Top Story Security Related

The FDIC has announced the agenda for the July 15, 2014, meeting of its Board of Directors.

The NCUA announced that credit union staff, managers and senior leadership still have time to register for the following informative training sessions in July:

• In Pittsburg on July 23—Registration
• Protecting Your Credit Union From the Rising Trend of Employment Practices Lawsuits
• Marketing in the Digital Age
• Bank Secrecy Act—Money Services Businesses
• Examination Modernization
• In Newark on July 26—Leadership Boot Camp—Registration

A California school district has been charged by the SEC with misleading bond investors about its failure to provide contractually required financial information and notices. The case is the first to be resolved under a new SEC initiative to address materially inaccurate statements in municipal bond offering documents. A cease and desist order has been issued.

The Department of Justice has announced the sentencing of two Alabama men in separate stolen identity refund fraud (SIRF) cases. One case involved the use of stolen identities to steal money from the IRS by filing fraudulent tax returns claiming refunds in the victims' names and the other involved the sale of stolen identities to others to be used in SIRF crimes.

• REPLACE Your CHARM Booklets Now

  You can only use your existing stock of Consumer Handbook on Adjustable-Rate Mortgages (CHARM) booklets until September 30, 2007. To comply with Regulation Z beginning October 1, 2007, creditors must provide a copy of the revised CHARM booklet, or a suitable substitute, to consumers with every application for an adjustable rate mortgage loan. Replace; Revised CHARM Booklet English; Revised CHARM Booklet Spanish  9/28/07

• Fourteen Added To OFAC List

  Treasury has designated and added the names of 14 senior Burmese Government officials to the SDN List in the wake of that government's longstanding oppression of the Burmese people and its recent use of violence against peaceful demonstrators. Information regarding the new additions has been posted on the BOL OFAC page.  9/28/07

• Dugan Supports Credit Card Opt-Out

  In a presentation to the Financial Services Roundtable, Comptroller Dugan stated that consumers should be given the opportunity to opt out of certain credit card rate increases and be given the alternative of paying off the card balance at the old rate. He suggested that when consumers are notified that their rates will surge to a penalty rate they be allowed to opt out, subject to several exceptions. Speech  9/28/07

• TFR Instruction Manual Updated

  OTS has updated the March 2007 edition of the TFR Instruction Manual with information current through September 2007. Manual  9/28/07

• MSB Outreach Brochures in Eight Languages Available

  FinCEN has announced that MSB Outreach Brochures are now available in the following languages: English, Spanish, Chinese, Korean, Arabic, Vietnamese, Farsi, and Russian. In addition, an online MSB Registration Renewal Calculator is available and the brochures can be ordered online. Brochures; Calculator  9/28/07

• FRB Publishes Final Rule in FR for Unfair or Deceptive Acts or Practices (Reg AA)

  The Board is publishing amendments to Regulation AA (Unfair or Deceptive Acts or Practices) to update the address where consumer complaints regarding a state member bank may be sent.TXT; PDF   9/28/07

• FRB Publishes Final Rule in FR for Equal Credit Opportunity (Reg B)

  The Board is publishing amendments to Regulation B (Equal Credit Opportunity Act) to update the
  address where questions should be directed concerning creditors for which the Federal Reserve System administers compliance with the regulation. TXT; PDF   9/28/07

• 2008 Reg D Reserve Requirement Exemption

  The FRB has announced the annual indexing of the Reg D reserve requirement exemption amount and of the low reserve tranche for 2008. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective 2008. Reg D  9/27/07

• Dividend ANPR Issued

  The FDIC has issued a FIL regarding an Advance Notice of Proposed Rulemaking (ANPR) that seeks comments on alternative methods for allocating dividends to implement the dividend requirements of the Federal Deposit Insurance Reform Act of 2005 and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005. Comments are due by November 19, 2007. FI  9/27/07

• Written Agreement Announced

  The execution of a Written Agreement by and between Great River Bank & Trust, Davenport, Iowa, and the Federal Reserve Bank of Chicago has been announced by the FRB. Written Agreement  9/27/07

• Bank Supervision Process Booklet Updated

  The OCC has replaced the 1996 version of the Bank Supervision Process booklet in the Comptroller's Handbook. The new booklet incorporates examination planning, control, and communications standards that were published in the Examination Planning and Control booklet in 1997. Booklet  9/27/07

• NCUA Schedules Washington D.C. Town Hall Meeting

  NCUA has announced that registration is filling up quickly for the final of six scheduled Outreach Task Force "Town Hall" meetings, which will be held in Washington, DC on Tuesday, Oct. 2, 2007. Online registration is available. Registration  9/27/07

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

  Reserve Banks
  The FRB has adopted final amendments to its Regulation A to reflect the Board’s
  approval of a decrease in the primary credit rate at each Federal Reserve Bank.TXT; PDF   9/27/07

• FDIC Offers Free Seminars for Bank Employees

  A FIL has been issued by the FDIC regarding a series of free telephone seminars for bank employees on deposit insurance coverage. Two identical series of seminars will be offered in October and November 2007 and will cover Basic Concepts of Deposit Insurance Coverage, Coverage for Retirement and Employee Benefit Plan Accounts, Trust Account Coverage, and Coverage for Business and Government Accounts. FIL  9/26/07

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Sharing with the Financial Industry Report with data current as of September 25, 2007. 314(a); Sharing Report  9/26/07

• Online EIN Applications

  The IRS has announced that taxpayers can request an Employer Identification Number (EIN) through a Web-based system that instantly processes requests and generates identification numbers in real time. EIN  9/26/07

• SNC Report Released

  The financial institution regulators have released the Shared National Credit (SNC) Report for the Second Quarter 2007 which shows an increase in the volume of criticized credits and weakened underwriting standards in the syndicated lending market, particularly in non-investment grade or leveraged credit facilities. The report states that volume of criticized credits as a share of total SNC commitments remains low by historical comparison and is indicative of satisfactory credit quality. FRB PR; OCC NR; FDIC PR; OTS PR  9/26/07

• Receivables Report Published

  The FRB has published the G.20 Finance Companies Owned and Managed Receivables Outstanding Report for July 2007. G.20  9/26/07

• Role of China Working Paper

  A working paper in the International Finance Discussion Papers (IFDP) series on the topic of "The Role of China in Asia: Engine, Conduit, or Steamroller?" has been published by the FRB. Abstract; Full Paper  9/26/07

• Regulators Issue DoD Lending Rules Reminders

  The FRB has issued a CA Letter, the FDIC a FIL, and OTS has issued a CEO Letter regarding the previously published Department of Defense final rules setting forth new requirements for loans to servicemembers and their dependents under the John Warner National Defense Authorization Act. The implementation date is October 1, 2007, and information concerning the final rules was posted in the August 31, 2007 BOL Top Stories. Final Rules; CA Letter; FIL; CEO Letter  9/25/07

• Interest Rate Risk Report Released

  OTS has released the Second Quarter 2007 Aggregate Exposure and CMR Report Report. Report   9/25/07

• Joint Agencies Publish Final Rule in FR for Expanded Examination Cycle for Certain Small Insured Depository Institutions, U.S. Branches and Agencies of Foreign Banks

  The Office of the Comptroller of the Currency (OCC); Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); and Office of Thrift Supervision (OTS), Treasury are jointly adopting as final the interim rules issued on April 10, 2007, that implemented section 605 of the Financial Services Regulatory Relief Act of 2006 (FSRRA) and related legislation (collectively the Examination Amendments). These Amendments permit insured depository institutions that have up to $500 million in total assets, and that meet certain other criteria, to qualify for an 18-month onsite
  examination cycle. TXT; PDF   9/25/07

• CU Financial Trends Report Published

  NCUA has published the Credit Union Financial Trends Report for the First Half of 2007. Trends; Attachments  9/25/07

• Bernanke Discusses Education and Economic Competitiveness

  In a presentation at the U.S. Chamber Education and Workforce Summit, Washington, D.C., FRB Chairman Bernanke noted that he is often asked for investment advice and the answer is "Education is the best investment." He also stated, "If we are to successfully navigate such challenges as the retirement of the baby-boom generation, advancing technology, and increasing globalization, we must work diligently to maintain the quality of our educational system where it is strong and strive to improve it where it is not." Speech  9/25/07

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of September 21, 2007. Reserve Position  9/25/07

• Counterfeit Checks Alerts

  The FDIC has issued three Special Alerts regarding counterfeit official and cashier's checks bearing the name of the following institutions:

  • Emprise Bank, Wichita, Kansas (Counterfeit Official Checks);
  • East Boston Savings Bank, Boston, Massachusetts (Counterfeit Cashier's Checks); and
  • Western Bank, Lordsburg, New Mexico (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   9/24/07

• CRA Ratings Released

  The OCC has released the ratings received by thirty national banks that were recently examined for compliance with the provisions of the CRA. Ratingsnbsp; 9/24/07

• Regulators Expand Examination Cycle

  Final Rules have been issued by the federal bank and thrift regulators which expand the range of small institutions eligible for an extended 18-month on-site examination cycle. The final rules allow well-capitalized and well-managed banks and savings associations with up to $500 million in total assets and a composite CAMELS rating of 1 or 2 to qualify for an 18-month on-site examination cycle. Final Rules; FRB PR; OCC NR; FDIC PR; OTS PRnbsp; 9/24/07

• FedFocus Features Risk Management Articles

  "Safeguarding Against Risk: A Look at Risk Management" is the theme of the September issue of FedFocus. The issue contains articles on following topics;

  • Three levels of FedCash Services access help institutions manage risk;
  • Plan today for an uncertain tomorrow;
  • Technology refresh pays off with long-term benefits;
  • October conferences offer opportunities to meet with the Fed;
  • Reducing transportation worries with Check 21;
  • Why business continuity makes good business sense;
  • FS-ISAC Center helps to safeguard U.S. from physical and cyber security threats;
  • What's in AMI for me?...An array of risk management features;
  • The advantages add up with AMI Premium Services;
  • Examining ACH risk;
  • Successfully spreading the word about Directo a Mexico;
  • Ushering in a new era for FedEDI.

  FedFocus  9/24/07

• Agricultural Finance Databook Updated

  The FRB has published September 2007 update to the E.15 Agricultural Finance Databook. E.15  9/24/07

• Counterfeit Checks Alerts

  The FDIC has issued two Special Alerts regarding counterfeit official checks and cashier's checks bearing the name of the following institutions:

  • RBC Centura Bank, Raleigh, North Carolina (Counterfeit Official Checks); and
  • New Resource Bank, San Francisco, California.

  Information concerning the counterfeit checks has been posted on the BOL Alerts and Counterfeits page.  9/21/07

• Bernanke and Paulson Discuss Mortgage Markets

  In testimony before the House Committee on Financial Services, Treasury Secretary Paulson presented the Department's perspective on the recent events in the credit and mortgage markets and their impact upon consumers and the economy. FRB Chairman Bernanke discussed the origins of the problems in the subprime-mortgage market and the response of the Federal Reserve to these developments. Paulson Testimony; Bernanke Testimony  9/21/07

• Federal Reserve Bulletin Supplement Published

  The FRB has published the August 2007 Statistical Supplement to the Federal Reserve Bulletin. Index; Supplement  9/21/07

• FRB Releases New $5 Bill at Wi-5 Event

  The U.S. government today digitally unveiled a new, more secure design for the $5 bill that will be issued and enter circulation in early 2008. A new $100 bill will follow. This is the first time in history that U.S. paper money has ever been unveiled entirely online. Press Release  9/20/07

• SEC Approves GLB Bank Securities Broker Rules

  The SEC has voted to adopt, jointly with the FRB, rules that will implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The FRB is scheduled to take action at its Sept. 24, 2007 meeting. Joint Rules  9/20/07

• Guidance Regarding Garnishment of Federal Benefit Payments

  The federal financial regulatory agencies have requested public comment on a proposed statement that encourages federally regulated financial institutions to follow best practices to protect federal benefit payments from garnishment orders. The statement covers Social Security benefits, Supplemental Security Income benefits, Veterans’ benefits, Federal Civil Service retirement benefits, and Federal Railroad benefits. Statement; FRB PR; OCC NR; FDIC PR; NCUA PR  9/20/07

• Risk-Based Capital Exemption Granted

  A Legal Interpretation has been released by the FRB that grants an exemption from the Board’s risk-based capital guidelines for bank holding companies to permit Bank of America Securities LLC, Charlotte, North Carolina, to assign a 10% risk weight to its Regulation T margin loans. Legal Interpretation  9/20/07

• FedCash Access Manager Roadmap Now Available

  FRB Financial Services has announced that a roadmap is now available to aid institutions in taking control of their FedCash Services. The FedCash Access Manager allows an institution manage FedCash Services via FedLine Web and assign staff to one of three roles: Administrator, Subscriber or Read-only. Roadmap  9/20/07

• FRB Issues Reports

  The FRB has issued reports regarding the following: Second Quarter 2007 Household Debt Service and Financial Obligations Ratios; August 2007 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks; and the September 7, 2007 Financial Holding Companies List. Household Debt; 3.12/3.13 Assets; FHC  9/20/07

• IFDP Working Papers Published

  Two working papers in the International Finance Discussion Paper series (IFDPs) have been published by the FRB on the topics of "Real-Time Measurement of Business Conditions" and "Exchange Rate Pass-Through to Export Prices: Assessing Some Cross-Country Evidence." Real-Time Abstract; Real-Time Full Paper; Exchange Rate Abstract; Exchange Rate Full Paper

• Counterfeit Cashier's Checks Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's checks bearing the name of the following institutions:

  • Sun West Bank, Las Vegas, Nevada (Counterfeit Cashier's Checks);
  • Dollar Bank, FSB, Pittsburgh, Pennsylvania (Counterfeit Cashier's Checks);
  • Basin State Bank, Stanford, Montana (Counterfeit Cashier's Checks); and
  • First Texas Bank, Georgetown, Texas (Counterfeit Cashier's Checks).

  Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  9/19/07

• Fed Funds and Discount Rates Lowered

  The Federal Open Market Committee (FOMC) has announced that the target for the federal funds rate has been lowered by 50 basis points to 4-3/4 percent. A 50-basis-point decrease in the discount rate to 5-1/4 percent was also approved by the Board of Governors. Rates  9/19/07

• Enforcement Actions Released

  The OCC has released a list of the new enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  9/19/07

• Call Report Changes Comments Sought

  The federal banking regulators are requesting comment on several proposed revisions to the Call Report. The proposed reporting changes, which have been approved by the Federal Financial Institutions Examination Council (FFIEC), would take effect as of March 31, 2008. FIL; Changes  9/19/07

• 23A and Reg W Exemption Granted

  The FRB has published a Legal Interpretation which grants an exemption from section 23A of the Federal Reserve Act and Regulation W, for certain securities financing transactions between Deutsche Bank AG's New York branch and its U.S. securities affiliate. Legal Interpretation  9/19/07

• New FedReceipt Routing Numbers Announced

  FRB Financial Services has announced effective the business day of September 24, 2007, the Reserve Banks will modify the credit availability and pricing schedule on new FedReceipt routing numbers for FedForward deposits. Routing Numbers  9/19/07

• Forecast Working Paper Published

  The FRB has published a working paper in the Federal Economics Discussion Series (FEDS) on the topic of "Combining Forecasts From Nested Models." Abstract; Full Paper  9/19/07

• Bank Pays $31.6 Million in CMPs and Forfeiture for BSA Violations

  FinCEN and the OCC have announced the assessment of concurrent civil money penalties (CMPs) of $10 million each, against Union Bank of California, N.A. of San Francisco, California, for violations of the Bank Secrecy Act, which will be satisfied by a single payment of $10 million to the Department of Treasury. The enforcement actions are part of coordinated actions with the Department of Justice, which issued a Deferred Prosecution Agreement and an accompanying $21.6 Million forfeiture order in connection with charges that Union Bank failed to maintain an effective anti-money laundering program, particularly regarding activities of Mexican casas de cambio. FinCEN CMP; OCC CMP; DOJ Agreement  9/18/07

• 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, 2007, 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 September 15 was a Saturday, use the rate on September 14, the business day immediately preceding the 15th. Weekly H.15  9/18/07

• Mandatory Purchase of Flood Insurance Guidelines Booklet Updated

  FEMA has updated the Mandatory Purchase of Flood Insurance Guidelines booklet which provides guidance for implementing the mandatory purchase provisions of the National Flood Insurance Reform Act of 1994, and the National Flood Insurance Program (NFIP). The 2007 update clarifies some of the complex issues that have arisen since the 1999 edition, and incorporates industry best practices and lessons learned for implementing statutory requirements. Booklet  9/18/07

• FDIC Publishes Advanced Notice of Proposed Rulemaking for Assessment Dividents

  The FDIC is seeking comments on alternative methods for allocating dividends as part of a permanent final rule to implement the dividend requirements of the Federal Deposit Insurance Reform Act of 2005 (Reform Act) and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Amendments Act). The existing FDIC regulations on assessment dividends expire December 31, 2008. TXT; PDF   9/18/07

• FRB Revamps Web Site

  The FRB website has a new look, with additional features designed to improve usability. The updates include: navigational tools, new fonts, and updated graphics and layouts to help users access information more quickly and easily. The list of main categories has moved to the top of the home page; the "Breaking News" section has been renamed "Recent Developments", to more accurately describe the information listed there, and the "Features" section has been expanded. Web Site  9/18/07

• FRB Statistical Releases Published

  The Second Quarter 2007 Z.1 Flow of Funds Accounts of the United States and the August 6-10, 2007, E.2 Survey of Terms of Business Lending statistical releases have been published by the FRB. Z.1; E.2   9/18/07

• Counterfeit and Stolen Cashier's Checks Special Alerts

  The FDIC has issued four Special Alerts regarding counterfeit and stolen cashier's checks bearing the name of the following institutions:

  • Community Bank of Florida, Inc., Homestead, Florida (Stolen Cashier's Checks);
  • First Citizens Bank and Trust Company, Inc., Columbia, South Carolina (Counterfeit Cashier's Checks);
  • Fremont Bank, Fremont, California (Counterfeit Cashier's Checks); and
  • The Delaware County Bank and Trust Company, Lewis Center, Ohio.

  Information concerning the counterfeit and stolen cashier's checks has been posted on the BOL Alerts & Counterfeits page.  9/17/07

• Terrorist Assets Report Released

  OFAC has released the 2006 Annual Report on Assets in the United States of Terrorist Countries and International Terrorism Program Designees as of September 13, 2007. Report  9/17/07

• Industrial Production Report Issued

  The G. 17 Industrial Production and Capacity Utilization Report for August 2007 has been issued by the FRB. G.17  9/17/07

• FedFlash Online

  The September 15, 2007 issue of FedFlash has been posted online and contains articles on the following topics:

  • Verification procedures for FedACH® Services requests;
  • VPN device changes and relocation;
  • A change to same-day Federal tax payment wire transfers effective November 3, 2007;
  • Online Check 21 Business Value Calculator soon to include FedReceipt® and FedReturn® products;
  • SNA CI based access migration plan now available; and
  • The announcement of new FedReceipt RTNs.

  FedFlash  9/17/07

• Cost of Funds Reports Issued

  OTS has issued the Historical and Current National Average Cost of Funds Ratio to OTS Regulated SAIF Insured Institutions Reports for July 2007. Historical; Current  9/17/07

• Counterfeit Cashier's Checks Alerts

  The FDIC has issued four Special Alerts regarding counterfeit cashier's checks bearing the name of the following financial institutions:

  • Federal Home Loan Bank of Des Moines, Des Moines, Iowa;
  • Community State Bank of Orbisonia, Orbisonia, Pennsylvania;
  • Louisa Community Bank, Louisa, Kentucky; and
  • Imperial Capital Bank, La Jolla, California

  Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  9/13/07

• Don't Forget To Replace Your CHARM Booklets

  Remember that you can only use your existing stock of Consumer Handbook on Adjustable-Rate Mortgages (CHARM) booklets until September 30, 2007. To comply with Regulation Z beginning October 1, 2007, creditors must provide a copy of the revised CHARM booklet, or a suitable substitute, to consumers with every application for an adjustable rate mortgage loan. Deadline; Revised CHARM Booklet English; Revised CHARM Booklet Spanish  9/14/07

• OFAC SDNT Designation Changes

  Changes have been made by OFAC to the SDN List regarding the text of existing SDNT designations for three entities and five individuals. Information regarding the changes has been posted on the BOL OFAC Page.  9/13/07

• 2006 HMDA Data Available

  The Federal Financial Institutions Examination Council (FFIEC) has announced the availability of 2006 data on mortgage lending transactions at 8,886 financial institutions covered by the Home Mortgage Disclosure Act (HMDA) in metropolitan statistical areas (MSAs) throughout the nation. 2006 HMDA Data; FFIEC PR  9/13/07

• 2006 HMDA Data Analyzed

  The FRB has published the draft of an article to be included in a future FR Bulletin which analyzes the 2006 HMDA data. The review focuses primarily on the pricing information and includes an assessment of factors that account for the variation in rates of serious delinquency on mortgage loans across U.S. metropolitan area counties observed as of March 31, 2007. Draft  9/13/07

• Order of Prohibition and CMP Announced

  The OTS has announced the issuance of two enforcement orders against Gregory S. Cipa, the former president of Fox Savings Bank of Hatboro, Pennsylvania. He is prohibited from participating in the conduct of the affairs of any financial institution without the prior approval of the OTS and also assessed Civil Money Penalties (CMP) in the amount of $10,000. Orders  9/13/07

• Trust Directors Training Opportunities Announced

  OTS Director John Reich appeared in a seven-minute video to announce a series of training seminars for members of the Boards of Directors of thrift institutions. He emphasizes the importance of bank Boards of Directors setting corporate values for bank directors, managers and other employees. Reich highlighted the four principles that should guide directors: integrity, independence, involvement, but not interference. The first OTS seminar will be held November 6, 2007, in Schaumburg, Illinois. Director Video  9/13/07

• New OFAC Enforcement Information Released

  OFAC has released the enforcement actions recently taken against individuals and entities for violation of various Sanctions Programs. One financial institution remitted $100,000 and another $1,484 to settlement allegations of violations of separate programs. Actions  9/12/07

• FTC Issues Warning To Lenders Regarding Ads

  The FTC has issued a letter more than 200 advertisers and media outlets that some mortgage ads are potentially deceptive or in violation of the Truth in Lending Act. Warning  9/12/07

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of September 11, 2007. 314(a); Sharing Report  9/12/07

• FFIEC March 2008 031 and 041 Draft Forms Online

  The March 2008 031 and 041 Federal Register Notice and Draft Forms have been posted online by the FFIEC. Notice; 031 Draft Form; 041 Draft Form  9/12/07

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of September 7, 2007. Reserve Position  9/12/07

• Bernanke Discusses Global Imbalances

  In a presentation at the Bundesbank Lecture in Berlin, Germany, FRB Chairman Bernanke discussed a number of important and interrelated developments in the global economy, including the substantial expansion of the current account deficit in the United States, the equally impressive rise in the current account surpluses of many emerging-market economies, and a worldwide decline in long-term real interest rates. Speech  9/12/07

• Second Quarter 2007 Financial Results for the Deposit Insurance Fund

  The FDIC has released the Second Quarter 2007 Financial Results for the Deposit Insurance Fund. Summary; Detailed Results  9/12/07

• FEDS Working Papers Published

  The FRB has published two working papers in the Finance and Economic Discussion Series (FEDS) on the following topics: "Forecasting with Small Macroeconomic VARs in the Presence of Instabilities" and "Averaging Forecasts from VARs with Uncertain Instabilities." Forecasting Abstract; Forecasting Full Paper; Averaging Abstract; Averaging Full Paper  9/12/07

• FinCEN Director Freis Discusses BSA

  In a presentation at the National Association of Federal Credit Unions 2007 Congressional Caucus, FinCEN Director Freis discussed why the BSA information provided by financial institutions is important and how law enforcement agencies, FinCEN, and other financial regulators use the information. Speech   9/11/07

• Consumer Credit Report Released

  The G.19 Consumer Credit Report for July 2007 has been released by the FRB. G.19  9/11/07

• BHC Supervision Manual Updated

  The Bank Holding Company (BHC) Supervision Manual has been updated by the FRB. Manual  9/10/07

• CRA Exam Schedule Announced

  The OTS has announced its CRA Exam Schedule for Fourth Quarter 2007. Exam Schedule  9/10/07

• Disease Management and Mail-Order Pharmacy Activities Authorized

  The FRB has issued an order determining that disease management and mail-order pharmacy activities are complementary to the financial activity of underwriting and selling health insurance and are therefore permissible for a financial holding company under the Bank Holding Company Act. Order  9/10/07

• OCC To Host Credit Risk Workshop

  Community Bank Directors Workshop on Credit Risk - A credit risk workshop for national community bank directors will be hosted by the OCC on October 10, 2007, at the Gaylord Texan, Grapevine, Texas. Workshop; Online Registration  9/10/07

• State Profiles Updated

  The FDIC has updated the State Profiles with data for the second quarter 2007. State Profiles  9/10/07

• August 2007 Economic Update

  Treasury has issued its economic update for August 2007. Economic Update  9/10/07

• OTS Senior Management

  A list of the names and telephone numbers of senior management has been released by OTS. List  9/07/07

• Reaching Unbanked People Conference

  The federal financial regulators have announced that online registration is now open for the Eastern Regional Conference on Reaching Unbanked People to be held on October 4, 2007, in New York City. The conference is free, but advance registration is required as space is limited. Online registration will close on September 25 or when full. Conference Brochure; Registration  9/07/07

• IFDP Working Paper Published

  The FRB has published a working paper in the International Finance Discussion Papers Series (FEDS) on the topic of "Bargaining, Fairness, and Price Rigidity in a DSGE Environment." Abstract; Full Paper  9/07/07

• CRA Ratings Released

  The FDIC has released the September, 2007 list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings assigned to institutions in June, 2007. CRA  9/06/07

• Beige Book Update

  The FRB has updated the Beige Book with data current as of August 27, 2007. Summary; Full Report  9/06/07

• Debt Elimination Schemes Alert

  The OCC has issued an Alert noting that fraudulent schemes to eliminate debt of borrowers are increasing in volume and variety. The schemes are designed to steal victims' money by appropriating their identities.
  Alert  9/06/07

• Electronic Submission Of Branch Applications Secure

  The FDIC has issued a FIL regarding enhancements to the FDICconnect to allow secure two-way communication with the FDIC for electronic submissions of branch applications. FIL  9/06/07

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of September 5, 2007. 314(a); Sharing Report  9/06/07

• Regulators Comment On Condition Of Banking System

  In testimony before the House Committee on Financial Services, OCC Comptroller Dugan stated that despite challenging conditions in mortgage and credit markets, the national banking system remains safe and sound. In addition, FDIC Chairman Bair noted that because insured financial institutions entered this period of uncertainty with strong earnings and capital, they are in a better position both to absorb the current stresses and to provide much needed credit as other sources withdraw. Dugan Speech; Dugan Written Testimony; Bair Statement and Testimony  9/06/07

• Ombudsman Report Issued

  The FDIC has issued an online report to the financial services industry about the issues and problems raised to the FDIC Office of the Ombudsman. The report covers the period January 1 through June 30, 2007. Report  9/06/07

• Privatizing Deposit Insurance and Money Smart Studies Results

  The FDIC has issued the results of two studies, one regarding the feasibility and consequences of privatizing deposit insurance and the other on the effectiveness of the FDIC's Money Smart financial education program. The results are highlighted in the Second Quarter 2007 issue of FDIC Quarterly. FDIC Quarterly Summary; Full Issue  9/06/07

• Servicers of Residential Mortgages Urged To Pursue Loss Mitigation

  The federal financial regulatory agencies and the Conference of State Bank Supervisors (CSBS) have issued a statement encouraging federally regulated financial institutions and state-supervised entities that service securitized residential mortgages to identify borrowers at risk of default and pursue appropriate loss mitigation strategies designed to preserve homeownership. Statement; FRB PR; OCC NR; FDIC FIL1; FDIC FIL2; OTS CEO Ltr; NCUA PR  9/05/07

• Additional Counties Added to Flood Relief List

  The FDIC has issued two FILs that update previously issued Guidance regarding providing regulatory relief to financial institutions and to facilitate recovery in areas of Minnesota, Wisconsin, Ohio, and Oklahoma that are suffering from storms and flooding. Flood FIL 1; Flood FIL2  9/05/07

• CRA Exam Schedule Published

  The OCC has published the list of national banks that have been scheduled for examination during the fourth quarter 2007 for compliance with the provisions of the CRA. Schedule  9/05/07

• Discount Rate Meeting Minutes Released

  The Federal Reserve Board has released the minutes of its discount rate meetings from July 9 through August 6, 2007. Minutes  9/05/07

• Capital Exemption Granted

  A Legal Interpretation has been issued by the FRB regarding the granting of an exemption from the Board's risk-based capital guidelines for bank holding companies and the assignment of a 10% risk weight to Regulation T margin loans. Legal Interpretation  9/05/07

• New Electronic Interpretations and Actions Announced

  The OCC has announced New Electronic Interpretations and Actions for August 2007. Actions  9/05/07

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of August 31, 2007. Reserve Report  9/05/07

• Foreign Exchange Rates Report Released

  The G.5 Foreign Exchange Rates Report for August 2007 has been released by the FRB. G.5  9/05/07

• Early Savings Bond Redemptions Authorized

  FRB Financial Services has announced that savings bond agents serving certain counties in Minnesota, Wisconsin, Oklahoma, Ohio and Illinois recently affected by severe weather are authorized to redeem EE and I savings bonds less than one year old presented during the months of August, September, and October 2007. Early Redemptions  9/04/07

• Fourth Quarter 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 fourth quarter of 2007. Schedule  9/04/07

• OTS Publishes Final Rule for Prohibited Service at S&L Holding Companies Extension of Expiration Date of Temporary Exemption

  OTS is amending 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.TXT; PDF   9/04/07

• OTS Comment Letters

  The OTS has posted seven Comment Letters online, that were received recently regarding various proposals published in the Federal Register. Comment Letters  9/04/07

• Homeowner Mortgage Assistance Program Proposed

  President Bush has announced a series of steps to help certain homeowners with high-cost subprime adjustable rate mortgages refinance their mortgages with Federal Housing Administration (FHA) backing. The proposal, which could take effect in early 2008, would aid homeowners who are 90 days delinquent, but paid their loans on time before the interest rates reset as long as they have 3 percent equity in their homes. Homeowner Program  9/04/07

• Bernanke Discusses Housing, Housing Finance, and Monetary Policy

  In a presentation at the Federal Reserve Bank of Kansas City's Economic Symposium in Jackson Hole, Wyoming, Chairman Bernanke noted that historically institutional changes in U.S. housing and mortgage markets have significantly influenced both the transmission of monetary policy and the economy's cyclical dynamics. He remarked, "It is not the responsibility of the Federal Reserve, nor would it be appropriate, to protect lenders and investors from the consequences of their financial decisions." He also indicated that the interaction of housing, housing finance, and economic activity has for years been of central importance for understanding the behavior of the economy, and it will continue to be central to the FRB's thinking as it tries to anticipate economic and financial developments. Speech  9/04/07

• September Issue of FedFlash Published

  The September 1, 2007 issue of FedFlash has been published and contains articles on the following topics: the October 3, 2007, deadline for recertification required for all Savings Bond Direct users by October 3, 2007; the testing phase for FedEDI Plus online; the topic of the Fourth Check Adjustments Webinar; and availability of the eLearning module for Secure Transport Client software users. FedFlash  9/04/07

• FEDS Working Paper Published

  The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "Housing and the Monetary Transmission Mechanism." The paper examines what is known about the role of housing in the monetary transmission mechanism and then explores the implications of this knowledge for the conduct of monetary policy. Abstract; Full Paper  9/04/07

• DoD Lending Rules Finalized

  The Department of Defense has published final rules setting forth new requirements for loans to servicemembers and their dependents under the John Warner National Defense Authorization Act. The implementation date is October 1, 2007. While banks, thrifts and credit unions are not exempted from coverage by the new regulation, the impact on those entities will likely not be substantial because of the narrow scope of the final rules. For example, loans secured by an interest in a dwelling are exempt, as are open-end credit products. The three loan types that are covered under the new §232.3 include:

  1. payday loans, which are 91 days or less and do not exceed $2,000,
  2. vehicle title loans, which are 181 days or less and exclude purchase money loans, and
  3. tax refund anticipation loans.

  TXT; PDF   8/31/07

• Counterfeit Checks Special Alerts

  The FDIC has issued five Special Alerts regarding counterfeit cashier's, expense and official checks bearing the names of the following institutions:

  • First FarmBank, Greeley, Colorado (Counterfeit Cashier's Checks);
  • First PREMIER Bank, Sioux Falls, South Dakota (Counterfeit Expense Checks);
  • The Bank of Delmarva, Seaford, Delaware (Counterfeit Official Checks);
  • Peoples Bank, Clifton, Tennessee; and
  • Bank of the San Juans, Durango, Colorado (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeit page.  8/31/07

• Colombian Drug Traffickers and Related Interests Added to OFAC List

  OFAC has designated four Colombian drug traffickers and five of their related interests (entities and individuals) as Specially Designated Narcotics Traffickers (SDNT) and added their names to the Specially Designated Nationals (SDN) List. Information regarding the new entries has been posted on the BOL OFAC Page.  8/31/07

• Fraudulent OCC Letters Alerts

  The OCC, the FDIC, and the European Commission have issued Alerts regarding fraudulent letters appearing to be sent by the OCC concerning the release of funds supposedly under the control of the European Commission in Belgium. The letter is being sent to U.S. bank customers and indicates that monies are being held until the recipient can produce the necessary documents, which will cost the customer $25,000. FDIC Special Alert; European Commission Warning  8/31/07

• CHARM Booklet Deadline Approaches

  This is a reminder that you can use your existing stock of Consumer Handbook on Adjustable-Rate Mortgages (CHARM) booklets until September 30, 2007. To comply with Regulation Z beginning October 1, 2007, creditors must provide a copy of the revised CHARM booklet, or a suitable substitute, to consumers with every application for an adjustable rate mortgage loan. Deadline; CHARM Booklet English; CHARM Booklet Spanish  8/31/07

• OCC Issues BSA Bulletins

  Three Bulletins have been issued by the OCC regarding previously announced compliance with the provisions of the Bank Secrecy Act (BSA):

  • BSA Enforcement Policy Interagency Statement:
  • 2007 National Money Laundering Strategy; and
  • Suspicious Activity Report (SAR) Supporting Documentation.

  Interagency Statement Bulletin; Strategy Bulletin; SAR Bulletin  8/31/07

• Treasury Updates Homepage

  Treasury's homepage has a new look and allows web-users to access press releases, speeches and reports on key issues. Links have been consolidated and reorganized to provide easier access and a new feature called the Secretary's Corner has been added. Homepage  8/31/07

• Counterfeit Checks Special Alerts Issued

  The FDIC has issued six four Special Alerts regarding counterfeit checks bearing the names of the following institutions:

  • Brenham National Bank, Brenham, Texas (Counterfeit Cashier's Checks);
  • Commerce Bank/Harrisburg National Association (Commerce Bank), Lemoyne, Pennsylvania (Counterfeit Cashier's Checks);
  • Citizens Bank, Mooresville, Indiana (Counterfeit Cashier's Checks);
  • Haven Savings Bank, Hoboken, New Jersey (Counterfeit Official Checks);
  • First Western Bank, Wall, South Dakota (Counterfeit Cashier's Checks); and
  • Liberty Bank, Alton, Illinois (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  8/30/07

• Counterfeit Money Orders Alert

  The OCC has issued an Alert regarding counterfeit personal money orders issued in the name of Canandaigua National Bank & Trust, Canandaigua, New York, are being presented for payment nationwide in connection with a mystery shopping scam. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.  8/30/07

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Premier Bank, Denver, Colorado, the State of Colorado Division of Banking, Denver, Colorado, and the Federal Reserve Bank of Kansas City. Agreement   8/30/07

• Banks Encouraged to Work with Customers Affected by Flooding

  The OCC has announced that prudent efforts by national banks to adjust or alter terms on existing loans in areas affected by flooding and related problems flooding in Wisconsin, Minnesota, Illinois, and Ohio should not be subject to bank examiner criticism. Flooding   8/30/07

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report with data current as of August 24, 2007. Reserve Position  8/30/07

• Illegitimate Checks and Currency Alerts Given

  The FRB has issued an Alert regarding illegitimate checks being drawn on an entity named TUC Private Currency Office and currency called "The United States Private Dollar" being promoted by The United Cities Corp., Miami, Florida. Information regarding the illegitimate checks and currency has been posted on the BOL Alerts & Counterfeits page.  8/29/07

• Counterfeit Checks Special Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's, treasurer's and official checks bearing the names of the following institutions:

  • S&T Bank, Indiana, Pennsylvania (Counterfeit Treasurer's Checks);
  • First Lowndes Bank, Fort Deposit, Alabama (Counterfeit Cashier's Checks);
  • CapitalBank, Greenwood, South Carolina (Counterfeit Official Checks); and
  • The Talbot Bank of Easton, Easton, Maryland (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits Page.  8/29/07

• $85,045 Flood CMP Announced

  The FRB has announced that a civil money penalty (CMP) in the amount of $85,045 has been assessed against Capital City Bank, Tallahassee, Florida, for alleged violations of Reg. H. CMP  8/29/07

• Early Savings Bond Redemptions Authorized

  FRB Financial Services has announced that savings bond agents serving specified Minnesota, Wisconsin and Oklahoma counties recently affected by severe weather are authorized to redeem EE and I savings bonds less than one year old presented during the months of August, September, and October 2007. Early Redemptions  8/29/07

• Section 312 Final Rule Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced FinCEN Final Rule concerning Section 312 of the USA PATRIOT Act. Information regarding the Final Rule was posted in the August 9, 2007 BOL Top Stories. Bulletin  8/29/07

• FOMC Minutes Published

  The minutes of the August 7, 2007 meeting of the Federal Open Market Committee have been published by the FRB. Minutes   8/29/07

• Employer-Assisted Mortgage Programs Report Released

  The OCC has released a Community Developments Insights report entitled, "Understanding Employer-Assisted Mortgage Programs: A Primer for National Banks," which highlights key features of employer assisted mortgage programs and opportunities for bank involvement with these initiatives. Report  8/28/07

• Annual Dollar Trigger Final Rule Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced annual adjustment by the FRB to its Regulation Z Commentary related to the dollar amount that triggers requirements for certain home mortgage loans. Information concerning the 2008 dollar amount was posted in the August 7, 2007 BOL Top Stories. Bulletin  8/28/07

• Prohibition on Bank Political Contributions Bulletin

  The OCC has issued a Bulletin that describes and emphasizes the prohibitions on political contributions or expenditures by national banks pursuant to the Federal Election Campaign Act of 1971. Bulletin  8/28/07

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• BSA/AML Manual Revised

  The Federal Financial Institutions Examination Council (FFIEC) has issued the 2007 Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. Revised Manual; Interagency Statement; FRB SL; FDIC FIL; OCC Bulletin; OTS PR; NCUA PR  8/27/07

• Early Savings Bond Redemption Authorized

  FRB Financial Services has announced that the early redemption of certain savings bonds has been authorized in specified counties of Minnesota recently affected by severe weather. Early Redemption  8/27/07

• Revised Exam Procedures Announced

  The OCC has issued a Bulletin that announces the examination procedures for compliance with the provisions of the Telephone Consumer Protection Act and Junk Fax Prevention Act have been revised. Bulletin; Procedures; Worksheet  8/27/07

• FRB Legal Interpretations Published

  Three legal interpretations have been published by the FRB regarding: 1) granting exemptions from section 23A of the Federal Reserve Act and Regulation W for certain securities financing transactions between a bank and an affiliate: and 2) a nonvoting convertible preferred stock investment permissible under section 4(c)(6) of the Bank Holding Company Act. Exemptions; Stock Investment  8/27/07

• Preventing and Detecting Child Pornography

  The FDIC has issued a FIL regarding the distribution of "Internet Merchant Acquisition and Monitoring Best Practices for the Prevention and Detection of Commercial Child Pornography," a brochure prepared by the Financial Coalition Against Child Pornography. FIL; Brochure  8/27/07

• Prohibition Orders Issued

  NCUA has issued orders prohibiting five individuals from participating in the affairs of any federally insured financial institution. One former credit union manager was ordered participate in a Pretrial Intervention Program, pay $20,000 in restitution, undergo 36 months of supervised probation, and provide 50 hours of community service. Orders  8/24/07

• Mergers and Asset Purchases Working Paper Published

  The FRB has published a working paper in the Financial and Economic Discussion Series (FEDS) on the topic of "An Efficiency Perspective on the Gains from Mergers and Asset Purchases". Abstract; Full Paper  8/24/07

• FRB Publishes Final Rule in FR for eExtensions of credit by Federal Reserve Banks (Regulation A):

  The Board of Governors of the Federal Reserve System (Board) has adopted final amendments to its
  Regulation A to reflect the Board's approval of a reduction in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board's primary credit rate action. TXT; PDF  8/24/07

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of the First National Bank of Holdrege, Holdrege, Nebraska. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  8/23/07

• Eight New Flood CMPs

  The FDIC has announced that eight institutions were recently assessed civil money penalties in excess of $126,000 for flood violations. The year-to-date fines average $3,927 per day for a current total of $914,941. Annualized, at the current pace, $1.4 Million in files will be imposed in 2007. Information regarding all of the fines has been posted on the BOL Flood Penalties Watch page.  8/23/07

• Change in Control Legal Interpretation Released

  A legal interpretation has been released by the FRB regarding an inquiry on the appropriate risk-based capital treatment of certain collateralized loans of cash under the Board's risk-based capital guidelines for state member banks and bank holding companies. Interpretation  8/23/07

• Second Quarter Bank Earnings Released

  The FDIC has released the earnings at FDIC insured banks for the second quarter 2007. Summary; Full Report  8/23/07

• Mid-Year CU Earnings Released

  NCUA has released the earning at federally insured credit unions for the second mid-year 2007. Summary; Full Report  8/23/07

• Consumer Foreclosure Resources Webpage

  The FRB has created a Web page that contains links to regulatory information for consumers having difficulty making mortgage payments. Webpage  8/23/07

• FATF Annual Report Issued

  The Financial Action Task Force (FATF) has issued its Annual Report which provides an overview of the achievements of the FATF against its mandate over the course of 2006-2007. FATF is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing. Abstract; Full Annual Report  8/23/07

• Enforcement Actions Announced

  The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in June 2007. List  8/22/07

• Compliance Risk Workshop Scheduled

  The OCC will hold a compliance risk workshop for community bank directors on September 25, 2007 in Lexington, Kentucky. The workshop is limited to the first 50 registrants and is geared primarily to outside directors of national community banks with assets of less than $1 billion. Online registration is available. Agenda; Registration   8/22/07

• Nontraditional Mortgage Products Bulletin Issued

  A Bulletin has been issued by the OCC regarding the previously announced interagency Final Rule contains illustrations of consumer information on nontraditional mortgage products. Information concerning the Final Rule was posted in the June 1, 2007 BOL Top Stories. Bulletin   8/22/07

• Thrift Industry Second Quarter Earnings Solid

  OTS has reported that the nation's thrift industry posted solid earnings and profitability in the second quarter of 2007 despite the effects of a slowing housing market and flat-to-inverted yield curve. Highlights; Charts; Selected Indicators  8/22/07

• Transaction Costs Working Paper Published

  A working paper in the Financial and Economic Discussion Series (FEDS) on the topic of "Transaction Costs and Consumption" has been published by the FRB. Abstract; Full Paper  8/22/07

• Large Commercial Banks Report Issued

  The FRB has issued the Report of Insured U.S. Chartered Commercial Banks That Have Consolidated Assets of $300 Million or More, Ranked by Consolidated Assets as of June 30, 2007. Report  8/22/07

• Wyoming State Quarter Information Available

  FRB Financial Services have published information regarding the distribution of the Wyoming State quarter. Quarter  8/22/07

• FinCEN Launches Search Engine

  A new search engine has been launched by FinCEN which allows users to search through more than 220 file types, including forms and regulations. Users will also have the capability to sort results by relevancy or date and the option to fine tune searches for all materials. Search Engine  8/21/07

• Cross-Shipping Waivers Granted

  FRB Financial Services has announced that cross-shipping waivers may be granted for certain weather related and natural disasters. Waivers  8/21/07

• Second Quarter 2007 TRF Data Released

  OTS has released the Aggregated Thrift Financial Report (TFR) Data for the 2nd Quarter 2007. TRF  8/21/07

• FHC List Published

  The list of bank holding companies that have elected as of August 17, 2007 to be treated as financial holding companies (FHCs) has been published by the FRB. List  8/21/07

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as
  of August 17, 2007. Reserve Position  8/21/07

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of the Mid-America Bank, Baldwin City, Kansas, and Pacific Global Bank, Chicago, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  8/20/07

• Fed Reduces Rates

  The FRB has approved a 50 basis point reduction in the primary credit rate to 5-3/4 percent which narrows the spread between the primary credit rate and the Federal Open Market Committee (FMOC) target federal funds rate to 50 basis points. In addition, the FRB will allow the provision of term financing for as long as 30 days, renewable by the borrower. Rate; FOMC Statement  8/20/07

• 314a Fact Sheet Updated

  FinCEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of August 15, 2007. 314a; Sharing Report  8/20/07

• FDIC Consumer News 2007 Summer Special Edition

  The FDIC has published the Summer 2007 issue of the FDIC Consumer News, a Special Edition featuring 51 Ways to Save Hundreds on Loans and Credit Cards. Consumer News  8/20/07

• Reserve Position Report Issued

  Treasury has issued the U.S. International Reserve Position Report for August 10, 2007. Reserve position Report  8/20/07

• Worthless and Counterfeit Checks Alerts

  The OCC has issued an Alert regarding worthless checks listing The United Cities Corp., Miami, Florida, as the maker, drawn on an unknown entity by the name of TUC Private Currency Office, Kissimmee, Florida, and using an invalid ABA routing number. In addition, the FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of Century Bank, FSB, Santa Fe, New Mexico. Information concerning the worthless and counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  8/17/07

• September HOEPA Rates Posted

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in September 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15  8/17/07

• FRB Publishes Technical Amendment to Availability of Funds and Collection of Checks

  The FRB is amending appendix A of Regulation CC to delete the reference to the Helena branch office of the Federal Reserve Bank of Minneapolis and reassign the Federal Reserve routing symbols currently listed under that office to the Denver branch office of the Federal Reserve Bank of Kansas City.TXT; PDF  8/17/07

• Written Agreements Announced

  The FRB has announced that it has entered into two written agreements, one by and among Marco Community Bank, Marco Island, Florida, the Florida Office of Financial Regulation, and the Federal Reserve Bank of Atlanta; and the other by and among Anadarko Bank & Trust Company, Anadarko, Oklahoma, the Oklahoma State Banking Department, and the Federal Reserve Bank of Kansas City. Marco Agreement; Anadarko Agreement  8/17/07

• June Receivables Report Released

  The G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report for June 2007 has been released by the FRB. G.20  8/17/07

• FR Bulletin Statistical Supplement Published

  The July 2007 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  8/17/07

• 46 Names Added To OFAC List

  OFAC has added 23 individuals and 23 companies tied to a leader of Colombia's North Valle drug cartel to the SDN list with the designation of Specially Designated Narcotics Traffickers (SDGT). Information regarding the additions has been posted on the BOL OFAC page.  8/16/07

• Consumer Credit Score Tips Brochure

  The FRB has issued a consumer brochure containing five tips for ways to improve a credit score. Brochure  8/16/07

• August FedFlash Published

  FRB Financial Services has published the August 2007 issue of FedFlash which contains articles on minimizing the impact of Check Relay changes, compliance with Check 21, same-day Federal tax payment wire transfers, new FedReceipt RTNs, and cash letter deferment deadlines. FedFlash  8/16/07

• Credit Scoring Report Delivered to Congress

  As required by the Fair and Accurate Credit Transactions Act of 2003, the FRB and the FTC have delivered a report to Congress regarding the effects of credit scoring on credit and insurance markets. Report  8/16/07

• Defined Benefit Pension Plans Working Paper

  The FRB has published a working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "Why Do Firms Offer Risky Defined Benefit Pension Plans?". Abstract; Full Paper  8/16/07

• Cost of Funds Reports Issued

  OTS has issued the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports for August 15, 2007. Historical; Current  8/16/07

• June 2007 TIC Data

  Treasury has issued the TIC Data Report for June 2007. TIC  8/16/07

• Industrial Production Report Released

  The G.17 Industrial Production and Capacity Utilization Report for July 2007 has been released by the FRB. G.17  8/16/07

• Counterfeit Checks Special Alerts

  The FDIC has issued five Special Alerts regarding stolen expense checks and counterfeit cashiers, official and treasurer's checks bearing the names of the following institutions:

  • Sun West Bank, Las Vegas, Nevada (Stolen Expense Checks);
  • First State Bank of Newcastle, Newcastle, Wyoming (Counterfeit Cashier's Checks);
  • MainSource Bank, Greensburg, Indiana (Counterfeit Official Checks);
  • Merchants Bank, Burlington, Vermont (Counterfeit Treasurer's Checks); and
  • Bank of Tennessee, Kingsport, Tennessee (Counterfeit Official Checks).

  Information concerning the stolen and counterfeit items has been posted on the BOL Alerts & Counterfeits page.   8/15/07

• Consumer Subprime Lending Illustrations Proposed

  The federal financial regulatory agencies are requesting comments on proposed illustrations of consumer information for certain adjustable-rate mortgage (ARM) products described in the agencies previously issued Statement on Subprime Mortgage Lending (Subprime Statement). Information regarding the Subprime Statement was posted in the July 2, 2007 BOL Top Stories. Illustrations; Statement; FRB PR; OCC NR; FDIC FIL; OTS PR; NCUA PR  8/15/07

• $16,245 Flood Violation CMP Announced

  The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) of $16,245 against Chemical Bank, Midland, Michigan, in connection with alleged violations of the Board's Reg. H which implements the National Flood Insurance Act. Read about this and other flood related civil money penalties on BOL Flood Penalties Watch.  8/15/07

• Enforcement Actions Announced

  The OCC has announced new enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions  8/15/07

• Flood Relief Guidance Updated

  The FDIC has issued a FIL announcing the update of a previously issued Guidance regarding a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in additional areas of Texas and Oklahoma that are suffering from storms and flooding. FIL  8/15/07

• Entity Added To OFAC List

  An entity designated as a SDGT has been added to the OFAC SDN List. Information regarding the addition has been posted on the BOL OFAC page.  8/14/07

• CRA Ratings Released

  The OCC has released the ratings received by twenty-two national banks that were recently evaluated for compliance with the provisions of the CRA. Ratings  8/14/07

• FRB Restructures Check Processing Operations

  The FRB has announced amendments effective October 20, 2007, to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Ninth and Tenth Districts. These amendments are part of a series of amendments to Appendix A associated with the previously-announced restructuring of the Reserve Banks' check processing operations. Amendments  8/14/07

• Pandemic Readiness Testing Urged

  The Federal Financial Institutions Examination Council (FFIEC) agencies are inviting financial institutions to participate in the Treasury sponsored industry-wide business continuity exercise for members of the financial services sector. The purpose of the exercise is to test the financial sector's ability to respond to a pandemic like crisis, such as an influenza pandemic. The exercise will simulate one wave of a pandemic like event and is scheduled to begin September 24, 2007, and conclude on October 10, 2007. Test; OCC NR; FFIEC PR  8/14/07

• FEDS Executive Compensation Working Paper Published

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of " Executive Compensation: A New View from a Long-Term Perspective, 1936-2005" has been published by the FRB. Abstract; Full Paper  8/14/07

• Loan Officer Opinion Survey Results

  The FRB has issued the results of the July 2007 Senior Loan Officer Opinion Survey on Bank Lending Practices. Summary; Full Report  8/14/07

• Counterfeit Official Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit official checks bearing the name of Sentry Bank & Trust, Cheraw, South Carolina. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.  8/13/07

• CRA Ratings Announced

  The OTS has announced the ratings received by savings associations recently evaluated for compliance with the provisions of the CRA. Ratings  8/13/07

• Fed To Provide Liquidity

  The Federal Reserve has announced that it will provide reserves as necessary through open market operations to promote trading in the federal funds market at rates close to the Federal Open Market Committee's (FOMC) target rate of 5-1/4 percent. Fed  8/13/07

• SSN Use SR Letter Issued

  The FRB has issued a SR Letter regarding the previously announced request for comments by the FTC on the use of SSNs in the financial services industry, and within the private sector more generally, in response to recommendations established by the President's Task Force on Identity Theft. SR Letter; Comments  8/13/07

• CMPs Announced

  The Treasury has announced the civil money penalties (CMPs) recently assessed individuals and entities for violations of various OFAC Sanctions Programs. No financial institutions were listed. CMPs  8/13/07

• Community Bank Directors Compliance Risk Workshop

  The OCC will a Compliance Risk Workshop for community bank directors on September 11, 2007 in Little Rock, Arkansas. The workshop entitled, "Compliance Risk: What Directors Need to Know," will provide practical information to expand bank directors' skills and understanding of issues facing their banks. Workshop; Registration  8/13/07

• Counterfeit Checks and Money Orders Special Alerts

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

  • Pinnacle Bank, Lincoln, Nebraska (Counterfeit Cashier's Checks);
  • Citizens Bank, Batesville, Arkansas (Counterfeit Cashier's Checks);
  • American National Bank of Sidney, Sidney, Nebraska (Counterfeit Money Orders); and
  • Muenster State Bank, Muenster, Texas (Counterfeit Cashier's Checks).

  Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   8/10/07

• Flood Violation CMP Assessed

  The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty in the amount of $8,835 against Hanmi Bank, Los Angeles, California, in connection with the institution's alleged violations of the Board's Reg H implementing the National Flood Insurance Act. CMP  8/10/07

• Fake "Guarantees" or "Proof of Funds" Letters Special Alert

  The FDIC has issued a Special Alert regarding the publication of a "Warning Notice" by the Office of the Superintendent of Financial Institutions (OSFI) of Canada concerning "guarantees" or "proof of funds" letters reflecting the name Banco Central del Ecuador that are circulating in international financial markets. Special Alert  8/10/07

• State of the Economy Working Paper Published

  A working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "News, Noise, and Estimates of the 'True' Unobserved State of the Economy" has been published by the FRB. Abstract; Full Paper  8/10/07

• OCC Booklet to Help Banks Fight Child Pornography

  In a letter to CEOs of national banks and other interested groups, Comptroller Dugan announced that the OCC is collaborating with The Financial Coalition Against Child Pornography to distribute a booklet, "Internet Merchant Acquisition and Monitoring Best Practices for the Prevention and Detection of Commercial Child Pornography", to national banks and other interested parties. Booklet  8/10/07

• Five Counterfeit Cashier's Checks Alerts Issued

  The OCC has issued one Alert and the FDIC has issued four Special Alerts regarding counterfeit cashier's checks issued in or bearing the names of the following institutions:

  • The First, National Association, Damariscotta, Maine;
  • Town Center Bank, Frankfort, Illinois;
  • Northmark Bank, North Andover, Massachusetts;
  • First National Bank of the Mid-Cities, Bedford, Texas; and
  • Jefferson Bank of Missouri, Jefferson City, Missouri.

  Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  8/09/07

• Section 312 of the USA PATRIOT ACT Final Rule Issued

  FinCEN has issued a Final Rule which implements a key provision of Section 312 of the USA PATRIOT Act by clarifying the risk-based procedures that U.S. financial institutions should use in tailoring their enhanced due diligence to assess the risks of some foreign banking relationships. The rule applies to the accounts of three specific and relatively small categories of foreign banks, including those with an offshore banking license and certain high-risk banks subject to well-recognized international or Treasury determinations. Final Rule  8/09/07

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Marshall BankFirst Corp., Minneapolis, Minnesota; BANKFIRST, Sioux Falls, South Dakota; the South Dakota Department of Revenue and Regulation, Division of Banking; and the Federal Reserve Bank of Minneapolis. Agreement  8/09/07

• First Quarter Issue Quarterly Review of Interest Rate Risk Published

  OTS has published the First Quarter 2007 issue of the "Quarterly Review of Interest Rate Risk" which features a Q & A with Indymac Bank's Chris Pappalardo on ALM Models. Quarterly Review   8/09/07

• IFDP Working Papers Published

  Two working papers in the International Finance Discussion Papers (IFDP) series on the topics of "Three Great American Disinflations" and "What Can the Data Tell Us about Carry Trades in Japanese Yen?" have been published by the FRB. Three Abstract; Three Full Paper; What Abstract; What Full Paper   8/09/07

• Reserve Position Updated

  Treasury has updated the U.S. International Reserve Position Report with data current as of August 3, 2007. Reserve Position  8/09/07

• Counterfeit Checks Special Alerts

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

  • Indiana First Savings Bank, Indiana, Pennsylvania (Counterfeit Official Checks);
  • Financial Bank USA, Dakota Dunes, South Dakota (Counterfeit Bank Checks);
  • Union Bank and Trust Company, Lincoln, Nebraska (Counterfeit Cashier's Checks); and
  • Paragon National Bank, Memphis, Tennessee (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  8/08/07

• Fed Funds Rate Unchanged

  The Federal Open Market Committee has announced that it has decided to keep the target for the federal funds rate at 5-1/4 percent. Rate  8/08/07

• Unauthorized Banking Alert

  The OCC has issued an Alert regarding IFT Bank, N.A. aka IFT N.A., an entity that is not authorized to conduct banking activities, that is representing itself as a national bank on the Internet and is offering banking products and services to the general public. Alert  8/08/07

• Business Relationships and Director Interlocks Legal Interpretations Published

  The FRB has published two legal interpretations regarding whether or not certain proposed investments, proposed business relationships and director interlocks between investors and a financial institution would cause the investors to be deemed in control of the financial institution for purposes of the Bank Holding Company Act. Legal 1; Legal 2  8/08/07

• OTS To Hold Housing Forum

  OTS will hold its Second Annual National Housing Forum (NHF) on December 3, 2007, at the National Press Club in Washington, D.C. The NHF will address the outlook for housing markets nationwide, challenges and risks in the home mortgage market, the influence of the capital markets on the housing sector, and key consumer protection issues, including the growing problem of foreclosures, and other issues. NHF  8/08/07

• FDIC Issues Stakeholder Letter

  A FIL has been issued by the FDIC regarding the publication of a Letter to Stakeholders which reports on the regulator's priorities and activities for the second quarter of 2007. FIL; Letter  8/08/07

• Consumer Credit Report Released

  The FRB has released the G. 19 Consumer Credit Report for June 2007. G. 19   8/08/07

• Monetary Policy FEDS Working Paper Published

  A working paper in the Finance and Economic Discussion Series (FEDS) on the topic of "Robust Monetary Policy with Imperfect Knowledge" has been published by the FRB. Abstract; Full Paper  8/08/07

• Eight Counterfeit Alerts Issued

  The OCC and the FDIC have issued eight Alerts regarding counterfeit accounts payable, cashier's, official and treasurer's checks issued in or bearing the names of the following institutions:

  • Bridgehampton National Bank, Bridgehampton, New York (Counterfeit Accounts Payable Checks),
  • Colonial American Bank, West Conshohocken, Pennsylvania (Counterfeit Cashier's Checks),
  • Keystone Nazareth Bank & Trust Company, Bethlehem, Pennsylvania (Counterfeit Cashier's Checks),
  • First Harrison Bank, Corydon, Indiana (Counterfeit Cashier's Checks),
  • Affinity Bank of Pennsylvania, Wyomissing, Pennsylvania (Counterfeit Cashier's Checks),
  • Bank of the Sierra, Porterville, California (Counterfeit Cashier's Checks),
  • Skylands Community Bank, Hackettstown, New Jersey (Counterfeit Treasurer's Checks), and
  • Commercial Bank & Trust Company, Paris, Tennessee (Counterfeit Official Checks).

  Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  8/07/07

• CMP Assessed Against American Express Entities

  The FRB and FinCEN have announced the assessment of $20 million in civil money penalties (CMP) against American Express Bank International (AEBI) of Miami, Florida, for violations of the Bank Secrecy Act (BSA). In addition, FinCEN announced a separate $5 million civil money penalty against American Express Travel Related Services Company, Inc., a money services business, located in Salt Lake City, Utah, also for violations of the BSA. Adding in a related Department of Justice Deferred Prosecution Agreement and forfeiture order, the two companies are obliged to pay a total of $70 million. A summary of the orders has been added to BOL's BSA/AML Penalties Page. FRB CMP; FinCEN CMP  8/07/07

• Names Added to OFAC List

  OFAC has announced that one name has been added to the SDN list in addition to several entities. Information regarding the deletions has been posted on the BOL OFAC page.  8/07/07

• FRB Publishes Final Rule in FR for Truth in Lending (Reg Z)

  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. 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 that is in effect on June 1. The adjusted dollar amount for 2008 is $561.TXT; PDF  8/07/07

• CRA Ratings Released

  The FDIC has issued the list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings   8/07/07

• Counterfeit and Stolen Checks Special Alerts

  The FDIC has issued three Special Alerts regarding counterfeit and stolen checks bearing names of the following institutions:

  • Liberty Bank, Geraldine, Alabama (Counterfeit Cashier's Checks);
  • Citizens First Bank, Wartburg, Tennessee (Stolen Certificate of Deposit Interest Checks); and
  • First Georgia Banking Company, Franklin Georgia (Counterfeit Official Checks).

  Information concerning the counterfeit and stolen checks has been posted on the BOL Alerts & Counterfeits page.  8/06/07

• Executive Order Blocks Property of Persons Undermining the Sovereignty of Lebanon

  President Bush has issued an Executive Order blocking the property and interests in property of persons determined by the Secretary of the Treasury to have taken, or to pose a significant risk of taking, actions, including acts of violence, that have the purpose or effect of (1) undermining Lebanon's democratic processes or institutions; (2) contributing to the breakdown of the rule of law in Lebanon; (3) supporting the reassertion of Syrian control or contributing to Syrian interference in Lebanon; or (4) infringing upon or undermining Lebanese sovereignty. Since no determinations have been made at the present time, no new entries have been added to the OFAC SDN List. Executive Order  8/06/07

• OTS Publishes Proposed Rulemaking for Unfair or Deceptive Acts or Practices in Federal Register

  OTS has issued an Advance Notice of Proposed Rulemaking (ANPR) seeking public comment on approaches for the OTS to consider in expanding its regulatory authority to address unfair or deceptive acts or practices (UDAP) in the thrift industry. Public comments are sought on whether, and how, a UDAP regulation could provide greater clarity to supervised institutions and benefit customers by promoting fair and equitable practices in lending, deposit-taking and related activities. ANPR; TXT; PDF  8/06/07

• Treasury Issues Economic Update

  An U.S. economic update as of August 3, 2007 has been issued by Treasury. Update  8/06/07

• Town Hall Meeting Registration Available

  Online registration is now available for the last of the NCUA 2007 Outreach Task Force Town Hall meetings to be held on October 2, 2007, in Washington, D.C. Registration  8/06/07

• Working Papers Published

  A working paper in the Finance and Economics Discussion Series (FEDS) has been published by the FRB on the subject of "Labor Reallocation over the Business Cycle: New Evidence from Internal Migration". The OCC has also published a working paper on the subject of "Loss Given Default of High Loan-to-Value Residential Mortgages". Labor Abstract; Labor Full Paper; Loss Full Paper  8/06/07

• Counterfeit Cashier's and Official Checks Alerts

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Winona National Bank, Winona, Minnesota. In addition, the FDIC has issued two Special Alerts regarding counterfeit official checks bearing the names of Colony Bank of Dodge County, Eastman, Georgia, and Farmers & Merchants Bank, Eatonton, Georgia. Information concerning the counterfeit cashier's and official checks has been posted on the BOL Alerts & Counterfeits page.  8/03/07

• Order of Prohibition Issued

  The FRB has issued a Consent Order of Prohibition against Richard N. DeLong, a former chief lending officer, director, and institution-affiliated party of Mid America Bank and Trust Company, Dixon, Missouri. The action resulted from his alleged participation in unsafe and unsound practices and breaches of fiduciary duty to the Bank involving the Bank's granting of loans to alleged nominee borrowers and the granting of loans based on allegedly false purpose statements, to the alleged misapplication of loan proceeds, and to the alleged submission of false and misleading information to the Bank's board of directors. Order  8/03/07

• New Electronic Interpretations and Actions Announced

  The OCC has announced and posted online the July 2007 New Electronic Interpretations and Actions. Electronic  8/03/07

• Seminar for Thrift Financial Managers Scheduled

  OTS will hold a seminar for Thrift Financial Managers which is designed for chief executive officers, chief financial officers, controllers, or others responsible for accounting and financial reporting. The agenda focuses on various technical accounting issues, and regulatory capital standards. The sessions are scheduled for September 11 in Denver, Colorado; September 13 in Los Angeles, California; and September 17 in Seattle, Washington. Seminar  8/03/07

• FDIC and China Sign MOU

  A Memorandum of Understanding (MOU) has been signed by the FDIC and the People's Republic of China. The is designed to forge a formal international working relationship between the two entities, with the purpose of developing expanded methods of interaction on economic and financial issues. MOU  8/03/07

• Reg Z Loan Disclosures Triggers Adjusted

  The FRB has published the amendment to Reg Z regarding the annual adjustment of the dollar amount that triggers additional disclosure requirements under the Truth in Lending Act for home mortgage loans that bear rates or fees above a certain amount. The adjustments are effective January 1, 2008. Adjustments  8/02/07

• Cross-Shipping Waiver Request Forms Available

  In limited circumstances, the Federal Reserve Banks will waive the cross-shipping fees that went into effect on July 2, 2007. Customers who experience special circumstances that they believe qualify for a waiver should notify their Federal Reserve cash office within 5 days of the onset of the situation and submit the waiver request form. Waiver Information; Form  8/02/07

• 314a Fact Sheet Update

  Fin CEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of July 31, 2007. 314a; Report  8/02/07

• NCUA Publishes Final Rule in FR for Records Preservation Program and Appendices—Record Retention
  Guidelines

  This final rule clarifies the meaning of catastrophic act and the requirements for preserving vital records. The agency also provides a new Appendix B that offers guidelines for developing a program to prepare for a catastrophic act.TXT; PDF  8/02/07

• TBAC Meeting Minutes Released

  Treasury has released the minutes of the July 31, 2007 meeting of the Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association (TBAC). Minutes   8/02/07

• August FedFlash Online

  FRB Financial Services has posted online the August 1, 2007 issue of FedFlash which contains articles on accessing Technical and Service-Setup Support starts with having current CCC telephone numbers, the Treasury check data verification service, the released date for the Thomas Jefferson $1 coin, a savings bond seminar series, and changes to consolidated deadlines. FedFlash  8/02/07

• Summer 2007 Community Liaisons Published

  OTS has published the Summer 2007 issue of Community Liaisons, the regulator's community affairs newsletter. Community Liaisons  8/02/07

• Foreign Exchange Rates Report Issued

  The G.5 Foreign Exchange Rates Report for July 2007 has been issued by the FRB. G.5   8/02/07

• Counterfeit Money Orders Alert

  The OCC has issued an Alert regarding counterfeit money orders issued in the name of The Canandaigua National Bank & Trust, Canandaigua, New York. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.  8/01/07

• Fraudulent Correspondence Alert

  An Alert has been issued by the OCC regarding fraudulent correspondence that appears to be from the OCC regarding funds controlled by the European Commission. The letter is being sent to United States bank customers in an attempt to elicit funds from them. Alert  8/01/07

• Mortgage Banking Bulletin and CEO Letter Issued

  OTS has issued a Regulatory Bulletin and a CEO Letter regarding Mortgage Banking. Bulletin; CEO Letter  8/01/07

• NCUA Proposes Rulemaking for Permissible Foreign Currency Investments for Federal and Corporate Credit Unions

  NCUA is considering whether to amend its investment rules to permit natural person federal credit unions
  (FCUs) and corporate credit unions (corporates) to make certain investments denominated in foreign currency.TXT; PDF  8/01/07

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of July 27, 2007. Reserve Position  8/01/07

• Receivables and Auto Loans Report Issued

  The G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report for May 2007 has been issued by the FRB. G.20  8/01/07

The Treasury Department's Office of Foreign Assets Control (OFAC) has published [79 FR 38248] regulations to implement Executive Order 13667 of May 12, 2014 ("Blocking Property of Certain Persons Contributing to the Conflict in the Central African Republic"). OFAC intends to supplement this part 553 with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance and additional general licenses and statements of licensing policy.

The Treasury Department's Office of Foreign Assets Control (OFAC) has published [79 FR 38248] regulations to implement Executive Order 13667 of May 12, 2014 ("Blocking Property of Certain Persons Contributing to the Conflict in the Central African Republic"). OFAC intends to supplement this part 553 with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance and additional general licenses and statements of licensing policy.

• OFAC List FIL

  The FDIC has issued an FIL regarding previously announced changes to the OFAC SDN List. Information concerning the changes was posted in BOL Top Stories on July 25, 2007. FIL  7/31/07

• Second Quarter Asset and Liability Price Table Released

  The OTS has released the Asset and Liability Price Table for the second Quarter 2007. Table  7/31/07

• FAS 159 and Risk-Based Capital-Market Risk Bulletin Issued

  The OCC has issued a Bulletin regarding the Financial Accounting Standards Board Statement No. 159 (FAS 159) and compliance with the Market Risk Capital Rule. Bulletin  7/30/07

• Municipal Securities Dealer and Transfer Agent CEO Letter Issued

  The OTS has issued a CEO Letter regarding notification requirements for saving associations that are conducting either municipal securities and/or transfer agent activities. CEO Letter  7/30/07

• FinCEN Director Freis Addresses Pan-American Congress On Terrorism

  In a presentation at the Pan-American Congress on Asset Laundering and Financing Terrorism Prevention and Control in Cartagena De Indias, Columbia, FinCEN Director Freis discussed the various programs utilized by the to address the problems. Speech  7/30/07

• FRA 23A and 9 Legal Interpretations Released

  The FRB has released two legal interpretations regarding an exemption from section 23A of the Federal Reserve Act (FRA) and Regulation W for certain covered transactions between a bank and its affiliates in connection with the bank's securities borrowing transactions and the approval of an acquisition by a bank of equity securities under section 9 of the FRA solely for the purpose of hedging the bank's exposure from equity derivative transactions with third parties. 23A; 9  7/27/07

• Regulators Announce Availability of 2006 Community Development Lending Data

  The four federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) have announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings institutions, pursuant to the Community Reinvestment Act (CRA). A disclosure statement in electronic form is available for each reporting commercial bank and savings institution. FFIEC PR; Lending Data   7/27/07

• CAC 2008 Meeting Dates Announced

  The dates of the meetings to be held in 2008 by the Federal Reserve Board Consumer Advisory Council (CAC) have been announced. Dates  7/27/07

• Jefferson Presidential Coin Information Released

  FRB Financial Services has released information regarding the distribution dates of the Thomas Jefferson Presidential $1 Coin. Jefferson Coin   7/27/07

• Two Counterfeit Check Alerts Issued

  The OCC has issued two Alerts regarding counterfeit cashier's and official checks issued in the names of Hiawatha National Bank, Hager City, Wisconsin, and KeyBank National Association, Niagara Falls, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  7/26/07

• $50,000 CMP Issued

  The FRB has announced the issuance of a consent Order of Prohibition and Order of Assessment of Civil Money Penalty (CMP) in the amount of $50,000 against Josephine Wang, a former director, controlling shareholder and institution-affiliated party of Asian Bank, Philadelphia, Pennsylvania, and its parent, Asian Financial Corporation. The Orders were based on Ms. Wang's alleged participation in unsafe and unsound practices, breaches of fiduciary duty and violations of law and regulation by repeatedly overdrawing her accounts at the bank and depositing checks which she knew would be dishonored to cover overdrafts. CMP  7/26/07

• Market Capital Rule SR Letter Issued

  A SR Letter has been issued by the FRB that reminds banking organizations that reporting an amount of gross trading assets and liabilities that equals 10 percent or more of total assets, or $1 billion or more, may subject a banking organization to the market risk capital rule. SR Letter  7/26/07

• HOEPA Public Hearing Transcript Released

  The transcript of the June 14, 2007 HOEPA Public Hearing has been released by the FRB. Transcript  7/26/07

• Subprime Statement SR Letter and Bulletin Issued

  The FRB has issued a SR Letter and the OCC has issued a Bulletin regarding the previously announced Statement on Subprime Mortgage Lending (Subprime Statement) to address issues and questions related to certain adjustable-rate mortgage (ARM) products marketed to subprime borrowers. The Subprime Statement was issued by the federal financial institutions regulatory agencies and posted in the July 2, 2007 BOL Top Stories. SR Letter; Bulletin  7/26/07

• Check 21 Business Value Calculator Online

  FRB Financial Services has posted online a Check 21 Business Value Calculator that allows financial institutions to determine the business case for Check 21-enabled products. Value Calculator  7/26/07

• Beige Book Updated

  The FRB has updated the Beige Book with the addition of data current as of July 16, 2007. Beige Book   7/26/07

• Hizballah Related Entities Added To OFAC List

  Treasury has added members of Hizballah's support network to the OFAC SDN List by designating five entities including the Iran-based Martyrs Foundation, its U.S. branch, and the finance firm Al-Qard al-Hassan (AQAH) as SDGTs along with two individuals. Information regarding the new designations has been posted on the BOL OFAC page.  7/25/07

• Unauthorized Use of Bank Name Alert Issued

  The OCC has issued an Alert regarding the unauthorized use of the name of Cumberland Valley National Bank & Trust Company of East Bernstadt, Kentucky, by a debit card Web site. Alert   7/25/07

• Discount Rate Meetings Minutes Released

  The Federal Reserve Board has released the minutes of its discount rate meetings for May 21 and June 25, 2007. Minutes  7/25/07

• IFDP and FEDS Working Papers Published

  Two working papers have been published by the FRB, one in the International Finance Discussion Papers (IFDP) series on "Oil Shocks and External Adjustment" and the other in the Finance and Economics Discussion Series (FEDS) series on "Employer-to-Employer Flows in the United States: Estimates Using Linked Employer-Employee Data". Oil Shocks Abstract; Oil Shocks Full Paper; Employer Abstract; Employer Full Paper  7/25/07

• International Reserve Position Update.

  The U.S. International Reserve Position Report has been updated by Treasury with data current as of July 20, 2007. Reserve Position  7/25/07

• CRA Ratings Released

  OTS has released the ratings received by savings associations that were recently evaluated for compliance with the CRA. CRA Ratings  7/24/07

• Reg T Risk-Based Capital Adequacy Guidelines Exemption Granted

  The FRB has released a legal opinion regarding the granting of an exemption to the regulator's Risk-Based Capital Adequacy Guidelines concerning the regulatory capital treatment of the Regulation T margin loans. Legal Opinion  7/24/07

• Cash Letter and Deposit Availability Changes Announced

  Availability changes, effective August 20, 2007, for Check 21 image cash letter and paper-to-image deposits resulting from the upcoming San Francisco to Los Angeles check processing shift have been announced by the FRB. Availability Changes   7/23/07

• Enforcement Actions Released

  The FDIC has released the list of twenty-three administrative enforcement actions taken against banks and individuals in May 2007. Enforcement Actions  7/23/07

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding the publication by the Cayman Islands Monetary Authority (CIMA) of a list of financial entities, whose Web sites note a Cayman Island address, that neither registered nor licensed to undertake activities regulated by the CIMA who may be operating offering banking or other financial services to individuals, businesses or financial institutions located in the United States. Special Alert;   7/23/07

• Agencies Issue Basel II Implementation Agreement

  The federal financial institution regulators have announced the reaching of an agreement regarding the implementation of Basel II in the United States. The agreement resolves major outstanding issues and will lead to finalization of a rule implementing the advanced approaches for computing large banks' risk-based capital requirements. FRB PR; OCC NR; FDIC PR; OTS PR  7/23/07

• Enforcement of BSA AML Requirements

  A statement has been issued by the federal financial regulatory agencies regarding the their policies for enforcing specific anti-money laundering (AML) requirements of the Bank Secrecy Act (BSA). Statement; FRB SR; OCC NR; FDIC PR; OTS PR; NCUA PR; FinCEN PR  7/20/07

• Enforcement Orders Issued

  The FRB has issued a consent Order of Prohibition and Order to Cease and Desist against Rick W. Bouse, the former president and director of Progress Bank of Missouri, Sullivan, Missouri, and a former institution-affiliated party of Progress Bancshares, Inc. The orders were based on based on Mr. Bouse's alleged participation in unsafe and unsound practices and alleged breaches of fiduciary duty to the bank. Orders  7/20/07

• FOMC Minutes Released

  The Federal Reserve Board and the Federal Open Market Committee (FOMC) have released the minutes of the Committee meeting held on June 27-28, 2007. Minutes  7/20/07

• Securities Settlement Systems Compliance Assessment Issued

  The FRB has issued an assessment of compliance of the Fedwire Securities Service and recommendations for securities settlement systems. Assessment  7/20/07

• Congress Receives Presidential Coin Report

  The FRB has presented to Congress the agency's Annual Report to the Congress on the Presidential $1 Coin Program. Coin Program   7/20/07

• President Issues Iraq Executive Order

  The President has issued a new Executive Order that blocks the property and interests in property of persons determined by the Secretary of the Treasury to have committed or to pose a significant risk of committing an act or acts of violence that have the purpose or effect of (1) threatening the peace or stability of Iraq or the Government of Iraq, or (2) undermining efforts to promote economic reconstruction and political reform in Iraq or to provide humanitarian assistance to the Iraqi people. No names of individuals or entities were listed at this time and the OFAC list remains unchanged. Order  7/19/07

• Market Risk Capital FIL Issued

  A FIL has been issued by the FDIC regarding market risk capital rules. Banks that report a significant amount of trading assets on the balance sheet or increase the percentage of assets reported as trading assets are reminded that they may be subject to the regulator's market risk capital requirement. FIL  7/19/07

• Bulletin Issued Regarding Proposed CRA Q & As

  The OCC has issued a Bulletin regarding the previously announced Community Reinvestment Act (CRA) proposed 2007 interagency questions and answers (Q & As). Information concerning the proposed Q & As was posted in the July 12, 2007 BOL Top Stories. Proposed Q & A  7/19/07

• Monetary Policy Report Presented To Congress

  FRB Chairman Bernanke testified before the House Committee on Financial Services and presented the agency's Semiannual Monetary Policy Report to Congress. He reviewed the current economic situation and the outlook, beginning with developments in the real economy and the situation regarding inflation and commented on issues related to lending to households and consumer protection. Testimony; Monetary Policy Report  7/19/07

• International Reserve Position Report Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of July 13, 2007. Position Report  7/19/07

• Counterfeits Alert Issued

  An Alert has been issued by the OCC regarding counterfeit money orders and official checks issued in the name of The American National Bank, Sidney, Nebraska. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  7/18/07

• CRA Evaluations Released

  The OCC has released the rating received by twenty-eight national banks recently examined for compliance with the Community Reinvestment Act (CRA). Ratings  7/18/07

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing Report with the Financial Industry Report with data current as of July 17, 2007. 314(a); Information Sharing  7/18/07

• Supervision of Subprime Mortgage Lenders Pilot Project

  Three federal agencies, the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators have announced that beginning in the fourth quarter 2007 they will launch an innovative pilot project to conduct targeted consumer-protection compliance reviews of selected non-depository lenders with significant subprime mortgage operations. FRB PR; OTS PR; FTC NR  7/18/07

• Industrial Production Report Issued

  The FRB has issued the G.17 Industrial production and Capacity Utilization Report for June 2007. G.17  7/18/07

• May TIC Data Released

  Treasury has released the May 2007 Treasury International Capital (TIC) data. TIC  7/18/07

• Special Alerts Issued

  The OCC has issued five Special Alerts regarding counterfeit and stolen cashier's checks, money orders and temporary checks bearing the names of the following institutions:

  • Bank of Walterboro, Walterboro, South Carolina (Counterfeit Cashier's Checks),
  • Peoples Bank and Trust Company, McPherson, Kansas (Counterfeit Cashier's Checks),
  • First Community Bank of Crawford County, Van Buren, Arkansas (Stolen Cashier's Checks, Money Orders and Temporary Checks),
  • Great Western Bank, Watertown, South Dakota (Counterfeit Cashier's Checks), and
  • Oshkosh Bank, Oshkosh, Wisconsin and The American National Bank of Beaver Dam, Beaver Dam, Wisconsin (Counterfeit Cashier's Checks).

  Information concerning the counterfeit and stolen items has been posted on the BOL Alerts & Counterfeits page.  7/17/07

• August HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in August 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Since July 15 was a Sunday, use the rate on July 13, the business day immediately preceding the 15th. Weekly H.15  7/17/07

• Enforcement Action Released

  The OCC has released the new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  7/17/07

• "Help With My Bank" Web Site Launched

  The OCC has launched a new Web site named "Help With My Bank" dedicated to providing answers and assistance to national bank customers. The site will provide answers to common questions based on thousands of calls made to the OCC Customer Assistance Group each year. Help With My Bank  7/17/07

• FDIC To Aid At Risk Customers

  The FDIC and the NeighborWorks Center for Foreclosure Solutions have entered into a partnership to promote foreclosure-prevention strategies for consumers at risk of foreclosure from subprime and nontraditional mortgage lending. Partnership  7/17/07

• Community Bank Strategic Lending Working Paper Published

  The OCC has published a working paper on the topic of "Community Bank Strategic Lending Choices and Performance". The paper examines whether the lending strategy chosen by any community bank is a key determinant of its survival. Working Paper  7/17/07

• National Average Cost of Funds Reports Issued

  NCUA has issued the Current and Historical National Average Cost of Funds Ratio to OTS Regulated SAIF Insured Institutions Reports. CurrentHistorical  7/17/07

• Final Rule to Amend Mgmt Interlocks Published in FR

  The regulators are amending their rules regarding management interlocks to implement section 610 of the Financial Services Regulatory Relief Act of 2006 and to correct inaccurate cross-references. TXT; PDF  7/16/07

• Risk-Based Money Laundering and Terrorist Financing Guidance

  The Financial Action Task Force (FATF) has developed a Guidance on the Risk-Based Approach to combating Money Laundering and Terrorist Financing. The Guidance supports the development of a common understanding of what the risk-based approach involves, outlines the high-level principles involved in applying the risk-based approach, and indicates good public and private sector practice in the design and implementation of an effective risk-based approach.
  Guidance   7/16/07

• Loan Fair Value Practices Working Paper

  A working paper in the Finance and Economic Discussion Series (FEDS) has been published by the FRB on the topic of "Bank Commercial Loan Fair Value Practices".
  Abstract;
  Full Paper   7/16/07

• Credit Card Profitability Report

  The FRB has delivered its annual report to Congress on the profitability of creditcard operations of depository institutions. The report is required by the provisions of the Fair Credit and Charge Card Disclosure Act of 1988 and contains an analysis of the profitability over time of depository institutions' credit card activities by examining the performance of larger institutions that specialize in such activities and of a sample of smaller commercial banks that offer a range of credit services.
  Report   7/16/07

• Early Savings Bonds Redemptions Authorized

  FRB Financial Services has announced that as a result of recent severe weather, savings bond agents in designated counties of Kansas, Oklahoma, and Texas are authorized to redeem EE and I savings bonds less than one year old presented during the months of July and August 2007. Redemptions  7/13/07

• Rules Proposed To Reduce Regulatory Burden

  The OCC has issued a Bulletin regarding the previously announced proposed rules to reduce unnecessary regulatory burden, to update certain rules, and to make certain technical, clarifying, and conforming changes to its regulations. Information concerning the proposed rules was posted in the July 3, 2007 BOL Top Stories. Bulletin; Purposed Rule  7/13/07

• FinCEN Launches New Web Page

  A new Regulatory Efficiency and Effectiveness Initiative Web page has been launched by FinCEN. The purpose of the page is to provide information to the public regarding the efforts of the agency to administer and implement a Bank Secrecy Act regulatory environment that is both efficient for the regulated industries and effective for law enforcement, analytical, and regulatory purposes. Web Page   7/13/07

• ComE-IN Meeting to Discuss Subprime Mortgages

  The FDIC has announced a meeting of the Advisory Committee on Economic Inclusion (ComE-IN) at 9:00 a.m. on Monday, July 16, 2007. "The Subprime Mortgage Situation - How Did We Get Here and What Can We Do?" will be the focus of the meeting which is open to the public. Participants will discuss efforts to help troubled borrowers, examine the role of mortgage brokers and discuss the issues associated with crafting national lending standards. Meeting Information; Agenda  7/13/07

• Profits and Balance Sheets

  "Profits and Balance Sheet Developments at U.S. Commercial Banks in 2006" in the topic of the feature article in the July 12, 2007 issue of the Federal Reserve Bulletin. Bulletin  7/13/07

• New CRA Q&A Comments Sought

  The federal bank and thrift regulatory agencies have requested public comment on a series of proposed new and revised interagency questions and answers (Q&A) pertaining to the Community Reinvestment Act (CRA). Comments Sought; FRB PR; OCC NR; Comptroller's Statement; FDIC PR; FDIC FIL; OTS PR   7/12/07

• OFAC CMPs Announced

  Treasury has announced the civil money penalties (CMPs) recently assessed against individuals and entities for violations of various OFAC Sanctions Programs. No financial institutions were listed the most recent report. CMPs  7/12/07

• 2007 Census Data Added To Geocoding System

  The FFIEC has added the 2007 Census Data to its Geocoding System. Geocoding System; Census Data  7/12/07

• July FedFocus Published

  Federal Reserve Financial Services has published the July 2007 issue of FedFocus. The theme of the issue is, "Industry catalyst for electronic payments innovations" and features articles regarding the rewards of Check 21; managing cross shipping with cost-saving tools; moving to an all-electronic check environment; and pumping up your financial superhero powers with FedACH Origination Kit. FedFocus  7/12/07

• OCC Chief Counsel Discusses Wachovia Case

  In a presentation before the New York Bankers Association, Chief Counsel and First Senior Deputy Comptroller Julie L. Williams discussed the Supreme Court's decision in Watters v. Wachovia Bank. Speech  7/12/07

• Reserve Assets Reports Issued

  The FRB has issued the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks Reports for June 2007. Reports  7/12/07

• New FedReceipt Routing Numbers Announced

  FRB Financial Services has announced new FedReceipt routing numbers that are effective the business day of July 16, 2007. Routing Numbers  7/11/07

• BSA/AML C& D Order Issued

  The National Credit Union Administration (NCUA) has issued an administrative cease and desist (C&D) order compelling Garden Savings Federal Credit Union to implement an adequate Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program. C&D  7/11/07

• OCC and Puerto Rico Agree to Share Consumer Complaints

  A Memorandum of Understanding has been signed by the OCC and the Office of the Commissioner of Financial Institutions for the Commonwealth of Puerto Rico provides a mechanism for sharing consumer complaints between the two agencies. The agreement, based on a template created by the OCC and the Conference of State Bank Supervisors, is the twentieth such agreement entered into by the OCC. Agreement  7/11/07

• Bernanke On Inflation

  In a presentation At the Monetary Economics Workshop of the National Bureau of Economic Research Summer Institute in Cambridge, Massachusetts, FRB Chairman Bernanke discussed the relationships among monetary policy, inflation, and the public's expectations of inflation. He also gave an overview of the way the FRB staff forecasts inflation, including discussion of how they incorporate information about expected inflation into the forecasting process. Speech  7/11/07

• Supplement to FR Bulletin Published

  The FRB has published the June 2007 Supplement to the Federal Reserve Statistical Bulletin. Index; Supplement  7/11/07

• FRB Order of Prohibition Issued

  The issuance of a Final Decision and Order of Prohibition against Michelle M. Moore, a former employee of RBC Centura Bank, Rocky Mount, North Carolina, has been announced by the FRB. The order prohibits Ms. Moore from participating in the conduct of the affairs of any financial institution or holding company and orders her to make restitution to the bank in the sum of $59,823.53. Order  7/10/07

• NCUA Prohibition Orders Issued

  The National Credit Union Administration (NCUA) has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution:

  • Margaret H. Burton, former manager of Progressive Teachers Federal Credit Union Chattanooga, Tennessee;
  • Louise Jacobson, former president of Peoples and Employees Federal Credit Union, Fort Wayne, Indiana; and
  • Joseph E. Pogue and Jean T. Pogue, former officials of Unified Singers Federal Credit Union of Thomasville, Georgia.

  Burton Order; Jacobson Order; Joseph Pogue Order; Jean Pogue Order  7/10/07

• Authorized Activities

  The OCC has released and posted online two publications, "2006 Significant Legal, Licensing, and Community Development Precedents for National Banks" and "Activities Permissible for a National Bank, Cumulative: 2006," that provide the latest OCC interpretations and decisions authorizing activities for national banks and their operating subsidiaries. Significant; Activities  7/10/07

• May Consumer Credit Report Released

  The G. 19 Consumer Credit Report for May 2007 has been released by the FRB. G.19  7/10/07

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report with data current as of July 6, 2007. Reserve Position  7/10/07

• Flood Relief FILs Issued

  The FDIC has issued two FILs announcing a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Nebraska, Missouri, Kansas, Oklahoma, and Texas. FIL 1; FIL 2  7/09/07

• CRA Rating Released

  The FDIC has released the list of state non-member banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. CRA Ratings  7/09/07

• MSB Registration List Updated

  FinCEN has updated the MSB Registration List with data current as of June 6, 2007. MSB List  7/09/07

• NCUA Extends Comment Period for Proposed Rulemaking on Bylaws

  The NCUA Board recently issued a proposed rule to reincorporate the Federal Credit Union (FCU) Bylaws
  into NCUA regulations that provided a 60-day comment period. 72 FR 30984
  (June 5, 2007). NCUA received a request to extend the comment period and the NCUA Board has decided to extend it for an additional two weeks.TXT; PDF  7/09/07

• Economic Update Released

  Treasury has released its July 7, 2007 Economic Update that indicates that 132,000 new jobs were created in June and over 2 million new jobs have been created in the past 12 months. Economic Update  7/09/07

• $3.6 Million For Economically Distressed Native American Communities

  Treasury has announced that awards totaling $3,632,292 to 19 organizations serving Native American or Alaskan Native communities in 12 states have been made through the agency's Community Development Financial Institutions (CDFI) Fund Native American Assistance Program. Awards; CDFI  7/09/07

• Nontraditional Mortgage Products Information For Consumers

  The OCC has posted online illustrations of consumer information for nontraditional mortgage products that can be downloaded and printed. The illustrations of consumer information are intended to help institutions implement the consumer protection portion of the Interagency Guidance on Nontraditional Mortgage Product Risks previously published by the federal financial regulators.

  National banks are encouraged to make the information, which is printed in both English and Spanish, available to their customers.   7/06/07

• Counterfeit Special Alerts - 27 and Counting

  So far this week the FDIC has issued twenty-seven Special Alerts regarding counterfeit items. The latest five concern counterfeit checks and money orders bearing the names of the following institutions:

  • Commerce Bank, Geneva, Minnesota (Counterfeit Money Orders);
  • Brickyard Bank, Lincolnwood, Illinois (Counterfeit Cashier's Checks);
  • Chester National Bank, Chester, Illinois, and Chester National Bank of Missouri, Perryville, Missouri (Counterfeit Cashier's Checks);
  • Bank of Greeleyville, Greeleyville, South Carolina (Counterfeit Cashier's Checks); and
  • First Community Bank, National Association, Lexington, South Carolina (Counterfeit Checks).

  Information regarding all twenty-seven of the counterfeit items has been posted on the BOL Alerts & Counterfeits page.
    7/06/07

• Final Rule on Consumer Receipts (Reg E) published in FR

  The FRB has issued a final rule excepting transactions of $15 or less from requirement that receipts be made available to consumers for transactions at electronic terminals. TXT; PDF  7/05/07

• Ten More Counterfeit Special Alerts

  The FDIC has issued ten new Special Alerts regarding counterfeit checks and money orders for a total of twenty-two in the last two days. The new items bear the names of the following institutions:

  • First Tuskegee Bank, Tuskegee, Alabama (Counterfeit Official Checks);
  • Chevy Chase Bank, F.S.B., McLean, Virginia (Counterfeit Cashier's Checks);
  • First State Bank, New Braunfels, Texas (Fraudulent Cashier's Checks);
  • Cornhusker Bank, Lincoln, Nebraska (Counterfeit Cashier's Checks);
  • CommunityAmerica Credit Union, Lenexa, Kansas (Counterfeit Official Checks);
  • Fitchburg Savings Bank, FSB, Fitchburg, Massachusetts (Counterfeit Official Checks);
  • First Mutual Bank, Bellevue, Washington (Counterfeit Cashier's Checks);
  • SouthwestUSA Bank, Las Vegas, Nevada (Counterfeit Cashier's Checks);
  • Umpqua Bank, Roseburg, Oregon (Counterfeit Cashier's Checks); and
  • American Bank, Eau Claire, Wisconsin (Alliance Bank, Lake City, Minnesota) (Counterfeit Cashier's Checks)

  Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   7/05/07

• Consumer Compliance Handbook updated

  The FRB has updated its Consumer Compliance Handbook with the addition of a new handbook chapter, VI. Community Reinvestment Act, regarding the recently issued guidance on Community Reinvestment Act (CRA) examinations. The new chapter also provides guidance on the sampling of CRA data, community contact procedures, and the writing of public evaluations.
  Handbook   7/05/07

• FDIC Fraudulent Email Reminder

  The FDIC has issued a Special Alert to remind financial institutions that the regulator is continuing to receive reports that fraudulent emails that appear to have been sent by the FDIC are being received by institutions and individuals.
  Special Alert
    7/05/07

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with information current as of July 3, 2007.Fact Sheet; Report   7/05/07

• 2007 BOS Information

  OTS is conducting the 2007 Branch Office Survey (BOS). The Survey form, an introduction letter, and instructions for completing the Survey are available online. The filing deadline is Monday, August 27, 2007. Letter; Survey; Instructions   7/05/07

• NCUA Town Hall Meeting Registration

  Registration for the NCUA Outreach Task Force "Town Hall" meeting to be held in Denver, Colo., on Wednesday, August 15, 2007 is available online. Town Hall;
  Registration   7/05/07

• Twelve Counterfeit Special Alerts

  The FDIC has issued twelve Special Alerts regarding counterfeit checks and money orders bearing the names of the following institutions:

  • Venture Bank, Bloomington, Minnesota (Counterfeit Cashier's Checks);
  • Danversbank, Danvers, Massachusetts (Counterfeit Official Cashier's Checks);
  • Greystone Bank, Raleigh, North Carolina (Counterfeit Cashier's Checks);
  • First Texas Bank, Killeen, Texas (Counterfeit Money Orders);
  • The Lenox National Bank, Lenox, Massachusetts (Counterfeit Official Checks);
  • Ameriana Bank, SB (formerly named Ameriana Savings Bank), New Castle, Indiana (Counterfeit Cashier's Checks);
  • 1st Bank Yuma, Yuma, Arizona (Counterfeit Cashier's Checks);
  • Meridian Bank Texas, Fort Worth, Texas (Counterfeit Cashier's Checks);
  • Parkvale Savings Bank (known as Parkvale Bank), Monroeville, Pennsylvania (Counterfeit Cashier's Checks);
  • First Century Bank, National Association, Bluefield, West Virginia (Counterfeit Cashier's Checks);
  • Lone Star Bank, Houston, Texas (Counterfeit Cashier's Checks); and
  • Apollo Trust Company, Apollo, Pennsylvania (Counterfeit Treasurer's Checks).

    7/03/07

• Forms 031 and 041 Online with Instructions

  The FFIEC has posted online Forms 031 and 041 and the instructions for the completion of the forms. Form 031; Form 041 Instructions  7/03/07

• OCC Proposes Rulemaking for Regulatory Rule Amendments

  The Office of the Comptroller of the Currency (OCC) is proposing to revise its rules in order to reduce
  unnecessary regulatory burden, to update certain rules, and to make certain technical, clarifying, and
  conforming changes to its regulations. TXT; PDF  7/03/07

• New CRA Bulletin Issued

  OTS has issued a new Regulatory Bulletin concerning the revision of Examination Handbook Section 1500 regarding the Community Reinvestment Act (CRA) and the rescission of Thrift Bulletin 85. Bulletin  7/03/07

• Community Bank Directors Workshop on Credit Risk

  The OCC will hold a credit risk workshop on July 31, 2007 in St. Louis geared primarily for outside directors of national community banks with assets of less than $1 billion. Registration  7/03/07

• FILs Regarding OFAC

  The FDIC has issued two FILs regarding previously announced changes made to the SDN list by OFAC. Information regarding the changes was posted in the BOL Top Stories on June 4 and June 11, 2007. FIL 1; FIL 2  7/03/07

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of June 29, 2007. Reserve Position  7/03/07

• June Foreign Exchange Rates

  The G.5 Foreign Exchange Rates Report for June 2007 has been posted online by the FRB. G.5  7/03/07

• OFAC Issues New Palestinian Authority Guidelines

  New guidelines on dealing with the Palestinian Authority have been issued by OFAC regarding the scope of General License No. 7 of June 20, 2007, which authorizes all approved transactions with the Palestinian Authority. Guidelines  7/02/07

• Agencies Issue Subprime Lending ARM Final Statement

  The federal financial regulatory agencies have issued a final statement on subprime mortgage lending to address issues relating to certain adjustable-rate mortgage (ARM) products that can cause payment shock. The statement describes the prudent safety and soundness and consumer protection standards that institutions should follow to ensure borrowers obtain loans they can afford to repay and includes a fully indexed, fully amortized qualification for borrowers and cautions on risk-layering features. Statement; FRB PR; OCC NR; FDIC PR; OTS PR; NCUA PR  7/02/07

• C&D Order Issued

  The OCC has issued a Stipulation and a Cease and Desist (C&D) Order against Commerce Bank, National Association, Philadelphia, Pennsylvania. Stipulation; C&D  7/02/07

• New Electronic Interpretations and Actions Announced

  The OCC has announced June 2007 New Electronic Interpretations and Actions. Interpretations and Actions  7/02/07

• Retail Payments Fraud Roundtable Discussion Summary

  The FRB has issued a summary of the March, 2007, roundtable discussion on retail payments fraud. Summary  7/02/07

• Bank Trading Revenues Set Record

  The OCC's Quarterly Report on Bank Derivatives Activities for the First Quarter 2007 indicates that insured U.S. commercial banks posted a record $7 billion in trading revenues during the first quarter of 2007, 24 percent higher than the first quarter of 2006, and 82 percent higher than the fourth quarter of 2006. Quarterly Report  7/02/07

• April 2007 Finance Companies Receivables Report

  The April, 2007, G. 20 Finance Companies Owned and Managed Receivables and Auto Loans: Terms of Credit Report has been released by the FRB. G.20  7/02/07

• July FedFlash Published

  FRB Financial Services has published and posted online the July 1, 2007, issue of FedFlash. The issued contains articles regarding security token renewals, the online resource center for account management information, registration for the check adjustments webinar and my FedDirectory. FedFlash  7/02/07

• OTS Strategic Plan Released

  OTS has released its 2007-2012 Strategic Plan sets forth the agency's vision and mission statements and outlines objectives and strategies that will be used to accomplish its goals. Strategic Plan  7/02/07

• ComE-IN Meeting Scheduled

  The FDIC will host its second meeting of the Advisory Committee on Economic Inclusion (ComE-IN) on July 16, 2007. The meeting is open to the public and the agenda will focus on the subprime mortgage issues. ComE-IN was formed to provide advice and recommendations on initiatives to expand access to banking services by underserved populations. Meeting Notice; Agenda  7/02/07

• OTS 2006 Fact Book Published

  The 2006 Fact Book which contains the annual update to the compilation of statistics concerning the OTS-Regulated thrift industry had been published. Fact Book  7/02/07

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the names of Acacia Federal Savings Bank, Falls Church, Virginia; and Altura State Bank, Altura, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/29/07

• Names Removed From OFAC List

  OFAC has announced that two names with the SDNT designation have been removed from the SDN List. Information regarding the deletions has been posted on the BOL OFAC page.  6/29/07

• Don't Forget the Payroll Cards Rules Mandatory Compliance Date

  The compliance date for the new Reg E provisions regarding payroll cards is July 1, 2007. For more information read the article by BOL Gurus Andy Zavoina and John Burnett, "New Reg E Rules on Check Conversions, Payroll Cards".  6/29/07

• Reg E Final Rules Exemption of Certain Consumer Receipts

  The FRB has issued a final rule excepting transactions of $15 or less from requirement that receipts be made available to consumers for transactions at electronic terminals.Final Rule  6/29/07

• Unauthorized Banking Special Alert

  The FDIC has issued a Special Alert after being notified by the Office of the Superintendent of Financial Institutions (OSFI) of Canada that Golden Merchant Bank, Verdun, Quebec, and Dexia Financial Trust, Brantford, Ontario, may be conducting unauthorized banking operations in the United States and Canada. Special Alert  6/29/07

• Prompt Corrective Action Q&A Issued

  The National Credit Union Administration (NCUA) has posted the questions and answers discussed at last week's monthly NCUA Board meeting by the Board and staff pertaining to prompt corrective action (PCA) reform. Q&A  6/29/07

• TFR Instruction Manual Updated

  OTS has updated the 2007 Thrift Financial Report (TFR) Instruction Manual. Manual  6/29/07

• CRA Ratings Released

  The ratings received by savings associations recently evaluated for compliance with the provisions of the CRA have been released by OTS. CRA Ratings  6/29/07

• Fed Funds Rate Unchanged

  The Federal Open Market Committee (FOMC) has announced its decision to keep the target for the federal funds rate at 5-1/4 percent. FOMC  6/29/07

• IFDP Working Paper Published

  A working paper in the International Finance Discussion (IFDP) series on the topic of "Price Setting during Low and High Inflation: Evidence from Mexico" has been published by the FRB. Abstract; Full Paper  6/29/07

• FRB Conducts Survey of Consumer Finances

  The Survey of Consumer Finances (SCF) conducted every three years by FRB. The main purpose of the survey is to help the government and, ultimately, the public at large understand the financial condition of families in the United States and to study the effects of changes in the economy. SCF  6/29/07

• First Quarter 2007 Interest Rate Risk Measures

  OTS has published the First Quarter 2007 issue of Interest Rate Risk Measures. Interest Rate Risk Measures  6/29/07

• June 30 Call Report Instructions

  A Financial Institution Letter has been issued by the FDIC that contains the instructions for completing and filing the June 30, 2007 Call Report. FIL  6/28/07

• Second Quarter 2006 Banking Industry Condition Report Published

  The FRB has published the Second Quarter 2006 Report on the Condition of the U.S. Banking Industry. Report  6/28/07

• BSA FILs

  Two FILs have been issued by the FDIC regarding previously announced FFIEC guidance on the topics of providing all documentation supporting the filing of a Suspicious Activity Report (SAR) and requests by a law enforcement agency to keep particular accounts open. Information concerning the guidance was posted in the June 14, 2007 BOL Top Stories. SAR FIL; Open Accounts FIL  6/27/07

• Secure Exchange of Electronic Examination Information

  The FDIC has issued a FIL that announces starting July 9, 2007 participating state bank regulators will have access to the FDICconnect Examination File Exchange system. Financial institutions are encouraged to use the system to quickly and securely transmit examination information to the FDIC and/or their state regulator. FIL  6/27/07

• NTB Capital and Liquidity Guidance Revised

  The OCC has issued a Bulletin concerning the rescission of Bulletin 2000-26 and issuance of a revised guidance that clarifies the OCC's capital and liquidity policy for national trust banks (NTBs). Bulletin  6/27/07

• Foreclosure Prevention Best Practices Report

  The OCC has published an Insights report on the subject of "Foreclosure Prevention: Improving Contact with Borrowers," which highlights the best practices that loan servicers are using to improve their contact rate with delinquent mortgage borrowers to help prevent foreclosures. Report  6/27/07

• FDIC Proposes Rulemaking to Extend the Time Period for Quarterly Reporting of Bank Officers' and
  Certain Employees' Personal Securities Transactions

  The FDIC proposes to amend its rule concerning the period of time that officers and all employees of state
  nonmember banks who make or participate in investment decisions for the accounts of customers have to report their personal securities transactions after the end of the calendar quarter. TXT; PDF  6/27/07

• NCUA Publishes Proposed Rule for the Purchase, Sale, and Pledge of Eligible Obligations

  NCUA proposes to amend its rule governing the purchase, sale, and pledge of eligible obligations, as a result of recommendations from its annual regulatory review process, by adding a conflict of interest provision substantially similar to the conflict of interest provision in NCUA's general lending rule. TXT; PDF  6/27/07

• OTS Publishes Final Rule in Federal Register for Stock Benefit Plans in Mutual-to-Stock Conversions and Mutual Holding Company Structures

  The Office of Thrift Supervision (OTS) is clarifying its regulations regarding stock benefit plans established after mutual-to-stock company structures, and modifying the voting requirements for the adoption of certain stock benefit plans in mutual holding company structures and several other minor
  changes to the regulations governing mutual-to-stock conversions and minority stock issuances. TXT; PDF  6/27/07

• OTS Proposes Rulemaking for Optional Charter Provisions in Mutual Holding Company Structures

  The Office of Thrift Supervision (OTS) is proposing to amend its mutual holding company (MHC) regulations to permit certain MHC subsidiaries to adopt an optional charter provision that would prohibit any person from acquiring, or offering to acquire, beneficial ownership of more than ten percent of the MHC subsidiary's minority stock (stock held by persons other than the subsidiary's MHC). TXT; PDF  6/27/07

• Check Operations Changes Announced By FRB

  The FRB has announced changes beginning in 2008 to check operations as a result of the shift from using paper checks toward electronic payments. In order to increase check service efficiency, some regional check processing sites will have their operations scaled back. The scaled-back sites will all print substitute checks, but some will also capture paper checks. Changes  6/27/07

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of June 22, 2007. Reserve Position  6/27/07

• OCC Licensing Manual Updated

  The revised Branches and Relocations booklet is now posted on the OCC Web site for immediate use. It no longer requires a Messenger Service/Mobile Branch log. Booklet  6/26/07

• PSA Ads Aimed at Delinquent Borrowers

  In a presentation at symposium on preventing foreclosures sponsored by NeighborWorks America, Comptroller Dugan unveiled two new Public Service Announcements (PSAs) aimed at encouraging delinquent mortgage borrowers to get help by contacting their lenders or a trusted housing counselor in order to avoid foreclosure have been announced by the OCC. He stated, "As these ads so powerfully underscore, doing nothing is the worst thing a delinquent borrower can do". Speech  6/26/07

• Treasury Publishes Final Rule for Financial Crimes Enforcement Network; Amendments to Bank
  Secrecy Act Regulations Regarding Casino Recordkeeping and Reporting Requirements

  The Financial Crimes Enforcement Network (FinCEN) publishes final rule in FR to amend the Bank
  Secrecy Act regulation requiring casinos to report transactions in currency. The amendments exempt,
  as reportable transactions in currency, jackpots from slot machines and video lottery terminals, as well as transactions, under certain conditions, involving certain money plays and bills inserted into electronic gaming devices. TXT; PDF  6/26/07

• First Quarter Aggregate Exposure and CMR Report Released

  The OTS has released the Aggregate Exposure and CMR Report for the First Quarter 2007. Report  6/26/07

• REMINDER: Payroll Cards Rules Mandatory Compliance Date

  Don't forget the mandatory compliance date for the new Reg E provisions regarding payroll cards is July 1, 2007. For more information read the article by BOL Gurus Andy Zavoina and John Burnett, "New Reg E Rules on Check Conversions, Payroll Cards". Reg E  6/25/07

• BSA Effectiveness and Efficiency Fact Sheet Released

  FinCEN has released a Fact Sheet that contains data concerning the effectiveness and efficiency of the Bank Secrecy Act (BSA). Fact Sheet  6/25/07

• FRB Publishes Technical Amendment to Final Rule for Reg CC

  The Board of Governors is amending appendix A of Regulation CC to delete the reference to the head office of the Federal Reserve Bank of San Francisco and reassign the Federal Reserve routing symbols currently listed under that office to the Los Angeles branch office of the Federal Reserve Bank of San Francisco. TXT; PDF  6/25/07

• Agricultural Finance Databook Update

  The FRB has published the June 2007 E.15 Agricultural Finance Databook which contains data regarding the amount and characteristics of farm loans made by commercial banks, selected statistics from the quarterly reports of condition of commercial banks, and the Reserve Bank surveys of farm credit conditions and farm land values. E.15  6/25/07

• Five Counterfeit Cashier's Checks Alerts

  The OCC has issued five Alerts regarding counterfeit cashier's check issued in the names of the following national banks:

  • Whitney National Bank, New Orleans, Louisiana;
  • Rabobank, N.A., El Centro, California;
  • Chester National Bank, Chester, Illinois, and of Chester National Bank of Missouri, Perryville, Missouri;
  • Oshkosh Bank, a Branch of The American National Bank of Beaver Dam, Wisconsin; and
  • Fort Sill National Bank, Fort Sill, Oklahoma.

  Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/22/07

• Special Alert Counterfeit Business Checks

  The FDIC has issued a Special Alert regarding counterfeit business checks that are being used in connection with various consumer scams. Special Alert   6/22/07

• HMDA MSA/MD Changes for CY2007

  The FFIEC has posted online downloadable software that contains the HMDA and CRA MSA/MD changes for calendar year 2007. Software  6/22/07

• New SAR Activity Review Published

  Issue 8 of the SAR Activity Review - By The Numbers has been published by FinCEN. The Issue includes the following new enhancements: representations of the numerical depository institution SAR data for individual states; charts and graphs highlighting SAR filing trends and patterns between April 1, 1996 and December 31, 2006 for each state and territory; and maps for calendar year 2006. Issue 8  6/22/07

• Supervisory Insights Journal Summer 2007 Issue

  The FDIC has published the Summer 2007 issue of the Supervisory Insights Journal. The issue contains articles on how banks can manage risks associated with third-party arrangements for products and services, the need for vigilance toward mortgage fraud, challenges in maintaining wind insurance, the electronic exchange of documentation in bank examinations, and recent decisions affecting the accounting for split-dollar life insurance. Index  6/22/07

• Casino CTR Final Rule Announced

  FinCEN has announced a final rule that exempts casinos from the requirement to file currency transactions reports (CTRs) on jackpots from slot machines and video lottery terminals. The final rule also exempts reportable transactions in currency, under certain conditions, involving certain money plays and bills inserted into electronic gaming devices. Final Rule  6/22/07

• IFDP Working Paper Published

  The FRB has published a working paper in the International Financial Discussion Paper (IFDP) series on the topic of "A Note on the Coefficient of Determination in Models with Infinite Variance Variables". Abstract; Full Paper  6/22/07

• Six Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued six Special Alerts regarding counterfeit cashier's checks bearing the names of the following institutions:

  • Peoples Bank & Trust Company, Manchester, Tennessee;
  • Timberland Bank, Hoquiam, Washington;
  • First State Bank, Noble, Oklahoma;
  • Oritani Savings Bank, Township of Washington, New Jersey;
  • Sandy Spring Bank, Olney, Maryland; and
  • The Pleasant Hill Bank, Pleasant Hill, Missouri.

  Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/21/07

• Twelfth District Check Processing Restructured

  The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Twelfth District. As of August 18, 2007, the head office of the Federal Reserve Bank of San Francisco no longer will process checks, and banks currently served by that office will be reassigned to the Los Angeles branch office of the Federal Reserve Bank of San Francisco. Reg CC  6/21/07

• Receive HMDA and CRA Reports Via Email

  The FFIEC has issued a memorandum explaining how financial institutions can receive HMDA and CRA data edit reports via email. Memo  6/21/07

• Paulson Discusses International Finance System

  In testimony before the House Committee on Financial Services, Treasury Secretary Paulson discussed the state of the International Finance System. He stated that policies to embrace openness, promote trade and assist developing economies will enhance economic security and prosperity for people around the world. Testimony  6/21/07

• FEDS Working Papers Published

  Two working papers in the Financial and Economics Discussion Series (FEDS) have been published by the FRB on the topics of "Corporate Asset Purchases and Sales: Theory and Evidence" and "Racial Dispersion in Consumer Credit Interest Rates". Corporate Assets Abstract; Corporate Assets Full Paper; Racial Dispersion Abstract; Racial Dispersion Full Paper  6/21/07

• $106,930 Flood CMP Announced

  The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $106,930 against RBC Centura Bank, Raleigh, North Carolina for alleged violations of the Board's Regulations implementing the National Flood Insurance Act. Information regarding the CMP has been posted on the BOL Flood Penalties Watch page.  6/20/07

• CRA Ratings Released

  The OCC has released the ratings received by twenty-three national banks recently evaluated for compliance with the provisions of the CRA. Ratings  6/20/07

• Affordable Small-Dollar Loan Guidelines Published

  The FDIC has issued an FIL announcing the publication of Affordable Small-Dollar Loan Guidelines that encourage financial institutions to offer small-dollar credit products and to promote these products to their customers. FIL; Guidelines  6/20/07

• Small-Dollar Loan Review Pilot Project Announced

  The FDIC has approved a two year pilot project to review affordable and responsible small dollar loan programs in financial institutions. The project is designed to assist bankers by identifying information on replicable business models for affordable small-dollar loans. Project  6/20/07

• Order of Prohibition Issued

  A consent Order of Prohibition has been issued by the FRB against Joy McClard, a former employee of the former Cumberland Bank, Franklin, Tennessee, based on her alleged participation in the embezzlement of funds from the bank and falsification of the bank's books and records. Order  6/20/07

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Mid America Bank and Trust Company, Dixon, Missouri; the Missouri Division of Finance; and the Federal Reserve Bank of St. Louis. Written Agreement  6/20/07

• Online Mortgage Comparison Calculator

  The FRB has made available online a mortgage comparison calculator that consumers can use to compare monthly mortgage payments and the amount of equity they will build for up to six types of fixed and adjustable rate mortgages. Calculator  6/20/07

• First Quarter DIF Results

  The FDIC has released the first quarter 2007 financial results for the Deposit Insurance Fund (DIF). Results  6/20/07

• July HOEPA Rates Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in July 2007 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find the applicable release which lists the Treasury security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Weekly H.15; Daily H.15  6/19/07

• Houston Workshops For Community Bank Directors Scheduled

  The OCC has scheduled two workshops for community bank directors on the following topics: "Compliance Risk: What Directors Need to Know," on July 17, 2007, and "Credit Risk: A Director's Focus," on July 18, 2007. Workshops  6/19/07

• Final Guidance Consumer Information for Nontraditional Mortgage Products

  OTS has issued a Final Guidance regarding consumer information for nontraditional mortgage products. Guidance  6/19/07

• Fake Email Warning Issued By FTC

  The FTC has issued a warning regarding a bogus e-mail supposedly sent by the agency but actually sent by third parties hoping to install spyware on computers. Consumers, including corporate and banking executives, appear to be targets of the e-mail which poses as an acknowledgment of a complaint filed by the recipient, and includes an attachment. Recipients who open the attachment unleash malicious spyware onto their computers. Emails  6/19/07

• FDIC Quarterly Discusses IDAs

  The First Quarter 2007 issue of the FDIC Quarterly contains a report "IDAs and Banks: A Solid 'Match,'" which is the first in a series of articles looking at underbanked consumers and the delivery of alternative financial services. The Quarterly is a new publication that consolidates research and information that was previously available in the FDIC Outlook, the FDIC Banking Review, and the Quarterly Banking Profile. FDIC Quarterly  6/19/07

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of June 15, 2007. Reserve Position  6/19/07

• Five SDGT and NPWMD Designations Added To SDN List

  Treasury has designated two Iranian individuals for their involvement in Iran's nuclear program and three Libyan individuals who are members of both al-Qaida and the Libyan Islamic Fighting Group (LIFG). Information concerning the additions has been posted on the BOL OFAC page.   6/18/07

• Commercial Bank Examination Manual Updated

  The FRB has published the semi-annual update to the Commercial Bank Examination Manual.
  Update   6/18/07

• SOD Filing FIL

  The FDIC has issued a FIL concerning the June 30, 2007 filing of Summary of Deposits (SOD) survey, the annual survey of branch office deposits to be filed all FDIC-insured commercial banks, FDIC-supervised savings banks, and insured branches of foreign banks.
  FIL   6/18/07

• Revised SAR Implementation FIL

  A FIL has been issued by the FDIC regarding the previously announced delay by FinCEN of the implementation of the revised SAR form. Information concerning the delay was posted in the April 26, 2007 BOL Top Stories. FIL   6/18/07

• Deposit Insurance Changes Summary

  The FIDC has post online a summary of the assessment related changes that have been implemented as a result of the Federal Deposit Insurance Reform Act of 2005.
  Assessment Changes   6/18/07

• New Jersey CU Placed in Conservatorship

  NCUA has announced that the board of directors of Peoples First Choice Federal Credit Union voluntarily consented to conservatorship and the National Credit Union Administration (NCUA) has assumed control of the credit union located in Glen Rock, New Jersey.
  Conservatorship   6/18/07

• April TIC Data Released

  The Treasury International Capital (TIC) report for April 2007 has been released by Treasury.
  TIC   6/18/07

• June FedFlash Published

  The FRB Financial Services has published the June 15, 2007 issue of FedFlash which features articles on the following topics: the full implementation of Check Relay changes, a reminder to use the standard cash letter forms, detection of duplicate substitute checks, FR-ETA changes to same day Federal tax payment options, new FedReceipt RTNs, and changes to HDGS and PPGS transit number listings.
  FedFlash   6/18/07

• First Quarter Charge-Off Rates

  The thrift industry charge-off rates for the first quarter 2007 have been released by OTS.
  Charge-off Rates   6/18/07

• Cost of Funds Reports Released

  OTS has released the current and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF-Insured Institutions reports.
  Current;
  Historical   6/18/07

• CAC Nominations Sought

  The FRB is seeking nominations for appointments to its Consumer Advisory Council. The Council, which meets three times a year in Washington D.C., advises the Board on the exercise of its responsibilities under various consumer financial services laws and on other matters. Ten new members will be appointed to serve three-year terms beginning in January 2008.
  Nominations   6/18/07

• Bernanke Discusses the Financial Accelerator and the Credit Channel

  In a presentation the conference on The Credit Channel of Monetary Policy in the Twenty-first Century, FRB Chairman Bernanke commented on how important it is for a developing economy to establishing a modern, well-functioning financial system. He noted that critical idea is that the cost of funds to borrowers depends inversely on their creditworthiness, as measured by indicators such as net worth and liquidity.
  Speech   6/18/07

• Industrial Production Report Issued

  The FRB has issued the G. 17 Industrial Production and Capacity Utilization report for May 2007.
  G.17   6/18/07

• Survey of Terms of Business Lending Released

  The E. 2 Survey of Business Lending Terms for the week of May 4-11, 2007 has been released by the FRB.
  E. 2   6/18/07

• Enforcement Actions Released

  The OCC has released a list of new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  6/15/07

• Consumer Complaint Information Sharing Agreement Announced

  An agreement for sharing consumer complaint information between the OTS and state banking regulators has been announced by the Office of Thrift Supervision (OTS) and the Conference of State Banking Supervisors (CSBS). Sharing Agreement  6/15/07

• First Quarter State Profiles Available

  The FDIC has posted online the State Profiles for the First Quarter 2007 with data sheets summarizing the banking and economic conditions for each state. State Profiles  6/15/07

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Sonabank, N.A., Clifton Forge, Virginia. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/14/07

• FinCEN Issues Guidance

  Guidance has been issued by FinCEN regarding two topics: Suspicious Activity Reporting (SAR) Documentation and Requests by Law Enforcement for Financial Institutions to Maintain Accounts. SAR Documentation; Account Request  6/14/07

• Regulators Discuss Federal Consumer Protection Standards With House Committee

  In testimony before the House Committee on Financial Services, Comptroller Dugan indicated that OCC supervision plays a unique and critical role in ensuring compliance with federal consumer protection standards. FDIC Chairman Bair discussed the current legal tools available to regulators and reforms that would improve the ability of consumer protections to keep pace with innovation in the financial marketplace. Dugan Oral Statement; Dugan Written Testimony; Bair Statement  6/14/07

• Bulletin Issued Regarding CRA 2007 List of Distressed or Underserved Geographies

  The OCC has issued a bulletin regarding the previously announced publication by the federal bank and thrift regulatory agencies of the 2007 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 concerning the list was posted in the June 4, 2007, BOL Top Stories. Bulletin  6/14/07

• FRB Publishes Proposed Rulemaking for Reg Z

  The Board proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, following a comprehensive review of TILA's rules for open-end (revolving) credit that is not home-secured. The proposed revisions take into consideration comments from the public on an initial advance notice of proposed rulemaking (ANPR) published in December 2004.TXT; PDF  6/14/07

• Beige Book News

  The FRB has published the June 13, 2007 issue of the Beige Book that contains a summary of current economic conditions in each of the Federal Reserve Districts. Summary; Full Report  6/14/07

• SB Registration List Updated

  FinCEN has updated the Money Services Businesses (MSB) list with data current as of May 9, 2007. The list now contains information on 32,595 MSBs. List  6/14/07

• Semiannual Report on International Economic and Exchange Rate Policies Released

  The Treasury has released the Semiannual Report on International Economic and Exchange Rate Policies. Report  6/14/07

• First Quarter Household Debt Service and Financial Obligations Ratios

  The FRB has published the Household Debt Service and Financial Obligations Ratios for the First Quarter 2007. Ratios  6/14/07

• FRB Publishes Proposed Rulemaking for Reg Z

  The Board proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, following a comprehensive review of TILA's rules for open-end (revolving) credit that is not home-secured. The proposed revisions take into consideration comments from the public on an initial advance notice of proposed rulemaking (ANPR) published in December 2004.  6/14/07

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Perryton National Bank of Perryton, TX, that are being presented for payment. Information concerning the counterfeit cashier's checks is posted on the BOL Alerts and Counterfeits page.  6/13/07

• Counterfeit Instruments and Stolen Official Documents 2002-2007

  The OCC has issued an Alert that contains a list which provides information regarding counterfeit and stolen instruments dating from 2002-2007. Alert; List  6/13/07

• Host State Loan-to-Deposit Ratios Issued

  The federal banking regulators have issued 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. Section 109 prohibits a bank from establishing or acquiring a branch or branches outside of its home state primarily for the purpose of deposit production and prohibits branches of banks controlled by out-of-state bank holding companies from operating primarily for the purpose of deposit production. Ratios; FRB PR; OCC NR; FDIC PR  6/13/07

• Unauthorized Banking 1996-2007

  The OCC has issued an Alert that contains a list which provides information regarding unauthorized banking activities, both offshore and domestic from 1996-2007. Alert; List  6/13/07

• Assets Reports Released

  The FRB has released the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for April 2007. Reports  6/13/07

• Inflation History Working Paper Published

  The FRB has published a working paper in the Finance and Economic Discussion series (FEDS) on the topic of "The Rise and Fall of U.S. Inflation Persistence". Abstract; Full Paper  6/13/07

• Third Quarter CRA Exam Schedule Announced

  The OTS has announced its CRA examination schedule for the Third Quarter 2007. Schedule  6/12/07

• Regulators To Host Minority Depository Institution National Conference

  The four Federal financial institution regulatory agencies are hosting a conference at the Miami Beach Resort and Spa in Miami Beach, Florida, from July 31- August 2, 2007, for minority depository institutions (MDIs) on the challenges and issues facing the MDI segment of the banking industry. The conference will present a unique opportunity for minority bankers, regulatory officials, and private industry representatives to exchange knowledge and increase awareness on matters affecting MDIs. Agenda; Registration   6/12/07

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of June 8, 2007. Reserve Position   6/12/07

• Entities Added To SDN List

  Treasury has designated four Iranian companies for their role in Iran's proliferation of weapons of mass destruction and added their names to the SDN List with the NPWMD designation. Information regarding the additions has been posted on the BOL OFAC page.   6/11/07

• CRA Ratings Released

  The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. CRA Ratings  6/11/07

• CMPs Announced By OFAC

  OFAC has announced the civil money penalties (CMP) recently imposed for violations of various sanctions programs. No financial institutions were penalized. CMPs  6/11/07

• HOEPA Public Hearing Agenda

  The FRB has posted online the agenda for the previously announced Home Ownership and Equity Protection Act (HOEPA) public meeting to be held June 14, 2007, in Washington, D.C. Agenda; Registration  6/11/07

• Community Directors' Workshops Scheduled

  The OCC will host workshops for national community bank directors at the Arrowwood Conference Center, Alexandria, Minnesota, July 10-12. Three workshops will be held on consecutive days on risk assessment ("Understanding the OCC's Risk Assessment Process"), compliance risk ("Compliance Risk: What Directors Need to Know"), and credit risk ("Credit Risk: A Director's Focus"). Registration   6/11/07

• FEDS Working Papers Published

  Two working papers in the Finance and Economic Discussion Series (FEDS) on the topics of "Sectoral Productivity in the United States: Recent Developments and the Role of IT" and "Estimating the Long-Run User Cost Elasticity for a Small Open Economy: Evidence Using Data from South Africa" have been published by the FRB. Sectoral Abstract; Sectoral Full Paper; Estimating Abstract; Estimating Full Paper  6/11/07

• First Quarter 2007 Legal Developments

  The FRB has published in the June 2007 FRB Bulletin the First Quarter 2007 Legal Developments (orders issued under the Bank Holding Act, orders issued under the International Banking Act, and final enforcement actions issued by the Board). Legal Developments  6/11/07

• Money Smart Program Improves Consumer' Money-Management Practices

  The FDIC has issued a FIL that contains the results of a survey that indicate the Money Smart financial education curriculum positively influenced how course participants manage their finances as well as their financial confidence. FIL; Survey  6/11/07

• Seven Counterfeit Special Alerts Issued

  The FDIC has issued seven Special Alerts regarding counterfeit treasurer's and cashier's checks bearing the names of the following institutions:

  • Table Rock Community Bank, Kimberling City, Missouri (Counterfeit Cashier's Checks);
  • Territorial Savings Bank, Honolulu, Hawaii (Counterfeit Cashier's Checks);
  • Zavala County Bank, Crystal City, Texas (Counterfeit Cashier's Checks);
  • Sevier County Bank, Sevierville, Tennessee (Counterfeit Cashier's Checks);
  • Perryton National Bank, Perryton, Texas (Counterfeit Cashier's Checks);
  • The Commercial and Savings Bank of Millersburg, Ohio, Millersburg, Ohio (Counterfeit Cashier's Checks);
  • The North Country Savings Bank, Canton, New York (Counterfeit Treasurer's Checks).

  Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  6/08/07

• Regulators Express Credit Card Concerns

  In testimony presented to a before a subcommittee of the House Committee on Financial Services, FDIC Chairman Bair discussed credit card practices that have raised concerns at the agency; OCC Comptroller Dugan indicated that current credit card disclosure rules should be changed to improve consumers' ability to make well-informed decisions about the credit cards they choose; and NCUA Chairman Johnson stated that NCUA is looking forward to working with Congress, the Fed and other agencies to make certain that consumers are well informed and protected so they can wisely and prudently use their credit. Bair Statement; Dugan Written Testimony; Dugan Oral Statement; Johnson Testimony  6/08/07

• First Quarter Flow of Funds Report Released

  The FRB has released the Z.1 Flow of Funds Report for the First Quarter 2007. Z.1  6/08/07

• FR Bulletin Statistical Supplement Published

  The May 2007 Statistical Supplement to the Federal Reserve Bulletin has been published. Supplement  6/08/07

• Consumer Credit Report Released

  The G.19 Consumer Credit Outstanding and Terms of Credit Report for April 2007 has been released by the FRB.
  G.19   6/08/07

• Six Counterfeit Special Alerts

  The FDIC has issued six Special Alerts regarding counterfeit money orders, official checks and cashier's checks bearing the names of the following institutions:

  • Arrowhead Bank, Llano, Texas (Counterfeit Cashier's Checks);
  • Harford Bank, Aberdeen, Maryland (Counterfeit Cashier's Checks);
  • Piscataqua Savings Bank, Portsmouth, New Hampshire (Counterfeit Cashier's Checks);
  • Bonneville Bank, Provo, Utah (Counterfeit Cashier's Checks);
  • First American Bank, Birmingham, Alabama (Counterfeit Official Checks); and
  • First Texas Bank, Killeen, Texas (Counterfeit Money Orders).

  Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  6/07/07

• Order of Prohibition Issued

  The FRB has announced the issuance of a consent Order of Prohibition against William R. Kahler, a former officer of Primebank, LeMars, Iowa, based on his conviction for an offense taking place during his previous employment at Iowa-Nebraska State Bank, Sioux City, Iowa. Order  6/07/07

• Fake OCC Correspondence Alert

  The OCC has issued an Alert regarding fictitious emails, faxes, and regular mail items circulating worldwide that claim to be authored by the OCC. They fraudulently encourage recipients to reply to receive funds owed by the OCC and other agencies. Alert; Fake Sample  6/07/07

• Enforcement Actions Released

  The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in April 2007. List  6/07/07

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of June 5, 2007. Fact Sheet; Sharing Report  6/07/07

• OCC Publishes Interim Rule in FR for Special Lending Limits

  The Office of the Comptroller of the Currency (OCC) is amending Part 32 to permanently incorporate special
  lending limits for 1–4 family residential real estate loans, small business loans, and small farm loans or extensions of credit. TXT; PDF  6/07/07

• FRB Annual Report To Congress

  The FRB has delivered its 93rd Annual Report to Congress. Full Report; Index  6/07/07

• Working Papers Published

  The FRB has published two workings papers, one in the FEDS series on the topic of "Incorporating Vintage Differences and Forecasts into Markov Switching Models" and the other in the IFDP series on the topic of "The Stability of Large External Imbalances: The Role of Returns Differentials." Incorporating Abstract; Incorporating Full Paper; Stability Abstract; Stability Full Paper  6/07/07

• Fraudulent FDIC Letters Special Alert

  The FDIC has issued a Special Alert regarding fraudulent letters appearing to be from the FDIC that are being faxed to financial institutions. The letters state that "information is sought pursuant to sections 5318(J) and 5318(k) of Title 31 of the United States Code, as added by sections 313 and 319(b) of the USA PATRIOT ACT OF 2001 (Public Law 107-56)." Special Alert  6/06/07

• Reg D Retail Sweep Guidance Summary Issued

  The FRB has issued a summary of the previously released guidance relating to requirements for a retail sweep program under the Board's Regulation D. Summary  6/06/07

• Bernanke Discusses the Housing Market and Subprime Lending

  In a presentation via satellite to the participants at the 2007 International Monetary Conference, in Cape Town, South Africa, FRB Chairman Bernanke discussed the U.S. housing market and the impact of subprime lending. He noted that emergence of some serious stresses in subprime mortgage markets have resulted in initiatives taken or planned by the Federal Reserve to respond to the problems in subprime mortgage lending. He stated, "Effective disclosures are the first line of defense against improper lending. If consumers are well informed, they are in a much better position to make decisions in their own best interest." Speech  6/06/07

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data current as of June 1, 2007. Report  6/06/07

• Discount Rate Meetings Minutes Released

  The FRB has released the minutes of its discount rate meetings for April 23 and May 7, 2007. Minutes  6/06/07

• OCC CRA Exam Schedule Released

  The OCC has released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the third quarter of 2007. Schedule   6/05/07

• Deposit Insurance Late Payment of Assessment Penalties

  The FDIC has issued a FIL that reminds insured institutions that the previously announced new late assessment penalties rule will be effective beginning with the June 29, 2007, assessment collection. Information regarding the new rule was posted in BOL Top Stories November 3, 2006. FIL  6/05/07

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

  The NCUA Board is proposing amendments to its chartering and field of membership manual to update community chartering policies in response to NCUA's experience with reviewing applications of credit unions seeking community charters. TXT; PDF  6/05/07

• NCUA Proposes Rulemaking for Federal Credit Union Bylaws

  NCUA is proposing to reincorporate the Federal Credit Union (FCU) Bylaws into NCUA regulations.
  This change clarifies NCUA's ability to use a range of enforcement authorities, in appropriate cases, to enforce the FCU Bylaws. TXT; PDF  6/05/07

• Wage Bargaining Working Papers Published

  Working papers in the International Finance Discussion Papers (IFDP) series on the topic of "Optimal Fiscal and Monetary Policy with Costly Wage Bargaining" and the Finance and Economics Discussion Series (FEDS) series on the topic of "Bond Risk Premia and Realized Jump Volatility" have been published by the FRB. Optimal Abstract; Optimal Full Paper; Bond Abstract; Bond Full Paper  6/05/07

• SDN List Additions and Updates Announced

  Treasury has added the names of five individuals and one entity to the SDN List with the SDNTK (Narcotics Kingpin Act) designation. Changes have also been made to twelve existing SGDT (Global Terrorism) entries. Information regarding the additions and the changes has been posted on the BOL OFAC page.  6/04/07

• CRA Distressed or Underserved Nonmetropolitan Middle-Income Geographies List

  The federal bank and thrift regulatory agencies have made available online the 2007 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." The 2007 list and lists from previous years can be found on the FFIEC web site. List; FRB NR; OCC NR; FDIC PR; OTS PR  6/04/07

• Treasury Economic Update

  Treasury has issued its June 1, 2007 economic update which states that "The economy is on track to rebound in the second quarter and beyond following a slowdown of late-2006 and early this year. The strong labor market will support household spending, and this in turn will drive a continued upturn in business investment." Update  6/04/07

• FedFlash June 2007 Issue Published

  The June 1, 2007 issue of FedFlash features articles on the following topics: the upcoming change in verification procedures for Electronic Access requests; new FedReceipt RTNs; new cross-shipping fees and standard UCAP fees; changes to deposit of items in carrier documents; changes to the HDGS and PPGS transit number listings; the end of the John Adams $1 Coin special order period; and the removal of 12th District: Endpoints from the Forward Remote Fine Sort program. FedFlash  6/04/07

• Idaho Quarter Information

  The distribution schedule for the Idaho quarter is now available online. Idaho Quarter  6/04/07

• New Electronic Interpretations and Actions Announced

  The OCC has announced May 2007 New Electronic Interpretations and Actions. Interpretations and Actions  6/04/07

• FOMC 2008 Meeting Schedule

  The Federal Open Market Committee (FOMC) has announced its tentative meeting schedule for 2008. Schedule  6/04/07

• May 2007 Foreign Exchange Rates

  The FRB has released the G.5 Foreign Exchange Rates Report for May 2007. G.5  6/04/07

• Minority-Owned Banks Report

  The fourth quarter 2007 Minority-Owned Banks Report has been published by the FRB. Report  6/04/07

• CRA Exam Schedule

  The FDIC has published the list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the third quarter of 2007. Exam Schedule  6/01/07

• Agencies Issue Nontraditional Mortgage Products Consumer Information Illustrations

  The federal bank, thrift, and credit union regulatory agencies have issued final illustrations of consumer information intended to help institutions implement the consumer protection portion of the Interagency Guidance on Nontraditional Mortgage Product Risks that the agencies adopted October 4, 2006. Illustrations; FRB PR; OCC NR; FDIC PR; OTS PR; NCUA PR  6/01/07

• FRB Publishes Final Rule in FR for Loans to Executive Officers, Directors and Principal Shareholders in Member Banks

  The Board is adopting amendments to the Board's Regulation O to eliminate certain reporting requirements. These amendments implement section 601 of the Financial Services Regulatory Relief Act of 2006.TXT; PDF  6/01/07

• OTS Publishes Interim Final Rule in FR for Personal Transactions in Securities

  In this interim final rule, OTS is amending 12 CFR 551.150(a) to provide that certain officers and employees of savings associations file reports of personal securities transactions with the savings association no later than 30 calendar days after the end of each calendar quarter.TXT; PDF  6/01/07

• First Quarter Earnings Released

  The FDIC has published the Quarterly Banking Profile which announces that commercial banks and savings institutions insured by the regulator reported net income of $36.0 billion in the first quarter of 2007, the fourth highest ever reported by the industry. Earnings  6/01/07

• Owned and Managed Receivables Report

  The FRB has issued the March 2007 G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report. G.20  6/01/07

• May 2007 FRB Bulletin Published

  The May 2007 issue of the Federal Reserve Bulletin contains an article entitled, "Industrial Production and Capacity Utilization: The 2006 Annual Revision." Bulletin  6/01/07