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Joint Agencies Publish Interim Final Rule in FR for Risk-Based Capital Guidelines; Capital Adequacy Guidelines: Residential Mortgage Loans Modified Pursuant to the Making Home Affordable Program
To support and facilitate the timely implementation and acceptance of the Making Home Affordable Program (Program) announced by the U.S. Department of the Treasury (Treasury) and to promote the stability of banks, savings associations, bank holding companies (collectively, banking organizations) and the financial system, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the agencies) have adopted this interim final rule (interim final rule or rule). The rule provides that mortgage loans modified under the Program will retain the risk weight assigned to the loan prior to the modification, so long as the loan continues to meet other applicable prudential criteria. TXT; PDF 6/30/09
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Joint Agencies Propose Rulemaking for Community Reinvestment Act Regulations
The OCC, the Board, the FDIC, and the OTS are issuing this notice of proposed rulemaking that would revise our rules implementing the Community Reinvestment Act (CRA). The proposed rule would incorporate into our rules recently adopted statutory language that requires the Agencies, when assessing an institution's record of meeting community credit needs, to consider, as a factor, low-cost education loans provided by the financial institution to low-income borrowers. The proposal also would incorporate into our rules statutory language that allows the Agencies, when assessing an institution's record, to consider as a factor capital investment, loan participation, and other ventures undertaken by nonminority-owned and nonwomen-owned financial institutions in cooperation with minority- and women-owned financial institutions and low-income credit unions. TXT; PDF 6/30/09
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FDIC Proposes Rulemaking for Possible Amendment of the Temporary Liquidity Guarantee Program
The FDIC is issuing this Notice of Proposed Rulemaking to present and request comment on two alternatives for phasing out the Transaction Account Guarantee (TAG) component of the Temporary Liquidity Guarantee Program (TLGP). Under the first proposed alternative, the FDIC's guarantee of deposits held in qualifying noninterest-bearing transaction accounts subject to the TAG program would continue until December 31, 2009. There would be no modification of the existing fee structure or any other change in the FDIC's guarantee of noninterest-bearing transaction accounts, as provided for in the current regulation. Under the second proposed alternative, the TAG program would be extended for six months until June 30, 2010. Insured depository institutions (IDIs) that are currently participating in the TAG program would be provided a single opportunity to opt out of the extended TAG program. IDIs that opt out of the extended TAG program would be required to update their disclosure postings and notices to indicate that they are no longer participating in the program. Under this proposal, IDIs choosing to participate in the extended TAG program, would be subject to increased fees for the FDIC's extended guarantee of its qualifying noninterest-bearing transaction accounts. Also, IDIs participating in the extended TAG program might be required to update their disclosures related to the TAG program. TXT; PDF 6/30/09
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Host State Loan To Deposit Ratios Updated
The federal banking regulators have updated with data current as of June 26, 2009, the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Ratios; FRB PR; OCC NR; FDIC PR 6/30/09
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DSR and FOR Ratios Released
The FRB has released the household debt service ratio (DSR) and the financial obligations ratio (FOR) for first quarter 2009. Ratios 6/30/09
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Reserve Position Update
The U.S. International Reserve Position Report has been updated with data current as of June 26. 2009. Report 6/30/09
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OFAC Deletions
The names of four individuals and five entities have been deleted from the OFAC SDN list. Information regarding the deletions has been posted on the OFAC page. 6/29/09
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MHAP Interim Final Rule
The federal bank and thrift regulatory agencies today invited public comment on an interim final rule that provides that mortgage loans modified under the Treasury's Making Home Affordable Program (MHAP) will retain the risk weight applicable before modification. Rule; FRB PR; OCC NR; OTS PR; FDIC FIL 6/29/09
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Five Banks Closed
The following banks have been closed by their respective regulators:
- Community Bank of West Georgia, Villa Rica, GA, was closed by the Georgia Department of Banking and Finance; and the FDIC as receiver will mail checks to insured depositors.
- Neighborhood Community Bank, Newnan, GA, was closed by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with CharterBank, West Point, GA, to assume all of the deposits.
- Horizon Bank, Pine City, MN, was closed by the Minnesota Department of Commerce, the FDIC as receiver entered into a purchase and assumption agreement with Stearns Bank, National Association, St. Cloud, MN to assume all of the deposits.
- MetroPacific Bank, Irvine, CA was closed by the California Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Sunwest Bank, Tustin, CA, to assume all of the deposits excluding those from brokers.
- Mirae Bank, Los Angeles, was closed today by the California Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Wilshire State Bank, Los Angeles, CA, to assume all of the deposits.
Community; Neighborhood; Horizon; MetroPacific; Mirae 6/29/09
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Enforcement Actions Announced
The FDIC released a list of forty-three orders of administrative enforcement actions taken against banks and individuals in May 2009. Orders 6/29/09
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BSA E-Filing Notice
The FinCEN has announced that effective June 27, 2009, BSA E-Filing transitioned to the use of Adobe forms. The BSA E-Filing system will continue to accept and process IBM PureEdge versions of the BSA E-Filing forms through December 31, 2009. E-Filing 6/29/09
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CEO Letters Issued
The OTS has issues two CEO Letters regarding the Credit CARD Act of 2009 and Risk Weighting Downgraded Securities. Credit CARD; Risk Weighting 6/29/09
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Credit Card Profitability Report
The FRB has delivered its annual report to the Congress on the Profitability of Credit Card Operations of Depository Institutions. Report 6/29/09
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ACH Newsletter Online
The FRB Financial Services has posted online the News from FedACH newsletter for the second quarter 2009. News 6/29/09
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Trading Revenues Record
The OCC has published the Quarterly Report on Bank Trading and Derivatives Activities for the first quarter 2009 which indicates U.S. commercial banks reported record trading revenues of $9.8 billion compared to losses of $9.2 billion in the fourth quarter of 2008. Report 6/29/09
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Written Agreement with Iowa BHC
The FRB has announced the execution of a Written Agreement by and between IT & S of Iowa, Inc., Oskaloosa, IA, a registered bank holding company, and the Federal Reserve Bank of Chicago. Agreement 6/26/09
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FRB Liquidity Programs Changes
The extensions of and modifications to a number of its liquidity programs has been announced by the FRB. Programs 6/26/09
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FRB Bulletin Legal Developments
The First Quarter 2009 issue of the FRB Bulletin Legal Developments section is available online. Legal Developments 6/26/09
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New Electronic Interpretations and Actions Announced
The OCC has announced the June 2009 New Electronic Interpretations and Actions. New Electronic 6/26/09
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Bernanke Discusses the Acquisition of Merrill Lynch by Bank of America
In testimony before the House Committee on Oversight and Government Reform, Chairman Bernanke discussed the Federal Reserve's role in the acquisition by the Bank of America Corporation of Merrill Lynch & Co., Inc. Testimony 6/26/09
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Receivables Report Released
The April 2009 G. 20 Finance Companies Owned and Managed Receivables Outstanding Report has been released by the FRB. G.20 6/26/09
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Counterfeit Checks Special Alerts
Six Special Alerts have been issued by the FDCI regarding counterfeit checks bearing the name of the following financial institutions:
- Security Federal Bank, Aiken, SC (Counterfeit Cashiers Checks);
- The Bank of Union, El Reno, OK; (Counterfeit Cashiers Checks);
- DeSoto County Bank, Horn Lake, MS (Counterfeit Cashiers Checks);
- Georgia Primary Bank, Atlanta, GA (Counterfeit Official Checks);
- The Commercial Bank, Mason, TX (Counterfeit Cashiers Checks); and
- First Guaranty Bank and Trust Company of Jacksonville, Jacksonville, FL
(Counterfeit Cashiers Checks).
Information concerning the counterfeit checks has been posted on the Alerts & Counterfeit page. 6/25/09
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CRA NPR Issued
A Notice of Proposed Rulemaking (NPR) has been issued by the federal bank and thrift regulatory agencies regarding proposed revisions to regulations implementing the Community Reinvestment Act (CRA). The agencies would be required to consider low-cost education loans provided to low-income borrowers when assessing a financial institution's record of meeting community credit needs. NPR; FRB PR; OCC NR; OTS PR; FDIC FIL 6/25/09
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CRA Ratings Released
The OCC has released the CRA ratings received by twenty-two national banks that were recently evaluated for compliance with the CRA. Ratings 6/25/09
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Prompt Corrective Action Directive Issued
The FRB has announced the issuance of a Prompt Corrective Action Directive against BankFirst, Sioux Falls, SD, a state chartered member bank. Directive 6/25/09
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Unauthorized Banking Special Alert
A Special Alert has been issued by the FDIC regarding a Warning Notice from the Office of the Superintendent of Financial Institutions of Canada concerning Garrison Bank Limited, which may be conducting banking operations in Canada or the United States without authorization. Special Alert 6/25/09
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Fed Funds Rate Unchanged
The Federal Open Market Committee (FOMC) has issued a statement that it will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. Statement 6/25/09
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Florida CUs Merged
The NCUA has announced that it is merging Eastern Financial Florida Credit Union of Miramar, FL, into Space Coast Credit Union of Melbourne, FL. Merger 6/25/09
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TAG Program NPR Issued
A FIL has been issued by the FDIC regarding a Notice of Proposed Rulemaking (NPR) concerning two alternatives for the Transaction Account Guarantee (TAG) Program. The first alternative would result in no change to the current regulation. The second alternative would extend the program until June 30, 2010, with an increase in annual fees from 10 basis points to 25 basis points during the proposed extension period and allow insured depository institutions participating in the program with a one-time opportunity to opt out of the extended program on or before October 31, 2009. FIL; NPR 6/24/09
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NCUA Publishes Interim Final Fule in FR for Exception to the Maturity Limit on Second Mortgages
NCUA is amending its lending rules to create a limited exception to the 20-year maturity limit on second mortgage loans. The amendment will permit federal credit unions participating in the Department of the Treasury's Making Home Affordable Program to modify a second mortgage loan, beyond 20 years, to match the term of a modified first mortgage loan. TXT; PDF 6/24/09
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NCUA Publishes Final Rule in FR for Operating Fees
NCUA is amending its rule on the assessment of the Federal credit union (FCU) operating fee by permitting FCUs to subtract investments made under the Credit Union System Investment Program (CU SIP) and the Credit Union Homeowners Affordability Relief Program (CU HARP) from their total assets; total assets is the basis on which the operating fee is currently calculated. The Board believes this amendment will remove a disincentive for some FCUs from participating in the CU SIP or the CU HARP. TXT; PDF 6/24/09
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Final Rule Annual Audit and Reporting Requirements
The FDIC has issued a FIL regarding a Final Rule amending the annual independent audit and reporting requirements for insured institutions with $500 million or more in total assets. FIL; Final Rule; Annual Reports 6/24/09
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Written Agreement with Georgia BHC
The FRB has announced the execution of a written agreement by and among CCB Financial Corporation, Jonesboro, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Agreement 6/24/09
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Reserve Position Update
The U.S. International Reserve Position Report has been updated by the Treasury with data current as of June 19, 2009. Report 6/24/09
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Written Agreement with Kansas Bank
The FRB has announced the execution of a Written Agreement by and among 1st Financial Bank, Overland Park, KS, a state chartered member bank, the Federal Reserve Bank of Kansas City, and the Kansas Office of the State Banking Commissioner. Agreement 6/23/09
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CAC Nominations Open
The FRB is seeking nominations for its Consumer Advisory Council (CAC). Electronic nominations are preferred. CAC; Nomination Form 6/23/09
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IFDP Working Paper
A working paper in the International Finance Discussion Paper (IFDP) Series has been published by the FRB on the topic of "South Africa's Post-Apartheid Two-Step: Social Demands versus Macro Stability". Abstract; Full Paper 6/23/09
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Names Removed from OFAC List
Names have been removed from the OFAC SDN List as the result of changes to a rule regarding the North Korean Sanctions Program. Information concerning the names has been posted on the OFAC page. 6/22/09
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Section 19 Letters Released
Two letters regarding Section 19 sanctions have been released by the FRB. The individuals receiving the letters are prohibited from becoming or continuing as an institution-affiliated party with respect to any insured banking organization or credit union. Letter 1; Letter 2 6/22/09
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Flood Violation CMPs Announced
The OCC has announced the civil money penalties (CMPs) assessed against three national banks for violations of the Flood Disaster Protection Act. Information regarding the CMPs has been posted on the Flood Penalties Watch page. 6/22/09
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Enforcement Actions
The OCC has released the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions 6/22/09
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Unsolicited CDs FIL
The FDIC has issued an FIL regarding unsolicited deposits received through third-party referrals. Certain insurance companies and other financial services firms are advertising above-market rate certificates of deposit to attract customers and in some cases have used the FDIC official sign, seal, logo, or similar representations in connection with these offers. FIL 6/22/09
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Unauthorized Use of FDIC Logo Settlement
The FDIC has announced a settlement relating to misuse of the FDIC sign, seal, and symbol and misrepresentation of the insured status of entities and products with an insurance company that markets and sells insurance and financial products. The company has consented to a Cease and Desist Order. Settlement; C&D 6/22/09
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Three Banks Closed; Deposits Assumed
The following banks in Kansas, North Carolina and Georgia have been closed by their respective regulator:
- First National Bank of Anthony, Anthony, KS was closed by the OCC and the FDIC as receiver entered into a purchase and assumption agreement with Bank of Kansas, South Hutchinson, KS, to assume all of the deposits;
- Cooperative Bank, Wilmington, NC was closed by the North Carolina Office of Commissioner of Banks and the FDIC as receiver entered into a purchase and assumption agreement with First Bank, Troy, NC, to assume all of the deposits, except those from brokers;
- Southern Community Bank, Fayetteville, GA was closed by the Georgia Department of Banking and Finance and the FDIC as receiver entered into a purchase and assumption agreement with United Community Bank, Blairsville, GA, to assume all of the deposits.
First National; Cooperative; Southern 6/22/09
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CD Rates Consumer Alert
The FDIC has issued a Consumer Alert regarding CD rates and the complaints it has received. Consumer Alert 6/22/09
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FRS Annual Report to Congress
The ninety-fifth annual report of the Board of Governors of the Federal Reserve System has been delivered to Congress. Report 6/22/09
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FEDS Working Papers Published
Four working papers in the Finance and Economics Discussion Series (FEDS) have been published by the FRB on the following topics:
- Demand-driven Job Separation: Reconciling Search Models with the Ins and Outs of Unemployment
- Whither the Liquidity Effect: The Impact of Federal Reserve Open Market Operations in Recent Years
- What is the Chance that the Equity Premium Varies Over Time? Evidence from Predictive Regressions and
- Confidence Intervals for Long-Horizon Predictive Regressions via Reverse Regressions.
Demand-driven Abstract;
Demand-driven Full Paper; Whither Abstract; Whither Full Paper;
What Abstract; What Full Paper;
Confidence Abstract; Confidence Full Paper 6/22/09
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Counterfeit Cashier's Checks Alert
The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of The Rawlins National Bank, Rawlins, WY. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page. 6/19/09
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Written Agreement with BHCs Announced
The FRB has announced two Written Agreements with bank holding companies (BHCs), one by and among Mirae Bancorp, Los Angeles, CA, a registered bank holding company, the Federal Reserve Bank of San Francisco, and the State of California Department of Financial Institutions and the other by and between First National Bancshares, Inc., Spartanburg, SC, a registered bank holding company, and the Federal Reserve Bank of Richmond. Mirae; First National 6/19/09
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North Korean Advisory Issued
The FinCEN has issued an Advisory which supplements information previously provided regarding the involvement by Democratic People's Republic of Korea ("North Korea") government agencies and front companies in illicit activities. Advisory (HTML);
PDF 6/19/09
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Geithner Discusses Financial Regulatory Reform
In a prepared statement issued to the Senate Banking Committee, Secretary Geithner discussed the components of the Financial Regulatory Reform Program. Statement 6/19/09
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President Announces Plan for Regulatory Reform
President Obama has announced a comprehensive regulatory reform plan which is intended to modernize and protect the integrity of the U. S. financial system. A White Paper and five Fact Sheets on the following topics have been released:
- Requiring Strong Supervision and Appropriate Regulation of All Financial Firms
- Strengthening Regulation of Core Markets and Market Infrastructure
- Strengthening Consumer Protection
- Providing the Government with Tools to Effectively Manage Failing Institutions
- Improving International Regulatory Standards and Cooperation.
6/18/09
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Counterfeit Checks Special Alerts
Seven Special Alerts have been issued by the FDIC regarding counterfeit checks bearing the names of the following institutions:
- CommerceFirst Bank, Annapolis, MD;
- Marion County Savings Bank, Salem, IL;
- Plaza Park Bank, Waite Park, MN;
- Gratiot State Bank, Gratiot, WI;
- Citizens State Bank, New Castle, IN;
- Bank of Dooly, Vienna, GA;
- Grand Bank for Savings, FSB, Hattiesburg, MS.
Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page. 6/18/09
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Sweep Accounts Notice Requirements Bulletin
A bulletin has been issued by the OCC regarding the previously announced FDIC Final Rule that requires banks to provide notices to sweep account customers. Information concerning the Final Rule was posted in the February 2, 2009 Top Stories. Bulletin 6/18/09
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TFR Instruction Manual Update
The OTS has updated the Thrift Financial Report (TFR) Instruction Manual. Manual 6/18/09
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314(a) Fact Sheet Updated
The FinCEN has updated the 314(a) Fact Sheet with data current as of June 16, 2009. 314(a 6/18/09
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Survey of Terms of Business Lending Released
The E. 2 Survey of Terms of Business Lending, May 4-8, 2009, has been released by the FRB. E.2 6/18/09
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Bernanke Discusses CDFIs
In a presentation at the Global Financial Literacy Summit in Washington, D.C., Chairman Bernanke reviewed the challenges and opportunities facing Community Development Financial Institutions (CDFIs) in the current economy. Speech 6/18/09
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July 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 July 2009 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. H.15 6/17/09
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314(b) Information Sharing Guidance Issued
The FinCEN has issued guidance which clarifies the scope of permissible information sharing covered by the section 314(b) safe harbor which permits participating financial institutions to share information with one another to identify and report activities that they suspect may involve possible terrorist activity or money laundering. Guidance 6/17/09
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Supervisory Insights 2009 Summer Issue Published
A FIL has been issued by the FDIC regarding the publication of the Summer, 2009 issue of Supervisory Insights, which features articles regarding a chronology of the unprecedented financial developments of 2008; an overview of new requirements mandated by amendments to Reg. Z and HOEPA; and a discussion of risks and appropriate risk management strategies associated with Remote Deposit Capture technology. FIL; Supervisory Insights 6/17/09
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Reserve Position Update
The Treasury has updated the U. S. International Reserve Position Report with data current as of June 12, 2009. Report 6/17/09
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Credit Auction Results
The results of auction of $150 billion in 84-day credit held on June 15, 2009 have been announced by the FRB. Auction 6/17/09
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Industrial Production Report Released
The G.17 Industrial Production and Capacity Utilization Report for May 2009 has been released by the FR. G.17 6/17/09
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Reserve Bank Payment Services Data
The Automated Clearinghouse (ACH) Operations and the Check Services data through the first Quarter 2009 have been released by the FRB. ACH; Check Services 6/17/09
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Comptroller Discusses Joint Forum Credit Ratings Paper
Comptroller Dugan noted that a paper, "Stocktaking on the use of credit ratings," released by the Joint Forum provides valuable information on the use of credit ratings. The Joint Forum was established in 1996 under the sponsorship of the Basel Committee on Banking Supervision, the International Organization of Securities Commissions (IOSCO), and the International Association of Insurance Supervisors (IAIS) to deal with issues common to the banking, securities, and insurance sectors. Dugan; Paper 6/16/09
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Additional Check 21 Routing Numbers
FRB Financial Services has announced effective July 1, 2009 the conversion of additional routing numbers to the FedReceipt Forward and FedReceipt Returns product as well as availability changes for Check 21-Related FedFoward® and FedReturn® services. Routing Numbers 6/16/09
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FFIEC Reporting Forms Updated
The 002, 002s, 031 and 041 FFIEC reporting forms have been updated. 002; 002s; 031; 041 6/16/09
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April TIC Data
The Treasury International Capital (TIC) data for April 2009 has been released. TIC 6/16/09
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IMF Review of U.S. Economic Performance Released
The Treasury has released the concluding statement issued by the staff of the International Monetary Fund (IMF) following this year's Article IV Consultation with the United States. The statement represents the independent judgment and assessment by IMF staff of U.S. economic performance and policies. Statement 6/16/09
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Cost of Funds Reports Issued
The Historical and Current (April 2009) Cost of Funds Reports for OTS regulated institutions have been issued. Historical; Current 6/16/09
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OFAC Adds SDNTs
Nine individuals and fifteen entities have been designated as Specially Designated Narcotics Traffickers (SDNTs) and their names added to the SDN List by OFAC. The designations target the illicit activities and assets of Fabio Enrique Ochoa Vasco (a.k.a. "Juan Carlos Martinez Perez"), a significant Colombian drug trafficker. In addition, changes have been made to eighteen existing entries. Information regarding the additions and changes has been posted on the OFAC page. 6/15/09
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FR Reviews New Accounting Standards
The Federal Reserve is reviewing regulatory capital requirements associated with the adoption of the new accounting standards No. 166 and 167 (FAS 166 and 167) published by the Financial Accounting Standards Board. The new standards amend Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (FAS 140), and FASB Interpretation No. 46(R), Consolidation of Variable Interest Entities. Standards 6/15/09
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CRA Distressed or Underserved Bulletin Issued
The OCC has issued a bulletin regarding the previously announced availability of the 2009 list of distressed or underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development." Information regarding the list was published in the June 9, 2009 Top Stories. Bulletin 6/15/09
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SEC Halts Nationwide Prime Bank Scheme
An emergency court order and asset freeze to shut down a fraudulent prime bank scheme has been obtained by the SEC. The scheme promised massive returns to investors nationwide and then offered a range of administrative excuses when investors had not received any payments. Scheme 6/15/09
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The Treasury Publishes Interim Final Rule in FR for TARP Standards for Compensation and Corporate Governance
This interim final rule, provides guidance on the executive compensation and corporate governance provisions of EESA that apply to entities that receive financial assistance under the Troubled Asset Relief Program (TARP). Section 111 of EESA requires entities receiving financial assistance (TARP recipients) from the Department of the Treasury (Treasury) to meet appropriate standards for executive compensation and corporate governance. This interim final rule includes standards for TARP recipients that implement the provisions of section 111 of EESA, as well as certain additional standards adopted pursuant to the authority granted the Treasury under section 111(b)(2) to promulgate such additional standards. TXT; PDF 6/15/09
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Minority-Owned Banks Report Issued
The FRB has issued the first quarter 2009 data on financial institutions that participate in the Treasury's Minority Bank Deposit Program. Report 6/15/09
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ID Theft and Changes in Address FAQs
Six federal regulatory agencies have issued a set of frequently asked questions (FAQs) today to help financial institutions, creditors, users of consumer reports, and issuers of credit cards and debit cards comply with federal regulations on identity theft and discrepancies in changes of address. FAQs; FRB PR; OCC NR; FDIC FIL; NCUA PR; OTS CEO Letter; FTC NR 6/12/09
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Written Agreement with Georgia BHC
The FRB has announced the execution of a Written Agreement by and among SEB Bancorp, Inc., Marietta, GA, a registered bank holding company (BHC), the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Agreement 6/12/09
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Flow Of Funds Report
The Z.1 Flow of Funds Report for the First Quarter 2009 has been released by the FRB. Z.1 6/12/09
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OFAC Deletions
The names of five individuals with the SDNT designation have been removed from the OFAC SDN List. Information regarding the deletions has been posted on the OFAC page. 6/11/09
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FACT Act ANPR
The OCC has issued an Advanced Notice of Proposed Rulemaking (ANPR) of final rules and guidelines concerning which implement the section of the FACT Act regarding the accuracy and integrity of information furnished to consumer reporting agencies. ANPR; Final Rules and Guidelines 6/11/09
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HUD Suspends Lenders
HUD has announced it has suspended three lenders based on evidence of serious violations under HUD's regulations. Pending completion of an investigation into their lending practices, the lenders are prohibited from originating new FHA-insured mortgages. Suspended 6/11/09
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FDIC Publishes Final Rules in FR for Interest Rate Restrictions on Insured Depository Institutions that are not Well Capitalized and Withdraws Incorrect Publishing of Draft Rule
The FDIC is amending its regulations relating to the interest rate restrictions that apply to insured depository institutions that are not well capitalized. In the Federal Register of June 3, 2009, a final rule concerning Interest Rate Restrictions on Insured Depository Institutions that are Not Well Capitalized. Inadvertently a draft version of the document was published instead of the version adopted by the FDIC Board of Directors. The FDIC withdraws that rule. The correct version of the final rule is published elsewhere in this Federal Register. TXT for Final Rule; TXT for Withdrawal 6/11/09
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C&D Order Issued
The FRB has announced the issuance of a consent cease and desist order against Nexity Financial Corporation, Birmingham, AL, a registered bank holding company. Order
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Written Agreement with Florida Bank
The FRB has announced the execution of a Written Agreement by and among, Sterling Bank, Lantana, FL, a state member bank, the Federal Reserve Bank of Atlanta, and the State of Florida, Office of Financial Regulation. Agreement 6/11/09
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Beige Book Update
The June 10, 2009 issue of the Beige Book has been published by the FR. HTML; PDF 6/11/09
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Community Development CRA Workshops Announced
The OCC will co-sponsor three community development workshops for bankers in June, 2009 to provide information to bankers on ways to participate in various community development programs and will show how participation can positively impact their bank's Community Reinvestment Act (CRA) rating.
Workshops 6/11/09
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TARP Compensation IFR Issued
An Interim Final Rule (IFR) has been issued by the Treasury regarding the TARP Standards for Compensation and Corporate Governance. IFR 6/11/09
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Geithner Issues Compensation Statement
A statement and two fact sheets have been issued by Treasury Secretary Geithner regarding plans bring compensation practices more tightly in line with the interests of shareholders and reinforcing the stability of firms and the financial system. Statement; Fact Sheet 1; Fact Sheet 2 6/11/09
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FR Issued First Credit and Liquidity Programs Report
The first of an ongoing series of monthly reports providing considerable new information on its credit and liquidity programs has been issued by the Federal Reserve. The report "Federal Reserve Credit and Liquidity Programs and the Balance Sheet", contains a wide range of data concerning borrowing patterns and collateral. Report 6/11/09
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FEDS and IFDP Working Papers Published
Working papers in the Finance and Economics Discussion Series (FEDS) and International Finance Discussion Papers (IFDP) series have been published by the FRB on the following topics:
- Border Prices and Retail Prices;
- The Impact of Macroeconomic Announcements on Real Time Foreign Exchange Rate in Emerging Markets;
- A Study of U.S. Monetary Policy Implementation: Demand for Reserves on a Period Average Basis; and
- Interchange Fees and Payment Card Networks: Economics, Industry Developments, and Policy Issues.
Border Abstract; Border Full Paper; Impact Abstract; Impact Full Paper; Study Abstract; Study Full Paper; Interchange Abstract; Interchange Full Paper 6/10/09
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Reserve Position Update
The Treasury has updated the U.S. International Reserve Position Report with data current as of June 5, 2009. Report 6/10/09
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2009 CRA Distressed and Underserved List Available
The federal bank and thrift regulatory agencies have announced the availability of the 2009 list of distressed or underserved nonmetropolitan middle-income geographies in which revitalization or stabilization activities will receive CRA consideration as "community development." List: Excel; PDF; Accessible: PDF; FDIC PR; OTS PR; OCC NR; FRB PR 6/09/09
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HUD and Fair Housing Partners Report Record Number of Housing Discrimination Complaints
HUD has issued its annual report to Congress that indicates a record 10,552 fair housing discrimination complaints were filed in fiscal year 2008. Forty-four percent were filed by persons with disabilities and thirty-five percent of the complaints alleged discrimination based on race. Complaints 6/09/09
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Written Agreement with Georgia Bank
The FRB has announced the execution of a Written Agreement by and among First Commerce Community Bankshares, Inc., Douglasville, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Agreement 6/09/09
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Joint Agencies Propose Rulemaking for Registration of Mortgage Loan Originators
The OCC, Board, FDIC, OTS, FCA, and NCUA are proposing amendments to their rules to implement the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E.Act). The S.A.F.E. Act requires an employee of a bank, savings association, credit union or other depository institution and their subsidiaries regulated by a Federal banking agency or an employee of an institution regulated by the FCA who acts as a residential mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry, obtain a unique identifier, and maintain this registration. TXT; PDF 6/09/09
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CRA Ratings Released
The OTS has released the rating received by savings associations recently evaluated for compliance with the provisions of the CRA. Ratings 6/09/09
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FBAR Filing Clarification
The IRS has announced that it will allow taxpayers to rely on the definition of a United States person as set forth in the prior instructions to the FBAR form when determining their June 30, 2009 filing requirement. FBAR 6/09/09
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MSB Registration List Updated
The FinCEN has updated the MSB Registration List with data current as of May 5, 2009. List 6/09/09
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Dugan Issues Reserve Mortgages Warning
In a presentation before the American Bankers Association Regulatory Compliance Conference, Comptroller Dugan issued a warning that reverse mortgages pose significant compliance risks and said regulators should get out in front of this issue before real problems develop. Speech 6/09/09
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CRA Ratings Released
The FDIC has released the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings that they received. CRA 6/08/09
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Illinois Bank Closed; All Deposits Assumed
The Bank of Lincolnwood, Lincolnwood, IL, was closed by the Illinois Department of Financial and Professional Regulation. The FDIC was appointed receiver and entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, IL, to assume all of the deposits. Lincolnwood 6/08/09
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Mutual Funds Filing CTRs NPRM
A Notice of Proposed Rulemaking (NPRM) has been issued by FinCEN that would require mutual funds to file CTRs for currency transactions above $10,000. NPRM 6/08/09
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314(a) Fact Sheet update
The FinCEN has updated the 314(a) Fact Sheet with data current as of June 2, 2009. 314(a) 6/08/09
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Consumer Credit Report Released
The April 2009 G.19 Consumer Credit Report has been released by the FRB. G.19 6/08/09
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State Profiles Released
The first quarter 2009 State Profiles have been released and posted online by the FDIC. State Profiles 6/08/09
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Counterfeit Checks Special Alerts
Two special alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the name of Clearfield Bank & Trust Company, Clearfield, PA; and Symphony Bank, Indianapolis, IN. Information concerning the counterfeit cashiers checks has been posted on the Alerts & Counterfeits page. 6/05/09
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Written Agreement with Texas BHC and Bank
The execution of a written agreement by and among Tradition Bancshares, Inc., a registered bank holding company, and Tradition Bank, a state chartered member bank, both of Houston, TX, the Federal Reserve Bank of Dallas, and the Texas Department of Banking has been announced by the FRB. Written Agreement 6/05/09
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The FDIC Publishes Final Rule in FR for Modification of Temporary Liquidity Guarantee Program
The FDIC is issuing this Final Rule to make permanent a minor modification to the Temporary Liquidity Guarantee Program (TLGP) to include certain issuances of mandatory convertible debt (MCD) under the TLGP debt guarantee program (DGP). TXT; PDF 6/05/09
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FinCEN Proposes Rulemaking for Financial Crimes Enforcement Network: Amendment to the Bank Secrecy Act Regulations
FinCEN is proposing to include mutual funds within the general definition of "financial institution" in rules implementing the Bank Secrecy Act ("BSA"). The proposal would subject mutual funds to rules under the BSA on the filing of Currency Transaction Reports ("CTRs") and on the creation, retention, and transmittal of records or information for transmittals of funds. TXT; PDF 6/05/09
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Payments Fraud Series Final
A new issue of FedFocus has been posted online and features the final installment of a three-part article regarding payments fraud, plus other articles concerning NACHA's International ACH Transaction (IAT), the suite of FedACH Risk Management Services, and the FedACH Risk Origination Monitoring Service. FedFocus 6/05/09
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Community Development Lending Seminar Announced
A seminar for financial institutions and their community development partners seeking ways to manage and mitigate risk in the rapidly changing economic environment will be held in Houston on June 10, 2009. Co-sponsors include, the OCC, the FDIC, the FRB of Dallas, the OTS, and the Federal Home Loan Bank of Dallas. Online registration is available. Seminar; Registration 6/05/09
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Thrift Directors National Training Seminars Scheduled
The schedule of the 2009 OTS National Training Seminars for the directors of thrift institutions has been announced. Schedule 6/05/09
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Kentucky Storm Relief FIL
A FIL has been issued by the FDIC which announces a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Kentucky affected by recent severe storms, tornadoes, mudslides and flooding. FIL 6/05/09
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Countrywide Executives Charged
The SEC has charged former Countrywide Financial CEO Mozilo and two other former executives with securities fraud for deliberately misleading investors about the significant credit risks being taken in efforts to build and maintain the company's market share. Litigation Release; Complaint 6/05/09
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Egmont Plenary Meeting Report
The FinCEN Director has issued a report of the annual plenary meeting of the Egmont Group, an international network of financial intelligence units from more than 100 jurisdictions whose goal is to provide a forum to improve support to their respective governments in the fight against money laundering, terrorist financing, and other financial crimes. Plenary Meeting; Egmont Group 6/05/09
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2010 FOMC Meeting Schedule
The FRB has released the tentative 2010 meeting schedule of the Federal Open Market Committee (FOMC). Schedule 6/05/09
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IFDP Working Papers Published
Two working papers in the International Finance Discussion Papers (IFDP) series have been published by the FRB on the topics of "Pitfalls in Estimating Asymmetric Effects of Energy Price Shocks" and "Consumption Response to Expected Future Income". Pitfalls Abstract; Pitfalls Full Paper; Consumption Abstract; Consumption Full Paper 6/05/09
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Counterfeit Checks and Money Orders Alerts
The FDIC has issued seven Special Alerts and the OCC one Alert regarding counterfeit checks and money orders bearing the name of the following institutions:
- Lone Star National Bank, Pharr, Texas (Counterfeit Loan Proceeds Checks and Cashiers Checks);
- Glasford State Bank, Glasford, Illinois (Counterfeit Cashiers Checks);
- Republic First Bank, Philadelphia, Pennsylvania (Counterfeit Cashiers Checks);
- Astoria Federal Savings, Lake Success, New York (Counterfeit Money Orders);
- Fort Davis State Bank, Fort Davis, Texas (Counterfeit Cashiers Checks);
- Community State Bank, Starke, Florida (Counterfeit Cashiers Checks);
- Community Spirit Bank, Red Bay, Alabama (Counterfeit Cashiers Checks); and
- Kleberg First National Bank of Kingsville, Kingsville, Texas (Counterfeit Expense Checks)
Information concerning the counterfeit checks and money orders has been posted on the Alerts & Counterfeits page. 6/04/09
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SOD Filing Deadline FIL
The FDIC has issued a FIL regarding the June 30, 2009 deadline for filing the Summary of Deposits (SOD), the annual survey of branch office deposits for all FDIC-insured commercial banks, FDIC-supervised savings banks, and insured branches of foreign banks. No filing extensions will be granted and institutions with only a main office are exempt. FIL; Filing Instructions 6/04/09
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LLP Asset Sale Postponed
The FDIC has announced that the previously planned pilot sale of assets by open banks through the Legacy Loans Program (LLP) will be postponed. Sale 6/04/09
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Bernanke Testifies Before Budget Committee
Chairman Bernanke presented his views on the current economic and financial conditions and on issues pertaining to the federal budget in testimony before the House Budget Committee. Testimony 6/04/09
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FEDS Working Paper Published
A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Do Constraints on Market Work Hours Change Home Production Efforts?" has been published by the FRB. Abstract; Full Paper 6/04/09
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Community Bank Directors Colorado Workshop
A workshop for national community bank directors will be hosted by the OCC in Denver, CO, at the Westin Tabor Center, July 6-8, 2009. Online registration is available. Workshop; Registration 6/03/09
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FDIC Publishes Final Rule in FR for Amendment of the Temporary Liquidity Guarantee Program To Extend the Debt Guarantee Program and to Impose Surcharges on Assessments for Certain Debt Issued on or after April 1, 2009
The FDIC is issuing this final rule to amend the Temporary Liquidity Guarantee Program (TLGP) by providing a limited extension of the Debt Guarantee Program (DGP) for insured depository institutions (IDIs) participating in the DGP. The final rule imposes surcharges on certain debt issued on or after April 1, 2009. The final rule also establishes an application process whereby entities participating in the extended DGP may apply to issue non-FDIC-guaranteed debt during the extension period. The final rule restates without change the interim rule published in the Federal Register by
the FDIC on March 23, 2009.TXT; PDF 6/03/09
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FDIC Publishes Final Rule in FR for Interest Rate Restrictions on Insured Depository Institutions That Are Not Well Capitalized
The FDIC is amending its regulations relating to the interest rate restrictions that apply to insured depository institutions that are not well capitalized. Under the amended regulations, such insured depository institutions generally will be permitted to offer the "national rate" plus 75 basis points. The purpose of this final rule is to clarify the interest rate restrictions for certain insured depository institutions and examiners.TXT; PDF 6/03/09
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FRB Publishes Technical Amendment to Final Rule in FR for Availability of Funds and Collection of Checks
The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Minneapolis and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System.TXT; PDF 6/03/09
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Credit Auction Results
The Federal Reserve has announced the results of auction of $150 billion in 28-day credit held on June 1, 2009. Results 6/03/09
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Profitability and Balance Sheets
Volume 95 of the Federal Reserve Bulletin has been published and contains an article that discusses how recent developments in the balance sheets and in the profitability of U.S. commercial banks were related to changes in financial markets and in the broader economy. Bulletin 6/03/09
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Thrift Losses Decrease
The OTS reports that the U.S. thrift industry reported a loss of $47 million in the first quarter 2009, the best performance since September 2007. First Quarter; Performance Data 6/03/09
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Reserve Position Report
The Treasury has released the U.S. International Reserve Position Report for May 29, 2009. Report 6/03/09
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FTC Publishes ANPR on Unfair Mortgage Acts and Practices
The Federal Trade Commission published an Advance Notice of Proposed Rulemaking (ANPR) addressing activities that occur throughout the life cycle of a mortgage loan (advertising and marketing, origination, appraisals and servicing). The proposal was issued under Section 626 of the 2009 Omnibus Appropriations Act signed into law on March 11, 2009. Any rules adopted will apply to entities (other than banks, thrifts, federal credit unions, and nonprofits) that are engaged in such unfair and deceptive acts and practices. The ANPR requests comments relating to which of the activities should be considered unfair or deceptive acts or practices under the Federal Trade Act. Comments are due by July 30, 2009. TXT; PDF 6/02/09
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FTC Publishes ANPR on Mortgage Assistance Relief Services
The Federal Trade Commission published an Advance Notice of Proposed Rulemaking (ANPR) addressing activities of entities (other than mortgage servicers) who offer assistance to consumers in dealing with owners or servicers of their loans to modify them or avoid foreclosure. The proposal was issued under Section 626 of the 2009 Omnibus Appropriations Act signed into law on March 11, 2009. Any rules adopted will apply to entities (other than banks, thrifts, federal credit unions, and nonprofits) that are engaged in such unfair and deceptive acts and practices. The ANPR requests comments relating to which of the activities should be considered unfair or deceptive acts or practices under the Federal Trade Act. Comments are due by July 15, 2009. TXT; PDF 6/02/09
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Regulators Issue Mortgage Originator Registration NPR
A notice of Proposed Rulemaking (NPR) has been issued by the Federal financial institution regulatory agencies regarding proposed rules which require mortgage loan originators who are employees of agency-regulated institutions to meet the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act). Originators would be required to register with the Nationwide Mortgage Licensing System and Registry (Registry), a database established by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators. FR Notice and PR; FRB PR; OCC NR; FDIC PR; OTS PR; NCUA PR 6/02/09
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SCAP Redemption Criteria Announced
The criteria used to evaluate applications to redeem U.S. Treasury capital from the 19 bank holding companies (BHCs) that participated in the Supervisory Capital Assessment Program (SCAP) has been announced by the FRB. Criteria 6/02/09
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Reg Z Revisions FIL
A FIL has been issued by the FDIC regarding the revision to Reg Z (Truth in Lending) concerning closed-end mortgage early disclosure requirements of the Mortgage Disclosure Improvement Act of 2008 (MDIA). FIL 6/02/09
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Fedwire Price Changes
The FRB Financial Services has announced price changes for Fedwire Security Services. Price 6/02/09
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CAC Meeting Scheduled
The FRB has announced that the Consumer Advisory Council (CAC) will hold its next meeting on Thursday, June 18, 2009, in Washington, D.C. The session will begin at 9:00 a.m. and is open to the public. Online registration is available and for security purposes, must be completed no later than Tuesday, June 16, 2009. Meeting; Registration 6/02/09
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May Foreign Exchange Rates
The G.5 Foreign Exchange Rates for May 2009 have been released by the FRB. G.5 6/02/09
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FRB Publishes Interim Final Rule in FR for Capital Adequacy Guidelines:
Small Bank Holding Company Policy Statement: Treatment of Subordinated Securities Issued to the United States Treasury
The Board has adopted, and is seeking public comment on an interim final rule to support in a timely manner, the full implementation and acceptance of the capital purchase program of the U.S. Department of Treasury and promote the stability of banking organizations and the financial system. This rule permits bank holding companies that have made a valid election to be taxed under Subchapter S of Chapter 1 of the U.S. Internal Revenue Code (S-Corp BHCs) and bank holding companies organized in mutual form (Mutual BHCs) to include the full amount of any new subordinated debt securities issued to the Treasury under the capital purchase program announced by the Secretary of the Treasury on October 14, 2008 (Subordinated Securities) in tier 1 capital for purposes of the Board's risk-based and leverage capital guidelines for bank holding companies, provided that the Subordinated Securities will count toward the limit on the amount of other restricted core capital elements includable in tier 1 capital; and allows bank holding companies that are subject to the Board's Small Bank Holding Company Policy Statement and that are S-Corps or Mutual BHCs to exclude the Subordinated Securities from treatment as debt for purposes of the debt-to-equity standard under the Small Bank Holding Company Policy Statement.TXT; PDF 6/01/09
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FRB Publishes Interim Final Rule in FR for Capital Adequacy Guidelines: Treatment of Perpetual Preferred Stock Issued to the United States Treasury under the Emergency Economic Stabilization Act (2008)
The Board is adopting a final rule to allow bank holding companies that have issued senior perpetual preferred stock to the U.S. Department of the Treasury under the capital purchase and other programs established by the Secretary of the Treasury under the Emergency Economic Stabilization Act of 2008, to include such capital instruments in tier 1 capital for purposes of the Board's risk-based and leverage capital guidelines for bank holding companies.TXT; PDF 6/01/09
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Counterfeit Cashier's Checks Alert
The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of AMCORE Bank, N.A., Rockford, IL. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page. 6/01/09
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Flood CMPs Announced
Eleven civil money penalties in the amount of $81,765 have been announced by the FDIC. Information regarding the CMPs has been posted on the Flood Penalties Watch page. 6/01/09
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SDNTKs added to OFAC List
The Treasury has designated three individuals and one entity as Specially Designated Narcotics Trafficker Kingpins (SDNTKs) and added their names to the SDN List. Information regarding the additions has been posted on the OFAC page. 6/01/09
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Enforcement Actions Released
The FDIC has released the list of the fifty-seven orders of administrative enforcement actions taken against banks and individuals in April. Actions 6/01/09
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Interest Rate Restrictions Final Rule
A FIL has been issued by the FDIC regarding a Final Rule concerning interest rate restrictions on institutions that are less than well capitalized. FIL; Final Rule 6/01/09
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OFAC CMPs Announced
The civil money penalties (CMPs) assessed by OFAC for violations of the various Sanctions Programs have been announced. No financial institutions were cited. CMPs 6/01/09
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Written Agreements with BHCs
The FRB has announced two written agreements. One by and between W Holding Company, Inc., Mayaguez, PR, a registered bank holding company, and the Federal Reserve Bank of New York; and the other by and between Affinity Bank Holding, Inc., Ventura, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. W Holding; Affinity 6/01/09
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CRA Exam Schedules Released
The OCC and the FDIC have released their third quarter 2009 CRA Examination Schedules. OCC Schedule; FDIC Schedule 6/01/09
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Community Banking Advisory Committee to be Established
The FDIC has announced that it will establish a community bank advisory committee. Committee 6/01/09