Top Story Security Related

• Treasury Proposes Rulemaking for Amendment to the Bank Secrecy Act Regulations

  FinCEN is proposing to revise the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts. The proposed rule would clarify which persons will be required to file reports of foreign financial accounts and which accounts will be reportable. TXT; PDF  2/26/10

• CRA Exam Schedule Issued

  The FDIC has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the second quarter of 2010. List  2/26/10

• Drug Traffickers Added to OFAC List

  OFAC has designated seven key leaders of the international drug trafficking organization La Familia Michoacana as Specially Designated Narcotics Traffickers (SDNTs) and added their names to the SDN List. Information regarding the additions has been posted on the OFAC page.  2/26/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Citizens Bancorp, Nevada City, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  2/26/10

• Section 19 Letters

  Five enforcement letters have been released by the FRB which prohibit the recipients pursuant to Section 19 of the Federal Deposit Insurance Act and Section 205 of the National Credit Union Act from becoming or continuing as an institution-affiliated party with respect to any federally insured banking organization or credit union. Letter 1; Letter 4; Letter 5  2/26/10

• Updated Retail Payment Systems Booklet Issued

  The FFIEC has issued an updated Retail Payment Systems Booklet which provides guidance for examiners, financial institutions, and technology service providers on the risks associated with retail payment systems. FFIEC PR; Booklet  2/26/10

• Community Reinvestment Conference Announced

  The federal bank and thrift regulatory agencies and the Community Development Financial Institutions Fund will host the 2010 National Interagency Community Reinvestment Conference in New Orleans, LA, from March 14 to 18, 2010. Conference  2/26/10

• FEDS and IFDP Working Papers Published

  Three working papers in the Finance and Economics Discussion Series (FEDS) and two working papers in the International Finance Discussion Papers (IFDP) series have been published by the FRB on the following topics;

  1. Distance Still Matters: The Information Revolution in Small Business Lending and the Persistent Role of Location, 1993-2003;
  2. Are Spectral Estimators Useful for Implementing Long-Run Restrictions in SVARs?;
  3. Pricing Counterparty Risk at the Trade Level and CVA Allocations;
  4. Asset Returns with Earnings Management;
  5. Labor Market Search in Emerging Economies.

  Distance Abstract; Distance Full Paper; Spectral Abstract; Spectral Full Paper; Pricing Abstract; Pricing Full Paper; Assets Abstract;
  Assets Full Paper; Labor Abstract; Labor Full Paper  2/26/10

• Receivables Reports Issued

  The G. 20 Finance Companies Owned and Managed Receivables Reports for December, 2009 have been released by the FRB. G.20  2/26/10

• Written Agreements Executed

  The FRB has announced the execution of the following three Written Agreements:

  1. by and between Mercantile Bancorp, Inc., Quincy, IL, a registered bank holding company, and the Federal Reserve Bank of St. Louis;
  2. by and among Bankers' Bank of the West Bancorp, a registered bank holding company, Bankers' Bank of the West, a state chartered member bank, both of Denver, CO, the Federal Reserve Bank of Kansas City, and the Colorado Division of Banking;
  3. by and among Pacific State Bancorp, a registered bank holding company, Pacific State Bank, a state chartered member bank, both of Stockton, California, the Federal Reserve Bank of San Francisco, and the California Office of Financial Institutions.

  Mercantile; Bankers' Bank; Pacific  2/25/10

• HMDA Booklet Revised

  The OCC has revised the electronic version of the "Home Mortgage Disclosure" booklet of the Comptrollers Handbook to include the new definition of a rate-spread loan, changes to the OCC examination procedure and the downloading of the HMDA disclosure statements. Booklet  2/25/10

• ID Theft Tops Consumer Complaint List

  A report listing top complaints consumers filed with the Federal Trade Commission (FTC in 2009 shows that while identity theft remains the top complaint category, identity theft complaints declined five percentage points from 2008. Report  2/25/10

• Thrift Industry Fourth Quarter Performance

  The OTS has released the Fourth Quarter 2009 thrift industry highlights, charts, selected indicators, and economic data reports. Highlights; Charts; Indicators; Data; Full Report  2/25/10

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement by and among Heritage Commerce Corp, a registered bank holding company, Heritage Bank of Commerce, a state chartered member bank, both of San Jose, CA, the Federal Reserve Bank of San Francisco, and the California Office of Financial Institutions. Agreement  2/24/10

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of February 23, 2010. 314(a)  2/24/10

• Fourth Quarter Earnings Report

  The FDIC has released the Quarterly Banking Profile which contains the Fourth Quarter 2009 Earnings Report for FDIC-insured institutions. Report; Quarterly Banking Profile  2/24/10

• Charge-Off and Delinquency Rates Report Released

  The FRB has released the Charge-Off and Delinquency Rates on Loans at Commercial Banks Report for the Fourth Quarter, 2009. Report  2/24/10

• Reserve Positions Announced

  The Treasury has released the U.S. International Reserve Position Reports as of February 12, and February 19, 2010. February 12; February 19  2/24/10

• Discount Rate Meeting Minutes

  The minutes of the discount rate meeting held on January 25, 2010, have been released by the FRB. Minutes  2/24/10

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Urban Trust Bank, Orlando, FL. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  2/23/10

• Online Debit Card/ATM OD Consumer Information

  A new online FRB publication, What You Need to Know: New Overdraft Rules for Debit and ATM Cards, is designed to help consumers better understand rules that provide additional protection when a debit card or automated teller machine (ATM) transaction causes an account to be overdrawn. What You Need To Know  2/23/10

• Unfair or Deceptive Acts or Practices

  On January 29, 2009, the Board published a final rule amending Regulation AA and the staff commentary to the regulation. The substantive requirements in the January 2009 Regulation AA Rule, which were scheduled to go into effect on July 1, 2010, have been superseded by provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act) that go into effect on February 22, 2010. The Board is implementing these Credit Card Act provisions in a new final rule amending Regulation Z. TXT; PDF

  2/22/10

• ATM and Debit Card OD Rules Clarified

  The FRB has issued proposed clarifications to its final rules regarding overdraft (OD) services under Reg E (Electronic Fund Transfers) and Reg (Truth in Savings). The clarification indicates that the prohibition on assessing OD fees without the consumer's affirmative consent applies to all institutions, including those with a policy and practice of declining automated teller machine (ATM) and one-time debit card transactions when an account has insufficient funds. Reg E; Reg DD  2/22/10

• Enforcement Actions Announced

  The OCC has announced new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Actions  2/22/10

• CRA Ratings Released

  The OCC has released the ratings received by nine national banks recently evaluated for compliance with the provisions of the CRA. Ratings  2/22/10

• Four Banks Closed; Deposits Assumed

  The following four banks have been closed by their primary regulator:

  1. Marco Community Bank, Marco Island, FL, by the Florida Office of Financial Regulation: the FDIC as appointed receiver entered into a purchase and assumption agreement with Mutual of Omaha Bank, Omaha, NE, to assume all of the deposits;
  2. The La Coste National Bank, La Coste, TX, by the OCC; the FDIC as appointed receiver entered into a purchase and assumption agreement with Community National Bank, Hondo, TX, to assume all of the deposits;
  3. George Washington Savings Bank, Orland Park, IL, by the Illinois Department of Financial Professional Regulation “ Division of Banking; the FDIC as appointed receiver entered into a purchase and assumption agreement with FirstMerit Bank, National Association, Akron, OH;
  4. La Jolla Bank, FSB, La Jolla, CA, by the OTS; the FDIC as appointed receiver entered into a purchase and assumption agreement with OneWest Bank, FSB, Pasadena, CA, to assume all of the deposits.

  Marco; La Costa; George Washington; La Jolla  2/22/10

• Consumer Credit Card Website

  The FRB has launched a Consumer Credit Card website, which summarizes the main provisions of the rules and explains how they will affect credit card users. Two interactive features will allow consumers to learn more about the terms and fees of credit card offers and about the new features of their monthly statements. Site  2/22/10

• Discount Window Modifications Approved; Fed Funds Rate Unchanged

  The FRB has approved several modifications to the terms of its discount and left the target range for the federal funds rate at 0 to 1/4 percent. Modifications  2/19/10

• Prompt Corrective Action Directive issued

  The FRB has announced the issuance of a Prompt Corrective Action Directive with the consent of Marco Community Bank, Marco Island, FL, a state chartered member bank. Directive  2/19/10

• Written Agreements Announced

  The execution of the following three Written Agreements has been announced by the FRB:

  1. by and between TCM Company, Crete, NE, a registered bank holding company, and the Federal Reserve Bank of Kansas City;
  2. by and between First National Corporation, Savannah, GA, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
  3. by and between SunFirst Corporation, St. George, UT, a registered bank holding company, and the Federal Reserve Bank of San Francisco.

  TCM; First; SunFirst  2/19/10

• Unfair Credit Card Closing Practices Formal Agreement

  The OCC has announced that it has entered into a Formal Agreement with Capital One Bank (USA), N.A., Glen Allen, VA., to reimburse consumers harmed by Capital One's credit card account closing practices involving the assessment of annual membership fees, on accounts with no outstanding balance owed, after consumers had requested to close the accounts. Agreement  2/19/10

• Community Bank Directors Credit Risk Workshop Announced

  The OCC will host a credit risk workshop for directors of nationally chartered community banks in St. Louis, MO, on March 23, 2010, to provide practical information to expands their skills and understanding of issues facing their banks. Workshop  2/19/10

• Tax Refund-Related Products Consumer Advisory Issued

  The OCC has issued a Consumer Advisory and Policy Statement Regarding Tax Refund-Related Products. Advisory; Statement  2/19/10

• RAL Bulletin and Statement Issued

  A Bulletin and Policy Statement have been issued by the OCC regarding providing tax refund anticipation loans (RAL). Bulletin; Statement  2/19/10

• Freis Discusses Fraud and Money Laundering Interconnections

  In a presentation at the Florida International Bankers Association 2010 AML Conference, FinCEN Director Freis discussed trade finance and money laundering, as well as how fraud and money laundering are interconnected, and FinCEN's ongoing work in the fraud area. Speech  2/19/10

• NCUA Publishes Interim Final Rule in FR for Secondary Capital Accounts

  NCUA is amending its rules governing secondary capital accounts to permit low-income designated credit unions to redeem all or part of secondary capital accepted from the United States Government or any of its subdivisions at any time after the secondary capital has been on deposit for two years. The amendments will also allow early redemption, under the same terms and conditions, of secondary capital accepted as a match to the government-funded secondary capital. Finally, the amendments change the loss distribution provision that applies to secondary capital accounts so that secondary capital accepted under the 2010 Community Development Capital Program is senior to any required matching secondary capital accepted from an alternative source. TXT; PDF  2/19/10

• OCC Licensing Manual Updated

  The Branches and Relocations booklet of the OCC Licensing Manual has been updated to include information on intermittent branches and expanded definitions concerning insider activities. Booklet  2/18/10

• FOMC Minutes Released

  The minutes of the January 26-27, 2010, meeting of the Federal Open Market Committee (FOMC) have been released by the FRB. Minutes  2/18/10

• Written Agreements Announced

  The FRB has announced the execution of the following three Written Agreements by and between:

  1. Community First Bank-Chicago, Chicago, IL, a state chartered member bank, and the Federal Reserve Bank of Chicago;
  2. Beach First National Bancshares, Inc., Myrtle Beach, SC, a registered bank holding company, and the Federal Reserve Bank of Richmond;
  3. Community National Bancorporation, Waterloo, IA, a registered bank holding company, and the Federal Reserve Bank of Chicago

  Community First; Beach; Community National  2/18/10

• December TIC Data Released

  The Treasury has released Treasury International Capital (TIC) data for December, 2009. Data  2/18/10

• Reserve Position Updated

  The U.S. International Reserve Position Report has been updated by the Treasury with data currents as of February 5, 2010. Report  2/18/10

• March HOEPA Rates Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in March 2010, 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 February 15, 2010, was a Federal Holiday, use the rate on February 12, 2010, the business day immediately preceding the 15th. H.15  2/17/10

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of February 16, 2010. 314(a)  2/17/10

• FHC List Updated

  The FRB has updated the list of bank holding companies (BHCs) that have elected to become or be treated as financial holding companies (FHCs) as of February 12, 2010. List  2/17/10

• Mortgage Fraud Detection White Paper Published

  The FFIEC has published The Detection and Deterrence of Mortgage Fraud Against Financial Institutions: 2009 Mortgage Fraud White Paper, which substantially updates The Detection, Investigation, and Deterrence of Mortgage Loan Fraud Involving Third Parties: A White Paper issued in February, 2005. The primary objective of the publication is to help examiners understand, identify, and detect mortgage fraud schemes and elements. Summary; Full Paper  2/17/10

• Cost of Funds Reports Issued

  The OTS has issued the historical and current Cost of Funds Reports for OTS regulated institutions. Historical; Current  2/17/10

• Meeting Credit Needs SR Letter and FIL Issued

  The FRB has issued a SR Letter and the FDIC has issued a FIL regarding the previously released Interagency Statement on meeting the needs of creditworthy small business borrowers. The Interagency Statement was posted in the February 8, 2010, Top Stories page. SR Letter; FIL  2/16/10

• February FedFlash Online

  FR Financial Services has posted the February 15, 2010, issue of FedFlash online, which contains articles regarding Check/Check21 services, FedCash services, District news, and other general information. FedFlash  2/16/10

• FDIC Provides OneWest Bank Agreement Details

  In response to a web video containing false information, the FDIC has released information and a supplemental fact sheet regarding its loss-sharing agreement with OneWest Bank. Agreement; Fact Sheet  2/16/10

• NCUA Approves LICU Low-Income Capital Rule

  The NCUA Board has approved an interim final rule regarding use of secondary capital by low-income designated credit unions (LICUs). Rule  2/16/10

• FFIEC Email Alerts

  Interested parties can now sign up for email alerts when new press releases are posted to the FFIEC web site by clicking on a link found in the upper right hand corner of the press releases page. Alerts  2/16/10

• Mortgage Pricing Working Paper Published

  The OCC has published an economics working paper, "Fair Lending Analysis of Mortgage Pricing: Does Underwriting Matter?", which focuses on potential interaction between the mortgage underwriting and pricing decisions for fair lending analysis of mortgage pricing. Paper  2/16/10

• Bernanke Discusses Exit Strategy

  In a statement prepared for delivery to the House Committee on Financial Services, Chairman Bernanke discussed the Federal Reserve's strategy for exiting from the extraordinary lending and monetary policies that were implemented to combat the financial crisis and support economic activity. The hearing was postponed due to inclement weather. Statement  2/11/10

• Credit Auction Results

  The results of the auction of $50 billion in 28-day credit held on February 8, 2010, have been announced by the FRB. Auction  2/10/10

• FinCEN publishes Final Rule in FR for Expansion of Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity

  FinCEN is issuing this final rule to amend the relevant Bank Secrecy Act information sharing rules to allow certain foreign law enforcement agencies, and State and local law enforcement agencies, to submit requests for information to financial institutions concerning significant money laundering or terrorist finance investigations to U.S. financial institutions through FinCEN and also grants U.S. Federal law enforcement agencies reciprocal rights to obtain information about suspect accounts in EU member states.  2/10/10

• NCUA Publishes Final Rule Withdrawal in FR for Unfair or Deceptive Acts or Practices

  On January 29, 2009, jointly with the Federal Reserve System Board of Governors (FRB) and the Office of Thrift Supervision (OTS), the NCUA Board (Board) published a final rule and staff commentary amending its credit practices regulations (UDAP Rule). The UDAP Rule also included technical clarifications and was scheduled to become effective on July 1, 2010. The Board is now revising the UDAP Rule because its stipulations became unnecessary due to the enactment of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (Credit CARD Act) on May 22, 2009, and amendments to Regulation Z implementing the Credit CARD Act that will become effective on February 22, 2010. For procedural reasons, the substantive requirements of the
  UDAP Rule will be removed effective July 1, 2010, but it is the Board's intent that only the technical clarifications become effective and that the substantive requirements will not take effect. This final rule applies only to the NCUA Board's regulations and does not affect the rules issued by the OTS and FRB. TXT; PDF  2/10/10

• Credit Needs CEO Letter Issued

  The OTS has issued a CEO Letter regarding the previously issued Interagency Statement on Meeting the Credit Needs of Creditworthy Small Business Borrower. Information regarding the statement was posted in the February 8, 2010, Top Stories. CEO Letter  2/09/10

• CRA Ratings Released

  The FDIC has released the ratings received by banks that were recently examined for compliance with the provisions of the CRA. Ratings  2/08/10

• 341(a ) Data to Include international Data

  the FinCEN has issued a final rule regarding the 314(a) program which will allow certain foreign law enforcement agencies to submit information requests concerning significant money laundering or terrorist finance investigations to U.S. financial institutions through FinCEN and also grants U.S. Federal law enforcement agencies reciprocal rights to obtain information about suspect accounts in EU member states. FinCEN NR; Final Rule  2/08/10

• OFAC CMPs Announced

  The civil money penalties recently assessed by OFAC for violation of various Sanctions Programs has been announced. No financial institution was cited. CMPs  2/08/10

• Regulators Issued Small Business Lending Statement

  The federal financial regulatory agencies and the Conference of State Bank Supervisors have issued a statement on prudent lending to creditworthy small business borrowers which emphasizes that financial institutions that engage in prudent small business lending after performing a comprehensive review of a borrower's financial condition will not be subject to supervisory criticism for small business loans made on that basis. Statement; FRB NR; OCC NR; OTS PR; FDIC PR; NCUA PR  2/08/10

• Minnesota Bank Closed: Deposits Assumed

  1st American State Bank of Minnesota, Hancock, MN was closed by the Minnesota Department of Commerce and the FDIC, as the appointed receiver, entered into a purchase and assumption agreement with Community Development Bank, FSB, Ogema, MN, to assume all of the deposits. 1st American  2/08/10

• NCUA Proposes Rulemaking for Chartering and Field of Membership for Federal Credit Unions

  On December 17, 2009, the NCUA Board issued a proposed rule amending its chartering and field of membership manual to update its community chartering policies and define the terms "rural district" and "in danger of insolvency" for emergency merger purposes. 74 FR 68722 (December 29, 2009). NCUA has received several requests to extend the comment period set in the proposed rule and has determined to extend the comment period for an additional 45 days. TXT; PDF  2/08/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Citizens Bancshares, Inc., a registered bank holding company, The Citizens Bank of Edmond, a state chartered member bank, both of Edmond, OK, the Federal Reserve Bank of Kansas City, and the Oklahoma State Banking Department. Agreement  2/05/10

• State Street Pays $300M SEC Settlement

  State Street Bank and Trust Company has agreed to pay more than $300 million that will be distributed to investors to settle SEC charges that it mislead them about their exposure to subprime investments while selectively disclosing more complete information to specific investors. This payment is in addition to nearly $350 million that State Street previously agreed to pay to investors in State Street funds to settle private claims. Settlement; SEC Order  2/05/10

• Bulletin Regarding FASB Capital Treatment Final Rule

  The OCC has issued a bulletin regarding the previously announced Final Rule concerning the amendment of risk-based capital requirements relating to the Financial Accounting Standard Boards (FASB) adoption of Statements No. 166 and 167. Information concerning the Final Rule was posted in the January 28, 2009, Top Stories. Bulletin  2/05/10

• FedFocus Online

  The February issue of FedFocus has been posted online and features information regarding the Phase 2 of the Fedwire Funds Service format changes. FedFocus  2/05/10

• Mortgage Scam NPR

  The FTC, in an effort to protect distressed homeowners from the promoters of bogus foreclosure rescue and mortgage modification services, has issued a Notice Of Proposed Rulemaking (NPR) regarding a new rule that would forbid companies to charge up-front for these services. Instead, companies could only collect payment after providing services. Summary; NPR  2/05/10

• Geithner on the Budget

  In written testimony before the Senate Budget Committee, Secretary Geithner discussed the provision of the 2011 Fiscal Year Budget. Testimony  2/05/10

• Freis on Foreign Corruption Proceeds

  FinCEN Director Freis in testimony before the Senate Committee on Homeland Security and Government Affairs Permanent Subcommittee on Investigations discussed efforts to combat the flow of proceeds of foreign corruption into the United States. Testimony  2/05/10

• FEDS Working Papers Published

  Four working papers in the Finance and Economics Discussion Series (FEDS) have published on the following topics:

  1. Income Taxes, Compensating Differentials, and Occupational Choice: How Taxes Distort the Wage-Amenity Decision;
  2. Constant Proportion Debt Obligations: A Post-Mortem Analysis of Rating Models;
  3. The Finances of American Households in the Past Three Recessions: Evidence from the Survey of Consumer Finances;
  4. The Mechanics of a Graceful Exit: Interest on Reserves and Segmentation in the Federal Funds Market.

  Income Abstract; Income Full Paper; Constant Abstract; Constant Full Paper; Finances Abstract; Finances Full Paper; Mechanics Abstract;
  Mechanics Full Paper  2/05/10

• CRA Ratings Released

  The OTS has released the ratings received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings  2/04/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Palm Desert Investments, Palm Desert, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  2/04/10

• TARP CDFIs Program Enhancements Announced

  The Treasury has announced the final terms for the Community Development Financial Institutions (CDFIs) program which include enhancements that will help better support CDFIs and make credit available to small businesses looking to expand and create jobs. CDFIs  2/04/10

• Bernanke Sworn In

  Chairman Bernanke has been formally sworn in to his second term as chairman of the Board of Governors of the Federal Reserve System. Ceremony; Bernanke Remarks  2/04/10

• Geithner Before Ways and Means

  In testimony before the House Ways and Means Committee, Secretary Geithner discusses the 2011 Fiscal Year Budget. Testimony  2/04/10

• Quarterly Refunding Statement Released

  The Treasury has released the February, 2010, Quarterly Refunding statement. Statement  2/04/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Rising Sun Bancorp, a registered bank holding company, NBRS Financial Bank, a state chartered member bank, both of Rising Sun, MD, the Federal Reserve Bank of Richmond, and the Maryland Division of Financial Regulation. Agreement  2/03/10

• MSB Registration List Updated

  The FinCEN has updated the MSB Registration List with data current as of January 13, 2010. List  2/03/10

• Dugan Discusses Underwriting Standards and Securitization Markets

  In remarks before the American Securitization, Comptroller Dugan noted that a robust securitization market is vital to funding the needs of consumers and businesses, and urged policy makers to focus reform efforts on improving underwriting standards. Remarks  2/03/10

• Credit Risk Economics Working Paper Published

  The OCC has published an Economics Working Paper on the topic of "Correlation in Credit Risk". Paper  2/03/10

• What's New in HUD's Latest RESPA FAQ Update?

  In our February 1 Compliance Briefing and Top Stories we reported that HUD issued a third update of its RESPA. To help you focus on the new information, we've distilled HUD's document to pull out only the questions that have been changed or added since the last updated, which you can find HERE. HUD's full FAQ document, in PDF format, is also available for download.  2/02/10

• Counterfeit Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit checks bearing the name of the following institutions:

  1. Investors Savings Bank, Short Hills, NJ (Counterfeit Official Checks);
  2. Commercial Bank, Mason, TX (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  2/02/10

• Bank Director Website Launched

  A new website, Bank Director's Desktop, has been launched by the FRB to help new bank directors learn how they can work to ensure the safety and soundness of their institutions and also provides a refresher course for experienced board members. Desktop  2/02/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Peoples, Inc., a registered bank holding company, Peoples Bank, a state chartered member bank, both of Lawrence, KS, and the Federal Reserve Bank of Kansas City. Agreement  2/02/10

• Six Banks Closed: Deposits Assumed

  The FDIC has announced that the following banks have been closed by their primary regulator, and the FDIC appointed Receiver entered into purchase and assumption agreements with the listed institutions;

  1. First National Bank of Georgia, Carrollton, GA, by the OCC; deposits assumed by Community & Southern Bank, Carrollton, GA, a newly chartered institution;
  2. Florida Community Bank, Immokalee, FL, by the Florida Office of Financial Regulation; deposits assumed by Premier American Bank, National Association, Miami, FL;
  3. Marshall Bank, National Association, Hallock, MN, by the OCC; deposits assumed by United Valley Bank, Cavalier, ND;
  4. Community Bank and Trust, Cornelia, GA, by the Georgia Department of Banking and Finance; deposits assumed by SCBT, N.A., Orangeburg, SC;
  5. First Regional Bank, Los Angeles, CA, by the California Department of Financial Institutions; deposits assumed by First-Citizens Bank & Trust Company, Raleigh, NC;
  6. American Marine Bank, Bainbridge Island, WA, by the Washington Department of Financial Institutions; deposits assumed by Columbia State Bank, Tacoma, WA.

  First National; Florida Community; Marshall; Community; First Regional; American Marine  2/01/10

• RESPA FAQs Updated

  HUD has updated its New RESPA Rule Frequently Asked Questions (FAQs). FAQs  2/01/10

• $140,000 CMP and $10M Restitution

  The FDIC has announced that a South Dakota Bank will pay a $140,000 civil money penalty (CMP) and approximately $10 million to 283,000 credit card customers under the terms of settlement of charges of unfair and deceptive practices in connection with the bank's credit card billing procedures. FDIC NR; Settlement  2/01/10

• Enforcement Actions Announced

  A list of orders of 57 administrative enforcement actions taken against banks and individuals in December, 2009, has been released by the FDIC. List  2/01/10

• Lender Required to Hire Loan Consultant

  The terms of a settlement agreement with the FTC requires a home mortgage lender to hire an outside consultant to make sure it does not illegally charge higher prices to African-American and Hispanic consumers. Agreement  2/01/10

• First Quarterly PPIP Report Released

  The Treasury has released the initial quarterly report for the Legacy Securities Public-Private Investment Program ("PPIP"). PPIP  2/01/10

• NCUA Board Meeting Results

  The results of the January 29, 2010 meeting of the NCUA Board are available online. Results  2/01/10

OFAC has posted a technical announcement concerning maintenance scheduled for the Treasury Department's website on the evening of January 12, 2017. After the update, users will be forced to the HTTPS site, rather than being redirected from the HTTP site. This could affect scripts that users have developed to poll Treasury.gov for data. Treasury will also be updating the HTTPS certification it uses for its domain.

• Counterfeit Cashier's Checks Special Alerts

  Four Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the name of the following institutions:

  1. Bank of Granite, Granite Falls, NC;
  2. Bay Bank & Trust Company, Panama City, FL;
  3. Olde Cypress Community Bank, Clewiston, FL;
  4. Intermountain Community Bank, Payette, ID

  Information regarding the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  1/29/10

• Bernanke Confirmed

  The Senate has confirmed Ben Bernanke to a second term as chairman of the Federal Reserve by a 70 to 30 vote, three days before his current tenure was to expire. Confirmed  1/29/10

• Mortgage Modification Program Updated Guidance

  The Treasury and HUD have released updated guidance for servicers participating in the Administration's mortgage modification program. Treasury PR; HUD PR; Guidance  1/29/10

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of January 28, 2010. 314(a)  1/29/10

• Fed Funds Rates Unchanged

  The Federal Open Market Committee (FOMC) has announced 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, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. Rates  1/28/10

• The OTS Adds New Chapter and Section to Handbook

  A Regulatory Bulletin has been issued by the OTS announcing a new chapter in the Trust and Asset Management Handbook entitled "Specialty Examinations" which will contain a new section: Introduction to Document Custody. Bulletin  1/28/10

• Joint Agencies Publish Final Rule in FR for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs

  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) are amending their general risk-based and advanced risk-based capital adequacy frameworks by adopting a final rule that eliminates the exclusion of certain consolidated asset-backed commercial paper programs from risk-weighted assets; provides for an optional two-quarter implementation delay followed by an optional two-quarter partial implementation of the effect on risk-weighted assets that will result from changes to U.S. generally accepted accounting principles; provides for an optional two-quarter delay, followed by an optional two-quarter phase-in, of the application of the agencies' regulatory limit on the inclusion of the allowance for loan and lease losses (ALLL) in tier 2 capital for the portion of the ALLL associated with the assets a banking organization consolidates as a result of changes to U.S. generally accepted accounting principles; and provides a reservation of authority to permit the agencies to require a banking organization to treat entities that are not consolidated under accounting standards as if they were consolidated for risk-based capital purposes, commensurate with the risk relationship of the banking organization to the structure. TXT; PDF Effective:  March 29, 2010. Banking organizations may elect to comply with this final rule as of the beginning of their first annual reporting period that begins after November 15, 2009.  1/28/10

• Geithner Testifies Regarding AIG

  In testimony before the House Committee on Oversight and Government Reform, Secretary Geithner explained the actions taken in the AIG bailout. Testimony  1/28/10

• Reserve Position Report

  The Treasury has released the U.S. International Reserve Position Report for January 22, 2010. Report  1/28/10

• Two Written Agreements Announced

  The FRB has announced the execution of the following Written Agreements:

  1. by and between Riverside Banking Company, Fort Pierce, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
  2. by and among Northfield Bancshares, Inc., a registered bank holding company, Community Resource Bank, a state member bank, both of Northfield, MN, and the Federal Reserve Bank of Minneapolis.

  Riverside; Northfield  1/27/10

• Prohibition Orders Issued

  The NCUA has announced the issuance of orders prohibiting ten individuals from participating in the affairs of any federally insured financial institution. Orders  1/27/10

• Online Regulatory Filing System Announced

  The availability of Electronic Applications, or "E-Apps," a new free Internet-based system for financial institutions to submit regulatory filings, has been announced by the FRB. E-Apps allows institutions and their representatives to sign up to file applications online, eliminating the time and expense of printing, copying, and mailing the documents. E-Apps; Sign Up  1/26/10

• Written Agreement Executed

  The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among Cornerstone Bancshares, Inc., a registered bank holding company, Cornerstone Bank, a state chartered bank that is a member of the Federal Reserve System, both of Overland Park, KS, the Federal Reserve Bank of Kansas City, and the Kansas Office of the State Bank Commissioner. Agreement  1/26/10

• BSA Advisory Members Sought

  The FinCEN has issued a notice and request for nominations for membership in its Bank Secrecy Act (BSA) Advisory Group. Nominations  1/26/10

• Town Hall Meeting Agenda Released

  The NCUA has released the agenda for the town hall meeting to be held in Lake Buena Vista, FL, on February 4, 2010. Agenda  1/26/10

• 2010 Call Report Revisions FIL

  A FIL has been issued by the FDIC regarding the approval by the FFIEC of revisions to the reporting requirements for the Consolidated Reports of Condition and Income (Call Report) for implementation in 2010. The revisions incorporate certain modifications made in response to comments received on the proposed revisions which were published on August 19, 2009. FIL  1/25/10

• Five Banks Closed

  The following banks have been closed by their primary regulator:

  1. Premier American Bank, Miami, FL, by the Florida Office of Financial Regulation; the FDIC as receiver entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, FL, a newly-chartered national institution, to assume all of the deposits;
  2. Bank of Leeton, Leeton, MO, by the Missouri Division of Finance; the FDIC as receiver entered into a purchase and assumption agreement with Sunflower Bank, National Association, Salina, KS, to assume all of the deposits;
  3. Charter Bank, Santa Fe, NM, by the OTS; the FDIC as receiver entered into a purchase and assumption agreement with Charter Bank, Albuquerque, New Mexico, a newly-chartered federal savings bank and a subsidiary of Beal Financial Corporation, Plano, TX, to assume all of the deposits;
  4. Evergreen Bank, Seattle, WA, by the Washington Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, OR, to assume all of the deposits;
  5. Columbia River Bank, The Dalles, OR, by the Oregon Division of Finance and Corporate Securities; the FDIC as receiver entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, WA, to assume all of the deposits.

  Premier American; Bank of Leeton; Charter; Evergreen; Columbia River  1/25/10

• SAR Activity Review “ By the Numbers

  The FinCEN has released the 2009 mid-year issue of the SAR Activity Review “ By the Numbers. Summary; Activity Review  1/25/10

• FDIC and Bank of England: Troubled Institutions MOU

  A Memorandum of Understanding (MOU) has been agreed to by the FDIC and the Bank of England which expands their cooperation when they act as resolution authorities in resolving troubled deposit-taking financial institutions with activities in the United States and United Kingdom. MOU  1/25/10

• Quarterly Review of Interest Rate Risk

  The OTS has published the Third Quarter 2009 issue of the Quarterly Review of Interest Rate Risk. Quarterly Review  1/25/10

• Final Risk-Based Capital Rule Announced

  The federal banking and thrift regulatory agencies have announced the final risk-based capital rule related to the Financial Accounting Standards Board's (FASB) adoption of Statements of Financial Accounting Standards Nos. 166 and 167. The new accounting standards make substantive changes to how banking organizations account for many items, including securitized assets, that had been previously excluded from these organizations' balance sheets. Final Rule; FRB PR; FDIC FIL; OCC NR;
  OTS PR  1/22/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Tamalpais Bancorp, San Rafael, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  1/22/10

• 2010 HMDA Edits Updated

  The FFIEC has updated the 2010 HMDA Edits. Edits  1/22/10

• FTC Consumer Privacy Roundtable Agenda Released

  The FTC has released the agenda for its January 28, 2010, roundtable on consumer privacy issues. Agenda  1/22/10

• Check and E-Payment Studies Announced

  The FRB has announced plans to conduct a series of studies regarding the volume and composition of U.S. check and electronic payments similar to those conducted in 2001, 2004, and 2007. Studies  1/21/10

• Reverse Mortgage Proposed Guidance Bulletin

  The OCC has issued a bulletin regarding the previously announced FFIEC proposed Guidance on Reverse Mortgages that helps financial institutions address risks raised by lending through reverse mortgages. Information concerning the Guidance was posted in the December 18, 2009, Top Stories. Bulletin  1/21/10

• Fair Lending Booklet Bulletin

  The OCC has issued a bulletin announcing the revision of the electronic version of the Fair Lending Booklet of the Comptroller's Handbook. Changes in the booklet include sections of Regulation B, 12 CFR 202, Appendix L, Appendix J, the examination scope section and a new appendix. Bulletin; Booklet  1/21/10

• $35,000 For Dumping Consumer Records

  The Federal Trade Commission (FTC) has announced that $35,000 has been paid by a mortgage broker to settle charges of discarding consumers' personal financial records in a dumpster. Records  1/21/10

• IRR FIL

  The FDIC has issued a FIL regarding the previously issued FFIEC Advisory on financial institution management of interest rate risk (IRR). Information concerning the Advisory was posted in the January 8, 2010, Top Stories. FIL  1/21/10

• Mystery/Secret Shopper Employment FBI E-Scams Warning

  A warning has been issued by the FBI regarding email and U.S. mail scams involving employment schemes pertaining to mystery/secret shopper positions. As part of the scheme, the shopper receives a check to be deposited into the employee's bank account and funds are then wired to the employer. The check is a counterfeit and the shopper is responsible for the loss. Warning  1/21/10

• Bair on Commercial Real Estate

  In a presentation to the Commercial Mortgage Securities Association Annual Conference, Chairman Bair discussed the impact on commercial real estate (CRE) regarding the current market situation, bank credit problems, securitization reform, underwriting expectations, problem credit work-outs, promotion of good securitization and underwriting practices, and compensation reforms. Speech  1/21/10

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of January 20, 2010. Report  1/21/10

• OTS Financial Report

  The OTS has released its 2009 Financial Report. Report  1/21/10

• Counterfeit Checks Special Alerts

  The FDIC has issued three Special Alerts regarding counterfeit checks bearing the name of the following financial institutions:

  1. The Citizens Bank of Philadelphia, Philadelphia, MS (Counterfeit Official Checks);
  2. The Dime Bank, Honesdale, PA (Counterfeit Cashier's Checks);
  3. First Volunteer Bank of Tennessee, Chattanooga, TN (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  1/20/10

• February 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 February, 2010, 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  1/20/10

• SDGTSs Added to OFAC List

  Two individuals and one entity have been designated as Specially Designated Global Terrorists (SDGTs) by OFAC and their names added to the SDN List. SDN List  1/20/10

• Written Agreements Announced

  The FRB has announced the execution of the following Written Agreements by and among:

  • Bank of Virginia, a state chartered member bank, Midlothian, VA, the Federal Reserve Bank of Richmond, and the Virginia Bureau of Financial Institutions,
  • Community Financial Holding Company, Inc., Duluth, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia.

  Bank of Virginia; Community Financial  1/20/10

• Bernanke Sends GAO AIG Review Letter

  Chairman Bernanke has sent a letter to the Government Accounting Office (GAO) welcoming a full review of the Federal Reserve's involvement in the extension of credit to AIG. Letter  1/20/10

• FDIC Opens Midwest Satellite Office

  A temporary satellite office in suburban Chicago has been opened by the FDIC to manage assets of failed institutions. Office  1/20/10

• FHC List Updated

  The FRB has updated the list of banking holding companies that have elected to become or be treated as financial holding companies (FHCs) as of January 19, 2010. List  1/20/10

• Annual Thrift Satisfaction Survey

  A CEO Letter had been issued regarding the 2010 Annual Thrift Satisfaction Survey. CEO Letter  1/20/10

• New Electronic Interpretations and Actions

  The OCC has announced the January, 2010, New Electronic Interpretations and Actions. New  1/20/10

• November 2009 TIC

  The Treasury has released the Treasury International Capital (TIC) data for November, 2009. TIC  1/20/10

• Counterfeit Checks Special Alerts

  Three Special Alerts have been issued by the FDIC regarding counterfeit checks bearing the name of the following institutions:

  1. Iberville Bank, Plaquemine, LA (Counterfeit Official Checks);
  2. Silvergate Bank, La Jolla, CA(Counterfeit Cashier's Checks);
  3. Grand Bank of Texas, Grand Prairie, TX (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  1/19/10

• Three Banks Closed

  The FDIC has announced that following banks have been closed by their primary regulator:

  1. Town Community Bank and Trust, Antioch, IL, by the Illinois Department of Financial Professional Regulation, Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with First American Bank, Elk Grove Village, IL, to assume all of the deposits;
  2. St. Stephen State Bank, St. Stephen, MN, by the Minnesota Department of Commerce; the FDIC as receiver entered into a purchase and assumption agreement with First State Bank of St. Joseph, St. Joseph, MN, to assume all of the deposits;
  3. Barnes Banking Company, Kaysville, UT, by the Utah Department of Financial Institutions; the FDIC as receiver created the Deposit Insurance National Bank of Kaysville (DINB), which will remain open until February 12, 2010 to allow depositors access to their insured deposits and time to open accounts at other insured institutions.

  Town; St. Stephen; Barnes  1/19/10

• FDIC Propsoes Rulemaking for Incorporating Employee Compensation Criteria Into The Risk Assessment System

  The FDIC is seeking comment on ways that the FDIC's risk-based deposit insurance assessment system (risk-based assessment system) could be changed to account for the risks posed by certain employee compensation programs. Section 7 of the Federal Deposit Insurance Act (FDI Act) sets forth the risk-based assessment authorities underlying the FDIC's deposit insurance system.TXT; PDF  1/19/10

• Enforcement Actions Released

  The OCC has released the list of Enforcement Action recently taken against national banks and individuals. Actions  1/19/10

• Interest Rate Risk Management Symposium Announced

  The FDIC has announced that it will host a symposium on interest rate risk management in Arlington, VA, on January 29, 2010. Symposium  1/19/10

• Liquidity Risk Management Regulatory Bulletin

  A Regulatory Bulletin has been issued by the OTS regarding liquidity risk management and investment securities. Bulletin  1/19/10

• Consumer Mortgage Guide Updated

  The Consumer's Guide to Mortgage Settlement Costs has been updated by the FR. Guide  1/19/10

• January 2010 FedFlash Online

  The Federal Reserve Financial Services has posted the January, 2010, issue of FedFlash online. FedFlash  1/19/10

• Cost of Funds Reports Updated

  The OTS has updated the historical and current Cost of Funds Reports. Historical; Current  1/19/10

• G.17 Industrial Report

  The FR has released the December, 2009, G.17 Industrial Production and Capacity Utilization Report. G.17  1/19/10

• SDNTs Added to OFAC List

  A Columbia drug trafficker and nineteen individuals and sixteen entities related to his financial network have designated by OFAC as Specially Designated Narcotics Traffickers (SDNTs) and their names added to the SDN List. Information regarding the trafficker, individuals and entities has been posted on the OFAC page.  1/15/10

• FRB Publishes Final Rule in FR for Fair Credit Reporting Risk-Based Pricing Regulations

  The Board and the Commission are jointly issuing final rules to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amends the Fair Credit Reporting Act (FCRA). The final rules generally require a creditor to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor. the Privacy Act. TXT; PDF  1/15/10

• TARP Repayment Fee Proposed

  President Obama has proposed a Financial Crisis Responsibility Fee that would require the largest financial firms to pay the fee beginning June 30, 2010, for a minimum of ten years as reimbursement for funds paid under the TARP program. Proposal Fact Sheet; Example  1/15/10

• CRA Ratings Released

  The OCC has released the ratings received by thirty national banks that were recently evaluated for compliance with the CRA. Ratings  1/15/10

• Prompt Corrective Action Directive Announced

  The FRB has announced the issuance of a Prompt Corrective Action Directive with the consent of Old Southern Bank, Orlando, FL, a state chartered member bank. Directive  1/15/10

• IBBBB Deposits Purchased

  The FDIC has announced the execution of a purchase and assumption agreement with The Independent BankersBank, Irving, TX regarding the assets and deposits of the recently created Independent Bankers' Bank Bridge Bank, National Association (IBBBB) which was created to take over the operations of the closed Independent Bankers' Bank, Springfield, IL. Agreement  1/15/10

• Bair on Causes and Current State of Financial Crisis

  In testimony before Financial Crisis Inquiry Commission, Chairman Bair discussed the causes and current state of the financial crisis and noted that the enactment of FIRREA and FDICIA created incentives for financial services like subprime mortgages to grow outside of the regulated sector. The Chairman also provided a detailed chronology of events leading to the crisis and suggested reforms to prevent a recurrence. Statement  1/15/10

• Report to Congress

  The FRB has issued a Report to Congress on the case for a role for the Federal Reserve in bank supervision. Report  1/15/10

• Treasury Proposes Rulemaking for TARP; Privacy Act of 1974

  In accordance with the requirements of the Privacy Act of 1974, 5 U.S.C. 552a, the Department of the Treasury gives notice of a proposed amendment to this part to exempt several systems of records maintained by the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) from certain provisions of the Privacy Act. TXT; PDF  1/14/10

• Beige Book Update

  The FRB has published the January 13, 2010, update to the Beige Book. Summary; Full Report  1/14/10

• CIP Rule Regarding ACP Post Office Box Addresses

  FinCEN has issued guidance regarding customer identification (CIP) requirements as they relate to customers who are issued a post office box address as part of their participation in an address confidentiality program (ACP). Guidance  1/13/10

• Employee Compensation ANPR Issued

  The FDIC has approved an Advance Notice of Proposed Rulemaking (ANPR) seeking input on whether certain employee compensation structures pose risks that should be captured in the deposit insurance assessment program. ANPR  1/13/10

• 314(a) Fact Sheet Update

  The 314(a) Fact Sheet has been updated by FinCEN with data current as of January 12, 2010. 314(a)  1/13/10

• FRB Board Discount Rate Meeting Minutes

  The minutes of the Discount Rate Meeting on November 23 and December 14, 2010, have been released by the FRB. Minutes  1/13/10

• Credit Auction Results

  The results of the January 11, 2010, auction of $75 billion in 28-day credit have announced by the FRB. Results  1/13/10

• News From FedACH

  The Fourth Quarter, 2009, issue of News From FedACH is available online. News  1/13/10

• Prompt Corrective Action Announced

  The FRB has announced the issuance of a Prompt Corrective Action Directive with the consent of Barnes Banking Company, Kaysville, UT, a state chartered member bank. Action  1/12/10

• FRB Adopts IAS Check Transaction Codes

  Effective January 19, 2010, the Federal Reserve Banks have adopted Integrated Accounting System (IAS) transaction codes for check transactions. Codes  1/12/10

• Counterfeit Cashier's Checks Alert

  The OCC has issued an alert regarding counterfeit cashier's checks issued in the name of Broadway National Bank, San Antonio, TX. Information regarding the counterfeit cashier's checks has been posted on the Alerts and Counterfeits page.  1/11/10

• Washington Bank Closed: Deposits Assumed

  Horizon Bank, Bellingham, WA, has been closed by the Washington State Department of Financial Institutions and the FDIC as receiver entered into a purchase and assumption agreement with Washington Federal Savings and Loan Association, Seattle, WA, to assume all of the deposits. Horizon  1/11/10

• California CU Closed: Assets Assumed

  Kern Central Credit Union, Bakersfield, CA, has been closed by the California Department of Financial Institutions. NCUA immediately signed an agreement with Self-Help Federal Credit Union (Self-Help) of Federal Credit Union, Durham, NC, to assume the assets and liabilities. Kern  1/11/10

• OFAC Removes Names

  The names of six individuals and one entity previously designated as SDGTs or SDNTs have been deleted from the OFAC SDN List. Information regarding the deletions has been posted on the OFAC page.  1/11/10

• New Exam Procedures Announced

  The OCC has announced new examination procedures for the Protecting Tenants at Foreclosure Act of 2009 (Tenants Protection Act). Procedures  1/11/10

• Interest Rate Risk Bulletin

  The OCC has issued a bulletin regarding the previously released interagency advisory on Interest Rate Risk which was posted in the January 8, 2009, Top Stories. Bulletin  1/11/10

• $1 Billion Loan Portfolio Sale Winning Bidder Announced

  The winning bidder of the sale of an equity interest in a limited liability company (LLC) created to hold certain assets out of 22 failed bank receiverships has been announced by the FDIC. Sale  1/11/10

• Consumer Credit Report Released

  The November, 2009, G.19 Consumer Credit Report has been released by the FRB. G.19  1/11/10

• Counterfeit Money Orders and Cashier's Checks Special Alerts

  The FDIC has issued two Special Alerts regarding:

  1. Counterfeit Personal Money Orders bearing the name of Western National Bank, Odessa, TX;
  2. Counterfeit Cashier's Checks bearing the name of ProBank, Tallahassee, FL.

  Information regarding the counterfeit items has been posted on the Alerts & Counterfeits page.  1/08/10

• RR Advisory

  The Federal Financial Institutions Examination Council (FFIEC) has released an advisory reminding institutions of supervisory expectations for sound practices to manage interest rate risk (IRR). Advisory; FFIEC PR; FRB PR; OCC NR; FDIC PR; NCUA PR  1/08/10

• Written Agreements Executed

  The FRB has announced the execution of two Written Agreements by and between:

  1. Heritage Bancshares, Orange Park, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
  2. Prime Pacific Financial Services, Inc., Lynnwood, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco.

  Heritage; Prime  1/08/10

• Debt Collection Supervisors Pay CMPs

  The FTC has announced a settlement with the supervisors of two debt collection companies which previously paid civil money penalties of $2.25 million for violating the FTC Act and the FDCPA while collecting debts. The supervisors agreed to pay civil penalties of $375,000 and $300,000. CMPs  1/08/10

• January FedFocus Online

  The Federal Reserve Financial Services has posted the January, 2010m issue of FedFocus online. FedFocus  1/08/10

• Reserve Position Report Updated

  The Treasury has updated the U.S. International Reserve Position Report with data current as of December 31, 2009. Report  1/08/10

• HUD Settlement Cost Booklet Updated

  An updated HUD Settlement Cost booklet has been released in PDF and Word versions. PDF; Word  1/07/10

• Written Agreements Executed

  The FRB has announced the execution of the following Written Agreements:

  • by and among First Cherokee Bancshares, Inc., Woodstock, GA, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
  • by and between Wakulla Bancorp, Crawfordville, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
  • by and between Sunshine Bankshares, Inc., Port Orange, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta.

  First Cherokee; Wakulla; Sunshine  1/07/10

• FDIC Proposes Rulemaking for Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets

  The Federal Deposit Insurance Corporation is issuing this Advance Notice of Proposed Rulemaking to solicit public comment regarding proposed amendments regarding the treatment by the FDIC, as receiver or conservator of an insured depository institution, of financial assets transferred by the institution in connection with a securitization or a participation after March 31, 2010 (the "ANPR"). The ANPR requests comments on the standards that should be adopted to provide safe harbor treatment in connection with participations and securitizations issued after March 31, 2010. TXT; PDF  1/07/10

• CRA Ratings Released

  The OTS has released the rating received by savings associations that were recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  1/07/10

• FOMC Minutes Released

  The FRB and the Federal Open Market Committee has released the minutes of the committee meeting held on December 15-16, 2009. Minutes  1/07/10

• IFDP Working Paper Published

  The FRB has published a working paper in the International Finance Discussion Paper (IFDP) Series on the topic of "Are Chinese Exports Sensitive to Changes in the Exchange Rate?" Abstract; Full Paper  1/07/10

• Keep Up With RESPA FAQ Changes

  Beating the implementation date of January 1 for many of the RESPA changes,HUD updated the RESPA FAQ yet again. The latest version is dated December 30, 2009. If you've been keeping up with this, you need to know what has
  changed. You'll find just a compilation of the 12/30 changes on this page we've created. You'll want the new PDF document in its entirety and that is also available for
  download.  1/06/10

• CRA Ratings Released

  The FDIC has released the ratings received by state member banks that were recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings  1/06/10

• 314(a) Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of January 4, 2010. 314(a)  1/06/10

• 2008 FFIEC HMDA Reports Errors Corrected

  The FFIEC has discovered and corrected some errors that were posted previously on the HMDA Reports for 2008 “ National Aggregates, MSA Aggregates and Institution Disclosure Statements. HMDA  1/06/10

• CU Merger Announced

  The NCUA has announced that effective December 31, 2009, First Service Credit Union, of Milwaukee, WI, merged with Marine Credit Union, of Fond Du Lac, WI. Merger  1/06/10

• Prompt Corrective Action Directive Issued

  The FRB has announced the issuance of a Prompt Corrective Action Directive with the consent of Sun American Bank, Boca Raton, FL, a state chartered member bank. Directive  1/05/10

• Federal Reserve Publishes Final Rule in FR for Availability of Funds and Collection of Checks

  The Board of Governors 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 Atlanta 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. Subsequent to these amendments, there will only be a single check-processing region for purposes of Regulation CC and there will no longer be any checks that are nonlocal. TXT; PDF  1/05/10

• Exchange Rates Report Issued

  The FRB has issued the December, 2009, G.5 Foreign Exchange Rates Report. G.5  1/05/10

• Written Agreement Announced

  The execution of a Written Agreement by and between Sterling Financial Corporation, Spokane, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco has been announced by the FRB. Agreement  1/04/10

• Treasury Fiscal Service Proposes Rulemaking for Endorsement and Payment of Checks Drawn on the United States Treasury

  The Department of the Treasury, Financial Management Service (FMS), is proposing to amend its regulation governing the endorsement and payment of checks drawn on the United States Treasury, to provide that Treasury may direct Federal Reserve Banks to debit a financial institution's account at the financial institution's servicing Federal Reserve Bank for all check reclamations that the financial institution has not protested. Financial institutions will continue to have the right to file a protest with FMS if they believe a proposed reclamation is in error. TXT; PDF  1/04/10

• Chinese Company Added to OFAC List

  The Treasury has designated a Chinese company as a NPWMD and added its name to the SDN List. Information regarding the company has been posted on the OFAC page.  1/04/10

• Check Processing Operations Restructured

  The FRB has announced the restructuring of check processing operations in the Fourth and Sixth districts and the approval of amendments to Appendix of Reg CC. Check Processing  1/04/10

• Credit Union Liquidated

  The NCUA has announced the liquidation of HeritageWest Federal Credit Union of Tooele, UT. Chartway Federal Credit Union has purchased and assumed HeritageWest Federal Credit Unions assets, loans and shares. HeritageWest  1/04/10

• Fourth Quarter 2009 Call Report FIL

  A FIL has been issued by the FDIC regarding the preparation, editing, review and submission of the December 31, 2009 Call Report. FIL  1/04/10

• Section 19 Letters Published

  Twelve letters have been published by the FRB regarding notification that certain individuals are prohibited under the provisions of Section 19 of the Federal Deposit Insurance Act from becoming or continuing as an institution-affiliated party with respect to any insured banking organizations or credit unions. Letter 1; Letter 2; Letter 3; Letter 4; Letter 5; Letter 6; Letter 7; Letter 8; Letter 9; Letter 10; Letter 11; Letter 12  1/04/10

• Bernanke Discusses Monetary Policy and the Housing Bubble

  At a presentation at the annual meeting of the American Economic Association in Atlanta, Chairman Bernanke discussed monetary policy and the housing bubble. Speech  1/04/10

• G.20 Finance Companies Report

  The October, 2009, G.20 Finance Companies report has been released by the FRB. G.20  1/04/10

• HUD Updates RESPA Q&A Again

  HUD posted yet another update to its RESPA FAQ document on its website today. The update, which carries a 12/30/2009 date, includes several additions to the collection of questions from industry participants. The additions, scattered throughout the document, are highlighted in bold print. RESPA FAQ  12/31/09

• Treasury Restructures GMAC Commitment

  The Treasury has announced that it is restructuring its investment in GMAC to protect taxpayers and put GMAC in a position to raise private capital and pay back taxpayers as soon as practicable. GMAC 12/31/09

• Order of Prohibition and CMP

  The OTS has issued an Order of Prohibition and assessed a civil money penalty (CMP) of $2,500 against a former institution-affiliated party who, while subject to previously issued Order of Prohibition, became an employee of a financial institution consulting firm and participated in the conduct of the affairs of insured depository institutions.
  Order 12/30/09

• New Electronic Interpretations and Actions

  The OCC has posted online the December 2009 issue of New Electronic Interpretations and Actions.New 12/30/09

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of December 24, 2009. Report 12/30/09

• Enforcement Actions Released

  A list of fifty-one orders of administrative enforcement actions recently taken against banks and individuals has been released by the FDIC. List  12/29/09

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement between AMB Financial Services Corporation, Bainbridge Island, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  12/29/09

• Reg D Amendments Proposed

  Amendments to Regulation D (Reserve Requirements of Depository Institutions) that would enable the establishment of a term deposit facility under which the Federal Reserve Banks would offer interest-bearing term deposits to eligible institutions through an auction mechanism have been proposed by the FRB. Amendments  12/29/09

• Joint Agencies Publish Technical Amendment to Final Rule in FR for Community Investment Act Regulations

  The OCC, the Board, the FDIC, and the OTS are amending their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define "small bank" or "small savings association" and "intermediate small bank" or "intermediate small savings association." As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index. TXT; PDF  12/29/09

• NCUA Proposes Rulemaking for Chartering and Field of Membership for Federal Credit Unions

  The NCUA Board proposes to amend its chartering and field of membership manual to update its community chartering policies. These amendments include using objective and quantifiable criteria to determine the existence of a local community and defining the term "rural district". The amendments clarify NCUA's marketing plan requirements for credit unions converting to or expanding their community charters and define the term "in danger of insolvency" for emergency merger purposes. TXT; PDF  12/29/09

• Monetary Policy FEDS Working Paper

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of Monetary Policy and the Housing Bubble has been published. Abstract; Full Paper  12/29/09

• Treasury Issues Update on Status of Support for Housing Programs

  The Treasury Department provided an update on initiatives established under the Housing and Economic Recovery Act (HERA) of 2008, which supports housing market stabilization and provides relief to struggling homeowners. As part of a commitment to wind down programs that were established during the crisis and are no longer critical to financial stability, the Treasury will terminate several HERA programs at the end of the year. The Treasury will also amend the terms of its agreements with Fannie Mae and Freddie Mac to support their ongoing stability. Announcement; Freddie Mac Amendment; Fannie Mae Amendment  12/28/09

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Centrue Financial Corporation, Clayton, MO, a registered bank holding company, Centrue Bank, Streator, IL, a state chartered member bank, the Federal Reserve Bank of Chicago, and the Illinois Department of Financial and Professional Regulation, Division of Banking. Agreement  12/28/09

• FRB Publishes Final Rule in FR for Home Mortgage Disclosure

  The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure) to reflect no change in the asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW). The exemption threshold remains $39 million. The CPIW decreased by 0.98 percent during the twelve-month period ending in November 2009, but this change is too small to warrant any reduction in the exemption threshold pursuant to Regulation C; therefore, depository institutions with assets of $39 million or less as of December 31, 2009, are exempt from collecting data in 2010. TXT; PDF  12/28/09

• December Reporting Forms Information Issued

  The FFIEC has issued and posted online information for the December 2009 009 and 009a Reporting Forms.009 Form;
  009 Instructions;
  009a Form;
  009a Instructions   12/24/09

• Extra Credit Report Cost Reduction; Mortgage Scam Charges

  The FTC has announced that it is lowering from $11 to $10.50 the maximum amount that consumer reporting agencies are allowed to charge consumers for an extra copy of their credit report, and that three more defendants have been charged with promoting phony mortgage relief services.FTC   12/24/09

• TIAC 2010 Officers and Members Announced

  The FRB has announced that five new members named to the Thrift Institutions Advisory Council and a new president and vice president have been named for 2010.
  TIAC   12/24/09

• Survey of Terms of Business Lending Released

  The E.2 Survey of Terms of Business Lending for November 2-6, 2009, has been released by the FRB.E.2   12/24/09

• FDIC Quarterly released

  The FDIC announced its release of the current issued of the FDIC Quarterly, which includes a feature article that highlights findings from the 2009 Summary of Deposits, an annual survey of bank and thrift deposits. The article reports on national trends in domestic deposits and banking offices and also presents some information by state, metropolitan area, and institution. FDIC Quarterly  12/24/09

• Treasury receives $45B in TARP repayments

  Treasury announced that it had received repayments on its Troubled Asset Relief Program (TARP) investments in Wells Fargo and Citigroup in the sum of $45 billion, bringing the total amount of repaid TARP funds to $164 billion. Wells Fargo repaid $25 billion under the Capital Purchase Program (CPP) and Citigroup repaid $20 billion under the Targeted Investment Program (TIP), both of which will wind down at the end of this year. Treasury now estimates that total bank repayments should exceed $175 billion by the end of 2010, cutting total taxpayer exposure to the banks by three-quarters. TARP Announcement  12/24/09

• Iraq Insurgent Group Added To OFAC List

  Treasury has designated the Iraq-based insurgent group Jaysh Rijal al-Tariq al-Naqshabandi (JRTN) and added its name to the SDN List for threatening the peace and stabilization efforts in Iraq. Information regarding the group has been posted on the BOL OFAC Page.  12/23/09

• $217,000 OFAC CMP

  Lloyds TSB Bank, plc has agreed to pay $217,000 to settle allegations of violations of the OFAC Iranian Transactions Regulations, the Sudanese Sanctions Regulations, and the now repealed Libyan Sanctions Regulations.Lloyds  12/23/09

• CRA Asset-Size Threshold Adjustments

  The annual adjustment to the asset-size thresholds used to define "small bank," "small savings association," "intermediate small bank," and "intermediate small savings association" under the CRA regulations have been announced by the federal bank regulatory agencies.Adjustments;
  FRB PR;
  FDIC PR;
  OCC NR;
  OTS PR;
  FFIEC PR  12/23/09

• Risk-Based Pricing Notices Final Rules

  The FRB and FTC have announced final rules that generally require a creditor to provide a consumer with a notice when, based on the consumer's credit report, the creditor provides credit to the consumer on less favorable terms than it provides to other consumers. The final rules are effective January 1, 2011.
  Final Rules;  
  FRB PR;   
  FTC NR  12/23/09

• Reg C Annual Asset-Size Exemption Threshold

  The annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), has been published by the FRB.Threshold  12/23/09

• Community Bank Directors Workshop

  The OCC will host a workshop for directors of nationally chartered community banks in San Diego, at the Hyatt Regency Mission Bay, February 1-3, 2010. Online registration is available.  Agenda;  Registration  12/23/09

• Financial Reporting Bulletin

  The December 2009 issue of the Financial Reporting Bulletin has been published by OTS.
  Bulletin  12/23/09

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of December 18, 2009.Report  12/22/09

• Mortgage Metrics Report Released

  The OCC and OTS have released the Mortgage Metrics Report for Third Quarter 2009.
  Report;
  OCC NR  12/22/09

• Fed Informs Atlanta Zone of Closing Plans

  In a December 17 memo, depository institutions in the Atlanta check processing zone learned the date on which the Fed plans to complete its consolidation of check processing at the Federal Reserve Bank of Cleveland. The Atlanta office will no longer accept paper checks for processing aft 12:01 a.m. on Friday, February 26, 2010. Depositary banks throughout the country can expect that the Federal Reserve Board will update Appendix A to Regulation CC to effectively eliminate the non-local check category effective on February 27. Announcement   12/21/09

• Enforcement Actions Released

  The OCC has released the list of Enforcement Actions recently taken against national banks and individuals currently and formerly affiliated with national banks. The Actions include a $1,000 CMP issued for Flood violations which has been posted on the BOL Flood Penalties Watch Page. List 12/21/09

• Reg DD Exam Procedures Updated

  The FRB has issued a Consumer Affairs Letter (CA) and OTS a CEO Letter and a Regulatory Bulletin regarding updated examination procedures for Regulation DD (Truth in Savings). CA Letter;
  CEO Letter;
  Regulatory Bulletin;
  Reg DD Checklist 12/21/09

• Commercial Bank Manual Updated

  The semi-annual update of the Commercial Bank Supervision Manual has been published by the FRB.
  Full Manual;
  By Section 12/21/09

• FinCEN Updates North Korean Advisory

  An additional North Korean bank has been added by FinCEN to previously issued guidance regarding the involvement by Democratic People's Republic of Korea (North Korea) government agencies and front companies in illicit activities. The original guidance was posted in the June 19, 2009 BOL Top Stories.
  Update 12/21/09

• OCC Annual Report

  The OCC has published its 2009 Annual Report regarding the regulators finances, management, and consumer protection activities along with its effort to restore safety and soundness to the financial system.
  Report 12/21/09

• Ag Finance Databook Updated

  The FRB has released the December 2009 update to the E.15 Agricultural Finance Databook.
  E.15 12/21/09

• Third Quarter Household Ratios Released

  The Household Debt Service and Financial Obligations Ratios for the third quarter 2009 have been released by the FRB.
  Ratios 12/21/09

• Derivatives Credit Exposures Decline

  The OCC's Quarterly Report on Bank Trading and Derivatives Activities indicates the credit risk in bank trading activities continued to decline in the third quarter of 2009.
  Report 12/21/09

• Counterfeit Checks Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit bank checks bearing the name of American Savings, FSB, Munster, Indiana. Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  12/18/09

• $135,000 Flood CMP

  The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $135,000 against Regions Bank, Birmingham, AL, in connection with its alleged violations of the Board's regulations implementing the National Flood Insurance Act. Information regarding the CMP has been posted on the Flood Penalties Watch page.  12/18/09

• FFIEC Issues Reverse Mortgage Products Guidance

  The Federal Financial Institutions Examination Council (FFIEC) has released proposed guidance today on reverse mortgage products which is designed to help financial institutions ensure that their risk management and consumer protection practices adequately address the compliance and reputation risks raised by reverse mortgage lending. Guidance  12/18/09

• BSA Interagency Guidance Issued

  The federal banking agencies have issued a guidance corresponding to the release of a Basel Committee on Banking Supervision (BCBS) publication addressing transparency in cross-border payment messages. Guidance; BCBS; OCC Bulletin; FDIC FIL; FRB SA Letter   12/18/09

• BHC Change Control Letter

  A letter has been published by the FRB regarding a legal interpretation advising a BHC that it would not be deemed to control an entity under the Bank Holding Company Act, as amended, if the transactions described in the letter are conducted according to certain conditions described in the letter and related correspondence. Letter  12/18/09

• Winter Issue Supervisory Insights

  The FDIC has published the 2009 Winter issue of Supervisory Insights, which features an article that focuses on the critical need for banks to have strong, effective interest-rate risk (IRR) management programs that help mitigate excessive exposure. Insights; FDIC FIL  12/18/09

• Regulators Encourage Basel Comments

  The U.S. Federal financial institution regulators are encouraging comments on the recently released new proposals from the Basel Committee on Banking Supervision that aim to strengthen the resiliency of the banking sector through new capital and liquidity standards. Proposals; OCC NR; FRB PR; FDIC PR; OTS CEO   12/18/09

• 2010 CAC Members Named

  Ten new members have been named to the FRB Consumer Advisory Council for three-year terms and a new Chair and Vice Chair of the Council have been designated for 2010. CAC   12/18/09

• Reserve Position Update

  The U.S. International Reserve Position Report has been updated with data current as of December 11, 2009. Report  12/18/09

• FinCEN Annual Report

  FinCEN has published its 2009 Annual Report. Report  12/18/09

• NCU Board Meeting Results

  The results of the December 17, 2009, meeting of the NCUA Board have been released. Results  12/18/09

• HUD Revises Settlement Costs Booklet

  HUD posted its revised settlement costs booklet, Shopping for Your Home Loan, on its site this morning. Lenders are required by 3500.6 of HUD's Regulation X to provide a copy of the booklet to any person from whom the lender receives, or for whom the lender prepares, a written application for a federally related mortgage loan. The regulation calls for HUD to publish the revised booklet in the Federal Register. Booklet   12/17/09

• $536M OFAC Penalty Announced

  The largest penalty in the history of OFAC, a $536 million global settlement with Credit Suisse AG, has been announced by OFAC, the Department of Justice and the New York County District Attorney's Office. The penalty results from the processing of thousands of transactions over a 20-year period that concealed the involvement of sanctioned parties and the routing of wire transfers and securities transactions to and through the United States. The FRB also announced the issuance of a consent Order to Cease and Desist against Credit Suisse AG. Penalty; Order  12/17/09

• CRA Ratings Released

  The OCC has released the ratings received by twenty-five national banks that were recently examined for compliance with the CRA. Ratings  12/17/09

• January 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 January, 2010, 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  12/17/09

• FOMC Maintains Fed Funds Rates

  The Federal Open Market Committee (FOMC) has announced 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, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. Rates  12/17/09

• Regulatory Capital Rule Finalized

  The FDIC has announced that it has finalized a final rule to better align regulatory capital requirements with the actual risks of certain exposures relating to the Financial Accounting Standards Board's adoption of Statements of Financial Accounting Standards Nos. 166 and 167. Rule  12/17/09

• Reverse Mortgage Guidance

  A CEO Letter has been issued by the OTS regarding proposed reverse mortgage guidance. Letter  12/17/09

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with date current as of December 15, 2009. 314(a)
    12/17/09

• Counterfeit Checks and Drafts Special Alerts

  The FDIC has issued seven Special Alerts regarding counterfeit checks and drafts bearing the name of the following entities:

  • The Palmetto Bank, Laurens, SC (Counterfeit Official Checks);
  • Central Bancompany, Jefferson City, MO (Counterfeit Missouri Department of Revenue Checks);
  • Summit Bank, Prescott, AZ(Counterfeit Checks);
  • Cherokee Bank, National Association, Canton, GA (Counterfeit Cashier's Checks);
  • The Bank of Currituck, Moyock, NC (Counterfeit Cashier's Checks);
  • Texas Champion Bank, Alice, TX (Counterfeit Cashier's Checks);
  • Rolfe State Bank, Rolfe, IA (Counterfeit Certified Bank Drafts).

  Information concerning the counterfeit items has been posted on the Alerts & Counterfeits page.  12/16/09

• Cartel Members Added to OFAC List

  OFAC has designated two Mexican nationals, one Colombian national, two Mexican companies and two Colombian companies as Specially Designated Narcotics Traffickers (SDNTs) for providing material support to the drug trafficking activities of the Sinaloa Cartel and added their names to the SDN List. Information regarding the individuals and the companies has been posted on the OFAC page.  12/16/09

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among 1st Pacific Bancorp, a registered bank holding company, 1st Pacific Bank of California, a state member bank, both of San Diego, CA, and the Federal Reserve Bank of San Francisco. Agreement  12/16/09

• FDIC Approves ANPR Safe Harbor

  The FDIC Board has approved an Advance Notice of Proposed Rulemaking (ANPR) Regarding Safe Harbor Protection for Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation. ANPR  12/16/09

• Dugan Issues Securitizations Rulemaking Statement

  At a meeting of the board of the FDIC, Comptroller Dugan issued a statement regarding the ANPR on Securitizations. Statement  12/16/09

• December FedFlash

  The December, 2009, issue of FedFlash is available online and features articles regarding the price change for Fed Funds Checks Service, NOI cash letter requirements, the Check Adjustment Webinar Series, Special Order Presidential $1 coins, new FedReceipt RTNs, and new methods to boost retirement savings. FedFlash  12/16/09

• Credit Auction Results

  The results of auction of $75 billion in 28-day credit held on December 14, 2009, have been announced by the Federal Reserve. Auction  12/16/09

• Financial Literacy Campaign Announced

  The OCC has announced it plans to launch in partnership with Univision, the nation's largest Spanish-language media company, a consumer financial education campaign for U.S. Hispanic consumers. Campaign  12/16/09

• October TIC Data Released

  The Treasury has released the Treasury International Capital (TIC) data for October, 2009. TIC  12/16/09

• Production and Capacity Report

  The G. 17 Industrial Production and Capacity Utilization Report for November, 2009, has been published by the Federal Reserve. G.17  12/16/09

• Cost of Funds Reports Update

  The OTS has issued updated Current and Historical Cost of Funds reports. Historical; Current  12/16/09

• TCF Warrants Offered

  The Treasury has announced that it has commenced a secondary public offering of approximately 3,199,988 warrants to purchase the common stock of TCF Financial Corporation. Warrants  12/15/09

• Change in Control Exemption Granted

  A letter has been released by the FRB granting an exemption under its advanced capital adequacy framework for bank holding companies to permit an applicant to extend its first floor period start date by one year. Letter  12/15/09

• HUD Proposes Rulemaking for SAFE Mortgage Licensing Act

  HUD published proposed rules covering its responsibilities under the SAFE Mortgage Licensing Act.TXT; PDF  12/15/09

• Three Banks Closed Deposits Assumed

  The following banks have been closed by their primary regulator:

  1. Republic Federal Bank, National Association, Miami, FL, by the Office of the OCC; the FDIC as receiver entered into a purchase and assumption agreement with 1st United Bank, Boca Raton, FL, to assume all of the deposits;
  2. Valley Capital Bank, National Association, Mesa, AZ, by the Office of the OCC; the FDIC as receiver entered into a purchase and assumption agreement with Enterprise Bank & Trust, Clayton, MO, to assume all of the deposits;
  3. SolutionsBank, Overland Park, KS, the Office of the State Bank Commissioner of Kansas; the FDIC as receiver entered into a purchase and assumption agreement with Arvest Bank, Fayetteville, AR, to assume all of the deposits.

  Republic; Valley; SolutionsBank  12/14/09

• Written Agreement Executed

  The execution of a Written Agreement by and between First Mariner Bancorp, Baltimore, MD a registered bank holding company, and the Federal Reserve Bank of Richmond has been announced by the FRB. Agreement   12/14/09

• Bair Discusses BOA Acquisition of ML

  In testimony before the House Committee on Oversight and Government Reform and the Subcommittee on Domestic Policy, Chairman Bair presented testimony on the FDIC's role in the decision to provide assistance to Bank of America to acquire Merrill Lynch. Testimony  12/14/09

• Warrants Public Offering Prices Announced

  The Treasury has announced the pricing of a secondary public offering of 88,401,697 warrants to purchase common stock of JPMorgan Chase & Co. Pricing  12/14/09

• BSA E-Filing Error Codes

  FinCEN has announced that the BSA Electronic Filing Requirements have been revised to include the SAR Acknowledgment file record formats and SAR Validation error codes for correcting errors in electronically batch-filed suspicious activity reports. Codes  12/11/09

• MSB Registration List Updated

  The FinCEN has updated the MSB Registration List with data current as of November 17, 2009. List  12/11/09

• Geithner Testifies

  Secretary Geithner presented written testimony regarding current U.S. financial and economic conditions to the Congressional Oversight Panel. Testimony  12/11/09

• December 2009 FedFocus

  The December, 2009, issue of FedFocus has been posted online and features articles regarding the upgrading of the technology platform for delivering FedCash® Services. FedFocus  12/11/09

• MHA Data Released

  The latest monthly report for the Making Home Affordable (MHA) loan modification program has been released. Monthly Report  12/11/09

• Treasury to Release Data

  The Treasury has announced that will increase public access to data on tax returns, more user friendly information on transactions under the Troubled Asset Relief Program (TARP), and a new report on bank trading and derivatives. Data  12/10/09

• Community Bank Directors Miami Workshop Information

  The OCC has released registration and agenda information regarding the workshops for directors of nationally chartered community banks to be held in Miami, at the Hyatt Regency Coral Gables, on January 12-13, 2010. Agendas; Registration  12/10/09

• Third Quarter State Profiles

  The FDIC has released the Third Quarter 2009 State Profiles, the quarterly data sheet summation of banking and economic conditions in each state. Profiles  12/10/09

• Written Agreement with Iowa BHC

  The FRB has announced the execution of a Written Agreement by and between River Valley Bancorp, Inc., Davenport, IA, a registered bank holding company, and the Federal Reserve Bank of Chicago. Agreement  12/09/09

• Free Brokered Deposits Telephone Seminar

  A FIL has been issued by the FDIC announcing a free telephone seminar for financial institution officers and employees to discuss issues related to brokered deposits and the interest-rate restrictions to be held on December 10, 2009, at 2:00 p.m. EST. FIL  12/09/09

• FRB Publishes Final Rule in FR for Extensions of Credit by Federal Reserve Banks

  This final rule amends Regulation A to provide a process by which the Federal Reserve Bank of New York may determine the eligibility of credit rating agencies in the Term Asset-backed Securities Loan Facility. The final rule does not apply to discount window lending or other extensions of credit provided by the Federal Reserve System. In addition, the final rule only applies to asset-backed securities that are not backed by commercial real estate. The amendment does not represent a change in the stance of monetary policy. TXT; PDF  12/09/09

• NCUA Proposes Rulemaking for Corporate Credit Unions

  NCUA is issuing proposed amendments to its rule governing corporate credit unions contained in part 704. The major revisions involve corporate credit union capital, investments, asset-liability management, governance, and credit union service organization (CUSO) activities. The amendments would establish a new capital scheme, including risk-based capital requirements; impose new prompt corrective action requirements; place various new limits on corporate investments; impose new asset-liability management controls; amend some corporate governance provisions; and limit a corporate CUSO to categories of services preapproved by NCUA. TXT; PDF  12/09/09

• JPMorgan Chase Public Offering

  The Treasury has announced that it has commenced a secondary public offering of approximately 88,401,697 warrants to purchase the common stock of JPMorgan Chase & Co. Offering  12/09/09

• Reserve Position Update

  The U.S. International Reserve Position Report has been updated by the Treasury with data current as of December 4, 2009. Report  12/08/09

• Written Agreement Announced

  The execution of a consent Cease and Desist Order by and among Pierce County Bancorp, Tacoma, WA, a registered bank holding company, Pierce Commercial Bank, a state chartered member bank, the Federal Reserve Board, and the Washington State Department of Financial Institutions has been announced by the FRB. Agreement  12/08/09

• Mortgage Loan Modifications and Reg B CA Letter

  A Consumer Affairs (CA) letter has been issued by the FRB to address questions received from consumer compliance examiners regarding whether adverse action notices under Regulation B (Equal Credit Opportunity) are required for mortgage loan modification declinations, including those made pursuant to Treasury's Making Home Affordable Modification Program ("HAMP"). CA Letter  12/08/09

• Community Bank Directors Workshops 2010 Schedule

  The schedule for the 2010 Community Bank Directors Workshops has been announced by the OCC. Schedule  12/08/09

• Financial Holding Company List

  The FRB has updated the list of bank holding companies that have elected to become or be treated as financial holding companies as of November 7, 2009. List  12/08/09

• Consumer Credit Report

  The October 2009 G. 19 Consumer Credit Report has been released by the FRB. G.19  12/08/09

• Six Banks Closed: All Deposits Assumed

  The FDIC has announced that the following banks have been closed by their primary regulators:

  1. Buckhead Community Bank, Atlanta, GA, was closed today by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, GA, to assume all of the deposits;
  2. First Security National Bank, Norcross, GA, was closed today by the OCC; the FDIC as receive entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, GA, to assume all of the deposits;
  3. Tattnall Bank, Reidsville, GA, was closed today by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with HeritageBank of the South, Albany, GA, to assume all of the deposits;
  4. AmTrust Bank, Cleveland, OH, was closed today by the OTS; the FDIC) as receiver entered into a purchase and assumption agreement with New York Community Bank, Westbury, NY, to assume all of the deposits;
  5. Benchmark Bank, Aurora, IL, was closed today by the Illinois Department of Financial and Professional Regulation; the FDIC as receiver entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, IL, to assume all of the deposits;
  6. Greater Atlantic Bank, Reston, VA, was closed today by the OTS; the FDIC as receiver entered into a purchase and assumption agreement with Sonabank, McLean, VA, to assume all of the deposits.

  Buckhead; First Security; Tattnall; AmTrust; Benchmark; Greater Atlantic  12/07/09

• BSA E-Filing SAR Reminder

  The second phase of the BSA E-Filing SAR Acknowledgements and Validation process will be implemented by FinCEN on December 12, 2009. Phase II applies data quality checks and will provide filers with information on the quality of their submissions for electronically filed SARs of all types including Suspicious Activity Report by Depository Institutions (SAR-DI) and Suspicious Activity Report by Money Services Businesses (SAR-MSB). SAR Filing  12/07/09

• Treasury Publishes Corection to Interim Final Rule in FR

  One correction is to the preamble of an interim final rule that was published in the Federal Register on Monday, June 15, 2009 (74 FR 28394), relating to certain standards for compensation and corporate governance applicable to financial institutions receiving funds under the Troubled Assets Relief Program (TARP). The rule relates to certain standards for compensation and corporate governance applicable to financial institutions receiving funds under the Troubled Asset Relief Program (TARP). Preamble (TXT); Preamble (PDF);    Rule (TXT); Rule (PDF)  12/07/09

• CRA Ratings Released

  The ratings received by state non-member banks recently evaluated for compliance with the Community Reinvestment Act (CRA) has been released by the FDIC. Ratings  12/07/09

• Interest Rate Restrictions FIL Issued

  The FDIC has issued a FIL and Q&A regarding process for determining if an institution that is subject to interest-rate restrictions is operating in a high-rate area. FIL; Q&A  12/07/09

• Warrant Public Auction Pricing

  The pricing of the public offering of warrants to purchase common stock of Capital One Financial Corporation has been announced by the Treasury. Pricing  12/07/09

• ABS Credit Rating Final Rule

  The FRB has announced the adoption of a final rule that would establish criteria to be used by the Federal Reserve Bank of New York to determine the eligibility of credit agencies to issue credit ratings on asset-backed securities (ABS). Final Rule  12/07/09

• Counterfeit Checks and Money Orders Special Alerts

  The FDIC has issued five Special Alerts regarding counterfeit cashier's checks and personal money orders bearing the name of the following institutions:

  • Crescent State Bank, Cary, North Carolina (Counterfeit Cashier's Checks);
  • American Momentum Bank, Tampa, FL (Counterfeit Cashier's Checks);
  • Country Bank for Savings, Ware, MA (Counterfeit Personal Money Orders);
  • Plattsmouth State Bank, Plattsmouth, NE(Counterfeit Cashier's Checks); and
  • LegacyTexas Bank, Plano, TX (Counterfeit Cashier's Checks).

  Information regarding the counterfeit items has been posted on the Alerts & Counterfeits page.  12/04/09

• Mexican Drug Kingpin Associates Added to OFAC List

  Pursuant to the provisions of the Foreign Narcotics Kingpin Designation Act (Kingpin Act), OFAC has designated 22 individuals and 10 companies as Specially Designated Narcotics Traffickers (SDNTs) for their ties to the Mexico-based Beltran Leyva Organization and added their names to the SDN List. Information regarding the new designates has been posted on the OFAC page.  12/04/09

• Order of Prohibition and $75,000 CMP

  The FRB has announced the issuance of a combined Consent Order of Prohibition and Order of Assessment of a Civil Money Penalty (CMP) of $75,000 against Francesco Rusciano, a former institution-affiliated party of UBS AG, Zurich, Switzerland. Order  12/04/09

• CMP Enforcement Regulatory Bulletin

  The OTS has issued a Regulatory Bulletin containing a new general CMP matrix form and instructions identifying the factors considered in deciding whether a CMP should be imposed, and if so, in what amount. Bulletin   12/04/09

• Fraudulent FDIC Correspondence Special Alert

  The FDIC has issued a Special Alert reminding financial institutions, businesses and consumers that fraudulent correspondence claiming to be from the FDIC continues to be mailed, faxed and e-mailed in the United States and other countries. Alert  12/04/09

• Financial Education Awards Announced

  The recipients of the FDIC Chairman's Award for Innovation in Financial Education which recognizes excellence and innovation in financial education, and also highlights potentially replicable best practices have been announced. Awards  12/04/09

• CRA Ratings Released

  The OTS has released the ratings received by savings associations recently examined for compliance with the provisions of the CRA. Ratings  12/03/09

• Written Agreement

  The execution of a Written Agreement by and between Ohio State Bancshares, Inc., Marion, OH, a registered bank holding company, and the Federal Reserve Bank of Cleveland has been announced by the FRB. Agreement  12/03/09

• NCUA Publishes Final Rule in FR for National Credit Union Share Insurance Fund Premium and One Percent Deposit

  Section 741.4 of NCUA's rules describes the procedures for the capitalization and maintenance of the National Credit Union Share Insurance Fund (NCUSIF). The final rule also adds Appendix A to Part 741, which repeats various examples of the application of Sec. 741.4, as discussed in the preamble to the proposed rule. TXT; PDF  12/03/09

• Beige Book

  The December 2, 2009 issue of the Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts based on information collected on or before November 20, 2009, has been published. Summary; Full Report  12/03/09

• Unbanked Survey Results Released

  The FDIC has released the findings of its National Survey of Unbanked and Underbanked Households which reveals that more than one quarter of all households in the United States are unbanked or underbanked. Summar; Full Results  12/03/09

• Risk-Based Capital - Modified Mortgages Final Rule Bulletin

  A bulletin has been issued by the OCC regarding the previously announced final rule concerning the risk-based capital treatment for one-to-four family residential mortgages modified under the U.S. Treasury Department's Home Affordable Mortgage Program.Information regarding the final rule was posted in the November 20, 2009 Top Stories. Bulletin  12/03/09

• New Electronic Interpretations and Actions

  The OCC has announced the November, 2009, New Electronic Interpretations and Actions. New  12/03/09

• Directive Announced

  The FRB has announced the issuance of a consent Prompt Corrective Action Directive against Bank of Illinois, Normal, IL. Directive  12/02/09

• OCC 2010 Fee Structure

  The OCC has issued a bulletin containing its 2010 Fee Structure. Bulletin  12/02/09

• Written Agreement

  The execution of a Written Agreement between Commercial Bancshares, Inc., Bloomington, MN, a registered bank holding company, and the Federal Reserve Bank of Minneapolis, has been announced by the FRB. Agreement  12/02/09

• 314(a) Fact Sheet

  FinCEN has updated the 314(a) Fact Sheet with data current as of December 1, 2009. 314(a)  12/02/09

• Treasury Announces Capital One Warrants Offering

  A secondary public offering at auction of approximately 12,657,960 warrants to purchase the common stock of Capital One Financial Corporation has been announced by the Treasury. The auction will commence on December 3, 2009, at 8 a.m., Eastern Time, and will close at 6:30 p.m. Offering; Auction  12/02/09

• Discount Rate Meetings Minutes

  The FRB released the minutes of its discount rate meetings on October 13 and November 2, 2009. Minutes  12/02/09

• Credit Auction Results

  The results of the auction of $25 billion in 42-day credit through its Term Auction Facility have released by the Treasury. Results  12/02/09

• Exchange Rates Report

  The G.5 Foreign Exchange Rates Report for November, 2009, has been released by the FRB. G.5.  12/02/09

• Reserve Position Updated

  The Treasury has updated the U.S. International Reserve position Report with data current as of November 27, 2009. Report  12/02/09

• CRA Exam Schedules

  The OCC and FDIC have released their schedules of Community Reinvestment Act (CRA) examinations to be conducted in the first quarter of 2010. OCC; FDIC  12/01/09

• CU Closed

  The NCUA has placed the Fairfield County Ohio Federal Employees Federal Credit Union of Lancaster, OH, into liquidation. Fairfield  12/01/09

• 2008 FFIEC HMDA Reports Errors

  Errors have been discovered in some of the FFIEC HMDA Reports for 2008 regarding National Aggregates, MSA Aggregates and Institution Disclosure Statements which were posted to the FFIEC website on September 30, 2009. Errors  12/01/09

• Commercial RE Loan Workouts Phone Seminar

  A free interagency telephone seminar on the Policy Statement on Prudent Commercial Real Estate Loan Workouts (Workout Guidance) will be hosted by the federal financial institution regulatory agencies on Thursday, December 3, 2009, at 2:00 p.m. EST. Participants may submit questions in advance. Seminar  12/01/09

• Joint Agencies Publish Final Rule in FR for Final Model Privacy Form under Gramm“Leach“Bliley Act

  The OCC, Board, FDIC, OTS, NCUA, FTC, CFTC, and SEC (the "Agencies") are publishing final amendments to their rules that implement the privacy provisions of Subtitle A of Title V of the Gramm-Leach-Bliley Act ("GLB Act"). These rules require financial institutions to provide initial and annual privacy notices to their customers. Pursuant to Section 728 of the Financial Services Regulatory Relief Act of 2006 ("Regulatory Relief Act"), the Agencies are adopting a model privacy form that financial institutions may rely on as a safe harbor to provide disclosures under the privacy rules. In addition, the Agencies other than the SEC are eliminating the safe harbor permitted for notices based on the Sample Clauses currently contained in the privacy rules if the notice is provided after December 31, 2010. Similarly, the SEC is eliminating the guidance associated with the use of notices based on the Sample Clauses in its privacy rule if the notice is provided after December 31, 2010. TXT  12/01/09

• FRB Publishes Final Rule in FR for Prohibition on Funding of Unlawful Internet Gambling: Extension of Compliance Date

  This document is published jointly by the Board of Governors of the Federal Reserve System ("Board") and Departmental Offices, Department of the Treasury ("Treasury") (collectively, the "Agencies") to extend the compliance date for the final regulation implementing applicable provisions of the Unlawful Internet Gambling Enforcement Act of 2006 (the "Act").\1\ The final regulation requires non-exempt participants in designated payment systems to establish and implement written policies and procedures that are reasonably designed to identify and block or otherwise prevent or prohibit unlawful Internet gambling transactions restricted by the Act. In extending the compliance date, the Agencies have consulted with the Department of Justice, as required by the Act. TXT  12/01/09

• Written Agreements Announced

  The FRB has announced the execution of Written Agreements with the following financial institutions:

  1. between The Bank Holdings, Reno, NV, a registered holding company, and the Federal Reserve Bank of San Francisco;
  2. by and among Home Valley Bancorp, Inc., a registered bank holding company, Home Valley Bank, a state member bank, both of Grants Pass, OR, the Federal Reserve Bank of San Francisco, and the Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities;
  3. between Hillcrest Bancshares, Inc., Overland Park, KS, a registered bank holding company, and the Federal Reserve Bank of Kansas City. between Hillcrest Bancshares, Inc., Overland Park, KS, a registered bank holding company, and the Federal Reserve Bank of Kansas City.

  Bank Holdings; Home Valley; Hillcrest   11/30/09

• Enforcement Actions Announced

  The FDIC has released the list of eighty-six orders of administrative enforcement actions taken against banks and individuals in October, 2009. Actions  11/30/09

• Reg E ATM Disclosures

  A FIL has been issued by the FDIC regarding compliance with the provisions of Reg E requiring appropriate fee disclosures on or at automated teller machines (ATMs), and on either the screen of the machine or on a paper notice. FIL  11/30/09

• MHAP/HAMP Mortgage Modification

  The FDIC has issued a FIL regarding the previously announced Treasury guidelines under the Making Home Affordable Program (MHAP or HAMP) which clarifies that a banking organization may retain the risk weight assigned to a mortgage loan before the loan was modified under the MHAP following modification of the mortgage loan. FIL  11/30/09

• Internet Gambling Compliance Date Extended

  The Treasury and the FRB have announced the release of a joint final rule to extend the compliance date for their joint regulation implementing certain provisions of the Unlawful Internet Gambling Enforcement Act by six months to June 1, 2010. Final Rule   11/30/09

• FRB Director Policies Change

  The Federal Reserve has announced revisions to the policies governing directors of Federal Reserve Banks and their branches. Summary; Policies  11/30/09

• Eleven Names Removed from OFAC List

  The names of eleven individuals formerly designated as SDNTs have been removed from the SDN List. Information regarding the names removed has been posted on the OFAC page.  11/25/09

• CTR Spanish Educational Pamphlet

  A Spanish-language pamphlet has been published by FinCEN as a resource for financial institutions to help address questions frequently asked by their customers regarding the Bank Secrecy Act (BSA) requirement to report transactions in currency that exceed $10,000. Pamphlet; Download  11/25/09

• Terrorist Assets Report

  OFAC has published the Calendar Year 2008 Annual Report on Assets in the United States of Terrorist Countries and International Terrorism Program Designees as of November 23, 2009. Report  11/25/09

• Court Freezes Foreign Currency Traders Assets

  The SEC has obtained an emergency court order freezing the assets of a self-proclaimed Minneapolis-based money manager, a nationally syndicated radio personality and four companies they controlled in a foreign currency trading scheme that raised at least $190 million from more than 1,000 investors. Court  11/25/09

• Loan Balances Decline Earning Improve

  The FDIC has released the Quarterly Banking Profile which contains the financial results for the third quarter and the first nine months of 2009. Loan balances declined by the largest percentage since quarterly reporting began in 1984. Quarterly earnings were more than three times the $879 million the industry earned a year earlier and represented an improvement over the industry's $4.3 billion net loss in the second quarter of 2009. Quarterly Banking Profile; Summary  11/25/09

• FOMC Minutes

  The minutes of the meeting of the Federal Open Market Committee (FOMC) held on November 2-3, 2009, have been released. Minutes  11/25/09

• Read the Fine Print

  The OCC has issued a warning to consumers to always read and understand the terms and conditions on holiday gift cards. Whether you buy or receive gift cards, you should read the disclosures to get an understanding of fees, expiration dates, what to do if the card is lost or stolen, or if there are problems with it, where it can be uses and how to claim any unused portion of it. Gift Cards  11/25/09

• Community Developments

  The OCC has published the Fall, 2009, issue of the Community Developments newsletter, which focuses on bank strategies to mitigate the impacts of foreclosed properties on communities across the country. Community Developments  11/25/09

• Third Quarter TFR Data Released

  The OTS has released the Third Quarter, 2009 Aggregated Thrift Financial Report data. TRF  11/25/09

• Banks to Report Card Transactions to IRS

  New IRS regulations have been proposed that would require banks and other payment settlement entities to report payment card and third-party network transactions with their participating merchants. The proposed regulations, which would be effective regarding transactions occurring in calendar year 2011, implement the provisions of the Housing Assistance Tax Act of 2008 designed to improve voluntary tax compliance by business taxpayers and help the IRS determine whether their tax returns are correct and complete. Proposed Regs; Summary  11/24/09

• TCCUSGP Extended

  The NCUA has announced that the expiration date of its Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP) has been extended from December 31, 2011, to March 31, 2012. TCCUSGP  11/24/09

• Florida Bank Closed: Deposits Assumed

  Commerce Bank of Southwest Florida, Fort Myers, FL, has been closed by the Florida Office of Financial Regulation which appointed the FDIC as receiver who entered into a purchase and assumption agreement with Central Bank, Stillwater, MN, to assume all of the deposits. Commerce Bank  11/23/09

• Enforcement Actions Announced

  The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions  11/23/09

• CRA Evaluations Released

  The ratings received by twenty-seven national banks recently examined for compliance with the provisions of the CRA have been released by the OCC. Ratings  11/23/09

• Truncating Tax ID No. on Payee Statements

  The IRS has issued a notice of the creation of a pilot program to allow filers of 2009 and 2010 information returns to truncate an individual payee's nine-digit identifying number on paper payee statements if certain requirements are met. Notice  11/23/09

• Model Privacy Notice Form Bulletin

  A bulletin has been issued by the OCC regarding the previously announced Model Privacy Notice Form. Bulletin  11/23/09

• NCUA Board Meeting Results

  A Board Action Bulletin containing the results of the November 19, 2009, meeting has been issued by the NCUA. Bulletin  11/23/09

• Counterfeit Checks Alert

  The OCC has issued an Alert regarding counterfeit cashiers checks issued in the name of Integra Bank, N.A., Evansville, IN. Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  11/20/09

• Joint Agencies Publish Final Rule in FR for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance; Capital--Residential Mortgage Loans Modified Pursuant to the Home Affordable Mortgage Program

  The agencies (Office of the Comptroller of the Currency, Department of the Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; and Office of Thrift Supervision, Department of the Treasury) have adopted a final rule to allow banks, savings associations, and bank holding companies (collectively, banking organizations) to risk weight for purposes of the agencies' capital guidelines mortgage loans modified pursuant to the Home Affordable Mortgage Program (Program) implemented by the U.S. Department of the Treasury (Treasury) with the same risk weight assigned to the loan prior to the modification so long as the loan continues to meet other applicable prudential criteria. TXT; PDF  11/20/09

• FRB Publishes Interim Final Rule in FR for Truth in Lending

  The Board is publishing for public comment an interim final rule amending Regulation Z (Truth in Lending). The interim rule implements Section 131(g) of the Truth in Lending Act (TILA), which was enacted on May 20, 2009, as Section 404(a) of the Helping Families Save Their Homes Act. TILA Section 131(g) became effective immediately upon enactment and established a new requirement for notifying consumers of the sale or transfer of their mortgage loans. TXT; PDF  11/20/09

• FRB Proposes Rulemaking for Electronic Fund Transfers

  The Board is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The proposal restricts a person's ability to impose dormancy, inactivity, or service fees for certain prepaid products, primarily gift cards. In addition, the proposal generally prohibits the sale or issuance of such products if they have an expiration date of less than five years. TXT; PDF  11/20/09

• Credit Cards: Rising Interchange Fees

  The Government Accounting Office (GAO) has issued a report to Congress regarding credit cards that indicates that rising interchange fees have increased costs for merchants, but options for reducing fees pose challenges. GAO; Highlights  11/20/09

• CU Reforms Proposed

  The NCUA Board has issued a proposed rule to reform the corporate credit union system by establishing a comprehensive new framework for safety and soundness which are intended to enhance NCUA regulatory oversight and address deficiencies in the current rule. The revisions would strengthen corporate credit union regulation in the areas of capital standards, asset/liability management, risk concentration limits and governance. Reforms   11/20/09

• Prohibition Orders Issued

  The NCUA has issued orders against six individuals that prohibit them from participating in the affairs of any federally insured financial institution. Orders  11/20/09

• HUD Modifies Second Appraisal Requirements

  A Mortgagee Letter has been issued by HUD, effective immediately, that modifies the requirements for second appraisals and eliminates the need for a second appraisal on high balance loans in declining markets. Letter  11/20/09

• Written Agreement with Florida Bank

  The FRB has announced the execution of a Written Agreement by and among Flagler Bank, West Palm Beach, FL, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the State of Florida, Office of Financial Regulation. Agreement  11/20/09

• Geithner Testifies Before Joint Economic Committee

  In written testimony before the Joint Economic Committee, Secretary Geithner expressed his opinion as to why financial regulatory reform effort is so essential for the health of our economy and what is necessary to make the effort successful. Written Testimony  11/20/09

• Treasury to Conduct Public Dutch Auctions

  The Treasury has announced its intention to dispose of several warrant positions received in consideration for investments made under the Capital Purchase Program (CPP), using a modified Dutch auction methodology that establishes a market price by allowing investors to submit bids at specified increments above a minimum price specified for each auction. Auctions  11/20/09

• FDIC Announces Unsecured IndyMac Claims Won't be Paid

  The FDIC has published its notice in the Federal Register that the FDIC Board of Directors has determined that insufficient assets exist in the receivership of IndyMac Bank, F.S.B., Pasadena, CA and the receivership of IndyMac Federal Bank, FSB, Pasadena, CA to make any distribution to general unsecured claims; therefore, such claims will recover nothing and have no value. IndyMac Bank was closed by the OTS on July 11, 2008. TXT; PDF  11/19/09

• Internet Check Service Charged with Contempt

  The FTC has filed a civil contempt action charging an Internet-based check creation and delivery service and its operators with violating a 2009 court order. The court is asked to impose a daily fine or imprisonment if the allegedly unlawful conduct is not stopped, and to make the defendants compensate affected consumers and give up their ill-gotten gains. The service allegedly violated the court order by enabling consumers to create and e-mail checks via the Internet without any verification of users' identities or their authority to draw funds on the financial accounts. Contempt  11/19/09

• Dugan Promotes Minimum Underwriting Standards

  In a presentation at the Special Seminar on International Banking and Finance in Tokyo, Comptroller Dugan stated that regulators around the world should address the problem that sparked the financial crisis of the past two years by establishing minimum underwriting standards for all mortgages made in their respective countries. Summary; Speech  11/19/09

• FEDS Working Papers Published

  Two working papers in the Finance and Economic Discussion Series (FEDS) have been published by the FRB on the topic of "Firm Volatility and Banks: Evidence from U.S. Banking Deregulation" and "œInformation Sharing and Stock Market Participation: Evidence from Extended Families". Firm Abstract; Firm Full Paper; Information Abstract; Information Full Paper  11/19/09

• Impact of Financial Crisis on Cross-Border Financial Flows

  An article in the November, 2009, Federal Reserve Bulletin, "The Financial Crisis and U.S. Cross-Border Financial Flows" documents three major channels through which financial flows and associated portfolio positions were affected. Article  11/19/09

• GLB Act Model Privacy Notice Form Released

  The federal regulatory agencies have released a final model privacy notice form that can be used by financial institutions to comply with the provisions of the Gramm-Leach-Bliley Act (GLB Act) that requires institutions to notify consumers of their information-sharing practices and inform consumers of their right to opt out of certain sharing practices. The final model privacy form was developed jointly by the FRB, FDIC, FTC, NCUA, OCC, OTS, SEC, and Commodity Futures Trading Commission. Model Form; FRB PR; OCC NR; FDIC FIL; OTS NR; NCUA PR; FTC NR; SEC PR  11/18/09

• Discount Window Primary Credit Loans Maturity Reduced

  The FRB has announced the approval of a reduction in the maximum maturity of primary credit loans at the discount window for depository institutions to 28 days from 90 days effective January 14, 2010. Loans  11/18/09

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with data current as of November 17, 2009. 314(a)  11/18/09

• Fall 2009 FDIC Consumer News Published

  The Fall 2009, issue of FDIC Consumer News features articles that give facts and figures to consumers explaining that the agency's financial resources run deep and that insured deposits are fully protected. FDIC Consumer News; Summary  11/18/09

• Interagency Financial Fraud Enforcement Task Force Created

  An Executive Order has been executed by President Obama to establish the Interagency Financial Fraud Enforcement Task Force to strengthen efforts to combat financial crime. The task force, which will replace the Corporate Fraud Task Force, will be led by the Department of Justice, with membership from representatives from a broad range of federal agencies, regulatory authorities and inspectors general. Task Force; Geithner Remarks  11/18/09

• Geithner on G-20

  In testimony before the Senate Foreign Relations Committee, Secretary Geithner discussed the role of the Group of 20 (G-20) in the global economy. Testimony   11/18/09

• Credit Auction Results

  The results of the November 16, 2009, auction of $75 billion in 28-day credit through its Term Auction Facility have been announced by the FRB. Auction  11/18/09

• G.17 Report Released

  The October 2009, G.17 Industrial Production and Capacity Utilization Report has been released by the FRB. G.17   11/18/09

• TIC Data Released

  Treasury International Capital (TIC) data for September 2009, was release by the Treasury. TIC  11/18/09

• FDIC Publishes Interim Final Rule in FR for Defining Safe Harbor Protection for Treatment as Conservator or Receiver of Financial Assets

  The Federal Deposit Insurance Corporation is amending its regulations defining safe harbor protection for treatment by the Federal Deposit Insurance Corporation as conservator or receiver of financial assets transferred in connection with a securitization or participation. The amendment continues for a limited time the safe harbor provision for participations or securitizations that would be affected by recent changes to generally accepted accounting principles. TXT; PDF; Press Release  11/17/09

• FDIC Publishes Final Rule in FR for Prepaid Assessments

  The FDIC is amending its regulations requiring insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009, and for all of 2010, 2011, and 2012. The prepaid assessment for these periods will be collected on December 30, 2009, along with each institution's regular quarterly risk-based deposit insurance assessment for the third quarter of 2009. TXT; PDF  11/17/09

• FRB Publishes Final Rule in FR for Electronic Fund Transfers

  The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The final rule limits the ability of a financial institution to assess an overdraft fee for paying automated teller machine (ATM) and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts in, to the institution's payment of overdrafts for these transactions. TXT; PDF  11/17/09

• FinCEN Publishes Final Rule in FR for Amendment to Bank Secrecy Act Regulations, Administrative Ruling System

  FinCEN is issuing this final rule to amend the procedures for publicly issuing an administrative ruling relating to the Bank Secrecy Act ("BSA"). Reliance on these administrative rulings is limited to persons who are similarly situated to the original recipient of an applicable administrative ruling. TXT; PDF  11/17/09

• Notice to Consumer Loan Customers Required

  The Federal Reserve has approved an interim final rule requiring notice be given to consumers when their mortgage loan is sold or transferred. The interim final rule is effective upon publication. However, to allow time for any necessary operational changes, compliance is optional for 60 days. Rule  11/17/09

• Gift Card Restrictions Proposed

  Proposed rules that would restrict the fees and expiration dates that may apply to gift cards have been announced by the FRB. The rules would protect consumers from certain unexpected costs and would require that gift card terms and conditions be clearly stated. Highlights; Proposed Rule  11/17/09

• December 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 December 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. Since November 15, 2009 was a Sunday, use the rate on November 13, 2009, the business day immediately preceding the 15th. H.15  11/17/09

• Bernanke's Economic Outlook

  In a presentation at the Economic Club of New York, Chairman Bernanke presented his outlook for the economy and regulatory policy. He also discussed bank lending, credit availability, and the job market. Speech  11/17/09

• Charge-Off and Delinquency Rates Report

  The FRB has released the Charge-Off and Delinquency Rates for Third Quarter 2009. Report  11/17/09

• Cost Of Funds Reports Released

  The OTS has its current and historical cost of funds reports. Current; Historical  11/17/09

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of November 13, 2009. Report  11/17/09

• Three Banks Closed: Deposits Assumed

  The FDIC has announced that the following banks have been closed by their primary regulator and deposits assumed:

  • Century Bank, Federal Savings Bank, Sarasota, FL, by the OTS; the FDIC as receiver entered into a purchase and assumption agreement with IBERIABANK, Lafayette, LA:
  • Orion Bank, Naples, FL, by the Florida Office of Financial Regulation, the FDIC as receiver entered into a purchase and assumption agreement with IBERIABANK, Lafayette, LA;
  • Pacific Coast National Bank, San Clemente, CA, by the OCC, the FDIC as receiver entered into a purchase and assumption agreement with Sunwest Bank, Tustin, CA.

  Century; Orion; Pacific Coast  11/16/09

• FinCEN Proposes Rulemaking for Expansion of Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity

  FinCEN is issuing this notice of proposed rulemaking to amend the relevant Bank Secrecy Act ("BSA") information sharing rules to allow certain foreign law enforcement agencies, and State and local law enforcement agencies, to submit requests for information to financial institutions.TXT; PDF  11/16/09

• HAMP Mortgage Loan Modification Final Rule

  A final rule has been issued by the federal bank and thrift regulatory agencies that provides mortgage loans modified under the U.S. Department of the Treasury's Home Affordable Mortgage Program (HAMP) will generally retain the risk weight appropriate to the mortgage loan prior to modification. Final Rule; FRB PR; OCC NR; OTS PR; FDIC PR  11/16/09

• Prompt Corrective Action Directive

  The FRB has announced the issuance of a Prompt Corrective Action Directive against Orion Bank, Naples, FL. Directive

• Registration of Residential MLOs Final Rule

  The FDIC has issued a FIL announcing the approval of a draft final rule implementing the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). The Rule requires employees of insured state nonmember banks and their subsidiaries who act as Mortgage Loan Originators (MLOs) to register with the Nationwide Mortgage Licensing System and Registry and conduct criminal background checks. FIL; Final Rule  11/16/09

• FedFlash Online

  The November 15, 2009, issue of FedFlash has been posted online and contains articles regarding the 2010 Federal Reserve Financial Services fees, ACH scams, the year-end freeze period for Check Services, the FedACH Services holiday processing schedule and new FedReceipt RTNs. FedFlash  11/16/09

• ATM and Debit Card OD Charges Prohibited Unless¦..

  The FRB has announced final rules that prohibit financial institutions from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions. A summary of the rules, a model opt-in notice and the design and testing of overdraft procedures report was also provided. The mandatory compliance date is July 1, 2010. Final Rules; Summary; Model Opt-In; Report  11/13/09

• FDIC Prepaid Assessments Final Rule

  The FDIC has issued a FIL announcing the approval of a final rule requiring that banks prepay three years of regular assessments to fund the Deposit Insurance Fund. The plan allows exemptions for banks if prepaying assessments would threaten the bank's safety and soundness or liquidity or would otherwise create a significant hardship. FIL; Final Rule  11/13/09

• Guidance Comment Period Reopened

  The federal bank and thrift regulatory agencies have announced that they are reopening the comment period on proposed guidance on correspondent concentration risks, originally published on September 25, 2009. The comment period will be open until November 27, 2009, an additional 30 days after the original comment period closed. Guidance; FR NR; OCC NR; FDIC PR  11/13/09

• NOI Cash/Return Letter Requirements

  The Federal Reserve Banks have received numerous forward collection and return items in "Not Our Item" (NOI) cash letters that do not meet the requirements for handling as NOIs through check processing channels. An outline of the requirements for handling items as NOIs, as well as a description of common situations or conditions that are not eligible for handling has been published to allow banks to review their internal operating procedures to ensure compliance with the requirements. NOI Requirements  11/13/09

• Routing Numbers Conversion Announced

  The FR Financial Services has announced the conversion of additional routing numbers to the FedReceipt Forward and FedReceipt Returns product, effective November 16, 2009, as well as availability changes for Check 21-Related FedFoward and FedReturn services. Numbers  11/13/09

• 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 Philadelphia 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  11/13/09

• FEDS Working Paper

  A working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "Household Response to the 2008 Tax Rebates: Survey Evidence and Aggregate Implication" has been published by the FRB. Abstract; Full Paper  11/13/09

• HPML Reg Z Repayment Ability Rule Questions Answered

  The FRB has issued a Consumer Affairs (CA) letter which provides answers to questions frequently received regarding compliance with Regulation Zs repayment ability rule for higher-priced balloon mortgage loans (HPML) with terms of less than seven years. Learn more in the upcoming BOL Learning Connect Webinar, Friday, Nov. 13th, as Mary Beth Guard and Jack Holzknecht explain which of your loans will be impacted and what you will need to do to comply. Webinar; CA Letter  11/12/09

• Cali Cartel Financial Network Supporters Added to OFAC List

  The Treasury has designated a network of 14 individuals and 25 companies in Colombia, Spain and the Netherlands as Specially Designated Narcotics Traffickers (SDNTs) for supporting the network of the leader of the Cali Cartel and added their names to the SDN List. Information regarding the additions has been posted on the OFAC page.  11/12/09

• Written Agreement Announced

  The FRB has announced the execution of the following Written Agreements:

  • by and between Pacific Coast National Bancorp, San Clemente, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco;
  • by and among West Concord Bancshares, Inc., a registered bank holding company, Farmers State Bank of West Concord, a state chartered member bank, both of West Concord, MN, and the Federal Reserve Bank of Minneapolis;
  • by and among Landmark Financial Holding Company, a registered bank holding company, Landmark Bank of Florida, a state chartered member bank, both of Sarasota, FL, the Federal Reserve Bank of Atlanta, and the State of Florida, Office of Financial Regulation.

  Pacific Coast; West Concord; Landmark Financial  11/12/09

• RESPA Exam Procedures CA Letter

  A Consumer Affairs (CA) letter has been issued by the FRB regarding the recently approved interagency examination procedures for the Real Estate Settlement Procedures Act (RESPA), which incorporate recent changes to the Department of Housing and Urban Developments (HUD) Regulation X. CA Letter; Procedures  11/12/09

• HEMC Final Rule

  HUD has issued a Mortgagee Letter which provides guidance to counselors and lenders regarding the HECM Counselor Roster final regulation. Letter  11/12/09

• Bair on Strengthening the Banking System

  In a presentation at the Institute of International Bankers Conference in New York City, Chairman Bair expressed her ideas on ways to strengthen the banking system by restoring market discipline. Speech  11/12/09

• Improving Low Income Housing Options

  The FRB has announced the availability of "Innovative Ideas for Revitalizing the LIHTC Market", a collection of six brief articles that examine ways to improve the availability of housing options for low-income renters with ideas ranging from policy changes to the creation of more-sophisticated financial products that would attract additional investors. Collection  11/12/09

• IFDP Working Paper Published

  The FRB has published a working paper in the International Finance Discussion Paper (IFDP) series on the topic of "Portfolio Inertia and the Equity Premium". Abstract; Full Paper  11/12/09

• Counterfeit Checks Alerts

  Six Special Alerts have been issued by the FDIC and one Alert by the OCC regarding counterfeit cashier's and official checks bearing the name of the following institutions:

  • First Farmers and Merchants Bank, Columbia, TN (Counterfeit Cashier's Checks);
  • Coppermark Bank, Oklahoma City, OK (Counterfeit Cashier's Checks);
  • Community National Bank, Derby, VT (Counterfeit Cashier's Checks);
  • Union State Bank, Kewaunee, WI (Counterfeit Cashier's Checks);
  • Columbia River Bank, The Dalles, OR(Counterfeit Cashier's Checks);
  • Merchants and Farmers Bank, Kosciusko, MS (Counterfeit Official Checks); and
  • City National Bank of WV, Charleston, West Virginia (Counterfeit Cashier's Checks).

  Information regarding the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  11/10/09

• Economic Sanctions Enforcement Final Rule

  OFAC has released as a Final Rule its Economic Sanctions Enforcement Guidelines as an Appendix to the Reporting, Procedures and Penalties Regulations. OFAC will follow the Final Rule in determining an appropriate enforcement response to apparent violations of U.S. economic sanctions programs that OFAC enforces. Final Rule  11/10/09

• Written Agreement with Massachusetts BHCs

  The FRB has announced the execution of a Written Agreement by and among Butler Bancorp, MHC and Butler Bancorp, Inc., registered bank holding companies, both of Lowell, MA, and the Federal Reserve Bank of Boston. Agreement  11/10/09

• Ida Impacted National Banks May Close

  The OCC has issued a proclamation allowing national bank offices affected by Hurricane Ida to close at their discretion. Proclamation  11/10/09

• MSB List Updated

  The FinCEN ha updated the MSB Registration List with data current as of October 20, 2009. List  11/10/09

• Senior Loan Officer Opinion Survey Results

  The results of the October, 2009, Senior Loan Officer Opinion Survey have been released. Summary; Full Report  11/10/09

• SCAP Report Issued

  The FRB has reported that nine of the ten BHCs in the Supervisory Capital Assessment Program (SCAP) that needed to raise capital or improve the quality of their capital to withstand a worse-than-expected economic scenario now have increased their capital sufficiently to meet or exceed their required capital buffers. Report  11/10/09

• CAP Program Closed

  The Treasury has announced that the Capital Assistance Program (CAP) which was set up to provide a mechanism for additional taxpayer support in financial institutions subject to the Supervisory Capital Assessment Program (SCAP) was closed on November 9, 2009, with no investments having been made. CAP  11/10/09

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of November 6, 2009. Report  11/10/09

• President Signs Credit CARD Act Amendment

  On Friday, President Obama signed the Credit CARD Technical Corrections Act of 2009. The amendment adds language to section 163(a) of the Truth in Lending Act to restrict the new requirement for billing at least 21 days before the payment due date on open end credit plans to credit card accounts. The change will require the Federal Reserve Board to issue a conforming amendment to Regulation Z section 226.5(b)(2), where the 21-day billing rule was implemented as of August 20, 2009. Signings; Act  11/09/09

• Five Financial Institutions Closed: Deposits Assumed

  The following financial institutions have been closed by their primary regulator, the FDIC appointed Receiver and all deposits assumed:

  1. United Security Bank, Sparta, GA, by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with Ameris Bank, Moultrie, GA, to assume all of the deposits;
  2. Home Federal Savings Bank, Detroit, MI, by the OTS; the FDIC as receiver entered into a purchase and assumption agreement with Liberty Bank and Trust Company, New Orleans, LA, to assume all of the deposits;
  3. Prosperan Bank, Oakdale, MN, by the Minnesota Department of Commerce, the FDIC as receiver entered into a purchase and assumption agreement with Alerus Financial, National Association, Grand Forks, ND, to assume all of the deposits;
  4. Gateway Bank of St. Louis, St. Louis, MO, by the Missouri Division of Finance, the FDIC as receiver entered into a purchase and assumption agreement with Central Bank of Kansas City, to assume all of the deposits;
  5. United Commercial Bank, San Francisco, CA, by the California Department of Financial Institutions, the FDIC as receiver entered into a purchase and assumption agreement with East West Bank, Pasadena, CA, to assume all of the deposits.

  United Security; Home Federal; Prosperan; Gateway; United Commercial  11/09/09

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Blue Valley Ban Corp., a registered bank holding company, Bank of Blue Valley, a state chartered member bank, both of Overland Park, KS, and the Federal Reserve Bank of Kansas City. Agreement  11/09/09

• Reg CC Check Processing Amendments

  Amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve Banks' check-processing operations have been approved by the FRB. Reg CC  11/09/09

• Consumer Credit Report

  The G.19 Consumer Credit Report for September, 2009, has been released by the FRB. G.19  11/09/09

• Third Quarter Legal Developments

  The Federal Reserve Bulletin for the Third Quarter 2009 Legal Developments Section has been published. Legal  11/09/09

• Bank and Chairman Added to OFAC List

  First East Export Bank, a Bank Mellat subsidiary located in Malaysia, and its Chairman have been designated by the Treasury and added to the SDN List with the NPWMD designation. Information regarding the additions has been posted on the OFAC page.  11/06/09

• CRA Ratings Released

  The FDIC and OTS have released the ratings received by state nonmember banks and savings associations that were recently evaluated for compliance with the Community Reinvestment Act (CRA). FDIC; OTS  11/06/09

• Four Written Agreements Announced

  The FRB has announced the execution of the following Written Agreements:

  1. by and among Hanmi Financial Corporation, a registered bank holding company, Hanmi Bank, a state chartered member bank, both of Los Angeles, CA, and the Federal Reserve Bank of San Francisco;
  2. by and among Appalachian Bancshares, Inc., Ellijay, GA, the Federal Reserve Bank of Atlanta, and the State of Georgia, Department of Banking and Finance;
  3. by and between Desert Hills Capital Corp., Phoenix, AZ, a registered bank holding company, and the Federal Reserve Bank of San Francisco;
  4. by and among Citizens First State Bank of Walnut, Walnut, IL, a state member bank, the Federal Reserve Bank of Chicago, and the Illinois Department of Financial and Professional Regulation, Division of Banking, Springfield, IL.

  Hanmi;
  Appalachian; Desert; Citizens  11/06/09

• HUD Issues Penalties

  HUD has announced that its Mortgagee Review Board has imposing civil money penalties totaling $27,000 on two FHA-approved lenders in Wisconsin and Connecticut for a variety of violations of FHA lending and marketing standards. HUD  11/06/09

• Community Bank Directors Workshop Announced

  The OCC will host a workshop for national community bank directors in Tampa, Florida, on December 8, 2009. Online registration is available. Information; Registration  11/06/09

• November FedFocus

  The FR Financial Services has published the November, 2009, issue of FedFocus that features an article regarding delivering value and driving payments system efficiency. FedFocus  11/06/09

• Economics and Policy Working Paper

  The OCC has published an Economics and Policy Working Paper on the topic of "The U.S. Financial System in 2011: How Will Sufficient Credit Be Provided?" Paper   11/06/09

• Flood CMP Announced

  The FRB has announced the issuance of a $3,850 civil money penalty (CMP) for violations of the National Flood Insurance Act. Information regarding the CMP has been posted on the Flood Watch page.  11/05/09

• Rates Unchanged

  The Federal Open Market Committee (FOMC) has announced 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, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. FOMC   11/05/09

• Written Agreements Announced

  The FRB has announced the execution of the following Written Agreements by and among:

  • Bankers' Bancorporation of Florida, Inc., a registered bank holding company, Independent Bankers' Bank of Florida, a state chartered member bank, both of Lake Mary, FL, the Federal Reserve Bank of Atlanta, and the State of Florida, Office of Financial Regulation;
  • Georgia Bancshares, Inc., Peachtree City, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia.

  Bankers';
  Georgia  11/05/09

• FDIC Consumer Alert

  A Consumer Alert has been issued by the FDIC warning of false claims from various individuals and companies claiming to represent the FDIC in the sales of FDIC-owned properties. Alert  11/05/09

• SDGTs Deleted from OFAC List

  OFAC has deleted the name of two entities and two individuals previously designated as SDGTs from the SDN List. Information regarding the deletions has been posted on the OFAC page.  11/04/09

• Written Agreements Announced

  The FRB has announced the execution of following Written Agreements by and among;

  • Merchants Bancorp, Gresham, OR, a registered bank holding company, the Federal Reserve Bank of San Francisco, and the Oregon Department of Consumer and Business Services--Division of Finance and Corporate Securities;
  • Commerce Bancshares, Inc., Catoosa, OK, a registered bank holding company, Bank of Commerce, Chelsea, OK, a state chartered member bank, and the Federal Reserve Bank of Kansas City.

  Merchants; Commerce  11/04/09

• Credit Card Company Charged with Deceptive Marketing

  A complaint has been filed in federal court by the FTC alleging that a catalog credit card operation deceptively marketed its card, failed to honor its refund policy, and charged up-front fees for a guaranteed line of credit. Complaint  11/04/09

• FRB Services Fee Schedule

  The FRB has announced the approval of fee schedules, effective January 4, 2010, for payment services the Federal Reserve Banks provide to depository institutions (priced services). Schedule  11/04/09

• TIL Regulatory Bulletin

  The OTS has issued a Truth in Lending (TIL) Regulatory Bulletin. Bulletin  11/04/09

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of November 3, 2009. Fact Sheet  11/04/09

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of October 30, 2009. Report  11/04/09

• Credit Auction Results

  The FRB has released the results of the November 2, 2009, auction of $25 billion in 70-day credit through its Term Auction Facility. Auction  11/04/09

• IFDP Working Papers Published

  Four working papers in the International Finance and Discussion Papers (IFDP) series have been published by the FRB on the following topics:

  1. Rise of the Machines: Algorithmic Trading in the Foreign Exchange Market,
  2. Characteristic-Based Mean-Variance Portfolio Choice,
  3. The Market-Perceived Monetary Policy Rule, and
  4. The Effects of Foreign Shocks When Interest Rates are at Zero.

  Rise Abstract; Rise Full Paper; Characteristic Abstract; Characteristic Full Paper; Market Abstract; Market Full Paper; Effects Abstract; Effects Full Paper  11/04/09

• Counterfeit Cashier's Checks Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit cashier's checks bearing the name of Citizens & Northern Bank, Wellsboro, PA. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  11/03/09

• Section 19 Enforcement Letters Released

  The FRB has released seven Section 19 enforcement letters that prohibit the recipients from becoming or continuing as an institution-affiliated party with respect to any insured banking organizations or credit unions. Letter 1; Letter 2; Letter 3; Letter 4; Letter 5; Letter 6; Letter 7  11/03/09

• Bair Discusses Origin, Response and Reform

  In a presentation at the Kansas State University Alfred M. Landon Lecture Series, the Chairman discussed the origin, peak and regulators' response to the financial crisis along with need for regulatory reform. Speech  11/03/09

• Business Lending Webinar

  The NCUA will host a free open to the public webinar on Wednesday, November 18, 2009, titled "Member Business Lending: Regulators' Perspective", beginning at 1:00 p.m. EST and ending at 2:30 p.m. EST. Online registration is available. Webinar  11/03/09

• Foreign Exchange Rate Report

  The G.5 October, 2009 Foreign Exchange Rate Report has been released by the FRB. G.5  11/03/09

• Marketable Borrowing Estimates Announced

  The Treasury has announced the current estimates of marketable borrowing for the Fourth Quarter 2009, and the First Quarter 2010. Estimates  11/03/09

• Red Flags Rule Delayed

  The FTC has announced that the enforcement of the Red Flags Rule is delayed until June 1, 2010, for financial institutions and creditors subject to enforcement by the FTC. Red Flags  11/02/09

• SDNTs Removed from OFAC List

  The names of twenty-eight individuals and entities previously designated as SDNTs have been removed by OFAC from the SDN List. Information regarding the removals has been posted on the OFAC page.  11/02/09

• Enforcement Actions Released

  The FDIC has announced the list of forty-eight orders of administrative enforcement actions taken against banks and individuals in September, 2009. List  11/02/09

• Tri-Party Repo Market 23A Exemption Expires

  The FRB has announced that a temporary exemption to the limitations in section 23A of the Federal Reserve Act expired as scheduled on October 30, 2009. Exemption  11/02/09

• Nine Banks Closed Deposits Assumed

  The following banks were closed by their primary regulator and the FDIC, as Receiver, has entered into a purchase and assumption agreement with U.S. Bank, NA, Minneapolis, MN, to assume all of the deposits and essentially all of the assets the failed banks:

  1. Bank USA, National Association, Phoenix, AZ;
  2. California National Bank, Los Angeles, CA;
  3. San Diego National Bank, San Diego, CA;
  4. Pacific National Bank, San Francisco, CA;
  5. Park National Bank, Chicago, IL;
  6. Community Bank of Lemont, Lemont, IL;
  7. North Houston Bank, Houston, TX;
  8. Madisonville State Bank, Madisonville, TX;
  9. Citizens National Bank, Teague, TX.

  FDIC PR; Bank Information  11/02/09

• CRE Policy Statement Adopted

  The FFIEC has announced the adoption of a policy statement by the federal financial regulators which provides guidance for examiners, and for financial institutions that are working with commercial real estate (CRE) borrowers who are experiencing diminished operating cash flows, depreciated collateral values, or prolonged delays in selling or renting commercial properties. FFIEC PR; OCC NR; FRB SR Letter; OTS CEO Letter; FDIC FIL; NCUA PR; Statement  11/02/09

• FEDS Working Paper Published

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Assessing the Systemic Risk of a Heterogeneous Portfolio of Banks During the Recent Financial Crisis" has been published by the FRB. Abstract; Full Paper  11/02/09

• Foreign Securities Report Released

  The Treasury has released the results of an annual survey of U.S. portfolio holdings of foreign securities at year-end 2008. Summary; Survey  11/02/09

• California CU Liquidated - Loans and Shares Assumed

  NCUA was appointed liquidating agent of the Second Baptist Church Credit Union (Second Baptist) of Los Angeles by the California Department of Financial Institutions and Prosperity Federal Credit Union of Rancho Domingue, CA, has purchased and assumed Second Baptist loans and shares. Second Baptist   10/30/09

• Geithner and Regulators Comment on Financial Reform

  In testimony to the House Financial Services Committee, Secretary Geithner, Comptroller Dugan, Chairman Bair, and Acting OTS Director Bowman commented on the proposed financial system reform legislation. Geithner Written Testimony; Dugan Oral Statement; Dugan Written Statement; Bair Statement; Bowman Statement  10/30/09

• Written Agreements Announced

  The FRB has announced the execution of the following Written Agreements: by and among West Tennessee Bancshares, Inc., a registered bank holding company, Bank of Bartlett, a state chartered member bank, both of Bartlett, TN, and the Federal Reserve Bank of Saint Louis.; by and among First Banking Center, Inc., a registered bank holding company, First Banking Center, a state chartered member bank, both of Burlington, WI, the Federal Reserve Bank of Chicago, and the State of Wisconsin Department of Financial Institutions. West Tennessee; First Banking  10/30/09

• Special Alert Fraudulent Transfer Agent Schemes

  The FDIC has issued a Special Alert warning financial institutions of an increase in schemes to recruit individuals to receive and transmit unauthorized electronic funds transfers (EFTs) from deposit accounts to individuals overseas. Special Alert  10/30/09

• FinCEN Issues AML/CFT Advisory

  The Financial Crimes Enforcement Network ("FinCEN") has issued an advisory guidance to inform banks and other financial institutions operating in the United States of the risks associated with deficiencies in the anti-money laundering ("AML") and counter-terrorist financing ("CFT") regimes in Iran; Uzbekistan; Turkmenistan; Pakistan; and São Tomé and Príncipe. Advisory  10/30/09

• NCUA Publishes Final Rule in FR for Display of Official Sign; Temporary Increase in Standard Maximum Share Insurance Amount; Coverage for Mortgage Servicing Accounts; Share Insurance for Revocable Trust Accounts

  NCUA is amending its share insurance rules to: reflect Congress's extension, until December 31, 2013, of the temporary increase in the standard maximum share insurance amount ("SMSIA:) from $100,000 to $250,000; and finalize the interim final rules on revocable trust accounts, mortgage servicing accounts, and NCUA's official sign issued in October 2008. TXT; PDF  10/29/09

• Counterfeit Cashier's Checks Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit cashier's check bearing the name of Bank of Pine Hill, Pine Hill, AL. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  10/28/09

• Written Agreements Announced

  The FRB has announced the execution of the following Written Agreements:by and among Cascade Bancorp, Bend, OR, a registered bank holding company, the Federal Reserve Bank of San Francisco, and the State of Oregon, Department of Consumer and Business Services, Division of Finance and Corporate Securities; by and between EvergreenBancorp, Inc., Seattle, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Cascade; Evergreen  10/28/09

• Credit Risk Working Paper Published

  The OCC has published a working paper on the topic of "Correlation in Credit Risk". Paper  10/28/09

• Examination Handbook Updated

  The OTS has issued a Regulatory Bulletin regarding an update of the Internal Control section of its Examination Handbook. Bulletin  10/29/09

• Three Written Agreements Announced

  The FRB has announced the execution of the following Written Agreements; by and between Ogden BancShares, Inc., Boone, IA, a registered bank holding company, and the Federal Reserve Bank of Chicago; by and among Ames Community Bank, Ames, IA, a state chartered member bank, the Federal Reserve of Chicago, and the Iowa Division of Banking, Superintendent of Banking; and by and among VisionBank of Iowa, West Des Moines, IA, a state chartered member bank, the Federal Reserve of Chicago, and the Iowa Division of Banking, Superintendent of Banking. Ogden; Ames; VisionBank   10/28/09

• Prompt Corrective Action Directive Issued

  The FRB has announced the issuance of a consent Prompt Corrective Action Directive against SolutionsBank, Overland Park, KS, a state chartered member bank. Directive  10/28/09

• Retroactive 23A Exemption Letter Released

  A letter granting a retroactive exemption from section 23A of the Federal Reserve Act and the Board's Regulation W has been released by the FRB. Letter  10/28/09

• Loan Modification FEDS Working Paper Published

  The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "Designing Loan Modifications to Address the Mortgage Crisis and the Making Home Affordable Program." Abstract; Full Paper  10/28/09

• Fraudulent Email Special Alert

  Yesterday, in BOL Top Stories, we posted a Consumer Alert from the FDIC regarding fraudulent emails that appear to be from the FDIC that instruct consumers to "download and open your personal FDIC Insurance File to check your Deposit Insurance Coverage." Today a Special Alert on the same scam was issued. Special Alert  10/28/09

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of October 23, 2009. Report  10/28/09

• New on BOL!

  BankersOnline.com has a new Audit Area page with new workpapers and tools specifically for the auditor. This page grew from an idea in the BOL Threads, and bankers like you submitted these tools. The first section focuses on workpapers. Some of the topics include CRA, ALLL, SOX, Red Flags and there are many more. The second section has forms and other tools for the auditor. If you have anything to do with auditing, check out our new Audit Area.  10/27/09

• Just the changes, please

  With the HUD FAQs running 48 pages, it's time-consuming to go through them and find the bold print to determine what has been added. BankersOnline has gathered the new additions from the 10/23 revision and you can find just the new Q&As here: http://www.bankersonline.com/lending/lending_hudfaq.html  10/27/09

• Fraudulent Email Alert

  The FDIC has issued a Consumer Alert regarding emails that appear to be sent from the FDIC to consumers that direct them to visit a fake FDIC web site. Alert  10/27/09

• Credit Union Letters

  Two letters to Credit Unions have been sent by NCUA regarding premium assessments and the official NCUA sign. Assessments; Assessments Enc 1; Assessments Enc 2; Sign  10/27/09

• Receivables Report Issued

  The G.20 Finance Companies Owned and Managed Receivables Report for August 2009, has been issued by the FRB. G. 20  10/27/09

• New RESPA FAQs

  HUD has issued updates to its RESPA FAQs. FAQs  10/26/09

• Bank President and Bank Added to OFAC List

  The Treasury has designated Amroggang Development Bank and its president as proliferators of weapons of mass destruction for being owned or controlled by North Korea's Tanchon Commercial Bank and added their names to the SDN List. Information regarding the president and his bank has been posted on the OFAC page.  10/26/09

• Bank Regulation After the Crisis – Bernanke's Views

  In a presentation at the Federal Reserve Bank of Boston's 54th Economic Conference, Chairman Bernanke expressed his views on the role of the Federal Reserve in financial regulation and supervision after the financial crisis. Speech  10/26/09

• Mexican Cartel Members Added to OFAC List

  OFAC has designated a Mexican national, five members of his financial network, and one Mexico-based company as Specially Designated Narcotics Traffickers (SDNTKs) for their ties to a Tijuana Drug Cartel and added their names to the SDN List. Information regarding the individuals and the company has been posted on the OFAC page.  10/23/09

• Executive Pay Cuts Announced

  The Special Master for TARP Executive Compensation, Kenneth R. Feinberg, released determinations on the compensation packages for the top executives at firms that received exceptional TARP assistance. Compensation  10/23/09

• Incentive Compensation Guidance Issued

  The FRB has issued a proposed guidance and a Q&A regarding incentive compensation. Guidance; Q&A  10/23/09

• New Electronic Interpretations and Actions Announced

  The OCC has announced the publication of the October, 2009 list of New Electronic Interpretations and Actions. Electronic  10/23/09

• NCUA Board Meeting Results

  The results of the October 22, 2009, meeting of the NCUA Board have been published. Results  10/23/09

• Beige Book Published

  The October 21, 2009 issue of the Beige Book has been published by the FRB. Summary; Full Report  10/22/09

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of October 20, 2009. 314(a)  10/22/09

• Risk Management Practices Report Issued

  The senior financial supervisors from seven countries have issued a report, "Risk Management Lessons from the Global Banking Crisis of 2008", that evaluates how weaknesses in risk management and internal controls contributed to industry distress during the financial crisis. A self-assessment template was also issued. Comptroller Dugan issued a statement regarding the issuance of the report. Report; Template; Dugan Statement  10/22/09

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of October 16, 2009. Report  10/22/09

• MoneyGram to Pay $18 Million Settlement

  MoneyGram International, Inc. will pay $18 million in consumer redress to settle FTC charges that the company allowed its money transfer system to be used by fraudulent telemarketers and will implement a comprehensive anti-fraud and agent-monitoring program. Settlement  10/21/09

• Community Bank Directors Workshops Scheduled

  The OCC will host workshops for national community bank directors in Phoenix on November 17-18, 2009. Online registration is available. Workshops; Registration  10/21/09

• Quarterly Review of Interest Rate Risk

  The 2nd Quarter 2009 issue of the Quarterly Review of Interest Rate Risk has been published by the OTS. Quarterly Review  10/21/09

• FRB Proposes Rulemaking for Truth in Lending

  The Board proposes to amend Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that are effective on February 22, 2010. The proposed rule would limit the application of increased rates to existing credit card balances, require credit card issuers to consider a consumer's ability to make the required payments, establish special requirements for extensions of credit to consumers who are under the age of 21, and limit the assessment of fees for exceeding the credit limit on a credit card account. TXT; PDF  10/21/09

• Credit Auction Results

  The Federal Reserve has announced the results of auction of $75 billion in 28-day credit held on October 19, 2009. Auction  10/21/09

• Discount Rate Meetings Minutes

  The minutes of the discount rate meetings held on September 8 and 21, 2009, have been released by the FRB. Minutes  10/21/09

• New Director Appointed

  The Federal Reserve has announced the appointment of Patrick M. Parkinson as director of the Division of Banking Supervision and Regulation, effective immediately. Appointment  10/21/09

• Written Agreement with Minnesota BHC

  The FRB has announced the execution of a Written Agreement between American Eagle Financial Corporation, Otsego, MN, a registered bank holding company (BHC), and the Federal Reserve Bank of Minnesota. Agreement  10/20/09

• Bernanke Global Financial Crisis and Asia

  In a presentation at the Federal Reserve Bank of San Francisco's Conference on Asia and the Global Financial Crisis, Chairman Bernanke discussed Asia's experience in the crisis, the diversity of experiences, finance and trade transmission channels, policy responses, and lessons learned. Speech  10/20/09

• Reverse Mortgage Market FEDS Working Paper

  A working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "Reversing the Trend: The Recent Expansion of the Reverse Mortgage Market" has been published by the FRB. Abstract; Full Paper  10/20/09

• Counterfeit Cashier's Checks Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit cashier's checks bearing the name of Westfield Bank, FSB, Westfield Center, OH. Information concerning the counterfeit cashier’s checks has been posted on the Alerts & Counterfeits page.  10/19/09

• November 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 November 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  10/19/09

• Enforcement Actions Released

  The OCC has released the Enforcement Actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions  10/19/09

• $34,265 Flood CMP Announced

  The OCC has announced that a civil money penalty (CMP) of $34,265 has been imposed against National City Bank, Cleveland, OH, for violations of the Flood Act and its implementing regulations. Information regarding the CMP has been posted on the Flood Penalties Watch page.  10/19/09

• California Bank Closed: All Deposits Assumed

  The San Joaquin Bank, Bakersfield, CA, has been closed by the California Department of Financial Institutions and the FDIC as receiver, entered into a purchase and assumption agreement with Citizens Business Bank, Ontario, CA, to assume all of the deposits. San Joaquin Bank  10/19/09

• August TIC Data Released

  The Treasury has released the Treasury International Capital (TIC) data for August 2009. TIC  10/19/09

• Industrial Production and Capacity Utilization Report

  The G.17 Industrial Production and Capacity Utilization Report for August 2009, has been released by the FRB. G. 17  10/19/09

• al-Qa'ida Member Added to OFAC

  A German national has been designated by the Treasury as a SDGT for acting for or on behalf of al-Qa'ida and added his name to the SDN List. Information regarding the individual has been posted on the OFAC page.  10/16/09

• CRA Ratings Released

  The OCC has released the rating received by twenty-four national banks that were recently examined for compliance with the CRA. Ratings  10/16/09

• Revised HMDA Exam Procedures CEO Letter

  A CEO Letter and Regulatory Bulletin has been issued by the OTS regarding the recently revised HDMA examination procedures concerning reporting price information on higher-priced loans. CEO Letter; Bulletin   10/16/09

• FedFlash Only Online

  The October 15, 2009 issue of FedFlash has been posted online by FR Financial Services. REMINDER: You can only read the issue online. FedFlash  10/16/09

• International Economic and Exchange Rates Report

  The Treasury has released its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies which covers generally the period from January 2009, through June 2009, but also contains information through early October 2009. Report  10/16/09

• Cost of Funds Reports Released

  The OTS has released the Historical and Current Cost of Funds for OTS regulated institutions reports. Historical; Current  10/16/09

• China Working Paper Published

  The FRB has published a working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Education's Role in China's Structural Transformation." Abstract; Full Paper  10/16/09

• Counterfeit Cashier’s Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier’s checks issued in the name of Citizens First National Bank, Princeton, IL. Information regarding the counterfeit cashier’s checks has been posted on the Alerts & Counterfeits page.  10/15/09

• OTS Revises Examination Handbook

  The Section 214 of the OTS Examination Handbook, Other Commercial Lending, has been revised. Handbook  10/15/09

• 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 Dallas and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland. The Board is also amending the routing number guide to delete the reference to the Los Angeles branch office of the Federal Reserve Bank of San Francisco and to reassign the 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  10/15/09

• FRB Publishes Final Rule in FR for Reserve Requirements of Depository Institutions

  The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2010. The Regulation D amendments also set the amount of net transaction accounts at each depository institution that is subject to a three percent reserve requirement in 2010 at $55.2 million, up from $44.4 million in 2009. The Board is also announcing changes in two other amounts, the nonexempt deposit cutoff level and the reduced reporting limit, that are used to determine the frequency at which depository institutions must submit deposit reports. TXT; PDF  10/15/09

• The Treasury Proposes Rulemaking for the Drawback of Internal Revenue Excise Tax

  This document proposes to amend title 19 of the Code of Federal Regulations to preclude situations where imported merchandise subject to Federal excise tax is allowed into the United States, in effect, 99 percent free of that tax through application of a drawback claim. This document also proposes to amend title 19 by adding a basic importation and entry bond condition to foster compliance with the amended drawback provision. TXT; PDF  10/15/09

• Kongra-Gel Leaders Added to OFAC List

  OFAC has designated three senior leaders of the Kongra-Gel (f/k/a the Kurdistan Workers Party (PKK)), as significant foreign narcotics traffickers under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) and added their names to the SDN List. Information regarding the individuals has been posted on the OFAC page.  10/15/09

• Written Agreement with Illinois BHC and Bank

  The FRB has announced the execution of a Written Agreement by and among BOI Financial Corporation, a registered bank holding company, Bank of Illinois, a state chartered member bank, both of Normal, IL, and the Federal Reserve Bank of Chicago. Agreement  10/15/09

• TARP SAR Filings

  FinCEN has issued an Advisory on filing Suspicious Activity Reports (SARs) regarding TARP (Troubled Asset Relief Program) related programs. Advisory  10/15/09

• SAR Activity Review Released

  The 16th Annual issue of the SAR Activity Review - Trends, Tips & Issues has been release. SAR Activity Review  10/15/09

• Dugan and Bair Testify

  In testimony before Subcommittee on Financial Institutions of the Senate Committee on Banking, Housing, and Urban Affairs, Comptroller Dugan noted that while credit quality is continuing to worsen, the vast majority of national banks are strong and have the financial capacity to withstand declining asset quality; and Chairman Bair discussed the condition of FDIC-insured institutions and the deposit insurance fund (DIF). Dugan Oral Statement; Dugan Written Testimony; Bair Statement  10/15/09

• FOMC Minutes Released

  The minutes of the September 22-23, 2009, meeting of the Federal Open Market Committee (FOMC) have been released by the FRB. Minutes  10/15/09

• Working Papers Published

  Three 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:

  1. Credit Card Redlining Revisited;
  2. Bayesian Analysis of Stochastic Volatility Models with Levy Jumps: Application to Risk Analysis;
     
  3. Did Easy Money in the Dollar Bloc Fuel the Global Commodity Boom?

  Credit Card Abstract; Credit Card Full Paper; Bayesian Abstract; Bayesian Full Paper; Easy Money Abstract; Easy Money Full Paper  10/15/09

• Counterfeit Cashier's Checks Special Alerts

  Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the name of Citibank, N.A., Hagatna, Guam, and Republic Bank & Trust Company, Louisville, KY. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  10/14/09

• Written Agreement with Illinois BHC

  The FRB has announced the execution of a Written Agreement by and between CBR Holdings, Inc., Chicago, IL, a registered bank holding company (BHC), and the Federal Reserve Bank of Chicago. Agreement  10/14/09

• FDIC Proposes Rulemaking for Assessments - Paperwork Reduction Act

  On October 2, 2009, the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking with request for comments to amend its assessment regulations to require insured institutions to prepay, on December 30, 2009, their estimated quarterly risk-based assessments for the fourth quarter of 2009, and for all of 2010, 2011, and 2012. The FDIC would begin to offset prepaid assessments on March 30, 2010, representing payment for the fourth quarter of 2009. The FDIC is supplementing that notice of proposed rulemaking with a Paperwork Reduction Act analysis and seeking comment on the Paperwork Reduction Act implications of the proposed rule. TXT; PDF  10/14/09

• FinCEN Releases Large Institutions BSA Report

  FinCEN Director Freis has announced: 1) the findings of the Financial Institutions Outreach Initiative report which contains information about Bank Secrecy Act (BSA) practices and procedures among large depository institutions and 2) the expansion of the outreach program to depository institutions with assets under $5 billion. Report Summary; Full Report; Expansion  10/14/09

• Bernanke – FRB's Balance Sheet Update

  In a presentation at the Federal Reserve Board Conference on Key Developments in Monetary Policy in Washington, D.C., Chairman Bernanke discussed an update of the FRB's balance sheet.
  Speech  10/09/09

• October 2009 FedFocus

  The October 2009, issue of FedFocus has been posted online by the FR Financial Services. FedFocus  10/09/09

• 2010 NCUA Board Meeting Schedule Released

  The 2010 NCUA Board Meeting schedule has been released. Schedule  10/09/09

• The FRB Proposes Rulemaking for Extension of Credit by Federal Reserve Banks

  The Board of Governors (Board) is publishing for public comment a proposed amendment to Regulation A that would provide a process by which the Federal Reserve Bank of New York may determine the eligibility of credit rating agencies and the ratings they issue for use in the Term Asset-Backed Securities Loan Facility, which is maintained by the Federal Reserve Bank of New York and for which the Board has expressly set a particular credit rating requirement for collateral offered by the borrower. The proposed rule would not apply to discount window lending or other extensions of credit provided by the Federal Reserve System. In addition, the rule would only apply to asset-backed securities that are not backed by commercial real estate.TXT; PDF  10/08/09

• The Treasury Publishes Final Rule in FR for Privacy Act Implementation

  In accordance with the requirements of the Privacy Act of 1974, as amended, the Department of the Treasury exempts a new Internal Revenue Service (IRS) system of records entitled "Treasury/IRS 50.222--Tax Exempt/Government Entities (TE/GE) Case Management Records" from certain provisions of the Privacy Act.TXT; PDF  10/08/09

• Bid for Corus Bank Accepted

  The FDIC has signed a bid confirmation letter to sell a 40 percent equity interest in a limited liability company (LLC) created to hold assets of Corus Bank, NA, Chicago, IL. Transaction Details; Diagram  10/08/09

• Free Credit Report Rule Amendment Comments Sought

  The Federal Trade Commission (FTC) is seeking public comment on proposed amendments to the Free Annual File Disclosures Rule, also known as the "Free Credit Report Rule". Amendment  10/08/09

• Consumer Credit Report Released

  The FRB has released the G.19 Consumer Credit Report for August, 2009. G.19  10/08/09

• Flood Penalties Announced

  The FRB announced one civil money penalty (CMP) that was recently assessed for flood violations. Information regarding the penalty has been posted on the Flood Penalties Watch page.  10/07/09

• Written Agreement with Puerto Rico BHC

  The FRB has announced the execution of a Written Agreement by and between Eurobancshares, Inc., San Juan, PR, a registered bank holding company, and the Federal Reserve Bank of New York. Agreement  10/07/09

• VA Issues Emergency Checks

  The VA is issuing emergency advance education payments to veterans in the form of checks drawn on U.S. Bank, National Association. Checks  10/07/09

• Reserve Position Update

  The U.S. International Reserve Position Report has been updated by the Treasury with data current as of October 2, 2009. Report   10/07/09

• Credit Auction Results

  The Federal Reserve has announced the results of auction of $50 billion in 70-day credit held on October 5, 2009. Results  10/07/09

• Financial Reporting Bulletin Published

  The September 2009, issue of the Financial Reporting Bulletin has been published by the OTS. Bulletin  10/07/09

• CRA Ratings Released

  The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings  10/06/09

• CA Letter Issued Regarding HMDA Examination Procedures

  A Consumer Affairs (CA) Letter has been issued by the FRB regarding the recent approval by the FFIEC of Revised Interagency Examination Procedures for the Home Mortgage Disclosure Act (HMDA). CA Letter  10/06/09

• Prompt Corrective Action Directive Issued

  The FRB has announced the issuance of a consent Prompt Corrective Action Directive against San Joaquin Bank, Bakersfield, CA, a state chartered member bank. Directive   10/06/09

• Three PPIFs Closed

  The Treasury has announced three additional initial closings of Public-Private Investment Funds (PPIFs) established under the Legacy Securities Public-Private Investment Program (PPIP). Closed  10/06/09

• Retired Routing Numbers Procedures Change

  The FR Financial Services has announced updated procedures for handling retired routing transit (RT) numbers and new retired RT number return service. RT  10/06/09

• TALF Pledged ABS Evaluation Procedures Changed

  Changes to procedures for evaluating asset-backed securities (ABS) pledged to the Term Asset-Backed Securities Loan Facility (TALF) have been announced by the Treasury. Proposed Rule; FAQs; Terms; Risk Assessment  10/06/09

• MSB List Updated

  The FinCEN has updated the MSB Registration List with data current as of September 8, 2009. List  10/06/09

• CAC Meeting Announced

  The FRB has announced that the Consumer Advisory Council (CAC) will hold its next meeting on Thursday, October 22, 2009, in the Board’s Martin Building, Washington, D.C. The session will begin at 9 a.m. and is open to the public. Meeting  10/06/09

• CRA Ratings Released

  OTS has released the ratings received by saving associations recently examined for compliance with the provisions of the CRA. Ratings   10/05/09

• SDNTs Removed From OFAC List

  OFAC has removed the names of three individuals designated as SDNTs from the SDN List. Information regarding the removals has been posted on the OFAC page.  10/05/09

• Retired Routing Numbers Procedures Change

  FR Financial Services has announced updated procedures for handling retired routing transit (RT) numbers and new retired RT number return service. RT

• OFAC CMPs Announced

  The civil money penalties (CMPs) recently assessed against individuals and entities for violations of the various OFAC Sanctions Programs have been announced. No financial institutions were cited. CMPs  10/02/09

• FDIC Proposes Rulemaking for Prepaid Assessments

  Pursuant to Section 7(b) of the Federal Deposit Insurance Act, the FDIC is proposing to amend its assessment regulations to require insured institutions to prepay, on December 30, 2009, their estimated quarterly risk-based assessments for the fourth quarter of 2009, and for all of 2010, 2011, and 2012. The FDIC would begin to offset prepaid assessments on March 30, 2010, representing payment for the fourth quarter of 2009. TXT; PDF  10/02/09

• Written Agreement with Washington BHC and Bank

  The FRB has announced the execution of a Written Agreement by and among Coastal Financial Corporation, a registered bank holding company, Coastal Community Bank, a state chartered member bank, both of Everett, WA, and the Federal Reserve Bank of San Francisco. Agreement  10/02/09

• Paper Check Processing Changes Reminder

  The FR Financial Services has issued a reminder that effective October 1, 2009, all paper adjustment cases, adjustments-related correspondence, required documents-to-follow (DTFs), and live items currently sent to the Charlotte Office should be directed to the Cleveland Office. Reminder  10/02/09

• Earthquake and Tsunami Relief FIL

  A FIL has been issued by the FDIC announcing a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in the territory of American Samoa, where an earthquake, a tsunami and flooding have caused severe property damage and casualties. FIL  10/02/09

• Exchange Rate and Structure and Share Data Reports

  The FRB has issued the September 2009, G.5 Foreign Exchange Rate and June 2009, Structure and Share Data for U.S. Offices of Foreign Banks reports. G.5; Structure and Share  10/02/09

• News from FedACH Published

  The third quarter 2009 issue of News from FedACH has been published online. News  10/02/09

• Unauthorized Banking Special Alert

  The FDIC has issued a Special Alert regarding entities that are neither registered nor licensed to conduct business activities by the Cayman Islands Monetary Authority that may be operating in the Cayman Islands offering banking or other financial services to individuals, businesses or financial institutions located in the United States. Special Alert  10/01/09

• OFAC Symposium Announced

  OFAC has announced that the first-ever Financial Sector Symposium designed to provide the financial sector with insight and perspective from top OFAC officials on banking and securities will be held in New York City on December 01, 2009. The event is free and registration via email is available. Symposium  10/01/09

• 2008 HMDA Data

  The FFIEC has announced the availability of data on mortgage lending transactions at U.S. financial institutions covered by HMDA. The HMDA data covers 2008 lending activity: applications for loans, loan originations, loan denials, and purchases of loans. A draft of an article in the upcoming Federal Reserve Bulletin presents a number of key findings from an initial review of the 2008 HMDA data. FFIEC PR; Raw Data; FB Draft  10/01/09

• Mortgage Metrics Report Released

  The OCC and the OTS have released the Mortgage Metrics Report for Second Quarter, 2009. Summary; Report; Field Definitions  10/01/09

• Third Quarter 2009 Call Report Information

  The FDIC has issued a FIL regarding materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the September 30, 2009, report date. FIL  10/01/09

• TIL Examination Procedures CEO Letter Issued

  The OTS has issued a CEO Letter regarding the update of OTS examination procedures to address changes in open-end credit disclosure requirements. Letter  10/01/09

• Prepayment of FDIC Risk Assessments NPR

  In an attempt to raise an estimated $45 billion to strengthen the cash position of the Deposit Insurance Fund (DIF), the FDIC Board has adopted a Notice of Proposed Rulemaking (NPR) that would require insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011 and 2012. Summary; DIF Restoration Plan; NPR  9/30/09

• FRB Publishes Final Rule in FR for Reimbursement for Providing Financial Records; Recordkeeping Requirements for Certain Financial Records

  The Board of Governors of the Federal Reserve System (Board) has approved amendments to Subpart A of Regulation S, which implements the requirement under the Right to Financial Privacy Act (RFPA) that the Board establish the rates and conditions under which payment shall be made by a government authority to a financial institution for assembling or providing financial records pursuant to RFPA. These proposed amendments update the fees to be charged and takes account of recent advances in electronic document productions. TXT; PDF  9/30/09

• TIL Credit Card Amendments Proposed

  A rule amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of potentially costly practices have been proposed by the FRB to implement the provisions of the Credit Card Act that go into effect on February 22, 2010. Summary; Proposed Rule  9/30/09

• Written Agreement with Utah Bank

  The FRB has announced the execution of a Written Agreement by and between First Utah Bank, Salt Lake City, UT, a state chartered member bank, and the Federal Reserve Bank of San Francisco. Agreement  9/30/09

• Storm Relief FIL Issued

  A FIL has been issued by the FDIC regarding series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Georgia affected by recent severe storms and flooding. FIL; Steps  9/30/09

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of September 25, 2009. Report  9/30/09

• Correspondent Concentration Risks Proposed Guidance Comments

  The OCC has issued a Bulletin and the FDIC a FIL seeking comments on the proposed Interagency Guidance on Correspondent Concentration Risks which outlines the agencies' expectations for identifying, monitoring, and managing correspondent concentration risks among financial institutions. Bulletin; FIL; Guidance  9/29/09

• Protecting Tenants at Foreclosure Act FIL

  A FIL has been issued by the FDIC regarding the notice provisions of the Protecting Tenants at Foreclosure Act. FIL  9/29/09

• EZ Clear Savings Bonds Credit Procedures Change

  Beginning November 2, 2009, credit for all separately sorted savings bonds will be passed by the Pittsburgh office of the Federal Reserve Bank of Cleveland. Procedures  9/29/09

• BHC Granted Reporting Relief

  The FRB has issued a letter regarding a legal interpretation granting a requested for temporary relief to bank holding company (BHC) from the second quarter reporting requirements. Letter  9/29/09

• FR Financial Services Available to Microsoft Vista Users

  Microsoft Windows Vista operating system may now access Federal Reserve Financial Services via the FedLine Web and FedLine Advantage access solutions. Vista  9/29/09

• OTS Publishes Final Rule in FR for Prohibited Service at Savings and Loan Holding Companies; Extension of Expiration Date of Temporary Exemption

  The OTS is revising its rules implementing section 19(e) of the Federal Deposit Insurance Act (FDIA), which prohibits any person who has been convicted of any criminal offense involving dishonesty, breach of trust, or money laundering (or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense) from holding certain positions with respect to a savings and loan holding company (SLHC). Specifically, the OTS is extending the expiration date of a temporary exemption granted to persons who held positions with respect to a SLHC as of the date of the enactment of section 19(e). The revised expiration date for the temporary exemption is September 30, 2010. TXT; PDF  9/29/09

• G.20 Report Issued

  The G.20 Owned and Managed Receivables Outstanding Report for July 2009, has been published by the FRB. G.20  9/29/09

• Reserve Position Updates

  The Treasury has issued the U.S. International Reserve Position Reports for September 11 and 18, 2009. September 11; September 18  9/29/09

• Enforcement Actions Released

  The FDIC has released a list of forty-eight orders of administrative enforcement actions taken against banks and individuals in August 2009. Orders  9/28/09

• C & D Order Issued

  The execution of a consent Cease and Desist (C&D) Order by and among Bankers' Bancorp, Inc., a registered bank holding company, Independent Bankers' Bank, a state chartered member bank, both of Springfield, IL, the Federal Reserve Board, and the Illinois Department of Financial and Professional Regulation, Division of Banking, has been announced by the FRB. Order  9/28/09

• Georgia Bank Closed Assets Assumed

  Georgian Bank, Atlanta, GA, was closed by the Georgia Department of Banking and Finance. The FDIC was appointed receiver and entered into a purchase and assumption agreement with First Citizens Bank and Trust Company, Inc., Columbia, SC, to assume all of the deposits. Georgian  9/28/09

• Holiday Currency Ordering Schedule Released

  The FR Financial Services has released the 2009 holiday currency ordering schedule. Schedule  9/28/09

• Reverse Mortgages Consumer Advisory

  The OCC has issued a Consumer Advisory to help consumers better understand reverse mortgages and provides basic "rules of thumb" for consumers who are considering a reverse mortgage. Advisory  9/28/09

• Bank Trading Revenues Decline

  The OCC has published the Second Quarter 2009, issue of the Quarterly Report on Bank Trading and Derivatives Activities which indicates the U.S. commercial banks reported trading revenues of $5.2 billion in the second quarter of 2009, compared to record revenues of $9.8 billion in the first quarter of 2009. Summary; Full Quarterly Report  9/28/09

• $70,625 Flood CMP

  A Civil Money Penalty (CMP) in the amount of $70,625 has been assessed by the FRB against an Alabama bank for alleged violations of the Board's regulations implementing the National Flood Insurance Act. Information regarding the CMP has been posted on the Flood Penalties Watch page.  9/25/09

• RFPA Records Production Reimbursement Rates Increased

  A revision to Regulation S, which sets the rates and conditions under which a government agency must reimburse a financial institution for costs incurred in producing customer financial records under the Right to Financial Privacy Act (RFPA), has been issued by the FRB. The revision, which becomes effective January 1, 2010, increases substantially the personnel fees chargeable for searching and processing document requests. Rates  9/25/09

• Written Agreements Executed

  The FRB has announced the execution of Written Agreements with the following institutions:

  • by and among Capitol Bancorp, Ltd., Lansing, MI, Capitol Bancorp, Ltd.'s Second-Tier Bank Holding Companies, each of which is a registered bank holding company, and the Federal Reserve Bank of Chicago;
  • by and between First National Bancshares, Inc., Goodland, KS, a registered bank holding company, and the Federal Reserve Bank of Kansas City.

  Capitol; First National  9/25/09

• Credit Card CEO Letter Issued

  The OTS has issued a CEO Letter regarding "No Interest, No Payment" credit card programs. Letter  9/25/09

• Dugan Supports Strong National Standards

  In a presentation to the meeting of Women in Housing and Finance in Washington, D. C., Comptroller Dugan noted that that uniform national standards have proved to be a powerful engine for prosperity and growth, and urged Congress to strengthen federal consumer protection rules and ensure they are applied to all providers of the same financial products. He stated, "It is widely recognized that the worst subprime loans that have caused the most foreclosures were originated by nonbank lenders and brokers regulated exclusively by the states", and cited an OCC report on the worst 10 mortgage originators. Speech; Report  9/25/09

• SNC Annual Review Indicates Credit Quality Decline

  The federal financial institution regulators have issued a joint press release announcing that credit quality declined sharply for loan commitments of $20 million or more held by multiple federally supervised institutions, according to the 32nd annual review of Shared National Credits (SNC). Press Release; SNC; Industry Mapping File  9/25/09

• TAF and TALF Schedules Released

  The Term Auction Facility (TAF) and Term Securities Lending Facility (TSLF) schedules through January, 2010, have been released by the FRB. Schedules  9/25/09

• Fed Funds Rates Unchanged

  The FOMC (Federal Open Market Committee) has announced 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. FOMC  9/24/09

• Three Written Agreements Announced

  The FRB has announced the execution of written agreements regarding the following financial institutions:

  1. by and between Capital Community Bancorporation, Inc., Provo, UT, a registered bank holding company, and the Federal Reserve Bank of San Francisco;
  2. by and among Old Southern Bank, Orlando, FL, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the State of Florida, Office of Financial Regulation;
  3. by and among Community Bankshares, Inc., Cornelia, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia.

  Capital;
  Old Southern; Community  9/24/09

• Geithner and Dugan on Financial Regulatory Reform

  In testimony before the House Financial Services Committee, Secretary Geithner and Comptroller Dugan discussed their views regarding Treasury's proposal for financial regulatory reform. Geithner Written Testimony; Dugan Oral Statement; Dugan Written Statement  9/24/09

• HMDA Software

  The 2009 HMDA Data Entry Software Release 3 is now available for download. Software  9/23/09

• Written Agreements Announced

  The execution of Written Agreements by and between the following institutions has been announced by the FRB:

  • AmericanWest Bancorporation, Spokane, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco,
  • Northern Star Financial, Inc., Mankato, MN, a registered bank holding company, and the Federal Reserve Bank of Minneapolis.

  AmericanWest; Northern Star  9/23/09

• C&D Order

  The execution of a consent Cease and Desist Order by and among Orion Bancorp, Inc., a registered bank holding company, Orion Bank, a state chartered member bank, both of Naples, FL, the Federal Reserve Bank of Atlanta, and the State of Florida Office of Financial Regulation has been announced by the FRB. Order  9/23/09

• Section 19 Letters Published

  Four letters regarding enforcement of Section 19 of the Federal Deposit Insurance Act prohibiting the recipients from becoming or continuing as an institution-affiliated party with respect to any insured banking organization or credit union have been published by the FRB. Letter 1; Letter 2; Letter 3; Letter 4   9/23/09

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with data current as of September 22, 2009. 314(a)  9/23/09

• Cash Letter Fees Reduced

  FR Financial Services has announced effective Monday, November 2, 2009, cash letter fees for the FedForward Deferred Fine Sort product will be reduced. Fees  9/23/09

• Charge-Off Rates Report

  The OTS has issued the Thrift Industry Charge-Off Rates Report for the Second Quarter, 2009. Report  9/23/09

• Check Services and Automated Clearinghouse Data

  The FRB has published the Checks Services and Quarterly Automated Clearinghouse Operations data through the Second Quarter, 2009. Checks Services; Clearinghouse  9/23/09

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of September 18, 2009. Report  9/23/09

• Credit Auction Results

  The Federal Reserve has announced the results of the auction of $75 billion in 28-day credit held on September 21, 2009. Auction  9/23/09

• St. Louis Community Bank Directors Workshop

  A workshop for national community bank directors will be hosted by the OCC in St. Louis at the Hilton St. Louis at the Ballpark, November 2-4, 2009. Information; Registration  9/22/09

• Alabama Bank Pays $1M Penalty

  The SEC has charged Alabama-based Regions Bank for its role in an offering fraud that victimized thousands of investors predominantly in Latin America by giving them the impression that their funds would be secure. Regions Bank agreed to settle the charges by consenting to the entry of a cease-and-desist order and payment of a $1 million penalty. Complaint; Order; Litigation Release  9/22/09

• OCC Updates Licensing Manual

  The Background Investigations booklet of the OCC Licensing Manual has been revised. Manual  9/22/09

• Enforcement Actions Announced

  The Enforcement Actions recently taken against national banks and individuals currently and formerly affiliated with national banks has been announced by the OCC. Actions  9/21/09

• Affiliate Banks Closed Deposits Assumed

  Irwin Union Bank, F.S.B., Louisville, KY, and Irwin Union Bank and Trust Company, Columbus, IN, banking subsidiaries of Irwin Financial Corporation, Columbus, IN, have been closed by their respective regulators. The FDIC was appointed the receiver and entered into a purchase and assumption agreement with First Financial Bank, National Association, Hamilton, OH, to assume all of the deposits of both banks. Banks  9/21/09

• CRA Ratings Released

  The OTS has released the ratings received by savings associations that were recently examined for compliance with the provisions of the CRA. Ratings  9/21/09

• Bair on Financial Regulatory Reform

  In a presentation at the Future of Global Finance Conference, hosted by Georgetown University's McDonough School of Business, Chairman Bair discussed the status of the ongoing financial regulatory reform process. Her comments covered the significant regulatory gaps within the financial system, the too-big-to-fail doctrine, the need for new resolution authority, incentives to reduce size and complexity, and a strong oversight council. Video Text  9/21/09

• Bulletin Regarding NPR

  The OCC has issued a bulletin regarding the previously announced joint agency notice of proposed rulemaking (NPR) to address the effect on regulatory capital resulting from implementation of FASB's changes to standards regarding transfer of financial assets and consolidation of variable interest entities. Information concerning the NPR has posed in the September 15, 2009, Top Stories. Bulletin; NPR  9/21/09

• Community Banking Advisory Committee Names

  The initial 14 members for the FDIC Advisory Committee on Community Banking have been announced. They represent a cross-section of community bankers and will provide advice and recommendations to the agency on a broad range of policy issues regarding small community banks and the local communities they serve. Committee  9/21/09

• E.2 Report Released

  The E.2 Survey of Terms of Business Lending report for August 3-7, 2009 has been released by the FRB. E.2  9/21/09

• FHA to Make Credit Policy Changes

  The FHA has announced plans to implement a set of credit policy changes that will enhance the agency's risk management functions and hire a Chief Risk Officer. Credit Policy  9/21/09

• Counterfeit Cashier's Checks Alerts

  The OCC has issue an Alert regarding counterfeit cashier's checks issued in the name of Kleberg First National Bank of Kingsville, Kingsville, TX; and the FDIC has issued a Special Alert regarding cashier's checks bearing the name of First Freedom Bank, Lebanon, TN. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  9/18/09

• CRA Ratings Released

  The OCC has released the ratings received by thirty-five national banks recently examined for compliance with the CRA. Ratings  9/18/09

• Written Agreements Announced

  The FRB has announced the execution of the following Written Agreements by and among:

  • Century Bank of Florida, Tampa, FL, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the State of Florida Office of Financial Regulation;
  • Security Financial Services Corporation, a registered bank holding company, Security Financial Bank, a state chartered member bank, both of Durand, WI, the Federal Reserve Bank of Minneapolis, and the Wisconsin Department of Financial Institutions.

  Century; Security  9/18/09

• New Section Added to Examination Handbook

  The OTS has issued a Regulatory Bulletin announcing that a section titled "New Activities and Services" has been added to its Examination Handbook. Bulletin  9/18/09

• Source of Receipt Procedures to Change

  The FRB Financial Services has announced that effective October 1, 2009, Reserve Banks will no longer provide source of receipt information over the phone through the Check or Check 21 Customer Support Centers. Procedures  9/18/09

• Assessing Systemic Risk FEDS Working Paper

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "A Framework for Assessing the Systemic Risk of Major Financial Institutions," has been published by the FRB. Abstract; Full Paper  9/18/09

• Z.1 Released

  The Z.1 Flow of Funds Accounts of the United States Report for the Second Quarter 2009, has been released by the FRB. Z.1   9/18/09

• Reserve Position Reports Released

  The Treasury has released the August 28, September 4, and September 11, 2009, U.S. International Reserve Position Reports. August 28; September 4; September 11  9/18/09

• C&D Order Announced

  The FRB has announced the execution of a consent Cease and Desist (C&D) Order by and among Irwin Financial Corporation, a registered bank holding company, Irwin Union Bank and Trust Company, a state chartered member bank, both of Columbus, IN, the Federal Reserve Board, and the Indiana Department of Financial Institutions. Order  9/17/09

• October 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 October 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  9/17/09

• Foreclosure Prevention Tool Kit

  The FDIC has issued a FIL announcing a free tool kit of information to help borrowers, community stakeholders and the banking industry avoid unnecessary foreclosures and stop foreclosure "rescue" scams that promise false hope to consumers at risk of losing their homes. FIL; Tool Kit  9/17/09

• FDIC Publishes Final Rule in FR for Deposit Insurance Regulations; Temporary Increase in Standard Coverage Amount; Mortgage Servicing Accounts; Revocable Trust Accounts;International Banking; Foreign Banks

  The FDIC is adopting a final rule amending its deposit insurance regulations to: Reflect Congress's extension, until December 31, 2013, of the temporary increase in the standard maximum deposit insurance amount ("SMDIA") from $100,000 to $250,000; finalize the interim rule, with minor modifications, on revocable trust accounts; and finalize the interim rule on mortgage servicing accounts.TXT; PDF  9/17/09

• LLP Pilot Sale Winning Bidder

  The FDIC has announced that Residential Credit Solutions is the winning bidder in a pilot sale of receivership assets conducted to test the funding mechanism for the Legacy Loans Program (LLP). Sale  9/17/09

• TIC Data Released

  The Treasury has released the Treasury International Capital (TIC) data for July 2009. TIC  9/17/09

• Industrial Production Report Issued

  The G.17 Industrial Production and Capacity Utilization Report for August 2009, has been issued by the FRB. G.17  9/17/09

• NonBank Subsidiaries Consumer Compliance Program Implemented

  The Federal Reserve has issued a Consumer Affairs Letter (CA Letter) announcing the establishment of an immediately effective policy to implement a consumer compliance supervision program of nonbank subsidiaries of bank holding companies and foreign banking organizations. CA Letter  9/16/09

• New Check 21 Routing Numbers Announced

  New Check 21 related FedReceipt routing numbers have been announced by Federal Reserve Financial Services. Numbers  9/16/09

• Atlanta Community Bank Directors Workshops

  The OCC will host workshops for national community bank directors in Atlanta on October 20-21, 2009. Online registration is available. Workshops; Registration  9/16/09

• Consumer Privacy Roundtables Announced

  A series of day-long public roundtable discussions to explore the privacy challenges posed by the vast array of 21st century technology and business practices that collect and use consumer data have been announced by the FTC. Roundtables   9/16/09

• FDIC Proposes Rulemaking for Expiration of the Issuance Period for the Debt Guarantee Program: Establishment of Emergency Guarantee Facility

  Under the first alternative, the DGP would conclude as provided in the current regulation. Thus, insured depository institutions (IDIs) and certain other participating entities would be permitted to issue FDIC-guaranteed debt no later than October 31, 2009, with the FDIC's guarantee for such debt expiring no later than December 31, 2012. Under the second alternative, the DGP would expire as indicated above; however, the FDIC would establish a limited six-month emergency guarantee facility to be made available in emergency circumstances to insured depository institutions (IDIs) and certain other entities participating in the DGP upon application to and with the prior approval of the FDIC. Under the proposed emergency guarantee facility, the FDIC would guarantee senior unsecured debt issued on or before April 30, 2010. The emergency guarantee facility would be available on a limited, case-by-case basis to insured depository institutions (IDIs) participating in the DGP and to other entities participating in the DGP that have issued FDIC-guaranteed debt under the DGP by September 9, 2009. TXT; PDF  9/16/09

• FRB Payment System Second Quarter 2009 Report

  The Quarterly Reserve Bank Payment Services: Fedwire and National Settlement Services report has been published with data through the second quarter, 2009. Report  9/16/09

• Agricultural Finance Databook

  The FRB has released the September 2009, edition of the E.15 Agricultural Finance Databook. E.15  9/16/09

• Cost of Funds Reports

  The OTS has updated the current and historical cost of funds reports. Current; Historical  9/16/09

• Bernanke Reflects on the Crisis

  In a speech at the Brookings Institution, Chairman Bernanke offered his reflections on the financial crisis, a presentation he previously delivered at Federal Reserve Bank of Kansas City's Annual Economic Symposium, in Jackson Hole, WY. Speech  9/16/09

• Joint Agencies Propose Rulemaking for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other Related Issues

  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) are requesting comment on a proposal to modify their general risk-based and advanced risk-based capital adequacy frameworks to eliminate the exclusion of certain consolidated asset-backed commercial paper programs from risk-weighted assets and provide a reservation of authority in their general risk-based and advanced risk-based capital adequacy frameworks to permit the agencies to require banking organizations to treat entities that are not consolidated under accounting standards as if they were consolidated for risk-based capital purposes, commensurate with the risk relationship of the banking organization to the structure. TXT; PDF  9/15/09

• FDIC Publishes Final Rule in FR for Interest on Deposits

  The Federal Deposit Insurance Corporation (FDIC) is amending its regulations to eliminate restrictions on certain kinds of transfers from savings deposits for state chartered banks that are not members of the Federal Reserve System and insured branches of foreign banks. TXT; PDF  9/15/09

• Written Agreements Announced

  The FRB has announced the execution of the following Written Agreements:

  • by and between FBOP Corporation, Oak Park, IL, a registered bank holding company, and the Federal Reserve Bank of Chicago; and
  • by and among Colorado Mountain Bank, Denver, CO, a state chartered member bank, the Federal Reserve Bank of Kansas City, and the Colorado Division of Banking.

  FBOP; Colorado Mountain   9/15/09

• Three Banks Closed Deposits Assumed

  The following banks have been closed by their regulators, the FDIC appointed as receiver and all deposits assumed by other institutions:

  1. Corus Bank, National Association, Chicago, IL;
  2. Brickwell Community Bank, Woodbury, MN
  3. Venture Bank, Lacy, WA

  Corus; Brickwell; Venture  9/15/09

• Evolution of the Financial Crisis Working Paper

  The FRB has published working paper in the Financial and Economic Discussion Series (FEDS) on the topic of "The Evolution of a Financial Crisis: Panic in the Asset-Backed Commercial Paper Market". Abstract; Full Paper  9/15/09

• FR Banks Chairs Announced

  The chair and deputy chairs of each of the twelve Federal Reserve Banks for 2010 have been announced. Chairs  9/15/09

• Counterfeit Checks and Money Orders Special Alerts

  Six Special Alerts have been issued by the FDIC regarding counterfeit checks and money orders bearing the name of the following financial institutions:

  • The Miners State Bank, Iron River, MI (Counterfeit Money Orders);
  • Lowell Five Cent Savings Bank, Lowell, MA (Counterfeit Money Orders);
  • Peninsula Bank of Ishpeming, Ishpeming, MI (Counterfeit Official Checks);
  • The Apple Creek Banking Company, Apple Creek, OH (Counterfeit Cashiers Checks);
  • Bank of Stockton, Stockton, CA (Counterfeit Cashiers Checks);
  • Citizens State Bank at Mohall, Mohall, ND.

  Information concerning the counterfeit items has been posted on the Alerts & Counterfeits page.  9/14/09

• SDN Entries Deleted

  OFAC has deleted the names of seven individuals and one entity from the SDN List. Information regarding the deletions has been posted on the OFAC page.  9/14/09

• Forbearance Encouraged by FDIC Loss-Share Partners

  Acquirers of failed insured institutions who agreed to a loss-share arrangement with the FDIC are encouraged by the regulator to consider temporarily reducing mortgage payments for borrowers who are unemployed or underemployed. Forbearance  9/14/09

• IFDP Working Papers Published

  Three working papers in the International Finance Discussion Papers (IFDP) series have been published by the FRB on the following topics:

  1. The Puzzling Peso;
  2. Decomposing the U.S. External Returns Differential;
  3. The Power of Long-Run Structural VARs.

  Peso Abstract; Peso Full Paper; Decomposing Abstract; Decomposing Full Paper; VARs Abstract; VARs Full Paper  9/14/09

• Counterfeit Cashiers Checks Alert

  The OCC has issued an Alert regarding counterfeit cashiers checks issued in the name of The First National Bank of Peterstown, Peterstown, West Virginia. Information regarding the counterfeit cashiers checks has been posted on the BOL Alerts & Counterfeits Page. 9/9/09

• North Korean Entities Added To OFAC List

  Two North Korean entities have been added by OFAC to the SDN List with the Nonproliferation (NPWMD) designation. Information regarding the entities has been posted on the BOL OFAC Page. 9/9/09

• Sudanese Sanctions Regulations Amended

  OFAC published amendments to its Sudanese Sanctions Regulations effective September 9, 2009 by issuing a general license that authorizes the exportation and reexportation of agricultural commodities, medicine, and medical
  devices to the Specified Areas of Sudan, as well as the conduct of related transactions. PDF; TXT  9/9/09

• Discount Rate Meeting Minutes

  The FRB has released the minutes of its discount rate meetings from July 6 through August 10, 2009.Minutes 9/09/09

• Consumer Credit Report Released

  The G.19 Consumer Credit Report for July 2009 has been released by the FRB.
  G.19 9/09/09

• CRA Ratings Released

  The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA).
  Ratings 9/8/09

• Community Bank Directors Workshop

  The OCC has scheduled a workshop for community bank directors to be held in Dallas, Texas, on October 5-7, 2009. Online registration is available.
  Workshop;
  Registration 9/8/09

• OFAC Publishes Revised Cuban Assets Control Regulations

  The Foreign Assets Control Office has published in the Federal Register its Final Rule amending certain provisions of the Cuban Assets Control Regulations (CACR), which ease restrictions on remittances (including from inherited blocked accounts) to "close relatives" who are Cuban nationals. The regulations were announced in our September 4, 2009 Top Stories.  Text; PDF 9/8/09

• Treasury Recovery Act Report

  A detailed report containing cumulative state-by-state data on the Recovery Act Program has been issued by the Treasury. Highlights; Full Report 9/8/09

• Counterfeit Checks Alert

  An Alert has been issued by the OCC regarding counterfeit cashier's checks issued in the name of Hilltop National Bank, Casper, WY. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  9/04/09

• Stronger Capital and Liquidity Bank Regulations Proposed

  The Treasury has issued a policy statement, "Principles for Reforming the U.S. and International Regulatory Capital Framework for Banking Firms", regarding the reform of the international regulatory capital and liquidity framework to better protect the safety and soundness of individual banking firms and the stability of the global financial system and economy. Summary; Statement  9/04/09

• Eight SDNTKs Added to OFAC List

  Two Mexico-based companies and six individuals have been designated by OFAC as Specially Designated Narcotics Traffickers (SDNTK) and added to the SDN List for their ties to Productos Farmaceuticos Collins, a pharmaceutical company in Jalisco, Mexico previously designated by OFAC. Information regarding the new entries has been posted on the OFAC page.   9/04/09

• OFAC Relaxes CACR

  OFAC has issued a Fact Sheet regarding a Final Rule amending certain provisions of the Cuban Assets Control Regulations (CACR) which ease the restrictions on remittances (including from inherited blocked accounts) to "close relatives" who are Cuban nationals. Fact Sheet  9/04/09

• FOMC Minutes

  The minutes of the August 11-12, 2009 meeting of the Federal Open Market Committee (FOMC) have been released by the FRB. Minutes  9/03/09

• Paper Check Processing Information

  The Federal Reserve Financial Services has issued new information regarding the previously announced designation of the Federal Reserve Bank of Cleveland as the final paper commercial check processing and check adjustments site. Paper Check  9/03/09

• RESPA CEO Letter

  The OTS has issued a CEO Letter regarding the revision of the RESPA examination procedures. Letter  9/03/09

• OFAC List Changes

  Three changes have been made to existing entries on the OFAC SDN List. Information regarding the changes has been posted on the OFAC page.   9/02/09

• CMPs Announced

  The civil money penalties (CMPs) recently assessed by OFAC against individuals and entities for violations of various Sanctions Programs have been announced. No financial institutions were cited. CMPs  9/02/09

• TILA Regulatory Bulletin

  The OTS has issued a Regulatory Bulletin announcing the revision of the Examination Handbook Section 1305, to address changes to the disclosure requirements for mortgage loans as a result of amendments to the Truth in Lending Act (TILA). Bulletin  9/02/09

• CU Liquidated Assets Assumed

  The NCUA has been appointed liquidating agent of Kaiser Lakeside Credit Union of Oakland, CA by the California Department of Financial Institutions (DFI) and as liquidating agent entered into an agreement with SafeAmerica Credit Union of Pleasanton, CA, to purchase and assume certain assets and liabilities. Kaiser Lakeside  9/02/09

• Foreign Exchange Rates

  The G.5 Foreign Exchange Rates Report for August 2009, has been released by the FRB. G.5  9/02/09

• FedGlobal ACH Payment Prices Change

  The FRB Financial Services has announced that new pricing for FedGlobal ACH Payment will be effective on October 1, 2009. Prices  9/02/09

• Counterfeit Checks Special Alerts

  Seven Special Alerts have been issued by the FDIC regarding counterfeit checks bearing the name of the following financial institutions:

  • Allegiance Bank of North America, Bala Cynwyd, PA (Counterfeit Cashier's Checks);
  • Milestone Bank, (Bank Reale) Dallas, TX (Counterfeit Official Checks);
  • First Nations Bank, Chicago, IL (Counterfeit Cashier's Checks);
  • Peoples Bank, Newton, NC (Counterfeit Cashier's Checks);
  • Municipal Credit Union, New York, NY (Counterfeit Official Checks);
  • Curtis State Bank, Curtis, Nebraska (Counterfeit Cashier's Checks);
  • Oconee State Bank, Watkinsville, GA.

  Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  9/01/09

• CTR Exemptions Guidance

  Guidance has been issued by FinCEN regarding determining eligibility for exemption from currency transaction reporting (CTR) requirements. Guidance  9/01/09

• FDIC Publishes Final Rule in FR for Temporary Liquidity Guarantee Program to Extend the Transaction Account Guarantee Program with Modified Fee Structure

  To assure an orderly phase out of the Transaction Account Guarantee (TAG) component of the Temporary Liquidity Guarantee Program (TLGP), the FDIC is extending the TAG program for six months until June 30, 2010. Each insured depository institution (IDI) that participates in the extended TAG program will be subject to increased fees during the extension period for the FDIC's guarantee of qualifying noninterest-bearing transaction accounts. However, each IDI that is currently participating in the TAG program will have an opportunity to opt out of the extended TAG program, and must review and update its disclosure postings and notices to accurately reflect whether it is participating in the extended TAG program. TXT; PDF  9/01/09

• CRA Examination Schedule Released

  The FDIC has released the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the fourth quarter of 2009. Schedule  9/01/09

• Fire Closings Authorized

  The OCC has issued a proclamation allowing national bank offices affected by the fires in California to close at their discretion. Proclamation   9/01/09

• Two Banks Closed Deposits Assumed

  The following banks have been closed by their primary regulator and the FDIC appointed receiver:

  1. Mainstreet Bank, Forest Lake, MN, by the Minnesota Department of Commerce, the FDIC as receiver entered into a purchase and assumption agreement with Central Bank, Stillwater, MN, to assume all of the deposits;
  2. Affinity Bank, Ventura, CA, by the California Department of Financial Institutions, the FDIC entered into a purchase and assumption agreement with Pacific Western Bank, San Diego, CA, to assume all of the deposits.

  Mainstreet; Affinity  9/01/09

• Collection of California Warrants

  The FRB Financial Services has issued information regarding the collection of State of California registered warrants. Warrants   9/01/09

• FDIC Consumer News

  The Summer 2009, issue of FDIC Consumer News has been published and features an article concerning the new federal consumer protections for credit cards and mortgages, including prohibitions against abusive lending practices and requirements for clearer, more timely disclosures. Consumer News  9/01/09

• Freis On Proactive Crime Fighting

  In prepared remarks before the Cambridge International Symposium on Economic Crime, FinCEN Director Freis discussed the proactive efforts being taken by the federal agencies to fight criminal activities. Remarks  9/01/09

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of August 28, 2009. Report  9/01/09

• Maryland Bank Closed Deposits Assumed

  Bradford Bank, Baltimore, MD, has been closed by the OTS; the FDIC as appointed receiver entered into a purchase and assumption agreement with Manufacturers and Traders Trust Company, Buffalo, NY, to assume all of the deposits. Bradford Bank  8/31/09

• CU Liquidated Shares Assumed

  The NCUA has liquidated Free Choice Federal Credit Union, Feasterville, PA, and its members' share accounts were purchased and assumed by Trumark Financial Credit Union, Trevose, PA. Free Choice  8/31/09

• Enforcement Actions

  Sixty-four administrative enforcement actions taken against banks and individuals in July 2009, by the FDIC have been announced. Actions  8/31/09

• BSA E-Filings Validation Procedures

  The FinCEN has announced plans to implement procedures for SAR acknowledgements and validations for BSA e-filing submissions. Procedures  8/31/09

• New Electronic Interpretations and Actions Online

  The OCC has announced and posted online the August 2009 New Electronic Interpretations and Actions Report. New  8/31/09

• Restructuring Mortgages CEO Letter

  The OTS has issued a CEO Letter regarding regulatory and accounting issues related to modifications and troubled debt restructurings of 1-4 residential mortgage loans. CEO Letter  8/31/09

• Newly Insured Institutions FIL

  The FDIC has issued a FIL announcing supervisory changes for state nonmember institutions insured seven years or less (de novo period) concerning an extension of the de novo period for examination proposes and approval of material changes in business plans. FIL  8/31/09

• NCUA Town Hall Meetings Announced

  Chairman Matz has announced that three NCUA Town Hall Meetings to discuss corporate credit unions and other credit union issues will be held in St. Louis, MO; National Harbor, MD; and San Diego, CA. Meetings  8/31/09

• TAF Auctions Amounts Reduced

  The FRB has announced that the amounts of Term Auction Facility (TAF) credit offered at September 2009, auctions will be reduced to $75 billion. TAF  8/31/09

• Receivables Reports Released

  The G.20 Owned and Managed Receivables Outstanding Report for June 2009, has been released by the FRB. G.20  8/31/09

• Written Agreement with Texas BHC and Bank

  The FRB has announced the execution of a Written Agreement by and among LegacyTexas Group, Inc., a registered bank holding company, LegacyTexas Bank, a state chartered member bank, both of Plano, TX, the Federal Reserve Bank of Dallas, and the Texas Department of Banking. Agreement  8/28/09

• Unauthorized Banking Alert

  An alert has been issued by the OCC regarding the Sovereign Trust Capital Reserve Bank, N.A., who is not authorized to conduct the business of banking in the United States. Alert   8/28/09

• TAG Extended

  A FIL has been issued by the FDIC regarding the adoption of a final rule extending the Transaction Account Guarantee (TAG) portion of the Temporary Liquidity Guarantee Program for six months, through June 30, 2010. FIL; Final Rule  8/28/09

• Insured Institutions Lose $3.7 Billion

  Chairman Bair has issued a statement regarding the release of the Second Quarter 2009 issue of the Quarterly Banking Profile which indicates that insured commercial banks and savings institutions reported an aggregate net loss of $3.7 billion in the second quarter of 2009. Bair Statement; Quarterly Banking Profile  8/28/09

• Regulators Request FASB Standards Comments

  The federal banking and thrift regulatory agencies are seeking comment on a proposed regulatory capital rule related to the Financial Accounting Standards Board's (FASB) adoption of Statements of Financial Accounting Standards Nos. 166 and 167. Proposed Rule; FRB PR; OCC NR; FDIC PR; OTS NR  8/27/09

• Acquisition of Failed Institutions Policy Adopted

  The FDIC has announced the adoption of a final Statement of Policy on the Acquisition of Failed Insured Depository Institutions which provides guidance to investors interested in acquiring or investing in the deposit liabilities of failed banks or thrifts about the standards they will be expected to meet in order to qualify to bid on a failed institution.
  Policy  8/27/09

• FRB Fraud Alert

  A Fraud Alert has been issued by the FRB regarding fraudulent solicitations to consumers that appear to be made with the approval or involvement of the Federal Reserve, Federal Reserve officials, or other U.S. government officials and promise bogus financial services or large sums of money in exchange for either payment or personal information. Alert  8/27/09

• Fraudulent EFTs Special Alert

  A Special Alert has been issued by the FDIC to financial institutions that provide Web-based payment origination services for business customers to increased reports of fraudulent Electronic Funds Transfer) EFT transactions resulting from compromised login credentials. Alert  8/27/09

• CRA Ratings Released

  The OCC has released the rating received by twenty national banks recently examined for compliance with the CRA. Ratings  8/27/09

• Dugan Discusses Ways to Promote Community Development

  In a speech at the Interagency Community Affairs Conference, Comptroller Dugan described the interagency efforts to encourage community reinvestment and help banks meet their community development goals. Speech  8/27/09

• Credit Card Change in Terms 45 Days Rule Bulletin

  A bulletin has been issued by the OCC which contains guidance on the provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act) interim final rule issued by the Federal Reserve Board that requires banks to notify customers 45 days in advance of any rate increase or significant changes in credit card account terms. Bulletin  8/27/09

• Thrift Industry 2nd Quarter Reports

  The OTS has posted online the thrift industry performance reports for the second quarter 2009. Highlights; Charts; Selected Indicators; Economic Data  8/27/09

• FRB Proposes Rulemaking for Truth in Lending

  This proposal would revise the rules for disclosures of closed-end credit secured by real property or a consumer's dwelling, except for rules regarding rescission and reverse mortgages, which the Board anticipates will be reviewed at a later date. Disclosures provided at application would include a Board-published one-page "Key Questions to Ask About Your Mortgage" document that explains potentially risky loan features, and a Board-published one-page "Fixed vs. Adjustable Rate Mortgages" document. Transaction-specific disclosures required within three business days of application would summarize key loan terms. The calculation of the annual percentage rate and the finance charge would be revised to be more comprehensive, and their disclosures improved. Consumers would receive a "final" TILA disclosure at least three business days before consummation.TXT; PDF  8/26/09

• FRB Proposes Rulemaking for Truth in Lending (HELOCS)

  The Board proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the Official Staff Commentary to the regulation, following a comprehensive review of TILA's rules for open-end home-secured credit, or home-equity lines of credit (HELOCs). The Board proposes changes to the format, timing, and content requirements for the four main types of HELOC disclosures required by Regulation Z: disclosures at application; disclosures at account opening; periodic statements; and change-in-terms notices. The Board proposes to replace disclosures required at the time that a consumer applies for a HELOC with a one-page, Board-published summary of basic information and risks regarding HELOCs. The Board also proposes to move the timing of disclosures regarding a creditor's HELOC plan from the time of application to within three business days after application, and to require the disclosures to include significant transaction-specific rates and terms.TXT; PDF  8/26/09

• Bernanke Re-appointed

  President Obama has re-appointed Ben Bernanke to serve as Chairman of the FRB.
  Re-appointment; Bernanke Statement  8/26/09

• Written Agreement with Virginia Bank

  The FRB has announced the execution of a Written Agreement by and among Virginia Business Bank, Richmond, VA, a state chartered member bank, the Federal Reserve Bank of Richmond, and the Virginia Bureau of Financial Institutions. Agreement  8/26/09

• Fraud Alert

  The NCUA has issued a Fraud Alert regarding a bogus Letter to Credit Unions, accompanied by two compact discs (CDs). The subject of the fraudulent letter itself is a purported NCUA FRAUD Alert. The letter advises credit unions to review training material (contained on the CDs) which if followed could result in a security breach. Alert

• 314(a) Fact Sheet

  The FinCEN has updated the 314(a) Fact Sheet with data current as of August 25, 2009. 314(a)  8/26/09

• International Reserve Position Updates

  The Treasury has updated the U.S. International Reserve Position Reports with data as of August 14 and August 21, 2009. August 14; August 21  8/26/09

• Credit Auction Results

  The FRB has released the results of the August 24, 2009, auction of $100 billion in 28-day credit. Results  8/26/09

• FEDS Working Paper

  The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "Vacancy Posting, Job Separation and Unemployment Fluctuations." Abstract; Full Paper  8/26/09

• CAC Nominations Sought

  The FRB is seeking nominations for appointments to its Consumer Advisory Council (CAC) which advises the Board on the exercise of its responsibilities under various consumer financial services laws and on other matters and meets in Washington, D.C., three times a year. Nominations  8/26/09

• Foreign Bank Pays $5,750,000 OFAC CMP

  The civil money penalties recently paid by entities and individuals for violations of various OFAC Sanctions Programs have been announced. An Australian bank paid $5,750,000 to settle claims that it had manipulated SWIFT messages by removing references to Sudan or the names of entities subject to sanctions in the United States, thereby concealing the identities of the targets of U.S. sanctions and impeding the ability of U.S. banks to detect these violations. Violations  8/25/09

• BHC Supervision Manual Updated

  The FRB has updated the bank holding company (BHC) supervision manual which provides guidance to examiners for conducting inspections of bank holding companies and their nonbank subsidiaries. Entire Manual; By Section  8/25/09

• Matz Sworn In

  Deborah Matz has been sworn in as Chairman of the National Credit Union Administration (NCUA). Matz  8/25/09

• Foreclosure Rescue Scam Stopped

  A settlement has been reached in a case filed by the FTC to stop to a deceptive foreclosure rescue operation that charged homeowners $1,200 based on the false promise that it could save them from losing their homes. Settlement  8/25/09

• FFIEC Annual Report

  The 2008 Annual Report has been posted online by the FFIEC. Annual Report  8/25/09

• Reg Z Examination Procedures CA Letter Issued

  The FRB has issued a Consumer Affairs (CA) Letter regarding the revised Regulation Z examination procedures that incorporate recent amendments to the Truth in Lending Act (TILA). CA Letter;
  Revised Exam Procedures  8/24/09

• eBank Closed Deposits Assumed

  The OTS has closed ebank of Atlanta, GA. The FDIC was appointed receiver and entered into a purchase and assumption agreement with Stearns Bank, National Association, St. Cloud, MN, to assume all of the deposits. Receivership; Agreement  8/24/09

• Enforcement Actions Released

  The OCC has released the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions  8/24/09

• Bernanke's Reflections

  In a speech at the Federal Reserve Bank of Kansas City's Annual Economic Symposium in Jackson Hole, WT, Chairman Bernanke shared his reflections on the extraordinary financial and economic events of the past year and the policy responses by the United States and other countries. Speech  8/24/09

• Credit, Liquidity and Balance Sheet Update

  The FRB has issued the August 2009, update to the Federal Reserve System Monthly Report on Credit and Liquidity Programs and Balance Sheet. Report  8/24/09

• Counterfeit Checks Special Alerts

  The FDIC has issued eight Special Alerts regarding counterfeit checks bearing the name of the following financial institutions:

  • Blackhawk Bank and Trust, Milan, IL (Counterfeit Cashiers Checks);
  • Horizon Federal Credit Union, Williamsport, PA (Counterfeit Cashiers Checks);
  • Pacific Premier Bank, Costa Mesa, CA (Counterfeit Official Checks);
  • The Richwood Banking Company, Richwood, OH (Counterfeit Cashiers Checks);
  • Great Southern Bank, Springfield, MO (Counterfeit Cashiers Checks);
  • Atlantic South Bank, Dublin, GA (Counterfeit Cashiers Checks);
  • Eastern Bank, Boston, MA (Counterfeit Official Checks); and
  • First Federal Savings and Loan Association, Pascagoula, MS (Counterfeit Cashiers Checks)

  Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  8/21/09

• OFAC Designates FARC Operative and Affiliated Companies

  An operative of the Revolutionary Armed Forces of Colombia (FARC), a drug trafficking organization, and four entities that are owned, controlled, or directed by him, or act for or on his behalf have been designated by the Treasury and added to the OFAC SDN List. In addition, one deletion and two changes have been made to existing entries. Information regarding the additions, the deletion and the changes has been posted on the OFAC page.
  FARC Flow Chart  8/21/09

• Written Agreement with Florida BHC

  The FRB has announced the execution of a Written Agreement by and between Coastal Community Investments, Inc., Panama City Beach, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta. Agreement  8/21/09

• FEDS Working Paper

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "And Banking for All?" has been published by the FRB. Abstract; Full Paper  8/21/09

• Counterfeit Checks Special Alerts

  The FDIC has issued three special alerts regarding counterfeit checks bearing the name of the following financial institutions:

  1. CerescoBank, Ceresco, NE (Counterfeit Cashiers Checks);
  2. CentreBank, Veedersburg, IN (Counterfeit Cashiers Checks); and
  3. Synergy Federal Savings Bank, Cranford, NJ (Counterfeit Official Checks)

  .
  Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  8/20/09

• UBS Disclosure Settlement Announced

  An agreement between the U.S. and Switzerland has been executed regarding the demand for the disclosure of the identity of 52,000 UBS account holders. Under the terms of the agreement, which is effective immediately, the U.S. will submit a new treaty request to Switzerland and will withdraw the John Doe summons that demand disclosure of the identity of 52,000 UBS account holders. Switzerland agreed to process within a year the new treaty request for the release of information of approximately 4,450 accounts. NR; Summary; Agreement; Declarations  8/20/09

• 2010 Call Report Revisions Proposed

  A FIL has been issued by the FDIC regarding proposed revisions to the 2010 Call Report. All comments will be shared among the agencies and should be submitted by October 19, 2009. FIL   8/20/09

• New Pledged Collateral Margins Schedule

  A new schedule, effective October 19, 2009, of margins applicable for collateral pledged by depository institutions to secure discount window and Term Auction Facility loans and for payment system risk purposes has been announced by the FRB. Schedule  8/20/09

• Written Agreement with Arkansas BHC

  The FRB has announced the execution of a Written Agreement by and among Rogers Bancshares, Inc. Little Rock, AR, a registered bank holding company, and the Federal Reserve Bank of St. Louis. Agreement  8/20/09

• SBA Lending and the Recovery Act Seminar

  A live Web and telephone seminar that focuses on changes to SBA Lending Programs resulting from the Recovery Act will be hosted by the OCC on September 21, 2009, from 2 to 3:30 p.m. (EDT). Online registration is available. Seminar; Brochure; Registration  8/20/09

• IAT Transition Testing Available

  FRB Financial Services has announced that (International ACH Transaction) IAT transition testing is available for FedACH customers. Testing  8/20/09

• Reserve Positions Released

  The Treasury has released the U.S. International Reserve Position Reports for August 7 and 14, 2009. August 7; August 14  8/20/09

• Counterfeit Official Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of Wood and Huston Bank, Marshall, Missouri. Information concerning the counterfeit official checks has been posted on the Alerts & Counterfeits page.  8/19/09

• Mortgage Lender Pays $20,000 to Settle FCRA Violation

  The FTC has announced the settlement of the claim of violation of the Fair Credit Reporting Act (FCRA) by the payment of civil penalty of $20,000 by a mortgage lender that sent prescreened offers of credit to consumers without properly informing them of their right to opt out of receiving such offers in the future. Settlement  8/19/09

• September HOEPA Rates Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in September 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. Since August 15, 2009 was a Saturday, use the rate on August 14, 2009, the business day immediately preceding the 15th. H.15  8/18/09

• Bank Lending Practices Senior Officer Survey Results

  The results of the July 2009, Senior Loan Officer Opinion Survey on Bank Lending Practices regarding changes in the supply of and demand for, loans to businesses and households over the past three months have been released. Summary; Full Report  8/18/09

• Charge-Off Report

  The FRB has released the Charge-Off and Delinquency Rates on Loans at Commercial Banks report for the second quarter, 2009. Report  8/18/09

• TALF Extended

  The FRB and the Treasury have announced an extension to the Term Asset-Backed Securities Loan Facility (TALF). Extension  8/18/09

• Community Bank Directors Workshops

  The OCC will host workshops for national community bank directors in Charlottesville, VA, at the Omni Charlottesville on September 29-30, 2009. Online registration is available. Workshops; Registration  8/18/09

• TIC Data Released

  The Treasury has released the Treasury International Capital (TIC) data for June 2009. Data  8/18/09

• Five Financial Institutions Closed

  The FDIC has announced the following financial institutions have been closed by their respective regulators and the FDIC as receiver has entered into purchase and assumption agreements and created a deposit insurance bank for the benefit of the depositors:

  1. Dwelling House Savings and Loan Association, Pittsburgh, PA, by the OTS, the FDIC as receiver entered into a purchase and assumption agreement with PNC Bank, National Association, Pittsburgh, PA, to assume all of the deposits;
  2. Colonial Bank, Montgomery, AL, by the Alabama State Banking Department, the FDIC as receiver entered into a purchase and assumption agreement with Branch Banking and Trust (BB&T), Winston-Salem, NC, to assume all of the deposits;
  3. Union Bank, National Association, Gilbert, AZ, by the OCC; the FDIC as receiver entered into a purchase and assumption agreement with MidFirst Bank, Oklahoma City, OK, to assume all of the deposits of Union Bank, National Association, excluding those from brokers;
  4. Community Bank of Arizona, Phoenix, AZ, by the Arizona Department of Financial Institutions, the FDIC as receiver entered into a purchase and assumption agreement with MidFirst Bank, Oklahoma City, OK, to assume all of the deposits;
  5. Community Bank of Nevada, Las Vegas, NV, by the State Commissioner, by Order of the Nevada Financial Institutions Division, the FDIC as receiver created the Deposit Insurance National Bank of Las Vegas (DINB), which will remain open for approximately 30 days to allow depositors access to their insured deposits and time to open accounts at other insured institutions.

  Dwelling House; Colonial; Union; Community Arizona; Community Nevada  8/17/09

• 2008 CRA Lending Fact Sheet Released

  The FFIEC has announced the availability of CRA fact sheet on small business, small farm, and community development lending reported by certain commercial banks and savings institutions. CRA Fact Sheet  8/17/09

• FedFlash Online

  The August, 2009, issue of FedFlash has been posted online by the FRB Financial Services. FedFlash  8/17/09

• New Fed Receipt Routing Numbers

  The FRB has announced new FedReceipt routing numbers which will be effective August 24, 2009. Numbers  8/17/09

• G.17 Report Issued

  The July, 2009, G.17 Industrial Production and Capacity Utilization Report has been released by the FRB. G.17  8/17/09

• Cost of Funds Reports

  The OTS has issued the current and historical Cost of Funds for OTS Regulated Institutions Reports. Current; Historical  8/17/09

• RESPA FAQs

  HUD has announced the release of frequently asked questions (FAQs) concerning implementation of the new Real Estate Settlement Procedures Act (RESPA) rule. FAQs  8/14/09

• Written Agreements with New York, Arizona and Georgia BHCs Announced

  The FRB has announced the execution of the following Written Agreements:

  • by and between CIT Group Inc., New York, NY, a registered bank holding company, and the Federal Reserve Bank of New York;
  • by and between Arizona Bancshares, Inc., Flagstaff, AZ, a registered bank holding company, and the Federal Reserve Bank of San Francisco; and
  • by and among CBS Financial Corporation, Smyrna, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia.

  CIT; Arizona; CBS  8/14/09

• Filing CTRs on Armored Car Deposits

  The FinCEN has issued a ruling on the treatment of armored car deposits for CTR filing purposes. Ruling  8/14/09

• FRB Publishes Final Rule in FR for Truth in Lending

  The Board is publishing final rules amending Regulation Z, which implements the Truth in Lending Act (TILA) following the passage of the Higher Education Opportunity Act (HEOA). Title X of the HEOA amends TILA by adding disclosure and timing requirements that apply to creditors making private education loans, which are defined as loans made for postsecondary educational expenses. The HEOA also amends TILA by adding limitations on certain practices by creditors, including limitations on "co-branding" their products with educational institutions in the marketing of private education loans. The HEOA requires that creditors obtain a self-certification form signed by the consumer before consummating the loan. It also requires creditors with preferred lender arrangements with educational institutions to provide certain information to those institutions.TXT; PDF  9/14/09

• Industrial Production and Capacity Utilization Annual Report Revision

  The 2009 annual revision of the Industrial Production and Capacity Utilization Report has been published by the FRB. Revision  8/14/09

• Tenant Protection Bulletin Issued

  The OCC has issued a bulletin regarding the provisions of the Protecting Tenants at Foreclosure Act that took effect on May 20, 2009, and will expire on December 30, 2012, which provides protections to tenants from eviction as a result of foreclosure on the properties they are renting. Bulletin  8/14/09

• Fed Funds Rate Unchanged

  The Fair 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  8/13/09

• Nevada CU Closed Assets Assumed

  Community One Federal Credit Union of Las Vegas, NV, has been closed by NCUA who authorized the purchase and assumption of its assets and shares by America First Federal Credit Union of Riverdale, UT. Closed  8/13/09

• Prohibition Orders Issued

  The NCUA has issued orders prohibiting eight individuals from participating in the affairs of any federally insured financial institution and the payment of over $1.7 million in restitution. Orders  8/13/09

• 341(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with data current as of August 11, 2009. 314(a)  8/13/09

• Geocoding System Updated

  The FFIEC has updated its Geocoding System with 2009 Census information. Geocoding  8/13/09

• MTS Issued

  The Financial Management Service has issued the Monthly Treasury Statement (MTS) for July 2009. Statement  8/13/09

• FDIC Publishes Correction to Final Rule in FR

  On July 20, 2009, the FDIC published in the Federal Register a final rule amending part 363 of its regulations concerning annual independent audits and reporting requirements for certain insured depository institutions, which implements section 36 of the Federal Deposit Insurance Act (FDI Act), largely as proposed, but with certain modifications made in response to the comments received and making a technical amendment to its rules and procedures (part 308, subpart U) for the removal, suspension, or debarment of accountants and accounting firms. The publication of the final rule corrected certain errors in the original publication of the final rule, which had been published in the Federal Register on July 7, 2009. It has come to the attention of the FDIC that the July 20 re-publication included one additional error. This correction will rectify that oversight.TXT; PDF  8/12/09

• FRB Publishes Final Rule in FR for Truth in Lending

  The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. The Home Ownership and Equity Protection Act of 1994 (HOEPA) sets forth rules for home-secured loans in which the total points and fees payable by the consumer at or before loan consummation exceed the greater of $400 or 8 percent of the total loan amount. In keeping with the statute, the Board has annually adjusted the $400 amount based on the annual percentage change reflected in the Consumer Price Index as reported on June 1st. The adjusted dollar amount for 2010 is $579.TXT; PDF  8/12/09

• Financial Institution Added to OFAC List

  OFAC has designated a North Korean financial institution which provides financial services in support of two entities that were previously identified as weapons of mass destruction (WMD) proliferators and added its name to the SDN List. Information regarding the financial institution has been posted on the OFAC page.  8/12/09

• Written Agreement with Ohio BHC Announced

  The FRB has announced the execution of a Written Agreement by and between Camco Financial Corporation, Cambridge, OH, a registered bank holding company, and the Federal Reserve Bank of Cleveland. Agreement  8/12/09

• Credit Auction Results

  The results of the August 10, 2009, credit auction have been released by the Treasury. Auction  8/12/09

• HOEPA Annual Trigger Adjustment Published

  The annual adjustment of the dollar amount of fees that triggers additional disclosure requirements under the Truth in Lending Act for home mortgage loans that bear rates or fees above a certain amount has been published by the FRB. Adjustment  8/11/09

• FDIC Deposit Insurance Seminars Announced

  The FDIC has issued a FIL announcing a series of six free seminars for bank officers and employees that will provide comprehensive guidance on how to calculate FDIC deposit insurance coverage for their customers. FIL  8/11/09

• Consumer Handbook Update Bulletin

  The OCC has issued a bulletin regarding the previously announced revision of the electronic version of the "Other Consumer Protection Laws and Regulations" booklet (Other Consumer booklet) of the Comptroller's Handbook. Information concerning the revision was published the August 10, 2009 Top Stories. Bulletin  8/11/09

• FBAR Filers Interim Guidance

  The IRS has issued a new interim guidance on FBAR filings and comments are requested on a number of issues. Guidance  8/11/09

• Three Bank Closed Deposits Assumed

  The FDIC has announced actions taken as the appointed Receiver of the following banks which were closed by their respective regulators:

  1. First State Bank, Sarasota, FL, by the Florida Office of Financial Regulation, 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, excluding those from brokers:
  2. Community National Bank of Sarasota County, Venice, FL, by the OCC, 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;
  3. Community First Bank, Prineville, OR, by the Oregon Division of Finance & Corporate Securities, the FDIC, as Receiver, entered into a purchase and assumption agreement with Home Federal Bank, Nampa, ID, to assume all of the deposits, excluding those from brokers.

  First State; Community National; Community First  8/10/09

• Exam Procedures Updates - Consumer Protection Booklet

  The Other Consumer Protection Laws and Regulations booklet which is part of the Comptrollers Handbook has been updated by the OCC to incorporate many examination procedures pertaining to consumer protection compliance. Booklet  8/10/09

• Consumer Credit Report Issued

  The FRB has issued the G.19 Consumer Credit Report for June, 2009. G.19  8/10/09

• OFAC CMP of $9,444,744 Announced

  A civil money penalty (CMP) of $9,444,744 was recently remitted to OFAC in settlement for violations of the Iranian Transactions Regulations and the Sudanese Sanctions Regulations sanctions programs. CMP; Settlement  08/07/09

• Consumer Guide for HELOC Problems Published

  The FRB has published "5 Tips for Dealing with a Home Equity Line Freeze or Reduction", a guide that explains consumers' rights and lenders' responsibilities when credit lines are reduced and provides information for those seeking to have a credit line reinstated. Guide  08/07/09

• Written Agreement with NJ BHC and Bank

  The FRB has announced the execution of a written agreement by and among, Sterling Banks, Inc., a registered bank holding company, Sterling Bank, a state member bank, both of Mount Laurel, NJ, the Federal Reserve Bank of Philadelphia, and the New Jersey Department of Banking and Insurance. Agreement  08/07/09

• FRB CA Letter Issued

  A Consumer Affairs (CA) letter had been issued by the FRB regarding the revised FFIEC fair lending examination procedures and use of specialized examination techniques. Letter;
  Procedures  08/07/09

• Regulators Support Responsible Loss Mitigation Activities

  The members of the Federal Financial Institutions Examination Council (FFIEC) have issued a statement on Support for Responsible Loss Mitigation Activities. FFIEC Statement; OCC Statement; FDIC FIL; NCUA Statement  08/07/09

• Flood Q&A Bulletin Issued

  The OCC has issued bulletin regarding the previously announced "Interagency Questions and Answers Regarding Flood Insurance". Information regarding the Q&A was posted in the July 22, 2009, Top Stories. Bulletin  08/07/09

• Open-End Consumer Credit Changes FIL

  A FIL has been issued by the FDIC regarding the announced interim final regulations to implement those provisions of the Credit CARD Act that takes effect on August 20, 2009. FIL  08/07/09

• FRB Annual Report

  The FRB has delivered its 2009 Annual Report to Congress which contains current budgeted expenses of the Board of Governors and the Federal Reserve Banks. Report  08/07/09

• FedFocus Online

  The FRB Financial Services has posted the August, 2009, issue of FedFocus online. FedFocus  08/07/09

• Community Developments Insights Report

  The OCC has released the July, 2009, Community Developments Insights Report which focuses on the FHA's 203(k) Home Rehabilitation Financing Program. Insights   08/07/09

• Counterfeit Cashier's Check Alert

  The OCC has issued an alert regarding counterfeit cashier's checks issued in the name of Cayuga Lake National Bank, Union Springs, NY. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  08/06/09

• CRA Ratings Released

  The FDIC has released the ratings received by state nonmember banks that were recently examined for compliance with the CRA. Ratings  08/06/09

• H.4.1 Data Downloadable

  The Treasury has announced that data from its H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," which includes the weekly publication of the Federal Reserve's balance sheet, is now available through the Data Download Program. Program Instructions; Program  08/06/09

• MSB Registration List Updated

  The FinCEN has updated the MSB registration list with data current as of July 14, 2009. List  08/06/09

• Quarterly Refunding Statement Issued

  The Treasury has issued the August, 2009, Quarterly Refunding Statement. Refunding Statement  08/06/09

• TBAC Report and Minutes Released

  The minutes of the August 4, 2009, meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association (TBAC) and its report to the Treasury have been released. Minutes; Report  08/06/09

• Written Agreements Announced

  The FRB has announced the execution of the following written agreements:

  • by and between FCB Financial, Inc., Tampa, Florida, a registered bank holding company, and the Federal Reserve Bank of Atlanta; and
  • by and among Imperial Capital Bancorp, Inc., La Jolla, California, a registered bank holding company, the Federal Reserve Bank of San Francisco, and the State of California Department of Financial Institutions.

  FCB    Imperial    08/05/09

• Prohibition Orders Issued

  NCUA has issued orders prohibiting six individuals from participating in the affairs of any federally insured financial institution. Orders    08/05/09

• Agencies Suspend Mortgage Company

  HUD has announced that FHA has suspended a Florida mortgage company and prevented it from originating and underwriting new FHA-insured mortgages. Ginnie Mae has defaulted and terminated the company as an issuer in its Mortgage-Backed Securities (MBS) program and is ending its ability to continue to service Ginnie Mae securities. The actions were taken because the company failed to submit a required annual financial report and misrepresented that there were no unresolved issues with its independent auditor. Agencies    08/05/09

• Bair Testimony Regarding Regulatory Reform

  In testimony before the Senate Committee on Banking, Housing and Urban Affairs, Chairman Bair addressed the regulatory consolidation aspects of the Administrations proposal and whether there should be further consolidation.
  Testimony    08/05/09

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of July 24, 2009.
  Report    08/05/09

• Prompt Corrective Action Directive Issued

  The FRB has announced the issuance of a Prompt Corrective Action Directive against Warren Bank, Warren, MI. Directive   8/04/09

• Loan Loss Allowance FIL Issued

  A FIL has been issued by the FDIC regarding the allowance for loan and lease losses concerning residential mortgages secured by junior liens. FIL   8/04/09

• Borrowing Estimates Released

  The Treasury has released its current estimates of marketable borrowing for the third and fourth quarters of 2009. Estimates   8/04/09

• G.5 Report

  The July 2009, G.5 Foreign Exchange Rates Report has been released by the FRB. G.5   8/04/09

• Five Bank Closed Deposits Assumed

  The FDIC has announced that the following banks have been closed by their regulators and he FDIC appointed receiver:

  1. First State Bank of Altus, Altus, OK, by the Oklahoma State Banking Department, the FDIC as receiver entered into a purchase and assumption agreement with Herring Bank, Amarillo, TX, to assume all of the deposits:
  2. Integrity Bank, Jupiter, FL, by the Florida Office of Financial Regulation, the FDIC as receiver entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, FL, to assume all of the deposits;
  3. Peoples Community Bank, West Chester, OH, by the Office of Thrift Supervision, the FDIC as receiver entered into a purchase and assumption agreement with First Financial Bank, National Association, Hamilton, OH, to assume all of the deposits;
  4. First BankAmericano, Elizabeth, NJ, by the New Jersey Department of Banking and Insurance, the FDIC as receiver entered into a purchase and assumption agreement with Crown Bank, Brick, NJ, to assume all of the deposits;
  5. Mutual Bank, Harvey, IL, by the Illinois Department of Financial Professional Regulation - Division of Banking, the FDIC as receiver entered into a purchase and assumption agreement with United Central Bank, Garland, TX, to assume all of the deposits.

  First State; Integrity; Peoples; First BankAmericano; Mutual   8/03/09

• Sixty-Six Enforcement Actions Announced

  The FDIC has released a list of sixty-six orders of administrative enforcement actions taken against banks and individuals in June, 2009. Orders   8/03/09

• Flood Violation Penalties

  Included in the enforcement actions released by the FDIC were two regarding the assessment of penalties in the amount of $12,575 for violations of the Flood Disaster Protection Act of 1973 ("Flood Act"). It is notable that out of the sixty-six actions only two involved flood violations. Information concerning penalties has been posted on the Flood Penalties Watch page.

• Red Flags Enforcement Delayed

  The FTC has announced that it will delay the enforcement of the Red Flags Rule until November 1, 2009. Enforcement was scheduled to begin on August 1, 2009. This is the third time the FTC has delayed its Red Flags enforcement date. Reg Flags   8/03/09

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of July 28, 2009. Fact Sheet   8/03/09

• OFAC CMPs Announced

  The Civil Money Penalties (CMPs) recently assessed against individuals and entities that have violated the provisions of the various OFAC Sanctions Programs have been announced. No financial institutions were cited. CMPs   8/03/09

• FDIC Issues Three CA Letters

  Three Consumer Affairs (CA) letters have been issued by the FRB on the following topics:

  • Interagency Questions and Answers Regarding Flood Insurance,
  • Revised Interagency Examination Procedures for Regulation Z,
  • Information and Examination Procedures for the "Protecting Tenants at Foreclosure Act of 2009"

  Flood; Reg Z; Foreclosure   8/03/09

• Check Restructuring Update

  The FRB Financial Services has issued a check restructuring update regarding the processing transition timetable for remaining offices as well as information on upcoming changes to Federal Reserve-provided inbound transportation to processing offices. Update   8/03/09

• PAID Adjustment Threshold Eliminated

  The FRB Financial Services has announced effective August 31, 2009, Federal Reserve Banks will waive the minimum adjustments submission level for PAID adjustment request allowing paying banks to submit requests for credit for amounts less than $25. PAID   8/03/09

• Order of Prohibition Against Former Virginia Banker

  The FRB has announced the issuance of a Consent Order of Prohibition against Ronnie A. Jenkins, a former vice president, loan officer, and institution-affiliated party of Middleburg Bank, Middleburg, VA, based on his alleged participation in violations of law, unsafe and unsound banking practices, and breaches of fiduciary duty in connection with his activities as a loan officer. Order   7/31/09

• Written Agreements Announced

  Two Written Agreements have been announced by the FRB, one by and among Buckeye Bancshares, Inc., a registered bank holding company, Buckeye Community Bank, a state chartered member bank, both of Lorain, OH, the Federal Reserve Bank of Cleveland, and the Ohio Division of Financial Institutions.; and the other by and among American Bancorporation, a registered bank holding company, American Bank of Saint Paul, a state chartered member bank, both of Saint Paul, MN, and the Federal Reserve Bank of Minneapolis. Buckeye;
  American   7/31/09

• OFAC Addition, Deletion and Changes

  The Treasury has added the name of one NPWMD entity, deleted the name of an individual SDNT and changed the text of the listings of two NPWMD entities on the SDN List. Information regarding the addition, deletion and changes has been posted on the OFAC page.   7/31/09

• Credit Card Act Guidance Bulletin Issued

  The OCC has issued a bulletin containing guidance regarding the Credit CARD Act of 2009 which requires credit card issuers to review accounts on which the annual percentage rates were increased and provide notice to certain account holders effective August 22, 2010. Bulletin   7/31/09

• Reg Z Amendments Approved

  The Federal Reserve has approved final amendments to Regulation Z (TIL) that revise disclosure requirements for private education loans. Amendments    7/31/09

• IFDP Working Paper

  A working paper in the International Finance Discussion Paper (IFDP) series on the topic "On the Solvency of Nations: Are Global Imbalances Consistent with Intertemporal Budget Constraints?" has been published by the FRB. Abstract; Full Paper   7/31/09

• Written Agreement with Florida Bank

  The FRB has announced the execution of a Written Agreement by and among Sunrise Bank, Cocoa Beach, FL, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the State of Florida, Office of Financial Regulation. Agreement   7/30/09

• Mortgage Shopping Tips

  To help consumers avoid potential pitfalls and make well-informed decisions when choosing a home loan, the FRB has published, "5 Tips for Shopping for a Mortgage," which is designed to help homebuyers find the mortgage that is best for them. English and Spanish versions are available. English; Spanish   7/30/09

• Beige Book Update

  The FRB has released the issue of the Beige Book, an informal review of current economic conditions in each Federal Reserve Bank district based on information collected on or before July 20, 2009. Summary; Full Report   7/30/09

• Community Bank Directors Workshops

  The OCC will host workshops for national community bank directors in Omaha, NE, at the Embassy Suites, September 1-3, 2009. Online registration is available and encouraged. Workshops   7/30/09

• BSA/AML Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Bank Hapoalim, B.M., Tel Aviv, Israel; the bank's branch in Aventura, FL; the Federal Reserve Bank of New York; the Federal Reserve Bank of Atlanta; and the Florida Office of Financial Regulation, which addresses Bank Secrecy Act and anti-money-laundering compliance policies and practices at the branch. Agreement   7/29/09

• Charges Dismissed Against Former Bank Counsel

  A final decision and order dismissing charges against Carlos Loumiet, former counsel to the closed Hamilton Bank, NA, of Miami, FL, has been issued by Comptroller Dugan. Decision   7/29/09

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of July 24, 2009. Report   7/29/09

• Credit Auction Results

  The results of the auction of $125 billion in 28-day credit held on July 27, 2009, have been announced by the Treasury. Results   7/29/09

• Receivables Report Released

  The May, 2009, G. 20 Finance Companies Owned and Managed Receivables Outstanding Report has been released by the FRB. G.20   7/29/09

• C&D Order Issued

  The FRB has announced the issuance of a consent cease and desist (C&D) order against The Colonial BancGroup, Inc., Montgomery, AL, a registered bank holding company. Order   7/28/09

• Written Agreement Announced

  The execution of a Written Agreement by and among Centennial Bankshares, Inc., Ogden, UT, a registered bank holding company, and the Federal Reserve Bank of San Francisco has been announced by the FRB. Agreement   7/28/09

• 2009 Census Data Available

  The 2009 Census Data that are used as input to HMDA/CRA reporting, processing, analysis and to verify HMDA/CRA property location information have been posted online by the FFIEC. Census Data   7/28/09

• Household Utilization of Electronic Banking

  The July 27, 2009 issue of the Federal Reserve Bulletin contains an article on the topic of "U.S. Households' Access to and Use of Electronic Banking, 1989-2007". Bulletin   7/28/09

• Seven Banks Closed Deposits Assumed

  The following banks have been closed by their regulators, the FDIC appointed receiver and deposits assumed:

  • Waterford Village Bank, Clarence, NY, closed by the New York State Banking Department; the FDIC, as receiver, entered into a purchase and assumption agreement with Evans Bank, N.A., Angola, NY, to assume all of the deposits.
  • The six bank subsidiaries of Security Bank Corporation, Macon, GA, closed today by the GA Department of Banking and Finance; the FDIC, as receiver entered into a purchase and assumption agreement with State Bank and Trust Company, Pinehurst, GA, to assume all of the deposits of the six bank subsidiaries.
    1. Security Bank of Bibb County, Macon, GA
    2. Security Bank of Houston County, Perry, GA
    3. Security Bank of Jones County, Gray, GA
    4. Security Bank of Gwinnett County, Suwanee, GA
    5. Security Bank of North Metro, Woodstock, GA
    6. Security Bank of North Fulton, Alpharetta, GA.

  Waterford; Security   7/27/09

• Bair, Bernanke, and Dugan on Regulatory Restructuring

  In testimony before House Committee on Financial Services, Chairman Bair, Chairman Bernanke and Comptroller Dugan expressed their views on the proposed Consumer Financial Protection Agency and other topics concerning the restructuring of the regulation of financial institutions. Bair Statement; Bernanke Testimony; Dugan Oral Statement; Dugan Written Statement   7/27/09

• August TAF Auction Amounts Reduced

  The Federal Reserve has announced that amounts of Term Auction Facility (TAF) credit offered at each of the two August, 2009, auctions will be reduced to $100 billion. Auctions   7/27/09

• Reg Z Closed-End and HELOC Disclosure Changes Proposed

  Significant changes to Regulation Z (Truth in Lending) intended to improve the disclosures consumers receive in connection with closed-end mortgages and home-equity lines of credit have been proposed by the FRB. Changes; Highlights   7/24/09

• Written Agreement with Georgia BHC

  The FRB has announced the execution of a Written Agreement by and among Crescent Banking Company, Jasper, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Agreement   7/24/09

• NCUA Proposes Rulemaking for National Credit Union Share Insurance Fund Premium and One Percent Deposit

  Section 741.4 of NCUA's rules describes the procedures for the capitalization and maintenance of the National Credit Union Share Insurance Fund (NCUSIF). The current rule, however, does not adequately address how credit unions that enter or depart the NCUSIF system in a given calendar year are affected by any NCUSIF premium or deposit replenishment assessments in that same year. Due to the unprecedented level of NCUSIF expenses in 2009, which required the NCUA to announce both such assessments, NCUA is now proposing amendments to Sec. 741.4 to clarify these procedures. TXT; PDF   7/24/09

• Prompt Corrective Action Directive Issued

  The issuance of a consent Prompt Corrective Action Directive against Bank of Elmwood, Racine, WI, a state chartered member bank, have been announced by the FRB. Directive   7/24/09

• New Electronic Interpretations and Actions

  The July 2009 issue of New Electronic Interpretations and Actions has been posted online by the OCC. New Issue   7/24/09

• ComeE-IN Meeting Announced

  The FDIC Advisory Committee on Economic Inclusion (ComE-IN) has scheduled a meeting on July 30, 2009, to discuss prize-linked savings concepts and how to improve underserved and low- and moderate-income consumers' access to the financial mainstream. The meeting, which is open to the public, will be held from 8:45 a.m. to about 12:30 p.m. in the FDIC Board Room, located on the sixth floor of the FDIC headquarters building at 550 17th Street, N.W., Washington, D.C and may be viewed live via a Webcast. Announcement; Agenda; Meeting Info    7/24/09

• Bair on Financial Regulatory Reform

  In testimony before the Senate Committee on Banking, Housing and Urban Affairs, Chairman Bair discussed the importance of reforming our financial regulatory system including improving supervision and regulation, the need for a Financial Services Oversight Council, resolution authority, funding systemic resolutions, and resolution authority for depository institution holding companies. Testimony   7/24/09

• Cyprus AML Advisory Withdrawn

  The FinCEN has announced the withdrawal of an Advisory on Guidance to Financial Institutions on the Money Laundering Threat Involving the Turkish Cypriot administered area of Cyprus. Withdrawal   7/24/09

• Written Agreement with Colorado BHC

  The FRB has announced the execution of a Written Agreement by and among First Flo Corporation, Florence, CO, a registered bank holding company, and the Federal Reserve Bank of Kansas City. Agreement   7/23/09

• Regulators Issue Flood Q&A Notices

  The OCC, FRB, and NCUA have issued news and press releases; the FDIC a FIL; and the OTS a CEO Letter regarding the previously announced updated Interagency Questions and Answers Regarding Flood Insurance. Information concerning the Q&A was posted in the July 21, 2009 Top Stories. OCC NR; FRB PR; NCUA PR; OTS CEO Letter; FDIC FIL    7/22/09

• Bank Underwriting Standards Tightening

  The OCC has released the results of its 15th annual Survey of Credit Underwriting Practices which is a compilation of examiner observations and assessments of credit underwriting standards at the largest national banks. The survey indicates that commercial and retail underwriting standards tightened for the second consecutive year. Survey Results   7/22/09

• FRB Publishes Interim Final Rule in FR for Truth in Lending

  The Board is amending Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that are effective on August 20, 2009. TXT; PDF   7/22/09

• NCUA Publishes Final Rule in FR for Truth in Savings

  NCUA is amending its Truth in Savings rule and official staff interpretation to remove the provisions regarding the electronic delivery of disclosures. The official staff interpretations are amended to include guidance on electronic disclosures. Additionally, NCUA is amending the rule to require all credit unions to disclose aggregate overdraft fees on periodic statements regardless of whether they promote the payment of overdrafts. The final rule also addresses account balance disclosures provided to members through automated systems.TXT; PDF   7/22/09

• Reserve Position Reports

  The Treasury has released the U.S. International Reserve Position Reports for July 10, and 17, 2009. July 10; July 17   7/22/09

• Discount Rate Meeting Minutes

  The minutes of FRB's discount rate meetings, May 18 through June 22, 2009, have been released. Minutes   7/22/09

• Monetary Report to Congress

  Chairman Bernanke testified before the House Committee on Financial Services and presented the FRB July 21, 2009, Semi-Annual Monetary Policy Report to Congress. Testimony; Report   7/22/09

• Quarterly Review of Interest Rate Risk

  The OTS has published the First Quarter 2009 issue of the Quarterly Review of Interest Rate Risk. Quarterly Review   7/22/09

• NCUA Publishes Final Rule in FR for Credit Union Reporting

  NCUA is amending its reporting procedures and record retention requirements to conform regulatory provisions to its new, Web-based reporting system. The rule incorporates into the regulation a statutory requirement on reporting changes in senior officials resulting from election or appointments and clarifies requirements on when a credit union files reports with NCUA online. The rule also provides alternative reporting methods for credit unions unable to submit online reports. TXT; PDF   7/21/09

• FinCEN Proposes Rulemaking for Anti-Money Laundering Program and Suspicious Activity Report Requirements for Non-Bank Residential Mortgage Lenders and Originators

  FinCEN is issuing this advance notice of proposed rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to the possible application of anti-money laundering (AML) program and suspicious activity report (SAR) regulations to a specific sub-set of loan and finance companies: Non-bank residential mortgage lenders and originators. FinCEN seeks comment on: An incremental approach to the issuance of regulations for loan and finance companies that would initially affect only those persons engaged in non-bank residential mortgage lending or origination; how any such regulations should define persons engaged in non-bank residential mortgage lending or origination; the financial crime and money laundering risks posed by such persons; how AML programs for such persons should be structured; whether such persons should be covered by BSA requirements other than the AML program requirement, including SAR reporting; and whether any such persons should be exempted from AML program or SAR reporting requirements. TXT; PDF   7/21/09

• Mexican Drug Lords Added to OFAC List

  The Treasury has designated four drug cartel leaders as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) and added their names to the SDN List. Information regarding the additions has been posted on the OFAC page.   7/21/09

• Build American Bonds Update

  The Treasury has released state-by-state data update on issuances of the Build America Bonds program, a new financing tool created by the Recovery Act to allow state and local governments to obtain much-needed funding, at lower borrowing costs, for projects such as construction of schools and hospitals, development of transportation infrastructure, and water and sewer upgrades. Update; State Data   7/21/09

• Commercial Bank Examination Manual Updated

  The April, 2009, update to the Commercial Bank Examination Manual has been published by the FRB. Manual   7/21/09

• 23A Exemption Letter Released

  The FRB has released a letter granting an exemption from Section 23A of the Federal Reserve Act (12 U.S.C. 371c) and the Board's Regulation W (12 CFR Part 223) to allow a bank to acquire the bank's premises from its parent. Letter    7/21/09

• Fair Credit Reporting Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced and published Final Rule concerning Accuracy and Integrity of Consumer Report Information and Direct Consumer Dispute Regulations and Guidelines. Information regarding the Final Rule was posted in the July 1, 2009 Top Stories. Bulletin   7/21/09

• Interstate Deposit Ratios Bulletin Issued

  A bulletin has been issued by the OCC regarding the previously announced annual update of the host-state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle“Neal Interstate Banking and Branching Efficiency Act of 1994 (Interstate Act). Information regarding the annual update was posted in the June 30, 2009 Top Stories. Bulletin    7/21/09

• Loans in Flood Hazard Areas

  The Agencies (OCC, Fed, FDIC, OTS, Farm Credit Administration, NCUA) published final revisions to the Interagency Questions and Answers Regarding Flood Insurance, and solicited comments on proposed further revisions to the Interagency Q&A.TXT; PDF   7/21/09

• More New FedReceipt Routing Numbers

  FRB Financial Services has announced additional Check-21 related FedReceipt routing numbers that will be effective July 27, 2009. Routing Numbers   7/20/09

• CRA Ratings Released

  The OCC has released the ratings received by forty-six national banks that were recently evaluated for compliance with the provisions of the CRA. Ratings   7/20/09

• Enforcement Actions Announced

  The enforcement actions recently taken by the OCC against national banks and individuals currently and formerly affiliated with national banks have been announced. Actions   7/20/09

• Four Banks Closed Deposits Assumed

  The following four banks have been closed by their regulators and the FDIC appointed receiver:

  • First Piedmont Bank, Winder, GA, by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with First American Bank and Trust Company, Athens, GA, to assume all of the deposits.
  • BankFirst, Sioux Falls, SD, by the South Dakota Division of Banking, the FDIC as receiver entered into a purchase and assumption agreement with Alerus Financial, National Association, Grand Forks, ND, to assume all of the deposits.
  • Vineyard Bank, National Association, Rancho Cucamonga, CA, by the OCC, FDIC as receiver entered into a purchase and assumption agreement with California Bank & Trust, San Diego, CA, to assume all of the deposits of Vineyard Bank, N.A., excluding those from brokers.
  • Temecula Valley Bank, Temecula, CA, by the California Department of Financial Institutions, the FDIC as receiver entered into a purchase and assumption agreement with First-Citizens Bank and Trust Company, Raleigh, NC, to assume all of the deposits of Temecula Valley Bank, excluding those from brokers.

  First Piedmont; BankFirst; Vineyard; Temecula   7/20/09

• FDIC Publishes Correction to Final Rule in FR for Annual Independent Audits and Reporting Requirements

  The FDIC previously published this final rule in the Federal Register on July 7, 2009, however the document is being republished in its entirety in order to correct an error in the DATES section which caused the applicability date to be incorrect and to correct language relating to holding company depository institution subsidiaries. TXT; PDF   7/20/09

• 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 Chicago 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   7/20/09

• NCUA Board Meeting Results

  The results of the July 16, 2009 meeting of the NCUA Board have been posted online. Results   7/20/09

• August HOEPA Rates

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in August, 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   7/17/09

• Credit Card Rate Change Notice Interim Rule Issued

  The FRB has issued an interim final rule amending Regulation Z (Truth in Lending) to require creditors to increase the amount of notice consumers receive before the rate on a credit card account is increased or a significant change is made to the account's terms and also allow consumers to reject such increases and changes by informing the creditor before the increase or change goes into effect. Interim Final Rule   7/16/09

• SAR Acknowledgements for BSA E-Filings

  The FinCEN has announced that beginning in September, 2009, Suspicious Activity Report (SAR) Acknowledgements for Bank Secrecy Act Electronic Filing (BSA E-Filing) submissions will sent to filers. Acknowledgements   7/16/09

• AML Plan for Non-Bank Mortgage Lenders and Originators

  The FinCEN has issued an advanced notice of proposed rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to the possible application of anti-money laundering (AML) program and suspicious activity report (SAR) regulations to non-bank residential mortgage lenders and originators. ANPRM   7/16/09

• OCC Publishes Correcting Amendment to Final Rule in FR for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance; Capital--Residential Mortgage Loans Modified Pursuant to the Making Home Affordable Program

  This final rule reinstates regulatory text that was inadvertently removed during the issuance of an interim final rule. TXT; PDF   7/16/09

• FOMC Minutes

  The minutes of the meeting of the Federal Open Market Committee (FOMC) held on June 23-24, 2009 and of the conference call held on June 3, 2009, have released.
  Minutes   7/16/09

• FedFlash Online

  The July 15, 2009, issue of FedFlash has been posted online by the FRB Financial Services. FedFlash   7/16/09

• Monthly Bank Lending Survey Released

  The Treasury has released the monthly bank lending survey for May, 2009, with data from the top 21 recipients of government investments through the Capital Purchase Program. Survey   7/16/09

• Industrial Production Report Released

  The G.17 Industrial Production and Capacity Utilization Report for June, 2009, has been released by the FRB. G.17   7/16/09

• Cost of Funds Reports Issued

  The OTS has issued the Historical and Current Cost of Funds Reports for OTS-regulated institutions. Historical; Current   7/16/09

• Credit Auction Results

  The FRB has released the results of the auction of $125 billion in 84-day credit held on July 13, 2009. Results  7/15/09

• Written Agreement with Minnesota BHCs

  The FRB has announced the execution of a Written Agreement by and among Profinium Financial Holdings, Inc., Fairmont, MN, Profinium Financial, Inc., Truman, MN, registered bank holding companies, and the Federal Reserve Bank of Minneapolis. Agreement  7/15/09

• Check Processing Changed Announced

  The FRB has announced the restructuring of check processing operations in the Fourth and Seventh Districts. Restructuring  7/15/09

• Risk-Based Capital Exemption Granted

  A letter containing a legal interpretation granting an exemption from the FRB's risk-based capital guidelines for state member banks and bank holding companies has been released. Letter  7/15/09

• Credit CARD Act CEO Letter Issued

  The OTS has issued a CEO Letter regarding interest rate increases and rules on unfair practices addressed by the Credit CARD Act. CEO Letter  7/14/09

• Risk-Based Capital Interim Final Rule Bulletin

  The OCC has issued a bulletin regarding the previously announced Interim Final Rule concerning Risk-Based Capital “ Mortgage Modifications. Information regarding the Final Rule was posted in the June 30, 2009 Top Stories. Bulletin  7/13/09

• Information Security Webinar

  The OTS has announced that it will present a webinar on July 29, 2009, at 3:00 p.m. (EDT) regarding how to prepare for information security incidents and, if they occur, how to respond. Online registration is available. Webinar; Registration  7/13/09

• Wyoming Bank Closed Deposits Assumed

  Bank of Wyoming, Thermopolis, WY, was closed by the State of Wyoming, Department of Audit, Division of Banking; the FDIC as receiver has entered into a purchase and assumption agreement with Central Bank & Trust, Lander, WY, to assume all of the deposits. Bank of Wyoming  7/13/09

• FinCEN AML/CFT Guidance

  An Advisory Guidance has been issued by the FinCEN to inform banks and other financial institutions operating of the risks associated with deficiencies in the anti-money laundering (AML) and counter-terrorist financing (CFT) of Iran, Uzbekistan, Turkmenistan, Pakistan. Guidance  7/13/09

• HMDA Edits and File Specifications Available

  The FFIEC has posted the 2009 HMDA Edits and File Specifications online. Edits; Specifications  7/13/09

• Flu Summit Held

  Learn what you need to know to protect your employees and customers from the H1N1 flu. The U.S. Departments of Health and Human Services (HHS), Depart of Homeland Security (DHS), and Education Department (ED), along with Homeland Security Advisor John Brennan, have hosted an all-day H1N1 Flu Preparedness Summit to further prepare the nation for the possibility of a more severe outbreak of H1N1 flu this fall. Also visit the U.S. Government Web Site for H1N1, avian and pandemic flu information. Summit Agenda; Flu Resource Kit  7/10/09

• Drug Lord and Network Added to OFAC List

  OFAC has designated a Medellin-based drug trafficker along with 18 individuals and six entities located in Colombia and Guatemala that are part of his drug trafficking network as Specially Designated Narcotics Trafficker(s) (SDNT) and added their names to the SDN List. Information regarding the additions has been posted on the OFAC page.  7/10/09

• Written Agreement with New Mexico BHC and Bank

  The FRB has announced the execution of a Written Agreement by and among First State Bancorporation, Albuquerque, NM, a registered bank holding company, First Community Bank, Taos, NM, a state chartered member bank, the Federal Reserve Bank of Kansas City, and the New Mexico Regulation and Licensing Department, Financial Institutions Division. Agreement  7/10/09

• OTS CEO Letters

  Two CEO Letters have been issued by OTS, one regarding California warrants and the other concerning the risk management of asset and liability concentrations. Warrants; Concentrations  7/10/09

• NCUA Board Meeting Agenda

  The Agenda for the July 16, 2009 meeting of the NCUA Board has been posted online. Agenda  7/10/09

• Legacy Assets Program Details Announced

  The FRB, Treasury, and the FDIC have issued a Joint Statement regarding the implementation of previously announced programs and the Treasury's launch of the Legacy Securities Public-Private Investment Program. Joint Statement; Conflicts Rules and Guidelines; Letter of Intent and Term Sheets; Conflict of Interest Rules; Legacy Securities FAQs  7/09/09

• California Registered Warrants Interagency Statement Issued

  The federal financial regulatory agencies issued an interagency statement today that offers guidance for financial institutions regarding California registered warrants. In addition, the FRB issued a SR Letter and the FDIC issued a FIL on the matter. Interagency Statement; SR Letter; FIL   7/09/09

• MSB Registration List Updated

  The FinCEN has updated the MSB Registration List with data current as of June 16, 2009. List  7/09/09

• Consumer Credit Report Released

  The G.19 Consumer Credit Report for May 2009 has been released by the FRB. G.19  7/09/09

• FEDS Working Papers Published

  Five working papers in the Finance and Economics Discussion Series (FEDS) have been published by the FRB on the following topics:

  1. The Role of the Securitization Process in the Expansion of Subprime Credit
  2. Does Speculation Affect Spot Price Levels? The Case of Metals with and without Futures Markets
  3. Does Tax Policy Affect Executive Compensation? Evidence from Postwar Tax Reforms
  4. Do Self-Insurance and Disability Insurance Prevent Consumption Loss on Disability?
  5. Improving Real-Time Estimates of the Output Gap.

  Role Abstract; Role Full Paper; Speculation Abstract;
  Speculation Full Paper; Tax Policy Abstract;
  Tax Policy Full Paper; Self-Insurance Abstract;
  Self-Insurance Full Paper; Real-Time Abstract;
  Real-Time Full Paper  7/09/09

• Joint Agencies Publish Correction to Final Rule in FR for Fair Credit Reporting Affiliate Marketing Regulations; Identity Theft Red Flags and Address Discrepancies Under the Fair and Accurate Credit Transactions Act of 2003

  The OCC, Board, FDIC, OTS, NCUA, and Commission published in the Federal Register on May 14, 2009 a technical correction to final rules to implement the affiliate marketing provisions and identity theft red flags and address discrepancy provisions of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The correction included in this Federal Register document corrects an error in the DATES section which caused the effective date to an amendment to the Commission's rules to be incorrect. This correction does not affect the OCC's, Board's, FDIC's, OTS's, or NCUA's rules.Text;
  PDF  7/08/09

• Written Agreements Announced

  The FRB has announced the execution of two Written Agreements; one with Bankers' Bancorp and Independent Bankers' Bank; and the other with Frontier Financial Corporation. Bankers'; Frontier   7/08/09

• SAR Activity Review

  The June, 2009, issue of the SAR Activity Review “ By the Numbers has been published by the FinCEN. Review   7/08/09

• FIL Statement on Regulatory Conversions

  A FIL has been issued by the FDIC regarding the FFIEC Statement on Regulatory Conversions. FIL; Statement   7/08/09

• Consumer Compliance Handbook Updated

  The FRB has published the June, 2009, update to the Consumer Compliance Handbook. Handbook   7/08/09

• Structure and Share Data Report Issued

  The March, 2009, Structure and Share Data for U.S. Banking Offices of Foreign Entities Report has been issued. Report   7/08/09

• FDIC Publishes Final Rule in FR for Annual Independent Audits and Reporting Requirements

  The FDIC is amending part 363 of its regulations concerning annual independent audits and reporting requirements for certain insured depository institutions, which implements section 36 of the Federal Deposit Insurance Act (FDI Act), largely as proposed, but with certain modifications made in response to the comments received. The amendments are designed to further the objectives of section 36 by incorporating certain sound audit, reporting, and audit committee practices from the Sarbanes-Oxley Act of 2002 (SOX) into part 363 and they also reflect the FDIC's experience in administering part 363. TXT; PDF  7/07/09

• Written Agreement with New Jersey BHC and Bank

  The FRB has announced the execution of a Written Agreement by and among Amboy Bancorporation, a registered bank holding company, Amboy Bank, a state chartered member bank, both of Old Bridge, NJ, the Federal Reserve Bank of New York, and the New Jersey Department of Banking and Insurance. Agreement  7/07/09

• Sweep Account Disclosures FAQs

  A FIL has been issued by the FDIC containing answers to frequently asked questions (FAQs) concerning the sweep account disclosure requirements found in the FDIC's previously announced rule, Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure. FIL; Rule; FAQs  7/07/09

• Counterfeit Cashier's Checks Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit cashier's checks bearing the name of Raymond James Bank, FSB, St. Petersburg, FL. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  7/06/09

• Iraqi Individual and Entity Added to OFAC List

  The names of an individual and an Iraq-based extremist group have been designated by OFAC and added to the SDN List for threatening the peace and stability of Iraq and the Government of Iraq. Information regarding the individual and the group have been posted on the OFAC page.  7/06/09

• CRA Ratings Released

  The FDIC has released the ratings received by state nonmember banks recently examined for compliance with the provisions of the CRA. Ratings  7/06/09

• Acquisition of Failed Banks Guidelines

  The FDIC has published a Proposed Statement of Policy on Qualifications for Failed Bank Acquisitions which provides guidance to private capital investors interested in acquiring or investing in the assets and liabilities of failed banks or thrifts. Proposed Statement; Summary  7/6/09

• Written Agreement with Illinois BHC

  The FRB has announced the execution of a Written Agreement by and between First DuPage Bancorp, Inc., Westmont, IL, a registered bank holding company, and the Federal Reserve Bank of Chicago. Agreement  7/06/09

• Agricultural Finance Databook

  The June, 2009 edition of the E.15 Agricultural Finance Databook has been published by the FRB. E.15  7/06/09

• The Reg D Amendments

  The Reg D Amendments approved by the FRB on May 20, 2009 are effective today. The new rules increase the permissible transactions from savings accounts, that are made by check, draft, debit card or similar order and payable to third parties. These were restricted to three, prior to this change, and now may be any number of the six withdrawals allowed. Amendments  7/02/09

• Counterfeit Cashier's Checks Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit cashier's checks bearing the name of the Bank of Gassaway, Gassaway, WV. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  7/02/09

• OFAC CMPs Released

  The civil money penalties (CMPs) recently imposed against entities for violations of the various OFAC Sanctions Programs have been released. No financial institutions were cited. CMPs  7/02/09

• SDGTs Added and SDNTs Removed from OFAC List

  The names of four individuals designated as Specially Designated Global Terrorists (SDGT) have been added and the names of forty-nine individuals designated as a Specially Designated Narcotics Trafficker (SDNT) have been removed from the OFAC SDN List. Information regarding the additions and the deletions has been posted on the OFAC page.  7/02/09

• Collection of California Registered Warrants

  The FRB Financial Services has issued information regarding the collection of State of California Registered Warrants. Warrants  7/02/09

• Paper Check Adjustment Requests Pricing Announced

  The Federal Reserve Banks have announced the pricing of paper check adjustment requests and documents to follow. Pricing  7/02/09

• FDIC Announces Deceptive and Unfair Practices Settlement

  A settlement and cease and desist order with Advanta Bank Corporation, Draper, UT for deceptive and unfair practices in violation of the FTC Act has been announced by the FDIC. Settlement; C&D Order  7/02/09

• Regulatory Conversions Statement Issued

  The FFIEC has issued a Statement on Regulatory Conversions to reaffirm that the supervisors are unified in their approach to regulatory conversions. Statement  7/02/09

• First Quarter Charge-Off Rates

  The OTS has released the Thrift Industry Charge-Off Rates for the first quarter 2009. Rates  7/02/09

• Exchange Rates Report Released

  The G.5 Foreign Exchange Rates Report for June, 2009, has been released by the FRB. G.5  7/02/09

• Korean Entities Added to OFAC List

  Two entities involved in North Korea's missile proliferation network have been added to the SDN List by the Treasury with the Nonproliferation of Weapons of Mass Destruction (NPWMD) designation. Information regarding the entities has been posted on the OFAC page.  7/01/09

• FDIC Announces American Express Bounced Convenience Check Settlement

  The FDIC has announced a settlement with American Express Centurion Bank, Salt Lake City, UT, for unfair practices in violation of the Federal Trade Commission (FTC) Act. American Express Centurion Bank stipulated to a cease-and-desist order and agreed to pay a civil money penalty and reimburse more than 14,000 convenience check users for possible bounced check fees. C&D Order; Settlement  7/01/09

• Second Quarter 2009 Call Report FIL

  A FIL has been issued by the FDIC containing information concerning the second quarter 2009 Call Report. FIL  7/01/09

• Joint Agencies Publish Final Rule in FR for Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies

  The OCC, Board, FDIC, OTS, NCUA, and FTC (Agencies) are publishing these final rules to implement the accuracy and integrity and direct dispute provisions in section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) that amended section 623 of the Fair Credit Reporting Act (FCRA). The final rules implement the requirement that the Agencies issue guidelines for use by furnishers regarding the accuracy and integrity of the information about consumers that they furnish to consumer reporting agencies (CRAs) and prescribe regulations requiring furnishers to establish reasonable policies and procedures for implementing the guidelines. These final rules also implement the requirement that the Agencies issue regulations identifying the circumstances under which a furnisher must reinvestigate disputes about the accuracy of information contained in a consumer report based on a direct request from a consumer. TXT; PDF  7/01/09

• Joint Agencies Propose Rulemaking for Guidelines for Furnishers of Information to Consumer Reporting Agencies

  The OCC, Board, FDIC, OTS, NCUA, and FTC (Agencies) request comment to gather information that would assist the Agencies in considering the development of a possible proposed addition to the furnisher accuracy and integrity guidelines that were issued in today's Federal Register. TXT; PDF  7/01/09

• FFIEC Call Report Forms

  The FFIEC 031 and 041 pages have been updated by adding the Optional Worksheet for Calculating Call Report Applicable Income Taxes - June 2009 (PDF), and the June 2009 Quarterly Call Report and Supplemental Instructions. Worksheet; Supplemental Instructions  7/01/09

• Funding and Liquidity Risk Management Proposed Guidance

  The federal bank, thrift, and credit union regulatory agencies are seeking comment on their proposed Interagency Guidance on Funding and Liquidity Risk Management which brings the agencies' liquidity risk principles into alignment with the international guidance issued in September 2008, by the Basel Committee on Banking Supervision. Proposed Guidance; FRB PR; OCC NR; OTS PR; FDIC FIL; NCUA PR  7/01/09

• Written Agreement with Illinois BHC

  The FRB has announced the execution of a Written Agreement by and between AMCORE Financial, Inc., Rockford, IL, a registered bank holding company, and the Federal Reserve Bank of Chicago. Agreement  7/01/09

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of June 30, 2009. 314(a)  7/01/09

• Credit Auction Results

  The results of the auction of $150 billion in 28-day credit held on June 29, 2009, have been released. Auction  7/01/09

• Mortgage Metrics Report Released

  The OCC and the OTS have released the Mortgage Metrics Report for First Quarter 2009, and the Loan Level Data Collection Field Definitions. Report; Field Definitions; OTS PR; OCC NR  7/01/09

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• Five Banks Closed

  The following banks have been closed by their respective regulators:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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

• 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

• 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

• 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

• 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

• ACH Newsletter Online

  The FRB Financial Services has posted online the News from FedACH newsletter for the second quarter 2009. News  6/29/09

• 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

• 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

• 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

• FRB Bulletin Legal Developments

  The First Quarter 2009 issue of the FRB Bulletin Legal Developments section is available online. Legal Developments  6/26/09

• New Electronic Interpretations and Actions Announced

  The OCC has announced the June 2009 New Electronic Interpretations and Actions. New Electronic  6/26/09

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• CAC Nominations Open

  The FRB is seeking nominations for its Consumer Advisory Council (CAC). Electronic nominations are preferred. CAC; Nomination Form  6/23/09

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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:

  1. Requiring Strong Supervision and Appropriate Regulation of All Financial Firms
  2. Strengthening Regulation of Core Markets and Market Infrastructure
  3. Strengthening Consumer Protection
  4. Providing the Government with Tools to Effectively Manage Failing Institutions
  5. Improving International Regulatory Standards and Cooperation.

    6/18/09

• 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

• 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

• TFR Instruction Manual Update

  The OTS has updated the Thrift Financial Report (TFR) Instruction Manual. Manual  6/18/09

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• FFIEC Reporting Forms Updated

  The 002, 002s, 031 and 041 FFIEC reporting forms have been updated. 002; 002s; 031; 041  6/16/09

• April TIC Data

  The Treasury International Capital (TIC) data for April 2009 has been released. TIC  6/16/09

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• Beige Book Update

  The June 10, 2009 issue of the Beige Book has been published by the FR. HTML; PDF  6/11/09

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• MSB Registration List Updated

  The FinCEN has updated the MSB Registration List with data current as of May 5, 2009. List  6/09/09

• 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

• 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

• 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

• 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

• 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

• Consumer Credit Report Released

  The April 2009 G.19 Consumer Credit Report has been released by the FRB. G.19  6/08/09

• State Profiles Released

  The first quarter 2009 State Profiles have been released and posted online by the FDIC. State Profiles  6/08/09

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 2010 FOMC Meeting Schedule

  The FRB has released the tentative 2010 meeting schedule of the Federal Open Market Committee (FOMC). Schedule  6/05/09

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• Reserve Position Report

  The Treasury has released the U.S. International Reserve Position Report for May 29, 2009. Report  6/03/09

• 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

• 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

• 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

• 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

• 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

• Fedwire Price Changes

  The FRB Financial Services has announced price changes for Fedwire Security Services. Price   6/02/09

• 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

• May Foreign Exchange Rates

  The G.5 Foreign Exchange Rates for May 2009 have been released by the FRB. G.5  6/02/09

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• Community Banking Advisory Committee to be Established

  The FDIC has announced that it will establish a community bank advisory committee. Committee  6/01/09