Top Story Security Related

http://www.bankersonline.com/topstory/topstory_0606.html

• Don't forget that you must use the newly revised FEMA Standard Flood Hazard Determination form starting July 1, 2006, and the amendments to Reg CC that define "remotely created checks" (RCC) and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited also become effective July Flood Form; RCC   6/30/06

• Counterfeit Checks Special Alerts Issued

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

  • City Bank, Everett, Washington;
  • Equity Bank, A National Association, Andover, Kansas;
  • First National Bank of Nevada, Scottsdale, Arizona;
  • Irwin Union Bank and Trust Company, Columbus, Indiana;
  • North Community Bank, Chicago, Illinois;
  • First International Bank, Plano, Texas;
  • Riverside Bank of the Gulf Coast, Cape Coral, Florida

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeit page.   6/30/06

• FOMC Raises Rates

  The Federal Open Market Committee has raised interest rates for a seventeenth straight time by increasing the fed funds rate by twenty-five basis points to 5.25 percent, its highest level since March 2001. The Board of Governors also unanimously approved a twenty-five basis point increase in the discount rate to 6.25 percent. Rates   6/30/06

• It's Lincoln's Turn for a Face Lift

  Treasury, the Federal Reserve and the Secret Service have announced plans to redesign the $5 note as part of ongoing security enhancements to U.S. currency. The redesigned note is expected to be issued in early 2008. $5 Note   6/30/06

• First Quarter Aggregate Exposure and CMR Report Released

  OTS has released the Aggregate Exposure and CMR Report for the first quarter 2006. Report   6/30/06

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the name of Alaska First Bank & Trust, N.A., Anchorage, Alaska; First Port City Bank, Bainbridge, Georgia; and Savings Bank of Danbury, Danbury, Connecticut. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    6/29/06

• Northeast Banks May Close

  The OCC has issued a proclamation allowing national bank offices affected by severe weather in the northeast to close at their discretion. Proclamation   6/29/06

• Blair Sworn In As FDIC Chairman

  Sheila C. Bair has been sworn in as the 19th FDIC Chairman. She formerly served as a Commissioner on the Commodity Futures Trading Commission, Senior Vice President for Government Relations of the NYSE Stock Exchange, Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury, and, most recently, Professor at the University of Massachusetts. Chairman   6/29/06

• FDIC Extends Comment Period for Proposed Rulemaking

  On May 18, 2006, FDIC issued a notice of proposed rulemaking with request for comments on the
  implementation of dividends. The FDIC is extending the comment period on that notice to August 16, 2006.TXT, PDF .    6/28/06

• FDIC Extends Comment Period for One-Time Asssessment Credit

  On May 18, 2006, FDIC issued a notice of proposed rulemaking with request for comments on the
  implementation of the one-time assessment credit for eligible insured depository institutions. The
  FDIC is extending the comment period on that notice of proposed rulemaking to August 16, 2006.TXT, PDF .    6/28/06

• FDIC Extends Comment Period for Asssessment Collection and Retention

  On May 18, 2006, FDIC issued a notice of proposed rulemaking with request for comments on revisions
  to 12 CFR part 327 (see 71 FR 28790). The rulemaking proposed changes to the reaction time
  in institutions' risk profiles to increase efficiency. The comment deadline period is extended to a
  August 16, 2006.TXT, PDF .    6/28/06

• NCUA Proposes Rulemaking for SAR Filing Requirements

  The proposed rule describes, in detail, the requirements for reporting and filing a Suspicious
  Activity Report (SAR)TXT, PDF .    6/28/06

• NCUA Proposes Rule for Conversion of Insured Credit Unions to Mutual Savings Banks

  NCUA proposes to amend its rules regarding the conversion of insured credit unions to mutual savings
  banks or mutual savings associations. The proposed revisions are intended to improve the information
  available to members and the board of directors as they consider a possible conversion. TXT, PDF .    6/28/06

• NCUA Proposes Revisions to the Official Sign Indicating Insured Status

  NCUA proposes to revise the official sign indicating a credit union's share accounts are insured by the NCUA to reflect recent share insurance increases and by including a statement that NCUA-insured share accounts are backed by the government. TXT, PDF .    6/28/06

• NCUA Final Rule for 3rd-Party Servicing of Indirect Vehicle Loans

  NCUA publishes Final Rule in FR to regulate purchases of indirect vehicle loans serviced by third parties, and to limit the aggregate amount of these loans.TXT, PDF .    6/28/06

• NCUA Publishes Final Rule for the Organization and Operation of Federal Credit Unions

  NCUA published Final Rule in FR to amend its field of membership rules regarding service to
  underserved areas that will limit underserved area additions to multiple commonbond credit unions.TXT, PDF .    6/28/06

• Nigeria Removed From FATF NCCT List

  The Financial Action Task Force (FATF) has removed Nigeria from its list of countries and territories that are non-cooperative in efforts to fight money laundering. Myanmar is the sole remaining jurisdiction on the list. NCCT List   6/28/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position with the addition of data as of June 23, 2006. Reserve Position   6/28/06

• Assets Reports Released

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for April 2006 have been released by the FRB. Reports    6/28/06

• First Quarter Final Interest Rate Risk Measures Published

  OTS has published the Final Interest Rate Risk Measures for the First Quarter 2006. Interest Rate Risk   6/28/06

• Counterfeit Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Fox Chase Bank, Hatboro, Pennsylvania, and counterfeit official checks bearing the name of Fifth Third Bank, Cincinnati, Ohio. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/27/06

• New Electronic Interpretations and Actions Online

  The OCC has posted online the June 2006 issue of New Electronic Interpretations and Actions. June 2006    6/27/06

• FRB Issues Annual Report

  The FRB has issued its 92nd Annual Report covering 2005 and presented it to Congress. Full Report; Report By Section   6/27/06

• FDIC Issues Unauthorized Banking Alert

  A Special Alert has been issued by the FDIC regarding unauthorized banking activities that may be conducted by an entity, International Money Transfer, that may be conducting banking operations in Canada or the United States without authorization. International Money Transfer (Unauthorized Banking)    6/26/06

• The FDIC issues Special Alerts

  Three special alerts regarding cashier's checks drawn on First Bank of Indiantown, Indiantown, Florida, that are missing, lost or stolen; counterfeit money orders bearing the name The Citizens Bank of Philadelphia, Philadelphia, Mississippi; counterfeit cashier's checks bearing the name Liberty Savings Bank, Middletown, Connecticut. Information concerning the checks and money orders has been posted on the BOL Alerts & Counterfeits page.   6/26/06

• CC Announces Workshops For Community Bank Directors

  The OCC will host three workshops for national community bank directors at the Millennium Knickerbocker Hotel, on July 25-26, 2006. The workshops, which are limited to the first fifty registrants, will provide practical information that expands bank directors' skills and understanding of issues facing their banks. Online registration is available. Workshops Information; Registration    6/26/06

• FHC List Update

  The FRB has updated the Financial Holding Company (FHC) list of bank holding companies that have elected to be treated as financial holding companies as of June 23, 2006. FHC List   6/26/06

• FRB Issues Statistical Releases

  The April 2006 G.20 Finance Companies and June 2006 E.15 Agricultural Finance Databook statistical releases for have been issued by the FRB.
  G.20; E.15   6/26/06

• Don't forget that you must use the newly revised FEMA Standard Flood Hazard Determination form starting July 1, 2006. You can start using the new form now and discard all of the old forms to avoid any problems. In addition, the amendments to Reg CC that define "remotely created checks" and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited also become effective July 1. The purpose of the amendments is to shift liability for unauthorized remotely created checks to the depositary bank, generally the bank for the person that initially created and deposited the remotely created check. Review your deposit agreement to determine if any revisions are necessary.
  Flood Form;
  Reg CC    6/23/06

• C&Ds Issued And CMPs Assessed

  The FRB has announced the issuance of a consent Order to Cease and Desist (C&D) and Assessment of Civil Money Penalties (CMP) against First Baird Bancshares, Inc., Bedford, Texas, and its president and chairman of the board of directors. The order was issued to address the alleged violation of the Bank Holding Company Act regarding the acquisition of more than five percent of the shares of another financial institution without the approval of the FRB. The respondents, without admitting to any allegations, agreed to the cease and desist order and to each pay civil money penalties in the amount of $87,500.
  Order    6/23/06

• PSR Policy Comments Sought

  Comments have been requested by the FRB regarding proposed revisions to Part I of its Policy on Payments System Risk (PSR policy), which addresses risk management in payments and settlement systems. Comments must be received by September 22, 2006.
  Comments    6/23/06

• Agencies Issue Uniform Standards of Professional Appraisal Practice Alert

  The federal financial institution regulators have issued a Joint Interagency Statement and FAQs to alert regulated institutions to revisions in Uniform Standards of Professional Appraisal Practice effective July 1, 2006.
  Statement;
  FAQs;
  OCC Bulletin;
  OTS CEO Letter; FRB SR Letter; FDIC FIL   6/23/06

• OCC Updates Licensing Manual

  The OCC has revised the "Charters" booklet to include amendments of the CRA highlights, S Corporation, and outside director requirements. It also incorporates FASB 123R guidance for accounting for stock options.
  Charters Booklet    6/23/06

• XBRL Seminar Announced By FDIC

  On Tuesday,June 27, 2006, XBRL-US and the FDIC will present a public event to promote the benefits of XBRL for government agencies. This event will be hosted by the FDIC at their conference facility in Arlington, VA.
  Agenda;
  Registration    6/23/06

• Appellate Decision Addresses HOEPA

  In the first reported decision we've seen emanating from the Home Ownership and Equity Protection Act (HOEPA), borrowers had sued asserting HOEPA disclosure violations. They claimed their loan was covered because of the total points and fees they paid at closing. Lender argued the appraisal and title insurance fees were bona fide and reasonable, and thus excluded from the definition of total points and fees under HOEPA. Borrowers disagreed and claimed the fees violated RESPA, and therefore weren't bona fide or reasonable. The court held they were paid to an unaffiliated third party for services actually performed; the lender derived no benefit from them. Therefore, held the 8th Circuit, those fees didn't violate RESPA, were bona fide and reasonable, were excludable from the points and fees calculation for HOEPA purposes, and the loan was thus not covered by HOEPA and no HOEPA disclosures were necessary.
  Mitchel vs. Beneficial Loan & Thrift Company   6/22/06

• Order Of Prohibition Issued Against Former Loan Officer

  The FRB has announced the issuance of an Order of Prohibition against a former loan officer of an Orlando, Florida branch of Regions Bank, Birmingham, Alabama. The officer consented to the issuance of the Order based on his actions relating to a mortgage he obtained from the bank; and his alleged use of the mortgage proceeds to fraudulently purchase, without the knowledge or consent of either the buyer or the seller, real property that a bank mortgage applicant had an option to purchase. Order   6/22/06

• Enforcement Actions Announced

  The OCC has announced twelve new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and seven terminations of existing actions. Enforcement Actions   6/22/06

• Managing Risk With Foreign Service Providers FIL Issued

  The FDIC has issued a FIL that contains a guidance that addressed the risks inherent in outsourcing relationships between U.S. financial institutions and foreign-based third-party service providers. The guidance provides steps that institutions should take to successfully manage such risks. FIL; Guidance   6/22/06

• FIL Regarding New Flood Form

  A FIL had been issued by the FDIC regarding the previously announced revision to the Standard Flood Hazard Determination Form, which includes a new OMB control number and a revised expiration date of October 31, 2008. The updated form must be used beginning July 1, 2006. Information regarding the new form and its instructions were posted in BOL Top Stories in May 1, May 8, and June 9, 2006. FIL    6/22/06

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with the addition of data current as of June 20, 2006. 314(a)    6/22/06

• Counterfeit Checks Special Alert Issued

  The FDIC has issued a Special Alert regarding counterfeit checks bearing the name of Carolina First Bank, Greenville, South Carolina. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/21/06

• FRB Proposed Rulemaking for Bank Secrecy Act Funds Transfer and Transmittal

  FRB publishes proposed rule in FR for proposed rulemaking relative to the threshold for the requirement to collect, retain, and transmit information on funds transfers and transmittals of funds. TXT, PDF .    6/21/06

• FDIC to Hold Three Identity Theft Symposia

  The FDIC has announced that it will hold a symposium on the importance of continued consumer confidence in e-commerce in San Francisco on June 23, 2006, at the Hyatt Regency Hotel. The half-day meeting will bring together experts from government and the private sector to discuss ways to combat online identity theft and help find ways to maintain public confidence in e-commerce. Two additional symposia are slated to be held in Arizona and Florida with the dates and sites to be determined. ID Theft    6/21/06

• June FedFocus Published

  The June 2006 issue of FedFocus has been published by FRB Financial Services and features articles on technology and innovations in today's financial sector. June FedFocus    6/21/06

• International Reserve Position Update

  The data for June16, 2006 has been posted on the U.S. International Reserve Position report. Reserve Position    6/21/06

• Working Papers Published

  The FRB has published one working paper in the IFDP series on the topic of Transmission of Volatility and Trading Activity in the Global Interdealer Foreign Exchange Market: Evidence from Electronic Broking Services (EBS) Data and four working papers in the FEDS series on the following topics: Explaining Cyclical Movements in Employment: Creative Destruction or Changes in Utilization; Intangible Capital and Economic Growth; The Price of Residential Land in Large U.S. Cities; and Solving Linear Rational Expectations Models: A Horse Race. Transmission Abstract; Transmission Full Paper; Explaining Abstract; Explaining Full Paper; Intangible Abstract; Intangible Full Paper; The Price Abstract; The Price Full Paper; Solving Abstract; Solving Full Report    6/21/06

• OTS Senior Management Directory Released

  OTS has released a directory of its senior management and their telephone numbers. Directory  6/21/06

• New SAR Form Submitted To OMB

  The Federal financial institution regulators have submitted the new SAR form to the OMB for review. The Agencies previously requested public comment on a major revision of the SAR form. The summary of the comments received and the corresponding responses and revisions by the agencies is included. Written comment concerning the revisions are due on or before July 19, 2006. Information regarding the initial request for public comments was posted in the February 22, 2006 BOL Top Stories. OMB Review    6/20/06

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Dollar Bank, FSB, Pittsburgh, Pennsylvania, and The National Bank of Blacksburg, Blacksburg, Virginia. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   6/20/06

• OFAC Additions And A Deletion

  The President has signed a new executive order blocking property of certain persons undermining democratic processes or institutions in Belarus. Numerous names have been added to the SDN list with the BELARUS designation and one name with the LIBERIA designation has deleted from the list. Information regarding the additions and the deletion has been posted on the BOL OFAC page.   6/20/06

• Prohibition Orders Issued

  NCUA has issued orders prohibiting three individuals from participating in the affairs of any federally insured financial institution. Orders   6/20/06

• July 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 July 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that 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. A weekly rate inclusive of the 15th will not be published until Monday afternoon. Daily H.15   6/19/06

• Fund Transfer Recordkeeping Threshold ANPR Issued

  The FRB and FinCEN have issued an ANPR that seeks information on the potential benefit and burden of lowering or eliminating the $3,000 threshold in the recordkeeping rule for funds transfers and transmittals of funds by financial institutions. ANPR; FRB PR   6/19/06

• Clarification Letter Issued Regarding Reg. O And Insider Credit Card Use

  A legal interpretation letter has been sent by the FRB in response to a request by Douglas Jones, Acting General Counsel, Federal Deposit Insurance Corporation, to clarify the application of whether and under what circumstances an insider's use of a bank-owned credit card would be deemed an extension of credit by the bank to the insider for purposes of Reg. O. Legal Interpretation   6/19/06

• CA Letter Advises Of Revisions Of Flood Form

  The FRB has issued a CA Letter regarding the revisions to the Standard Flood Hazard Determination Form and its accompanying Instructions. Information regarding the new form and its instructions were posted in BOL Top Stories in May 1, May 8, and June 9, 2006. CA Letter   6/19/06

• Bank Accounting Updates

  The OCC has published the May 2006 update of its Banking Accounting Series that contains the advisories on accounting topics of interest to national banks. Two new topics, Employee Stock Options and Hedging Activities, have been added and other existing topics have been revised. Bank Accounting   6/19/06

• Lessons Learned From Katrina

  The FFIEC member agencies and the Conference of State Bank Supervisors published a booklet, LESSONS LEARNED FROM HURRICANE KATRINA: Preparing Your Institution for a Catastrophic Event, which contains financial institutions' experiences and lessons learned in the aftermath of Hurricane Katrina. Booklet; FRB PR; OCC NR; FDIC FIL; OTS CEO Letter; FFIEC PR   6/16/06

• CRA Ratings Released

  The OCC has released the list of CRA performance evaluations for twenty-three national banks that became public during the period of May 15, 2005 through June 14, 2006. CRA Ratings    6/16/06

• Counterfeit Checks Alerts Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on National Bank of Blacksburg, Blacksburg, Virginia; and the FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on The Citizens National Bank of Bluffton, Bluffton, Ohio; and counterfeit official checks bearing the name of ViewPoint Bank, Plano, Texas, or its previous name, Community Credit Union, Plano, Texas. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/16/06

• 2006 SOD Survey Information

  The FDIC has issued an FIL containing information regarding the filing of the 2006 Summary of Deposits (SOD) surveys that are due from all FDIC insured institutions with branches by July 30, 2006. FIL   6/16/06

• FTC Collects Nearly One Million For Do Not Call Violations

  A credit counseling service and related companies and individuals have agreed to pay $926,754 in consumer redress and civil penalties to settle FTC charges that they made false claims about their debt management program and violated the Do Not Call Rule. Settlement    6/16/06

• Comment Sought On Payment Risks Policy Paper

  The FRB has requested public comment on a consultation paper that is intended to help the Board obtain broader information on intraday liquidity management issues and to lay the groundwork for discussions about the long-term evolution of its Payment System Risk Policy. Comments   6/16/06

• Bernanke On Energy And The Economy

  In a presentation to the Economic Club of Chicago, Chairman Bernanke discussed the relationship between energy markets and the economy. He noted that higher relative prices of energy will create incentives for businesses to create new, energy-saving technologies and for energy consumers to adopt them. In addition, Government can contribute by working to create a regulatory environment that encourages the growth in energy supplies in a manner that is consistent with our nation's environmental and other objectives. Speech   6/16/06

• June FedFlash Published

  Federal Reserve Financial Services has published the June 15, 2006 issue of FedFlash that features articles on Risk Payment Policy changes, items in carrier documents, guide to cashing savings bonds, and a new off-peak check deposit program. FedFlash    6/16/06

• Costs Of Funds Reports Released

  OTS has released the historical and April 2006 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; April 2006    6/16/06

• April TIC Data Released

  Treasury has released the TIC Data report for April 2006. TIC    6/16/06

• CAC Nominations Sought

  The FRB has announced that it is seeking nominations for appointments to its Consumer Advisory Council which meets three times annually in Washington, D.C. Ten new members will be appointed to serve three-year terms beginning in January 2007. Nominations must be received prior to August 25. 2006. CAC    6/16/06

• Letter Of Understanding Issued

  NCUA has issued a Letter of Understanding and Agreement to the officials of Toledo Metro Federal Credit Union, Toledo, Ohio, in order to restore the credit union to safe and sound operation.
  Letter    6/15/06

• June Beige Book Published

  The FRB has published a new issue of the Beige Book based on information collected on or before June 5, 2006.
  Summary;
  Full Report    6/15/06

• Commercial Banks 2005 Balance Sheet Report Issued

  The Federal Reserve Bulletin contains an article on Profits and Balance Sheet Developments at U.S. Commercial Banks in 2005.
  Balance Sheet    6/15/06

• Counterfeit Cashier's Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on First National Bank of Nevada, Scottsdale, Arizona. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    6/14/06

• Treasury Designates Companies Supporting Iranian Missile Proliferation

  Four Chinese companies and one U.S. company have been designated by Treasury as proliferators of weapons of mass destruction who have supplied Iran's military and Iranian proliferators with missile-related and dual-use components. All transactions between the designees and any U.S. person are prohibited and any assets the designees may have under U.S. jurisdiction are frozen. Information regarding the designations has been posted on the BOL OFAC page.    6/14/06

• Columbian Drug Cartel Entities Added To OFAC List

  OFAC has added five individuals and twenty companies tied to Colombia's North Valle drug cartel to its list of SDNTs. Information regarding the additions has been posted on the BOL OFAC page.    6/14/06

• Fake FDIC Emails Consumer Alert Issued

  The FDIC has issued a Consumer Alert regarding fraudulent emails sent to financial institution customers that fraudulently claim to be from the FDIC. The e-mails falsely indicate that FDIC deposit insurance is suspended until highly sensitive personal information is provided. Information concerning the Alert has been posted on the BOL Alerts & Counterfeits page.   6/14/06

• National Banks Affected By Alberto Allowed To Close

  The OCC has issued a proclamation that allows national bank offices affected by Tropical Storm/Hurricane Alberto to close at their discretion. Alberto   6/14/06

• Agencies Issue Host State Loan-to-Deposit Ratios

  The Federal banking agencies have issued updated host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Ratios; FRB PR; OCC NR; FDIC PR   6/14/06

• 2006 UBPR User's Guide Online

  The FFIEC has posted the 2006 UBPR User's Guide online. Guide; Index   6/14/06

• Bernanke Promotes Increasing Economic Opportunities

  In a presentation to the attendees at the Fifteenth Congressional District of Texas' Fifth Regional Issues Conference, in Washington, D.C., Chairman Bernanke discussed strategies for helping families improve their economic and financial well-being. He noted financial education is clearly central to helping consumers make better decisions for themselves and their families, but the collaborative efforts of policymakers, regulators, nonprofit organizations, and financial service providers are necessary to ensure that consumers have the tools and the information they need to make better decisions. Speech   6/14/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report with the addition of data as of June 9, 2006. Reserve Position   6/14/06

• Counterfeit Cashier's Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Alaska First Bank & Trust, N.A., Anchorage, Alaska. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   6/13/06

• $4,000 Flood Violation CMP

  The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Bank of Tazewell County, Tazewell, Virginia, resulting from alleged violations of Reg H. The bank is required to pay a civil money penalty of $4,000, which will be remitted to the FEMA for deposit into the National Flood Mitigation Fund. CMP   6/13/06

• What Are Examiners Looking For?

  In a presentation at the ABA Regulatory Compliance Conference in Orlando, FRB Governor Olson discussed the expectations of bank examiners regarding the adequacy of a compliance-risk management program and its ability to manage the organization's compliance risk. Speech   6/13/06

• New FedReceipt Routing Numbers Announced

  Federal Reserve Financial Services has announced that new routing numbers have been added to the FedReceipt forward collection product and a new pricing schedule will be effective starting July 3, 2006. Routing Numbers   6/13/06

• Quicker LOMAs from FEMA

  Effective June 12, 2006, surveyors and engineers will be able to submit Letter of Map Amendment (LOMA) requests to FEMA through a simple web-based application. This will help expedite matters for borrowers, as FEMA says it will be able to provide a determination in minutes, if all pertinent information is provided and the request is not audited. eLOMA Information  
  6/13/06

• Bogus Credit Repair Firm Fined $322,000

  A bogus credit repair company and its owner who violated the law by making false and misleading claims, and billing in advance for its services, and has ordered by a federal judge to pay injured consumers more than $322,000. Court Order; News Release   6/13/06

• First Quarter 2006 Preliminary IRR Measures Released

  OTS has released the preliminary IRR measures report for the First Quarter 2006. IRR Measures   6/13/06

• Bulletin Issued Regarding Revised Flood Hazard Determination Form

  The OCC has issued a Bulletin regarding the previously announced revision by FEMA of the Standard Flood Hazard Determination form. Information regarding the new form and its instructions were posted in the May 1 and May 8, 2006 BOL Top Stories. Form; Bulletin   6/09/06

• Dugan On Basel II

  The Basel II capital accord was discussed by Comptroller Dugan in a presentation to the Centre for the Study of Financial Innovation. He noted that even though the OCC has been a frequent critic of the accord and worked to make important changes, the agency supports moving forward with implementation. Speech   6/09/06

• Flow Of Funds Report Released

  The Z.1 First Quarter 2006 Flow of Funds Report has been released by the Federal Reserve. Complete File; Index   6/09/06

• Institutions Pay Civil Penalties For OFAC Violations

  Civil penalties have been paid to OFAC by Chevy Chase Bank, Bethesda, Maryland, in the amount of $3,352.86 and Downey Savings and Loan, Newport Beach, California, in the amount of $44,898.65 to settle alleged violations of the Iran Sanctions Program. Penalties    6/08/06

• Enforcement Actions Released

  The FDIC has released information regarding nine removal and prohibition orders, and eight civil money penalty orders taken against banks and individuals in April 2006. Enforcement Orders    6/08/06

• FR Bulletin Supplement Published

  The FRB has published the May 2006 Statistical Supplement to the Federal Reserve Bulletin. Supplement    6/08/06

• Consumer Credit Report Issued

  The G.19 Consumer Credit Report for April 2006 has been issued by the FRB. G.19    6/08/06

• Special Alerts Issued

  The FDIC has issued two Special Alert regarding counterfeit cashier's checks listing the routing number assigned to First Northern Bank of Dixon, Dixon, California, and bearing the name of First Bank, Austin, Texas, and fraudulent money orders bearing the name of 1st United Bank, Boca Raton, Florida. Information concerning counterfeit cashier's checks and the fraudulent money orders has been posted on the BOL Alerts & Counterfeits page.    6/07/06

• 314(a) Fact Sheet Updated

  FinCEN has issued an updated 314(a) Fact Sheet that contains data current as of June 6, 2006.
  314(a) Fact Sheet   6/07/06

• Dugan Promotes Increased Investment Authority

  In identical letters the chairmen and ranking members of the Senate Banking Committee and House Financial Services Committee, Comptroller Dugan urged Congress to adopt legislation that would increase the authority of banks and thrifts to invest in projects that provide housing, community services, and jobs for low- and moderate-income communities and families across the nation. Letter   6/07/06

• CAC Meeting Scheduled

  The FRB has announced that the Consumer Advisory Council will hold its next meeting on Thursday, June 22, 2006, in Dining Room E, Terrace level, in the Board's Martin Building, in Washington D.C. The session will begin at 9:00 a.m. EDT and is open to the public. For security purposes, online registration is required no later than Tuesday, June 20, 2006. CAC; Registration   6/07/06

• Discount Rate Meetings Minutes Released

  The minutes of the FRB discount rate meetings from April 10 through May 10, 2006, have been released. Minutes   6/07/06

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Citizens National Bank of Bluffton, Ohio. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    6/06/06

• CRA Ratings Released

  The FDIC has issued the list of state nonmember banks recently evaluated for compliance with the CRA and the evaluation ratings assigned to the institutions. Ratings

• 50 CRA Exams Scheduled For Third Quarter

  OTS has announced that 50 savings associations are scheduled for CRA examinations during the third quarter of 2006. Schedule    6/06/06

• Bernanke Comments On Economic Outlook

  During his participation on a panel discussion at the International Monetary Conference, Chairman Bernanke commented on the outlook for the U.S. economy and monetary policy. He noted that is was reasonably clear that the U.S. economy is entering a period of transition. Monetary policy must be conducted with great care and with close attention to the evolution of the economic outlook. The medium-term outlook for inflation will receive particular scrutiny. Comments   6/06/06

• International Reserve Position Update

  The U.S. International Reserve Position report has been updated by Treasury to include data as of June 2, 2006. Reserve Position   6/06/06

• FRB publishes technical amendment in FR to Reg CC Final Rule

  The Board of Governors is amending appendix A of Regulation CC for the availability and collection of checks, to ensure that the information in appendix A accurately describes the actual structure of check processing operations within the Federal Reserve System. TXT, PDF .    6/05/06

• Counterfeit Checks Alert Issued

  The FDIC has issued an Alert regarding counterfeit checks bearing the name of Adams Co-operative Bank, Adams, Massachusetts. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    6/05/06

• Three ID Theft Symposiums Scheduled

  The FDIC has announced that three identity theft symposiums - Building Consumer Confidence in an E-Commerce World - will be held in San Francisco, California and at locations to be determined in the Phoenix area and Florida. A draft of the agenda was provided and online registration is available. Symposiums; Agenda; Registration   6/05/06

• Foreign Exchange Market Working Paper Published

  A working paper in the IFDP series on the topic - What Drives Volatility Persistence in the Foreign Exchange Market? – has been published by the FRB. Abstract; Full Paper    6/05/06

• SDN Additions and Changes Announced

  OFAC has announced that three individuals and two entities have been added to the SDN list with the designation of SDNTK. Changes have also been made to two existing individual SDN entries. Information regarding the additions and changes has been posted on the BOL OFAC page.    6/02/06

• CRA Community Development List Released

  The federal bank and thrift regulatory agencies have released the 2006 list of distressed or underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive CRA consideration as community development. List; FRB PR; FDIC PR; OCC NR; OTS PR    6/02/06

• CRA Ratings Released

  OTS has released the ratings received by savings associations that were recently evaluated for compliance with the CRA. Ratings   6/02/06

• Third Quarter 2006 CRA Examination Schedule Announced

  The OCC has announced the examination schedule for CRA compliance of national banks to be conducted during the third quarter 2006. Examination Schedule    6/02/06

• Agencies To Continue To Share ERISA Information

  An interagency agreement has been entered into between the federal banking agencies and the Department of Labor which replaces an 1981interagency agreement that established procedures for the sharing of documentation that pertained to possible violations of the ERISA. Agreement; OCC Bulletin   6/02/06

• Three FEDS Working Papers Published

  The FRB has published three working papers in the FEDS series on the following topics: Inflation Targeting under Imperfect Knowledge; Likelihood Ratio Tests on Cointegrating Vectors, Disequilibrium Adjustment Vectors, and their Orthogonal Complements; and Monetary Policy Implementation Without Averaging or Rate Corridors. Inflation Abstract; Inflation Full Paper; Likelihood Abstract; Likelihood Full Paper; Monetary Abstract; Monetary Full Paper    6/02/06

• May Foreign Exchange Rates Released

  The G.5 Foreign Exchange Rates report for May 2006 has been released by the FRB. G.5   6/02/06

• June FedFlash Published

  The June 1, 2006 issue of FedFlash features articles on Check 21, FedACH Risk Origination Monitoring Service, investigations of image cash letters and substitute checks, and changes to HDGS and PPGS transit number listings. FedFlash   6/02/06

• Third Quarter CRA Exam Schedule Issued

  The FDIC has issued its CRA examination schedule for the third quarter 2006. Schedule    6/01/06

• Counterfeit Checks Special Alerts Issued

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

  • The Somerville National Bank, Somerville, Ohio
  • Primebank, Le Mars, Iowa,
  • Western Commerce Bank, Carlsbad, New Mexico

  and counterfeit official checks bearing the name of Franklin Savings Bank, Franklin, New Hampshire and California Bank & Trust, San Diego, California. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    6/01/06

• Processing Centers To Close

  Federal Reserve Financial Services has announced that three check processing centers in San Francisco, Kansas City, Missouri, and Helena, Montana, will be closed as consumers and businesses continue the shift from using paper checks toward electronic payments. One additional center in Omaha, Nebraska, will be converted to a cash depot. The processing will be shifted to other Reserve Bank check processing centers. Closings Cash Depot    6/01/06

• OCC Updates Licensing Manual

  The Business Combinations booklet section of the Comptroller's Licensing Manual that contains guidance on perfecting dissenters' shareholder rights and requesting a stock appraisal has been revised and OCC Banking Circular 259 has been rescinded. Booklet    6/01/06

• Transactions Deemed Permissible Under Reg Y

  The FRB has issued a response letter that contains a legal interpretation confirming that certain volumetric production payment transactions in physical commodities are extensions of credit permissible for a bank holding company under section 225.28(b)(1) of Reg Y. Letter    6/01/06

• HOEPA Hearings Scheduled

  The FRB will hold four public hearings during June and July to examine the home equity lending market, and to assess the effectiveness of existing regulatory and legislative provisions in protecting the interests of consumers. Hearings    6/01/06

• Tenth Issue SAR Activity Review Published

  FinCEN has published Issue 10 of the SAR Activity Review – Trends, Tips & Issues. SAR    6/01/06

• March Owned And Managed Receivables Report Released

  The G.20 Owned and Managed Receivables Outstanding Report for March 2006 has been released by the FRB.
  G.20    6/01/06

• Large Commercial Bank Rankings Released

  The Ranking by Consolidated Assets of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of March 31, 2006 has been released by the FRB. Ranking    6/01/06

• Snow Resigns

  Treasury Secretary Snow submitted his resignation to President Bush in a letter dated May 30. 2006. The President accepted his resignation and nominated Hank Paulson, Chairman and Chief Executive Officer of the Goldman Sachs Group, as his replacement. Letter; Nomination    5/31/06

• BSA Direct Project Assessment Extended

  FinCEN has announced that the temporary stop work order on the Retrieval and Sharing Component of the BSA Direct project will be extend for an additional 30 days at the request of the team working on an assessment of the project. Extension   5/31/06

• Reg CC Check Processing Amendments Announced

  The FRB has announced amendments to Appendix A of Regulation CC that reflect the previously announced restructuring of the Federal Reserve's check processing operations in the Second and Third Districts. Reg CC
     5/31/06

• New Electronic Interpretations and Actions Online

  The OCC has posted online the May 2006 issue of New Electronic Interpretations and Actions. Electronic   5/31/06

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report with the addition of data as of May 26, 2006. Reserve Position   5/31/06

• Misprinted Treasury Checks Special Notice Issued

  The Federal Reserve Financial Services has issued a special notice concerning Treasury checks dated May 24, May 26 and June 1, 2006, that may contains a partially printed MICR line. Financial institutions are instructed to accept the Treasury checks. Information regarding the misprinted Treasury checks has been posted on the BOL Alerts & Counterfeits page.   5/30/06

• FedACH Monitoring Service Online Seminar

  Federal Reserve Financial Services has announced that an online seminar is available regarding the FedACH Risk Origination Monitoring Service. The presentation, Shedding Light On ACH Risk, features video webisodes and an ACH risk quiz. Seminar.   5/30/06

• Bank Failure Record Set

  The FDIC has announced that there has not been a failure of an FDIC-insured institution in more than seven quarters. The last failure was on June 25, 2004. This is the longest interval without an insured institution failure in the FDIC's 73-year history. In addition, commercial banks and savings institutions insured by the FDIC reported a record quarterly net income of $37.3 billion for the first three months of 2006, eclipsing the previous quarterly high of $34.6 billion set in the third quarter of 2005.Records.   5/30/06

• FRB publishes Correction to Final Rule for Reg Z

  FRB published a CFR correction in the FR to the periodic statement for Final Rule for Reg Z, originally published in FR on 1/01/06. TXT, PDF .    5/30/06

• FCRA Medical Information Compliance Examination Procedures Issued

  The FDIC has issued a FIL announcing that the FFIEC Task Force on Consumer Compliance has approved examination procedures to assess compliance with the medical information regulations that became effective on April 1, 2006. The regulations implement the Protection of Medical Information provisions of the FCRA, as amended by the FACT Act. The new procedures are effective with the issuance of the FIL.
  Procedures; FIL    5/26/06

• Fraudulent And Counterfeit Checks Alerts Issued

  The OCC has issued two Alerts regarding fraudulent checks issued with a fictitious bank name, Northridge Bank, Austin, Texas, are being presented for payment and counterfeit cashier's checks bearing the name of The Honesdale National Bank of Honesdale, Pennsylvania. Information regarding the checks has been posted on the BOL Alerts & Counterfeits page    5/26/06

• Special Alerts Issued

  Four Special Alerts regarding counterfeit cashier's, official, and dividend checks have been issued by the FDIC. Cashier's Checks bearing the name of:

  • Northrim Bank, Anchorage, Alaska
  • 1st Constitution Bank, Cranbury, New Jersey
  • Official Checks bearing the name of East Cambridge Savings Bank, Cambridge, Massachusetts
  • Dividend Checks bearing the name of Delta National Bancorp, Manteca, California

  Information regarding the checks has been posted on the BOL Alerts & Counterfeits page    5/26/06

• FRB Issues 2006 Hurricane Contact Information

  The FRB of Atlanta has released its 2006 hurricane season preparation and contact information. Hurricane Information    5/26/06

• First Quarter 2006 Quarterly Banking Profile Published

  The FDIC has published the Quarterly Banking Profile for the first quarter 2006. Quarterly Banking Profile    5/26/06

• CU First Quarter Call Report Information Released

  NCUA has released the CU Call Report information for the first quarter 2006. Call Report    5/26/06

• Reich Appears Before House Oversight Subcommittee

  The OTS Director has made a presentation at the Oversight Hearing on the OTS before the House Subcommittee on Oversight and Investigations of the Committee on Financial Services. He reviewed the activities of the OTS and the current state of the thrift industry. Speech    5/26/06

• Chinese World Trade Working Paper Published

  A working paper in the IFDP series on the topic of Exchange-Rate Effects on China's Trade: An Interim Report has been published by the FRB. Abstract; Full Paper    5/26/06

• ID Theft Prevention Special Alert

  The FDIC has issued a Special Alert that urges financial institutions to be vigilant against the misuse of personal information for both new and existing customers. The Alert specifically references the recent announcement by the VA that electronic data on approximately 26.5 million veterans and some spouses may have been compromised. Special Alert    5/25/06

• Issue 6 Of SAR Activity Review Published

  FinCEN has published Issue 6 of the SAR Activity Review - By the Numbers that contains information on SARs filed from April 1, 1996 to December 31, 2005. SAR   5/25/06

• 314(a) Fact Sheet Update

  The 314(a) Fact Sheet has been updated by FinCEN to include data received from financial institutions as of May 23, 2006. Fact Sheet    5/25/06

• FDIC Proposed Rulemaking Correction regarding Assessments

  FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
  published in the Federal Register of May 18, 2006, regarding Assessments. TXT, PDF .    5/25/06

• FDIC Proposed Rulemaking Correction regarding One-Time Assessment Credits

  FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
  published in the Federal Register of May 18, 2006, regarding the One-time Assessment Credit. TXT, PDF .    5/25/06

• FDIC Proposed Rulemaking Correction regarding Dividends

  FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
  published in the Federal Register of May 18, 2006, regarding Dividends. TXT, PDF .    5/25/06

• Community Director Workshops To be Held in New Jersey And Illinois

   
  The OCC will hold workshops for national community bank directors on June 20-21, 2006 in Springfield, Illinois, and on June 27, 2006 in Morristown, New Jersey. Springfield Workshop; Morristown Workshop   5/24/06

• Bernanke Discusses The Need For Financial Literacy

  In a presentation to the Senate Committee on Banking, Housing, and Urban Affairs, Chairman Bernanke emphasize the importance of financial literacy, both as a source of better decision making by consumers and as a means of improving the functioning of financial markets. He also listed some of the significant System and Federal Reserve District programs and collaborative efforts in financial and economic education.
  Speech   5/24/06

• FDIC Performance Plan Released

  The FDIC has released the agency's Corporate Annual Performance Plan that sets out specific annual performance goals, indicators and targets for each of its three major business lines of Insurance, Supervision, and Receivership Management. Plan   5/24/06

• Monetary Policy Working Paper Published

  The FRB has published a working paper in the IFDP series with the title of Can the U.S. Monetary Policy Fall (Again) in an Expectation Trap? Abstract; Full Paper   5/24/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position with the addition of data as of May 19, 2006.
  Reserve Position   5/24/06

• AML Deficiencies Result In Written Agreement

  The FRB has announced the execution of a Written Agreement by and among Texas State Bank, McAllen, Texas, the Federal Reserve Bank of Dallas, and the Texas Department of Banking. The bank has agreed to develop an acceptable written BSA/AML program to insure compliance with all applicable AML laws, rules, and regulations. Written Agreement   5/22/06

• Order Of Prohibition Issued

  An Order of Prohibition has been issued by the FRB against Yolanda Salido, a former institution-affiliated party of Gulf Bank, Miami, Florida, due to her alleged participation in violations of law and breaches of fiduciary duty to the bank and its customers regarding her alleged embezzlement of funds from the bank through a variety of schemes over several years. Order   5/22/06

• BSA/AML Violations CMPs Assessed

  FinCEN, the FDIC, and the New York State Banking Department have announced the assessment of $600,000 in CMPs against Liberty Bank of New York for violations of federal and state anti-money laundering laws and regulations. The bank failed to implement an adequate BSA/AML program, with internal controls and appropriate measures to detect and report money laundering and other suspicious activity in a timely manner. FDIC Order; FinCEN Order; New York Banking Dept Order   5/22/06

• Dugan Says Supervisory Process Must Support Banking Industry

  In a presentation at the Conference on Bank Structure and Competition, sponsored by the Federal Reserve Bank of Chicago, Comptroller Dugan noted that the supervisory process must support a competitive banking industry that takes risks and innovates, while also ensuring a safe and sound system that avoids excessive risks. He stated, "Knowing when to intervene in business of the banking system, and to what degree, will always demand the exercise of subjective judgment." Speech   5/22/06

• Strong First Quarter Posted By Thrift Industry

  OTS has reported that the nation's thrift industry posted strong earnings and profitability, solid loan growth and healthy asset quality in the first quarter of 2006. Highlights; Charts; Selected Indicators   5/22/06

• Twenty-Four CRA Ratings Released

  The OCC has released the ratings received by twenty-four national banks that were recently examined for compliance with the provisions of the CRA. Ratings   5/19/06

• Enforcement Actions Announced

  Thirteen new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks have been announced by the OCC. Enforcement Action    5/19/06

• Bernanke Analyses Basel II

  In a presentation at the FRB of Chicago's 42nd Annual Conference on Bank Structure and Competition, Chairman Bernanke commented on the promises and challenges banks will face with the implementation of Basel II. He noted that Basel II represents the concerted efforts of the supervisory community, in consultation with banks and other stakeholders, to develop a more risk-sensitive and more comprehensive framework for assessing capital adequacy. The step-by-step implementation plan, which all the U.S. banking agencies support, should ensure that banking organizations maintain strong capital positions throughout the transition years and after. Speech   5/19/06

• Working Papers Published

  The FRB has published two working papers in the IFDP series on the topics of Currency Hedging and Corporate Governance: A Cross-country Analysis and Trade Adjustment and the Composition of Trade. Currency Abstract; Currency Full Paper; Trade Abstract; Trade Full Paper   5/18/06

• FDIC Proposes Dividend Requirements Implementation

  The FDIC publishes proposed rule in FR to amend 12 CFR 327 to implement the
  dividend requirements in the recently enacted Federal Deposit Insurance
  Reform Act of 2005 ("Reform Act") and the Federal Deposit Insurance
  Reform Conforming Amendments Act of 2005 ("Amendments Act") for an
  initial two-year period. 71FRE6-7585 TXT, 71FRE6-7585 PDF.    5/18/06

• FDIC Proposes One-Time Assessment Credit

  FDIC publishes proposed rule in FR to amend 12 CFR part 327 to implement the one-time assessment
  credit for certain eligible insured depository institutions required by the Federal Deposit Insurance Act ("FDI Act") as amended by the Federal Deposit Insurance Reform Act of 2005 ("Reform Act"). 71FRE6-7583 TXT, 71FRE6-7583 PDF.    5/18/06

• FDIC Proposes Quarterly Assessment Collection and 3-Year Retention Period

  The FDIC publishes proposed rule in FR to amend 12 CFR part 327 to make the deposit insurance assessment system react more quickly and more accurately to changes in institutions' risk profiles, and to eliminate causes for complaint by insured depository institutions. 71FRE6-4657 TXT, 71FRE6-4657 PDF.    5/18/06

• FRB publishes Amendment to Equal Credit Opportunity Rule

  The FRB publishes technical amendments to Equal Credit Opportunity Final Rule that
  corrects the address of the Office of the Comptroller of the Currency as published in the Federal Register on March 7, 2006. FR Vol. 71, No. 95, Page 28563 TXT, FR Vol. 71, No. 95, Page 28563 PDF.    5/17/06

• FRB publishes Final Rule to Extend Credit by Federal Reserve Banks

  FRB publishes Final Rule in FR that adopts final amendments to Regulation A to reflect the Board's
  approval of an increase in the primary credit rate at each Federal Reserve Bank.71FR06-4592 TXT, 71FR06-4592 PDF.    5/17/06

• June HOEPA Rate Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in June 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that 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; (A weekly rate inclusive of the 15th will not be published until next week.)    5/17/06

• Financial Literacy Programs May Qualify For CRA Credit

  In comments during his attendance at the Financial Literacy and Education Commission, Comptroller Dugan noted that involvement in financial literacy programs helps banks develop new customers while enhancing their visibility in the communities they serve and that participation may receive positive consideration under the Community Reinvestment Act. Comments    5/17/06

• Spring Issue FDIC Consumer News Published

  The FDIC has published the Spring 2006 Issue of the FDIC Consumer News which contains articles on the following topics: FDIC Insurance: Do You Know As Much As You Think You Know?; Misconceptions: A Top 10 List; FDIC Insurance: What's New, What's Not; How to Fully Insure Much More than $100,000; and Answers to Common Questions About Debit Cards. Consumer News    5/17/06

• FIL Issued Regarding Interagency Statement

  The FDIC has issued a FIL regarding the previously announced interagency statement concerning internal controls and risk-management procedures that should be used by financial institutions to identify, manage and address the heightened legal or reputational risks that may arise from their involvement in certain complex structured finance transactions. Information regarding the statement was posted in the May 10, 2006 BOL Top Stories. FDIC FIL    5/17/06

• Industrial Production Report Issued

  The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for April 2006. G.17    5/17/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of May 12, 2006. Reserve Position    5/17/06

• Seven Counterfeit Special Alerts Issued

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

  • North Valley Bank, Redding, California
  • Heritage Bank of Schaumburg, Schaumburg, Illinois
  • First American Bank & Trust, Sioux Falls, South Dakota
  • MB Financial Bank, N.A., Chicago, Illinois,
  • Farmers Bank, San Antonio, Texas
  • Bank of Lake Mills, Lake Mills, Wisconsin

  Another Special Alert was issued concerning counterfeit bank drafts bearing the name of Farmers State Bank, Pittsfield, Illinois. Information concerning the counterfeit checks and drafts has been posted on the BOL Alerts & Counterfeits page.   5/16/06

• Mortgage Fraud Data To Be Shared

  FinCEN and the Office of Federal Housing Enterprise Oversight (OFHEO) have reached an agreement to facilitate the sharing of information by OFHEO of its examination findings regarding actual or suspected mortgage fraud with FinCEN, who will include the information in its BSA database. Agreement   5/16/06

• March TIC Data Released

  Treasury has released the TIC Data for March 2006. TIC   5/16/06

• Lending Practices Opinion Survey Results Published

  The FRB has published the April 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices which addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. The survey also contained a set of special questions on the minimum required payment on outstanding credit card balances of individuals and households. Full Report; Table 1; Table 2; Charts   5/16/06

• May Issue Of FedFlash Online

  FRB Financial Services has posted online the May 15, 2006 issued of FedFlash which features articles on the following topics: Go Direct Online enrollment; information for TT&L FedMail and TT&L Plus users; national pricing for the Electronic Reject Repair Service; processing returns if FedACH interruptions occur; Account Service updates; and new FedReceipt routing numbers. May FedFlash   5/16/06

• Cost Of Funds Reports Issued

  OTS has issued the historical and March 2006 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; March 2006   5/16/06

• Counterfeit Cashier's Checks Alerts Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Rockport National Bank of Rockport, Massachusetts, and the FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Farmers Bank, San Antonio, Texas, and the routing number assigned to Extraco Banks, N.A., Temple, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   5/12/06

• Terrorist Assets Report Issued By OFAC

  OFAC has issued its annual report to Congress of assets in the United States of terrorist countries and international terrorist program designees. Report   5/12/06

• FDIC Reference Book Compiled

  A Legal Support Services Deskbook has been prepared by the FDIC to provide policies and procedures, shell contracts, and standard forms for in-house attorneys, experts, and legal support services providers. Deskbook   5/12/06

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with the addition of data as of May 9, 2006. 314(a) Fact Sheet   5/12/06

• FRB Bulletin Statistical Supplement Published

  The April 2006 Statistical Supplement to the FRB Bulletin has been published. Supplement   5/12/06

• Flood Violation CMP Issued

  The FRB has issued a consent Order of Assessment of a $16,350 CMP against United Bank, Parkersburg, West Virginia, for alleged violations of Reg H. Order   5/11/06

• OCC Issues Counterfeit Checks Alerts

  The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Peoples National Bank of Hallstead, Pennsylvania, and counterfeit cashier's checks and fictitious business checks issued in the name of First Bank & Trust, N.A., Canton, South Dakota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts &Counterfeits page   5/11/06

• Fed Funds Rate To 5%

  The FOMC has raised the target for the federal funds rate and the discount rate by 25 basis points to 5 percent and 6 percent respectfully. Rates   5/11/06

• Belarus Guidance Issued

  FinCEN has issued a Bulletin that contains an advisory to U.S. financial institutions regarding a potential ML threat involving Belarusian government senior foreign political officials and their related interests.
  Bulletin; Advisory   5/11/06

• FTC Announces ID Theft Education Program

  The FTC and the Justice Department have launched a nationwide ID theft campaign and will send "AvoID Theft: Deter, Detect, Defend" education kits to victim advocates across the country including financial institutions. A Web site has been created that contains links to information of regarding combating ID theft. Campaign; Web Site   5/11/06

• FILs Issued

  The FDIC has issued two FILs regarding the effect of the Federal Deposit Insurance Reform Act on the Call Report and update of FDIC deposit insurance brochures. Call Report FIL; Brochures FIL   5/11/06

• Five FEDS Working Papers Published

  The FRB has published five working papers in the FEDS series on the following topics: Do Macro Variables, Asset Markets, or Surveys Forecast Inflation Better?; Consumer Use of Debit Cards: Patterns, Preferences, and Price Response; The Choice at the Checkout: Quantifying Demand Across Payment Instruments; Captive Markets: The Impact of Kidnappings on Corporate Investment in Colombia; and A Retrospective Evaluation of the Effects of Temporary Partial Expensing. Macro Variables Abstract; Marco Variables Full Paper; Debit Cards Abstract; Debit Cards Full Paper; Checkout Abstract; Checkout Full Paper; Captive Markets Abstract; Captive Markets Full Paper; Evaluation Abstract; Evaluation Full Paper   5/11/06

• Assets Reports Released

  The 3.12 U.S. Reserve Assets report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks report for March 2006 have been released by the FRB. Reports   5/11/06

• MSB Assessed CMP By FinCEN

  FinCEN has announced the assessment of a $10,000 CMP against Frosty Food Mart, a money services business located in Tampa, Florida, for failing to develop and implement a written AML program reasonably designed to ensure compliance with the BSA and the failure to file 80 CTRs. CMP   5/10/06

• Comments Requested On Revised Elevated Risk Statement

  The FRB, OCC, FDIC, OTS and SEC have requested public comment on a revised proposed statement on the complex structured finance activities of financial institutions. The statement describes the types of internal controls and risk management procedures that can be implemented by financial institutions to identify, manage and address the legal and reputational risks that may arise from certain complex structured finance transactions. Statement; FRB PR; OCC Bulletin; FDIC PR; OTS PR; SEC PR   5/10/06

• FinCEN Extends MSB Comment Period

  The comment period of the previously announced ANPR that seeks input from both the money services business industry and the banking industry on the issue of money services businesses obtaining access to banking services has been extend by FinCEN for an additional 60 days to July 10, 2006. Extension; ANPR   5/10/06

• FDIC Assessment Rates Unchanged

  FDIC has announced that the assessment rates charged to insured banks and savings associations unchanged for the second half of 2006. Rates   5/10/06

• One-Time Credit Proposed For Deposit Insurance Assessments

  The FDIC is seeking comments on three proposed rules governing deposit insurance assessments under the Deposit Insurance Reform Act of 2005, regarding the allocate a one-time $4.7 billion assessment credit among insured institutions; establishment of a two-year interim rule governing the payment of dividends from the Deposit Insurance Fund; and operational and procedural changes to the FDIC's assessment regulations. Comments; Credit; Dividend Payment; Regulations   5/10/06

• Credit Card Lending Bulletin Issued

  OTS has issued a Bulletin announcing an update of the credit card lending section of the Examination Handbook that provides guidance to OTS examiners and savings association personnel regarding credit card operations. Bulletin   5/09/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of May 5, 2006. Reserve Position   5/09/06

• CRA Ratings Announced

  OTS has announced the ratings that become publicly available in April 2006 for savings associations that were recently evaluated for compliance with the CRA. Ratings   5/08/06

• Counterfeit Cashier's Checks Special Alert Issued

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Enterprise Federal Savings Bank, Largo, Maryland, and the routing number assigned to First Liberty National Bank, Washington, D.C. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    5/08/06

• New Flood Form Information

  In the May 1, 2006 Top Stories (below) we told you about a new flood form which was made available on the FEMA website. We saw no press release or instructions. But FEMA has now posted more information denoting a mandatory use date of July 1, 2006.   5/08/06

• Consumer Credit Report Released

  The FRB has released the March 2006 G.19 Consumer Credit Report. G.19   5/08/06

• Counterfeit Checks Special Alerts Issued

   
  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Gateway Bank & Trust Company, Elizabeth City, North Carolina; and counterfeit teller's checks bearing the name of Calvert Bank and Trust Company, Prince Frederick, Maryland, which has merged into Mercantile Southern Maryland Bank, Leonardtown, Maryland. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   5/05/06

• CRA Ratings Released

  The FDIC has released the CRA ratings assigned in February 2006 to state nonmember banks recently evaluated for compliance with the CRA. CRA Ratings   5/05/06

• Mutual Funds To File SARs

  FinCEN has announced a final rule that requires mutual funds to file SARs on suspicious transactions. The final rule creates a reporting requirement that is uniform with reporting requirements already established for banks, broker-dealers, casinos, and money services businesses. Final Rule   5/05/06

• Cross-Border Securities Bulletin Issued

  The FRB has issued a Bulletin regarding an article, Understanding U.S. Cross-Border Securities Data, that discusses current data on U.S. cross-border securities holdings and transactions. The system that collects the data is described and how to make the best use of the information available is explained. Bulletin   5/05/06

• Counterfeit Checks Alerts Issued

  The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Farmers Bank, San Antonio, Texas, but bearing a retired routing number of Extraco Bank, N.A., Temple, Texas; and counterfeit cashier's checks issued in the name of MB Financial Bank, N.A., Chicago, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   5/04/06

• Enforcement Actions Released

  The FDIC has released a list of thirty orders of administrative enforcement actions taken against banks and individuals in March 2006. The actions include eight removal and prohibition orders, eighteen civil money penalty orders, three cease and desist orders, and one termination of a cease and desist order. Actions   5/04/06

• Bernanke and Dugan On Community Revitalization

  In presentations at Operation HOPE's Anacostia Economic Summit, Chairman Bernanke and Comptroller Dugan expressed their thoughts on economic revitalization. Bernanke commented on the importance in community economic development of strategic collaboration among public, private, and nonprofit organizations plus the need for a comprehensive approach to revitalizing communities. Dugan noted the importance of residents holding a financial stake in the redevelopment of their communities and that the odds of successfully investing in community development are dramatically increased when there are genuine community-based and community-accountable partnerships. Bernanke Speech; Dugan Speech   5/04/06

• Direct Investment Valuation Adjustments Working Paper Published

  The FRB has published a working paper in the IFDP series on the topic of Modeling Direct Investment Valuation Adjustments and Estimating Quarterly Positions. Abstract; Full Paper   5/04/06

• May FedFocus Published

  The May issue of FedFocus explores the accelerated pace of payments in articles that provide the latest information about Federal Reserve Financial Services and how they respond to a changing payments industry. Topics include the Destination Check 21 Online Resource Center, the Regional Mixed deposit option, FedLine DirectSM access solution, FedACH RiskSM Origination Monitoring Service and Check into AMI. FedFocus   5/03/06

• Directo a Mexico Schedule Announced

  The FRB and Banco de Mexico have announce the schedule for the 2006 Directo a Mexico roadshow which will visit twelve U. S. cities to provide financial institutions information regarding a more a efficient way for their customers to transfer funds to Mexico. Schedule   5/03/06

• FIL Issued Regarding MSBs And BSA

  The FDIC has issued a FIL regarding the announcement by FinCEN that it is seeking public comment on an ANPR regarding the impact of BSA regulations on the ability of MSBs to open and maintain accounts and obtain other banking services at banks and other depository institutions. Information concerning the ANPR was posted in the March 9, 2006, BOL Top Stories. FIL   5/03/06

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with the addition of data as of April 25, 2006. Fact Sheet   5/03/06

• Spring 2006 State Profiles Released

  The FDIC has released the Spring 2006 issue of the State Profiles, which provide a quarterly summary of state banking and economic conditions. State Profiles   5/03/06

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of April 28, 2006. Reserve Position   5/03/06

• Condition of the U.S. Banking Industry Report Issued

  The FRB has issued the Third Quarter 2005 Report on the Condition of the U.S. Banking Industry. Report   5/03/06

• Seven More Counterfeit Special Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's check drawn on or bearing the name of the following institutions:

  • Citizens State Bank, Woodville, Texas
  • Rockport National Bank, Rockport, Massachusetts
  • Norstates Bank, Waukegan, Illinois
  • Alliance Bank, Francesville, Indiana

  Special Alerts have also been issued regarding counterfeit official checks bearing the name of: KeyBank National Association, East Syracuse, New York; and Pioneer Bank, Roswell, New Mexico . Fraudulent checks bearing the name of >Bankers' Bank, Northeast, Glastonbury, Connecticut , are also in circulation. Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page.   5/02/06

• FRB To Hold HOEPA Hearings

  Consumers, consumer advocacy organizations, lenders, and other interested parties to participate in four public hearings on the home equity lending market to be held by the FRB. The hearings, which are required by periodically by HOEPA, were last conducted in 2000 and will held during June and July 2006, in Chicago, Illinois; Philadelphia, Pennsylvania; San Francisco, California; and Atlanta, Georgia. Hearings.   5/02/06

• May FedFlash Published

  FRB Financial Services has published the May 1, 2006 issue of FedFlash. Featured articles include discussions of the FedACH Risk Origination Monitoring Service, the Destination Check 21 Online Resource Center, and changes to Operating Circular 2. FedFlash.   5/02/06

• Market Financing Estimates Released

  Treasury has announced its current estimates of net marketable financing for the second and third quarters of 2006. Estimates.   5/02/06

• April Foreign Exchange Rates Published

  The G.5 Foreign Exchange Rates Report for April 2006 has been published by the FRB. G.5.   5/02/06

• Executive Incentives And Payout Policy Working Paper

  The FRB has published a working paper in the FEDS series on the topic of Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut. Abstract; Full Paper.   5/02/06

• Eleven Counterfeit Special Alerts Issued

  The FDIC has issued nine Special Alerts regarding counterfeit cashier's check drawn on or bearing the name of the following institutions:

  • Savings Bank of Walpole, Walpole, New Hampshire
  • Sterling Savings Bank, Spokane, Washington
  • Heritage Bank of Commerce, San Jose, California
  • Dime Bank, Norwich, Connecticut
  • The Bank of the Pacific, Aberdeen, Washington
  • King Southern Bank, Chaplin, Kentucky
  • Stafford Savings Bank, Stafford Springs, Connecticut
  • United Commercial Bank, San Francisco, California
  • First Sentinel Bank, Richlands, Virginia

  Special Alerts have also been issued regarding counterfeit personal money ordered issued in the name of:
  United Roosevelt Savings Bank, Carteret, New Jersey, and counterfeit official checks bearing the name of:
  Citizens South Bank, Gastonia, North Carolina. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   5/01/06

• New Flood Hazard Determination Form Released

  FEMA has posted online a new Standard Flood Hazard Determination Form which replaces the previous form that expired October 31, 2005, but remained in effect until the new form was released. Flood Form   5/01/06

• U.S. Currency Smuggled Into Mexico Guidance Issued

  FinCEN has issued a Guidance to financial institutions regarding the ML threat involving the smuggling of bulk U.S. currency into Mexico. Institutions are warned concerning the potential for abuse of U. S. financial services by certain Mexican financial institutions. Guidance    5/01/06

• IRS And State To Share ML Information

  Thirty-three states and Puerto Rico have signed agreements with the IRS to share BSA information on money services businesses. Sharing Information    5/01/06

• Receivables Report Issued

  The FRB has issued the G.20 Finance Companies Owned and Managed Receivables Outstanding Report for February 2006. G.20   5/01/06

• OCC Publishes New Newsletter

  Community Developments, a new OCC publication, provides strategies and recommendations aimed at preserving homeownership by preventing mortgage foreclosures. The initial issue features articles on ways banks can help to reduce foreclosures through partnering with non-profits and implementing early intervention strategies with troubled borrowers. Community Developments   5/01/06

• March Issue Of Quarterly Journal Published

  The OCC has published online the March 2006 issue of the Quarterly Journal which contains OCC organization charts, special supervision and enforcement activities, corporate structure tables, fourth quarter 2005 condition and performance of banks, and other policy and data. Quarterly Journal    5/01/06

• Executive Order Blocks Sudanese Property

  A new Executive Order has been issued which blocks property of persons in connection with the conflict in the Darfur Region of Sudan. The names of four individuals have been added to the SDN list with the designation - SUDAN. In an unrelated action, OFAC has updated an existing SDN entry. Information regarding the names and the update have been posted on the BOL OFAC page.   4/28/06

• OFAC Releases Comments Received Regarding Proposed Economic Sanctions Enforcement Procedures

  The comments received by OFAC related to its proposed Economic Sanctions Enforcement Procedures for Banking Institutions Regulated by FFIEC-member Supervisory Agencies have released. Notice; Comments    4/28/06

• Insurance Funds Merger FIL Issued

  The FDIC has issued a FIL regarding the previously announced merger of the BIF and SAIF insurance funds. Information concerning the merger was posted on the April 21, 2006, BOL Top Stories. FIL   4/28/06

• Bernanke's Economic Outlook

  In a testimony to the Joint Economic Committee of Congress, Chairman Bernanke offered his views on the outlook for the U.S. economy and commented on some of the major economic challenges that the nation faces. He noted that the economy has been performing well and the near-term prospects look good, although as always there are risks to the outlook. The FRB will continue to pursue its objectives of helping the economy to grow at a strong, sustainable pace while seeking to keep inflation firmly under control. Testimony    4/28/06

• Agencies Report To Congress Published

  The FRB, OCC, and SEC have published a joint report to Congress regarding efforts of the private sector to implement the Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System. Report   4/28/06

• Thrift Satisfaction Survey Invitation Extended

  OTS has issued a CEO letter containing an invitation to complete online the voluntary Annual Thrift Satisfaction Survey.CEO Letter Survey    4/28/06

• $20 Million CMP BSA Enforcement Orders Issued

  FinCEN and OTS have announced that each agency has assessed a $10 million civil money penalty against BankAtlantic of Fort Lauderdale, Florida, for violations of the BSA. The Orders are part of a coordinated action with the Department of Justice who has executed a Deferred Prosecution Agreement with BankAtlantic. The CMPs assessed by FinCEN and the OTS will be satisfied by a single $10 million payment to the Department of Justice. FinCEN NR; FinCEN Order; OTS PR; OTS Order; DOJ PR   4/27/06

• Counterfeit Cashier's Check Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Republic Bank, Inc., Duluth, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/27/06

• Executive Order Blocks Assets Of Terrorists

  An Executive Order has been signed by the President against the Government of Syria that blocks the property of persons connected with terrorist acts in Lebanon. Currently, no persons have been designated under this Executive Order, but the Secretary of Treasury is authorized to take such action. Information regarding the Executive Order has been posted on the BOL OFAC page.   4/27/06

• CRA Median Family Income Data Released

  The OCC has issued a Bulletin regarding the release by HUD of the estimated median family incomes for MSAs, MDs, and nonmetropolitan portions of each state. The data is used to determine income levels of geographies in CRA performance evaluations. Bulletin; Income Data   4/27/06

• Consumer Compliance Booklet Revised

  The OCC has revised the consumer compliance booklet in the Comptroller's Handbook to reflect several changes in Reg. B and incorporate the Interagency Fair Lending Procedures issued in 2004.Booklet    4/27/06

• April Beige Book Published

  The FRB has published the April 2006 issue of the Beige Book that was prepared at the Federal Reserve Bank of Boston and based on information collected on or before April 17, 2006. Summary; Full Report   4/27/06

• FRB Discount Rate Meetings Minutes Released

  The minutes of the discount rate meetings from February 6 through March 28, 2006, have been released by the FRB. Minutes   4/27/06

• NCUA finalizes its rule for Truth in Savings

  NCUA publishes final rule in FR to complete its rule and official staff interpretation to address the uniformity and adequacy of information provided to members when they overdraw their share accounts. 71FR06-3916 TXT, 71FR06-3916 PDF   4/26/06

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Hampden Bank, Springfield, Massachusetts. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/26/06

• Customer ID Program Q & A Released

  FinCEN has released a Guidance in the form of a Q & A regarding customer identification program responsibilities under the agency lending disclosure initiative. Q & A.   4/26/06

• South Dakota CU Closed

  NCUA has liquidated Yankton Employees Federal Credit Union of Yankton, South Dakota. Checks for insured share deposits will be issued by NCUA to the seventy-seven members. Liquidation.   4/26/06

• First Quarter A & L Price Tables Published

  OTS has published the Asset & Liability Price Tables for the first quarter 2006. Tables.   4/26/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report with the addition of data as of April 21, 2006. Reserve Position.   4/26/06

• IFDP Working Paper Published

  The FRB has published a working paper in the IFDP series on the following topic: The U.S. Current Account Deficit and the Expected Share of World Output. Abstract; Full Paper.   4/26/06

• FDIC Budget Summary And CFO Report Published

  The 2006 Budget Executive Summary and the fourth quarter 2005 CFO Report to the Board have been published by the FDIC. Budget Summary; CFO Report.   4/26/06

• FRB Announces Enforcement Actions

  The FRB has announced that Written Agreements have been entered into with The Bank of New York and Sella Holding Banca. Orders of Prohibition have also been issued against Robert Ray and David Cronin, former officers of Allfirst Bank, Baltimore, Maryland. Bank of New York; Sella Holding Banca; David Cronin   4/25/06

• Section 312 Implementation Dates Extended

  FinCEN has issued a final rule extending the applicability dates for implementing the international correspondent banking provisions and the private banking provisions of Section 312 of the USA PATRIOT Act.
  Final Rule   4/25/06

• Community Bank Directors Workshop Announced

  The OCC will host another of its workshops for national community bank directors at the Park Hotel, in Charlotte, N.C., on May 16. The workshops, geared primarily for outside directors of national community banks with assets of less than $1 billion, will cover bank risk and is limited to the first 50 registrants. Other workshops are scheduled for Springfield, IL.; Morristown, NJ.; Memphis, TN.; and New Orleans, LA. Workshop   4/25/06

• Guidance for Filing Notices of Proposed Class Action Settlements

  The OCC has issued a Bulletin containing Guidance to national banks for filing notices to appropriate federal and state officials of proposed class action settlement as required by the Class Action Fairness Act of 2005. If a proposed settlement is reached, each institution must provide to its primary federal regulator the notice required by the statute. Bulletin; Class Action Fair Act   4/24/06

• Counterfeit Cashier's Check Special Alerts Issued

  The FDIC has issued five Special Alerts regarding counterfeit cashier's checks drawn on:

  • Peoples National Bank, Hallstead, Pennsylvania;
  • Washington Business Bank, Olympia, Washington;
  • The Delaware County Bank and Trust Company, Lewis Center, Ohio;
  • The Pittsfield Cooperative Bank, Pittsfield, Massachusetts; and
  • Annandale State Bank, Annandale, Minnesota

  Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/24/06

• Cayman Islands Unauthorized Banking List Published

  A Special Alert has been issued by the FDIC regarding the publication by the Cayman Islands Monetary Authority of a list of thirty-seven financial entities whose websites note a Cayman Islands address; but are not registered or licensed to conduct activities regulated by the CIMA. Special Alert; List.   4/24/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of April 14, 2006. Reserve Position.   4/24/06

• FDIC publishes Revisions to Reflect the Merger of the Bank Insurance Fund and the Savings Association Insurance Fund

  FDIC publishes final rule in FR to amend its regulations reflecting the recent merger of the two deposit insurance funds required by the Federal Deposit Insurance Reform Act of 2005.71FR06-3721 TXT, 71FR06-3721 PDF   4/21/06

• CRA Ratings Announced

  The OCC has released the list of CRA performance evaluations received by twenty-two national banks that became public during the period of March 15, 2005 through April 14, 2006. CRA Ratings   4/21/06

• Counterfeit Cashier's Checks Special Alert Issued

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks containing the routing number assigned to Schertz Bank & Trust, Schertz, Texas, that bear the name and location of Northridge Bank, San Antonio, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/21/06

• Bernanke Discusses Community Economic Development

  In a presentation at the Greenlining Institute's Thirteenth Annual Economic Development Summit, Chairman Bernanke reviewed specific ways data and quantitative measurements have been used in community development activities. He noted that accountability and feedback, facilitated by data development and quantitative analysis are critical for the success of a project. Speech.   4/21/06

• Unauthorized Banking Special Alert Issued

  The FDIC has issued a Special Alert regarding three entities (Global Financial Services, Foundland Financial, and 1st Line Financial Group) that may be conducting banking operations in Canada or the United States without authorization. Special Alert.   4/21/06

• Dugan Expresses Concern Regarding New Mortgages

  Controller Dugan told the participants at the Greenlining Institute's Thirteenth Annual Economic Development Summit that the new types of mortgages aimed at making homes more affordable may offer low monthly payments initially, but will lead to significantly higher payments later. He indicated that the increased monthly payments could put the homes at risk and lead to losses for lenders. Speech.   4/21/06

• Comment Letter Published Regarding RE Lending Proposed Guidance

  OTS has published a comment letter that was received from the Massachusetts Bankers Association regarding the proposed Guidance concerning concentrations in commercial real estate lending. Comment Letter.   4/21/06

• IT Risk Bulletin Issued

  A Regulatory Bulletin has been issued by OTS, which announces the revision of the Information Technology Risks and Controls section of the OTS Examination Handbook. Bulletin.   4/21/06

• UBPR Changes Announced

  The FFIEC has announced that several additions have been made to the UBPR effective March 31, 2006. The additions include a comparison of the allowance for loan and lease losses to loan not held for sale, several new concentrations of credit ratios, and new OREO detail. UBPR.   4/21/06

• New Electronic Interpretations and Actions Announced

  The OCC has announced the posting online of the New Electronic Interpretations and Actions for April 2006. Electronic.   4/21/06

• Foreign Banks Data Share Report Released

  The FRB has released the December 31, 2005, Structure and Data Share Report for U.S. offices of foreign banks. Share Report.   4/21/06

• Compliance Examination Procedures Revised

  The FDIC has issued a FIL that announces the revision of the compliance examination procedures that were issued in 2003. The new examination procedures incorporate banker feedback and results of internal reviews. Changes include templates for standard examination documents, a new interview sheet, an entry letter, a Compliance Information and Document Request form, and the Report of Examination. FIL; Procedures   4/20/06

• Interactive Access To FRB Data

  FRB has announced its new Data Download application, which provides interactive access to Federal Reserve statistical data in a variety of electronic formats. Data Download allows the user to customize data packages that are created in the technical statistical data standard known as SDMX-ML. Data Download   4/20/06

• OCC Brochure Available In Spanish

  The OCC has published a Spanish-language brochure that explains how the agency can answer questions, offer guidance, and help resolve complaints about national banks and their subsidiaries. Spanish Brochure   4/20/06

• Enforcement Actions Released

  The OCC has released information regarding enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. Enforcement Actions   4/20/06

• FRB Consolidates Advisory Committees

  The consolidation of two internal advisory committees on payments system matters has been announced by the FRB. The duties of the Payments System Policy Advisory Committee will be expanded to encompass the responsibilities and activities of the Payments System Development Committee, which will be discontinued. Committees   4/20/06

• Changes Made To Operating Circular 2

  FRB Financial Services has issued a notice that changes have been made to Operating Circular 2 that become effective May 1, 2006. Circular; References PDF   4/19/06

• Bulletin Issued Regarding Syrian Banks

  The OCC has issued a Bulletin regarding the previously announced issuance of a Final Rule by FinCEN concerning the imposition of Special Measures against the Commercial Bank of Syria and its subsidiary, the Syrian Lebanese Commercial Bank, as financial institutions of primary money laundering concern. Information regarding the Final Rule was posted in the March 16, 2006, BOL Top Stories. Bulletin PDF   4/19/06

• Call Report Filing Information Available

  The FDIC has posted the March 31, 2006, Call Report and Thrift Financial Report filing information on its Web site. Filing Information PDF   4/19/06

• FOMC Minutes Released

  The minutes of the March 27-28, 2006, meeting of the Federal Open Market Committee have been released and posted online. Minutes PDF   4/19/06

• OTS Publishes Technical Amendments to Relect BIF and SAIF Merger

  The OTS published a Final Rule in the FR to
  amend its regulations to incorporate numerous technical and conforming amendments necessary to reflect the recent merger of the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund(SAIF).71FR06-3720 TXT, 71FR06-3720 PDF   4/18/06

• May HOEPA Rates Determined

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in May 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For May, you will use the rates posted on April 13th since April 15th fell on the weekend and the markets were closed on April 14th. Weekly H.15   4/18/06

• Counterfeit Official Checks Alert issued

  The OCC has issued an Alert regarding counterfeit official checks drawn on KeyBank National Association, East Syracuse, New York. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   4/18/06

• Reporting Requirement Reduced

  The FRB has issued a SR Letter that announces the reporting requirements for examinations of government securities custodial activities of state member banks, branches, and agencies have been reduced. Effective immediately, AD 91-26 is withdrawn and the form FR 1468 is eliminated. Securities Reporting   4/18/06

• 314a Fact Sheet Updated

  FinCEN has updated the data contained in the 314a Fact Sheet to include information as of April 17, 2006. Fact Sheet   4/18/06

• February TIC Data Released

  Treasury has released the TIC data for February 2006. TIC   4/18/06

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued four Special Alert regarding counterfeit cashier's checks drawn on:

  • Mascoma Savings Bank, Lebanon, New Hampshire;
  • Wells River Savings Bank, Wells River, Vermont;
  • The Chelsea Groton Savings Bank, Norwich, Connecticut;
  • 1st Security Bank of Washington, Mountlake Terrace, Washington.

  Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/17/06

• Early Savings Bond Redemptions Authorized

  FRB Financial Services has announced that agents serving areas recently ravaged by severe storms in Tennessee and Missouri are authorized to redeem EE and I savings bonds less than one year old that are presented during the months of Posted April and May 2006. Redemptions   4/17/06

• Routing Numbers And Check 21 Availability Changes Announced

  The FRB has announced additional changes that are effective Posted April24, 2006, in the routing numbers to be utilized with the FedReceipt forward collection product. Changes   4/17/06

• Posted April Issue FedFlash Online

  The Posted April 15, 2006 issue of FedFlash has been posted online and contains articles on amendment to Operating Circulars 3 and 4, deposit guidelines for non-imageable items, current cash-letter forms, and RCPC Premium Plus deposit changes. FedFlash   4/17/06

• FTC Issues FDCPA Report

  The FTC has released its 28th Annual Report to Congress on the Fair Debt Collection Practices Act. The report summarizes the FTC's administration and enforcement of the FDCPA during 2005. Report   4/17/06

• RB Annual Budget Report Released

  The 2006 FRB Annual Budget Report contains the current annual budgeted expenses of the Federal Reserve Banks and discusses their 2005 income and expenses. The budgeting process for the Board and Banks is described and shows trends in expenses and employment. Budget Report   4/17/06

• Capacity And Utilization Report Published

  The FRB has published the G.17 Industrial Capacity and Utilization Report for March 2006. G.17   4/17/06

• Cost Of Funds Reports Issued

  OTS has issued the historical and February 2006 reports of the national average cost of funds ratio to OTS regulated, SAIF - insured institutions. Historical; February   4/17/06

• OFAC Creates NS-PLC List

  A new OFAC list has been created that contains the names of individuals who are affiliated with terrorist organizations and have been elected to the Palestinian Authority. The individuals listed on the NS-PLC List are PLC members who were elected on the party slate of an FTO, SDT, or SDGT. Their names do not, however, appear on the SDN List. All transactions involving these individuals must be rejected. Information concerning the NS-PLC List has been posted on the BOL OFAC page.  4/14/06

• Four Added To SDN List

  OFAC has announced that the names and aliases of four individuals have been added to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.
   4/14/06

• Counterfeit Checks And Money Orders Special Alerts Issued

  The FDIC has issued eight Special Alerts regarding the following:
  a) Counterfeit Official Checks drawn on Cape Ann Savings Bank, Gloucester, Massachusetts; and First Community Bank, Chatom, Alabama;
  b) Counterfeit Cashier's Checks drawn on Great Western Bank, Omaha, Nebraska; Pinnacle National Bank, Nashville, Tennessee; The Foster Bank, Chicago, Illinois; and Citizens Tri-County Bank, Dunlap, Tennessee;
  c) Counterfeit Cashier's Checks bearing the name of Prosperity Bank, St. Augustine, Florida; and
  d) Counterfeit Personal Money Orders drawn on First Security Bank, Batesville, Mississippi.
  Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  4/14/06

• FACT Act Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced interagency request for comments and suggestions regarding the development of the guidelines and regulations required by section 312 of the FACT Act. Information regarding the request was posted in the March 22, 2006, BOL Top Stories.
  Bulletin  4/14/06

• OTS Fact Book Released

  The 2005 annual update of the OTS Fact Book, which contains the compilation of statistics concerning the OTS-Regulated thrift industry, has been released.
  Fact Book  4/14/06

• Spring Outlook published

  The 2006 Spring issue of the FDIC Outlook has been published and contains an analysis of the financial implications of aging baby boom demographics. The issue describes how the aging of the U.S. population, caused by declining birth rates in the 1960s and 1970s and by rising longevity, is making it increasingly difficult for both public and private pension plans to keep their financial footing.
  Spring Outlook  4/14/06

• Counterfeit, Fraudulent And Stolen Checks Special Alerts Issued

  The FDIC has issued eight Special Alerts regarding a) counterfeit cashier's checks drawn on or bearing the name of The Cape Cod Five Cents Savings Bank, Harwich Port, Massachusetts; Pacific Western National Bank (also known as Pacific Western Bank), Santa Monica, California; and California Oaks State Bank, Thousand Oaks, California; b) counterfeit official checks drawn on Unizan Bank, Canton, Ohio; c) fraudulent cashier's checks drawn on First Fidelity Bank, Burke, South Dakota; and Monson Savings Bank, Monson, Massachusetts; d) fraudulent treasury checks drawn on Charlevoix State Bank, Charlevoix, Michigan; and e) cashier's checks missing, lost or stolen from Citrus and Chemical Bank, Bartow, Florida. Information regarding the checks has been posted on the BOL Alerts & Counterfeits page.  4/13/06

• CRA Definitions Revised

  OTS has published a Final Rule revising the definition of community development in its CRA regulations and a Notice and Request for Comment on proposed revisions to its CRA guidance.
  Final Rule;
  Notice  4/13/06

• Counterfeit And Stolen Instruments List Published

  An Alert has been issued regarding the publication of a list of counterfeit or stolen instruments named in OCC alerts from the year 2002 to date. Information regarding the list has been posted on the BOL Alerts & Counterfeits page.  4/12/06

• 2006 HUD Median Family Income Data Available

  The FFIEC has posted the 2006 HUD median family income figures.
  Median Family Income  4/12/06

• Counterfeit Checks Special Alerts Issued

  The FDIC has issued five Special Alerts regarding counterfeit official checks drawn on HomeStreet Bank, Seattle, Washington and Unity National Bank, Cartersville, Georgia, in addition to counterfeit cashier's checks drawn on Oak Valley Community Bank, Oakdale, California; Community Bank of the Midwest, Great Bend, Kansas; and K Bank, Randallstown, Maryland. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  4/12/06

• Registration Required To Receive Paper Special Alerts

  The FDIC has issued a FIL regarding the conversion of the delivery of Special Alerts from a paper via mail to electronic delivery on a secure Web site. Registration is required by May 15, 2006 receive paper alerts after June 1, 2006.
  FIL;
  Paper Delivery Form 4/11/06

• FinCEN Issues ML Threat Advisory

  An Advisory has been issued by FinCEN regarding a potential money laundering threat involving Belarusian government officials seeking to move misappropriated state assets to or through the U.S. financial system.
  Advisory 4/11/06

• International Reserve Position Update

  The U.S. International Reserve Position report has been updated by Treasury to include information as of Posted April 7, 2005.
  Reserve Position 4/11/06

• March Agricultural Finance Databook Released

  The FRB has published the March 2006 E.15 Agricultural Databook which contains sections regarding the amount and characteristics of farm loans made by commercial banks; selected statistics from the quarterly reports of condition of commercial banks; and reserve bank surveys of farm credit conditions and farm land values.
  E.15 4/11/06
  

• Assets Reports Issued

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets held at Federal Reserve Banks reports for February 2006 have been issued the FRB.
  Reports 4/11/06

• Quarterly Review Features Option ARMS

  The Fourth Quarter 2005 issue of The Quarterly Review Of Interest Rate Risk features an article on option ARMS.
  Quarterly Review 4/11/06

• North Korean Sanctions Updated

  OFAC has amended the Foreign Assets Control Regulations to prohibit U.S. persons from owning, leasing, operating, or insuring any vessel flagged by North Korea. Information regarding the amendments has been posted on the BOL OFAC page. 4/10/06

• CRA Exam Procedures Revised

  The OCC has issued a Bulletin that contains recent revisions to CRA regulations regarding updated CRA examination procedures for large, small, limited purpose or wholesale banks, and banks operating under the previously announced approved interagency CRA strategic plans.
  Bulletin;
  Large;
  Small;
  Limited/Wholesale;
  Strategic ;
  FDIC FIL; FRB CA Letter;
  FFIEC 4/10/06

• Consumer Credit Released

  The February 2006 G.19 Consumer Credit Report has been released by the FRB.
  G.19 4/10/06

• Dugan Discusses Concentrations In Commercial RE Lending

  In a presentation to the New York Bankers Association, Comptroller Dugan indicated that while concentrations in commercial real estate lending do raise safety and soundness concerns, bank regulators believe they can be safe if they are effectively managed. He also noted that commercial real estate lending has historically been a volatile business and the degree to which banks participated in the run-up of the commercial real estate market in the early 1980s was one of the best predictors of subsequent bank failure.
  Speech 4/7/06

• CRA Q & A Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced interagency Q&A that address topics such as the asset threshold for small banks and the new category of intermediate small banks in recently revised CRA regulations. Information concern the Q& A was posted in the March 10, 2006, BOL Top Stories.
  Bulletin 4/7/06

• Credit Quality Concerns OTS

  At a speech before the New York Bankers Association, OTS Director Reich expressed concerns about weakening credit quality with some financial institutions. He indicated that OTS has increased its vigilance, is digging deeper into loan portfolios, and paying close attention to the fundamentals, including loan documentation, pricing, loan-to-value ratios, and overall underwriting standards.
  Speech 4/7/06

• CRA Ratings Released

  The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the CRA.
  Ratings 4/7/06

• CTR Zip Code Validation List Updated

  FinCEN has updated the zip code validation list for the magnetic media filing of the CTR Form 104 and Designation of Exempt Person Form 110.
  Zip Code 4/7/06

• Final Agenda For Wal-Mart Application Meetings Released

  The FDIC has released the final agenda for the Posted April 2006 public hearings on the proposed Wal-Mart Bank's application for federal deposit insurance. The draft contains the names of parties who are scheduled to give oral presentations, as well as the speaking times and the locations where the parties are scheduled to speak.
  Final Agenda 4/7/06

• Florida CU Closed

  NCUA has liquidated Potter's House Federal Credit Union of Jacksonville, Florida, and will issue checks to the approximately 1,500 members.
  Liquidation 4/7/06

• Operating Circulars Amended

  The FRB has amended Operating Circular 3, Collection of Cash Items and Returned Checks, and Operating Circular 4, Automated Clearing House Items.
  Notice;
  OC 3;
  OC 4 4/6/06

• Regulators Issue Counterfeit Checks And Correspondence Alerts

  The FDIC has issued four Special Alerts concerning counterfeit official checks drawn on Investors Savings Bank, Short Hills, New Jersey; and United Community Bank Tennessee, Lenoir City, Tennessee, in addition to cashier's checks drawn on United Community Bank, Blairsville, Georgia. An Alert regarding counterfeit cashier's checks and fraudulent lottery- and loan-related correspondence bearing the name of Pinnacle National Bank, Nashville, Tennessee, has also been issued by the OCC. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 4/5/06

• Unauthorized Banking Alert Issued

  The OCC has issued an Alert regarding an entity calling itself Trinity Savings Bank, Ltd. in Nassau, Bahamas, is not authorized to conduct banking business in the United States.
  Unauthorized Banking 4/5/06

• Ponzi Scheme Alert Issued

  FRB Financial Services has issued an information alert at the request of the court-appointed receiver regarding an alleged Ponzi scheme.
  Alert; Receiver Information Page 4/5/06

• FDIC Updates Deposit Insurance Information

  FDIC has announced that it is in the process of updating its publications, videos, and other informational resources on deposit insurance coverage to reflect recent regulatory changes affecting insurance coverage of certain retirement accounts which became effective Posted April 1, 2006.
  FDIC Insurance 4/5/06

• Prohibition Orders Issued

  NCUA has issued orders prohibiting eight individuals from participating in any manner in the affairs of federally insured financial institutions.
  Orders 4/5/06

• New York CU Closed

  NCUA has announced the liquidation of St. Charles Borromeo Church Federal Credit Union of New York, New York. Checks will be issued to verified share account holder within one week.
  Liquidation 4/5/06

• Spring 2006 State Profiles Published

  The FDIC has published the Spring 2006 edition of State Profiles which indicate despite regional disparities in job growth and a high degree of reliance on real estate, the economy and the banking industry both continue to perform well across most areas of the nation.
  State Profiles 4/5/06

• FOMC Meetings Transcripts Online

  The FRB has posted the transcripts of the 2000 FOMC meetings on its Web page.
  Transcripts 4/5/06

• FEDS Working Paper Published

  A working paper in the FEDS series on the topic of Currents and Undercurrents: Changes in the Distribution of Wealth, 1989-2004 has been published by the FRB.
  Abstract;
  Full Paper 4/5/06

• Agencies Update HMDA Price Data FAQs

  The federal regulatory agencies, along with HUD, have released updated FAQs to aid interpretation of the 2005 home loan data to be disclosed this year under HMDA.
  FAQs;
  FFIEC HMDA;
  FRB PR;
  OCC NR;
  FDIC PR;
  OTS PR;
  NCUA PR 4/4/06

• CRA Ratings Announced

  OTS has announced the March 2006 evaluation ratings for savings associations recently examined for compliance with the CRA.
  Ratings 4/4/06

• BSA Timeline Updated

  FinCEN has updated its BSA timeline which list the regulatory major events and milestones of the efforts to fight against financial crimes.
  Timeline 4/4/06

• Foreign Exchange Rates Released

  The G.5 Foreign Exchange Rates report for March 2006 has been released by the FRB.
  G.5 4/4/06

• FEDS Working Papers Published

  The FRB has published three working papers in the FEDS series on the topics of Forecasting Professional Forecasters; Credit Market Competition and Capital Regulation; and A Fully-Rational Liquidity-Based Theory of IPO Underpricing and Underperformance.
  Forecasting Abstract;
  Forecasting Full Paper;
  Credit Market Abstract;
  Credit Market Full Paper;
  IPO Underpricing Abstract;
  IPO Underpricing Full Paper 4/4/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of March 31, 2006.
  Reserve Position 4/4/06

• Improving Customer Privacy Notices Report Issued By Regulators

  The federal financial regulators have released the Evolution of a Prototype Financial Privacy Notice, a report which summarizes consumer research commissioned by the regulators, as part of their ongoing efforts to develop improved financial privacy notices. The report indicates that it is possible for financial privacy notices to include all of the information required by law in a short document that consumers can readily understand.
  Report;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR;
  NCUA PR;
  SEC PR;
  FTC PR 4/3/06

• Enforcement Actions Announced

  The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in February 2006. The actions included seven removal and prohibition orders, five civil money penalty orders, one cease and desist order, and one termination of a cease and desist order.
  Enforcement Actions 4/3/06

• Businesses Cashing Checks MSB Or Not?

  FinCEN has issued a Guidance that contains FAQs regarding business that cash checks and whether or not they are MSBs.
  Guidance 4/3/06

• New Jersey CU Liquidated

  NCUA has liquidated St. John Baptist Federal Credit Union, Scotch Plains, New Jersey, and transferred its 180 members' accounts to United Financial Services Federal Credit Union in Scotch Plains.
  St. John 4/3/06

• Country Exposure Reports Released

  The FFIEC has released the December 31, 2005, E.16 Country Exposure Statistical Release and the Country Exposure Information Report.
  E.16;
  Information Report 4/3/06

• Derivatives Volume Exceeds $100 Trillion

  The OCC has issued the Fourth Quarter 2006\5 Banker Derivatives Report which indicates the notional amount of derivatives held by U.S. commercial banks increased by $2.7 trillion in the fourth quarter, to a record $101.5 trillion.
  Banker Derivatives Report 4/3/06

OFAC has posted a Frequently Asked Question (FAQ) concerning payments to or transactions with non-designated individuals or entities in South Sudan.

OFAC has posted a Frequently Asked Question (FAQ) concerning payments to or transactions with non-designated individuals or entities in South Sudan.

• FACT Act Rules Reminder

  The new FACT Act Medical Information rules take effect on April 1. FACT Act  3/31/06

• Swiss Entities Added To OFAC List

  Treasury has added a Swiss company and individual to the SDN list with the designation NPWMD for supporting North Korean WMD proliferation. Information regarding the company and the individual has been posted on the BOL OFAC page.  3/31/06

• Basel II Risk-Based Capital Requirements NPR Issued

  An NPR that would implement Basel II risk-based capital requirements in the United States for large, internationally active banking organizations has been issued by the FRB. The proposed rule requires the largest internationally active banks to enhance the measurement and management of their risks, to have rigorous processes for assessing overall capital adequacy in relation to their total risk profile, and to publicly disclose information regarding their risk profile and capital adequacy. Basel II NPR  3/31/06

• OCC Counsel Calls For Improved Consumer Financial Disclosures

  In a presentation to the attendees at the University of North Carolina School of Law 2006 Banking Institute, Chief Counsel and First Senior Deputy Comptroller Williams called for more effective consumer-oriented disclosures in the financial services business as a vital part of consumer protection. Speech  3/31/06

• TCPA and the Junk Fax Prevention Act Examination Procedures Announced

  The OCC has issued a Bulletin that contains information regarding the procedures that examiners will follow when conducting examinations for compliance with the TCPA and the Junk Fax Prevention Act. Bulletin; Examination Procedures; Examiner Worksheet  3/31/06

• CAN-SPAN Bulletin Issued

  A Bulletin has been issued by the OCC that contains information regarding the procedures that examiners will follow when conducting examinations for compliance with CAN-SPAM. Bulletin; Examination Procedures; Examiner Worksheet  3/31/06

• USA PATRIOT Act Foreign Account Compliance Date Extended

  FinCEN has announced a ninety-day extension of the compliance date for special due diligence programs for certain foreign accounts maintained by U.S. financial institutions. Extension  3/31/06

• Disaster Relief Grant Application Deadline Extended

  NCUA announced the extension of the application deadline for the CDRLF disaster relief grants from March 31, 2006 to September 30, 2006. Deadline  3/31/06

• Unauthorized Banking Alerts List Updated

  The OCC has issued a list of unauthorized offshore and domestic banking activities named in OCC alerts from the year 1996 to March 28, 2006, as an aid in the search for problem entities. Alerts List  3/30/06

• Financial Management Seminar Information Announced

  OTS has announced the dates and registration information of the four OTS Midwest Region Financial Management Seminars to be held during the month of June 2006 in New Orleans, Kansas City, Milwaukee, and Dallas. Seminars  3/30/06

• Interest Rate Risk Reports Issued

  OTS has issued the Interest Rate Risk Measures Final Report and the Aggregate Exposure and CMR Report for the Fourth Quarter 2005. Interest Rate Risk; Aggregate Exposure  3/30/06

• FEDS Working Papers Published

  Two working papers in the FEDS series have been published by the FRB on the topics of Real-time Model Uncertainty in the United States: The Fed from 1996-2003 and Incentives and Prices for Motor Vehicles: What Has Been Happening in Recent Years? Real-time Abstract; Real-time Full Paper; Incentives Abstract; Incentives Full Paper  3/30/06

• Gulf Coast Recovery Savings Bonds Available

  Treasury has designated Series I inflation-indexed savings bonds purchased through financial institutions as "Gulf Coast Recovery Bonds" to help encourage public support for the ongoing recovery and rebuilding efforts in those areas devastated by Hurricanes Katrina, Rita and Wilma. Beginning March 29, 2006, through December 2006 paper Series I saving bonds will be specially inscribed with the legend "Gulf Coast Recovery Bond." Bonds  3/30/06

• Lending In Indian Country Featured In Insights

  The OCC has published the March 2006 issue of Community Developments Insights which contains a report, "Commercial Lending in Indian Country: Potential Opportunities in an Untapped Market," that highlights best practices for banks making commercial loans on tribal trust lands as well as to tribes and tribal enterprises. Insights  3/30/06

• Deposit Insurance Changes Detailed in FIL

  A FIL has been issued by the FDIC regarding the recent changes to FDIC insurance coverage of certain accounts. The FDIC has adopted interim final rules, which take effect on April 1, 2006, to implement provisions of the Federal Deposit Insurance Reform Act of 2005. An attachment to the FIL provides details about the insurance coverage changes implemented by the rules; information about official FDIC signage; information about a special bulletin and statement stuffers; and the FDIC's plans to update its insurance coverage resources. FIL; Attachment; Bulletin; Stuffers  3/29/06

• Deposit Items Drawn On Canadian Institutions To Be Separated

  Beginning May 1, 2006, FRB Financial Services will require all items deposited which are drawn on Canadian institutions to be separated from U.S. and other foreign deposits and be presented in a separate cash letter. Canadian Deposits  3/29/06

• Counterfeit Cashier's Checks Special Alerts Issued

  Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Stockton Bank, Austin, Texas, and First Security Bank of Conway, Conway, Arkansas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/29/06

• March 2006 Fed Focus Published

  FRB Financial Services has published the March 2006 issue of FedFocus which features articles on risk management including ways in which corporations are discovering more efficient and effective ways to use operational insights to help mitigate risk and risk exposure; upcoming service enhancements; industry trends; and also includes a review of the new FedACH Risk Origination Monitoring Service. FedFocus.  3/29/06

• 2006 TFR Instruction Manual Published

  OTS has published the March 2006 TFR Instruction Manual which contains 348 pages. Manual.  3/29/06

• March 2006 Financial Reporting Bulletin Released

  The March 2006 issue of the Financial Reporting Bulletin has been released by OTS. Bulletin.  3/29/06

• Fed Raises Rates

  The target for the federal funds rate has been raised by 25 basis points to 4-3/4 percent by the FOMC. A 25-basis-point increase in the discount rate to 5-3/4 percent was also approved. Rates.  3/29/06

• Receivables Report Released

  The G.20 Finance Companies Owned and Managed Receivables Outstanding Report for January 2006 has been released by the FRB. G.20.  3/29/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the inclusion of data as of March 24, 2006. Reserve Position.  3/29/06

• Four Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on Woronoco Savings Bank, Westfield, Massachusetts; Redding Bank, Austin, Texas; Heritage Bank, Austin, Texas; and Brookline Savings Bank, Brookline, Massachusetts. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/28/06

• FRB Launches Kids Page

  A new Web page designed to educate middle school students about the Federal Reserve System has been launched by the FRB. The new Federal Reserve Kids Page utilizes a user-friendly, question-and-answer format to ensure easy navigation and features information about the history, structure, and primary functions of the Federal Reserve; the structure of FOMC; and a kids quiz. Kids Page   3/28/06

• Casino BSA Violations Result In $2.5 Million CMPs

  FinCEN has announced the consent to the assessment of civil money penalties, in the amounts of $1.5 million and $1 million, respectively against Edward E. Street and the Tonkawa Tribe of Oklahoma. FinCEN Director Warner noted the case involved the absence of an adequate anti-money laundering program, the use of fictitious social security numbers for customer identification, an unreported deposit of $300,000 in cash from a duffel bag, and other suspicious transactions. The actions represent the first enforcement actions against an individual and a tribe for violations under the casino provisions of the BSA. CMP http://www.fincen.gov/tonkawa.pdf.   3/27/06

• Four Quarter Thrift Charge-Of Rates Released

  OTS has released the charge-off rates for thrifts during the fourth quarter 2005. Charge-Of Rates  3/27/06

• Five Counterfeit Checks Special Alerts Issued

  The FDIC has issued five Special Alerts regarding a) counterfeit checks drawn on Farmers State Bank, Booneville, Kentucky; and b) counterfeit cashier's checks drawn on Mountain National Bank, Sevierville, Tennessee; Clinton Savings Bank, Clinton, Massachusetts; TeamBank, N.A., Paola, Kansas; Mid-Wisconsin Bank, Medford, Wisconsin. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   3/24/06

• Hizballah Media Added To OFAC List

  Treasury has designated, pursuant to Executive Order 13224, the parent company of a satellite television operation and a radio station owned or controlled by the Iran-funded Hizballah terrorist network and added each of the entities to the OFAC SDN List as SDGTs. Information regarding the entities has been posted on the BOL OFAC page.   3/24/06

• Order Of Prohibition Issued Against Former Georgia Banker

  As a result of an action brought by the OCC, the FRB has issued a Final Decision and Order of Prohibition against Oyeacholem Moseri, a former employee of First North American National Bank, Kenneshaw, Georgia. The Order prohibits him from participating in the conduct of the affairs of any financial institution or holding company. Order FRB PR  3/24/06

• New FRB Governors Sworn In

  Kevin M. Warsh and Randall S. Kroszner were formally sworn in as members of the Board of Governors of the Federal Reserve System at a ceremony March 23, 2006, in Washington, D.C. Governor Warsh assumed his position on February 24 and Governor Kroszner assumed his position on March 1. Kroszner Bio; Warsh Bio  3/24/06

• Investment Opportunity For Community Banks

  The Spring 2006 edition of Community Developments Investment, published by the OCC, focuses on Low-Income Housing Tax Credits. Articles describe the fundamentals of LIHTCs, with a particular emphasis on topics of interest to community bankers who may not be familiar with this investment option. Community Developments Investment   3/24/06

• OTS Promotes Treasury ID Theft DVD

  OTS is encouraging savings institutions to take advantage of a previously announced Treasury Department program available on DVD, which was created to inform consumers about ID Theft by defining what it is, how they can protect themselves, and what they should do if they become a victim. Information regarding the DVD and other ID Theft information is posted on Treasury's Identity Theft Resource page and was included in the January 27, 2006, BOL Top Stories. OTS NR  3/24/06

• March FYI Discusses Recession Scenarios

  The March 23, 2006, issue of the FDIC FYI outlines various scenarios for the next U.S. recession. FYI  3/24/06

• FDIC publishes Interim Rule for Deposit Insurance Regulations covering Inflation Index, Certain Retirement Accounts and Employee Benefit Plan Accounts

  The FDIC is amending its deposit insurance regulations to the Federal Deposit Insurance Act 2005. This interim rule provides for consideration of inflation adjustments to increase the current standard maximum deposit insurance amount of $100,000 on a fiveyear cycle beginning in 2010; increases the deposit insurance limit for certain retirement accounts and provides per participant insurance coverage to employee benefit plan accounts.TXT, PDF.  3/23/06

• NCUA publishes Interim Rule for Share Insurance

  NCUA is amending its share insurance rules to implement amendments to the Federal Credit
  Union Act (FCU Act) made by the Federal Deposit Insurance Reform Act of 2005 (Reform Act). This interim final rule defines the "standard maximum share insurance amount" as $100,000 and provides that beginning in
  2010, and in each subsequent 5-year period thereafter, NCUA and the Federal Deposit Insurance Corporation (FDIC) will jointly consider if an inflation adjustment is appropriate to increase that amount; increases the share insurance limit for certain retirement accounts, and provides pass-through coverage to each participant of an employee benefit plan.TXT, PDF.  3/23/06

• Counterfeit Official Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit official checks issued in the name of Unity National Bank of Cartersville, Georgia, that are being presented for payment. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.  3/23/06

• Fourth Quarter Legal Developments Announced

  The FRB has issued a Bulletin which announces certain legal developments that occurred during the fourth quarter 2005. Bulletin  3/23/06

• Four IFDP Working Papers Published

  Four working papers in the IFDP series have been published by the FRB on the following topics: "Estimation of Average Local-to-Unity Roots in Heterogenous Panels"; "New Methods for Inference in Long-Run Predictive Regressions"; "Fully Modified Estimation With Nearly Integrated Regressors"; and "Should We Expect Significant Out-of-Sample Results When Predicting Stock Returns?". Estimation Abstract; Estimation Full Paper; New Methods Abstract; New Methods Full Paper; Fully Modified Abstract; Full Modified Full Paper; Should Abstract; Should Full Paper  3/23/06

• OTS Announces Technology Managers Seminars

  Seminars for technology managers will be held by OTS in Boston, MA.; Newark, NJ; Pittsburg, PA. and Columbus, Ohio, during April and May 2006. Seminars  3/23/06

• FTC To Host Non-Traditional Mortgage Workshop

  The FTC will host on a workshop, Protecting Consumers in the New Mortgage Marketplace, on consumer protection issues arising from the growth of "nontraditional" or "alternative" mortgage products in the residential mortgage marketplace. The workshop will be held May 24, from 8:30 a.m. to 5:30 p.m., at the FTC's Satellite Building Conference Center, 601 New Jersey Avenue, NW, Washington, DC. Workshop  3/23/06

• Interagency Announce Proposed Rulemaking of Procedures to Enhance the Integrity of Information Furnished to Consumer Reporting Agencies

  The OCC, Board, FDIC, OTS, NCUA, and FTC (the Agencies) request comment to gather information useful
  for developing the guidelines and regulations required by section 312 of the Fair and Accurate Credit
  Transactions Act (FACT Act). FTC; FDIC PR; FRB PR; OCC NR; OTS PR; NCUA; TXT, PDF.  3/22/06

• First Quarter Survey Of Terms Of Business Lending Report Released

  The FRB has released the E.2 Survey of Terms of Business Lending report regarding data collected on gross loan extensions made during the first full business week in the middle month of the first quarter. The authorized panel size for the survey is 348 domestically chartered commercial banks and 50 U.S. branches and agencies of foreign banks. E.2  3/22/06

• OCC To Host Community Bank Directors Workshops

  The OCC will host nineteen workshops for national community bank directors at the Westin Great Southern Hotel, Columbus, Ohio, on April 25-26.The workshops will provide practical information that expands bank directors' skills and understanding of issues facing their banks. Workshops  3/22/06

• FTC Seeks Court Order Against Debt Elimination Telemarketers

  The FTC and the Washington State Attorney General have filed a Complaint which asks a federal judge to order Debt Solutions Inc. and three other telemarketers to stop charging consumers hundreds of dollars for a "debt elimination program" that offers a false promise of substantially reduced interest rates and thousands of dollars in savings. Compliant  3/22/06

• Call Report FIL Issued

  The FDIC has issued a FIL which contains information regarding the filing of the March 31, 2006, Call Report. Certain revisions to the Call Report are scheduled to take effect the First Quarter 2006 and other revisions will be phased in over the next two years. FIL  3/21/06

• Draft Agenda For Wal-Mart Application Meetings Released

  The FDIC has released a draft agenda for the April 2006 public hearings on the proposed Wal-Mart Bank's application for federal deposit insurance. The draft contains the names of parties who are currently scheduled to give oral presentations, as well as the speaking times and the locations where the parties are scheduled to speak. Draft Agenda  3/21/06

• Comments Received By FDIC Now Online

  The FDIC Office of the Ombudsman has posted online the latest issue of the Report to the Industry that contains a summary of the comments received by the regulator and addresses questions and issues that were identified as being of particular concern during the period July 1, 2005, through December 31, 2005. Report  3/21/06

• Share Insurance Coverage Increased

  NCUA has announced the issuance of an interim rule that increases the coverage of retirement accounts to $250,000. Interim Rule  3/21/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of March 17, 2006. Reserve Position  3/21/06

• Bernanke Comments On Yield Curve And Monetary Policy

  In a presentation before the Economic Club of New York, Chairman Bernanke expressed his views on the yield curve and the current monetary policy. Speech  3/21/06

• SS Direct Deposit Online Enrollment Made Easier

  FRB Financial Service has introduced a new online enrollment system for banks and credit unions that allows fast, convenient enrollment in direct deposit for Social Security and Supplemental Security Income (SSI). Online Enrollment  3/21/06

• FRB Adopts Rule for International Banking Operations

  FRB published a final rule in the FR to require Edge and Agreement corporations to establish procedures to
  assure and monitor compliance with the Bank Secrecy Act.TXT, PDF.  3/20/06

• Seven Counterfeit And Fraudulent Checks Special Alerts Issued

  The FDIC has issued seven Special Alerts regarding a) counterfeit official checks drawn on KeyBank National Association, Cleveland, Ohio; b) counterfeit cashier's checks drawn on The Harbor Bank of Maryland, Baltimore, Maryland; Greenfield Savings Bank, Greenfield, Massachusetts; People's Bank, Bridgeport, Connecticut; and Bank of Eureka Springs, Eureka Springs, Arkansas; c) counterfeit treasury checks drawn on Mercantile-Safe Deposit and Trust Company, Baltimore, Maryland; and d) fraudulent cashier's checks drawn on 1st Financial Bank USA, Dakota Dunes, South Dakota. Information concerning the counterfeit and fraudulent items has been posted on the BOL Alerts & Counterfeits page.  3/20/06

• Q&A Issued Regarding CRA And Investments In Minority Owned FIs

  The OCC has issued a Q& A intended to clarify the criteria under which a national bank may make an investment in a minority-owned bank or thrift under the Part 24 community development investment authority.
  Q&A.  3/20/06

• Three C&D Orders Issued

  The FRB has issued consent C& D orders against R&G Financial Corporation, Hato Rey, San Juan, Puerto Rico; First BanCorp, Santurce, Puerto Rico; and Doral Financial Corporation, San Juan, Puerto Rico.R& G; First BanCorp; Doral.  3/20/06

• Incentives Offered To Reduce Use Of FRB Cash-Processing

  The FRB has announced policy changes that seek to reduce the overuse of its cash-processing services by providing incentives for depository institutions to recirculate currency among their customers. Incentives.  3/20/06

• FTC Files Amicus Brief In FCRA Case

  The FTC has filed an amicus brief in the case of Whitfield et al v. Radian Guaranty, Inc., No. 05-5017 (3d Cir.) which urges the Third Circuit Court of Appeals to overturn a lower court ruling that held that a mortgage company was not required to provide a consumer with a FCRA adverse action notice even though, as a result of the information in a consumer report, the company had charged a higher mortgage insurance premium, and that premium was paid by the consumer. Brief.  3/20/06

• 314a Fact Sheet Update Released

  FinCEN has updated the 314a Fact Sheet to include data as of March 14, 2006. 314a.  3/20/06

• March 2006 New Electronic Interpretations and Actions Posted

  The OCC has posted on its Web site the March 2006 issue of New Electronic Interpretations and Actions. Electronic.  3/20/06

• Industrial Capacity And Utilization Report Released

  The G.17 Industrial Capacity and Utilization Report for February 2006 has been released by the FRB. G.17.  3/20/06

• Yield Curve Working Paper Published

  A working paper in the FEDS series has been published by the FRB on the topic of "The Yield Curve and Predicting Recessions". Abstract; Full Paper.  3/20/06

• FHC List Update

  The FRB has updated the list of the BHCs have elected to become or be treated as FHCs to include those elections made as of March 17, 2006. List.  3/20/06

• CRA Ratings Announced

  The OCC has released the list of CRA performance evaluations of eighteen national banks that became public during the period of February 15, 2005, through March 14, 2006.
  Ratings   3/17/06

• Bulletin Issued Regarding Remotely Created Checks And Presentment Warranties

  The OCC has issued a Bulletin regarding amendments to Reg. CC that define “remotely created checks” and create transfer and presentment warranties plus the adoption of conforming cross-references to the proposed new warranties in Reg. J, which were previously announced by the FRB. Information concerning the amendments was posted in the November 29, 2005, BOL Top Stories.
  Bulletin;
  Amendments   3/17/06

• Industrial Production And Capacity Utilization Report 2005 Annual Revision Published

  The FRB has published the 2005 Annual Revision of the Industrial Production and Capacity Utilization Report.
  Revision   3/17/06

• Four Counterfeit Special Alerts Issued

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on The State Bank of Viroqua, Viroqua, Wisconsin; South Adams Savings Bank, Adams, Massachusetts; and Bridgewater Savings Bank, Raynham, Massachusetts; plus counterfeit official checks drawn on Fifth Third Bank, Cincinnati, Ohio. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   3/16/06

• April 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 April 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that 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 Rate;
  Weekly Rate   3/16/06

• Kansas Credit Union Group Placed Into Receivership

  NCUA has announced the state-chartered credit union Credit Union Group of Lawrence, Kansas, has been placed into conservatorship by the Kansas Department of Credit Unions.
  Receivership   3/16/06

• OCC Enforcement Actions Announced

  The OCC has announced new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.Actions   3/16/06

• December 31 Call Report And TFR Data Available

  The Call Report and TFR Data for December 31, 2006, is now available from the FDIC Web site.
  Call Report   3/16/06

• Syrian Banks Designated As Financial Institutions of Primary ML Concern

  FinCEN has announced an amendment to the BSA regulation regarding the designation of Commercial Bank of Syria and its subsidiary, Syrian Lebanese Commercial Bank, as a financial institution of primary money laundering concern.
  BSA   3/16/06

• Flu Pandemic Awareness Advisory Issued

  The federal bank and thrift regulatory agencies have issued an interagency advisory to financial institutions and their technology service providers regarding the threat of a pandemic influenza outbreak and its potential impact on the delivery of critical financial services.
  Advisory;
  FRB PR;
  OCC Bulletin;
  OTS CEO Ltr;
  FDIC FIL   3/16/06

• H&R Block Bank Application Approved

  OTS has announced the approval of an application from H&R Block, Inc. to organize a de novo federal stock savings bank to be known as H&R Block Bank (Savings Bank), which will be located in Kansas City, Missouri.
  Approval   3/16/06

• Beige Book Released

  The FRB has released the March 15, 2006 issue of the Beige Book.
  Beige Book Summary;
  Beige Book Full Report   3/16/06

• March Issue FedFlash Published

  Federal Reserve Financial Services has published the March 15, 2006, issue of FedFlash, which contains articles on FedLine Advantage training, the Premium Plus Sort Group deposit product, changes to FedReceipt endpoints, and District news.
  FedFlash   3/16/06

• BSA Now Covers Edge Corporations

  The FRB has announced a final rule, which amends Regulation K to require Edge and Agreement corporations and certain offices of supervised foreign banks to establish and maintain procedures reasonably designed to ensure and monitor compliance with the BSA.
  Final Rule   3/16/06

• Federal Reserve Bulletin Statistical Supplement Issued

  The FRB has issued the February 2006 Statistical Supplement to the Federal Reserve Bulletin.
  Supplement   3/16/06

• January TIC Data Released

  Treasury has released the Treasury International Capital Data for January 2006.
  TIC   3/16/06

• Semi-Annual Update of BHC Supervision Manual Published

  The FRB has published the January 2006 semi-annual update of the BHC Supervision Manual.
  Manual   3/15/06

• FDIC Insurance for Retirement Accounts Increased

  The FDIC has approved final rules that will raise the deposit insurance coverage on certain retirement accounts at a bank or savings institution to $250,000 from $100,000.
  A Special Bulletin of the FDIC Consumer News features an article on the increased coverage.
  Retirement Accounts;
  Special Bulletin   3/15/06

• Wal-Mart FIDC Insurance Hearings Sites Announced

  The sites for hearings by the FDIC on the application of Wal-Mart for FDIC insurance have been announced with locations in Arlington, Virginia, and Overland Park, Kansas.
  Sites   3/15/06

• Taxation Working Paper Released

  A working paper in the FEDS series on the subject of Taxation with Representation: Intergovernmental Grants in a Plebiscite Democracy has been released by the FRB.
  Abstract;
  Full Paper   3/15/06

• Published in FR Comment Period Extended for Lending Concentration Guidance

  The federal financial regulators have extended comment period on interagency guidance on concentrations in commercial real estate lending. 71FR13215 txt 71FR13215 pdf   3/14/06

• Comptroller's Handbook Insider Activities Section Revised

  The OCC has revised the insider activities section of the Safety and Soundness booklet of the Comptroller's Handbook.
  Insider Activities   3/14/06

• OTS Revises Examination Handbook

  The examination systems section of the Examination Handbook has been revised by OTS.
  Examination Systems   3/14/06

• Comptroller Says Basel II Safeguards Needed

  In a presentation before The Institute of International Bankers regarding the transition to Basel II, Comptroller Dugan indicated that the continued safety and soundness of the banking system demands that regulators move away from the simplistic risk-based capital system now in use for internationally active banks to one that substantially enhances risk management and more closely aligns capital with risk.Speech   3/14/06

• Cross-Border Electronic Transfer Of Funds Survey Announced

  FinCEN has announced that it is conducting a survey of financial institutions regarding cross-border electronic transmittals of funds.Survey   3/14/06

• Comments Sought

  The FinCEN and the federal financial regulatory agencies are requesting comments on the Suspicious Activity Report by Depository Institutions and comments are also sought by the FRB on a Proposal to approve the implementation of the collection of information relating to studies to develop and test consumer regulatory disclosures.
  SAR Comments;
  FIL SAR;
  Proposal Comments   3/14/06

• International Reserve Position Updated

  Treasury has updated the U.S. International Reserve Position Report with the addition of new data as of March 10, 2006.
  Reserve Position   3/14/06

• Assets Reports Released

  The FRB has released the 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report for January 2006.
  Reports   3/14/06

• Counterfeit Official Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit official checks drawn on KeyBank National Association of Cleveland, Ohio. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   3/13/06

• FEDS Working Papers Published

  The FRB has published two working papers in the FEDS series on the topic of "Outstanding Outsourcers: A Firm- and Plant-Level Analysis of Production Sharing" and "The Road to Price Stability".
  Outstanding Abstract;
  Outstanding Full Paper;
  Road Abstract;
  Road Full Paper   3/13/06

• Final CRA Guidance Published in FR

  The federal banking agencies have announced the issuance of a final guidance containing a Q & A regarding the implementation of the recent changes to their CRA regulations. 71FR12424 txt 71FR12424 pdf   3/10/06

• Patriot Act Reauthorization Signed By President

  President Bush has signed The USA PATRIOT Improvement And Reauthorization Act Of 2005.
  Act;
  Fact Sheet;
  Statement;   3/10/06

• Regulators Issue Five Counterfeits Alerts

  The OCC has issued two Alerts regarding counterfeit cashier's checks drawn on Woodhaven National Bank of Fort Worth, Texas, and TeamBank, N.A., of Paola, Kansas. The FDIC has Issued three Special Alerts regarding counterfeit cashier's checks drawn on First Bank of San Luis Obispo (a brand of Pacific Capital Bank, N. A.), San Luis Obispo, California; counterfeit expense checks drawn on The State Bank, La Grange, Texas; and counterfeit money orders drawn on Riverside National Bank, Fort Pierce, Florida. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   3/10/06

• Lending Concentration Guidance Comment Period Extended

  The federal financial regulators have extended comment period on interagency guidance on concentrations in commercial real estate lending.
  Extension;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR   3/10/06

• CCPA And ECOA FIL Issued

  The FDIC has issued a FIL which reminds institutions that the ECOA and its implementing regulation prohibit discrimination in credit transactions against consumers who have, in good faith, exercised any right under the CCPA.
  FIL   3/10/06

• FRB Releases Fourth Quarter Reports

  The Z.1 Flow of Funds Report and the Household Debt Service and Financial Obligations Ratios Report for the Fourth Quarter 2005 have been released by the FRB.
  Z.1;
  Household Debt   3/10/06

• Comptroller Addresses Community Bankers

  In a video presentation from the Basel Committee meeting in Switzerland, Comptroller Dugan addressed the participants at the annual convention of the Independent Community Banks of America, applauded the work of independent banks, and said America needs community institutions that are strong enough to help out in times of emergency.
  Speech Text;
  Video   3/10/06

• C&D Issued Against Pennsylvania BHC And Bank.

  The FRB has announced the issuance of a consent Cease and Desist Order against Asian Financial Corporation, Philadelphia, Pennsylvania, and its subsidiary bank, Asian Bank, Philadelphia, Pennsylvania.
  Order   3/9/06

• Twenty-Four Enforcement Actions Released

  The FDIC has released a list containing twenty-four orders of administrative enforcement actions taken against banks and individuals in January 2006. The actions include eight removal and prohibition orders, twelve civil money penalty orders, one cease, desist order, one termination of insurance order, and two terminations of cease, and desist orders.
  Enforcement Actions   3/9/06

• MSB ANPR Issued

  FinCEN has issued an Advance Notice of Proposed Rulemaking seeking comments from both the money services business industry and the banking industry on the issue of money services businesses obtaining appropriate access to banking services.
  ANPR   3/9/06

• Regulators Discuss Community Banking Issues

  In presentations before the Independent Community Bankers of America National Convention in Las Vegas, FRB Chairman Bernanke and OTS Director Reich discussed recent developments in community banking and the supervision of community banks in the twenty-first century.
  Bernanke Speech;
  Reich Speech   3/9/06

• FEDS Working Papers Published

  The FRB has published two working papers in the FEDS series on the topics of "Paper or Plastic? The Effect of Time on the Use of Check and Debit Cards at Grocery Stores" and "Do Homeowners Know Their House Value and Mortgage Terms?"
  Paper Abstract;
  Paper Full Paper;
  Homeowners Abstract;
  Homeowners Full Paper   3/9/06

• Regulatory Addresses Updated

  The Federal Reserve Board has published technical amendments to Regulation B (Equal Credit Opportunity Act) to update the addresses of certain federal enforcement agencies. 71FR11296 txt 71FR11296 pdf
    3/8/06

• Consumer Complaint Addresses Updated

  The Federal Reserve Board has published technical amendments to Regulation AA (Unfair or Deceptive Acts or Practices) to update the addresses of the Federal Reserve Banks where consumer complaints regarding a state member bank may be sent.
  71FR11297 txt 71FR11297 pdf
    3/8/06

• Opinion Says Local Lending Law Pre-Empted

  OTS has issued a legal opinion that concludes federal law preempts the application to federal savings associations of recent amendments to the Code of Montgomery County, Maryland. The opinion states that the county law, scheduled to become effective March 8. 2006, would infringe on the mortgage lending activities of federal savings associations in contravention of federal law, and could significantly impact the ongoing lending operations of institutions and lending opportunities of residents in the county.
  Opinion   3/8/06

• Updated International Reserve Position

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of March 3, 2006.
  Reserve Position   3/8/06

• January Consumer Credit Report Issued

  The FRB has issued the G.19 Consumer Credit Report for January 2006.
  G.19   3/8/06

• Large Commercial Banks Rankings Released

  The Large Commercial Banks Report for December 31, 2006, which contains a ranking by consolidated assets, has been released by the FRB.
  LCB Report   3/8/06

• Counterfeit Cashier's Checks And Money Orders Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on Strata Bank, Medway, Massachusetts; counterfeit cashier's checks that are drawn on First Bank, Austin, Texas, but bear the routing number of First Bank, Ketchikan, Alaska; and counterfeit money orders bearing the name of The Peoples Community Bank, Mazomanie, Wisconsin. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   3/7/06

• Thirty-Two Second Quarter CRA Exams Scheduled

  OTS has announced that thirty-two savings associations will be examined during the second quarter 2006 for compliance with the CRA.
  CRA Exam Schedule   3/7/06

• Advisory Letter Allows Subsidiary To Provide Real Estate Exchange Service

  FRB General Counsel Alvarez has issued an advisory letter that states certain proposed services for customers seeking to make exchanges of real property pursuant to section 1031 of the Internal Revenue Code are permissible nonbanking activities under section 225.28 of Regulation Y.
  Letter   3/06/06

• CRA Ratings Released

  The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the CRA and the evaluation ratings that the assigned to institutions in December 2005.
  Ratings   3/06/06

• FDIC Annual Report Online

  The FDIC has announced that its 2005 Annual Report is now available on its Web site.
  Annual Report   3/06/06

• Counterfeit Cashier's Check Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Mountain National Bank, Sevierville, Tennessee. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/03/06

• Final CRA Guidance Issued

  The federal banking agencies have announced the issuance of a final guidance containing a Q & A regarding the implementation of the recent changes to their CRA regulations. Guidance; FRB PR; OCC NR; FDIC PR  3/03/06

• Dugan Says Regulators Determined To Help Hurricane Victims

  In a presentation before the Gulf States Bankers conference, Comptroller Dugan indicated that regulators want to facilitate dialogue between local bankers and institutions from outside the region to develop partnerships with the potential to make a real difference to the hard-pressed communities. Speech  3/03/06

• Eleven Counterfeit Cashier's Checks Special Alert

  The FDIC has issued ten Special Alerts regarding counterfeit cashier's checks drawn on Bandera Bank, Bandera, Texas; Tecumseh Federal Bank, Tecumseh, Nebraska; Reading Co-operative Bank, Reading, Massachusetts; Athol Savings Bank, Athol, Massachusetts; Naugatuck Savings Bank, Naugatuck, Connecticut; Hamlin National Bank, Hamlin, Texas; Woodhaven National Bank, Fort Worth, Texas; Citizens National Bank, Cameron, Texas; Easthampton Savings Bank, Easthampton, Massachusetts; and North Brookfield Savings Bank, North Brookfield, Massachusetts. In addition, the OCC has issued an Alert regarding counterfeit cashier's checks drawn on First Bank of San Luis Obispo Pacific Capital Bank, N.A. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/02/06

• OCC CRA Exam Schedule Announced

  The CRA examination schedule for the second quarter 2006 has been announced by the OCC. Exam Schedule.  3/02/06

• Bulletin Issued Regarding OFAC–Economic Sanctions Enforcement Procedures

  The OCC has issued a Bulletin regarding the previously announced OFAC–Economic Sanctions Enforcement Procedures. Information concerning the procedures was posted in the January 13, 2006, BOL Top Stories. Bulletin.  3/02/06

• Interpretations And Decisions Released

  OCC has released two publications titled "Significant Legal, Licensing, and Community Development Precedents for National Banks: 2005"; and "Activities Permissible for a National Bank: 2005" that provide the latest OCC interpretations and decisions authorizing activities for national banks and their operating subsidiaries. Precedents; Activities.  3/02/06

• Agencies Testify Regarding Regulatory Relief

  OTS Director Reich, NCUA Chairman Johnson, CFRB Governor Kohn, OCC Chief Counsel Williams and FDIC Acting Counsel Jones all testified before Senate Committee on Banking, Housing, and Urban Affairs regarding the need for regulatory relief. Reich Testimony; Johnson Testimony; Kohn Testimony; Williams Testimony; Jones Testimony.  3/02/06

• 314 (a) Fact Sheet Revised

  FinCEN has revised the 314 (a) Fact Sheet to include data collected as of March 1, 2006. 314 (a).  3/02/06

• FILs Issued Regarding FinCEN Guidance

  Two FILs have been issued by the FDIC regarding two previous announced FinCEN Guidance regarding Registration and De-registration of Money Services Businesses and Foreign Bank Recertifications. Information regarding both Guidance was posted in the February 6, 2006 BOL Top Stories. MSBs; Foreign Bank.  3/02/06

• February Foreign Exchange Rates Released

  The FRB has released the G.5 Foreign Exchange Rates Report for February 2006. G.5  3/02/06

• March Issue FedFlash Published

  The March 1, 2006 issue of FedFlash has been published and contains articles on testing for FedWire security changes, changes to Operating Circular 5, deposit of savings bonds, and additional FedReceipt endpoints. FedFlash  3/02/06

• CRA Examination Schedule Released

  The FDIC has released the CRA examination schedule for the second quarter 2006. Schedule   3/01/06

• Earnings And Bank Failure Records Set

  The FDIC has published the Fourth Quarter 2005 Quarterly Banking Profile that announces that insured commercial banks and savings institutions reported record net income in 2005, representing the fifth consecutive year that industry earnings reached a new high. In addition, the agency also reached a milestone for the longest number of days during which it did not provide assistance to a failed or failing institution. QBP  3/01/06

• Discount Rate Meetings Minutes Released

  The FRB has released the minutes of the discount rate meeting from January 9 through January 31, 2006. Minutes  3/01/06

• Preliminary Interest Rate Risk Measures Report Issued

  OTS has issued a Preliminary Interest Rate Measures Report for the Fourth Quarter 2005. Preliminary Report  3/01/06

The Caribbean Financial Action Task Force (CFATF) has identified Guyana as a jurisdiction with strategic AML/CFT deficiencies and has called on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks emanating from Guyana.

OFAC has announced the designation of three individuals as SDNTKs and the addition of their names to the SDN List. In addition, a change has been made to an existing SDNTK listing. Information regarding the designations and change has been posted in a BOL OFAC Update.

OFAC has announced the designation of three individuals as SDNTKs and the addition of their names to the SDN List. In addition, a change has been made to an existing SDNTK listing. Information regarding the designations and change has been posted in a BOL OFAC Update.

• FRB publishes Guidance for Holding Companies (Reg Y)

  The FRB publishes Final Rule for Reg Y in the Federal Register that address the
  effects of inflation, industry consolidation, and normal asset growth of BHCs since the Board introduced the Policy Statement in 1980, providing guidlines and policy for Bank Holding Companies.TXT PDF  2/28/06

• Small BHC Definition Expanded

  The FRB has announced the approval of a final rule that expands the definition of a small BHC by increasing the asset size threshold from $150 million to $500 million. Final Rule  2/28/06

• Hurricane Relief CRA Credit Guidance Issued

  The FRB has issued a Guidance for state member banks regarding the availability of CRA consideration for bank activities that help revitalize or stabilize designated hurricane disaster areas. Guidance  2/28/06

• Counterfeit Official Checks Special Alert Issued

  The FDIC has issued a Special Alert regarding counterfeit official checks drawn on Union Bank of California, National Association (N.A.), San Francisco, California. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.  2/28/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report to include data as of February 24, 2006. Reserve Position  2/28/06

• Counterfeit Money Orders Alert Issued

  The OCC has issued an Alert regarding counterfeit money orders in the name of Riverside National Bank of Fort Pierce, Florida, that are being presented for payment. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.  2/27/06

• BSA Direct Fact Sheet Published
  FinCEN has published a Fact Sheet regarding the implementation of BSA Direct, which improves a user's access and ability to analyze BSA data. Fact Sheet  2/27/06

• Fourth Quantitative Impact Study Results Published

  The federal bank and thrift regulatory agencies have announced the publication of the Summary Findings of the Fourth Quantitative Impact Study. Study; FRB PR; OCC NR; FDIC PR; OTS PR  2/27/06

• Bernanke On Price Stability

  In a presentation at the Center for Economic Policy Studies celebrating the seventy-fifth anniversary of the founding of the Woodrow Wilson School of Public and International Affairs, Chairman Bernanke expressed his views on the benefits of price stability. Speech  2/27/06

• Owned And Managed Receivables Report Issued

  The G.20 Finance Companies Owned and Managed Receivables Outstanding Report for December 2005 has been issued by the FRB. G.20  2/27/06

• FDIC Schedules Wal-Mart Bank Application Hearings

  The FDIC has announced that hearings will be held in Kansas City, Missouri, and Washington D.C. regarding the application for federal deposit insurance filed on behalf of the proposed Wal-Mart Bank. Copies of the public portion of Wal-Mart Bank's application and the more than 1,900 comment letters received on the application are available on the FDIC's Web site. Hearing Notice; Application; Comments  2/24/06

• Three Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on BankFIRST, Winter Park, Florida; The Conway National Bank, Conway, South Carolina; and Western Bank, St. Paul, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  2/24/06

• FedLine Direct Announced

  The Federal Reserve Banks have announced that they are moving their Computer Interface access solution from a Systems Network Architecture (SNA) solution to an Internet Protocol (IP) solution. The new solution, called FedLine Direct, was designed especially for financial institutions that conduct a high volume of FR transactions and require a highly-secure, unattended computer-to-computer interface.
  FedLine Direct  2/24/06

• 504 Loan Program Report Released

  The OCC has released a new report, "SBA 504 Loan Program: Small Businesses' Window to Wall Street," which highlights the SBA's 504 loan program and how banks may team up with CDCs to make loans for long-term assets and promote economic development. Report  2/24/06

• Market Risk Final Rule Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced interagency final rule amending the market risk rules that revise the risk-based capital treatment for cash collateral posted in connection with securities borrowing transactions. Information concerning the final rule was posted in the February 22, 2006, BOL Top Stories. Bulletin  2/24/06

• OTS Examination Handbook Updated

  OTS has issued two Regulatory Bulletins announcing the update of its Examination Handbook to include new information concerning FCRA and transactions with affiliates and insiders plus new sections regarding the FACT Act, CAN-SPAM, and TCPA. RB 37-12; RB 37-13  2/24/06

• FTC Settles With Card Processor

  CardSystems Solutions, Inc. has agreed to settle FTC charges that the processor of debit and credit cards failed to take appropriate security measures to protect the sensitive information of tens of millions of consumers. According to the FTC, the security breach resulted in millions of dollars in fraudulent purchases. The settlement will require CardSystems to implement a comprehensive information security program and obtain audits by an independent third-party security professional. Settlement Summary; Agreement; Complaint  2/24/06

• 2006 CDRLF Loan and Grant Program Announced

  NCUA has announced the 2006 CDRLF Technical Assistance Grant Program that was established by Congress to support credit unions that serve low-income communities by providing loans and TAGs to qualifying institutions. Program  2/24/06

• Changes In Family Finances Revealed By Survey

  The Federal Reserve Bulletin contains an article that the results of a survey regarding changes in the income and wealth of U.S. families between 2001 and 2004. Article  2/24/06

• Fourth Quarter Charge-Off and Delinquency Rates Released

  The FRB has released the charge-off and delinquency rates on loans at commercial banks data for the fourth quarter 2005. Charge-Off SA; Charge-Off NSA; Delinquency SA; Delinquency NSA; Index  2/24/06

• NCUA proposes rulemaking for supervisory committee audits

  The National Credit Union Administration (NCUA) publishes notice of proposed rulemaking on whether and how to modify its Supervisory Committee audit rules to require credit unions to obtain an "attestation on internal controls" for their annual audits. TXT PDF  2/23/06

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Bank of Tokyo-Mitsubishi Trust Company, New York, New York. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/23/06

• MLTA Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced report of the first government-wide analysis of money laundering in the U.S. Information concerning MLTA was posted in the January 17, 2006, BOL Top Stories. Bulletin   2/23/06

• Yield Curve Article Featured In FYI

  The February 22, 2006, issue of FYI features an article entitled, "What the Yield Curve Does (and Doesn't) Tell Us." FYI   2/23/06

• Fourth Quarter TFR Data Released

  OTS has released the TFR Data reports for the Fourth Quarter 2005. TFR   2/23/06

• Joint Agencies issue final rule to amend their market risk rules

  The OCC, FRB, OTC, and FDIC publish final rule in FR to amend their market risk
  rules that revise the risk-based capital treatment for cash collateral posted in connection with securities borrowing transactions. TXT PDF  2/22/06

• SAR Revision Comments Sought

  FinCEN and the federal banking supervisory agencies are seeking comments on the proposed revision and reformatting of SARs to support joint filing for suspicious activities that do not involve insider abuse.
  SAR Revision  2/22/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the inclusion of data as of February 17, 2005. Reserve Position  2/22/06

• FOMC Minutes Released

  The FRB has released the minutes of the January 31, 2006 meeting of the FOMC. Minutes  2/22/06

• FDIC publishes rule to clarifiy procedures for deposit liabilities

  The FDIC publishes Final Rule in FR which clarifies and simplifies the procedures for deposit liabilities of an insured depository institution assumed by another insured depository institution. TXT PDF  2/21/06

• Palestinian Charity's Assets Blocked Pending Investigation

  OFAC has announced that all property and interests in property of an alleged Palestinian charity, Kindhearts For Charitable Humanitarian Development, Inc., are blocked pending investigation pursuant to the provisions of the U.S.A. Patriot Act. The charity's name has been added to the SDN list with the descriptor "BPI-PA". Information regarding the charity has been posted on the BOL OFAC page.  2/21/06

• Comment Period Extended

  The federal financial regulatory agencies have extended the comment period for 30 days to March 29, 2006, for the proposed guidance on nontraditional residential mortgage products. Notice of the initial comment period was posted in the December 30, 2005 Top Stories. RB PR; OCC NR; OTS PR; FDIC PR; Original Notice  2/21/06

• NCUA Announces Insurance Reform Changes

  NCUA has announced highlights of the upcoming changes to share insurance coverage and information as to what federally-insured credit unions can expect in the near future as a result of the recent legislation regarding NCUSIF and FDIC insurance coverage. Insurance Changes  2/21/06

• FinCEN Director Named

  Treasury Secretary Snow has named Robert W. Werner, the current OFAC Director, as the new Director of FinCEN. Werner  2/21/06

• 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 December 2005. Reports  2/21/06

• FHC List Update

  The FHC List has been updated by the FRB to include those BHCs that have elected to be treated as FHCs as of February 17, 2006. List  2/21/06

• Special Alerts Issued

  The FDIC has issued two Special Alerts regarding fraudulent checks drawn on Atlantic Central Bankers Bank, Camp Hill, Pennsylvania, and counterfeit cashier's checks drawn on Greenfield Co-operative Bank, Greenfield, Massachusetts. Information regarding the fraudulent and counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 2/17/06

• March 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 March 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that 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 2/17/06

• Comptroller Meets With NAR

  Comptroller Dugan issued a statement following a meeting with representatives of the National Association of Realtors (NAR) to discuss three recent OCC interpretive letters.
  Statement 2/17/06

• OCC Announces New Electronic Interpretations and Actions

  The New Electronic Interpretations and Actions for February 2006 have been posted online by the OCC.
  Electronic Interpretations 2/17/06

• 314a Fact Sheet Updated

  FinCEN has updated the 314a Fact Sheet to include data as of February 15, 2006.
  Fact Sheet 2/17/06

• March Reporting Forms Online

  The FFIEC has posted online with instructions the March 2006 009 and 009a Reporting Forms.
  009;
  009a 2/17/06

• Cost OF Fund Reports Released

  OTS has released the Current and Historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports.
  Current;
  Historical 2/17/06

• CRA Evaluations Released

  The OCC has released the CRA ratings given to fifteen national banks recently evaluated for compliance with the CRA.
  Ratings 2/16/06

• Enforcement Actions Announced

  OCC has announced nine new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and three terminations of existing enforcement actions.
  Actions 2/16/06

• December TIC Data Released

  Treasury has released the Treasury International Capital (TIC) data for December 2005.
  TIC 2/16/06

• G.17 Report Issued

  The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for January 2006.
  G.17 2/16/06

• Monetary Report Present To Congress

  The Chairman Bernanke has presented the semiannual FRB Monetary Policy Report to Congress.
  Monetary Policy;
  Testimony 2/16/06

• Strong Performances Reported By Thrifts

  OTS has announced that the industry set an annual earnings record in 2005 and posted its fifth consecutive quarter of record earnings.
  Earnings 2/16/06

• Two 23A Exemptions Granted

  The FRB has granted two requests for exemption from certain provisions of Section 23A of the Federal Serve Act and Reg W.
  Exemption 1;
  Exemption 2
  2/15/06

• OC 5 Amendments Announced

  FRB Financial Services has announced that changes have been made to Operating Circular 5, Electronic Access. The changes are summarized in a customer notice. The updated OC 5 and the Certification of Practice statement become effective March 15, 2006.
  Customer Notice;
  OC 5;
  Certification 2/15/06

• Call Report Revision And Extension Proposed

  A joint proposal for approval to revise and extend for three years the Call Report forms FFIEC 031 and FFIEC 041 has been issued and the federal banking regulators seek comments.
  Proposal;
  Electronic Comment Form
  2/15/06

• OTS Suggests Saving Associations Adopt Board Qualification Bylaw

  OTS has proposed that federal saving associations adopt a bylaw that would preclude certain person from serving on the Board of Directors.
  Proposed Bylaw
  2/15/06

• Hurricane Relief Fraud FIL Issued

  The FDIC has issued a FIL regarding the previously announced FinCEN guidance warning institutions of the potential for fraudulent transactions involving hurricane relief funds. The guidance was posted in the February 6, 2006, BOL Top Stories.
  FIL
  2/15/06

• CIP For Merchants And Brokers FAQ Published

  FinCEN has published a FAQ regarding CIP for futures commission merchants and introducing brokers.
  FAQ html;
  FAQ
  2/15/06

• Winter 2005/2006 Issue Of FDIC Consumer News Published

  The FDIC has published the Winter 2005/2006 issue of the FDIC Consumer News. Featured articles include Fires, Floods and Other Misfortunes: Are You Prepared Financially?; Banks Are Required to Prepare for Disasters; Coming Soon to Internet Banking Customers: New Procedures for Verifying that "You are You"; Expanded FDIC Insurance for College Savings Accounts; and Reminder: Deposited Checks Subject to Temporary "Hold".
  Consumer News
  2/15/06

• International Reserve Position Updated

  Treasury has updated the U.S. International Reserve Position report to include data as of February 10, 2006.
  Reserve Position
  2/15/06

• Use Of Payment Instruments Working Paper Published

  The FRB has published a working paper in the FEDS series on the topic of "Families' Use of Payment Instruments During a Decade of Change in the U.S. Payment System".
  Abstract;
  Full Paper pdf;
  Full Paper screen reader
  2/15/06

• Counterfeit Cashier's Check Alert Issued

  An Alert has been issued by the OCC regarding counterfeit cashier's checks drawn on Hamlin National Bank of Hamlin, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/14/06

• FIL To Be Primarily Distributed Online

  The FDIC has announced that beginning April 1, 2006, FILs will be distributed primarily through its free online subscription service. To receive a paper FIL an institution must submit a request form prior by March 24, 2006.
  FILs   2/14/06

• SAR Activity Review Published

  FinCEN has published Issue 5 of The SAR Activity Review – By the Numbers which contains data regarding SARs filed from April 1, 1996 to June 30, 2005.
  SAR Activity Review   2/14/06

• FRB Releases Legal Interpretations

  The FRB has released two legal interpretations regarding the granting an exemption from section 23A and recommendations concerning Edge and Agreement corporations.
  23A;
  Corporations
    2/14/06

• Quarterly Journal Online

  The OCC has placed online the December 2005 issue of the Quarterly Journal which contains articles on an analysis of payment option adjustable rate mortgages and automated clearing house payments; third quarter 2005 condition and performance of banks; and other policy and data.Quarterly Journal   2/14/06

• Counterfeit Cashier's Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Citizens National Bank of Cameron, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/13/06

• Legal Interpretations Issued

  The FRB has issued letters granting an exemption from section 23A and regarding the appropriate risk-based capital treatment of a BHC's equity investment in a consolidated financial guarantee reinsurance subsidiary.
  23A;
  Equity Investment   2/13/06

• Third Quarter 2005 Issue Of The Quarterly Review Of Interest Rate Published

  The OTS has published the Third Quarter 2005 issue of The Quarterly Review of Interest Rate Risk.
  Quarterly Review   2/13/06

• CRA Credit For Out Of Area Hurricane Relief Efforts

  The OCC has issued a bulletin allowing national banks located outside the disaster areas to receive positive CRA consideration for activities that support the revitalization and stabilization of areas affected by Hurricanes Katrina and Rita.
  Bulletin   2/10/06

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on UniBank for Savings, Whitinsville, Massachusetts; Fannin Bank, Windom, Texas; Earlham Savings Bank, West Des Moines, Iowa; and Spencer Savings Bank, SLA, Elmwood Park, New Jersey. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/10/06

• OCC Forms Credit And Market Risk Unit

  The OCC has announced that two groups – Credit Risk and Risk Evaluation – are being combined in a new Credit and Market Risk unit which will function as the OCC's focal point for credit and market risk management issues.
  Unit   2/10/06

• Individuals And Entities Added To OFAC List

  The President has issued an Executive Order declaring a national emergency to deal with the threat to the foreign policy of the U.S. posed by the conflict in Côte d'Ivoire. Three entries have been added to the SDN List with the COTED designation. In addition, Treasury has designated five individuals and four entities for their role in financing the Libyan Islamic Fighting Group, an al Qaida affiliate and added their names and numerous A/K/As to the SDN list as SDGTs. Information regarding the new additions has been posted on the BOL OFAC page.   2/09/06

• Eleven Counterfeit Checks Special Alerts Issued

  The FDIC has issued eleven Special Alerts regarding: 1) counterfeit cashier's checks drawn on Auburn State Bank, Auburn, Nebraska; Hampden Bank (formerly Hampden Savings Bank), Springfield, Massachusetts; Northern Trust Bank of California, National Association, Santa Barbara, California; Centrix Bank & Trust, Bedford, New Hampshire; The Paducah Bank and Trust Company, Paducah, Kentucky; First Tennessee Bank, National Association, Memphis, Tennessee; Thomaston Savings Bank, Thomaston, Connecticut; Horicon Bank, Horicon, Wisconsin; and The Farmers National Bank of Seymour, Seymour, Texas; 2) counterfeit official checks drawn on BankAnnapolis, Annapolis, Maryland; and 3) counterfeit expense checks drawn on Gulf Coast Bank, Abbeville, Louisiana. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   2/09/06

• National Community Reinvestment Conference Announced

  The federal financial regulators have announced that the 2006 National Community Reinvestment Conference will be held March 19-22, 2006, at the Green Valley Ranch in Las Vegas, Nevada. Deadline for registration is March 3, 2006.
  Conference Brochure;
  Registration;
  OCC NR;
  FRB NR;
  FDIC PR   2/09/06

• Pennsylvania CU Closed

  The NCUA has announced the liquidation of Greater Harrisburg Community Credit Union, a state-chartered, federally insured credit union in Harrisburg, Pa.
  Closing   2/09/06

• Senior Loan Officer Opinion Survey Results Released

  The results of the January 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released by the FRB.
  Summary;
  Full Report   2/09/06

• External Audit Advisory Published in FR

  An interagency advisory has been issued by the federal financial regulatory agencies that addresses safety and soundness concerns that may arise when a financial institution agrees in an engagement letter to limit the liability of an external auditor. 71FR6847 txt 71FR6847 pdf Links OCC Bulletin;
  FIDC FIL   2/09/06

• CTR Violations Result In Order Of Prohibition

  A former Florida banker who intentionally failed to file over two thousand CTRs is the subject of an Order of Prohibition issued by the FRB.
  Order   2/08/06

• Enforcement Actions Announced

  The FDIC has released a list of ten orders of administrative enforcement actions taken against banks and individuals in December, 2005. The actions include one cease and desist order, three civil money penalty orders, one termination of insurance, and five terminations of cease and desist orders.
  Enforcement Actions   2/08/06

• Consumer Credit Report Released

  The G.19 Consumer Credit Report for December 2005 has been released by the FRB.
  G.19   2/08/06

• FHC List Update

  The FRB has updated the list of BHCs that have elected to be treated as FHCs to include elections made as of February 3, 2006.
  List   2/08/06

• Risk-Based Capital Treatment Of Cash-Collateralized Securities Final Rule

  The FRB has announced the approval of a final rule for state member banks and bank holding companies that revises the risk-based capital treatment for cash collateral posted in connection with securities borrowing transactions. The final rule, pending approval by other federal banking regulators, makes permanent and expands the scope of an interim final rule issued in 2000.
  Final Rule   2/07/06

• Workshops for National Community Bank Directors Announced

  The OCC has announced the 2006 workshop schedule for national community bank directors. The workshops provide practical information that expands bank directors' skills and understanding of issues facing their banks and cover risk assessment, credit risk, and compliance risk.
  Workshops   2/07/06

• 2007 Blue Book Released

  Treasury has released its General Explanations of the Administration's Fiscal Year 2007 Revenue Proposals, otherwise known as the Blue Book, which includes several new initiatives, including: increased expensing for small businesses; a set of proposals to improve access to health care and expand HSAs; proposals to increase compliance, simplify the tax laws and reduce taxpayer burden; and a proposal to create a new Dynamic Analysis Division within Treasury.
  Blue Book   2/07/06

• International Reserve Position Update

  The U.S. International Reserve Position Report has been updated by Treasury to include data as of February 3, 2006.
  Reserve Position   2/07/06

• CRA Ratings Released

  The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the CRA and ratings assigned to each institution.
  Ratings   2/06/06

• Limiting External Audit Advisory Issued

  An interagency advisory has been issued by the federal financial regulatory agencies that addresses safety and soundness concerns that may arise when a financial institution agrees in an engagement letter to limit the liability of an external auditor.
  Interagency Advisory;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR;
  NCUA PR   2/06/06

• Hurricane Challenges Forum Announced

  The federal financial regulators have announced that a forum focusing on the short-term and long-term challenges facing banks and thrifts operating in the areas affected by Hurricanes Katrina and Rita and on ways of helping meet the needs of the local communities will be held in New Orleans on March 2 and 3, 2006.
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR   2/06/06

• FR Replaces SEER Models

  A SR letter has been issued announcing the replacement by the FR of the SEER models with a new econometric framework referred to as the Supervision and Regulation Statistical Assessment of Bank Risk model or SR-SABR. The letter briefly describes the new model, details the screening thresholds for SR-SABR within the State Member Bank Watch List program, and updates Watch List follow-up procedures.
  SR-SABR   2/06/06

• FinCEN Issues Hurricane Relief Fraud Guidance

  A guidance has been issued by FinCEN warning institutions of the potential for fraudulent transactions involving hurricane relief funds. Hurricane Fraud Guidance   2/06/06

• Examination Guidance Issued For Institutions Affected By Katrina

  Federal and state financial institutions regulators have developed a supervisory guidance to assist their examiners in the examination of regulated institutions affected by Hurricane Katrina.
  Examination Guidance;
  FRB SR;
  OCC Bulletin;
  OTS CEO Lt;
  FDIC FIL   2/06/06

• Credit Model Validity Individual Bank Responsibility

  In a presentation to the participants at the Workshop on Validation of Credit Rating and Scoring Models hosted by the OCC, Comptroller Dugan indicated that responsibility for validating the models banks use to manage credit risk and other critical activities lies first and foremost with the institution itself.
  Speech   2/06/06

• Foreign Bank Recertification FAQ Issued

  A guidance in the form of FAQs has been issued by FinCEN regarding clarification of the compliance date for recertification of foreign correspondent accounts. FAQ   2/06/06

• Review Of MSB Regulatory Framework Announced

  FinCEN has announced that a review the regulatory framework for MSBs is being conducted and has issued a guidance regarding the registration and de-registration of the entities. MSB
    2/06/06

• Interagencies Publish Correction to Interpretive Guidance on GLBA

  The Joint Agencies (OCC, FRB, FDIC, OTS) published a correction to Final Rule published in FR (3/29/05) on interpretive guidance on the Gramm-Leach-Bliley Act (GLBA) and the Interagency Guidelines Establishing Information Security Standards (Security Guidelines). TXT PDF  2/03/06

• Congress Praised By Gruenberg For FDIC Insurance Reform

  FDIC Chairman Gruenberg has issued a statement praising the passage of deposit reform legislation by Congress and thanking the leadership for their support. The legislation merges the BIF and SAIF funds and lays the groundwork an increase in deposit insurance coverage. Gruenberg  2/03/06

• Comptroller Urges Privacy Notice Overhaul

  In a presentation to the participants of the ALI-ABA Financial Services Institute, Comptroller Dugan noted that most bank customers don't find the privacy notices to be especially useful and recommended that an ongoing interagency process be implemented to simplify them. He observed that the statutory requirements are complex, specific disclosures using legal language are mandated, and there is no requirement for uniformity or consistency. Speech  2/03/06

• Credit Repair Scammers Busted

  The FTC, U.S. Postal Inspection Service, and eight state law enforcement agencies have filed a compliant against entities that deceptively claim they can remove negative information from consumers' credit reports and a TRO has been issued to halt their activities. Scams; Complaint; TRO  2/03/06

• Deliveries Of New Hamiltons Scheduled

  FR Financial Services has issued a customer letter to financial institutions which announces the distribution plan for the new Series 2004A $10 notes. Letter; New Notes  2/03/06

• XBRL White Paper Published

  The FFIEC has published a white paper of the topic of "Improved Business Process Through XBRL: A Use Case For Business Reporting". Paper  2/03/06

• FRB Announces New Due Diligence Procedures

  Information collected from the OAL List will be utilized by the FRB to implement new due diligence procedures for certain Cash Services requests. A pilot program will be started in three FR Districts beginning February 21, 2006 Due Diligence  2/02/06

• CRA Ratings Released

  OTS has released the CRA ratings received by savings associations recently evaluated for compliance with the CRA. Ratings  2/02/06

• HMDA Site Updated

  The Reg C Amendments site has been updated by HMDA to include information regarding asset threshold size and triggers relating to points and fees. Updates  2/02/06

• EDIE Updated

  The FDIC has updated EDIE. EDIE  2/02/06

• FedFlash February Issue Online

  The February 2006 issue of FedFlash is online and contains articles regarding cash services procedures, money order verification, reminders to DOS users, and District news. FedFlash  2/02/06

• January Foreign Exchange Rates Report Released

  The FRB has released the G.5 Foreign Exchange Rates Report for January 2006. G.5  2/02/06

• FR Bulletin Supplement Published

  The January 2006 Statistical Supplement to the FR Bulletin has been published. Supplement  2/02/06

• Bernanke Sworn In

  Ben S. Bernanke has been sworn in as fourteenth Chairman of the Board of Governors of the Federal Reserve System. Bernanke  2/02/06

• Greenspan's Last Day

  Chairman Greenspan, who had previously announced his retirement after serving over eighteen years, presided over his last meeting as Chairman of the Federal Reserve System in which the Board raised its targets for the federal funds rate and the discount rate by 25 basis points. The Senate has confirmed Ben S. Bernanke as the new Chairman and a private swearing-in ceremony is scheduled for Wednesday, February 1.
  Greenspan; Bernanke.  2/01/06