overseas. Alert 3/25/08
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FedWire Data Available
The FRB has posted online the FedWire data for the 4th Quarter 2007. Data 3/25/08
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FEDS Working Papers Published
Two working papers in the Finance and Economics Discussion Series (FEDS) have been published by the FRB on the topics of "Firm Dynamics with Infrequent Adjustment and Learning" and "Lack of Signal Error (LoSE) and Implications for OLS Regression: Measurement Error for Macro Data." Dynamics Abstract; Dynamics Full Paper; LoSE Abstract;
LoSE Full Paper 3/25/08
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CRA Ratings Released
The OCC has released the ratings received by thirty-two national banks that were recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA).
Ratings 3/24/08
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Interest Rate Risk and Charge-Off Reports
The Final Interest Rate Measures, the Aggregate Exposure and CMR, and Thrift Industry Charge-Off Rates reports for the 4th Quarter 2007 have been released by the OTS.
Interest Rate Measures;
Aggregate Exposure;
Charge-Off Rates 3/24/08
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Proposed FDIC Assessment Dividends Rule Published in FR
The FDIC's proposed regulations to implement assessment dividend requirements have been published in the Federal Register. These would replace the temporary final rule, which sunsets on December 31, 2008. The comment deadline is May 23, 2008.
txt pdf 3/24/08
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Financial Implications IMF Participation
Treasury has presented a report to Congress on the financial implications of U.S. participation in the International Monetary Fund (IMF). Report 3/24/08
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Assets Report Issued
The January 2008 3.12 U.S. Reserve Assets and Foreign Official Assets Held at Federal Reserve Banks Report has been issued by the FRB. 3.12 3/24/08
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Fourth Quarter State Profiles
The FDIC has released the Fourth Quarter 2007 State Profiles which contain a summation of banking and economic conditions in each state. Profiles 3/24/08
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Flood Q&A Proposal Issued
The OCC, FRB, FDIC, OTS, FCA, and NCUA have issued proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance. Included in the proposal are the introduction of new questions and
answers in a number of areas, including second lien mortgages, the imposition of civil money penalties, and loan syndications/participations. There are substantive modifications to questions and answers previously adopted in the 1997 Q&A pertaining to construction loans and condominiums. They also propose to revise and reorganize the existing Q&A to clarify areas of potential misunderstanding and to provide clearer guidance to users. TXT;
PDF 3/21/08
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Three ML Guidance Issued
The FFIEC has issued three Guidance regarding the threat of money laundering involving illicit Iranian activity, the Turkish Cypriot administered area of Cyprus, and the Republic of Uzbekistan. Iranian; Cyprus; Uzbekistan 3/21/08
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Terrorist Entity Added To OFAC List
Treasury has designated a Somali entity as a Specially Designated Global Terrorist (SDGT) and added its name and a/k/as to the SDN List. Information regarding the new addition has been posted on the BOL OFAC page. 3/20/08
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HUD Releases Estimated 2008 MFI Data
The 2008 Estimated Metropolitan Area Median Family Income (MFI) data has been released by HUD. MIF; 2008 Data 3/20/08
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FFIEC Updates Business Continuity Booklet
The Federal Financial Institutions Examination Council (FFIEC) has issued updated guidance for examiners, financial institutions and technology service providers to identify business continuity risks, and evaluate controls and risk management practices for effective business continuity planning. The updated booklet focuses on sound risk management; the need for enterprise-wide involvement in the business continuity planning process; the importance of business continuity planning for all financial institutions, regardless of whether their systems are provided in-house or through third-party servicer providers; and, lessons learned from financial institutions that suffered damage from hurricanes Katrina and Rita. FFIEC PR; OCC Bulletin; OTS CEO Letter; NCUA PR; Booklet 3/20/08
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FDIC Quarterly Published
The first 2008 issue of FDIC Quarterly has been published and features an article that examines the challenges that lower-income households face in increasing personal saving, incentives banks have for encouraging these households to build assets, and strategies for banks to broaden their relationships with these customers. The FDIC also reports on the results of a congressionally mandated study on the feasibility of increasing insurance coverage for municipal deposits. Quarterly 3/20/08
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OCC Publishes Interim Final Rule in FR for Lending Limits
The interim final rule will enable the OCC to establish a special lending limit for loans and extensions of credit that the OCC determines are essential to address an emergency situation (such as critical financial markets stability), will be of short duration, will be reduced in amount in a timeframe and manner acceptable to the OCC, and do not present unacceptable risk to the lending national bank.TXT; PDF 3/20/08
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Counterfeit and Fictitious Checks Alerts
The OCC has issued an Alert regarding fictitious cashier's checks issued in the name of American Home Bank, N.A., Mountville, Pennsylvania, that are being presented for payment. In addition, the FDIC has issued a Special Alert concerning counterfeit official checks bearing the name Truman Bank, Saint Louis, Missouri. Information concerning the checks has been posted on the BOL Alerts & Counterfeit page. 3/19/08
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Fed Funds Rates Cut
The Federal Open Market Committee (FOMC) has announced that the target for the federal funds rate has been lowered 75 basis points to 2-1/4 percent. The Board of Governors also approved a 75-basis-point decrease in the discount rate to 2-1/2 percent. Fed Funds; Discount Rate 3/19/08
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New Routing Numbers Announced
FRB Financial Services has announced new FedReceipt routing numbers. Routing Numbers 3/19/08
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Email Scam Special Alerts
The FDIC has issued two Special Alerts regarding emails that contain scams. One claims to be from the FDIC and attempts to obtain sensitive personal information, including bank account information; the other contains fraudulent loan offers that claim to be from federally insured financial institutions. From FDIC; Loan Offers 3/19/08
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State of the Credit Union Industry Annual Report
NCUA has published the State of the Credit Union Industry Report as of December 31, 2007. Letter; Report 3/19/08
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Budget & Performance Plan Released
OTS has released its 2008 Budget & Performance Plan. Budget 3/19/08
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Counterfeit Special Alerts
The FDIC has issued five Special Alerts regarding counterfeit checks bearing the name of the following institutions:
- Willamette Valley Bank, Salem, Oregon (Counterfeit Checks);
- Georgia State Bank, Mableton, Georgia (Counterfeit Cashier's Checks);
- Freedom Bank, Huntingburg, Indiana (Counterfeit Cashier's Checks);
- State Street Bank and Trust Company, Quincy, Illinois (Counterfeit Checks); and
- Ozaukee Bank, Cedarburg, Wisconsin (Counterfeit Cashier's Checks).
Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 3/18/08
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Unauthorized Banking Special Alerts
Two Special Alerts have been issued by the FDIC regarding unauthorized banking activities being conducted by entities that provide a Cayman Islands contact address, but are not licensed or registered to conduct business activities and an entity that is not a Schedule 1 Bank or a federally regulated financial institution. Cayman Islands; Entity 3/18/08
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April HOEPA Rates Established
The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in April, 2008, 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, use the yield in effect on the 15th of the month that precedes the month you received the application. Since March 15, 2008 was a Saturday, use the rate on March 14, 2008, the business day immediately preceding the 15th. Weekly H.15 3/18/08
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Enforcement Actions Announced
The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 3/18/08
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Managing Commercial Real Estate Concentrations FIL
The FDIC has issued a FIL that re-emphasizes the importance of strong capital and loan loss allowance levels, and robust credit risk-management practices for state nonmember institutions with significant commercial real estate (CRE) and construction and development (C&D) loan concentrations. FIL 3/18/08
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January TIC Data
Treasury has released the Treasury International Capital data report for January 2008. TIC 3/18/08
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Reserve Position Update
The U. S. International Reserve Position report for the week ending March 14, 2008, has been released. Reserve Position 3/18/08
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Industrial Production Report
The G. 17 Industrial Production and Capacity Utilization Report for February 2008 has been issued by the FRB. G.17 3/18/08
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FRB Lowers Rate and Creates New Lending Facility
Two new initiatives have been announced by the FRB to bolster market liquidity and promote orderly market functioning. The Federal Reserve Bank of New York has been authorized to create a lending facility that will be available on March 17, 2008, to improve the ability of primary dealers to provide financing to participants in securitization markets. In addition, the primary credit rate was lowered 3-1/2 percent to 3-1/4 percent effective immediately The maximum maturity of primary credit loans was also increased to 90 days from 30 days. FRB Action 3/17/08
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OFAC CMPs Announced
Enforcement actions recently imposed for violations of various Sanctions Programs have been announced by OFAC. Two banks were assessed civil money penalties (CMPs), one remitted $1,337.50 and the other $16,500 to settle alleged violations. CMPs 3/17/08
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FRB Approves JP Morgan Chase and Bear Stearns Agreement
The FRB has announced that the Board unanimously approved the arrangement entered into by JP Morgan Chase and Bear Stearns. The Board will continue to monitor market developments closely and provide liquidity as necessary to promote the orderly functioning of the financial system. FRB 3/17/08
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Assessment Rates Unchanged
The FDIC has voted to keep the assessment rates charged to insured banks and savings associations for the Deposit Insurance Fund (DIF) unchanged for 2008. Rates 3/17/08
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Fake Email Alert
The FDIC has issued a Consumer Alert regarding fictitious phishing emails that appear to be from the FDIC. Alert 3/17/08
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Bernanke Promotes Homeownership
In a presentation to the National Community Reinvestment Coalition Annual Meeting in Washington, D.C., Chairman Bernanke discussed ways to foster sustainable homeownership. He reviewed what the Federal Reserve is doing to reduce foreclosures, to protect aspiring homeowners from unfair and deceptive practices, and to equip them to choose wisely from among the often confusing array of mortgage options. He also highlighted the new proposed Home Ownership and Equity Protection Act (HOEPA) regulations. Speech 3/17/08
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Margin Requirements Legal Interpretation Published
A legal interpretation letter has been published concerning the margin status of auction rate securities under Regulation T. Letter 3/17/08
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FedFlash Newsletter Posted Online
FRB Financial Services has posted the March 15, 2008 FedFlash Newsletter online. This issue includes articles on the following topics: new pricing policy for carrier documents, reminder to use "My Quick Links", the new one-stop link to news and communications, options for depositors regarding Check 21-enabled imaged cash letters, and revisions to Operation Circular 4. FedFlash 3/17/08
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New Community Bank Directors' Workshop Scheduled
The OCC has scheduled a workshop for new community bank directors to be held at the Sanibel Harbour Resort in Fort Myers, Florida, on April 14-16, 2008. Online registration is available. Workshop; Registration 3/17/08
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Cost Of Funds Report Issued
OTS has issued the March 14, 2008 and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. March Report; Historical Report 3/17/08
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Survey of Terms of Business Lending Released
The FRB has released the February 4-8, 2008 E.2 Survey of Terms of Business Lending Report. E.2 3/17/08
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Foreclosure Resources for Consumers
The FRB has established a Web page that lists resources for consumers who are having difficulty making home mortgage payments. Foreclosure Resources 3/17/08
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HUD Publishes Proposed Rulemaking in FR for Real Estate Settlement Procedures Act (RESPA)
This proposed rule presents HUD’s proposal to simplify and improve the disclosure requirements for mortgage settlement costs under the Real Estate Settlement Procedures Act of 1974 (RESPA), to protect consumers from unnecessarily high settlement costs. A few of HUD's objectives in proposing these revisions are to: Improve and standardize the Good Faith Estimate (GFE) form, to make it easier to use for shopping among settlement service providers; ensure that page one of the GFE provides a clear summary of the loan terms and total settlement charges so that borrowers will be able to use the GFE to comparison shop among loan originators for a mortgage loan. TXT; PDF 3/14/08
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CRA Exam Schedule Announced
OTS has announced that 89 savings associations are scheduled for Community Reinvestment Act (CRA) examinations during the second quarter of 2008. Exam Schedule 3/14/08
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New Lincoln In Circulation
The FRB has announced that first new $5 bill was issued on March 13, 2008 during a commemorative transaction at President Lincoln's Cottage at the Soldiers' Home in Washington, D.C. President Lincoln's portrait continues to be featured on the redesign of the $5 bill which contains enhanced security features. New $5 Bill 3/14/08
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Bank Added To OFAC List
Treasury has designated Future Bank B.S.C. in the Nonproliferation of Weapons of Mass Destruction (NPWMD) category for being controlled by Iran's Bank Melli and added its name to the SDN List. Information regarding the bank has been posted on the BOL OFAC page. 3/13/08
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ComE-IN Meeting Scheduled
A meeting of the FDIC Advisory Committee on Economic Inclusion (ComE-IN) will be held March 19, 2008 to explore saving and asset-building opportunities for individuals and banks. Meeting 3/13/08
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FEDS Working Paper Released
The FRB has published a working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "The Effect of Satellite Entry on Product Quality for Cable Television." Abstract/a>; Full Paper 3/13/08
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Counterfeit Official Checks Alert
The OCC has issued an Alert regarding counterfeit official checks issued in the name of Randolph National Bank, Randolph, Vermont. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page. 3/12/08
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SDGTs Added To OFAC List
Treasury has designated an individual and an entity as Specially Designated Global Terrorists (SDGTs) and added their names to the SDN List. Information regarding the additions has been posted on the BOL OFAC page. 3/12/08
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FRB and International Banks Address Liquidity Pressures
The Federal Reserve and other central banks have announced specific measures designed to address liquidity pressures in funding markets. The Federal Reserve is expanding of its securities lending program and the Federal Open Market Committee (FOMC) has authorized increases in its existing temporary reciprocal currency arrangements (swap lines) with the European Central Bank (ECB) and the Swiss National Bank (SNB). Measures 3/12/08
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Credit Auction Results Announced
The results of the auction of $50 billion in 28-day credit held on March 10, 2008 by the Federal Reserve have been announced. Auction 3/12/08
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Household Debt Service and Financial Obligations Ratios Report
The Fourth Quarter 2007 Household Debt Service and Financial Obligations Ratios Report has been released by the FRB. The household debt service ratio (DSR) is an estimate of the ratio of debt payments to disposable personal income. The financial obligations ratio (FOR) adds automobile lease payments, rental payments on tenant-occupied property, homeowners' insurance, and property tax payments to the debt service ratio. Ratio Report 3/12/08
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Counterfeit and Fictitious Items Alerts Issued
The OCC has issued three Alerts regarding fictitious common stock/bond dividend checks, fictitious official checks and counterfeit money orders issued in the name of the following national banks:
- Executive National Bank, Miami, Florida (Fictitious Common Stock/Bond Dividend Checks);
- The American National Bank of Texas, Terrell, Texas (Fictitious Official Checks); and
- KeyBank, National Association, Highland Heights, Kentucky (Counterfeit Money Orders).
Information concerning the fictitious and counterfeit items has been posted on the BOL Alerts & Counterfeits page. 3/11/08
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Country Risk Management Booklet Revised
The OCC has revised the booklet in the Comptroller's Handbook that describes the country risk management process and provides risk-focused examination procedures for evaluating that process in internationally active banks. Booklet 3/11/08
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MSB Registration List
The February 2008 Money Services Businesses (MSB) Registration List has been released by FinCEN. MSB List 3/11/08
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Reserve Position Update
Treasury has updated the U.S. International Reserve Report with data current as of March 7, 2008. Update 3/11/08
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HUD Proposes RESPA Overhaul
HUD has published a 96-page proposal that revises RESPA in an effort to make disclosuses easier and more efficient for consumers. There are extensive revisions to form and content. BankersOnline has prepared a review of the proposal and links to the proposal in this review. BOL Review of HUD RESPA Proposal 3/10/08
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Missouri Bank Closed
The FDIC has announced that Hume Bank, Hume, Missouri, was closed by the Commissioner of Missouri's Division of Finance and the FDIC. The assumption of Hume Bank's insured deposits by Security Bank, Rich Hill, Missouri, has been approved and the failed bank's sole office will reopen Monday, March 10, 2008, as a branch of Security Bank. Closed 3/10/08
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BHC Supervision Manual Updated
The FRB has published an update to the Bank Holding Company (BHC) Supervision manual. Manual by Sections; Full Manual 3/10/08
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Fourth Quarter Legal Developments Published
The FRB Bulletin for the Fourth Quarter 2007 has been published and contains orders issued under the Bank Holding Company Act and the International Banking Act. Legal Developments 3/10/08
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Term Market Initiatives Announced
The Federal Reserve has announced two initiatives to address heightened liquidity pressures in term funding markets. Initiatives 3/10/08
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Treasury Economic Update
Treasury has issued an economic update as of March 7, 2008. The update states that employment fell in February, there are still many signs of economic strength, the economic stimulus package will provide a temporary to the economy, and pro-growth policies will enhance long-term U.S. economic strength. Update 3/10/08
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Credit Reports Issued
The G.19 Consumer Credit Outstanding and Terms of Credit at Commercial Banks and Finance Companies report for January 2008 had been issued by the FRB. G.19 3/10/08
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Fourth Quarter Interest Rate Risk Measures Report
OTS has issued the preliminary Interest Rate Risk Measures Report for the fourth quarter 2007. Report 3/10/08
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Divestiture of Certain Asset Management Businesses Bulletin Issued
The OCC has issued a Bulletin regarding the potential risks associated with a national banking organization's strategic divestiture of certain asset management business lines and how banks can avoid the potential conflicts of interest they may encounter when selling affiliated investment management businesses to unaffiliated parties. Bulletin 3/07/08
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International Risk Management Practices Report Issued
Senior financial supervisors from five countries have issued a report that assesses a range of risk management practices among a sample of major global financial services organizations. Summary; Full Report 3/07/08
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Consumer Help Website Spanish Version
Federal Reserve Consumer Help, a resource center for consumers experiencing problems with a bank or other financial institution, now offers a Spanish-language version of its website. Spanish Consumer Help;
English Consumer Help 3/07/08
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Flow of Funds Report Issued
The March 6, 2008 Z.1 Flow of Funds Report has been issued by the FRB. Z.1 3/07/08
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Working Papers Published
The FRB has published two working papers, one in the Finance and Economics Discussion Series (FEDS) series on the topic of "Paying to Save: Tax Withholding and Asset Allocation Among Low- and Moderate-Income Taxpayers" and the other in the International Finance Discussion Papers (IFDP) series on the topic of "Cross-Border Returns Differentials". Paying Abstract; Paying Full Paper; Cross-Border Abstract;
Cross-Border Full Paper 3/07/08
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CRA Ratings Released
The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and evaluation ratings they received. Ratings 3/06/08
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Regulators Issue Flood Penalties
The FRB and the FDIC have issued civil money penalties to banks for flood violations. Information regarding the penalties, which range from $4,000 to $55,000, has been posted on the BOL Flood Penalties Watch page. 3/06/08
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Prohibition Order Issued
The FRB has announced the issuance of an Order of Prohibition against a former North Carolina banker based on his alleged participation in violations of law, unsafe and unsound banking practices, and breaches of fiduciary duty in connection with the making of at least $786,694.89 in unsecured loans to his elderly mother. Prohibition 3/06/08
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OCC Publishes Final Rule in FR for Securities Offering Disclosure Rules
The Office of the Comptroller of the Currency (OCC) is amending its securities offering disclosure rules to eliminate the general requirement that a national bank in organization include audited financial statements as part of a public offering of its securities. TXT; PDF 3/06/08
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Change in Control Legal Interpretations Released
The FRB has released two legal interpretations regarding affiliated entities collectively acquiring up to 15 percent of any class of voting securities of a bank holding company or bank without being deemed to have acquired control of that institution under the Bank Holding Company Act or the Change in Bank Control Act when the acquisition complies with certain conditions. Interpretation 1; Interpretation 2 3/06/08
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Buffalo FRB Branch Closing
The Federal Reserve Bank of New York has announced that it plans to close its Buffalo Branch effective October 31, 2008. Closing 3/06/08
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Bair Discusses Current Banking Issues
In a presentation to the Independent Community Bankers Association, FDIC Chairman Bair discussed current conditions in the banking industry, caution regarding CRE concentrations, the CRE Guidance issued by regulators, small dollar lending, words of wisdom, capital reform, BSA, and fast-tracking loan mods. She stated, "In the months ahead, I hope we'll see a strong national standard emerge for mortgage lending. Such a standard will set the groundwork for ending this sorry chapter in the history of mortgage finance." She urged the industry to return to traditional values that protect borrowers, protect responsible lenders, protect neighborhoods, and ultimately protect the country with the promise of a secure and stable economic future. Speech 3/06/08
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Beige Book Published
The March 5, 2008 issue of the Beige Book, which contains informal reviews by the Federal Reserve Banks of current economic conditions in their districts, has been published and on posted online. Beige Book 3/06/08
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Names Removed From OFAC List
Treasury has removed the names of one individual and three entities from the SDN List. Information regarding the names removed has been posted on the BOL OFAC page. 3/05/08
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CRA Ratings Released
OTS has released the rating received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings 3/05/08
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Bernanke Suggests Principal Write Downs
In remarks to the Independent Community Bankers of America Annual Convention, in Orlando, Florida, Chairman Bernanke discussed the causes of the distress in the mortgage sector and what can be done to reduce preventable foreclosures. He urged lenders to consider helping distressed owners by lowering the amount of their loans. He noted, "when the mortgage is 'under water' a reduction in principal may increase the expected payoff by reducing the risk of default and foreclosure." Speech 3/05/08
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Dugan Says Banking System Fundamentally Sound
In testimony before the Senate Committee on Banking, Housing and Urban Affairs, Comptroller Dugan indicated that while the banking system is fundamentally sound, it is being tested by large and unprecedented credit market disruptions plus the slowdown in the economy. He stated, "there is a need to reemphasize some fundamental banking principles, including sound underwriting, diversification of funding sources, strong internal controls and risk management, and timely recognition of losses." Oral Statement; Written Testimony 3/05/08
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Johnson Discusses Mortgage Market Challenges
NCUA Chairman Johnson testifying before the United States Senate Banking, Housing, and Urban Affairs Committee and provided the regulator's perspective on the health of the federally chartered credit unions, their role in the mortgage lending market, and NCUA's mortgage lending guidance activities. She stated, "NCUA data collection and financial trend monitoring, extensive examination procedures, and strong mortgage lending and risk management guidance in the form of Letters to credit unions have been crucial in ensuring the federally chartered credit union system remains financially strong in the midst of real challenges in the mortgage market." Testimony 3/05/08
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OTS Reissues CRA Strategic Plan and Wholesale/Limited Purpose Designations
A CEO Letter has been issued by OTS regarding the reissuance of Strategic Plan and Wholesale/Limited Purpose Designations under the CRA. CEO Letter 3/05/08
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Student Lender Settles Customer Information Security Charges
A student loan company has agreed to settle Federal Trade Commission charges that it failed to provide reasonable and appropriate security for consumers' sensitive personal information in violation of federal law. Settlement 3/05/08
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Ombudsman Report Online
The FDIC has posted the Ombudsman Report to the Industry, a periodic on-line publication that summarizes comments heard through ombudsman outreach and cases. Report 3/05/08
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Regulators Encourage Use of HOPE NOW Standards
The FRB has issued a SR Letter; the FDIC a FIL; and the OCC and OTS have each issued a statement encouraging the mortgage servicers to report on their loan modification efforts in a consistent way and to consider using the HOPE NOW alliance's loan modification reporting standards for their serviced loans. FRB SR Letter; FDIC FIL; OCC Statement; OTS Statement 3/04/08
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Dugan Discusses Basel II Status
In remarks before the Institute of International Bankers, Comptroller Dugan indicated that that many national banks in the United States have indicated they will take advantage of the flexibility provided by the 36-month window for Basel II implementation provided in the final U.S. rule. He stated that "the U.S. is taking a sensible and measured approach to the Basel framework that incorporates various transitional arrangements and prudential safeguards that will help us be sure that the new standard works the way it's supposed to." Remarks 3/04/08
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Casino and MSB Filing Forms Revised
FinCEN announced the release of three revised forms:
- CRTC (FinCEN Form 103)
- BSA E-File Electronic, and
- Registration of Money Services Business, RMSB (FinCEN Form 107).
The new forms are for PLANNING ONLY and must not be used for filing until July 1, 2008. CRTC; BSA; RMSB 3/04/08
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Reserve Position Update
Treasury has updated the U.S. International Reserve Position report with data current as of February 29, 2008. Reserve Position 3/04/08
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Foreign Exchange Rates Report Issued
The February 2008 G.5 Foreign Exchange Rates report has been issued by the FRB. G.5 3/04/08
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Counterfeit and Fictitious Checks Alerts
The OCC has issued two Alerts regarding counterfeit cashier’s checks issued in the name of Merchants National Bank, Hillsboro, Ohio; and fictitious official checks issued in the name of First National Bank, Graford, Texas. Information concerning the counterfeit and fictitious checks has been posted on the BOL Alerts & Counterfeits page. 3/03/08
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CRA Exam Schedules Released
The OCC and the FDIC have released their respective schedules of examinations of national banks and financial institutions for compliance with the Community Reinvestment Act (CRA) to be conducted during the second quarter of 2008. OCC Schedule; FDIC Schedule 3/03/08
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NCUA Publishes Final Rule in FR for Procedures for Debt Collection
Pursuant to the Debt Collection Improvement Act of 1996 NCUA is issuing a regulation governing procedures for collecting debts owed to the federal government by present and
former NCUA employees. The regulation sets forth the procedures NCUA will follow in collecting debts owed to the United States arising from activities under NCUA jurisdiction.TXT; PDF 3/03/08
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FDIC Insurance of Trust Deposits Guide
The FDIC has developed a new publication for bankers and other financial professionals on FDIC insurance coverage of trust deposits. The FDIC Guide to Calculating Deposit Insurance Coverage for Revocable and Irrevocable Trusts provides detailed information and guidance on how to calculate insurance coverage for deposits held by revocable and irrevocable trusts. Guide 3/03/08
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Large Bank Mortgage Servicers To Submit Data
The OCC has sent a letter to large national banks who service mortgages that requires them to provide comprehensive mortgage data on a monthly basis. The data is required in order to assure that the OCC has a detailed picture of the activities of national bank servicers and the performance of loans serviced by them. Letter 3/03/08
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Credit Auctions Announced
The Federal Reserve has announced that it will offer $30 billion in 28-day credit through its term auction facility on March 10 and March 24, 2008. Some technical changes in procedures will be implemented for the March auctions to improve the overall efficiency of the auction process. Auctions 3/03/08
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Dugan Calls for CRA Revisions
In a statement released after he toured areas of Harlem and the Bronx, Comptroller Dugan called for revisions of the Community Reinvestment Act (CRA) to help areas plagued by foreclosures. Statement 3/03/08
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Holdings U.S. Securities Report Released
Treasury has released the preliminary data from a survey of foreign portfolio holdings of U.S. securities at end-June 2007. Foreign Holdings 3/03/08
